AMERICAN CENTURY MUTUAL FUNDS INC, 485APOS, 1998-12-01

AMERICAN CENTURY MUTUAL FUNDS INC
485APOS, 1998-12-01

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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-1A

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 [X]

File No. 2-14213

Pre-Effective Amendment No. [ ]

Post-Effective Amendment No. 80 [X]

and/or

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 [X]

File No. 811-0816

Amendment No. 80 [X]

(Check appropriate box or boxes.)

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

4500 Main Street, Kansas City, MO 64111
_________________________________________________________________
(Address of Principal Executive Offices) (Zip Code)

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

William M. Lyons, 4500 Main Street, Kansas City, MO 64111
_________________________________________________________________
(Name and Address of Agent for Service)

Approximate Date of Proposed Public Offering: February 16, 1999

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

[ ] immediately upon filing pursuant to paragraph (b)
[ ] on (date) pursuant to paragraph (b)
[ ] 60 days after filing pursuant to paragraph (a)(1)
[ ] on (date) pursuant to paragraph (a)(1)
[X] 75 days after filing pursuant to paragraph (a)(2)
[ ] on (date) pursuant to paragraph (a)(2) of rule 485.

If appropriate, check the following box:

[ ] This post-effective amendment designates a new effective date for a
previously filed post-effective amendment.

- --------------------------------------------------------------------------------
The Statement of Additional Information of American Century Mutual Funds, Inc.
dated January 29, 1999 is incorporated herein by reference to the Registrants
filing pursuant to Rule 485(a) on November 30, 1998 (accession
#0000100334-98-000025).
<PAGE>
[american century logo(reg.sm)]
American
Century

Prospectus

February 15, 1999
- --------------------------------------------------------------------------------

AMERICAN CENTURY

Tax-Managed Value Fund

Investor Class

The Securities and Exchange Commission has not approved or disapproved these
securities or determined if this Prospectus is accurate or complete. Anyone who
tells you otherwise is committing a crime.

Distributed by Funds Distributor, Inc.

Reading a prospectus doesn't have to be a chore. We've done the hard work so you
can focus on what's important--learning about the fund. Take a look inside and
you'll see this prospectus is different from others. It takes a clear-cut
approach to fund information.

Here's what you'll find:

o The fund's' primary investments and risks
o A description of who may or may not want to invest in the fund
o Fund performance, including returns for each year, best and worst quarters
and average annual returns compared to the fund's' benchmarks
o An overview of ways to best manage your accounts
o Helpful tips and definitions of key investment terms

Whether you're a current investor or investing in mutual funds for the first
time, this prospectus will give you a clear understanding of the fund. If you
have questions, our Investor Services Representatives are available weekdays, 7
a.m. to 7 p.m. Central time. Our toll-free number is 1-800-345-2021. We look
forward to helping you achieve your financial goals.

Sincerely,

Mark Killen
Senior Vice President
American Century Investment Services, Inc.

Table of Contents

An Overview of the Fund...............................2

Fees and Expenses.....................................3

Detailed Information about the Fund...................4

Management............................................7

Investing with American Century......................10

Share Price and Distributions........................13

Taxes................................................14

Fund Reference
Fund Code Ticker Newspaper Listing
- ------------------------------------------------------------------------------
Tax-Managed Value Fund

**********LEFT MARGIN CALLOUTS

Throughout this book you'll find definitions to key investment terms and
phrases. When you see a word printed in green italics, look for its definition
in the left margin.

*........This symbol highlights special information and helpful tips.

**********END LEFT MARGIN CALLOUTS

An Overview of the Fund

What are the fund's investment goals?

The Tax-Managed Value Fund seeks long-term capital growth by investing primarily
in common stocks while attempting to minimize the impact of federal taxes on
shareholder returns.

What are the fund's primary investment strategy and principal risks?

The fund manager uses a value investment strategy that invests primarily in
stocks of medium to large companies that the fund manager believes are
undervalued at the time of purchase. In selecting stocks, the fund looks for
companies that are temporarily out of favor in, or whose value is not yet
recognized by, the market. The fund manager will attempt to minimize taxable
distributions to fund shareholders. A more detailed description of American
Century's tax-efficient investment strategy begins on page XX.

The fund's principal risks include:

o Market Risk The value of the fund's shares will go up and down based on
the performance of the companies whose securities it owns
and other factors affecting the securities market generally.

o Price Volatility The value of the fund's shares may fluctuate significantly
in the short-term.

o Principal Loss As with all mutual funds, if you sell your shares when their
value is less than the price you paid, you will lose money.

Who may want to invest in the fund?

The fund may be a good investment if you are

0 seeking long-term capital growth from your investment

0 seeking lower taxable distributions than a traditional equity fund

0 comfortable with the fund's short-term price volatility

0 comfortable with the risks associated with the fund's investment strategy

Who may not want to invest in the fund?

The fund may not be a good investment if you are

0 investing through an IRA or other tax-advantaged retirement plan

0 seeking current income from your investment

0 investing for a short period of time

0 uncomfortable with short-term volatility in the value of your investment

**********LEFT MARGIN CALLOUTS

* An investment in the fund is not a bank deposit and is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other
government agency.

**********END LEFT MARGIN CALLOUTS

2 American Century Investments 1-800-345-2021

Fees and Expenses

There are no sales loads or fees or other charges

0 to buy fund shares directly from American Century

0 to reinvest dividends in additional shares

0 to exchange into the Investor Class shares of other American Century funds.

The following tables describe the fees and expenses that you may pay if you buy
and hold shares of the fund.

Shareholder Transaction Expenses (fees paid directly from your investment):
Redemption Fee (as a percentage of
amount redeemed)
- ------------------------------------------ -------------------------------------
Tax-Efficient Fund
Shares held for less than one year [XX%]
Shares held for at one year or more None
- ------------------------------------------ -------------------------------------

<TABLE>
Annual Operating Expenses (expenses that are deducted from fund assets):

Management Fee1 Distribution and Service Other Total Annual Fund
(12b-1) Fees Expenses2 Operating Expenses
- ----------------------- --------------------- -------------------------- --------------- ----------------------
<S> <C> <C> <C>
Tax-Efficient Fund 1.20% None 0.00% 1.20%
- ----------------------- --------------------- -------------------------- --------------- ----------------------
</TABLE>

1 A portion of the management fee may be paid by the fund's advisor to
unaffiliated third parties who provide recordkeeping and administrative
services that would otherwise be performed by an affiliate of the manager.

2 Other expenses include the fees and expenses of the fund's independent
directors, its legal counsel, interest and extraordinary expenses and are
estimated to be less than 0.005% of the fund's assets during the fund's
first fiscal year.

Example of Hypothetical Fund Costs

The examples in the table below are intended to help you compare the costs of
investing in the Tax-Managed Value Fund with those of other mutual funds.
Assuming you

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

your cost of investing in the fund would be:

1 Year 3 Years
- ----------------------------- -- --- -------- ----------
Tax-Managed Value Fund $XX $XX
- ----------------------------- -- --- -------- ----------

You would pay the following expenses if you did not redeem your shares at the
end of the periods shown below:

1 Year 3 Years
- ----------------------------- -- --- -------- ----------
Tax-Managed Value Fund $XX $XX
- ----------------------------- -- --- -------- ----------

**********LEFT MARGIN CALLOUTS

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

**********END LEFT MARGIN CALLOUTS

www.americancentury.com American Century Investments 3

Detailed Information about the Fund

What is the fund's investment objective?

The fund seeks long-term capital growth. This is a fundamental policy and cannot
be changed without shareholder approval.

How does the fund pursue its investment objective?

The fund manager seeks to achieve its objective by investing primarily in common
stocks. The fund manager will also attempt to minimize the impact of federal
income taxes on shareholder returns by attempting to minimize taxable
distributions to shareholders.

The fund manager uses a value investment strategy to look for stocks of medium
to large companies that the fund manager believes are undervalued at the time of
purchase. Companies may be undervalued due to market declines, poor economic
conditions, actual or anticipated bad news regarding the issuer or its industry,
or because they have been overlooked by other investors. To identify these
companies, the fund manager looks for companies with earnings, cash flows and/or
assets that may not be reflected accurately in the companies' stock prices.

To minimize taxable distributions, the fund manager employs the following
tax-sensitive techniques that may, from time to time, be inconsistent with the
fund's objective of long-term capital growth:

0 The fund manager seeks to minimize realized capital gains by keeping
portfolio turnover low and generally holding its investments for long
periods.

0 The fund manager seeks to minimize realized capital gains when selling the
shares of a specific company by analyzing the fund's holdings of that
company to determine which shares were purchased at what price and
typically selling those shares bought at the highest price.

0 The fund manager may seek to minimize realized capital gains by selling
securities to realize capital losses. Realized capital losses can offset
realized capital gains, thereby reducing capital gains distributions to the
fund's shareholders.

0 The fund manager seeks to minimize taxable dividend income when possible by
investing in stocks with lower dividend yields.

While the fund seeks to minimize taxable distributions to shareholders, it may
realize taxable gains and earn some dividends. For example, the fund manager may
elect to sell a security, even if it results in a taxable gain, if it determines
the tax impact of the sale is outweighed by the investment risk of holding the
security or by the availability of a replacement security which has a better
potential return. In addition, redemptions by fund shareholders could require
the fund to sell securities, potentially resulting in capital gains. At the fund
manager's discretion, payment of the redemption price may, under certain
circumstances, be made in whole or in part by a distribution in kind of
securities from the fund, in lieu of cash. See "Redemptions - Special
Requirements for Large Redemptions" on page 12. Because the fund is managed to
provide high after-tax returns, it may not provide as high a pre-tax return as
other funds. For more information regarding applicable taxes, see "Taxes" on
page XX.

Investors who frequently redeem their shares generate additional transactional
costs for the fund and may cause the fund to recognize capital gains and greater
brokerage commissions which must be borne by the fund's remaining shareholders.
To encourage long-term investing, the fund applies a XX% redemption fee to
shares held for less than one year. In determining the holding period for
shares, the fund will use the "first-in, first-out" method. In other words, when
a shareholder redeems or exchanges shares, the fund will first redeem or
exchange those shares with the earliest purchase date. If the shareholder has
held these shares for at least one year, the fund will not apply a redemption
fee to the redeemed shares. The fees will be paid directly to the fund and will
be used to help reimburse the fund for costs incurred by the fund when buying
and selling securities.

4 American Century Investments 1-800-345-2021

What kinds of securities does the fund buy?

The fund will usually purchase common stocks of U.S. and foreign companies, but
can purchase other types of securities, as well, such as domestic and foreign
preferred stocks, convertible securities, equity equivalent securities, notes,
bonds and other debt securities. The fund limits its purchase of debt securities
to investment-grade obligations.

What are the primary risks of investing in the fund?

o As with all funds, at any given time, the value of your shares of the fund
may be worth more or less than the price you paid. If you sell your shares
when the value is less than the price you paid, you will lose money.
o An investment in the fund is not a bank deposit, and is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other
government agency.
o The value of the fund's shares depends on the value of the stocks and other
securities it owns. The value of the individual securities the fund owns
will go up and down depending on the performance of the companies that
issued them, general market and economic conditions, and investor
confidence.
o If the market does not consider the individual stocks purchased by the fund
to be undervalued, the value of the fund's shares may not rise as high as
other funds and may in fact decline, even if stock prices are generally
increasing.
o Market performance tends to be cyclical, and in the various cycles, certain
investment styles may fall in and out of favor. If the market is not
favoring the fund's style, the fund's gains may not be as big as, or its
losses may be bigger than, other equity funds using different investment
styles.
o While the fund seeks to minimize taxable distributions to shareholders, it,
may realize capital gains on the sale of investment securities and earn
dividend income. For example, the fund manager may elect to sell a security
even if it results in a taxable gain if it determines the tax impact is
outweighed by the investment risk of the security or by the availability
of replacement securities which are of a better value after considering the
tax effect of the sale. Federal tax laws require the fund to make
distributions of such gains and income to its shareholders. Distributions
may be taxable as ordinary income, capital gains, or a combination of the
two.

