AMERICAN CENTURY CAPITAL PORTFOLIOS INC
497K3B, 1999-07-22
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[front cover]

AMERICAN CENTURY

Fund Profile

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

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.


VALUE FUND

1. WHAT IS THE FUND'S INVESTMENT OBJECTIVE?

    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 medium to
    large  companies  whose stock price they believe to be less than 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
    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 medium to
    large  companies.  The fund managers  consider  medium to large companies to
    include those with a market capitalization (the number of outstanding shares
    times the share price)  larger than the largest  company in the S&P SmallCap
    600/BARRA Value Index. As of June 30, 1999, the largest company in the index
    had a market  capitalization  of $2.3  billion.  The S&P SmallCap  600/BARRA
    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.

    When the fund  managers  believe  that it is  prudent,  they also may invest
    assets in non-leveraged futures and options.  "Non-leveraged" means that the
    fund may not invest in futures  and  options  where it would be  possible to
    lose more than the fund  invested.  Futures  and options can help the fund's
    cash assets remain liquid while performing more like stocks.

    Additional  information about 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 fiscal 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,  and it is not insured or
    guaranteed by the Federal Deposit Insurance  Corporation (FDIC) 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 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,  the fund can  invest in  securities  of foreign  companies.  To the
    extent the fund invests in foreign securities, the overall risk of the funds
    could be  affected.  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,  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.


Value                                               American Century Investments


    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.  The bar chart and the  performance  information
    below are not intended to indicate how the fund will perform in the future.

[data shown in bar chart]
   Calendar Year-By-Year Returns (1)
       1998     4.99%
       1997     26.01%
       1996     24.25%
       1995     32.80%
       1994     3.99%

          (1 )As of June 30, 1999, the end of the most recent calendar  quarter,
          Value's year-to-date return was 13.31%.

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

                        Highest                       Lowest
                        -------                       ------
    Value               18.45% (2Q 1999)              -10.85% (3Q 1998)


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

                                        1 YEAR     5 YEARS      LIFE OF FUND(1)

     AVERAGE ANNUAL TOTAL RETURNS (PERIOD ENDED JUNE 30, 1999)

         Value                          12.22%      20.88%           18.21%

         S&P 500/BARRA Value Index      16.55%      23.65%           19.55%


        (1 )The inception date for Value is September 1, 1993.


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

    There are no sales loads, fees or other charges

    * to buy fund shares directly from American Century

    * to reinvest dividends in additional shares

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

    * to redeem your shares

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


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

         Management Fee                                 1.00%

         Distribution and Service (12b-1) Fees          None

         Other Expenses(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 and interest, were less than
        0.005% for the most recent fiscal year.

           EXAMPLE

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

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

                          1 year      3 years     5 years      10 years

                          $102         $318        $551         $1,219

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



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

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

    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.  Prior to joining  American  Century,  he spent 11 years at  Boatmen's
    Trust  Company  in St.  Louis and  served as Vice  President  and  Portfolio
    Manager  responsible  for  institutional  value  equity  clients.  He  has a
    bachelor's degree in finance and an MBA from Illinois State University.


Value                                                              Fund Profile


    SCOTT A.  MOORE,  Portfolio  Manager,  has been a  member  of the team  that
    manages Value since October 1996 and Portfolio  Manager since February 1999.
    He joined American Century in August 1993 as an Investment Analyst. He has a
    bachelor's degree in finance from Southern Illinois University and an MBA in
    finance  from the  University  of  Missouri -  Columbia.  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 made 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
    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 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 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
1-800-345-3533

Visit our Web site at   WWW.AMERICANCENTURY.COM

SH-PRF-16945   9907                                   Funds Distributor, Inc.
<PAGE>
[front cover]

AMERICAN CENTURY

Fund Profile

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

Equity Income 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.

EQUITY INCOME FUND

1. WHAT IS THE FUND'S INVESTMENT OBJECTIVE?

    Equity  Income seeks current  income.  Capital  appreciation  is a secondary
    objective.

2. WHAT IS THE FUND'S INVESTMENT STRATEGY?

    The fund managers look for stocks with a favorable  dividend-paying  history
    that have the  prospects  for  dividend  payments to  continue or  increase.
    Secondarily, the fund managers look for the possibility that the stock price
    may increase.  The fund seeks to receive dividend  payments that provide the
    fund a yield that  exceeds  the yield of the stocks  comprising  the S&P 500
    Index.

