AMERICAN CENTURY CAPITAL PORTFOLIOS INC, 497K3B, 2000-01-27

AMERICAN CENTURY CAPITAL PORTFOLIOS INC
497K3B, 2000-01-27

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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
thefund, 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 child, woman blowing bubbles, three businessmen, woman at computer]

JANUARY 24, 2000
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 is less than they believe the company is
worth in the market. They attempt to purchase the stock of these undervalued
companies and hold them until their stock price has increased to a level the
managers believe more accurately reflects the fair value of the company.

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

Under normal market conditions, the fund managers intend to keep at least
65% of the fund's assets invested in U.S. equity securities of 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) that is larger than the largest company in the SP
SmallCap 600/BARRA Value Index. As of December 31, 1999, the largest company
in the index had a market capitalization of $1.7 billion. The SP 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, your shares may be worth more or less at any given time
than the price you paid for them. 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 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.

[bar chart data below]
Calendar Year-By-Year Returns
1999 -0.80%
1998 4.99%
1997 26.01%
1996 24.25%
1995 32.80%
1994 3.99%

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 benchmarks are
unmanaged indices that have no operating costs and are included in the table
for performance comparisons.

1 YEAR 5 YEARS LIFE OF FUND(1)
AVERAGE ANNUAL TOTAL RETURNS (PERIOD ENDED DECEMBER 31, 1999)
Value -0.80% 16.70% 14.22%
SP 500 Index 21.04% 28.56% 22.49%
SP 500/BARRA
Value Index 12.72% 22.94% 17.67%

(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
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 1.00%
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, 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 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 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 [graphic of arrow]

SH-PRF-18993 0001 Funds Distributor, Inc., Distributor

AMERICAN CENTURY
Fund Profile

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

Equity Income Fund

[photo of woman, child blowing bubbles, three businessmen, woman at computer]

JANUARY 24, 2000
INVESTOR CLASS

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?

* 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 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 from bar chart below]
Calendar Year-By-Year Returns
1999 -0.18%
1998 12.97%
1997 28.26%
1996 23.31%
1995 29.63%

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 DECEMBER 31, 1999)
Equity Income -0.18% 18.24% 16.85%
S&P 500 Index 21.04% 28.56% 26.43%
Lipper Equity Income Fund Index 4.19% 17.80% 16.07%

(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
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.

(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.

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, 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.

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.

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 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.

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

SH-PRF-18994 0001 Funds Distributor, Inc., Distributor

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 child, woman blowing bubbles, three businessmen, woman at computer]

JANUARY 24, 2000
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 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 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.

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?

* 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
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 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, their legal counsel and interest, were less than
0.005% for the most recent fiscal year.

. . . 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 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 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.

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

SH-PRF-18999 0001 Funds Distributor, Inc., Distributor

AMERICAN CENTURY
Fund Profile

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

Large Cap Value Fund

[photos of child, woman blowing bubbles, three businessmen, woman at computer]

JANUARY 24, 2000
INVESTOR CLASS

LARGE CAP VALUE FUND

1. WHAT IS THE FUND'S INVESTMENT OBJECTIVE?

Large Cap Value seeks long-term capital growth. Income is a secondary
objective.

2. WHAT IS THE FUND'S INVESTMENT STRATEGY?

The fund managers use a value investment strategy that looks for larger
companies whose stock price is less than they believe the company is worth
in the market. They attempt to purchase the stock of these undervalued
companies and hold them until their stock price has increased to a level the
managers believe more accurately reflects the fair value of the company.

Under normal market conditions, the fund managers intend to keep at least
65% of the fund's assets invested in U.S. equity securities of issuers
ranking generally among the 1,000 largest companies in the United States as
measured by their market capitalization. "Market capitalization"
of a company is the number of its outstanding shares times the share price.

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

Additional information about Large Cap Value's investments is available in
its 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?

* An investment in the fund is not a bank deposit, and it is not insured or
guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other
government agency.

* The value of Large Cap Value's shares depends on the value of the stocks
and other securities it owns. The value of the individual securities the
fund owns will go up and down depending on the performance of the companies
that issued them, general market and economic conditions, and investor
confidence. If the market does not consider the individual stocks purchased
by Large Cap Value to be undervalued, the value of the fund's shares may not
increase as quickly as other funds and may decline, even if stock prices are
generally rising.

