AMERICAN CENTURY MUTUAL FUNDS, INC.
PROSPECTUS SUPPLEMENT
GROWTH * ULTRA * SELECT * VISTA * HERITAGE
SUPPLEMENT DATED JUNE 27, 1999 * PROSPECTUS DATED MARCH 1, 1999
The following replaces the sixth and seventh paragraphs on page 9 of the
Investor Class, Advisor Class and Institutional Class prospectuses:
JAMES E. STOWERS III
Mr. Stowers, Chief Executive Officer and Portfolio Manager, joined American
Century in 1981. He also is the Chief Investment Officer--U.S. Growth Equities
and as such oversees the investment discipline used for Select and six other
growth funds. He has a bachelor's degree in finance from Arizona State
University.
KEN H. CRAWFORD
Mr. Crawford, Portfolio Manager, has been a member of the team that manages
Select since June 1999. He joined American Century in June 1995 as an Investment
Analyst and was promoted to Portfolio Manager in June 1999. From June 1995 to
December 1997 he served as an Investment Analyst on the Select team and from
December 1997 to June 1999 on the Growth team. Before joining American Century,
he was an Investment Analyst for Texas Commerce Bank. He has a bachelor's degree
in economics and a master's degree in finance from the University of Wisconsin.
The Financial Highlights for the Heritage Fund on page 24 of the Investor Class
Prospectus, page 28 of the Advisor Class Prospectus and page 30 of the
Institutional Class Prospectus are replaced with the following:
<TABLE>
<CAPTION>
HERITAGE FUND
Investor Class
For a Share Outstanding Throughout the Years Ended October 31
PER-SHARE DATA
1998 1997 1996 1995 1994
<S> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Year ... $ 14.86 $ 12.24 $ 11.75 $ 10.32 $ 11.03
--------- --------- --------- --------- ---------
Income From Investment Operations
Net Investment Income .............. 0.03(1) 0.01(1) --(1) 0.05(1) 0.07
Net Realized and Unrealized Gain
(Loss) on Investment Transactions ... (2.14) 3.41 1.15 1.96 (0.21)
--------- --------- --------- --------- ---------
Total From Investment Operations ... (2.11) 3.42 1.15 2.01 (0.14)
--------- --------- --------- --------- ---------
Distributions
From Net Investment Income ......... (0.07) (0.09) (0.05) (0.03) (0.06)
From Net Realized Gains on
Investment Transactions ........... (2.70) (0.71) (0.61) (0.52) (0.50)
In Excess of Net Realized Gains .... -- -- -- (0.03) (0.01)
--------- --------- --------- --------- ---------
Total Distributions ................ (2.77) (0.80) (0.66) (0.58) (0.57)
--------- --------- --------- --------- ---------
Net Asset Value, End of Year ......... $ 9.98 $ 14.86 $ 12.24 $ 11.75 $ 10.32
--------- --------- --------- --------- ---------
Total Return(2) ...................... (15.87)% 29.56% 10.44% 21.04% (1.13)%
RATIOS/SUPPLEMENTAL DATA
1998 1997 1996 1995 1994
Ratio of Operating Expenses to
Average Net Assets ................. 1.00% 1.00% 0.99% 0.99% 1.00%
Ratio of Net Investment Income
to Average Net Assets .............. 0.29% 0.05% -- 0.50% 0.70%
Portfolio Turnover Rate .............. 148% 69% 122% 121% 136%
Net Assets, End of Year
(in millions) ...................... $ 978 $ 1,321 $ 1,083 $ 1,008 $ 897
</TABLE>
(1) Computed using average shares outstanding throughout the period.
(2) Total return assumes reinvestment of dividends and capital gains
distributions, if any.
SH-SPL-17146 9906