In summary, the Tax-Efficient Fund is intended for investors who are seeking
long-term capital growth on an after-tax basis through a value-style equity fund
and who are willing to accept the risks associated with that investment
strategy.

www.americancentury.com American Century Investments 5

Performance History

As a new fund, the fund's performance history is not available as of the date of
this prospectus.

********** LEFT MARGIN CALLOUTS

* Please call us at 1-800-345-2021 or visit American Century's Web site at
www.americancentury.com. for current performance information.

**********END LEFT MARGIN CALLOUTS

6 American Century Investments 1-800-345-2021

Management

Who manages the fund?

The Board of Directors, investment advisor and portfolio management team play
key roles in the management of the fund.

The Board of Directors

The Board of Directors oversees the management of the fund and meets at least
quarterly to review reports about fund operations. Although the Board of
Directors does not manage the fund, it has hired an investment advisor to do so.
More than half of the Directors are independent of the fund's advisor, that is,
they are not employed by and have no financial interest in the advisor.

The Investment Advisor

The fund's investment advisor is American Century Investment Management, Inc.
The advisor has been managing mutual funds since 1958. American Century is
headquartered at 4500 Main Street, Kansas City, Missouri 64111.

The advisor manages the investment portfolios of the fund and directs the
purchase and sale of its investment securities. The advisor also arranges for
transfer agency, custody and all other services necessary for the fund to
operate.

For the services it provides to the fund, the advisor receives a unified
management fee of 1.20% of the average net assets of the fund. The amount of the
management fee is calculated daily and paid monthly. Out of that fee, the
advisor pays all expenses of managing and operating the fund except brokerage
expenses, taxes, interest, fees and expenses of the independent directors
(including counsel fees) and extraordinary expenses.

www.americancentury.com American Century Investments 7

The Fund Management Team

The advisor uses a team of portfolio managers, assistant portfolio managers and
analysts to manage the fund. The team meets regularly to review portfolio
holdings and to discuss purchase and sale activity. Team members buy and sell
securities for the fund as they see fit, guided by the fund's investment
objective and strategy.

Portfolio manager members of the investment team include:

Mark Mallon, Senior Vice President, Managing Director and Portfolio Manager,
joined American Century in April 1997. From August 1978 until he joined American
Century, Mr. Mallon was employed in several positions by Federated Investors,
and had served as President and Chief Executive Officer of Federated Investment
Counseling and Executive Vice President of Federated Research Corporation since
January 1990.

**********LEFT MARGIN CALLOUTS

* Code of Ethics

American Century has a Code of Ethics designed to ensure that the interests
of fund shareholders come before the interests of the people who manage the
funds. Among other provisions, the Code of Ethics prohibits portfolio
managers and other investment personnel from buying securities in an
initial public offering or from profiting from the purchase and sale of the
same security within 60 calendar days. In addition, the Code of Ethics
requires portfolio managers and other employees with access to information
about the purchase or sale of securities by the fund to obtain approval
before executing permitted personal trades.

**********END LEFT MARGIN CALLOUTS

8 American Century Investments 1-800-345-2021

Fundamental Investment Policies

Fundamental investment policies contained in the Statement of Additional
Information and the investment objective of the fund may not be changed without
a shareholder vote. The Board of Directors may change any other policies and
investment strategies.

Year 2000 Issues

Many of the world's computer systems currently cannot properly recognize or
process date-sensitive information relating to the Year 2000 and beyond. Because
this may impact the computer systems of various American Century-affiliated and
external service providers for the fund, American Century formally initiated a
Year 2000 readiness project in July 1997. It involves a team of information
technology professionals assisted by outside consultants and guided by a
senior-level steering committee. The team's goal is to assess the impact of the
Year 2000 on American Century's systems, renovate or replace noncompliant
critical systems and test those systems. In addition, the team has been working
to gather information about the Year 2000 efforts of the fund's other major
service providers. Although American Century believes its critical systems will
function properly in the Year 2000, this is not guaranteed. If the efforts of
American Century or its external service providers are not successful, the
fund's business, particularly the provision of shareholder services, may be
hampered.

In addition, the issuers of securities the fund owns could have Year 2000
computer problems. These problems could negatively affect the value of their
securities, which, in turn, could impact the fund's performance. The fund
manager has established a process to gather publicly available information about
the Year 2000 readiness of these issuers. However, this process may not uncover
all relevant information, and the information gathered may not be complete and
accurate. Moreover, an issuer's Year 2000 readiness is only one of many factors
the fund manager may consider when making investment decisions, and other
factors may receive greater weight.

www.americancentury.com American Century Investments 9

Investing with American Century

Services Automatically Available to You

You automatically will have access to the services listed below when you open
your account. If you do not want these services, see "Conducting Business in
Writing" below.

Conducting Business in Writing

If you prefer to conduct business in writing only, you can indicate this on the
account application. If you choose to do business in writing only, you must
provide written instructions to invest, exchange and redeem. All account owners
must sign transaction instructions (with signatures guaranteed for redemptions
in excess of $100,000). If you want to add services later, you can complete an
Investor Service Options form.

<TABLE>
Ways to Manage Your Account
- -------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------- ---------------------------------------------- -----------------------------------------------
<S> <C> <C>
By telephone Open an account Make additional investments
1-800-345-2021 If you are a current investor, you Call us or use our Automated Information Line
7 a.m. to 7 p.m. can open an account by exchanging if you have authorized us to withdraw from
Central time shares from another American Century your bank account.
account. (This service is not
Automated Information Line available if you have chosen to do Sell shares
1-800-345-8765 business in writing only.) Call an Investor Services Representative.
24 hours
Exchange shares
Call us or use our Automated
Information Line if you have authorized us to
accept telephone instructions.
- ---------------------------------- ---------------------------------------------- -----------------------------------------------
- ---------------------------------- ---------------------------------------------- -----------------------------------------------
By mail or fax Open an account Make additional investments
PO Box 419200 Send a signed and completed Send us your check or money order for at
Kansas City, MO 64141-6200 application and check or money order least $50 with an investment slip or $250
payable to American Century without an investment slip. If you don't have
Fax 816-340-7962 Investments. an investment slip, include your name,
address, and account number on your check or
Exchange shares money order.
Send us written instructions to
exchange your shares from one Sell shares
American Century account to another. Send us written instructions to sell shares
or send us a redemption form. Call an
Investor Services Representative to request a
form.
- ---------------------------------- ---------------------------------------------- -----------------------------------------------
- ---------------------------------- ---------------------------------------------- -----------------------------------------------
Online Open an account Make additional investments
www.americancentury.com If you are a current investor, you Follow the wire instructions provided in the
can open an account by exchanging Open an account section
shares from another American Century
account. (This service is not Sell shares
available if you have chosen to do Not available.
business in writing only.)

Exchange shares
Exchange shares from another American Century
account.

10 American Century Investments 1-800-345-2021

A Note about Mailings to Shareholders

To reduce expenses and demonstrate respect for our environment, we will deliver
most financial reports, prospectuses and account statements to households in a
single envelope, even if the accounts are registered under different names. If
you would like additional copies of financial reports and prospectuses or
separate mailing of account statements, please call us.

Your Guide to Services and Policies

When you open an account, you will receive an Investor Services Guide, which
explains the services available to you and the policies of the fund and the
transfer agent.

By wire Open an account Make additional investments
Commerce Bank N.A. Call us to set up your account or mail Follow the wire instructions provided in the
Routing No. 101000019 a completed application to the address Open an account section
ACMF Account No. 2804918 provided above and give your bank:
o The fund name Sell shares
F Please remember that o Your American Century account number You can receive redemption proceeds by
if you request o Name of the investor wire or electronic transfer. (This
redemptions by wire, $10 o The contribution year (for IRAs only) service is not available if you have
will be deducted from the chosen to do business in writing only.)
amount wired. Your bank Exchange shares
also may charge a fee. Not available.

4500 Main Street 4917 Town Center Dr.
Kansas City, Missouri Leawood, Kansas

1665 Charleston Road 2000 S. Colorado Blvd.
Mountain View, California Denver, Colorado
</TABLE>

www.americancentury.com American Century Investments 11

Minimum Initial Investment Amounts

To open an account the minimum investment is as follows for:
- --------------------------------------------------------------------------------
Individual or Joint $10,000
Traditional IRA $10,000
Roth IRA $10,000
Education IRA $10,000
UGMA/UTMA $10,000
403(b) $10,000

Redemptions

If you sell your shares of the Tax-Managed Value Fund within one year of their
purchase, you will pay a redemption fee of XX% of the value of the shares sold.
The redemption fees help cover transaction and tax costs long-term investors may
bear when the fund realizes capital gains as a result of selling securities to
meet shareholder redemptions.

Redemption of shares in low-balance accounts

If your account falls below the minimum balance we will notify you and give you
90 days to meet the minimum or, for most types of equity accounts, to establish
an automatic monthly investment. If you do not meet the deadline, American
Century will redeem the shares in the account and send the proceeds to your
address of record.

Special requirements for large redemptions

The fund has elected to be governed by Rule 18f-1 under the Investment Company
Act, which obligates the fund to make certain redemptions in cash. This
requirement applies when a shareholder redeems, during any 90-day period, up to
the lesser of $250,000 or 1% of the assets of the fund. American Century
reserves the right at its sole discretion to honor these redemptions by making
payment in whole or in part in readily marketable securities chosen by the fund
manager (a "redemption-in-kind"). A redemption-in-kind payment can help the
fund, and the remaining shareholders, avoid tax liabilities that might otherwise
have been incurred.

If we make payment in securities, we will value the securities, selected by the
fund, in the same manner as we do in computing the fund's net asset value. We
will provide these securities to the redeeming plan participant or financial
intermediary in lieu of cash without prior notice. If payment is made in
securities, a shareholder may incur brokerage or other transaction costs in
converting these securities to cash. If you receive a redemption-in-kind
payment, you may contact American Century Brokerage at 1-888-345-2171 to assist
you with selling the securities you receive.

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 policy minimizes the effect of
the redemption on the fund and its remaining shareholders.

Investing Through Financial Intermediaries

If you do business with us through a financial intermediary or a retirement
plan, your ability to purchase, exchange and redeem shares will depend on the
policies of that entity. Some policy differences may include

o minimum investment requirements
o exchange policies
o fund choices
o cut-off time for investments

Please contact your financial intermediary or plan sponsor for a complete
description of its policies. Copies of the fund's annual report, semiannual
report and Statement of Additional Information are available from your
intermediary or plan sponsor.

Certain financial intermediaries perform recordkeeping and administrative
services for their clients that would otherwise be performed by American
Century's transfer agent. In some circumstances, American Century will pay the
service provider a fee for performing those services.

Although transactions in fund shares may be made directly with American Century
at no charge, you also may purchase, redeem and exchange fund shares through
financial intermediaries that charge a transaction-based or other fee for their
services. Those charges are retained by the intermediary and are not shared with
American Century or the fund.

American Century has contracts with certain financial intermediaries in which
they represent that they will track the time investment orders are received. The
fund has authorized those intermediaries to accept orders on the fund's behalf
up to the time net asset value is determined. Such orders will be priced at the
net asset value next determined after acceptance of the order on a fund's
behalf.

**********LEFT MARGIN CALLOUTS

Financial intermediaries include banks, broker-dealers, insurance companies and
investment advisors.

