AMERICAN CENTURY MUTUAL FUNDS INC, 485BPOS, 1999-02-26

AMERICAN CENTURY MUTUAL FUNDS INC
485BPOS, 1999-02-26

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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-1A

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 [X]

Pre-Effective Amendment No. [ ]

Post-Effective Amendment No. 83 [X]

and/or

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

Amendment No. 83 [X]

(Check appropriate box or boxes.)

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

4500 Main Street, Kansas City, MO 64141-6200
_________________________________________________________________
(Address of Principal Executive Offices) (Zip Code)

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

William M. Lyons, 4500 Main Street, Kansas City, MO 64141-6200
_________________________________________________________________
(Name and Address of Agent for Service)

Approximate Date of Proposed Public Offering: March 1, 1999

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

[ ] immediately upon filing pursuant to paragraph (b)
[X] on March 1, 1999 pursuant to paragraph (b)
[ ] 60 days after filing pursuant to paragraph (a)(1)
[ ] on (date) pursuant to paragraph (a)(1)
[ ] 75 days after filing pursuant to paragraph (a)(2)
[ ] on (date) pursuant to paragraph (a)(2) of rule 485.

If appropriate, check the following box:

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

- --------------------------------------------------------------------------------
<PAGE>
[front cover]

AMERICAN CENTURY

Prospectus

Growth Fund
Ultra Fund
Select Fund
Vista Fund
Heritage Fund

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

[left margin]

MARCH 1, 1999
INVESTOR CLASS

THE SECURITIES AND EXCHANGE COMMISSION HAS NOT APPROVED OR DISAPPROVED THESE
SECURITIES OR DETERMINED IF THIS PROSPECTUS IS ACCURATE OR COMPLETE. ANYONE WHO
TELLS YOU OTHERWISE IS COMMITTING A CRIME.

Distributed by Funds Distributor, Inc.

[inside front cover]

Dear Investor,

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

Inside you'll find:

* The funds' primary investments and risks

* A description of who may or may not want to invest in the funds

* Fund performance, including returns for each year, best and worst
quarters and average annual returns compared to the funds' benchmarks

* An overview of services available and ways to manage your accounts

* Helpful tips and definitions of key investment terms

The new, simplified prospectus format is not the only step we've taken to make
investing less confusing. As we prepare to welcome in the 21st century, American
Century is bringing our fund names up to date. That's why on March 1, we retired
the "Twentieth Century" and "Benham" fund group names and will use the "American
Century" name for all of our funds. This will make it easier for you to track
your investments in newspapers or on financial Web sites. For example, instead
of "American Century-Twentieth Century Ultra," the new fund name will be simply
"American Century Ultra." Only the fund names are changing; each fund's
objective and investment strategy will stay the same.

In another step toward simplification, we are introducing a more intuitive way
for you to evaluate our family of funds. This new system classifies funds based
on objective and risk.

The four broad objectives are: The three risk categories are:
* Growth * Aggressive
* Growth and Income * Moderate
* Income * Conservative
* Capital Preservation

The new classification presents the risk level of each fund upfront so you can
choose funds you are comfortable with. It also can help you create a diversified
portfolio by identifying funds from different investment categories. Our
Investing with American Century brochure explains this reclassification in more
detail.

If you have questions about the prospectus or would like to receive a copy of
our Investing with American Century brochure, our Investor Relations
Representatives are available weekdays, 7 a.m. to 7 p.m., and Saturdays, 9 a.m.
to 2 p.m., Central time. Our toll-free number is 1-800-345-2021. We look forward
to helping you achieve your financial goals.

Sincerely,

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

[left margin]

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

American Century
Investments

P.O. Box 419200
Kansas City, MO
64141-6200

TABLE OF CONTENTS

An Overview of the Funds .................................................. 2
Fees and Expenses ......................................................... 3
Information about the Funds ............................................... 4
Growth Fund
Ultra Fund
Select Fund
Vista Fund
Heritage Fund
Management ................................................................ 8
Investing with American Century ........................................... 12
Share Price and Distributions ............................................. 16
Taxes ..................................................................... 17
Multiple Class Information ................................................ 18
Financial Highlights ...................................................... 19

[left margin]

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

[graphic of hand with index finger pointing] This symbol highlights special
information and helpful tips.

American Century Investments

AN OVERVIEW OF THE FUNDS

WHAT ARE THE FUNDS' INVESTMENT GOALS?

These funds seek long-term capital growth.

WHAT ARE THE FUNDS' PRIMARY INVESTMENT STRATEGIES AND PRINCIPAL RISKS?

The funds look for common stocks of growing companies. The basis of the strategy
used by these funds is that, over the long term, stocks of companies with
earnings and revenue growth have a greater than average chance to increase in
value over time. A more detailed description of American Century's "growth"
investment style begins on page 4.

The funds' principal risks include

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

* Price Volatility--The value of the funds' shares may fluctuate significantly
in the short term.

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

WHO may WANT TO INVEST IN THE FUNDS?

The funds may be a good investment if you are

* seeking long-term capital growth from your investment

* comfortable with the funds' short-term price volatility

* comfortable with the risks associated with the funds' investment strategy

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

WHO may not WANT TO INVEST IN THE FUNDS?

The funds may not be a good investment if you are

* seeking current income from your investment

* investing for a short period of time

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

[left margin]

[graphic of hand with index finger pointing] An investment in the funds is not a
bank deposit, and it is not insured or guaranteed by the Federal Deposit
Insurance Corporation (FDIC) or any other government agency.

2 American Century Investments 1-800-345-2021

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

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

ANNUAL OPERATING EXPENSES (expenses that are deducted from fund assets)

Management Distribution and Other Total Annual Fund
Fee Service (12b-1) Fees Expenses(1) Operating Expenses
- --------------------------------------------------------------------------------
Growth 1.00% None 0.00% 1.00%
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Ultra 1.00% None 0.00% 1.00%
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Select 1.00% None 0.00% 1.00%
- --------------------------------------------------------------------------------
Vista 1.00% None 0.00% 1.00%
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Heritage 1.00% None 0.00% 1.00%

1 Other expenses, which include the fees and expenses of the funds' independent
directors, their legal counsel, interest and extraordinary expenses, were less
than 0.005% for the most recent fiscal year.

EXAMPLE

The examples in the table below are intended to help you compare the costs of
investing in a fund with the costs of investing in other mutual funds. 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
- --------------------------------------------------------------------------------
Growth $102 $318 $551 $1,219
- --------------------------------------------------------------------------------
Ultra $102 $318 $551 $1,219
- --------------------------------------------------------------------------------
Select $102 $318 $551 $1,219
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Vista $102 $318 $551 $1,219
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Heritage $102 $318 $551 $1,219

[left margin]

[graphic of hand with index finger pointing] Use this example to compare the
costs of investing in other funds. Of course, your actual costs may be higher or
lower.

www.americancentury.com American Century Investments 3

INFORMATION ABOUT THE FUNDS

GROWTH FUND
ULTRA FUND
SELECT FUND
VISTA FUND
HERITAGE FUND

WHAT ARE THE FUNDS' INVESTMENT OBJECTIVES?

These funds seek long-term capital growth.

HOW DO THE FUNDS PURSUE THEIR INVESTMENT OBJECTIVES?

The fund managers look for stocks of companies that they believe will increase
in value over time, using a growth investment strategy developed by American
Century. This strategy looks for companies with earnings and revenues that are
not only growing, but growing at a successively faster, or accelerating, pace.
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.

The managers use a bottom-up approach to select stocks to buy for the funds.
That means they first look for strong, growing companies to invest in, rather
than simply buying any company in a growing industry or sector. Using American
Century's extensive computer database, the managers track financial information
for thousands of companies to identify trends in the companies' earnings and
revenues. This information is used to help the fund managers select or decide to
continue to hold the stocks of companies they believe will be able to sustain
accelerating growth, and to sell stocks of companies whose growth begins to slow
down.

