[front cover]
AMERICAN CENTURY
Fund Profile
[american century logo (reg. sm)]
American
Century
Growth Fund
This profile summarizes key information about the fund that is included in the
fund's Prospectus. The fund's Prospectus includes additional information about
the fund, including a more detailed description of the risks associated with
investing in the fund, that you may want to consider before you invest.
[photos of woman and girls blowing bubbles, men talking, woman at computer]
JULY 26, 1999
INVESTOR CLASS
You may obtain the Prospectus and other information about the fund at no cost
by calling us at 1-800-345-2021, accessing our Web site or visiting one of our
Investor Centers. See the back cover for additional telephone numbers and our
address.
GROWTH FUND
1. WHAT IS THE FUND'S INVESTMENT OBJECTIVE?
Growth seeks long-term capital growth by investing primarily in common
stocks.
2. WHAT IS THE FUND'S INVESTMENT STRATEGY?
The fund managers look for large company stocks that they believe will
increase in value over time. They use a growth investment strategy developed
by American Century that looks for companies whose earnings and revenues are
not only growing, but growing at a successively faster, or accelerating,
pace. Accelerating growth is shown, for example, by growth that is faster
this quarter than last or faster this year than the year before.
Using American Century's extensive computer database, the fund managers
track financial information for thousands of companies to research and
select the stocks they believe will be able to sustain accelerating growth.
This strategy is based on the premise that, over the long term, the stocks
of companies with accelerating earnings and revenues have a
greater-than-average chance to increase in value. This aggressive investment
strategy, which pursues superior long-term returns for fund shareholders,
also results in the risks described in the next section.
The fund managers do not attempt to time the market. Instead, they intend to
keep Growth essentially fully invested in stocks regardless of the movement
of stock prices generally. When the fund managers believe that it is
prudent, they also may invest assets in non-leveraged futures and options.
"Non-leveraged" means that the fund may not invest in futures and options
where it would be possible to lose more than the fund invested. Futures and
options can help the fund's cash assets remain liquid while performing more
like stocks.
Additional information about Growth's investments is available in its annual
and semiannual reports. In these reports you will find a discussion of the
market conditions and investment strategies that significantly affected the
fund's performance during the most recent fiscal period. You may get these
reports at no cost by calling us.
3. WHAT ARE THE SIGNIFICANT RISKS OF INVESTING IN THE FUND?
* The value of Growth's shares depends on the value of the stocks and other
securities it owns. The value of the individual securities that the fund
owns will go up and down depending on the performance of the companies that
issued them, general market and economic conditions, and investor
confidence.
* The fund managers will buy a large amount of a company's stock quickly,
and often will dispose of it quickly if the company's earnings or revenues
decline. While the fund managers believe this strategy provides substantial
appreciation potential over the long term, in the short term it can create a
significant amount of share price volatility. This volatility can be greater
than that of the average stock fund.
* As with all funds, at any given time the value of your shares of Growth
may be worth more or less than the price you paid. If you sell your shares
when the value is less than the price you paid, you will lose money.
* An investment in the fund is not a bank deposit, and it is not insured or
guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other
government agency.
* Market performance tends to be cyclical and, in the various cycles,
certain investment styles may fall in and out of favor. If the market is not
favoring the fund's style, the fund's gains may not be as big as, or its
losses may be bigger than, other equity funds using different investment
styles.
* Although the fund managers invest the fund's assets primarily in U.S.
stocks, Growth can invest in securities of foreign companies. Foreign
securities can have certain unique risks, including fluctuations in currency
exchange rates, less stable political and economic structures, reduced
availability of public information, and lack of uniform financial reporting
and regulatory practices similar to those that apply in the United States.
These factors make investing in foreign securities generally riskier than
investing in U.S. stocks.
In summary, Growth is intended for investors who seek long-term capital
growth through an aggressive equity fund and who are willing to accept the
risks associated with the fund's investment strategy.
Growth American Century Investments
FUND PERFORMANCE
The following bar chart shows the actual performance of Growth's Investor
Class shares for each of the last 10 calendar years. The bar chart indicates
the volatility of the fund's historical returns from year to year. The bar
chart and performance information below are not intended to indicate how the
fund will perform in the future.
[data shown in bar chart]
Calendar Year-By-Year Returns (1)
1998 36.77%
1997 29.28%
1996 15.01%
1995 20.35%
1994 -1.49%
1993 3.76%
1992 -4.29%
1991 69.02%
1990 -3.85%
1989 43.13%
(1) As of June 30, 1999, the end of the most recent calendar quarter,
Growth's year-to-date return was 10.79%.
The highest and lowest quarterly returns for the period reflected in the bar
chart are:
Highest Lowest
---------------------------------------------------------------------------
Growth 28.45% (1Q 1991) -19.44% (3Q 1990)
The following table shows the average annual return of the fund's Investor
Class shares for the periods indicated. The Russell 1000 Growth Index, an
unmanaged index that reflects no operating costs, is included as a benchmark
for performance comparisons.
1 YEAR 5 YEARS 10 YEARS LIFE OF FUND(1)
AVERAGE ANNUAL TOTAL RETURNS (PERIOD ENDED JUNE 30, 1999)
---------------------------------------------------------
Growth 22.83% 22.87% 17.18% 19.12%
Russell 1000
Growth Index 27.26% 29.65% 19.80% N/A(2)
S&P 500 Index 22.75% 27.81% 18.73% 13.89%
(1) Although the fund's actual inception date was October 31, 1958, life
of fund is calculated from June 30, 1971, when the management company
implemented its current investment philosophy and practices.
(2) Benchmark began January 1, 1979.
4. WHAT ARE THE FUND'S FEES AND EXPENSES?
There are no sales loads, fees or other charges
* to buy fund shares directly from American Century
* to reinvest dividends in additional shares
* to exchange into the Investor Class shares of other American Century fund
* to redeem your shares
The following table describes the fees and expenses that you will pay if you
buy and hold shares of the fund.
ANNUAL FUND OPERATING EXPENSES
(EXPENSES THAT ARE DEDUCTED FROM FUND ASSETS)
---------------------------------------------
Management Fee 1.00%
Distribution and Service (12b-1) Fees None
Other Expenses(1) 0.00%
Total Annual Fund Operating Expenses 1.00%
(1) Other expenses, which include the fees and expenses of the fund's
independent directors, their legal counsel and interest, were less than
0.005% for the most recent fiscal year.
EXAMPLE
Assuming you . . .
* invest $10,000 in the fund
* redeem all of your shares at the end of the periods shown below
* earn a 5% return each year
* incur the same operating expenses as shown above
. . . your cost of investing in the fund would be:
1 year 3 years 5 years 10 years
$102 $318 $551 $1,219
Of course, actual costs may be higher or lower. Use this example to
compare the costs of investing in other funds.
5. WHO ARE THE FUND'S INVESTMENT ADVISOR AND PORTFOLIO MANAGERS?
American Century Investment Management, Inc. provides investment advisory
and management services for the fund. American Century uses teams of
portfolio managers, assistant portfolio managers and analysts working
together to manage its mutual funds. Identified below are the portfolio
managers for the Growth team:
C. KIM GOODWIN, Senior Vice President and Portfolio Manager, has been a
member of the team that manages Growth since joining American Century in
October 1997. Before joining American Century, she served as Senior
Growth Fund Profile
Vice President and Portfolio Manager at Putnam Investments from May 1996 to
September 1997 and Vice President and Portfolio Manager at Prudential
Investments from February 1993 to April 1996. She has a bachelor of arts
from Princeton University, an MBA in finance and a master's in public
affairs from the University of Texas.
GREGORY J. WOODHAMS, Vice President and Portfolio Manager, has been a member
of the team that manages Growth since he joined American Century in
September 1997 as an Investment Analyst. He was promoted to Portfolio
Manager for the Growth team in May 1998. Before joining American Century, he
served as Vice President and Director of Equity Research for Texas Commerce
Bank, a subsidiary of Chase Manhattan Bank. He has a bachelor's degree in
economics from Rice University and an M.A. in economics from the University
of Wisconsin. He is a Chartered Financial Analyst.
6. HOW DO I BUY FUND SHARES?
American Century offers several ways to purchase shares
* Complete and return the enclosed application along with an investment
check payable to American Century Investments
* If you already have an American Century account, call us or access our Web
site to exchange shares from another American Century fund
* Call us and send your investment by bank wire transfer
Your initial investment must be at least $2,500 ($1,000 for traditional
IRAs, Roth IRAs and UGMA/UTMA accounts). If your redemption activity causes
the value of your account to fall below this account minimum, your shares
may be redeemed involuntarily.
7. HOW DO I SELL FUND SHARES?
You may sell all or part of your fund shares on any business day by writing
or calling us. You also may exchange your shares in Growth for shares in
nearly 70 other mutual funds offered by American Century. Depending on the
options you select when you open your account, some restrictions may apply.
For your protection, some redemption requests require a signature guarantee.
8. HOW ARE FUND DISTRIBUTIONS MADE AND TAXED?
Growth pays distributions of substantially all of its income and realized
capital gains once a year, usually in December. Distributions may be taxable
as ordinary income, capital gains or a combination of the two. Capital gains
are taxed at different rates depending on the length of time the fund held
the securities that were sold. Distributions are reinvested automatically in
additional shares unless you choose another option.
9. WHAT SERVICES ARE AVAILABLE?
American Century offers several ways to make it easier for you to manage
your account, such as
* telephone transactions
* wire and electronic funds transfers
* 24-hour Automated Information Line transactions
* 24-hour online Internet account access and transactions
You will find more information about these choices in Your Guide to American
Century Services, which you may request by calling us, accessing our Web
site or visiting one of our Investor Centers.
