AMERICAN CENTURY MUTUAL FUNDS INC, 497K1, 1998-06-29

AMERICAN CENTURY MUTUAL FUNDS INC
497K1, 1998-06-29

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FUND PROFILE

Select
INVESTOR CLASS
July _, 1998

[american century logo(reg.sm)
American
Century(reg.tm)

- --------------------------------------------------------------------------------
This profile summarizes key information about the fund that is included in the
fund's prospectus. The fund's prospectus includes additional information
about the fund, including a more detailed description of the risks associated
with investing in the fund, that you may want to consider before you invest.
You may obtain the prospectus and other information about the fund at no cost by
calling us, accessing our Web site, or visiting one of our Investor Centers.
See the back cover for our phone numbers and address.

TWENTIETH CENTURY GROUP

[front cover]

SELECT

1. WHAT IS THE FUND'S INVESTMENT OBJECTIVE?

Select seeks long-term capital growth by investing primarily in common
stocks.

2. WHAT IS THE FUND'S INVESTMENT STRATEGY?

The fund managers look for stocks of large companies that they believe
will increase in value over time. Eighty percent of Select's assets must be
invested in securities of companies that pay regular dividends, or have
committed to pay dividends, or otherwise produce income. This signals an
intent to buy stocks of companies that are successful enough to pay
dividends. The amount of dividends may not be significant, however, since
stocks are not picked based upon the amount of income they produce. The
remaining 20% of fund assets may be invested in any other permissible
securities that the fund managers believe will help the fund achieve its
objective.

The managers use a "growth" investment strategy developed by American
Century that looks for companies whose earnings and revenues are not only
growing, but growing at a successively faster, or accelerating, pace.
Accelerating growth is shown, for example, by growth that is faster this
quarter than last and faster this year than the year before.

Using American Century's extensive computer database, the managers track
financial information for thousands of companies to research and select the
stocks they believe will be able to sustain accelerating growth. This
strategy is based on the premise that, over the long term, the stocks of
companies with accelerating earnings and revenues have a
greater-than-average chance to increase in value. This aggressive
investment strategy which pursues superior long-term returns for fund
shareholders, also results in the risks described in the next section.

As long as a sufficient number of stocks with accelerating earnings and
revenues are available, the fund managers intend to keep Select essentially
fully invested in those stocks. When the managers believe that it is
prudent, they also may invest assets in non-leveraged futures and options.
Futures and options can help the fund's cash assets remain liquid while
performing more like stocks.

Additional information about Select's investments is available in its
annual and semiannual reports. In these reports you will find a discussion
of the market conditions and investment strategies that significantly
affected the fund's performance during the most recent six-month period.
You may get these reports at no cost by calling us.

3. WHAT ARE THE SIGNIFICANT RISKS OF INVESTING IN THE FUND?

* The value of Select's shares depends on the value of the stocks and
other securities it owns. The value of the individual securities
Select owns will go up and down depending on the performance of the
companies that issued them, general market and economic conditions,
and investor confidence.

* The fund managers will buy a large amount of a company's stock
quickly, and often will dispose of it quickly if the company's
earnings or revenues decline. While we believe this strategy provides
substantial appreciation potential over the long term, in the short
term it can create a significant amount of price volatility. This
volatility can be greater than the average stock fund.

* As with all funds, at any given time the value of your shares of
Select may be worth more or less than the price you paid. If you sell
your shares when the value is less than the price you paid, you will
lose money. Additionally, an investment in the fund is not a bank
deposit, nor is it insured by the Federal Deposit Insurance
Corporation (FDIC) or any other government agency.

* Market performance tends to be cyclical, and in the various cycles,
certain investment styles may fall in and out of favor. If the market
is not favoring the fund's style, the fund's gains may not be as big,
or its losses may be bigger, than other equity funds using different
investment styles.

* Although the fund managers invest the fund's assets primarily in U.S.
stocks, Select can invest in securities of foreign companies. Foreign
securities can have certain unique risks, including fluctuations in
currency exchange rates, political and economic developments, reduced
availability of public information and the fact that foreign issuers
are not required to abide by the same financial reporting or
regulatory practices as U.S. issuers.

Select American Century Investments

FUND PERFORMANCE

The bar chart below shows the actual performance of Select's Investor
Class for each of the last 10 calendar years.(1) It indicates the
volatility of the fund's historical returns from year to year. Neither it
nor the quarterly information below the bar chart is intended to indicate
how the fund will perform in the future.

(1) As of March 31, 1998, the end of the most recent calendar quarter,
Select's year-to-date return was 13.76%.

[bar chart - data below]
<TABLE>
- --------------------------------------------------------------------------------------------------------------
CALENDAR YEAR-BY-YEAR RETURNS
- --------------------------------------------------------------------------------------------------------------
1988 1989 1990 1991 1992 1993 1994 1995 1996 1997
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Select 5.61% 39.51% -0.41% 31.58% -4.45% 14.67% -8.04% 22.67% 19.22% 32.19%
- --------------------------------------------------------------------------------------------------------------
S&P 500 16.50% 31.59% -3.11% 30.33% 7.61% 10.03% 1.36% 37.44% 22.93% 33.28%
</TABLE>

The fund's highest and lowest returns for a calendar quarter since
January 1, 1988, are provided in the chart below to indicate the fund's
potential short-term volatility. Shareholders should be aware, however,
that Select is intended for investors with a long-term investment horizon
and is not managed for short-term results.

[bar chart - data below]
- -------------------------------------------------------------------------------
HIGHEST AND LOWEST QUARTERLY RETURNS
- -------------------------------------------------------------------------------
Quarter Ended 12/31/87 -23.15%
- -------------------------------------------------------------------------------
Quarter Ended 12/31/82 29.60%

The table in the next column shows the fund's average annual return for
the periods indicated. The S&P 500 Index, an unmanaged index that reflects
no operating costs, is included as a benchmark for long-term performance
comparisons because it is viewed as a proxy for the mid cap market. The
companies comprising the Index are, on average, larger than the companies
in which the fund invests. As a result, differences in performance can be
expected.

