AMERICAN CENTURY CAPITAL PORTFOLIOS INC, 497K3B, 2000-11-02

AMERICAN CENTURY CAPITAL PORTFOLIOS INC
497K3B, 2000-11-02

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[front cover]

[photos of woman sitting on bench planning and hand holding pencil on paper]

American Century

Fund Profile

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.

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.

October 27, 2000

Investor Class

[american century logo (reg. sm) and text logo)
American
Century

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 look for stocks of companies that they believe are
undervalued at the time of purchase. The managers use a value investment
strategy that looks for companies that are temporarily out of favor in the
market. They attempt to purchase the stocks of these undervalued companies
and hold them until they have returned to favor in the market and their
stock prices have gone up.

Companies may be undervalued due to market declines, poor economic
conditions, actual or anticipated bad news regarding the issuer or its
industry, or because they have been overlooked by the market. To identify
these companies, the fund managers look for companies with earnings, cash
flows and/or assets that may not be reflected accurately in the companies'
stock prices or may be outside of the companies' historical ranges.

Under normal market conditions, the fund managers intend to keep at least
65% of the fund's assets invested in U.S. equity securities. Although the
fund managers invest in companies of all sizes, the fund's overall
characteristics are most similar to those in the mid-cap arena.

When the fund managers believe that it is prudent, they also may invest
assets in nonleveraged futures and options. "Nonleveraged" 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, your shares may be worth more or less
at any given time than the price you paid for them. As a result, it is
possible to lose money by investing in the fund.

* 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 high as other funds and may decline, even if stock prices
generally are rising.

* Although the fund managers intend to invest the fund's assets primarily
in U.S. stocks, the fund may 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 investment involves additional 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 full 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
1999 1998 1997 1996 1995 1994
Value -0.80% 4.99% 26.01% 24.25% 32.80% 3.99%

(1) As of September 30, 2000, the end of the most recent calendar
quarter, Value's year-to-date return was 4.66%.

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

Highest Lowest
Value 18.45% (2Q 1999) -11.00% (3Q 1999)

The following table shows the average annual total returns of the fund's
Investor Class shares for the periods indicated. The fund's benchmark was
changed from the S&P 500/BARRA Value Index to the Lipper Multicap Value
Index beginning January 1, 2000. The fund's advisor believes the latter
index better represents the types of value stocks in which the fund
invests.

1 YEAR 5 YEARS LIFE OF FUND(1)

AVERAGE ANNUAL TOTAL RETURNS (PERIOD ENDED SEPTEMBER 30, 2000)

Value 2.95% 12.79% 13.36%

Lipper Multicap
Value Index 10.61% 13.60% 13.38%

S&P 500 Index 13.28% 21.69% 19.64%

S&P 500/BARRA
Value Index 13.74% 17.90% 16.35%

(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 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 0.00%(1)

Total Annual Fund Operating Expenses 1.00%

(1) Other expenses, which include the fees and expenses of the fund's
independent directors and their legal counsel, as well as 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:

Value Fund Profile

PHILLIP N. DAVIDSON, Senior Vice President and Senior 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.

SCOTT A. MOORE, Vice President and 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 an application along with an investment check 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 and
Roth IRAs). 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 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 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-22204 0010 American Century Investment Services, Inc., Distributor

[front cover]

[photos of woman sitting on bench planning and hand holding pencil on paper]

American Century

Fund Profile

Equity Income Fund

October 27, 2000

Investor Class

[american century logo (reg. sm) and text logo)
American
Century

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 a
yield that exceeds the yield of the stocks comprising the S&P 500 Index.

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 with earnings, cash
flow and/or assets that may not be reflected accurately in the companies'
stock prices or may be outside of the companies' historical ranges. The fund
managers also look for companies whose dividend payments appear high when
compared to the stock price.

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.

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, your shares may be worth more or less at any given
time than the price you paid for them. As a result, it is possible to lose
money by investing in the fund.

* 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 high as other funds and may decline, even if
stock prices generally are 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 full 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.

[data shown in bar chart]

Calendar Year-By-Year Returns
1999 1998 1997 1996 1995
Equity Income -0.18% 12.97% 28.26% 23.31% 29.63%

(1) As of September 30, 2000, the end of the most recent calendar
quarter, Equity Income's year-to-date return was 8.67%.

Equity Income American Century Investments

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 total returns 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 5 YEARS LIFE OF FUND(1)

AVERAGE ANNUAL TOTAL RETURNS (PERIOD ENDED SEPTEMBER 30, 2000)

Equity Income 6.80% 15.39% 16.22%

S&P 500 Index 13.28% 21.69% 22.61%

Lipper Equity Income
Fund Index 8.10% 13.82% 14.70%

(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 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 0.00%(1)

Total Annual Fund Operating Expenses 1.00%

(1 )Other expenses, which include the fees and expenses of the fund's
independent directors and their legal counsel, as well as 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?

