[front cover]
AMERICAN CENTURY
Fund Profile
[american century logo (reg.sm)]
American
Century
Large Cap Value Fund
This profile summarizes key information about the fund that is included in the
fund's Prospectus. The fund's Prospectus includes additional information about
the fund, including a more detailed description of the risks associated with
investing in the fund, that you may want to consider before you invest.
[photos of woman and girls blowing bubbles, men talking, woman at computer]
July 26, 1999
INVESTOR CLASS
You may obtain the Prospectus and other information about the fund at no cost
by calling us at 1-800-345-2021, accessing our Web site or visiting one of our
Investor Centers. See the back cover for additional telephone numbers and our
address.
LARGE CAP VALUE FUND
1. WHAT IS THE FUND'S INVESTMENT OBJECTIVE?
Large Cap Value seeks long-term capital growth. Income is a secondary
objective.
2. WHAT IS THE FUND'S INVESTMENT STRATEGY?
The fund managers use a value investment strategy that looks for larger
companies whose stock price is less than they believe the company is worth
in the market. They attempt to purchase the stock of these undervalued
companies and hold them until their stock price has increased to a level the
managers believe more accurately reflects the fair value of the company.
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 managers look for companies whose earnings, cash
flows and/or assets may not be reflected accurately in the stock price or
may be outside of the companies' historical range. The fund managers also
look for companies whose dividend payments appear high when compared to the
stock price.
Under normal market conditions, the fund managers intend to keep at least
65% of the fund's assets invested in U.S. equity securities of issuers
ranking generally among the 1,000 largest companies in the United States as
measured by their market capitalization. "Market capitalization" of a
company is the number of its outstanding shares times the share price.
When the fund mangers believe that it is prudent, they also may invest in
other securities including 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, and it is not insured or
guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other
government agency.
* The value of Large Cap Value's shares depends on the value of the stocks
and other securities it owns. The value of the individual securities the
fund owns will go up and down depending on the performance of the companies
that issued them, general market and economic conditions, and investor
confidence. If the market does not consider the individual stocks purchased
by Large Cap Value to be undervalued, the value of the fund's shares may not
increase as quickly as other funds and may decline, even if stock prices are
generally rising.
* Although the fund managers invest the fund's assets primarily in U.S.
stocks, Large Cap Value can invest in securities of foreign companies.
Foreign securities can have certain unique risks, including fluctuations in
currency exchange rates, less stable political and economic structures,
reduced availability of public information, and lack of uniform financial
reporting and regulatory practices similar to those that apply in the United
States. These factors make investing in foreign securities generally riskier
than investing in U.S. stocks.
In summary, Large Cap 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.
Large 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 fund
* or to redeem your shares
The following table describes the fees and expenses that you will pay if you
buy and hold shares of the fund.
ANNUAL FUND OPERATING EXPENSES
(EXPENSES THAT ARE DEDUCTED FROM FUND ASSETS)
Management Fee 0.90%(1)
Distribution and Service (12b-1) Fees None
Other Expenses(2) 0.00%
Total Annual Fund Operating Expenses 0.90%
(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, their legal counsel and interest, are expected to
be less than 0.005% for the current 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
$92 $286
Of course, actual costs may be higher or lower. Use this example to
compare the costs of investing in other funds.
5. WHO ARE THE FUND'S INVESTMENT ADVISOR AND PORTFOLIO MANAGERS?
American Century Investment Management, Inc. provides investment advisory
and management services for the fund. American Century uses teams of
portfolio managers, assistant portfolio managers and analysts working
together to manage its mutual funds. Identified below are the portfolio
managers for the Large Cap Value team:
MARK L. MALLON, Chief Investment Officer--Value and Quantitative Equities
and Senior Vice President, has been a member of the team that manages Large
Cap Value since its inception in July 1999. He joined American Century in
April 1997. From August 1978 until he joined American Century, he was
employed in several positions by Federated Investors and served as President
and Chief Executive Officer of Federated Investment Counseling and Executive
Vice President of Federated Research Corporation since January 1990. He has
a bachelor of arts from Westminster College and an MBA from Cornell
University. He is a Chartered Financial Analyst.
CHARLES RITTER, Vice President and Portfolio Manager, has been a member of
the team that manages Large Cap Value since its inception in July 1999. He
joined American Century in December 1998. Before joining American Century,
he spent 15 years with Federated Investors, most recently serving as Vice
President and Portfolio Manager. He has a bachelor's degree in mathematics
and a master's in economics from Carnegie Mellon University. He also has an
MBA from the University of Chicago. He is a Chartered Financial Analyst.
6. HOW DO I BUY FUND SHARES?
American Century offers several ways to purchase shares
* Complete and return the enclosed application along with an investment
check payable to American Century Investments
* If you already have an American Century account, call us or access the Web
site to exchange shares from another American Century fund
* Call us and send your investment by bank wire
Your initial investment must be at least $2,500 ($1,000 for traditional
IRAs, Roth IRAs and UGMA/UTMA accounts). If your redemption activity causes
the value of your account to fall below this account minimum, your shares
may be redeemed involuntarily.
7. HOW DO I SELL FUND SHARES?
You may sell all or part of your fund shares on any business day by writing
or calling us. You also may exchange your shares in Large 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.
Large Cap Value Fund Profile
8. HOW ARE FUND DISTRIBUTIONS MADE AND TAXED?
Large Cap Value pays distributions from net investment income quarterly.
Distributions from realized capital gains are paid once a year, usually in
December. Distributions may be taxable as ordinary income, capital gains or
a combination of the two. Capital gains are taxed at different rates
depending on the length of time the fund held the securities that were sold.
Distributions are reinvested automatically in additional shares unless you
choose another option.
9. WHAT SERVICES ARE AVAILABLE?
American Century offers several ways to make it easier for you to manage
your account, such as:
* telephone transactions
* wire and electronic funds transfers
* 24-hour Automated Information Line transactions
* 24-hour online Internet account access and transactions
You will find more information about these choices in Your Guide to American
Century Services, which you may request by calling us, accessing our Web
site or visiting one of our Investor Centers.
Information contained in the services guide pertains to shareholders who
invest directly with American Century rather than through an
employer-sponsored retirement plan or financial intermediary.
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.
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American
Century
AMERICAN CENTURY INVESTMENTS
P.O. BOX 419200
KANSAS CITY, MISSOURI 64141-6200
INVESTOR RELATIONS
1-800-345-2021 or 816-531-5575
AUTOMATED INFORMATION LINE
1-800-345-8765
FAX
816-340-7962
TELECOMMUNICATIONS DEVICE FOR THE DEAF
1-800-634-4113 or 816-444-3485
BUSINESS, NOT-FOR-PROFIT AND
EMPLOYER-SPONSORED RETIREMENT PLANS
1-800-345-353
Visit our Web site at WWW.AMERICANCENTURY.COM
SH-PRF-16933 9907 Funds Distributor, Inc.