FUND PROFILE
International
Growth
INVESTOR CLASS
November 20, 1998
[American Century Logo(reg.sm)]
American
Century
- --------------------------------------------------------------------------------
This profile summarizes key information about the fund that is included
in the fund's Prospectus. The fund's Prospectus has additional
information about the fund, including a more detailed description of the
risks associated with investing in the fund, that you may want
to consider before you invest. You may obtain the Prospectus and other
information about the fund at no cost by calling us at 1-800-345-2021,
accessing our Web site or visiting one of our Investor Centers.
See the back cover for additional telephone numbers and our address.>
TWENTIETH CENTURY GROUP
/front cover/
AMERICAN CENTURY INVESTMENTS
INTERNATIONAL GROWTH
1. WHAT IS THE FUND'S INVESTMENT OBJECTIVE?
International Growth seeks capital growth by investing primarily in foreign
equity securities. International Growth invests primarily in securities of
issuers in developed countries.
2. WHAT IS THE FUND'S INVESTMENT STRATEGY?
The fund advisor looks for securities of international companies that it
believes will increase in value over time. The fund advisor uses a growth
investment strategy developed by American Century that looks for companies with
earnings and revenue growth. Ideally, the fund advisor looks for companies whose
earnings and revenues are not only growing, but growing at a successively
faster, or accelerating, pace. Accelerating growth is shown, for example, by
growth that is faster this quarter than last or faster this year than the year
before.
The fund advisor tracks financial information for thousands of companies to
research and select the stocks it believes will be able to sustain accelerating
growth. This strategy is based on the premise that, over the long term, the
stocks of companies with accelerating earnings and revenues have a
greater-than-average chance to increase in value. International Growth will have
at least 65% of its assets invested at all times in international equity
securities.
In addition to locating strong companies with accelerating earnings, the fund
advisor believes that the diversification of the fund's holdings across
different countries and geographical regions is important in trying to manage
the risks of an international portfolio. For this reason, the fund advisor also
considers the prospects for relative economic growth among countries or regions,
economic and political conditions, expected inflation rates, currency exchange
fluctuations, and tax considerations when making investments.
Additional information about International Growth'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 six-month period. You may get
these reports at no cost by calling us.
3. WHAT ARE THE SIGNIFICANT RISKS OF INVESTING IN THE FUND?
* The value of International Growth's shares depends on the value of the
stocks and other securities it owns. The value of the individual securities
International Growth owns will go up and down depending on the performance
of the companies that issued them, general market and economic conditions,
and investor confidence.
* As with all funds, at any given time, the value of your shares of
International Growth may be worth more or less than the price you paid. If
you sell your shares when the value is less than the price you paid, you
will lose money.
* An investment in the fund is not a bank deposit and it is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other
government agency.
* International Growth invests primarily in foreign securities, which
generally involves greater risks than investing in U.S. securities. These
risks are summarized below:
Currency Risk. In addition to changes in the value of the fund's
investments, changes in the value of foreign currencies against the U.S.
dollar also could result in gains or losses to the fund. The value of a
share of International Growth is determined in U.S. dollars. The fund's
investments, however, generally are held in the foreign currency of the
country where investments are made. As a result, the fund could recognize a
gain or loss based solely upon a change in the exchange rate between the
foreign currency and the U.S. dollar.
Political and Economic Risk. Many countries where the fund invests are not
as politically or economically developed as the United States. As a result,
the economies and political and social structures of these countries could
be unstable and exert forces that could cause the value of the fund's
investments to decrease. The fund also could be unable to enforce its
ownership rights or pursue legal remedies in countries where it invests.
Market and Trading Risk. The trading markets for many foreign securities are
not as active as U.S. markets and may have less governmental regulation and
oversight. Foreign
INTERNATIONAL GROWTH AMERICAN CENTURY
INVESTMENTS
markets also may have clearance and settlement procedures that make it
difficult for the fund to buy and sell securities. These factors could
result in a loss to the fund by causing the fund to be unable to dispose of
an investment, by causing the fund to miss an attractive investment
opportunity, or by causing fund assets to be uninvested for some period of
time.
Availability of Information. Foreign companies generally are not subject to
the regulatory controls or uniform accounting, auditing, and financial
reporting standards imposed on U.S. issuers. As a result, there may be less
publicly available information about foreign issuers than is available
regarding U.S. issuers.
In summary, International Growth is intended for investors who find foreign
securities an appropriate investment and who are willing to accept the increased
risk associated with the fund's investment strategy. An investment in the fund
is not appropriate for investors who are unable to tolerate rapid fluctuations
in the value of their investment.