**********END LEFT MARGIN CALLOUTS

12 American Century Investments 1-800-345-2021

Share Price and Distributions

Share Price

We determine the net asset value of the fund as of the close of regular trading
on the New York Stock Exchange (usually 4:00 p.m. Eastern time) on each day the
Exchange is open. On days when the Exchange is not open, we do not calculate the
net asset value. The net asset value of a fund share is the current value of the
fund's investments, minus any liabilities, divided by the number of fund shares
outstanding.

If current prices of securities owned by the fund are not readily available from
an independent pricing service, the fund manager may determine their fair value
in accordance with procedures adopted by the fund's Board of Directors. Trading
of securities in foreign markets may not take place on every day the Exchange is
open. Also, trading in some foreign markets may take place on weekends or
holidays when a fund's net asset value is not calculated. So, the value of the
fund's portfolio may be affected on days when you can't purchase or redeem
shares of the fund.

We will price your purchase, exchange or redemption at the net asset value next
determined after we receive your transaction request in good order.

Distributions

Federal tax laws require each fund to make distributions to its shareholders in
order to qualify as a "regulated investment company." Qualification as a
regulated investment company means that the funds will not be subject to state
or federal income tax on amounts distributed. While the fund seeks to minimize
taxable distributions, it, from time-to-time, may realize some capital gains on
the sale of investment securities and earn dividend income and interest. Each
fund generally pays distributions of capital gains, if any, once a year in
December. They may make more frequent distributions if necessary to comply with
Internal Revenue Code provisions.

You will begin to participate in fund distributions the day after your purchase
is effective. If you redeem shares, you will receive the distribution declared
for the day you redeem. If you redeem all shares, we will include the
distribution on the redeemed with your redemption proceeds.

Shareholders must reinvest all distributions. Please consult our Investor
Services Guide for further information regarding distributions.

**********LEFT MARGIN CALLOUTS

The net asset value of the fund is the price of the fund's shares and is
calculated by determining the net assets of the fund and dividing by the number
of shares outstanding.

Capital gains is the increase in the value of a capital asset, such as stock,
from the time it is purchased. Tax becomes due on capital gains once the asset
is sold.

**********END LEFT MARGIN CALLOUTS

www.americancentury.com American Century Investments 13

Taxes

The tax consequences of owning shares of the fund will vary depending on whether
you own them through a taxable or tax-deferred account. Tax consequences result
from distributions by the funds of dividend and interest income it has received
and capital gains it has generated through its investment activities, and by
sales of fund shares by investors after the net asset value has increased or
decreased.

Tax-Deferred Accounts.

If you purchase fund shares through a tax-deferred account, such as an IRA or a
qualified employer-sponsored retirement or savings plan, income and capital
gains distributions usually will not be subject to current taxation, but will
accumulate in your account under the plan on a tax-deferred basis. Likewise,
moving from one fund within a plan or tax-deferred account generally will not
cause you to be taxed. For information about tax consequences of making
purchases or withdrawals through an employer sponsored retirement or savings
plan, or through an IRA, please consult your plan administrator, your summary
plan description or a professional tax advisor.

Taxable Accounts

If you own fund shares through a taxable account, distributions by the fund and
sales by you of fund shares may cause you to be taxed.

Taxability of distributions

While the fund seeks to maximize long-term capital growth while minimizing
taxable distributions, the fund may make distributions to its shareholders. For
example, the fund manager may elect to sell a security even if it results in a
taxable gain if it determines the tax impact is outweighed by the investment
risk of the security or by the availability of replacement securities which are
of a better value after considering the tax effect of the sale.

Distributions may consist of income earned by the fund from sources such as
dividends and interest, or capital gains generated by the sale of fund
investments. Distribution of capital gains are classified either as short-term
or long-term and are tax as follows:

<TABLE>
Type of distribution Tax rate for 15% bracket Tax rate for 28% bracket or above
- ---------------------------- ------------------------------ ---------------------------------------
<S> <C> <C>
Short-term capital gains Ordinary income rate Ordinary income rate
Long-term capital gains 10% 20%
</TABLE>

The tax status of any distribution of capital gains is determined by how long
the fund held the underlying security that was sold, not by how long you have
been invested in the fund or whether you reinvest your distributions in
additional shares or take them as income. American Century will send you a
detail of the tax status of fund distributions for each calendar year in an
annual tax statement from the fund.

Distributions may also be subject to state and local taxes. Because everyone's
tax situation is unique, always consult your tax professional about federal,
state and local tax consequences.

Taxes on transactions.

Your redemptions -- including exchanges to other American Century funds -- are
subject to capital gains tax. The table above can provide a general guide for
your potential tax liability when selling or exchanging fund shares. "Short-term
capital gains" are gains on fund shares held less than or equal to 12 months.
"Long-term capital gains" are gains on fund shares held for more than 12 months.
If your shares decrease in value, their sale or exchange will result in a
long-term or short-term capital loss.

**********LEFT MARGIN CALLOUTS

* Buying a Dividend

While the fund seeks to maximize long-term capital growth while minimizing
taxable distributions, the fund may make distributions to its shareholders.
Purchasing fund shares in a taxable account shortly before a distribution
is sometimes known as "buying a dividend." In taxable accounts, you must
pay income taxes on the distribution whether you take the distribution in
cash or reinvest it. In addition, you will have to pay taxes on the
distribution whether the value of your investment decreased, increased or
remained the same after you bought the fund shares. The risk in buying a
dividend is that the fund's portfolio may build up taxable gains throughout
the period covered by a distribution, as securities are sold at a profit.
We distribute those gains to you, after subtracting any losses, even if you
did not own the shares when the gains occurred.

**********END LEFT MARGIN CALLOUTS

Multiple Class Information

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

American Century offers the other classes of shares primarily to institutional
investors, through institutional distribution channels, such as
employer-sponsored retirement plans, or through banks, broker-dealers and
insurance companies. 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 advisor 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 1-800-345-3553 or contact a sales representative or financial intermediary
who offers those classes of shares.

Except as described below, all classes of shares have identical voting,
dividend, liquidation and other rights, preferences, terms and conditions. The
only difference 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.

14 American Century Investments 1-800-345-2021

American Century Investments
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

Fax
816-340-7962

www.americancentury.com

Telecommunications Device for the Deaf
1-800-634-4113 or 816-444-3485

Institutional, Corporate, Keogh,
SEP/SARSEP, SIMPLE and 403(b) Services
1-800-345-3533

More information about the fund is contained in these documents:

Annual and Semiannual Reports. Contain more information about the fund's
investments and the market conditions and investment strategies that
significantly affected the fund's performance during the most recent six-month
fiscal period.

Statement of Additional Information (SAI). Contains a more detailed, legal
description of the fund's operations, investment restrictions, policies and
practices. The SAI is incorporated by reference into this Prospectus. This means
that it is legally part of this Prospectus, even if you don't request a copy.

You can also get information about the fund (including the SAI) from the SEC.

v In person. Go to the SEC's Public Reference Room in Washington, D.C. Call
1-800-SEC-0330 for information about location and hours of operation.

v On the internet. Go to www.sec.gov.

v By mail. Write to Public Reference Section of the Securities and Exchange
Commission, Washington, D.C. 20549-6009. The SEC will charge a fee for
copying the documents you request.

Investment Company Act File No. 811-0816
<PAGE>
[american century logo(reg.sm)]
American
Century

Prospectus

February 15, 1999
- --------------------------------------------------------------------------------

AMERICAN CENTURY

Tax-Managed Value Fund

Advisor Class

The Securities and Exchange Commission has not approved or disapproved these
securities or determined if this Prospectus is accurate or complete. Anyone who
tells you otherwise is committing a crime.

Distributed by Funds Distributor, Inc.

Here's what you'll find:

Sincerely,

Mark Killen
Senior Vice President
American Century Investment Services, Inc.

Table of Contents

An Overview of the Fund.....................................2

Fees and Expenses...........................................3

Detailed Information about the Fund.........................4

Management..................................................7

Investiing with American Century...........................10

Share Price and Distributions..............................13

Taxes......................................................14

Multiple Class Information.................................14

Fund Reference
Fund Code Ticker
- ----------------------------------------------------
Tax-Managed Value Fund

**********LEFT MARGIN CALLOUTS

Throughout this book you'll find definitions to key investment terms and
phrases. When you see a word printed in green italics, look for its definition
in the left margin.

*........This symbol highlights special information and helpful tips.

**********END LEFT MARGIN CALLOUTS

An Overview of the Fund

What are the fund's investment goals?

The Tax-Managed Value Fund seeks long-term capital growth by investing primarily
in common stocks while attempting to minimize the impact of federal taxes on
shareholder returns.

What are the fund's primary investment strategy and principal risks?

The fund's principal risks include:

o Market Risk The value of the fund's shares will go up and down based on
the performance of the companies whose securities it owns
and other factors affecting the securities market generally.

o Price Volatility The value of the fund's shares may fluctuate significantly
in the short-term.

o Principal Loss As with all mutual funds, if you sell your shares when their
value is less than the price you paid, you will lose money.

Who may want to invest in the fund?

The fund may be a good investment if you are

0 seeking long-term capital growth from your investment

0 seeking lower taxable distributions than a traditional equity fund

0 comfortable with the fund's short-term price volatility

0 comfortable with the risks associated with the fund's investment strategy

Who may not want to invest in the fund?

The fund may not be a good investment if you are

0 investing through an IRA or other tax-advantaged retirement plan

0 seeking current income from your investment

0 investing for a short period of time

0 uncomfortable with short-term volatility in the value of your investment

**********LEFT MARGIN CALLOUTS

* An investment in the fund is not a bank deposit and is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other
government agency.

**********END LEFT MARGIN CALLOUTS

2 American Century Investments 1-800-345-2021

Fees and Expenses

There are no sales loads or fees or other charges

0 to buy fund shares directly from American Century

0 to reinvest dividends in additional shares

0 to exchange into the Institutional Class shares of other American Century
funds.

The following tables describe the fees and expenses that you may pay if you buy
and hold shares of the fund.

Annual Operating Expenses (expenses that are deducted from fund assets):

<TABLE>
Management Fee Distribution and Other Expenses2 Total Annual Fund
Service (12b-1) Fees1 Operating Expenses
- ------------------------- ------------------ ------------------------- ----------------- -----------------------
<S> <C> <C> <C> <C>
Tax-Efficient Fund 0.95% 0.50% 0.00% 1.45%
- ------------------------- ------------------ ----------------------- ------------------- -----------------------
</TABLE>

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 xx.

Example of Hypothetical Fund Costs

The examples in the table below are intended to help you compare the costs of
investing in the Tax-Managed Value Fund with those of other mutual funds.
Assuming you

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

your cost of investing in the fund would be:

1 Year 3 Years
- ----------------------------- -- --- -------- ----------
Tax-Managed Value Fund $XX $XX
- ----------------------------- -- --- -------- ----------

You would pay the following expenses if you did not redeem your shares at the
end of the periods shown below:

1 Year 3 Years
- ----------------------------- -- --- -------- ----------
Tax-Managed Value Fund $XX $XX
- ----------------------------- -- --- -------- ----------

**********LEFT MARGIN CALLOUTS

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

**********END LEFT MARGIN CALLOUTS

www.americancentury.com American Century Investments 3

Detailed Information about the Fund

What is the fund's investment objective?

The fund seeks long-term capital growth. This is a fundamental policy and cannot
be changed without shareholder approval.

How does the fund pursue its investment objective?

To minimize taxable distributions, the fund manager employs the following
tax-sensitive techniques that may, from time to time, be inconsistent with the
fund's objective of long-term capital growth:

0 The fund manager seeks to minimize realized capital gains by keeping
portfolio turnover low and generally holding its investments for long
periods.

0 The fund manager seeks to minimize realized capital gains when selling
specific stock by analyzing the fund's holdings of that company to
determine which shares were purchased at what price and typically
selling those shares bought at the highest price.

