FUND PROFILE
Small Cap Value
INVESTOR CLASS
September 30, 1998
[american century logo(reg.sm)]
American
Century
This profile summarizes key information about the fund that is included
in the fund's Prospectus. The fund's Prospectus has 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.
AMERICAN CENTURY GROUP
AMERICAN CENTURY INVESTMENTS
SMALL CAP VALUE
1. WHAT IS THE FUND'S INVESTMENT OBJECTIVE?
Small Cap Value seeks long-term capital growth by investing primarily in
common stocks. Income is a secondary objective.
2. WHAT IS THE FUND'S INVESTMENT STRATEGY?
The fund advisor looks for stocks of smaller companies that it believes
are undervalued at the time of purchase. The fund advisor uses a value
investment strategy that looks for companies that are temporarily out of
favor in the market. The fund advisor attempts to purchase the stock of
these undervalued companies and hold them until they have returned to favor
in the market and their stock prices have gone up. 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 the market. To identify these companies, the fund
advisor looks for companies whose earnings, cash flows and/or assets may
not be reflected accurately in the companies' stock prices, or companies
whose dividend payments appear high when compared to the stock prices.
The fund invests primarily in equity securities of smaller companies.
These smaller companies have a market capitalization (the number of shares
times the share price) at the time of investment that is not greater than
that of the largest company contained in the S&P/Barra Small-Cap 600 Value
Index. As of December 31, 1997, the largest company contained in the index
had a market capitalization of approximately $2.3 billion, while the median
company contained in the index had a market capitalization of $387 million.
The S&P/Barra Small-Cap 600 Value Index is an unmanaged stock index, which
tracks the performance of small companies that may be attractive to
investors using the value style of investing.
Although Small Cap Value will invest primarily in equity securities, it
also may invest up to 35% of its assets in other types of securities
consistent with the accomplishment of its objective of capital growth. When
the fund advisor believes that it is prudent, it 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.
3. WHAT ARE THE SIGNIFICANT RISKS OF INVESTING IN THE FUND?
*As with all funds, at any given time, the value of your shares of the fund
may be worth more or less than the price you paid. If you sell your shares
when the value is less than the price you paid, you will lose money.
*An investment in the fund is not a bank deposit, nor is it insured or
guaranteed by the Federal Deposit Insurance Corporation or any other
government agency.
*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 Small Cap
Value owns will go up and down depending on the performance of the
companies that issued them, general market and economic conditions, and
investor confidence.
*Small Cap Value invests primarily in securities of smaller companies.
These smaller companies may present greater opportunities for capital
appreciation, but also may involve greater risks than larger companies. As
a result, the value of the stocks issued by these smaller companies may go
up and down more than the stocks of larger issuers. This price volatility
may be reflected in the share price of the fund.
*If the market does not consider the individual stocks purchased by Small
Cap Value to be undervalued, the value of the fund's shares may not rise as
high as other funds and may in fact decline, even if stock prices are
generally increasing.
*Market performance tends to be cyclical, and in the various cycles,
certain investment styles may fall in and out of favor. If the market is
not favoring the fund's style, the fund's gains may not be as big as, or
its losses may be bigger than, other equity funds using different
investment styles.
In summary, Small Cap Value is intended for investors who seek long-term
capital growth through an equity fund investing in smaller companies
utilizing the value style of investing and who are willing to accept the
risks associated with that investment strategy.
SMALL CAP VALUE AMERICAN CENTURY INVESTMENTS
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
or to redeem your shares. The following table describes the fees and
expenses that you may pay if you buy and hold shares of the fund.
ANNUAL FUND OPERATING EXPENSES
(EXPENSES THAT ARE DEDUCTED FROM FUND ASSETS)
Management Fee 1.25%
Distribution and Service (12b-1) Fees None
Other Expenses(1) 0.00%
Total Annual Fund Operating Expenses 1.25%
(1)Other expenses, include the fees and expenses of the fund's
independent directors, their legal counsel, interest and extraordinary
expenses.
