AMERICAN CENTURY MUTUAL FUNDS INC, 497K3B, 2000-01-27

AMERICAN CENTURY MUTUAL FUNDS INC
497K3B, 2000-01-27

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[front cover]

AMERICAN CENTURY

Fund Profile

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

Select Fund

This profile summarizes key information about the fund that is included in the
fund's Prospectus. The fund's Prospectus includes additional information about
the fund, including a more detailed description of the risks associated with
investing in the fund, that you may want to consider before you invest.

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

JANUARY 24, 2000
INVESTOR CLASS

You may obtain the Prospectus and other information about the fund at no cost
by calling us at 1-800-345-2021, accessing our Web site or visiting one of our
Investor Centers. See the back cover for additional telephone numbers and our
address.

SELECT FUND

1. WHAT IS THE FUND'S INVESTMENT OBJECTIVE?

Select seeks long-term capital growth by investing primarily in common
stocks.

2. WHAT IS THE FUND'S INVESTMENT STRATEGY?

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

The fund managers use a growth investment strategy developed by American
Century that looks for companies whose earnings and revenues are not only
growing, but growing at a successively faster, or accelerating, pace.
Accelerating growth is shown, for example, by growth that is faster this
quarter than last or faster this year than the year before.

Using American Century's extensive computer database, the fund managers
track financial information for thousands of companies to research and
select the stocks they believe will be able to sustain accelerating growth.
This strategy is based on the premise that, over the long term, the stocks
of companies with accelerating earnings and revenues have a
greater-than-average chance to increase in value. This aggressive investment
strategy, which pursues superior long-term returns for fund shareholders,
also results in the risks described in the next section.

The fund managers do not attempt to time the market. Instead, they intend to
keep Select essentially fully invested in stocks regardless of the movement
of stock prices generally. When the fund managers believe that it is
prudent, they also may invest assets in non-leveraged futures and options.
"Non-leveraged" means that the fund may not invest in futures and
options where it would be possible to lose more than the fund invested.
Futures and options can help the fund's cash assets remain liquid while
performing more like stocks.

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

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

* The value of Select's shares depends on the value of the stocks and other
securities it owns. The value of the individual securities that the fund
owns will go up and down depending on the performance of the companies that
issued them, general market and economic conditions, and investor
confidence.

* The fund managers will buy a large amount of a company's stock quickly,
and often will dispose of it quickly if the company's earnings or revenues
decline. While the fund managers believe this strategy provides substantial
appreciation potential over the long term, in the short term it can create a
significant amount of share price volatility. This volatility can be greater
than that of the average stock fund.

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

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

* Market performance tends to be cyclical and, in the various cycles,
certain investment styles may fall in and out of favor. If the market is not
favoring the fund's style, the fund's gains may not be as big as, or its
losses may be bigger than, other equity funds using different investment
styles.

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

Select American Century Investments

In summary, Select is intended for investors who seek long-term capital
growth through an aggressive equity fund and who are willing to accept the
risks associated with the fund's investment strategy.

FUND PERFORMANCE

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

[data shown in bar chart]

Calendar Year-By-Year Returns

1999 1998 1997 1996 1995 1994 1993 1992 1991 1990
Select 22.23% 35.65% 32.19% 19.22% 22.67% -8.04% 14.67% -4.45% 31.58% -0.41%

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

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

The following table shows the average annual total returns of the fund's
Investor Class shares for the periods indicated. The S&P 500 Index, an
unmanaged index that reflects no operating costs, is included as a benchmark
for performance comparisons.

1 YEAR 5 YEARS 10 YEARS LIFE OF FUND(1)

AVERAGE ANNUAL TOTAL RETURNS (PERIOD ENDED DECEMBER 31, 1999)

Select 22.23% 26.22% 15.51% 17.90%
S&P 500 Index 21.04% 28.56% 18.21% 13.98%

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

4. WHAT ARE THE FUND'S FEES AND EXPENSES?

There are no sales loads, fees or other charges

* to buy fund shares directly from American Century

* to reinvest dividends in additional shares

* to exchange into the Investor Class shares of other American Century funds

* to redeem your shares

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

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

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

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

EXAMPLE

Assuming you . . .

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

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

1 year 3 years 5 years 10 years
$102 $318 $551 $1,219

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

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

American Century Investment Management, Inc. provides investment advisory
and management services for the fund. American Century uses teams of
portfolio managers, assistant portfolio managers and analysts working
together to manage its mutual funds. Identified below are the portfolio
managers for the Select team:

JAMES E. STOWERS III, Chief Executive Officer and Portfolio Manager, joined
American Century in 1981. He also is the Chief Investment Officer--U.S.
Growth Equities and as such oversees the investment discipline used for
Select and

Select Fund Profile

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

KEN H. CRAWFORD, Portfolio Manager, has been a member of the team that
manages Select since June 1999. He joined American Century in June 1995 as
an Investment Analyst and was promoted to Portfolio Manager in June 1999.
From June 1995 to December 1997 he served as an Investment Analyst on the
Select team and from December 1997 to June 1999 on the Growth team. Before
joining American Century, he was an Investment Analyst for Texas Commerce
Bank. He has a bachelor's degree in economics and a master's degree in
finance from the University of Wisconsin.

6. HOW DO I BUY FUND SHARES?

American Century offers several ways to purchase shares

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

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

* Call us and send your investment by bank wire transfer

Your initial investment must be at least $2,500 ($1,000 for traditional and
Roth IRAs). If your redemption activity causes the value of your account to
fall below this account minimum, your shares may be redeemed involuntarily.

7. HOW DO I SELL FUND SHARES?

You may sell all or part of your fund shares on any business day by writing
or calling us. You also may exchange your shares in Select for shares in
nearly 70 other mutual funds offered by American Century. Depending on the
options you select when you open your account, some restrictions may apply.
For your protection, some redemption requests require a signature guarantee.

8. HOW ARE FUND DISTRIBUTIONS MADE AND TAXED?

Select pays distributions of substantially all of its income and realized
capital gains once a year, usually in December. Distributions may be taxable
as ordinary income, capital gains or a combination of the two. Capital gains
are taxed at different rates depending on the length of time the fund held
the securities that were sold. Distributions are reinvested automatically in
additional shares unless you choose another option.

9. WHAT SERVICES ARE AVAILABLE?

American Century offers several ways to make it easier for you to manage
your account, such as

* telephone transactions

* wire and electronic funds transfers

* 24-hour Automated Information Line transactions

* 24-hour online Internet account access and transactions

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

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

If you own or are considering purchasing fund shares through an
employer-sponsored retirement plan or financial intermediary, your ability
to purchase shares of the fund, exchange them for shares of other American
Century funds, and redeem them will depend on the terms of your plan or
financial intermediary. If you have questions about investing in an
employer-sponsored retirement plan or through a financial intermediary, call
a Service Representative at 1-800-345-3533.

