[front cover]
AMERICAN CENTURY
Fund Profile
[photo of woman sitting on bench]
[photo of hand holding pencil]
Life Sciences Fund
This profile summarizes key information about the fund that is included in the
fund's Prospectus. The fund's Prospectus includes additional information about
the fund, including a more detailed description of the risks associated with
investing in the fund, that you may want to consider before you invest.
You may obtain the Prospectus and other information about the fund at no cost
by calling us at 1-800-345-2021, accessing our Web site or visiting one of our
Investor Centers. See the back cover for additional telephone numbers and our
address.
July 27, 2000
Investor Class
[american century logo and text logo(reg.sm)]
LIFE SCIENCES FUND
1. WHAT IS THE FUND'S INVESTMENT OBJECTIVE?
Life Sciences seeks capital growth.
2. WHAT IS THE FUND'S INVESTMENT STRATEGY?
The fund managers will typically look for stocks of growing companies in the
life sciences sector. To achieve its objective, the fund invests primarily
in companies that engage in the business of providing products and services
that help promote health and wellness. Life Science companies generally
own, operate or support health care facilities (including, among others,
hospitals, outpatient surgery facilities, dialysis centers, dental centers
and physical therapy centers), design, manufacture or sell pharmaceuticals,
bio-pharmaceuticals, medical research facilities, and medical devices and
supplies; or may provide biotechnology needed to improve agriculture,
aquaculture, forestry, chemicals, household products and cosmetics/personal
care products, environmental cleanup, food processing and forensic
medicine. The fund may invest in U.S. and foreign companies of any size.
Sometimes a company will engage in multiple lines of business. We will
generally consider a company to be in the life sciences if
* at least 50% of its gross income or net assets come from activities in
the sector;
* at least 50% of its assets are devoted to producing
revenues from the sector; or
* based on other information we obtain, we determine
that its primary business should be categorized within the sector.
The fund managers look for stocks of companies they believe will increase in
value over time, using a growth investment strategy. This strategy looks for
companies with earnings and revenues that are not only growing, but
growing at a successively faster, or accelerating pace. This strategy is
based on the premise that, over the long term, the stocks of companies with
accelerating earnings and revenues have a greater-than-average chance to
increase in value.
The managers use a bottom-up approach to select stocks for the fund. That
means they first look for strong, growing companies to invest in, rather
than simply buying any company in a growing industry or sector. Using
American Century's extensive computer database, the managers track financial
information for thousands of companies to identify trends in the companies'
earnings and revenues. This information is used to help the fund managers
select and hold stocks of companies they believe will be able to sustain
accelerating growth and to sell stocks of companies whose growth begins to
slow down.
In addition to locating strong companies with earnings and revenue growth,
the fund managers review and may invest in companies that experience a
change in their business that will stimulate future revenue and earnings
acceleration and lead to positive investor perception. The change typically
is the result of key events including: entry into a new market, a new
product, patent or license, or the presentation of clinical data showing
efficacy for a new drug or medical device. The fund managers also believe
that it is important to diversify the fund's holdings across geographical
regions and different countries. For this reason, the fund managers also
consider the prospects for relative economic growth among countries or
regions, economic and political conditions, expected inflation rates,
currency exchange fluctuations and tax considerations when making
investments.
The fund managers do not attempt to time the market. Instead, under normal
market conditions, they intend to keep the fund essentially fully invested
in stocks regardless of the movement of stock prices generally.
3. WHAT ARE THE SIGNIFICANT RISKS OF INVESTING IN THE FUND?
* The fund will focus its investments among companies in the life sciences
sector. Because those investments are concentrated in a comparatively
narrow segment of the total market, the fund's investments are not as
diversified as many other mutual funds. Because of this, companies in
the fund's portfolio may react similarly to market developments,
such as government regulation, subsidies, or technological advancements.
This means that the fund's net asset values may be more volatile than
those of less concentrated funds. As a result, the value of an
investment in the fund may rise or fall rapidly.
Life Sciences American Century Investments
* The value of the fund's shares depends on the value of the stocks and
other securities it owns. The value of the individual securities the fund
owns will go up and down depending on the performance of the companies
that issued them, general market and economic conditions, and investor
confidence.
