American Century Announces Enhancements to Small-Growth Funds.

KANSAS CITY, Mo. -- American Century Investments announces a series of policy changes to its small-cap growth portfolios. Effective July 1, the minimum initial investment for American Century New Opportunities Fund (TWNOX) and American Century New Opportunities II Fund (ANOIX) will decrease to $2,500 from $10,000. Additionally, New Opportunities Fund, previously open only to large-balance American Century investors, will reopen to all retail customers. Finally, New Opportunities' redemption fee holding period will decrease to 180 days from five years.

American Century New Opportunities is a no-load fund that may be purchased directly by investors; American Century New Opportunities II is a load fund sold exclusively through financial intermediaries.

The changes are designed to benefit investors, according to Spence Fitzgibbons, vice president of product management. "Small-cap growth exposure is an important component of a well-diversified equity portfolio," Fitzgibbons said. "Also, decreasing the redemption fee holding period will help investors with their individual portfolio rebalancing. It makes the fund more user friendly without being disruptive to the investment process."

American Century's New Opportunities and New Opportunities II funds seek long-term capital growth by investing in stocks of smaller companies that the funds' managers believe will increase in value over time. John Seitzer, vice president and portfolio manager and Harold Bradley, chief investment officer of small- and mid-cap growth strategies, co-manage the funds. A chart of the funds' performance as of June 30, 2004, as well as that of their benchmark, the Russell 2000 Growth Index, follows:

1 Year   3 Year   5 Year   Life of fund
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New Opportunities        20.55%   -3.30%    3.11%   7.13%  (12/31/96
                                                            inception)
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New Opportunities II     36.52%    7.74%     n/a    8.51%  (5/31/2001
                                                            inception)
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Russell 2000 Growth(A)   31.55%   -0.22%   -0.25%   n/a
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Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. To obtain performance data current to the most recent month end, please call 1-800-345-2021 or visit www.americancentury.com. Performance reflects Investor Class shares. For information about other share classes available, please consult the prospectus. Data assumes reinvestment of dividends and capital gains.

American Century Investments is a leading investment manager with more than 45 years of experience helping investors achieve their financial goals. Serving institutions, corporations, investment professionals and nearly 1.8 million individual investors, American Century offers a broad array of products across a variety of investment disciplines.

Based in Kansas City, Mo., the company manages approximately $90 billion in assets through separate accounts, commingled trusts, subadvisory accounts and mutual funds. James E. Stowers Jr. founded the company in 1958 and serves as chairman. His son, James E. Stowers III, is co-chairman and William M. Lyons is president and chief executive officer. For the past five years, American Century, which employs approximately 1,800 people, has been selected as one of FORTUNE Magazine's 100 Best Companies to Work for in America. For more information about the company, visit www.americancentury.com.

You should consider the fund's investment objectives, risks, and charges and expenses that may apply to continued investments in the fund carefully before you invest. The fund's prospectus, which can be obtained by calling 1-800-345-2021 (or by visiting the website), contains this and other information about the fund, and should be read carefully before investing.

Note A: The Russell 1000 Growth Index measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. Created by Frank Russell Company, it is not an investment product available for purchase.