Information contained in the services guide pertains to shareholders who
invest directly with American Century rather than through an
employer-sponsored retirement plan or financial intermediary.
If you own or are considering purchasing fund shares through an
employer-sponsored retirement plan or financial intermediary, your ability
to purchase shares of the fund, exchange them for shares of other American
Century funds, and redeem them will depend on the terms of your plan or
financial intermediary. If you have questions about investing in an
employer-sponsored retirement plan or through a financial intermediary, call
a Service Representative at 1-800-345-3533.
- --------------------------------------------------------------------------------
[american century logo (reg. sm)]
American
Century
AMERICAN CENTURY INVESTMENTS
P.O. BOX 419200
KANSAS CITY, MISSOURI 64141-6200
INVESTOR RELATIONS
1-800-345-2021 or 816-531-5575
AUTOMATED INFORMATION LINE
1-800-345-8765
FAX
816-340-7962
TELECOMMUNICATIONS DEVICE FOR THE DEAF
1-800-634-4113 or 816-444-3485
BUSINESS, NOT-FOR-PROFIT AND
EMPLOYER-SPONSORED RETIREMENT PLANS
1-800-345-353
Visit our Web site at WWW.AMERICANCENTURY.COM [link to web site with arrow]
SH-PRF-16940 9907 Funds Distributor, Inc.
<PAGE>
[front cover]
AMERICAN CENTURY
Fund Profile
[american century logo (reg. sm)]
American
Century
Select Fund
This profile summarizes key information about the fund that is included in the
fund's Prospectus. The fund's Prospectus includes additional information about
the fund, including a more detailed description of the risks associated with
investing in the fund, that you may want to consider before you invest.
[photos of woman and girls blowing bubbles, men talking, woman at computer]
JULY 26, 1999
INVESTOR CLASS
You may obtain the Prospectus and other information about the fund at no cost
by calling us at 1-800-345-2021, accessing our Web site or visiting one of our
Investor Centers. See the back cover for additional telephone numbers and our
address.
SELECT FUND
1. WHAT IS THE FUND'S INVESTMENT OBJECTIVE?
Select seeks long-term capital growth by investing primarily in common
stocks.
2. WHAT IS THE FUND'S INVESTMENT STRATEGY?
The fund managers look for stocks of large companies that they believe will
increase in value over time. Eighty percent of Select's assets must be
invested in securities of companies that pay regular dividends, have
committed to pay dividends, or otherwise produce income. This reflects the
fund managers' strategy to buy stocks of companies that are successful
enough to pay dividends. The amount of dividends may not be significant,
however, because stocks are not picked based upon the amount of income they
produce. The remaining 20% of fund assets may be invested in any other
permissible securities that the fund managers believe will help the fund
achieve its objective.
The fund managers use a growth investment strategy developed by American
Century that looks for companies whose earnings and revenues are not only
growing, but growing at a successively faster, or accelerating, pace.
Accelerating growth is shown, for example, by growth that is faster this
quarter than last or faster this year than the year before.
Using American Century's extensive computer database, the fund managers
track financial information for thousands of companies to research and
select the stocks they believe will be able to sustain accelerating growth.
This strategy is based on the premise that, over the long term, the stocks
of companies with accelerating earnings and revenues have a
greater-than-average chance to increase in value. This aggressive investment
strategy, which pursues superior long-term returns for fund shareholders,
also results in the risks described in the next section.
The fund managers do not attempt to time the market. Instead, they intend to
keep Select essentially fully invested in stocks regardless of the movement
of stock prices generally. When the fund managers believe that it is
prudent, they also may invest assets in non-leveraged futures and options.
"Non-leveraged" means that the fund may not invest in futures and options
where it would be possible to lose more than the fund invested. Futures and
options can help the fund's cash assets remain liquid while performing more
like stocks.
Additional information about Select's investments is available in its annual
and semiannual reports. In these reports you will find a discussion of the
market conditions and investment strategies that significantly affected the
fund's performance during the most recent fiscal period. You may get these
reports at no cost by calling us.
3. WHAT ARE THE SIGNIFICANT RISKS OF INVESTING IN THE FUND?
* The value of Select's shares depends on the value of the stocks and other
securities it owns. The value of the individual securities that the fund
owns will go up and down depending on the performance of the companies that
issued them, general market and economic conditions, and investor
confidence.
* The fund managers will buy a large amount of a company's stock quickly,
and often will dispose of it quickly if the company's earnings or revenues
decline. While the fund managers believe this strategy provides substantial
appreciation potential over the long term, in the short term it can create a
significant amount of share price volatility. This volatility can be greater
than that of the average stock fund.
* As with all funds, at any given time the value of your shares of Select
may be worth more or less than the price you paid. If you sell your shares
when the value is less than the price you paid, you will lose money.
* An investment in the fund is not a bank deposit, and it is not insured or
guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other
government agency.
* Market performance tends to be cyclical and, in the various cycles,
certain investment styles may fall in and out of favor. If the market is not
favoring the fund's style, the fund's gains may not be as big as, or its
losses may be bigger than, other equity funds using different investment
styles.
* Although the fund managers invest the fund's assets primarily in U.S.
stocks, Select can invest in securities of foreign companies. Foreign
securities can have certain unique risks, including fluctuations in currency
exchange rates, less stable political and economic structures, reduced
availability of public information, and lack of uniform financial reporting
and regulatory practices similar to those that apply in the United States.
These factors make investing in foreign securities generally riskier than
investing in U.S. stocks.
Select American Century Investments
In summary, Select is intended for investors who seek long-term capital
growth through an aggressive equity fund and who are willing to accept the
risks associated with the fund's investment strategy.
FUND PERFORMANCE
The following bar chart shows the actual performance of Select's Investor
Class shares for each of the last 10 calendar years. The bar chart indicates
the volatility of the fund's historical returns from year to year. The bar
chart and the performance information below are not intended to indicate how
the fund will perform in the future.
[data shown in bar chart]
Calendar Year-By-Year Returns (1)
1998 35.65%
1997 32.19%
1996 19.22%
1995 22.67%
1994 -8.04%
1993 14.67%
1992 -4.45%
1991 31.58%
1990 -0.41%
1989 39.51%
(1) As of June 30, 1999, the end of the most recent calendar quarter,
Select's year-to-date return was 11.18%.
The highest and lowest quarterly returns for the period reflected in the bar
chart are:
Highest Lowest
---------------------------------------------------------------------------
Select 22.30% (4Q 1998) -13.12% (3Q 1990)
The following table shows the average annual return of the fund's Investor
Class shares for the periods indicated. The S&P 500 Index, an unmanaged
index that reflects no operating costs, is included as a benchmark for
performance comparisons.
1 YEAR 5 YEARS 10 YEARS LIFE OF FUND(1)
AVERAGE ANNUAL TOTAL RETURNS (PERIOD ENDED JUNE 30, 1999)
---------------------------------------------------------
Select 25.88% 24.00% 16.26% 17.85%
S&P 500 Index 22.75% 27.81% 18.73% 13.89%
(1) Although the fund's actual inception date was October 31,1958, life
of fund is calculated from June 30, 1971, when the management company
implemented its current investment philosophy and practices.
4. WHAT ARE THE FUND'S FEES AND EXPENSES?
There are no sales loads, fees or other charges
* to buy fund shares directly from American Century
* to reinvest dividends in additional shares
* to exchange into the Investor Class shares of other American Century fund
* to redeem your shares
The following table describes the fees and expenses that you will pay if you
buy and hold shares of the fund.
ANNUAL FUND OPERATING EXPENSES
(EXPENSES THAT ARE DEDUCTED FROM FUND ASSETS)
---------------------------------------------
Management Fee 1.00%
Distribution and Service (12b-1) Fees None
Other Expenses(1) 0.00%
Total Annual Fund Operating Expenses 1.00%
(1) Other expenses, which include the fees and expenses of the fund's
independent directors, their legal counsel and interest, were less than
0.005% for the most recent fiscal year.
EXAMPLE
Assuming you . . .
* invest $10,000 in the fund
* redeem all of your shares at the end of the periods shown below
* earn a 5% return each year
* incur the same operating expenses as shown above
. . . your cost of investing in the fund would be:
1 year 3 years 5 years 10 years
$102 $318 $551 $1,219
Of course, actual costs may be higher or lower. Use this example to
compare the costs of investing in other funds.
5. WHO ARE THE FUND'S INVESTMENT ADVISOR AND PORTFOLIO MANAGERS?
American Century Investment Management, Inc. provides investment advisory
and management services for the fund. American Century uses teams of
portfolio managers, assistant portfolio managers and analysts working
together to manage its mutual funds. Identified below are the portfolio
managers for the Select team:
JAMES E. STOWERS III, Chief Executive Officer and Portfolio Manager, joined
American Century in 1981. He also is the Chief Investment Officer--U.S.
Growth Equities and as such oversees the investment discipline used for
Select and
Select Fund Profile
six other growth funds. He has a bachelor's degree in finance from Arizona
State University.
KEN H. CRAWFORD, Portfolio Manager, has been a member of the team that
manages Select since June 1999. He joined American Century in June 1995 as
an Investment Analyst and was promoted to Portfolio Manager in June 1999.
From June 1995 to December 1997 he served as an Investment Analyst on the
Select team and from December 1997 to June 1999 on the Growth team. Before
joining American Century, he was an Investment Analyst for Texas Commerce
Bank. He has a bachelor's degree in economics and a master's degree in
finance from the University of Wisconsin.
6. HOW DO I BUY FUND SHARES?
American Century offers several ways to purchase shares
* Complete and return the enclosed application along with an investment
check payable to American Century Investments
* If you already have an American Century account, call us or access our Web
site to exchange shares from another American Century fund
* Call us and send your investment by bank wire transfer
Your initial investment must be at least $2,500 ($1,000 for traditional
IRAs, Roth IRAs and UGMA/UTMA accounts). If your redemption activity causes
the value of your account to fall below this account minimum, your shares
may be redeemed involuntarily.
