AMERICAN CENTURY MUTUAL FUNDS INC, 497K3B, 1999-10-25

AMERICAN CENTURY MUTUAL FUNDS INC
497K3B, 1999-10-25

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[front cover]

AMERICAN CENTURY

Fund Profile

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

Select Fund

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.

[photos of woman and girls blowing bubbles, men talking, woman at computer]

OCTOBER 25, 1999

INVESTOR CLASS

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 telephone numbers and our
address.

SELECT FUND

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, have
committed to pay dividends, or otherwise produce income. This reflects the
fund managers' strategy to buy stocks of companies that are successful
enough to pay dividends. The amount of dividends may not be significant,
however, because stocks are not picked based upon the amount of income they
produce. The remaining 20% of fund assets may be invested in any other
permissible securities that the fund managers believe will help the fund
achieve its objective.

The fund 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 or faster this year than the year before.

Using American Century's extensive computer database, the fund 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 fund 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 fiscal 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 that 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.

* 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 the fund managers 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, your shares may be worth more or less at any given time
than the price you paid for them. If you sell your shares when the value is
less than the price you paid, you will lose money.

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

* Market performance tends to be cyclical and, in the various cycles,
certain investment styles may fall in and out of favor. If the market is not
favoring the fund's style, the fund's gains may not be as big 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, less stable political and economic structures, reduced
availability of public information, and lack of uniform financial reporting
and regulatory practices similar to those that apply in the United States.
These factors make investing in foreign securities generally riskier than
investing in U.S. stocks.

Select American Century Investments

In summary, Select 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 following bar chart shows the actual performance of Select's Investor
Class shares for each of the last 10 calendar years. The bar chart indicates
the volatility of the fund's historical returns from year to year. The bar
chart and the performance information below are not intended to indicate how
the fund will perform in the future.

<TABLE>
[data shown in bar chart]
Calendar Year-By-Year Returns (1)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1998 1997 1996 1995 1994 1993 1992 1991 1990 1989
Select 35.65% 32.19% 19.22% 22.67% -8.04% 14.67% -4.45% 31.58% -0.41% 39.51%
</TABLE>

(1) As of September 30, 1999, the end of the most recent calendar
quarter, Select's year-to-date return was 5.82%.

The highest and lowest quarterly returns for the period reflected in the bar
chart are:

Highest Lowest

Select 22.30% (4Q 1998) -13.12% (3Q 1990)

The following table shows the average annual total returns 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 performance comparisons.

<TABLE>
1 YEAR 5 YEARS 10 YEARS LIFE OF FUND(1)

AVERAGE ANNUAL TOTAL RETURNS (PERIOD ENDED SEPTEMBER 30, 1999)
<S> <C> <C> <C> <C>
Select 29.42% 21.99% 14.13% 17.47%

S&P 500 Index 27.80% 25.03% 16.82% 13.55%
</TABLE>

(1) Although the fund's actual inception date was October 31, 1958, life
of fund is calculated from June 30, 1971, when the management
company implemented its current investment philosophy and practices.

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

* to redeem your shares

The following table describes the fees and expenses that you will 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 0.00%(1)

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 and interest, were less than
0.005% for the most recent fiscal year.

EXAMPLE

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

. . . your cost of investing in the fund would be:

1 year 3 years 5 years 10 years

$102 $318 $551 $1,219

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 its mutual funds. Identified below are the portfolio
managers for the Select team:

JAMES E. STOWERS III, 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

Select Fund Profile

six other growth funds. He has a bachelor's degree in finance from Arizona
State University.

KEN H. 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.

6. HOW DO I BUY FUND SHARES?

American Century offers several ways to purchase shares

* Complete and return an application along with an investment check payable
to American Century Investments

* If you already have an American Century account, call us or access our Web
site to exchange shares from another American Century fund

* Call us and send your investment by bank wire transfer

Your initial investment must be at least $2,500 ($1,000 for traditional and
Roth IRAs). If your redemption activity causes the value of your account to
fall below this 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 will find more information about these choices in Your Guide to American
Century Services, which you may request by calling us, accessing our Web
site or visiting one of our Investor Centers.

Information contained in the services guide pertains to shareholders who
invest directly with American Century rather than through an
employer-sponsored retirement plan or 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
a Service Representative at 1-800-345-3533.

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

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

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

AUTOMATED INFORMATION LINE
1-800-345-8765

FAX
816-340-7962

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

BUSINESS, NOT-FOR-PROFIT AND
EMPLOYER-SPONSORED RETIREMENT PLANS
1-800-345-3533

Visit our Web site at WWW.AMERICANCENTURY.COM

SH-PRF-17870 9910 Funds Distributor, Inc.
<PAGE>
[front cover]

AMERICAN CENTURY

Fund Profile

Growth Fund

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

[photos of woman and girls blowing bubbles, men talking, woman at computer]

OCTOBER 25, 1999

INVESTOR CLASS

GROWTH FUND

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. They 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 or faster this year than the year before.

