ICI MUTUAL INSURANCE COMPANY

                                  P.O. Box 730
                         Burlington, Vermont 05402-0730

                         INVESTMENT COMPANY BLANKET BOND













                          ICI MUTUAL INSURANCE COMPANY

                                  P.O. Box 730
                         Burlington, Vermont 05402-0730

                                  DECLARATIONS

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ITEM 1.   Name of Insured (the "Insured")                           Bond Number

          AMERICAN CENTURY COMPANIES, INC.                          94340107B

          Principal Address: 4500 Main Street, Kansas City, MO 64111
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ITEM 2.   Bond  Period:  from 12:01 a.m.  on May 31, 2007 , to 12:01 a.m. on May
          31, 2008, or the earlier  effective  date of the  termination of this
          Bond, standard time at the Principal Address as to each of said dates.
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ITEM 3.   Limit of Liability--
          Subject to Sections 9, 10, and 12 hereof:

                                                          LIMIT OF    DEDUCTIBLE
                                                          LIABILITY     AMOUNT

   Insuring Agreement A-FIDELITY                         $30,000,000    $150,000
   Insuring Agreement B-AUDIT EXPENSE                        $50,000     $10,000
   Insuring Agreement C-ON PREMISES                      $30,000,000    $150,000
   Insuring Agreement D-IN TRANSIT                       $30,000,000    $150,000
   Insuring Agreement E-FORGERY OR ALTERATION            $30,000,000    $150,000
   Insuring Agreement F-SECURITIES                       $30,000,000    $150,000
   Insuring Agreement G-COUNTERFEIT CURRENCY             $30,000,000    $150,000
   Insuring Agreement H-UNCOLLECTIBLE ITEMS OF DEPOSIT       $25,000      $5,000
   Insuring Agreement I-PHONE/ELECTRONIC TRANSACTIONS    $30,000,000    $150,000

   If "Not Covered" is inserted  opposite any Insuring  Agreement  above,
   such Insuring  agreement and any reference  thereto shall be deemed to
   be deleted from this Bond.

   OPTIONAL INSURING AGREEMENTS ADDED BY RIDER:

   Insuring Agreement J--   COMPUTER SECURITY            $30,000,000    $150,000
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ITEM 4.   Offices  or  Premises  Covered--All  the  Insured's  offices  or other
          premises in  existence  at the time this Bond  becomes  effective  are
          covered under this Bond, except the offices or other premises excluded
          by Rider.  Offices or other premises acquired or established after the
          effective  date of this  Bond  are  covered  subject  to the  terms of
          General Agreement A.
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ITEM 5.   The liability of ICI Mutual Insurance  Company (the  "Underwriter") is
          subject to the terms of the following Riders attached hereto:

          Riders:  1-2-3-4-5-6-7-8-9-10-11-12-13-14-15-16-17

          and of all  Riders  applicable  to this Bond  issued  during  the Bond
          Period.
================================================================================


                           By:       /s/ Catherine Dalton
                                     ------------------------------------------
                                    Authorized Representative






                         INVESTMENT COMPANY BLANKET BOND

ICI Mutual Insurance Company (the "Underwriter"),  in consideration of an agreed
premium,  and in  reliance  upon  the  Application  and  all  other  information
furnished to the  Underwriter  by the Insured,  and subject to and in accordance
with  the  Declarations,   General   Agreements,   Provisions,   Conditions  and
Limitations and other terms of this bond (including all riders hereto) ("Bond"),
to the extent of the Limit of Liability  and subject to the  Deductible  Amount,
agrees to  indemnify  the Insured for the loss,  as  described  in the  Insuring
Agreements,  sustained by the Insured at any time but discovered during the Bond
Period.

                               INSURING AGREEMENTS

A.   FIDELITY

     Loss (including loss of Property) caused by any Dishonest or Fraudulent Act
     or Theft  committed by an Employee  anywhere,  alone or in  collusion  with
     other persons (whether or not Employees), during the time such Employee has
     the status of an Employee as defined  herein,  and even if such loss is not
     discovered  until after he or she ceases to be an Employee,  EXCLUDING loss
     covered under Insuring Agreement B.

B.   AUDIT EXPENSE

     Expense  incurred by the  Insured  for that part of audits or  examinations
     required  by any  governmental  regulatory  authority  or  Self  Regulatory
     Organization  to be conducted by such  authority or  Organization  or by an
     independent  accountant or other person, by reason of the discovery of loss
     sustained by the Insured and covered by this Bond.

C.   ON PREMISES

     Loss of Property (including damage thereto or destruction  thereof) located
     or  reasonably  believed by the Insured to be located  within the Insured's
     offices or premises,  caused by Theft or by any Dishonest or Fraudulent Act
     or through Mysterious Disappearance,  EXCLUDING loss covered under Insuring
     Agreement A.

D.   IN TRANSIT

     Loss of Property  (including  damage thereto or destruction  thereof) while
     the  Property is in transit in the custody of any person  authorized  by an
     Insured to act as a  messenger,  except while in the mail or with a carrier
     for hire (other than a Security  Company),  EXCLUDING  loss  covered  under
     Insuring Agreement A. Property is "in transit"  beginning  immediately upon
     receipt of such Property by the transporting  person and ending immediately
     upon delivery at the specified destination.

E.   FORGERY OR ALTERATION

     Loss  caused  by the  Forgery  or  Alteration  of or on (1)  any  bills  of
     exchange,  checks,  drafts,  or other  written  orders or directions to pay
     certain sums in money,  acceptances,  certificates  of deposit,  due bills,
     money  orders,  or letters of credit;  or (2) other  written  instructions,
     requests or applications to the Insured,  authorizing or acknowledging  the
     transfer, payment,  redemption,  delivery or receipt of Property, or giving
     notice of any bank account,  which instructions or requests or applications
     purport to have been signed or endorsed by (a) any customer of the Insured,
     or (b) any  shareholder of or subscriber to shares issued by any Investment
     Company, or (c) any financial or banking institution or stockbroker; or (3)
     withdrawal  orders or receipts for the withdrawal of Property,  or receipts
     or certificates of deposit for Property and bearing the name of the Insured
     as issuer or of another  Investment  Company for which the Insured  acts as
     agent.

     This  Insuring  Agreement  E does not  cover  loss  caused  by  Forgery  or
     Alteration of Securities or loss covered under Insuring Agreement A.

F.   SECURITIES

     Loss resulting from the Insured,  in good faith,  in the ordinary course of
     business,  and in any capacity  whatsoever,  whether for its own account or
     for the account of others,  having acquired,  accepted or received, or sold
     or  delivered,  or given any value,  extended  any  credit or  assumed  any
     liability on the faith of any Securities,  where such loss results from the
     fact that such Securities (1) were Counterfeit, or (2) were lost or stolen,
     or (3) contain a Forgery or Alteration,  and notwithstanding whether or not
     the  act of the  Insured  causing  such  loss  violated  the  constitution,
     by-laws, rules or regulations of any Self Regulatory Organization,  whether
     or not the Insured  was a member  thereof,  EXCLUDING  loss  covered  under
     Insuring Agreement A.

G.   COUNTERFEIT CURRENCY

     Loss caused by the Insured in good faith  having  received or accepted  (1)
     any money orders which prove to be  Counterfeit or to contain an Alteration
     or (2) paper  currencies  or coin of the United States of America or Canada
     which prove to be Counterfeit.

     This  Insuring  Agreement  G does not cover  loss  covered  under  Insuring
     Agreement A.

H.   UNCOLLECTIBLE ITEMS OF DEPOSIT

     Loss  resulting  from the payment of dividends,  issuance of Fund shares or
     redemptions  or  exchanges  permitted  from an  account  with the Fund as a
     consequence of

     (1)  uncollectible  Items of Deposit of a Fund's  customer,  shareholder or
          subscriber  credited by the Insured or its agent to such person's Fund
          account, or

     (2)  any Item of Deposit  processed  through an  automated  clearing  house
          which is reversed by a Fund's customer,  shareholder or subscriber and
          is deemed uncollectible by the Insured;

     PROVIDED, that (a) Items of Deposit shall not be deemed uncollectible until
     the Insured's  collection  procedures have failed,  (b) exchanges of shares
     between Funds with exchange  privileges shall be covered  hereunder only if
     all such Funds are insured by the  Underwriter for  uncollectible  Items of
     Deposit,  and (c) the Insured Fund shall have  implemented and maintained a
     policy to hold Items of Deposit  for the  minimum  number of days stated in
     its  Application  (as amended from time to time) before paying any dividend
     or permitting any  withdrawal  with respect to such Items of Deposit (other
     than exchanges  between  Funds).  Regardless of the number of  transactions
     between Funds in an exchange program, the minimum number of days an Item of
     Deposit  must be held shall  begin  from the date the Item of  Deposit  was
     first credited to any Insured Fund.

     This  Insuring  Agreement  H does not cover  loss  covered  under  Insuring
     Agreement A.

I.   PHONE/ELECTRONIC TRANSACTIONS

     Loss caused by a Phone/Electronic  Transaction,  where the request for such
     Phone/Electronic Transaction:

     (1)  is  transmitted  to the  Insured  or its  agents  by  voice  over  the
          telephone or by Electronic Transmission; and

     (2)  is  made  by an  individual  purporting  to be a Fund  shareholder  or
          subscriber or an authorized agent of a Fund shareholder or subscriber;
          and

     (3)  is  unauthorized or fraudulent and is made with the manifest intent to
          deceive;

     PROVIDED,  that the entity receiving such request  generally  maintains and
     follows during the Bond Period all  Phone/Electronic  Transaction  Security
     Procedures with respect to all Phone/Electronic Transactions; and

     EXCLUDING loss resulting from:

     (1) the failure to pay for shares attempted to be purchased; or

     (2)  any redemption of Investment  Company shares which had been improperly
          credited to a shareholder's account where such shareholder (a) did not
          cause,  directly  or  indirectly,  such  shares to be credited to such
          account, and (b) directly or indirectly received any proceeds or other
          benefit from such redemption; or

     (3)  any  redemption of shares  issued by an  Investment  Company where the
          proceeds of such  redemption were requested to be paid or made payable
          to other than (a) the  Shareholder of Record,  or (b) any other person
          or bank account designated to receive  redemption  proceeds (i) in the
          initial  account  application,  or (ii)  in  writing  (not to  include
          Electronic Transmission) accompanied by a signature guarantee; or

     (4)  any  redemption of shares  issued by an  Investment  Company where the
          proceeds of such  redemption  were  requested to be sent to other than
          any address for such account which was  designated  (a) in the initial
          account  application,  or (b) in writing  (not to  include  Electronic
          Transmission),  where such  writing is  received  at least one (1) day
          prior to such redemption  request,  or (c) by voice over the telephone
          or by Electronic Transmission at least fifteen (15) days prior to such
          redemption; or

     (5)  the  intentional  failure  to adhere  to one or more  Phone/Electronic
          Transaction Security Procedures; or

     (6)  a Phone/Electronic  Transaction request transmitted by electronic mail
          or  transmitted  by any  method not  subject  to the  Phone/Electronic
          Transaction Security Procedures; or

     (7)  the failure or circumvention of any physical or electronic  protection
          device,  including any firewall, that imposes restrictions on the flow
          of electronic traffic in or out of any Computer System.

     This  Insuring  Agreement  I does not cover  loss  covered  under  Insuring
     Agreement A, "Fidelity" or Insuring Agreement J, "Computer Security".



                               GENERAL AGREEMENTS

A.   ADDITIONAL OFFICES OR EMPLOYEES--CONSOLIDATION OR MERGER--NOTICE

     1.   Except as provided in paragraph 2 below,  this Bond shall apply to any
          additional office(s) established by the Insured during the Bond Period
          and to all Employees during the Bond Period,  without the need to give
          notice thereof or pay additional  premiums to the  Underwriter for the
          Bond Period.

     2.   If during the Bond Period an Insured Investment Company shall merge or
          consolidate with an institution in which such Insured is the surviving
          entity,  or purchase  substantially all the assets or capital stock of
          another  institution,  or  acquire  or  create a  separate  investment
          portfolio,  and shall  within  sixty (60) days notify the  Underwriter
          thereof,  then this Bond shall automatically apply to the Property and
          Employees  resulting from such merger,  consolidation,  acquisition or
          creation from the date thereof;  provided,  that the  Underwriter  may
          make  such  coverage  contingent  upon the  payment  of an  additional
          premium.

B.   WARRANTY

     No statement made by or on behalf of the Insured,  whether contained in the
     Application or otherwise,  shall be deemed to be an absolute warranty,  but
     only a warranty that such statement is true to the best of the knowledge of
     the person responsible for such statement.

C.   COURT COSTS AND ATTORNEYS' FEES

     The  Underwriter  will  indemnify  the  Insured  against  court  costs  and
     reasonable  attorneys'  fees incurred and paid by the Insured in defense of
     any legal proceeding  brought against the Insured claiming that the Insured
     is liable for any loss,  claim or damage which, if established  against the
     Insured, would constitute a loss sustained by the Insured covered under the
     terms of this  Bond;  provided,  however,  that with  respect  to  Insuring
     Agreement A this indemnity shall apply only in the event that

     1.   an  Employee  admits to having  committed  or is  adjudicated  to have
          committed  a Dishonest  or  Fraudulent  Act or Theft which  caused the
          loss; or

     2.   in the absence of such an admission or adjudication,  an arbitrator or
          arbitrators  acceptable to the Insured and the Underwriter  concludes,
          after a review of an agreed  statement of facts,  that an Employee has
          committed  a Dishonest  or  Fraudulent  Act or Theft which  caused the
          loss.

