3Q Profiles

497K3B 1 profiles-3.htm 3Q PROFILES 3Q Profiles

[front cover]

AMERICAN CENTURY
Fund Profile

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.

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.

[photo of woman on sitting on bench, photo of hand holding pencil]

October 29, 2001

Investor Class

[american century logo and text logo (reg. sm)]

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.

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 nonleveraged futures and options.
"Nonleveraged" 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. As a result, it is possible to lose
money by 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.

* 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 intend to invest the fund's assets primarily
in U.S. stocks, Select may invest in securities of foreign companies.
Foreign investment involves additional 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, 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.

Select American Century Investments

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. Account fees are not reflected in the
chart below. If they had been included, returns would be lower than those
shown.

[data shown in bar chart]

Calendar Year-By-Year Returns(1)
2000 -8.71%
1999 22.23%
1998 35.65%
1997 32.19%
1996 19.22%
1995 22.67%
1994 -8.04%
1993 14.67%
1992 -4.45%
1991 31.58%

(1) As of September 30, 2001, the end of the most recent calendar
quarter, Select's year-to-date return was -23.87%.

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

Highest Lowest
---------------------------------------------------------------------------
Select 22.30% (4Q 1998) -14.64% (1Q 2001)

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 SEPTEMBER 30, 2001)
Select -31.35% 10.02% 9.64% 15.39%
S&P 500 Index -26.63% 10.22% 12.70% 11.91%

(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 other than a $10 fee to redeem by wire

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

SHAREHOLDER FEES (FEES PAID DIRECTLY FROM YOUR INVESTMENT)
Maximum Account Maintenance Fee $25(1)

(1) Applies only to investors whose total eligible investments with
American Century are less than $10,000.

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, as well as 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.

Select Fund Profile

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:

JERRY SULLIVAN, Vice President and Portfolio Manager, has been a member of
the team that manages Select since joining American Century in February
2000. Before joining American Century, he was a Portfolio Manager with the
Franklin Templeton Group from March 1998 to October 1999 and with Sun
America in New York from February 1996 to March 1998. He has a bachelor's
degree in political science from Columbia College and an MBA with a
concentration in finance and accounting from the Columbia Graduate School of
Business.

KEN H. CRAWFORD, Vice President and 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 account balance falls 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.

Select Fund Profile

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 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.

Select American Century Investments

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

Visit our Web site at WWW.AMERICANCENTURY.COM [link to web site with arrow]

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

SH-PRF-26982 0110 American Century Investment Services, Inc.

[front cover]

AMERICAN CENTURY
Fund Profile

Heritage Fund

[photo of woman on sitting on bench, photo of hand holding pencil]

October 29, 2001

Investor Class

[american century logo and text logo (reg. sm)]

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 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 nonleveraged futures and options.
"Nonleveraged" means that the fund may not invest in futures and options
where it would be possible to lose more than the fund invested. Futures and
options can help the fund's cash assets remain liquid while performing more
like stocks.

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

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

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

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

* As with all funds, your shares may be worth more or less at any given
time than the price you paid for them. As a result, it is possible to lose
money by 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.

* 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.

* Although the fund managers intend to invest the fund's assets primarily
in U.S. stocks, Heritage may invest in securities of foreign companies.
Foreign investment involves additional 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, Heritage is intended for investors who seek long-term capital
growth through an aggressive equity fund

Heritage American Century Investments

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. Account fees are not reflected in the
chart below. If they had been included, returns would be lower than those
shown.

[data shown in bar chart]

Calendar Year-By-Year Returns(1)

2000 17.39%
1999 51.28%
1998 -0.15%
1997 19.35%
1996 15.31%
1995 26.66%
1994 -6.32%
1993 20.43%
1992 10.13%
1991 35.98%

(1) As of September 30, 2001, the end of the most recent calendar
quarter, Heritage's year-to-date return was -30.10%.