Although most of the funds' assets will be invested in U.S. companies, there is
no limit on the amount of assets the funds can invest in foreign companies. Most
of the funds' foreign investments are in companies located and doing business in
developed countries. Investments in foreign securities present some unique risks
that are more fully described in the funds' Statement of Additional Information

The fund managers do not attempt to time the market. Instead, they intend to
keep the funds essentially fully invested in stocks regardless of the movement
of stock prices generally. When the managers believe that it is prudent, the
funds may invest a portion of their assets in convertible securities, foreign
securities, short-term instruments, non-leveraged stock index futures contracts
and other similar securities. Stock index futures contracts, a type of
derivative security, can help the funds' cash assets remain liquid while
performing more like stocks. The funds have a policy governing stock index
futures and similar derivative securities to help manage the risk of these types
of investments. For example, the managers cannot leverage the funds' assets by
investing in a derivative security. A complete description of the derivatives
policy is included in the Statement of Additional Information.

Additional information about the funds' investments is available in their annual
and semiannual reports. In these reports you will find a discussion of the
market conditions and investment strategies that significantly affected the
funds' performance during the most recent fiscal period. You may get these
reports at no cost by calling us.

[left margin]

[graphic of hand with index finger pointing] Accelerating growth is shown, for
example, by growth that is faster this quarter than last or faster this year
than the year before.

4 American Century Investments 1-800-345-2021

WHAT KINDS OF SECURITIES DO THE FUNDS BUY?

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

WHAT IS THE DIFFERENCE BETWEEN THE FUNDS?

* Growth, Ultra and Select generally invest in larger companies, although they
may purchase companies of any size. Companies considered to be large
generally have a MARKET CAPITALIZATION in excess of $5 billion.

* Vista and Heritage generally invest in medium-sized and smaller companies,
although they may purchase companies of any size. Companies considered to be
medium sized generally have a market capitalization between $1 billion and $6
billion, and smaller companies generally have a market capitalization below
$1 billion.

* Eighty percent (80%) of Select's and 60% 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 reflects the
funds' strategy to invest most of their assets in 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 Select's and 40% of Heritage's
assets may be invested in any other permissible securities that the fund
managers believe will help the funds achieve their objectives.

WHAT ARE THE PRIMARY RISKS OF INVESTING IN THE FUNDS?

The value of a fund's shares depends on the value of the stocks and other
securities it owns. The value of the individual securities a 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 may 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 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, at any given time the value of your shares 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.

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 funds' style, the funds' gains may not be as big as, or their losses may be
bigger than, other equity funds using different investment styles.

Foreign securities can have certain unique risks, including fluctuations in
currency exchange rates, unstable political and economic structures, reduced
availability of public information, and lack of uniform financial reporting and
regulatory practices similar to those that apply to U.S. issuers. These factors
make investing in foreign securities generally riskier than investing in U.S.
stocks. To the extent the fund invests in foreign securities, the overall risk
of the fund could be affected.

[left margin]

MARKET CAPITALIZATION is the value of a company as determined by multiplying the
number of shares of its stock outstanding by its current market price per share.

www.americancentury.com American Century Investments 5

FUND PERFORMANCE HISTORY

Annual Total Returns

The performance information on this page is designed to help you see how fund
returns can vary. Keep in mind that past performance does not predict how the
funds will perform in the future.

[bar chart - data below]

Growth Ultra Select Vista Heritage
1998 36.77% 34.55% 35.65% -14.25% -0.15%
1997 29.28% 23.13% 32.19% -8.68% 19.35%
1996 15.01% 13.85% 19.22% 7.56% 15.31%
1995 20.35% 37.68% 22.67% 46.13% 26.66%
1994 -1.49% -3.62% -8.04% 4.68% -6.32%
1993 3.76% 21.81% 14.67% 5.45% 20.43%
1992 -4.29% 1.27% -4.45% -2.13% 10.13%
1991 69.02% 86.45% 31.58% 73.69% 35.98%
1990 -3.85% 9.36% -0.41% -15.73% -9.16%
1989 43.13% 36.94% 39.51% 52.20% 35.06%

[left margin]

[graphic of hand with index finger pointing] The following bar chart shows the
performance of the funds' Investor Class shares for each of the last 10 calendar
years. It indicates the volatility of the funds' historical returns from year to
year.

6 American Century Investments 1-800-345-2021

Highest and Lowest Quarterly Returns

The highest and lowest returns of the funds' Investor Class shares for a
calendar quarter during the period reflected by the preceding bar chart are
provided below to indicate the funds' historical short-term volatility.
Shareholders should be aware, however, that these funds are intended for
investors with a long-term investment horizon and are not managed for short-term
results.

[bar chart - data below]

Lowest Highest
Growth -19.44% 4Q 1994 28.45% 1Q 1995
Ultra -16.16% 4Q 1994 40.75% 1Q 1995
Select -13.12% 4Q 1994 22.30% 4Q 1998
Vista -29.82% 3Q 1994 33.24% 1Q 1995
Heritage -21.16% 3Q 1998 17.65% 4Q 1998

Average Annual Returns

The following table shows the average annual returns of the funds' Investor
Class shares for the periods indicated during the life of the funds. The
benchmarks are unmanaged indices that have no operating costs and are included
in the table for performance comparison.

For the calendar year
ended December 31, 1998 1 year 5 years 10 years Life of Fund(1)
- --------------------------------------------------------------------------------
Growth 36.77% 19.24% 18.73% 19.05%(2)
Russell 1000 Growth Index 38.71% 25.70% 20.57% N/A(3)
- --------------------------------------------------------------------------------
Ultra 34.55% 20.14% 24.03% 18.79%
S&P 500 Index 28.68% 24.05% 19.17% 18.14%
- --------------------------------------------------------------------------------
Select 35.65% 19.25% 17.05% 17.74%(2)
S&P 500 Index 28.68% 24.05% 19.17% 18.14%
- --------------------------------------------------------------------------------
Vista -14.25% 5.20% 11.47% 10.06%
Russell 2500 Growth Index 3.10% 12.41% 13.69% N/A(4)
- --------------------------------------------------------------------------------
Heritage -0.15% 10.27% 13.69% 14.67%
S&P Mid Cap 400 Index 18.25% 18.67% 19.21% 20.00%

1 The inception dates for the funds are Growth and Select, October 31, 1958;
Ultra, November 2, 1981; Vista, November 25, 1983; and Heritage, November 10,
1987.

2 Although the funds' 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.

3 Benchmark began January 1, 1979.

4 Benchmark began January 1, 1986.

[left margin]

[graphic of hand with index finger pointing] For current performance
information, please call us at 1-800-345-2021 or visit American Century's Web
site at www.americancentury.com.

www.americancentury.com American Century Investments 7

MANAGEMENT

WHO MANAGES THE FUNDS?

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

THE BOARD OF DIRECTORS

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

THE INVESTMENT ADVISOR

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

The advisor is responsible for managing the investment portfolios of the funds
and directing the purchase and sale of their investment securities. The advisor
also arranges for transfer agency, custody and all other services necessary for
the funds to operate.

For the services it provided to the funds during the most recent fiscal year,
the advisor received a unified management fee of 1.0% of the average net assets
of the Investor Class of shares of each fund. The amount of the management fee
is calculated on a class-by-class basis daily and paid monthly.

Out of that fee, the advisor paid all expenses of managing and operating the
funds except brokerage expenses, taxes, interest, fees and expenses of the
independent directors (including legal counsel fees) and extraordinary expenses.
A portion of the management fee may be paid by the funds' advisor to
unaffiliated third parties who provide recordkeeping and administrative services
that would otherwise be performed by an affiliate of the advisor.

THE FUND MANAGEMENT TEAMS

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

The portfolio managers on the investment teams are identified below:

Growth

C. KIM GOODWIN

Ms. 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 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 and an
MBA in finance and a master's in public affairs from the University of Texas.