1 YR. 5 YRS. 10 YRS.
- --------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS
- --------------------------------------------------------------------------------
Select 48.15% 16.81% 15.35%
- --------------------------------------------------------------------------------
S&P 500 47.85% 22.35% 18.88%

4. WHAT ARE THE FUND'S FEES AND EXPENSES?

There are no sales loads, fees or other charges to buy fund shares
directly from American Century, to reinvest dividends in additional shares,
to exchange into the Investor Class of other American Century funds, or to
redeem your shares. The following table describes the fees and expenses
that you may pay if you buy and hold shares of the fund.

- --------------------------------------------------------------------------------
ANNUAL FUND OPERATING EXPENSES
(EXPENSES THAT ARE DEDUCTED FROM FUND ASSETS)
- --------------------------------------------------------------------------------
Management Fee 1.00%
- --------------------------------------------------------------------------------
Distribution and/or 12b-1 Fees None
- --------------------------------------------------------------------------------
Other Expenses(2) 0.00%
- --------------------------------------------------------------------------------
Total Annual Fund Operating Expenses 1.00%

(2) Other expenses include the fees and expenses of the fund's independent
directors, their legal counsel, interest and extraordinary expenses.

EXAMPLE OF HYPOTHETICAL FUND COSTS

Assuming you

* invest $10,000 in the fund
* redeem your shares at the end of the periods shown below
* earn a 5% return each year
* incur the same operating expenses shown above

your cost of investing in the fund would be:

---------------------------------------------------------------------
1 year 3 years 5 years 10 years
---------------------------------------------------------------------
$100 $320 $550 $1,220

Of course, actual costs may be higher or lower. Use this example
to compare the costs of investing in other funds.

5. WHO ARE THE FUND'S INVESTMENT ADVISOR AND PORTFOLIO MANAGERS?

American Century Investment Management, Inc. provides investment
advisory and management services for the fund. American Century uses teams
of portfolio managers, assistant portfolio managers and analysts working
together to manage our mutual funds. The portfolio managers on the Select
team are:

Fund Profile Select

JEAN C. LEDFORD, Vice President and Portfolio Manager, joined American
Century as a manager of Select in January of 1997. Prior to joining
American Century, Ms. Ledford worked for the State of Wisconsin Investment
Board as an Investment Director from 1994 to 1996, and as an Assistant
Investment Director from 1983 to 1994.

RICHARD S. WELSH, Portfolio Manager, joined American Century in August
1994 as an Equity Research Analyst and was promoted to Investment Analyst
in January 1997. In May 1998, he was promoted to Portfolio Manager. Prior
to joining American Century, Mr. Welsh served as Equity Research Analyst
for Brown Brothers Harriman & Company.

6. HOW DO I BUY FUND SHARES?

* Complete and return the enclosed application

* Call us and exchange shares from another American Century fund

* Call us and send your investment by bank wire transfer

Your initial investment must be $2,500 ($1,000 for traditional IRAs,
Roth IRAs and UGMA/UTMA accounts), unless you establish an automatic
investment plan of at least $50 per month. If the value of your account
falls below the account minimum, your shares may be redeemed involuntarily.

7. HOW DO I SELL FUND SHARES?

You may sell all or part of your fund shares on any business day by
writing or calling us. You may also exchange your shares in Select for
shares in nearly 70 other mutual funds offered by American Century.
Depending on the options you select when you open your account, some
restrictions may apply. For your protection, some redemption requests
require a signature guarantee.

8. HOW ARE FUND DISTRIBUTIONS MADE AND TAXED?

Select pays distributions of substantially all of its income and
realized capital gains once a year, usually in December. Distributions may
be taxable as ordinary income, capital gains, or a combination of the two.
Capital gains are taxed at different rates depending on the length of time
the fund held the securities that were sold. Distributions are reinvested
automatically in additional shares unless you choose another option.

9. WHAT SERVICES ARE AVAILABLE?

American Century offers several ways to make it easier for you to manage
your account, such as:

* telephone transactions

* wire and electronic funds transfers

* 24-hour Automated Information Line transactions

* 24-hour online Internet account access and transactions

You may find more information about these choices in our Investor
Services Guide, which you may request by calling us, accessing our Web
site, or visiting one of our Investor Centers.

Information contained in our Investor Services Guide pertains to
shareholders who invest directly with American Century rather than through
an employer-sponsored retirement plan or through a financial intermediary.

If you own or are considering purchasing fund shares through an
employer-sponsored retirement plan or financial intermediary, your ability
to purchase shares of the fund, exchange them for shares of other American
Century funds, and redeem them will depend on the terms of your plan or
financial intermediary. If you have questions about investing in an
employer-sponsored retirement plan or through a financial intermediary,
call an Institutional Services Representative at 1-800-345-3533.

- --------------------------------------------------------------------------------

[american century logo(reg.sm)
American
Century(reg.tm)

AMERICAN CENTURY INVESTMENTS
P.O. BOX 419200
KANSAS CITY, MISSOURI 64141-6200

WWW.AMERICANCENTURY.COM

INVESTOR SERVICES
1-800-345-2021 or 816-531-5575

AUTOMATED INFORMATION LINE
1-800-345-8765

INSTITUTIONAL, CORPORATE, KEOGH, SEP/SARSEP,
SIMPLE AND 403(B) SERVICES
1-800-345-3533

TELECOMMUNICATIONS DEVICE FOR THE DEAF
1-800-634-4113 or 816-444-3485

FAX
816-340-7962

Funds Distributor, Inc.
SH-BRO-12614 9807 (c) 1998 American Century Services Corporation
<PAGE>
FUND PROFILE

Heritage
INVESTOR CLASS
July _, 1998

[american century logo(reg.sm)
American
Century(reg.tm)

TWENTIETH CENTURY GROUP

[front cover]

HERITAGE

1. WHAT IS THE FUND'S INVESTMENT OBJECTIVE?

Heritage seeks long-term capital growth by investing primarily in common
stocks.