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 SEPTEMBER 30, 2001)
Heritage -36.72% 8.94% 11.38% 13.36%
S&P MidCap 400 -19.00% 13.67% 14.45% 16.33%(2)

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

(2) Since October 31, 1987, the date closest to 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 other than a $10 fee to redeem by wire

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

SHAREHOLDER FEES (FEES PAID DIRECTLY FROM YOUR INVESTMENT)
Maximum Account Maintenance Fee $25(1)

(1) Applies only to investors whose total eligible investments with
American Century are less than $10,000.

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

Heritage Fund Profile

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?

LINDA K. PETERSON, Vice President and 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.

KURT R. STALZER, Vice President and Portfolio Manager, has been a member of
the team that manages Heritage since joining American Century in January
2000. Before joining American Century, he was a Portfolio Manager for
Scudder Kemper Investments from January 1997 to October 1999 and for Munder
Capital Management from January 1994 to December 1996. He has a BBA in
finance and accounting from the University of Michigan - Dearborn.

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 account balance falls below this account minimum, your
shares may be redeemed involuntarily.

7. HOW DO I SELL FUND SHARES?

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

Heritage Fund Profile

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 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.

Heritage American Century Investments

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

Visit our Web site at WWW.AMERICANCENTURY.COM [link to web site with arrow]

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

SH-PRF-26984 0110 American Century Investment Services, Inc.

[front cover]

AMERICAN CENTURY
Fund Profile

Growth Fund

[photo of woman on sitting on bench, photo of hand holding pencil]

October 29, 2001

Investor Class

[american century logo and text logo (reg. sm)]

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, under normal
market conditions, they intend to keep Growth essentially fully invested in
stocks regardless of the movement of stock prices generally. When the fund
managers believe it is prudent, they also may invest assets in nonleveraged
futures and options. "Nonleveraged" 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.

* As with all funds, your shares may be worth more or less at any given
time than the price you paid for them. As a result, it is possible to lose
money by 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.

* Although the fund managers intend to invest the fund's assets primarily
in U.S. stocks, Growth may invest in securities of foreign companies.
Foreign investment involves additional 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. Account fees are not reflected in the chart
below. If they had been included, returns would be lower than those shown.

[data shown in bar chart]

Calendar Year-By-Year Returns(1)
2000 -14.71%
1999 34.68%
1998 36.77%
1997 29.28%
1996 15.01%
1995 20.35%
1994 -1.49%
1993 3.76%
1992 -4.29%
1991 69.02%

(1) As of September 30, 2001, the end of the most recent calendar
quarter, Growth's year-to-date return was -29.04%

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

Highest Lowest
---------------------------------------------------------------------------
Growth 28.45% (1Q 1991) -19.33% (1Q 2001)

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 SEPTEMBER 30, 2001)
Growth -40.93% 8.24% 9.08% 16.40%
Russell 1000
Growth Index -45.64% 6.50% 10.58% N/A(2)
S&P 500 Index -26.63% 10.22% 12.70% 11.91%

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

(2) Benchmark began January 1, 1979.

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

There are no sales loads, fees or other charges

* to buy fund shares directly from American Century

* to reinvest dividends in additional shares

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

* to redeem your shares other than a $10 fee to redeem by wire

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

SHAREHOLDER FEES (FEES PAID DIRECTLY FROM YOUR INVESTMENT)
Maximum Account Maintenance Fee $25(1)

(1) Applies only to investors whose total eligible investments with
American Century are less than $10,000.

(1) Other expenses, which include the fees and expenses of the fund's
independent directors and their legal counsel, as well as 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.

Growth Fund Profile

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

C. KIM GOODWIN, Chief Investment Officer - U.S. Growth Equities, Senior Vice
President and Senior Portfolio Manager, has been a member of the team that
manages Growth since joining American Century in October 1997. As Chief
Investment Officer - U.S. Growth Equities, she oversees the investment
discipline used by the fund and nine other growth funds. Before joining
American Century, she served as Senior Vice President and Portfolio Manager
at Putnam Investments from May 1996 to September 1997 and Vice President and
Portfolio Manager at Prudential Investments from February 1993 to April
1996. She has a bachelor of arts from Princeton University, an MBA in
finance and a master's in public affairs from the University of Texas.

