Filed by: American Century Mutual Funds, Inc. Pursuant to Rule 425 under the Securities Act of 1933, as amended Subject Company: American Century World Mutual Funds, Inc. Investment Company Act File No: 811-06247 December 17, 2008 [ACI LOGO] Dear Client, We'd like to advise you of a number of strategic changes we are implementing within our investment group. These moves will enhance our ability to execute our investment processes across our various disciplines for the benefits of our clients. INTERNATIONAL EQUITY - -------------------- We are pleased to announce that Mark Kopinski, senior vice president & senior portfolio manager, is promoted to Chief Investment Officer, International Equity. With this promotion, Mark On, Chief Investment Officer, International Equity, and co-portfolio manager for Emerging Markets, is leaving the firm effective December 19. Mark On's departure was a mutually agreed decision. With 24 years of investment experience, Mark Kopinski was a natural choice for the role, given his tenure and position within the International Equity group, his demonstrated leadership skills and his dedication to our firm and our clients. Mark was an inaugural member of our International Equity group and established our first international equity strategies beginning with International Growth in 1991 and International Discovery in 1994. Mark briefly left the firm in 1995, returning in 1997 to launch Emerging Markets and rejoin International Discovery, where he's served as a portfolio manager the past 11 years. He is also co-portfolio manager on International Opportunities. As with other American Century CIOs, Mark will continue to dedicate the majority of his time to his portfolio management duties. During his 16 years with the company, Mark has displayed the qualities we expect from our top leaders in investment management and has been involved in many key decisions within the International Equity group. We are excited to tap his expertise for the benefit of all of our International Equity clients. We are actively searching for a portfolio manager to co-manage Emerging Markets with veteran Portfolio Manager Patricia Ribeiro and anticipate having someone in place during the first quarter 2009. U.S. GROWTH EQUITY - ------------------ We are combining the portfolio teams for Ultra and Select in order to more effectively leverage the analytical resources of the teams. Both strategies will be managed by U.S. Growth Equity Chief Investment Officer Stephen Lurito, Vice President and Portfolio Manager Keith Lee, CFA, and Portfolio Manager Michael Li, PhD. They will be supported by a team of six investment analysts. As a result of the team consolidation, Tom Telford, CFA, vice president and portfolio manager on Ultra and Technology, is leaving the firm, effective December 19. FOR INSTITUTIONAL USE ONLY/NOT FOR PUBLIC USEAlso, the Board of Directors for American Century Life Sciences and American Century Technology has approved the reorganization of these funds into American Century Growth, contingent upon shareholder proxy vote slated for 2009. As a result, Vice President and Senior Portfolio Manager Arnie Douville and Vice President and Portfolio Manager Christy Turner, CFA, are leaving the firm, effective December 19. Stephen Lurito will serve as portfolio manager on both Life Sciences and Technology until the reorganization is completed. ASSET ALLOCATION - ---------------- We are formally creating an Asset Allocation Committee to establish policy and review investment decisions for all of our asset allocation products, effective January 1, 2009. Chief Investment Officer Enrique Chang will head the committee, which will be comprised of our five discipline chief investment officers (CIOs) and Jeff Tyler, CFA, senior vice president and senior portfolio manager on the Asset Allocation team. For years, American Century Investments' asset allocation strategies have relied on CIO input when constructing portfolios. Given the success of our products in the marketplace and the growing importance of asset allocation portfolios among our clients, the creation of the Asset Allocation Committee formalizes an input process that has helped these strategies generate superior investment performance. As head of the Asset Allocation Committee, CIO Enrique Chang will be named as a portfolio manager on each of our asset allocation strategies (LIVESTRONG(TM) Portfolios, Strategic Allocation series, One Choice Portfolios and Learning Quest(R) 529 Education Savings Program), working with Jeff Tyler and Portfolio Manager Irina Torelli. We appreciate you entrusting us with your assets and assure you that we are committed to your success. We remain highly confident in our ability to produce superior results as we maintain a steadfast focus on meeting your needs. If you have questions, please call your American Century Investments relationship manager at 1-800-345-6488. Best regards, American Century Investment Services, Inc. THE INFORMATION INCLUDED HEREIN IS NOT AN OFFER TO SELL, NOR A SOLICITATION OF AN OFFER TO BUY, SHARES OF ANY INVESTMENT COMPANY, NOR IS IT A SOLICITATION OF ANY PROXY. AMERICAN CENTURY MUTUAL FUNDS, INC. WILL FILE A PROXY STATEMENT/PROSPECTUS AND OTHER RELEVANT DOCUMENTS REGARDING THE REORGANIZATIONS WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION (THE "SEC"). INVESTORS ARE URGED TO READ THESE DOCUMENTS BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE REORGANIZATIONS AND RELATED MATTERS. YOU WILL BE ABLE TO OBTAIN THESE DOCUMENTS FREE OF CHARGE AT THE SEC WEB SITE (WWW.SEC.GOV). YOU SHOULD CONSIDER THE FUNDS' INVESTMENT OBJECTIVES, RISKS, CHARGES AND EXPENSES CAREFULLY BEFORE YOU INVEST. THE FUNDS' PROSPECTUSES, WHICH CAN BE OBTAINED BY CALLING 1-800-345-6488, CONTAIN THIS AND OTHER INFORMATION ABOUT THE FUNDS, AND SHOULD BE READ CAREFULLY BEFORE INVESTING. FOR INSTITUTIONAL USE ONLY/NOT FOR PUBLIC USE American Century Investments P.O. Box 419385, Kansas City, MO 64141-6385 1-800-345-6488 or 816-531-5575 americancentury.com/ipro American Century Investment Services, Inc., Distributor ©2008 American Century Proprietary Holdings, Inc. All rights reserved
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Filed: 17 Dec 08, 12:00am