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

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

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

AUTOMATED INFORMATION LINE
1-800-345-8765

FAX
816-340-7962

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

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

Visit our Web site at WWW.AMERICANCENTURY.COM

SH-PRF-18988 0001 Funds Distributor, Inc., Distributor

[front cover]

AMERICAN CENTURY

Fund Profile

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

Growth Fund

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

JANUARY 24, 2000
INVESTOR CLASS

GROWTH FUND

1. WHAT IS THE FUND'S INVESTMENT OBJECTIVE?

Growth seeks long-term capital growth by investing primarily in common
stocks.

2. WHAT IS THE FUND'S INVESTMENT STRATEGY?

The fund managers look for large company stocks that they believe will
increase in value over time. They use a growth investment strategy developed
by American Century that looks for companies whose earnings and revenues are
not only growing, but growing at a successively faster, or accelerating,
pace. Accelerating growth is shown, for example, by growth that is faster
this quarter than last or faster this year than the year before.

The fund managers do not attempt to time the market. Instead, they intend to
keep Growth essentially fully invested in stocks regardless of the movement
of stock prices generally. When the fund managers believe that it is
prudent, they also may invest assets in non-leveraged futures and options.
"Non-leveraged" means that the fund may not invest in futures and
options where it would be possible to lose more than the fund invested.
Futures and options can help the fund's cash assets remain liquid while
performing more like stocks.

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

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

* The value of Growth's shares depends on the value of the stocks and other
securities it owns. The value of the individual securities that the fund
owns will go up and down depending on the performance of the companies that
issued them, general market and economic conditions, and investor
confidence.

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

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

In summary, Growth is intended for investors who seek long-term capital
growth through an aggressive equity fund and who are willing to accept the
risks associated with the fund's investment strategy.

Growth American Century Investments

FUND PERFORMANCE

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

[data shown in bar chart]

Calendar Year-By-Year Returns

1999 1998 1997 1996 1995 1994 1993 1992 1991 1990
Growth 34.68% 36.77% 29.28% 15.01% 20.35% -1.49% 3.76% -4.29% 69.02% -3.85%

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

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

The following table shows the average annual total returns of the fund's
Investor Class shares for the periods indicated. The benchmarks are
unmanaged indices that have no operating costs and are included for
performance comparisons.

1 YEAR 5 YEARS 10 YEARS LIFE OF FUND(1)

AVERAGE ANNUAL TOTAL RETURNS (PERIOD ENDED DECEMBER 31, 1999)

Growth 34.68% 26.92% 18.00% 19.57%
Russell 1000 Growth Index 33.16% 32.41% 20.32% N/A(2)
S&P 500 Index 21.04% 28.56% 18.21% 13.98%

(2) Benchmark began January 1, 1979.

4. WHAT ARE THE FUND'S FEES AND EXPENSES?

There are no sales loads, fees or other charges

* to buy fund shares directly from American Century

* to reinvest dividends in additional shares

* to exchange into the Investor Class shares of other American Century funds

* to redeem your shares

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

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

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

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

EXAMPLE

Assuming you . . .

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

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

1 year 3 years 5 years 10 years
$102 $318 $551 $1,219

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

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

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

Growth Fund Profile

Vice President and Portfolio Manager at Putnam Investments from May 1996 to
September 1997 and Vice President and Portfolio Manager at Prudential
Investments from February 1993 to April 1996. She has a bachelor of arts
from Princeton University, an MBA in finance and a master's in public
affairs from the University of Texas.

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

6. HOW DO I BUY FUND SHARES?

American Century offers several ways to purchase shares

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

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

* Call us and send your investment by bank wire transfer

7. HOW DO I SELL FUND SHARES?

You may sell all or part of your fund shares on any business day by writing
or calling us. You also may exchange your shares in Growth for shares in
nearly 70 other mutual funds offered by American Century. Depending on the
options you select when you open your account, some restrictions may apply.
For your protection, some redemption requests require a signature guarantee.

8. HOW ARE FUND DISTRIBUTIONS MADE AND TAXED?

Growth pays distributions of substantially all of its income and realized
capital gains once a year, usually in December. Distributions may be taxable
as ordinary income, capital gains or a combination of the two. Capital gains
are taxed at different rates depending on the length of time the fund held
the securities that were sold. Distributions are reinvested automatically in
additional shares unless you choose another option.

9. WHAT SERVICES ARE AVAILABLE?

American Century offers several ways to make it easier for you to manage
your account, such as

* telephone transactions
* wire and electronic funds transfers
* 24-hour Automated Information Line transactions
* 24-hour online Internet account access and transactions

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

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

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

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

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

AUTOMATED INFORMATION LINE
1-800-345-8765

FAX
816-340-7962

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

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

Visit our Web site at WWW.AMERICANCENTURY.COM

SH-PRF-18989 0001 Funds Distributor, Inc., Distributor

[front cover]

AMERICAN CENTURY

Fund Profile

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

Heritage Fund

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

JANUARY 24, 2000
INVESTOR CLASS

HERITAGE FUND

1. WHAT IS THE FUND'S INVESTMENT OBJECTIVE?

Heritage seeks long-term capital growth by investing primarily in common
stocks.

2. WHAT IS THE FUND'S INVESTMENT STRATEGY?

The fund managers look for stocks of companies that they believe will
increase in value over time. A majority of the stocks selected are issued by
medium- and smaller-sized companies, although the fund may own stock of
larger companies, too. Sixty percent of Heritage's assets must be invested
in securities of companies that pay regular dividends, have committed to pay
dividends, or otherwise produce income. This reflects the fund managers'
strategy to buy stocks of companies that are successful enough to pay
dividends. The amount of dividends may not be significant, however, because
stocks are not picked based upon the amount of income they produce. The
remaining 40% of fund assets may be invested in any other permissible
securities that the fund managers believe will help the fund achieve its
objective.

The fund managers do not attempt to time the market. Instead, they intend to
keep Heritage essentially fully invested in stocks regardless of the
movement of stock prices generally. When the fund managers believe that it
is prudent, they also may invest assets in non-leveraged futures and
options. "Non-leveraged" means that the fund may not invest in
futures and options where it would be possible to lose more than the fund
invested. Futures and options can help the fund's cash assets remain liquid
while performing more like stocks.

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

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

* The value of Heritage's shares depends on the value of the stocks and
other securities it owns. The value of the individual securities that the
fund owns will go up and down depending on the performance of the companies
that issued them, general market and economic conditions, and investor
confidence.

