American Century Value

Objective And Strategy

Objective
Long-term capital growth over time. Income is secondary.

Strategy
Pursues a strict value approach to identify companies that management believes are undervalued at the time of purchase. Buys companies with compelling business characteristics, such as good cash flow, balance sheet and dividends. Stocks are sold when they return to fair market value.

Principal Risks

* This portfolio invests in securities of foreign issuers which involves risks not typically associated with domestic issuers, including currency fluctuations and the possibility of political and economic instability. Emerging markets involve risks in addition to those generally associated with foreign securities, because political and economic structures in many emerging markets may be undergoing significant evolution and rapid development.

* This Fund may invest in publicly issued equity securities, including common stocks. Investments in common stocks are subject to market risks that may cause their prices to fluctuate over time.