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Thursday, October 01, 2009

American Century Summarizes Prospectuses

Reported by Neil Anderson, Managing Editor

American Century is throwing its weight behind the summary prospectus movement. On Thursday the Kansas City, Missouri-based mutual fund firm revealed its own summary prospectuses for five funds; the rest of the family will the same new documents out by August 1, 2010.

The SEC approved the summary prospectus in November.


Company Press Release

KANSAS CITY, Mo. -- American Century Investments announces that it is among the first investment managers to provide a summary prospectus, a new three-to-four page document designed to highlight key information for mutual fund investors. Summary prospectuses will be available for five American Century funds beginning Oct. 1 and for all American Century funds by Aug. 1, 2010.

The Securities & Exchange Commission (SEC) adopted new rules authorizing the use of the summary prospectus in order to simplify and standardize important investment information, such as investment objectives, risks, expenses and past performance. This new presentation should make it easier for investors to understand and compare mutual fund options. Fund companies can use the summary prospectus in place of the longer traditional prospectus to satisfy routine prospectus delivery requirements. However, the full prospectus is still available upon request and both versions of the prospectus will be available for viewing and download on www.americancentury.com, along with other fund disclosure documents such as Statements of Additional Information and annual and semiannual shareholder reports.

“We believe that by providing the summary prospectus, we are giving investors a more accessible, easy-to-read decision-making tool when reviewing investment options,” said Brian Brogan, vice president and associate general counsel for American Century Investments. “And for those investors who want to dig deeper, more detailed information will still be readily available.”

By adopting these shortened disclosure documents and making all information available online, American Century Investments aims to produce shareholder communications in a more environmentally friendly, efficient, and cost-effective way.

About American Century Investments

American Century Investments is a leading privately-held investment management firm, committed to delivering superior investment performance and building long-term client relationships since 1958. Serving investment professionals, institutions, corporations and individual investors, American Century Investments offers a variety of actively managed investment disciplines through an array of products including mutual funds, institutional separate accounts, commingled trusts and sub-advisory accounts. The company's 1,300 employees serve clients from offices in New York; London; Hong Kong; Mountain View, Calif. and Kansas City, Mo. James E. Stowers Jr. founded the company and serves as co-chairman of the board. Jonathan S. Thomas is president and chief executive officer and Enrique Chang is chief investment officer. Through its ownership structure, more than 40 percent of American Century Investments' profits support research to help find cures for genetically-based diseases including cancer, diabetes and dementia. 

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