* As with all funds, your shares may be worth more or less at any given
time than the price you paid for them. As a result, it is possible to
lose money by investing in the fund.
* The fund is nondiversified. This means that the fund managers may choose
to invest in a relatively small number of securities. If so, a price
change in any one of these securities may have a greater impact on the
fund's share price than would be the case if the fund were diversified.
Although the fund managers expect it will ordinarily satisfy the
requirements for a diversified fund, its nondiversified status gives
them more flexibility to invest heavily in the most attractive companies
identified by the fund's methodology.
* Many faster-growing life sciences companies have limited operating
histories and their potential profitability may be dependent on
regulatory approval of their products. Many of these companies'
activities are funded or subsidized by government grants or other
funding, which may be reduced or withdrawn. Changes in government
regulation also can have an impact on a company's profitability and/or
stock price. Continuing technological advances may mean rapid
obsolescence of key products and services. These business uncertainties
may increase the volatility of the prices for these companies' securities.
* The fund may invest up to 15% in privately placed securities. These
securities may be considered illiquid if they cannot be sold in seven
days at approximately the price at which the fund is valuing them.
Privately placed securities are valued by the manager pursuant to
procedures established by the fund's Board of Directors.
* The fund managers may buy a large amount of a company's stock quickly and
may dispose of it quickly if it no longer meets their investment
criteria. While the managers believe this strategy provides substantial
appreciation potential over the long term, in the short term it can
create a significant amount of portfolio turnover and share price
volatility. This portfolio turnover and share price volatility can be
greater than that of the average stock fund. Higher portfolio turnover
leads to higher brokerage costs, which are borne by the fund. Portfolio
turnover also may affect the character of capital gains realized and
distributed by the fund, if any, since short-term capital gains are
taxable as ordinary income.
* Market performance tends to be cyclical, and in the various cycles,
certain investment styles may fall in and out of favor. If the market
is not favoring the style used by the fund's management team, the fund's
gains may not be as big as, or its losses may be bigger than, other
equity funds using different investment styles.
* The fund may invest in companies regardless of size, which means it may
invest in smaller U.S. and foreign companies. Investing in smaller
companies generally presents unique risks. Smaller companies may have
limited resources, trade less frequently and have less publicly
available information. They also may be more sensitive to changing
political and economic conditions. These factors may cause investments
in smaller companies to experience more price volatility.
* The fund may invest in securities of foreign companies. Foreign
investment involves additional risks, including fluctuations in currency
exchange rates, less stable political and economic structures, reduced
availability of public information, and lack of uniform financial
reporting and regulatory practices similar to those that apply in the
United States. These factors make investing in foreign securities
generally riskier than investing in U.S. securities. Because the fund
managers intend to invest the fund's assets primarily in U.S. securities,
the risks associated with foreign investments are not considered to be
principal risks of investing in the fund. To the extent the fund invests
in foreign securities, the overall risk of the fund, however, could
be affected.
In summary, Life Sciences is intended for investors who seek long-term
capital growth through an aggressive equity fund and who are willing to
accept the risks associated with the fund's investment strategy.
Life Sciences Fund Profile
4. WHAT ARE THE FUND'S FEES AND EXPENSES?
There are no sales loads, fees or other charges
* to buy fund shares directly from American Century
* to reinvest dividends in additional shares
The following table describes the fees and expenses you will pay if you buy
and hold shares of the fund.
---------------------------------------------------------------------------
ANNUAL OPERATING EXPENSES
(EXPENSES THAT ARE DEDUCTED FROM FUND ASSETS)
---------------------------------------------------------------------------
Management Fee(1) 1.50%
Distribution and Service (12b-1) Fees None
Other Expenses(2) 0.00%
Total Annual Fund Operating Expenses 1.50%
(1) The fund has a stepped fee schedule. As a result, the fund's
management fee rate generally decreases as fund assets increase.
(2) Other expenses, which include the fees and expenses of the fund's
independent directors and their legal counsel as well as interest,
are expected to be less than 0.005% for the current fiscal year.
EXAMPLE
Assuming you. . .
* invest $10,000 in the fund
* redeem all of your shares at the end of the periods shown below
* earn a 5% return each year
* incur the same operating expenses as shown above
. . . your cost of investing in the fund would be:
-----------------------------------------------------------------
1 year 3 years
-----------------------------------------------------------------
$152 $472
Of course, actual costs may be higher or lower. Use this example to
compare costs of investing in other funds.