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 fund 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 fiscal 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 that 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.

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

* 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, less stable political and economic structures, reduced
availability of public information, and lack of uniform financial reporting
and regulatory practices similar to those that apply in the United States.
These factors make investing in foreign securities generally riskier than
investing in U.S. stocks.

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 following bar chart shows the actual performance of Growth's Investor
Class shares for each of the last 10 calendar years. The bar chart indicates
the volatility of the fund's historical returns from year to year. The bar
chart and performance information below are not intended to indicate how the
fund will perform in the future.

<TABLE>
[data shown in bar chart]
Calendar Year-By-Year Returns (1)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1998 1997 1996 1995 1994 1993 1992 1991 1990 1989
Growth 36.77% 29.28% 15.01% 20.35% -1.49% 3.76% -4.29% 69.02% -3.85% 43.13%
</TABLE>

(1) As of September 30, 1999, the end of the most recent calendar
quarter, Growth's year-to-date return was 8.95%.

The highest and lowest quarterly returns for the period reflected in the bar
chart are:

Highest Lowest

Growth 28.45% (1Q 1991) -19.44% (3Q 1990)

The following table shows the average annual total returns 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 performance comparisons.

<TABLE>
1 YEAR 5 YEARS 10 YEARS LIFE OF FUND(1)

AVERAGE ANNUAL TOTAL RETURNS (PERIOD ENDED SEPTEMBER 30, 1999)
<S> <C> <C> <C> <C>
Growth 31.24% 21.60% 15.20% 18.87%

Russell 1000
Growth Index 34.85% 26.79% 17.96% N/A(2)

S&P 500 Index 27.80% 25.03% 16.82% 13.55%
</TABLE>

(2) Benchmark began January 1, 1979.

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

* to redeem your shares

The following table describes the fees and expenses that you will 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 0.00%(1)

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 and interest, were less
than 0.005% for the most recent fiscal year.

EXAMPLE

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

. . . your cost of investing in the fund would be:

1 year 3 years 5 years 10 years

$102 $318 $551 $1,219

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

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

C. KIM GOODWIN, Senior Vice President and Portfolio Manager, has been a
member of the team that manages Growth since joining American Century in
October 1997. Before joining American Century, she served as Senior

Growth Fund Profile

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. She has a bachelor of arts
from Princeton University, an MBA in finance and a master's in public
affairs from the University of Texas.

GREGORY J. WOODHAMS, Vice President and Portfolio Manager, has been a member
of the team that manages Growth since he joined American Century in
September 1997 as an Investment Analyst. He was promoted to Portfolio
Manager for the Growth team in May 1998. Before joining American Century, he
served as Vice President and Director of Equity Research for Texas Commerce
Bank, a subsidiary of Chase Manhattan Bank. He has a bachelor's degree in
economics from Rice University and an M.A. in economics from the University
of Wisconsin. He is a Chartered Financial Analyst.

6. HOW DO I BUY FUND SHARES?

American Century offers several ways to purchase shares

* Complete and return an application along with an investment check payable
to American Century Investments

* If you already have an American Century account, call us or access our Web
site to exchange shares from another American Century fund

* Call us and send your investment by bank wire transfer

7. HOW DO I SELL FUND SHARES?

You may sell all or part of your fund shares on any business day by writing
or calling us. You 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 will find more information about these choices in Your Guide to American
Century Services, which you may request by calling us, accessing our Web
site or visiting one of our Investor Centers.

Information contained in the services guide pertains to shareholders who
invest directly with American Century rather than through an
employer-sponsored retirement plan or financial intermediary.

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

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

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

AUTOMATED INFORMATION LINE
1-800-345-8765

FAX
816-340-7962

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

BUSINESS, NOT-FOR-PROFIT AND
EMPLOYER-SPONSORED RETIREMENT PLANS
1-800-345-3533

Visit our Web site at WWW.AMERICANCENTURY.COM

SH-PRF-17871 9910 Funds Distributor, Inc.
<PAGE>
[front cover]

AMERICAN CENTURY

Fund Profile

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

Heritage Fund

[photos of woman and girls blowing bubbles, men talking, woman at computer]

OCTOBER 25, 1999

INVESTOR CLASS

HERITAGE FUND

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 companies that they believe will
increase in value over time. A majority of the stocks selected are issued by
medium- and smaller-sized companies, although the fund may own stock of
larger companies, too. Sixty percent of Heritage's assets must be invested
in securities of companies that pay regular dividends, have committed to pay
dividends, or otherwise produce income. This reflects the fund managers'
strategy to buy stocks of companies that are successful enough to pay
dividends. The amount of dividends may not be significant, however, because
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 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 fund 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 fiscal 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 that 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.

