AMERICAN CENTURY MUTUAL FUNDS INC, 485BPOS, 1998-02-26

AMERICAN CENTURY MUTUAL FUNDS INC
485BPOS, 1998-02-26

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As filed with the Securities and Exchange Commission on February 26, 1998
1933 Act File No. 2-14213; 1940 Act File No. 811-0816
- --------------------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-1A

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 _X__

Pre-Effective Amendment No.____ ____

Post-Effective Amendment No._78_ _X__

and/or

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 _X__

Amendment No._78_

(check appropriate box or boxes.)

AMERICAN CENTURY MUTUAL FUNDS, INC.
---------------------------------------------------
(Exact Name of Registrant as Specified in Charter)

American Century Tower, 4500 Main Street, Kansas City, MO 64111
----------------------------------------------------------------
(Address of Principal Executive Offices) (Zip Code)

Registrant's Telephone Number, including Area Code: 816-531-5575

James E. Stowers III
American Century Tower, 4500 Main Street, Kansas City, MO 64111
----------------------------------------------------------------
(Name and address of Agent for service)

Approximate Date of Proposed Public Offering: March 1, 1998

It is proposed that this filing will become effective (check appropriate box)

_____ immediately upon filing pursuant to paragraph (b) of Rule 485
__X__ on March 1, 1998 pursuant to paragraph (b) of Rule 485
_____ 60 days after filing pursuant to paragraph (a) of Rule 485
_____ on (date) pursuant to paragraph (a)(1) of Rule 485
_____ 75 days after filing pursuant to paragraph (a)(2) of Rule 485
_____ on (date) pursuant to paragraph (a)(2) of Rule 485

The Registrant has registered an indefinite number or amount of Securities under
the Securities Act of 1933 pursuant to Rule 24f-2. The Rule 24f-2 notice for the
fiscal year ending October 31, 1997, was filed on December 19, 1997.
<PAGE>
================================================================================
CROSS REFERENCE SHEET

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

N-1A Item No. Location
------------- --------
PART A

Item 1. Cover Page Cover Page
Item 2. Synopsis Transaction and Operating
Expense Table
Item 3. Condensed Financial Financial Highlights
Information
Item 4. General Description Investment Policies of
Registrant the Funds; Other Investment
Practices, Their Characteristics
and Risks; Performance
Advertising; Distribution
of Fund Shares; Further
Information About
American Century
Item 5. Management of the Management
Fund
Item 6. Capital Stock and Further Information About
Other Securities American Century
Item 7. Purchase of Securities How to Open An Account;
Being Offered How to Exchange From One
Account to Another;
Share Price; Distribution
Item 8. Redemption How to Redeem Shares;
Signature Guarantee
Item 9. Pending Legal N/A
Proceedings

- --------------------------------------------------------------------------------
PART B
- --------------------------------------------------------------------------------

Item 10. Cover Page Cover Page
Item 11. Table of Contents Table of Contents
Item 12. General Information N/A
Item 13. Investment Objectives Investment Objectives of
and Policies the Funds; Fundamental Policies
of the Funds; Additional
Investment Restrictions;
Forward Currency Exchange
Contracts; An Explanation of
Fixed Income; Securities Ratings
Short Sales; Portfolio Lending;
Portfolio Turnover;
Interest Rate Futures Contracts
and Related Options;
Municipal Leases
Item 14. Management of the Officers and Directors;
Registrant Management;
Custodians
Item 15. Control Persons Capital Stock
and Principal
Holders of Securities
Item 16. Investment Advisory Management;
and Other Services Custodians
Item 17. Brokerage Allocation Brokerage;
Performance Advertising
Item 18. Capital Stock and Capital Stock;
Other Securities Multiple Class Structure
Item 19. Purchase, Redemption N/A
and Pricing of
Securities Being
Offered
Item 20. Tax Status N/A
Item 21. Underwriters N/A
Item 22. Calculation of Yield Performance Advertising
Quotations of Money
Market Funds
Item 23. Financial Statements Financial Statements

<PAGE>
PROSPECTUS

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

MARCH 1, 1998

TWENTIETH
CENTURY
GROUP

Select
Heritage
Growth
Ultra
Vista

INVESTOR CLASS

AMERICAN CENTURY INVESTMENTS

FAMILY OF FUNDS

American Century Investments offers you nearly 70 fund choices covering
stocks, bonds, money markets, specialty investments and blended portfolios. To
help you find the funds that may meet your investment needs, American Century
funds have been divided into three groups based on investment style and
objectives. These groups, which appear below, are designed to help simplify your
fund decisions.

AMERICAN CENTURY INVESTMENTS
- --------------------------------------------------------------------------------

BENHAM GROUP(reg.tm) AMERICAN CENTURY GROUP TWENTIETH CENTURY GROUP
- --------------------------------------------------------------------------------

MONEY MARKET FUNDS ASSET ALLOCATION GROWTH FUNDS
GOVERNMENT BOND FUNDS & BALANCED FUNDS INTERNATIONAL FUNDS
DIVERSIFIED BOND FUNDS CONSERVATIVE EQUITY FUNDS
MUNICIPAL BOND FUNDS SPECIALTY FUND
- --------------------------------------------------------------------------------

Select * Heritage * Growth
Ultra * Vista

PROSPECTUS

MARCH 1, 1998

Select * Heritage * Growth

Ultra * Vista

INVESTOR CLASS

AMERICAN CENTURY MUTUAL FUNDS, INC.

American Century Mutual Funds, Inc. is a part of American Century
Investments, a family of funds that includes nearly 70 no-load mutual funds
covering a variety of investment opportunities. Five of the funds from our
Twentieth Century Group that invest primarily in equity securities are described
in this Prospectus. Their investment objectives are listed on page 2 of this
Prospectus. The other funds are described in separate prospectuses.

Through its Investor Class of shares, American Century offers investors a
full line of no-load funds, investments that have no sales charges or
commissions.

This Prospectus gives you information about the funds that you should know
before investing. Please read this Prospectus carefully and retain it for future
reference. Additional information is included in the Statement of Additional
Information dated March 1, 1998, and filed with the Securities and Exchange
Commission. It is incorporated into this Prospectus by reference. To obtain a
copy without charge, call or write:

AMERICAN CENTURY INVESTMENTS
4500 Main Street * P.O. Box 419200
Kansas City, Missouri 64141-6200 * 1-800-345-2021
International calls: 816-531-5575
Telecommunications Device for the Deaf:
1-800-634-4113 * In Missouri: 816-444-3485
Internet: www.americancentury.com

Additional information, including this Prospectus and the Statement of
Additional Information, may be obtained by accessing the Web site maintained by
the SEC (www.sec.gov).

THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND
EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION, NOR HAS THE SECURITIES
AND EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION PASSED UPON THE
ACCURACY OR ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A
CRIMINAL OFFENSE.

PROSPECTUS 1

INVESTMENT OBJECTIVES OF THE FUNDS

AMERICAN CENTURY - TWENTIETH CENTURY
SELECT FUND

AMERICAN CENTURY - TWENTIETH CENTURY
HERITAGE FUND

The Select and Heritage funds seek capital growth. The funds intend to
pursue their investment objectives by investing primarily in common stocks of
companies that are considered by management to have better-than-average
prospects for appreciation. As a matter of fundamental policy, 80% of the assets
of the Select fund and 60% of the assets of the Heritage fund must be invested
in securities of companies that have a record of paying dividends or have
committed themselves to the payment of regular dividends, or otherwise produce
income.

AMERICAN CENTURY - TWENTIETH CENTURY
GROWTH FUND

AMERICAN CENTURY - TWENTIETH CENTURY
ULTRA FUND

AMERICAN CENTURY - TWENTIETH CENTURY
VISTA FUND

The Growth, Ultra and Vista funds seek capital growth. The funds intend to
pursue their investment objectives by investing primarily in common stocks that
are considered by management to have better-than-average prospects for
appreciation.

There is no assurance that the funds will achieve
their respective investment objectives.

NO PERSON IS AUTHORIZED BY THE FUNDS TO GIVE ANY INFORMATION OR MAKE ANY
REPRESENTATION OTHER THAN THOSE CONTAINED IN THIS PROSPECTUS OR IN OTHER PRINTED
OR WRITTEN MATERIAL ISSUED BY OR ON BEHALF OF THE FUNDS, AND YOU SHOULD NOT RELY
ON ANY OTHER INFORMATION OR REPRESENTATION.

2 INVESTMENT OBJECTIVES AMERICAN CENTURY INVESTMENTS

TABLE OF CONTENTS

Investment Objectives of the Funds ........................................ 2
Transaction and Operating Expense Table ................................... 4
Financial Highlights ...................................................... 5

INFORMATION REGARDING THE FUNDS

Investment Policies of the Funds .......................................... 10
Growth Equity Funds .................................................... 10
Select and Heritage .................................................... 10
Growth, Ultra and Vista ................................................ 10

Other Investment Practices, Their Characteristics
and Risks ................................................................. 11
Foreign Securities ..................................................... 11
Forward Currency Exchange Contracts .................................... 11
Portfolio Turnover ..................................................... 12
Repurchase Agreements .................................................. 12
Futures and Options .................................................... 12
Derivative Securities .................................................. 13
When-Issued Securities ................................................. 14
Rule 144A Securities ................................................... 14
Investments in Companies
with Limited Operating History ...................................... 14
Short Sales ............................................................ 15
Performance Advertising ................................................... 15

HOW TO INVEST WITH AMERICAN CENTURY INVESTMENTS

American Century Investments .............................................. 16
Investing in American Century ............................................. 16
How to Open an Account .................................................... 16
By Mail ........................................................ 16
By Wire ........................................................ 16
By Exchange .................................................... 17
In Person ...................................................... 17
Subsequent Investments .............................................. 17
By Mail ........................................................ 17
By Telephone ................................................... 17
By Online Access ............................................... 17
By Wire ........................................................ 17
In Person ...................................................... 17
Automatic Investment Plan ........................................... 17
How to Exchange from One Account to Another ............................... 18
By Mail ........................................................ 18
By Telephone ................................................... 18
By Online Access ............................................... 18
How to Redeem Shares ..................................................... 18
By Mail ........................................................ 18
By Telephone ................................................... 18
By Check-A-Month ............................................... 18
Other Automatic Redemptions .................................... 18
Redemption Proceeds ................................................. 18
By Check ....................................................... 19
By Wire and ACH ................................................ 19
Special Requirements for Large Redemptions .......................... 19
Redemption of Shares in Low-Balance Accounts ........................ 19
Signature Guarantee ...................................................... 19
Special Shareholder Services ............................................. 20
Automated Information Line ..................................... 20
Online Account Access .......................................... 20
Open Order Service ............................................. 20
Tax-Qualified Retirement Plans ................................. 20
Important Policies Regarding Your Investments ............................ 21
Reports to Shareholders .................................................. 21
Employer-Sponsored Retirement Plans and
Institutional Accounts ................................................. 22

ADDITIONAL INFORMATION YOU SHOULD KNOW

Share Price ............................................................... 23
When Share Price Is Determined ......................................... 23
How Share Price Is Determined .......................................... 23
Where to Find Information About Share Price ............................ 24
Distributions ............................................................. 24
Taxes ..................................................................... 24
Tax-Deferred Accounts .................................................. 25
Taxable Accounts ....................................................... 25
Management ................................................................ 26
Investment Management .................................................. 26
Code of Ethics ......................................................... 27
Transfer and Administrative Services ................................... 27
Distribution of Fund Shares ............................................... 28
Further Information About American Century ................................ 28

PROSPECTUS TABLE OF CONTENTS 3

TRANSACTION AND OPERATING EXPENSE TABLE

Select, Heritage,
Growth, Ultra, Vista

SHAREHOLDER TRANSACTION EXPENSES:

Maximum Sales Load Imposed on Purchases ............................. none

Maximum Sales Load Imposed on Reinvested Dividends .................. none

Deferred Sales Load ................................................. none

Redemption Fee(1) ................................................... none

Exchange Fee ........................................................ none

ANNUAL FUND OPERATING EXPENSES:
(as a percentage of net assets)

Management Fees(2) .................................................. 1.00%

12b-1 Fees .......................................................... none

Other Expenses(3) ................................................... 0.00%

Total Fund Operating Expenses ....................................... 1.00%

EXAMPLE:

You would pay the following expenses on a 1 year $ 10
$1,000 investment, assuming a 5% annual return and 3 years 32
redemption at the end of each time period: 5 years 55
10 years 122

(1) Redemption proceeds sent by wire are subject to a $10 processing fee.

(2) A portion of the management fee may be paid by the funds' manager to
unaffiliated third parties who provide recordkeeping and administrative
services that would otherwise be performed by an affiliate of the manager.
See " Management-Transfer and Administrative Services," page 27.

(3) Other expenses, which includes the fees and expenses (including legal
counsel fees) of those directors who are not "interested persons" as
defined in the Investment Company Act, were less than 0.01 of 1% of average
net assets for the most recent fiscal year.

The purpose of this table is to help you understand the various costs and
expenses that you, as a shareholder, will bear directly or indirectly in
connection with an investment in the class of shares of the funds offered by
this Prospectus. The example set forth above assumes reinvestment of all
dividends and distributions and uses a 5% annual rate of return as required by
Securities and Exchange Commission regulations.

NEITHER THE 5% RATE OF RETURN NOR THE EXPENSES SHOWN ABOVE SHOULD BE
CONSIDERED INDICATIONS OF PAST OR FUTURE RETURNS AND EXPENSES. ACTUAL RETURNS
AND EXPENSES MAY BE GREATER OR LESS THAN THOSE SHOWN.

The shares offered by this Prospectus are Investor Class shares and have no
up-front or deferred sales charges, commissions, or 12b-1 fees. The funds offer
three other classes of shares, primarily to institutional investors, that have
different fee structures than the Investor Class. The difference in the fee
structures among the classes is the result of their separate arrangements for
shareholder and distribution services and not the result of any difference in
amounts charged by the manager for core investment advisory services.
Accordingly, the core investment advisory expenses do not vary by class. A
difference in fees will result in different performance for the other classes.
For additional information about the various classes, see "Further Information
About American Century," page 28.

4 TRANSACTION AND OPERATING EXPENSE TABLE AMERICAN CENTURY INVESTMENTS

<TABLE>
<CAPTION>
FINANCIAL HIGHLIGHTS

SELECT

The Financial Highlights for the fiscal year ended October 31, 1997, have been
audited by Deloitte & Touche LLP, independent auditors, whose report thereon
appears in the fund's annual report, which is incorporated by reference into the
Statement of Additional Information. The annual report contains additional
performance information and will be made available upon request and without
charge. The Financial Highlights for the fiscal years ended on or before October
31, 1996, have been audited by other independent auditors whose report thereon
is incorporated by reference into the Statement of Additional Information. The
information presented is for a share outstanding throughout the years ended
October 31.

1997 1996 1995 1994 1993 1992 1991 1990 1989 1988

PER-SHARE DATA

Net Asset
Value,
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Beginning of Year ................ $41.52 $39.52 $37.67 $45.76 $39.18 $40.79 $34.19 $35.98 $27.85 $32.69
------ ------ ------ ------ ------ ------ ------ ------ ------ ------

Income From
Investment Operations

Net Investment Income ........... 0.15(1) 0.20(1) 0.33(1) 0.40 0.46 0.53 0.63 0.62 1.10 0.64

Net Realized and
Unrealized Gain
(Loss) on Investment
Transactions .................... 10.51 6.73 4.68 (3.59) 7.94 0.34 8.17 (1.29) 7.74 1.37
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Total From
Investment Operations ........... 10.66 6.93 5.01 (3.19) 8.40 0.87 8.80 (0.67) 8.84 2.01
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Distributions

From Net Investment Income ...... (0.32) (0.27) (0.28) (0.43) (0.49) (0.65) (0.65) (1.12) (0.71) (0.48)

From Net Realized Gains on
Investment Transactions ......... (3.68) (4.66) (2.75) (4.47) (1.31) (1.83) (1.55) -- -- (6.37)

In Excess of
Net Realized Gains .............. -- -- (0.13) -- (0.02) -- -- -- -- --
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Total Distributions ............. (4.00) (4.93) (3.16) (4.90) (1.82) (2.48) (2.20) (1.12) (0.71) (6.85)
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Net Asset Value, End of Year ..... $48.18 $41.52 $39.52 $37.67 $45.76 $39.18 $40.79 $34.19 $35.98 $27.85
====== ====== ====== ====== ====== ====== ====== ====== ====== ======

Total Return(2) ................. 27.89% 19.76% 15.02% (7.37)% 22.20% 1.76% 27.05% (2.03)% 32.59% 7.31%

RATIOS/SUPPLEMENTAL DATA

Ratio of Operating
Expenses
to Average Net Assets ............ 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00%

Ratio of Net Investment Income
to Average Net Assets ............ 0.33% 0.5% 0.9% 1.0% 1.1% 1.4% 1.7% 1.8% 3.4% 2.2%

Portfolio Turnover Rate .......... 94% 105% 106% 126% 82% 95% 84% 83% 93% 140%

Average Commission Paid per
Share of Equity Security Traded .. $0.0457 $0.0410 $0.0460 --(3) --(3) --(3) --(3) --(3) --(3) --(3)

Net Assets, End
of Year (in millions) ............ $4,769 $4,039 $4,008 $4,278 $5,160 $4,534 $4,163 $2,953 $2,721 $2,367
</TABLE>

(1) Computed using average shares outstanding throughout the period.

(2) Total return assumes reinvestment of dividends and capital gains
distributions, if any.

(3) Disclosure of average commission paid per share of equity security traded
was not required prior to the year ended October 31, 1995.

PROSPECTUS FINANCIAL HIGHLIGHTS 5

<TABLE>
<CAPTION>
FINANCIAL HIGHLIGHTS

HERITAGE

1997 1996 1995 1994 1993 1992 1991 1990 1989 1988(1)

PER-SHARE DATA

Net Asset Value,
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Beginning of Period ............ $12.24 $11.75 $10.32 $11.03 $9.30 $8.59 $6.55 $8.15 $6.21 $5.00
------ ------ ------ ------ ----- ----- ----- ----- ----- -----
Income From
Investment Operations

Net Investment Income ......... 0.01(2) --(2) 0.05(2) 0.07 0.07 0.10 0.11 0.10 0.08 0.06

Net Realized and
Unrealized Gain
(Loss) on Investment
Transactions .................. 3.41 1.15 1.96 (0.21) 2.43 0.72 2.04 (0.94) 1.93 1.16
------ ------ ------ ------ ----- ----- ----- ----- ----- -----
Total from
Investment Operations ......... 3.42 1.15 2.01 (0.14) 2.50 0.82 2.15 (0.84) 2.01 1.22
------ ------ ------ ------ ----- ----- ----- ----- ----- -----
Distributions

From Net Investment Income .... (0.09) (0.05) (0.03) (0.06) (0.09) (0.11) (0.11) (0.07) (0.07) (0.01)

From Net Realized Gains on
Investment Transactions ....... (0.71) (0.61) (0.52) (0.50) (0.68) -- -- (0.69) -- --

In Excess of Net
Realized Gains ................ -- -- (0.03) (0.01) -- -- -- -- -- --
------ ------ ------ ------ ----- ----- ----- ----- ----- -----
Total Distributions ........... (0.80) (0.66) (0.58) (0.57) (0.77) (0.11) (0.11) (0.76) (0.07) (0.01)
------ ------ ------ ------ ----- ----- ----- ----- ----- -----
Net Asset Value, End of Period . $14.86 $12.24 $11.75 $10.32 $11.03 $9.30 $8.59 $6.55 $8.15 $6.21
====== ====== ====== ====== ====== ===== ===== ===== ===== =====

Total Return(3) ............... 29.56% 10.44% 21.04% (1.13)% 28.64% 9.65% 33.25% (11.62)% 32.65% 25.75%

RATIOS/SUPPLEMENTAL DATA

Ratio of Operating Expenses
to Average Net Assets .......... 1.00% 0.99% 0.99% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00%(4)

Ratio of Net Investment Income
to Average Net Assets .......... 0.05% -- 0.5% 0.7% 0.7% 1.1% 1.5% 1.6% 1.3% 1.4%(4)

Portfolio Turnover Rate ........ 69% 122% 121% 136% 116% 119% 146% 127% 159% 130%(4)

Average Commission Paid per
Share of Equity
Security Traded ................ $0.0436 $0.0420 $0.0420 --(5) --(5) --(5) --(5) --(5) --(5) --(5)

Net Assets, End
of Period (in millions) ........ $1,321 $1,083 $1,008 $897 $702 $369 $269 $199 $117 $55
</TABLE>

(1) November 10, 1987 (inception) through October 31, 1988.

(2) Computed using average shares outstanding throughout the period.

(3) Total return assumes reinvestment of dividends and capital gains
distributions, if any. Total return for periods less than one year are not
annualized.

(4) Annualized.

(5) Disclosure of average commission paid per share of equity security traded
was not required prior to the year ended October 31, 1995.