GREGORY J. WOODHAMS, Vice President and Senior 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.

E.A. PRESCOTT LEGARD, Portfolio Manager, has been a member of the team that
manages Growth since March 2000. Before joining American Century in March
1999, he was an analyst for USAA Investment Management from March 1998 to
March 1999 and a Portfolio Manager for Commerce Bancshares from November
1993 to February 1998. He has a bachelor's degree in economics from DePauw
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

Your initial investment must be at least $2,500 ($1,000 for traditional and
Roth IRAs). If your account balance falls below this account minimum, your
shares may be redeemed involuntarily.

7. HOW DO I SELL FUND SHARES?

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

8. HOW ARE FUND DISTRIBUTIONS MADE AND TAXED?

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

Growth American Century Investments

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 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.

Growth Fund Profile

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

Visit our Web site at WWW.AMERICANCENTURY.COM [link to web site with arrow]

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

SH-PRF-26983 0110 American Century Investment Services, Inc.

[front cover]

AMERICAN CENTURY
Fund Profile

Ultra(reg.sm) Fund

[photo of woman on sitting on bench, photo of hand holding pencil]

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.

October 29, 2001

Investor Class

[american century logo and text logo (reg. sm)]

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, under normal
market conditions, they intend to keep Ultra essentially fully invested in
stocks regardless of the movement of stock prices generally. When the fund
managers believe it is prudent, they also may invest assets in nonleveraged
futures and options. "Nonleveraged" 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.

* As with all funds, your shares may be worth more or less at any given
time than the price you paid for them. As a result, it is possible to lose
money by 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.

* Although the fund managers intend to invest the fund's assets primarily
in U.S. stocks, Ultra may invest in securities of foreign companies. Foreign
investment involves additional 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. Account fees are not reflected in the
chart below. If they had been included, returns would be lower than those
shown.

[data shown in bar chart]

Calendar Year-By-Year Returns(1)

2000 -19.91%
1999 41.46%
1998 34.55%
1997 23.13%
1996 13.85%
1995 37.68%
1994 -3.62%
1993 21.81%
1992 1.27%
1991 86.45%

(1) As of September 30, 2001, the most recent calendar quarter, Ultra's
year-to-date return was -24.50%.

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

Highest Lowest
---------------------------------------------------------------------------
Ultra 40.75% (1Q 1991) -17.49% (1Q 2001)

1 YEAR 5 YEARS 10 YEARS LIFE OF FUND(1)
AVERAGE ANNUAL TOTAL RETURNS (PERIOD ENDED SEPTEMBER 30, 2001)
Ultra -37.25% 7.51% 12.15% 15.10%
S&P 500 Index -26.63% 10.22% 12.70% 14.81%(2)

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

(2) Since October 31, 1981, the date closest to 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 other than a $10 fee to redeem by wire

The following table describes the fees and expenses you may pay if you buy
and hold shares of the fund. The Board of Directors accepted a reduced fee
for the management services provided to the fund effective August 1, 2000.

SHAREHOLDER FEES (FEES PAID DIRECTLY FROM YOUR INVESTMENT)
Maximum Account Maintenance Fee $25(1)

(1) Applies only to investors whose total eligible investments with
American Century are less than $10,000.

ANNUAL FUND OPERATING EXPENSES
(EXPENSES THAT ARE DEDUCTED FROM FUND ASSETS)
Management Fee 0.99%(1)
Distribution and Service (12b-1) Fees None
Other Expenses 0.00%(2)
Total Annual Fund Operating Expenses 0.99%

(1) Based on expenses incurred during the fund's most recent fiscal year
had the reduced fee been in effect. 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, which include the fees and expenses of the fund's
independent directors and their legal counsel, as well as 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
$101 $314 $545 $1,208

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

Ultra Fund Profile

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

JAMES E. STOWERS III, Co-Chairman 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 Senior 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 Manager in August 1997. He has a bachelor's degree in accounting
and finance from Creighton University and an MBA in finance from Michigan
State University. He is a Chartered Financial Analyst.