FUND PERFORMANCE
The following bar chart shows the actual performance of International Growth's
Investor Class shares for each calendar year since the fund's inception on May
9, 1991. The bar chart indicates the volatility of the fund's historical returns
from year to year. Neither the bar chart nor the performance information below
it is intended to indicate how the fund will perform in the future.
[bar chart]
CALENDAR YEAR-BY-YEAR RETURNS
1992 1993 1994 1995 1996 1997
International Growth 4.84 42.65 -4.76 11.89 14.43 19.72
As of September 30, 1998, the end of the most recent calendar quarter,
International Growth's year-to-date return was 3.30%.
The highest and lowest returns of the fund's Investor Class shares for a
calendar quarter for the life of the fund are provided in the following chart to
indicate the fund's historical short-term volatility. Shareholders should be
aware, however, that International Growth is intended for investors with a
long-term investment horizon and is not managed for short-term results.
[bar chart]
Highest and Lowest Quarterly Returns
Quarter Ended 12/31/93 18.32%
Quarter Ended 9/30/98 -17.94%
The following table shows the average annual return of the fund's Investor Class
shares for the periods indicated. The Morgan Stanley Capital International
Europe, Australia, Far East (EAFE) Index, an unmanaged index that reflects no
operating costs, is included as a benchmark for long-term performance
comparisons.
1 YEAR 5 YEARS LIFE OF FUND
AVERAGE ANNUAL TOTAL RETURNS (PERIOD ENDED SEPTEMBER 30, 1998)
International Growth -0.57% 12.28% 13.09%
MSCI EAFE Index -8.34% 5.35% 5.99%
(index as of 4/30/91)
4. WHAT ARE THE FUND'S FEES AND EXPENSES?
There are no sales loads, fees or other charges to buy fund shares directly from
American Century, to reinvest dividends in additional shares, to exchange into
the Investor Class shares of other American Century funds or to redeem your
shares. The following table describes the fees and expenses that you may pay if
you buy and hold shares of the fund.
ANNUAL FUND OPERATING EXPENSES
(EXPENSES THAT ARE DEDUCTED FROM FUND ASSETS)
Management Fee 1.37%(1)
Distribution and Service (12b-1) Fees None
Other Expenses(2) 0.00%
Total Annual Fund Operating Expenses 1.37%(1)
(1)Based upon assets at November 30, 1997. The fund has a stepped fee
schedule. As a result, the fund's management fee decreases as fund assets
increase.
(2)Other expenses, which include the fees and expenses of the fund's
independent directors, their legal counsel, interest and extraordinary
expenses, were less than 0.005% for the most recent fiscal year.
FUND PROFILE INTERNATIONAL GROWTH
Example of Hypothetical Fund Costs
Assuming you . . .
* invest $10,000 in the fund
* redeem your shares at the end of the periods shown below
* earn a 5% return each year
* incur the same fund operating expenses shown above
. . . your cost of investing in the fund would be:
1 year 3 years 5 years 10 years
$139 $432 $746 $1,636
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. The portfolio managers of the International Growth team are
identified below:
HENRIK STRABO, Senior Vice President and Portfolio Manager, has been a member of
the team that manages International Growth since April 1994. He joined American
Century in 1993 as an Investment Analyst and was promoted to Portfolio Manager
in April 1994. He has a bachelor's degree in business from the University of
Washington.
MARK S. KOPINSKI, Vice President and Portfolio Manager, has been a member of the
team that manages International Growth since rejoining American Century in April
1997. Before rejoining American Century, he served as Vice President and
Portfolio Manager at Federated Investors, Inc. from June 1995 to March 1997.
Prior to 1995, he served as Vice President and Portfolio Manager of American
Century. He has a bachelor's degree in business administration from the
University of Illinois.
6. HOW DO I BUY FUND SHARES?
* Complete and return the enclosed application
* Call us and exchange shares from another American Century fund
* Call us and send your investment by bank wire transfer
Your initial investment must be at least $2,500 ($1,000 for traditional IRAs,
Roth IRAs and UGMA/UTMA accounts), unless you establish an automatic investment
plan of at least $50 per month. If the value of your account falls below this
account minimum, your shares may be redeemed involuntarily.
7. HOW DO I SELL FUND SHARES?
You may sell all or part of your fund shares on any business day by writing or
calling us. You also may exchange your shares in 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?
International Growth pays distributions of substantially all of its income once
a year, usually in December. Distributions from realized capital gains are paid
twice a year, usually in March and 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. Fund shareholders also may be able to claim a foreign
tax credit for any foreign income taxes paid by the fund. Distributions are
reinvested automatically in additional shares unless you choose another option.
