American Century Investments Acquires Mason Street Funds.

KANSAS CITY, Mo. -- American Century Investments today announced it has completed the reorganization of 10 out of 11 Mason Street Funds to become part of the American Century fund family, effective March 31. This move expands American Century's load fund line-up to 25. It also allows The Northwestern Mutual Life Insurance Company, the parent company of Mason Street Advisors -- advisor to the Mason Street Funds -- to relinquish retail fund sponsorship and administration responsibilities and allow Mason Street Advisors to continue to focus on its core asset management business.

The reorganization, unanimously approved by the boards of the American Century Funds and the Mason Street Funds and approved by the Mason Street Funds shareholders, involves 10 of the existing Mason Street Funds combining with new or existing American Century funds.

"American Century is delighted to have completed this strategic business transaction with Mason Street Advisors and Northwestern Mutual Life," said William M. Lyons, American Century president and chief executive officer. "Northwestern Mutual has a solid reputation and we're excited to create a relationship with one of the most respected companies in the country. We're also pleased to have six new load funds to offer, in particular an international value product, which is new for American Century."

"Our Mason Street Fund shareholders will be well served by American Century's financial strength, integrity and investment management expertise," said Mark Doll, president of Mason Street Advisors. "The mutual fund reorganization with American Century was a great success and we are pleased to have completed this strategic initiative. We believe that our Mason Street Fund shareholders will continue to be well served with increased product offerings, enhanced services, and solid investment performance, and we are excited about the prospects for Mason Street Advisors to more successfully grow assets under management through retail access to a number of our key investment disciplines."

The Mason Street Funds were reorganized into the American Century family of funds as follows:

--Four series of Mason Street Funds (Small Cap Growth, Aggressive Growth, Select Bond and High Yield Bond Funds) were reorganized into newly created, co-branded American Century-Mason Street funds that are advised by American Century and sub-advised by Mason Street Advisors. These new funds have the same investment objectives and investment management personnel as their Mason Street Funds predecessors.

--Two series of Mason Street Funds (International Equity and Municipal Bond Funds) were reorganized into newly created American Century Funds that are advised by American Century, with the International Fund continuing to be sub-advised by Templeton Investment Counsel, LLC. These funds have investment objectives and policies similar to their Mason Street Funds predecessors.

--Four series of Mason Street Funds (Index 500, Large Cap Core, Asset Allocation and Growth Stock Funds) were reorganized into existing American Century funds, which continue to be advised by American Century.

Northwestern Mutual and Mason Street Advisors advise that this transaction in no way affects Mason Street Advisors' continued provision of investment management services to the Northwestern Mutual Series Fund, which underlies Northwestern Mutual's variable annuity and variable life products.

About Mason Street Advisors

Mason Street Advisors, LLC, a wholly owned company of Northwestern Mutual, is a federally registered investment adviser, providing investment management services to corporate, charitable and retirement accounts and mutual funds. Mason Street Advisors manages over $69 billion in assets and provides investment advisory services to Northwestern Mutual, the Northwestern Mutual Series Fund and affiliates. As of March 31, 2006, the Mason Street Funds had $1.36 billion in assets. For more information on the Mason Street Family of Funds, please visit http://www.masonstreetfunds.com/.

Northwestern Mutual, the nation's leading provider of individual life insurance according to the American Council of Life Insurers, has always received the highest possible ratings for financial strength from Standard & Poor's, Moody's, Fitch, and A. M. Best. In addition to life insurance, the company, its subsidiaries and affiliates are also providers of annuities, mutual funds, long-term care insurance and disability income insurance. These products and services are distributed through the Northwestern Mutual Financial Network and its financial representatives nationwide. For more information, please visit www.nmfn.com.

About American Century

American Century Investments is a leading investment manager with nearly 50 years of experience helping investors achieve their financial goals. Serving financial professionals, institutions, corporations and 1.2 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 more than $100 billion in assets through mutual funds, separate accounts, commingled trusts, sub-advisory accounts and institutional products. James E. Stowers Jr. founded the company in 1958. His son, James E. Stowers III, is chairman and William M. Lyons is president and chief executive officer. For the past seven years, American Century, which employs 1,900 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.

American Century Investment Services, Inc. Distributor

(C) 2006 American Century Proprietary Holdings, Inc. All Rights Reserved

About Mason Street Funds

720 E. Wisconsin Ave.       Founded 1997
Milwaukee, Wis. 53202       Assets under management: $1.9 billion(1)
www.masonstreetfunds.com    Employees/staff of advisory company: 60
                            Total funds in family: 11

About American Century Investments

4500 Main St.               Founded 1958
Kansas City, Mo. 64111      Assets under management: $102 billion
www.americancentury.com     Employees/staff of advisory company: 1,900
                            Total funds in family: 80+

Reorganization Details

The following illustrates the new alliance created as a result of the plan of reorganization between Mason Street Funds and American Century Investments.

Mason Street Fund                  Resulting American Century Fund
-----------------                  -------------------------------
Subadvised Funds (New co-branded funds continue to be subadvised by
Mason Street Advisors, LLC)
----------------------------------------------------------------------
Small Cap Growth Stock Fund        American Century-Mason Street Small
                                    Cap Growth (MSASX)(a)
Aggressive Growth Stock Fund       American Century-Mason Street Mid
                                    Cap Growth (MAGAX)(a)
Select Bond Fund                   American Century-Mason Street
                                    Select Bond (MBDAX)(a)
High Yield Bond Fund               American Century-Mason Street
                                    High-Yield Bond (MHYAX)(a)

Adopted Funds -- New (Merger creates a new American Century fund)
----------------------------------------------------------------------
International Equity Fund          American Century International
                                    Value Fund (MEQAX)(a)
Municipal Bond Fund                American Century Long-Term Tax-Free
                                    Fund (MMBAX)(a)

Merged Funds -- Existing (These funds have been merged into an
existing American Century fund)
----------------------------------------------------------------------
Index 500 Stock Fund               American Century Equity Index Fund
                                    (ACIVX)(b)
Large Cap Core Stock Fund          American Century Equity Growth Fund
                                    (BEQAX)(c)
Asset Allocation Fund              American Century Strategic
                                    Allocation: Moderate Fund
                                    (ASMAX)(a)
Growth Stock Fund                  American Century Select Fund
                                    (AASLX)(a)

(1) Mason Street Advisors, which manages the funds, had a total of $1.36 billion of assets under management as of 3/31/06.

(a) Tickers listed are for A class shares.

(b) Ticker listed is for Investor class shares.

(c) Ticker listed is for Advisor class shares.

Before investing, carefully consider the fund's investment objectives, risks and charges and expenses. Contact 800-378-4998 for a prospectus containing this and other information. Read the prospectus carefully before investing.