* The fund managers will buy a large amount of a company's stock quickly,
and often will dispose of it quickly if the company's earnings or revenues
decline. While the fund managers believe this strategy provides significant
appreciation potential over the long term, in the short term it can create a
significant amount of share price volatility. This volatility can be greater
than that of the average stock fund.

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

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

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

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

Heritage American Century 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

1999 1998 1997 1996 1995 1994 1993 1992 1991 1990
Heritage 51.28% -0.15% 19.35% 15.31% 26.66% -6.32% 20.43% 10.13% 35.98% -9.16%

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

Highest Lowest
---------------------------------------------------------------------------
Heritage 40.37% (4Q 1999) -21.16% (3Q 1998)

The following table shows the average annual total returns of the fund's
Investor Class shares for the periods indicated. The S&P MidCap 400, an
unmanaged index that reflects no operating costs, is included as a benchmark
for performance comparisons because it is viewed as a proxy for the mid-cap
market. The companies comprising the index are, on average, larger than the
companies in which the fund invests. As a result, differences in performance
can be expected.

1 YEAR 5 YEARS 10 YEARS LIFE OF FUND(1)

AVERAGE ANNUAL TOTAL RETURNS (PERIOD ENDED DECEMBER 31, 1999)

Heritage 51.28% 21.35% 14.98% 17.31%
S&P MidCap 400 14.72% 23.05% 17.32% 17.76%(2)

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

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

4. WHAT ARE THE FUND'S FEES AND EXPENSES?

There are no sales loads, fees or other charges

* to buy fund shares directly from American Century

* to reinvest dividends in additional shares

* to exchange into the Investor Class shares of other American Century funds

* to redeem your shares

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

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

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

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

EXAMPLE

Assuming you . . .

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

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

1 year 3 years 5 years 10 years
$102 $318 $551 $1,219

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

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

American Century Investment Management, Inc. provides investment advisory
and management services for the fund. American Century uses teams of
portfolio managers, assistant

Heritage Fund Profile

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

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

LINDA K. PETERSON, Portfolio Manager, has been a member of the team that
manages Heritage since March 1998. She joined American Century in 1986. She
served as an Investment Analyst for American Century's growth-oriented
equity funds, including Heritage, from April 1994 until February 1998. She
has a bachelor's degree in finance from the University of Northern Iowa and
an MBA from the University of Missouri - Kansas City. She is a Chartered
Financial Analyst.

6. HOW DO I BUY FUND SHARES?

American Century offers several ways to purchase shares

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

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

* Call us and send your investment by bank wire transfer

7. HOW DO I SELL FUND SHARES?

You may sell all or part of your fund shares on any business day by writing
or calling us. You also may exchange your shares in Heritage for shares in
nearly 70 other mutual funds offered by American Century. Depending on the
options you select when you open your account, some restrictions may apply.
For your protection, some redemption requests require a signature guarantee.

8. HOW ARE FUND DISTRIBUTIONS MADE AND TAXED?

Heritage pays distributions of substantially all of its income and realized
capital gains once a year, usually in December. Distributions may be taxable
as ordinary income, capital gains or a combination of the two. Capital gains
are taxed at different rates depending on the length of time the fund held
the securities that were sold. Distributions are reinvested automatically in
additional shares unless you choose another option.

9. WHAT SERVICES ARE AVAILABLE?

American Century offers several ways to make it easier for you to manage
your account, such as

* telephone transactions
* wire and electronic funds transfers
* 24-hour Automated Information Line transactions
* 24-hour online Internet account access and transactions

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

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

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

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

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

AUTOMATED INFORMATION LINE
1-800-345-8765

FAX
816-340-7962

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

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

Visit our Web site at WWW.AMERICANCENTURY.COM

SH-PRF-18990 0001 Funds Distributor, Inc., Distributor

[front cover]

AMERICAN CENTURY

Fund Profile

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

Ultra(reg.sm) 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
thefund, 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]

JANUARY 24, 2000
INVESTOR CLASS

ULTRA FUND

1. WHAT IS THE FUND'S INVESTMENT OBJECTIVE?

Ultra seeks long-term capital growth by investing primarily in common
stocks.

2. WHAT IS THE FUND'S INVESTMENT STRATEGY?

The fund managers look for stocks of medium to large companies that they
believe will increase in value over time. The fund managers use a growth
investment strategy developed by American Century that looks for companies
whose earnings and revenues are not only growing, but growing at a
successively faster, or accelerating, pace. Accelerating growth is shown,
for example, by growth that is faster this quarter than last or faster this
year than the year before.

The fund managers do not attempt to time the market. Instead, they intend to
keep Ultra essentially fully invested in stocks regardless of the movement
of stock prices generally. When the fund managers believe that it is
prudent, they also may invest assets in non-leveraged futures and options.
"Non-leveraged" means that the fund may not invest in futures and
options where it would be possible to lose more than the fund invested.
Futures and options can help the fund's cash assets remain liquid while
performing more like stocks.

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

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

* The value of Ultra's shares depends on the value of the stocks and other
securities it owns. The value of the individual securities that the fund
owns will go up and down depending on the performance of the companies that
issued them, general market and economic conditions, and investor
confidence.

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

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

In summary, Ultra is intended for investors who seek long-term capital
growth through an aggressive equity fund and who are willing to accept the
risks associated with the fund's investment strategy.

Ultra American Century Investments

FUND PERFORMANCE

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

[data shown in bar chart]

Calendar Year-By-Year Returns

1999 1998 1997 1996 1995 1994 1993 1992 1991 1990
Ultra 41.46% 34.55% 23.13% 13.85% 37.68% -3.62% 21.81% 1.27% 86.45% 9.36%

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)

1 YEAR 5 YEARS 10 YEARS LIFE OF FUND(1)

AVERAGE ANNUAL TOTAL RETURNS (PERIOD ENDED DECEMBER 31, 1999)

Ultra 41.46% 29.70% 24.42% 19.94%
S&P 500 Index 21.04% 28.56% 18.21% 18.43%(2)

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

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

4. WHAT ARE THE FUND'S FEES AND EXPENSES?

There are no sales loads, fees or other charges

* to buy fund shares directly from American Century

* to reinvest dividends in additional shares

* to exchange into the Investor Class shares of other American Century funds

* to redeem your shares

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

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

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

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

EXAMPLE

Assuming you . . .