0 The fund manager may seek to minimize realized capital gains by selling
securities to realize capital losses. Realized capital losses can
offset realized capital gains, thereby reducing capital gains
distributions to the fund's shareholders.

0 The fund manager seeks to minimize taxable dividend income when
possible by investing in stocks with lower dividend yields.

4 American Century Investments 1-800-345-2021

What kinds of securities does the fund buy?

What are the primary risks of investing in the fund?

o As with all funds, at any given time, the value of your shares of the fund
may be worth more or less than the price you paid. If you sell your shares
when the value is less than the price you paid, you will lose money.
o An investment in the fund is not a bank deposit, and is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other
government agency.
o The value of the fund's shares depends on the value of the stocks and other
securities it owns. The value of the individual securities the fund owns
will go up and down depending on the performance of the companies that
issued them, general market and economic conditions, and investor
confidence.
o If the market does not consider the individual stocks purchased by the fund
to be undervalued, the value of the fund's shares may not rise as high as
other funds and may in fact decline, even if stock prices are generally
increasing.
o Market performance tends to be cyclical, and in the various cycles, certain
investment styles may fall in and out of favor. If the market is not
favoring the fund's style, the fund's gains may not be as big as, or its
losses may be bigger than, other equity funds using different investment
styles.
o While the fund seeks to minimize taxable distributions to shareholders, it,
may realize capital gains on the sale of investment securities and earn
dividend income. For example, the fund manager may elect to sell a security
even if it results in a taxable gain if it determines the tax impact is
outweighed by the investment risk of the security or by the availability of
replacement securities which are of a better value after considering the
tax effect of the sale. Federal tax laws require the fund to make
distributions of such gains and income to its shareholders. Distributions
may be taxable as ordinary income, capital gains, or a combination of the
two.

www.americancentury.com American Century Investments 5

Performance History

As a new fund, the fund's performance history is not available as of the date of
this prospectus.

*********LEFT MARGIN CALLOUTS

* Please call us at 1-800-345-2021 or visit American Century's Web site at
www.americancentury.com. for current performance information.

**********END LEFT MARGIN CALLOUTS

6 American Century Investments 1-800-345-2021

Management

Who manages the fund?

The Board of Directors, investment advisor and portfolio management team play
key roles in the management of the fund.

The Board of Directors

The Investment Advisor

For the services it provides to the fund, the advisor receives a unified
management fee of 1.45% of the average net assets of the Advisor Class of shares
of the fund. The amount of the management fee is calculated on a class-by-class
basis daily and paid monthly. Out of that fee, the advisor pays all expenses of
managing and operating the fund except brokerage expenses, taxes, interest, fees
and expenses of the independent directors (including counsel fees) and
extraordinary expenses.

www.americancentury.com American Century Investments 7

The Fund Management Team

Portfolio manager members of the investment team include:

**********LEFT MARGIN CALLOUTS

* Code of Ethics

**********END LEFT MARGIN CALLOUTS

8 American Century Investments 1-800-345-2021

Fundamental Investment Policies

Year 2000 Issues

www.americancentury.com American Century Investments 9

Investing with American Century

Eligibility for Advisor Class Shares

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

Redemptions

Investing Through Financial Intermediaries

o minimum investment requirements
o exchange policies
o fund choices
o cut-off time for investments

Special requirements for large redemptions

**********LEFT MARGIN CALLOUTS

Financial intermediaries include banks, broker-dealers, insurance companies and
investment advisors.

**********END LEFT MARGIN CALLOUTS

12 American Century Investments 1-800-345-2021

Share Price and Distributions

Share Price

If current prices of securities owned by the fund are not readily available from
an independent pricing service, the advisor may determine their fair value in
accordance with procedures adopted by the fund's Board of Directors. Trading of
securities in foreign markets may not take place on every day the Exchange is
open. Also, trading in some foreign markets may take place on weekends or
holidays when a fund's net asset value is not calculated. So, the value of the
fund's portfolio may be affected on days when you can't purchase or redeem
shares of the fund.

We will price your purchase, exchange or redemption at the net asset value next
determined after we receive your transaction request in good order.

It is the responsibility of your plan recordkeeper or financial intermediary to
transmit your purchase, exchange and redemption requests to the fund's transfer
agent prior to the applicable cut-off time for receiving orders and to make
payment for any purchase transactions in accordance with the fund's procedures
or any contractual arrangement with the fund or the fund's 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 fund has authorized such
intermediaries and their designees to accept purchase and redemption orders on
the fund's behalf up to the applicable cut-off time. The fund will be deemed to
have received such orders upon acceptance by the duly authorized intermediary,
and such orders will be priced at the fund's net asset value next determined
after acceptance on the fund's behalf by such intermediary.

Distributions

Shareholders must reinvest all distributions. Please consult our Investor
Services Guide for further information regarding distributions.

**********LEFT MARGIN CALLOUTS

The net asset value of the fund is the price of the fund's shares and is
calculated by determining the net assets of the fund and dividing by the number
of shares outstanding.

Capital gains is the increase in the value of a capital asset, such as stock,
from the time it is purchased. Tax becomes due on capital gains once the asset
is sold.

**********END LEFT MARGIN CALLOUTS

www.americancentury.com American Century Investments 13

Taxes

Tax-Deferred Accounts.

Taxable Accounts

If you own fund shares through a taxable account, distributions by the fund and
sales by you of fund shares may cause you to be taxed.

Taxability of distributions

<TABLE>
Type of distribution Tax rate for 15% bracket Tax rate for 28% bracket or above
- ----------------------------- ----------------------------- -------------------------------------
<S> <C> <C>
Short-term capital gains Ordinary income rate Ordinary income rate
Long-term capital gains 10% 20%
</TABLE>

Distributions may also be subject to state and local taxes. Because everyone's
tax situation is unique, always consult your tax professional about federal,
state and local tax consequences.

Taxes on transactions.

**********LEFT MARGIN CALLOUTS

* Buying a Dividend

**********END LEFT MARGIN CALLOUTS

Multiple Class Information

American Century offers three classes of funds: Investor Class, Institutional
Class and Advisor Class. The shares offered by this Prospectus are Advisor Class
shares and are offered primarily to institutional investors, through
institutional distribution channels, such as employer-sponsored retirement
plans, or through banks, broker-dealers and insurance companies.

American Century offers another class of shares that has no up-front or deferred
charges, commissions or 12b-1 fees. The fund may offer a different class of
shares primarily to institutional investors, through institutional distribution
channels, such as employer-sponsored retirement plans, or through banks,
broker-dealers and insurance companies. 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 advisor 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.

Service and Distribution Fees

Investment Company Act Rule 12b-1 permits mutual funds that adopt a written plan
to pay out of fund assets certain expenses associated with the distribution of
their shares. The fund's Advisor Class shares have a 12b-1 Plan. Under the Plan,
the fund pays an annual fee of 0.50% of fund assets, half for certain
shareholder and administrative services and half for distribution services. The
advisor, as paying agent for the fund, pays all or a portion of such fees to the
banks, broker-dealers and insurance companies that make such shares available.
Because these fees are paid out of the fund's assets on an on-going basis, over
time these fees will increase the cost of your investment and may cost you more
than paying other types of sales charges. For additional information about the
Plan and its terms, see "Multiple Class Structure - Master Distribution and
Shareholder Services Plan" in the Statement of Additional Information.

14 American Century Investments 1-800-345-2021

American Century Investments
P.O. Box 419385
Kansas City, Missouri 64141-6385

Institutional Services
1-800-345-3533 or 816-531-5575

Fax
816-340-4655

www.americancentury.com

Telecommunications Device for the Deaf
1-800-345-1833 or 816-444-3038

Corporate, Not-for-Profit, Keogh,
SEP-, SARSEP, SIMPLE-IRA and 403(b) Services
1-800-345-3533

More information about the fund is contained in these documents:

You can also get information about the fund (including the SAI) from the SEC.

v In person. Go to the SEC's Public Reference Room in Washington, D.C. Call
1-800-SEC-0330 for information about location and hours of operation.

v On the internet. Go to www.sec.gov.

v By mail. Write to Public Reference Section of the Securities and Exchange
Commission, Washington, D.C. 20549-6009. The SEC will charge a fee for
copying the documents you request.

Investment Company Act File No. 811-0816
<PAGE>
[american century logo(reg.sm)]
American
Century

Prospectus

February 15, 1999
- --------------------------------------------------------------------------------

AMERICAN CENTURY

Tax-Managed Value Fund

INSTITUTIONAL Class

The Securities and Exchange Commission has not approved or disapproved these
securities or determined if this Prospectus is accurate or complete. Anyone who
tells you otherwise is committing a crime.

Distributed by Funds Distributor, Inc.

Here's what you'll find:

Sincerely,

Mark Killen
Senior Vice President
American Century Investment Services, Inc.

Table of Contents

An Overview of the Fund....................................2

Fees and Expenses..........................................3

Detailed Information about the Fund........................4

Management.................................................7

Investing with American Century...........................10

Share Price and Distributions.............................13

Taxes.....................................................14

Multiple Class Information ...............................14

Fund Reference
Fund Code Ticker
- ----------------------------------------------------
Tax-Managed Value Fund

**********LEFT MARGIN CALLOUTS

Throughout this book you'll find definitions to key investment terms and
phrases. When you see a word printed in green italics, look for its definition
in the left margin.

*........This symbol highlights special information and helpful tips.

**********END LEFT MARGIN CALLOUTS

An Overview of the Fund

What are the fund's investment goals?

The Tax-Managed Value Fund seeks long-term capital growth by investing primarily
in common stocks while attempting to minimize the impact of federal taxes on
shareholder returns.

What are the fund's primary investment strategy and principal risks?

The fund's principal risks include:

o Market Risk The value of the fund's shares will go up and down based on
the performance of the companies whose securities it owns
and other factors affecting the securities market generally.

o Price Volatility The value of the fund's shares may fluctuate significantly
in the short-term.

o Principal Loss As with all mutual funds, if you sell your shares when their
value is less than the price you paid, you will lose money.

Who may want to invest in the fund?

The fund may be a good investment if you are

0 seeking long-term capital growth from your investment

0 seeking lower taxable distributions than a traditional equity fund

0 comfortable with the fund's short-term price volatility

0 comfortable with the risks associated with the fund's investment strategy

Who may not want to invest in the fund?

The fund may not be a good investment if you are

0 investing through an IRA or other tax-advantaged retirement plan

0 seeking current income from your investment

0 investing for a short period of time

0 uncomfortable with short-term volatility in the value of your investment

**********LEFT MARGIN CALLOUTS

* An investment in the fund is not a bank deposit and is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other
government agency.

**********END LEFT MARGIN CALLOUTS

2 American Century Investments 1-800-345-2021

Fees and Expenses

There are no sales loads or fees or other charges

0 to buy fund shares directly from American Century

0 to reinvest dividends in additional shares

0 to exchange into the Institutional Class shares of other American Century
funds.

The following tables describe the fees and expenses that you may pay if you buy
and hold shares of the fund.

Shareholder Transaction Expenses (fees paid directly from your investment):

Redemption Fee (as a percentage
of amount redeemed)
- ------------------------------------------ ----------------------------------
Tax-Efficient Fund
Shares held for less than one year [XX%]
Shares held for at one year or more None
- ------------------------------------------ ----------------------------------

Annual Operating Expenses (expenses that are deducted from fund assets):
<TABLE>
Management Fee Distribution and Service Other Expenses1 Total Annual Fund
(12b-1) Fees Operating Expenses
- ------------------------- ----------------- -------------------------- ----------------- --------------------
<S> <C> <C> <C>
Tax-Efficient Fund 1.00% None 0.00% 1.00%
- ------------------------- ----------------- -------------------------- ----------------- --------------------
</TABLE>

1 Other expenses include the fees and expenses of the fund's independent
directors, its legal counsel, interest and extraordinary expenses and are
estimated to be less than 0.005% of the fund's assets during the fund's
first fiscal year.