BRUCE A. WIMBERLY, Vice President and Senior 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 the 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

Your initial investment must be at least $2,500 ($1,000 for traditional and
Roth IRAs). If your account balance falls below this account minimum, your
shares may be redeemed involuntarily.

7. HOW DO I SELL FUND SHARES?

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

Ultra American Century Investments

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 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.

Ultra American Century Investments

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

Visit our Web site at WWW.AMERICANCENTURY.COM [link to web site with arrow]

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

SH-PRF-26985 0110 American Century Investment Services, Inc.

[front cover]

American Century
Fund Profile

Vista(sm) Fund

[photo of woman on sitting on bench, photo of hand holding pencil]

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.

October 29, 2001

Investor Class

[american century logo and text logo (reg. sm)]

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 nonleveraged futures and options.
"Nonleveraged" 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.

* As with all funds, your shares may be worth more or less at any given
time than the price you paid for them. As a result, it is possible to lose
money by 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.

* 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 intend to invest the fund's assets primarily
in U.S. stocks, Vista may invest in securities of foreign companies. Foreign
investment involves additional 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, Vista is intended for investors who seek long-term capital
growth through an aggressive equity fund and

Vista American Century Investments

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. Account fees are not reflected in the
chart below. If they had been included, returns would be lower than those
shown.

[data from bar chart]

Calendar Year-By-Year Returns (1)
2000 -0.98%
1999 119.11%
1998 -14.25%
1997 -8.68%
1996 7.56%
1995 46.13%
1994 4.68%
1993 5.54%
1992 -2.13%
1991 73.69%

(1) As of September 30, 2001, the end of the most recent calendar
quarter, Vista's year-to-date return was -29.09%.

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

Highest Lowest
---------------------------------------------------------------------------
Vista 72.22% (4Q 1999) -27.52% (3Q 1998)

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 SEPTEMBER 30, 2001)
Vista -41.90% 2.37% 9.66% 11.10%
Russell 2500
Growth Index -42.88% 1.99% 8.14% N/A(2)

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

(2) Benchmark began January 1, 1986.

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

There are no sales loads, fees or other charges

* to buy fund shares directly from American Century

* to reinvest dividends in additional shares

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

* to redeem your shares other than a $10 fee to redeem by wire

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

SHAREHOLDER FEES (FEES PAID DIRECTLY FROM YOUR INVESTMENT)
Maximum Account Maintenance Fee $25(1)

(1) Applies only to investors whose total eligible investments with
American Century are less than $10,000.

(1) Other expenses, which include the fees and expenses of the fund's
independent directors and their legal counsel, as well as 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, assis-

Vista Fund Profile

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

GLENN A. FOGLE, Senior Vice President and Senior 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
business administration (management) and an MBA from Texas Christian
University. He is a Chartered Financial Analyst.

DAVID M. ROSE, Portfolio Manager, has been a member of the team that manages
Vista since January 2001. He joined American Century in July 1998 as an
Investment Analyst. Before joining American Century, he was the business
manager for SingleLife Enterprises Inc. from September 1991 to May 1996. From
August 1996 to May 1998, he attended the Unversity of Wisconsin - Madison,
where he earned an MS in finance investments and banking. He also has a
bachelor's degree in business administration from Washingtion 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

Your initial investment must be at least $2,500 ($1,000 for traditional and
Roth IRAs). If your account balance falls below this account minimum, your
shares may be redeemed involuntarily.

7. HOW DO I SELL FUND SHARES?

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

8. HOW ARE FUND DISTRIBUTIONS MADE AND TAXED?

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

9. WHAT SERVICES ARE AVAILABLE?

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

* telephone transactions

* wire and electronic funds transfers

* 24-hour Automated Information Line transactions

* 24-hour online 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 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

Visit our Web site at WWW.AMERICANCENTURY.COM [link to web site with arrow]

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

SH-PRF-26992 0110 American Century Investment Services, Inc.