2. WHAT IS THE FUND'S INVESTMENT STRATEGY?

The fund managers look for stocks of small- to mid-sized companies that
they believe will increase in value over time. Sixty percent of Heritage's
assets must be invested in securities of companies that pay regular
dividends, or have committed to pay dividends, or otherwise produce income.
This signals an intent to buy stocks of companies that are successful
enough to pay dividends. The amount of dividends may not be significant,
however, since stocks are not picked based upon the amount of income they
produce. The remaining 40% of fund assets may be invested in any other
permissible securities that the fund managers believe will help the fund
achieve its objective.

As long as a sufficient number of stocks with accelerating earnings and
revenues are available, the fund managers intend to keep Heritage
essentially fully invested in those stocks. When the managers believe that
it is prudent, they also may invest assets in non-leveraged futures and
options. Futures and options can help the fund's cash assets remain liquid
while performing more like stocks.

Additional information about Heritage's investments is available in its
annual and semiannual reports. In these reports you will find a discussion
of the market conditions and investment strategies that significantly
affected the fund's performance during the most recent six-month period.
You may get these reports at no cost by calling us.

3. WHAT ARE THE SIGNIFICANT RISKS OF INVESTING IN THE FUND?

* The value of Heritage's shares depends on the value of the stocks and other
securities it owns. The value of the individual securities Heritage owns
will go up and down depending on the performance of the companies that
issued them, general market and economic conditions, and investor
confidence.

* The fund managers will buy a large amount of a company's stock quickly, and
often will dispose of it quickly if the company's earnings or revenues
decline. While we believe this strategy provides significant appreciation
potential over the long term, in the short term it can create a significant
amount of price volatility. This volatility can be greater than the average
stock fund.

* As with all funds, at any given time, the value of your shares of Heritage
may be worth more or less than the price you paid. If you sell your shares
when the value is less than the price you paid, you will lose money.
Additionally, an investment in the fund is not a bank deposit, nor is it
insured by the Federal Deposit Insurance Corporation (FDIC) or any other
government agency.

* Although the fund can purchase securities of any size company, the fund
managers will tend to invest in small- to mid-sized companies with smaller
share trading volume. As a result, it may be more volatile and subject to
greater short-term risk than our similarly managed Select fund.

* Market performance tends to be cyclical, and in the various cycles, certain
investment styles may fall in and out of favor. If the market is not
favoring the fund's style, the fund's gains may not be as big, or its
losses may be bigger, than other equity funds using different investment
styles.

Heritage American Century Investments

* In times of rapid market expansion, the fund's holdings in dividend-paying
stocks may dampen its performance.

* Although the fund managers invest the fund's assets primarily in U.S.
stocks, Heritage can invest in securities of foreign companies. Foreign
securities can have certain unique risks, including fluctuations in
currency exchange rates, political and economic developments, reduced
availability of public information and the fact that foreign issuers are
not required to abide by the same financial reporting or regulatory
practices as U.S. issuers.

FUND PERFORMANCE

The bar chart below shows the actual performance of Heritage's Investor
Class for each of the last 10 calendar years.(1) It indicates the
volatility of the fund's historical returns from year to year. Neither it
nor the quarterly information below the bar chart is intended to indicate
how the fund will perform in the future.

(1) As of March 31, 1998, the end of the most recent calendar quarter,
Heritage's year-to-date return was 11.39%. Partial year performance is
not annualized.

[bar chart - data below]
<TABLE>
- --------------------------------------------------------------------------------------------------------------
CALENDAR YEAR-BY-YEAR RETURNS
- --------------------------------------------------------------------------------------------------------------
1988 1989 1990 1991 1992 1993 1994 1995 1996 1997
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Heritage 16.43% 35.06% -9.16% 35.98% 10.13% 20.43% -6.32% 26.66% 15.31% 19.35%
- --------------------------------------------------------------------------------------------------------------
S&P 400 20.87% 35.55% -5.12% 50.10% 11.91% 13.95% -3.58% 30.95% 19.20% 32.25%
</TABLE>

The fund's highest and lowest returns for a calendar quarter since
January 1, 1988, are provided in the chart below to indicate the fund's
potential short-term volatility. Shareholders should be aware, however,
that Heritage is intended for investors with a long-term investment horizon
and is not managed for short-term results.

[bar chart - data below]
- -------------------------------------------------------------------------------
HIGHEST AND LOWEST QUARTERLY RETURNS
- -------------------------------------------------------------------------------
Quarter Ended 9/30/90 -17.08%
- -------------------------------------------------------------------------------
Quarter Ended 3/31/91 17.28%

The table below shows the fund's average annual return for the periods
indicated. The S&P MidCap 400, an unmanaged index that reflects no
operating costs, is included as a benchmark for long-term performance
comparisons because it is viewed as a proxy for the mid cap market. The
companies comprising the Index are, on average, larger than the companies
in which the fund invests. As a result, differences in performance can be
expected.

1 YR. 5 YRS. 10 YRS.
- --------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS
- --------------------------------------------------------------------------------
Heritage 36.10% 15.02% 15.85%
- --------------------------------------------------------------------------------
S&P MidCap 400 49.03% 19.51% 19.25%

4. WHAT ARE THE FUND'S FEES AND EXPENSES?

- -----------------------------------------------------------------------
ANNUAL FUND OPERATING EXPENSES
(EXPENSES THAT ARE DEDUCTED FROM FUND ASSETS)
- -----------------------------------------------------------------------
Management Fee 1.00%
- -----------------------------------------------------------------------
Distribution and/or 12b-1 Fees None
- -----------------------------------------------------------------------
Other Expenses(2) 0.00%
- -----------------------------------------------------------------------
Total Annual Fund Operating Expenses 1.00%

(2) Other expenses include the fees and expenses of the fund's independent
directors, their legal counsel, interest and extraordinary expenses.

EXAMPLE OF HYPOTHETICAL FUND COSTS

Assuming you

* invest $10,000 in the fund
* redeem your shares at the end of the periods shown below
* earn a 5% return each year
* incur the same operating expenses shown above

your cost of investing in the fund would be:

-------------------------------------------------------------------
1 year 3 years 5 years 10 years
-------------------------------------------------------------------
$100 $320 $550 $1,220

Of course, actual costs may be higher or lower. Use this example
to compare the costs of investing in other funds.