6 FINANCIAL HIGHLIGHTS AMERICAN CENTURY INVESTMENTS

<TABLE>
<CAPTION>
FINANCIAL HIGHLIGHTS

GROWTH

1997 1996 1995 1994 1993 1992 1991 1990 1989 1988

PER-SHARE DATA

Net Asset Value,
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Beginning of Year ............... $22.21 $23.88 $22.99 $25.27 $23.64 $22.32 $14.81 $17.44 $12.54 $15.62
------ ------ ------ ------ ------ ------ ------ ------ ------ ------

Income From
Investment Operations

Net Investment
Income (Loss) ................. 0.01(1) (0.01)(1) 0.08(1) 0.06 0.06 (0.02) 0.04 0.09 0.08 0.30

Net Realized and
Unrealized Gain
(Loss) on Investment
Transactions .................. 6.07 1.47 4.08 0.48 1.94 1.35 8.47 (2.05) 5.14 0.13
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Total from
Investment Operations ......... 6.08 1.46 4.16 0.54 2.00 1.33 8.51 (1.96) 5.22 0.43
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Distributions

From Net Investment Income .... (0.18) (0.07) (0.05) (0.06) -- (0.01) (0.11) (0.08) (0.32) (0.05)

From Net Realized Gains
on Investment Transactions .... (0.25) (2.98) (3.18) (2.76) (0.36) -- (0.89) (0.59) -- (3.46)

In Excess of Net
Realized Gains ................ -- (0.08) (0.04) -- (0.01) -- -- -- -- --
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Total Distributions ........... (0.43) (3.13) (3.27) (2.82) (0.37) (0.01) (1.00) (0.67) (0.32) (3.51)
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Net Asset Value, End of Year .... $27.86 $22.21 $23.88 $22.99 $25.27 $23.64 $22.32 $14.81 $17.44 $12.54
====== ====== ====== ====== ====== ====== ====== ====== ====== ======

Total Return(2) ............... 27.85% 8.18% 22.31% 2.66% 8.48% 5.96% 60.64% (11.72)% 42.74% 3.18%

RATIOS/SUPPLEMENTAL DATA

Ratio of Operating Expenses
to Average Net Assets ........... 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00%

Ratio of Net Investment Income
(Loss) to Average Net Assets .... 0.02% (0.1)% 0.4% 0.3% 0.2% (0.1)% 0.2% 0.6% 0.5% 2.4%

Portfolio Turnover Rate ......... 75% 122% 141% 100% 94% 53% 69% 118% 98% 143%

Average Commission Paid per
Share of Equity
Security Traded ................. $0.0393 $0.0360 $0.0400 --(3) --(3) --(3) --(3) --(3) --(3) --(3)

Net Assets, End
of Year (in millions) ........... $5,113 $4,765 $5,130 $4,363 $4,641 $4,472 $3,193 $1,697 $1,597 $1,229
</TABLE>

(1) Computed using average shares outstanding throughout the period.

(2) Total return assumes reinvestment of dividends and capital gains
distributions, if any.

(3) Disclosure of average commission paid per share of equity security traded
was not required prior to the year ended October 31, 1995.

PROSPECTUS FINANCIAL HIGHLIGHTS 7

<TABLE>
<CAPTION>
FINANCIAL HIGHLIGHTS

ULTRA

1997 1996 1995 1994 1993 1992 1991 1990 1989 1988

PER-SHARE DATA

Net Asset Value,
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Beginning of Year .............. $29.52 $28.03 $21.16 $21.61 $15.46 $15.53 $7.73 $9.63 $6.86 $8.76
------ ------ ------ ------ ------ ------ ----- ----- ----- -----
Income From
Investment Operations

Net Investment Income
(Loss) ....................... 0.01(1) (0.05)(1) (0.07)(1) (0.03) (0.09) (0.05) (0.03) (0.03) 0.19 (0.02)

Net Realized and
Unrealized Gain
(Loss) on Investment
Transactions ................. 5.62 2.84 7.58 (0.42) 6.24 (0.02) 7.86 (0.73) 2.58 1.38
------ ------ ------ ------ ------ ------ ----- ----- ----- -----
Total from
Investment Operations ........ 5.63 2.79 7.51 (0.45) 6.15 (0.07) 7.83 (0.76) 2.77 1.36
------ ------ ------ ------ ------ ------ ----- ----- ----- -----
Distributions

From Net Investment Income ... -- -- -- -- -- -- -- (0.19) -- --

From Net Realized Gains on
Investment Transactions ...... (1.69) (1.19) (0.64) -- -- -- (0.03) (0.95) -- (3.26)

In Excess of
Net Realized Gains ........... -- (0.11) -- -- -- -- -- -- -- --
------ ------ ------ ------ ------ ------ ----- ----- ----- -----
Total Distributions .......... (1.69) (1.30) (0.64) -- -- -- (0.03) (1.14) -- (3.26)
------ ------ ------ ------ ------ ------ ----- ----- ----- -----
Net Asset Value, End of Year ... $33.46 $29.52 $28.03 $21.16 $21.61 $15.46 $15.53 $7.73 $9.63 $6.86
====== ====== ====== ====== ====== ====== ====== ===== ===== =====

Total Return(2) .............. 19.95% 10.79% 36.89% (2.08)% 39.78% (0.45)% 101.51% (9.02)% 40.37% 19.52%

RATIOS/SUPPLEMENTAL DATA

Ratio of Operating Expenses
to Average Net Assets .......... 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00%

Ratio of Net Investment Income
(Loss) to Average Net Assets ... 0.03% (0.2)% (0.3)% (0.1)% (0.6)% (0.4)% (0.5)% (0.3)% 2.2% (0.3)%

Portfolio Turnover Rate ........ 107% 87% 87% 78% 53% 59% 42% 141% 132% 140%

Average Commission Paid per
Share of Equity
Security Traded ................ $0.0398 $0.0350 $0.0330 --(3) --(3) --(3) --(3) --(3) --(3) --(3)

Net Assets, End
of Year (in millions) .......... $21,695 $18,266 $14,376 $10,344 $8,037 $4,275 $2,148 $330 $347 $258
</TABLE>

(1) Computed using average shares outstanding throughout the period.

(2) Total return assumes reinvestment of dividends and capital gains
distributions, if any.

(3) Disclosure of average commission paid per share of equity security traded
was not required prior to the year ended October 31, 1995.

8 FINANCIAL HIGHLIGHTS AMERICAN CENTURY INVESTMENTS

<TABLE>
<CAPTION>
FINANCIAL HIGHLIGHTS

VISTA

1997 1996 1995 1994 1993 1992 1991 1990 1989 1988

PER-SHARE DATA

Net Asset Value,
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Beginning of Year ................ $15.68 $15.73 $10.94 $12.24 $11.01 $10.53 $6.28 $8.74 $5.91 $5.73
------ ------ ------ ------ ------ ------ ----- ----- ----- -----

Income From
Investment Operations

Net Investment Income
(Loss) ........................(0.10)(1) (0.11)(1) (0.08)(1) (0.08) (0.07) (0.04) (0.02) (0.01) (0.03) 0.01

Net Realized and
Unrealized Gain
(Loss) on Investment
Transactions ................. 0.13 1.09 4.90 0.45 1.95 0.52 4.27 (1.76) 2.87 0.63
------ ------ ------ ------ ------ ------ ----- ----- ----- -----
Total from
Investment Operations ......... 0.03 0.98 4.82 0.37 1.88 0.48 4.25 (1.77) 2.84 0.64
------ ------ ------ ------ ------ ------ ----- ----- ----- -----
Distributions

From Net Investment Income .... -- -- -- -- -- -- -- -- (0.01) --

From Net Realized Gains
on Investment Transactions .... (1.18) (1.02) (0.03) (1.66) (0.64) -- -- (0.69) -- (0.46)

In Excess of
Net Realized Gains ............ -- (0.01) -- (0.01) (0.01) -- -- -- -- --
------ ------ ------ ------ ------ ------ ----- ----- ----- -----
Total Distributions ........... (1.18) (1.03) (0.03) (1.67) (0.65) -- -- (0.69) (0.01) (0.46)
------ ------ ------ ------ ------ ------ ----- ----- ----- -----
Net Asset Value, End of Year ..... $14.53 $15.68 $15.73 $10.94 $12.24 $11.01 $10.53 $6.28 $8.74 $5.91
====== ====== ====== ====== ====== ====== ====== ===== ===== =====

Total Return(2) ................ 0.29% 6.96% 44.20% 4.16% 17.71% 4.55% 67.67% (22.17)% 48.19% 11.41%

RATIOS/SUPPLEMENTAL DATA

Ratio of Operating Expenses
to Average Net Assets ............ 1.00% 0.99% 0.98% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00%

Ratio of Net Investment Income
(Loss) to Average Net Assets ..... (0.73)% (0.7)% (0.6)% (0.8)% (0.6)% (0.4)% (0.3)% (0.1)% (0.4)% 0.2%

Portfolio Turnover Rate .......... 96% 91% 89% 111% 133% 87% 92% 103% 125% 145%

Average Commission Paid per
Share of Equity Security Traded .. $0.0292 $0.0280 $0.0330 --(3) --(3) --(3) --(3) --(3) --(3) --(3)

Net Assets, End
of Year (in millions) ............ $1,828 $2,276 $1,676 $792 $847 $830 $622 $341 $264 $206
</TABLE>

(1) Computed using average shares outstanding throughout the period.

(2) Total return assumes reinvestment of dividends and capital gains
distributions, if any.

(3) Disclosure of average commission paid per share of equity security traded
was not required prior to the year ended October 31, 1995.

PROSPECTUS FINANCIAL HIGHLIGHTS 9

INFORMATION REGARDING THE FUNDS

INVESTMENT POLICIES OF THE FUNDS

The funds have adopted certain investment restrictions that are set forth in
the Statement of Additional Information. Those restrictions, as well as the
investment objectives of the funds identified on page 2 of this Prospectus, and
any other investment policies designated as "fundamental" in this Prospectus or
in the Statement of Additional Information, cannot be changed without
shareholder approval. The funds have implemented additional investment policies
and practices to guide their activities in the pursuit of their respective
investment objectives. These policies and practices, which are described
throughout this Prospectus, are not designated as fundamental policies and may
be changed without shareholder approval.

GROWTH EQUITY FUNDS

All of the funds offered by this Prospectus seek capital growth by investing
in securities, primarily common stocks, that meet certain fundamental and
technical standards of selection (relating primarily to earnings and revenues
acceleration) and have, in the opinion of the funds' manager,
better-than-average potential for appreciation. So long as a sufficient number
of such securities are available, the manager intends to keep the funds fully
invested in these securities regardless of the movement of stock prices
generally. In most circumstances, the funds' actual level of cash and cash
equivalents will fluctuate between 0% and 10% of total assets with 90% to 100%
of their assets committed to equity and equity equivalent investments. The funds
may purchase securities only of companies that have a record of at least three
years of continuous operation.

SELECT AND HERITAGE

Securities of companies chosen for the Select and Heritage funds are chosen
primarily for their growth potential. Additionally, as a matter of fundamental
policy, 80% of the assets of the Select fund and 60% of the assets of the
Heritage fund must be invested in securities of companies that have a record of
paying dividends, or have committed themselves to the payment of regular
dividends, or otherwise produce income. The remaining 20% of the Select fund and
40% of the Heritage fund may be invested in any otherwise permissible securities
that the manager believes will contribute to the funds' stated investment
objectives. The income payments of equity securities are only a secondary
consideration; therefore, the income return that Select and Heritage provide may
not be significant. Otherwise, Select and Heritage follow the same investment
techniques described below for Growth, Ultra and Vista.

Since Select is one of our larger funds and Heritage is substantially
smaller, Select will invest in shares of larger companies with larger share
trading volume, and Heritage will tend to invest in smaller companies with
smaller share trading volume. However, the two funds are not mutually exclusive,
and a given security may be owned by both funds. For the reasons stated in the
next section, it should be expected that Heritage will be more volatile and
subject to greater short-term risk and long-term opportunity than Select.

Because of its size, and because it invests primarily in securities that pay
dividends or are committed to the payment of dividends, Select may be expected
to be the least volatile of the funds described in this Prospectus.

GROWTH, ULTRA AND VISTA

Management selects for the portfolios of the Growth, Ultra and Vista funds,
securities of companies whose earnings and revenue trends meet management's
standards of selection.

Growth and Ultra generally invest in large-sized companies, while Vista
invests in medium-sized and smaller companies.

The size of companies in which a fund invests tends to give each fund its
own characteristics of

10 INFORMATION REGARDING THE FUNDS AMERICAN CENTURY INVESTMENTS

volatility and risk. These differences come about because developments such as
new or improved products or methods, which would be relatively insignificant to
a large company, may have a substantial impact on the earnings and revenues of a
small company and create a greater demand and a higher value for its shares.
However, a new product failure, which could readily be absorbed by a large
company, can cause a rapid decline in the value of the shares of a smaller
company. Hence, it could be expected that funds investing in smaller companies
would be more volatile than funds investing in larger companies.

OTHER INVESTMENT PRACTICES,
THEIR CHARACTERISTICS AND RISKS

For additional information, see "Additional Investment Restrictions" in the
Statement of Additional Information.

FOREIGN SECURITIES

Each of the funds may invest an unlimited amount of its assets in the
securities of foreign issuers, primarily from developed markets, when these
securities meet its standards of selection. The funds may make such investments
either directly in foreign securities, or by purchasing Depositary Receipts
("DRs") for foreign securities. DRs are securities listed on exchanges or quoted
in the over-the-counter market in one country but represent the shares of
issuers domiciled in other countries. DRs may be sponsored or unsponsored.
Direct investments in foreign securities may be made either on foreign
securities exchanges or in the over-the-counter markets.

Subject to their individual investment objectives and policies, the funds
may invest in common stocks, convertible securities, preferred stocks, bonds,
notes and other debt securities of foreign issuers, and debt securities of
foreign governments and their agencies. The funds will limit their purchase of
debt securities to investment-grade obligations.

Investments in foreign securities may present certain risks, including those
resulting from fluctuations in currency exchange rates, future political and
economic developments, clearance and settlement risk, reduced availability of
public information concerning issuers, and the fact that foreign issuers are not
generally subject to uniform accounting, auditing and financial reporting
standards or to other regulatory practices and requirements comparable to those
applicable to domestic issuers.

FORWARD CURRENCY EXCHANGE CONTRACTS

Some of the foreign securities held by the funds may be denominated in
foreign currencies. Other securities, such as DRs, may be denominated in U.S.
dollars, but have a value that is dependent on the performance of a foreign
security, as valued in the currency of its home country. As a result, the value
of a fund's portfolio may be affected by changes in the exchange rates between
foreign currencies and the U.S. dollar, as well as by changes in the market
values of the securities themselves. The performance of foreign currencies
relative to the U.S. dollar may be a factor in the overall performance of a
fund.

To protect against adverse movements in ex- change rates between currencies,
the funds may, for hedging purposes only, enter into forward currency exchange
contracts. A forward currency exchange contract obligates the fund to purchase
or sell a specific currency at a future date at a specific price.

A fund may elect to enter into a forward currency exchange contract with
respect to a specific purchase or sale of a security, or with respect to the
fund's portfolio positions generally.

By entering into a forward currency exchange contract with respect to the
specific purchase or sale of a security denominated in a foreign currency, a
fund can "lock in" an exchange rate between the trade and settlement dates for
that purchase or sale. This practice is sometimes referred to as "transaction
hedging." Each fund may enter into transaction hedging contracts with respect to
all or a substantial portion of its foreign securities trades.

PROSPECTUS INFORMATION REGARDING THE FUNDS 11

would be obligated to deliver an amount of foreign currency in excess of the
aggregate value of its portfolio securities or other assets denominated in, or
whose value is tied to, that currency.

Each fund will make use of portfolio hedging to the extent deemed
appropriate by the manager. However, it is anticipated that a fund will enter
into portfolio hedges much less frequently than transaction hedges.

If a fund enters into a forward currency exchange contract, the fund, when
required, will instruct its custodian bank to segregate cash or liquid
high-grade securities in a separate account in an amount sufficient to cover its
obligation under the contract. Those assets will be valued at market daily, and
if the value of the segregated securities declines, additional cash or
securities will be added so that the value of the account is not less than the
amount of the fund's commitment. At any given time, no more than 10% of a fund's
assets will be committed to a segregated account in connection with portfolio
hedging transactions.

Predicting the relative future values of currencies is very difficult, and
there is no assurance that any attempt to protect a fund against adverse
currency movements through the use of forward currency exchange contracts will
be successful. In addition, the use of forward currency exchange contracts tends
to limit the potential gains that might result from a positive change in the
relationships between the foreign currency and the U.S. dollar.

PORTFOLIO TURNOVER

The portfolio turnover rates of the funds are shown in the financial
information on pages 5-9 of this Prospectus.

Investment decisions to purchase and sell securities are based on the
anticipated contribution of the security in question to a fund's objectives. The
manager believes that the rate of portfolio turnover is irrelevant when it
determines a change is in order to achieve those objectives and accordingly, the
annual portfolio turnover rate cannot be anticipated.

The portfolio turnover of each fund may be higher than other mutual funds
with similar investment objectives. Higher turnover would generate
correspondingly greater brokerage commissions, which is a cost that the funds
pay directly. Portfolio turnover may also affect the character of capital gains,
if any, realized and distributed by a fund since short-term capital gains are
taxable as ordinary income.

REPURCHASE AGREEMENTS

Each fund may invest in repurchase agreements when such transactions present
an attractive short-term return on cash that is not otherwise committed to the
purchase of securities pursuant to the investment policies of that fund.

A repurchase agreement occurs when, at the time the fund purchases an
interest-bearing obligation, the seller (a bank or a broker-dealer registered
under the Securities Exchange Act of 1934) agrees to repurchase it on a
specified date in the future at an agreed-upon price. The repurchase price
reflects an agreed-upon interest rate during the time the fund's money is
invested in the security.

Since the security purchased constitutes security for the repurchase
obligation, a repurchase agreement can be considered a loan collateralized by
the security purchased. The fund's risk is the ability of the seller to pay the
agreed-upon repurchase price on the repurchase date. If the seller defaults, the
fund may incur costs in disposing of the collateral, which would reduce the
amount realized thereon. If the seller seeks relief under the bankruptcy laws,
the disposition of the collateral may be delayed or limited. To the extent the
value of the security decreases, the fund could experience a loss.

The funds will limit repurchase agreement transactions to securities issued
by the U.S. government, its agencies and instrumentalities, and will enter into
such transactions with those banks and securities dealers who are deemed
creditworthy pursuant to criteria adopted by the funds' Board of Directors.

No fund will invest more than 15% of its assets in repurchase agreements
maturing in more than seven days.

FUTURES AND OPTIONS

The funds may invest in financial futures contracts and options thereon. A
financial futures contract is an agreement to take or make delivery of a
financial asset or an amount of cash, as specified in the applicable contract,
at some time in the future. The value of the asset or cash to be delivered at
the end of the con-

12 INFORMATION REGARDING THE FUNDS AMERICAN CENTURY INVESTMENTS

tract period is calculated based upon the difference in value between the making
of the contract and the end of the contract period of a financial index,
indicator, or security underlying the futures contract.

Rather than actually purchasing a financial asset (e.g., a long- or
short-term treasury security) or all of the securities contained in a specific
index (e.g., the S&P 500), the manager may choose to purchase a futures contract
which reflects the value of such securities or index. For example, an S&P 500
futures contract reflects the value of the underlying companies that comprise
the S&P 500 Composite Stock Price Index. If the aggregate market value of the
index securities increases or decreases during the contract period of an S&P 500
futures contract, the amount of cash to be paid to the contract holder at the
end of the period would correspondingly increase or decrease. As a result, the
manager is able to expose to the market cash that is held by the funds to meet
anticipated redemptions or for future investment opportunities. Because futures
contracts generally settle more quickly than their underlying securities, the
manager believes that the use of futures and options thereon allows the funds to
be fully invested while maintaining the needed liquidity.

The funds will not purchase leveraged futures. When a fund enters into a
futures contract, it must make a deposit of cash or high-quality debt
securities, known as "initial margin," as partial security for its performance
under the contract. As the value of the contract fluctuates, a party to the
contract may be required to make additional margin payments, known as "variation
margin," to cover a portion of such fluctuation. A fund will also deposit in a
segregated account with its custodian bank cash or high-quality debt securities
in an amount equal to the fund's payment obligation under the futures contract,
less any initial or variation margin. For options sold, a fund will segregate
cash or high-quality debt securities equal to the value of the securities
underlying the option unless the option is otherwise covered.

DERIVATIVE SECURITIES

To the extent permitted by its investment objectives and policies, each of
the funds may invest in securities that are commonly referred to as "derivative"
securities. Generally, a derivative is a financial arrangement the value of
which is based on, or "derived" from, a traditional security, asset, or market
index. Certain derivative securities are more accurately described as
"index/structured" securities. Index/structured securities are derivative
securities whose value or performance is linked to other equity securities (such
as depositary receipts), currencies, interest rates, indices or other financial
indicators ("reference indices").

Some "derivatives" such as mortgage-related and other asset-backed
securities are in many respects like any other investment, although they may be
more volatile or less liquid than more traditional debt securities.

There are many different types of derivatives and many different ways to use
them. Futures and options are commonly used for traditional hedging purposes to
attempt to protect a fund from exposure to changing interest rates, securities
prices, or currency exchange rates and for cash management purposes as a
low-cost method of gaining exposure to a particular securities market without
investing directly in those securities.

No fund may invest in a derivative security unless the reference index or
the instrument to which it relates is an eligible investment for the fund. For
example, a security whose underlying value is linked to the price of oil would
not be a permissible investment because the funds may not invest in oil and gas
leases or futures.

The return on a derivative security may increase or decrease, depending upon
changes in the reference index or instrument to which it relates.

There are a range of risks associated with derivative investments,
including:

* the risk that the underlying security, interest rate, market index or
other financial asset will not move in the direction the portfolio
manager anticipates;

* the possibility that there may be no liquid
secondary market, or the possibility that price fluctuation limits may
be imposed by the exchange, either of which may make it difficult or
impossible to close out a position when desired;

PROSPECTUS INFORMATION REGARDING THE FUNDS 13

* the risk that adverse price movements in an instrument can result in a
loss substantially greater than a fund's initial investment; and

* the risk that the counterparty will fail to
perform its obligations.

The Board of Directors has approved the manager's policy regarding
investments in derivative securities. That policy specifies factors that must be
considered in connection with a purchase of derivative securities. The policy
also establishes a committee that must review certain proposed purchases before
the purchases can be made. The manager will report on fund activity in
derivative securities to the Board of Directors as necessary. In addition, the
Board will review the manager's policy for investments in derivative securities
annually.

