FUND PROFILE
Select
INVESTOR CLASS
August 10, 1998
[american century logo(reg.sm)
American
Century(reg.tm)
- --------------------------------------------------------------------------------
This profile summarizes key information about the fund that is included in
the fund's Prospectus. The fund's Prospectus includes additional
information about the fund, including a more detailed description of
the risks associated with investing in the fund, that you may want
to consider before you invest. You may obtain the Prospectus and other
information about the fund at no cost by calling us at 1-800-345-2021,
accessing our Web site or visiting one of our Investor Centers. See the
back cover for additional phone numbers and our address.
TWENTIETH CENTURY GROUP
AMERICAN CENTURY INVESTMENTS
SELECT
1. WHAT IS THE FUND'S INVESTMENT OBJECTIVE?
Select seeks long-term capital growth by investing primarily in common
stocks.
2. WHAT IS THE FUND'S INVESTMENT STRATEGY?
The fund managers look for stocks of large companies that they believe
will increase in value over time. Eighty percent of Select's assets must be
invested in securities of companies that pay regular dividends, or have
committed to pay dividends, or otherwise produce income. This reflects our
strategy to buy stocks of companies that are successful enough to pay
dividends. The amount of dividends may not be significant, however, since
stocks are not picked based upon the amount of income they produce. The
remaining 20% of fund assets may be invested in any other stocks, cash or
bonds that the fund managers believe will help the fund achieve its
objective.
The managers use a "growth" investment strategy developed by American
Century that looks for companies whose earnings and revenues are not only
growing, but growing at a successively faster, or accelerating, pace.
Accelerating growth is shown, for example, by growth that is faster this
quarter than last and faster this year than the year before.
Using American Century's extensive computer database, the managers track
financial information for thousands of companies to research and select the
stocks they believe will be able to sustain accelerating growth. This
strategy is based on the premise that, over the long term, the stocks of
companies with accelerating earnings and revenues have a
greater-than-average chance to increase in value. This aggressive
investment strategy, which pursues superior long-term returns for fund
shareholders, also results in the risks described in the next section.
The fund managers do not attempt to time the market. Instead, they
intend to keep Select essentially fully invested in stocks regardless of
the movement of stock prices generally. When the managers believe that it
is prudent, they also may invest assets in non-leveraged futures and
options. "Non-leveraged" means that the fund may not invest in futures and
options where it would be possible to lose more than the fund invested.
Futures and options can help the fund's cash assets remain liquid while
performing more like stocks.
Additional information about Select's investments is available in its
annual and semiannual reports. In these reports you will find a discussion
of the market conditions and investment strategies that significantly
affected the fund's performance during the most recent six-month period.
You may get these reports at no cost by calling us.
3. WHAT ARE THE SIGNIFICANT RISKS OF INVESTING IN THE FUND?
*The value of Select's shares depends on the value of the stocks and other
securities it owns. The value of the individual securities Select owns will
go up and down depending on the performance of the companies that issued
them, general market and economic conditions, and investor confidence.
*The fund managers will buy a large amount of a company's stock quickly,
and often will dispose of it quickly if the company's earnings or revenues
decline. While we believe this strategy provides substantial appreciation
potential over the long term, in the short term it can create a significant
amount of share price volatility. This volatility can be greater than that
of the average stock fund.
*As with all funds, at any given time, the value of your shares of Select
may be worth more or less than the price you paid. If you sell your shares
when the value is less than the price you paid, you will lose money.
Additionally, an investment in the fund is not a bank deposit, nor is it
insured by the Federal Deposit Insurance Corporation or any other
government agency.
*Market performance tends to be cyclical, and in the various cycles,
certain investment styles may fall in and out of favor. If the market is
not favoring the fund's style, the fund's gains may not be as big as, or
its losses may be bigger than, other equity funds using different
investment styles.
*Although the fund managers invest the fund's assets primarily in U.S.
stocks, Select can invest in securities of foreign companies. Foreign
securities can have certain unique risks, including fluctuations in
currency exchange rates, political and economic developments, reduced
availability of public information and the fact that foreign issuers are
not required to abide by the same financial reporting or regulatory
practices as U.S. issuers.
Select American Century Investments
FUND PERFORMANCE
The bar chart below shows the actual performance of Select's Investor
Class shares for each of the last 10 calendar years. It indicates the
volatility of the fund's historical returns from year to year. Neither it
nor the quarterly information below the bar chart is intended to indicate
how the fund will perform in the future.
[bar chart
CALENDAR YEAR-BY-YEAR RETURNS
1988 1989 1990 1991 1992 1993 1994 1995 1996 1997
5.61 39.51 -0.41 31.58 -4.45 14.67 -8.04 22.67 19.22 32.19
As of June 30, 1998, the end of the most recent calendar quarter, Select's
year-to-date return was 19.82%.
The highest and lowest returns of the fund's Investor Class shares for a
calendar quarter since January 1, 1988, are provided in the chart below to
indicate the fund's potential short-term volatility. Shareholders should be
aware, however, that Select is intended for investors with a long-term
investment horizon and is not managed for short-term results.
[bar chart]
HIGHEST AND LOWEST QUARTERLY RETURNS
Quarter Ended 6/30/97 19.43%
Quarter Ended 9/30/90 -13.12%
The table below shows the average annual return of the fund's Investor
Class shares for the periods indicated. The S&P 500 Index, an unmanaged
index that reflects no operating costs, is included as a benchmark for
long-term performance comparisons because it is viewed as a proxy for the
entire U.S. stock market.
1 YR. 5 YRS. 10 YRS.
AVERAGE ANNUAL TOTAL RETURNS (PERIOD ENDED JUNE 30, 1998)
Select 30.65% 17.39% 15.28%
S&P 500 Index 30.03% 23.03% 18.50%
4. WHAT ARE THE FUND'S FEES AND EXPENSES?
There are no sales loads, fees or other charges to buy fund shares
directly from American Century, to reinvest dividends in additional shares,
to exchange into the Investor Class shares of other American Century funds,
or to redeem your shares. The following table describes the fees and
expenses that you may pay if you buy and hold shares of the fund.
ANNUAL FUND OPERATING EXPENSES
(EXPENSES THAT ARE DEDUCTED FROM FUND ASSETS)
Management Fee 1.00%
Distribution and Service (12b-1) Fees None
Other Expenses(1) 0.00%
Total Annual Fund Operating Expenses 1.00%
(1)Other expenses, which include the fees and expenses of the fund's
independent directors, their legal counsel, interest and extraordinary
expenses, were less than 0.005% for the most recent fiscal year.
EXAMPLE OF HYPOTHETICAL FUND COSTS
Assuming you . . .