Fund Profile Heritage

5. WHO ARE THE FUND'S INVESTMENT ADVISOR AND PORTFOLIO MANAGERS?

LINDA K. PETERSON, Portfolio Manager, joined American Century in 1986.
She served as an Investment Analyst for American Century's growth-oriented
equity funds, including Heritage, from April 1994 until February 1998, when
she was promoted to Portfolio Manager.

HAROLD S. BRADLEY, Vice President and Portfolio Manager, joined American
Century in 1988. For the past 10 years, Mr. Bradley has managed the global
equity, futures and foreign exchange trading activities for American
Century. He was promoted to Portfolio Manager of the fund in March 1998.

6. HOW DO I BUY FUND SHARES?

* Complete and return the enclosed application

* Call us and exchange shares from another American Century fund

* Call us and send your investment by bank wire transfer

7. HOW DO I SELL FUND SHARES?

You may sell all or part of your fund shares on any business day by
writing or calling us. You may also exchange your shares in Heritage for
shares in nearly 70 other mutual funds offered by American Century.
Depending on the options you select when you open your account, some
restrictions may apply. For your protection, some redemption requests
require a signature guarantee.

8. HOW ARE FUND DISTRIBUTIONS MADE AND TAXED?

Heritage pays distributions of substantially all of its income and
realized capital gains once a year, usually in December. Distributions may
be taxable as ordinary income, capital gains, or a combination of the two.
Capital gains are taxed at different rates depending on the length of time
the fund held the securities that were sold. Distributions are reinvested
automatically in additional shares unless you choose another option.

9. WHAT SERVICES ARE AVAILABLE?

American Century offers several ways to make it easier for you to manage
your account, such as:

* telephone transactions

* wire and electronic funds transfers

* 24-hour Automated Information Line transactions

* 24-hour online Internet account access and transactions

You may find more information about these choices in our Investor
Services Guide, which you may request by calling us, accessing our Web
site, or visiting one of our Investor Centers.

- --------------------------------------------------------------------------------

[american century logo(reg.sm)
American
Century(reg.tm)

AMERICAN CENTURY INVESTMENTS
P.O. BOX 419200
KANSAS CITY, MISSOURI 64141-6200

WWW.AMERICANCENTURY.COM

INVESTOR SERVICES
1-800-345-2021 or 816-531-5575

AUTOMATED INFORMATION LINE
1-800-345-8765

INSTITUTIONAL, CORPORATE, KEOGH, SEP/SARSEP,
SIMPLE AND 403(B) SERVICES
1-800-345-3533

TELECOMMUNICATIONS DEVICE FOR THE DEAF
1-800-634-4113 or 816-444-3485

FAX
816-340-7962

Funds Distributor, Inc.
SH-BRO-12615 9807 (c) 1998 American Century Services Corporation
<PAGE>
FUND PROFILE

Growth
INVESTOR CLASS
July _, 1998

[american century logo(reg.sm)
American
Century(reg.tm)

- --------------------------------------------------------------------------------

This profile summarizes key information about the fund that is included in the
fund's prospectus. The fund's prospectus includes additional information
about the fund, including a more detailed description of the risks associated
with investing in the fund, that you may want to consider before you invest.
You may obtain the prospectus and other information about the fund at no cost by
calling us, accessing our Web site, or visiting one of our Investor Centers.
See the back cover for our phone numbers and address.

TWENTIETH CENTURY GROUP

[front cover]

GROWTH

1. WHAT IS THE FUND'S INVESTMENT OBJECTIVE?

Growth seeks long-term capital growth by investing primarily in common
stocks.

2. WHAT IS THE FUND'S INVESTMENT STRATEGY?

The fund managers look for large company stocks that they believe will
increase in value over time. The managers use a "growth" investment
strategy developed by American Century that looks for companies whose
earnings and revenues are not only growing, but growing at a successively
faster, or accelerating, pace. Accelerating growth is shown, for example,
by growth that is faster this quarter than last and faster this year than
the year before.

As long as a sufficient number of stocks with accelerating earnings and
revenues are available, the fund managers intend to keep Growth essentially
fully invested in those stocks. When the managers believe that it is
prudent, they also may invest assets in non-leveraged futures and options.
Futures and options can help the fund's cash assets remain liquid while
performing more like stocks.

Additional information about Growth's investments is available in its
annual and semiannual reports. In these reports you will find a discussion
of the market conditions and investment strategies that significantly
affected the fund's performance during the most recent six-month period.
You may get these reports at no cost by calling us.

3. WHAT ARE THE SIGNIFICANT RISKS OF INVESTING IN THE FUND?

* The value of Growth's shares depends on the value of the stocks and other
securities it owns. The value of the individual securities Growth owns will
go up and down depending on the performance of the companies that issued
them, general market and economic conditions, and investor confidence.

* The fund managers will buy a large amount of a company's stock quickly, and
often will dispose of it quickly if the company's earnings or revenues
decline. While we believe this strategy provides substantial appreciation
potential over the long term, in the short term it can create a significant
amount of price volatility. This volatility can be greater than the average
stock fund.

* As with all funds, at any given time the value of your shares of Growth may
be worth more or less than the price you paid. If you sell your shares when
the value is less than the price you paid, you will lose money.
Additionally, an investment in the fund is not a bank deposit, nor is it
insured by the Federal Deposit Insurance Corporation (FDIC) or any other
government agency.

* Market performance tends to be cyclical, and in the various cycles, certain
investment styles may fall in and out of favor. If the market is not
favoring the fund's style, the fund's gains may not be as big, or its
losses may be bigger, than other equity funds using different investment
styles.

* Although the fund managers invest the fund's assets primarily in U.S.
stocks, Growth can invest in securities of foreign companies. Foreign
securities can have certain unique risks, including fluctuations in
currency exchange rates, political and economic developments, reduced
availability of public information and the fact that foreign issuers are
not required to abide by the same financial reporting or regulatory
practices as U.S. issuers.