WHEN-ISSUED SECURITIES

Each of the funds may sometimes purchase new issues of securities on a
when-issued basis without limit when, in the opinion of the manager, such
purchases will further the investment objectives of the fund. The price of
when-issued securities is established at the time the commitment to purchase is
made. Delivery of and payment for these securities typically occur 15 to 45 days
after the commitment to purchase. Market rates of interest on debt securities at
the time of delivery may be higher or lower than those contracted for on the
when-issued security. Accordingly, the value of such security may decline prior
to delivery, which could result in a loss to the fund. A separate account for
each fund consisting of cash or high-quality liquid debt securities in an amount
at least equal to the when-issued commitments will be established and maintained
with the custodian. No income will accrue to the fund prior to delivery.

RULE 144A SECURITIES

The funds may, from time to time, purchase Rule 144A securities when they
present attractive investment opportunities that otherwise meet the funds'
criteria for selection. Rule 144A securities are securities that are privately
placed with and traded among qualified institutional investors rather than the
general public. Although Rule 144A securities are considered "restricted
securities," they are not necessarily illiquid.

With respect to securities eligible for resale under Rule 144A, the staff of
the Securities and Exchange Commission has taken the position that the liquidity
of such securities in the portfolio of a fund offering redeemable securities is
a question of fact for the Board of Directors to determine, such determination
to be based upon a consideration of the readily available trading markets and
the review of any contractual restrictions. The staff also acknowledges that,
while the Board retains ultimate responsibility, it may delegate this function
to the manager. Accordingly, the Board has established guidelines and procedures
for determining the liquidity of Rule 144A securities and has delegated the
day-to-day function of determining the liquidity of Rule 144A securities to the
manager. The Board retains the responsibility to monitor the implementation of
the guidelines and procedures it has adopted.

Since the secondary market for such securities is limited to certain
qualified institutional investors, the liquidity of such securities may be
limited accordingly and a fund may, from time to time, hold a Rule 144A security
that is illiquid. In such an event, the funds' manager will consider appropriate
remedies to minimize the effect on such fund's liquidity. No fund may invest
more than 15% of its assets in illiquid securities (securities that may not be
sold within seven days at approximately the price used in determining the net
asset value of fund shares).

INVESTMENTS IN COMPANIES
WITH LIMITED OPERATING HISTORY

The funds may invest in the securities of issuers with limited operating
history. The manager considers an issuer to have a limited operating history if
that issuer has a record of less than three years of continuous operation.

Investments in securities of issuers with limited operating history may
involve greater risks than investments in securities of more mature issuers. By
their nature, such issuers present limited operating history and financial
information upon which the manager may base its investment decision on behalf of
the funds. In addition, financial and other information regarding such issuers,
when available, may be incomplete or inaccurate.

14 INFORMATION REGARDING THE FUNDS AMERICAN CENTURY INVESTMENTS

Select, Growth and Ultra will not invest more than 5% of their total assets
in the securities of issuers with less than a three-year operating history.
Vista and Heritage will not invest more than 10% of their total assets in the
securities of issuers with less than a three-year operating history. The manager
will consider periods of capital formation, incubation, consolidation, and
research and development in determining whether a particular issuer has a record
of three years of continuous operation.

SHORT SALES

A fund may engage in short sales if, at the time of the short sale, the fund
owns or has the right to acquire securities equivalent in kind and amount to the
securities being sold short. Such transactions allow the fund to hedge against
price fluctuations by locking in a sale price for securities it does not wish to
sell immediately.

A fund may make a short sale when it wants to sell the security it owns at a
current attractive price, but also wishes to defer recognition of gain or loss
for federal income tax purposes and for purposes of satisfying certain tests
applicable to regulated investment companies under the Internal Revenue Code and
Regulations.

PERFORMANCE ADVERTISING

From time to time, the funds may advertise performance data. Fund
performance may be shown by presenting one or more performance measurements,
including cumulative total return or average annual total return, and yield.
Performance data may be quoted separately for the Investor Class and for the
other classes.

Cumulative total return data is computed by considering all elements of
return, including reinvestment of dividends and capital gains distributions,
over a stated period of time. Average annual total return is determined by
computing the annual compound return over a stated period of time that would
have produced the fund's cumulative total return over the same period if the
fund's performance had remained constant throughout.

A quotation of yield reflects a fund's income over a stated period of time
expressed as a percentage of the fund's share price.

Yields are calculated according to accounting methods that are standardized
in accordance with SEC rules for all stock and bond funds. Because yield
accounting methods differ from the methods used for other accounting purposes, a
fund's yield may not equal the income paid on its shares or the income reported
in the fund's financial statements.

The funds may also include in advertisements data comparing performance with
the performance of non-related investment media, published editorial comments
and performance rankings compiled by independent organizations (such as Lipper
Analytical Services or Donoghue's Money Fund Report) and publications that
monitor the performance of mutual funds. Performance information may be quoted
numerically or may be presented in a table, graph or other illustration. In
addition, fund performance may be compared to well-known indices of market
performance including the Standard & Poor's (S&P) 500 Index and the Dow Jones
Industrial Average. Fund performance may also be compared, on a relative basis,
to other funds in our fund family. This relative comparison, which may be based
upon historical or expected fund performance, volatility or other fund
characteristics, may be presented numerically, graphically or in text. Fund
performance may also be combined or blended with other funds in our fund family,
and that combined or blended performance may be compared to the same indices to
which individual funds may be compared.

All performance information advertised by the funds is historical in nature
and is not intended to represent or guarantee future results. The value of fund
shares when redeemed may be more or less than their original cost.

PROSPECTUS INFORMATION REGARDING THE FUNDS 15

HOW TO INVEST WITH
AMERICAN CENTURY INVESTMENTS

AMERICAN CENTURY INVESTMENTS

The funds offered by this Prospectus are a part of the American Century
Investments family of mutual funds. Our family provides a full range of
investment opportunities, from the aggressive equity growth funds in our
Twentieth Century Group, to the fixed income funds in our Benham Group, to the
moderate risk and specialty funds in our American Century Group. Please call
1-800-345-2021 for a brochure or prospectuses for the other funds in the
American Century Investments family.

To reduce expenses and demonstrate respect for our environment, we have
initiated a project through which we will eliminate duplicate copies of most
financial reports and prospectuses to most households and deliver account
statements to most households in a single envelope, even if they have more than
one account. If you would like additional copies of financial reports and
prospectuses or separate mailing of account statements, please call us.

INVESTING IN AMERICAN CENTURY

The following section explains how to invest in American Century funds,
including purchases, redemptions, exchanges and special services. You will find
more detail about doing business with us by referring to the Investor Services
Guide that you will receive when you open an account.

If you own or are considering purchasing fund shares through an
employer-sponsored retirement plan or through a bank, broker-dealer or other
financial intermediary, the following sections, as well as the information
contained in our Investor Services Guide, may not apply to you. Please read
"Employer-Sponsored Retirement Plans and Institutional Accounts," page 22.

HOW TO OPEN AN ACCOUNT

To open an account, you must complete and sign an application, furnishing
your taxpayer identification number. (You must also certify whether you are
subject to withholding for failing to report income to the IRS.) Investments
received without a certified taxpayer identification number will be returned.

The minimum investment is $2,500 [$1,000 for IRA and Uniform Gifts/Transfers
to Minors Acts ("UGMA/UTMA") accounts]. These minimums will be waived if you
establish an automatic investment plan to your account that is the equivalent of
at least $50 per month. See "Automatic Investment Plan," page 17.

The minimum investment requirements may be different for some types of
retirement accounts. Call one of our Investor Services Representatives for
information on our retirement plans, which are available for individual
investors or for those investing through their employers.

Please note: If you register your account as belonging to multiple owners
(e.g., as joint tenants), you must provide us with specific authorization on
your application in order for us to accept written or telephone instructions
from a single owner. Otherwise, all owners will have to agree to any
transactions that involve the account (whether the transaction request is in
writing or over the telephone).

You may invest in the following ways:

BY MAIL

Send a completed application and check or money order payable in U.S.
dollars to American Century Investments.

BY WIRE

You may make your initial investment by wiring funds. To do so, call us or
mail a completed application and provide your bank with the following
information:

(*) RECEIVING BANK AND ROUTING NUMBER:

Commerce Bank, N.A. (101000019)

(*) BENEFICIARY (BNF):

American Century Services Corporation

4500 Main St., Kansas City, Missouri 64111

(*) BENEFICIARY ACCOUNT NUMBER (BNF ACCT):

2804918

16 HOW TO INVEST WITH AMERICAN CENTURY INVESTMENTS AMERICAN CENTURY INVESTMENTS

(*) REFERENCE FOR BENEFICIARY (RFB):

American Century account number into which you are investing. If more than
one, leave blank and see Bank to Bank Information below.

(*) ORIGINATOR TO BENEFICIARY (OBI):

Name and address of owner of account into which you are investing.

(*) BANK TO BANK INFORMATION

(BBI OR FREE FORM TEXT):

* Taxpayer identification or Social Security
number.

* If more than one account, account numbers and amount to be invested in
each account.

* Current tax year, previous tax year or rollover designation if an IRA.
Specify whether Traditional IRA, Roth IRA, Education IRA, SEP-IRA,
SARSEP-IRA, SIMPLE Employer or SIMPLE Employee.

BY EXCHANGE

Call 1-800-345-2021 from 7 a.m. to 7 p.m. Central time to get information on
opening an account by exchanging from another American Century account. See page
18 for more information on exchanges.

IN PERSON

If you prefer to work with a representative in person, please visit one of
our Investor Centers, located at:

4500 Main Street
Kansas City, Missouri 64111

4917 Town Center Drive
Leawood, Kansas 66211

1665 Charleston Road
Mountain View, California 94043

2000 S. Colorado Blvd.
Denver, Colorado 80222

SUBSEQUENT INVESTMENTS

Subsequent investments may be made by an automatic bank, payroll or
government direct deposit (see "Automatic Investment Plan," this page) or by any
of the methods below. The minimum investment requirement for subsequent
investments: $250 for checks submitted without the investment slip portion of a
previous statement or confirmation, $50 for all other types of subsequent
investments.

BY MAIL

When making subsequent investments, enclose your check with the investment
slip portion of a previous statement or confirmation. If the investment slip is
not available, indicate your name, address and account number on your check or a
separate piece of paper. (Please be aware that the investment minimum for
subsequent investments is higher without an investment slip.)

BY TELEPHONE

Once your account is open, you may make investments by telephone if you have
authorized us (by choosing "Full Services" on your application) to draw on your
bank account. You may call an Investor Services Representative or use our
Automated Information Line.

BY ONLINE ACCESS

Once your account is open, you may make investments online if you have
authorized us (by choosing "Full Services" on your application) to draw on your
bank account.

BY WIRE

You may make subsequent investments by wire. Follow the wire transfer
instructions on this page and indicate your account number.

IN PERSON

You may make subsequent investments in person at one of our Investor
Centers. The locations of our four Investor Centers are listed on this page.

AUTOMATIC INVESTMENT PLAN

You may elect on your application to make investments automatically by
authorizing us to draw on your bank account regularly. Such investments must be
at least the equivalent of $50 per month. You also may choose an automatic
payroll or government direct deposit. If you are establishing a new account,
check the appropriate box under "Automatic Investments" on your application to
receive more information. If you would like to add a direct deposit to an
existing account, please call one of our Investor Services Representatives.

PROSPECTUS HOW TO INVEST WITH AMERICAN CENTURY INVESTMENTS 17

HOW TO EXCHANGE FROM ONE ACCOUNT TO ANOTHER

As long as you meet any minimum investment requirements, you may exchange
your fund shares to our other funds up to six times per year per account. An
exchange request will be processed as of the same day it is received, if it is
received before the funds' net asset values are calculated, which is one hour
prior to the close of the New York Stock Exchange for funds issued by the
American Century Target Maturities Trust, and at the close of the Exchange for
all of our other funds. See "When Share Price is Determined," page 23.

For any single exchange, the shares of each fund being acquired must have a
value of at least $100. However, we will allow investors to set up an Automatic
Exchange Plan between any two funds in the amount of at least $50 per month. See
our Investor Services Guide for further information about exchanges.

If, in any 90-day period, the total of your exchanges and your redemptions
from any one account exceeds the lesser of $250,000 or 1% of the fund's assets,
further exchanges will be subject to special requirements to comply with our
policy on large redemptions. See "Special Requirements for Large Redemptions,"
page 19.

BY MAIL

You may direct us in writing to exchange your shares from one American
Century account to another. For additional information, please see our Investor
Services Guide.

BY TELEPHONE

You can make exchanges over the telephone (either with an Investor Services
Representative or using our Automated Information Line--see page 20) if you have
authorized us to accept telephone instructions. You can authorize this by
selecting "Full Services" on your application or by calling us at 1-800-345-2021
to get the appropriate form.

BY ONLINE ACCESS

You can make exchanges online if you have authorized us to accept
instructions over the Internet. You can authorize this by selecting "Full
Services" on your application or by calling us at 1-800-345-2021 to get the
appropriate form.

HOW TO REDEEM SHARES

We will redeem or "buy back" your shares at any time. Redemptions will be
made at the next net asset value determined after a complete redemption request
is received. For large redemptions, please read "Special Requirements for Large
Redemptions," on page 19.

Please note that a request to redeem shares in an IRA or 403(b) plan must be
accompanied by an executed IRS Form W4-P and a reason for withdrawal as
specified by the IRS.

BY MAIL

Your written instructions to redeem shares may be made either by a
redemption form, which we will send you upon request, or by a letter to us.
Certain redemptions may require a signature guarantee. Please see "Signature
Guarantee," page 19.

BY TELEPHONE

If you have authorized us to accept telephone instructions, you may redeem
your shares by calling an Investor Services Representative.

BY CHECK-A-MONTH

If you have at least a $10,000 balance in your account, you may redeem
shares by Check-A-Month. A Check-A-Month plan automatically redeems enough
shares each month to provide you with a check in an amount you choose (minimum
$50). To set up a Check-A-Month plan, please call and request our Check-A-Month
brochure.

OTHER AUTOMATIC REDEMPTIONS

If you have at least a $10,000 balance in your account, you may elect to
make redemptions automatically by authorizing us to send funds to you or to your
account at a bank or other financial institution. To set up automatic
redemptions, call one of our Investor Services Representatives.

REDEMPTION PROCEEDS

Please note that shortly after a purchase of shares is made by check or
electronic draft (also known as an ACH draft) from your bank, we may wait up to
15 days or longer to send redemption proceeds (to allow your purchase funds to
clear). No interest is paid on

18 HOW TO INVEST WITH AMERICAN CENTURY INVESTMENTS AMERICAN CENTURY INVESTMENTS

the redemption proceeds after the redemption is processed but before your
redemption proceeds are sent.

Redemption proceeds may be sent to you in one of the following ways:

BY CHECK

Ordinarily, all redemption checks will be made payable to the registered
owner of the shares and will be mailed only to the address of record. For more
information, please refer to our Investor Services Guide.

BY WIRE AND ACH

You may authorize us to transmit redemption proceeds by wire or ACH. These
services will be effective 15 days after we receive the authorization.

Your bank will usually receive wired funds within 48 hours of transmission.
Funds transferred by ACH may be received up to seven days after transmission.
Wired funds are subject to a $10 fee to cover bank wire charges, which is
deducted from redemption proceeds. Once the funds are transmitted, the time of
receipt and the funds' availability are not under our control.

SPECIAL REQUIREMENTS FOR LARGE REDEMPTIONS

We have elected to be governed by Rule 18f-1 under the Investment Company
Act, which obligates each fund make certain redemptions in cash. This
requirement to pay redemptions in cash applies to situations where one
shareholder redeems, during any 90-day period, up to the lesser of $250,000 or
1% of the assets of the fund. Although redemptions in excess of this limitation
will also normally be paid in cash, we reserve the right under unusual
circumstances to honor these redemptions by making payment in whole or in part
in readily marketable securities (a "redemption-in-kind").

If payment is made in securities, the securities will be selected by the
fund, will be valued in the same manner as they are in computing the fund's net
asset value and will be provided without prior notice.

If your redemption would exceed this limit and you would like to avoid being
paid in securities, please provide us with an unconditional instruction to
redeem at least 15 days prior to the date on which the redemption transaction is
to occur. The instruction must specify the dollar amount or number of shares to
be redeemed and the date of the transaction. This minimizes the effect of the
redemption on the fund and its remaining shareholders.

Despite the funds' right to redeem fund shares through a redemption-in-kind,
we do not expect to exercise this option unless a fund has an unusually low
level of cash to meet redemptions and/or is experiencing unusually strong
demands for its cash. Such a demand might be caused, for example, by extreme
market conditions that result in an abnormally high level of redemption requests
concentrated in a short period of time. Absent these or similar circumstances,
we expect redemptions in excess of $250,000 to be paid in cash in any fund with
assets of more than $50 million if total redemptions from any one account in any
90-day period do not exceed one-half of 1% of the total assets of the fund.

REDEMPTION OF SHARES IN LOW-BALANCE ACCOUNTS

Whenever the shares held in an account have a value of less than the
required minimum, a letter will be sent advising you to either bring the value
of the shares held in the account up to the minimum or to establish an automatic
investment that is the equivalent of at least $50 per month. If action is not
taken within 90 days of the letter's date, the shares held in the account will
be redeemed and the proceeds from the redemption will be sent by check to your
address of record. We reserve the right to increase the investment minimums.

SIGNATURE GUARANTEE

To protect your accounts from fraud, some transactions will require a
signature guarantee. Which transactions will require a signature guarantee will
depend on which service options you elect when you open your account. For
example, if you choose "In Writing Only," a signature guarantee is required
when:

* redeeming more than $25,000; or

* establishing or increasing a Check-A-Month or automatic transfer on an
existing account.

PROSPECTUS HOW TO INVEST WITH AMERICAN CENTURY INVESTMENTS 19

You can obtain a signature guarantee from a bank or trust company, credit
union, broker-dealer, securities exchange or association, clearing agency or
savings association, as defined by federal law.

For a more in-depth explanation of our signature guarantee policy, or if you
live outside the United States and would like to know how to obtain a signature
guarantee, please consult our Investor Services Guide.

We reserve the right to require a signature guarantee on any transaction, or
to change this policy at any time.

SPECIAL SHAREHOLDER SERVICES

We offer several service options to make your account easier to manage.
These are listed on the account application. Please make note of these options
and elect the ones that are appropriate for you. Be aware that the "Full
Services" option offers you the most flexibility. You will find more information
about each of these service options in our Investor Services Guide.

Our special shareholder services include:

AUTOMATED INFORMATION LINE

We offer an Automated Information Line, 24 hours a day, seven days a week,
at 1-800-345-8765. By calling the Automated Information Line, you may listen to
fund prices, yields and total return figures. You may also use the Automated
Information Line to make investments into your accounts (if we have your bank
information on file) and obtain your share balance, value and most recent
transactions. If you have authorized us to accept telephone instructions, you
also may exchange shares from one fund to another via the Automated Information
Line. Redemption instructions cannot be given via the Automated Information
Line.

ONLINE ACCOUNT ACCESS

You may contact us 24 hours a day, seven days a week, at
www.americancentury.com to access daily share prices, receive updates on major
market indices and view historical performance of your fund. If you select "Full
Services" on your application, you can use your personal access code and Social
Security number to view your account balance and account activity, make
subsequent investments from your bank account or exchange shares from one fund
to another.

OPEN ORDER SERVICE

Through our open order service, you may designate a price at which to buy
shares of a variable-priced fund by exchange from one of our money market funds,
or a price at which to sell shares of a variable-priced fund by exchange to one
of our money market funds. The designated purchase price must be equal to or
lower, or the designated sale price equal to or higher, than the variable-priced
fund's net asset value at the time the order is placed. If the designated price
is met within 90 calendar days, we will execute your exchange order
automatically at that price (or better). Open orders not executed within 90 days
will be canceled.

If the fund you have selected deducts a distribution from its share price,
your order price will be adjusted accordingly so the distribution does not
inadvertently trigger an open order transaction on your behalf. If you close or
re-register the account from which the shares are to be redeemed, your open
order will be canceled.

Because of their time-sensitive nature, open order transactions are accepted
only by telephone or in person. These transactions are subject to exchange
limitations described in each fund's prospectus, except that orders and
cancellations received before 2 p.m. Central time are effective the same day,
and orders or cancellations received after 2 p.m. Central time are effective the
next business day.

TAX-QUALIFIED RETIREMENT PLANS

Each fund is available for your tax-deferred retirement plan. Call or write
us and request the appropriate forms for:

* Individual Retirement Accounts (IRAs);

* 403(b)plans for employees of public school
systems and non-profit organizations; or

* Profit sharing plans and pension plans for
corporations and other employers.

If your IRA and 403(b) accounts do not total $10,000, each account is
subject to an annual $10 fee, up to a total of $30 per year.

You can also transfer your tax-deferred plan to us from another company or
custodian. Call or write us for a Request to Transfer form.

20 HOW TO INVEST WITH AMERICAN CENTURY INVESTMENTS AMERICAN CENTURY INVESTMENTS

IMPORTANT POLICIES REGARDING YOUR INVESTMENTS

Every account is subject to policies that could affect your investment.
Please refer to the Investor Services Guide for further information about the
policies discussed below, as well as further detail about the services we offer

(1) We reserve the right for any reason to suspend the offering of shares
for a period of time, or to reject any specific purchase order
(including purchases by exchange). Additionally, purchases may be
refused if, in the opinion of the manager, they are of a size that
would disrupt the management of the fund.

(3) Shares being acquired must be qualified for sale in your state of
residence.

(4) Transactions requesting a specific price and date, other than open
orders, will be refused. Once you have mailed or otherwise transmitted
your transaction instructions to us, they may not be modified or
canceled.

(5) If a transaction request is made by a corporation, partnership, trust,
fiduciary, agent or unincorporated association, we will require
evidence satisfactory to us of the authority of the individual making
the request.