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

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

1 year 3 years 5 years 10 years
$102 $318 $551 $1,219

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

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

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

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

Ultra Fund Profile

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

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

6. HOW DO I BUY FUND SHARES?

American Century offers several ways to purchase shares

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

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

* Call us and send your investment by bank wire transfer

7. HOW DO I SELL FUND SHARES?

You may sell all or part of your fund shares on any business day by writing
or calling us. You also may exchange your shares in Ultra for shares in
nearly 70 other mutual funds offered by American Century. Depending on the
options you select when you open your account, some restrictions may apply.
For your protection, some redemption requests require a signature guarantee.

8. HOW ARE FUND DISTRIBUTIONS MADE AND TAXED?

Ultra pays distributions of substantially all of its income and realized
capital gains once a year, usually in December. Distributions may be taxable
as ordinary income, capital gains or a combination of the two. Capital gains
are taxed at different rates depending on the length of time the fund held
the securities that were sold. Distributions are reinvested automatically in
additional shares unless you choose another option.

9. WHAT SERVICES ARE AVAILABLE?

American Century offers several ways to make it easier for you to manage
your account, such as

* telephone transactions
* wire and electronic funds transfers
* 24-hour Automated Information Line transactions
* 24-hour online Internet account access and transactions

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

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

ULTRA is a registered service mark of American Century Services Corporation

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

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

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

AUTOMATED INFORMATION LINE
1-800-345-8765

FAX
816-340-7962

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

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

Visit our Web site at WWW.AMERICANCENTURY.COM

SH-PRF-18991 0001 Funds Distributor, Inc., Distributor

[front cover]

AMERICAN CENTURY

Fund Profile

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

Tax-Managed Value Fund

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

JANUARY 24, 2000
INVESTOR CLASS

TAX-MANAGED VALUE FUND

1. WHAT IS THE FUND'S INVESTMENT OBJECTIVE?

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

2. WHAT IS THE FUND'S INVESTMENT STRATEGY?

The fund managers use a value investment strategy to look for stocks of
medium to large companies that the fund managers believe are undervalued at
the time of purchase. Companies may be undervalued due to market declines,
poor economic conditions, actual or anticipated bad news regarding the
issuer or its industry, or because they have been overlooked by other
investors. To identify these companies, the fund managers look for companies
with earnings, cash flows and/or assets that may not be reflected accurately
in the companies' stock prices.

To minimize taxable distributions, the fund managers employ the following
tax-sensitive techniques that may sometimes be inconsistent with the fund's
objective of long-term capital growth

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

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

* The fund managers may seek to minimize realized capital gains by selling
securities to realize capital losses. Realized capital losses can offset
realized capital gains, thereby reducing capital gain distributions to the
fund's shareholders.

* When appropriate, the fund managers may seek to minimize taxable dividend
income by investing in stocks with lower dividend yields.

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

Investors who frequently redeem their shares generate additional
transactional costs for the fund and may cause the fund to recognize capital
gains and greater brokerage commissions that must be borne by the fund's
remaining shareholders. To encourage long-term investing, the fund applies a
2.0% redemption fee to shares held for less than one year. The fees will be
paid directly to the fund and will be used to help reimburse the fund for
costs incurred by the fund when buying and selling securities.

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

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

* The value of Tax-Managed Value's shares depends on the value of the stocks
and other securities it owns. The value of the individual securities the
fund owns will go up and down depending on the performance of the companies
that issued them, general market and economic conditions, and investor
confidence.

* If the market does not consider the individual stocks purchased by the
fund to be undervalued, the value of the fund's shares may not increase as
quickly as other funds and may decline, even if stock prices are generally
rising.

Tax-Managed Value American Century Investments

* While the fund seeks to minimize taxable distributions to shareholders, it
may realize capital gains on the sale of investment securities and earn
dividend income. For example, the fund managers may elect to sell a security
even if it results in a taxable gain if they determine the tax impact of the
sale is outweighed by other factors (such as the investment risk of the
security). Federal tax laws require the fund to make distributions of such
gains and income to its shareholders. Distributions may be taxable as
ordinary income, capital gains or a combination of the two.

In summary, Tax-Managed Value is intended for investors who seek long-term
capital growth on an after-tax basis and who are willing to accept the risks
associated with the fund's investment strategy.

4. WHAT ARE THE FUND'S FEES AND EXPENSES?

There are no sales loads, fees or other charges

* to buy fund shares directly from American Century

* to reinvest dividends in additional shares

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

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

SHAREHOLDER FEES
(FEES PAID DIRECTLY FROM YOUR INVESTMENT)

Redemption Fee
Shares held less than one year(1) 2.0%
Shares held for one year or more None

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

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

Management Fee 1.10%(1)
Distribution and Service (12b-1) Fees None
Other Expenses 0.00%(2)
Total Annual Fund Operating Expenses 1.10%

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

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

EXAMPLE

Assuming you . . .

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

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

1 year 3 years
$320 $349

You would pay the following expenses if you did not redeem your
shares at the end of the periods shown below:

1 year 3 years
$112 $349

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

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

MARK MALLON, Chief Investment Officer - Value and Quantitative Equities and
Senior Vice President, joined American Century in April 1997. From August
1978 until he joined American Century, Mr. Mallon was employed in several
positions by Federated Investors and served as President and Chief Executive
Officer of Federated Investment Counseling and Executive Vice President of
Federated Research Corporation since January 1990. He has a bachelor of arts
from Westminster College and an MBA from Cornell University. He is a
Chartered Financial Analyst.

Tax-Managed Value Fund Profile

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

6. HOW DO I BUY FUND SHARES?

American Century offers several ways to purchase shares

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

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

* Call us and send your investment by bank wire transfer

Your initial investment must be at least $10,000. If your redemption
activity causes the value of your account to fall below this account
minimum, your shares may be redeemed involuntarily.

7. HOW DO I SELL FUND SHARES?

You may sell all or part of your fund shares on any business day by writing
or calling us. You also may exchange your shares in Tax-Managed Value for
shares in nearly 70 other mutual funds offered by American Century.
Depending on the options you select when you open your account, some
restrictions may apply. For your protection, some redemption requests
require a signature guarantee.

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

8. HOW ARE FUND DISTRIBUTIONS MADE AND TAXED?

Tax-Managed Value pays distributions of substantially all of its income and
realized capital gains once a year, usually in December. Distributions may
be taxable as ordinary income, capital gains or a combination of the two.
Capital gains are taxed at different rates depending on the length of time
the fund held the securities that were sold.