In summary, Growth is intended for investors who seek long-term capital
growth through an aggressive equity fund and who are willing to accept the
risk associated with the fund's investment strategy.

FUND PERFORMANCE

The bar chart at the top of the following page shows the actual
performance of Growth's Investor Class for each of the last 10 calendar
years.(1) It indicates the volatility of the fund's historical returns from
year to year. Neither it nor the quarterly

(1) As of March 31, 1998, the end of the most recent calendar quarter, Growth's
year-to-date return was 15.16%.

Growth American Century Investments

information below the bar chart is intended to indicate how the fund will
perform in the future.

[bar chart - data below]
<TABLE>
- --------------------------------------------------------------------------------------------------------------
CALENDAR YEAR-BY-YEAR RETURNS
- --------------------------------------------------------------------------------------------------------------
1988 1989 1990 1991 1992 1993 1994 1995 1996 1997
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Growth 2.72% 43.13% -3.85% 69.02% -4.29% 3.76% -1.49% 20.35% 15.01% 29.28%
- --------------------------------------------------------------------------------------------------------------
Russell 1000 Growth 11.27% 35.92% -0.26% 41.16% 5.00% 2.90% 2.66% 37.19% 23.12% 30.49%
</TABLE>

The fund's highest and lowest returns for a calendar quarter since
January 1, 1988, are provided in the chart below to indicate the fund's
potential short-term volatility. Shareholders should be aware, however,
that Growth is intended for investors with a long-term investment horizon
and is not managed for short-term results.

[bar chart - data below]
- -------------------------------------------------------------------------------
HIGHEST AND LOWEST QUARTERLY RETURNS
- -------------------------------------------------------------------------------
Quarter Ended 12/31/87 -27.32%
- -------------------------------------------------------------------------------
Quarter Ended 9/30/73 47.64%

The table below shows the fund's average annual return for the periods
indicated. The Russell 1000 Growth Index, an unmanaged index that reflects
no operating costs, is included as a benchmark for long-term performance
comparisons because it is viewed as a proxy for the entire U.S. stock
market.

1 YR. 5 YRS. 10 YRS.
- -------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS
- -------------------------------------------------------------------------------
Growth 51.02% 16.51% 17.09%
- -------------------------------------------------------------------------------
Russell 1000 Growth 49.46% 22.01% 19.25%

4. WHAT ARE THE FUND'S FEES AND EXPENSES?

- -------------------------------------------------------------------------------
ANNUAL FUND OPERATING EXPENSES
(EXPENSES THAT ARE DEDUCTED FROM FUND ASSETS)
- -------------------------------------------------------------------------------
Management Fee 1.00%
- -------------------------------------------------------------------------------
Distribution and/or 12b-1 Fees None
- -------------------------------------------------------------------------------
Other Expenses(2) 0.00%
- -------------------------------------------------------------------------------
Total Annual Fund Operating Expenses 1.00%

(2) Other expenses include the fees and expenses of the fund's independent
directors, their legal counsel, interest and extraordinary expenses.

EXAMPLE OF HYPOTHETICAL FUND COSTS

Assuming you

* invest $10,000 in the fund
* redeem your shares at the end of the periods shown below
* earn a 5% return each year
* incur the same operating expenses shown above

your cost of investing in the fund would be:

-------------------------------------------------------------------
1 year 3 years 5 years 10 years
-------------------------------------------------------------------
$100 $320 $550 $1,220

Of course, actual costs may be higher or lower. Use this example
to compare the costs of investing in other funds.

5. WHO ARE THE FUND'S INVESTMENT ADVISOR AND PORTFOLIO MANAGERS?

C. KIM GOODWIN, Vice President and Portfolio Manager, joined American
Century as a manager of Growth in October 1997. Before joining American
Century, Ms. Goodwin served as Senior Vice President and Portfolio Manager
at Putnam Investments (from May 1996 to September 1997) and Vice President
and Portfolio Manager at Prudential Investments (February 1993 to April
1996).

Fund Profile Growth

GREGORY J. WOODHAMS, Portfolio Manager, joined American Century in
September 1997 as an Investment Analyst. In May 1998, he was promoted to
Portfolio Manager. Before joining American Century, Mr. Woodhams served as
Vice President and Director of Equity Research for Texas Commerce Bank, a
subsidiary of Chase Manhattan Bank.

6. HOW DO I BUY FUND SHARES?

* Complete and return the enclosed application

* Call us and exchange shares from another American Century fund

* Call us and send your investment by bank wire transfer

7. HOW DO I SELL FUND SHARES?

You may sell all or part of your fund shares on any business day by
writing or calling us. You may also exchange your shares in Growth for
shares in nearly 70 other mutual funds offered by American Century.
Depending on the options you select when you open your account, some
restrictions may apply. For your protection, some redemption requests
require a signature guarantee.

8. HOW ARE FUND DISTRIBUTIONS MADE AND TAXED?

Growth pays distributions of substantially all of its income and
realized capital gains once a year, generally in December. Distributions
may be taxable as ordinary income, capital gains, or a combination of the
two. Capital gains are taxed at different rates depending on the length of
time the fund held the securities that were sold. Distributions are
reinvested automatically in additional shares unless you choose another
option.

9. WHAT SERVICES ARE AVAILABLE?

American Century offers several ways to make it easier for you to manage
your account, such as:

* telephone transactions

* wire and electronic funds transfers

* 24-hour Automated Information Line transactions

* 24-hour online Internet account access and transactions

You may find more information about these choices in our Investor
Services Guide, which you may request by calling us, accessing our Web
site, or visiting one of our Investor Centers.