* invest $10,000 in the fund
* redeem your shares at the end of the periods shown below
* earn a 5% return each year
* incur the same fund operating expenses shown above
. . . your cost of investing in the fund would be:
1 year 3 years 5 years 10 years
----------------------------------------------------
$100 $320 $550 $1,220
Of course, actual costs may be higher or lower. Use this example
to compare the costs of investing in other funds.
5. WHO ARE THE FUND'S INVESTMENT ADVISOR AND PORTFOLIO MANAGERS?
American Century Investment Management, Inc. provides investment
advisory and management services for the fund. American Century uses teams
of portfolio managers, assistant portfolio managers and analysts working
together to manage our mutual funds. The portfolio managers on the Select
team are:
JEAN C. LEDFORD, Vice President and Portfolio Manager, joined American
Century as a manager of Select in January of 1997. Prior to joining
American Century, Ms. Ledford worked for the State of Wisconsin Investment
Board as an Investment Director (from 1994 to 1996), and as an Assistant
Investment Director (from 1983 to 1994).
Fund Profile Select
RICHARD S. WELSH, Portfolio Manager, joined American Century in August
1994 as an Equity Research Analyst and was promoted to Investment Analyst
in January 1997. In May 1998, he was promoted to Portfolio Manager. Prior
to joining American Century, Mr. Welsh served as Equity Research Analyst
for Brown Brothers Harriman & Company.
6. HOW DO I BUY FUND SHARES?
* Complete and return the enclosed application
* Call us and exchange shares from another American Century fund
* Call us and send your investment by bank wire transfer
Your initial investment must be $2,500 ($1,000 for traditional IRAs,
Roth IRAs and UGMA/UTMA accounts), unless you establish an automatic
investment plan of at least $50 per month. If the value of your account
falls below the account minimum, your shares may be redeemed involuntarily.
7. HOW DO I SELL FUND SHARES?
You may sell all or part of your fund shares on any business day by
writing or calling us. You also may exchange your shares in Select for
shares in nearly 70 other mutual funds offered by American Century.
Depending on the options you select when you open your account, some
restrictions may apply. For your protection, some redemption requests
require a signature guarantee.
8. HOW ARE FUND DISTRIBUTIONS MADE AND TAXED?
Select pays distributions of substantially all of its income and
realized capital gains once a year, usually in December. Distributions may
be taxable as ordinary income, capital gains, or a combination of the two.
Capital gains are taxed at different rates depending on the length of time
the fund held the securities that were sold. Distributions are reinvested
automatically in additional shares unless you choose another option.
9. WHAT SERVICES ARE AVAILABLE?
American Century offers several ways to make it easier for you to manage
your account, such as:
* telephone transactions
* wire and electronic funds transfers
* 24-hour Automated Information Line transactions
* 24-hour online Internet account access and transactions
You may find more information about these choices in our Investor
Services Guide, which you may request by calling us, accessing our Web site
or visiting one of our Investor Centers.
Information contained in our Investor Services Guide pertains to
shareholders who invest directly with American Century rather than through
an employer-sponsored retirement plan or through a financial intermediary.
If you own or are considering purchasing fund shares through an
employer-sponsored retirement plan or financial intermediary, your ability
to purchase shares of the fund, exchange them for shares of other American
Century funds, and redeem them will depend on the terms of your plan or
financial intermediary. If you have questions about investing in an
employer-sponsored retirement plan or through a financial intermediary,
call an Institutional Service Representative at 1-800-345-3533.
- --------------------------------------------------------------------------------
[american century logo(reg.sm)
American
Century(reg.tm)
AMERICAN CENTURY INVESTMENTS
P.O. BOX 419200
KANSAS CITY, MISSOURI 64141-6200
WWW.AMERICANCENTURY.COM
INVESTOR SERVICES
1-800-345-2021 or 816-531-5575
AUTOMATED INFORMATION LINE
1-800-345-8765
INSTITUTIONAL, CORPORATE, KEOGH, SEP/SARSEP,
SIMPLE AND 403(B) SERVICES
1-800-345-3533
TELECOMMUNICATIONS DEVICE FOR THE DEAF
1-800-634-4113 or 816-444-3485
FAX
816-340-7962
Funds Distributor, Inc.
(c) 1998 American Century Services Corporation
SH-BRO-12614 9808
<PAGE>
FUND PROFILE
Growth
INVESTOR CLASS
August 10, 1998
[american century logo(reg.sm)
American
Century(reg.tm)
- --------------------------------------------------------------------------------
This profile summarizes key information about the fund that is included
in the fund's Prospectus. The fund's Prospectus includes additional
information about the fund, including a more detailed description of the
risks associated with investing in the fund, that you may want
to consider before you invest. You may obtain the Prospectus and other
information about the fund at no cost by calling us at 1-800-345-2021,
accessing our Web site or visiting one of our Investor Centers.
See the back cover for additional phone numbers and our address.
TWENTIETH CENTURY GROUP
AMERICAN CENTURY INVESTMENTS
GROWTH
1. WHAT IS THE FUND'S INVESTMENT OBJECTIVE?
Growth seeks long-term capital growth by investing primarily in common
stocks.
2. WHAT IS THE FUND'S INVESTMENT STRATEGY?
The fund managers look for large company stocks that they believe will
increase in value over time. The managers use a "growth" investment
strategy developed by American Century that looks for companies whose
earnings and revenues are not only growing, but growing at a successively
faster, or accelerating, pace. Accelerating growth is shown, for example,
by growth that is faster this quarter than last and faster this year than
the year before.
Using American Century's extensive computer database, the managers track
financial information for thousands of companies to research and select the
stocks they believe will be able to sustain accelerating growth. This
strategy is based on the premise that, over the long term, the stocks of
companies with accelerating earnings and revenues have a
greater-than-average chance to increase in value. This aggressive
investment strategy, which pursues superior long-term returns for fund
shareholders, also results in the risks described in the next section.
The fund managers do not attempt to time the market. Instead, they
intend to keep Growth essentially fully invested in stocks regardless of
the movement of stock prices generally. When the managers believe that it
is prudent, they also may invest assets in non-leveraged futures and
options. "Non-leveraged" means that the fund may not invest in futures and
options where it would be possible to lose more than the fund invested.
Futures and options can help the fund's cash assets remain liquid while
performing more like stocks.
Additional information about Growth's investments is available in its
annual and semiannual reports. In these reports you will find a discussion
of the market conditions and investment strategies that significantly
affected the fund's performance during the most recent six-month period.
You may get these reports at no cost by calling us.
3. WHAT ARE THE SIGNIFICANT RISKS OF INVESTING IN THE FUND?
*The value of Growth's shares depends on the value of the stocks and other
securities it owns. The value of the individual securities Growth owns will
go up and down depending on the performance of the companies that issued
them, general market and economic conditions, and investor confidence.