    Under normal circumstances, the fund managers intend to keep at least 85% of
    the fund's assets in income-paying securities and at least 65% of its assets
    in U.S. equity securities. A portion of the fund's assets may be invested in
    bonds and other fixed-income securities. When the fund managers believe that
    it is  prudent,  they also may invest  assets in  non-leveraged  futures and
    options.  "Non-leveraged"  means that the fund may not invest in futures and
    options  where it would be  possible  to lose more  than the fund  invested.
    Futures and options can help the fund's  cash  assets  remain  liquid  while
    performing more like stocks.

    Additional information about 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 fiscal 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,  and it is not insured or
    guaranteed by the Federal Deposit Insurance  Corporation (FDIC) 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  Equity  Income's  assets  invested  in  bonds  and  other
    fixed-income  securities  will go up and down as prevailing  interest  rates
    change.  Generally,  when interest  rates rise,  the fund's share value will
    decline. The opposite is true when interest rates decline.

    * If the  individual  stocks  Equity Income owns do not continue or increase
    dividend  payments,  or their stock price declines,  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.

    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.  The bar  chart and the  performance
    information  below are not intended to indicate how the fund will perform in
    the future.


Equity Income                                       American Century Investments


[data shown in bar chart]
   Calendar Year-By-Year Returns (1)
       1998     12.97%
       1997     28.26%
       1996     23.31%
       1995     29.63%

           (1 )As of June 30, 1999, the end of the most recent calendar quarter,
           Equity Income's year-to-date return was 8.03%.

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

                              Highest                 Lowest
                              -------                 ------
    Equity Income             14.19% (4Q 1998)        -6.23% (3Q 1998)

    The following  table shows the average annual return 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.   The  Lipper  Equity  Income  Fund  Index  is  a
    non-weighted index of the 30 largest equity income mutual funds.

                                        1 YEAR             LIFE OF FUND(1)

     AVERAGE ANNUAL TOTAL RETURNS (PERIOD ENDED JUNE 30, 1999)

         Equity Income                  15.68%               20.65%

         S&P 500 Index                  22.75%               27.41%

         Lipper Equity Income
            Fund Index                  11.20%                18.93%

        (1 )The inception date for Equity Income is August 1, 1994.


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

    There are no sales loads, fees or other charges

    * to buy fund shares directly from American Century

    * to reinvest dividends in additional shares

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

    * to redeem your shares

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


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

         Management Fee                            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 and interest, were less than
        0.005% for the most recent fiscal year.

           EXAMPLE

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

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

                            1 year      3 years      5 years      10 years

                            $102         $318         $551         $1,219

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


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

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

    PHILLIP N. DAVIDSON, Vice President and Portfolio Manager, has been a member
    of the team that manages  Equity  Income since its inception in August 1994.
    He joined  American  Century in September  1993.  Prior to joining  American
    Century,  he spent 11 years at  Boatmen's  Trust  Company  in St.  Louis and
    served as Vice President and Portfolio Manager responsible for institutional
    value equity clients.  He has a bachelor's degree in finance and an MBA from
    Illinois State University.


Equity Income                                                       Fund Profile


    SCOTT A.  MOORE,  Portfolio  Manager,  has been a  member  of the team  that
    manages  Equity  Income  since  October  1996 and  Portfolio  Manager  since
    February  1999. He joined  American  Century in August 1993 as an Investment
    Analyst.  He has a  bachelor's  degree in  finance  from  Southern  Illinois
    University and an MBA in finance from the University of Missouri - Columbia.
    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 made 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
    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 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  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
1-800-345-3533

Visit our Web site at   WWW.AMERICANCENTURY.COM

SH-PRF-16946   9907                                   Funds Distributor, Inc.
<PAGE>
[front cover]

AMERICAN CENTURY

Fund Profile

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

Equity Index 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.

EQUITY INDEX FUND

1. WHAT IS THE FUND'S INVESTMENT OBJECTIVE?

    Equity Index seeks long-term capital growth.

2. WHAT IS THE FUND'S INVESTMENT STRATEGY?

    Equity  Index  seeks to  match,  as  closely  as  possible,  the  investment
    characteristics  and results of the S&P 500 Index. The fund managers buy and
    sell stocks and other  securities in order to build an investment  portfolio
    that seeks to match the investment characteristics of the S&P 500 Index.

    The fund managers will invest  primarily in the stocks  contained in the S&P
    500 Index in order of their  weightings  in the  index,  beginning  with the
    heaviest-  weighted  stocks.  The fund attempts to be fully  invested at all
    times in the stocks that comprise the S&P 500 Index and, in any event,  will
    keep at least 80% of the fund's total assets invested this way.