- --------------------------------------------------------------------------------

[american century logo(reg.sm)
American
Century(reg.tm)

AMERICAN CENTURY INVESTMENTS
P.O. BOX 419200
KANSAS CITY, MISSOURI 64141-6200

WWW.AMERICANCENTURY.COM

INVESTOR SERVICES
1-800-345-2021 or 816-531-5575

AUTOMATED INFORMATION LINE
1-800-345-8765

INSTITUTIONAL, CORPORATE, KEOGH, SEP/SARSEP,
SIMPLE AND 403(B) SERVICES
1-800-345-3533

TELECOMMUNICATIONS DEVICE FOR THE DEAF
1-800-634-4113 or 816-444-3485

FAX
816-340-7962

Funds Distributor, Inc.
SH-BRO-12613 9807 (c) 1998 American Century Services Corporation
<PAGE>
FUND PROFILE

Ultra
INVESTOR CLASS
July _, 1998

[american century logo(reg.sm)
American
Century(reg.tm)

- --------------------------------------------------------------------------------

TWENTIETH CENTURY GROUP

[front cover]

ULTRA

1. WHAT IS THE FUND'S INVESTMENT OBJECTIVE?

Ultra seeks long-term capital growth by investing primarily in common
stocks.

2. WHAT IS THE FUND'S INVESTMENT STRATEGY?

The fund managers look for stocks of medium to large companies that they
believe will increase in value over time. The managers use a "growth"
investment strategy developed by American Century that looks for companies
whose earnings and revenues are not only growing, but growing at a
successively faster, or accelerating, pace. Accelerating growth is shown,
for example, by growth that is faster this quarter than last and faster
this year than the year before.

Using American Century's extensive computer database, the managers track
financial information for thousands of companies to research and select the
stocks they believe will be able to sustain accelerating growth. This
strategy is based on the premise that, over the long term, the stocks of
companies with accelerating earnings and revenues have a
greater-than-average chance to increase in value. This aggressive
investment strategy that pursues superior long term returns for fund
shareholders also results in the risks described in the next section.

As long as a sufficient number of stocks with accelerating earnings and
revenues are available, the fund managers intend to keep Ultra essentially
fully invested in those stocks. When the managers believe that it is
prudent, they also may invest assets in non-leveraged futures and options.
Futures and options can help the fund's cash assets remain liquid while
performing more like stocks.

Additional information about Ultra's investments is available in its
annual and semiannual reports. In these reports you will find a discussion
of the market conditions and investment strategies that significantly
affected the fund's performance during the most recent six-month period.
You may get these reports at no cost by calling us.

3. WHAT ARE THE SIGNIFICANT RISKS OF INVESTING IN THE FUND?

* The value of Ultra's shares depends on the value of the stocks and other
securities it owns. The value of the individual securities Ultra owns
will go up and down depending on the performance of the companies that
issued them, general market and economic conditions, and investor
confidence.

* The fund managers will buy a large amount of a company's stock quickly,
and often will dispose of it quickly if the company's earnings or
revenues decline. While we believe this strategy provides substantial
appreciation potential over the long term, in the short term it can
create a significant amount of price volatility. This volatility can be
greater than the average stock fund.

* As with all funds, at any given time the value of your shares of Ultra
may be worth more or less than the price you paid. If you sell your
shares when the value is less than the price you paid, you will lose
money. Additionally, an investment in the fund is not a bank deposit,
nor is it insured by the Federal Deposit Insurance Corporation (FDIC) or
any other government agency.

* Market performance tends to be cyclical, and in the various cycles,
certain investment styles may fall in and out of favor. If the market is
not favoring the fund's style, the fund's gains may not be as big, or
its losses may be bigger, than other equity funds using different
investment styles.

* Although the fund managers invest the fund's assets primarily in U.S.
stocks, Ultra can invest in securities of foreign companies. Foreign
securities can have certain unique risks, including fluctuations in
currency exchange rates, political and economic developments, reduced
availability of public information and the fact that foreign issuers are
not required to abide by the same financial reporting or regulatory
practices as U.S. issuers.

In summary, Ultra is intended for investors who seek long-term capital
growth through an aggressive equity fund and who are willing to accept the
risk associated with the fund's investment strategy.

FUND PERFORMANCE

The bar chart on the next page shows the actual performance of Ultra's
Investor Class for each of the last 10 calendar years.(1) It indicates the
volatility of the fund's historical returns from

(1)As of March 31, 1998, the end of the most recent calendar quarter,
Ultra's year-to-date return was 15.93%.

Ultra American Century Investments

[bar chart - data below]
<TABLE>
CALENDAR YEAR-BY-YEAR RETURNS
1988 1989 1990 1991 1992 1993 1994 1995 1996 1997
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Ultra 13.32 36.94 9.36 86.45 1.27 21.81 -3.62 37.68 13.85 23.13
S&P 500 16.50 31.59 -3.11 30.33 7.61 10.03 1.36 37.44 22.93 33.28
</TABLE>

year to year. Neither it nor the quarterly information below is intended to
indicate how the fund will perform in the future.

The fund's highest and lowest returns for a calendar quarter since
January 1, 1988 are provided in the chart below to indicate how much the
fund's share price can change, both up and down, in a short time period.
Shareholders should be aware, however, that Ultra is intended for investors
with a long-term investment horizon and is not managed for short-term
results.

[bar chart - data below]
Highest and Lowest Quarterly Returns
Quarter Ended 12/31/82 42.54%
Quarter Ended 12/31/87 -26.68%

The table below shows the fund's average annual return for the periods
indicated. The S&P 500, an unmanaged index that reflects no operating
costs, is included as a benchmark for long-term performance comparisons
because it is viewed as a proxy for the entire U.S. stock market.

1 YR. 5 YRS. 10 YRS.
AVERAGE ANNUAL TOTAL RETURNS
Ultra 46.08% 21.34% 22.50%
S&P 500 47.85% 22.35% 18.88%

4. WHAT ARE THE FUND'S FEES AND EXPENSES?

ANNUAL FUND OPERATING EXPENSES
(EXPENSES THAT ARE DEDUCTED FROM FUND ASSETS)
-----------------------------------------------------------
Management Fee 1.00%
Distribution and/or 12b-1 Fees None
Other Expenses(1) 0.00%
Total Annual Fund Operating Expenses 1.00%

(1) Other expenses include the fees and expenses of the fund's independent
directors, their legal counsel, interest and extraordinary expenses.

