AMERICAN CENTURY MUTUAL FUNDS, INC.
PROSPECTUS SUPPLEMENT
TAX-MANAGED VALUE
Supplement dated June 30, 1999 * Prospectus dated March 1, 1999
The two paragraphs under the heading "Special Requirements for Large
Redemptions" on page 10 of the Investor Class Prospectus, page 9 of the Advisor
Class Prospectus and page 11 of the Institutional Class Prospectus is replaced
with the following.
SPECIAL REQUIREMENTS FOR LARGE REDEMPTIONS
The fund has elected to be governed by Rule 18f-1 under the Investment Company
Act, which obligates the fund to make certain redemptions in cash. This
requirement applies when a shareholder redeems, during any 90-day period, up to
the lesser of $250,000 or 1% of the assets of the fund. If a shareholder redeems
an amount in excess of this limit, American Century reserves the right at its
sole discretion to pay such excess amount in whole or in part with readily
marketable securities from the fund, selected by the fund managers (a redemption
in kind). A redemption-in-kind payment can help the fund's remaining
shareholders avoid tax liabilities that they might otherwise have incurred had
the fund been forced to sell securities prematurely to pay the entire redemption
amount in cash.
The fund will value these securities in the same manner as it does in computing
the fund's net asset value. The fund will provide these securities to the
redeeming shareholder, plan participant or financial intermediary in lieu of
cash without prior notice.
If payment is made in securities, a shareholder may incur brokerage or other
transaction costs in converting these securities to cash.
SH-SPL-17037 9906
