Kenneth Crawford Joins Previously Announced Team; American Century Investments Announces Portfolio Manager Addition to Select Team.

KANSAS CITY, Mo.--(BUSINESS WIRE)--June 18, 1999--

American Century Investments announced a portfolio manager addition to its American Century Select Fund, effective today.

Kenneth Crawford will be co-manager, working with Chief Executive Officer James E. Stowers III and analyst Terry Foster.

Crawford has been with American Century for four years, first serving as an analyst on the Select fund and later moving to American Century Growth Fund, his most recent assignment. In addition, he has been a primary manager on two large-company funds that American Century manages for institutional investors. Before joining American Century, Crawford was an equity analyst for Texas Commerce Bank. He holds a bachelor's degree in economics and a master's in finance from the University of Wisconsin.

Stowers, who joined American Century in 1981, oversees the overall execution of all American Century domestic growth funds. He leads the company's Executive Committee and is a director of American Century Companies. Stowers will continue to provide leadership for the Ultra team, which is supported by two other managers.

Select team analyst Terry Foster, who has been on the team since 1997, continues to provide fundamental research and analysis on companies in the portfolio. Prior to joining the firm he was a credit analyst for Associated Financial Services. He holds a BS in finance and management from Southern Illinois University and an MBA from Texas Christian University.

In addition to Foster, several of the fundamental analysts assigned to American Century's other large-cap funds, Growth and Ultra, will be assisting the Select team.

Select Fund invests in common stocks of large, established companies that exhibit accelerating growth and that pay dividends or otherwise produce income. Started in 1958 by company founder James Stowers Jr., the fund currently has $7 billion in assets under management.

American Century has followed a team investment approach since the early 1980s and has greatly expanded the investment staff during the past few years, according to Stowers. "Because all of our aggressive growth teams follow the same discipline, we have experienced managers and analysts able to step into new assignments when needed," he said.

Stowers and Crawford replace outgoing Select team managers Jean Ledford and Richard Welsh. American Century Investments is a mutual fund company serving nearly 2 million individual and institutional investors. Through its broad selection of nearly 70 mutual funds, the Kansas City-based company manages approximately $88 billion in assets. James E. Stowers Jr. founded the company in 1958 and serves as chairman. His son, James E. Stowers III, is chief executive officer and William M. Lyons is president and chief operating officer. For more information on company products and services, visit its Web site at www.americancentury.com.

The prospectus for each of our funds contains important information, including charges and expenses, and should be read carefully before investing or sending money.