* Although the fund managers invest the fund's assets primarily in U.S.
stocks, Large Cap Value can invest in securities of foreign companies.
Foreign securities can have certain unique risks, including fluctuations in
currency exchange rates, less stable political and economic structures,
reduced availability of public information, and lack of uniform financial
reporting and regulatory practices similar to those that apply in the United
States. These factors make investing in foreign securities generally riskier
than investing in U.S. stocks.

In summary, Large Cap Value is intended for investors who seek long-term
capital growth through an equity fund utilizing the value style of investing
and who are willing to accept the risks associated with that investment
strategy.

Large Cap Value American Century Investments

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

There are no sales loads, fees or other charges

* to buy fund shares directly from American Century

* to reinvest dividends in additional shares

* to exchange into the Investor Class shares of other American Century
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 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, their legal counsel and interest, are expected to
be less than 0.005% for the current fiscal year.

1 year 3 years
$92 $286

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

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

MARK L. MALLON, Chief Investment Officer--Value and Quantitative Equities
and Senior Vice President, has been a member of the team that manages Large
Cap Value since its inception in July 1999. He joined American Century in
April 1997. From August 1978 until he joined American Century, he was
employed in several positions by Federated Investors and served as President
and Chief Executive Officer of Federated Investment Counseling and Executive
Vice President of Federated Research Corporation since January 1990. He has
a bachelor of arts from Westminster College and an MBA from Cornell
University. He is a Chartered Financial Analyst.

CHARLES RITTER, Vice President and Portfolio Manager, has been a member of
the team that manages Large Cap Value since its inception in July 1999. He
joined American Century in December 1998. Before joining American Century,
he spent 15 years with Federated Investors, most recently serving as Vice
President and Portfolio Manager. He has a bachelor's degree in mathematics
and a master's in economics from Carnegie Mellon University. He also has an
MBA from the University of Chicago. He is a Chartered Financial Analyst.

6. HOW DO I BUY FUND SHARES?

American Century offers several ways to purchase shares

* Complete and return 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 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.

--------------------------------------------------------------------------------
[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 [graphic of arrow)

SH-PRF-19047 0001 Funds Distributor, Inc., Distributor

[front cover]

American Century

Fund Profile

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

Small Cap Value Fund

[photos of girl and woman blowing bubbles, three businessmen, woman at computer]

JANUARY 24, 2000
INVESTOR CLASS

[end front cover]

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 is less than they believe the company is worth
in the market. They attempt to purchase the stock of these undervalued
companies and hold them until their stock price has increased to a level the
managers believe more accurately reflects the fair value of the company.

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 December 31, 1999, the largest company in the
index had a market capitalization of $1.7 billion, while the median company
in the index had a market capitalization of $345 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?

* 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

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
1999 -0.86%

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 DECEMBER 31, 1999)

Small Cap Value -0.86% 1.70%

S&P SmallCap 600/BARRA
Value Index 3.03% 0.41%

(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
funds
* 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, 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?

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.

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 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-19004 0001 Funds Distributor, Inc., Distributor

[front cover]

American Century

Fund Profile

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

Real Estate Fund

[photos of girl and woman blowing bubbles, three businessmen, woman at computer]

JANUARY 24, 2000
INVESTOR CLASS

[end front cover]

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 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?

* 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 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 bar chart]
Calendar Year-By-Year Returns
1999 -2.71%
1998 -18.10%
1997 25.21%
1996 40.81%

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 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 DECEMBER 31, 1999)

Real Estate -2.71% 9.51%

Wilshire REIT Index -2.49% 7.89%(2)

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

(2) Since September 30, 1995, the date nearest 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
funds
* 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) The fund has a stepped fee schedule. As a result, the fund's
management fee rate generally decreases as fund assets increase.

(2) Other expenses, which include the fees and expenses of the fund's
independent directors, their legal counsel and interest, 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 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

Real Estate Fund Fund Profile

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.

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-19007 0001 Funds Distributor, Inc., Distributor