[left margin]

[graphic of hand with index finger pointing] CODE OF ETHICS

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

8 American Century Investments 1-800-345-2021

GREGORY J. WOODHAMS

Mr. 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.

Ultra

JAMES E. STOWERS III

Mr. Stowers, 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

Mr. Sykora, Vice President and Portfolio Manager, has been a member of the team
that manages Ultra since August 1997. He joined American Century in May 1994 as
an Investment Analyst. 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 finance
and an MBA in finance from Michigan State University. He is a Chartered
Financial Analyst.

BRUCE A. WIMBERLY

Mr. 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. Before joining American Century, he attended
Kellogg Graduate School of Management, Northwestern University, from August 1992
to August 1994, where he obtained his MBA. He also has a bachelor of arts from
Middlebury College.

JOHN SMALL JR.

Mr. Small, Portfolio Manager, has been a member of the team that manages Ultra
since September 1994 and was promoted to Portfolio Manager in February 1999. He
joined American Century in May 1991. He has more than 20 years experience with
the U.S. Air Force. He has a bachelor's degree from Rockford College and a
master's degree from the Air Force Institute of Technology. He also has an MBA
from Baker University.

Select

JEAN C. LEDFORD

Ms. Ledford, Senior Vice President and Portfolio Manager, has been a member of
the team that manages Select since joining American Century in January 1997.
Prior to joining American Century, she 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. She has a bachelor of arts and
an MBA in finance from the University of Wisconsin. She is a Chartered Financial
Analyst.

RICHARD S. WELSH

Mr. Welsh, Portfolio Manager, has been a member of the team that manages Select
since May 1998. He joined American Century in August 1994 as an Equity Research
Analyst and was promoted to Investment Analyst in January 1997. Prior to joining
American Century, he served as Equity Research Analyst for Brown Brothers
Harriman & Company. He has a bachelor's degree in economics from Boston
University and an MBA in finance and accounting from New York University.

www.americancentury.com American Century Investments 9

Vista

ARNOLD K. DOUVILLE

Mr. 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.

GLENN A. FOGLE

Mr. 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 in finance
from Texas Christian University. He is a Chartered Financial Analyst.

Heritage

HAROLD S. BRADLEY

Mr. 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 for the past 10 years has managed the global equity, futures and
foreign exchange trading activities for American Century. He has a bachelor of
arts from Marquette University.

LINDA K. PETERSON

Ms. 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.

10 American Century Investments 1-800-345-2021

FUNDAMENTAL INVESTMENT POLICIES

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

YEAR 2000 ISSUES

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

Although American Century believes its critical systems will function properly
in the Year 2000, this is not guaranteed. If the efforts of American Century or
its external service providers are not successful, the funds' business,
particularly the provision of shareholder services, may be hampered.

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

www.americancentury.com American Century Investments 11

INVESTING WITH AMERICAN CENTURY

SERVICES AUTOMATICALLY AVAILABLE TO YOU

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

CONDUCTING BUSINESS IN WRITING

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

WAYS TO MANAGE YOUR ACCOUNT
- --------------------------------------------------------------------------------
BY TELEPHONE
Investor Relations
1-800-345-2021

Business, Not-For-Profit,
Employer-Sponsored
Retirement Plans
1-800-345-3533

Automated Information Line
1-800-345-8765

[graphic of telephone]

OPEN AN ACCOUNT

If you are a current investor, you can open an account by exchanging shares from
another American Century account.

EXCHANGE SHARES

Call us or use our Automated Information Line if you have authorized us to
accept telephone instructions.

MAKE ADDITIONAL INVESTMENTS

Call us or use our Automated Information Line if you have authorized us to
invest from your bank account.

SELL SHARES

Call an Investor Relations Representative.

- --------------------------------------------------------------------------------
BY MAIL OR FAX

P.O. Box 419200
Kansas City, MO 64141-6200

Fax
816-340-7962

[graphic of envelope]

OPEN AN ACCOUNT

Send a signed and completed application and check or money order payable to
American Century Investments.

EXCHANGE SHARES

Send us written instructions to exchange your shares from one American Century
account to another.

MAKE ADDITIONAL INVESTMENTS

Send us your check or money order for at least $50 with an investment slip or
$250 without an investment slip. If you don't have an investment slip, include
your name, address and account number on your check or money order.

SELL SHARES

Send us written instructions or a redemption form to sell shares. Call an
Investor Relations Representative to request a form.

- --------------------------------------------------------------------------------
ONLINE

www.americancentury.com

[graphic of computer]

OPEN AN ACCOUNT

If you are a current investor, you can open an account by exchanging shares from
another American Century account.

EXCHANGE SHARES

Exchange shares from another American Century account.

MAKE ADDITIONAL INVESTMENTS

Make an additional investment into an established American Century account if
you have authorized us to invest from your bank account.

SELL SHARES

Not available.

12 American Century Investments 1-800-345-2021

A NOTE ABOUT MAILINGS TO SHAREHOLDERS

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

YOUR GUIDE TO SERVICES AND POLICIES

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

- --------------------------------------------------------------------------------
BY WIRE

[graphic of hand with index finger pointing] Please remember that if you request
redemptions by wire, $10 will be deducted from the amount redeemed. Your bank
also may charge a fee.

[graphic of wire machine]

OPEN AN ACCOUNT

Call us to set up your account or mail a completed application to the address
provided in the "By mail" section and give your bank the following information

* Our bank information
Commerce Bank N.A.
Routing No. 101000019
Account No. 2804918
* The fund name
* Your American Century account number+
* Your name
* The contribution year (for IRAs only)
+ For additional investments only

MAKE ADDITIONAL INVESTMENTS

Follow the wire instructions provided in the "Open an account" section.

SELL SHARES

You can receive redemption proceeds by wire or electronic transfer.

EXCHANGE SHARES

Not applicable.

- --------------------------------------------------------------------------------
AUTOMATICALLY

[graphic of arrows in circle]

OPEN AN ACCOUNT

Not available.

EXCHANGE SHARES

Send us written instructions to set up an automatic exchange of shares from one
American Century account to another.

MAKE ADDITIONAL INVESTMENTS

With the automatic investment privilege, you can purchase shares on a regular
basis. You must invest at least $600 per year per account.

SELL SHARES

If you have at least $10,000 in your account, you may sell shares automatically
by establishing Check-A-Month or Automatic Redemption plans.

- --------------------------------------------------------------------------------
IN PERSON

[graphic of human figure]

If you prefer to handle your transactions in person, visit one of the Investor
Centers listed below. A representative can help you open an account, make
additional investments and sell or exchange shares.

4500 Main St. 4917 Town Center Drive
Kansas City, Missouri Leawood, Kansas
8 a.m. to 5:30 p.m., Monday-Friday 8 a.m. to 6 p.m., Monday-Friday
8 a.m. to noon, Saturday

1665 Charleston Road
Mountain View, California 9445 East County Line Road, Suite A
8 a.m. to 5 p.m., Monday-Friday Englewood, Colorado
8 a.m. to 6 p.m., Monday-Friday
8 a.m. to noon, Saturday

www.americancentury.com American Century Investments 13

MINIMUM INITIAL INVESTMENT AMOUNTS

To open an account, the minimum investments are:
- --------------------------------------------------------------------------------
Individual or Joint $2,500
- --------------------------------------------------------------------------------
Traditional IRA $1,000
- --------------------------------------------------------------------------------
Roth IRA $1,000
- --------------------------------------------------------------------------------
Education IRA $500
- --------------------------------------------------------------------------------
UGMA/UTMA $1,000
- --------------------------------------------------------------------------------
403(b) No minimum
- --------------------------------------------------------------------------------

Qualified Retirement Plans $2,500*

* The minimum investment requirements may be different for some types of
retirement accounts.