(6) We have established procedures designed to assure the authenticity of
instructions received by telephone. These procedures include requesting
personal identification from callers, recording telephone calls, and
providing written confirmations of telephone transactions. These
procedures are designed to protect shareholders from unauthorized or
fraudulent instructions. If we do not employ reasonable procedures to
confirm the genuineness of instructions, then we may be liable for
losses due to unauthorized or fraudulent instructions. The company, its
transfer agent and investment advisor will not be responsible for any
loss due to instructions they reasonably believe are genuine.

(7) All signatures should be exactly as the name appears in the
registration. If the owner's name appears in the registration as Mary
Elizabeth Jones, she should sign that way and not as Mary E. Jones.

(8) Unusual stock market conditions have in the past resulted in an
increase in the number of shareholder telephone calls. If you
experience difficulty in reaching us during such periods, you may send
your transaction instructions by mail, express mail or courier service,
or you may visit one of our Investor Centers. You may also use our
Automated Information Line if you have requested and received an access
code and are not attempting to redeem shares.

(9) If you fail to provide us with the correct certified taxpayer
identification number, we may reduce any redemption proceeds by $50 to
cover the penalty the IRS will impose on us for failure to report your
correct taxpayer identification number on information reports.

(10) We will perform special inquiries on shareholder accounts. A research
fee of $15 per hour may be applied.

REPORTS TO SHAREHOLDERS

At the end of each calendar quarter, we will send you a consolidated
statement that summarizes all of your American Century holdings, as well as an
individual statement for each fund you own that reflects all year-to-date
activity in your account. You may request a statement of your account activity
at any time.

With the exception of most automatic transactions, each time you invest,
redeem, transfer or exchange shares, we will send you a confirmation of the
transaction. See the Investor Services Guide for more detail.

PROSPECTUS HOW TO INVEST WITH AMERICAN CENTURY INVESTMENTS 21

of non-automatic transactions or within 30 days of the date of your consolidated
quarterly statement, in the case of automatic transactions, we will deem you to
have ratified the transaction.

No later than January 31 of each year, we will send you reports that you may
use in completing your U.S. income tax return. See the Investor Services Guide
for more information.

Each year, we will send you an annual and a semiannual report relating to
your fund, each of which is incorporated herein by reference. The annual report
includes audited financial statements and a list of portfolio securities as of
the fiscal year end. The semiannual report includes unaudited financial
statements for the first six months of the fiscal year, as well as a list of
portfolio securities at the end of the period. You also will receive an updated
prospectus at least once each year. Please read these materials carefully, as
they will help you understand your fund.

EMPLOYER-SPONSORED RETIREMENT
PLANS AND INSTITUTIONAL ACCOUNTS

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, your ability to purchase shares of the
funds, exchange them for shares of other American Century funds, and redeem them
will depend on the terms of your plan.

If you own or are considering purchasing fund shares through a bank,
broker-dealer, insurance company or other financial intermediary, your ability
to purchase, exchange and redeem shares will depend on your agreement with, and
the policies of, such financial intermediary.

You may reach one of our Institutional Service Representatives by calling
1-800-345-3533 to request information about our funds and services, to obtain a
current prospectus or to get answers to any questions about our funds that you
are unable to obtain through your plan administrator or financial intermediary.

22 HOW TO INVEST WITH AMERICAN CENTURY INVESTMENTS AMERICAN CENTURY INVESTMENTS

ADDITIONAL INFORMATION YOU SHOULD KNOW

SHARE PRICE

WHEN SHARE PRICE IS DETERMINED

The price of your shares is also referred to as their net asset value. Net
asset value is determined by calculating the total value of a fund's assets,
deducting total liabilities and dividing the result by the number of shares
outstanding. For all American Century funds, except funds issued by the American
Century Target Maturities Trust, net asset value is determined as of the close
of regular trading on each day that the New York Stock Exchange is open, usually
3 p.m. Central time. The net asset values for Target Maturities funds are
determined one hour prior to the close of the Exchange.

Investments and requests to redeem or exchange shares will receive the share
price next determined after receipt by us of the investment, redemption or
exchange request. For example, investments and requests to redeem or exchange
shares received by us or one of our agents or designees before the time as of
which the net asset value of the fund is determined, are effective on, and will
receive the price determined, that day. Investment, redemption and exchange
requests received thereafter are effective on, and receive the price determined
as of, the close of the Exchange on the next day the Exchange is open.

Investments are considered received only when payment is received by us.
Wired funds are considered received on the day they are deposited in our bank
account if they are deposited before the time as of which the net asset value of
the fund is determined.

Investments by telephone pursuant to your prior authorization to us to draw
on your bank account are considered received at the time of your telephone call.

Investment and transaction instructions received by us on any business day
by mail prior to the time as of which the net asset value of the fund is
determined, will receive that day's price. Investments and instructions received
after that time will receive the price determined on the next business day.

If you invest in fund shares through an employer-sponsored retirement plan
or other financial intermediary, it is the responsibility of your plan
recordkeeper or financial intermediary to transmit your purchase, exchange and
redemption requests to the funds' transfer agent prior to the applicable cut-off
time for receiving orders and to make payment for any purchase transactions in
accordance with the funds' procedures or any contractual arrangements with the
funds or the funds' distributor in order for you to receive that day's price.

We have contractual relationships with certain financial intermediaries in
which such intermediaries represent that they have systems to track the time at
which investment orders are received and to segregate orders received at
different times. Based on these representations, the funds have authorized such
intermediaries and their designees to accept purchase and redemption orders on
the funds' behalf up to the applicable cut-off time. The funds will be deemed to
have received such orders upon acceptance by the duly authorized intermediary,
and such orders will be priced at the funds' net asset value next determined
after acceptance on the funds' behalf by such intermediary.

HOW SHARE PRICE IS DETERMINED

The valuation of assets for determining net asset value may be summarized as
follows:

The portfolio securities of each fund, except as otherwise noted, listed or
traded on a domestic securities exchange are valued at the last sale price on
that exchange. Portfolio securities primarily traded on foreign securities
exchanges are generally valued at the preceding closing values of such
securities on the exchange where primarily traded. If no sale is reported, or if
local convention or regulation so provides, the mean of the latest bid and asked
prices is used. Depending on local convention or regulation, securities traded
over-the-counter are priced at the mean of the latest bid and asked prices, or
at the last sale price. When market quotations are not readily available,
securities and other assets are valued at fair value as determined in accordance
with procedures adopted by the Board of Directors.

PROSPECTUS ADDITIONAL INFORMATION YOU SHOULD KNOW 23

Debt securities not traded on a principal securities exchange are valued
through valuations obtained from a commercial pricing service or at the most
recent mean of the bid and asked prices provided by investment dealers in
accordance with procedures established by the Board of Directors.

The value of an exchange-traded foreign security is determined in its
national currency as of the close of trading on the foreign exchange on which it
is traded or as of the close of business on the New York Stock Exchange, if that
is earlier. That value is then exchanged to dollars at the prevailing foreign
exchange rate.

Trading in securities on European and Far Eastern securities exchanges and
over-the-counter markets is normally completed at various times before the close
of business on each day that the New York Stock Exchange is open. If an event
were to occur after the value of a security was established but before the net
asset value per share was determined that was likely to materially change the
net asset value, then that security would be valued at fair value as determined
in accordance with procedures adopted by the Board of Directors.

Trading of these securities in foreign markets may not take place on every
New York Stock Exchange business day. In addition, trading may take place in
various foreign markets on Saturdays or on other days when the New York Stock
Exchange is not open and on which a fund's net asset value is not calculated.
Therefore, such calculation does not take place contemporaneously with the
determination of the prices of many of the portfolio securities used in such
calculation and the value of a fund's portfolio may be affected on days when
shares of the fund may not be purchased or redeemed.

WHERE TO FIND INFORMATION ABOUT SHARE PRICE

The net asset values of the Investor Class of the funds are published in
leading newspapers daily. The net asset value may also be obtained by calling us
or by accessing our Web site (www.americancentury.com).

DISTRIBUTIONS

In general, distributions from net investment income and net realized
securities gains, if any, are declared and paid once a year, but the funds may
make distributions on a more frequent basis to comply with the distribution
requirements of the Internal Revenue Code, in all events in a manner consistent
with the provisions of the Investment Company Act. Distributions from investment
income and from net profits realized on the sale of securities, if any, will be
declared annually on or before December 31.

THE OBJECTIVE OF THESE FUNDS IS CAPITAL APPRECIATION AND NOT THE PRODUCTION
OF DISTRIBUTIONS. YOU SHOULD MEASURE THE SUCCESS OF YOUR INVESTMENT BY THE VALUE
OF YOUR INVESTMENT AT ANY GIVEN TIME AND NOT BY THE DISTRIBUTIONS YOU RECEIVE.

Participants in employer-sponsored retirement or savings plan must reinvest
all distributions. For shareholders investing through taxable accounts,
distributions will be reinvested unless you elect to receive them in cash.
Distributions of less than $10 generally will be reinvested. Distributions made
shortly after a purchase by check or ACH may be held up to 15 days. You may
elect to have distributions on shares held in certain IRAs and 403(b) plans paid
in cash only if you are at least 59(1)/2 years old or permanently and totally
disabled. Distribution checks normally are mailed within seven days after the
record date. Please consult our Investor Services Guide for further information
regarding your distribution options.

A distribution on shares of a fund does not increase the value of your
shares or your total return. At any given time the value of your shares includes
the undistributed net gains, if any, realized by the fund on the sale of
portfolio securities, and undistributed dividends and interest received, less
fund expenses.

Because such gains and dividends are included in the value of your shares,
when they are distributed the value of your shares is reduced by the amount of
the distribution. If you buy your shares through a taxable account just before
the distribution, you will pay the full price for your shares, and then receive
a portion of the purchase price back as a taxable distribution. See "Taxes,"
this page.

TAXES

Each fund has elected to be taxed under Subchapter M of the Internal Revenue
Code, which means that to the extent its income is distributed to shareholders,
it pays no income tax.

24 ADDITIONAL INFORMATION YOU SHOULD KNOW AMERICAN CENTURY INVESTMENTS

TAX-DEFERRED ACCOUNTS

If fund shares are purchased through tax-deferred accounts, such as a
qualified employer-sponsored retirement or savings plan, income and capital
gains distributions paid by the funds will generally not be subject to current
taxation, but will accumulate in your account under the plan on a tax-deferred
basis.

Employer-sponsored retirement and savings plans are governed by complex tax
rules. If you elect to participate in your employer's plan, consult your plan
administrator, your plan's summary plan description, or a professional tax
advisor regarding the tax consequences of participation in the plan,
contributions to, and withdrawals or distributions from the plan.

TAXABLE ACCOUNTS

If fund shares are purchased through taxable accounts, distributions of net
investment income and net short-term capital gains are taxable to you as
ordinary income. The dividends from net income may qualify for the 70% dividends
received deduction for corporations to the extent that the fund held shares
receiving the dividend for more than 45 days. Distributions from gains on assets
held greater than 12 months but no more than 18 months (28% rate gain) and/or
assets held greater than 18 months (20% rate gain) are taxable as long-term
gains regardless of the length of time you have held the shares. However, you
should note that any loss realized upon the sale or redemption of shares held
for six months or less will be treated as a long-term capital loss to the extent
of any distribution of long-term capital gain (28% or 20% rate gain) to you with
respect to such shares.

Dividends and interest received by a fund on foreign securities may give
rise to withholding and other taxes imposed by foreign countries. Tax
conventions between certain countries and the United States may reduce or
eliminate such taxes. Foreign countries generally do not impose taxes on capital
gains in respect of investments by non-resident investors. The foreign taxes
paid by a fund will reduce its dividends.

If more than 50% of the value of a fund's total assets at the end of each
quarter of its fiscal year consists of securities of foreign corporations, the
fund may qualify for and make an election with the Internal Revenue Service with
respect to such fiscal year so that fund shareholders may be able to claim a
foreign tax credit in lieu of a deduction for foreign income taxes paid by the
fund. If such an election is made, the foreign taxes paid by the fund will be
treated as income received by you. In order for the shareholder to utilize the
foreign tax credit, the mutual fund shares must have been held for 16 days or
more during the 30-day period, beginning 15 days prior to the ex-dividend date
for the mutual fund shares. The mutual fund must meet a similar holding period
requirement with respect to foreign securities to which a dividend is
attributable. Any portion of the foreign tax credit which is ineligible as a
result of the fund not meeting the holding period requirement will be separately
disclosed and may be eligible as an itemized deduction.

If a fund purchases the securities of certain foreign investment funds or
trusts called passive foreign investment companies (PFIC), capital gains on the
sale of such holdings will be deemed to be ordinary income regardless of how
long the fund holds its investment. The fund may also be subject to corporate
income tax and an interest charge on certain dividends and capital gains earned
from these investments, regardless of whether such income and gains are
distributed to shareholders. In the alternative, the fund may elect to recognize
cumulative gains on such investments as of the last day of its fiscal year and
distribute it to shareholders. Any distribution attributable to a PFIC is
characterized as ordinary income.

Distributions are taxable to you regardless of whether they are taken in
cash or reinvested, even if the value of your shares is below your cost. If you
purchase shares shortly before a distribution, you must pay income taxes on the
distribution, even though the value of your investment (plus cash received, if
any) will not have increased. In addition, the share price at the time you
purchase shares may include unrealized gains in the securities held in the
investment portfolio of the fund. If these portfolio securities are subsequently
sold and the gains are realized, they will, to the extent not offset by capital
losses, be paid to you as a distribution of capital gains and will be taxable to
you as short-term or long-term capital gains (28% and/or 20% rate gain).

In January of the year following the distribution, if you own shares in a
taxable account, you will receive

PROSPECTUS ADDITIONAL INFORMATION YOU SHOULD KNOW 25

a Form 1099-DIV notifying you of the status of your distributions for federal
income tax purposes.

Distributions may also be subject to state and local taxes, even if all or a
substantial part of such distributions are derived from interest on U.S.
government obligations which, if you received them directly, would be exempt
from state income tax. However, most but not all states allow this tax exemption
to pass through to fund shareholders when a fund pays distributions to its
shareholders. You should consult your tax advisor about the tax status of such
distributions in your own state.

If you have not complied with certain provisions of the Internal Revenue
Code and Regulations, we are required by federal law to withhold and remit to
the IRS 31% of reportable payments (which may include dividends, capital gains
distributions and redemptions). Those regulations require you to certify that
the Social Security number or tax identification number you provide is correct
and that you are not subject to 31% withholding for previous under-reporting to
the IRS. You will be asked to make the appropriate certification on your
application. Payments reported by us that omit your Social Security number or
tax identification number will subject us to a penalty of $50, which will be
charged against your account if you fail to provide the certification by the
time the report is filed, and is not refundable.

Redemption of shares of a fund (including redemption made in an exchange
transaction) will be a taxable transaction for federal income tax purposes and
shareholders will generally recognize gain or loss in an amount equal to the
difference between the basis of the shares and the amount received. Assuming
that shareholders hold such shares as a capital asset, the gain or loss will be
a capital gain or loss and will generally be considered long-term subject to tax
at a maximum rate of 28% (28% rate gain/loss) if shareholders have held such
shares for a period of more than 12 months but no more than 18 months and
long-term subject to tax at a maximum rate of 20%, minimum of 10% (20% rate
gain/loss) if shareholders have held such shares for a period of more than 18
months. If a loss is realized on the redemption of fund shares, the reinvestment
in additional fund shares within 30 days before or after the redemption may be
subject to the "wash sale" rules of the Code, resulting in a postponement of the
recognition of such loss for federal income tax purposes.

MANAGEMENT

INVESTMENT MANAGEMENT

Under the laws of the State of Maryland, the Board of Directors is
responsible for managing the business and affairs of the funds. Acting pursuant
to an investment management agreement entered into with the funds, American
Century Investment Management, Inc. serves as the investment manager of the
funds. Its principal place of business is American Century Tower, 4500 Main
Street, Kansas City, Missouri 64111. The manager has been providing investment
advisory services to investment companies and institutional clients since it was
founded in 1958.

The manager supervises and manages the investment portfolios of each fund
and directs the purchase and sale of its investment securities. It utilizes
teams of portfolio managers, assistant portfolio managers and analysts acting
together to manage the assets of the funds. The teams meet regularly to review
portfolio holdings and to discuss purchase and sale activity. The teams adjust
holdings in the funds' portfolios as they deem appropriate in pursuit of the
funds' investment objectives. Individual portfolio manager members of the team
may also adjust portfolio holdings of the funds as necessary between team
meetings.

The portfolio manager members of the teams managing the funds described in
this Prospectus and their work experience for the last five years are as
follows:

JAMES E. STOWERS III, Chief Executive Officer and Portfolio Manager, joined
American Century in 1981. He is a member of the team that manages Ultra.

ARNOLD K. DOUVILLE, Vice President and Portfolio Manager, joined American
Century in November 1997. Prior to joining American Century, Mr. Douville served
as Senior Portfolio Manager for Munder Capital Management. He is a member of the
team that manages Vista.

GLENN A. FOGLE, Vice President and Portfolio Manager, joined American
Century in September 1990 as an Investment Analyst, a position he held

26 ADDITIONAL INFORMATION YOU SHOULD KNOW AMERICAN CENTURY INVESTMENTS

until March 1993. At that time he was promoted to Portfolio Manager. He is a
member of the team that manages Vista.

C. KIM GOODWIN, Vice President and Portfolio Manager, joined American
Century in October 1997. Prior to 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 from February 1993 to April 1996. Prior to that, she served as an
Assistant Vice President and Portfolio Manager at Mellon Bank Corporation. She
is a member of the team that manages Growth.

JEAN C. LEDFORD, Vice President and Portfolio Manager, joined American
Century in January 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. Ms. Ledford
is a member of the team that manages Select.

NANCY B. PRIAL, Vice President and Portfolio Manager, joined American
Century in February 1994 as a Portfolio Manager. For more than four years prior
to joining American Century, Ms. Prial served as Senior Vice President and
Portfolio Manager at Frontier Capital Management Company, Boston, Massachusetts.
She is a member of the team that manages Heritage.

JOHN R. SYKORA, Portfolio Manager, joined American Century in May 1994 as an
Investment Analyst, a position he held until August 1997. At that time he was
promoted to Portfolio Manager. Prior to joining American Century, Mr. Sykora
served as a Financial Analyst for Business Men's Assurance Company of America,
Kansas City, Missouri, from August 1993 to April 1994. Prior to that Mr. Sykora
attended Michigan State University where he obtained his MBA degree. Mr. Sykora
is a member of the team that manages Ultra.

BRUCE A. WIMBERLY, Portfolio Manager, joined American Century in September
1994 as an Investment Analyst, a position he held until July 1996. At that time
he was promoted to Portfolio Manager. Prior to joining American Century, Mr.
Wimberly attended Kellogg Graduate School of Management, Northwestern University
from August 1992 to August 1994, where he obtained his MBA degree. Mr. Wimberly
is a member of the team that manages Ultra.

The activities of the manager are subject only to directions of the funds'
Board of Directors. The manager pays all the expenses of the funds except
brokerage, taxes, interest, fees and expenses of the non-interested person
directors (including counsel fees) and extraordinary expenses.

For the services provided to the Investor Class of the funds, the manager
receives an annual fee of 1% of the average net assets of each of the funds.

On the first business day of each month, each fund pays a management fee to
the manager for the previous month at the rate specified. The fee for the
previous month is calculated by multiplying the applicable fee for each fund by
the aggregate average daily closing value of the series' net assets during the
previous month, and further multiplying that product by a fraction, the
numerator of which is the number of days in the previous month and the
denominator of which is 365 (366 in leap years).

CODE OF ETHICS

The funds and the manager have adopted a Code of Ethics that restricts
personal investing practices by employees of the manager and its affiliates.
Among other provisions, the Code of Ethics requires that employees with access
to information about the purchase or sale of securities in the funds' portfolios
obtain preclearance before executing personal trades. With respect to Portfolio
Managers and other investment personnel, the Code of Ethics prohibits
acquisition of securities in an initial public offering, as well as profits
derived from the purchase and sale of the same security within 60 calendar days.
These provisions are designed to ensure that the interests of fund shareholders
come before the interests of the people who manage those funds.

TRANSFER AND ADMINISTRATIVE SERVICES

American Century Services Corporation, 4500 Main Street, Kansas City,
Missouri 64111, acts as transfer agent and dividend-paying agent for the funds.
It provides facilities, equipment and personnel to the funds, and is paid for
such services by the manager.

Certain recordkeeping and administrative services

PROSPECTUS ADDITIONAL INFORMATION YOU SHOULD KNOW 27

that would otherwise be performed by the transfer agent may be performed by an
insurance company or other entity providing similar services for various
retirement plans using shares of the funds as a funding medium, by
broker-dealers and financial advisors for their customers investing in shares of
American Century or by sponsors of multi mutual fund no- or low-transaction fee
programs. The manager or an affiliate may enter into contracts to pay them for
such recordkeeping and administrative services out of its unified management
fee.

Although there is no sales charge levied by the funds, transactions in
shares of the funds may be executed by brokers or investment advisors who charge
a transaction-based fee or other fee for their services. Such charges may vary
among broker- dealers and financial advisors, but in all cases will be retained
by the broker-dealer or financial advisor and not remitted to the funds or the
manager. You should be aware of the fact that these transactions may be made
directly with American Century without incurring such fees.

From time to time, special services may be offered to shareholders who
maintain higher share balances in our family of funds. These services may
include the waiver of minimum investment requirements, expedited confirmation of
shareholder transactions, newsletters and a team of personal representatives.
Any expenses associated with these special services will be paid by the manager.

The manager and transfer agent are both wholly owned by American Century
Companies, Inc. James E. Stowers Jr., Chairman of the funds' Board of Directors,
controls American Century Companies by virtue of his ownership of a majority of
its common stock.

Pursuant to a Sub-Administration Agreement with the manager, Funds
Distributor, Inc. (FDI) serves as the Co-Administrator for the funds. FDI is
responsible for (i) providing certain officers of the funds and (ii) reviewing
and filing marketing and sales literature on behalf of the funds. The fees and
expenses of FDI are paid by the manager out of its unified fee.