     The Insured shall promptly give notice to the Underwriter of any such legal
     proceeding  and upon request shall furnish the  Underwriter  with copies of
     all pleadings and other papers therein.  At the Underwriter's  election the
     Insured shall permit the  Underwriter  to conduct the defense of such legal
     proceeding in the Insured's name,  through  attorneys of the  Underwriter's
     selection. In such event, the Insured shall give all reasonable information
     and  assistance  which the  Underwriter  shall deem necessary to the proper
     defense of such legal proceeding.

     If the amount of the Insured's  liability or alleged  liability in any such
     legal  proceeding  is greater  than the amount  which the Insured  would be
     entitled to recover  under this Bond (other than  pursuant to this  General
     Agreement  C),  or if a  Deductible  Amount  is  applicable,  or both,  the
     indemnity  liability of the Underwriter  under this General  Agreement C is
     limited to the proportion of court costs and  attorneys'  fees incurred and
     paid by the Insured or by the Underwriter that the amount which the Insured
     would be entitled to recover  under this Bond (other than  pursuant to this
     General  Agreement C) bears to the sum of such amount plus the amount which
     the Insured is not entitled to recover. Such indemnity shall be in addition
     to the Limit of Liability for the applicable Insuring Agreement.

             THIS BOND, INCLUDING THE FOREGOING INSURING AGREEMENTS
               AND GENERAL AGREEMENTS, IS SUBJECT TO THE FOLLOWING
                     PROVISIONS, CONDITIONS AND LIMITATIONS:

SECTION 1.  DEFINITIONS

The  following  terms used in this Bond shall have the  meanings  stated in this
Section:

     A.   "ALTERATION" means the marking, changing or altering in a material way
          of the terms, meaning or legal effect of a document with the intent to
          deceive.

     B.   "APPLICATION" means the Insured's application (and any attachments and
          materials  submitted  in  connection   therewith)   furnished  to  the
          Underwriter for this Bond.

     C.   "COMPUTER   SYSTEM"  means  (1)  computers  with  related   peripheral
          components, including storage components, (2) systems and applications
          software, (3) terminal devices, (4) related communications networks or
          customer  communication  systems,  and (5)  related  electronic  funds
          transfer  systems;   by  which  data  or  monies  are   electronically
          collected, transmitted, processed, stored or retrieved.

     D.   "COUNTERFEIT"  means, with respect to any item, one which is false but
          is  intended  to deceive  and to be taken for the  original  authentic
          item.

     E.   "DEDUCTIBLE AMOUNT" means, with respect to any Insuring Agreement, the
          amount set forth  under the heading  "Deductible  Amount" in Item 3 of
          the  Declarations  or  in  any  Rider  for  such  Insuring  Agreement,
          applicable to each Single Loss covered by such Insuring Agreement.

     F.   "DEPOSITORY" means any "securities depository" (other than any foreign
          securities  depository) in which an Investment Company may deposit its
          Securities in accordance with Rule 17f-4 under the Investment  Company
          Act of 1940.

     G.   "DISHONEST OR FRAUDULENT  ACT" means any dishonest or fraudulent  act,
          including  "larceny and  embezzlement" as defined in Section 37 of the
          Investment Company Act of 1940,  committed with the conscious manifest
          intent  (1) to cause the  Insured  to sustain a loss and (2) to obtain
          financial  benefit for the perpetrator or any other person (other than
          salaries, commissions, fees, bonuses, awards, profit sharing, pensions
          or other  employee  benefits).  A Dishonest or Fraudulent Act does not
          mean or  include  a  reckless  act,  a  negligent  act,  or a  grossly
          negligent act.

     H.   "ELECTRONIC   TRANSMISSION"   means  any   transmission   effected  by
          electronic means, including but not limited to a transmission effected
          by  telephone  tones,  Telefacsimile,  wireless  device,  or over  the
          Internet.

     I.   "EMPLOYEE" means:

          (1)  each  officer,  director,  trustee,  partner or  employee  of the
               Insured, and

          (2)  each  officer,  director,  trustee,  partner or  employee  of any
               predecessor of the Insured whose principal assets are acquired by
               the  Insured by  consolidation  or merger  with,  or  purchase of
               assets or capital stock of, such predecessor, and

          (3)  each attorney  performing legal services for the Insured and each
               employee  of such  attorney  or of the law firm of such  attorney
               while performing services for the Insured, and

          (4)  each student who is an authorized intern of the Insured, while in
               any of the Insured's offices, and

          (5)  each officer, director, trustee, partner or employee of

               (a)  an investment adviser,

               (b)  an underwriter (distributor),

               (c)  a transfer agent or shareholder accounting recordkeeper, or

               (d)  an  administrator  authorized  by written  agreement to keep
                    financial and/or other required records,

               for an Investment Company named as an Insured, but only while (i)
               such  officer,  partner or  employee  is  performing  acts coming
               within the scope of the usual duties of an officer or employee of
               an Insured, or (ii) such officer,  director,  trustee, partner or
               employee is acting as a member of any  committee  duly elected or
               appointed to examine or audit or have custody of or access to the
               Property of the  Insured,  or (iii) such  director or trustee (or
               anyone acting in a similar  capacity) is acting outside the scope
               of the usual duties of a director or trustee;  provided, that the
               term "Employee" shall not include any officer, director, trustee,
               partner or employee of a transfer agent,  shareholder  accounting
               recordkeeper  or  administrator  (x) which is not an  "affiliated
               person" (as defined in Section 2(a) of the Investment Company Act
               of 1940) of an  Investment  Company  named as  Insured  or of the
               adviser or underwriter of such Investment  Company,  or (y) which
               is a "Bank" (as defined in Section 2(a) of the Investment Company
               Act of 1940), and

          (6)  each individual assigned, by contract or by any agency furnishing
               temporary personnel,  in either case on a contingent or part-time
               basis,  to perform the usual  duties of an employee in any office
               of the Insured, and

          (7)  each  individual  assigned  to  perform  the  usual  duties of an
               employee or officer of any entity authorized by written agreement
               with the Insured to perform services as electronic data processor
               of  checks  or  other  accounting  records  of the  Insured,  but
               excluding  a  processor  which acts as  transfer  agent or in any
               other agency capacity for the Insured in issuing  checks,  drafts
               or securities, unless included under subsection (5) hereof, and

          (8)  each officer, partner or employee of

               (a)  any Depository or Exchange,

               (b)  any  nominee  in  whose  name  is  registered  any  Security
                    included  in  the  systems  for  the  central   handling  of
                    securities established and maintained by any Depository, and

               (c)  any  recognized  service  company which  provides  clerks or
                    other  personnel to any Depository or Exchange on a contract
                    basis,

               while such officer,  partner or employee is  performing  services
               for any  Depository  in the  operation of systems for the central
               handling of securities, and

          (9)  in the case of an Insured which is an "employee benefit plan" (as
               defined in Section 3 of the Employee  Retirement  Income Security
               Act of 1974  ("ERISA"))  for officers,  directors or employees of
               another Insured ("In-House Plan"), any "fiduciary" or other "plan
               official"  (within  the  meaning of Section 412 of ERISA) of such
               In-House  Plan,  provided  that  such  fiduciary  or  other  plan
               official is a director,  partner, officer, trustee or employee of
               an Insured (other than an In-House Plan).

     Each  employer  of  temporary  personnel  and each  entity  referred  to in
     subsections  (6)  and (7)  and  their  respective  partners,  officers  and
     employees  shall  collectively  be  deemed  to be one  person  for  all the
     purposes of this Bond.

     Brokers, agents,  independent  contractors,  or representatives of the same
     general character shall not be considered Employees,  except as provided in
     subsections (3), (6), and (7).

     J.   "EXCHANGE" means any national securities exchange registered under the
          Securities Exchange Act of 1934.

     K.   "FORGERY"  means the  physical  signing on a  document  of the name of
          another  person  (whether  real or  fictitious)  with  the  intent  to
          deceive.  A  Forgery  may  be  by  means  of  mechanically  reproduced
          facsimile signatures as well as handwritten  signatures.  Forgery does
          not include the signing of an  individual's  own name,  regardless  of
          such individual's authority, capacity or purpose.

     L.   "ITEMS OF DEPOSIT" means one or more checks or drafts.

     M.   "INVESTMENT  COMPANY" or "FUND" means an investment company registered
          under the Investment Company Act of 1940.

     N.   "LIMIT OF LIABILITY"  means,  with respect to any Insuring  Agreement,
          the limit of liability of the  Underwriter for any Single Loss covered
          by such  Insuring  Agreement as set forth under the heading  "Limit of
          Liability"  in Item 3 of the  Declarations  or in any  Rider  for such
          Insuring Agreement.

     O.   "MYSTERIOUS  DISAPPEARANCE" means any disappearance of Property which,
          after  a  reasonable  investigation  has  been  conducted,  cannot  be
          explained.

     P.   "NON-FUND" means any corporation,  business trust, partnership,  trust
          or other entity which is not an Investment Company.

     Q.   "PHONE/ELECTRONIC  TRANSACTION  SECURITY  PROCEDURES"  means  security
          procedures for Phone/Electronic Transactions as provided in writing to
          the Underwriter.

     R.   "PHONE/ELECTRONIC  TRANSACTION"  means  any (1)  redemption  of shares
          issued by an  Investment  Company,  (2) election  concerning  dividend
          options  available to Fund  shareholders,  (3) exchange of shares in a
          registered   account  of  one  Fund  into  shares  in  an  identically
          registered  account of another  Fund in the same  complex  pursuant to
          exchange privileges of the two Funds, or (4) purchase of shares issued
          by an Investment  Company,  which  redemption,  election,  exchange or
          purchase  is  requested  by voice  over the  telephone  or  through an
          Electronic Transmission.

     S.   "PROPERTY"  means the following  tangible  items:  money,  postage and
          revenue  stamps,  precious  metals,  Securities,  bills  of  exchange,
          acceptances,  checks, drafts, or other written orders or directions to
          pay sums certain in money,  certificates of deposit,  due bills, money
          orders,  letters of credit,  financial futures contracts,  conditional
          sales  contracts,  abstracts  of  title,  insurance  policies,  deeds,
          mortgages, and assignments of any of the foregoing, and other valuable
          papers,  including  books of  account  and other  records  used by the
          Insured in the  conduct  of its  business,  and all other  instruments
          similar to or in the nature of the foregoing  (but  excluding all data
          processing records),  in which the Insured has an interest or in which
          the Insured  acquired or should have acquired an interest by reason of
          a  predecessor's  declared  financial  condition  at the  time  of the
          Insured's  consolidation  or merger with, or purchase of the principal
          assets of, such  predecessor  or which are held by the Insured for any
          purpose or in any capacity.

     T.   "SECURITIES" means original negotiable or non-negotiable agreements or
          instruments which represent an equitable or legal interest,  ownership
          or debt (including stock  certificates,  bonds,  promissory notes, and
          assignments thereof), which are in the ordinary course of business and
          transferable  by physical  delivery with  appropriate  endorsement  or
          assignment.   "Securities"   does  not  include   bills  of  exchange,
          acceptances, certificates of deposit, checks, drafts, or other written
          orders or  directions to pay sums certain in money,  due bills,  money
          orders, or letters of credit.

     U.   "SECURITY  COMPANY"  means an entity  which  provides  or  purports to
          provide the transport of Property by secure means, including,  without
          limitation, by use of armored vehicles or guards.

     V.   "SELF  REGULATORY  ORGANIZATION"  means any  association of investment
          advisers or securities dealers registered under the federal securities
          laws, or any Exchange.

     W.   "SHAREHOLDER  OF RECORD" means the record owner of shares issued by an
          Investment  Company or, in the case of joint ownership of such shares,
          all  record  owners,   as  designated  (1)  in  the  initial   account
          application,  or (2) in writing accompanied by a signature  guarantee,
          or (3) pursuant to procedures as set forth in the Application.

     X.   "SINGLE LOSS" means:

          (1)  all  loss  resulting  from  any one  actual  or  attempted  Theft
               committed by one person, or

          (2)  all loss caused by any one act (other than a Theft or a Dishonest
               or Fraudulent Act) committed by one person, or

          (3)  all loss caused by Dishonest or Fraudulent  Acts committed by one
               person, or

          (4)  all  expenses   incurred   with  respect  to  any  one  audit  or
               examination, or

          (5)  all loss caused by any one  occurrence  or event other than those
               specified in subsections (1) through (4) above.

          All  acts  or  omissions  of one or more  persons  which  directly  or
          indirectly  aid or, by  failure  to report or  otherwise,  permit  the
          continuation  of an act  referred  to in  subsections  (1) through (3)
          above of any other person shall be deemed to be the acts of such other
          person for purposes of this subsection.

          All acts or  occurrences  or events  which have as a common  nexus any
          fact,  circumstance,   situation,  transaction  or  series  of  facts,
          circumstances,  situations,  or transactions shall be deemed to be one
          act, one occurrence, or one event.

     Y.   "TELEFACSIMILE"  means a system of transmitting and reproducing  fixed
          graphic  material  (as,  for  example,  printing)  by means of signals
          transmitted over telephone lines or over the Internet.

     Z.   "THEFT" means robbery, burglary or hold-up,  occurring with or without
          violence or the threat of violence.

SECTION 2. EXCLUSIONS

THIS BOND DOES NOT COVER:

     A.   Loss  resulting  from (1) riot or civil  commotion  outside the United
          States of America and Canada,  or (2) war,  revolution,  insurrection,
          action by armed forces, or usurped power,  wherever occurring;  except
          if such loss occurs in transit,  is otherwise  covered under  Insuring
          Agreement D, and when such transit was  initiated,  the Insured or any
          person  initiating  such  transit  on  the  Insured's  behalf  had  no
          knowledge   of  such   riot,   civil   commotion,   war,   revolution,
          insurrection, action by armed forces, or usurped power.