*The fund managers will buy a large amount of a company's stock quickly,
and often will dispose of it quickly if the company's earnings or revenues
decline. While we believe this strategy provides substantial appreciation
potential over the long term, in the short term it can create a significant
amount of share price volatility. This volatility can be greater than that
of the average stock fund.
*As with all funds, at any given time, the value of your shares of Growth
may be worth more or less than the price you paid. If you sell your shares
when the value is less than the price you paid, you will lose money.
Additionally, an investment in the fund is not a bank deposit, nor is it
insured by the Federal Deposit Insurance Corporation or any other
government agency.
*Market performance tends to be cyclical, and in the various cycles,
certain investment styles may fall in and out of favor. If the market is
not favoring the fund's style, the fund's gains may not be as big as, or
its losses may be bigger than, other equity funds using different
investment styles.
*Although the fund managers invest the fund's assets primarily in U.S.
stocks, Growth can invest in securities of foreign companies. Foreign
securities can have certain unique risks, including fluctuations in
currency exchange rates, political and economic developments, reduced
availability of public information and the fact that foreign issuers are
not required to abide by the same financial reporting or regulatory
practices as U.S. issuers.
In summary, Growth is intended for investors who seek long-term capital
growth through an aggressive equity fund and who are willing to accept the
risks associated with the fund's investment strategy.
Growth American Century Investments
FUND PERFORMANCE
The bar chart below shows the actual performance of Growth's Investor
Class shares for each of the last 10 calendar years. It indicates the
volatility of the fund's historical returns from year to year. Neither it
nor the quarterly information below the bar chart is intended to indicate
how the fund will perform in the future.
[bar chart]
CALENDAR YEAR-BY-YEAR RETURNS
1988 1989 1990 1991 1992 1993 1994 1995 1996 1997
2.72 43.13 -3.85 69.02 -4.29 3.76 -1.49 20.35 15.01 29.28
As of June 30, 1998, the end of the most recent calendar quarter, Growth's
year-to-date return was 23.37%.
The highest and lowest returns of the fund's Investor Class shares for a
calendar quarter since January 1, 1988, are provided in the chart below to
indicate the fund's potential short-term volatility. Shareholders should be
aware, however, that Growth is intended for investors with a long-term
investment horizon and is not managed for short-term results.
[bar chart]
HIGHEST AND LOWEST QUARTERLY RETURNS
Quarter Ended 3/31/91 28.45%
Quarter Ended 9/30/90 -19.44%
The table below shows the average annual return of the fund's Investor
Class shares for the periods indicated. The Russell 1000 Growth Index, an
unmanaged index that reflects no operating costs, is included as a
benchmark for long-term performance comparisons.
1 YR. 5 YRS. 10 YRS.
AVERAGE ANNUAL TOTAL RETURNS (PERIOD ENDED JUNE 30, 1998)
Growth 35.57% 18.20% 16.92%
Russell 1000 Growth Index 31.39% 23.48% 19.15%
4. WHAT ARE THE FUND'S FEES AND EXPENSES?
There are no sales loads, fees or other charges to buy fund shares
directly from American Century, to reinvest dividends in additional shares,
to exchange into the Investor Class shares of other American Century funds,
or to redeem your shares. The following table describes the fees and
expenses that you may pay if you buy and hold shares of the fund.
ANNUAL FUND OPERATING EXPENSES
(EXPENSES THAT ARE DEDUCTED FROM FUND ASSETS)
Management Fee 1.00%
Distribution and Service (12b-1) Fees None
Other Expenses(1) 0.00%
Total Annual Fund Operating Expenses 1.00%
(1)Other expenses, which include the fees and expenses of the fund's
independent directors, their legal counsel, interest and extraordinary
expenses, were less than 0.005% for the most recent fiscal year.
EXAMPLE OF HYPOTHETICAL FUND COSTS
Assuming you . . .
* invest $10,000 in the fund
* redeem your shares at the end of the periods shown below
* earn a 5% return each year
* incur the same fund operating expenses shown above
. . . your cost of investing in the fund would be:
1 year 3 years 5 years 10 years
-------------------------------------------------
$100 $320 $550 $1,220
Of course, actual costs may be higher or lower. Use this example
to compare the costs of investing in other funds.
5. WHO ARE THE FUND'S INVESTMENT ADVISOR AND PORTFOLIO MANAGERS?
American Century Investment Management, Inc. provides investment
advisory and management services for the fund. American Century uses teams
of portfolio managers, assistant portfolio managers and analysts working
together to manage our mutual funds. The portfolio managers on the Growth
team are:
C. KIM GOODWIN, Vice President and Portfolio Manager, joined American
Century as a manager of Growth in October 1997. Before joining American
Century, Ms. Goodwin served as Senior Vice President and Portfolio Manager
at Putnam Investments (from May 1996 to September 1997) and Vice President
and Portfolio Manager at Prudential Investments (from February 1993 to
April 1996).
Fund Profile Growth
GREGORY J. WOODHAMS, Portfolio Manager, joined American Century in
September 1997 as an Investment Analyst. In May 1998, he was promoted to
Portfolio Manager. Before joining American Century, Mr. Woodhams served as
Vice President and Director of Equity Research for Texas Commerce Bank, a
subsidiary of Chase Manhattan Bank.
6. HOW DO I BUY FUND SHARES?
* Complete and return the enclosed application
* Call us and exchange shares from another American Century fund
* Call us and send your investment by bank wire transfer
Your initial investment must be $2,500 ($1,000 for traditional IRAs,
Roth IRAs and UGMA/UTMA accounts), unless you establish an automatic
investment plan of at least $50 per month. If the value of your account
falls below the account minimum, your shares may be redeemed involuntarily.
7. HOW DO I SELL FUND SHARES?
You may sell all or part of your fund shares on any business day by
writing or calling us. You also may exchange your shares in Growth for
shares in nearly 70 other mutual funds offered by American Century.
Depending on the options you select when you open your account, some
restrictions may apply. For your protection, some redemption requests
require a signature guarantee.
8. HOW ARE FUND DISTRIBUTIONS MADE AND TAXED?
Growth pays distributions of substantially all of its income and
realized capital gains once a year, usually in December. Distributions may
be taxable as ordinary income, capital gains, or a combination of the two.
Capital gains are taxed at different rates depending on the length of time
the fund held the securities that were sold. Distributions are reinvested
automatically in additional shares unless you choose another option.
9. WHAT SERVICES ARE AVAILABLE?
American Century offers several ways to make it easier for you to manage
your account, such as:
* telephone transactions
* wire and electronic funds transfers
* 24-hour Automated Information Line transactions
* 24-hour online Internet account access and transactions
You may find more information about these choices in our Investor
Services Guide, which you may request by calling us, accessing our Web site
or visiting one of our Investor Centers.
Information contained in our Investor Services Guide pertains to
shareholders who invest directly with American Century rather than through
an employer-sponsored retirement plan or through a financial intermediary.