5. WHO ARE THE FUND'S INVESTMENT ADVISOR AND PORTFOLIO MANAGERS?
American Century Investment Management, Inc. provides investment advisory
and management services for the fund. American Century uses teams of
portfolio managers, assistant portfolio managers and analysts working
together to manager its mutual funds. Identified below are the portfolio
managers for the Life Sciences team:
ARNOLD K. DOUVILLE, Vice President and Portfolio Manager, has been a member
of the team that manages the Life Sciences Fund since its inception in June
2000, and has been a member of the team that manages Vista (another
American Century equity fund) since joining American Century in November
1997. Before joining American Century, he served as Senior Portfolio Manager
for Munder Capital Management from September 1989 to October 1997. He has a
bachelor's degree in economics from the U.S. Air Force Academy and an MBA in
finance, statistics and economics from the University of Chicago.
CHRISTY TURNER, Portfolio Manager, has been a member of the team that
manages the Life Sciences Fund since its inception in June 2000. Prior to
that, she worked for four years as an investment analyst for the health care
sector for other American Century equity funds, including Ultra, Select, New
Opportunities and Giftrust. Before joining American Century in 1996, she
worked as an investment analyst for First Chicago Investment Management
Company and as an audit manager for KPMG Peat Marwick. She has a bachelor's
degree in business administration in accounting from the University of
Central Florida and an MBA in finance from the University of North Carolina.
She is a Chartered Financial Analyst.
6. HOW DO I BUY FUND SHARES?
American Century offers several ways to purchase shares
* Complete and return an application along with an investment check payable
to American Century Investments
* If you already have an American Century account, call us or access our
Web site to exchange shares from another American Century fund
* Call us and send your investment by bank wire transfer
Your initial investment must be at least $2,500. If your redemption activity
causes the value of your account to fall below this account minimum, your
shares may be redeemed involuntarily.
7. HOW DO I SELL FUND SHARES?
You may sell all or part of your fund shares on any business day by writing
or calling us. You also may exchange your shares in Life Sciences for shares
in nearly 70 other mutual funds offered by American Century. Depending on
the options you select when you open your account, some restrictions may
apply. For your protection, some redemption requests require a signature
guarantee.
Life Sciences American Century Investments
8. HOW ARE FUND DISTRIBUTIONS MADE AND TAXED?
Life Sciences pays distributions from its net income, if any, once a year,
usually in December. Distributions from realized capital gains are paid
twice a year, usually in March and December. Distributions may be taxable
as ordinary income, capital gains or a combination of the two. Capital
gains are taxed at different rates depending on the length of time the fund
held the securities that were sold. Distributions are reinvested
automatically in additional shares unless you choose another option.
9. WHAT SERVICES ARE AVAILABLE?
American Century offers several ways to make it easier for you to manage
your account, such as
* Telephone transactions
* Wire and electronic funds transfers
* 24-hour Automated Information Line transactions
* 24-hour online account access and transactions
You will find more information about these choices in Your Guide to American
Century Services, which you may request by calling us, accessing our Web
site or visiting one of our Investor Centers.
Information contained in the services guide pertains to shareholders who
invest directly with American Century rather than through an
employer-sponsored retirement plan or financial intermediary.
If you own or are considering purchasing fund shares through an
employer-sponsored retirement plan or financial intermediary, your ability
to purchase shares of the fund, exchange them for shares of other American
Century funds, and redeem them will depend on the terms of your plan or
financial intermediary. If you have questions about investing in an
employer-sponsored retirement plan or through a financial intermediary, call
a Service Representative at 1-800-345-3533.
