AMERICAN CENTURY CAPITAL PORTFOLIOS INC
497K3B, 1999-07-23
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[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.

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

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

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

AUTOMATED INFORMATION LINE
1-800-345-8765

FAX
816-340-7962

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

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

Visit our Web site at WWW.AMERICANCENTURY.COM

SH-PRF-16933   9907                                   Funds Distributor, Inc.


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