     B.   Loss in time of peace or war resulting from nuclear  fission or fusion
          or  radioactivity,  or  biological or chemical  agents or hazards,  or
          fire, smoke, or explosion, or the effects of any of the foregoing.

     C.   Loss  resulting  from any Dishonest or Fraudulent Act committed by any
          person  while  acting  in the  capacity  of a member  of the  Board of
          Directors  or any  equivalent  body  of the  Insured  or of any  other
          entity.

     D.   Loss  resulting  from any  nonpayment  or other default of any loan or
          similar  transaction  made  by the  Insured  or  any of its  partners,
          directors,  officers  or  employees,  whether  or not  authorized  and
          whether  procured in good faith or through a Dishonest  or  Fraudulent
          Act, unless such loss is otherwise covered under Insuring Agreement A,
          E or F.

     E.   Loss resulting from any violation by the Insured or by any Employee of
          any law, or any rule or  regulation  pursuant  thereto or adopted by a
          Self  Regulatory  Organization,  regulating the issuance,  purchase or
          sale of securities, securities transactions upon security exchanges or
          over  the  counter  markets,   Investment  Companies,   or  investment
          advisers,  unless  such  loss,  in the  absence  of such law,  rule or
          regulation, would be covered under Insuring Agreement A, E or F.

     F.   Loss of Property while in the custody of any Security Company,  unless
          such loss is  covered  under  this Bond and is in excess of the amount
          recovered or received by the Insured under (1) the Insured's  contract
          with such Security Company, and (2) insurance or indemnity of any kind
          carried by such  Security  Company for the  benefit  of, or  otherwise
          available  to,  users of its  service,  in which  case this Bond shall
          cover only such excess,  subject to the applicable  Limit of Liability
          and Deductible Amount.

     G.   Potential income, including but not limited to interest and dividends,
          not realized by the Insured because of a loss covered under this Bond,
          except when covered under Insuring Agreement H.

     H.   Loss in the form of (1)  damages of any type for which the  Insured is
          legally  liable,  except direct  compensatory  damages,  or (2) taxes,
          fines, or penalties, including without limitation two-thirds of treble
          damage awards pursuant to judgments under any statute or regulation.

     I.   Loss  resulting  from the surrender of Property away from an office of
          the Insured as a result of a threat

          (1)  to do bodily  harm to any  person,  except  loss of  Property  in
               transit in the  custody of any person  acting as  messenger  as a
               result  of a threat  to do  bodily  harm to such  person,  if the
               Insured had no  knowledge of such threat at the time such transit
               was initiated, or

          (2)  to do damage to the premises or Property of the  Insured,  unless
               such loss is otherwise covered under Insuring Agreement A.

     J.   All  costs,  fees  and  other  expenses  incurred  by the  Insured  in
          establishing  the  existence of or amount of loss  covered  under this
          Bond,  except to the extent  certain audit  expenses are covered under
          Insuring Agreement B.

     K.   Loss resulting from payments made to or withdrawals  from any account,
          involving funds erroneously credited to such account, unless such loss
          is otherwise covered under Insuring Agreement A.

     L.   Loss  resulting  from  uncollectible  Items of Deposit which are drawn
          upon a financial institution outside the United States of America, its
          territories and possessions, or Canada.

     M.   Loss resulting from the Dishonest or Fraudulent Acts,  Theft, or other
          acts or  omissions  of an  Employee  primarily  engaged in the sale of
          shares  issued by an  Investment  Company to persons  other than (1) a
          person  registered  as a broker under the  Securities  Exchange Act of
          1934 or (2) an  "accredited  investor"  as defined  in Rule  501(a) of
          Regulation  D  under  the  Securities  Act of  1933,  which  is not an
          individual.

     N.   Loss  resulting  from  the  use  of  credit,  debit,  charge,  access,
          convenience,  identification,  cash management or other cards, whether
          such cards were  issued or purport to have been  issued by the Insured
          or by  anyone  else,  unless  such  loss is  otherwise  covered  under
          Insuring Agreement A.

     O.   Loss resulting from any purchase, redemption or exchange of securities
          issued  by an  Investment  Company  or  other  Insured,  or any  other
          instruction, request, acknowledgement, notice or transaction involving
          securities  issued by an  Investment  Company or other  Insured or the
          dividends in respect thereof,  when any of the foregoing is requested,
          authorized  or directed or purported to be  requested,  authorized  or
          directed by voice over the  telephone or by  Electronic  Transmission,
          unless such loss is otherwise  covered under  Insuring  Agreement A or
          Insuring Agreement I.

     P.   Loss resulting from any Dishonest or Fraudulent Act or Theft committed
          by an  Employee  as defined in Section  1.I(2),  unless  such loss (1)
          could not have been reasonably  discovered by the due diligence of the
          Insured at or prior to the time of  acquisition  by the Insured of the
          assets acquired from a predecessor,  and (2) arose out of a lawsuit or
          valid claim brought against the Insured by a person  unaffiliated with
          the Insured or with any person affiliated with the Insured.

     Q.   Loss  resulting  from  the  unauthorized  entry of data  into,  or the
          deletion or  destruction of data in, or the change of data elements or
          programs within,  any Computer  System,  unless such loss is otherwise
          covered under Insuring Agreement A.

SECTION 3.  ASSIGNMENT OF RIGHTS

     Upon payment to the Insured  hereunder for any loss, the Underwriter  shall
     be subrogated to the extent of such payment to all of the Insured's  rights
     and  claims in  connection  with such  loss;  provided,  however,  that the
     Underwriter  shall not be subrogated to any such rights or claims one named
     Insured  under this Bond may have against  another named Insured under this
     Bond.  At the request of the  Underwriter,  the Insured  shall  execute all
     assignments or other  documents and take such action as the Underwriter may
     deem  necessary  or desirable to secure and perfect such rights and claims,
     including the execution of documents necessary to enable the Underwriter to
     bring suit in the name of the Insured.

     Assignment  of any  rights or  claims  under  this Bond  shall not bind the
     Underwriter without the Underwriter's written consent.

SECTION 4. LOSS--NOTICE--PROOF--LEGAL PROCEEDINGS

     This  Bond  is for  the  use  and  benefit  only  of the  Insured  and  the
     Underwriter  shall not be liable  hereunder  for loss  sustained  by anyone
     other than the Insured, except that if the Insured includes such other loss
     in the  Insured's  proof  of  loss,  the  Underwriter  shall  consider  its
     liability  therefor.  As soon as  practicable  and not more than sixty (60)
     days after discovery of any loss covered hereunder,  the Insured shall give
     the  Underwriter  written notice  thereof and, as soon as  practicable  and
     within one year after such discovery, shall also furnish to the Underwriter
     affirmative proof of loss with full particulars. The Underwriter may extend
     the sixty day  notice  period or the one year  proof of loss  period if the
     Insured requests an extension and shows good cause therefor.

     See also General Agreement C (Court Costs and Attorneys' Fees).

     The Underwriter shall not be liable hereunder for loss of Securities unless
     each of the Securities is identified in such proof of loss by a certificate
     or bond  number  or by such  identification  means as the  Underwriter  may
     require.  The Underwriter shall have a reasonable period after receipt of a
     proper affirmative proof of loss within which to investigate the claim, but
     where the loss is of  Securities  and is clear and  undisputed,  settlement
     shall be made  within  forty-eight  (48)  hours  even if the loss  involves
     Securities of which duplicates may be obtained.

     The Insured shall not bring legal  proceedings  against the  Underwriter to
     recover any loss hereunder prior to sixty (60) days after filing such proof
     of loss or  subsequent  to  twenty-four  (24) months after the discovery of
     such loss or, in the case of a legal  proceeding  to recover  hereunder  on
     account of any judgment  against the Insured in or  settlement  of any suit
     mentioned in General  Agreement C or to recover  court costs or  attorneys'
     fees paid in any such suit,  twenty-four  (24) months after the date of the
     final  judgment in or settlement  of such suit.  If any  limitation in this
     Bond is prohibited by any applicable law, such  limitation  shall be deemed
     to be amended to be equal to the minimum period of limitation  permitted by
     such law.

     Notice hereunder shall be given to Manager,  Professional Liability Claims,
     ICI Mutual Insurance Company, P.O. Box 730, Burlington, Vermont 05402-0730.

SECTION 5. DISCOVERY

     For all purposes under this Bond, a loss is discovered,  and discovery of a
     loss occurs, when the Insured

     (1)  becomes aware of facts, or

     (2)  receives notice of an actual or potential claim by a third party which
          alleges that the Insured is liable under circumstances,

     which would cause a  reasonable  person to assume that loss covered by this
     Bond has been or is likely to be incurred  even though the exact  amount or
     details of loss may not be known.

SECTION 6.  VALUATION OF PROPERTY

     For the purpose of determining the amount of any loss hereunder,  the value
     of any Property  shall be the market value of such Property at the close of
     business  on the first  business  day  before the  discovery  of such loss;
     except that

     (1)  the value of any Property replaced by the Insured prior to the payment
          of a claim  therefor shall be the actual market value of such Property
          at the time of  replacement,  but not in excess of the market value of
          such  Property on the first  business day before the  discovery of the
          loss of such Property;

     (2)  the  value  of   Securities   which  must  be   produced  to  exercise
          subscription,  conversion,  redemption or deposit  privileges shall be
          the  market  value  of  such  privileges   immediately  preceding  the
          expiration  thereof if the loss of such  Securities is not  discovered
          until  after  such  expiration,  but if  there is no  quoted  or other
          ascertainable market price for such Property or privileges referred to
          in  clauses  (1) and (2),  their  value  shall  be fixed by  agreement
          between  the  parties  or  by  arbitration  before  an  arbitrator  or
          arbitrators acceptable to the parties; and

     (3)  the value of books of accounts or other records used by the Insured in
          the  conduct of its  business  shall be limited to the actual  cost of
          blank  books,  blank pages or other  materials if the books or records
          are reproduced plus the cost of labor for the transcription or copying
          of data furnished by the Insured for reproduction.

SECTION 7. LOST SECURITIES

     The maximum  liability of the  Underwriter  hereunder  for lost  Securities
     shall be the payment  for, or  replacement  of, such  Securities  having an
     aggregate  value not to exceed the  applicable  Limit of Liability.  If the
     Underwriter  shall make payment to the Insured for any loss of  securities,
     the Insured shall assign to the  Underwriter  all of the  Insured's  right,
     title and interest in and to such Securities.  In lieu of such payment, the
     Underwriter may, at its option,  replace such lost Securities,  and in such
     case the Insured shall cooperate to effect such replacement.  To effect the
     replacement of lost  Securities,  the  Underwriter may issue or arrange for
     the issuance of a lost  instrument  bond.  If the value of such  Securities
     does  not  exceed  the  applicable  Deductible  Amount  (at the time of the
     discovery of the loss),  the Insured will pay the usual premium charged for
     the lost instrument bond and will indemnify the issuer of such bond against
     all loss and expense  that it may sustain  because of the  issuance of such
     bond.

     If the value of such Securities  exceeds the applicable  Deductible  Amount
     (at the time of discovery  of the loss),  the Insured will pay a proportion
     of the usual premium  charged for the lost  instrument  bond,  equal to the
     percentage that the applicable Deductible Amount bears to the value of such
     Securities  upon  discovery of the loss,  and will  indemnify the issuer of
     such bond  against  all loss and  expense  that is not  recovered  from the
     Underwriter  under the terms and  conditions  of this Bond,  subject to the
     applicable Limit of Liability.

SECTION 8. SALVAGE

     If any  recovery  is made,  whether by the Insured or the  Underwriter,  on
     account of any loss within the applicable Limit of Liability hereunder, the
     Underwriter  shall be  entitled  to the full  amount  of such  recovery  to
     reimburse the  Underwriter  for all amounts paid  hereunder with respect to
     such  loss.  If  any  recovery  is  made,  whether  by the  Insured  or the
     Underwriter,  on account of any loss in excess of the  applicable  Limit of
     Liability hereunder plus the Deductible Amount applicable to such loss from
     any source  other than  suretyship,  insurance,  reinsurance,  security  or
     indemnity  taken by or for the  benefit of the  Underwriter,  the amount of
     such recovery,  net of the actual costs and expenses of recovery,  shall be
     applied to  reimburse  the  Insured in full for the portion of such loss in
     excess of such Limit of Liability, and the remainder, if any, shall be paid
     first to reimburse  the  Underwriter  for all amounts paid  hereunder  with
     respect to such loss and then to the  Insured to the extent of the  portion
     of such loss within the  Deductible  Amount.  The Insured shall execute all
     documents which the  Underwriter  deems necessary or desirable to secure to
     the Underwriter the rights provided for herein.

SECTION 9. NON-REDUCTION AND NON-ACCUMULATION OF LIABILITY AND TOTAL LIABILITY

     Prior to its termination, this Bond shall continue in force up to the Limit
     of  Liability   for  each   Insuring   Agreement   for  each  Single  Loss,
     notwithstanding  any previous  loss (other than such Single Loss) for which
     the  Underwriter  may have paid or be liable  to pay  hereunder;  PROVIDED,
     however, that regardless of the number of years this Bond shall continue in
     force and the  number of  premiums  which  shall be  payable  or paid,  the
     liability  of the  Underwriter  under this Bond with  respect to any Single
     Loss shall be limited to the applicable Limit of Liability  irrespective of
     the total amount of such Single Loss and shall not be cumulative in amounts
     from year to year or from period to period.