If you establish an automatic investment plan of at least $50 per month, the
minimum may be waived.

REDEMPTION OF SHARES IN LOW-BALANCE ACCOUNTS

If your redemption activity causes your account balance to fall below the
minimum initial investment amount, we will notify you and give you 90 days to
meet the minimum or to establish an automatic monthly investment of at least $50
per month. If you do not meet the deadline, American Century will redeem the
shares in the account and send the proceeds to your address of record.

ABUSIVE TRADING PRACTICES

We do not permit market-timing or other abusive trading practices in our funds.

Excessive, short-term (market-timing) or other abusive trading practices may
disrupt portfolio management strategies and harm fund performance. To minimize
harm to the funds and their shareholders, we reserve the right to reject any
purchase order (including exchanges) from any investor we believe has a history
of abusive trading or whose trading, in our judgment, has been or may be
disruptive to a fund. In making this judgment, we may consider trading done in
multiple accounts under common ownership or control. We also reserve the right
to delay delivery of your redemption proceeds--up to seven days--or to honor
certain redemptions with securities, rather than cash, as described in the next
section.

SPECIAL REQUIREMENTS FOR LARGE REDEMPTIONS

If, during any 90-day period, you redeem fund shares worth more than $250,000
(or 1% of the assets of the fund if that percentage is less than $250,000), we
reserve the right to pay part or all of the redemption proceeds in excess of
this amount in readily marketable securities instead of cash. If we make payment
in securities, we will value the securities, selected by the fund, in the same
manner as we do in computing the fund's net asset value. We may provide these
securities in lieu of cash without prior notice.

If your redemption would exceed this limit and you would like to avoid being
paid in securities, please provide us with an unconditional instruction to
redeem at least 15 days prior to the date on which the redemption transaction is
to occur. The instruction must specify the dollar amount or number of shares to
be redeemed and the date of the transaction. This minimizes the effect of the
redemption on the fund and its remaining shareholders.

14 American Century Investments 1-800-345-2021

INVESTING THROUGH FINANCIAL INTERMEDIARIES

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

* minimum investment requirements

* exchange policies

* fund choices

* cutoff time for investments

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

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

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

American Century has contracts with certain financial intermediaries requiring
them to track the time investment orders are received. The funds have authorized
those intermediaries to accept orders on their behalf up to the time at which
the net asset value is determined. If those orders are transmitted to American
Century and paid for in accordance with the contract, they will be priced at the
net asset value next determined after your request is received in good order by
the intermediary on a fund's behalf.

[left margin]

[graphic of hand with index finger pointing] Financial intermediaries include
banks, broker-dealers, insurance companies and investment advisors.

www.americancentury.com American Century Investments 15

SHARE PRICE AND DISTRIBUTIONS

SHARE PRICE

American Century determines the NET ASSET VALUE (NAV) of the funds as of the
close of regular trading on the New York Stock Exchange (usually 4 p.m. Eastern
time) on each day the Exchange is open. On days when the Exchange is not open
(including certain U.S. holidays), we do not calculate the NAV. The NAV of a
fund share is the current value of the fund's assets, minus any liabilities,
divided by the number of fund shares outstanding.

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

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

DISTRIBUTIONS

Federal tax laws require each fund to make distributions to its shareholders in
order to qualify as a "regulated investment company." Qualification as a
regulated investment company means that the funds will not be subject to state
or federal income tax on amounts distributed. The distributions generally
consist of dividends and interest received, as well as CAPITAL GAINS realized on
the sale of investment securities. Each fund generally pays distributions from
net income and capital gains, if any, once a year in December. They may make
more frequent distributions if necessary to comply with Internal Revenue Code
provisions.

You will participate in fund distributions, when they are declared, starting on
the day after your purchase is effective. For example, if you purchase shares on
a day that a distribution is declared, you will not receive that distribution.
If you redeem shares, you will receive any distribution declared on the day you
redeem. If you redeem all shares, we will include any distribution received with
your redemption proceeds.

Participants in employer-sponsored retirement or savings plans must reinvest all
distributions. For shareholders investing through taxable accounts, we will
reinvest distributions unless you elect to receive them in cash. Please consult
your services guide for further information regarding distributions and your
distribution options.

[left margin]

The NET ASSET VALUE of a fund is the price of the fund's shares.

CAPITAL GAINS are increases in the values of capital assets, such as stock, from
the time the assets are purchased. Tax becomes due on capital gains once an
asset is sold.

16 American Century Investments 1-800-345-2021

TAXES

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

Tax-Deferred Accounts

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

Taxable Accounts

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

Taxability of Distributions

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

Type of Distribution Tax Rate for 15% Bracket Tax Rate for 28% Bracket
or above
- --------------------------------------------------------------------------------
Short-term capital gains Ordinary income rate Ordinary income rate
- --------------------------------------------------------------------------------
Long-term capital gains 10% 20%

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

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

Taxes on Transactions

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

[left margin]

[graphic of hand with index finger pointing] BUYING A
DIVIDEND

Purchasing fund shares in a taxable account shortly before a distribution is
sometimes known as buying a dividend. In taxable accounts, you must pay income
taxes on the distribution whether you reinvest the distribution or take it in
cash. In addition, you will have to pay taxes on the distribution whether the
value of your investment decreased, increased or remained the same after you
bought the fund shares.

The risk in buying a dividend is that a fund's portfolio may build up taxable
gains throughout the period covered by a distribution, as securities are sold at
a profit. We distribute those gains to you, after subtracting any losses, even
if you did not own the shares when the gains occurred.

If you buy a dividend, you incur the full tax liability of the distribution
period, but you may not enjoy the full benefit of the gains realized in the
fund's portfolio.

www.americancentury.com American Century Investments 17

MULTIPLE CLASS INFORMATION

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

American Century offers the other classes of shares primarily to institutional
investors through institutional distribution channels, such as
employer-sponsored retirement plans, or through banks, broker-dealers and
insurance companies. The other classes have different fees, expenses and/or
minimum investment requirements than the Investor Class. The difference in the
fee structures among the classes is the result of their separate arrangements
for shareholder and distribution services and not the result of any difference
in amounts charged by the advisor for core investment advisory services.
Accordingly, the core investment advisory expenses do not vary by class.
Different fees and expenses will affect performance. For additional information
concerning the other classes of shares not offered by this Prospectus, call us
at 1-800-345-3533, or contact a sales representative or financial intermediary
who offers those classes of shares.

Except as described below, all classes of shares of a fund have identical
voting, dividend, liquidation and other rights, preferences, terms and
conditions. The only differences among the various classes are (a) each class
may be subject to different expenses specific to that class; (b) each class has
a different identifying designation or name; (c) each class has exclusive voting
rights with respect to matters solely affecting such class; (d) each class may
have different exchange privileges; and (e) the Institutional Class may provide
for automatic conversion from that class into shares of the Investor Class of
the same fund.

18 American Century Investments 1-800-345-2021

FINANCIAL HIGHLIGHTS

UNDERSTANDING THE FINANCIAL HIGHLIGHTS

The tables on the next few pages itemize what contributed to the changes in
share price during the period. They also show the changes in share price for
this period in comparison to changes over the last five fiscal years or less, if
the share class is not five years old.