Example of Hypothetical Fund Costs

The examples in the table below are intended to help you compare the costs of
investing in the Tax-Managed Value Fund with those of other mutual funds.
Assuming you

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

your cost of investing in the fund would be:
1 Year 3 Years
- ------------------------------ -- --- -------- ------------
Tax-Managed Value Fund $XX $XX
- ------------------------------ -- --- -------- ------------

You would pay the following expenses if you did not redeem your shares at the
end of the periods shown below:

1 Year 3 Years
- ------------------------------ -- --- -------- ------------
Tax-Managed Value Fund $XX $XX
- ------------------------------ -- --- -------- ------------

**********LEFT MARGIN CALLOUTS

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

**********END LEFT MARGIN CALLOUTS

www.americancentury.com American Century Investments 3

Detailed Information about the Fund

What is the fund's investment objective?

The fund seeks long-term capital growth. This is a fundamental policy and cannot
be changed without shareholder approval.

How does the fund pursue its investment objective?

To minimize taxable distributions, the fund manager employs the following
tax-sensitive techniques that may, from time to time, be inconsistent with the
fund's objective of long-term capital growth:

0 The fund manager seeks to minimize realized capital gains by keeping
portfolio turnover low and generally holding its investments for long
periods.

0 The fund manager seeks to minimize realized capital gains when selling
the shares of a specific company by analyzing the fund's holdings of
that company to determine which shares were purchased at what price and
typically selling those shares bought at the highest price.

0 The fund manager may seek to minimize realized capital gains by selling
securities to realize capital losses. Realized capital losses can
offset realized capital gains, thereby reducing capital gains
distributions to the fund's shareholders.

0 The fund manager seeks to minimize taxable dividend income when
possible by investing in stocks with lower dividend yields.

4 American Century Investments 1-800-345-2021

What kinds of securities does the fund buy?

What are the primary risks of investing in the fund?

o As with all funds, at any given time, the value of your shares of the fund
may be worth more or less than the price you paid. If you sell your shares
when the value is less than the price you paid, you will lose money.
o An investment in the fund is not a bank deposit, and is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other
government agency.
o The value of the fund's shares depends on the value of the stocks and other
securities it owns. The value of the individual securities the fund owns
will go up and down depending on the performance of the companies that
issued them, general market and economic conditions, and investor
confidence.
o If the market does not consider the individual stocks purchased by the fund
to be undervalued, the value of the fund's shares may not rise as high as
other funds and may in fact decline, even if stock prices are generally
increasing.
o Market performance tends to be cyclical, and in the various cycles, certain
investment styles may fall in and out of favor. If the market is not
favoring the fund's style, the fund's gains may not be as big as, or its
losses may be bigger than, other equity funds using different investment
styles.
o While the fund seeks to minimize taxable distributions to shareholders, it,
may realize capital gains on the sale of investment securities and earn
dividend income. For example, the fund manager may elect to sell a security
even if it results in a taxable gain if it determines the tax impact is
outweighed by the investment risk of the security or by the availability of
replacement securities which are of a better value after considering the
tax effect of the sale. Federal tax laws require the fund to make
distributions of such gains and income to its shareholders. Distributions
may be taxable as ordinary income, capital gains, or a combination of the
two.

www.americancentury.com American Century Investments 5

Performance History

As a new fund, the fund's performance history is not available as of the date of
this prospectus.

**********LEFT MARGIN CALLOUTS

* Please call us at 1-800-345-2021 or visit American Century's Web site at
www.americancentury.com. for current performance information.

**********END LEFT MARGIN CALLOUTS

6 American Century Investments 1-800-345-2021

Management

Who manages the fund?

The Board of Directors, investment advisor and portfolio management team play
key roles in the management of the fund.

The Board of Directors

The Investment Advisor

For the services it provides to the fund, the advisor receives a unified
management fee of 1.00% of the average net assets of the Institutional Class of
shares of the fund. The amount of the management fee is calculated on a
class-by-class basis daily and paid monthly. Out of that fee, the advisor pays
all expenses of managing and operating the fund except brokerage expenses,
taxes, interest, fees and expenses of the independent directors (including
counsel fees) and extraordinary expenses.

www.americancentury.com American Century Investments 7

The Fund Management Team

Portfolio manager members of the investment team include:

**********LEFT MARGIN CALLOUTS

* Code of Ethics

**********END LEFT MARGIN CALLOUTS

8 American Century Investments 1-800-345-2021

Fundamental Investment Policies

Year 2000 Issues

www.americancentury.com American Century Investments 9

Investing with American Century

Eligibility for Institutional Class Shares

The Institutional Class shares are made available for purchase by large
institutional shareholders, such as bank trust departments, corporations,
retirement plans, endowments, foundations and financial advisors that meet the
fund's minimum investment requirements. Institutional Class shares are not
available for purchase by insurance companies for variable annuity and variable
life products.

Minimum Initial Investment Amounts

The minimum investment is $5 million ($3 million for endowments and foundations)
for the fund. If you invest with us through a financial intermediary, the
minimum investment requirement may be met by aggregating the investments of
various clients of your financial intermediary. The minimum investment
requirement may be waived if you or your financial intermediary, if applicable,
has an aggregate investment in our family of funds of $10 million or more ($5
million for endowments and foundations). Retirement plans may also be required
to meet certain other requirements, such as plan size or a minimum level of
assets per participant, in order to be eligible to purchase Institutional Class
shares.

Redemption of shares in below-minimum accounts

If your balance or the balance of your financial intermediary, if applicable,
falls below the minimum investment requirements due to redemptions or exchanges,
we reserve the right to convert your shares to Investor Class shares of the same
fund. The Investor Class shares have a unified management fee that is 0.20%
higher than the Institutional Class.

Services Automatically Available to You

You automatically will have access to the services listed below when you open
your account. If you do not want these services, see "Conducting Business in
Writing" below.

Conducting Business in Writing

Exchange shares
Call us if you have authorized us to accept
telephone instructions.
- ---------------------------------- ---------------------------------------------- -----------------------------------------------
- ---------------------------------- ---------------------------------------------- -----------------------------------------------
By mail or fax Open an account Make additional investments
PO Box 419385 Send a signed and completed Send us your check or money order for at
Kansas City, MO 64141-6385 application and check or money order least $50 with an investment slip or $250
payable to American Century without an investment slip. If you don't have
Fax 816-340-4655 Investments. an investment slip, include your name,
address and account number on your check or
Exchange shares money order.
Send us written instructions to
exchange your shares from one Sell shares
American Century account to another. Send us written instructions to sell shares
or send us a redemption form. Call an
Institutional Service Representative to request a
form.

A Note About Mailings to Shareholders

Your Guide to Services and Policies

When you open an account, you will receive an Investor Services Guide, which
explains the services available to you and the policies of the fund and the
transfer agent.

- -------------------------------- ------------------------------------------------ -----------------------------------------------
- -------------------------------- ------------------------------------------------ -----------------------------------------------
By wire Open an account Make additional investments
Call us to set up your account or mail Follow the wire instructions provided in the
a completed application to the address "Open an account" section
provided in the "By Mail" section and
give your bank: Sell shares
o Our bank information: You can receive redemption proceeds by
* Commerce Bank N.A. wire or electronic transfer. (This
* Routing No. 101000019 service is not available if you have
* ACMF Account No. 2804918 chosen to do business in writing only.)
o The fund name
o Your American Century account number
o Your name
o The contribution year (for IRAs only)
Exchange shares
Not available.
- -------------------------------- ------------------------------------------------ -----------------------------------------------
- -------------------------------- ------------------------------------------------ -----------------------------------------------
Automatically Open an account Make additional investments
Not available. Select "Establish Automatic Investments" on
your application to make automatic purchases
Sell shares of shares on a regular basis. You must invest
If you have at least $10,000 in your at least $600 per year per account.
account, sell shares automatically by
establishing Check-A-Month or Automatic Exchange shares
Redemption. Send us written instructions to set up an
automatic exchange of your shares from one
American Century account to another.
</TABLE>

Redemptions

Investing Through Financial Intermediaries

If you own or are considering purchasing fund shares through a financial
intermediary or a retirement plan, your ability to purchase, exchange and redeem
shares will depend on the policies of that entity. Some policy differences may
include

o minimum investment requirements
o exchange policies
o fund choices
o cut-off time for investments

Special requirements for large redemptions

**********LEFT MARGIN CALLOUTS

Financial intermediaries include banks, broker-dealers, insurance companies and
investment advisors.

**********END LEFT MARGIN CALLOUTS

12 American Century Investments 1-800-345-2021

Share Price and Distributions

Share Price

We will price your purchase, exchange or redemption at the net asset value next
determined after we receive your transaction request in good order.

If you invest in fund shares through a bank, financial advisor or other
financial intermediary, it is the responsibility of your financial intermediary
to transmit your purchase, exchange and redemption requests to the fund's'
transfer agent prior to the applicable cut-off time for receiving orders and to
make payment for any purchase transaction in accordance with the fund's'
procedures or any contractual arrangements with the fund or the fund's'
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.

Distributions

Shareholders must reinvest all distributions. Please consult our Investor
Services Guide for further information regarding distributions.

**********LEFT MARGIN CALLOUTS

The net asset value of the fund is the price of the fund's shares and is
calculated by determining the net assets of the fund and dividing by the number
of shares outstanding.

Capital gains is the increase in the value of a capital asset, such as stock,
from the time it is purchased. Tax becomes due on capital gains once the asset
is sold.

**********END LEFT MARGIN CALLOUTS

www.americancentury.com rican Century Investments 13

Taxes

Tax-Deferred Accounts.

Taxable Accounts

If you own fund shares through a taxable account, distributions by the fund and
sales by you of fund shares may cause you to be taxed.

Taxability of distributions

<TABLE>
Type of distribution Tax rate for 15% bracket Tax rate for 28% bracket or
above
- ----------------------------- -------------------------- ------------------------------
<S> <C> <C>
Short-term capital gains Ordinary income rate Ordinary income rate
Long-term capital gains 10% 20%
</TABLE>

Distributions may also be subject to state and local taxes. Because everyone's
tax situation is unique, always consult your tax professional about federal,
state and local tax consequences.

Taxes on transactions.

**********LEFT MARGIN CALLOUTS

* Buying a Dividend

**********END LEFT MARGIN CALLOUTS

Multiple Class Information

American Century offers three classes of funds: Investor Class, Institutional
Class and Advisor Class. The shares offered by this Prospectus are Institutional
Class shares and are offered primarily to institutional investors, through
institutional distribution channels, such as employer-sponsored retirement
plans, or through banks, broker-dealers and insurance companies.

American Century offers another class of shares that has no up-front or deferred
charges, commissions or 12b-1 fees. The fund may offer a different class of
shares primarily to institutional investors, through institutional distribution
channels, such as employer-sponsored retirement plans, or through banks,
broker-dealers and insurance companies. The other classes have different fees,
expenses, and/or minimum investment requirements 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 advisor 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.

14 American Century Investments 1-800-345-2021

American Century Investments
P.O. Box 419385
Kansas City, Missouri 64141-6385

Institutional Services
1-800-345-3533 or 816-531-5575

Fax
816-340-4655

www.americancentury.com

Telecommunications Device for the Deaf
1-800-345-1833 or 816-444-3038

Corporate, Not-for-Profit, Keogh,
SEP-, SARSEP, SIMPLE-IRA and 403(b) Services
1-800-345-3533

More information about the fund is contained in these documents:

You can also get information about the fund (including the SAI) from the SEC.

v In person. Go to the SEC's Public Reference Room in Washington, D.C. Call
1-800-SEC-0330 for information about location and hours of operation.

v On the internet. Go to www.sec.gov.

v By mail. Write to Public Reference Section of the Securities and Exchange
Commission, Washington, D.C. 20549-6009. The SEC will charge a fee for
copying the documents you request.