PHILLIP N. DAVIDSON, Senior Vice President and Senior 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.

SCOTT A. MOORE, Vice President and 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.

Equity Income Fund Profile

6. HOW DO I BUY FUND SHARES?

American Century offers several ways to purchase shares

* Complete and return an application along with an investment check 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

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 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.

--------------------------------------------------------------------------------
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-22205 0010 American Century Investment Services, Inc., Distributor

[front cover]

[photos of woman sitting on bench planning and hand holding pencil on paper]

American Century

Fund Profile

Equity Index Fund

October 27, 2000

Investor Class

[american century logo (reg. sm) and text logo)
American
Century

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
stocks that make up the largest portion of the index. 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 nonleveraged basis. "Nonleveraged" 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.

Additional information about Equity Index'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, your shares may be worth more or
less at any given time than the price you paid for them. As a result, it is
possible to lose money by investing in the fund.

* 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 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 0.00%(1)

Total Annual Fund Operating Expenses 0.49%

(1) Other expenses, which include the fees and expenses of the fund's
independent directors and their legal counsel, as well as 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

$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?

American Century offers several ways to purchase shares

* Complete and return an application along with an investment check 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 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.

--------------------------------------------------------------------------------
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-22208 0010 American Century Investment Services, Inc., Distributor

[front cover]

[photos of woman sitting on bench planning and hand holding pencil on paper]

AMERICAN CENTURY

Fund Profile

Large Cap Value Fund

October 27, 2000

Investor Class

[american century logo (reg. sm) and text logo)
American
Century

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 look for stocks of companies that they believe are
undervalued at the time of purchase. The managers use a value investment
strategy that looks for larger companies that are temporarily out of favor
in the market. They attempt to purchase the stocks of these undervalued
companies and hold them until they have returned to favor in the market and
their stock prices have gone up. The managers also consider the
diversification of the fund in determining when to sell securities.

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" is the
value of a company as determined by multiplying the number of shares of its
stock outstanding by the current market price per share.

When the fund managers believe that it is prudent, they also may invest in
other securities including nonleveraged futures and options. "Nonleveraged"
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 Large Cap Value's investments is available in
its annual and semiannual report. In this report 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, your shares may be worth more or
less at any given time than the price you paid for them. As a result, it is
possible to lose money by investing in the fund.

* 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 high as other funds and may decline, even if stock prices
generally are rising.

* Although the fund managers intend to invest the fund's assets primarily
in U.S. stocks, Large Cap Value may invest in securities of foreign
companies. Foreign investment involves additional 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

* to redeem your shares

The following table describes the fees and expenses 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 0.00%(2)

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 and their legal counsel, as well as 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 5 years 10 years

$92 $286 $497 $1,104

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?

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 Senior 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 an 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

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 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.

--------------------------------------------------------------------------------
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-22212 0010 American Century Investment Services, Inc., Distributor

[front cover]

AMERICAN CENTURY
Fund Profile

[photo of woman sitting on bench, photo of hand holding pencil]

Small Cap Value Fund

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.

October 27, 2000
Investor Class

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

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 look for stocks of companies that they believe are
undervalued at the time of purchase. The managers use a value investment
strategy that looks for smaller companies that are temporarily out of favor
in the market. They attempt to purchase the stocks of these undervalued
companies and hold them until they have returned to favor in the market and
their stock prices have gone up.

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. Market capitalization is the value of a
company as determined by multiplying the number of shares of its stock
outstanding by its current market price per share. The fund managers
consider smaller companies to include those with a market capitalization no
bigger than that of the largest company in the S&P SmallCap 600/BARRA Value
Index. As of September 30, 2000, the largest company in the index had a
market capitalization of $2.6 billion, while the median company in the index
had a market capitalization of $363 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.

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, your shares may be worth more or less at any given
time than the price you paid for them. As a result, it is possible to lose
money by investing in the fund.

* 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 high as other funds and may decline, even if stock prices
generally are 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

Fund Performance

The following bar chart shows the actual performance of Small Cap Value's
Investor Class shares for each full calendar year since the fund's inception
on July 31, 1998. 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)
1999 -0.86%

(1) As of September 30, 2000, the end of the most recent calendar
quarter, Small Cap Value's year-to-date return was 21.46%.

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

Highest Lowest
Small Cap Value 15.80% (2Q 1999) -7.88% (3Q 1999)

The following table shows the average annual total returns of the fund's
Investor Class shares for the periods indicated. The S&P SmallCap 600/BARRA
Value 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 SEPTEMBER 30, 2000)
Small Cap Value 21.76% 10.61%
S&P SmallCap 600/BARRA Value Index 15.81% 6.02%

(1) The inception date for Small Cap Value is July 31, 1998.