9. WHAT SERVICES ARE AVAILABLE?

American Century offers several ways to make it easier for you to manage
your account, such as

* telephone transactions
* wire and electronic funds transfers
* 24-hour Automated Information Line transactions
* 24-hour online Internet account access and transactions

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

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

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

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

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

AUTOMATED INFORMATION LINE
1-800-345-8765

FAX
816-340-7962

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

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

Visit our Web site at WWW.AMERICANCENTURY.COM

SH-PRF-18992 0001 Funds Distributor, Inc., Distributor

[front cover]

AMERICAN CENTURY

Fund Profile

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

Vista Fund

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

JANUARY 24, 2000

INVESTOR CLASS

VISTA FUND

1. WHAT IS THE FUND'S INVESTMENT OBJECTIVE?

Vista seeks long-term capital growth by investing primarily in common
stocks.

2. WHAT IS THE FUND'S INVESTMENT STRATEGY?

The fund managers look for stocks of companies that they believe will
increase in value over time. A majority of the stocks selected are issued by
medium- and smaller-sized companies, although the fund may own stock of
larger companies, too. The fund managers use a growth investment strategy
developed by American Century that looks for companies whose earnings and
revenues are not only growing, but growing at a successively faster, or
accelerating, pace. Accelerating growth is shown, for example, by growth
that is faster this quarter than last or faster this year than the year
before.

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.
&quot;Non-leveraged&quot; means that the fund may not invest in
futures and options where it would be possible to lose more than the fund
invested. Futures and options can help the fund's cash assets remain liquid
while performing more like stocks.

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

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

* The value of Vista's shares depends on the value of the stocks and other
securities it owns. The value of the individual securities that the fund
owns will go up and down depending on the performance of the companies that
issued them, general market and economic conditions, and investor
confidence.

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

* Because Vista generally invests in smaller companies than our similarly
managed Ultra and Growth funds, it may be more volatile, and subject to
greater short-term risk, than those funds.

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

Vista American Century Investments

In summary, Vista is intended for investors who seek long-term capital
growth through an aggressive equity fund and who are willing to accept the
risks associated with the fund's investment strategy.

FUND PERFORMANCE

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

[data shown in bar chart]

Calendar Year-By-Year Returns
1999 1998 1997 1996 1995 1994 1993 1992 1991 1990
Vista 119.11% -14.25% -8.68% 7.56% 46.13% 4.68% 5.45% -2.13% 73.69% -15.73%

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

Highest Lowest
Vista 72.22% (4Q 1999) -29.82% (3Q 1990)

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

1 YEAR 5 YEARS 10 YEARS LIFE OF FUND(1)

AVERAGE ANNUAL TOTAL RETURNS (PERIOD ENDED DECEMBER 31, 1999)

Vista 119.11% 21.93% 15.60% 14.87%

Russell 2500
Growth Index 55.48% 23.10% 16.25% 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 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 0.00%(1)

Total Annual Fund Operating Expenses 1.00%

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

EXAMPLE

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

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

1 year 3 years 5 years 10 years

$102 $318 $551 $1,219

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

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

Vista Fund Profile

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

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

6. HOW DO I BUY FUND SHARES?

American Century offers several ways to purchase shares

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

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

* Call us and send your investment by bank wire transfer

7. HOW DO I SELL FUND SHARES?

You may sell all or part of your fund shares on any business day by writing
or calling us. You also may exchange your shares in Vista for shares in
nearly 70 other mutual funds offered by American Century. Depending on the
options you select when you open your account, some restrictions may apply.
For your protection, some redemption requests require a signature guarantee

8. HOW ARE FUND DISTRIBUTIONS MADE AND TAXED?

Vista pays distributions of substantially all of its income and realized
capital gains once a year, usually in December. Distributions may be taxable
as ordinary income, capital gains or a combination of the two. Capital gains
are taxed at different rates depending on the length of time the fund held
the securities that were sold. Distributions are reinvested automatically in
additional shares unless you choose another option.

9. WHAT SERVICES ARE AVAILABLE?

American Century offers several ways to make it easier for you to manage
your account, such as

* telephone transactions

* wire and electronic funds transfers

* 24-hour Automated Information Line transactions

* 24-hour online Internet account access and transactions

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

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

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

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

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

AUTOMATED INFORMATION LINE
1-800-345-8765

FAX
816-340-7962

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

BUSINESS, NOT-FOR-PROFIT AND
EMPLOYER-SPONSORED RETIREMENT PLANS
1-800-345-353

Visit our Web site at WWW.AMERICANCENTURY.COM

SH-PRF-19003 0001 Funds Distributor, Inc., Distributor

[front cover]

AMERICAN CENTURY

Fund Profile

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

Balanced Fund

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

JANUARY 24, 2000

INVESTOR CLASS

BALANCED FUND

1. WHAT IS THE FUND'S INVESTMENT OBJECTIVE?

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

2. WHAT IS THE FUND'S INVESTMENT STRATEGY?

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

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

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

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

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

* The value of Balanced's shares depends on the value of the stocks, bonds
and other securities it owns. The value of the individual equity securities
that the fund owns will go up and down depending on the performance of the
companies that issued them, general market and economic conditions, and
investor confidence. The value of the fund's fixed-income securities will be
affected primarily by rising or falling interest rates and the continued
ability of the issuers of these securities to make payments of interest and
principal as they become due.

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

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

Balanced American Century Investments

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

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

FUND PERFORMANCE

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

[data shown in bar chart]

Calendar Year-By-Year Returns
1999 1998 1997 1996 1995 1994 1993 1992 1991 1990
Balanced 10.10% 16.29% 16.93% 12.61% 21.37% -0.07% 7.24% -6.06% 46.86% 1.82%

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

Highest Lowest

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

The following table shows the average annual total returns of the fund's
Investor Class shares for the periods indicated. The S&P 500 Index and
the Lehman Aggregate Bond Index, unmanaged indices that reflect no operating
costs, are blended as a benchmark for performance comparisons.

1 YEAR 5 YEARS 10 YEARS LIFE OF FUND(1)

AVERAGE ANNUAL TOTAL RETURNS (PERIOD ENDED DECEMBER 31, 1999)

Balanced 10.10% 15.39% 11.90% 12.72%

S&P 500 21.04% 28.56% 18.21% 19.09%((3))

Lehman Aggregate
Bond Index -0.82% 7.73% 7.70% 8.06%(3)

Blended Index(2) 12.30% 20.23% 14.00% 14.68%(3)

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

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

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

4. WHAT ARE THE FUND'S FEES AND EXPENSES?

There are no sales loads, fees or other charges

* to buy fund shares directly from American Century

* to reinvest dividends in additional shares

* to exchange into the Investor Class shares of other American Century 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.