* 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 the fund managers 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.

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

* Although the fund can purchase securities of any size company, the fund
managers will tend to invest in medium- and smaller-sized companies with
smaller share trading volume.

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

* Although the fund managers invest the fund's assets primarily in U.S.
stocks, Heritage can invest in securities of foreign companies. Foreign
securities can have certain unique risks, including fluctuations in currency
exchange rates, less

Heritage American Century

stable political and economic structures, reduced availability of public
information, and lack of uniform financial reporting and regulatory
practices similar to those that apply in the United States. These factors
make investing in foreign securities generally riskier than investing in
U.S. stocks.

In summary, Heritage 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 following bar chart shows the actual performance of Heritage's Investor
Class shares for each of the last 10 calendar years. The bar chart indicates
the volatility of the fund's historical returns from year to year. The bar
chart and the performance information below are not intended to indicate how
the fund will perform in the future.

<TABLE>
[data shown in bar chart]
Calendar Year-By-Year Returns (1)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1998 1997 1996 1995 1994 1993 1992 1991 1990 1989
Heritage -0.15% 19.35% 15.31% 26.66% -6.32% 20.43% 10.13% 35.98% -9.16% 35.06%
</TABLE>

(1) As of September 30, 1999, the end of the most recent calendar
quarter, Heritage's year-to-date return was 7.77%.

The highest and lowest quarterly returns for the period reflected in the bar
chart are:

Highest Lowest

Heritage 17.65% (4Q 1998) -21.16% (3Q 1998)

The following table shows the average annual total returns of the fund's
Investor Class shares for the periods indicated. The S&P MidCap 400, an
unmanaged index that reflects no operating costs, is included as a benchmark
for 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.

<TABLE>
1 YEAR 5 YEARS 10 YEARS LIFE OF FUND(1)

AVERAGE ANNUAL TOTAL RETURNS (PERIOD ENDED SEPTEMBER 30, 1999)
<S> <C> <C> <C> <C>
Heritage 26.78% 12.69% 11.01% 14.40%

S&P MidCap 400 25.50% 18.59% 15.64% 18.49%(2)
</TABLE>

(1) The inception date for Heritage is November 10, 1987.

(2) Since November 30, 1987, the date nearest the fund's inception for
which data are available.

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

* to redeem your shares

The following table describes the fees and expenses that you will 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 0.00%(1)

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 and interest, were less
than 0.005% for the most recent fiscal year.

EXAMPLE

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

. . . your cost of investing in the fund would be:

1 year 3 years 5 years 10 years

$102 $318 $551 $1,219

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

Heritage Fund Profile

portfolio managers and analysts working together to manage its mutual funds.
Identified below are the portfolio managers for the Heritage team:

HAROLD S. BRADLEY, Senior Vice President and Portfolio Manager, has been a
member of the team that manages Heritage since March 1998. He joined
American Century in 1988 and managed the global equity, futures and foreign
exchange trading activities for American Century until he was promoted to
Portfolio Manager. He has a bachelor of arts from Marquette University.

LINDA K. PETERSON, Portfolio Manager, has been a member of the team that
manages Heritage since March 1998. She 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. She
has a bachelor's degree in finance from the University of Northern Iowa and
an MBA from the University of Missouri - Kansas City. She is a Chartered
Financial Analyst.

6. HOW DO I BUY FUND SHARES?

American Century offers several ways to purchase shares

* Complete and return an application along with an investment check payable
to American Century Investments

* If you already have an American Century account, call us or access our Web
site to exchange shares from another American Century fund

* Call us and send your investment by bank wire transfer

7. HOW DO I SELL FUND SHARES?

You may sell all or part of your fund shares on any business day by writing
or calling us. You 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 will find more information about these choices in Your Guide to American
Century Services, which you may request by calling us, accessing our Web
site or visiting one of our Investor Centers.

Information contained in the services guide pertains to shareholders who
invest directly with American Century rather than through an
employer-sponsored retirement plan or financial intermediary.

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

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

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

AUTOMATED INFORMATION LINE
1-800-345-8765

FAX
816-340-7962

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

BUSINESS, NOT-FOR-PROFIT AND
EMPLOYER-SPONSORED RETIREMENT PLANS
1-800-345-3533

Visit our Web site at WWW.AMERICANCENTURY.COM

SH-PRF-17872 9910 Funds Distributor, Inc.
<PAGE>
[front cover]

AMERICAN CENTURY

Fund Profile

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

Ultra(reg.sm) Fund

[photos of woman and girls blowing bubbles, men talking, woman at computer]

OCTOBER 25, 1999

INVESTOR CLASS

ULTRA FUND

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 fund 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 or faster this
year than the year before.