EXAMPLE OF HYPOTHETICAL FUND COSTS
Assuming you
* invest $10,000 in the fund
* redeem your shares at the end of the periods shown below
* earn a 5% return each year
* incur the same operating expenses shown above
your cost of investing in the fund would be:

1 year 3 years 5 years 10 years
---------------------------------------------------------------
$100 $320 $550 $1,220

Of course, actual costs may be higher or lower. Use this example
to compare the costs of investing in other funds.

5. WHO ARE THE FUND'S INVESTMENT ADVISOR AND PORTFOLIO MANAGERS?

JAMES E. STOWERS III, Chief Executive Officer and Portfolio Manager,
joined American Century as a manager of Ultra and other American Century
growth-oriented funds in 1981.

Fund Profile Ultra

JOHN R. SYKORA, Portfolio Manager, joined American Century in May 1994
as an Investment Analyst. In August 1997, he was promoted to Portfolio
Manager of Ultra. Before joining American Century, Mr. Sykora served as a
Financial Analyst for Business Men's Assurance Company of America, Kansas
City, Missouri (August 1993-April 1994).

BRUCE A. WIMBERLY, Portfolio Manager, joined American Century in
September 1994 as an Investment Analyst. In July 1996, he was promoted to
Portfolio Manager of Ultra. Before joining American Century, Mr. Wimberly
attended Kellogg Graduate School of Management, Northwestern University
(August 1992-August 1994), where he obtained his MBA.

6. HOW DO I BUY FUND SHARES?

* Complete and return the enclosed application

* Call us and exchange shares from another American Century fund

* Call us and send your investment by bank wire transfer

7. HOW DO I SELL FUND SHARES?

You may sell all or part of your fund shares on any business day by
writing or calling us. You may also exchange your shares in Ultra for
shares in nearly 70 other mutual funds offered by American Century.
Depending on the options you select when you open your account, some
restrictions may apply. For your protection, some redemption requests
require a signature guarantee.

8. HOW ARE FUND DISTRIBUTIONS MADE AND TAXED?

Ultra pays distributions of substantially all of its income and realized
capital gains once a year, usually in December. Distributions may be
taxable as ordinary income, capital gains, or a combination of the two.
Capital gains are taxed at different rates depending on the length of time
the fund held the securities that were sold. Distributions are reinvested
automatically in additional shares unless you choose another option.

9. WHAT SERVICES ARE AVAILABLE?

American Century offers several ways to make it easier for you to manage
your account, such as:

* telephone transactions

* wire and electronic funds transfers

* 24-hour Automated Information Line transactions

* 24-hour online Internet account access and transactions

You may find more information about these choices in our Investor
Services Guide, which you may request by calling us, accessing our Web
site, or visiting one of our Investor Centers.

- --------------------------------------------------------------------------------

[american century logo(reg.sm)
American
Century(reg.tm)

AMERICAN CENTURY INVESTMENTS
P.O. BOX 419200
KANSAS CITY, MISSOURI 64141-6200

WWW.AMERICANCENTURY.COM

INVESTOR SERVICES
1-800-345-2021 or 816-531-5575

AUTOMATED INFORMATION LINE
1-800-345-8765

INSTITUTIONAL, CORPORATE, KEOGH, SEP/SARSEP,
SIMPLE AND 403(B) SERVICES
1-800-345-3533

TELECOMMUNICATIONS DEVICE FOR THE DEAF
1-800-634-4113 or 816-444-3485

FAX
816-340-7962

Funds Distributor, Inc.
(c) 1998 American Century Services Corporation

SH-BRO-12611 9807
<PAGE>
FUND PROFILE

Vista
INVESTOR CLASS
July _, 1998

[american century logo(reg.sm)
American
Century(reg.tm)

TWENTIETH CENTURY GROUP

[front cover]

VISTA

1. WHAT IS THE FUND'S INVESTMENT OBJECTIVE?

Vista seeks long-term capital growth by investing primarily in common
stocks.

2. WHAT IS THE FUND'S INVESTMENT STRATEGY?

The fund managers look for stocks of medium- and smaller-sized companies
that they believe will increase in value over time. The managers use a
"growth" investment strategy developed by American Century that looks for
companies whose earnings and revenues are not only growing, but growing at
a successively faster, or accelerating, pace. Acceleration is shown, for
example, by growth that is faster this quarter than last and faster this
year than the year before.

As long as a sufficient number of stocks with accelerating earnings and
revenues are available, the fund managers intend to keep Vista essentially
fully invested in those stocks. When the managers believe that it is
prudent, they also may invest assets in non-leveraged futures and options.
Futures and options can help the fund's cash assets remain liquid while
performing more like stocks.

Additional information about Vista's investments is available in its
annual and semiannual reports. In these reports you will find a discussion
of the market conditions and investment strategies that significantly
affected the fund's performance during the most recent six-month period.
You may get these reports at no cost by calling us.

3. WHAT ARE THE SIGNIFICANT RISKS OF INVESTING IN THE FUND?

* The value of Vista's shares depends on the value of the stocks and other
securities it owns. The value of the individual securities Vista owns will
go up and down depending on the performance of the companies that issued
them, general market and economic conditions, and investor confidence.

* The fund managers will buy a large amount of a company's stock quickly, and
often will dispose of it quickly if the company's earnings or revenues
decline. While we believe this strategy provides substantial appreciation
potential over the long term, in the short term it can create a significant
amount of price volatility. This volatility can be greater than the average
stock fund.

* As with all funds, at any given time the value of your shares of Vista may
be worth more or less than the price you paid. If you sell your shares when
the value is less than the price you paid, you will lose money.
Additionally, an investment in the fund is not a bank deposit, nor is it
insured by the Federal Deposit Insurance Corporation (FDIC) or any other
government agency.

* Market performance tends to be cyclical, and in the various cycles, certain
investment styles may fall in and out of favor. If the market is not
favoring the fund's style, the fund's gains may not be as big, or its
losses may be bigger, than other equity funds using different investment
styles.

* Because Vista generally invests in smaller companies than our similarly
managed Ultra and Growth funds, it may be more volatile, and subject to
greater short-term risk, than those funds.