DISTRIBUTION OF FUND SHARES

The funds' shares are distributed by FDI, a registered broker-dealer. FDI is
a wholly-owned indirect subsidiary of Boston Institutional Group, Inc. FDI's
principal business address is 60 State Street, Suite 1300, Boston, Massachusetts
02109. The Investor Class of shares does not pay any commissions or sales loads
to the distributor or any other broker-dealers or financial intermediaries in
connection with the distribution of fund shares.

Investors may open accounts with American Century only through the
distributor. All purchase transactions in the funds offered by this Prospectus
are processed by the transfer agent, which is authorized to accept any
instructions relating to fund accounts. All purchase orders must be accepted by
the distributor. All fees and expenses of FDI in acting as distributor for the
funds are paid by the manager.

FURTHER INFORMATION ABOUT AMERICAN CENTURY

American Century Mutual Funds, Inc., the issuer of the funds, was organized
as a Maryland corporation on July 2, 1990. The corporation commenced operations
on February 28, 1991, the date it merged with Twentieth Century Investors, Inc.,
a Delaware corporation which had been in business since October 1958. Pursuant
to the terms of the Agreement and Plan of Merger dated July 27, 1990, the
Maryland corporation was the surviving entity and continued the business of the
Delaware corporation with the same officers and directors, the same shareholders
and the same investment objectives, policies and restrictions.

The principal office of the funds is American Century Tower, 4500 Main
Street, P.O. Box 419200, Kansas City, Missouri 64141-6200. All inquiries may be
made by mail to that address, or by telephone to 1-800-345-2021 (international
calls: 816-531-5575).

American Century Mutual Funds, Inc. issues 13 series of $.01 par value
shares. Each series is commonly referred to as a fund. The assets belonging to
each series of shares are held separately by the custodian.

American Century offers four classes of each of the funds: an Investor
Class, an Institutional Class, a Service Class, and an Advisor Class. The shares
offered by this Prospectus are Investor Class shares and have no up-front
charges, commissions, or 12b-1 fees.

28 ADDITIONAL INFORMATION YOU SHOULD KNOW AMERICAN CENTURY INVESTMENTS

insurance companies or other financial intermediaries. The other classes have
different fees, expenses, and/or minimum investment requirements than the
Investor Class. The difference in the fee structures among the classes is the
result of their separate arrangements for shareholder and distribution services
and not the result of any difference in amounts charged by the manager for core
investment advisory services. Accordingly, the core investment advisory expenses
do not vary by class. Different fees and expenses will affect performance. For
additional information concerning the other classes of shares not offered by
this Prospectus, call us at 1-800-345-3533 or contact a sales representative or
financial intermediary who offers those classes of shares.

Except as described below, all classes of shares of a fund have identical
voting, dividend, liquidation and other rights, preferences, terms and
conditions. The only differences among the various classes are (a) each class
may be subject to different expenses specific to that class, (b) each class has
a different identifying designation or name, (c) each class has exclusive voting
rights with respect to matters solely affecting such class, (d) each class may
have different exchange privileges, and (e) the Institutional Class may provide
for automatic conversion from that class into shares of the Investor Class of
the same fund.

Each share, irrespective of series or class, is entitled to one vote for
each dollar of net asset value applicable to such share on all questions, except
for those matters that must be voted on separately by the series or class of
shares affected. Matters affecting only one series or class are voted upon only
by that series or class.

Shares have non-cumulative voting rights, which means that the holders of
more than 50% of the votes cast in an election of directors can elect all of the
directors if they choose to do so, and in such event the holders of the
remaining votes will not be able to elect any person or persons to the Board of
Directors.

Unless required by the Investment Company Act, it will not be necessary for
the funds to hold annual meetings of shareholders. As a result, shareholders may
not vote each year on the election of directors or the appointment of auditors.
However, pursuant to the funds' by-laws, the holders of shares representing at
least 10% of the votes entitled to be cast may request the funds to hold a
special meeting of shareholders. We will assist in the communication with other
shareholders.

WE RESERVE THE RIGHT TO CHANGE ANY OF OUR POLICIES, PRACTICES AND PROCEDURES
DESCRIBED IN THIS PROSPECTUS, INCLUDING THE STATEMENT OF ADDITIONAL INFORMATION,
WITHOUT SHAREHOLDER APPROVAL EXCEPT IN THOSE INSTANCES WHERE SHAREHOLDER
APPROVAL IS EXPRESSLY REQUIRED.

PROSPECTUS ADDITIONAL INFORMATION YOU SHOULD KNOW 29

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

INVESTOR SERVICES:
1-800-345-2021 OR 816-531-5575

AUTOMATED INFORMATION LINE:
1-800-345-8765

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

FAX: 816-340-7962

www.americancentury.com

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

9802 [recycled logo]
SH-BKT-11416 Recycled
<PAGE>
PROSPECTUS

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

MARCH 1, 1998

TWENTIETH
CENTURY
GROUP

Select
Heritage
Growth
Ultra
Vista

ADVISOR CLASS

AMERICAN CENTURY INVESTMENTS

FAMILY OF FUNDS

AMERICAN CENTURY INVESTMENTS
- --------------------------------------------------------------------------------

BENHAM GROUP(reg.tm) AMERICAN CENTURY GROUP TWENTIETH CENTURY GROUP
- --------------------------------------------------------------------------------

Select * Heritage * Growth
Ultra * Vista

PROSPECTUS

MARCH 1, 1998

Select * Heritage * Growth

Ultra * Vista

ADVISOR CLASS

AMERICAN CENTURY MUTUAL FUNDS, INC.

American Century Mutual Funds, Inc. is a part of American Century
Investments, a family of funds that includes nearly 70 no-load and low-load
mutual funds covering a variety of investment opportunities. Five of the funds
from our Twentieth Century Group that invest primarily in equity securities are
described in this Prospectus. Their investment objectives are listed on page 2
of this Prospectus. The other funds are described in separate prospectuses.

Each fund's shares offered in this Prospectus (the Advisor Class shares)
are sold at their net asset value with no sales charges or commissions. The
Advisor Class shares are subject to Rule 12b-1 shareholder services and
distribution fees as described in this Prospectus.

The Advisor Class shares are intended for purchase by participants in
employer-sponsored retirement or savings plans and for persons purchasing shares
through broker-dealers, banks, insurance companies and other financial
intermediaries that provide various administrative and distribution services.

AMERICAN CENTURY INVESTMENTS
4500 Main Street * P.O. Box 419385
Kansas City, Missouri 64141-6385 * 1-800-345-3533
International calls: 816-531-5575
Telecommunications Device for the Deaf:
1-800-345-1833 * In Missouri: 816-444-3038
Internet: www.americancentury.com

Additional information, including this Prospectus and the Statement of
Additional Information, may be obtained by accessing the Web site maintained by
the SEC (www.sec.gov).

PROSPECTUS 1

INVESTMENT OBJECTIVES OF THE FUNDS

AMERICAN CENTURY - TWENTIETH CENTURY
SELECT FUND

AMERICAN CENTURY - TWENTIETH CENTURY
HERITAGE FUND

AMERICAN CENTURY - TWENTIETH CENTURY
GROWTH FUND

AMERICAN CENTURY - TWENTIETH CENTURY
ULTRA FUND

AMERICAN CENTURY - TWENTIETH CENTURY
VISTA FUND

There is no assurance that the funds will achieve
their respective investment objectives.

2 INVESTMENT OBJECTIVES AMERICAN CENTURY INVESTMENTS

TABLE OF CONTENTS

Investment Objectives of the Funds ........................................ 2

Transaction and Operating Expense Table ................................... 4

Financial Highlights ...................................................... 5

Performance Information of Other Class .................................... 10

INFORMATION REGARDING THE FUNDS

Investment Policies of the Funds .......................................... 15

Growth Equity Funds .................................................... 15

Select and Heritage .................................................... 15

Growth, Ultra and Vista ................................................ 15

Other Investment Practices, Their Characteristics
and Risks ................................................................. 16

Foreign Securities ..................................................... 16

Forward Currency Exchange Contracts .................................... 16
Portfolio Turnover ..................................................... 17

Repurchase Agreements .................................................. 17

Futures and Options .................................................... 17

Derivative Securities .................................................. 18

When-Issued Securities ................................................. 19

Rule 144A Securities ................................................... 19

Investments in Companies

with Limited Operating History ...................................... 19

Short Sales ............................................................ 20

Performance Advertising ................................................... 20

HOW TO INVEST WITH AMERICAN CENTURY INVESTMENTS

How to Purchase and Sell American
Century Funds ............................................................. 21

How to Exchange from One
American Century Fund to Another .......................................... 21

How to Redeem Shares ...................................................... 21

Special Requirements for Large Redemptions ............................. 21

Telephone Services ........................................................ 22

Investors Line ......................................................... 22

ADDITIONAL INFORMATION YOU SHOULD KNOW

Share Price ............................................................... 23

When Share Price Is Determined ......................................... 23

How Share Price Is Determined .......................................... 23

Where to Find Information About Share Price ............................ 24

Distributions ............................................................. 24

Taxes ..................................................................... 24

Tax-Deferred Accounts .................................................. 24

Taxable Accounts ....................................................... 25

Management ................................................................ 26

Investment Management .................................................. 26

Code of Ethics ......................................................... 27

Transfer and Administrative Services ................................... 27

Distribution of Fund Shares ............................................... 28

Service and Distribution Fees ............................................. 28

Further Information About American Century ................................ 28

PROSPECTUS TABLE OF CONTENTS 3

TRANSACTION AND OPERATING EXPENSE TABLE

Select, Heritage,
Growth, Ultra, Vista

SHAREHOLDER TRANSACTION EXPENSES:

Maximum Sales Load Imposed on Purchases ....................... none

Maximum Sales Load Imposed on Reinvested Dividends ............ none

Deferred Sales Load ........................................... none

Redemption Fee ................................................ none

Exchange Fee .................................................. none

ANNUAL FUND OPERATING EXPENSES:
(as a percentage of net assets)

Management Fees ............................................... 0.75%

12b-1 Fees(1) ................................................. 0.50%

Other Expenses(2) ............................................. 0.00%

Total Fund Operating Expenses ................................. 1.25%

EXAMPLE:

You would pay the following expenses on a 1 year $ 13
$1,000 investment, assuming a 5% annual return and 3 years 40

redemption at the end of each time period: 5 years 68

10 years 150

(1) The 12b-1 fee is designed to permit investors to purchase Advisor Class
shares through broker-dealers, banks, insurance companies and other
financial intermediaries. A portion of the fee is used to compensate them
for ongoing recordkeeping and administrative services that would otherwise
be performed by an affiliate of the manager, and a portion is used to
compensate them for distribution and other shareholder services. See
"Service and Distribution Fees," page 28.

(2) Other expenses, which include the fees and expenses (including legal
counsel fees) of those directors who are not "interested persons" as
defined in the Investment Company Act, were less than 0.01of 1% of average
net assets for the most recent fiscal year.

The shares offered by this Prospectus are Advisor Class shares. The funds
offer three other classes of shares, one of which is primarily made available to
retail investors and two that are primarily made available to institutional
investors. The other classes have different fee structures than the Advisor
Class. The difference in the fee structures among the classes is the result of
their separate arrangements for shareholder and distribution services and not
the result of any difference in amounts charged by the manager for core
investment advisory services. Accordingly, the core investment advisory expenses
do not vary by class. A difference in fees will result in different performance
for those classes. For additional information about the various classes, see
"Further Information About American Century," page 28.

4 TRANSACTION AND OPERATING EXPENSE TABLE AMERICAN CENTURY INVESTMENTS

FINANCIAL HIGHLIGHTS

SELECT

The sale of the Advisor Class of the fund commenced on August 8, 1997.
Performance information of the original class of shares, which commenced
operations on October 31, 1958, is presented on page 10.

The Financial Highlights for the period presented have been audited by
Deloitte & Touche LLP, independent auditors, whose report thereon appears in the
fund's annual report, which is incorporated by reference into the Statement of
Additional Information. The annual report contains additional performance
information and will be made available without charge upon request. The
information presented is for a share outstanding throughout the period ended

1997(1)

PER-SHARE DATA

Net Asset Value,
Beginning of Period ......................................... $ 49.43
-----------

Income From Investment Operations

Net Investment Loss(2) .................................... (0.02)

Net Realized and Unrealized
Loss on Investment Transactions ........................... (1.25)
-----------
Total From
Investment Operations ....................................... (1.27)
-----------
Net Asset Value,
End of Period ............................................... $ 48.16
===========

Total Return(3) ............................................. (2.57)%

RATIOS/SUPPLEMENTAL DATA

Ratio of Operating Expenses to Average Net Assets ........... 1.25%(4)

Ratio of Net Investment Loss to Average Net Assets .......... (0.17)%(4)

Portfolio Turnover Rate ..................................... 94%

Average Commission Paid per Share of Equity Security Traded . $ 0.0457

Net Assets, End of Period (in thousands) .................... $ 1,289

(1) August 8, 1997 (commencement of sale) through October 31, 1997.

(2) Computed using average shares outstanding throughout the period.

(3) Total return assumes reinvestment of dividends and capital gains
distributions, if any. Total return is not annualized.

(4) Annualized.

PROSPECTUS FINANCIAL HIGHLIGHTS 5

FINANCIAL HIGHLIGHTS

HERITAGE

The sale of the Advisor Class of the fund commenced on July 11, 1997.
Performance information of the original class of shares, which commenced
operations on November 10, 1987, is presented on page 11.

1997(1)

PER-SHARE DATA

Net Asset Value,
Beginning of Period .......................................... $ 14.23
---------

Income From Investment Operations

Net Investment Loss(2) ..................................... (0.01)

Net Realized and Unrealized
Gain on Investment Transactions ............................ 0.63
---------
Total From
Investment Operations ........................................ 0.62
---------
Net Asset Value,
End of Period ................................................ $ 14.85
=========

Total Return(3) .............................................. 4.36%

RATIOS/SUPPLEMENTAL DATA

Ratio of Operating Expenses to Average Net Assets ............ 1.25%(4)

Ratio of Net Investment Loss to Average Net Assets ........... (0.23)%(4)

Portfolio Turnover Rate ...................................... 69%

Average Commission Paid per Share of Equity Security Traded .. $ 0.0436

Net Assets, End of Period (in thousands) ..................... $ 120

(1) July 11, 1997 (commencement of sale) through October 31, 1997.

(2) Computed using average shares outstanding throughout the period.

(3) Total return assumes reinvestment of dividends and capital gains
distributions, if any. Total return is not annualized.

(4) Annualized.

6 FINANCIAL HIGHLIGHTS AMERICAN CENTURY INVESTMENTS

FINANCIAL HIGHLIGHTS

GROWTH

The sale of the Advisor Class of the fund commenced on June 4, 1997.
Performance information of the original class of shares, which commenced
operations on October 31, 1958, is presented on page 12.

1997(1)

PER-SHARE DATA

Net Asset Value,
Beginning of Period ......................................... $ 24.36
-----------

Income From Investment Operations

Net Investment Loss(2) .................................... (0.06)

Net Realized and Unrealized
Gain on Investment Transactions ........................... 3.54
-----------
Total From
Investment Operations ....................................... 3.48
-----------
Net Asset Value,
End of Period ............................................... $ 27.84
===========

Total Return(3) ............................................. 14.29%

RATIOS/SUPPLEMENTAL DATA

Ratio of Operating Expenses to Average Net Assets ........... 1.25%(4)

Ratio of Net Investment Loss to Average Net Assets .......... (0.47)%(4)

Portfolio Turnover Rate ..................................... 75%

Average Commission Paid per Share of Equity Security Traded . $ 0.0393

Net Assets, End of Period (in thousands) .................... $ 2,200

(1) June 4, 1997 (commencement of sale) through October 31, 1997.

(2) Computed using average shares outstanding throughout the period.

(3)Total return assumes reinvestment of dividends and capital gains
distributions, if any. Total return is not annualized.

(4) Annualized.

PROSPECTUS FINANCIAL HIGHLIGHTS 7

<TABLE>
<CAPTION>
FINANCIAL HIGHLIGHTS

ULTRA

The sale of the Advisor Class of the fund commenced on October 2, 1996.
Performance information of the original class of shares, which commenced
operations on November 2, 1981, is presented on page 13.

The Financial Highlights for the fiscal year ended October 31, 1997, have
been audited by Deloitte & Touche LLP, independent auditors, whose report
thereon appears in the fund's annual report, which is incorporated by reference
into the Statement of Additional Information. The annual report contains
additional performance information and will be made available upon request and
without charge. The Financial Highlights for the period ended October 31, 1996,
have been audited by other independent auditors whose report thereon is
incorporated by reference into the Statement of Additional Information. The
information presented is for a share outstanding throughout the year ended
October 31, except as noted.

1997 1996(1)

PER-SHARE DATA

<S> <C> <C>
Net Asset Value, Beginning of Period ...................... $ 29.52 $ 29.55
--------- ---------

Income From Investment Operations

Net Investment Loss(2) .................................. (0.07) (0.02)

Net Realized and Unrealized
Gain (Loss) on Investment Transactions .................. 5.60 (0.01)
--------- ---------
Total from Investment Operations ........................ 5.53 (0.03)
--------- ---------
Distributions

From Net Realized Gains on Investment Transactions ...... (1.69) --
--------- ---------
Net Asset Value, End of Period ............................ $ 33.36 $ 29.52
========= =========

Total Return(3) ......................................... 19.59% (0.10)%

RATIOS/SUPPLEMENTAL DATA

Ratio of Operating Expenses to Average Net Assets ......... 1.25% 1.25%(4)

Ratio of Net Investment Loss to Average Net Assets ........ (0.22)% (0.80)%(4)

Portfolio Turnover Rate ................................... 107% 87%

Average Commission Paid per Share
of Equity Security Traded ............................... $ 0.0398 $ 0.0350

Net Assets, End of Period (in millions) ................... $ 31 $ 13
</TABLE>

(1) October 2, 1996 (Commencement of sale) through October 31, 1996.

(2) Computed using average shares outstanding throughout the period.

(3) Total return assumes reinvestment of dividends and capital gains
distributions, if any. Total returns for periods less than one year
are not annualized.

(4) Annualized.

8 FINANCIAL HIGHLIGHTS AMERICAN CENTURY INVESTMENTS

<TABLE>
<CAPTION>
FINANCIAL HIGHLIGHTS

VISTA

The sale of the Advisor Class of the fund commenced on October 2, 1996.
Performance information of the original class of shares, which commenced
operations on November 25, 1983, is presented on page 14.

The Financial Highlights for the fiscal year ended October 31, 1997, have
been audited by Deloitte & Touche LLP, independent auditors, whose report
thereon appears in the fund's annual report, which is incorporated by reference
into the Statement of Additional Information. The annual report contains
additional performance information and will be made available upon request and
without charge. The Financial Highlights for the period ended October 31, 1996,
have been audited by other independent auditors whose report thereon is
incorporated by reference into the Statement of Additional Information. The
information presented is for a share outstanding throughout the year ended
October 31, except as noted.

1997 1996(1)

PER-SHARE DATA

<S> <C> <C>
Net Asset Value, Beginning of Period ................ $ 15.67 $ 16.87
-------- --------

Income From Investment Operations

Net Investment Loss(2) ........................... (0.14) (0.02)

Net Realized and Unrealized
Gain (Loss) on Investment Transactions ........... 0.15 (1.18)
-------- --------
Total from Investment Operations ................. 0.01 (1.20)
-------- --------
Distributions

From Net Realized Gains on Investment Transactions (1.18) --
-------- --------
Net Asset Value, End of Period ...................... $ 14.50 $ 15.67
======== ========

Total Return(3) .................................. 0.15% (7.11)%

RATIOS/SUPPLEMENTAL DATA

Ratio of Operating Expenses to Average Net Assets ... 1.25% 1.25%(4)

Ratio of Net Investment Loss to Average Net Assets .. (0.98)% (1.20)%(4)

Portfolio Turnover Rate ............................. 96% 91%

Average Commission Paid per Share
of Equity Security Traded ......................... $ 0.0292 $ 0.0280

Net Assets, End of Period (in millions) ............. $ 7 $ 6
</TABLE>

(1) October 2, 1996 (commencement of sale) through October 31, 1996.

(2) Computed using average shares outstanding throughout the period.

(3) Total return assumes reinvestment of dividends and capital gains
distributions, if any. Total returns for periods less than one year
are not annualized.

(4) Annualized.

PROSPECTUS FINANCIAL HIGHLIGHTS 9

<TABLE>
<CAPTION>
PERFORMANCE INFORMATION OF OTHER CLASS

SELECT

The Advisor Class of the fund was established September 3, 1996, however no
shares had been issued prior to the fund's fiscal year end. The financial
information in this table regarding selected per share data for the fund
reflects the performance of the fund's original class of shares, which was
redesignated the "Investor Class" of shares, effective September 3, 1996. The
Investor Class shares have a total expense ratio that is 0.25% lower than the
Advisor Class. Had the Advisor Class been in existence for the time periods
presented, that class's performance information would be lower as a result of
the additional expense.