9. WHAT SERVICES ARE AVAILABLE?
American Century offers several ways to make it easier for you to manage your
account, such as:
* telephone transactions
* wire and electronic funds transfers
* 24-hour Automated Information Line transactions
* 24-hour online Internet account access and transactions
You will find more information about these choices in our Investor Services
Guide, which you may request by calling us, accessing our Web site or visiting
one of our Investor Centers.
Information contained in our Investor Services Guide pertains to shareholders
who invest directly with American Century rather than through an
employer-sponsored retirement plan or through a financial intermediary.
INTERNATIONAL GROWTH AMERICAN CENTURY INVESTMENTS
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 an Institutional
Service Representative at 1-800-345-3533.
FUND PROFILE INTERNATIONAL GROWTH
- --------------------------------------------------------------------------------
[American Century Logo(reg.sm)]
American
Century
AMERICAN CENTURY INVESTMENTS
P.O. BOX 419200
KANSAS CITY, MISSOURI 64141-6200
WWW.AMERICANCENTURY.COM
INVESTOR SERVICES
1-800-345-2021 or 816-531-5575
AUTOMATED INFORMATION LINE
1-800-345-8765
INSTITUTIONAL, CORPORATE, KEOGH, SEP/SARSEP,
SIMPLE AND 403(B) SERVICES
1-800-345-3533
TELECOMMUNICATIONS DEVICE FOR THE DEAF
1-800-634-4113 or 816-444-3485
FAX
816-340-7962
SH-BRO-14479 9811
Funds Distributor, Inc.
/back cover/
<PAGE>
FUND PROFILE
International
Discovery
INVESTOR CLASS
November 20, 1998
[American Century Logo(reg.sm)]
American
Century
- --------------------------------------------------------------------------------
This profile summarizes key information about the fund that is included
in the fund's Prospectus. The fund's Prospectus has additional
information about the fund, including a more detailed description of the
risks associated with investing in the fund, that you may want
to consider before you invest. You may obtain the Prospectus and other
information about the fund at no cost by calling us at 1-800-345-2021,
accessing our Web site or visiting one of our Investor Centers.
See the back cover for additional telephone numbers and our address.
TWENTIETH CENTURY GROUP
/front cover/
AMERICAN CENTURY INVESTMENTS
INTERNATIONAL DISCOVERY
1. WHAT IS THE FUND'S INVESTMENT OBJECTIVE?
International Discovery seeks capital growth by investing primarily in equity
securities of smaller foreign companies. These smaller companies have a market
capitalization (the number of shares times the share price) at the time of
investment of less than $1 billion or will have less than $500 million in freely
tradable securities.
2. WHAT IS THE FUND'S INVESTMENT STRATEGY?
The fund advisor looks for securities of international companies that it
believes will increase in value over time. The fund advisor uses a growth
investment strategy developed by American Century that looks for companies with
earnings and revenue growth. Ideally, the fund advisor looks for companies whose
earnings and revenues are not only growing, but growing at a successively
faster, or accelerating, pace. Accelerating growth is shown, for example, by
growth that is faster this quarter than last or faster this year than the year
before.
The fund advisor tracks financial information for thousands of companies to
research and select the stocks it believes will be able to sustain accelerating
growth. This strategy is based on the premise that, over the long term, the
stocks of companies with accelerating earnings and revenues have a
greater-than-average chance to increase in value.
In addition to locating strong companies with accelerating earnings, the fund
advisor believes that the diversification of the fund's holdings across
different countries and geographical regions is important in trying to manage
the risks of an international portfolio. For this reason, the fund advisor also
considers the prospects for relative economic growth among countries or regions,
economic and political conditions, expected inflation rates, currency exchange
fluctuations, and tax considerations when making investments.
Additional information about International Discovery'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 six-month period. You may
get these reports at no cost by calling us.
3. WHAT ARE THE SIGNIFICANT RISKS OF INVESTING IN THE FUND?
* The value of International Discovery's shares depends on the value of the
stocks and other securities it owns. The value of the individual securities
International Discovery owns will go up and down depending on the
performance of the companies that issued them, general market and economic
conditions, and investor confidence.
* As with all funds, at any given time, the value of your shares of
International Discovery may be worth more or less than the price you paid.
If you sell your shares when the value is less than the price you paid, you
will lose money.
* An investment in the fund is not a bank deposit and it is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other
government agency.
* International Discovery invests primarily in smaller foreign issuers.