Life Sciences Fund Profile
AMERICAN CENTURY INVESTMENTS
P.O. BOX 419200
Kansas City, Missouri 64141-6200
INVESTOR RELATIONS
1-800-345-2021 or 816-531-5575
AUTOMATED INFORMATION LINE
1-800-345-8765
Visit our Web site at WWW.AMERICANCENTURY.COM
FAX
816-340-7962
TELECOMMUNICATIONS DEVICE FOR THE DEAF
1-800-634-4113 or 816-444-3485
BUSINESS, NOT-FOR-PROFIT AND
EMPLOYER-SPONSORED RETIREMENT PLANS
1-800-345-3533
SH-PRF-20962 0007 Funds Distributor, Inc. and American Century
Investment Services, Inc., Distributors
[front cover]
AMERICAN CENTURY
Fund Profile
[photo of woman sitting on bench]
[photo of hand holding pencil]
Technology Fund
This profile summarizes key information about the fund that is included in the
fund's Prospectus. The fund's Prospectus includes additional information about
the fund, including a more detailed description of the risks associated with
investing in the fund, that you may want to consider before you invest.
You may obtain the Prospectus and other information about the fund at no cost
by calling us at 1-800-345-2021, accessing our Web site or visiting one of our
Investor Centers. See the back cover for additional telephone numbers and our
address.
July 27, 2000
Investor Class
[american century logo and text logo(reg.sm)]
TECHNOLOGY FUND
1. WHAT IS THE FUND'S INVESTMENT OBJECTIVE?
Technology seeks capital growth.
2. WHAT IS THE FUND'S INVESTMENT STRATEGY?
The fund managers will typically look for stocks of growing companies in the
technology and telecommunications-related sectors. To achieve its objective,
the fund invests primarily in companies that the fund managers believe are
principally engaged in offering, using or developing products, processes or
services that provide or will benefit significantly from technological
advancements or improvements. The fund managers consider technology and
telecommunications-related industries to include among others, computers
(including software, products and electronic components), semiconductors,
networking, internet and on-line service providers, office automation,
health care (including pharmaceuticals, medical devices and biotechnology)
telecommunications, telecommunications equipment, environmental services,
media and information services, electronics and defense and aerospace. The
fund will invest in U.S. and foreign companies of any size.
Sometimes a company will engage in multiple lines of business. We will
generally consider a company to be in the technology and
telecommunications-related sector if
* at least 50% of its gross income or net assets come from activities in
the sector;
* at least 50% of its assets are devoted to producing
revenues from the sector; or
* based on other information we obtain, we determine
that its primary business should be categorized within the sector.
The fund managers look for stocks of companies they believe will increase in
value over time, using a growth investment strategy. This strategy looks for
companies with earnings and revenues that are not only growing, but growing
at a successively faster, or accelerating pace. This strategy is based on
the premise that, over the long term, the stocks of companies with
accelerating earnings and revenues have a greater-than-average chance to
increase in value.
The managers use a bottom-up approach to select stocks for the fund. That
means they first look for strong, growing companies to invest in, rather
than simply buying any company in a growing industry or sector. Using
American Century's extensive computer database, the managers track financial
information for thousands of companies to identify trends in the companies'
earnings and revenues. This information is used to help the fund managers
select and hold stocks of companies they believe will be able to sustain
accelerating growth and to sell stocks of companies whose growth begins to
slow down.
In addition to locating strong companies with earnings and revenue growth,
the fund managers review and may invest in companies that experience a
change in their business that will stimulate future revenue and earnings
acceleration and lead to positive investor perception. The change typically
is the result of key events including: entry into a new market, a new
product, patent or license, or the presentation of clinical data showing
efficacy for a new drug or medical device. The fund managers also believe
that it is important to diversify the fund's holdings across geographical
regions and different countries. For this reason, the fund managers also
consider the prospects for relative economic growth among countries or
regions, economic and political conditions, expected inflation rates,
currency exchange fluctuations and tax considerations when making
investments.
The fund managers do not attempt to time the market. Instead, under normal
market conditions, they intend to keep the fund essentially fully invested
in stocks regardless of the movement of stock prices generally.
3. WHAT ARE THE SIGNIFICANT RISKS OF INVESTING IN THE FUND?
* The fund will focus its investments among companies in the technology and
telecommunications-related sector. Because those investments are
concentrated in a comparatively narrow segment of the total market, the
fund's investments are not as diversified as many other mutual funds.
Because of this, companies in the fund's portfolio may react similarly to
market developments, such as government regulation, subsidies, or
technological
Technology American Century Investments
advancements. This means that the fund's net asset values may be more
volatile than those of less concentrated funds. As a result, the value
of an investment in the fund may rise or fall rapidly.