    The S&P 500 Index is an  unmanaged  index  composed of 500  selected  common
    stocks, most of which are listed on the New York Stock Exchange.  Standard &
    Poor's, a division of The McGraw-Hill  Companies,  Inc.,  chooses the stocks
    included in the S&P 500 Index. The weightings of stocks in the S&P 500 Index
    are based on each stock's total market capitalization  relative to the other
    stocks contained in the index.  Because of this weighting,  the fund expects
    that the 50 largest  companies  will comprise a large  proportion of the S&P
    500 Index.

    When the fund managers  believe that it is prudent,  they also may invest in
    S&P 500 Index  futures  and  options.  The fund will  purchase  futures  and
    options on a non-leveraged  basis.  "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.  S&P 500 Index  futures  and  options  can help the
    fund's assets remain liquid while performing more like the S&P 500 Index.

    "Standard  &  Poor's(reg.tm),"   "S&P  500(reg.tm)"  and  "S&P(reg.tm)"  are
    trademarks of The  McGraw-Hill  Companies,  Inc., and have been licensed for
    use by  American  Century.  The  fund is not  sponsored,  endorsed,  sold or
    promoted by Standard & Poor's and Standard & Poor's makes no  representation
    regarding the advisability of investing in the fund. Inclusion of a security
    in the S&P 500 Index in no way implies an opinion by Standard & Poor's as to
    its attractiveness as an investment.

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
    Index 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 Equity  Index's shares depends on the value of the stocks and
    other  securities it owns.  The value of the  individual  securities  Equity
    Index 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'  ability to match the  performance of the S&P 500 Index
    may be affected by many factors,  such as changes in securities markets, the
    manner  in which the total  return of the S&P 500 Index is  calculated,  the
    size  of the  fund's  portfolio,  the  amount  of cash  held  in the  fund's
    portfolio,   and  the  amount  and  timing  of  shareholder   purchases  and
    redemptions. The fund managers will use cash flows from shareholder purchase
    and redemption activity to maintain, to the extent feasible,  the similarity
    of its portfolio to the securities comprising the S&P 500 Index.


Equity Index                                      American Century Investments


    * It is intended  that Equity Index will be  diversified  to the extent that
    the S&P 500 Index is diversified.  Because of the composition of the S&P 500
    Index, it is possible that a relatively high percentage of the fund's assets
    may be invested in the  securities of a limited  number of issuers,  some of
    which may be in the same  industry  or  economic  sector.  As a result,  the
    fund's  portfolio may be more  sensitive to changes in the market value of a
    single issuer or industry than other equity funds using different investment
    styles.

    In  summary,  Equity  Index is intended  for  investors  who seek  long-term
    capital  growth  by  matching,  as  closely  as  possible,   the  investment
    characteristics  and  results  of the S&P 500 Index and who are  willing  to
    accept the risks associated with the fund's investment strategy.

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

    There are no sales loads, fees or other charges

    * to buy fund shares directly from American Century

    * to reinvest dividends in additional shares

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

    * to redeem your shares

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


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

         Management Fee                               0.49%

         Distribution and Service (12b-1) Fees        None

         Other Expenses(1)                            0.00%

         Total Annual Fund Operating Expenses         0.49%

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

           EXAMPLE

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

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

                            1 year               3 years

                              $50                 $157

             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.  The advisor  has,  in turn,  hired
    Barclays  Global Fund Advisors to make the day-to-day  investment  decisions
    for the fund. Barclays Global Fund Advisors performs this function under the
    supervision of American Century Investment  Management,  Inc. and the fund's
    Board of Directors.

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 made payable to American Century Investments

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

    *  Call us and send your investment by bank wire transfer

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


Equity Index                                                      Fund Profile


7. HOW DO I SELL FUND SHARES?

    You may sell all or part of your fund shares on any  business day by writing
    or calling us. You also may exchange  your shares in Equity Index 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  Index  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-16951   9907                                   Funds Distributor, Inc.
<PAGE>
[front cover]

American Century

Fund Profile

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

Small 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.


SMALL CAP VALUE FUND

1. WHAT IS THE FUND'S INVESTMENT OBJECTIVE?

    Small  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 smaller
    companies  whose  stock  price they  believe to be less than 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
    whose dividend payments appear high when compared to the stock price.

    The fund  invests  primarily  in  smaller  companies.  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 smaller  companies.  The fund
    managers   consider  smaller  companies  to  include  those  with  a  market
    capitalization  (the number of outstanding shares times share price) that is
    not bigger  than the largest  company in the S&P  SmallCap  600/BARRA  Value
    Index.  As of June 30, 1999,  the largest  company in the index had a market
    capitalization of $2.3 billion,  while the median company in the index had a
    market  capitalization  of $390 million.  The S&P SmallCap  600/BARRA  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.