Investing in smaller foreign issuers is much riskier than investing in U.S.
companies or even investing in foreign securities generally. Smaller
companies may have limited resources, trade less frequently, and have less
publicly available information. Smaller companies in emerging markets also
may be subject to government and economic instability, the effect of which
can be magnified by the country's financial markets. Each of these potential
factors may cause the fund's investments to be extremely volatile and could
result in significant losses to the fund.
* In addition to the risks of investing in smaller foreign companies, there
are many risks associated with foreign investing generally. These risks are
summarized below:
Currency Risk. In addition to changes in the value of the fund's
investments, changes in the value of foreign currencies against the U.S.
dollar also could result in gains or losses to the fund. The value of a
share of International Discovery is determined in U.S. dollars. The fund's
investments, however, generally are held in the foreign currency of the
country where investments are made. As a result, the fund could recognize a
gain or loss based solely upon a change in the exchange rate between the
foreign currency and the U.S. dollar.
INTERNATIONAL DISCOVERY AMERICAN CENTURY
INVESTMENTS
Political and Economic Risk. Many countries where the fund invests are not
as politically or economically developed as the United States. As a result,
the economies and political and social structures of these countries could
be unstable and exert forces that could cause the value of the fund's
investments to decrease. The fund also could be unable to enforce its
ownership rights or pursue legal remedies in countries where it invests.
Market and Trading Risk. The trading markets for many foreign securities are
not as active as U.S. markets and may have less governmental regulation and
oversight. Foreign markets also may have clearance and settlement procedures
that make it difficult for the fund to buy and sell securities. These
factors could result in a loss to the fund by causing the fund to be unable
to dispose of an investment, by causing the fund to miss an attractive
investment opportunity, or by causing fund assets to be uninvested for some
period of time.
Availability of Information. Foreign companies generally are not subject to
the regulatory controls or uniform accounting, auditing, and financial
reporting standards imposed on U.S. issuers. As a result, there may be less
publicly available information about foreign issuers than is available
regarding U.S. issuers.
In summary, International Discovery is intended for investors who find foreign
securities an appropriate investment and who are willing to accept the increased
risk of investing in smaller foreign companies. An investment in the fund is not
appropriate for investors who are unable to tolerate rapid fluctuations in the
value of their investment.
FUND PERFORMANCE
The following bar chart shows the actual performance of International
Discovery's Investor Class shares for each calendar year since the fund's
inception on April 1, 1994. The bar chart indicates the volatility of the fund's
historical returns from year to year. Neither the bar chart nor the performance
information below it is intended to indicate how the fund will perform in the
future.
[bar chart]
CALENDAR YEAR-BY-YEAR RETURNS
1995 1996 1997
International Discovery 9.89 31.18 17.48
The highest and lowest returns of the fund's Investor Class shares for a
calendar quarter for the life of the fund are provided in the following chart to
indicate the fund's historical short-term volatility. Shareholders should be
aware, however, that International Discovery is intended for investors with a
long-term investment horizon and is not managed for short-term results.
[bar chart]
Highest and Lowest Quarterly Returns
Quarter Ended 3/31/98 20.49%
Quarter Ended 9/30/98 -19.91%
The following table shows the average annual return of the fund's Investor Class
shares for the periods indicated. The Morgan Stanley Capital International
Europe, Australia, Far East (EAFE) Index, an unmanaged index that reflects no
operating costs, is included as a benchmark for long-term performance
comparisons.
1 YEAR LIFE OF FUND
AVERAGE ANNUAL TOTAL RETURNS (PERIOD ENDED SEPTEMBER 30, 1998)
International Discovery -4.53% 15.22%
MSCI EAFE Index -8.34% 4.95%
(index as of 3/31/94)
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 or to reinvest dividends in additional shares.
FUND PROFILE INTERNATIONAL DISCOVERY
THE FUND CHARGES A REDEMPTION FEE OF 2.0% OF THE VALUE OF THE SHARES SOLD WITHIN
180 DAYS OF THEIR PURCHASE. This redemption fee is retained by the fund. It is
intended to discourage short-term investment in the fund as well as to decrease
the negative impact that short-term investors have on the shareholders remaining
in the fund. Otherwise, there are no fees or charges to exchange into the
Investor Class shares of other American Century funds or to redeem your shares.
The following table describes the fees and expenses that you may pay if you buy
and hold shares of the fund.