SECTION 10. MAXIMUM LIABILITY OF UNDERWRITER; OTHER BONDS OR POLICIES

     The maximum liability of the Underwriter for any Single Loss covered by any
     Insuring  Agreement  under  this  Bond  shall  be the  Limit  of  Liability
     applicable to such Insuring Agreement, subject to the applicable Deductible
     Amount and the other provisions of this Bond.  Recovery for any Single Loss
     may not be made under more than one Insuring Agreement.  If any Single Loss
     covered  under this Bond is  recoverable  or  recovered in whole or in part
     because of an unexpired  discovery period under any other bonds or policies
     issued by the  Underwriter to the Insured or to any predecessor in interest
     of the  Insured,  the maximum  liability  of the  Underwriter  shall be the
     greater of either (1) the applicable Limit of Liability under this Bond, or
     (2) the  maximum  liability  of the  Underwriter  under such other bonds or
     policies.

SECTION 11. OTHER INSURANCE

     Notwithstanding  anything to the  contrary  herein,  if any loss covered by
     this Bond shall also be covered by other  insurance or  suretyship  for the
     benefit of the Insured,  the Underwriter shall be liable hereunder only for
     the  portion  of such loss in excess of the amount  recoverable  under such
     other  insurance or suretyship,  but not exceeding the applicable  Limit of
     Liability of this Bond.

SECTION 12.  DEDUCTIBLE AMOUNT

     The Underwriter shall not be liable under any Insuring Agreement unless the
     amount of the loss covered  thereunder,  after  deducting the net amount of
     all  reimbursement  and/or recovery received by the Insured with respect to
     such loss (other than from any other bond,  suretyship or insurance  policy
     or as an advance by the Underwriter  hereunder) shall exceed the applicable
     Deductible  Amount;  in such case the Underwriter  shall be liable only for
     such excess,  subject to the  applicable  Limit of Liability  and the other
     terms of this Bond.

     No  Deductible  Amount  shall  apply to any  loss  covered  under  Insuring
     Agreement A sustained by any Investment Company named as an Insured.

SECTION 13.  TERMINATION

     The  Underwriter  may terminate this Bond as to any Insured or all Insureds
     only by written  notice to such  Insured or  Insureds  and, if this Bond is
     terminated as to any Investment  Company,  to each such Investment  Company
     terminated   thereby  and  to  the  Securities  and  Exchange   Commission,
     Washington,  D.C.,  in all cases not less than sixty (60) days prior to the
     effective date of termination specified in such notice.

     The  Insured  may  terminate  this  Bond  only  by  written  notice  to the
     Underwriter  not less than sixty (60) days prior to the  effective  date of
     the termination  specified in such notice.  Notwithstanding  the foregoing,
     when the Insured  terminates  this Bond as to any Investment  Company,  the
     effective date of  termination  shall be not less than sixty (60) days from
     the date the Underwriter provides written notice of the termination to each
     such  Investment  Company  terminated  thereby  and to the  Securities  and
     Exchange Commission, Washington, D.C.

     This Bond will  terminate as to any Insured that is a Non-Fund  immediately
     and without notice upon (1) the takeover of such Insured's  business by any
     State or Federal official or agency,  or by any receiver or liquidator,  or
     (2) the filing of a petition under any State or Federal statute relative to
     bankruptcy or reorganization of the Insured,  or assignment for the benefit
     of creditors of the Insured.

     Premiums  are  earned  until  the  effective  date  of   termination.   The
     Underwriter  shall refund the unearned  premium  computed at short rates in
     accordance with the Underwriter's  standard short rate cancellation  tables
     if this  Bond is  terminated  by the  Insured  or pro rata if this  Bond is
     terminated by the Underwriter.

     Upon the  detection  by any Insured  that an  Employee  has  committed  any
     Dishonest or  Fraudulent  Act(s) or Theft,  the Insured  shall  immediately
     remove such Employee from a position that may enable such Employee to cause
     the  Insured to suffer a loss by any  subsequent  Dishonest  or  Fraudulent
     Act(s)  or  Theft.  The  Insured,  within  two  (2)  business  days of such
     detection,  shall notify the Underwriter with full and complete particulars
     of the detected Dishonest or Fraudulent Act(s) or Theft.

     For purposes of this section,  detection occurs when any partner,  officer,
     or supervisory  employee of any Insured,  who is not in collusion with such
     Employee,  becomes  aware that the Employee has  committed any Dishonest or
     Fraudulent Act(s) or Theft.

     This Bond shall  terminate  as to any  Employee by written  notice from the
     Underwriter  to each  Insured  and,  if such  Employee is an Employee of an
     Insured Investment Company, to the Securities and Exchange  Commission,  in
     all cases not less than  sixty  (60) days  prior to the  effective  date of
     termination specified in such notice.

SECTION 14. RIGHTS AFTER TERMINATION

     At any time prior to the effective  date of  termination of this Bond as to
     any Insured, such Insured may, by written notice to the Underwriter,  elect
     to  purchase  the right under this Bond to an  additional  period of twelve
     (12) months within which to discover  loss  sustained by such Insured prior
     to the  effective  date of such  termination  and shall  pay an  additional
     premium therefor as the Underwriter may require.

     Such additional  discovery  period shall terminate  immediately and without
     notice upon the takeover of such Insured's business by any State or Federal
     official or agency,  or by any receiver or liquidator.  Promptly after such
     termination  the  Underwriter  shall  refund to the  Insured  any  unearned
     premium.

     The right to purchase such additional discovery period may not be exercised
     by  any  State  or  Federal  official  or  agency,  or by any  receiver  or
     liquidator, acting or appointed to take over the Insured's business.

SECTION 15. CENTRAL HANDLING OF SECURITIES

     The Underwriter shall not be liable for loss in connection with the central
     handling of securities within the systems established and maintained by any
     Depository  ("Systems"),  unless the amount of such loss exceeds the amount
     recoverable  or recovered  under any bond or policy or  participants'  fund
     insuring the Depository against such loss (the "Depository's Recovery"); in
     such case the Underwriter  shall be liable hereunder only for the Insured's
     share of such excess loss,  subject to the  applicable  Limit of Liability,
     the Deductible Amount and the other terms of this Bond.

     For  determining  the Insured's  share of such excess loss, (1) the Insured
     shall be deemed to have an interest  in any  certificate  representing  any
     security included within the Systems equivalent to the interest the Insured
     then has in all certificates representing the same security included within
     the  Systems;   (2)  the  Depository   shall  have  reasonably  and  fairly
     apportioned the Depository's Recovery among all those having an interest as
     recorded by appropriate  entries in the books and records of the Depository
     in Property  involved in such loss, so that each such interest  shall share
     in the  Depository's  Recovery  in the  ratio  that the  value of each such
     interest  bears  to the  total  value of all  such  interests;  and (3) the
     Insured's  share of such excess  loss shall be the amount of the  Insured's
     interest in such Property in excess of the amount(s) so  apportioned to the
     Insured by the Depository.

     This Bond does not afford  coverage in favor of any  Depository or Exchange
     or any nominee in whose name is registered any security included within the
     Systems.

SECTION 16. ADDITIONAL COMPANIES INCLUDED AS INSURED

     If more than one entity is named as the Insured:

     A.   the total liability of the Underwriter  hereunder for each Single Loss
          shall not exceed the Limit of Liability  which would be  applicable if
          there were only one named Insured, regardless of the number of Insured
          entities which sustain loss as a result of such Single Loss,

     B.   the Insured first named in Item 1 of the Declarations  shall be deemed
          authorized  to make,  adjust,  and  settle,  and  receive  and enforce
          payment of, all claims  hereunder  as the agent of each other  Insured
          for such  purposes  and for the  giving  or  receiving  of any  notice
          required  or  permitted  to be  given  hereunder;  provided,  that the
          Underwriter  shall  promptly  furnish  each named  Insured  Investment
          Company with (1) a copy of this Bond and any amendments thereto, (2) a
          copy of each formal filing of a claim  hereunder by any other Insured,
          and (3) notification of the terms of the settlement of each such claim
          prior to the execution of such settlement,

     C.   the Underwriter shall not be responsible or have any liability for the
          proper  application  by  the  Insured  first  named  in  Item 1 of the
          Declarations of any payment made hereunder to the first named Insured,

     D.   for  the  purposes  of  Sections  4 and  13,  knowledge  possessed  or
          discovery made by any partner,  officer or supervisory Employee of any
          Insured  shall  constitute  knowledge  or  discovery  by  every  named
          Insured,

     E.   if the first named  Insured  ceases for any reason to be covered under
          this Bond, then the Insured next named shall  thereafter be considered
          as the first named Insured for the purposes of this Bond, and

     F.   each named Insured shall  constitute "the Insured" for all purposes of
          this Bond.

SECTION 17.  NOTICE AND CHANGE OF CONTROL

     Within  thirty  (30) days  after  learning  that there has been a change in
     control of an Insured by transfer of its outstanding  voting securities the
     Insured shall give written notice to the Underwriter of:

     A.   the  names of the  transferors  and  transferees  (or the names of the
          beneficial  owners if the voting  securities are registered in another
          name), and

     B.   the total number of voting securities owned by the transferors and the
          transferees (or the beneficial  owners),  both immediately  before and
          after the transfer, and

     C.   the total number of outstanding voting securities.

     As  used  in  this  Section,  "control"  means  the  power  to  exercise  a
     controlling influence over the management or policies of the Insured.

SECTION 18.  CHANGE OR MODIFICATION

     This Bond may only be modified by written  Rider forming a part hereof over
     the signature of the  Underwriter's  authorized  representative.  Any Rider
     which modifies the coverage provided by Insuring Agreement A, Fidelity,  in
     a manner  which  adversely  affects  the  rights of an  Insured  Investment
     Company shall not become effective until at least sixty (60) days after the
     Underwriter has given written notice thereof to the Securities and Exchange
     Commission,  Washington,  D.C.,  and to  each  Insured  Investment  Company
     affected thereby.

IN WITNESS  WHEREOF,  the Underwriter has caused this Bond to be executed on the
Declarations Page.






                          ICI MUTUAL INSURANCE COMPANY

                         INVESTMENT COMPANY BLANKET BOND

                                   RIDER NO. 1

--------------------------------------------------------------------------------
INSURED                                                              BOND NUMBER

AMERICAN CENTURY COMPANIES, INC.                                     94340107B
--------------------------------------------------------------------------------
EFFECTIVE DATE                BOND PERIOD              AUTHORIZED REPRESENTATIVE

MAY 31, 2007          MAY 31, 2007 TO MAY 31, 2008     /s/ CATHERINE DALTON
================================================================================

In consideration  of the premium charged for this Bond, it is hereby  understood
and agreed that Item 1 of the Declarations,  Name of Insured,  shall include the
following:

     American Century Advisory Services, Inc.
     American Century Global Investment Management, Inc.
     American Century Investment Management International, Ltd.
     American Century Investment Management, Inc.
     American Century Investment Services, Inc
     American Century Quantitative Asset Management, Inc.
     American Century Services, LLC
     American  Century  Asset  Allocation   Portfolios,   Inc.,  a  series  fund
     consisting of:
          o    LIVESTRONG TM 2015 Portfolio
          o    LIVESTRONG TM 2025 Portfolio
          o    LIVESTRONG TM 2035 Portfolio
          o    LIVESTRONG TM 2045 Portfolio
          o    LIVESTRONG TM Income Portfolio
          o    One Choice Portfolio: Aggressive
          o    One Choice Portfolio: Conservative
          o    One Choice Portfolio: Moderate
          o    One Choice Portfolio: Very Aggressive
          o    One Choice Portfolio: Very Conservative
     American  Century  California  Tax-Free and Municipal  Funds, a series fund
     consisting of:
          o    California High - Yield Municipal Fund
          o    California Tax-Free Bond Fund
          o    California Limited-Term Tax-Free Fund
          o    California Long-Term Tax-Free Fund
          o    California Tax-Free Money Market Fund
     American Century Capital Portfolios, Inc., a series fund consisting of:
          o    Equity Income Fund
          o    Equity Index Fund
          o    Large Company Value Fund
          o    Mid Cap Value Fund
          o    NT Large Company Value Fund
          o    NT Mid Cap Value Fund
          o    Real Estate Fund
          o    Small Cap Value Fund
          o    Value Fund
     American Century Government Income Trust, a series fund consisting of:
          o    Capital Preservation Fund
          o    Ginnie Mae Fund
          o    Government Agency Money Market Fund
          o    Government Bond Fund
          o    Inflation-Adjusted Bond Fund
          o    Short-Term Government Fund
     American Century Growth Funds, Inc., a series fund consisting of:
          o    Legacy Multi Cap Fund
          o    Legacy Focused Large Cap Fund
          o    Legacy Large Cap Fund
     American Century International Bond Funds, a series fund consisting of:
          o    International Bond Fund
     American Century Investment Trust, a series fund consisting of:
          o    Core Plus Fund
          o    Diversified Bond Fund
          o    High-Yield Bond Fund
          o    High-Yield Fund
          o    Inflation Protection Bond Fund
          o    NT Diversified Bond Fund
          o    Premium Money Market Fund
          o    Prime Money Market Fund
          o    Select Bond Fund
          o    Short Duration Fund
     American Century Municipal Trust, a series fund consisting of:
          o    Arizona Municipal Bond Fund
          o    Florida Municipal Bond Fund
          o    High-Yield Municipal Fund
          o    Long-Term Tax-Free Fund
          o    Tax - Free Money Market Fund
          o    Tax-Free Bond Fund
     American Century Mutual Funds, Inc., a series fund consisting of:
          o    Balanced Fund
          o    Capital Growth Fund
          o    Capital Value Fund
          o    Focused Growth Fund
          o    Fundamental Equity Fund
          o    Giftrust (R) Fund
          o    Growth Fund
          o    Heritage Fund
          o    Mid Cap Growth Fund
          o    New Opportunities Fund
          o    New Opportunities II Fund
          o    NT Vista Fund
          o    NT Growth Fund
          o    Select Fund
          o    Small Cap Growth Fund
          o    Ultra (R) Fund
          o    Veedot (R) Fund
          o    Vista (sm) Fund
     American Century Quantitative Equity Funds, a series fund consisting of:
          o    Disciplined Growth Fund
          o    Equity Growth Fund
          o    Global Gold Fund
          o    Income & Growth Fund
          o    International Core Equity Fund
          o    Long-Short Equity Fund
          o    NT Small Company Fund
          o    NT Equity Growth Fund
          o    Small Company Fund
          o    Utilities Fund
     American  Century  Strategic  Asset   Allocations,   Inc.,  a  series  fund
     consisting of:
          o    Newton (sm) Fund
          o    Strategic Allocation - Aggressive Fund
          o    Strategic Allocation - Conservative Fund
          o    Strategic Allocation - Moderate Fund
     American Century Target Maturities Trust, a series fund consisting of:
          o    Target 2005 Fund
          o    Target 2010 Fund
          o    Target 2015 Fund
          o    Target 2020 Fund
          o    Target 2025 Fund
          o    Target 2030 Fund
     American Century Variable Portfolios, Inc., a series fund consisting of:
          o    VP Balanced Fund
          o    VP Capital Appreciation Fund
          o    VP Equity Index Fund
          o    VP Global Growth Fund
          o    VP Growth Fund
          o    VP Income & Growth Fund
          o    VP International Fund
          o    VP Large Company Value Fund
          o    VP Mid Cap Value Fund
          o    VP Ultra Fund
          o    VP Value Fund
          o    VP Vista Fund
     American Century Variable Portfolios II, Inc.
          o    VP Inflation Protection Fund
     American Century World Mutual Funds, Inc., a series fund consisting of:
          o    Emerging Markets Fund
          o    Global Growth Fund
          o    International Discovery Fund
          o    International Growth Fund
          o    International Opportunities Fund
          o    International Stock Fund
          o    International Value Fund
          o    Life Sciences Fund
          o    NT Emerging Markets Fund
          o    NT International Growth Fund
          o    Technology Fund
     Avanti Fund, LLC