On a per-share basis, each table includes as appropriate

* share price at the beginning of the period

* investment income and capital gains or losses

* distributions of income and capital gains paid to shareholders

* share price at the end of the period

Each table also includes some key statistics for the period as appropriate

* Total Return--the overall percentage of return of the fund, assuming the
reinvestment of all distributions

* Expense Ratio--operating expenses as a percentage of average net assets

* Net Income Ratio--net investment income as a percentage of average net asset

* Portfolio Turnover--the percentage of the fund's buying and selling activity

The Financial Highlights have been audited by Deloitte & Touche LLP, independent
auditors. Their Independent Auditors' Reports are included in the funds' annual
reports for the year ended October 31, 1998, which are incorporated by reference
into the Statement of Additional Information and are available upon request.

www.americancentury.com American Century Investments 19

GROWTH 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 ........$ 27.86 $ 22.21 $ 23.88 $ 22.99 $ 25.27

Income From Investment Operations
Net Investment Income (Loss) ......... (0.01)(1) 0.01(1) (0.01)(1) 0.08(1) 0.06
Net Realized and Unrealized Gain on
Investment Transactions ........... 4.35 6.07 1.47 4.08 0.48

Total From Investment Operations ..... 4.34 6.08 1.46 4.16 0.54

Distributions
From Net Investment Income ........... -- (0.18) (0.07) (0.05) (0.06)
From Net Realized Gains on
Investment Transactions ........... (4.17) (0.25) (2.98) (3.18) (2.76)
In Excess of Net Realized Gains ...... -- -- (0.08) (0.04) --

Total Distributions .................. (4.17) (0.43) (3.13) (3.27) (2.82)

Net Asset Value, End of Year ..............$ 28.03 $ 27.86 $ 22.21 $ 23.88 $ 22.99

Total Return(2) ........................... 18.53% 27.85% 8.18% 22.31% 2.66%

RATIOS/SUPPLEMENTAL DATA
1998 1997 1996 1995 1994
- ---------------------------------------------------------------------------------------------------------------------
Ratio of Operating Expenses
to Average Net Assets ..................... 1.00% 1.00% 1.00% 1.00% 1.00%

Ratio of Net Investment Income
(Loss) to Average Net Assets .............. (0.02)% 0.02% (0.10)% 0.40% 0.30%

Portfolio Turnover Rate ................... 126% 75% 122% 141% 100%

Net Assets, End of Year (in millions) .....$ 6,097 $ 5,113 $ 4,765 $ 5,130 $ 4,363
</TABLE>

(1) Computed using average shares outstanding throughout the period.

(2) Total return assumes reinvestment of dividends and capital gains
distributions, if any. Total returns for periods less than one year are
annualized.

20 American Century Investments 1-800-345-2021

ULTRA FUND

Investor Class

<TABLE>
<CAPTION>
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 ........$ 33.46 $ 29.52 $ 28.03 $ 21.16 $ 21.61

Income From Investment Operations
Net Investment Income (Loss) ......... (0.02)(1) 0.01(1) (0.05)(1) (0.07)(1) (0.03)
Net Realized and Unrealized Gain
(Loss) on Investment Transactions .. 4.70 5.62 2.84 7.58 (0.42)

Total From Investment Operations ..... 4.68 5.63 2.79 7.51 (0.45)

Distributions
From Net Investment Income ........... (0.01) -- -- -- --
From Net Realized Gains on
Investment Transactions ........... (7.07) (1.69) (1.19) (0.64) --
In Excess of Net Realized Gains ...... -- -- (0.11) -- --

Total Distributions .................. (7.08) (1.69) (1.30) (0.64) --

Net Asset Value, End of Year ..............$ 31.06 $ 33.46 $ 29.52 $ 28.03 $ 21.16

Total Return(2) ........................... 17.61% 19.95% 10.79% 36.89% (2.08)%

RATIOS/SUPPLEMENTAL DATA
1998 1997 1996 1995 1994
- --------------------------------------------------------------------------------------------------------------------------
Ratio of Operating Expenses
to Average Net Assets ..................... 1.00% 1.00% 1.00% 1.00% 1.00%

Ratio of Net Investment Income
(Loss) to Average Net Assets .............. (0.08)% 0.03% (0.20)% (0.30)% (0.10)%

Portfolio Turnover Rate ................... 128% 107% 87% 87% 78%

Net Assets, End of Year (in millions) .....$ 25,396 $ 21,695 $ 18,266 $ 14,376 $ 10,344
</TABLE>

(1) Computed using average shares outstanding throughout the year.

(2) Total return assumes reinvestment of dividends and capital gains
distributions, if any.

www.americancentury.com American Century Investments 21

SELECT FUND

Investor Class

<TABLE>
<CAPTION>
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 .........$ 48.18 $ 41.52 $ 39.52 $ 37.67 $ 45.76

Income From Investment Operations
Net Investment Income ................. 0.12(1) 0.15(1) 0.20(1) 0.33(1) 0.40
Net Realized and Unrealized Gain
(Loss) on Investment Transactions .. 9.37 10.51 6.73 4.68 (3.59)

Total From Investment Operations ...... 9.49 10.66 6.93 5.01 (3.19)

Distributions
From Net Investment Income ............ (0.20) (0.32) (0.27) (0.28) (0.43)
From Net Realized Gains on
Investment Transactions ............ (7.93) (3.68) (4.66) (2.75) (4.47)
In Excess of Net Realized Gains ....... -- -- -- (0.13) --

Total Distributions ................... (8.13) (4.00) (4.93) (3.16) (4.90)

Net Asset Value, End of Year ...............$ 49.54 $ 48.18 $ 41.52 $ 39.52 $ 37.67

Total Return(2) ............................ 22.96% 27.89% 19.76% 15.02% (7.37)%

RATIOS/SUPPLEMENTAL DATA
1998 1997 1996 1995 1994
- ----------------------------------------------------------------------------------------------------------------------
Ratio of Operating Expenses
to Average Net Assets ...................... 1.00% 1.00% 1.00% 1.00% 1.00%

Ratio of Net Investment Income
to Average Net Assets ...................... 0.25% 0.33% 0.50% 0.90% 1.00%

Portfolio Turnover Rate .................... 165% 94% 105% 106% 126%

Net Assets, End of Year (in millions) ......$ 5,591 $ 4,769 $ 4,039 $ 4,008 $ 4,278
</TABLE>

(1) Computed using average shares outstanding throughout the period.

(2) Total return assumes reinvestment of dividends and capital gains
distributions, if any.

22 American Century Investments 1-800-345-2021

VISTA FUND

Investor Class

<TABLE>
<CAPTION>
For a Share Outstanding Throughout the Years Ended October 31

Income From Investment Operations
Net Investment Loss ................... (0.05)(1) (0.10)(1) (0.11)(1) (0.08)(1) (0.08)
Net Realized and Unrealized Gain
(Loss) on Investment Transactions .. (4.41) 0.13 1.09 4.90 0.45

Total From Investment Operations ...... (4.46) 0.03 0.98 4.82 0.37

Distributions
From Net Realized Gains on
Investment Transactions ............ (0.80) (1.18) (1.02) (0.03) (1.66)
In Excess of Net Realized Gains ....... -- -- (0.01) -- (0.01)

Total Distributions ................... (0.80) (1.18) (1.03) (0.03) (1.67)

Net Asset Value, End of Year ...............$ 9.27 $ 14.53 $ 15.68 $ 15.73 $ 10.94

Total Return(2) ............................ (31.94)% 0.29% 6.96% 44.20% 4.16%

RATIOS/SUPPLEMENTAL DATA
1998 1997 1996 1995 1994
- ----------------------------------------------------------------------------------------------------------------------
Ratio of Operating Expenses
to Average Net Assets ...................... 1.00% 1.00% 0.99% 0.98% 1.00%

Ratio of Net Investment Loss
to Average Net Assets ...................... (0.42)% (0.73)% (0.70)% (0.60)% (0.80)%

Portfolio Turnover Rate .................... 229% 96% 91% 89% 111%

Net Assets, End of Year (in millions) ......$ 895 $ 1,828 $ 2,276 $ 1,676 $ 792
</TABLE>

(1) Computed using average shares outstanding throughout the year.

(2) Total return assumes reinvestment of dividends and capital gains
distributions, if any.

www.americancentury.com American Century Investments 23

HERITAGE FUND

Investor Class

<TABLE>
<CAPTION>
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 Period .......$ 10.07 $ 9.91 $ 10.07 $ 9.53 $ 10.00

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.