[front cover]

American Century
Fund Profile

Balanced Fund

[photo of woman on sitting on bench, photo of hand holding pencil]

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.

October 29, 2001

Investor Class

[american century logo and text logo (reg. sm)]

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 and the
remainder in bonds and other fixed-income securities.

2. WHAT IS THE FUND'S INVESTMENT STRATEGY?

For 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 from most attractive to least
attractive). 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, as well as other factors.

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 above 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 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.

* As with all funds, your shares may be worth more or less at any given
time than the price you paid for them. As a result, it is possible to lose
money by 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.

* Because the equity portion of the fund is managed to the S&P 500 Index,
its performance will be closely tied to the index's performance. If the
index goes down, it is likely that the performance of the fund's equity
portion will go down.

Balanced American Century Investments

* Although the fund managers intend to invest the fund's assets primarily
in U.S. stocks, Balanced may invest in securities of foreign companies and
governments. Foreign investment involves additional 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. Account fees are not reflected in the
chart below. If they had been included, returns would be lower than those
shown.

[data from bar chart]

Calendar Year-By-Year returns(1)
2000 -2.66%
1999 10.10%
1998 16.29%
1997 16.93%
1996 12.61%
1995 21.37%
1994 -0.07%
1993 7.24%
1992 -6.06%
1991 46.86%

(1) As of September 30, 2001, the end of the most recent calendar
quarter, Balanced's year-to-date return was -9.48%.

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

Highest Lowest
---------------------------------------------------------------------------
Balanced 15.95% (4Q 1991) -7.82% (3Q 2001)

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 SEPTEMBER 30, 2001)
Balanced -13.52% 6.51% 7.73% 9.84%
S&P 500 -26.63% 10.22% 12.70% 13.43%(3)
Lehman Aggregate
Bond Index 12.95% 8.06% 7.76% 7.64%(3)
Blended Index(2) -10.80% 9.36% 10.72% 11.47%(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 closest to 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 other than a $10 fee to redeem by wire

SHAREHOLDER FEES (FEES PAID DIRECTLY FROM YOUR INVESTMENT)
Maximum Account Maintenance Fee $25(1)

(1) Applies only to investors whose total eligible investments with
American Century are less than $10,000.

Balanced Fund Profile

ANNUAL FUND OPERATING EXPENSES
(EXPENSES THAT ARE DEDUCTED FROM FUND ASSETS)
Management Fee 0.97%(1)
Distribution and Service (12b-1) Fees None
Other Expenses 0.00%(2)
Total Annual Fund Operating Expenses 0.97%

(2) Other expenses, which include the fees and expenses of the fund's
independent directors and their legal counsel, as well as 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
$99 $308 $535 $1,185

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, Senior Portfolio Manager 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 degrees from Purdue
University and an MBA in finance from the University of California -
Berkley. He is a Chartered Financial Analyst.

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

THOMAS P. VAIANA, Portfolio Manager, has been a member of the team that
manages Balanced since February 2001. He joined American Century in February
1997 as a Credit Analyst and was promoted to Portfolio Manager in August
2000. Prior to joining American Century, he was an Analyst and Assistant
Vice President with Duff & Phelps. He has a bachelor's degree in business
finance from California State University.

JEFFREY L. HOUSTON, Vice President and Senior 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 for First Interstate Bank, Los Angeles,
California, from July 1993 to January 1996. He has a bachelor's degree in
marketing from Loyola Marymount University 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

Your initial investment must be at least $2,500 ($1,000 for traditional and
Roth IRAs). If your account balance falls below this account minimum, your
shares may be redeemed involuntarily.

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 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 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

Visit our Web site at WWW.AMERICANCENTURY.COM [link to web site with arrow]

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

SH-PRF-26994 0110 American Century Investment Services, Inc.