Except as above stated,  nothing herein shall be held to alter,  waive or extend
any of the terms of this Bond.






                          ICI MUTUAL INSURANCE COMPANY

                         INVESTMENT COMPANY BLANKET BOND

                                   RIDER NO. 2

--------------------------------------------------------------------------------
INSURED                                                              BOND NUMBER

AMERICAN CENTURY COMPANIES, INC.                                     94340107B
--------------------------------------------------------------------------------
EFFECTIVE DATE                BOND PERIOD              AUTHORIZED REPRESENTATIVE

MAY 31, 2007          MAY 31, 2007 TO MAY 31, 2008     /s/ CATHERINE DALTON
================================================================================

In consideration  of the premium charged for this Bond, it is hereby  understood
and agreed  that this Bond  (other than  Insuring  Agreements  C and D) does not
cover loss resulting  from or in connection  with any business,  activities,  or
acts or omissions of (including  services  rendered by) any Insured which is NOT
an Insured  Fund  ("Non-Fund")  or any  Employee  of a  Non-Fund,  EXCEPT  loss,
otherwise  covered by the terms of this Bond,  resulting  from or in  connection
with

     (1)  services rendered by a Non-Fund to an Insured Fund, or to shareholders
          of such Fund in connection with the issuance,  transfer, or redemption
          of their Fund shares; or

     (2)  Investment  Advisory Services rendered by American Century  Investment
          Management,  Inc. or American  Century Global  Investment  Management,
          Inc. to their investment advisory clients; or

     (3)  Information  Technology Services by American Century Services,  LLC to
          J.P. Morgan Retirement Plan Services, LLC; or

     (4)  in the  case of a  Non-Fund  substantially  all of whose  business  is
          rendering  the  services  described  in (1) or (2) above,  the general
          business, activities or operations of such Non-Fund, EXCLUDING (a) the
          rendering of services (other than those described in (1) or (2) above)
          to any person, or (b) the sale of goods or property of any kind.

It is further understood and agreed that with respect to any Non-Fund,  Insuring
Agreements C and D only cover loss of Property  which a Non-Fund  uses or holds,
or in which a Non-Fund  has an  interest,  in each case wholly or  partially  in
connection with the rendering of services described in (1) or (2) above.

As used herein,  "Investment Advisory Services" means (a) advice with respect to
the  desirability  of investing in,  purchasing  or selling  securities or other
property,  including the power to determine  what  securities or other  property
shall be purchased or sold, but NOT including  furnishing  ONLY  statistical and
other factual  information  (such as economic  factors and trends);  and (b) the
provision of financial,  economic or investment management services, but only if
ancillary and related to the advice referred to in clause (a) above.

For  purposes  of this Rider,  Investment  Advisory  Services  shall not include
Personal Financial Planning Services.It is further understood and agreed that as
used herein,  "Personal  Financial  Planning  Services"  means the  provision of
financial  plans to individuals for  compensation  and the provision of services
related thereto, and may include specific recommendations for the implementation
of such plans and advice  with  respect to tax  planning,  retirement  planning,
estate planning,  insurance planning,  budgeting and cash management, or similar
types  of  financial  advice,  but  not  including  solely  Investment  Advisory
Services.

Except as above stated,  nothing herein shall be held to alter,  waive or extend
any of the terms of this Bond.






                          ICI MUTUAL INSURANCE COMPANY

                         INVESTMENT COMPANY BLANKET BOND

                                   RIDER NO. 3

--------------------------------------------------------------------------------
INSURED                                                              BOND NUMBER

AMERICAN CENTURY COMPANIES, INC.                                     94340107B
--------------------------------------------------------------------------------
EFFECTIVE DATE                 BOND PERIOD             AUTHORIZED REPRESENTATIVE

MAY 31, 2007            MAY 31, 2007 TO MAY 31, 2008   /s/ CATHERINE DALTON
================================================================================

In consideration  of the premium charged for this Bond, it is hereby  understood
and agreed that notwithstanding anything to the contrary in this Bond, this Bond
shall not cover loss  resulting  from or in  connection  with the  discretionary
voting by any Insured of securities owned or held by any client of such Insured,
where  such  securities  are  issued  by (1)  such  Insured,  or (2) any  entity
controlling,   controlled  by,  or  under  common  control  with  such  Insured,
("Affiliated  Entity"),  or (3) any Fund to which such Insured or any Affiliated
Entity provides any services.

Except as above stated,  nothing herein shall be held to alter,  waive or extend
any of the terms of this Bond.






                          ICI MUTUAL INSURANCE COMPANY

                         INVESTMENT COMPANY BLANKET BOND

                                   RIDER NO. 4

--------------------------------------------------------------------------------
INSURED                                                              BOND NUMBER

AMERICAN CENTURY COMPANIES, INC.                                     94340107B
--------------------------------------------------------------------------------
EFFECTIVE DATE                BOND PERIOD              AUTHORIZED REPRESENTATIVE

MAY 31, 2007         MAY 31, 2007 TO MAY 31, 2008      /s/ CATHERINE DALTON
================================================================================

In consideration  of the premium charged for this Bond, it is hereby  understood
and agreed that  notwithstanding  Section 2.Q of this Bond, this Bond is amended
by adding an additional Insuring Agreement J as follows:

     J.  COMPUTER SECURITY

Loss  (including  loss of Property)  resulting  directly  from  Computer  Fraud;
PROVIDED,  that the Insured has adopted in writing and  generally  maintains and
follows during the Bond Period all Computer  Security  Procedures.  The isolated
failure of the Insured to maintain  and follow a  particular  Computer  Security
Procedure  in a  particular  instance  will not  preclude  coverage  under  this
Insuring Agreement, subject to the specific exclusions herein and in the Bond.

     1.   DEFINITIONS. The following terms used in this Insuring Agreement shall
          have the following meanings:

          a.   "Authorized  User" means any person or entity  designated  by the
               Insured (through contract, assignment of User Identification,  or
               otherwise) as authorized to use a Covered Computer System, or any
               part thereof.  An individual who invests in an Insured Fund shall
               not be considered  to be an  Authorized  User solely by virtue of
               being an investor.

          b.   "Computer  Fraud" means the  unauthorized  entry of data into, or
               the  deletion  or  destruction  of data  in,  or  change  of data
               elements or programs within, a Covered Computer System which:

               (1)  is committed by any Unauthorized Third Party anywhere, alone
                    or in collusion with other Unauthorized Third Parties; AND

               (2)  is committed with the conscious manifest intent (a) to cause
                    the Insured to sustain a loss,  AND (b) to obtain  financial
                    benefit for the perpetrator or any other person; AND

               (3)  causes (x) Property to be transferred, paid or delivered; OR
                    (y) an account of the  Insured,  or of its  customer,  to be
                    added, deleted,  debited or credited; OR (z) an unauthorized
                    or fictitious account to be debited or credited.

          c.   "Computer Security Procedures" means procedures for prevention of
               unauthorized  computer  access  and  use  and  administration  of
               computer   access  and  use  as   provided   in  writing  to  the
               Underwriter.

          d.   "Covered  Computer  System" means any Computer System as to which
               the Insured has possession, custody and control.

          e.   "Unauthorized  Third Party"  means any person or entity that,  at
               the time of the Computer Fraud, is not an Authorized User.

          f.   "User  Identification" means any unique user name (I.E., a series
               of  characters)  that is  assigned  to a person  or entity by the
               Insured.

     2.   EXCLUSIONS.  It is further  understood  and agreed that this  Insuring
          Agreement J shall not cover:

          a.   Any loss covered under Insuring  Agreement A, "Fidelity," of this
               Bond; AND

          b.   Any  loss  resulting   directly  or  indirectly   from  Theft  or
               misappropriation  of  confidential  or  proprietary  information,
               material or data  (including  but not  limited to trade  secrets,
               computer programs or customer information); AND

          c.   Any loss resulting from the intentional  failure to adhere to one
               or more Computer Security Procedures; AND

          d.   Any loss  resulting  from a  Computer  Fraud  committed  by or in
               collusion with:

               (1)  any Authorized User (whether a natural person or an entity);
                    OR

               (2)  in the case of any Authorized  User which is an entity,  (a)
                    any director,  officer,  partner,  employee or agent of such
                    Authorized  User,  or (b)  any  entity  which  controls,  is
                    controlled   by,  or  is  under  common  control  with  such
                    Authorized  User  ("Related  Entity"),  or (c) any director,
                    officer,  partner, employee or agent of such Related Entity;
                    OR

               (3)  in the case of any Authorized  User who is a natural person,
                    (a) any entity for which such Authorized User is a director,
                    officer,  partner, employee or agent ("Employer Entity"), or
                    (b) any  director,  officer,  partner,  employee or agent of
                    such Employer Entity,  or (c) any entity which controls,  is
                    controlled by, or is under common control with such Employer
                    Entity  ("Employer-Related  Entity"),  or (d) any  director,
                    officer, partner, employee or agent of such Employer-Related
                    Entity;

              AND

          e.   Any loss resulting from physical  damage to or destruction of any
               Covered Computer System,  or any part thereof,  or any data, data
               elements or media associated therewith; AND

          f.   Any loss  resulting  from  Computer  Fraud  committed by means of
               wireless  access  to any  Covered  Computer  System,  or any part
               thereof,   or  any  data,  data  elements  or  media   associated
               therewith; AND

          g.   Any loss not directly and  proximately  caused by Computer  Fraud
               (including, without limitation,  disruption of business and extra
               expense); AND

          h.   Payments made to any person(s) who has  threatened to deny or has
               denied   authorized  access  to  a  Covered  Computer  System  or
               otherwise has threatened to disrupt the business of the Insured.

For purposes of this Insuring  Agreement,  "Single  Loss," as defined in Section
1.X of this Bond,  shall  also  include  all loss  caused by  Computer  Fraud(s)
committed by one person,  or in which one person is  implicated,  whether or not
that  person  is  specifically   identified.   A  series  of  losses   involving
unidentified individuals,  but arising from the same method of operation, may be
deemed by the Underwriter to involve the same individual and in that event shall
be treated as a Single Loss.

It is further  understood and agreed that nothing in this Rider shall affect the
exclusion set forth in Section 2.0 of this Bond.

Coverage under this Insuring  Agreement shall terminate upon termination of this
Bond.  Coverage  under this Insuring  Agreement  may also be terminated  without
terminating this Bond as an entirety:

          (a)  by written notice from the  Underwriter  not less than sixty (60)
               days prior to the effective date of termination specified in such
               notice; or

          (b)  immediately   by  written   notice   from  the   Insured  to  the
               Underwriter.

Except as above stated,  nothing herein shall be held to alter,  waive or extend
any of the terms of this Bond.






                          ICI MUTUAL INSURANCE COMPANY

                         INVESTMENT COMPANY BLANKET BOND

                                   RIDER NO. 5


--------------------------------------------------------------------------------
INSURED                                                              BOND NUMBER

AMERICAN CENTURY COMPANIES, INC.                                      94340107B
--------------------------------------------------------------------------------
EFFECTIVE DATE                 BOND PERIOD             AUTHORIZED REPRESENTATIVE

MAY 31, 2007           MAY 31, 2007 TO MAY 31, 2008    /s/ CATHERINE DALTON
================================================================================

In consideration  of the premium charged for this Bond, it is hereby  understood
and agreed that the Underwriter will use its best efforts to notify the National
Association of Securities Dealers,  Inc. within 30 days in the event the Bond is
substantially modified, terminated or canceled.

Except as above stated,  nothing herein shall be held to alter,  waive or extend
any of the terms of this Bond.