24 American Century Investments 1-800-345-2021

NOTES

www.americancentury.com American Century Investments 25

[back cover]

MORE INFORMATION ABOUT THE FUNDS IS CONTAINED IN THESE DOCUMENTS

ANNUAL AND SEMIANNUAL REPORTS

These reports contain more information about the funds' investments and the
market conditions and investment strategies that significantly affected the
funds' performance during the most recent fiscal period.

STATEMENT OF ADDITIONAL INFORMATION (SAI)

The SAI contains a more detailed, legal description of the funds' operations,
investment restrictions, policies and practices. The SAI is incorporated by
reference into this Prospectus. This means that it is legally part of this
Prospectus, even if you don't request a copy.

Investment Company Act File No. 811-0816

You also can get information about the funds (including the SAI) from the
Securities and Exchange Commission (SEC).

* In person SEC Public Reference Room
Washington, D.C.
Call 1-800-SEC-0330 for location
and hours.

* On the Internet www.sec.gov

* By mail SEC Public Reference Section
Washington, D.C. 20549-6009
(The SEC will charge a fee for copying
the documents.)

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

AMERICAN CENTURY INVESTMENTS
P.O. Box 419200
Kansas City, Missouri 64141-6200
1-800-345-2021 or 816-531-5575

9902
SH-PRS-14875
<PAGE>
[front cover]

AMERICAN CENTURY

Prospectus

Growth Fund
Ultra Fund
Select Fund
Vista Fund
Heritage Fund

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

[left margin]

MARCH 1, 1999
ADVISOR CLASS

THE SECURITIES AND EXCHANGE COMMISSION HAS NOT APPROVED OR DISAPPROVED THESE
SECURITIES OR DETERMINED IF THIS PROSPECTUS IS ACCURATE OR COMPLETE. ANYONE WHO
TELLS YOU OTHERWISE IS COMMITTING A CRIME.

Distributed by Funds Distributor, Inc.

[inside front cover]

Dear Investor,

Inside you'll find:

* The funds' primary investments and risks

* A description of who may or may not want to invest in the funds

* Fund performance, including returns for each year, best and worst
quarters and average annual returns compared to the funds' benchmarks

* An overview of services available and ways to manage your accounts

* Helpful tips and definitions of key investment terms

In another step toward simplification, we are introducing a more intuitive way
for you to evaluate our family of funds. This new system classifies funds based
on objective and risk.

The four broad objectives are: The three risk categories are:
* Growth * Aggressive
* Growth and Income * Moderate
* Income * Conservative
* Capital Preservation

If you have questions about the prospectus or would like to receive a copy of
our Investing with American Century brochure, our Service Representatives are
available weekdays, 8 a.m. to 5 p.m., Central time. Our toll-free number is
1-800-345-3533. We look forward to helping you achieve your financial goals.

Sincerely,

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

[left margin]

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

American Century
Investments

P.O. Box 419385
Kansas City, MO
64141-6385

TABLE OF CONTENTS

An Overview of the Funds .................................................. 2
Fees and Expenses ......................................................... 3
Information about the Funds ............................................... 4
Growth Fund
Ultra Fund
Select Fund
Vista Fund
Heritage Fund
Management ................................................................ 8
Investing with American Century ........................................... 12
Share Price and Distributions ............................................. 14
Taxes ..................................................................... 15
Multiple Class Information ................................................ 16
Financial Highlights ...................................................... 17
Performance Information of Other Class .................................... 23

[left margin]

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

[graphic of hand with index finger pointing] This symbol highlights special
information and helpful tips.

American Century Investments

AN OVERVIEW OF THE FUNDS

WHAT ARE THE FUNDS' INVESTMENT GOALS?

These funds seek long-term capital growth.

WHAT ARE THE FUNDS' PRIMARY INVESTMENT STRATEGIES AND PRINCIPAL RISKS?

The funds' principal risks include

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

* Price Volatility--The value of the funds' shares may fluctuate significantly
in the short term.

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

WHO may WANT TO INVEST IN THE FUNDS?

The funds may be a good investment if you are

* seeking long-term capital growth from your investment

* comfortable with the funds' short-term price volatility

* comfortable with the risks associated with the funds' investment strategy

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

WHO may not WANT TO INVEST IN THE FUNDS?

The funds may not be a good investment if you are

* seeking current income from your investment

* investing for a short period of time

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

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2 American Century Investments 1-800-345-3533

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 Advisor Class shares of other American Century funds

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

ANNUAL OPERATING EXPENSES (expenses that are deducted from fund assets)

Management Distribution and Other Total Annual Fund
Fee Service (12b-1) Fees(1) Expenses(2) Operating Expenses
- --------------------------------------------------------------------------------
Growth 0.75% 0.50% 0.00% 1.25%
- --------------------------------------------------------------------------------
Ultra 0.75% 0.50% 0.00% 1.25%
- --------------------------------------------------------------------------------
Select 0.75% 0.50% 0.00% 1.25%
- --------------------------------------------------------------------------------
Vista 0.75% 0.50% 0.00% 1.25%
- --------------------------------------------------------------------------------
Heritage 0.75% 0.50% 0.00% 1.25%

(1) The 12b-1 fee is designed to permit investors to purchase Advisor Class
shares through broker-dealers, banks, insurance companies and other
financial intermediaries. A portion of the fee is used to compensate them
for ongoing recordkeeping and administrative services that would otherwise
be performed by an affiliate of the advisor, and a portion is used to
compensate them for distribution and other shareholder services. See
"Service and Distribution Fees," page 16.

(2) Other expenses, which include the fees and expenses of the funds'
independent directors, their legal counsel, interest and extraordinary
expenses, were less than 0.005% for the most recent fiscal year.

EXAMPLE

The examples in the table below are intended to help you compare the costs of
investing in a fund with the costs of investing in other mutual funds. 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
- --------------------------------------------------------------------------------
Growth $127 $395 $683 $1503
- --------------------------------------------------------------------------------
Ultra $127 $395 $683 $1503
- --------------------------------------------------------------------------------
Select $127 $395 $683 $1503
- --------------------------------------------------------------------------------
Vista $127 $395 $683 $1503
- --------------------------------------------------------------------------------
Heritage $127 $395 $683 $1503

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[graphic of hand with index finger pointing] Use this example to compare the
costs of investing in other funds. Of course, your actual costs may be higher or
lower.

www.americancentury.com American Century Investments 3

INFORMATION ABOUT THE FUNDS

GROWTH FUND
ULTRA FUND
SELECT FUND
VISTA FUND
HERITAGE FUND

WHAT ARE THE FUNDS' INVESTMENT OBJECTIVES?

These funds seek long-term capital growth.

HOW DO THE FUNDS PURSUE THEIR INVESTMENT OBJECTIVES?

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[graphic of hand with index finger pointing] Accelerating growth is shown, for
example, by growth that is faster this quarter than last or faster this year
than the year before.

4 American Century Investments 1-800-345-3533

WHAT KINDS OF SECURITIES DO THE FUNDS BUY?

WHAT IS THE DIFFERENCE BETWEEN THE FUNDS?

WHAT ARE THE PRIMARY RISKS OF INVESTING IN THE FUNDS?

[left margin]

MARKET CAPITALIZATION is the value of a company, as determined by multiplying
the number of shares of its stock outstanding by its current market price per
share.

www.americancentury.com American Century Investments 5

FUND PERFORMANCE HISTORY

Annual Total Returns

The following bar chart shows the performance of the funds' Advisor Class shares
for each full calendar year in the life of the class. It indicates the
volatility of the historical returns from year to year.

[bar chart - data below]

Growth Ultra Select Vista Heritage
1998 36.49% 34.21% 35.29% -14.45% -0.31%
1997 22.83% -8.82%

Highest and Lowest Quarterly Returns

The highest and lowest returns of the funds' Advisor Class shares for a calendar
quarter during the period reflected by the preceding chart are provided in the
following chart to indicate the historical short-term volatility. Shareholders
should be aware, however, that these funds are intended for investors with a
long-term investment horizon and are not managed for short-term results.