1997 1996 1995 1994 1993 1992 1991 1990 1989 1988

PER-SHARE DATA

Net Asset Value,
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Beginning of Year ................. $41.52 $39.52 $37.67 $45.76 $39.18 $40.79 $34.19 $35.98 $27.85 $32.69
------ ------ ------ ------ ------ ------ ------ ------ ------ ------

Income From Investment Operations

Net Investment Income ............ 0.15(1) 0.20(1) 0.33(1) 0.40 0.46 0.53 0.63 0.62 1.10 0.64

Net Realized and
Unrealized Gain(Loss)
on Investment Transactions ....... 10.51 6.73 4.68 (3.59) 7.94 0.34 8.17 (1.29) 7.74 1.37
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Total From
Investment Operations ............ 10.66 6.93 5.01 (3.19) 8.40 0.87 8.80 (0.67) 8.84 2.01
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Distributions

From Net Investment Income ....... (0.32) (0.27) (0.28) (0.43) (0.49) (0.65) (0.65) (1.12) (0.71) (0.48)

From Net Realized Gains on
Investment Transactions .......... (3.68) (4.66) (2.75) (4.47) (1.31) (1.83) (1.55) -- -- (6.37)

In Excess of Net Realized Gains .. -- -- (0.13) -- (0.02) -- -- -- -- --
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Total Distributions .............. (4.00) (4.93) (3.16) (4.90) (1.82) (2.48) (2.20) (1.12) (0.71) (6.85)
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Net Asset Value, End of Year ...... $48.18 $41.52 $39.52 $37.67 $45.76 $39.18 $40.79 $34.19 $35.98 $27.85
====== ====== ====== ====== ====== ====== ====== ====== ====== ======

Total Return(2) .................. 27.89% 19.76% 15.02% (7.37)% 22.20% 1.76% 27.05% (2.03)% 32.59% 7.31%

RATIOS/SUPPLEMENTAL DATA

Ratio of Operating Expenses
to Average Net Assets ............. 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00%

Ratio of Net Investment Income
to Average Net Assets ............. 0.33% 0.5% 0.9% 1.0% 1.1% 1.4% 1.7% 1.8% 3.4% 2.2%

Portfolio Turnover Rate ........... 94% 105% 106% 126% 82% 95% 84% 83% 93% 140%

Average Commission Paid per
Share of Equity Security Traded ... $0.0457 $0.0410 $0.0460 --(3) --(3) --(3) --(3) --(3) --(3) --(3)

Net Assets, End
of Year (in millions) ............. $4,769 $4,039 $4,008 $4,278 $5,160 $4,534 $4,163 $2,953 $2,721 $2,367
</TABLE>

(1) Computed using average shares outstanding throughout the period.

(2) Total return assumes reinvestment of dividends and capital gains
distributions, if any.

(3) Disclosure of average commission paid per share of equity security
traded was not required prior to the year ended October 31, 1995.

10 PERFORMANCE INFORMATION OF OTHER CLASS AMERICAN CENTURY INVESTMENTS

<TABLE>
<CAPTION>
PERFORMANCE INFORMATION OF OTHER CLASS

HERITAGE

1997 1996 1995 1994 1993 1992 1991 1990 1989 1988(1)

PER-SHARE DATA

Net Asset Value,
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Beginning of Period ................ $12.24 $11.75 $10.32 $11.03 $9.30 $8.59 $6.55 $8.15 $6.21 $5.00
------ ------ ------ ------ ----- ----- ----- ----- ----- -----

Income From Investment Operations

Net Investment Income ............ 0.01(2) --(2) 0.05(2) 0.07 0.07 0.10 0.11 0.10 0.08 0.06

Net Realized and
Unrealized Gain(Loss)
on Investment Transactions ....... 3.41 1.15 1.96 (0.21) 2.43 0.72 2.04 (0.94) 1.93 1.16
------ ------ ------ ------ ----- ----- ----- ----- ----- -----
Total from Investment Operations . 3.42 1.15 2.01 (0.14) 2.50 0.82 2.15 (0.84) 2.01 1.22
------ ------ ------ ------ ----- ----- ----- ----- ----- -----
Distributions

From Net Investment Income ....... (0.09) (0.05) (0.03) (0.06) (0.09) (0.11) (0.11) (0.07) (0.07) (0.01)

From Net Realized Gains on
Investment Transactions .......... (0.71) (0.61) (0.52) (0.50) (0.68) -- -- (0.69) -- --

In Excess of Net Realized Gains .. -- -- (0.03) (0.01) -- -- -- -- -- --
------ ------ ------ ------ ----- ----- ----- ----- ----- -----
Total Distributions .............. (0.80) (0.66) (0.58) (0.57) (0.77) (0.11) (0.11) (0.76) (0.07) (0.01)
------ ------ ------ ------ ----- ----- ----- ----- ----- -----
Net Asset Value, End of Period ..... $14.86 $12.24 $11.75 $10.32 $11.03 $9.30 $8.59 $6.55 $8.15 $6.21
====== ====== ====== ====== ====== ===== ===== ===== ===== =====

Total Return(3) .................. 29.56% 10.44% 21.04% (1.13)% 28.64% 9.65% 33.25% (11.62)% 32.65% 25.75%

RATIOS/SUPPLEMENTAL DATA

Ratio of Operating Expenses
to Average Net Assets .............. 1.00% 0.99% 0.99% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00%(4)

Ratio of Net Investment Income
to Average Net Assets .............. 0.05% -- 0.5% 0.7% 0.7% 1.1% 1.5% 1.6% 1.3% 1.4%(4)

Portfolio Turnover Rate ............ 69% 122% 121% 136% 116% 119% 146% 127% 159% 130%(4)

Average Commission Paid per
Share of Equity Security Traded .... $0.0436 $0.0420 $0.0420 --(5) --(5) --(5) --(5) --(5) --(5) --(5)

Net Assets, End
of Period (in millions) ............ $1,321 $1,083 $1,008 $897 $702 $369 $269 $199 $117 $55
</TABLE>

(1) November 10, 1987 (inception) through October 31, 1988.

(2) Computed using average shares outstanding throughout the period.

(3) Total return assumes reinvestment of dividends and capital gains
distributions, if any. Total return for periods less than one year are
not annualized.

(4) Annualized.

(5) Disclosure of average commission paid per share of equity security
traded was not required prior to the year ended October 31, 1995.

PROSPECTUS PERFORMANCE INFORMATION OF OTHER CLASS 11

<TABLE>
<CAPTION>
PERFORMANCE INFORMATION OF OTHER CLASS

GROWTH

1997 1996 1995 1994 1993 1992 1991 1990 1989 1988

PER-SHARE DATA

Net Asset Value,
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Beginning of Year ....... $22.21 $23.88 $22.99 $25.27 $23.64 $22.32 $14.81 $17.44 $12.54 $15.62
------ ------ ------ ------ ------ ------ ------ ------ ------ ------

Income From
Investment Operations

Net Investment
Income (Loss) .........0.01(1) (0.01)(1) 0.08(1) 0.06 0.06 (0.02) 0.04 0.09 0.08 0.30

Net Realized
and Unrealized Gain
(Loss) on Investment
Transactions .......... 6.07 1.47 4.08 0.48 1.94 1.35 8.47 (2.05) 5.14 0.13
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Total from
Investment Operations . 6.08 1.46 4.16 0.54 2.00 1.33 8.51 (1.96) 5.22 0.43
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Distributions

From Net
Investment Income .....(0.18) (0.07) (0.05) (0.06) -- (0.01) (0.11) (0.08) (0.32) (0.05)

From Net
Realized Gains
on Investment
Transactions ..........(0.25) (2.98) (3.18) (2.76) (0.36) -- (0.89) (0.59) -- (3.46)

In Excess of
Net Realized Gains .... -- (0.08) (0.04) -- (0.01) -- -- -- -- --
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Total Distributions ... (0.43) (3.13) (3.27) (2.82) (0.37) (0.01) (1.00) (0.67) (0.32) (3.51)
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Net Asset Value,
End of Year ........... $27.86 $22.21 $23.88 $22.99 $25.27 $23.64 $22.32 $14.81 $17.44 $12.54
====== ====== ====== ====== ====== ====== ====== ====== ====== ======

Total Return(2) .....27.85% 8.18% 22.31% 2.66% 8.48% 5.96% 60.64% (11.72)% 42.74% 3.18%

RATIOS/SUPPLEMENTAL
DATA

Ratio of
Operating Expenses
to Average
Net Assets ............1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00%

Ratio of Net
Investment Income
(Loss) to Average
Net Assets ............0.02% (0.1)% 0.4% 0.3% 0.2% (0.1)% 0.2% 0.6% 0.5% 2.4%

Portfolio
Turnover Rate ......... 75% 122% 141% 100% 94% 53% 69% 118% 98% 143%

Average Commission
Paid per
Share of Equity
Security Traded ....$0.0393 $0.0360 $0.0400 --(3) --(3) --(3) --(3) --(3) --(3) --(3)

Net Assets, End
of Year
(in millions) ......$5,113 $4,765 $5,130 $4,363 $4,641 $4,472 $3,193 $1,697 $1,597 $1,229
</TABLE>

(1) Computed using average shares outstanding throughout the period.

(2) Total return assumes reinvestment of dividends and capital gains
distributions, if any.

(3) Disclosure of average commission paid per share of equity security
traded was not required prior to the year ended October 31, 1995.

12 PERFORMANCE INFORMATION OF OTHER CLASS AMERICAN CENTURY INVESTMENTS

<TABLE>
<CAPTION>
PERFORMANCE INFORMATION OF OTHER CLASS

ULTRA

1997 1996 1995 1994 1993 1992 1991 1990 1989 1988

PER-SHARE DATA

Net Asset Value,
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Beginning of Year ............... $29.52 $28.03 $21.16 $21.61 $15.46 $15.53 $7.73 $9.63 $6.86 $8.76
------ ------ ------ ------ ------ ------ ----- ----- ----- -----

Income From
Investment Operations

Net Investment Income
(Loss) ........................ 0.01(1) (0.05)(1) (0.07)(1) (0.03) (0.09) (0.05) (0.03) (0.03) 0.19 (0.02)

Net Realized and
Unrealized Gain
(Loss) on Investment
Transactions .................. 5.62 2.84 7.58 (0.42) 6.24 (0.02) 7.86 (0.73) 2.58 1.38
------ ------ ------ ------ ------ ------ ----- ----- ----- -----
Total from
Investment Operations ......... 5.63 2.79 7.51 (0.45) 6.15 (0.07) 7.83 (0.76) 2.77 1.36
------ ------ ------ ------ ------ ------ ----- ----- ----- -----
Distributions

From Net Investment Income .... -- -- -- -- -- -- -- (0.19) -- --

From Net Realized Gains on
Investment Transactions ....... (1.69) (1.19) (0.64) -- -- -- (0.03) (0.95) -- (3.26)

In Excess of Net
Realized Gains ................ -- (0.11) -- -- -- -- -- -- -- --
------ ------ ------ ------ ------ ------ ----- ----- ----- -----
Total Distributions ........... (1.69) (1.30) (0.64) -- -- -- (0.03) (1.14) -- (3.26)
------ ------ ------ ------ ------ ------ ----- ----- ----- -----
Net Asset Value, End of Year .... $33.46 $29.52 $28.03 $21.16 $21.61 $15.46 $15.53 $7.73 $9.63 $6.86
====== ====== ====== ====== ====== ====== ====== ===== ===== =====

Total Return(2) ............... 19.95% 10.79% 36.89% (2.08)% 39.78% (0.45)% 101.51% (9.02)% 40.37% 19.52%

RATIOS/SUPPLEMENTAL DATA

Ratio of Operating
Expenses
to Average Net Assets ........... 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00%

Ratio of Net Investment Income
(Loss) to Average Net Assets .... 0.03% (0.2)% (0.3)% (0.1)% (0.6)% (0.4)% (0.5)% (0.3)% 2.2% (0.3)%

Portfolio Turnover Rate ......... 107% 87% 87% 78% 53% 59% 42% 141% 132% 140%

Average Commission Paid per
Share of Equity Security Traded . $0.0398 $0.0350 $0.0330 --(3) --(3) --(3) --(3) --(3) --(3) --(3)

Net Assets, End
of Year (in millions) ........... $21,695 $18,266 $14,376 $10,344 $8,037 $4,275 $2,148 $330 $347 $258
</TABLE>

(1) Computed using average shares outstanding throughout the period.

(2) Total return assumes reinvestment of dividends and capital gains
distributions, if any.

(3) Disclosure of average commission paid per share of equity security
traded was not required prior to the year ended October 31, 1995.

PROSPECTUS PERFORMANCE INFORMATION OF OTHER CLASS 13

<TABLE>
<CAPTION>
PERFORMANCE INFORMATION OF OTHER CLASS

VISTA

1997 1996 1995 1994 1993 1992 1991 1990 1989 1988

PER-SHARE DATA

Income From
Investment Operations

Net Investment Income
(Loss) ......................... (0.10)(1) (0.11)(1) (0.08)(1) (0.08) (0.07) (0.04) (0.02) (0.01) (0.03) 0.01

Net Realized
and Unrealized Gain
(Loss) on Investment
Transactions ................... 0.13 1.09 4.90 0.45 1.95 0.52 4.27 (1.76) 2.87 0.63
------ ------ ------ ------ ------ ------ ----- ----- ----- -----
Total from
Investment Operations .......... 0.03 0.98 4.82 0.37 1.88 0.48 4.25 (1.77) 2.84 0.64
------ ------ ------ ------ ------ ------ ----- ----- ----- -----
Distributions

From Net
Investment Income .............. -- -- -- -- -- -- -- -- (0.01) --

From Net
Realized Gains
on Investment
Transactions ...................(1.18) (1.02) (0.03) (1.66) (0.64) -- -- (0.69) -- (0.46)

In Excess of Net
Realized Gains ................. -- (0.01) -- (0.01) (0.01) -- -- -- -- --
------ ------ ------ ------ ------ ------ ----- ----- ----- -----
Total Distributions ............ (1.18) (1.03) (0.03) (1.67) (0.65) -- -- (0.69) (0.01) (0.46)
------ ------ ------ ------ ------ ------ ----- ----- ----- -----
Net Asset Value,
End of Year ...................... $14.53 $15.68 $15.73 $10.94 $12.24 $11.01 $10.53 $6.28 $8.74 $5.91
====== ====== ====== ====== ====== ====== ====== ===== ===== =====

Total Return(2) ................ 0.29% 6.96% 44.20% 4.16% 17.71% 4.55% 67.67% (22.17)% 48.19% 11.41%

RATIOS/SUPPLEMENTAL DATA

Ratio of Operating
Expenses
to Average Net Assets ............ 1.00% 0.99% 0.98% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00%

Ratio of Net Investment Income
(Loss) to Average Net Assets ..... (0.73)% (0.7)% (0.6)% (0.8)% (0.6)% (0.4)% (0.3)% (0.1)% (0.4)% 0.2%

Portfolio Turnover Rate .......... 96% 91% 89% 111% 133% 87% 92% 103% 125% 145%

Average Commission Paid per
Share of Equity Security Traded .. $0.0292 $0.0280 $0.0330 --(3) --(3) --(3) --(3) --(3) --(3) --(3)

Net Assets, End
of Year (in millions) ............ $1,828 $2,276 $1,676 $792 $847 $830 $622 $341 $264 $206
</TABLE>

(1) Computed using average shares outstanding throughout the period.

(2) Total return assumes reinvestment of dividends and capital gains
distributions, if any.

(3) Disclosure of average commission paid per share of equity security
traded was not required prior to the year ended October 31, 1995.

14 PERFORMANCE INFORMATION OF OTHER CLASS AMERICAN CENTURY INVESTMENTS

INFORMATION REGARDING THE FUNDS

INVESTMENT POLICIES OF THE FUNDS

GROWTH EQUITY FUNDS

All of the funds offered by this Prospectus seek capital growth by investing
in securities, primarily common stocks, that meet certain fundamental and
technical standards of selection (relating primarily to earnings and revenues
acceleration) and have, in the opinion of the funds' manager,
better-than-average potential for appreciation. So long as a sufficient number
of such securities are available, the manager intends to keep the funds fully
invested in these securities regardless of the movement of stock prices
generally. In most circumstances, the funds' actual level of cash and cash
equivalents will fluctuate between 0% and 10% of total assets with 90% to 100%
of its assets committed to equity and equity equivalent investments. The funds
may purchase securities only of companies that have a record of at least three
years of continuous operation.

SELECT AND HERITAGE

GROWTH, ULTRA AND VISTA

Management selects for the portfolios of the Growth, Ultra and Vista funds,
securities of companies whose earnings and revenue trends meet management's
standards of selection.

Growth and Ultra generally invest in large-sized companies, while Vista
invests in medium-sized and smaller companies.

The size of companies in which a fund invests tends to give each fund its
own characteristics of

PROSPECTUS INFORMATION REGARDING THE FUNDS 15

OTHER INVESTMENT PRACTICES, THEIR CHARACTERISTICS
AND RISKS

For additional information, see "Additional Investment Restrictions" in the
Statement of Additional Information.

FOREIGN SECURITIES

FORWARD CURRENCY EXCHANGE CONTRACTS

To protect against adverse movements in exchange rates between currencies,
the funds may, for hedging purposes only, enter into forward currency exchange
contracts. A forward currency exchange contract obligates a fund to purchase or
sell a specific currency at a future date at a specific price.

A fund may elect to enter into a forward currency exchange contract with
respect to a specific purchase or sale of a security, or with respect to the
fund's portfolio positions generally.

When the manager believes that a particular currency may decline in value
compared to the U.S. dollar, a fund may enter into forward currency exchange
contracts to sell the value of some or all of the fund's portfolio securities
either denominated in, or whose value is tied to, that currency. This practice
is sometimes referred to as "portfolio hedging." A fund may not enter into a
portfolio hedging transaction where it would be obligated to deliver an amount
of foreign

16 INFORMATION REGARDING THE FUNDS AMERICAN CENTURY INVESTMENTS

currency in excess of the aggregate value of its portfolio securities or other
assets denominated in, or whose value is tied to, that currency.

PORTFOLIO TURNOVER

The portfolio turnover rates of the funds are shown in the financial
information on pages 5-14 of this Prospectus.

REPURCHASE AGREEMENTS

No fund will invest more than 15% of its assets in repurchase agreements
maturing in more than seven days.

FUTURES AND OPTIONS

PROSPECTUS INFORMATION REGARDING THE FUNDS 17

of the contract period of a financial index, indicator, or security underlying
the futures contract.

DERIVATIVE SECURITIES

No fund may invest in a derivative security unless the reference index or
the instrument to which it relates is an eligible investment for the fund. For
example, a security whose underlying value is linked to the price of oil would
not be a permissible investment since the funds may not invest in oil and gas
leases or futures.

The return on a derivative security may increase or decrease, depending upon
changes in the reference index or instrument to which it relates.

There are a range of risks associated with derivative investments,
including:

* the risk that the underlying security, interest rate, market index or
other financial asset will not move in the direction the portfolio
manager anticipates;

* the possibility that there may be no liquid secondary market, or the
possibility that price fluctuation limits may be imposed by the
exchange, either of which may make it difficult or impossible to close
out a position when desired;

* the risk that adverse price movements in an instrument can result in a
loss substantially greater than a fund's initial investment; and

* the risk that the counterparty will fail to perform its obligations.

18 INFORMATION REGARDING THE FUNDS AMERICAN CENTURY INVESTMENTS

WHEN-ISSUED SECURITIES

RULE 144A SECURITIES

INVESTMENTS IN COMPANIES WITH LIMITED OPERATING HISTORY

PROSPECTUS INFORMATION REGARDING THE FUNDS 19

sider periods of capital formation, incubation, consolidation, and research and
development in determining whether a particular issuer has a record of three
years of continuous operation.

SHORT SALES

PERFORMANCE ADVERTISING

A quotation of yield reflects a fund's income over a stated period expressed
as a percentage of the fund's share price.

20 INFORMATION REGARDING THE FUNDS AMERICAN CENTURY INVESTMENTS

HOW TO INVEST WITH AMERICAN CENTURY INVESTMENTS

The following section explains how to purchase, exchange and redeem Advisor
Class shares of the funds offered by this Prospectus.

HOW TO PURCHASE AND SELL AMERICAN
CENTURY FUNDS

One or more of the funds offered by this Prospectus is available as an
investment option under your employer-sponsored retirement or savings plan or
through or in connection with a program, product or service offered by a
financial intermediary, such as a bank, broker-dealer or insurance company.
Since all records of your share ownership are maintained by your plan sponsor,
plan recordkeeper, or other financial intermediary, all orders to purchase,
exchange and redeem shares must be made through your employer or other financial
intermediary, as applicable.

If you are purchasing through a retirement or savings plan, the
administrator of your plan or your employee benefits office can provide you with
information on how to participate in your plan and how to select American
Century funds as an investment option.

If you are purchasing through a financial intermediary, you should contact
your service representative at the financial intermediary for information about
how to select American Century funds.

If you have questions about a fund, see "Investment Policies of the Funds,"
page 15, or call one of our Institutional Service Representatives at
1-800-345-3533.

Orders to purchase shares are effective on the day we receive payment. See
"When Share Price is Determined," page 23.

We may discontinue offering shares generally in the funds (including any
class of shares of a fund) or in any particular state without notice to
shareholders.

HOW TO EXCHANGE FROM ONE AMERICAN CENTURY
FUND TO ANOTHER

Your plan or program may permit you to exchange your investment in the
shares of a fund for shares of another fund in our family. See your plan
administrator, employee benefits office or financial intermediary for details on
the rules in your plan governing exchanges.

Exchanges are made at the respective net asset values, next computed after
receipt of the exchange instruction by us. If in any 90-day period, the total of
the exchanges and redemptions from the account of any one plan participant or
financial intermediary client exceeds the lesser of $250,000 or 1% of a fund's
assets, further exchanges may be subject to special requirements to comply with
our policy on large equity fund redemptions. See "Special Requirements for Large
Redemptions," this page.

HOW TO REDEEM SHARES

Subject to any restrictions imposed by your employer's plan or financial
intermediary's program, you can sell ("redeem") your shares through the plan or
financial intermediary at their net asset value. Your plan administrator,
trustee, or financial intermediary or other designated person must provide us
with redemption instructions. The shares will be redeemed at the net asset value
next computed after receipt of the instructions in good order. See "When Share
Price Is Determined," page 23. If you have any questions about how to redeem,
contact your plan administrator, employee benefits office, or service
representative at your financial intermediary, as applicable.