Investment Company Act File No. 811-0816
<PAGE>
PART C. OTHER INFORMATION.

ITEM 23. Exhibits (all exhibits not filed herewith are being incorporated
herein by reference)

(a) (1) Articles of Incorporation of Twentieth Century Investors, Inc.,
dated July 2, 1990 (filed electronically as an Exhibit to
Post-Effective Amendment No. 73 on Form N-1A on February 29,
1996).

(2) Articles of Amendment of Twentieth Century Investors, Inc., dated
November 20, 1990 (filed electronically as an Exhibit to
Post-Effective Amendment No. 73 on Form N-1A on February 29,
1996).

(3) Articles of Merger of Twentieth Century Investors, Inc., a
Maryland corporation and Twentieth Century Investors, Inc., a
Delaware corporation, dated February 22, 1991 (filed
electronically as an Exhibit to Post-Effective Amendment No. 73
on Form N-1A on February 29, 1996).

(4) Articles of Amendment of Twentieth Century Investors, Inc., dated
August 11, 1993 (filed electronically as an Exhibit to
Post-Effective Amendment No. 73 on Form N-1A on February 29,
1996).

(5) Articles Supplementary of Twentieth Century Investors, Inc.,
dated September 3, 1993 (filed electronically as an Exhibit to
Post-Effective Amendment No. 73 on Form N-1A on February 29,
1996).

(6) Articles Supplementary of Twentieth Century Investors, Inc.,
dated April 28, 1995 (filed electronically as an Exhibit to
Post-Effective Amendment No. 73 on Form N-1A on February 29,
1996).

(7) Articles Supplementary of Twentieth Century Investors, Inc.,
dated November 17, 1995 (filed electronically as an Exhibit to
Post-Effective Amendment No. 73 on Form N-1A on February 29,
1996).

(8) Articles Supplementary of Twentieth Century Investors, Inc.,
dated January 30, 1996 (filed electronically as an Exhibit to
Post-Effective Amendment No. 73 on Form N-1A on February 29,
1996).

(9) Articles Supplementary of Twentieth Century Investors, Inc.,
dated March 11, 1996 (filed electronically as an Exhibit to
Post-Effective Amendment No. 75 on Form N-1A on June 14, 1996).

(10) Articles of Amendment of Twentieth Century Investors, Inc., dated
December 2, 1996 (filed electronically as an Exhibit to
Post-Effective Amendment No. 76 on Form N-1A on February 28,
1997).

(11) Articles Supplementary of American Century Mutual Funds, Inc.,
dated December 2, 1996 (filed electronically as an Exhibit to
Post-Effective Amendment No. 76 on Form N-1A on February 28,
1997).

(12) Articles Supplementary of American Century Mutual Funds, Inc.,
dated July 28, 1997 (filed electronically as an Exhibit to
Post-Effective Amendment No. 78 on Form N-1A on February 26,
1998).

(13) Articles Supplementary of American Century Mutual Funds, Inc.,
dated December 18, 1997 (filed electronically as an Exhibit to
Post-Effective Amendment No. 78 on Form N-1A on February 26,
1998).

(14) Articles Supplementary of American Century Mutual Funds, Inc., to
be filed by amendment.

(b) (1) By-laws of Twentieth Century Investors, Inc. (filed
electronically as an Exhibit to Post-Effective Amendment No. 73
on Form N-1A on February 29, 1996).

(2) Amendment to Bylaws of American Century Mutual Funds, Inc. (filed
electronically as an Exhibit to Post-Effective Amendment No. 9 on
Form N-1A of American Century Capital Portfolios, Inc., File No.
33-64872, on February 17, 1998).

(d) (1) Management Agreement between American Century Mutual Funds, Inc.
and American Century Investment Management, Inc. dated August 1,
1997 (filed electronically as an Exhibit to Post-Effective
Amendment No. 78 on Form N-1A on February 26, 1998).

(2) Addendum to Management Agreement between American Century Mutual
Funds, Inc. and American Century Investment Management, Inc. to
be filed by amendment.

(e) (1) Distribution Agreement between American Century Mutual Funds,
Inc. and Funds Distributor, Inc. dated January 15, 1998 (filed
electronically as an Exhibit to Post-Effectivement Amendment No.
28 on Form N-1A of American Century Target Maturities Trust,
File No. 2-94608, on January 30, 1998).

(2) Amendment No. 1 to the Distribution Agreement between American
Century Mutual Funds, Inc. and Funds Distributor, Inc. dated June
1, 1998 (filed electronically as an Exhibit to Post-Effective
Amendment No. 11 to the Registration Statement of American
Century Capital Portfolios, Inc., File No. 33-64872, on June 26,
1998).

(3) Amendment No. 2 to the Distribution Agreement between American
Century Mutual Funds, Inc. and Funds Distributor, Inc. dated
December 1, 1998 (filed electronically as an Exhibit to
Post-Effective Amendment No. 12 to the Registration Statement of
American Century World Mutual Funds, Inc., File No. 33-39242, on
November 13, 1998).

(4) Amendment No. 3 to the Distribution Agreement between American
Century Mutual Funds, Inc. and Funds Distributor, Inc. dated
January 29, 1999 (filed electronically as an Exhibit to
Post-Effective Amendment No. 13 to the Registration Statement of
American Century Capital Portfolios, Inc., File No. 33-64872, on
November 25, 1998).

(5) Amendment No. 4 to the Distribution Agreement between American
Century Mutual Funds, Inc. and Funds Distributor, Inc. to be
filed by amendment.

(f) Not Applicable.

(g) (1) Global Custody Agreement between The Chase Manhattan Bank and the
Twentieth Century and Benham funds, dated August 9, 1996 (filed
electronically as an Exhibit to Post-Effective Amendment No. 31
on Form N-1A of American Century Government Income Trust, File
No. 2-99222, on February 7, 1997).

(2) Master Agreement between Commerce Bank, N.A. and Twentieth
Century Services, Inc. dated January 22, 1997 (filed
electronically as an Exhibit to Post-Effective Amendment No. 76
on Form N-1A on February 28, 1997).

(h) Transfer Agency Agreement between Twentieth Century Investors, Inc.
and Twentieth Century Services, Inc. dated March 1, 1991 (filed
electronically as an Exhibit to Post-Effective Amendment No. 76 on
Form N-1A on February 28, 1997).

(i) Opinion and Consent of Counsel (filed electronically as an Exhibit to
Post-Effective Amendment No. 79 on Form N-1A on November 30, 1998).

(j) (1) Consent of Deloitte & Touche LLP to be filed by amendment.

(2) Consent of Baird, Kurtz & Dobson to be filed by amendment.

(3) Power of Attorney dated July 25, 1998 (filed electronically as an
Exhibit to Post-Effective Amendment No. 79 on Form N-1A on
November 30, 1998).

(k) Not applicable.

(l) Not applicable.

(m) (1) Master Distribution and Shareholder Services Plan of Twentieth
Century Capital Portfolios, Inc., Twentieth Century Investors,
Inc., Twentieth Century Strategic Asset Allocations, Inc. and
Twentieth Century World Investors, Inc. (Advisor Class) dated
September 3, 1996 (filed electronically as an Exhibit to
Post-Effective Amendment No. 9 on Form N-1A of American Century
Capital Portfolios, Inc., File No. 33-64872, on February 17,
1998).

(2) Amendment No. 1 to Master Distribution and Shareholder Services
Plan of American Century Capital Portfolios, Inc., American
Century Mutual Funds, Inc., American Century Strategic Asset
Allocations, Inc. and American Century World Mutual Funds,
Inc.(Advisor Class) dated June 13, 1997 (filed electronically as
an exhibit to Post-Effective Amendment No. 77 on Form N-1A on
July 17, 1997).

(3) Amendment No. 2 to Master Distribution and Shareholder Services
Plan of American Century Capital Portfolios, Inc., American
Century Mutual Funds, Inc., American Century Strategic Asset
Allocations, Inc. and American Century World Mutual Funds, Inc.
(Advisor Class) dated September 30, 1997 (filed electronically as
an Exhibit to Post-Effective Amendment No. 78 on Form N-1A on
February 26, 1998).

(4) Amendment No. 3 to Master Distribution and Shareholder Services
Plan of American Century Capital Portfolios, Inc., American
Century Mutual Funds, Inc., American Century Strategic Asset
Allocations, Inc. and American Century World Mutual Funds, Inc.
(Advisor Class) dated June 30, 1998 (filed electronically as an
Exhibit to Post-Effective Amendment No. 11 on Form N-1A of
American Century Capital Portfolios, Inc., File No. 33-64872, on
June 26, 1998).

(5) Amendment No. 4 to Master Distribution and Shareholder Services
Plan of American Century Capital Portfolios, Inc., American
Century Mutual Funds, Inc., American Century Strategic Asset
Allocations, Inc. and American Century World Mutual Funds, Inc.
(Advisor Class) dated November 13, 1998 (filed electronically as
an Exhibit to Post-Effective Amendment No. 12 on Form N-1A of
American Century World Mutual Funds, Inc., File No. 33-39242, on
November 13, 1998).

(6) Amendment No. 5 to Master Distribution and Shareholder Services
Plan of American Century Capital Portfolios, Inc., American
Century Mutual Funds, Inc., American Century Strategic Asset
Allocations, Inc. and American Century World Mutual Funds, Inc.
(Advisor Class) to be filed by amendment.

(7) Shareholder Services Plan of Twentieth Century Capital
Portfolios, Inc., Twentieth Century Investors, Inc., Twentieth
Century Strategic Asset Allocations, Inc. and Twentieth Century
World Investors, Inc. (Service Class) dated September 3, 1996
(filed electronically as an Exhibit to Post-Effective Amendment
No. 9 on Form N-1A of American Century Capital Portfolios, Inc.,
File No. 33-64872, on February 17, 1998).

(n) Financial Data Schedule for Tax-Managed Value Fund is included herein.

(o) (1) Multiple Class Plan of Twentieth Century Capital Portfolios,
Inc., Twentieth Century Investors, Inc., Twentieth Century
Strategic Asset Allocations, Inc. and Twentieth Century World
Investors, Inc. dated September 3, 1996 (filed electronically as
an Exhibit to Post-Effective Amendment 9 on Form N-1A of American
Century Capital Portfolios, Inc., File No. 33-64872, on February
17, 1998).

(2) Amendment No. 1 to Multiple Class Plan of American Century
Capital Portfolios, Inc., American Century Mutual Funds, Inc.,
American Century Strategic Asset Allocations, Inc. and American
Century World Mutual Funds, Inc. dated June 13, 1997 (filed
electronically as an Exhibit to Post-Effective Amendment No. 77
on Form N-1A on July 17, 1997).

(3) Amendment No. 2 to Multiple Class Plan of American Century
Capital Portfolios, Inc., American Century Mutual Funds, Inc.,
American Century Strategic Asset Allocations, Inc. and American
Century World Mutual Funds, Inc. dated September 30, 1997 (filed
electronically as an Exhibit to Post-Effective Amendment No. 78
on Form N-1A on February 26, 1998).

(4) Amendment No. 3 to Multiple Class Plan of American Century
Capital Portfolios, Inc., American Century Mutual Funds, Inc.,
American Century Strategic Asset Allocations, Inc. and American
Century World Mutual Funds, Inc. dated June 30, 1998 (filed
electronically as an Exhibit to Post-Effective Amendment No. 11
on Form N-1A of American Century Capital Portfolios, Inc., File
No. 33-64872, on June 26, 1998).