[bar chart - data below]

Lowest Highest
Growth -7.98% 3Q 1998 20.49% 4Q 1998
Ultra -11.83% 3Q 1998 22.91% 4Q 1998
Select -7.49% 3Q 1998 22.21% 4Q 1998
Vista -27.55% 3Q 1998 17.89% 3Q 1997
Heritage -21.20% 3Q 1998 17.70% 4Q 1998

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[graphic of hand with index finger pointing] The performance information on this
page is designed to help you see how fund returns can vary. Keep in mind that
past performance does not predict how the funds will perform in the future.

6 American Century Investments 1-800-345-3533

Average Annual Returns

The following table shows the average annual returns of the funds' Advisor Class
shares for the periods indicated during the life of the class. The benchmarks
are unmanaged indices that have no operating costs and are included in the table
for performance comparison.

For the calendar year
ended December 31, 1998 1 year Life of Class(1)
- --------------------------------------------------------------------------------
Growth 36.49% 33.86%
Russell 1000 Growth Index 38.71% 31.85%
- --------------------------------------------------------------------------------
Ultra 34.21% 25.21%
S&P 500 Index 28.68% 31.19%
- --------------------------------------------------------------------------------
Select 35.29% 26.77%
S&P 500 Index 28.68% 23.88%
- --------------------------------------------------------------------------------
Vista -14.45% -13.30%
Russell 2500 Growth Index 3.10% 8.21%
- --------------------------------------------------------------------------------
Heritage -0.31% 0.59%
S&P MidCap 400 Index 18.25% 17.68%(2)

(1) The inception dates for the Advisor Class of the funds are Growth, June 4,
1997; Select, August 8, 1997; Ultra and Vista, October 2, 1996; and
Heritage, July 11, 1997.

(2) The inception date for the S&P MidCap 400 Index is July 31, 1997.

Performance Information of Other Class

The original class of shares of the funds was the Investor Class. The Advisor
Class was not established until 1996. For information about the historical
performance of the original class of shares, see page 23.

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[graphic of hand with index finger pointing] For current performance
information, please call us at 1-800-345-2021 or visit American Century's Web
site at www.americancentury.com.

www.americancentury.com American Century Investments 7

MANAGEMENT

WHO MANAGES THE FUNDS?

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

THE BOARD OF DIRECTORS

THE INVESTMENT ADVISOR

For the services it provided to the funds during the most recent fiscal year,
the advisor received a unified management fee of 0.75% of the average net assets
of the Advisor Class of shares of each fund. The amount of the management fee is
calculated on a class-by-class basis daily and paid monthly.

THE FUND MANAGEMENT TEAMS

The portfolio managers on the investment teams are identified below:

Growth

C. KIM GOODWIN

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[graphic of hand with index finger pointing] CODE OF ETHICS

8 American Century Investments 1-800-345-3533

GREGORY J. WOODHAMS

Ultra

JAMES E. STOWERS III

JOHN R. SYKORA

BRUCE A. WIMBERLY

JOHN SMALL JR.

Select

JEAN C. LEDFORD

RICHARD S. WELSH

www.americancentury.com American Century Investments 9

Vista

ARNOLD K. DOUVILLE

GLENN A. FOGLE

Heritage

HAROLD S. BRADLEY

LINDA K. PETERSON

10 American Century Investments 1-800-345-3533

FUNDAMENTAL INVESTMENT POLICIES

YEAR 2000 ISSUES

www.americancentury.com American Century Investments 11

INVESTING WITH AMERICAN CENTURY

ELIGIBILITY FOR ADVISOR CLASS SHARES

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

INVESTING THROUGH FINANCIAL INTERMEDIARIES

* minimum investment requirements

* exchange policies

* fund choices

* cutoff time for investments

American Century has contracts with certain financial intermediaries requiring
them to track the time investment orders are received. The funds have authorized
those intermediaries to accept orders on the funds' behalf up to the time at
which the net asset value is determined. If those orders are transmitted to
American Century and paid for in accordance with the contract, they will be
priced at the net asset value next determined after your request is received in
good order by the intermediary on a fund's behalf.

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[graphic of hand with index finger pointing] Financial intermediaries include
banks, broker-dealers, insurance companies and investment advisors.

12 American Century Investments 1-800-345-3533

ABUSIVE TRADING PRACTICES

We do not permit market-timing or other abusive trading practices in our funds.

SPECIAL REQUIREMENTS FOR LARGE REDEMPTIONS

www.americancentury.com American Century Investments 13

SHARE PRICE AND DISTRIBUTIONS

SHARE PRICE

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

It is the responsibility of your plan recordkeeper or financial intermediary to
transmit your purchase, exchange and redemption requests to the funds transfer
agent prior to the applicable cut-off time for receiving orders and to make
payment for any purchase transactions in accordance with the funds' procedures
or any contractual arrangements with the funds or the funds' distributor in
order for you to receive that day's price.

DISTRIBUTIONS

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The NET ASSET VALUE of a fund is the price of the fund's shares.

CAPITAL GAINS are increases in the values of capital assets, such as stock, from
the time the assets are purchased. Tax becomes due on capital gains once an
asset is sold.

14 American Century Investments 1-800-345-3533

TAXES

TAX-DEFERRED ACCOUNTS

TAXABLE ACCOUNTS

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

TAXABILITY OF DISTRIBUTIONS

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

TAXES ON TRANSACTIONS

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[graphic of hand with index finger pointing] BUYING A DIVIDEND

If you buy a dividend, you incur the full tax liability of the distribution
period, but you may not enjoy the full benefit of the gains realized in the
fund's portfolio.

www.americancentury.com American Century Investments 15

MULTIPLE CLASS INFORMATION

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

American Century offers another class of shares that has no up-front or deferred
charges, commissions or 12b-1 fees. The funds may offer a different class of
shares primarily to institutional investors through institutional distribution
channels, such as employer-sponsored retirement plans, or through banks,
broker-dealers and insurance companies. The other classes have different fees,
expenses and/or minimum investment requirements than the Advisor Class. The
difference in the fee structures among the classes is the result of their
separate arrangements for shareholder and distribution services and not the
result of any difference in amounts charged by the advisor for core investment
advisory services. Accordingly, the core investment advisory expenses do not
vary by class. Different fees and expenses will affect performance. For
additional information concerning the other classes of shares not offered by
this Prospectus, call us at 1-800-345-3533, or contact a sales representative or
financial intermediary who offers those classes of shares.

SERVICE AND DISTRIBUTION FEES

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

16 American Century Investments 1-800-345-3533

FINANCIAL HIGHLIGHTS

UNDERSTANDING THE FINANCIAL HIGHLIGHTS

On a per-share basis, each table includes as appropriate

* share price at the beginning of the period

* investment income and capital gains or losses

* distributions of income and capital gains paid to shareholders

* share price at the end of the period

Each table also includes some key statistics for the period as appropriate

* Total Return--the overall percentage of return of the fund, assuming the
reinvestment of all distributions

* Expense Ratio--operating expenses as a percentage of average net assets

* Net Income Ratio--net investment income as a percentage of average net asset

* Portfolio Turnover--the percentage of the fund's buying and selling activity

www.americancentury.com American Century Investments 17

GROWTH FUND

Advisor Class

For a Share Outstanding Throughout the Years Ended October 31 (except as noted)

PER-SHARE DATA
1998 1997(1)
- --------------------------------------------------------------------------------
Net Asset Value, Beginning of Period ................$ 27.84 $ 24.36

Income From Investment Operations
Net Investment Loss(2) ......................... (0.08) (0.06)
Net Realized and Unrealized Gain
on Investment Transactions .................. 4.35 3.54

Total From Investment Operations ............... 4.27 3.48

Distributions
From Net Realized Gains on
Investment Transactions ..................... (4.14) --

Net Asset Value, End of Period ......................$ 27.97 $ 27.84

Total Return(3) ..................................... 18.23% 14.29%

RATIOS/SUPPLEMENTAL DATA
1998 1997(1)
- --------------------------------------------------------------------------------
Ratio of Operating Expenses to Average Net Assets ... 1.25% 1.25%(4)

Ratio of Net Investment Loss to Average Net Assets .. (0.27)% (0.47)%(4)

Portfolio Turnover Rate ............................. 126% 75%

Net Assets, End of Period (in thousands) ............$ 5,570 $ 2,200

(1) June 4, 1997 (commencement of sale) through October 31, 1997.