If you own or are considering purchasing fund shares through an
employer-sponsored retirement plan or financial intermediary, your ability
to purchase shares of the fund, exchange them for shares of other American
Century funds, and redeem them will depend on the terms of your plan or
financial intermediary. If you have questions about investing in an
employer-sponsored retirement plan or through a financial intermediary,
call an Institutional Service Representative at 1-800-345-3533.
- --------------------------------------------------------------------------------
[american century logo(reg.sm)
American
Century(reg.tm)
AMERICAN CENTURY INVESTMENTS
P.O. BOX 419200
KANSAS CITY, MISSOURI 64141-6200
WWW.AMERICANCENTURY.COM
INVESTOR SERVICES
1-800-345-2021 or 816-531-5575
AUTOMATED INFORMATION LINE
1-800-345-8765
INSTITUTIONAL, CORPORATE, KEOGH, SEP/SARSEP,
SIMPLE AND 403(B) SERVICES
1-800-345-3533
TELECOMMUNICATIONS DEVICE FOR THE DEAF
1-800-634-4113 or 816-444-3485
FAX
816-340-7962
Funds Distributor, Inc.
(c) 1998 American Century Services Corporation
SH-BRO-12613 9808
<PAGE>
FUND PROFILE
Ultra
INVESTOR CLASS
August 10, 1998
[american century logo(reg.sm)
American
Century(reg.tm)
- --------------------------------------------------------------------------------
This profile summarizes key information about the fund that is included
in the fund's Prospectus. The fund's Prospectus includes additional
information about the fund, including a more detailed description of the
risks associated with investing in the fund, that you may want
to consider before you invest. You may obtain the Prospectus and other
information about the fund at no cost by calling us at 1-800-345-2021,
accessing our Web site or visiting one of our Investor Centers.
See the back cover for additional phone numbers and our address.
TWENTIETH CENTURY GROUP
AMERICAN CENTURY INVESTMENTS
ULTRA
1. WHAT IS THE FUND'S INVESTMENT OBJECTIVE?
Ultra seeks long-term capital growth by investing primarily in common
stocks.
2. WHAT IS THE FUND'S INVESTMENT STRATEGY?
The fund managers look for stocks of medium to large companies that they
believe will increase in value over time. The managers use a "growth"
investment strategy developed by American Century that looks for companies
whose earnings and revenues are not only growing, but growing at a
successively faster, or accelerating, pace. Accelerating growth is shown,
for example, by growth that is faster this quarter than last and faster
this year than the year before.
Using American Century's extensive computer database, the managers track
financial information for thousands of companies to research and select the
stocks they believe will be able to sustain accelerating growth. This
strategy is based on the premise that, over the long term, the stocks of
companies with accelerating earnings and revenues have a
greater-than-average chance to increase in value. This aggressive
investment strategy, which pursues superior long-term returns for fund
shareholders, also results in the risks described in the next section.
The fund managers do not attempt to time the market. Instead, they
intend to keep Ultra essentially fully invested in stocks regardless of the
movement of stock prices generally. When the managers believe that it is
prudent, they also may invest assets in non-leveraged futures and options.
"Non- leveraged" means that the fund may not invest in futures and options
where it would be possible to lose more than the fund invested. Futures and
options can help the fund's cash assets remain liquid while performing more
like stocks.
Additional information about Ultra's investments is available in its
annual and semiannual reports. In these reports you will find a discussion
of the market conditions and investment strategies that significantly
affected the fund's performance during the most recent six-month period.
You may get these reports at no cost by calling us.
3. WHAT ARE THE SIGNIFICANT RISKS OF INVESTING IN THE FUND?
*The value of Ultra's shares depends on the value of the stocks and other
securities it owns. The value of the individual securities Ultra owns will
go up and down depending on the performance of the companies that issued
them, general market and economic conditions, and investor confidence.
*The fund managers will buy a large amount of a company's stock quickly,
and often will dispose of it quickly if the company's earnings or revenues
decline. While we believe this strategy provides substantial appreciation
potential over the long term, in the short term it can create a significant
amount of share price volatility. This volatility can be greater than that
of the average stock fund.
*As with all funds, at any given time, the value of your shares of Ultra
may be worth more or less than the price you paid. If you sell your shares
when the value is less than the price you paid, you will lose money.
Additionally, an investment in the fund is not a bank deposit, nor is it
insured by the Federal Deposit Insurance Corporation or any other
government agency.
*Market performance tends to be cyclical, and in the various cycles,
certain investment styles may fall in and out of favor. If the market is
not favoring the fund's style, the fund's gains may not be as big as, or
its losses may be bigger than, other equity funds using different
investment styles.
*Although the fund managers invest the fund's assets primarily in U.S.
stocks, Ultra can invest in securities of foreign companies. Foreign
securities can have certain unique risks, including fluctuations in
currency exchange rates, political and economic developments, reduced
availability of public information and the fact that foreign issuers are
not required to abide by the same financial reporting or regulatory
practices as U.S. issuers.
In summary, Ultra is intended for investors who seek long-term capital
growth through an aggressive equity fund and who are willing to accept the
risks associated with the fund's investment strategy.
Ultra American Century Investments
FUND PERFORMANCE
The bar chart below shows the actual performance of Ultra's Investor
Class shares for each of the last 10 calendar years. It indicates the
volatility of the fund's historical returns from year to year. Neither it
nor the quarterly information below is intended to indicate how the fund
will perform in the future.
[bar chart]
CALENDAR YEAR-BY-YEAR RETURNS
1988 1989 1990 1991 1992 1993 1994 1995 1996 1997
13.32 36.94 9.36 86.45 1.27 21.81 -3.62 37.68 13.85 23.13
As of June 30, 1998, the end of the most recent calendar quarter, Ultra's
year-to-date return was 23.99%.
The highest and lowest returns of the fund's Investor Class shares for a
calendar quarter since January 1, 1988, are provided in the chart below to
indicate the fund's potential short-term volatility. Shareholders should be
aware, however, that Ultra is intended for investors with a long-term
investment horizon and is not managed for short-term results.
[bar chart]
HIGHEST AND LOWEST QUARTERLY RETURNS
Quarter Ended 3/31/91 40.75%
Quarter Ended 9/30/90 -16.16%
The table below shows the average annual return of the fund's Investor
Class shares for the periods indicated. The S&P 500 Index, an unmanaged
index that reflects no operating costs, is included as a benchmark for
long-term performance comparisons because it is viewed as a proxy for the
entire U.S. stock market.
