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The company was founded by James E. Stowers Jr. in 1958 as "Twentieth Century Mutual Funds", a family of no-load funds, in Kansas City, Missouri. [1] Stowers started the funds in 1958 with just $100,000 in assets from 24 shareholders. [2] He built his business concentrating on small investors.
Harrington was born in 1908 in Amarillo, daughter of Frank Buckingham, and to grandparent J.E. Hughes.In 1935, she married Donald D. Harrington, a successful oil worker. In 1951, the couple created the Don and Sybil Harrington Foundation, which would grow to have more than $73 million in assets.
In 1958, Stowers started Twentieth Century Mutual Funds, a family of no-load funds, in Kansas City, Missouri. [5] Stowers started the funds in 1958 with just $100,000 in assets from 24 shareholders. [6] He built his business concentrating on small investors. The company changed its name to American Century Investments in 1997. [7]
The fund typically invests at least 80 percent of its assets in all types of investment-grade bonds. 5-year annualized return: 1.2 percent. Yield: 3.4 percent. Expense ratio: 0.45 percent.
The Leona M. and Harry B. Helmsley Charitable Trust United States: New York City: $8.3 billion 1999 [31] 27 W. K. Kellogg Foundation Trust United States: Battle Creek, Michigan: $8.2 billion 1930 [32] 28 Jacobs Foundation Switzerland: Zürich: $7.6 billion CHF7 billion 2001 [33] 29 Else Kröner-Fresenius-Stiftung Germany: Bad Homburg: $7 billion
In 1982, the company broke records in the industry by introducing a $125 million Insured Municipal Income Trust (IMIT), soon followed by an even larger $128.5 IMIT. By 1983, the company now known as Van Kampen Merritt, Inc. had sold nearly $7 billion of trusts and was the nation's third-largest firm in that arena.
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