(2) Computed using average shares outstanding throughout the period.

(3) Total return assumes reinvestment of dividends and capital gains
distributions, if any. Total returns for periods less than one year are not
annualized.

(4) Annualized.

18 American Century Investments 1-800-345-3533

ULTRA FUND

Advisor Class

For a Share Outstanding Throughout the Years Ended October 31 (except as noted)

PER-SHARE DATA
1998 1997 1996(1)

- -----------------------------------------------------------------------------------
<S> <C> <C> <C>
Net Asset Value, Beginning of Period ...$ 33.36 $ 29.52 $ 29.55

Income From Investment Operations
Net Investment Loss(2) ............ (0.11) (0.07) (0.02)
Net Realized and Unrealized
Gain (Loss) on
Investment Transactions ........ 4.73 5.60 (0.01)

Total From Investment Operations .. 4.62 5.53 (0.03)

Distributions
From Net Realized Gains on
Investment Transactions ........ (6.98) (1.69) --

Net Asset Value, End of Period .........$ 31.00 $ 33.36 $ 29.52

Total Return(3) ........................ 17.36% 19.59% (0.10)%

RATIOS/SUPPLEMENTAL DATA
1998 1997 1996(1)
- --------------------------------------------------------------------------------------
Ratio of Operating Expenses
to Average Net Assets .................. 1.25% 1.25% 1.25%(4)

Ratio of Net Investment Loss
to Average Net Assets .................. (0.33)% (0.22)% (0.80)%(4)

Portfolio Turnover Rate ................ 128% 107% 87%

Net Assets, End of Period
(in thousands) .........................$ 98,965 $ 30,827 $ 13,051
</TABLE>

(1) October 2, 1996 (commencement of sale) through October 31, 1996.

(2) Computed using average shares outstanding throughout the period.

(3) Total return assumes reinvestment of dividends and capital gains
distributions, if any. Total returns for periods less than one year are not
annualized.

(4) Annualized.

www.americancentury.com American Century Investments 19

SELECT FUND

Advisor Class

For a Share Outstanding Throughout the Years Ended October 31 (except as noted)

PER-SHARE DATA
1998 1997(1)
- --------------------------------------------------------------------------------
Net Asset Value, Beginning of Period .......$ 48.16 $ 49.43

Income From Investment Operations
Net Investment Loss(2) ................ -- (0.02)
Net Realized and Unrealized Gain
(Loss) on Investment Transactions .. 9.37 (1.25)

Total From Investment Operations ...... 9.37 (1.27)

Distributions
From Net Investment Income ............ (0.16) --
From Net Realized Gains
on Investment Transactions ......... (7.93) --

Total Distributions ................... (8.09) --

Net Asset Value, End of Period .............$ 49.44 $ 48.16

Total Return(3) ............................ 22.67% (2.57)%

RATIOS/SUPPLEMENTAL DATA
1998 1997(1)
- --------------------------------------------------------------------------------
Ratio of Operating Expenses
to Average Net Assets ...................... 1.25% 1.25%(4)

Ratio of Net Investment Loss
to Average Net Assets ...................... -- (0.17)%(4)

Portfolio Turnover Rate .................... 165% 94%

Net Assets, End of Period (in thousands) ...$ 1,617 $ 1,289

(1) August 8, 1997 (commencement of sale) through October 31, 1997.

(2) Computed using average shares outstanding throughout the period.

(3) Total return assumes reinvestment of dividends and capital gains
distributions, if any. Total returns for periods less than one year are not
annualized.

(4) Annualized.

20 American Century Investments 1-800-345-3533

VISTA FUND

Advisor Class

For a Share Outstanding Throughout the Years Ended October 31 (except as noted)

PER-SHARE DATA
1998 1997 1996(1)
- --------------------------------------------------------------------------------
<S> <C> <C> <C>
Net Asset Value, Beginning of Period ...$ 14.50 $ 15.67 $ 16.87

Income From Investment Operations
Net Investment Loss(2) ............ (0.08) (0.14) (0.02)
Net Realized and Unrealized
Gain (Loss) on
Investment Transactions ........ (4.39) 0.15 (1.18)

Total From Investment Operations .. (4.47) 0.01 (1.20)

Distributions
From Net Realized Gains on
Investment Transactions ........ (0.80) (1.18) --

Net Asset Value, End of Period .........$ 9.23 $ 14.50 $ 15.67

Total Return(3) ........................ (32.08)% 0.15% (7.11)%

RATIOS/SUPPLEMENTAL DATA
1998 1997 1996(1)
- --------------------------------------------------------------------------------
Ratio of Operating Expenses
to Average Net Assets .................. 1.25% 1.25% 1.25%(4)

Ratio of Net Investment Loss
to Average Net Assets .................. (0.67)% (0.98)% (1.20)%(4)

Portfolio Turnover Rate ................ 229% 96% 91%

Net Assets, End of Period
(in thousands) .........................$ 4,052 $ 6,553 $ 5,646
</TABLE>

(1) October 2, 1996 (commencement of sale) through October 31, 1996.

(2) Computed using average shares outstanding throughout the period.

(3) Total return assumes reinvestment of dividends and capital gains
distributions, if any. Total returns for periods less than one year are not
annualized.

(4) Annualized.

www.americancentury.com American Century Investments 21

HERITAGE FUND

Advisor Class

For a Share Outstanding Throughout the Years Ended October 31 (except as noted)

PER-SHARE DATA
1998 1997(1)
- --------------------------------------------------------------------------------
Net Asset Value, Beginning of Period .......... $ 14.85 $ 14.23

Income From Investment Operations
Net Investment Income (Loss)(2) .......... 0.02 (0.01)
Net Realized and Unrealized Gain
(Loss) on Investment Transactions ..... (2.14) 0.63

Total From Investment Operations ......... (2.12) 0.62

Distributions
From Net Investment Income ............... (0.07) --
From Net Realized Gains on
Investment Transactions ............... (2.70) --

Total Distributions ...................... (2.77) --

Net Asset Value, End of Period ................ $ 9.96 $ 14.85

Total Return(3) ............................... (16.03)% 4.36%

Ratio of Net Investment Income (Loss)
to Average Net Assets ......................... 0.04% (0.23)%(4)

Portfolio Turnover Rate ....................... 148% 69%

Net Assets, End of Period (in thousands) ...... $ 748 $ 120

(1) July 11, 1997 (commencement of sale) through October 31, 1997.

(2) Computed using average shares outstanding throughout the period.

(3) Total return assumes reinvestment of dividends and capital gains
distributions, if any. Total returns for periods less than one year are not
annualized.

(4) Annualized.

22 American Century Investments 1-800-345-3533

PERFORMANCE INFORMATION OF OTHER CLASS

The following financial information is provided to show the performance of the
funds' original class of shares. This class, the Investor Class, has a total
expense ratio that is 0.25% lower than the Advisor Class. If the Advisor Class
existed during the periods presented, its performance would have been lower
because of the additional expense.

The tables itemize what contributed to the changes in share price during the
period. They also show the changes in share price for this period in comparison
to changes over the last five fiscal years (or less, if the share class is not
five years old).