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 fund 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 fiscal 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 that 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.

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

* 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, less stable political and economic structures, reduced
availability of public information, and lack of uniform financial reporting
and regulatory practices similar to those that apply in the United States.
These factors make investing in foreign securities generally riskier than
investing in U.S. stocks.

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 following bar chart shows the actual performance of Ultra's Investor
Class shares for each of the last 10 calendar years. The bar chart indicates
the volatility of the fund's historical returns from year to year. The bar
chart and the performance information below are not intended to indicate how
the fund will perform in the future.

<TABLE>
[data shown in bar chart]
Calendar Year-By-Year Returns (1)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1998 1997 1996 1995 1994 1993 1992 1991 1990 1989
Ultra 34.55% 23.13% 13.85% 37.68% -3.62% 21.81% 1.27% 86.45% 9.36% 36.94%
</TABLE>

(1) As of September 30, 1999, the end of the most recent calendar
quarter, Ultra's year-to-date return was 7.09%.

The highest and lowest quarterly returns for the period reflected in the bar
chart are:

Highest Lowest

Ultra 40.75% (1Q 1991) -16.16% (3Q 1990)

<TABLE>
1 YEAR 5 YEARS 10 YEARS LIFE OF FUND(1)

AVERAGE ANNUAL TOTAL RETURNS (PERIOD ENDED SEPTEMBER 30, 1999)
<S> <C> <C> <C> <C>
Ultra 31.74% 23.14% 20.30% 18.39%

S&P 500 Index 27.80% 25.03% 16.82% 17.79%(2)
</TABLE>

(1) The inception date for Ultra is November 2, 1981.

(2) Since October 31, 1981, the date nearest the fund's inception for
which data are available.

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

* to redeem your shares

The following table describes the fees and expenses that you will 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 0.00%(1)

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 and interest, were less
than 0.005% for the most recent fiscal year.

EXAMPLE

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

. . . your cost of investing in the fund would be:

1 year 3 years 5 years 10 years

$102 $318 $551 $1,219

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

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

JAMES E. STOWERS III, Chief Executive Officer and Portfolio Manager, joined
American Century as a Portfolio Manager of Ultra and other American Century
growth-oriented funds in 1981. He has a bachelor's degree in finance from
Arizona State University.

JOHN R. SYKORA, Vice President and Portfolio Manager, has been a member of
the team that manages Ultra since November 1997. He joined American Century
in May 1994 as an Investment Analyst and was promoted to Portfolio

Ultra Fund Profile

Manager in August 1997. Before joining American Century, he served as a
Financial Analyst for Business Men's Assurance Company of America, Kansas
City, Missouri, from August 1993 to April 1994. He has a bachelor's degree
in accounting and finance and an MBA in finance from Michigan State
University. He is a Chartered Financial Analyst.

BRUCE A. WIMBERLY, Vice President and Portfolio Manager, has been a member
of the team that manages Ultra since July 1996. He joined American Century
in September 1994 as an Investment Analyst. He has a bachelor of arts from
Middlebury College and an MBA in finance from Kellogg Graduate School of
Management, Northwestern University.

6. HOW DO I BUY FUND SHARES?

American Century offers several ways to purchase shares

* Complete and return an application along with an investment check payable
to American Century Investments

* If you already have an American Century account, call us or access our Web
site to exchange shares from another American Century fund

* Call us and send your investment by bank wire transfer

7. HOW DO I SELL FUND SHARES?

You may sell all or part of your fund shares on any business day by writing
or calling us. You 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 will find more information about these choices in Your Guide to American
Century Services, which you may request by calling us, accessing our Web
site or visiting one of our Investor Centers.

Information contained in the services guide pertains to shareholders who
invest directly with American Century rather than through an
employer-sponsored retirement plan or financial intermediary.

ULTRA is a registered service mark of American Century Services Corporation.

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

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

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

AUTOMATED INFORMATION LINE
1-800-345-8765

FAX
816-340-7962

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

BUSINESS, NOT-FOR-PROFIT AND
EMPLOYER-SPONSORED RETIREMENT PLANS
1-800-345-3533

Visit our Web site at WWW.AMERICANCENTURY.COM

SH-PRF-17873 9910 Funds Distributor, Inc.
<PAGE>
[front cover]

AMERICAN CENTURY

Fund Profile

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

Vista Fund

[photos of woman and girls blowing bubbles, men talking, woman at computer]

OCTOBER 25, 1999

INVESTOR CLASS

VISTA FUND

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 companies that they believe will
increase in value over time. A majority of the stocks selected are issued by
medium- and smaller-sized companies, although the fund may own stock of
larger companies, too. The fund 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 or faster this year than the year
before.