* Although the fund managers invest the fund's assets primarily in U.S.
stocks, Vista can invest in securities of foreign companies. Foreign
securities can have certain unique risks, including fluctuations in
currency exchange rates, political and economic developments, reduced
availability of public information and the fact that foreign issuers are
not required to abide by the same financial reporting or regulatory
practices as U.S. issuers.

In summary, Vista is intended for investors who seek long-term capital
growth through an aggressive equity fund and who are willing to accept the
risk associated with the fund's investment strategy.

Vista American Century Investments

FUND PERFORMANCE

The bar chart below shows the actual performance of Vista's Investor
Class for each of the last 10 calendar years.(1) It indicates the
volatility of the fund's historical returns from year to year. Neither it
nor the quarterly information below the bar chart is intended to indicate
how the fund will perform in the future.

(1) As of March 31, 1998, the end of the most recent calendar quarter, Vista's
year-to-date return was 7.33%. Partial year performance is not annualized.

[bar chart - data below]
<TABLE>
- --------------------------------------------------------------------------------------------------------------
CALENDAR YEAR-BY-YEAR RETURNS
- --------------------------------------------------------------------------------------------------------------
1988 1989 1990 1991 1992 1993 1994 1995 1996 1997
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Vista 2.44% 52.20% -15.73% 73.69% -2.13% 5.45% 4.68% 46.13% 7.56% -8.68%
- --------------------------------------------------------------------------------------------------------------
Russell 2500 Growth 16.90% 24.51% -12.20% 55.02% 5.79% 12.14% -1.28% 33.54% 15.07% 14.76%
</TABLE>

The fund's highest and lowest returns for a calendar quarter since
January 1, 1988, are provided in the chart below to indicate the fund's
potential short-term volatility. Shareholders should be aware, however,
that Vista is intended for investors with a long-term investment horizon
and is not managed for short-term results.

[bar chart - data below]
- -------------------------------------------------------------------------------
HIGHEST AND LOWEST QUARTERLY RETURNS
- -------------------------------------------------------------------------------
Quarter Ended 9/30/90 -29.82%
- -------------------------------------------------------------------------------
Quarter Ended 3/31/87 40.50%

The table in the next column shows the fund's average annual return for
the periods indicated. Unlike an index fund, Vista makes no attempt to
match the benchmark over short-term periods. The Russell 2500 Growth Index,
an unmanaged index that reflects no operating costs, is included as a
benchmark for long-term performance comparisons.

1 YR. 5 YRS. 10 YRS.
- -------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS
- -------------------------------------------------------------------------------
Vista 20.83% 11.82% 13.72%
- -------------------------------------------------------------------------------
Russell 2500 Growth Index 38.64% 17.05% 14.83%

4. WHAT ARE THE FUND'S FEES AND EXPENSES?

(2) Other expenses include the fees and expenses of the fund's independent
directors, their legal counsel, interest and extraordinary expenses.

EXAMPLE OF HYPOTHETICAL FUND COSTS

Assuming you

* invest $10,000 in the fund
* redeem your shares at the end of the periods shown below
* earn a 5% return each year
* incur the same operating expenses shown above

your cost of investing in the fund would be:

-------------------------------------------------------------------
1 year 3 years 5 years 10 years
-------------------------------------------------------------------
$100 $320 $550 $1,220

Of course, actual costs may be higher or lower. Use this example
to compare the costs of investing in other funds.

5. WHO ARE THE FUND'S INVESTMENT ADVISOR AND PORTFOLIO MANAGERS?

Fund Profile Vista

ARNOLD K. DOUVILLE, Vice President and Portfolio Manager, joined
American Century as a manager of Vista and another American Century
growth-oriented fund in November 1997. Before joining American Century, Mr.
Douville served as Senior Portfolio Manager for Munder Capital Management
(from September 1989 to October 1997).

GLENN A. FOGLE, Vice President and Portfolio Manager, joined American
Century in September 1990 as an Investment Analyst. In March 1993, he was
promoted to Portfolio Manager of Vista.

6. HOW DO I BUY FUND SHARES?

* Complete and return the enclosed application

* Call us and exchange shares from another American Century fund

* Call us and send your investment by bank wire transfer

7. HOW DO I SELL FUND SHARES?

You may sell all or part of your fund shares on any business day by
writing or calling us. You may also exchange your shares in Vista for
shares in nearly 70 other mutual funds offered by American Century.
Depending on the options you select when you open your account, some
restrictions may apply. For your protection, some redemption requests
require a signature guarantee.

8. HOW ARE FUND DISTRIBUTIONS MADE AND TAXED?

Vista pays distributions of substantially all of its income and realized
capital gains once a year, generally in December. Distributions may be
taxable as ordinary income, capital gains, or a combination of the two.
Capital gains are taxed at different rates depending on the length of time
the fund held the securities that were sold. Distributions are reinvested
automatically in additional shares unless you choose another option.

9. WHAT SERVICES ARE AVAILABLE?

American Century offers several service choices to make it easier for
you to manage your account, such as:

* telephone transactions

* wire and electronic funds transfers

* 24-hour Automated Information Line transactions

* 24-hour online Internet account access and transactions

You may find more information about these choices in our Investor
Services Guide, which you may request by calling us, accessing our Web
site, or visiting one of our Investor Centers.

- --------------------------------------------------------------------------------

[american century logo(reg.sm)
American
Century(reg.tm)

AMERICAN CENTURY INVESTMENTS
P.O. BOX 419200
KANSAS CITY, MISSOURI 64141-6200

WWW.AMERICANCENTURY.COM

INVESTOR SERVICES
1-800-345-2021 or 816-531-5575

AUTOMATED INFORMATION LINE
1-800-345-8765

INSTITUTIONAL, CORPORATE, KEOGH, SEP/SARSEP,
SIMPLE AND 403(B) SERVICES
1-800-345-3533

TELECOMMUNICATIONS DEVICE FOR THE DEAF
1-800-634-4113 or 816-444-3485

FAX
816-340-7962

Funds Distributor, Inc.
SH-BRO-12612 9807 (c) 1998 American Century Services Corporation