* The value of the fund's shares depends on the value of the stocks and
other securities it owns. The value of the individual securities the fund
owns will go up and down depending on the performance of the companies
that issued them, general market and economic conditions, and investor
confidence.
* As with all funds, your shares may be worth more or less at any given
time than the price you paid for them. As a result, it is possible to
lose money by investing in the fund.
* The fund is nondiversified. This means that the fund managers may choose
to invest in a relatively small number of securities. If so, a price
change in any one of these securities may have a greater impact on the
fund's share price than would be the case if the fund were diversified.
Although the fund managers expect it will ordinarily satisfy the
requirements for a diversified fund, its nondiversified status gives
them more flexibility to invest heavily in the most attractive companies
identified by the fund's methodology.
* Many faster-growing technology and telecommunications-related companies
have limited operating histories. Continuing technological advances may
mean rapid obsolescence of key products and services. These business
uncertainties may increase the volatility of the prices for these
companies' securities.
* The fund may invest up to 15% in privately placed securities. These
securities may be considered illiquid if they cannot be sold in seven
days at approximately the price at which the fund is valuing them.
Privately placed securities are valued by the manager pursuant to
procedures established by the fund's Board of Directors.
* The fund managers may buy a large amount of a company's stock quickly and
may dispose of it quickly if it no longer meets their investment criteria.
While the managers believe this strategy provides substantial appreciation
potential over the long term, in the short term it can create a
significant amount of portfolio turnover and share price volatility.
This portfolio turnover and share price volatility can be greater than
that of the average stock fund. Higher portfolio turnover leads to
higher brokerage costs, which are borne by the fund. Portfolio turnover
also may affect the character of capital gains realized and distributed
by the fund, if any, since short-term capital gains are taxable as
ordinary income.
* Market performance tends to be cyclical, and in the various cycles,
certain investment styles may fall in and out of favor. If the market
is not favoring the style used by the fund's management team, the fund's
gains may not be as big as, or its losses may be bigger than, other
equity funds using different investment styles.
* The fund may invest in companies regardless of size, which means it may
invest in smaller U.S. and foreign companies. Investing in smaller
companies generally presents unique risks. Smaller companies may have
limited resources, trade less frequently and have less publicly available
information. They also may be more sensitive to changing political and
economic conditions. These factors may cause investments in smaller
companies to experience more price volatility.
* The fund may invest in securities of foreign companies. Foreign
investment involves additional risks, including fluctuations in currency
exchange rates, less stable political and economic structures, reduced
availability of public information, and lack of uniform financial
reporting and regulatory practices similar to those that apply in the
United States. These factors make investing in foreign securities
generally riskier than investing in U.S. securities. Because the fund
managers intend to invest the fund's assets primarily in U.S. securities,
the risks associated with foreign investments are not considered to be
principal risks of investing in the fund. To the extent the fund invests
in foreign securities, the overall risk of the fund, however, could be
affected.
In summary, Technology is intended for investors who seek long-term capital
growth through an aggressive equity fund and who are willing to accept the
risks associated with the fund's investment strategy.
Technology Fund Profile
4. WHAT ARE THE FUND'S FEES AND EXPENSES?
There are no sales loads, fees or other charges
* to buy fund shares directly from American Century
* to reinvest dividends in additional shares
The following table describes the fees and expenses you will pay if you buy
and hold shares of the fund.
---------------------------------------------------------------------------
ANNUAL OPERATING EXPENSES
(EXPENSES THAT ARE DEDUCTED FROM FUND ASSETS)
---------------------------------------------------------------------------
Management Fee(1) 1.50%
Distribution and Service (12b-1) Fees None
Other Expenses(2) 0.00%
Total Annual Fund Operating Expenses 1.50%
(1) The fund has a stepped fee schedule. As a result, the fund's
management fee rate generally decreases as fund assets increase.
(2) Other expenses, which include the fees and expenses of the fund's
independent directors and their legal counsel as well as interest,
are expected to be less than 0.005% for the current fiscal year.
EXAMPLE
Assuming you. . .
* invest $10,000 in the fund
* redeem all of your shares at the end of the periods shown below
* earn a 5% return each year
* incur the same operating expenses as shown above
. . . your cost of investing in the fund would be:
-----------------------------------------------------------------
1 year 3 years
-----------------------------------------------------------------
$152 $472
Of course, actual costs may be higher or lower. Use this example to
compare costs of investing in other funds.