Using American Century's extensive computer database, the fund 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 fund 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 fiscal 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 that 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.

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

* 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, less stable political and economic structures, reduced
availability of public information, and lack of uniform financial reporting
and regulatory practices similar to those that apply in the United States.
These factors make investing in foreign securities generally riskier than
investing in U.S. stocks.

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 following bar chart shows the actual performance of Vista's Investor
Class shares for each of the last 10 calendar years. The bar chart indicates
the volatility of the fund's historical returns from year to year. The bar
chart and the performance information below are not intended to indicate how
the fund will perform in the future.

<TABLE>
[data shown in bar chart]
Calendar Year-By-Year Returns (1)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1998 1997 1996 1995 1994 1993 1992 1991 1990 1989
Vista -14.25% -8.68% 7.56% 46.13% 4.68% 5.45% -2.13% 73.69% -15.73% 52.20%
</TABLE>

(1) As of September 30, 1999, the end of the most recent calendar
quarter, Vista's year-to-date return was 27.23%.

The highest and lowest quarterly returns for the period reflected in the bar
chart are:

Highest Lowest

Vista 33.24% (1Q 1991) -29.82% (3Q 1990)

The following table shows the average annual total returns of the fund's
Investor Class shares for the periods indicated. The Russell 2500 Growth
Index, an unmanaged index that reflects no operating costs, is included as a
benchmark for performance comparisons.

<TABLE>
1 YEAR 5 YEARS 10 YEARS LIFE OF FUND(1)

AVERAGE ANNUAL TOTAL RETURNS (PERIOD ENDED SEPTEMBER 30, 1999)
<S> <C> <C> <C> <C>
Vista 43.69% 10.24% 9.53% 11.24%

Russell 2500
Growth Index 39.85% 15.01% 12.19% N/A(2)
</TABLE>

(1) The inception date for the fund is November 25, 1983.

(2) Benchmark began January 1, 1986.

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

* to redeem your shares

The following table describes the fees and expenses that you will 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 0.00%(1)

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 and interest, were less
than 0.005% for the most recent fiscal year.

EXAMPLE

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

. . . your cost of investing in the fund would be:

1 year 3 years 5 years 10 years

$102 $318 $551 $1,219

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?

Vista Fund Profile

GLENN A. FOGLE, Vice President and Portfolio Manager, has been a member of
the team that manages Vista since March 1993. He joined American Century in
September 1990 as an Investment Analyst. He has a bachelor of arts and an
MBA from Texas Christian University. He is a Chartered Financial Analyst.

ARNOLD K. DOUVILLE, Vice President and Portfolio Manager, has been a member
of the team that manages Vista since joining American Century in November
1997. Before joining American Century, he served as Senior Portfolio Manager
for Munder Capital Management from September 1989 to October 1997. He has a
bachelor's degree in economics from the U.S. Air Force Academy and an MBA in
finance, statistics and economics from the University of Chicago.

6. HOW DO I BUY FUND SHARES?

American Century offers several ways to purchase shares

* Complete and return an application along with an investment check payable
to American Century Investments

* If you already have an American Century account, call us or access our Web
site to exchange shares from another American Century fund

* Call us and send your investment by bank wire transfer

7. HOW DO I SELL FUND SHARES?

You may sell all or part of your fund shares on any business day by writing
or calling us. You 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 will find more information about these choices in Your Guide to American
Century Services, which you may request by calling us, accessing our Web
site or visiting one of our Investor Centers.

Information contained in the services guide pertains to shareholders who
invest directly with American Century rather than through an
employer-sponsored retirement plan or financial intermediary.

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

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

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

AUTOMATED INFORMATION LINE
1-800-345-8765

FAX
816-340-7962

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

BUSINESS, NOT-FOR-PROFIT AND
EMPLOYER-SPONSORED RETIREMENT PLANS
1-800-345-3533

Visit our Web site at WWW.AMERICANCENTURY.COM

SH-PRF-17886 9910 Funds Distributor, Inc.
<PAGE>
[front cover]

AMERICAN CENTURY

Fund Profile

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

Tax-Managed Value Fund

[photos of woman and girls blowing bubbles, men talking, woman at computer]

OCTOBER 25, 1999

INVESTOR CLASS

TAX-MANAGED VALUE FUND

1. WHAT IS THE FUND'S INVESTMENT OBJECTIVE?

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

2. WHAT IS THE FUND'S INVESTMENT STRATEGY?

The fund managers use a value investment strategy to look for stocks of
medium to large companies that the fund managers believe 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 managers look 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 managers employ the following
tax-sensitive techniques that may sometimes be inconsistent with the fund's
objective of long-term capital growth

* The fund managers seek to minimize realized capital gains by keeping
portfolio turnover relatively low and generally holding its investments for
longer periods.