    When the fund  managers  believe  that it is  prudent,  they also may invest
    assets in non-leveraged futures and options.  "Non-leveraged" means that the
    fund may not invest in futures  and  options  where it would be  possible to
    lose more than the fund  invested.  Futures  and options can help the fund's
    cash assets remain liquid while performing more like stocks.

    Additional  information about Small Cap 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 fiscal
    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,  and it is not insured or
    guaranteed by the Federal Deposit Insurance  Corporation (FDIC) or any other
    government agency.

    * The value of Small 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 Small 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.

    * 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.

    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

    * to redeem your shares

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

     ANNUAL FUND OPERATING EXPENSES
     (EXPENSES THAT ARE DEDUCTED FROM FUND ASSETS)
         Management Fee                                        1.25%
         Distribution and Service (12b-1) Fees                  None
         Other Expenses(1)                                     0.00%
         Total Annual Fund Operating Expenses                  1.25%

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

           EXAMPLE

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

             . . . your cost of investing in the fund would be:
                           1 year                      3 years
                            $127                        $395

             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 Small Cap Value team:

    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. He has a bachelor's degree
    in business  administration  from the University of St. Thomas and an MBA in
    finance and  accounting  from the  University of Chicago.  He is a Chartered
    Financial Analyst.

    BENJAMIN Z.  GIELE,  Portfolio  Manager,  has been a member of the team that
    manages  Small Cap  Value  since its  inception  in July 1998 and  Portfolio
    Manager since  February 1999. He joined  American  Century in May 1998 as an
    Investment  Analyst.  Before  joining  American  Century,  he  served  as an
    Investment  Analyst at USAA Investment  Management Company from June 1995 to
    May  1998  and  as  an  Investment  Analyst  at  Texas  Commerce  Investment
    Management  from July 1992 to June 1995. He has a bachelor of arts from Rice
    University and an MBA in finance and accounting from the University of Texas
    - Austin. 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 made 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
    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 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.


Small Cap Value                                                Fund Profile


8. HOW ARE FUND DISTRIBUTIONS MADE AND TAXED?

    Small 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
1-800-345-3533

Visit our Web site at www.americancentury.com [link to web site with arrow]


SH-PRF-16956   9907                                   Funds Distributor, Inc.
<PAGE>
[front cover]

American Century

Fund Profile

Real Estate Fund

[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 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.


REAL ESTATE FUND

1. WHAT IS THE FUND'S INVESTMENT OBJECTIVE?

    The Real Estate Fund seeks long-term capital growth appreciation.  Income is
    a secondary objective.

2. WHAT IS THE FUND'S INVESTMENT STRATEGY?

    The fund  invests  primarily  in real estate  securities.  These  securities
    include  securities  issued by real  estate  investment  trusts  (REITs) and
    securities  of  companies  engaged  in the real  estate  industry.  The fund
    managers look for real estate  securities they believe will provide superior
    returns to the fund.  They attempt to focus the fund's  investments  on real
    estate companies and REITs with the potential for stock price  appreciation,
    plus strong growth of cash flow to investors.

    To find these issuers,  the fund managers track economic conditions and real
    estate  market   performance  in  major   metropolitan   areas  and  analyze
    performance of various property types within those regions.  To perform this
    analysis,  they use  information  from a  nationwide  network of real estate
    professionals to evaluate the holdings of real estate companies and REITs in
    which the fund may invest.  Their  analysis  also  includes  the  companies'
    management structure, financial structure and business strategy. The goal of
    these  analyses  is to  determine  which of the  issuers  the fund  managers
    believe will be the most  profitable  to the fund.  The fund  managers  also
    consider  the effect of the real estate  securities  markets in general when
    making investment decisions.

    Under normal  conditions,  the fund managers  intend to keep at least 80% of
    the fund's  assets  invested  in equity  securities  of REITs or real estate
    companies.  A company is considered  to be a real estate  company if, in the
    opinion of the fund  managers,  at least 50% of its  revenues  or 50% of the
    market  value of its assets at that time are  attributed  to the  ownership,
    construction, management or sale of real estate.

    The fund may  invest up to 20% of its assets in other  types of  securities.
    These   securities   may  include   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 the Real Estate Fund'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?

    * As with all funds,  at any given time the value of your shares of the Real
    Estate  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 the Real  Estate  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.