7. HOW DO I SELL FUND SHARES?
You may sell all or part of your fund shares on any business day by writing
or calling us. You also may exchange your shares in Select for shares in
nearly 70 other mutual funds offered by American Century. Depending on the
options you select when you open your account, some restrictions may apply.
For your protection, some redemption requests require a signature guarantee.
8. HOW ARE FUND DISTRIBUTIONS MADE AND TAXED?
Select pays distributions of substantially all of its income and realized
capital gains once a year, usually in December. Distributions may be taxable
as ordinary income, capital gains or a combination of the two. Capital gains
are taxed at different rates depending on the length of time the fund held
the securities that were sold. Distributions are reinvested automatically in
additional shares unless you choose another option.
9. WHAT SERVICES ARE AVAILABLE?
American Century offers several ways to make it easier for you to manage
your account, such as
* telephone transactions
* wire and electronic funds transfers
* 24-hour Automated Information Line transactions
* 24-hour online Internet account access and transactions
You will find more information about these choices in Your Guide to American
Century Services, which you may request by calling us, accessing our Web
site or visiting one of our Investor Centers.
Information contained in the services guide pertains to shareholders who
invest directly with American Century rather than through an
employer-sponsored retirement plan or financial intermediary.
If you own or are considering purchasing fund shares through an
employer-sponsored retirement plan or financial intermediary, your ability
to purchase shares of the fund, exchange them for shares of other American
Century funds, and redeem them will depend on the terms of your plan or
financial intermediary. If you have questions about investing in an
employer-sponsored retirement plan or through a financial intermediary, call
a Service Representative at 1-800-345-3533.
- --------------------------------------------------------------------------------
[american century logo (reg. sm)]
American
Century
AMERICAN CENTURY INVESTMENTS
P.O. BOX 419200
KANSAS CITY, MISSOURI 64141-6200
INVESTOR RELATIONS
1-800-345-2021 or 816-531-5575
AUTOMATED INFORMATION LINE
1-800-345-8765
FAX
816-340-7962
TELECOMMUNICATIONS DEVICE FOR THE DEAF
1-800-634-4113 or 816-444-3485
BUSINESS, NOT-FOR-PROFIT AND
EMPLOYER-SPONSORED RETIREMENT PLANS
1-800-345-353
Visit our Web site at WWW.AMERICANCENTURY.COM [link to web site with arrow]
SH-PRF-16939 9907 Funds Distributor, Inc.
<PAGE>
[front cover]
AMERICAN CENTURY
Fund Profile
[american century logo (reg. sm)]
American
Century
Ultra Fund
This profile summarizes key information about the fund that is included in the
fund's Prospectus. The fund's Prospectus includes additional information about
the fund, including a more detailed description of the risks associated with
investing in the fund, that you may want to consider before you invest.
[photos of woman and girls blowing bubbles, men talking, woman at computer]
JULY 26, 1999
INVESTOR CLASS
You may obtain the Prospectus and other information about the fund at no cost
by calling us at 1-800-345-2021, accessing our Web site or visiting one of our
Investor Centers. See the back cover for additional telephone numbers and our
address.
ULTRA FUND
1. WHAT IS THE FUND'S INVESTMENT OBJECTIVE?
Ultra seeks long-term capital growth by investing primarily in common
stocks.
2. WHAT IS THE FUND'S INVESTMENT STRATEGY?
The fund managers look for stocks of medium to large companies that they
believe will increase in value over time. The fund managers use a growth
investment strategy developed by American Century that looks for companies
whose earnings and revenues are not only growing, but growing at a
successively faster, or accelerating, pace. Accelerating growth is shown,
for example, by growth that is faster this quarter than last or faster this
year than the year before.
Using American Century's extensive computer database, the fund managers
track financial information for thousands of companies to research and
select the stocks they believe will be able to sustain accelerating growth.
This strategy is based on the premise that, over the long term, the stocks
of companies with accelerating earnings and revenues have a
greater-than-average chance to increase in value. This aggressive investment
strategy, which pursues superior long-term returns for fund shareholders,
also results in the risks described in the next section.
The fund managers do not attempt to time the market. Instead, they intend to
keep Ultra essentially fully invested in stocks regardless of the movement
of stock prices generally. When the fund managers believe that it is
prudent, they also may invest assets in non-leveraged futures and options.
"Non-leveraged" means that the fund may not invest in futures and options
where it would be possible to lose more than the fund invested. Futures and
options can help the fund's cash assets remain liquid while performing more
like stocks.
Additional information about Ultra's investments is available in its annual
and semiannual reports. In these reports you will find a discussion of the
market conditions and investment strategies that significantly affected the
fund's performance during the most recent fiscal period. You may get these
reports at no cost by calling us.
3. WHAT ARE THE SIGNIFICANT RISKS OF INVESTING IN THE FUND?
* The value of Ultra's shares depends on the value of the stocks and other
securities it owns. The value of the individual securities that the fund
owns will go up and down depending on the performance of the companies that
issued them, general market and economic conditions, and investor
confidence.
* The fund managers will buy a large amount of a company's stock quickly,
and often will dispose of it quickly if the company's earnings or revenues
decline. While the fund managers believe this strategy provides substantial
appreciation potential over the long term, in the short term it can create a
significant amount of share price volatility. This volatility can be greater
than that of the average stock fund.
* As with all funds, at any given time the value of your shares of Ultra may
be worth more or less than the price you paid. If you sell your shares when
the value is less than the price you paid, you will lose money.
* An investment in the fund is not a bank deposit, and it is not insured or
guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other
government agency.
* Market performance tends to be cyclical and, in the various cycles,
certain investment styles may fall in and out of favor. If the market is not
favoring the fund's style, the fund's gains may not be as big as, or its
losses may be bigger than, other equity funds using different investment
styles.
* Although the fund managers invest the fund's assets primarily in U.S.
stocks, Ultra can invest in securities of foreign companies. Foreign
securities can have certain unique risks, including fluctuations in currency
exchange rates, less stable political and economic structures, reduced
availability of public information, and lack of uniform financial reporting
and regulatory practices similar to those that apply in the United States.
These factors make investing in foreign securities generally riskier than
investing in U.S. stocks.
In summary, Ultra is intended for investors who seek long-term capital
growth through an aggressive equity fund and who are willing to accept the
risks associated with the fund's investment strategy.
Ultra American Century Investments
FUND PERFORMANCE
The following bar chart shows the actual performance of Ultra's Investor
Class shares for each of the last 10 calendar years. The bar chart indicates
the volatility of the fund's historical returns from year to year. The bar
chart and the performance information below are not intended to indicate how
the fund will perform in the future.
[data shown in bar chart]
Calendar Year-By-Year Returns (1)
1998 34.55%
1997 23.13%
1996 13.85%
1995 37.68%
1994 -3.62%
1993 21.81%
1992 1.27%
1991 86.45%
1990 9.36%
1989 36.94%
(1) As of June 30, 1999, the end of the most recent calendar quarter,
Ultra's year-to-date return was 12.45%.
The highest and lowest quarterly returns for the period reflected in the bar
chart are:
Highest Lowest
---------------------------------------------------------------------------
Ultra 40.75% (1Q 1991) -16.16% (3Q 1990)
The following table shows the average annual return of the fund's Investor
Class shares for the periods indicated. The S&P 500 Index, an unmanaged
index that reflects no operating costs, is included as a benchmark for
performance comparisons.
1 YEAR 5 YEARS 10 YEARS LIFE OF FUND(1)
AVERAGE ANNUAL TOTAL RETURNS (PERIOD ENDED JUNE 30, 1999)
---------------------------------------------------------
Ultra 22.02% 25.60% 22.21% 19.01%
S&P 500 Index 22.75% 27.81% 18.73% 18.36%
(1) The inception date for Ultra is November 2, 1981.
4. WHAT ARE THE FUND'S FEES AND EXPENSES?
There are no sales loads, fees or other charges
* to buy fund shares directly from American Century
* to reinvest dividends in additional shares
* to exchange into the Investor Class shares of other American Century fund
* to redeem your shares
The following table describes the fees and expenses that you will pay if you
buy and hold shares of the fund.
ANNUAL FUND OPERATING EXPENSES
(EXPENSES THAT ARE DEDUCTED FROM FUND ASSETS)
---------------------------------------------
Management Fee 1.00%
Distribution and Service (12b-1) Fees None
Other Expenses(1) 0.00%
Total Annual Fund Operating Expenses 1.00%
(1) Other expenses, which include the fees and expenses of the fund's
independent directors, their legal counsel and interest, were less than
0.005% for the most recent fiscal year.
EXAMPLE
Assuming you . . .
* invest $10,000 in the fund
* redeem all of your shares at the end of the periods shown below
* earn a 5% return each year
* incur the same operating expenses as shown above
. . . your cost of investing in the fund would be:
1 year 3 years 5 years 10 years
$102 $318 $551 $1,219
Of course, actual costs may be higher or lower. Use this example to
compare the costs of investing in other funds.
5. WHO ARE THE FUND'S INVESTMENT ADVISOR AND PORTFOLIO MANAGERS?
American Century Investment Management, Inc. provides investment advisory
and management services for the fund. American Century uses teams of
portfolio managers, assistant portfolio managers and analysts working
together to manage its mutual funds. Identified below are the portfolio
managers for the Ultra team:
JAMES E. STOWERS III, Chief Executive Officer and Portfolio Manager, joined
American Century as a Portfolio Manager of Ultra and other American Century
growth-oriented funds in 1981. He has a bachelor's degree in finance from
Arizona State University.
