FUND PROFILE
Equity Index
INVESTOR CLASS
February 26, 1999
[american century logo(reg.sm)]
American
Century
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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 INDEX
1. WHAT IS THE FUND'S INVESTMENT OBJECTIVE?
Equity Index seeks long-term capital growth by investing primarily in
the common stocks contained in the S&P 500 Index.
2. WHAT IS THE FUND'S INVESTMENT STRATEGY?
Equity Index seeks to match, as closely as possible, the investment
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 will match,
as closely as possible, the investment characteristics of the S&P 500
Index.
The fund managers generally will select stocks for the fund's portfolio
in order of their weightings in the S&P 500 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, at
least 80% of the fund's total assets will be so invested.
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, the fund may also
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)," "Standard & Poor's 500," "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.
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 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's ability to correlate its performance with that of the S&P 500
Index may be affected by, among other things, 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 or cash
equivalents held in the fund's portfolio, and the timing, frequency and
size of shareholder purchases and redemptions. The fund will use cash flows
from shareholder purchase and redemption activity to maintain, as closely
as possible, the similarity of its portfolio to the securities comprising
the S&P 500 Index.
In summary, Equity Index is intended for investors who seek long-term
capital growth by matching, as closely as possible, the investment results
of the S&P 500 Index and who are willing to accept the risks associated
with the fund's investment strategy.
Equity Index 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 0.49%
Distribution and Service (12b-1) Fees None
Other Expenses(1) 0.00%
Total Annual Fund Operating Expenses 0.49%
(1)Other expenses include the fees and expenses of the fund's independent
directors, their legal counsel, interest and extraordinary expenses, are
expected to be less than 0.005%.
EXAMPLE
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
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$50 $157 $274 $615
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?
* 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 $10,000. 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 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.
Fund Profile Equity Index
8. HOW ARE FUND DISTRIBUTIONS MADE AND TAXED?
Equity Index pays distributions from net investment income quarterly.
The fund declares and pays distributions of net 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 a Service Representative at 1-800-345-3533.
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[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
CORPORATE; NOT-FOR-PROFIT; FOUNDATIONS;
ENDOWMENTS; KEOGH; SEP-, SARSEP- AND
SIMPLE-IRA; 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-PRF-14130 9903