EXAMPLE OF HYPOTHETICAL FUND COSTS
Assuming you...
* invest $10,000 in the fund
* redeem your shares at the end of the periods shown below
* earn a 5% return each year
* incur the same fund operating expenses shown above
. . . your cost of investing in the fund would be:
1 year 3 years 5 years 10 years
-----------------------------------------------------
$127 $395 $683 $1,503
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. The portfolio managers on the Small
Cap Value team are:
PHILLIP N. DAVIDSON, Vice President and Portfolio Manager, has been a
member of the team that manages Small Cap Value since its inception in July
1998. He joined American Century in September 1993.
R. TODD VINGERS, Portfolio Manager, has been a member of the team that
manages Small Cap Value since its inception in July 1998. He joined
American Century in August 1994 as an Investment Analyst. Prior to joining
American Century, he attended the University of Chicago Graduate School of
Business, where he obtained his MBA degree.
6. HOW DO I BUY FUND SHARES?
* Complete and return the enclosed application
* Call us and exchange shares from another American Century fund
* Call us and send your investment by bank wire transfer
Your initial investment must be at least $2,500 ($1,000 for traditional
IRAs, Roth IRAs and UGMA/UTMA accounts), unless you establish an automatic
investment plan of at least $50 per month. If the value of your account
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 Small Cap 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.
8. HOW ARE FUND DISTRIBUTIONS MADE AND TAXED?
Small Cap 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. Distributions are
reinvested automatically in additional shares unless you choose another
option.
FUND PROFILE SMALL CAP VALUE
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 our Investor
Services Guide, which you may request by calling us, accessing our Web site
or visiting one of our Investor Centers.
Information contained in our Investor Services Guide pertains to
shareholders who invest directly with American Century rather than through
an employer-sponsored retirement plan or through a 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 an Institutional 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
WWW.AMERICANCENTURY.COM
INVESTOR SERVICES
1-800-345-2021 or 816-531-5575
AUTOMATED INFORMATION LINE
1-800-345-8765
INSTITUTIONAL, CORPORATE, KEOGH, SEP/SARSEP,
SIMPLE AND 403(B) SERVICES
1-800-345-3533
TELECOMMUNICATIONS DEVICE FOR THE DEAF
1-800-634-4113 or 816-444-3485
FAX
816-340-7962
Funds Distributor, Inc.
SH-BRO-13880 9810
<PAGE>
FUND PROFILE
Equity Income
INVESTOR CLASS
September 30, 1998
[american century logo(reg.sm)]
American
Century
This profile summarizes key information about the fund that is included
in the fund's Prospectus. The fund's Prospectus has 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.
AMERICAN CENTURY GROUP
AMERICAN CENTURY INVESTMENTS
EQUITY INCOME
1. WHAT IS THE FUND'S INVESTMENT OBJECTIVE?
Equity Income seeks to provide current income. Capital appreciation is a
secondary objective.
2. WHAT IS THE FUND'S INVESTMENT STRATEGY?
The fund advisor looks for stocks with a favorable dividend- paying
history that shows the prospect for continuing and/or increasing dividend
payments. The fund advisor looks secondarily for the possibility that the
stock price may increase.
Under normal circumstances, the fund will invest at least 85% of its
assets in income-paying securities and at least 65% of its assets in
stocks. A portion of the fund's assets may be invested in bonds and other
fixed-income securities. When the fund advisor believes that it is prudent,
it 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. The fund seeks to receive dividend payments that provide a
yield to the fund that exceeds the yield of the stocks comprising the S&P
500 Index.
Additional information about Equity Income'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
six-month period. You may get these reports at no cost by calling us.
3. WHAT ARE THE SIGNIFICANT RISKS OF INVESTING IN THE FUND?
*As with all funds, at any given time, the value of your shares of Equity
Income may be worth more or less than the price you paid. If you sell your
shares when the value is less than the price you paid, you will lose money.