SPECIAL REQUIREMENTS FOR LARGE REDEMPTIONS

We have elected to be governed by Rule 18f-1 under the Investment Company
Act, which obligates each fund to redeem shares in cash, with respect to any one
participant account during any 90-day

PROSPECTUS HOW TO INVEST WITH AMERICAN CENTURY INVESTMENTS 21

period, up to the lesser of $250,000 or 1% of the assets of the fund. Although
redemptions in excess of this limitation will also normally be paid in cash, we
reserve the right to honor these redemptions by making payment in whole or in
part in readily marketable securities (a "redemption-in-kind"). If payment is
made in securities, the securities will be selected by the fund, will be valued
in the same manner as they are in computing the fund's net asset value and will
be provided to the redeeming plan participant or financial intermediary in lieu
of cash without prior notice.

If you expect to make a large redemption and would like to avoid any
possibility of being paid in securities, you may do so by providing us with an
unconditional instruction to redeem at least 15 days prior to the date on which
the redemption transaction is to occur. The instruction must specify the dollar
amount or number of shares to be redeemed and the date of the transaction.
Receipt of your instruction 15 days prior to the transaction provides the fund
with sufficient time to raise the cash in an orderly manner to pay the
redemption and thereby minimizes the effect of the redemption on the fund and
its remaining shareholders.

TELEPHONE SERVICES

INVESTORS LINE

To request information about our funds and a current prospectus, or get
answers to any questions that you may have about the funds and the services we
offer, call one of our Institutional Service Representatives at 1-800-345-3533.

22 HOW TO INVEST WITH AMERICAN CENTURY INVESTMENTS AMERICAN CENTURY INVESTMENTS

ADDITIONAL INFORMATION YOU SHOULD KNOW

SHARE PRICE

WHEN SHARE PRICE IS DETERMINED

The price of your shares is also referred to as their net asset value. Net
asset value is determined by calculating the total value of a fund's assets,
deducting total liabilities and dividing the result by the number of shares
outstanding. For all American Century funds, except funds issued by the American
Century Target Maturities Trust, net asset value is determined at the close of
regular trading on each day that the New York Stock Exchange is open, usually 3
p.m. Central time. The net asset values for the Target Maturities funds are
determined one hour prior to the close of the Exchange.

It is the responsibility of your plan recordkeeper or financial intermediary
to transmit your purchase, exchange and redemption requests to the funds'
transfer agent prior to the applicable cut-off time for receiving orders and to
make payment for any purchase transactions in accordance with the funds'
procedures or any contractual arrangements with the funds or the funds'
distributor in order for you to receive that day's price.

HOW SHARE PRICE IS DETERMINED

The valuation of assets for determining net asset value may be summarized as
follows:

The value of an exchange-traded foreign security is determined in its
national currency as of the close

PROSPECTUS ADDITIONAL INFORMATION YOU SHOULD KNOW 23

of trading on the foreign exchange on which it is traded or as of the close of
business on the New York Stock Exchange, if that is earlier. That value is then
exchanged to dollars at the prevailing foreign exchange rate.

WHERE TO FIND INFORMATION ABOUT SHARE PRICE

The net asset values of the Investor Class of the funds are published in
leading newspapers daily. Because the total expense ratio for the Advisor Class
shares is 0.25% higher than the Investor Class, their net asset values will be
lower than the Investor Class. The net asset value of the Advisor Class of each
fund may be obtained by calling us.

DISTRIBUTIONS

In general, distributions from net investment income and net realized
securities gains if any, are declared and paid once a year, but the funds may
make distributions on a more frequent basis to comply with the distribution
requirements of the Internal Revenue Code, in all events in a manner consistent
with the provisions of the Investment Company Act. Distributions from investment
income and from net profits realized on the sale of securities, if any, will be
declared annually on or before December 31.

Participants in employer-sponsored retirement or savings plan must reinvest
all distributions. For shareholders investing through taxable accounts,
distributions will be reinvested unless you elect to receive them in cash.
Distributions of less than $10 generally will be reinvested. Distributions made
shortly after a purchase by check or ACH may be held up to 15 days. You may
elect to have distributions on shares held in certain IRAs and 403(b) plans paid
in cash only if you are at least 59(1)/(2) years old or permanently and totally
disabled. Distribution checks normally are mailed within seven days after the
record date.

TAXES

The funds have elected to be taxed under Subchapter M of the Internal
Revenue Code, which means that to the extent its income is distributed to
shareholders, it pays no income tax.

TAX-DEFERRED ACCOUNTS

24 ADDITIONAL INFORMATION YOU SHOULD KNOW AMERICAN CENTURY INVESTMENTS

subject to current taxation, but will accumulate in your account under the plan
on a tax-deferred basis.

TAXABLE ACCOUNTS

Distributions may also be subject to state and local taxes, even if all or a
substantial part of such distribu-

PROSPECTUS ADDITIONAL INFORMATION YOU SHOULD KNOW 25

tions are derived from interest on U.S. government obligations which, if you
received them directly, would be exempt from state income tax. However, most but
not all states allow this tax exemption to pass through to fund shareholders
when a fund pays distributions to its shareholders. You should consult your tax
advisor about the tax status of such distributions in your own state.

If you have not complied with certain provisions of the Internal Revenue
Code and Regulations, either we or your financial intermediary is required by
federal law to withhold and remit to the IRS 31% of reportable payments (which
may include dividends, capital gains distributions and redemptions). Those
regulations require you to certify that the Social Security number or tax
identification number you provide is correct and that you are not subject to 31%
withholding for previous under-reporting to the IRS. You will be asked to make
the appropriate certification on your application. Payments reported by us that
omit your Social Security number or tax identification number will subject us to
a penalty of $50, which will be charged against your account if you fail to
provide the certification by the time the report is filed, and is not
refundable.

MANAGEMENT

INVESTMENT MANAGEMENT

The portfolio manager members of the teams managing the funds described in
this Prospectus and their work experience for the last five years are as
follows:

JAMES E. STOWERS III, Chief Executive Officer and Portfolio Manager, joined
American Century in 1981. He is a member of the team that manages Ultra.

GLENN A. FOGLE, Vice President and Portfolio Manager, joined American
Century in September 1990 as an Investment Analyst, a position he held until
March 1993. At that time he was promoted to Portfolio Manager. He is a member of
the team that manages Vista.

26 ADDITIONAL INFORMATION YOU SHOULD KNOW AMERICAN CENTURY INVESTMENTS

JOHN R. SYKORA, Portfolio Manager, joined American Century in May 1994 as an
Investment Analyst, a position he held until August 1997. At that time he was
promoted to Portfolio Manager. Prior to joining American Century, My. Sykora
served as a Financial Analyst for Business Men's Assurance Company of America,
Kansas City, Missouri, from August 1993 to April 1994. Prior to that Mr. Sykora
attended Michigan State University where he obtained his MBA degree. Mr. Sykora
is a member of the team that manages Ultra.

For the services provided to the Advisor Class of the funds, the manager
receives an annual fee of 0.75% of the average net assets of each of the funds.

CODE OF ETHICS

TRANSFER AND ADMINISTRATIVE SERVICES

PROSPECTUS ADDITIONAL INFORMATION YOU SHOULD KNOW 27

Any expenses associated with these special services will be paid by the manager.

DISTRIBUTION OF FUND SHARES

SERVICE AND DISTRIBUTION FEES

Rule 12b-1 adopted by the Securities and Exchange Commission ("SEC") under
the Investment Company Act permits investment companies that adopt a written
plan to pay certain expenses associated with the distribution of their shares.
Pursuant to that rule, the funds' Board of Directors and the initial shareholder
of the funds' Advisor Class shares have approved and entered into a Master
Distribution and Shareholder Services Plan (the "Plan") with the distributor.
Pursuant to the Plan, each fund pays a shareholder services fee and a
distribution fee, each equal to 0.25% (for a total of 0.50%) per annum of the
average daily net assets of the shares of the fund's Advisor Class. The
shareholder services fee is paid for the purpose of paying the costs of securing
certain shareholder and administrative services, and the distribution fee is
paid for the purpose of paying the costs of providing various distribution
services. All or a portion of such fees are paid by the manager, as paying agent
for the funds, to the banks, broker-dealers, insurance companies or other
financial intermediaries through which such shares are made available.

The Plan has been adopted and will be administered in accordance with the
requirements of Rule 12b-1 under the Investment Company Act. For additional
information about the Plan and its terms, see "Master Distribution and
Shareholder Services Plan" in the Statement of Additional Information. Fees paid
pursuant to the Plan may be paid for shareholder services and the maintenance of
accounts and therefore may constitute "service fees" for purposes of applicable
rules of the National Association of Securities Dealers.

FURTHER INFORMATION ABOUT AMERICAN CENTURY

The principal office of the funds is American Century Tower, 4500 Main
Street, P.O. Box 419385, Kansas City, Missouri 64141-6385. All inquiries may be
made by mail to that address, or by phone to 1-800-345-3533 (international
calls: 816-531-5575).

American Century offers four classes of each of the funds: an Investor
Class, an Institutional Class, a Service Class, and the Advisor Class. The
shares offered by this Prospectus are Advisor Class shares.

28 ADDITIONAL INFORMATION YOU SHOULD KNOW AMERICAN CENTURY INVESTMENTS

The Investor Class is primarily made available to retail investors. The
Institutional Class and Service Class are primarily offered to institutional
investors or through institutional distribution channels, such as
employer-sponsored retirement plans or through banks, broker-dealers, insurance
companies or other financial intermediaries. The other classes have different
fees, expenses, and/or minimum investment requirements than the Advisor Class.
The difference in the fee structures among the classes is the result of their
separate arrangements for shareholder and distribution services and not the
result of any difference in amounts charged by the manager for core investment
advisory services. Accordingly, the core investment advisory expenses do not
vary by class. Different fees and expenses will affect performance. For
additional information concerning the Investor Class of shares, call one of our
Investor Services Representatives at 1-800-345-2021. For information concerning
the Institutional or Service Classes of shares, call one of our Institutional
Service Representatives at 1-800-345-3533 or contact a sales representative or
financial intermediary who offers those classes of shares.

Unless required by the Investment Company Act, it will not be necessary for
the funds to hold annual meetings of shareholders. As a result, shareholders may
not vote each year on the election of directors or the appointment of auditors.
However, pursuant to the funds' by-laws, the holders of shares representing at
least 10% of the votes entitled to be cast may request a fund to hold a special
meeting of shareholders. We will assist in the communication with other
shareholders.

PROSPECTUS ADDITIONAL INFORMATION YOU SHOULD KNOW 29

P.O. BOX 419385
KANSAS CITY, MISSOURI
64141-6385

INSTITUTIONAL SERVICES:
1-800-345-3533 OR 816-531-5575

TELECOMMUNICATIONS DEVICE FOR THE DEAF:
1-800-345-1833 OR 816-444-3038

FAX: 816-340-4655

www.americancentury.com

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

9802 [recycled logo]
SH-BKT-11417 Recycled
<PAGE>
PROSPECTUS

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

MARCH 1, 1998

TWENTIETH
CENTURY
GROUP

Select
Heritage
Growth
Ultra
Vista

INSTITUTIONAL CLASS

AMERICAN CENTURY INVESTMENTS

FAMILY OF FUNDS

AMERICAN CENTURY INVESTMENTS
- --------------------------------------------------------------------------------
BENHAM GROUP(reg.tm) AMERICAN CENTURY GROUP TWENTIETH CENTURY GROUP
- --------------------------------------------------------------------------------

PROSPECTUS

MARCH 1, 1998

Select * Heritage * Growth

Ultra * Vista

INSTITUTIONAL CLASS

AMERICAN CENTURY MUTUAL FUNDS, INC.

Each fund's shares offered in this Prospectus (the Institutional Class
shares) are sold at their net asset value with no sales charges or commissions.

The Institutional Class shares are made available for purchase by large
institutional shareholders, such as bank trust departments, corporations,
endowments, foundations and financial advisors that meet the funds' minimum
investment requirements. Institutional Class shares are not available for
purchase by insurance companies or participant-directed employer-sponsored
retirement plans.

Additional information, including this Prospectus and the Statement of
Additional Information, may be obtained by accessing the Web site maintained by
the SEC (www.sec.gov).

PROSPECTUS 1

INVESTMENT OBJECTIVES OF THE FUNDS

AMERICAN CENTURY - TWENTIETH CENTURY
SELECT FUND

AMERICAN CENTURY - TWENTIETH CENTURY
HERITAGE FUND

AMERICAN CENTURY - TWENTIETH CENTURY
GROWTH FUND

AMERICAN CENTURY - TWENTIETH CENTURY
ULTRA FUND

AMERICAN CENTURY - TWENTIETH CENTURY
VISTA FUND

There is no assurance that the funds will achieve
their respective investment objectives.

2 INVESTMENT OBJECTIVES AMERICAN CENTURY INVESTMENTS

TABLE OF CONTENTS

Investment Objectives of the Funds ........................................ 2

Transaction and Operating Expense Table ................................... 4

Financial Highlights ...................................................... 5

Performance Information of Other Class ....................................10

INFORMATION REGARDING THE FUNDS

Investment Policies of the Funds ..........................................15

Growth Equity Funds ....................................................15

Select and Heritage ....................................................15

Growth, Ultra and Vista ................................................15

Other Investment Practices, Their Characteristics
and Risks .................................................................16

Foreign Securities .....................................................16

Forward Currency Exchange Contracts ....................................16

Portfolio Turnover .....................................................17

Repurchase Agreements ..................................................17

Futures and Options ....................................................17

Derivative Securities ..................................................18

When-Issued Securities .................................................19

Rule 144A Securities ...................................................19

Investments in Companies
with Limited Operating History ......................................19

Short Sales ............................................................20

Performance Advertising ...................................................20

HOW TO INVEST WITH AMERICAN CENTURY INVESTMENTS

American Century Investments ..............................................21

Investing in American Century .............................................21

How to Open an Account ....................................................21

By Mail ........................................................21

By Wire ........................................................21

By Exchange ....................................................21

In Person ......................................................22

Subsequent Investments ..............................................22

By Mail ........................................................22

By Telephone ...................................................22

By Wire ........................................................22

In Person ......................................................22

Automatic Investment Plan ...........................................22

Minimum Investment .......................................................22

How to Exchange from One Account to Another ..............................22

By Mail ........................................................23

By Telephone ...................................................23

How to Redeem Shares .....................................................23

By Mail ........................................................23

By Telephone ...................................................23

By Check-A-Month ...............................................23

Other Automatic Redemptions ....................................23

Redemption Proceeds .................................................23

By Check .......................................................23

By Wire and ACH ................................................23

Special Requirements for Large Redemptions ..........................23

Signature Guarantee ......................................................24

Special Shareholder Services .............................................24

Open Order Service .............................................24

Tax-Qualified Retirement Plans .................................25

Important Policies Regarding Your Investments ............................25

Reports to Shareholders ..................................................25

Customers of Banks, Broker-Dealers and

Other Financial Intermediaries .........................................26

ADDITIONAL INFORMATION YOU SHOULD KNOW

Share Price ...............................................................27

When Share Price Is Determined .........................................27

How Share Price Is Determined ..........................................27

Where to Find Information About Share Price ............................28

Distributions .............................................................28

Taxes .....................................................................28

Tax-Deferred Accounts ..................................................28

Taxable Accounts .......................................................29

Management ................................................................30

Investment Management ..................................................30

Code of Ethics .........................................................31

Transfer and Administrative Services ...................................31

Distribution of Fund Shares ...............................................32

Further Information About American Century ................................32

PROSPECTUS TABLE OF CONTENTS 3

TRANSACTION AND OPERATING EXPENSE TABLE

Select, Heritage,
Growth, Ultra, Vista

SHAREHOLDER TRANSACTION EXPENSES:

Maximum Sales Load Imposed on Purchases ........................ none

Maximum Sales Load Imposed on Reinvested Dividends ............. none

Deferred Sales Load ............................................ none

Redemption Fee ................................................. none

Exchange Fee ................................................... none

ANNUAL FUND OPERATING EXPENSES:
(as a percentage of net assets)

Management Fees ................................................0.80%

12b-1 Fees ..................................................... none

Other Expenses(1) ..............................................0.00%

Total Fund Operating Expenses ..................................0.80%

EXAMPLE:

You would pay the following expenses on a 1 year $ 8
$1,000 investment, assuming a 5% annual return and 3 years 26
redemption at the end of each time period: 5 years 44
10 years 99

(1) Other expenses, which includes the fees and expenses (including legal
counsel fees) of those directors who are not "interested persons" as
defined in the Investment Company Act, were less than 0.01 of 1% of average
net assets for the most recent fiscal year.

The shares offered by this Prospectus are Institutional Class shares. The
funds offer three other classes of shares, one of which is primarily made
available to retail investors and two that are primarily made available to
institutional investors. The other classes have different fee structures than
the Institutional Class. The difference in the fee structures among the classes
is the result of their separate arrangements for shareholder and distribution
services and not the result of any difference in amounts charged by the manager
for core investment advisory services. Accordingly, the core investment advisory
expenses do not vary by class. A difference in fees will result in different
performance for those classes. For additional information about the various
classes, see "Further Information About American Century," page 32.

4 TRANSACTION AND OPERATING EXPENSE TABLE AMERICAN CENTURY INVESTMENTS

FINANCIAL HIGHLIGHTS

SELECT

The sale of the Institutional Class of the fund commenced on March 13, 1997.
Performance information of the original class of shares, which commenced
operations on October 31, 1958, is presented on page 10.

1997(1)

PER-SHARE DATA

Net Asset Value,
Beginning of Period ......................................... $ 40.56
------------

Income From Investment Operations

Net Investment Income(2) .................................. 0.13

Net Realized and Unrealized
Gain on Investment Transactions ........................... 7.55
----

Total From
Investment Operations ....................................... 7.68
----

Net Asset Value,
End of Period ............................................... $ 48.24
============

Total Return(3) ............................................. 18.93%

RATIOS/SUPPLEMENTAL DATA

Ratio of Operating Expenses to Average Net Assets ........... 0.80%(4)

Ratio of Net Investment Income to Average Net Assets ........ 0.45%(4)

Portfolio Turnover Rate ..................................... 94%

Average Commission Paid per Share of Equity Security Traded . $ 0.0457

Net Assets, End of Period (in thousands) .................... $ 11,486

(1) March 13, 1997 (commencement of sale) through October 31, 1997.

(2) Computed using average shares outstanding throughout the period.

(3) Total return assumes reinvestment of dividends and capital gains
distributions, if any. Total return is not annualized.

(4) Annualized.

PROSPECTUS FINANCIAL HIGHLIGHTS 5

FINANCIAL HIGHLIGHTS

HERITAGE

The sale of the Institutional Class of the fund commenced on June 16, 1997.
Performance information of the original class of shares, which commenced
operations on November 10, 1958, is presented on page 11.

1997(1)

PER-SHARE DATA

Net Asset Value,
Beginning of Period ........................................... $ 13.60
---------

Income From Investment Operations

Net Investment Income(2) ..................................... 0.01

Net Realized and Unrealized
Gain on Investment Transactions .............................. 1.26
----

Total From
Investment Operations ......................................... 1.27
----

Net Asset Value,
End of Period ................................................. $ 14.87
=========

Total Return(3) ............................................... 9.34%

RATIOS/SUPPLEMENTAL DATA

Ratio of Operating Expenses to Average Net Assets ............. 0.80%(4)

Ratio of Net Investment Income to Average Net Assets .......... 0.21%(4)

Portfolio Turnover Rate ....................................... 69%

Average Commission Paid per Share of Equity Security Traded ... $ 0.0436

Net Assets, End of Period (in thousands) ...................... $ 129

(1) June 16, 1997 (commencement of sale) through October 31, 1997.

(2) Computed using average shares outstanding throughout the period.

(3) Total return assumes reinvestment of dividends and capital gains
distributions, if any. Total return is not annualized.

(4) Annualized.

6 FINANCIAL HIGHLIGHTS AMERICAN CENTURY INVESTMENTS

FINANCIAL HIGHLIGHTS

GROWTH

The sale of the Institutional Class of the fund commenced on June 16, 1997.
Performance information of the original class of shares, which commenced
operations on October 31, 1958, is presented on page 12.

1997(1)

PER-SHARE DATA

Net Asset Value,
Beginning of Period ........................................... $ 25.75
---------

Income From Investment Operations

Net Investment Income(2) .................................... 0.01

Net Realized and Unrealized
Gain on Investment Transactions ............................. 2.12
----

Total From
Investment Operations ......................................... 2.13
----

Net Asset Value,
End of Period ................................................. $ 27.88
=========

Total Return(3) ............................................... 8.27%

RATIOS/SUPPLEMENTAL DATA

Ratio of Operating Expenses to Average Net Assets ............. 0.80%(4)

Ratio of Net Investment Income to Average Net Assets .......... 0.07%(4)

Portfolio Turnover Rate ....................................... 75%

Average Commission Paid per Share of Equity Security Traded ... $ 0.0393

Net Assets, End of Period (in thousands) ...................... $ 171

(1) June 16, 1997 (commencement of sale) through October 31, 1997.

(2) Computed using average shares outstanding throughout the period.

(3) Total return assumes reinvestment of dividends and capital gains
distributions, if any. Total return is not annualized.

(4) Annualized.

PROSPECTUS FINANCIAL HIGHLIGHTS 7

FINANCIAL HIGHLIGHTS

ULTRA

The sale of the Institutional Class of the fund commenced on November 14,
1996. Performance information of the original class of shares, which commenced
operations on November 2, 1981, is presented on page 13.

1997(1)

PER-SHARE DATA

Net Asset Value,
Beginning of Period .......................................... $ 30.78
---------

Income From Investment Operations

Net Investment Income(2) .................................... 0.06

Net Realized and Unrealized
Gain on Investment Transactions ............................. 4.38
----

Total From
Investment Operations ........................................ 4.44
----

Distributions

From Net Realized Gains on Investment Transactions .......... (1.69)
-----

Net Asset Value,
End of Period ................................................ $ 33.53
=========

Total Return(3) .............................................. 15.28%

RATIOS/SUPPLEMENTAL DATA

Ratio of Operating Expenses to Average Net Assets ............ 0.80%(4)

Ratio of Net Investment Income to Average Net Assets ......... 0.23%(4)

Portfolio Turnover Rate ...................................... 107%

Average Commission Paid per Share of Equity Security Traded .. $ 0.0398

Net Assets, End of Period (in thousands) ..................... $ 334

(1)November 14, 1996 (commencement of sale) through October 31, 1997.