                          ICI MUTUAL INSURANCE COMPANY

                         INVESTMENT COMPANY BLANKET BOND

                                   RIDER NO. 6

--------------------------------------------------------------------------------
INSURED                                                              BOND NUMBER

AMERICAN CENTURY COMPANIES, INC.                                     94340107B
--------------------------------------------------------------------------------
EFFECTIVE DATE                BOND PERIOD              AUTHORIZED REPRESENTATIVE

MAY 31, 2007          MAY 31, 2007 TO MAY 31, 2008     /s/ CATHERINE DALTON
================================================================================

In consideration  of the premium charged for this Bond, it is hereby  understood
and agreed  that the  exclusion  set forth at Section 2.M of this Bond shall not
apply with respect to loss  resulting  from the  Dishonest or  Fraudulent  Acts,
Theft,  or other acts or omissions of an Employee in  connection  with offers or
sales  of  securities  issued  by an  Insured  Fund if such  Employee  (a) is an
employee of that Fund or of its investment adviser,  principal  underwriter,  or
affiliated  transfer  agent,  and (b) is  communicating  with purchasers of such
securities  only in  person in an office of an  Insured  or by  telephone  or in
writing, and (c) does not receive commissions on such sales; PROVIDED, that such
Dishonest or Fraudulent Acts,  Theft, or other acts or omissions do not involve,
and such loss does not arise from,  a statement or  representation  which is NOT
(1)  contained in a currently  effective  prospectus  or Statement of Additional
Information regarding such securities,  which has been filed with the Securities
and  Exchange  Commission,  or (2)  made  as part of a  scripted  response  to a
question  regarding that Fund or such  securities,  if the script has been filed
with, and not objected to by, the National  Association  of Securities  Dealers,
Inc., and if the entire  scripted  response has been read to the caller,  and if
any response concerning the performance of such securities is not outdated.

Except as above stated,  nothing herein shall be held to alter,  waive or extend
any of the terms of this Bond.






                          ICI MUTUAL INSURANCE COMPANY

                         INVESTMENT COMPANY BLANKET BOND

                                   RIDER NO. 7

--------------------------------------------------------------------------------
INSURED                                                              BOND NUMBER

AMERICAN CENTURY COMPANIES, INC.                                     94340107B
--------------------------------------------------------------------------------
EFFECTIVE DATE                BOND PERIOD              AUTHORIZED REPRESENTATIVE

MAY 31, 2007          MAY 31, 2007 TO MAY 31, 2008     /s/ CATHERINE DALTON
================================================================================

In consideration  of the premium charged for this Bond, it is hereby  understood
and agreed that the  Deductible  Amount for  Insuring  Agreement  E,  Forgery or
Alteration,  and Insuring Agreement F, Securities,  shall not apply with respect
to loss through Forgery of a signature on the following documents:

(1)  letter  requesting  redemption  of $50,000 or less  payable by check to the
     shareholder of record and addressed to the address of record; or,

(2)  letter  requesting  redemption  of $50,000 or less by wire  transfer to the
     record shareholder's bank account of record; or

(3)  written  request  to a trustee or  custodian  for a  Designated  Retirement
     Account  ("DRA") which holds shares of an Insured Fund,  where such request
     (a) purports to be from or at the instruction of the Owner of such DRA, and
     (b) directs such trustee or custodian to transfer $50,000 or less from such
     DRA to a trustee or custodian for another DRA  established  for the benefit
     of such Owner;

PROVIDED, that the Limit of Liability for a Single Loss as described above shall
be $50,000  and that the  Insured  shall bear 20% of each such loss.  This Rider
shall not apply in the case of any such Single Loss which  exceeds  $50,000;  in
such case the Deductible  Amounts and Limits of Liability set forth in Item 3 of
the Declarations shall control.

For purposes of this Rider:

     (A)  "Designated  Retirement  Account" means any retirement plan or account
          described or qualified  under the  Internal  Revenue Code of 1986,  as
          amended, or a subaccount thereof.

     (B)  "Owner"  means  the  individual  for  whose  benefit  the  DRA,  or  a
          subaccount thereof, is established.

Except as above stated,  nothing herein shall be held to alter,  waive or extend
any of the terms of this Bond.






                          ICI MUTUAL INSURANCE COMPANY

                         INVESTMENT COMPANY BLANKET BOND

                                   RIDER NO. 8

--------------------------------------------------------------------------------
INSURED                                                              BOND NUMBER

AMERICAN CENTURY COMPANIES, INC.                                     94340107B
--------------------------------------------------------------------------------
EFFECTIVE DATE                BOND PERIOD              AUTHORIZED REPRESENTATIVE

MAY 31, 2007           MAY 31, 2007 TO MAY 31, 2008    /s/ CATHERINE DALTON
================================================================================

In consideration  of the premium charged for this Bond, it is hereby  understood
and  agreed  that  this  Bond  does  not  cover  any loss  resulting  from or in
connection with the acceptance of any Third Party Check, unless

     (1)  such Third Party Check is used to open or increase an account which is
          registered  in the  name of one or more of the  payees  on such  Third
          Party Check, and

     (2)  reasonable efforts are made by the Insured, or by the entity receiving
          Third  Party  Checks  on  behalf  of  the   Insured,   to  verify  all
          endorsements on all Third Party Checks made payable in amounts greater
          than $100,000  (provided,  however,  that the isolated failure to make
          such efforts in a  particular  instance  will not  preclude  coverage,
          subject to the exclusions herein and in the Bond),

and then only to the extent such loss is otherwise covered under this Bond.

For  purposes of this Rider,  "Third  Party Check" means a check made payable to
one or more parties and offered as payment to one or more other parties.

It is  further  understood  and  agreed  that  notwithstanding  anything  to the
contrary  above or  elsewhere  in the  Bond,  this  Bond does not cover any loss
resulting  from or in  connection  with the  acceptance  of a Third  Party Check
where:

     (1)  any  payee  on such  Third  Party  Check  reasonably  appears  to be a
          corporation or other entity; or

     (2)  such  Third  Party  Check is made  payable in an amount  greater  than
          $100,000 and does not include the purported endorsements of all payees
          on such Third Party Check.

It is further understood and agreed that this Rider shall not apply with respect
to any coverage that may be available under Insuring Agreement A, "Fidelity."

Except as above stated,  nothing herein shall be held to alter,  waive or extend
any of the terms of this Bond.






                          ICI MUTUAL INSURANCE COMPANY

                         INVESTMENT COMPANY BLANKET BOND

                                   RIDER NO. 9

--------------------------------------------------------------------------------
INSURED                                                              BOND NUMBER

AMERICAN CENTURY COMPANIES, INC.                                     94340107B
--------------------------------------------------------------------------------
EFFECTIVE DATE               BOND PERIOD               AUTHORIZED REPRESENTATIVE

MAY 31, 2007         MAY 31, 2007 TO MAY 31, 2008      /s/ CATHERINE DALTON
================================================================================

In consideration  of the premium charged for this Bond, it is hereby  understood
and agreed that, notwithstanding anything to the contrary in General Agreement A
of this  Bond,  Item 1 of the  Declarations  shall  include  any  Newly  Created
Investment  Company or portfolio  provided  that the Insured shall submit to the
Underwriter  within fifteen (15) days after the end of each calendar quarter,  a
list of all Newly  Created  Investment  Companies or  portfolios,  the estimated
annual assets of each Newly Created Investment Company or portfolio,  and copies
of any  prospectuses and statements of additional  information  relating to such
Newly Created Investment  Companies or portfolios,  unless said prospectuses and
statements of additional  information have been previously submitted.  Following
the end of a calendar quarter, any Newly Created Investment Company or portfolio
created  within the  preceding  calendar  quarter will continue to be an Insured
ONLY  if the  Underwriter  is  notified  as set  forth  in this  paragraph,  the
information required herein is provided to the Underwriter,  and the Underwriter
acknowledges the addition of such Newly Created  Investment Company or portfolio
to the Bond by a Rider to this Bond.

For purposes of this Rider,  Newly Created Investment Company or portfolio shall
mean any Investment Company or portfolio for which registration with the SEC has
been declared effective for a time period of less than one calendar quarter.

Except as above stated,  nothing herein shall be held to alter,  waive or extend
any of the terms of this Bond.






                          ICI MUTUAL INSURANCE COMPANY

                         INVESTMENT COMPANY BLANKET BOND

                                  RIDER NO. 10

--------------------------------------------------------------------------------
INSURED                                                              BOND NUMBER

AMERICAN CENTURY COMPANIES, INC.                                     94340107B
--------------------------------------------------------------------------------
EFFECTIVE DATE              BOND PERIOD                AUTHORIZED REPRESENTATIVE

MAY 31, 2007        MAY 31, 2007 TO MAY 31, 2008       /s/ CATHERINE DALTON
================================================================================

     A.   COVERAGE  FOR LOSS  RESULTING  FROM ON-LINE  REDEMPTION(S)  OR ON-LINE
          PURCHASES  IN EXCESS OF $250,000 PER  SHAREHOLDER  ACCOUNT PER DAY: IN
          GENERAL

In consideration  of the premium charged for this Bond, it is hereby  understood
and agreed that notwithstanding anything to the contrary in this Bond (including
Insuring  Agreement  I),  this Bond does not cover any loss  resulting  from any
On-Line  Redemption(s) or On-Line  Purchase(s)  involving an aggregate amount in
excess  of  $250,000  per  shareholder  account  per  day,  unless  before  such
redemption(s) or purchase(s):

     (1) in a procedure  initiated by the Insured or by the entity receiving the
     request  for  such  On-Line  Redemption(s)  or  On-Line  Purchase(s),   the
     Shareholder  of Record  verifies,  by some method other than an  Electronic
     Transmission  effected  by   computer-to-computer   over  the  Internet  or
     utilizing  modem or  similar  connections,  that  each such  redemption  or
     purchase has been authorized,  and (2) if such redemption or purchase is to
     be effected by wire to or from a particular  bank  account,  the Insured or
     the entity receiving the request for such On-Line  Redemption(s) or On-Line
     Purchase(s) has made reasonable efforts to obtain  verification from a duly
     authorized  employee  of the bank of the  account  number to or from  which
     funds are being  transferred,  and that the name on the account is the same
     as the name of the intended recipient of the proceeds.

It is further understood and agreed that, notwithstanding the Limit of Liability
set forth  herein or any other  provision  of this Bond,  the Limit of Liability
shall be Ten  Million  Dollars  ($10,000,000)  with  respect to any Single  Loss
caused by an On-Line Transaction.

It is further understood and agreed that, notwithstanding the Limit of Liability
set forth  herein or any other  provision of this Bond,  the On-Line  Deductible
with respect to Insuring Agreement I is Fifty Thousand Dollars ($50,000).

It  is  further   understood   and  agreed  that   notwithstanding   Section  9,
Non-Reduction  and  Non-Accumulation  of Liability and Total  Liability,  or any
other  provision  of  this  Bond,  the  Aggregate  Limit  of  Liability  of  the
Underwriter under this Bond with respect to any and all loss or losses caused by
On-Line  Transactions,  irrespective of the total amount of such loss or losses,
shall be an aggregate of Ten Million Dollars ($10,000,000) for the Bond Period.

     B.   COVERAGE  FOR LOSS  RESULTING  FROM ON-LINE  REDEMPTION(S)  OR ON-LINE
          PURCHASES  IN EXCESS OF  $250,000  PER  SHAREHOLDER  ACCOUNT  PER DAY:
          EXCEPTION

It is further understood and agreed that notwithstanding noncompliance with Part
A of  this  Rider,  this  Bond  shall  cover  loss  resulting  from  an  On-Line
Redemption(s) or On-Line Purchase(s)  involving an aggregate amount in excess of
$250,000 per shareholder  account per day,  provided that (1) the Shareholder of
Record has entered into an Extended Online Services  Agreement with the Insured,
and (2) such loss is otherwise covered under this Bond.

It is further understood that  notwithstanding  the Limit of Liability set forth
in Part A above,  or any other  provision  of this Bond,  the Limit of Liability
with  respect to any Single  Loss  caused by an  On-Line  Transaction  for which
coverage  is  provided  under  this  Part  B  shall  be  Five  Million   Dollars
($5,000,000).

It is further understood that  notwithstanding  the Aggregate Limit of Liability
set  forth in Part A above,  or any  other  provision  of this  Bond  (including
Section 9, Non-Reduction and Non-Accumulation of Liability and Total Liability),
the Aggregate Limit of Liability of the Underwriter under this Bond with respect
to any and all loss or losses caused by On-Line  Transactions for which coverage
is provided under this Part B,  irrespective of the total amount of such loss or
losses,  shall be an aggregate of Five Million Dollars ($5,000,000) for the Bond
Period ("Part B Aggregate Limit"). It is further understood and agreed that this
Part B Aggregate  Limit shall be part of, and not in addition to, the  Aggregate
Limit of Liability set forth in Part A above.

C.       DEFINITIONS

It is further  understood  and  agreed  that for  purposes  of this  Rider,  the
following terms shall have the following meanings:

"Extended Online Services  Agreement" means a written agreement (a form of which
shall have been provided to the Underwriter) between a Shareholder of Record and
the  Insured  that (1)  permits a  Shareholder  of  Record to engage in  On-Line
Transactions in excess of the Insured's standard limits and (2) is authenticated
by a signature guarantee.

"On-Line Purchase" means any purchase of shares issued by an Investment Company,
which  purchase is  requested  by  computer-to-computer  transmissions  over the
Internet  (including  any  connected  or  associated  intranet or  extranet)  or
utilizing modem or similar connections.

"On-Line  Redemption"  means any  redemption  of shares  issued by an Investment
Company,  which  redemption is requested by  computer-to-computer  transmissions
over the Internet  (including any connected or associated  intranet or extranet)
or utilizing modem or similar connections.