JOHN R. SYKORA, Vice President and Portfolio Manager, has been a member of
the team that manages Ultra since November 1997. He joined American Century
in May 1994 as an Investment Analyst and was promoted to Portfolio
Ultra Fund Profile
Manager in August 1997. Before joining American Century, he served as a
Financial Analyst for Business Men's Assurance Company of America, Kansas
City, Missouri, from August 1993 to April 1994. He has a bachelor's degree
in accounting and finance and an MBA in finance from Michigan State
University. He is a Chartered Financial Analyst.
BRUCE A. WIMBERLY, Vice President and Portfolio Manager, has been a member
of the team that manages Ultra since July 1996. He joined American Century
in September 1994 as an Investment Analyst. Before joining American Century,
he attended Kellogg Graduate School of Management, Northwestern University
from August 1992 to August 1994, where he obtained his MBA in finance. He
also has a bachelor of arts from Middlebury College.
6. HOW DO I BUY FUND SHARES?
American Century offers several ways to purchase shares
* Complete and return the enclosed application along with an investment
check payable to American Century Investments
* If you already have an American Century account, call us or access our Web
site to exchange shares from another American Century fund
* Call us and send your investment by bank wire transfer
Your initial investment must be at least $2,500 ($1,000 for traditional
IRAs, Roth IRAs and UGMA/UTMA accounts). If your redemption activity causes
the value of your account to fall below this account minimum, your shares
may be redeemed involuntarily.
7. HOW DO I SELL FUND SHARES?
You may sell all or part of your fund shares on any business day by writing
or calling us. You also may exchange your shares in Ultra for shares in
nearly 70 other mutual funds offered by American Century. Depending on the
options you select when you open your account, some restrictions may apply.
For your protection, some redemption requests require a signature guarantee.
8. HOW ARE FUND DISTRIBUTIONS MADE AND TAXED?
Ultra pays distributions of substantially all of its income and realized
capital gains once a year, usually in December. Distributions may be taxable
as ordinary income, capital gains or a combination of the two. Capital gains
are taxed at different rates depending on the length of time the fund held
the securities that were sold. Distributions are reinvested automatically in
additional shares unless you choose another option.
9. WHAT SERVICES ARE AVAILABLE?
American Century offers several ways to make it easier for you to manage
your account, such as
* telephone transactions
* wire and electronic funds transfers
* 24-hour Automated Information Line transactions
* 24-hour online Internet account access and transactions
You will find more information about these choices in Your Guide to American
Century Services, which you may request by calling us, accessing our Web
site or visiting one of our Investor Centers.
Information contained in the services guide pertains to shareholders who
invest directly with American Century rather than through an
employer-sponsored retirement plan or financial intermediary.
If you own or are considering purchasing fund shares through an
employer-sponsored retirement plan or financial intermediary, your ability
to purchase shares of the fund, exchange them for shares of other American
Century funds, and redeem them will depend on the terms of your plan or
financial intermediary. If you have questions about investing in an
employer-sponsored retirement plan or through a financial intermediary, call
a Service Representative at 1-800-345-3533.
- --------------------------------------------------------------------------------
[american century logo (reg. sm)]
American
Century
AMERICAN CENTURY INVESTMENTS
P.O. BOX 419200
KANSAS CITY, MISSOURI 64141-6200
INVESTOR RELATIONS
1-800-345-2021 or 816-531-5575
AUTOMATED INFORMATION LINE
1-800-345-8765
FAX
816-340-7962
TELECOMMUNICATIONS DEVICE FOR THE DEAF
1-800-634-4113 or 816-444-3485
BUSINESS, NOT-FOR-PROFIT AND
EMPLOYER-SPONSORED RETIREMENT PLANS
1-800-345-353
Visit our Web site at WWW.AMERICANCENTURY.COM [link to web site with arrow]
SH-PRF-16942 9907 Funds Distributor, Inc.
<PAGE>
[front cover]
AMERICAN CENTURY
Fund Profile
[american century logo (reg. sm)]
American
Century
Vista Fund
This profile summarizes key information about the fund that is included in the
fund's Prospectus. The fund's Prospectus includes additional information about
the fund, including a more detailed description of the risks associated with
investing in the fund, that you may want to consider before you invest.
[three photos of bubble blowing woman and child,
business men, woman at computer]
JULY 26, 1999
INVESTOR CLASS
You may obtain the Prospectus and other information about the fund at no cost
by calling us at 1-800-345-2021, accessing our Web site or visiting one of our
Investor Centers. See the back cover for additional telephone numbers and our
address.
VISTA FUND
1. WHAT IS THE FUND'S INVESTMENT OBJECTIVE?
Vista seeks long-term capital growth by investing primarily in common
stocks.
2. WHAT IS THE FUND'S INVESTMENT STRATEGY?
The fund managers look for stocks of companies that they believe will
increase in value over time. A majority of the stocks selected are issued by
medium- and smaller-sized companies, although the fund may own stock of
larger companies, too. The fund managers use a growth investment strategy
developed by American Century that looks for companies whose earnings and
revenues are not only growing, but growing at a successively faster, or
accelerating, pace. Accelerating growth is shown, for example, by growth
that is faster this quarter than last or faster this year than the year
before.
Using American Century's extensive computer database, the fund managers
track financial information for thousands of companies to research and
select the stocks they believe will be able to sustain accelerating growth.
This strategy is based on the premise that, over the long term, the stocks
of companies with accelerating earnings and revenues have a
greater-than-average chance to increase in value. This aggressive investment
strategy, which pursues superior long-term returns for fund shareholders,
also results in the risks described in the next section.
The fund managers do not attempt to time the market. Instead, they intend to
keep Vista essentially fully invested in stocks regardless of the movement
of stock prices generally. When the fund managers believe that it is
prudent, they also may invest assets in non-leveraged futures and options.
"Non-leveraged" means that the fund may not invest in futures and options
where it would be possible to lose more than the fund invested. Futures and
options can help the fund's cash assets remain liquid while performing more
like stocks.
Additional information about Vista's investments is available in its annual
and semiannual reports. In these reports you will find a discussion of the
market conditions and investment strategies that significantly affected the
fund's performance during the most recent fiscal period. You may get these
reports at no cost by calling us.
3. WHAT ARE THE SIGNIFICANT RISKS OF INVESTING IN THE FUND?
* The value of Vista's shares depends on the value of the stocks and other
securities it owns. The value of the individual securities that the fund
owns will go up and down depending on the performance of the companies that
issued them, general market and economic conditions, and investor
confidence.
* The fund managers will buy a large amount of a company's stock quickly,
and often will dispose of it quickly if the company's earnings or revenues
decline. While the fund managers believe this strategy provides substantial
appreciation potential over the long term, in the short term it can create a
significant amount of share price volatility. This volatility can be greater
than that of the average stock fund.
* As with all funds, at any given time the value of your shares of Vista may
be worth more or less than the price you paid. If you sell your shares when
the value is less than the price you paid, you will lose money.
* An investment in the fund is not a bank deposit, and it is not insured or
guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other
government agency.
* Market performance tends to be cyclical and, in the various cycles,
certain investment styles may fall in and out of favor. If the market is not
favoring the fund's style, the fund's gains may not be as big as, or its
losses may be bigger than, other equity funds using different investment
styles.
* Because Vista generally invests in smaller companies than our similarly
managed Ultra and Growth funds, it may be more volatile, and subject to
greater short-term risk, than those funds.
* Although the fund managers invest the fund's assets primarily in U.S.
stocks, Vista can invest in securities of foreign companies. Foreign
securities can have certain unique risks, including fluctuations in currency
exchange rates, less stable political and economic structures, reduced
availability of public information, and lack of uniform financial reporting
and regulatory practices similar to those that apply in the United States.
These factors make investing in foreign securities generally riskier than
investing in U.S. stocks.
Vista American Century Investments
In summary, Vista is intended for investors who seek long-term capital
growth through an aggressive equity fund and who are willing to accept the
risks associated with the fund's investment strategy.
FUND PERFORMANCE
The following bar chart shows the actual performance of Vista's Investor
Class shares for each of the last 10 calendar years. The bar chart indicates
the volatility of the fund's historical returns from year to year. The bar
chart and the performance information below are not intended to indicate how
the fund will perform in the future.
[bar chart]
Calendar Year-By-Year Returns (1)
1998 -14.25%
1997 8.68%
1996 7.56%
1995 46.13%
1994 4.68%
1993 5.45%
1992 -2.13%
1991 73.69%
1990 -15.73%
1989 52.20%
(1) As of June 30, 1999, the end of the most recent calendar quarter,
Vista's year-to-date return was 20.66%.
The highest and lowest quarterly returns for the period reflected in the bar
chart are:
Highest Lowest
------- ------
Vista 33.24% (1Q 1991) -29.82% (3Q 1990)
The following table shows the average annual return of the fund's Investor
Class shares for the periods indicated. The Russell 2500 Growth Index, an
unmanaged index that reflects no operating costs, is included as a benchmark
for performance comparisons.
1 YEAR 5 YEARS 10 YEARS LIFE OF FUND(1)
AVERAGE ANNUAL TOTAL RETURNS (PERIOD ENDED JUNE 30, 1999)
---------------------------------------------------------
Vista -1.23% 12.83% 11.02% 11.05%
Russell 2500
Growth Index 12.71% 17.97% 13.62% N/A(2)
(1) The inception date for the fund is November 25, 1983.
(2) Benchmark began January 1, 1986.
4. WHAT ARE THE FUND'S FEES AND EXPENSES?
There are no sales loads, fees or other charges
* to buy fund shares directly from American Century
* to reinvest dividends in additional shares
* to exchange into the Investor Class shares of other American Century funds
* to redeem your shares
The following table describes the fees and expenses that you will pay if you
buy and hold shares of the fund.