[front cover]

AMERICAN CENTURY
Fund Profile

Veedot(sm) Fund

[photo of woman on sitting on bench, photo of hand holding pencil]

October 29, 2001

Investor Class

[american century logo and text logo (reg. sm)]

VEEDOT FUND

1. WHAT IS THE FUND'S INVESTMENT OBJECTIVE?

Veedot seeks long-term capital growth.

2. WHAT IS THE FUND'S INVESTMENT STRATEGY?

The fund uses a systematic, highly automated approach to common stock
investing developed by American Century. This approach relies heavily on
quantitative tools to identify attractive investment opportunities,
regardless of company size, industry type or geographic location, on a
disciplined, consistent basis.

These tools include a fundamental process that screens thousands of publicly
traded securities to identify those that meet the fund's strict, proprietary
growth requirements.

The fund's methodology also attempts to identify companies whose share price
patterns suggest that they are likely to either rise or fall in price
(commonly referred to as technical analysis). This technical analysis is
particularly oriented to identifying attractive price patterns for companies
meeting the growth requirements mentioned above. These companies would be
candidates for purchase. Conversely, companies whose share price patterns
suggest a likely decline in price would be candidates for sale, if owned by
the fund. On occasion, the process may look favorably on a company whose
share price pattern appears attractive even though the company looks less
attractive based on the growth screen.

The fund managers do not attempt to time the market. Instead, they intend to
keep the fund essentially fully invested in stocks regardless of the
movement of stock prices generally. However, at the fund managers'
discretion, the fund may invest up to 100% of its assets in U.S. government
securities if the fund's investment methodology fails to generate sufficient
investment ideas or to respond to adverse market, economic, political or
other conditions. The fund may not achieve its investment objectives while
taking such a temporary defensive position.

Additional information about Veedot's investments is available in its
semiannual report. In this report, 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 this report at
no cost by calling us.

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

* The process driving the fund is specifically designed to respond quickly
to changing stock market conditions. As a result, the fund's portfolio
turnover may be significantly higher than that of many other funds. This
heavy turnover, perhaps as much as 200-300% per year or more, could result
in relatively high commission costs, which could hurt the fund's
performance, and capital gains tax liabilities for the fund's shareholders.

* The value of the fund'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.

* The fund managers may buy a large amount of a company's stock quickly,
and often will dispose of it quickly if it no longer meets their investment
criteria. While the managers believe this strategy provides substantial
appreciation potential over the long term, in the short term it can create a
significant amount of share price volatility. This volatility can be greater
than that of the average stock fund.

* As with all funds, your shares may be worth more or less at any given
time than the price you paid for them. As a result, it is possible to lose
money by investing in the fund.

* The fund is nondiversified. This means that the fund managers may choose
to invest in a relatively small number of securities. If so, a price change
in any one of these securities may have a greater impact on the fund's share
price than would be the case if the fund were diversified. Although the fund
managers expect it will ordinarily satisfy the requirements for a
diversified fund, its nondiversified status gives them more flexibility to
invest heavily in the most attractive companies identified by the fund's
methodology.

* Although the fund managers expect to invest the fund's assets primarily
in U.S. stocks, the fund may invest in securities of foreign companies. To
the extent a fund invests in foreign securities, the overall risk of the
fund

Veedot American Century Investments

could be affected. Foreign investment involves additional 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.

* 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 style embedded in the fund's heavily automated investment
process, the fund's gains may not be as big as, or its losses may be bigger
than, other equity funds using different investment styles.

In summary, Veedot 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 Veedot's Investor
Class shares for each full calendar year since the fund's inception on
November 30, 1999. 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. Account fees are not reflected in the chart below. If they had
been included, returns would be lower than those shown.

[data shown in bar chart]

Calendar Year-By-Year Returns(1)
2000 -1.35%

(1) As of September 30, 2001, the end of the most recent calendar
quarter, Veedot's year-to-date return was -25.00%.