Balanced Fund Profile

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

Management Fee 1.00%

Distribution and Service (12b-1) Fees None

Other Expenses 0.00%(1)

Total Annual Fund Operating Expenses 1.00%

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

EXAMPLE

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

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

1 year 3 years 5 years 10 years

$102 $318 $551 $1,219

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

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

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

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

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

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

6. HOW DO I BUY FUND SHARES?

American Century offers several ways to purchase shares

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

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

* Call us and send your investment by bank wire transfer

Balanced American Century Investments

7. HOW DO I SELL FUND SHARES?

You may sell all or part of your fund shares on any business day by writing
or calling us. You also may exchange your shares in Balanced for shares in
nearly 70 other mutual funds offered by American Century. Depending on the
options you select when you open your account, some restrictions may apply.
For your protection, some redemption requests require a signature guarantee

8. HOW ARE FUND DISTRIBUTIONS MADE AND TAXED?

Balanced pays distributions of substantially all of its income quarterly.
Distributions from realized capital gains are paid once a year, usually in
December. Distributions may be taxable as ordinary income, capital gains or
a combination of the two. Capital gains are taxed at different rates
depending on the length of time the fund held the securities that were sold.
Distributions are reinvested automatically in additional shares unless you
choose another option.

9. WHAT SERVICES ARE AVAILABLE?

American Century offers several ways to make it easier for you to manage
your account, such as

* telephone transactions

* wire and electronic funds transfers

* 24-hour Automated Information Line transactions

* 24-hour online Internet account access and transactions

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

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

Balanced Fund Profile

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

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

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

AUTOMATED INFORMATION LINE
1-800-345-8765

FAX
816-340-7962

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

BUSINESS, NOT-FOR-PROFIT AND
EMPLOYER-SPONSORED RETIREMENT PLANS
1-800-345-353

Visit our Web site at WWW.AMERICANCENTURY.COM

SH-PRF-19008 0001 Funds Distributor, Inc., Distributor

[front cover]

AMERICAN CENTURY

Fund Profile

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

High-Yield Fund

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

JANUARY 24, 2000

INVESTOR CLASS

HIGH-YIELD FUND

1. WHAT IS THE FUND'S INVESTMENT OBJECTIVE?

High-Yield seeks high current income by investing in a diversified portfolio
of high-yielding corporate bonds, debentures and notes. As a secondary
objective, the fund seeks capital appreciation, but only when consistent
with the primary objective of maximizing current income.

2. WHAT IS THE FUND'S INVESTMENT STRATEGY?

The fund managers invest the fund's assets primarily in lower-rated debt
securities, which are subject to greater credit risk and consequently pay
higher yields. Securities of this type are subject to substantial risks
including price volatility, liquidity risk and default risk. You should
carefully assess the risks associated with an investment in the fund.

Under normal market conditions, the fund managers will maintain at least 80%
of the fund's total assets in high-yielding corporate bonds and other debt
instruments (including convertible and preferred securities). The remaining
assets may be invested in common stocks or other equity-related securities.
The fund managers buy securities that are below investment grade, including
so-called junk bonds. Issuers of these securities often have short financial
histories or have questionable credit.

Up to 40% of the fund's total assets may be invested in fixed-income
obligations of foreign issuers. Under normal market conditions, the fund may
invest up to 20% of its assets, and for temporary defensive purposes, up to
100% of its assets, in short-term money market instruments.

AUTHORIZED CREDIT QUALITY RANGES
A-1 A-2 A-3
P-1 P-2 P-3
MIG-1 MIG-2 MIG-3
SP-1 SP-2 SP-3
AAA AA A BBB BB B CCC CC C D
-------------------------------- [black bar]
------------------------------------------------------------------------------[gray bar]

[gray bar] Denotes authorized quality

[black bar] Denotes expected quality range of at least 80%
of total assets of the fund

Additional information about High-Yield'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 High-Yield's shares depends on the value of the securities it
owns and the income they produce. When interest rates change, the fund's
share value will be affected. Generally, when interest rates rise, the
fund's share value will decline. The opposite is true when interest rates
decline. This interest rate risk is higher for High-Yield than for funds
that have shorter weighted average maturities, such as money market and
short-term bond funds.

* Issuers of high-yield securities are more vulnerable to real or perceived
economic changes (such as an economic downturn or a prolonged period of
rising interest rates), political changes or adverse developments specific
to the issuer. Adverse economic, political or other developments may be more
likely to cause an issuer of lower-quality bonds to default on its principal
and interest obligations.

* The market for lower-quality securities is generally less liquid than the
market for higher-quality securities.

* Adverse publicity and investor perceptions, as well as new or proposed
laws, also may have a greater negative impact on the market for
lower-quality securities.

* High-Yield can invest up to 40% of its assets in securities of foreign
companies. Foreign securities can have certain unique risks, including
fluctuations in currency exchange rates, unstable political and economic
structures, reduced availability of public information, and the lack of
uniform financial reporting and regulatory practices similar to those that
apply to U.S. issuers.

* 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.

High-Yield American Century Investments

In summary, High-Yield is intended for investors who seek current income by
investing in a diversified portfolio of high-yielding corporate bonds,
debentures and notes 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 High-Yield's
Investor Class shares for each full calendar year since the fund's inception
on September 30, 1997. 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
1999 1998
High-Yield 5.86% -1.25%

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

Highest Lowest

High-Yield 4.86% (1Q 1998) -7.18% (3Q 1998)

The following table shows the average annual total returns of the fund's
Investor Class shares for the periods indicated. The DLJ High Yield Index,
an unmanaged index that reflects no operating costs, is included as a
benchmark for performance comparisons. For current performance information,
including yields, please call us or access our Web site.

1 YEAR LIFE OF FUND(1)

AVERAGE ANNUAL TOTAL RETURNS (PERIOD ENDED DECEMBER 31, 1999)

High-Yield 5.86% 2.80%

DLJ High Yield Index 3.59% 2.60%

(1) The inception date for High-Yield is September 30, 1997.

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 0.90%

Distribution and Service (12b-1) Fees None

Other Expenses 0.00%(1)

Total Annual Fund Operating Expenses 0.90%

(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

$92 $286 $497 $1,104

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 acting
together to manage its mutual funds. Identified below are the portfolio
managers for the High-Yield team:

High-Yield Fund Profile

NORMAN E. HOOPS, Senior Vice President and Portfolio Manager, has been a
member of the team that manages High-Yield since its inception. He joined
American Century as Vice President and Portfolio Manager in November 1989.
In April 1993, he became Senior Vice President. He has a bachelor of arts
from Indiana University and an MBA from Butler University.

THERESA C. FENNELL, Vice President and Portfolio Manager, has been a member
of the team that manages High-Yield since its inception. She joined American
Century in June 1997. Prior to joining American Century, she was an
Assistant Portfolio Manager with Smith Barney Mutual Funds Management, Inc.
She has a bachelor's degree in economics from the University of Virginia.