ANNUAL FUND OPERATING EXPENSES
(EXPENSES THAT ARE DEDUCTED FROM FUND ASSETS)
---------------------------------------------
Management Fee 1.00%
Distribution and Service (12b-1) Fees None
Other Expenses(1) 0.00%
Total Annual Fund Operating Expenses 1.00%
(1) Other expenses, which include the fees and expenses of the fund's
independent directors, their legal counsel and interest, were less than
0.005% for the most recent fiscal year.
EXAMPLE
Assuming you . . .
* invest $10,000 in the fund
* redeem all of your shares at the end of the periods shown below
* earn a 5% return each year
* incur the same operating expenses as shown above
. . . your cost of investing in the fund would be:
1 year 3 years 5 years 10 years
$102 $318 $551 $1,219
Of course, actual costs may be higher or lower. Use this example
to compare the costs of investing in other funds.
5. WHO ARE THE FUND'S INVESTMENT ADVISOR AND PORTFOLIO MANAGERS?
American Century Investment Management, Inc. provides investment advisory
and management services for the fund. American Century uses teams of
portfolio managers, assistant portfolio managers and analysts working
together to manage its mutual funds. Identified below are the portfolio
managers for the Vista team:
Vista Fund Profile
GLENN A. FOGLE, Vice President and Portfolio Manager, has been a member of
the team that manages Vista since March 1993. He joined American Century in
September 1990 as an Investment Analyst. He has a bachelor of arts and an
MBA from Texas Christian University. He is a Chartered Financial Analyst.
ARNOLD K. DOUVILLE, Vice President and Portfolio Manager, has been a member
of the team that manages Vista since joining American Century in November
1997. Before joining American Century, he served as Senior Portfolio Manager
for Munder Capital Management from September 1989 to October 1997. He has a
bachelor's degree in economics from the U.S. Air Force Academy and an MBA in
finance, statistics and economics from the University of Chicago.
6. HOW DO I BUY FUND SHARES?
American Century offers several ways to purchase shares
* Complete and return the enclosed application along with an investment
check payable to American Century Investments
* If you already have an American Century account, call us or access our Web
site to exchange shares from another American Century fund
* Call us and send your investment by bank wire transfer
Your initial investment must be at least $2,500 ($1,000 for traditional
IRAs, Roth IRAs and UGMA/UTMA accounts). If your redemption activity causes
the value of your account to fall below this account minimum, your shares
may be redeemed involuntarily.
7. HOW DO I SELL FUND SHARES?
You may sell all or part of your fund shares on any business day by writing
or calling us. You also may exchange your shares in Vista for shares in
nearly 70 other mutual funds offered by American Century. Depending on the
options you select when you open your account, some restrictions may apply.
For your protection, some redemption requests require a signature guarantee
8. HOW ARE FUND DISTRIBUTIONS MADE AND TAXED?
Vista pays distributions of substantially all of its income and realized
capital gains once a year, usually in December. Distributions may be taxable
as ordinary income, capital gains or a combination of the two. Capital gains
are taxed at different rates depending on the length of time the fund held
the securities that were sold. Distributions are reinvested automatically in
additional shares unless you choose another option.
9. WHAT SERVICES ARE AVAILABLE?
American Century offers several ways to make it easier for you to manage
your account, such as
* telephone transactions
* wire and electronic funds transfers
* 24-hour Automated Information Line transactions
* 24-hour online Internet account access and transactions
You will find more information about these choices in Your Guide to American
Century Services, which you may request by calling us, accessing our Web
site or visiting one of our Investor Centers.
Information contained in the services guide pertains to shareholders who
invest directly with American Century rather than through an
employer-sponsored retirement plan or financial intermediary.
If you own or are considering purchasing fund shares through an
employer-sponsored retirement plan or financial intermediary, your ability
to purchase shares of the fund, exchange them for shares of other American
Century funds, and redeem them will depend on the terms of your plan or
financial intermediary. If you have questions about investing in an
employer-sponsored retirement plan or through a financial intermediary, call
a Service Representative at 1-800-345-3533.
- --------------------------------------------------------------------------------
[american century logo (reg. sm)]
American
Century
AMERICAN CENTURY INVESTMENTS
P.O. BOX 419200
KANSAS CITY, MISSOURI 64141-6200
INVESTOR RELATIONS
1-800-345-2021 or 816-531-5575
AUTOMATED INFORMATION LINE
1-800-345-8765
FAX
816-340-7962
TELECOMMUNICATIONS DEVICE FOR THE DEAF
1-800-634-4113 or 816-444-3485
BUSINESS, NOT-FOR-PROFIT AND
EMPLOYER-SPONSORED RETIREMENT PLANS
1-800-345-3533
Visit our Web site at WWW.AMERICANCENTURY.COM [link to web site with arrow]
SH-PRF-16955 9907 Funds Distributor, Inc.
<PAGE>
[front cover]
AMERICAN CENTURY
Fund Profile
[american century logo (reg. sm)]
American
Century
Heritage Fund
This profile summarizes key information about the fund that is included in the
fund's Prospectus. The fund's Prospectus includes additional information about
the fund, including a more detailed description of the risks associated with
investing in the fund, that you may want to consider before you invest.
[photos of woman and girls blowing bubbles, men talking, woman at computer]
JULY 26, 1999
INVESTOR CLASS
You may obtain the Prospectus and other information about the fund at no cost
by calling us at 1-800-345-2021, accessing our Web site or visiting one of our
Investor Centers. See the back cover for additional telephone numbers and our
address.
HERITAGE FUND
1. WHAT IS THE FUND'S INVESTMENT OBJECTIVE?
Heritage seeks long-term capital growth by investing primarily in common
stocks.
2. WHAT IS THE FUND'S INVESTMENT STRATEGY?
The fund managers look for stocks of companies that they believe will
increase in value over time. A majority of the stocks selected are issued by
medium- and smaller-sized companies, although the fund may own stock of
larger companies, too. Sixty percent of Heritage's assets must be invested
in securities of companies that pay regular dividends, have committed to pay
dividends, or otherwise produce income. This reflects the fund managers'
strategy to buy stocks of companies that are successful enough to pay
dividends. The amount of dividends may not be significant, however, because
stocks are not picked based upon the amount of income they produce. The
remaining 40% of fund assets may be invested in any other permissible
securities that the fund managers believe will help the fund achieve its
objective.
The fund managers use a growth investment strategy developed by American
Century that looks for companies whose earnings and revenues are not only
growing, but growing at a successively faster, or accelerating, pace.
Accelerating growth is shown, for example, by growth that is faster this
quarter than last or faster this year than the year before.
Using American Century's extensive computer database, the fund managers
track financial information for thousands of companies to research and
select the stocks they believe will be able to sustain accelerating growth.
This strategy is based on the premise that, over the long term, the stocks
of companies with accelerating earnings and revenues have a
greater-than-average chance to increase in value. This aggressive investment
strategy, which pursues superior long-term returns for fund shareholders,
also results in the risks described in the next section.
The fund managers do not attempt to time the market. Instead, they intend to
keep Heritage essentially fully invested in stocks regardless of the
movement of stock prices generally. When the fund managers believe that it
is prudent, they also may invest assets in non-leveraged futures and
options. "Non-leveraged" means that the fund may not invest in futures and
options where it would be possible to lose more than the fund invested.
Futures and options can help the fund's cash assets remain liquid while
performing more like stocks.
Additional information about Heritage's investments is available in its
annual and semiannual reports. In these reports you will find a discussion
of the market conditions and investment strategies that significantly
affected the fund's performance during the most recent fiscal period. You
may get these reports at no cost by calling us.
3. WHAT ARE THE SIGNIFICANT RISKS OF INVESTING IN THE FUND?
* The value of Heritage's shares depends on the value of the stocks and
other securities it owns. The value of the individual securities that the
fund owns will go up and down depending on the performance of the companies
that issued them, general market and economic conditions, and investor
confidence.
* The fund managers will buy a large amount of a company's stock quickly,
and often will dispose of it quickly if the company's earnings or revenues
decline. While the fund managers believe this strategy provides significant
appreciation potential over the long term, in the short term it can create a
significant amount of share price volatility. This volatility can be greater
than that of the average stock fund.
* As with all funds, at any given time the value of your shares of Heritage
may be worth more or less than the price you paid. If you sell your shares
when the value is less than the price you paid, you will lose money.
* An investment in the fund is not a bank deposit, and it is not insured or
guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other
government agency.
* Although the fund can purchase securities of any size company, the fund
managers will tend to invest in medium- and smaller-sized companies with
smaller share trading volume.
* Market performance tends to be cyclical and, in the various cycles,
certain investment styles may fall in and out of favor. If the market is not
favoring the fund's style, the fund's gains may not be as big as, or its
losses may be bigger than, other equity funds using different investment
styles.
* In times of rapid market expansion, the fund's holdings in dividend-paying
stocks may dampen its performance.
* Although the fund managers invest the fund's assets primarily in U.S.
stocks, Heritage can invest in securities of foreign companies. Foreign
securities can have certain unique risks, including fluctuations in currency
exchange rates, less
Heritage American Century
Investments
stable political and economic structures, reduced availability of public
information, and lack of uniform financial reporting and regulatory
practices similar to those that apply in the United States. These factors
make investing in foreign securities generally riskier than investing in
U.S. stocks.
In summary, Heritage is intended for investors who seek long-term capital
growth through an aggressive equity fund and who are willing to accept the
risks associated with the fund's investment strategy.
FUND PERFORMANCE
The following bar chart shows the actual performance of Heritage's Investor
Class shares for each of the last 10 calendar years. The bar chart indicates
the volatility of the fund's historical returns from year to year. The bar
chart and the performance information below are not intended to indicate how
the fund will perform in the future.