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

* The fund managers 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 gain distributions to the
fund's shareholders.

* When appropriate, the fund managers may seek to minimize taxable dividend
income 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
managers may elect to sell a security, even if the sale results in a taxable
gain, if they determine the tax impact of the sale is outweighed by other
factors. Such other factors may include the investment risk of holding the
security or the availability of a replacement security that has a better
potential return. In addition, redemptions by shareholders could make it
necessary for the fund to sell securities, potentially resulting in capital
gains. Under certain circumstances, payment of the redemption price may be
made in whole or in part by a distribution in kind of securities from the
fund in lieu of cash, at the fund managers' discretion.

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 that must be borne by the fund's
remaining shareholders. To encourage long-term investing, the fund applies a
2.0% redemption fee to shares held for less than one year. 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.

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

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

* The value of Tax-Managed Value'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.

* 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 increase as
quickly as other funds and may decline, even if stock prices are generally
rising.

Tax-Managed Value American Century Investments

* 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 managers may elect to sell a security
even if it results in a taxable gain if they determine the tax impact of the
sale is outweighed by other factors (such as the investment risk of the
security). 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, Tax-Managed Value is intended for investors who seek long-term
capital growth on an after-tax basis and who are willing to accept the risks
associated with the fund's investment strategy.

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

THE FUND CHARGES A REDEMPTION FEE OF 2.0% OF THE VALUE OF THE SHARES SOLD
WITHIN ONE YEAR OF THEIR PURCHASE.

The following table describes the fees and expenses that you will pay if you
buy and hold shares of the fund.

SHAREHOLDER FEES
(FEES PAID DIRECTLY FROM YOUR INVESTMENT)

Redemption Fee

Shares held less than one year(1) 2.0%

Shares held for one year or more None

(1) The fees withheld from redemption proceeds are paid to the fund.

ANNUAL FUND OPERATING EXPENSES
(EXPENSES THAT ARE DEDUCTED FROM FUND ASSETS)

Management Fee 1.10%(1)

Distribution and Service (12b-1) Fees None

Other Expenses 0.00%(2)

Total Annual Fund Operating Expenses 1.10%

(1) The fund has a stepped fee schedule. As a result, the fund's
management fee rate generally decreases as fund assets increase.

(2) Other expenses include the fees and expenses of the fund's
independent directors, their legal counsel and interest, and are
expected to be less than .005% of the fund's assets during the
fund's first fiscal year.

EXAMPLE

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

. . . your cost of investing in the fund would be:

1 year 3 years

$320 $349

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

$112 $349

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?

MARK MALLON, Chief Investment Officer - Value and Quantitative Equities and
Senior Vice President, 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 served as President and Chief Executive
Officer of Federated Investment Counseling and Executive Vice President of
Federated Research Corporation since January 1990. He has a bachelor of arts
from Westminster College and an MBA from Cornell University. He is a
Chartered Financial Analyst.

Tax-Managed Value Fund Profile

CHARLES RITTER, Vice President and Portfolio Manager, joined American
Century in December 1998. Before joining American Century, Mr. Ritter spent
15 years with Federated Investors, most recently serving as Vice President
and Portfolio Manager. He has a bachelor's degree in mathematics and a
master's in economics from Carnegie Mellon University. He also has an MBA
from the University of Chicago. He is a Chartered Financial Analyst.

6. HOW DO I BUY FUND SHARES?

American Century offers several ways to purchase shares

* Complete and return an application along with an investment check payable
to American Century Investments

* If you already have an American Century account, call us or access our Web
site to exchange shares from another American Century fund

* Call us and send your investment by bank wire transfer

Your initial investment must be at least $10,000. If your redemption
activity causes the value of your account to fall below this 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 Tax-Managed Value 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.

IF YOU SELL YOUR SHARES OF TAX-MANAGED VALUE WITHIN ONE YEAR OF THEIR
PURCHASE, YOU WILL PAY A REDEMPTION FEE OF 2.0% OF THE VALUE OF THE SHARES
SOLD.

8. HOW ARE FUND DISTRIBUTIONS MADE AND TAXED?

Tax-Managed Value 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.

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

Information contained in the services guide pertains to shareholders who
invest directly with American Century rather than through an
employer-sponsored retirement plan or financial intermediary.