6. HOW DO I BUY FUND SHARES?

American Century offers several ways to purchase shares

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

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

* Call us and send your investment by bank wire transfer

7. HOW DO I SELL FUND SHARES?

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

High-Yield pays distributions of substantially all of its income monthly.
Distributions from realized capital gains are paid once a year, usually in
December. Distributions may be taxable as ordinary income, capital gains or
a combination of the two. Capital gains are taxed at different rates
depending on the length of time the fund held the securities that were sold.
Distributions are reinvested automatically in additional shares unless you
choose another option.

9. WHAT SERVICES ARE AVAILABLE?

American Century offers several ways to make it easier for you to manage
your account, such as

* telephone transactions

* wire and electronic funds transfers

* 24-hour Automated Information Line transactions

* 24-hour online Internet account access and transactions

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

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

--------------------------------------------------------------------------------
[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

SH-PRF-19016 0001 Funds Distributor, Inc., Distributors

[front cover]

AMERICAN CENTURY

Fund Profile

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

Limited-Term Bond Fund

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

JANUARY 24, 2000

INVESTOR CLASS

LIMITED-TERM BOND FUND

1. WHAT IS THE FUND'S INVESTMENT OBJECTIVE?

Limited-Term Bond seeks income from investments in corporate bonds and other
debt obligations.

2. WHAT IS THE FUND'S INVESTMENT STRATEGY?

The fund buys quality, short-term corporate bonds and other debt securities.
Corporate bonds generally are issued by companies to finance existing
operations or to expand their business. Under normal market conditions, the
fund managers will invest most of the fund's assets in investment-grade
securities. The remainder will be invested in short-term money market
instruments.

The fund managers actively manage the fund, adjusting its weighted average
portfolio maturity in response to expected changes in interest rates. If
interest rates are expected to rise, the weighted average maturity of the
fund will be shortened to protect its net asset value from the effects of
falling bond prices. If interest rates are expected to fall, the weighted
average maturity will be increased to take advantage of potentially
increasing bond prices.

The weighted average maturity of the fund is expected to be five years or
less.

Additional information about Limited-Term Bond'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?

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

* The fund may invest part of its assets in securities rated in the lowest
investment-grade category (for example, Baa or BBB). Although these
securities are considered investment grade, the issuers of these securities
are more likely to pose a credit risk, that is, to have problems making
interest and principal payments than issuers of higher-rated securities.

* 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.

In summary, Limited-Term Bond is intended for investors who seek a
competitive level of income with limited price volatility.

FUND PERFORMANCE

The following bar chart shows the actual performance of Limited-Term Bond's
Investor Class shares for each full calendar year since the fund's inception
on March 1, 1994. 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
1999 1998 1997 1996 1995
Limited-Term Bond 2.48% 6.30% 6.41% 4.42% 10.94%

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

Highest Lowest

Limited-Term Bond 3.20% (2Q 1995) 0.20% (1Q 1996)

Limited-Term Bond American Century Investments

The following table shows the average annual total returns of the fund's
Investor Class shares for the periods indicated. The Merrill Lynch 1- to
5-Year Government/Corporate Index, an unmanaged index that reflects no
operating costs, is included as a benchmark for performance comparisons. For
current performance information, including yields, please call us or access
our Web site.

1 YEAR 5 YEARS LIFE OF FUND(1)

AVERAGE ANNUAL TOTAL RETURNS (PERIOD ENDED DECEMBER 31, 1999)

Limited-Term Bond 2.48% 6.07% 5.15%

Merrill Lynch 1- to 5-Year
Government/Corporate Index 2.19% 6.86% 5.77%

(1) The inception date for Limited-Term Bond is March 1, 1994.

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 0.70%

Distribution and Service (12b-1) Fees None

Other Expenses 0.00%(1)

Total Annual Fund Operating Expenses 0.70%

(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

$71 $224 $389 $868

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?

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

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

Limited-Term Bond Fund Profile

6. HOW DO I BUY FUND SHARES?

American Century offers several ways to purchase shares

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

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

* Call us and send your investment by bank wire transfer

7. HOW DO I SELL FUND SHARES?

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

Limited-Term Bond pays distributions of substantially all of its income
monthly. Distributions may be taxable as ordinary income, capital gains or a
combination of the two. Capital gains are taxed at different rates depending
on the length of time the fund held the securities that were sold.
Distributions are reinvested automatically in additional shares unless you
choose another option.

9. WHAT SERVICES ARE AVAILABLE?

American Century offers several ways to make it easier for you to manage
your account, such as

* telephone transactions

* wire and electronic funds transfers

* 24-hour Automated Information Line transactions

* 24-hour online Internet account access and transactions

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

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

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

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

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

AUTOMATED INFORMATION LINE
1-800-345-8765

FAX
816-340-7962

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

BUSINESS, NOT-FOR-PROFIT AND
EMPLOYER-SPONSORED RETIREMENT PLANS
1-800-345-353

Visit our Web site at WWW.AMERICANCENTURY.COM

SH-PRF-19017 0001 Funds Distributor, Inc., Distributor

[front cover]

AMERICAN CENTURY

Fund Profile

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

Intermediate-Term Bond Fund

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

JANUARY 24, 2000

INVESTOR CLASS

INTERMEDIATE-TERM BOND FUND

1. WHAT IS THE FUND'S INVESTMENT OBJECTIVE?

Intermediate-Term Bond seeks a competitive level of income from investments
in corporate bonds and other debt obligations.

2. WHAT IS THE FUND'S INVESTMENT STRATEGY?

The fund managers buy quality, short- to intermediate-term corporate bonds
and other debt securities. Corporate bonds generally are issued by companies
to finance existing operations or to expand their business. Under normal
market conditions, the fund managers will invest most of the fund's assets
in investment-grade securities. The remainder will be invested in short-term
money market instruments.

The weighted average maturity of the fund is expected to be three to 10
years.

Additional information about Intermediate-Term Bond'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?

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

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

In summary, Intermediate-Term Bond is intended for investors who seek a
higher level of current income than is generally available from shorter-term
corporate and government securities and who are willing to accept a greater
degree of price fluctuation.

FUND PERFORMANCE

The following bar chart shows the actual performance of Intermediate-Term
Bond's Investor Class shares for each full calendar year since the fund's
inception on March 1, 1994. 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
1999 1998 1997 1996 1995
Intermediate-Term Bond -0.63% 7.46% 8.20% 3.26% 15.12%

Intermediate-Term Bond American Century Investments

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

Highest Lowest

Intermediate-Term Bond 4.77% (2Q 1995) -1.38% (1Q 1996)

The following table shows the average annual total returns of the fund's
Investor Class shares for the periods indicated. The Lehman Intermediate
Government/Corporate Index, an unmanaged index that reflects no operating
costs, is included as a benchmark for performance comparisons. For current
performance information, including yields, please call us or access our Web
site.