(2)Computed using average shares outstanding throughout the period.

(3)Total return assumes reinvestment of dividends and capital gains
distributions, if any. Total return is not annualized.

(4)Annualized.

8 FINANCIAL HIGHLIGHTS AMERICAN CENTURY INVESTMENTS

FINANCIAL HIGHLIGHTS

VISTA

1997(1)

PER-SHARE DATA

Net Asset Value,
Beginning of Period ........................................... $ 15.73
--------

Income From Investment Operations

Net Investment Loss(2) ...................................... (0.07)

Net Realized and Unrealized
Gain on Investment Transactions ............................. 0.08
----

Total From
Investment Operations ......................................... 0.01
----

Distributions

From Net Realized Gains on Investment Transactions .......... (1.18)
-----

Net Asset Value,
End of Period ................................................. $ 14.56
========

Total Return(3) ............................................... 0.17%

RATIOS/SUPPLEMENTAL DATA

Ratio of Operating Expenses to Average Net Assets ............. 0.80%(4)

Ratio of Net Investment Income to Average Net Assets .......... (0.53)%(4)

Portfolio Turnover Rate ....................................... 96%

Average Commission Paid per Share of Equity Security Traded ... $ 0.0292

Net Assets, End of Period (in thousands) ...................... $ 14

(1)November 14, 1996 (commencement of sale) through October 31, 1997.

(2)Computed using average shares outstanding throughout the period.

(3)Total return assumes reinvestment of dividends and capital gains
distributions, if any. Total return is not annualized.

(4)Annualized.

PROSPECTUS FINANCIAL HIGHLIGHTS 9

<TABLE>
<CAPTION>
PERFORMANCE INFORMATION OF OTHER CLASS

SELECT

The Institutional Class of the fund was established September 3, 1996. The
financial information in this table regarding selected per share data for the
fund reflects the performance of the fund's Investor Class of shares, which has
a total expense ratio that is 0.20% higher than the Institutional Class. Had the
Institutional Class been in existence for the fund for the time periods
presented, the fund's performance information would be higher as a result of the
lower expenses.

The Financial Highlights for the fiscal year ended October 31, 1997, have been
audited by Deloitte & Touche LLP, independent auditors whose report thereon
appears in the fund's annual report, which is incorporated by reference into the
Statement of Additional Information. The annual report contains additional
performance information and will be made available upon request and without
charge. The Financial Highlights for the fiscal years ended on or before October
31, 1996, have been audited by other independent auditors whose report thereon
is incorporated by reference into the Statement of Additional Information. The
information presented is for a share outstanding throughout the years ended
October 31.

1997 1996 1995 1994 1993 1992 1991 1990 1989 1988

PER-SHARE DATA

Net Asset Value,
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Beginning of Year .................. $41.52 $39.52 $37.67 $45.76 $39.18 $40.79 $34.19 $35.98 $27.85 $32.69
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Income From
Investment Operations

Net Investment Income ............. 0.15(1) 0.20(1) 0.33(1) 0.40 0.46 0.53 0.63 0.62 1.10 0.64

Net Realized and
Unrealized Gain(Loss) on
Investment Transactions .......... 10.51 6.73 4.68 (3.59) 7.94 0.34 8.17 (1.29) 7.74 1.37
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Total From
Investment Operations ............. 10.66 6.93 5.01 (3.19) 8.40 0.87 8.80 (0.67) 8.84 2.01
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Distributions

From Net Investment Income ........ (0.32) (0.27) (0.28) (0.43) (0.49) (0.65) (0.65) (1.12) (0.71) (0.48)

From Net Realized Gains on
Investment Transactions ........... (3.68) (4.66) (2.75) (4.47) (1.31) (1.83) (1.55) -- -- (6.37)

In Excess of
Net Realized Gains ................ -- -- (0.13) -- (0.02) -- -- -- -- --
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Total Distributions ............... (4.00) (4.93) (3.16) (4.90) (1.82) (2.48) (2.20) (1.12) (0.71) (6.85)
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Net Asset Value, End of Year ....... $48.18 $41.52 $39.52 $37.67 $45.76 $39.18 $40.79 $34.19 $35.98 $27.85
====== ====== ====== ====== ====== ====== ====== ====== ====== ======

Total Return(2) ................... 27.89% 19.76% 15.02% (7.37)% 22.20% 1.76% 27.05% (2.03)% 32.59% 7.31%

RATIOS/SUPPLEMENTAL DATA

Ratio of Operating Expenses
to Average Net Assets .............. 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00%

Ratio of Net Investment Income
to Average Net Assets .............. 0.33% 0.5% 0.9% 1.0% 1.1% 1.4% 1.7% 1.8% 3.4% 2.2%

Portfolio Turnover Rate ............ 94% 105% 106% 126% 82% 95% 84% 83% 93% 140%

Average Commission Paid per
Share of Equity Security Traded .... $0.0457 $0.0410 $0.0460 --(3) --(3) --(3) --(3) --(3) --(3) --(3)

Net Assets, End
of Year (in millions) .............. $4,769 $4,039 $4,008 $4,278 $5,160 $4,534 $4,163 $2,953 $2,721 $2,367

</TABLE>

(1)Computed using average shares outstanding throughout the period.

(2)Total return assumes reinvestment of dividends and capital gains
distributions, if any.

(3)Disclosure of average commission paid per share of equity security traded was
not required prior to the year ended October 31, 1995.

10 PERFORMANCE INFORMATION OF OTHER CLASS AMERICAN CENTURY INVESTMENTS

<TABLE>
<CAPTION>
PERFORMANCE INFORMATION OF OTHER CLASS

HERITAGE

1997 1996 1995 1994 1993 1992 1991 1990 1989 1988(1)

PER-SHARE DATA

Net Asset Value,
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Beginning of Period .............. $12.24 $11.75 $10.32 $11.03 $9.30 $8.59 $6.55 $8.15 $6.21 $5.00
------ ------ ------ ------ ----- ----- ----- ----- ----- -----
Income From
Investment Operations

Net Investment Income .......... 0.01(2) --(2) 0.05(2) 0.07 0.07 0.10 0.11 0.10 0.08 0.06

Net Realized and
Unrealized Gain (Loss) on
Investment Transactions ........ 3.41 1.15 1.96 (0.21) 2.43 0.72 2.04 (0.94) 1.93 1.16
------ ------ ------ ------ ----- ----- ----- ----- ----- -----
Total from
Investment Operations .......... 3.42 1.15 2.01 (0.14) 2.50 0.82 2.15 (0.84) 2.01 1.22
------ ------ ------ ------ ----- ----- ----- ----- ----- -----
Distributions

From Net Investment Income ..... (0.09) (0.05) (0.03) (0.06) (0.09) (0.11) (0.11) (0.07) (0.07) (0.01)

From Net Realized Gains on
Investment Transactions ........ (0.71) (0.61) (0.52) (0.50) (0.68) -- -- (0.69) -- --

In Excess of
Net Realized Gains ............. -- -- (0.03) (0.01) -- -- -- -- -- --
------ ------ ------ ------ ----- ----- ----- ----- ----- -----
Total Distributions ............ (0.80) (0.66) (0.58) (0.57) (0.77) (0.11) (0.11) (0.76) (0.07) (0.01)
------ ------ ------ ------ ----- ----- ----- ----- ----- -----
Net Asset Value, End of Period ... $14.86 $12.24 $11.75 $10.32 $11.03 $9.30 $8.59 $6.55 $8.15 $6.21
====== ====== ====== ====== ====== ===== ===== ===== ===== =====

Total Return(3) ................ 29.56% 10.44% 21.04% (1.13)% 28.64% 9.65% 33.25% (11.62)% 32.65% 25.75%

RATIOS/SUPPLEMENTAL DATA

Ratio of Operating Expenses
to Average Net Assets ............ 1.00% 0.99% 0.99% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00%(4)

Ratio of Net Investment Income
to Average Net Assets ............ 0.05% -- 0.5% 0.7% 0.7% 1.1% 1.5% 1.6% 1.3% 1.4%(4)

Portfolio Turnover Rate .......... 69% 122% 121% 136% 116% 119% 146% 127% 159% 130%(4)

Average Commission Paid per
Share of Equity Security Traded .. $0.0436 $0.0420 $0.0420 --(5) --(5) --(5) --(5) --(5) --(5) --(5)

Net Assets, End
of Period (in millions) .......... $1,321 $1,083 $1,008 $897 $702 $369 $269 $199 $117 $55

</TABLE>

(1) November 10, 1987 (inception) through October 31, 1988.

(2) Computed using average shares outstanding throughout the period.

(3) Total return assumes reinvestment of dividends and capital gains
distributions, if any. Total return for periods less than one year are not
annualized.

(4) Annualized.

(5) Disclosure of average commission paid per share of equity security traded
was not required prior to the year ended October 31, 1995.

PROSPECTUS PERFORMANCE INFORMATION OF OTHER CLASS 11

<TABLE>
<CAPTION>
PERFORMANCE INFORMATION OF OTHER CLASS

GROWTH

1997 1996 1995 1994 1993 1992 1991 1990 1989 1988

PER-SHARE DATA

Net Asset Value,
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Beginning of Year ................. $22.21 $23.88 $22.99 $25.27 $23.64 $22.32 $14.81 $17.44 $12.54 $15.62
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Income From Investment Operations

Net Investment Income (Loss) ..... 0.01(1) (0.01)(1) 0.08(1) 0.06 0.06 (0.02) 0.04 0.09 0.08 0.30

Net Realized and
Unrealized Gain
(Loss) on Investment
Transactions ..................... 6.07 1.47 4.08 0.48 1.94 1.35 8.47 (2.05) 5.14 0.13
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Total from
Investment Operations ............ 6.08 1.46 4.16 0.54 2.00 1.33 8.51 (1.96) 5.22 0.43
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Distributions

From Net Investment Income ....... (0.18) (0.07) (0.05) (0.06) -- (0.01) (0.11) (0.08) (0.32) (0.05)

From Net Realized Gains
on Investment Transactions ....... (0.25) (2.98) (3.18) (2.76) (0.36) -- (0.89) (0.59) -- (3.46)

In Excess of
Net Realized Gains ............... -- (0.08) (0.04) -- (0.01) -- -- -- -- --
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Total Distributions .............. (0.43) (3.13) (3.27) (2.82) (0.37) (0.01) (1.00) (0.67) (0.32) (3.51)
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Net Asset Value, End of Year ...... $27.86 $22.21 $23.88 $22.99 $25.27 $23.64 $22.32 $14.81 $17.44 $12.54
====== ====== ====== ====== ====== ====== ====== ====== ====== ======

Total Return(2) .................. 27.85% 8.18% 22.31% 2.66% 8.48% 5.96% 60.64% (11.72)% 42.74% 3.18%

RATIOS/SUPPLEMENTAL DATA

Ratio of Operating Expenses
to Average Net Assets ............. 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00%

Ratio of Net Investment Income
(Loss) to Average Net Assets ...... 0.02% (0.1)% 0.4% 0.3% 0.2% (0.1)% 0.2% 0.6% 0.5% 2.4%

Portfolio Turnover Rate ........... 75% 122% 141% 100% 94% 53% 69% 118% 98% 143%

Average Commission Paid per
Share of Equity Security Traded ... $0.0393 $0.0360 $0.0400 --(3) --(3) --(3) --(3) --(3) --(3) --(3)

Net Assets, End
of Year (in millions) ............. $5,113 $4,765 $5,130 $4,363 $4,641 $4,472 $3,193 $1,697 $1,597 $1,229

</TABLE>

(1) Computed using average shares outstanding throughout the period.

(2) Total return assumes reinvestment of dividends and capital gains
distributions, if any.

(3) Disclosure of average commission paid per share of equity security traded
was not required prior to the year ended October 31, 1995.

12 PERFORMANCE INFORMATION OF OTHER CLASS AMERICAN CENTURY INVESTMENTS

<TABLE>
<CAPTION>
PERFORMANCE INFORMATION OF OTHER CLASS

ULTRA

The Financial Highlights for the fiscal year ended October 31, 1997, have been
audited by Deloitte & Touche LLP, independent auditor whose report thereon
appears in the fund's annual report, which is incorporated by reference into the
Statement of Additional Information. The annual report contains additional
performance information and will be made available upon request and without
charge. The Financial Highlights for the fiscal years ended on or before October
31, 1996, have been audited by other independent auditors whose report thereon
is incorporated by reference into the Statement of Additional Information. The
information presented is for a share outstanding throughout the years ended
October 31.

1997 1996 1995 1994 1993 1992 1991 1990 1989 1988

PER-SHARE DATA

Net Asset Value,
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Beginning of Year $29.52 $28.03 $21.16 $21.61 $15.46 $15.53 $7.73 $9.63 $6.86 $8.76
------ ------ ------ ------ ------ ------ ----- ----- ----- -----
Income From
Investment Operations

Net Investment Income (Loss) 0.01(1) (0.05)(1) (0.07)(1) (0.03) (0.09) (0.05) (0.03) (0.03) 0.19 (0.02)

Net Realized and
Unrealized Gain
(Loss) on Investment
Transactions 5.62 2.84 7.58 (0.42) 6.24 (0.02) 7.86 (0.73) 2.58 1.38
------ ------ ------ ------ ------ ------ ----- ----- ----- -----
Total from
Investment Operations 5.63 2.79 7.51 (0.45) 6.15 (0.07) 7.83 (0.76) 2.77 1.36
------ ------ ------ ------ ------ ------ ----- ----- ----- -----
Distributions

From Net Investment Income -- -- -- -- -- -- -- (0.19) -- --

From Net Realized Gains on
Investment Transactions (1.69) (1.19) (0.64) -- -- -- (0.03) (0.95) -- (3.26)

In Excess of Net Realized Gains -- (0.11) -- -- -- -- -- -- -- --
------ ------ ------ ------ ------ ------ ----- ----- ----- -----
Total Distributions (1.69) (1.30) (0.64) -- -- -- (0.03) (1.14) -- (3.26)
------ ------ ------ ------ ------ ------ ----- ----- ----- -----
Net Asset Value, End of Year $33.46 $29.52 $28.03 $21.16 $21.61 $15.46 $15.53 $7.73 $9.63 $6.86
====== ====== ====== ====== ====== ====== ====== ===== ===== =====

Total Return(2) 19.95% 10.79% 36.89% (2.08)% 39.78% (0.45)% 101.51% (9.02)% 40.37% 19.52%

RATIOS/SUPPLEMENTAL DATA

Ratio of Operating Expenses
to Average Net Assets 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00%

Ratio of Net Investment Income
(Loss) to Average Net Assets 0.03% (0.2)% (0.3)% (0.1)% (0.6)% (0.4)% (0.5)% (0.3)% 2.2% (0.3)%

Portfolio Turnover Rate 107% 87% 87% 78% 53% 59% 42% 141% 132% 140%

Average Commission Paid per
Share of Equity Security Traded $0.0398 $0.0350 $0.0330 --(3) --(3) --(3) --(3) --(3) --(3) --(3)

Net Assets, End
of Year (in millions) $21,695 $18,266 $14,376 $10,344 $8,037 $4,275 $2,148 $330 $347 $258

</TABLE>

(1) Computed using average shares outstanding throughout the period.

(2) Total return assumes reinvestment of dividends and capital gains
distributions, if any.

(3) Disclosure of average commission paid per share of equity security traded
was not required prior to the year ended October 31, 1995.

PROSPECTUS PERFORMANCE INFORMATION OF OTHER CLASS 13

<TABLE>
<CAPTION>
PERFORMANCE INFORMATION OF OTHER CLASS

VISTA

1997 1996 1995 1994 1993 1992 1991 1990 1989 1988

PER-SHARE DATA

Net Asset Value,
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Beginning of Year .................. $15.68 $15.73 $10.94 $12.24 $11.01 $10.53 $6.28 $8.74 $5.91 $5.73
------ ------ ------ ------ ------ ------ ----- ----- ----- -----
Income From
Investment Operations

Net Investment Income (Loss) ..... (0.10)(1) (0.11)(1) (0.08)(1) (0.08) (0.07) (0.04) (0.02) (0.01) (0.03) 0.01

Net Realized
and Unrealized Gain
(Loss) on Investment
Transactions ..................... 0.13 1.09 4.90 0.45 1.95 0.52 4.27 (1.76) 2.87 0.63
------ ------ ------ ------ ------ ------ ----- ----- ----- -----
Total from
Investment Operations ............ 0.03 0.98 4.82 0.37 1.88 0.48 4.25 (1.77) 2.84 0.64
------ ------ ------ ------ ------ ------ ----- ----- ----- -----
Distributions

From Net Investment Income ....... -- -- -- -- -- -- -- -- (0.01) --

From Net Realized Gains
on Investment Transactions ....... (1.18) (1.02) (0.03) (1.66) (0.64) -- -- (0.69) -- (0.46)

In Excess of
Net Realized Gains ............... -- (0.01) -- (0.01) (0.01) -- -- -- -- --
------ ------ ------ ------ ------ ------ ----- ----- ----- -----
Total Distributions .............. (1.18) (1.03) (0.03) (1.67) (0.65) -- -- (0.69) (0.01) (0.46)
------ ------ ------ ------ ------ ------ ----- ----- ----- -----
Net Asset Value, End of Year ....... $14.53 $15.68 $15.73 $10.94 $12.24 $11.01 $10.53 $6.28 $8.74 $5.91
====== ====== ====== ====== ====== ====== ====== ===== ===== =====

Total Return(2) .................. 0.29% 6.96% 44.20% 4.16% 17.71% 4.55% 67.67% (22.17)% 48.19% 11.41%

RATIOS/SUPPLEMENTAL DATA

Ratio of Operating Expenses
to Average Net Assets .............. 1.00% 0.99% 0.98% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00%

Ratio of Net Investment Income
(Loss) to Average Net Assets ....... (0.73)% (0.7)% (0.6)% (0.8)% (0.6)% (0.4)% (0.3)% (0.10% (0.4)% 0.2%

Portfolio Turnover Rate ............ 96% 91% 89% 111% 133% 87% 92% 103% 125% 145%

Average Commission Paid per
Share of Equity Security Traded .... $0.0292 $0.0280 $0.0330 --(3) --(3) --(3) --(3) --(3) --(3) --(3)

Net Assets, End
of Year (in millions) .............. $1,828 $2,276 $1,676 $792 $847 $830 $622 $341 $264 $206

</TABLE>

(1) Computed using average shares outstanding throughout the period.

(2) Total return assumes reinvestment of dividends and capital gains
distributions, if any.

(3) Disclosure of average commission paid per share of equity security traded
was not required prior to the year ended October 31, 1995.

14 PERFORMANCE INFORMATION OF OTHER CLASS AMERICAN CENTURY INVESTMENTS

INFORMATION REGARDING THE FUNDS

INVESTMENT POLICIES OF THE FUNDS

GROWTH EQUITY FUNDS

All of the funds offered by this Prospectus seek capital growth by investing
in securities, primarily common stocks, that meet certain fundamental and
technical standards of selection (relating primarily to earnings and revenues
acceleration) and have, in the opinion of the funds' manager,
better-than-average potential for appreciation. So long as a sufficient number
of such securities are available, the manager intends to keep the funds fully
invested in these securities regardless of the movement of stock prices
generally. In most circumstances, the funds' actual level of cash and cash
equivalents will fluctuate between 0% and 10% of total assets with 90% to 100%
of its assets committed to equity and equity equivalent investments. The funds
may purchase securities only of companies that have a record of at least three
years of continuous operation.

SELECT AND HERITAGE

GROWTH, ULTRA AND VISTA

Management selects for the portfolios of the Growth, Ultra and Vista funds,
securities of companies whose earnings and revenue trends meet management's
standards of selection.

Growth and Ultra generally invest in large-sized companies, while Vista
invests in medium-sized and smaller companies.

The size of companies in which a fund invests tends to give each fund its
own characteristics of volatility and risk. These differences come about because
developments such as new or improved products or methods, which would be
relatively

PROSPECTUS INFORMATION REGARDING THE FUNDS 15

insignificant to a large company, may have a substantial impact on the earnings
and revenues of a small company and create a greater demand and a higher value
for its shares. However, a new product failure, which could readily be absorbed
by a large company, can cause a rapid decline in the value of the shares of a
smaller company. Hence, it could be expected that funds investing in smaller
companies would be more volatile than funds investing in larger companies.

OTHER INVESTMENT PRACTICES, THEIR CHARACTERISTICS
AND RISKS

For additional information, see "Additional Investment Restrictions" in the
Statement of Additional Information.

FOREIGN SECURITIES

FORWARD CURRENCY EXCHANGE CONTRACTS

To protect against adverse movements in exchange rates between currencies,
the funds may, for hedging purposes only, enter into forward currency exchange
contracts. A forward currency exchange contract obligates the fund to purchase
or sell a specific currency at a future date at a specific price.

A fund may elect to enter into a forward currency exchange contract with
respect to a specific purchase or sale of a security, or with respect to the
fund's portfolio positions generally.

Each fund will make use of portfolio hedging to the extent deemed
appropriate by the manager.

16 INFORMATION REGARDING THE FUNDS AMERICAN CENTURY INVESTMENTS

However, it is anticipated that a fund will enter into portfolio hedges much
less frequently than transaction hedges.

PORTFOLIO TURNOVER

The portfolio turnover rates of the funds are shown in the financial
information on pages 5-9 of this Prospectus.

Investment decisions to purchase and sell securities are based on the
anticipated contribution of the security in question to a fund's objectives. The
manager believes that the rate of portfolio turnover is irrelevant when it
determines a change is in order to achieve those objectives and, accordingly,
the annual portfolio turnover rate cannot be anticipated.