*An investment in the fund is not a bank deposit, nor is it insured or
guaranteed by the Federal Deposit Insurance Corporation or any other
government agency.
*The value of Equity Income's shares depends on the value of the securities
it owns and the amount of dividends and interest paid to the fund. The
value of the individual securities the fund owns and the dividends they pay
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 assets invested in bonds and other fixed-income
securities will change as prevailing interest rates change. When interest
rates rise, the value of bonds and other fixed-income securities will
typically fall.
*If the individual stocks Equity Income owns do not continue or increase
dividend payments, or if the values of those stocks do not increase, the
value of the fund's shares may not rise as high as other funds and may in
fact decline, even if stock prices are generally increasing.
In summary, Equity Income is intended for investors who seek current
income through an equity fund that invests primarily in dividend-paying
stocks and who are willing to accept the risks associated with that
investment strategy.
FUND PERFORMANCE
The following bar chart shows the actual performance of Equity Income's
Investor Class shares for each calendar year since the fund's inception on
August 1, 1994. The bar chart indicates the volatility of the fund's
historical returns from year to year. Neither the bar chart nor the
performance information below it is intended to indicate how the fund will
perform in the future.
[bar chart]
CALENDAR YEAR-BY-YEAR RETURNS
1995 1996 1997
Equity Income 29.63 23.31 28.26
As of September 30, 1998, the end of the most recent calendar quarter, Equity
Income's year-to-date return was -1.07%.
EQUITY INCOME AMERICAN CENTURY INVESTMENTS
The highest and lowest returns of the fund's Investor Class shares for a
calendar quarter since the fund's inception on August 1, 1994, are provided
in the following chart to indicate the fund's historical short-term
volatility. Shareholders should be aware, however, that Equity Income is
intended for investors with a long-term investment horizon and is not
managed for short-term results.
[bar chart]
Highest and Lowest Quarterly Returns
Quarter Ended 6/30/97 13.41%
Quarter Ended 9/30/98 -13.88%
The following table shows the average annual return of the fund's
Investor Class shares for the periods indicated. The Lipper Equity Income
Fund Index, an unmanaged index that reflects no operating costs, is
included as a benchmark for long-term performance comparisons.
1 YEAR LIFE OF FUND
AVERAGE ANNUAL TOTAL RETURNS (PERIOD ENDED SEPTEMBER 30, 1998)
Equity Income 1.67% 18.66%
Lipper Equity Income Fund Index 1.29% 16.67%
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
or to redeem your shares. The following table describes the fees and
expenses that you may pay if you buy and hold shares of the fund.
ANNUAL FUND OPERATING EXPENSES
(EXPENSES THAT ARE DEDUCTED FROM FUND ASSETS)
Management Fee 1.00%
Distribution and Service (12b-1) Fees None
Other Expenses(1) 0.00%
Total Annual Fund Operating Expenses 1.00%
(1)Other expenses, which include the fees and expenses of the fund's
independent directors, their legal counsel, interest and extraordinary
expenses, were less than 0.005% for the most recent fiscal year.
EXAMPLE OF HYPOTHETICAL FUND COSTS
Assuming you . . .
* invest $10,000 in the fund
* redeem your shares at the end of the periods shown below
* earn a 5% return each year
* incur the same fund operating expenses 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. The portfolio managers on the Equity
Income team are:
PHILLIP N. DAVIDSON, Vice President and Portfolio Manager, has been a
member of the team that manages Equity Income since its inception on August
1, 1994. He joined American Century in September 1993.
R. TODD VINGERS, Portfolio Manager, has been a member of the team that
manages Equity Income since February 1998. He joined American Century in
August 1994 as an Investment Analyst. Prior to joining American Century, he
attended the University of Chicago Graduate School of Business from October
1992 to June 1994, where he obtained his MBA degree.