1 YEAR 5 YEARS LIFE OF FUND(1)

AVERAGE ANNUAL TOTAL RETURNS (PERIOD ENDED DECEMBER 31, 1999)

Intermediate-Term Bond -0.63% 6.55% 5.37%

Lehman Intermediate
Government/Corporate Index 0.39% 7.10% 5.76%

(1) The inception date for Intermediate-Term Bond is March 1, 1994.

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 0.75%

Distribution and Service (12b-1) Fees None

Other Expenses 0.00%(1)

Total Annual Fund Operating Expenses 0.75%

(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

$76 $239 $416 $928

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?

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

6. HOW DO I BUY FUND SHARES?

American Century offers several ways to purchase shares

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

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

* Call us and send your investment by bank wire transfer

Intermediate-Term Bond Fund Profile

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 Intermediate-Term Bond
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?

Intermediate-Term Bond pays distributions of substantially all of its income
monthly. Distributions may be taxable as ordinary income, capital gains or a
combination of the two. Capital gains are taxed at different rates depending
on the length of time the fund held the securities that were sold.
Distributions are reinvested automatically in additional shares unless you
choose another option.

9. WHAT SERVICES ARE AVAILABLE?

American Century offers several ways to make it easier for you to manage
your account, such as

* telephone transactions

* wire and electronic funds transfers

* 24-hour Automated Information Line transactions

* 24-hour online Internet account access and transactions

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

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

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

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

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

AUTOMATED INFORMATION LINE
1-800-345-8765

FAX
816-340-7962

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

BUSINESS, NOT-FOR-PROFIT AND
EMPLOYER-SPONSORED RETIREMENT PLANS
1-800-345-353

Visit our Web site at WWW.AMERICANCENTURY.COM

SH-PRF-19018 0001 Funds Distributor, Inc., Distributor

[front cover]

AMERICAN CENTURY

Fund Profile

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

Bond Fund

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

JANUARY 24, 2000

INVESTOR CLASS

--------------------------------------------------------------------------------

BOND FUND

1. WHAT IS THE FUND'S INVESTMENT OBJECTIVE?

Bond seeks a high level of income from investments in corporate bonds and
other debt obligations.

2. WHAT IS THE FUND'S INVESTMENT STRATEGY?

The fund buys quality, intermediate- and longer-term corporate bonds and
other debt securities. Corporate bonds generally are issued by companies to
finance existing operations or to expand their business. Under normal market
conditions, the fund managers will invest most of the fund's assets in
investment-grade securities. The remainder will be invested in short-term
money market instruments.

Although there is no weighted average maturity requirement for this fund, it
will invest primarily in intermediate- and long-term bonds. It is
anticipated that under normal market conditions, the weighted average
maturity will be between eight and 20 years.

Additional information about Bond'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?

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

* The fund may invest part of its assets in securities rated in the lowest
investment-grade category (for example, Baa or BBB). Although these
securities are considered investment grade, the issuers are more likely to
pose a credit risk, that is, to have problems making interest and principal
payments than issuers of higher-rated securities.

* 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.

In summary, Bond is intended for investors who seek higher income than is
generally provided by money market or short- and intermediate-term
securities and who can accept the greater price volatility associated with
longer-term bonds.

FUND PERFORMANCE

The following bar chart shows the actual performance of Bond'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
1999 1998 1997 1996 1995 1994 1993 1992 1991 1990
Bond -2.07 6.56% 8.75% 2.43% 20.28% -4.49% 10.15% 5.60% 17.50% 6.04%

Bond American Century Investments

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

Highest Lowest

Bond 7.08% (2Q 1995) -3.58% (1Q 1990)

The following table shows the average annual total returns of the fund's
Investor Class shares for the periods indicated. The Lehman Aggregate Bond
Index, an unmanaged index that reflects no operating costs, is included as a
benchmark for performance comparisons. For current performance information,
including yields, please call us or access our Web site.

1 YEAR 5 YEARS 10 YEARS LIFE OF FUND(1)

AVERAGE ANNUAL TOTAL RETURNS (PERIOD ENDED DECEMBER 31, 1999)

Bond -2.07% 6.94% 6.83% 6.85%

Lehman Aggregate
Bond Index -0.82% 7.73% 7.70% 7.76%(2)

(1) The inception date for the fund is March 2, 1987.

(2) Since February 28, 1987, the date nearest the fund's inception for
which data are available.

4. WHAT ARE THE FUND'S FEES AND EXPENSES?

There are no sales loads, fees or other charges

* to buy fund shares directly from American Century

* to reinvest dividends in additional shares

* to exchange into the Investor Class shares of other American Century 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 0.80%

Distribution and Service (12b-1) Fees None

Other Expenses 0.00%(1)

Total Annual Fund Operating Expenses 0.80%

(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

$82 $255 $443 $987

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?

NORMAN E. HOOPS, Senior Vice President and Portfolio Manager, has been a
member of the team that manages Bond since November 1989. He joined American
Century as Vice President and Portfolio Manager in November 1989. In April
1993, he became Senior Vice President. He has a bachelor of arts from
Indiana University and an MBA from Butler University.

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

Bond Fund Profile

6. HOW DO I BUY FUND SHARES?

American Century offers several ways to purchase shares

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

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

* Call us and send your investment by bank wire transfer

7. HOW DO I SELL FUND SHARES?

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

Bond pays distributions of substantially all of its income monthly.
Distributions may be taxable as ordinary income, capital gains or a
combination of the two. Capital gains are taxed at different rates depending
on the length of time the fund held the securities that were sold.
Distributions are reinvested automatically in additional shares unless you
choose another option.

9. WHAT SERVICES ARE AVAILABLE?

American Century offers several ways to make it easier for you to manage
your account, such as

* telephone transactions

* wire and electronic funds transfers

* 24-hour Automated Information Line transactions

* 24-hour online Internet account access and transactions

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

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

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

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

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

AUTOMATED INFORMATION LINE
1-800-345-8765

FAX
816-340-7962

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

BUSINESS, NOT-FOR-PROFIT AND
EMPLOYER-SPONSORED RETIREMENT PLANS
1-800-345-353

Visit our Web site at WWW.AMERICANCENTURY.COM

SH-PRF-19019 0001 Funds Distributor, Inc., Distributor