American Century Launches Focused Growth Fund.

KANSAS CITY, Mo. -- In response to investors' growing demand for concentrated investment products, American Century Investments has launched American Century Focused Growth Fund (AFSIX), a concentrated stock portfolio.

Focused Growth normally contains 25 to 45 large- and mid-cap companies that the managers believe have earnings and revenues which are growing at successively faster rates and appear to be sustainable. It is available in Investor Class shares only. The fund was initially priced at $10.00 per share, with a minimum initial investment of $2,500.

The fund will be managed by Greg Woodhams and Joe Reiland. Woodhams also co-manages American Century's flagship $4.9 billion Growth Fund (TWCGX).

In recent years, concentrated large growth funds have generally grown faster than the large growth category as a whole, according to Strategic Insight, a mutual fund research and consulting firm.

Focused Growth may be appropriate as a portfolio diversifier, according to Reiland. "The fund may be an attractive diversification option for investors who are looking for an aggressive complement to their existing holdings," Reiland said. "It has the latitude to pursue growing businesses without style, benchmark or sector constraints." The fund is considered aggressive because it invests in fewer stocks than diversified portfolios. At 25 to 45 stocks in its portfolio, it is "considerably smaller" than the average 91 stocks held by funds in Morningstar's large-growth universe as of Dec. 31, 2004, according to Reiland.(1)

Because the portfolio is non-diversified, a price change in any one security may have a greater impact than would be the case if the fund were diversified. Non-diversification also may result in high turnover, which could result in high commission costs, affecting the fund's performance, capital gains tax liabilities to the shareholder and potentially high price fluctuations.

Further, the company points out that Focused Growth's managers are industry veterans with 32 years of combined investment experience.

Greg Woodhams, vice president and senior portfolio manager, has worked in the financial industry since 1981 and joined American Century in 1997. Previously, he was vice president and director of equity research at Texas Commerce Bank. He holds a bachelor's degree in economics from Rice University and a master's degree in economics from the University of Wisconsin at Madison. He is a CFA charterholder.

Joe Reiland, portfolio manager, has worked in the industry since 1995 and joined the company in 2000. Previously, he was an equity analyst for Commerce Bank. He received a bachelor's of science degree in business administration from Washington University. He is a CFA charterholder.

To learn more about American Century Focused Growth Fund, call 1-800-345-2021 or visit www.americancentury.com.

American Century Investments is a leading investment manager with more than four decades of experience helping investors achieve their financial goals. Serving investment professionals, institutions, corporations and 1.6 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 $97 billion in assets through mutual funds, separate accounts, commingled trusts, subadvisory accounts and institutional class funds. 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 six 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.

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.

Past performance is not a guarantee of future results. Investment return and principal value will fluctuate, and it is possible to lose money by investing.

(1) The Morningstar Equity Style Box placement is based on two variables. First, on a fund's market cap relative to the movements of the market and second, the valuation by comparing the stocks in the fund's portfolio with the most relevant of the three market cap groups.