6. HOW DO I BUY FUND SHARES?
* Complete and return the enclosed application
* Call us and exchange shares from another American Century fund
* Call us and send your investment by bank wire transfer
Your initial investment must be at least $2,500 ($1,000 for traditional
IRAs, Roth IRAs and UGMA/UTMA accounts), unless you establish an automatic
investment plan of at least $50 per month. If the value of your account
falls below this account minimum, your shares may be redeemed
involuntarily.
FUND PROFILE EQUITY INCOME
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 Equity Income
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?
Equity Income 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 our Investor
Services Guide, which you may request by calling us, accessing our Web site
or visiting one of our Investor Centers.
Information contained in our Investor Services Guide pertains to
shareholders who invest directly with American Century rather than through
an employer-sponsored retirement plan or through a 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 an Institutional 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
WWW.AMERICANCENTURY.COM
INVESTOR SERVICES
1-800-345-2021 or 816-531-5575
AUTOMATED INFORMATION LINE
1-800-345-8765
INSTITUTIONAL, CORPORATE, KEOGH, SEP/SARSEP,
SIMPLE AND 403(B) SERVICES
1-800-345-3533
TELECOMMUNICATIONS DEVICE FOR THE DEAF
1-800-634-4113 or 816-444-3485
FAX
816-340-7962
Funds Distributor, Inc.
SH-BRO-13879 9810
<PAGE>
FUND PROFILE
Value
INVESTOR CLASS
September 30, 1998
[american century logo(reg.sm)]
American
Century
This profile summarizes key information about the fund that is included
in the fund's Prospectus. The fund's Prospectus has 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.
AMERICAN CENTURY GROUP
AMERICAN CENTURY INVESTMENTS
VALUE
1. WHAT IS THE FUND'S INVESTMENT OBJECTIVE?
Value seeks long-term capital growth by investing primarily in common
stocks. Income is a secondary objective.
2. WHAT IS THE FUND'S INVESTMENT STRATEGY?
The fund advisor looks for stocks of medium to large companies that it
believes are undervalued at the time of purchase. The fund advisor uses a
value investment strategy that looks for companies that are temporarily out
of favor in the market. The fund advisor attempts to purchase the stock of
these undervalued companies and hold them until they have returned to favor
in the market and their stock prices have gone up. 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 the market. To identify these companies, the fund
advisor looks for companies whose earnings, cash flows and/or assets may
not be reflected accurately in the companies' stock prices, or companies
whose dividend payments appear high when compared to the stock prices.
Although Value will invest primarily in equity securities, it also may
invest up to 35% of its assets in other types of securities consistent with
the accomplishment of its objective of capital growth. When the fund
advisor believes that it is prudent, it 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 Value'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 six-month period.
You may get these reports at no cost by calling us.
3. WHAT ARE THE SIGNIFICANT RISKS OF INVESTING IN THE FUND?
*As with all funds, at any given time, the value of your shares of the fund
may be worth more or less than the price you paid. If you sell your shares
when the value is less than the price you paid, you will lose money.
*An investment in the fund is not a bank deposit, nor is it insured or
guaranteed by the Federal Deposit Insurance Corporation or any other
government agency.
*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 Value 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 Value
to be undervalued, the value of the fund's shares may not rise as high as
other funds and may in fact decline, even if stock prices are generally
increasing.
*Market performance tends to be cyclical, and in the various cycles,
certain investment styles may fall in and out of favor. If the market is
not favoring the fund's style, the fund's gains may not be as big as, or
its losses may be bigger than, other equity funds using different
investment styles.
In summary, Value is intended for investors who seek long-term capital
growth through an equity fund utilizing the value style of investing and
who are willing to accept the risks associated with that investment
strategy.
FUND PERFORMANCE
The following bar chart shows the actual performance of Value's Investor
Class shares for each calendar year since the fund's inception on September
1, 1993. The bar chart indicates the volatility of the fund's historical
returns from year to year. Neither the bar chart nor the performance
information below it is intended to indicate how the fund will perform in
the future.