(5) Amendment No. 4 to Multiple Class Plan of American Century
Capital Portfolios, Inc., American Century Mutual Funds, Inc.,
American Century Strategic Asset Allocations, Inc. and American
Century World Mutual Funds, Inc. dated November 13, 1998 (filed
electronically as an Exhibit to Post-Effective Amendment No. 12
on Form N-1A of American Century World Mutual Funds, Inc., File
No. 33-39242, on November 13, 1998).

(6) Amendment No. 5 to Multiple Class Plan of American Century
Capital Portfolios, Inc., American Century Mutual Funds, Inc.,
American Century Strategic Asset Allocations, Inc. and American
Century World Mutual Funds, Inc. dated January 29, 1999 (filed
electronically as an Exhibit to Post-Effective Amendment No. 13
on Form N-1A of American Century Capital Portfolios, Inc., File
No. 33-64872, on November 25, 1998).

(7) Amendment No. 6 to Multiple Class Plan of American Century
Capital Portfolios, Inc., American Century Mutual Funds, Inc.,
American Century Strategic Asset Allocations, Inc. and American
Century World Mutual Funds, Inc. to be filed by amendment.

ITEM 24. Persons Controlled by or Under Common Control with Registrant.

Not Applicable.

ITEM 25. Indemnification.

The Corporation is a Maryland corporation. Section 2-418 of the General
Corporation Law of Maryland allows a Maryland corporation to indemnify its
directors, officers, employees and agents to the extent provided in such
statute.

Article Eighth of the Articles of Incorporation requires the
indemnification of the corporation's directors and officers to the extent
permitted by the General Corporation Law of Maryland, the Investment
Company Act and all other applicable laws.

The registrant has purchased an insurance policy insuring its officers and
directors against certain liabilities which such officers and directors may
incur while acting in such capacities and providing reimbursement to the
registrant for sums which it may be permitted or required to pay to its
officers and directors by way of indemnification against such liabilities,
subject in either case to clauses respecting deductibility and
participation.

ITEM 26. Business and Other Connections of Investment Advisor.

American Century Investment Management, Inc., the investment advisor, is
engaged in the business of managing investments for registered investment
companies, deferred compensation plans and other institutional investors.

ITEM 27. Principal Underwriters.

(a) Funds Distributor, Inc. (the "Distributor") acts as principal underwriter
for the following investment companies.

American Century California Tax-Free and Municipal Funds
American Century Capital Portfolios, Inc.
American Century Government Income Trust
American Century International Bond Funds
American Century Investment Trust
American Century Municipal Trust
American Century Mutual Funds, Inc.
American Century Premium Reserves, Inc.
American Century Quantitative Equity Funds
American Century Strategic Asset Allocations, Inc.
American Century Target Maturities Trust
American Century Variable Portfolios, Inc.
American Century World Mutual Funds, Inc.
BJB Investment Funds
The Brinson Funds
Dresdner RCM Capital Funds, Inc.
Dresdner RCM Equity Funds, Inc.
Founders Funds, Inc.
Harris Insight Funds Trust
HT Insight Funds, Inc. d/b/a Harris Insight Funds
J.P. Morgan Institutional Funds
J.P. Morgan Funds
JPM Series Trust
JPM Series Trust II
LaSalle Partners Funds, Inc.
Kobrick-Cendant Investment Trust
Merrimac Series
Monetta Fund, Inc.
Monetta Trust
The Montgomery Funds I
The Montgomery Funds II
The Munder Framlington Funds Trust
The Munder Funds Trust
The Munder Funds, Inc.
National Investors Cash Management Fund, Inc.
Orbitex Group of Funds
SG Cowen Funds, Inc.
SG Cowen Income + Growth Fund, Inc.
SG Cowen Standby Reserve Fund, Inc.
SG Cowen Standby Tax-Exempt Reserve Fund, Inc.
SG Cowen Series Funds, Inc.
St. Clair Funds, Inc.
The Skyline Funds
Waterhouse Investors Family of Funds, Inc.
WEBS Index Fund, Inc.

The Distributor is registered with the Securities and Exchange Commission
as a broker-dealer and is a member of the National Association of Securities
Dealers. The Distributor is located at 60 State Street, Suite 1300, Boston,
Massachusetts 02109. The Distributor is an indirect wholly-owned subsidiary of
Boston Institutional Group, Inc., a holding company all of whose outstanding
shares are owned by key employees.

(b) The following is a list of the executive officers, directors and partners of
the Distributor:

<TABLE>
<CAPTION>
Name and Principal Business Address* Positions and Offices with Positions and Offices with
Underwriter Registrant

<S> <C> <C>
Marie E. Connolly Director, President and Chief none
Executive Officer

George A. Rio Executive Vice President President, Principal Executive
and Principal Financial Officer

Donald R. Roberson Executive Vice President none

William S. Nichols Executive Vice President none

Margaret W. Chambers Senior Vice President, General None
Counsel, Chief Compliance
Officer, Secretary and Clerk
Michael S. Petrucelli Senior Vice President None

Joseph F. Tower, III Director, Senior Vice President, None
Treasurer and Chief Financial
Officer

Paula R. David Senior Vice President None

Allen B. Closser Senior Vice President None

Bernard A. Whalen Senior Vice President None

William J. Nutt Chairman and Director None
- --------------------
* All addresses are 60 State Street, Suite 1300, Boston, Massachusetts 02109
</TABLE>

ITEM 28. Location of Accounts and Records.

All accounts, books and other documents required to be maintained by
Section 31(a) of the 1940 Act, and the rules promulgated thereunder, are in
the possession of American Century Mutual Funds, Inc., American Century
Services Corporation and American Century Investment Management, Inc., all
located at American Century Tower, 4500 Main Street, Kansas City, Missouri
64111.

ITEM 29. Management Services

Not Applicable.

ITEM 30. Undertakings.

Not Applicable.
<PAGE>
SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 and the
Investment Company Act of 1940, the Registrant certifies that it has duly caused
this Post-Effective Amendment No. 80 to be signed on its behalf by the
undersigned, thereunto duly authorized, in the City of Kansas City, State of
Missouri on the 1st day of December, 1998.

American Century Mutual Funds, Inc.
(Registrant)

By: /s/Charles A. Etherington
Charles A. Etherington,
Assistant Vice President

Pursuant to the requirements of the Securities Act of 1933, this
Post-Effective Amendment No. 80 has been signed below by the following persons
in the capacities and on the dates indicated.

Signature Title Date

*George A. Rio President, Principal Executive December 1, 1998
George A. Rio and Principal Financial Officer

*Maryanne Roepke Vice President and Treasurer December 1, 1998
Maryanne Roepke

*James E. Stowers, Jr. Chairman of the Board and December 1, 1998
James E. Stowers, Jr. Director

*James E. Stowers III Director December 1, 1998
James E. Stowers III

*Thomas A. Brown Director December 1, 1998
Thomas A. Brown

*Robert W. Doering, M.D. Director December 1, 1998
Robert W. Doering, M.D.

*Andrea C. Hall, Ph.D. Director December 1, 1998
Andrea C. Hall, Ph.D.

*Donald H. Pratt Director December 1, 1998
Donald H. Pratt

*Lloyd T. Silver, Jr. Director December 1, 1998
Lloyd T. Silver, Jr.

*M. Jeannine Strandjord Director December 1, 1998
M. Jeannine Strandjord

*D. D. (Del) Hock Director December 1, 1998
D. D. (Del) Hock

*By /s/Charles A. Etherington
Charles A. Etherington
Attorney-in-Fact

EXHIBIT INDEX

EXHIBIT DESCRIPTION OF DOCUMENT
NUMBER

EX-99.a1 Articles of Incorporation of Twentieth Century Investors, Inc.,
dated July 2, 1990 (filed as a part of Post-Effective Amendment No.
73 to the Registration Statement on Form N-1A of the Registrant,
File No. 2-14213, filed on February 29, 1996, and incorporated
herein by reference).

EX-99.a2 Articles of Amendment of Twentieth Century Investors, Inc., dated
November 20, 1990 (filed as a part of Post-Effective Amendment No.
73 to the Registration Statement on Form N-1A of the Registrant,
File No. 2-14213, filed on February 29, 1996, and incorporated
herein by reference).

EX-99.a3 Articles of Merger of Twentieth Century Investors, Inc., a Maryland
corporation and Twentieth Century Investors, Inc., a Delaware
corporation, dated February 22, 1991 (filed as a part of
Post-Effective Amendment No. 73 to the Registration Statement on
Form N-1A of the Registrant, File No. 2-14213, filed on February
29, 1996, and incorporated herein by reference).

EX-99.a4 Articles of Amendment of Twentieth Century Investors, Inc., dated
August 11, 1993 (filed as a part of Post-Effective Amendment No. 73
to the Registration Statement on Form N-1A of the Registrant, File
No. 2-14213, filed on February 29, 1996, and incorporated herein by
reference).

EX-99.a5 Articles Supplementary of Twentieth Century Investors, Inc., dated
September 3, 1993 (filed as a part of Post-Effective Amendment No.
73 to the Registration Statement on Form N-1A of the Registrant,
File No. 2-14213, filed on February 29, 1996, and incorporated
herein by reference).

EX-99.a6 Articles Supplementary of Twentieth Century Investors, Inc., dated
April 28, 1995 (filed as a part of Post-Effective Amendment No. 73
to the Registration Statement on Form N-1A of the Registrant, File
No. 2-14213, filed on February 29, 1996, and incorporated herein by
reference).

EX-99.a7 Articles Supplementary of Twentieth Century Investors, dated
November 17, 1995 (filed as a part of Post-Effective Amendment No.
73 to the Registration Statement on Form N-1A of the Registrant,
File No. 2-14213, filed on February 29, 1996, and incorporated
herein by reference).

EX-99.a8 Articles Supplementary of Twentieth Century Investors, Inc., dated
January 30, 1996 (filed as a part of Post-Effective Amendment No.
73 to the Registration Statement on Form N-1A of the Registrant,
File No. 2-14213, filed on February 29, 1996, and incorporated
herein by reference).

EX-99.a9 Articles Supplementary of Twentieth Century Investors, Inc., dated
March 11, 1996 (filed as a part of Post-Effective Amendment No. 75
to the Registration Statement on Form N-1A of the Registrant, File
No. 2-14213, filed on June 14, 1996, and incorporated herein by
reference).

EX-99.a10 Articles of Amendment of Twentieth Century Investors, Inc. dated
December 2, 1996 (filed as a part of Post-Effective Amendment No.
76 to the Registration Statement on Form N-1A of the Registrant,
File No. 2-14213, filed on February 28, 1997, and incorporated
herein by reference).

EX-99.a11 Articles Supplementary of American Century Mutual Funds, Inc. dated
December 2, 1996 (filed as a part of Post-Effective Amendment No.
76 to the Registration Statement on Form N-1A of the Registrant,
File No. 2-14213, filed on February 28, 1997, and incorporated
herein by reference).

EX-99.a12 Articles Supplementary of American Century Mutual Funds, Inc. dated
July 28, 1997 (filed as a part of Post-Effective Amendment No. 78
to the Registration Statement on Form N-1A of the Registrant, File
No. 2-14213, filed on February 26, 1998, and incorporated herein by
reference).

EX-99.a13 Articles Supplementary of American Century Mutual Funds, Inc. dated
December 18, 1997 (filed as a part of Post-Effective Amendment No.
78 to the Registration Statement on Form N-1A of the Registrant,
File No. 2-14213, (filed on February 26, 1998, and incorporated
herein by reference).

EX-99.a14 Articles Supplementary of American Century Mutual Funds, Inc. to be
filed by amendment.