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 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 0.00%(1)
Total Annual Fund Operating Expenses 1.25%

(1) Other expenses, which include the fees and expenses of the fund's
independent directors and their legal counsel, as well as 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
$127 $395 $683 $1,503

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

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

R. Todd Vingers, Vice President and Portfolio Manager, has been a member of
the team that manages Small Cap Value since its inception in July 1998. He
joined American Century in 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.

Small Cap Value Fund Profile

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 an application along with an investment check 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

7. HOW DO I SELL FUND SHARES?

You may sell all or part of your fund shares on any business day by writing
or calling us. You also may exchange your shares in Small Cap Value for
shares in nearly 70 other mutual funds offered by American Century.
Depending on the options you select when you open your account, some
restrictions may apply. For your protection, some redemption requests
require a signature guarantee.

8. HOW ARE FUND DISTRIBUTIONS MADE AND TAXED?

Small Cap Value pays distributions 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 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.

--------------------------------------------------------------------------------
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 [graphic of arrow]

SH-PRF-22229 0010 American Century Investment Services, Inc., Distributor

[front cover]

AMERICAN CENTURY
Fund Profile

[photo of woman sitting on bench, photo of hand holding pencil]

Real Estate Fund

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.

October 27, 2000
Investor Class

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

REAL ESTATE FUND

1. WHAT IS THE FUND'S INVESTMENT OBJECTIVE?

The Real Estate Fund seeks long-term capital 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.

The fund managers' real estate securities investment philosophy is that
consistently excellent investment results can be achieved through superior
stock selection (based on both public equity and private real estate market
factors) and risk managed portfolio construction. The fund managers use a
disciplined investment process to manage the fund focusing on superior stock
selection rather than sector or theme bets. The portfolio management process
relies on a continuous screen of the target universe of investments to
identify companies exhibiting superior financial strength, operating returns
and growth prospects that are attractively priced at any given time.

The investment style of the fund is growth at a reasonable price. The fund
managers evaluate each company's ability to generate earnings over an
earnings cycle, not just for the next one or two years. The fund managers
focus research efforts on determining the normalized earnings and earnings
growth of a company from which they determine if the company's current price
fully reflects its long-term value.

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 the time its securities are purchased by the
fund, 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 nonleveraged futures and options.
"Nonleveraged" 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, your shares may be worth more or less at any given time
than the price you paid for them. As a result, it is possible to lose money
by investing in the fund.

* 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.

Real Estate Fund American Century Investments

* 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.

FUND PERFORMANCE

The following bar chart shows the actual performance of the Real Estate
Fund's Investor Class shares for each full 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.

[data shown in the bar chart]

Calendar Year-by-Year Returns(1)
1999 -2.71%
1998 -18.10%
1997 25.21%
1996 40.81%

(1) As of September 30, 2000, the end of the most recent calendar
quarter, Real Estate's year-to-date return was 21.56%.

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 total returns of the fund's
Investor Class shares for the periods indicated. The fund's benchmark was
changed to the Morgan Stanley REIT Index beginning January 1, 2000. The
fund's advisor believes this index better represents the real estate
industry. The Morgan Stanley REIT 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 SEPTEMBER 30, 2000)
Real Estate 21.61% 12.36% 12.33%
Morgan Stanley REIT Index 21.25% 10.27% 10.27%(2)
Wilshire REIT Index 25.45% 11.56% 11.56%(2)

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

(2) Since September 30, 1995, the date closest to the fund's inception
for which data are available.

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 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%(1)
Distribution and Service (12b-1) Fees None
Other Expenses 0.00%(2)
Total Annual Fund Operating Expenses 1.20%

(1) Based on expenses incurred during the fund's most recent fiscal
year. 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 and their legal counsel, as well as 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.

Real Estate Fund Fund Profile

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 J.P. Morgan Investment Management Inc.
to make the day-to-day investment decisions for the fund. J.P. Morgan
Investment Management Inc. performs this function under the supervision of
American Century Investment Management, Inc. and the fund's Board of
Directors. Identified below is the portfolio manager for the J.P. Morgan
Investment Management Inc. team:

DANIEL P. O'CONNOR, Portfolio Manager, has been a member of the team that
manages the Real Estate Fund since January 2000. He joined J.P. Morgan
Investment Management Inc. in February 1996 and is a portfolio manager of
all real estate security portfolios at J.P. Morgan Investment Management
Inc. From July 1994 to January 1996, he was the director of Real Estate
Securities at INVESCO. Prior to that time, he was the supervisor of
investments at the Delta Air Lines pension fund. He has a bachelor of
science from Indiana University, an MS from Clemson University and an MBA in
finance from the University of Chicago Graduate School of Business. He is a
Chartered Financial Analyst.

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 an 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

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.

Real Estate Fund American Century Investments

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 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.

Real Estate Fund Fund Profile

--------------------------------------------------------------------------------
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

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