[bar chart]
CALENDAR YEAR-BY-YEAR RETURNS
1994 1995 1996 1997
Value 3.99 32.80 24.25 26.01
As of September 30, 1998, the end of the most recent calendar quarter, Value's
year-to-date return was -5.50%.
VALUE AMERICAN CENTURY INVESTMENTS
The highest and lowest returns of the fund's Investor Class shares for a
calendar quarter since the fund's inception on September 1, 1993 are
provided in the following chart to indicate the fund's historical
short-term volatility. Shareholders should be aware, however, that Value is
intended for investors with a long-term investment horizon and is not
managed for short-term results.
[bar chart]
Highest and Lowest Quarterly Returns
Quarter Ended 6/30/97 12.87%
Quarter Ended 9/30/98 -10.85%
The following table shows the average annual return of the fund's
Investor Class shares for the periods indicated. The S&P/Barra Value Index,
an unmanaged index that reflects no operating costs, is included as a
benchmark for long-term performance comparisons.
1 YEAR 5 YEARS LIFE OF FUND
AVERAGE ANNUAL TOTAL RETURNS (PERIOD ENDED SEPTEMBER 30, 1998)
Value -5.98% 16.06% 15.79%
S&P/Barra Value Index -0.18% 16.18% 15.89%
(index as of 8/31/93)
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,
or to redeem your shares. The following table describes the fees and
expenses that you may pay if you buy and hold shares of the fund.
ANNUAL FUND OPERATING EXPENSES
(EXPENSES THAT ARE DEDUCTED FROM FUND ASSETS)
Management Fee 1.00%
Distribution and Service (12b-1) Fees None
Other Expenses(1) 0.00%
Total Annual Fund Operating Expenses 1.00%
(1)Other expenses, which include the fees and expenses of the fund's
independent directors, their legal counsel, interest and extraordinary
expenses, were less than 0.005% for the most recent fiscal year.
EXAMPLE OF HYPOTHETICAL FUND COSTS
Assuming you . . .
* invest $10,000 in the fund
* redeem your shares at the end of the periods shown below
* earn a 5% return each year
* incur the same fund operating expenses 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. The portfolio managers on the Value
team are:
PHILLIP N. DAVIDSON, Vice President and Portfolio Manager, has been a
member of the team that manages Value since joining American Century in
September 1993.
R. TODD VINGERS, Portfolio Manager, has been a member of the team that
manages Value since February 1998. He joined American Century in August
1994 as an Investment Analyst. Prior to joining American Century, he
attended the University of Chicago Graduate School of Business from October
1992 to June 1994, where he obtained his MBA degree.
6. HOW DO I BUY FUND SHARES?
* Complete and return the enclosed application
* Call us and exchange shares from another American Century fund
* Call us and send your investment by bank wire transfer
Your initial investment must be at least $2,500 ($1,000 for traditional
IRAs, Roth IRAs and UGMA/UTMA accounts), unless you establish an automatic
investment plan of at least $50 per month. If the value of your account
falls below this account minimum, your shares may be redeemed
involuntarily.
FUND PROFILE VALUE
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 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.
8. HOW ARE FUND DISTRIBUTIONS MADE AND TAXED?
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. 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 our Investor
Services Guide, which you may request by calling us, accessing our Web site
or visiting one of our Investor Centers.
Information contained in our Investor Services Guide pertains to
shareholders who invest directly with American Century rather than through
an employer-sponsored retirement plan or through a 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 an Institutional 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
WWW.AMERICANCENTURY.COM
INVESTOR SERVICES
1-800-345-2021 or 816-531-5575
AUTOMATED INFORMATION LINE
1-800-345-8765
INSTITUTIONAL, CORPORATE, KEOGH, SEP/SARSEP,
SIMPLE AND 403(B) SERVICES
1-800-345-3533
TELECOMMUNICATIONS DEVICE FOR THE DEAF
1-800-634-4113 or 816-444-3485
FAX
816-340-7962
Funds Distributor, Inc.
SH-BRO-13878 9810