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

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

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

AUTOMATED INFORMATION LINE
1-800-345-8765

FAX
816-340-7962

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

BUSINESS, NOT-FOR-PROFIT AND
EMPLOYER-SPONSORED RETIREMENT PLANS
1-800-345-3533

Visit our Web site at WWW.AMERICANCENTURY.COM

SH-PRF-17875 9910 Funds Distributor, Inc.
<PAGE>
[front cover]

AMERICAN CENTURY

Fund Profile

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

Balanced Fund

[photos of woman and girls blowing bubbles, men talking, woman at computer]

OCTOBER 25, 1999

INVESTOR CLASS

BALANCED FUND

1. WHAT IS THE FUND'S INVESTMENT OBJECTIVE?

Balanced seeks long-term capital growth and current income by investing
approximately 60% of the fund's assets in equity securities, while the
remainder is invested in bonds and other fixed-income securities.

2. WHAT IS THE FUND'S INVESTMENT STRATEGY?

With the equity portion of the Balanced portfolio, the fund managers utilize
quantitative management techniques in a two-step process that draws heavily
on computer technology. In the first step, the fund managers rank stocks,
primarily the 1,500 largest publicly traded companies in the United States
(measured by the value of their stock). These rankings are determined by
using a computer model that combines measures of a stock's value, as well as
measures of its growth potential. To measure value, the managers use ratios
of stock price-to-book value and stock price-to-cash flow, among others. To
measure growth, the managers use, among others, the rate of growth of a
company's earnings and changes in its earnings estimates.

In the second step, the managers use a technique called portfolio
optimization. In portfolio optimization, the managers use a computer model
to build a portfolio of stocks from the ranking described earlier that they
think will provide the optimal balance between risk and expected return. The
goal is to create an equity portfolio that provides better returns than the
S&P 500 without taking on significant additional risk.

The fixed-income portion of the fund's portfolio is invested in a
diversified portfolio of high-grade government, corporate, asset-backed and
similar securities payable in U.S. currency, with a minimum of 25% of the
fund's assets in fixed-income senior securities. At least 80% of the
fixed-income assets will be invested in securities that, at the time of
purchase, are rated within the three highest categories by a nationally
recognized statistical rating organization. The remaining portion may be
invested in securities rated in the fourth and fifth highest categories.
Under normal market conditions the weighted average maturity for the
fixed-income portfolio will be in the three- to 10-year range.

Additional information about Balanced'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 fiscal 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 Balanced's shares depends on the value of the stocks, bonds
and other securities it owns. The value of the individual equity securities
that 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. The value of the fund's fixed-income securities will be
affected primarily by rising or falling interest rates and the continued
ability of the issuers of these securities to make payments of interest and
principal as they become due.

* When interest rates change, the fund's share value will be affected.
Generally, when interest rates rise, the fund's share value will decline.
The opposite is true when interest rates decline. The interest rate risk is
higher for Balanced than for funds that have shorter weighted average
maturities, such as money market and short-term bond funds.

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

Balanced American Century Investments

* Although the fund managers invest the fund's assets primarily in U.S.
stocks, Balanced can invest in securities of foreign companies and
governments. Foreign securities can have certain unique risks, including
fluctuations in currency exchange rates, less stable political and economic
structures, reduced availability of public information, and lack of uniform
financial reporting and regulatory practices similar to those that apply in
the United States. These factors make investing in foreign securities
generally riskier than investing in U.S. stocks.

In summary, Balanced is intended for investors who want an investment that
combines the potential for long-term capital growth with the income produced
from a portfolio of intermediate-term fixed-income securities, and who are
willing to accept the risks associated with the fund's investment strategy.

FUND PERFORMANCE

The following bar chart shows the actual performance of Balanced's Investor
Class shares for each of the last 10 calendar years. The bar chart indicates
the volatility of the fund's historical returns from year to year. The bar
chart and the performance information below are not intended to indicate how
the fund will perform in the future.

<TABLE>
[data shown in bar chart]
Calendar Year-By-Year Returns (1)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1998 1997 1996 1995 1994 1993 1992 1991 1990 1989
Balanced 16.29% 16.93% 12.61% 21.37% -0.07% 7.24% -6.06% 46.86% 1.82% 25.61%
</TABLE>

(1) As of September 30, 1999, the end of the most recent calendar
quarter, Balanced's year-to-date return was 2.04%.

The highest and lowest quarterly returns for the period reflected in the bar
chart are:

Highest Lowest

Balanced 15.95% (4Q 1991) -11.22% (3Q 1990)

The following table shows the average annual total returns of the fund's
Investor Class shares for the periods indicated. The S&P 500 Index and the
Lehman Aggregate Bond Index, unmanaged indices that reflect no operating
costs, are blended as a benchmark for performance comparisons. The fund's
benchmark was changed to the Lehman Aggregate Bond Index beginning November
1, 1998. The fund's advisor believes this index better represents the broad
U.S. taxable bond market. The Lehman Aggregate Bond Index includes
mortgage-backed securities, while the fund's previous index did not.