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

Highest Lowest
---------------------------------------------------------------------------
Veedot 25.17% (1Q 2000) -17.98% (1Q 2001)

The following table shows the average annual total returns of the fund's
Investor Class shares for the periods indicated. The Wilshire 5000 Index, an
unmanaged index that reflects no operating costs, is included as a benchmark
for performance comparisons. For current performance information, please
call us or access our Web site.

1 YEAR LIFE OF FUND(1)
AVERAGE ANNUAL TOTAL RETURNS (PERIOD ENDED SEPTEMBER 30, 2001)
Veedot -33.84% -6.99%
Wilshire 5000 Index -28.92% -13.93%

(1) The inception date for Veedot is November 30, 1999.

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

There are no sales loads, fees or other charges

* to buy fund shares directly from American Century

* to reinvest dividends in additional shares

THE FUND CHARGES A REDEMPTION FEE OF 2.0% OF THE VALUE OF THE SHARES SOLD
WITHIN FIVE YEARS OF THEIR PURCHASE. This redemption fee is retained by the
fund. It is intended to discourage short-term investment in the fund as well
as to decrease the negative impact that short-term investors have on the
shareholders remaining in the fund. Otherwise, there are no fees or charges
to exchange into the Investor Class shares of other American Century funds
or to redeem your shares. The following table describes the fees and
expenses you may pay if you buy and hold shares of the fund.

SHAREHOLDER FEES (FEES PAID DIRECTLY FROM YOUR INVESTMENT)
Redemption/Exchange Fee 2.0%(1)
(as a percentage of amount redeemed/exchanged)
Maximum Account Maintenance Fee $25(2)

(1) Applies only to shares held for less than five years, excluding
shares purchased through reinvested dividends or capital gains.

(2) Applies only to investors whose total eligible investments with
American Century are less than $10,000.

ANNUAL OPERATING EXPENSES
(EXPENSES THAT ARE DEDUCTED FROM FUND ASSETS)
Management Fee(1) 1.50%
Distribution and Service (12b-1) Fees None
Other Expenses(2) 0.00%
Total Annual Fund Operating Expenses 1.50%

(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, which include the fees and expenses of the fund's
independent directors and their legal counsel, as well as interest, are
expected to be less than 0.005% for the current fiscal year.

Veedot Fund Profile

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
$359 $693

You would pay the following expenses if you did not redeem your
shares:

1 year 3 years
$152 $472

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

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

JAMES E. STOWERS III, Co-Chairman and Portfolio Manager, has been a member
of the team that manages the fund since its inception in November 1999. He
joined American Century in 1981. He has a bachelor's degree in finance from
Arizona State University.

JOHN SMALL JR., Vice President and Portfolio Manager, has been a member of
the team that manages the fund since its inception in November 1999. He was
promoted to Portfolio Manager in February 1999. Since 1994, he has worked as
an Analyst and Portfolio Manager for the Ultra fund. He joined American
Century in May 1991. He has more than 20 years experience with the U.S. Air
Force. He has a bachelor's degree from Rockford College and a master's
degree in laser optics physics from the Air Force Institute of Technology.
He also has an MBA from Baker 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

Your initial investment must be at least $10,000. If your account balance
falls 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 Veedot for shares in
nearly 70 other mutual funds offered by American Century. Depending on the
options you select when you open your account, some restrictions may apply.
For your protection, some redemption requests require a signature guarantee.

IF YOU SELL SHARES OF VEEDOT WITHIN FIVE YEARS OF THEIR PURCHASE, YOU WILL
PAY A REDEMPTION FEE OF 2.0% OF THE VALUE OF THE SHARES SOLD.

Veedot American Century Investments

8. HOW ARE FUND DISTRIBUTIONS MADE AND TAXED?

Veedot 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 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.

Veedot Fund Profile

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

Visit our Web site at WWW.AMERICANCENTURY.COM [link to web site with arrow]

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

SH-PRF-26981 0110 American Century Investment Services, Inc.