[data shown in bar chart]
Calendar Year-By-Year Returns (1)
1998 -0.15%
1997 19.35%
1996 15.31%
1995 26.66%
1994 -6.32%
1993 20.43%
1992 10.13%
1991 35.98%
1990 -9.16%
1989 35.06%
(1) As of June 30, 1999, the end of the most recent calendar quarter,
Heritage's year-to-date return was 11.95%.
The highest and lowest quarterly returns for the period reflected in the bar
chart are:
Highest Lowest
---------------------------------------------------------------------------
Heritage 17.65% (4Q 1998) -21.16% (3Q 1998)
The following table shows the average annual return of the fund's Investor
Class shares for the periods indicated. The S&P MidCap 400, an unmanaged
index that reflects no operating costs, is included as a benchmark for
performance comparisons because it is viewed as a proxy for the mid-cap
market. The companies comprising the index are, on average, larger than the
companies in which the fund invests. As a result, differences in performance
can be expected.
1 YEAR 5 YEARS 10 YEARS LIFE OF FUND(1)
AVERAGE ANNUAL TOTAL RETURNS (PERIOD ENDED JUNE 30, 1999)
---------------------------------------------------------
Heritage 3.84% 14.69% 13.00% 15.11%
S&P MidCap 400 17.18% 22.28% 17.87% 19.83%(2)
(1) The inception date for Heritage is November 10, 1987.
(2) Benchmark from November 30, 1987.
4. WHAT ARE THE FUND'S FEES AND EXPENSES?
There are no sales loads, fees or other charges
* to buy fund shares directly from American Century
* to reinvest dividends in additional shares
* to exchange into the Investor Class shares of other American Century fund
* to redeem your shares
The following table describes the fees and expenses that you will pay if you
buy and hold shares of the fund.
ANNUAL FUND OPERATING EXPENSES
(EXPENSES THAT ARE DEDUCTED FROM FUND ASSETS)
---------------------------------------------
Management Fee 1.00%
Distribution and Service (12b-1) Fees None
Other Expenses(1) 0.00%
Total Annual Fund Operating Expenses 1.00%
(1) Other expenses, which include the fees and expenses of the fund's
independent directors, their legal counsel and interest, were less than
0.005% for the most recent fiscal year.
EXAMPLE
Assuming you . . .
* invest $10,000 in the fund
* redeem all of your shares at the end of the periods shown below
* earn a 5% return each year
* incur the same operating expenses as shown above
. . . your cost of investing in the fund would be:
1 year 3 years 5 years 10 years
$102 $318 $551 $1,219
Of course, actual costs may be higher or lower. Use this example to
compare the costs of investing in other funds.
5. WHO ARE THE FUND'S INVESTMENT ADVISOR AND PORTFOLIO MANAGERS?
American Century Investment Management, Inc. provides investment advisory
and management services for the fund. American Century uses teams of
portfolio managers, assistant
Heritage Fund Profile
portfolio managers and analysts working together to manage its mutual funds.
Identified below are the portfolio managers for the Heritage team:
HAROLD S. BRADLEY, Senior Vice President and Portfolio Manager, has been a
member of the team that manages Heritage since March 1998. He joined
American Century in 1988 and managed the global equity, futures and foreign
exchange trading activities for American Century until he was promoted to
Portfolio Manager. He has a bachelor of arts from Marquette University.
LINDA K. PETERSON, Portfolio Manager, has been a member of the team that
manages Heritage since March 1998. She joined American Century in 1986. She
served as an Investment Analyst for American Century's growth-oriented
equity funds, including Heritage, from April 1994 until February 1998. She
has a bachelor's degree in finance from the University of Northern Iowa and
an MBA from the University of Missouri - Kansas City. She is a Chartered
Financial Analyst.
6. HOW DO I BUY FUND SHARES?
American Century offers several ways to purchase shares
* Complete and return the enclosed application along with an investment
check payable to American Century Investments
* If you already have an American Century account, call us or access our Web
site to exchange shares from another American Century fund
* Call us and send your investment by bank wire transfer
Your initial investment must be at least $2,500 ($1,000 for traditional
IRAs, Roth IRAs and UGMA/UTMA accounts). If your redemption activity causes
the value of your account to fall below this account minimum, your shares
may be redeemed involuntarily.
7. HOW DO I SELL FUND SHARES?
You may sell all or part of your fund shares on any business day by writing
or calling us. You also may exchange your shares in Heritage for shares in
nearly 70 other mutual funds offered by American Century. Depending on the
options you select when you open your account, some restrictions may apply.
For your protection, some redemption requests require a signature guarantee.
8. HOW ARE FUND DISTRIBUTIONS MADE AND TAXED?
Heritage pays distributions of substantially all of its income and realized
capital gains once a year, usually in December. Distributions may be taxable
as ordinary income, capital gains or a combination of the two. Capital gains
are taxed at different rates depending on the length of time the fund held
the securities that were sold. Distributions are reinvested automatically in
additional shares unless you choose another option.
9. WHAT SERVICES ARE AVAILABLE?
American Century offers several ways to make it easier for you to manage
your account, such as
* telephone transactions
* wire and electronic funds transfers
* 24-hour Automated Information Line transactions
* 24-hour online Internet account access and transactions
You will find more information about these choices in Your Guide to American
Century Services, which you may request by calling us, accessing our Web
site or visiting one of our Investor Centers.
Information contained in the services guide pertains to shareholders who
invest directly with American Century rather than through an
employer-sponsored retirement plan or financial intermediary.
If you own or are considering purchasing fund shares through an
employer-sponsored retirement plan or financial intermediary, your ability
to purchase shares of the fund, exchange them for shares of other American
Century funds, and redeem them will depend on the terms of your plan or
financial intermediary. If you have questions about investing in an
employer-sponsored retirement plan or through a financial intermediary, call
a Service Representative at 1-800-345-3533.
- --------------------------------------------------------------------------------
[american century logo (reg. sm)]
American
Century
AMERICAN CENTURY INVESTMENTS
P.O. BOX 419200
KANSAS CITY, MISSOURI 64141-6200
INVESTOR RELATIONS
1-800-345-2021 or 816-531-5575
AUTOMATED INFORMATION LINE
1-800-345-8765
FAX
816-340-7962
TELECOMMUNICATIONS DEVICE FOR THE DEAF
1-800-634-4113 or 816-444-3485
BUSINESS, NOT-FOR-PROFIT AND
EMPLOYER-SPONSORED RETIREMENT PLANS
1-800-345-353
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SH-PRF-16941 9907 Funds Distributor, Inc.
<PAGE>
[front cover]
AMERICAN CENTURY
Fund Profile
[american century logo (reg. sm)]
American
Century
New Opportunities Fund
This profile summarizes key information about the fund that is included in the
fund's Prospectus. The fund's Prospectus includes additional information about
the fund, including a more detailed description of the risks associated with
investing in the fund, that you may want to consider before you invest.
[photos of woman and girls blowing bubbles, men talking, woman at computer]
JULY 26, 1999
INVESTOR CLASS
You may obtain the Prospectus and other information about the fund at no cost
by calling us at 1-800-345-8810, accessing our Web site or visiting one of our
Investor Centers. See the back cover for additional telephone numbers and our
address.
NEW OPPORTUNITIES FUND
1. WHAT IS THE FUND'S INVESTMENT OBJECTIVE?
New Opportunities seeks capital growth by investing primarily in common
stocks.
2. WHAT IS THE FUND'S INVESTMENT STRATEGY?
The fund managers look for stocks of smaller-sized companies that they
believe will increase in value over time. Although the managers intend to
invest primarily in smaller-sized companies, the fund may own stock of
medium- and large-sized companies, particularly as the fund gets larger. The
fund managers use a growth investment strategy developed by American Century
that looks for companies whose earnings and revenues are growing at a
successively faster, or accelerating, pace. Accelerating growth is shown,
for example, by growth that is faster this quarter than last or faster this
year than the year before. It also includes situations where a company's
growth rate, although still negative, is improving at a faster rate than
prior periods.
Using American Century's extensive computer database, the fund managers
track financial information for thousands of companies to research and
select the stocks they believe will be able to sustain accelerating growth.
This strategy is based on the premise that, over the long term, the stocks
of companies with accelerating earnings and revenues have a
greater-than-average chance to increase in value. This aggressive investment
strategy, which pursues superior long-term returns for fund shareholders,
also results in the risks described in the next section.
The fund managers do not attempt to time the market. Instead, they intend to
keep New Opportunities essentially fully invested in stocks regardless of
the movement of stock prices generally. When the fund managers believe that
it is prudent, they also may invest assets in non-leveraged futures and
options. "Non-leveraged" means that the fund may not invest in futures and
options where it would be possible to lose more than the fund invested.
Futures and options can help the fund's cash assets remain liquid while
performing more like stocks.
Additional information about New Opportunities' investments is available in
its annual and semiannual reports. In these reports you will find a
discussion of the market conditions and investment strategies that
significantly affected the fund's performance during the most recent fiscal
period. You may get these reports at no cost by calling us.
3. WHAT ARE THE SIGNIFICANT RISKS OF INVESTING IN THE FUND?
* The value of New Opportunities' shares depends on the value of the stocks
and other securities it owns. The value of the individual securities that
the fund owns will go up and down depending on the performance of the
companies that issued them, general market and economic conditions, and
investor confidence.
* As with all funds, at any given time the value of your shares of New
Opportunities 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.