"On-Line  Transaction"  means  any  Phone/Electronic  Transaction  requested  by
computer-to-computer transmissions over the Internet (including any connected or
associated intranet or extranet) or utilizing modem or similar connections.

Except as above stated,  nothing in any of the Parts of this Rider shall be held
to alter, waive or extend any of the terms of this Bond.






                          ICI MUTUAL INSURANCE COMPANY

                         INVESTMENT COMPANY BLANKET BOND

                                  RIDER NO. 11

--------------------------------------------------------------------------------
INSURED                                                              BOND NUMBER

AMERICAN CENTURY COMPANIES, INC.                                     94340107B
--------------------------------------------------------------------------------
EFFECTIVE DATE               BOND PERIOD               AUTHORIZED REPRESENTATIVE

MAY 31, 2007         MAY 31, 2007 TO MAY 31, 2008      /s/ CATHERINE DALTON
================================================================================

In consideration  for the premium charged for this Bond, it is hereby understood
and agreed  that,  with  respect to Insuring  Agreement I only,  the  Deductible
Amount set forth in Item 3 of the Declarations  ("Phone/Electronic  Deductible")
shall not apply with  respect to a Single  Loss,  otherwise  covered by Insuring
Agreement I, caused by:

     (1)  a Phone/Electronic  Redemption requested to be paid or made payable by
          check to the Shareholder of Record at the address of record; or

     (2)  a Phone/Electronic  Redemption requested to be paid or made payable by
          wire transfer to the Shareholder of Record's bank account of record,

PROVIDED,  that the Limit of Liability  for a Single Loss as described in (1) or
(2)  above  shall be the  lesser  of 80% of such  loss or  $40,000  and that the
Insured shall bear the  remainder of each such Loss.  This Rider shall not apply
if the application of the  Phone/Electronic  Deductible to the Single Loss would
result  in  coverage  of  greater  than  $40,000  or  more;  in  such  case  the
Phone-initiated  Deductible  and Limit of  Liability  set forth in Item 3 of the
Declarations shall control.

For purposes of this Rider,  "Phone/Electronic  Redemption" means any redemption
of shares issued by an Investment Company,  which redemption is requested (a) by
voice over the  telephone,  (b)  through an  automated  telephone  tone or voice
response system, or (c) by Telefacsimile.

Except as above stated,  nothing herein shall be held to alter,  waive or extend
any of the terms of this Bond.






                          ICI MUTUAL INSURANCE COMPANY

                         INVESTMENT COMPANY BLANKET BOND

                                  RIDER NO. 12

--------------------------------------------------------------------------------
INSURED                                                              BOND NUMBER

AMERICAN CENTURY COMPANIES, INC.                                     94340107B
--------------------------------------------------------------------------------
EFFECTIVE DATE               BOND PERIOD               AUTHORIZED REPRESENTATIVE

MAY 31, 2007         MAY 31, 2007 TO MAY 31, 2008      /s/ CATHERINE DALTON
================================================================================

In consideration  of the premium charged for this Bond, it is hereby  understood
and agreed that no  termination or  cancellation  of this Bond, in its entirety,
whether by or at the  request of the Insured or  Underwriter,  shall take effect
prior to the  expiration  of  thirty  (30)  days  after  written  notice of such
termination or cancellation of such Bond has been filed with the Commissioner of
Securities of the State of Missouri.

Except as above stated,  nothing herein shall be held to alter,  waive or extend
any of the terms of this Bond.






                          ICI MUTUAL INSURANCE COMPANY

                         INVESTMENT COMPANY BLANKET BOND

                                  RIDER NO. 13

--------------------------------------------------------------------------------
INSURED                                                              BOND NUMBER

AMERICAN CENTURY COMPANIES, INC.                                     94340107B
--------------------------------------------------------------------------------
EFFECTIVE DATE               BOND PERIOD               AUTHORIZED REPRESENTATIVE

MAY 31, 2007         MAY 31, 2007 TO MAY 31, 2008      /s/ CATHERINE DALTON
================================================================================

In consideration  of the premium charged for this Bond, it is hereby  understood
and agreed that  notwithstanding  Section 9, "Non-Reduction and Non-Accumulation
of  Liability  and  Total   Liability,"   Section  10,  "Maximum   Liability  of
Underwriter;  Other Bonds or Policies," or any other provision of this Bond, (1)
the  Limit  of  Liability  shall  be Two  Hundred  and  Fifty  Thousand  Dollars
($250,000)  under each  Insuring  Agreement  with  respect  to any  Single  Loss
directly or indirectly  involving the establishment of, or amounts  fraudulently
or  unauthorizedly  redeemed or otherwise  transferred from, any On-Line Account
("On-Line  Account Single Loss"),  and (2) the Aggregate  Limit of Liability for
the Bond Period with respect to any and all On-Line  Account Single Losses under
any and all Insuring Agreements shall be Five Million Dollars ($5,000,000).

It is further  understood  and agreed that for purposes of this Rider,  "On-Line
Account" shall mean any account established for a new or existing shareholder or
customer of an Insured by computer-to-computer transmission over the Internet or
utilizing modem or similar connection or similar electronic transmission.

Except as above stated,  nothing herein shall be held to alter,  waive or extend
any of the terms of this Bond.






                          ICI MUTUAL INSURANCE COMPANY

                         INVESTMENT COMPANY BLANKET BOND

                                  RIDER NO. 14

--------------------------------------------------------------------------------
INSURED                                                              BOND NUMBER

AMERICAN CENTURY COMPANIES, INC.                                     94340107B
--------------------------------------------------------------------------------
EFFECTIVE DATE               BOND PERIOD               AUTHORIZED REPRESENTATIVE

MAY 31, 2007         MAY 31, 2007 TO MAY 31, 2008      /s/ CATHERINE DALTON
================================================================================

In consideration  of the premium charged for this Bond, it is hereby  understood
and agreed that notwithstanding anything to the contrary in this Bond (including
Insuring   Agreement   I),   this  Bond  does  not  cover   loss   caused  by  a
Phone/Electronic Transaction requested:

     o    by wireless  device  transmissions  over the Internet  (including  any
          connected or associated intranet or extranet),

except insofar as such loss is covered under Insuring  Agreement A "Fidelity" of
this Bond.

Except as above stated,  nothing herein shall be held to alter,  waive or extend
any of the terms of this Bond.






                          ICI MUTUAL INSURANCE COMPANY

                         INVESTMENT COMPANY BLANKET BOND

                                  RIDER NO. 15

--------------------------------------------------------------------------------
INSURED                                                             BOND NUMBER

AMERICAN CENTURY COMPANIES, INC.                                    94340107B
--------------------------------------------------------------------------------
EFFECTIVE DATE               BOND PERIOD               AUTHORIZED REPRESENTATIVE

MAY 31, 2007         MAY 31, 2007 TO MAY 31, 2008      /s/ CATHERINE DALTON
================================================================================

In consideration  of the premium charged for this Bond, it is hereby  understood
and agreed that  notwithstanding  Section 9, "Non-Reduction and Non-Accumulation
of  Liability  and  Total   Liability,"   Section  10,  "Maximum   Liability  of
Underwriter;  Other Bonds or Policies," or any other provision of this Bond, the
Aggregate  Limit of  Liability  for the Bond Period with  respect to any and all
Designated  Single  Loss(es) under Insuring  Agreements B through I shall be Two
Hundred and Fifty Thousand Dollars ($250,000).

It is further understood and agreed that for purposes of this rider:

     (1)  "Designated  Single Loss" shall mean a Single Loss  resulting  from or
          involving, directly or indirectly, one or more Designated Redemptions.

     (2)  "Designated  Redemption" shall mean a redemption of Investment Company
          shares that is  requested  to be made (1) other than to the address of
          record or bank account of record for the relevant shareholder account,
          unless  the  request to use such other  address  or bank  account  was
          accompanied by a signature guarantee, and (2) to the address of record
          or bank account of record for the relevant shareholder account,  where
          the  original  bank  account  of  record  or  address  of  record  (as
          designated on the  shareholder's  original  account  application)  has
          previously  been  changed,  unless the  request for such change in the
          original  bank account of record or address of record was  accompanied
          by a signature guarantee.

Except as above stated,  nothing herein shall be held to alter,  waive or extend
any of the terms of this Bond.






                          ICI MUTUAL INSURANCE COMPANY

                         INVESTMENT COMPANY BLANKET BOND

                                  RIDER NO. 16

--------------------------------------------------------------------------------
INSURED                                                              BOND NUMBER

AMERICAN CENTURY COMPANIES, INC.                                     94340107B
--------------------------------------------------------------------------------
EFFECTIVE DATE                 BOND PERIOD             AUTHORIZED REPRESENTATIVE

MAY 31, 2007          MAY 31, 2007 TO MAY 31, 2008     /s/ CATHERINE DALTON
================================================================================

In consideration  of the premium charged for this Bond, it is hereby  understood
and agreed  that this Bond  (other than  Insuring  Agreements  C and D) does not
cover loss resulting from or in connection with any business,  activities,  acts
or omissions  of any Insured or any  Employee of any Insured  where such loss is
based upon,  arises out of or in any way involves  the  provision of services to
any Plan, EXCEPT loss,  otherwise  covered by the terms of this Bond,  resulting
from, or in connection with the business of:

     (a)  the  provision of  Investment  Advisory  Services by an Insured to any
          In-House Plan; or

     (b)  the provision of Administrative Services by an Insured to any In-House
          Plan;

     (c)  the provision of Investment  Advisory Services by an Insured (referred
          to as  "Adviser")  to any  Third  Party  Plan  that is a client of the
          Adviser; or

     (d)  the  provision of  Administrative  Services by an Insured to any Third
          Party Plan that is a client of the Insured.

It is further understood and agreed that Insuring  Agreements C and D only cover
loss of Property which an Insured uses or holds,  or in which the Insured has an
interest, in each case in connection with (a), (b), (c) or (d) above.

It is further  understood and agreed that  notwithstanding  the foregoing,  this
Bond (other than Insuring Agreements C and D) does not cover loss resulting from
or in  connection  with,  and  Insuring  Agreements C and D do not cover loss of
Property which an Insured uses or holds, or in which it has an interest, in each
case in connection with:

(1)  the  discretionary  voting  by or on  behalf  of  any  Plan  of  Designated
     Securities owned or held by such Plan,  UNLESS, in the case of a vote by or
     on  behalf  of the  Plan,  such vote was  pursuant  to the  direction  of a
     majority of trustees of such Plan who were not then Interested Trustees;

(2)  custodial  services for the  safekeeping and custody of securities or other
     property;

(3)  liability  of an  Insured  arising  from  its  status  as the  employer  of
     employees covered by a Plan (including liability arising from the Insured's
     failure to collect contributions or to pay benefits); or

(4)  in the case of an  Insured  acting or  purporting  to act as a  trustee  or
     "directed  trustee" for any Third Party Plan,  any liability of the Insured
     arising  from its  actual or  alleged  status as a  fiduciary  (within  the
     meaning  of the  Employee  Retirement  Security  Act of  1974,  as  amended
     ("ERISA")) to any such Third Party Plan or its actual or alleged  violation
     of Section  502(a)(3)  of ERISA,  except  that this  subpart  (4) shall not
     preclude indemnification for associated court costs and attorneys' fees for
     which  coverage is otherwise  available  under General  Agreement C of this
     Bond.

It is further understood and agreed that for purposes of this rider:

(1)  "Administrative  Services" shall mean administrative  services,  including,
     without limitation,  voting securities which are Plan assets,  causing Plan
     assets  to be  invested  as  directed  in  accordance  with the  Plan,  and
     maintaining   records  and   preparing   reports   with   respect  to  Plan
     contributions, participant accounts and investments.

(2)  "Affiliated Entity" means any entity  controlling,  controlled by, or under
     common control with an Insured.

(3)  "Designated  Securities" means securities  issued by an Insured,  or by any
     Affiliated  Entity,  or by any Fund to which such Insured or any Affiliated
     Entity provides any services.

(4)  "Interested  Trustee"  means  any  trustee  of a Plan  who is  also  (a) an
     officer, director,  trustee, partner or employee of, or who owns, controls,
     or holds power to vote 5% or more of the outstanding  voting securities of,
     (i) any Insured (other than such Plan), or (ii) any Affiliated  Entity,  or
     (iii) any Fund to which such Insured or any Affiliated  Entity provides any
     services, or (b) an Insured or an Affiliated Entity.

(5)  "Plan" means any retirement or employee  benefit plan,  including any trust
     relating thereto.

(6)  "In-House  Plan" means any Plan for  employees  of an  Insured,  or for any
     Affiliated  Entity,  but always  excluding  employee stock ownership plans,
     stock bonus plans, and any trusts relating thereto.

(7)  "Third  Party  Plan"  means any Plan for  employees  of an  entity  that is
     neither an Insured nor an Affiliated Entity.

It is further  understood  and agreed that with respect to In-House  Plans,  for
purposes of Rider No. 2 of this bond only,  an In-House Plan named as an Insured
under this bond shall not be deemed to be a Non-Fund.

Except as above stated,  nothing herein shall be held to alter,  waive or extend
any of the terms of this Bond.






                          ICI MUTUAL INSURANCE COMPANY

                         INVESTMENT COMPANY BLANKET BOND

                                  RIDER NO. 17

--------------------------------------------------------------------------------
INSURED                                                              BOND NUMBER

AMERICAN CENTURY COMPANIES, INC.                                     94340107B
--------------------------------------------------------------------------------
EFFECTIVE DATE               BOND PERIOD               AUTHORIZED REPRESENTATIVE

MAY 31, 2007         MAY 31, 2007 TO MAY 31, 2008      /s/ CATHERINE DALTON
================================================================================

Most  property and casualty  insurers,  including ICI Mutual  Insurance  Company
("ICI Mutual"),  are subject to the requirements of the Terrorism Risk Insurance
Act of 2002 (the "Act").  The Act establishes a Federal insurance backstop under
which ICI Mutual and these  other  insurers  will be  partially  reimbursed  for
future "INSURED LOSSES"  resulting from certified "ACTS OF TERRORISM."  (Each of
these  BOLDED  TERMS  is  defined  by the  Act.)  The Act  also  places  certain
disclosure and other obligations on ICI Mutual and these other insurers.