1 YR. 5 YRS. 10 YRS.
AVERAGE ANNUAL TOTAL RETURNS (PERIOD ENDED JUNE 30, 1998)
Ultra 31.15% 19.79% 22.14%
S&P 500 Index 30.03% 23.03% 18.50%
4. WHAT ARE THE FUND'S FEES AND EXPENSES?
There are no sales loads, fees or other charges to buy fund shares
directly from American Century, to reinvest dividends in additional shares,
to exchange into the Investor Class shares of other American Century funds,
or to redeem your shares. The following table describes the fees and
expenses that you may pay if you buy and hold shares of the fund.
ANNUAL FUND OPERATING EXPENSES
(EXPENSES THAT ARE DEDUCTED FROM FUND ASSETS)
Management Fee 1.00%
Distribution and Service (12b-1) Fees None
Other Expenses(1) 0.00%
Total Annual Fund Operating Expenses 1.00%
(1)Other expenses, which include the fees and expenses of the fund's
independent directors, their legal counsel, interest and extraordinary
expenses, were less than 0.005% for the most recent fiscal year.
EXAMPLE OF HYPOTHETICAL FUND COSTS
Assuming you . . .
* invest $10,000 in the fund
* redeem your shares at the end of the periods shown below
* earn a 5% return each year
* incur the same fund operating expenses shown above
. . . your cost of investing in the fund would be:
1 year 3 years 5 years 10 years
------------------------------------------------------------
$100 $320 $550 $1,220
Of course, actual costs may be higher or lower. Use this example
to compare the costs of investing in other funds.
5. WHO ARE THE FUND'S INVESTMENT ADVISOR AND PORTFOLIO MANAGERS?
American Century Investment Management, Inc. provides investment
advisory and management services for the fund. American Century uses teams
of portfolio managers, assistant portfolio managers and analysts working
together to manage our mutual funds. The portfolio managers on the Ultra
team are:
JAMES E. STOWERS III, Chief Executive Officer and Portfolio Manager,
joined American Century as a manager of Ultra and other American Century
growth-oriented funds in 1981.
Fund Profile Ultra
JOHN R. SYKORA, Portfolio Manager, joined American Century in May 1994
as an Investment Analyst. In August 1997, he was promoted to Portfolio
Manager of Ultra. Before joining American Century, Mr. Sykora served as a
Financial Analyst for Business Men's Assurance Company of America, Kansas
City, Missouri (from August 1993 to April 1994).
BRUCE A. WIMBERLY, Portfolio Manager, joined American Century in
September 1994 as an Investment Analyst. In July 1996, he was promoted to
Portfolio Manager of Ultra. Before joining American Century, Mr. Wimberly
attended Kellogg Graduate School of Management, Northwestern University
(from August 1992 to August 1994), where he obtained his MBA.
6. HOW DO I BUY FUND SHARES?
* Complete and return the enclosed application
* Call us and exchange shares from another American Century fund
* Call us and send your investment by bank wire transfer
Your initial investment must be $2,500 ($1,000 for traditional IRAs,
Roth IRAs and UGMA/UTMA accounts), unless you establish an automatic
investment plan of at least $50 per month. If the value of your account
falls below the account minimum, your shares may be redeemed involuntarily.
7. HOW DO I SELL FUND SHARES?
You may sell all or part of your fund shares on any business day by
writing or calling us. You also may exchange your shares in Ultra for
shares in nearly 70 other mutual funds offered by American Century.
Depending on the options you select when you open your account, some
restrictions may apply. For your protection, some redemption requests
require a signature guarantee.
8. HOW ARE FUND DISTRIBUTIONS MADE AND TAXED?
Ultra pays distributions of substantially all of its income and realized
capital gains once a year, usually in December. Distributions may be
taxable as ordinary income, capital gains, or a combination of the two.
Capital gains are taxed at different rates depending on the length of time
the fund held the securities that were sold. Distributions are reinvested
automatically in additional shares unless you choose another option.
9. WHAT SERVICES ARE AVAILABLE?
American Century offers several ways to make it easier for you to manage
your account, such as:
* telephone transactions
* wire and electronic funds transfers
* 24-hour Automated Information Line transactions
* 24-hour online Internet account access and transactions
You may find more information about these choices in our Investor
Services Guide, which you may request by calling us, accessing our Web site
or visiting one of our Investor Centers.
Information contained in our Investor Services Guide pertains to
shareholders who invest directly with American Century rather than through
an employer-sponsored retirement plan or through a financial intermediary.
If you own or are considering purchasing fund shares through an
employer-sponsored retirement plan or financial intermediary, your ability
to purchase shares of the fund, exchange them for shares of other American
Century funds, and redeem them will depend on the terms of your plan or
financial intermediary. If you have questions about investing in an
employer-sponsored retirement plan or through a financial intermediary,
call an Institutional Service Representative at 1-800-345-3533.
- -------------------------------------------------------------------------------
[american century logo(reg.sm)
American
Century(reg.tm)
AMERICAN CENTURY INVESTMENTS
P.O. BOX 419200
KANSAS CITY, MISSOURI 64141-6200
WWW.AMERICANCENTURY.COM
INVESTOR SERVICES
1-800-345-2021 or 816-531-5575
AUTOMATED INFORMATION LINE
1-800-345-8765
INSTITUTIONAL, CORPORATE, KEOGH, SEP/SARSEP,
SIMPLE AND 403(B) SERVICES
1-800-345-3533
TELECOMMUNICATIONS DEVICE FOR THE DEAF
1-800-634-4113 or 816-444-3485
FAX
816-340-7962
Funds Distributor, Inc.
(c) 1998 American Century Services Corporation
SH-BRO-12611 9808
<PAGE>
FUND PROFILE
Vista
INVESTOR CLASS
August 10, 1998
[american century logo(reg.sm)
American
Century(reg.tm)
- --------------------------------------------------------------------------------
This profile summarizes key information about the fund that is included
in the fund's Prospectus. The fund's Prospectus includes additional
information about the fund, including a more detailed description of the
risks associated with investing in the fund, that you may want
to consider before you invest. You may obtain the Prospectus and other
information about the fund at no cost by calling us at 1-800-345-2021,
accessing our Web site or visiting one of our Investor Centers.
See the back cover for additional phone numbers and our address.
TWENTIETH CENTURY GROUP
AMERICAN CENTURY INVESTMENTS
VISTA
1. WHAT IS THE FUND'S INVESTMENT OBJECTIVE?
Vista seeks long-term capital growth by investing primarily in common
stocks.
2. WHAT IS THE FUND'S INVESTMENT STRATEGY?
The fund managers look for stocks of medium- and smaller-sized companies
that they believe will increase in value over time. The managers use a
"growth" investment strategy developed by American Century that looks for
companies whose earnings and revenues are not only growing, but growing at
a successively faster, or accelerating, pace. Accelerating growth is shown,
for example, by growth that is faster this quarter than last and faster
this year than the year before.