* Because New Opportunities generally invests in smaller companies than
American Century's similarly managed growth equity funds (such as Growth,
Ultra and Select), it may be more volatile and subject to greater short-term
risk than those funds. Smaller companies may have limited financial
resources, product lines and markets, and their securities may trade less
frequently and in more limited volumes than the securities of larger
companies. In addition, smaller companies may have less publicly available
information and, when available, it may be inaccurate or incomplete.
* The fund managers will buy a large amount of a company's stock quickly,
and often will dispose of it quickly if the company's earnings or revenues
decline. While the fund managers believe this strategy provides substantial
appreciation potential over the long term, in the short term it can create a
significant amount of share price volatility. This volatility can be greater
than that of the average stock fund.
New Opportunities American Century Investments
* An investment in the fund is not a bank deposit, and it is not insured or
guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other
government agency.
* Market performance tends to be cyclical and, in the various cycles,
certain investment styles may fall in and out of favor. If the market is not
favoring the fund's style, the fund's gains may not be as big as, or its
losses may be bigger than, other equity funds using different investment
styles.
* Although the fund managers invest the fund's assets primarily in U.S.
stocks, New Opportunities can invest in securities of foreign companies.
Foreign securities can have certain unique risks, including fluctuations in
currency exchange rates, less stable political and economic structures,
reduced availability of public information, and lack of uniform financial
reporting and regulatory practices similar to those that apply in the United
States. These factors make investing in foreign securities generally riskier
than investing in U.S. stocks.
In summary, New Opportunities is intended for investors with a long-term
investment horizon (at least 5 years) who seek capital growth through an
aggressive equity fund and who are willing to accept the risks associated
with the fund's investment strategy.
FUND PERFORMANCE
The following bar chart shows the actual performance of New Opportunities'
shares for each calendar year since the fund's inception on December 26,
1996. The bar chart indicates the volatility of the fund's historical
returns from year to year. The bar chart and the performance information
below are not intended to indicate how the fund will perform in the future.
[data shown in bar chart]
Calendar Year-By-Year Returns (1)
1998 13.33%
1997 3.14%
(1) As of June 30, 1999, the end of the most recent calendar quarter,
New Opportunities' year-to-date return was 23.03%.
The highest and lowest quarterly returns for the period reflected in the bar
chart are:
Highest Lowest
---------------------------------------------------------------------------
New Opportunities 28.23% (4Q 1998) -21.62% (3Q 1998)
The following table shows the average annual return of the fund's shares for
the periods indicated. The Russell 2000 Growth Index, an unmanaged index
that reflects no operating costs, is included as a benchmark for performance
comparisons.
1 YEAR LIFE OF FUND(1)
AVERAGE ANNUAL TOTAL RETURNS (PERIOD ENDED JUNE 30, 1999)
---------------------------------------------------------
New Opportunities 23.65% 16.40%
Russell 2000
Growth Index 8.30% 10.72%(2)
(1) The inception date for New Opportunities is December 26, 1996.
(2) Benchmark from December 31, 1996.
4. WHAT ARE THE FUND'S FEES AND EXPENSES?
There are no sales loads, fees or other charges
* to buy fund shares directly from American Century
* to reinvest dividends in additional shares
THE FUND CHARGES A REDEMPTION FEE OF 2.0% OF THE VALUE OF THE SHARES SOLD
WITHIN FIVE YEARS OF THEIR PURCHASE. This redemption fee is retained by the
fund. It is intended to discourage short-term investment in the fund as well
as to decrease the negative impact that short-term investors have on the
shareholders remaining in the fund. Otherwise, there are no fees or charges
to exchange into the Investor Class shares of other American Century funds
or to redeem your shares. The following table describes the fees and
expenses that you will pay if you buy and hold shares of the fund.
SHAREHOLDER FEES
(FEES PAID DIRECTLY FROM YOUR INVESTMENT)
-----------------------------------------
Redemption Fee
Shares held less than five years 2.0%
Shares held for five years or more None
New Opportunities Fund Profile
ANNUAL FUND OPERATING EXPENSES
(EXPENSES THAT ARE DEDUCTED FROM FUND ASSETS)
---------------------------------------------
Management Fee 1.50%
Distribution and Service (12b-1) Fees None
Other Expenses(1) 0.00%
Total Annual Fund Operating Expenses 1.50%
(1) Other expenses, which include the fees and expenses of the fund's
independent directors, their legal counsel and interest, were less than
0.005% for the most recent fiscal year.
EXAMPLE
Assuming you . . .
* invest $10,000 in the fund
* redeem all of your shares at the end of the periods shown below
* earn a 5% return each year
* incur the same operating expenses as shown above
. . . your cost of investing in the fund would be:
1 year 3 years 5 years 10 years
$359 $693 $1,051 $1,778
You would pay the following expenses if you did not redeem your
shares at the end of the periods shown below:
1 year 3 years 5 years 10 years
$152 $472 $814 $1,778
Of course, actual costs may be higher or lower. Use this example to
compare the costs of investing in other funds.
5. WHO ARE THE FUND'S INVESTMENT ADVISOR AND PORTFOLIO MANAGERS?
American Century Investment Management, Inc. provides investment advisory
and management services for the fund. American Century uses teams of
portfolio managers, assistant portfolio managers and analysts working
together to manage its mutual funds. Identified below are the portfolio
managers for the New Opportunities team:
CHRISTOPHER K. BOYD, Vice President and Portfolio Manager, has been a member
of the team that manages New Opportunities since rejoining American Century
in January 1998. With the exception of 1997, he has been with American
Century since March 1988 and served as a Portfolio Manager since December
1992. During 1997, he was in private practice as an investment advisor. He
has a bachelor of science from the University of Kansas and an MBA from
Dartmouth College. He is a Chartered Financial Analyst.
JOHN D. SEITZER, Vice President and Portfolio Manager, has been a member of
the team that manages New Opportunities since the fund's inception in
December 1996. He joined American Century in June 1993 as an Investment
Analyst and was promoted to Portfolio Manager in July 1996. He has a
bachelor's degree in accounting and finance from Kansas State University and
an MBA in finance from Indiana University. He is a Chartered Financial
Analyst and a Certified Public Accountant.
6. HOW DO I BUY FUND SHARES?
American Century offers several ways to purchase shares
* Complete and return the enclosed application along with an investment
check payable to American Century Investments
* If you already have an American Century account, call us or access our Web
site to exchange shares from another American Century fund
* Call us and send your investment by bank wire transfer
New Opportunities is only available for purchase by participants in American
Century's Priority Investor Program and employees of American Century. The
minimum initial investment for Priority Investors must be at least $10,000;
the maximum aggregate investment in the fund is $500,000. If your redemption
activity causes the value of your account to fall below this account
minimum, your shares may be redeemed involuntarily.
7. HOW DO I SELL FUND SHARES?
You may sell all or part of your fund shares on any business day by writing
or calling us. You also may exchange your shares in New Opportunities for
shares in nearly 70 other mutual funds offered by American Century.
Depending on the options you select when you open your account, some
restrictions may apply. For your protection, some redemption requests
require a signature guarantee.
IF YOU SELL SHARES OF NEW OPPORTUNITIES WITHIN FIVE YEARS OF THEIR PURCHASE,
YOU WILL PAY A REDEMPTION FEE OF 2.0% OF THE VALUE OF THE SHARES SOLD.
New Opportunities American Century Investments
8. HOW ARE FUND DISTRIBUTIONS MADE AND TAXED?
New Opportunities pays distributions of substantially all of its income and
realized capital gains once a year, usually in December. Distributions may
be taxable as ordinary income, capital gains or a combination of the two.
Capital gains are taxed at different rates depending on the length of time
the fund held the securities that were sold. Distributions are reinvested
automatically in additional shares unless you choose another option.
9. WHAT SERVICES ARE AVAILABLE?
American Century offers several ways to make it easier for you to manage
your account, such as
* telephone transactions
* wire and electronic funds transfers
* 24-hour Automated Information Line transactions
* 24-hour online Internet account access and transactions
You will find more information about these choices in Your Guide to American
Century Services, which you may request by calling us, accessing our Web
site or visiting one of our Investor Centers.
New Opportunities Fund Profile
[american century logo (reg. sm)]
American
Century
AMERICAN CENTURY INVESTMENTS
P.O. BOX 419287
KANSAS CITY, MISSOURI 64141-6287
PRIORITY INVESTORS
1-800-345-8810 or 816-531-5575
AUTOMATED INFORMATION LINE
1-800-345-8765
FAX
816-531-5689
TELECOMMUNICATIONS DEVICE FOR THE DEAF
1-800-634-4113 or 816-444-3485
BUSINESS, NOT-FOR-PROFIT AND
EMPLOYER-SPONSORED RETIREMENT PLANS
1-800-345-353
Visit our Web site at WWW.AMERICANCENTURY.COM [link to web site with arrow]
SH-PRF-16943 9907 Funds Distributor, Inc.
<PAGE>
[front cover]
AMERICAN CENTURY
Fund Profile
[american century logo (reg. sm)]
American
Century
Tax-Managed Value Fund
This profile summarizes key information about the fund that is included in the
fund's Prospectus. The fund's Prospectus includes additional information about
the fund, including a more detailed description of the risks associated with
investing in the fund, that you may want to consider before you invest.
[photos of woman and girls blowing bubbles, men talking, woman at computer]
JULY 26, 1999
INVESTOR CLASS
You may obtain the Prospectus and other information about the fund at no cost
by calling us at 1-800-345-2021, accessing our Web site or visiting one of our
Investor Centers. See the back cover for additional telephone numbers and our
address.
TAX-MANAGED VALUE FUND
1. WHAT IS THE FUND'S INVESTMENT OBJECTIVE?
Tax-Managed Value seeks long-term capital growth by investing primarily in
common stocks while attempting to minimize the impact of federal taxes on
shareholder returns.