    * Because the value of the fund's  investments  may be affected by the value
    of the real estate  owned by the  companies  in which it  invests,  the Real
    Estate Fund may be subject to certain risks similar to those associated with
    directly  owning  real  estate.  These  risks  include  changes in  economic
    conditions,   interest  rates,  property  values,  property  tax  increases,
    overbuilding and increased competition,  environmental contamination, zoning
    and natural disasters.

    * The fund  concentrates  its  investments  in real estate  companies.  As a
    result,  it may be subject to greater risks and market  fluctuations  than a
    portfolio  representing a broader range of industries.  In addition,  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,  the  Real  Estate  Fund is  intended  for  investors  who seek
    long-term  capital  growth  through an equity fund  investing in real estate
    securities  and who are  willing  to accept the risks  associated  with that
    investment  strategy.  Because of the  fund's  policy of  concentrating  its
    investments in real estate securities,  an investment in the fund should not
    be considered a complete investment program.


Real Estate Fund                              American Century Investments


    FUND PERFORMANCE

    The  following  bar chart  shows the actual  performance  of the Real Estate
    Fund's  Investor  Class  shares  for each  calendar  year  since the  fund's
    inception on September 21, 1995.  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.

    [bar chart data shown below]
    Calendar Year-By-Year Returns(1)
         1998        -18.10%
         1997         25.21%
         1996         40.81%


    (1) As of June 30, 1999, the end of the most recent calendar  quarter,  Real
    Estate Fund's year-to-date return was 7.44%.

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

                    Highest              Lowest
                    -------              ------
    Real Estate     19.92% (4Q 1996)     -13.35% (3Q 1998)

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

                                                       1 YEAR    LIFE OF FUND(1)
AVERAGE ANNUAL TOTAL RETURNS (PERIOD ENDED JUNE 30, 1999)
    Real Estate                                        -7.09%       13.80%
    Wilshire REIT Index                                -7.25%       11.45%(2)

    (1) The inception  date for the Real Estate Fund is September 21, 1995.  (2)
    Benchmark from September 30, 1995.

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 will pay if you
    buy and hold shares of the fund.

ANNUAL FUND OPERATING EXPENSES
(EXPENSES THAT ARE DEDUCTED FROM FUND ASSETS)
    Management Fee                                    1.20%
    Distribution and Service (12b-1) Fees              None
    Other Expenses(1)                                 0.00%
    Total Annual Fund Operating Expenses              1.20%

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

           EXAMPLE

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

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

            1 year    3 years    5 years     10 years
            $122       $380       $657        $1,447

            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 Investment
    Management, Inc. has in turn hired RREEF America, L.L.C. to make the
    day-to-day investment decisions for the fund. RREEF America performs this
    function under the supervision of American Century Investment Management,
    Inc. and the fund's Board of Directors.

    Identified below are the portfolio managers for the RREEF America team:

    KIM G.  REDDING,  Portfolio  Manager,  is a Senior Vice  President  of RREEF
    America. From 1990 to 1993, he was a principal in K.G. Redding & Associates,
    an investment advisor, and was previously the President of Redding,  Melchor
    & Company,  an investment  advisor.  He has been managing portfolios of real
    estate securities since 1987.

    KAREN J. KNUDSON,  Portfolio  Manager,  is a Senior Vice  President of RREEF
    America.  Prior to joining  RREEF,  she was Senior Vice  President and Chief
    Financial Officer of Security Capital Group, an investment advisor.  She has
    more than 16 years of real estate  investment  experience,  specializing  in
    real estate investment trusts.


Real Estate Fund                                               Fund Profile


    The  representative  of American  Century  Investment  Management,  Inc. who
    oversees the management of the fund is identified as follows:

    MARK L. MALLON,  Chief Investment  Officer--Value and Quantitative  Equities
    and Senior Vice  President,  joined  American  Century in April  1997.  From
    August 1978 until he joined  American  Century,  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 1990. He has a bachelor of arts from
    Westminster  College and an MBA from Cornell  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 the  enclosed  application  along with an  investment
    check made 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
    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 the fund 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?

    The  Real  Estate  Fund  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.

    The fund also may receive returns of capital from REITs in which it invests,
    which  will  be  distributed  to  fund  shareholders.   Returns  of  capital
    distributions are generally not taxable to the fund's shareholders,  but may
    decrease  the cost basis of fund  shares for those  shareholders  who do not
    reinvest  distributions.   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.

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

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

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

AUTOMATED INFORMATION LINE
1-800-345-8765

FAX
816-340-7962

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

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

Visit our Web site at www.americancentury.com [link to web site with arrow]


SH-PRF-16959   9907                                   Funds Distributor, Inc.


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