Using American Century's extensive computer database, the managers track
financial information for thousands of companies to research and select the
stocks they believe will be able to sustain accelerating growth. This
strategy is based on the premise that, over the long term, the stocks of
companies with accelerating earnings and revenues have a
greater-than-average chance to increase in value. This aggressive
investment strategy, which pursues superior long-term returns for fund
shareholders, also results in the risks described in the next section.
The fund managers do not attempt to time the market. Instead, they
intend to keep Vista essentially fully invested in stocks regardless of the
movement of stock prices generally. When the managers believe that it is
prudent, they also may invest assets in non-leveraged futures and options.
"Non-leveraged" means that the fund may not invest in futures and options
where it would be possible to lose more than the fund invested. Futures and
options can help the fund's cash assets remain liquid while performing more
like stocks.
Additional information about Vista's investments is available in its
annual and semiannual reports. In these reports you will find a discussion
of the market conditions and investment strategies that significantly
affected the fund's performance during the most recent six-month period.
You may get these reports at no cost by calling us.
3. WHAT ARE THE SIGNIFICANT RISKS OF INVESTING IN THE FUND?
*The value of Vista's shares depends on the value of the stocks and other
securities it owns. The value of the individual securities Vista owns will
go up and down depending on the performance of the companies that issued
them, general market and economic conditions, and investor confidence.
*The fund managers will buy a large amount of a company's stock quickly,
and often will dispose of it quickly if the company's earnings or revenues
decline. While we believe this strategy provides substantial appreciation
potential over the long term, in the short term it can create a significant
amount of share price volatility. This volatility can be greater than that
of the average stock fund.
*As with all funds, at any given time, the value of your shares of Vista
may be worth more or less than the price you paid. If you sell your shares
when the value is less than the price you paid, you will lose money.
Additionally, an investment in the fund is not a bank deposit, nor is it
insured by the Federal Deposit Insurance Corporation or any other
government agency.
*Market performance tends to be cyclical, and in the various cycles,
certain investment styles may fall in and out of favor. If the market is
not favoring the fund's style, the fund's gains may not be as big as, or
its losses may be bigger than, other equity funds using different
investment styles.
*Because Vista generally invests in smaller companies than our similarly
managed Ultra and Growth funds, it may be more volatile, and subject to
greater short-term risk, than those funds.
*Although the fund managers invest the fund's assets primarily in U.S.
stocks, Vista can invest in securities of foreign companies. Foreign
securities can have certain unique risks, including fluctuations in
currency exchange rates, political and economic developments, reduced
availability of public information and the fact that foreign issuers are
not required to abide by the same financial reporting or regulatory
practices as U.S. issuers.
Vista American Century Investments
In summary, Vista is intended for investors who seek long-term capital
growth through an aggressive equity fund and who are willing to accept the
risks associated with the fund's investment strategy.
FUND PERFORMANCE
The bar chart below shows the actual performance of Vista's Investor
Class shares for each of the last 10 calendar years. It indicates the
volatility of the fund's historical returns from year to year. Neither it
nor the quarterly information below the bar chart is intended to indicate
how the fund will perform in the future.
[bar chart]
CALENDAR YEAR-BY-YEAR RETURNS
1988 1989 1990 1991 1992 1993 1994 1995 1996 1997
2.44 52.20 -15.73 73.69 -2.13 5.45 4.68 46.13 7.56 -8.68
As of June 30, 1998, the end of the most recent calendar quarter, Vista's
year-to-date return was 4.75%.
The highest and lowest returns of the fund's Investor Class shares for a
calendar quarter since January 1, 1988, are provided in the chart below to
indicate the fund's potential short-term volatility. Shareholders should be
aware, however, that Vista is intended for investors with a long-term
investment horizon and is not managed for short-term results.
[bar chart]
HIGHEST AND LOWEST QUARTERLY RETURNS
Quarter Ended 3/31/91 33.24%
Quarter Ended 9/30/90 -29.82%
The table in the next column shows the average annual return of the
fund's Investor Class shares for the periods indicated. Unlike an index
fund, Vista makes no attempt to match the benchmark over short-term
periods. The Russell 2500 Growth Index, an unmanaged index that reflects no
operating costs, is included as a benchmark for long-term performance
comparisons.
1 YR. 5 YRS. 10 YRS.
AVERAGE ANNUAL TOTAL RETURNS (PERIOD ENDED JUNE 30, 1998)
Vista 2.06% 10.26% 12.48%
Russell 2500 Growth Index 13.44 15.33% 13.62%
4. WHAT ARE THE FUND'S FEES AND EXPENSES?
There are no sales loads, fees or other charges to buy fund shares
directly from American Century, to reinvest dividends in additional shares,
to exchange into the Investor Class shares of other American Century funds,
or to redeem your shares. The following table describes the fees and
expenses that you may pay if you buy and hold shares of the fund.
ANNUAL FUND OPERATING EXPENSES
(EXPENSES THAT ARE DEDUCTED FROM FUND ASSETS)
Management Fee 1.00%
Distribution and Service (12b-1) Fees None
Other Expenses(1) 0.00%
Total Annual Fund Operating Expenses 1.00%
(1)Other expenses, which include the fees and expenses of the fund's
independent directors, their legal counsel, interest and extraordinary
expenses, were less than 0.005% for the most recent fiscal year.
EXAMPLE OF HYPOTHETICAL FUND COSTS
Assuming you . . .
* invest $10,000 in the fund
* redeem your shares at the end of the periods shown below
* earn a 5% return each year
* incur the same fund operating expenses shown above
. . . your cost of investing in the fund would be:
1 year 3 years 5 years 10 years
--------------------------------------------------
$100 $320 $550 $1,220
Of course, actual costs may be higher or lower. Use this example
to compare the costs of investing in other funds.
5. WHO ARE THE FUND'S INVESTMENT ADVISOR AND PORTFOLIO MANAGERS?
American Century Investment Management, Inc. provides investment
advisory and management services for the fund. American Century uses teams
of portfolio managers, assistant portfolio managers and analysts working
together to manage our mutual funds. The portfolio managers on the Vista
team are:
Fund Profile Vista
ARNOLD K. DOUVILLE, Vice President and Portfolio Manager, joined
American Century as a manager of Vista and another American Century
growth-oriented fund in November 1997. Before joining American Century, Mr.
Douville served as Senior Portfolio Manager for Munder Capital Management
(from September 1989 to October 1997).
GLENN A. FOGLE, Vice President and Portfolio Manager, joined American
Century in September 1990 as an Investment Analyst. In March 1993, he was
promoted to Portfolio Manager of Vista.
6. HOW DO I BUY FUND SHARES?
* Complete and return the enclosed application
* Call us and exchange shares from another American Century fund
* Call us and send your investment by bank wire transfer
Your initial investment must be $2,500 ($1,000 for traditional IRAs,
Roth IRAs and UGMA/UTMA accounts), unless you establish an automatic
investment plan of at least $50 per month. If the value of your account
falls below the account minimum, your shares may be redeemed involuntarily.