2. WHAT IS THE FUND'S INVESTMENT STRATEGY?
The fund managers use a value investment strategy to look for stocks of
medium to large companies that the fund managers believe are undervalued at
the time of purchase. Companies may be undervalued due to market declines,
poor economic conditions, actual or anticipated bad news regarding the
issuer or its industry, or because they have been overlooked by other
investors. To identify these companies, the fund managers look for companies
with earnings, cash flows and/or assets that may not be reflected accurately
in the companies' stock prices.
To minimize taxable distributions, the fund managers employ the following
tax-sensitive techniques that may sometimes be inconsistent with the fund's
objective of long-term capital growth:
* The fund managers seek to minimize realized capital gains by keeping
portfolio turnover relatively low and generally holding its investments for
longer periods.
* The fund managers seek to minimize realized capital gains when selling the
shares of a specific company by analyzing the fund's holdings of that
company's shares to determine which shares were purchased at what price and
typically selling those shares bought at the highest price.
* The fund managers may seek to minimize realized capital gains by selling
securities to realize capital losses. Realized capital losses can offset
realized capital gains, thereby reducing capital gain distributions to the
fund's shareholders.
* When appropriate, the fund managers may seek to minimize taxable dividend
income by investing in stocks with lower dividend yields.
While the fund seeks to minimize taxable distributions to shareholders, it
may realize taxable gains and earn some dividends. For example, the fund
managers may elect to sell a security, even if the sale results in a taxable
gain, if they determine the tax impact of the sale is outweighed by other
factors. Such other factors may include the investment risk of holding the
security or the availability of a replacement security that has a better
potential return. In addition, redemptions by shareholders could make it
necessary for the fund to sell securities, potentially resulting in capital
gains. Under certain circumstances, payment of the redemption price may be
made in whole or in part by a distribution in kind of securities from the
fund in lieu of cash, at the fund managers' discretion.
Investors who frequently redeem their shares generate additional
transactional costs for the fund and may cause the fund to recognize capital
gains and greater brokerage commissions that must be borne by the fund's
remaining shareholders. To encourage long-term investing, the fund applies a
2.0% redemption fee to shares held for less than one year. The fees will be
paid directly to the fund and will be used to help reimburse the fund for
costs incurred by the fund when buying and selling securities.
3. WHAT ARE THE SIGNIFICANT RISKS OF INVESTING IN THE FUND?
* As with all funds, at any given time the value of your shares of the fund
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.
* An investment in the fund is not a bank deposit, and it is not insured or
guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other
government agency.
* The value of Tax-Managed Value's shares depends on the value of the stocks
and other securities it owns. The value of the individual securities the
fund owns will go up and down depending on the performance of the companies
that issued them, general market and economic conditions, and investor
confidence.
* If the market does not consider the individual stocks purchased by the
fund to be undervalued, the value of the fund's shares may not increase as
quickly as other funds and may decline, even if stock prices are generally
rising.
* Market performance tends to be cyclical and, in the various cycles,
certain investment styles may fall in and out of favor. If the market is not
favoring the fund's style, the fund's gains may not be as big as, or its
losses may be bigger than, other equity funds using different investment
styles.
Tax-Managed Value American Century Investments
* While the fund seeks to minimize taxable distributions to shareholders, it
may realize capital gains on the sale of investment securities and earn
dividend income. For example, the fund managers may elect to sell a security
even if it results in a taxable gain if they determine the tax impact of the
sale is outweighed by other factors (such as the investment risk of the
security). Federal tax laws require the fund to make distributions of such
gains and income to its shareholders. Distributions may be taxable as
ordinary income, capital gains or a combination of the two.
In summary, Tax-Managed Value is intended for investors who seek long-term
capital growth on an after-tax basis and who are willing to accept the risks
associated with the fund's investment strategy.
4. WHAT ARE THE FUND'S FEES AND EXPENSES?
There are no sales loads, fees or other charges
* to buy fund shares directly from American Century
* to reinvest dividends in additional shares
THE FUND CHARGES A REDEMPTION FEE OF 2.0% OF THE VALUE OF THE SHARES SOLD
WITHIN ONE YEAR OF THEIR PURCHASE.
The following table describes the fees and expenses that you will pay if you
buy and hold shares of the fund.
SHAREHOLDER FEES
(FEES PAID DIRECTLY FROM YOUR INVESTMENT)
-----------------------------------------
Redemption Fee
Shares held less than one year(1) 2.0%
Shares held for one year or more None
(1) The fees withheld from redemption proceeds are paid to the fund.
ANNUAL FUND OPERATING EXPENSES
(EXPENSES THAT ARE DEDUCTED FROM FUND ASSETS)
Management Fee(1) 1.10%
Distribution and Service (12b-1) Fees None
Other Expenses(2) 0.00%
Total Annual Fund Operating Expenses 1.10%
(1) The fund has a stepped fee schedule. As a result, the fund's
management fee rate generally decreases as fund assets increase.
(2) Other expenses include the fees and expenses of the fund's
independent directors, their legal counsel and interest, and are
expected to be less than .005% of the fund's assets during the fund's
first fiscal year.
EXAMPLE
Assuming you . . .
* invest $10,000 in the fund
* redeem all of your shares at the end of the periods shown below
* earn a 5% return each year
* incur the same operating expenses as shown above
. . . your cost of investing in the fund would be:
1 year 3 years
$320 $349
You would pay the following expenses if you did not redeem your
shares at the end of the periods shown below:
1 year 3 years
$112 $349
Of course, actual costs may be higher or lower. Use this example to
compare the costs of investing in other funds.
5. WHO ARE THE FUND'S INVESTMENT ADVISOR AND PORTFOLIO MANAGERS?
American Century Investment Management, Inc. provides investment advisory
and management services for the fund. American Century uses teams of
portfolio managers, assistant portfolio managers and analysts working
together to manage its mutual funds. Identified below are the portfolio
managers for the Tax-Managed Value team:
MARK MALLON, Chief Investment Officer - Value and Quantitative Equities and
Senior Vice President, joined American Century in April 1997. From August
1978 until he joined American Century, Mr. Mallon was employed in several
positions by Federated Investors and served as President and Chief Executive
Officer of Federated Investment Counseling and Executive Vice President of
Federated Research Corporation since January 1990. He has a bachelor of arts
from Westminster College and an MBA from Cornell University. He is a
Chartered Financial Analyst.
Tax-Managed Value Fund Profile
CHARLES RITTER, Vice President and Portfolio Manager, joined American
Century in December 1998. Before joining American Century, Mr. Ritter spent
15 years with Federated Investors, most recently serving as Vice President
and Portfolio Manager. He has a bachelor's degree in mathematics and a
master's in economics from Carnegie Mellon University. He also has an MBA
from the University of Chicago. He is a Chartered Financial Analyst.
6. HOW DO I BUY FUND SHARES?
American Century offers several ways to purchase shares
* Complete and return the enclosed application along with an investment
check payable to American Century Investments
* If you already have an American Century account, call us or access our Web
site to exchange shares from another American Century fund
* Call us and send your investment by bank wire transfer
Your initial investment must be at least $10,000. If your redemption
activity causes the value of your account to fall below this account
minimum, your shares may be redeemed involuntarily.
7. HOW DO I SELL FUND SHARES?
You may sell all or part of your fund shares on any business day by writing
or calling us. You also may exchange your shares in Tax-Managed Value for
shares in nearly 70 other mutual funds offered by American Century.
Depending on the options you select when you open your account, some
restrictions may apply. For your protection, some redemption requests
require a signature guarantee.
IF YOU SELL YOUR SHARES OF TAX-MANAGED VALUE WITHIN ONE YEAR OF THEIR
PURCHASE, YOU WILL PAY A REDEMPTION FEE OF 2.0% OF THE VALUE OF THE SHARES
SOLD.
8. HOW ARE FUND DISTRIBUTIONS MADE AND TAXED?
Tax-Managed Value pays distributions of substantially all of its income and
realized capital gains once a year, usually in December. Distributions may
be taxable as ordinary income, capital gains or a combination of the two.
Capital gains are taxed at different rates depending on the length of time
the fund held the securities that were sold.
9. WHAT SERVICES ARE AVAILABLE?
American Century offers several ways to make it easier for you to manage
your account, such as
* telephone transactions
* wire and electronic funds transfers
* 24-hour Automated Information Line transactions
* 24-hour online Internet account access and transactions
You will find more information about these choices in Your Guide to American
Century Services, which you may request by calling us, accessing our Web
site or visiting one of our Investor Centers.
Information contained in the services guide pertains to shareholders who
invest directly with American Century rather than through an
employer-sponsored retirement plan or financial intermediary.
If you own or are considering purchasing fund shares through an
employer-sponsored retirement plan or financial intermediary, your ability
to purchase shares of the fund, exchange them for shares of other American
Century funds, and redeem them will depend on the terms of your plan or
financial intermediary. If you have questions about investing in an
employer-sponsored retirement plan or through a financial intermediary, call
a Service Representative at 1-800-345-3533.
- --------------------------------------------------------------------------------
[american century logo (reg. sm)]
American
Century
AMERICAN CENTURY INVESTMENTS
P.O. BOX 419200
KANSAS CITY, MISSOURI 64141-6200
INVESTOR RELATIONS
1-800-345-2021 or 816-531-5575
AUTOMATED INFORMATION LINE
1-800-345-8765
FAX
816-340-7962
TELECOMMUNICATIONS DEVICE FOR THE DEAF
1-800-634-4113 or 816-444-3485
BUSINESS, NOT-FOR-PROFIT AND
EMPLOYER-SPONSORED RETIREMENT PLANS
1-800-345-353
Visit our Web site at WWW.AMERICANCENTURY.COM [link to web site with arrow]
SH-PRF-16944 9907 Funds Distributor, Inc.