EX-99.b1 Bylaws of Twentieth Century Investors, Inc. (filed as a part of
Post-Effective Amendment No. 73 to the Registration Statement on
Form N-1A of the Registrant, File No. 2-14213, filed on February
29, 1996, and incorporated herein by reference).

EX-99.b2 Amendment of Bylaws of American Century Mutual Funds, Inc. (filed
as a part of Post-Effective Amendment No. 9 to the Registration
Statement on Form N-1A of American Century Capital Portfolios,
Inc., File No. 33-64872, filed on February 17, 1998, and
incorporated herein by reference).

EX-99.d1 Management Agreement between American Century Mutual Funds, Inc.
and American Century Investment Management, Inc. dated August 1,
1997 (filed as a part of Post-Effective Amendment No. 78 to the
Registration Statement on Form N-1A of the Registrant, File No.
2-14213, filed on February 26, 1998, and incorporated herein by
reference).

EX-99.d2 Addendum to Management Agreement between American Century Mutual
Funds, Inc. and American Century Investment Management, Inc. to be
filed by amendment.

EX-99.e1 Distribution Agreement between American Century Mutual Funds, Inc.
and Funds Distributor, dated January 15, 1998 (filed as a part of
Post-Effective Amendment No. 30 to the Registration Statement on
Form N-1A of American Century Target Maturities Trust, File No.
2-94608, filed on January 30, 1998, and incorporated herein by
reference).

EX-99.e2 Amendment No. 1 to the Distribution Agreement between American
Century Mutual Funds, Inc. and Funds Distributor, Inc. dated June
1, 1998 (filed as a part of Post-Effective Amendment No. 11 to the
Registration Statement on Form N-1A of American Century Capital
Portfolios, Inc., File No. 33-64872, filed on June 26, 1998, and
incorporated herein by reference).

EX-99.e3 Amendment No. 2 to the Distribution Agreement between American
Century Mutual Funds, Inc. and Funds Distributor, Inc. dated
December 1, 1998 (filed as a part of Post-Effective Amendment No.
12 to the Registration Statement on Form N-1A of American Century
World Mutual Funds, Inc., File No. 33-39242, filed on November 13,
1998, and incorporated herein by reference).

EX-99.e4 Amendment No. 3 to the Distribution Agreement between American
Century Mutual Funds, Inc. and Funds Distributor, Inc. dated
January 29, 1999 (filed as a part of Post-Effective Amendment No.
13 to the Registration Statement on Form N-1A of American Century
Capital Portfolios, Inc., File No. 33-64872, filed on November 25,
1998, and incorporated herein by reference).

EX-99.e5 Amendment No. 4 to the Distribution Agreement between American
Century Mutual Funds, Inc. and Funds Distributor, Inc. to be filed
by amendment.

EX-99.g1 Global Custody Agreement between The Chase Manhattan Bank and the
Twentieth Century and Benham funds, dated August 9, 1996 (filed as
a part of Post-Effective Amendment No. 31 to the Registration
Statement on Form N-1A of American Century Government Income Trust,
File No. 2-99222, filed on February 7, 1997, and incorporated
herein by reference).

EX-99.g2 Master Agreement between Commerce Bank, N.A. and Twentieth Century
Services, Inc. dated January 22, 1997 (filed as a part of
Post-Effective Amendment No. 76 to the Registration Statement on
Form N-1A of the Registrant, File No. 2-14213, filed on February
28, 1997, and incorporated herein by reference).

EX-99.h Transfer Agency Agreement dated as of March 1, 1991, by and between
Twentieth Century Investors, Inc. and Twentieth Century Services,
Inc. (filed as a part of Post-Effective Amendment No. 76 to the
Registration Statement on Form N-1A of the Registrant, File No.
2-14213, filed on February 28, 1997, and incorporated herein by
reference).

EX-99.i Opinion and Consent of Counsel (filed as a part of Post-Effective
Amendment No. 79 to the Registration Statement on Form N-1A of the
Registrant, File No. 2-14213, filed on November 30, 1998, and
incorporated herein by reference).

EX-99.j1 Consent of Deloitte & Touche LLP to be filed by amendment.

EX-99.j2 Consent of Baird, Kurtz & Dobson to be filed by amendment.

EX-99.j3 Power of Attorney dated July 25, 1998 (filed as a part of
Post-Effective Amendment No. 79 to the Registration Statement on
Form N-1A of the Registrant, File No. 2-14213, filed on November
30, 1998, and incorporated herein by reference).

EX-99.m1 Master Distribution and Shareholder Services Plan of Twentieth
Century Capital Portfolios, Inc., Twentieth Century Investors,
Inc., Twentieth Century Strategic Asset Allocations, Inc. and
Twentieth Century World Investors, Inc. (Advisor Class) dated
September 3, 1996 (filed as a part of Post-Effective Amendment No.
9 to the Registration Statement on Form N-1A of American Century
Capital Portfolios, Inc., File No. 33-64872, filed on February 17,
1998, and incorporated herein by reference).

EX-99.m2 Amendment No. 1 to Master Distribution and Shareholder Services
Plan of American Century Capital Portfolios, Inc., American Century
Mutual Funds, Inc., American Century Strategic Asset Allocations,
Inc. and American Century World Mutual Funds, Inc. (Advisor Class)
dated June 13, 1997 (filed as a part of Post-Effective Amendment
No. 77 to the Registration Statement on Form N-1A of the
Registrant, File No. 2-14213, filed on July 17, 1997, and
incorporated herein by reference).

EX-99.m3 Amendment No. 2 to Master Distribution and Shareholder Services
Plan of American Century Capital Portfolios, Inc., American Century
Mutual Funds, Inc., American Century Strategic Asset Allocations,
Inc. and American Century World Mutual Funds, Inc. (Advisor Class)
dated September 30, 1997 (filed as a part of Post-Effective
Amendment No. 78 to the Registration Statement on Form N-1A of the
Registrant, File No. 2-14213, filed on February 26, 1998, and
incorporated herein by reference).

EX-99.m4 Amendment No. 3 to Master Distribution and Shareholder Services
Plan of American Century Capital Portfolios, Inc., American Century
Mutual Funds, Inc., American Century Strategic Asset Allocations,
Inc. and American Century World Mutual Funds, Inc. (Advisor Class)
dated June 30, 1998 (filed as a part of Post-Effective Amendment
No. 11 to the Registration Statement on Form N-1A of American
Century Capital Portfolios, Inc., File No. 33-64872, filed on June
26, 1998, and incorporated herein by reference).

EX-99.m5 Amendment No. 4 to Master Distribution and Shareholder Services
Plan of American Century Capital Portfolios, Inc., American Century
Mutual Funds, Inc., American Century Strategic Asset Allocations,
Inc. and American Century World Mutual Funds, Inc. (Advisor Class)
dated November 13, 1998 (filed as a part of Post-Effective
Amendment No. 12 to the Registration Statement on Form N-1A of
American Century World Mutual Funds, Inc., File No. 33-39242, filed
on November 13, 1998, and incorporated herein by reference).

EX-99.m6 Amendment No. 5 to Master Distribution and Shareholder Services
Plan of American Century Capital Portfolios, Inc., American Century
Mutual Funds, Inc., American Century Strategic Asset Allocations,
Inc. and American Century World Mutual Funds, Inc. (Advisor Class)
to be filed by amendment.

EX-99.m7 Shareholder Services Plan of Twentieth Century Capital Portfolios,
Inc., Twentieth Century Investors, Inc., Twentieth Century
Strategic Asset Allocations, Inc. and Twentieth Century World
Investors, Inc. (Service Class) dated September 3, 1996 (filed as a
part of Post-Effective Amendment No. 9 to the Registration
Statement on Form N-1A of American Century Capital Portfolios,
Inc., File No. 33-64872, filed on February 17, 1998, and
incorporated herein by reference).

EX-99.o1 Multiple Class Plan of Twentieth Century Capital Portfolios, Inc.,
Twentieth Century Investors, Inc., Twentieth Century Strategic
Asset Allocations, Inc. and Twentieth Century World Investors, Inc.
dated September 3, 1996 (filed as a part of Post-Effective
Amendment No. 9 to the Registration Statement on Form N-1A of
American Century Capital Portfolios, Inc., File No. 33-64872, filed
on February 17, 1998, and incorporated herein by reference).

EX-99.o2 Amendment No. 1 to Multiple Class Plan of American Century Capital
Portfolios, Inc., American Century Mutual Funds, Inc., American
Century Strategic Asset Allocations, Inc. and American Century
World Mutual Funds, Inc. dated June 13, 1997 (filed as a part of
Post-Effective Amendment No. 77 to the Registration Statement on
Form N-1A of the Registrant, File No. 2-14213, filed on July 17,
1997, and incorporated herein by reference).

EX-99.o3 Amendment No. 2 to Multiple Class Plan of American Century Capital
Portfolios, Inc., American Century Mutual Funds, Inc., American
Century Strategic Asset Allocations, Inc. and American Century
World Mutual Funds, Inc. dated September 30, 1997 (filed as a part
of Post-Effective Amendment No. 78 to the Registration Statement on
Form N-1A of the Registrant, File No. 2-14213, filed on February
26, 1998, and incorporated herein by reference).

EX-99.o4 Amendment No. 3 to Multiple Class Plan of American Century Capital
Portfolios, Inc., American Century Mutual Funds, Inc., American
Century Strategic Asset Allocations, Inc. and American Century
World Mutual Funds, Inc. dated June 30, 1998 (filed as a part of
Post-Effective Amendment No. 11 to the Registration Statement on
Form N-1A of American Century Capital Portfolios, Inc., File No.
33-64872, filed on June 26, 1998, and incorporated herein by
reference).

EX-99.o5 Amendment No. 4 to Multiple Class Plan of American Century Capital
Portfolios, Inc., American Century Mutual Funds, Inc., American
Century Strategic Asset Allocations, Inc. and American Century
World Mutual Funds, Inc. dated November 13, 1998 (filed as a part
of Post-Effective Amendment No. 12 to the Registration Statement on
Form N-1A of American Century World Mutual Funds, Inc., File No.
33-39242, filed on November 13, 1998, and incorporated herein by
reference).

EX-99.o6 Amendment No. 5 to Multiple Class Plan of American Century Capital
Portfolios, Inc., American Century Mutual Funds, Inc., American
Century Strategic Asset Allocations, Inc. and American Century
World Mutual Funds, Inc. dated January 29, 1999 (filed as a part of
Post-Effective Amendment No. 13 to the Registration Statement on
Form N-1A of the Registrant, File No. 33-64872, filed on November
25, 1998, and incorporated herein by reference).

EX-99.o7 Amendment No. 6 to Multiple Class Plan of American Century Capital
Portfolios, Inc., American Century Mutual Funds, Inc., American
Century Strategic Asset Allocations, Inc. and American Century
World Mutual Funds, Inc. to be filed by amendment.

EX-27.1.1 Financial Data Schedule for Tax-Managed Value Fund.

<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE ANNUAL
REPORT OF AMERICAN CENTURY CAPITAL PORTFOLIOS, INC. AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH REPORT. INFORMATION PRESENTED IS A TOTAL OF ALL
CLASSES, EXCEPT WHERE SUCH PRESENTATION IS NOT POSSIBLE(SUCH AS PER SHARE DATA).
IN THOSE CASES, ONLY THE INVESTOR CLASS INFORMATION IS PRESENTED.
</LEGEND>
<CIK> 0000100334
<NAME> AMERICAN CENTURY MUTUAL FUNDS, INC.
<SERIES>
<NUMBER> 8
<NAME> American Century Tax-Managed Value Fund

<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAR-31-1998
<PERIOD-END> MAR-31-1998
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 0
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 0
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 0
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 0
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 0.00
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 0
<EXPENSE-RATIO> 0.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0

</TABLE>