7. HOW DO I SELL FUND SHARES?
You may sell all or part of your fund shares on any business day by
writing or calling us. You also may exchange your shares in Vista for
shares in nearly 70 other mutual funds offered by American Century.
Depending on the options you select when you open your account, some
restrictions may apply. For your protection, some redemption requests
require a signature guarantee.
8. HOW ARE FUND DISTRIBUTIONS MADE AND TAXED?
Vista pays distributions of substantially all of its income and realized
capital gains once a year, usually in December. Distributions may be
taxable as ordinary income, capital gains, or a combination of the two.
Capital gains are taxed at different rates depending on the length of time
the fund held the securities that were sold. Distributions are reinvested
automatically in additional shares unless you choose another option.
9. WHAT SERVICES ARE AVAILABLE?
American Century offers several ways to make it easier for you to manage
your account, such as:
* telephone transactions
* wire and electronic funds transfers
* 24-hour Automated Information Line transactions
* 24-hour online Internet account access and transactions
You may find more information about these choices in our Investor
Services Guide, which you may request by calling us, accessing our Web site
or visiting one of our Investor Centers.
Information contained in our Investor Services Guide pertains to
shareholders who invest directly with American Century rather than through
an employer-sponsored retirement plan or through a financial intermediary.
If you own or are considering purchasing fund shares through an
employer-sponsored retirement plan or financial intermediary, your ability
to purchase shares of the fund, exchange them for shares of other American
Century funds, and redeem them will depend on the terms of your plan or
financial intermediary. If you have questions about investing in an
employer-sponsored retirement plan or through a financial intermediary,
call an Institutional Service Representative at 1-800-345-3533.
- --------------------------------------------------------------------------------
[american century logo(reg.sm)
American
Century(reg.tm)
AMERICAN CENTURY INVESTMENTS
P.O. BOX 419200
KANSAS CITY, MISSOURI 64141-6200
WWW.AMERICANCENTURY.COM
INVESTOR SERVICES
1-800-345-2021 or 816-531-5575
AUTOMATED INFORMATION LINE
1-800-345-8765
INSTITUTIONAL, CORPORATE, KEOGH, SEP/SARSEP,
SIMPLE AND 403(B) SERVICES
1-800-345-3533
TELECOMMUNICATIONS DEVICE FOR THE DEAF
1-800-634-4113 or 816-444-3485
FAX
816-340-7962
Funds Distributor, Inc.
(c) 1998 American Century Services Corporation
SH-BRO-12612 9808
<PAGE>
FUND PROFILE
Heritage
INVESTOR CLASS
August 10, 1998
[american century logo(reg.sm)
American
Century(reg.tm)
- --------------------------------------------------------------------------------
This profile summarizes key information about the fund that is included
in the fund's Prospectus. The fund's Prospectus includes additional
information about the fund, including a more detailed description of the
risks associated with investing in the fund, that you may want
to consider before you invest. You may obtain the Prospectus and other
information about the fund at no cost by calling us at 1-800-345-2021,
accessing our Web site or visiting one of our Investor Centers.
See the back cover for additional phone numbers and our address.
TWENTIETH CENTURY GROUP
AMERICAN CENTURY INVESTMENTS
HERITAGE
1. WHAT IS THE FUND'S INVESTMENT OBJECTIVE?
Heritage seeks long-term capital growth by investing primarily in common
stocks.
2. WHAT IS THE FUND'S INVESTMENT STRATEGY?
The fund managers look for stocks of small- to mid-sized companies that
they believe will increase in value over time. Sixty percent of Heritage's
assets must be invested in securities of companies that pay regular
dividends, or have committed to pay dividends, or otherwise produce income.
This signals an intent to buy stocks of companies that are successful
enough to pay dividends. The amount of dividends may not be significant,
however, since stocks are not picked based upon the amount of income they
produce. The remaining 40% of fund assets may be invested in any other
permissible securities that the fund managers believe will help the fund
achieve its objective.
The managers use a "growth" investment strategy developed by American
Century that looks for companies whose earnings and revenues are not only
growing, but growing at a successively faster, or accelerating, pace.
Accelerating growth is shown, for example, by growth that is faster this
quarter than last and faster this year than the year before.
Using American Century's extensive computer database, the managers track
financial information for thousands of companies to research and select the
stocks they believe will be able to sustain accelerating growth. This
strategy is based on the premise that, over the long term, the stocks of
companies with accelerating earnings and revenues have a
greater-than-average chance to increase in value. This aggressive
investment strategy, which pursues superior long-term returns for fund
shareholders, also results in the risks described in the next section.
The fund managers do not attempt to time the market. Instead, they
intend to keep Heritage essentially fully invested in stocks regardless of
the movement of stock prices generally. When the managers believe that it
is prudent, they also may invest assets in non-leveraged futures and
options. "Non-leveraged" means that the fund may not invest in futures and
options where it would be possible to lose more than the fund invested.
Futures and options can help the fund's cash assets remain liquid while
performing more like stocks.
Additional information about Heritage's investments is available in its
annual and semiannual reports. In these reports you will find a discussion
of the market conditions and investment strategies that significantly
affected the fund's performance during the most recent six-month period.
You may get these reports at no cost by calling us.
3. WHAT ARE THE SIGNIFICANT RISKS OF INVESTING IN THE FUND?
*The value of Heritage's shares depends on the value of the stocks and
other securities it owns. The value of the individual securities Heritage
owns will go up and down depending on the performance of the companies that
issued them, general market and economic conditions, and investor
confidence.
*The fund managers will buy a large amount of a company's stock quickly,
and often will dispose of it quickly if the company's earnings or revenues
decline. While we believe this strategy provides significant appreciation
potential over the long term, in the short term it can create a significant
amount of share price volatility. This volatility can be greater than that
of the average stock fund.
*As with all funds, at any given time, the value of your shares of Heritage
may be worth more or less than the price you paid. If you sell your shares
when the value is less than the price you paid, you will lose money.
Additionally, an investment in the fund is not a bank deposit, nor is it
insured by the Federal Deposit Insurance Corporation or any other
government agency.
*Although the fund can purchase securities of any size company, the fund
managers will tend to invest in small- to mid-sized companies with smaller
share trading volume.
*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.
*In times of rapid market expansion, the fund's holdings in dividend-paying
stocks may dampen its performance.
Heritage American Century Investments
*Although the fund managers invest the fund's assets primarily in U.S.
stocks, Heritage can invest in securities of foreign companies. Foreign
securities can have certain unique risks, including fluctuations in
currency exchange rates, political and economic developments, reduced
availability of public information and the fact that foreign issuers are
not required to abide by the same financial reporting or regulatory
practices as U.S. issuers.