<TABLE>
1 YEAR 5 YEARS 10 YEARS LIFE OF FUND(1)

AVERAGE ANNUAL TOTAL RETURNS (PERIOD ENDED SEPTEMBER 30, 1999)
<S> <C> <C> <C> <C>
Balanced 11.62% 13.70% 11.47% 12.25%

S&P 500 27.80% 25.03% 16.82% 18.07%(4)

Lehman Intermediate
Government/
Corporate Index 0.63% 7.06% 7.61% 7.74%

Blended Index(2) 16.93% 17.85% 13.14% 13.94%

Lehman Aggregate
Bond Index -0.37% 7.84% 8.10% 8.27%

Blended Index(3) 16.54% 18.16% 13.33% 14.15%
</TABLE>

(1) The inception date for Balanced is October 20, 1988.

(2) The Blended Index is a combination of two widely known indices in
proportion to the approximate asset mix of the fund. Accordingly,
60% of the Blended Index consists of the performance of the S&P 500
Index, which represents the equity portion of the fund, and 40% of
the Blended Index consists of the Lehman Intermediate
Government/Corporate Index, which represents the fixed-income
portion.

(3) The Blended Index is a combination of two widely known indices in
proportion to the approximate asset mix of the fund. Accordingly,
60% of the Blended Index consists of the performance of the S&P 500
Index, which represents the equity portion of the fund, and 40% of
the Blended Index consists of the Lehman Aggregate Bond Index, which
represents the fixed-income portion.

(4) Since October 31, 1988, the date nearest the fund's inception for
which data are available.

Balanced Fund Profile

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

* to redeem your shares

The following table describes the fees and expenses that you will 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 0.00%(1)

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 and interest, were less
than 0.005% for the most recent fiscal year.

EXAMPLE

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

. . . your cost of investing in the fund would be:

1 year 3 years 5 years 10 years

$102 $318 $551 $1,219

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?

JOHN SCHNIEDWIND, Senior Vice President and Group Leader --Quantitative
Equity, has been a member of the team that manages Balanced since November
1998. He joined American Century in 1982 and also supervises other portfolio
management teams. He has a bachelor of science from Purdue University and an
MBA in finance from the University of California. He is a Chartered
Financial Analyst.

JEFFREY R. TYLER, Senior Vice President and Portfolio Manager, has been a
member of the team that manages Balanced since November 1998. He has been
with American Century as a portfolio manager since January 1988. He has a
bachelor's degree in business economics from the University of California
and an MBA in finance and economics from Northwestern University. He is a
Chartered Financial Analyst.

JEFFREY L. HOUSTON, Vice President and Portfolio Manager, has been a member
of the team that manages Balanced since June 1995. He joined American
Century as an Investment Analyst in November 1990 and was promoted to
Portfolio Manager in 1994. He has a bachelor of arts from the University of
Delaware and an MPA from Syracuse University. He is a Chartered Financial
Analyst.

JOHN F. WALSH, Portfolio Manager, has been a member of the team that manages
Balanced since January 1999. He joined American Century in February 1996 as
an Investment Analyst. Prior to joining American Century, he served as an
Assistant Vice President and Analyst at First Interstate Bank, Los Angeles,
California, from July 1993 to January 1996. He has a bachelor's degree in
marketing from Loyola Marymount and an MBA in finance from Creighton
University.

Balanced American Century Investments

6. HOW DO I BUY FUND SHARES?

American Century offers several ways to purchase shares

* Complete and return an application along with an investment check payable
to American Century Investments

* If you already have an American Century account, call us or access our Web
site to exchange shares from another American Century fund

* Call us and send your investment by bank wire transfer

7. HOW DO I SELL FUND SHARES?

You may sell all or part of your fund shares on any business day by writing
or calling us. You also may exchange your shares in Balanced 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?

Balanced pays distributions of substantially all of its income quarterly.
Distributions from realized capital gains are paid 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 will find more information about these choices in Your Guide to American
Century Services, which you may request by calling us, accessing our Web
site or visiting one of our Investor Centers.

Information contained in the services guide pertains to shareholders who
invest directly with American Century rather than through an
employer-sponsored retirement plan or financial intermediary.

Balanced Fund Profile

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

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

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

AUTOMATED INFORMATION LINE
1-800-345-8765

FAX
816-340-7962

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

BUSINESS, NOT-FOR-PROFIT AND
EMPLOYER-SPONSORED RETIREMENT PLANS
1-800-345-3533

Visit our Web site at WWW.AMERICANCENTURY.COM

SH-PRF-17891 9910 Funds Distributor, Inc.