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American Century

Larry of Toms River NJ (1/30/04):
Opened gift fund for granddaughter for the amount of $1000 on Oct. 17th 1994, up to the last statement of Dec. 31st 2003 (8 years + 2 months) the fund is at a mere $1,172.88. This was a fund that could not be touched for 10 years. There was a time (Mar.9, 2000) when its value was as high as $3727.88 and they did nothing to protect its principal.

I received a form letter dated Jan 2004 that they recognize the fund's under-performance and that they will now waive the management fee for a six month period. Not only that they did a poor job, but $807.47 in distributions plus $136.00 of other withdrawals have vanished. Altogether that's about 1% yr.

I even had another Gift trust for my other granddaughter on the amount of $2000 closer to 10 years. I just gave it to my son, that trust went as high as $8146. They let it go down to approx. $2400 and that probably lost all the distributiona and other withdrawals.

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