FUND PERFORMANCE
The bar chart below shows the actual performance of Heritage's Investor
Class shares for each of the last 10 calendar years. It indicates the
volatility of the fund's historical returns from year to year. Neither it
nor the quarterly information below the bar chart is intended to indicate
how the fund will perform in the future.
[bar chart]
CALENDAR YEAR-BY-YEAR RETURNS
1988 1989 1990 1991 1992 1993 1994 1995 1996 1997
16.43 35.06 -9.16 35.98 10.13 20.43 -6.32 26.66 15.31 19.35
As of June 30, 1998, the end of the most recent calendar quarter,
Heritage's year-to-date return was 7.65%.
The highest and lowest returns of the fund's Investor Class shares for a
calendar quarter since January 1, 1988, are provided in the chart below to
indicate the fund's potential short-term volatility. Shareholders should be
aware, however, that Heritage is intended for investors with a long-term
investment horizon and is not managed for short-term results.
[bar chart]
HIGHEST AND LOWEST QUARTERLY RETURNS
Quarter Ended 3/31/91 17.28%
Quarter Ended 9/30/90 -17.08%
The table below shows the average annual return of the fund's Investor
Class shares for the periods indicated. The S&P 400 Index, an unmanaged
index that reflects no operating costs, is included as a benchmark for
long-term performance comparisons because it is viewed as a proxy for the
mid-cap market. The companies comprising the index are, on average, larger
than the companies in which the fund invests. As a result, differences in
performance can be expected.
1 YR. 5 YRS. 10 YRS.
AVERAGE ANNUAL TOTAL RETURNS (PERIOD ENDED JUNE 30, 1998)
Heritage 13.11% 14.15% 14.45%
S&P 400 Index 27.10% 18.45% 18.36%
4. WHAT ARE THE FUND'S FEES AND EXPENSES?
There are no sales loads, fees or other charges to buy fund shares
directly from American Century, to reinvest dividends in additional shares,
to exchange into the Investor Class shares of other American Century funds,
or to redeem your shares. The following table describes the fees and
expenses that you may pay if you buy and hold shares of the fund.
ANNUAL FUND OPERATING EXPENSES
(EXPENSES THAT ARE DEDUCTED FROM FUND ASSETS)
Management Fee 1.00%
Distribution and Service (12b-1) Fees None
Other Expenses(1) 0.00%
Total Annual Fund Operating Expenses 1.00%
(1)Other expenses, which include the fees and expenses of the fund's
independent directors, their legal counsel, interest and extraordinary
expenses, were less than 0.005% for the most recent fiscal year.
EXAMPLE OF HYPOTHETICAL FUND COSTS
Assuming you . . .
* invest $10,000 in the fund
* redeem your shares at the end of the periods shown below
* earn a 5% return each year
* incur the same fund operating expenses shown above
. . . your cost of investing in the fund would be:
1 year 3 years 5 years 10 years
-----------------------------------------------------
$100 $320 $550 $1,220
Of course, actual costs may be higher or lower. Use this example
to compare the costs of investing in other funds.
Fund Profile Heritage
5. WHO ARE THE FUND'S INVESTMENT ADVISOR AND PORTFOLIO MANAGERS?
American Century Investment Management, Inc. provides investment
advisory and management services for the fund. American Century uses teams
of portfolio managers, assistant portfolio managers and analysts working
together to manage our mutual funds. The portfolio managers on the Heritage
team are:
LINDA K. PETERSON, Portfolio Manager, joined American Century in 1986.
She served as an Investment Analyst for American Century's growth-oriented
equity funds, including Heritage, from April 1994 until February 1998, when
she was promoted to Portfolio Manager.
HAROLD S. BRADLEY, Vice President and Portfolio Manager, joined American
Century in 1988. For the past 10 years, Mr. Bradley has managed the global
equity, futures and foreign exchange trading activities for American
Century. He was promoted to Portfolio Manager of the fund in March 1998.
6. HOW DO I BUY FUND SHARES?
* Complete and return the enclosed application
* Call us and exchange shares from another American Century fund
* Call us and send your investment by bank wire transfer
Your initial investment must be $2,500 ($1,000 for traditional IRAs,
Roth IRAs and UGMA/UTMA accounts), unless you establish an automatic
investment plan of at least $50 per month. If the value of your account
falls below the account minimum, your shares may be redeemed involuntarily.
7. HOW DO I SELL FUND SHARES?
You may sell all or part of your fund shares on any business day by
writing or calling us. You also may exchange your shares in Heritage for
shares in nearly 70 other mutual funds offered by American Century.
Depending on the options you select when you open your account, some
restrictions may apply. For your protection, some redemption requests
require a signature guarantee.
8. HOW ARE FUND DISTRIBUTIONS MADE AND TAXED?
Heritage pays distributions of substantially all of its income and
realized capital gains once a year, usually in December. Distributions may
be taxable as ordinary income, capital gains, or a combination of the two.
Capital gains are taxed at different rates depending on the length of time
the fund held the securities that were sold. Distributions are reinvested
automatically in additional shares unless you choose another option.
9. WHAT SERVICES ARE AVAILABLE?
American Century offers several ways to make it easier for you to manage
your account, such as:
* telephone transactions
* wire and electronic funds transfers
* 24-hour Automated Information Line transactions
* 24-hour online Internet account access and transactions
You may find more information about these choices in our Investor
Services Guide, which you may request by calling us, accessing our Web site
or visiting one of our Investor Centers.
Information contained in our Investor Services Guide pertains to
shareholders who invest directly with American Century rather than through
an employer-sponsored retirement plan or through a financial intermediary.
If you own or are considering purchasing fund shares through an
employer-sponsored retirement plan or financial intermediary, your ability
to purchase shares of the fund, exchange them for shares of other American
Century funds, and redeem them will depend on the terms of your plan or
financial intermediary. If you have questions about investing in an
employer-sponsored retirement plan or through a financial intermediary,
call an Institutional Service Representative at 1-800-345-3533.
- --------------------------------------------------------------------------------
[american century logo(reg.sm)
American
Century(reg.tm)
AMERICAN CENTURY INVESTMENTS
P.O. BOX 419200
KANSAS CITY, MISSOURI 64141-6200
WWW.AMERICANCENTURY.COM
INVESTOR SERVICES
1-800-345-2021 or 816-531-5575
AUTOMATED INFORMATION LINE
1-800-345-8765
INSTITUTIONAL, CORPORATE, KEOGH, SEP/SARSEP,
SIMPLE AND 403(B) SERVICES
1-800-345-3533
TELECOMMUNICATIONS DEVICE FOR THE DEAF
1-800-634-4113 or 816-444-3485
FAX
816-340-7962
Funds Distributor, Inc.
(c) 1998 American Century Services Corporation
SH-BRO-12615 9808
