American Century Small Company Fund Wins Lipper Award.

KANSAS CITY, Mo. -- American Century Small Company Fund -- Institutional Share Class (ASCQX) -- has won a Lipper Fund Award at the 2005 Reuters Lipper Fund Awards ceremony, held on March 21, 2005, in New York.

The Lipper Fund Awards spotlight funds and fund families that have achieved a strong trend of consistent risk-adjusted performance against their peers, according to Lipper. In the Small Company Fund's case it was judged against 238 other individual funds in Lipper's Small Cap Core Classification, for the three-year period ending Dec. 31, 2004.

The three-year annualized return for the institutional share class of the Small Company Fund as of year end was 23.91 percent. Since its inception on Oct. 1, 1999, through Dec. 31, 2004, the fund's annual compounded rate of return was 18.50 percent compared to .08 percent for the S&P 500(a).

Small Company Fund invests primarily in small-sized companies that have both growth and value characteristics. The quantitative portfolio management team based in Mountain View, Calif., includes Matti Von Turk, Bill Martin, John Schniedwind, Jeff Tyler, Kurt Borgwardt, Thomas Vaiana and Zili Zhang.

The Small Company Fund was closed to new investors on Feb. 20, 2004. Investors who established accounts in the fund prior to the closing date may continue to invest in their accounts.

Institutional class shares are made available for purchase by endowments, foundations, large employer-sponsored retirement plans and other institutions such as banks and insurance companies.

American Century Investments is a leading investment manager with nearly five 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 $98 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.

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 fund share 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 800-345-6488 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.

You should consider the fund's investment objectives, risks, and charges and expenses carefully before you invest. The fund's prospectus, which can be obtained by calling 800-345-6488, contains this and other information about the fund, and should be read carefully before investing.

Effective February 20, 2004, Small Company Fund is closed to new investors. Shareholders who have open accounts may make additional investments and reinvest dividends and capital gains distributions as long as such accounts remain open. The advisor may permit additional investments on a case-by-case basis as it deems appropriate in its sole discretion, including investments by certain funds of funds and 529 college savings plans advised by American Century.

As of December 31, 2004, the Lipper Small-Cap Core category consisted of 556 funds for the one-year period, 448 funds for the three-year period and 318 funds for the five-year period.

(a) S&P 500 is a trademark of The McGraw-Hill Companies, Inc. and has been licensed for use by American Century Investment Management, Inc. The products are not sponsored, endorsed, sold or promoted by Standard & Poor's, and Standard & Poor's makes no representation regarding the advisability of investing in the products. The S&P 500 is a capitalization-weighted index of the 500 most widely traded stocks, and is considered to represent the performance of the stock market in general. It is not an investment product available for purchase.

American Century Investment Services, Inc., Distributor

The American Century logo, American Century and American Century Investments are service marks of American Century Services Corporation.