American Century Announces New Investment Teams.

Business Editors

KANSAS CITY, Mo.--(BUSINESS WIRE)--Aug. 6, 2001

American Century Investment Management, Inc. announced a series of portfolio management promotions and additions within its domestic growth investment discipline. The moves, which were effective Aug. 1, reflect the company's desire to recognize personal achievement, provide career progression opportunities and better align portfolio manager assignments to individual professional strengths, according to C. Kim Goodwin, American Century's chief investment officer for U.S. Growth Equities.

Linda Peterson, co-manager of American Century's Heritage and VP Capital Appreciation funds, has been promoted to vice president and senior portfolio manager and assumes overall responsibility of American Century Giftrust. Jerry Sullivan, previously co-manager of Select, is now one of four managers on Ultra, a $30 billion large-cap growth fund. In addition, former investment analyst Tim Reynolds has been promoted to co-portfolio manager of the Select fund. Kim Goodwin also will serve as portfolio manager of the Select fund on an interim basis to assist with the transition.

"Over the years, Giftrust's portfolio has grown to include more mid-sized companies, an area where Linda Peterson has a proven track record of success through her management of Heritage and VP Capital Appreciation," Goodwin said. "With Linda building a new dedicated management team, the previous Giftrust managers will be able to focus on New Opportunities and New Opportunities II, funds with more of a small-company emphasis."

Goodwin said the addition of a fourth manager to the Ultra team was appropriate in light of the fund's size and popularity with investors. "As Ultra turns 20 years old, we are taking steps to continue its legacy of competitive long-term performance," she said.

"Jerry's investment experience and understanding of American Century's time-tested earnings acceleration process make him a welcome addition to an already strong team. We feel confident that these realignments within the growth discipline will benefit our investors."

With the changes in place, the new portfolio management teams are as follows: Ultra - James Stowers III, Bruce Wimberly, John Sykora and Jerry Sullivan; Giftrust - Linda Peterson and a team of new managers to be announced later; and Select - Ken Crawford, Tim Reynolds and C. Kim Goodwin (interim manager).

Peterson, who has worked in the investment area of American Century since 1993, joined the company in 1986. She holds a bachelor's degree from the University of Northern Iowa and an M.B.A. from the University of Missouri, Kansas City.

Jerry Sullivan, who joined American Century in 2000, has 14 years of investment experience with a strong focus on stock selection. He holds a bachelor's degree in political science from Columbia University and an M.B.A. in finance and accounting from the Columbia Graduate School of Business.

Tim Reynolds, an analyst on Select since 1999, has eight years of financial industry experience. He earned a B.B.A. degree in finance from Texas A&M and an M.S. degree in finance from Texas Tech University.

American Century is a premier investment manager serving nearly two million individual and institutional investors. Through its broad selection of 75 mutual funds and other investments, the Kansas City, Missouri-based company manages more than $93 billion in assets. 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 two years, American Century has been selected as one of FORTUNE Magazine's 100 Best Companies to Work for in America. For additional company information visit www.americancentury.com. To request a prospectus for an American Century fund, call [phone]. The prospectus contains important information, including charges and expenses, and should be read carefully before investing or sending money. -0-

                  American Century Fund Team Changes
                       Effective August 1, 2001

Before                                   After
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Giftrust                              Giftrust
--------                              --------
Chris Boyd                            Linda Peterson
John Seitzer                          Boyd, Seitzer and Telford will
Tom Telford                           transition off the team as
                                      additional managers are named.
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Ultra                                 Ultra
-----                                 -----
James Stowers III                     James Stowers III
Bruce Wimberly                        Bruce Wimberly
John Sykora                           John Sykora
                                      Jerry Sullivan
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Select                                Select
------                                ------
Gerard Sullivan                       Ken Crawford
Ken Crawford                          Tim Reynolds
                                      C. Kim Goodwin (interim manager)
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