5. WHO ARE THE FUND'S INVESTMENT ADVISOR AND PORTFOLIO MANAGERS?
American Century Investment Management, Inc. provides investment advisory
and management services for the fund. American Century uses teams of
portfolio managers, assistant portfolio managers and analysts working
together to manager its mutual funds. Identified below are the portfolio
managers for the Technology team:
CHRISTOPHER K. BOYD, Vice President and Senior Portfolio Manager, has been a
member of the team that manages the Technology Fund since its inception in
June 2000, and has been a member of the team that manages Giftrust and New
Opportunities since rejoining American Century in January 1998. With the
exception of 1997, he has been with American Century since March 1988 and
served as a Portfolio Manager since December 1992. During 1997, he was in
private practice as an investment advisor. He has a bachelor of science from
the University of Kansas and an MBA from Dartmouth College. He is a
Chartered Financial Analyst.
DOUGLAS C. DAY, Portfolio Manager, has been a member of the team that
manages the Technology Fund since its inception in June 2000. Prior to that,
he worked for three and one-half years as an investment analyst for other
American Century equity funds, including Ultra and Select. Before joining
American Century in October 1996, he worked as an equity research analyst
for Salomon Brothers from May 1995 to October 1996. He has a bachelor's
degree in economics from Emory University.
6. HOW DO I BUY FUND SHARES?
American Century offers several ways to purchase shares
* Complete and return an application along with an investment check payable
to American Century Investments
* If you already have an American Century account, call us or access our
Web site to exchange shares from another American Century fund
* Call us and send your investment by bank wire transfer
Your initial investment must be at least $2,500. If your redemption activity
causes the value of your account to fall below this account minimum, your
shares may be redeemed involuntarily.
7. HOW DO I SELL FUND SHARES?
You may sell all or part of your fund shares on any business day by writing
or calling us. You also may exchange your shares in Technology for shares in
nearly 70 other mutual funds offered by American Century. Depending on the
options you select when you open your account, some restrictions may apply.
For your protection, some redemption requests require a signature
guarantee.
Technology American Century Investments
8. HOW ARE FUND DISTRIBUTIONS MADE AND TAXED?
Technology pays distributions from its net income, if any, once a year,
usually in December. Distributions from realized capital gains are paid
twice a year, usually in March and December. Distributions may be taxable
as ordinary income, capital gains or a combination of the two. Capital
gains are taxed at different rates depending on the length of time the fund
held the securities that were sold. Distributions are reinvested
automatically in additional shares unless you choose another option.
9. WHAT SERVICES ARE AVAILABLE?
American Century offers several ways to make it easier for you to manage
your account, such as
* Telephone transactions
* Wire and electronic funds transfers
* 24-hour Automated Information Line transactions
* 24-hour online account access and transactions
You will find more information about these choices in Your Guide to American
Century Services, which you may request by calling us, accessing our Web
site or visiting one of our Investor Centers.
Information contained in the services guide pertains to shareholders who
invest directly with American Century rather than through an
employer-sponsored retirement plan or financial intermediary.
If you own or are considering purchasing fund shares through an
employer-sponsored retirement plan or financial intermediary, your ability
to purchase shares of the fund, exchange them for shares of other American
Century funds, and redeem them will depend on the terms of your plan or
financial intermediary. If you have questions about investing in an
employer-sponsored retirement plan or through a financial intermediary, call
a Service Representative at 1-800-345-3533.
Technology Fund Profile
AMERICAN CENTURY INVESTMENTS
P.O. BOX 419200
Kansas City, Missouri 64141-6200
INVESTOR RELATIONS
1-800-345-2021 or 816-531-5575
AUTOMATED INFORMATION LINE
1-800-345-8765
Visit our Web site at WWW.AMERICANCENTURY.COM
FAX
816-340-7962
TELECOMMUNICATIONS DEVICE FOR THE DEAF
1-800-634-4113 or 816-444-3485
BUSINESS, NOT-FOR-PROFIT AND
EMPLOYER-SPONSORED RETIREMENT PLANS
1-800-345-3533
SH-PRF-20963 0007 Funds Distributor, Inc. and American Century
Investment Services, Inc., Distributors