Pursuant to the Act, any future losses to ICI Mutual  caused by certified  "ACTS
OF TERRORISM" will be partially reimbursed by the United States government under
a  formula  established  by the Act.  Under  this  formula,  the  United  States
government will reimburse ICI Mutual for 90% of ICI Mutual's "INSURED LOSSES" in
excess of a statutorily established deductible until total insured losses of all
participating  insurers  reach $100 billion.  If total  "insured  losses" of all
property and casualty insurers reach $100 billion during any applicable  period,
the Act provides that the insurers  will not be liable under their  policies for
their portions of such losses that exceed such amount. Amounts otherwise payable
under this bond may be reduced as a result.

This bond has no express  exclusion for "ACTS OF TERRORISM."  However,  coverage
under  this  bond  remains  subject  to all  applicable  terms,  conditions  and
limitations of the bond (including  exclusions)  that are permissible  under the
Act. The portion of the premium that is attributable to any coverage potentially
available under the bond for "ACTS OF TERRORISM" is one percent (1%).







                          SECRETARY'S CERTIFICATION OF

                    Minutes of the Board of Directors Meeting

                                       Of

                       AMERICAN CENTURY MUTUAL FUNDS, INC.
                    AMERICAN CENTURY WORLD MUTUAL FUNDS, INC.
                    AMERICAN CENTURY CAPITAL PORTFOLIOS, INC.
               AMERICAN CENTURY STRATEGIC ASSET ALLOCATIONS, INC.
                   AMERICAN CENTURY VARIABLE PORTFOLIOS, INC.
               AMERICAN CENTURY ASSET ALLOCATION PORTFOLIOS, INC.
                       AMERICAN CENTURY GROWTH FUNDS, INC.

                                  (the "Funds")

     I, Ward D.  Stauffer,  the  undersigned  Secretary of the Funds,  DO HEREBY
CERTIFY,  on behalf of the Funds,  that the Board of Directors of the Funds duly
adopted the following resolutions at a regular meeting on May 23, 2007, and that
said  resolutions  have not been  modified,  rescinded or amended and as of this
date hereby remains in full force and effect:

WHEREAS,

o    The Board of Directors  have  reviewed the proposed  form and amount of the
     attached  specimen copy of the fidelity  bond,  and considered all relevant
     factors, including:

     >>   the value of the  aggregate  assets of the Funds to which any  covered
          person may have access,

     >>   the  type and  terms of the  arrangements  made  for the  custody  and
          safekeeping of such assets,

     >>   the nature of the securities in the Funds, and

     >>   the maximum coverage of $30 million, per occurrence;

o    The  Directors  have  determined  that the form of the attached  investment
     company blanket bond is reasonable by its terms, conditions and amount;

RESOLVED,  that the form and amount of the fidelity bond  attached  hereto as an
exhibit is hereby approved;  FURTHER RESOLVED,  that the appropriate officers of
the Funds are  authorized to enter into an agreement with all of the other named
insureds which provides:

o    if recovery is received  under the bond as a result of a loss  sustained by
     one or more of the Funds and one or more other  named  insureds,  the Funds
     shall receive an equitable and proportionate share of the recovery; and

o    the Funds' share will be at least equal to the amount which each would have
     received under a single insured bond;

FURTHER  RESOLVED,  that the  General  Counsel of the Funds or his  designee  is
hereby authorized to make the filings and give the notices required by paragraph
(g) of Rule 17, promulgated under the Investment Company Act of 1940.

         IN WITNESS WHEREOF, I have hereunto signed my name.


                                          /s/ Ward D. Stauffer
                                          ------------------------------------
                                          Ward D. Stauffer
                                          Secretary

Dated as of July 3, 2007



                                   SCHEDULE A
                             2007-2008 Fidelity Bond


-------------------------------------------------- ---------- ----------- ------------
                                                                          MINIMUM BOND
                                                      GROSS     FISCAL    REQUIRED BY
INVESTMENT COMPANY                                   ASSETS   QUARTER END RULE 17G-1
.................................................. .......... ........... ............
American Century Asset Allocation Portfolios, Inc.    1.7 B      31-Jan    $1,500,000
.................................................. .......... ........... ............
American Century CA Tax Free and Municipal Funds      2.2 B      28-Feb     1,700,000
.................................................. .......... ........... ............
American Century Capital Portfolios, Inc.            18.7 B      31-Mar     2,500,000
.................................................. .......... ........... ............
American Century Government Income Trust              7.2 B      31-Mar     2,500,000
.................................................. .......... ........... ............
American Century Growth Funds, Inc.                   29 M       31-Jan       300,000
.................................................. .......... ........... ............
American Century International Bond Funds             1.6 B      31-Mar     1,500,000
.................................................. .......... ........... ............
American Century Investment Trust                     4.5 B      31-Mar     2,500,000
.................................................. .......... ........... ............
American Century Municipal Trust                      1.4 B      28-Feb     1,250,000
.................................................. .......... ........... ............
American Century Mutual Funds, Inc.                  28.3 B      31-Jan     2,500,000
.................................................. .......... ........... ............
American Century Quantitative Equity Funds, Inc.     11.4 B      31-Mar     2,500,000
.................................................. .......... ........... ............
American Century Strategic Asset Allocations, Inc.    4.1 B      28-Feb     2,500,000
.................................................. .......... ........... ............
American Century Target Maturities Trust             999.3 M     31-Mar     1,000,000
.................................................. .......... ........... ............
American Century Variable Portfolios II, Inc.        529.7 M     31-Mar       900,000
.................................................. .......... ........... ............
American Century Variable Portfolios, Inc.            5.8 B      31-Mar     2,500,000
.................................................. .......... ........... ............
American Century World Mutual Funds, Inc.             6.2 B      28-Feb     2,500,000
.................................................. .......... ........... ............

-------------------------------------------------- ---------- ----------- ------------
TOTAL                                                                     $28,150,000
-------------------------------------------------- ---------- ----------- ------------






                          SECRETARY'S CERTIFICATION OF

                    Minutes of the Board of Directors Meeting

                                       Of

                    AMERICAN CENTURY TARGET MATURITIES TRUST
                    AMERICAN CENTURY GOVERNMENT INCOME TRUST
            AMERICAN CENTURY CALIFORNIA TAX-FREE AND MUNICIPAL FUNDS
                        AMERICAN CENTURY MUNICIPAL TRUST
                   AMERICAN CENTURY QUANTITATIVE EQUITY FUNDS
                    AMERICAN CENTURY INTERNATIONAL BOND FUNDS
                        AMERICAN CENTURY INVESTMENT TRUST
                     AMERICAN CENTURY VARIABLE PORTFOLIOS II

                                  (the "Funds")

     I, Ward D.  Stauffer,  the  undersigned  Secretary of the Funds,  DO HEREBY
CERTIFY,  on behalf of the Funds,  that the Board of Directors of the Funds duly
adopted the following resolutions at a regular meeting on June 6, 2007, and that
said  resolutions  have not been  modified,  rescinded or amended and as of this
date hereby remains in full force and effect:

WHEREAS,

o    The  Directors/Trustees  of the Funds have  reviewed the proposed  form and
     amount of the attached  specimen copy of the fidelity  bond, and considered
     all relevant factors, including:

     >>   the value of the  aggregate  assets of the Funds to which any  covered
          person may have access,

     >>   the  type and  terms of the  arrangements  made  for the  custody  and
          safekeeping of such assets,

     >>   the nature of the securities in the Funds, and

     >>   the maximum coverage of $30 million;

o    The  Directors/Trustees  have  determined  that  the  form of the  attached
     investment company blanket bond is reasonable by its terms,  conditions and
     amount;

RESOLVED,  that the form and amount of the fidelity bond  attached  hereto as an
exhibit is hereby approved;  FURTHER RESOLVED,  that the appropriate officers of
the Funds are  authorized to enter into an agreement with all of the other named
insureds which provides:

o    if recovery is received  under the bond as a result of a loss  sustained by
     one or more of the Funds and one or more other  named  insureds,  the Funds
     shall receive an equitable and proportionate share of the recovery; and

o    the Funds' share will be at least equal to the amount which each would have
     received under a single insured bond;

FURTHER  RESOLVED,  that the General Counsel of the Funds or his or her designee
is hereby  authorized  to make the  filings  and give the  notices  required  by
paragraph (g) of Rule 17, promulgated under the Investment Company Act of 1940.

         IN WITNESS WHEREOF, I have hereunto signed my name.


                                           /s/ Ward D. Stauffer
                                           ------------------------------------
                                           Ward D. Stauffer
                                           Secretary

Dated as of July 3, 2007





                                   SCHEDULE A
                             2007-2008 Fidelity Bond


-------------------------------------------------- ---------- ----------- ------------
                                                                          MINIMUM BOND
                                                     GROSS      FISCAL    REQUIRED BY
INVESTMENT COMPANY                                   ASSETS   QUARTER END RULE 17G-1
.................................................. .......... ........... ............
American Century Asset Allocation Portfolios, Inc.    1.7 B      31-Jan    $1,500,000
.................................................. .......... ........... ............
American Century CA Tax Free and Municipal Funds      2.2 B      28-Feb     1,700,000
.................................................. .......... ........... ............
American Century Capital Portfolios, Inc.            18.7 B      31-Mar     2,500,000
.................................................. .......... ........... ............
American Century Government Income Trust              7.2 B      31-Mar     2,500,000
.................................................. .......... ........... ............
American Century Growth Funds, Inc.                   29 M       31-Jan       300,000
.................................................. .......... ........... ............
American Century International Bond Funds             1.6 B      31-Mar     1,500,000
.................................................. .......... ........... ............
American Century Investment Trust                     4.5 B      31-Mar     2,500,000
.................................................. .......... ........... ............
American Century Municipal Trust                      1.4 B      28-Feb     1,250,000
.................................................. .......... ........... ............
American Century Mutual Funds, Inc.                  28.3 B      31-Jan     2,500,000
.................................................. .......... ........... ............
American Century Quantitative Equity Funds, Inc.     11.4 B      31-Mar     2,500,000
.................................................. .......... ........... ............
American Century Strategic Asset Allocations, Inc.    4.1 B      28-Feb     2,500,000
.................................................. .......... ........... ............
American Century Target Maturities Trust             999.3 M     31-Mar     1,000,000
.................................................. .......... ........... ............
American Century Variable Portfolios II, Inc.        529.7 M     31-Mar       900,000
.................................................. .......... ........... ............
American Century Variable Portfolios, Inc.            5.8 B      31-Mar     2,500,000
.................................................. .......... ........... ............
American Century World Mutual Funds, Inc.             6.2 B      28-Feb     2,500,000
.................................................. .......... ........... ............

-------------------------------------------------- ---------- ----------- ------------
TOTAL                                                                     $28,150,000
-------------------------------------------------- ---------- ----------- ------------







                                    AGREEMENT

     THIS  AGREEMENT is made and entered into as of the FOURTH day of JUNE 2007,
by and among the undersigned (hereinafter, the "Joint Insureds").

     1. The Joint Insureds  hereto are named as joint insureds under  Investment
Company  Blanket  Bond issued by ICI Mutual  Insurance  Company in the amount of
$30,000,000 (the "Bond"). The Bond was purchased pursuant to the requirements of
Section  17(g) of the  Investment  Company  Act of  1940,  as  amended,  and the
regulations  thereunder.  Regulation 17g-1(f) requires the parties to enter into
an agreement of the kind set out below.

     2. In consideration of the agreement by each of the Joint Insureds to enter
into a joint  insured  bond with the other  parties  hereto  instead of a single
insured  bond,  each of such other  parties  agrees that if recovery is received
under the Bond as a result of a loss  sustained by the Joint Insureds or any one
of them,  and one or more other named  insured,  the Joint  Insureds  shall each
receive an equitable and proportionate share of the recovery, but at least equal
to the amount  which it would have  received  had it provided  and  maintained a
single insured bond with the minimum coverage required by the regulations.

     IN WITNESS WHEREOF, the undersigned have executed this instrument as of the
day and year first above written.

American Century Companies, Inc.,


By:  /s/ Jon Zindel
     -----------------------------------------------
     Jon Zindel
     Vice President



American Century Services L.L.C.,
American Century Investment Services, Inc.,
American Century Investment Management, Inc.,
American Century Global Investment Management, Inc.,
American Century Investment Management International, Ltd.,
American Century Quantitative Asset Management, Inc.,
American Century Advisory Services, Inc.,


By:  /s/ Jon Zindel
     -------------------------------------------------
     Jon Zindel
     Senior Vice President



American Century Asset Allocation Portfolios, Inc.
American Century California Tax-Free and Municipal Funds
American Century Capital Portfolios, Inc.
American Century Government Income Trust
American Century Growth Funds, Inc.
American Century International Bond Funds
American Century Investment Trust
American Century Municipal Trust
American Century Mutual Funds, Inc.
American Century Quantitative Equity Funds, Inc.
American Century Strategic Asset Allocations, Inc.
American Century Target Maturities Trust
American Century Variable Portfolios II, Inc.
American Century Variable Portfolios, Inc.
American Century World Mutual Funds, Inc.


By:  /s/ Chuck Etherington
     ------------------------------------------------
     Chuck Etherington
     Senior Vice President