ANNUAL FUND OPERATING EXPENSES
(EXPENSES THAT ARE DEDUCTED FROM FUND ASSETS)
Management Fee 1.68%(1)
Distribution and Service (12b-1) Fees None
Other Expenses(2) 0.00%
Total Annual Fund Operating Expenses 1.68%(1)
(1)Based upon assets at November 30, 1997. The fund has a stepped fee
schedule. As a result, the fund's management fee decreases as fund assets
increase.
(2)Other expenses, which include the fees and expenses of the fund's
independent directors, their legal counsel, interest and extraordinary
expenses, were less than 0.005% for the most recent fiscal year.
EXAMPLE OF HYPOTHETICAL FUND COSTS
Assuming you . . .
* invest $10,000 in the fund
* redeem your shares at the end of the periods shown below
* earn a 5% return each year
* incur the same fund operating expenses shown above
. . . your cost of investing in the fund would be:
1 year 3 years 5 years 10 years
-----------------------------------------------------------------
$170 $526 $907 $1,971
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. The portfolio managers of the International Discovery team are
identified below:
HENRIK STRABO, Senior Vice President and Portfolio Manager, has been a member of
the team that manages International Discovery since April 1994. He joined
American Century in 1993 as an Investment Analyst and was promoted to Portfolio
Manager in April 1994. He has a bachelor's degree in business from the
University of Washington.
MARK S. KOPINSKI, Vice President and Portfolio Manager, has been a member of the
team that manages International Discovery since rejoining American Century in
April 1997. Before rejoining American Century, he served as Vice President and
Portfolio Manager at Federated Investors, Inc. from June 1995 to March 1997.
Prior to 1995, he served as Vice President and Portfolio Manager of American
Century. He has a bachelor's degree in business administration from the
University of Illinois. Brian Brady, Portfolio Manager, has been a member of the
team that manages International Discovery since November 1998. He joined
American Century in June 1994 as an Investment Analyst and was promoted to
Portfolio Manger in November 1998. Prior to joining American Century, he served
as a Financial Analyst for Chase Manhattan Bank. He has a bachelor's degree in
finance from Georgetown University and an MBA from Columbia University Graduate
School of Business.
6. HOW DO I BUY FUND SHARES?
* Complete and return the enclosed application
* Call us and exchange shares from another American Century fund
* Call us and send your investment by bank wire transfer
Your initial investment must be at least $10,000. If the value of your account
falls below this account minimum, your shares may be redeemed involuntarily.
7. HOW DO I SELL FUND SHARES?
You may sell all or part of your fund shares on any business day by writing or
calling us. You also may exchange your shares in International Discovery 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.
IF YOU SELL SHARES OF INTERNATIONAL DISCOVERY WITHIN 180 DAYS OF THEIR PURCHASE,
YOU WILL PAY A REDEMPTION FEE OF 2.0% OF THE VALUE OF THE SHARES SOLD.
INTERNATIONAL DISCOVERY AMERICAN CENTURY INVESTMENTS
8. HOW ARE FUND DISTRIBUTIONS MADE AND TAXED?
International Discovery pays distributions of substantially all of its income
once a year, usually in December. Distributions from realized capital gains are
paid twice a year, usually in March and 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. Fund shareholders also may be able to claim a foreign
tax credit for any foreign income taxes paid by the fund. Distributions are
reinvested automatically in additional shares unless you choose another option.
9. WHAT SERVICES ARE AVAILABLE?
American Century offers several ways to make it easier for you to manage your
account, such as:
* telephone transactions
* wire and electronic funds transfers
* 24-hour Automated Information Line transactions
* 24-hour online Internet account access and transactions
You will find more information about these choices in our Investor Services
Guide, which you may request by calling us, accessing our Web site or visiting
one of our Investor Centers.
Information contained in our Investor Services Guide pertains to shareholders
who invest directly with American Century rather than through an
employer-sponsored retirement plan or through a financial intermediary.
If you own or are considering purchasing fund shares through an
employer-sponsored retirement plan or financial intermediary, your ability to
purchase shares of the fund, exchange them for shares of other American Century
funds and redeem them will depend on the terms of your plan or financial
intermediary. If you have questions about investing in an employer-sponsored
retirement plan or through a financial intermediary, call an Institutional
Service Representative at 1-800-345-3533.
FUND PROFILE INTERNATIONAL DISCOVERY
- --------------------------------------------------------------------------------
[American Century Logo(reg.sm)]
American
Century
AMERICAN CENTURY INVESTMENTS
P.O. BOX 419200
KANSAS CITY, MISSOURI 64141-6200
WWW.AMERICANCENTURY.COM
INVESTOR SERVICES
1-800-345-2021 or 816-531-5575
AUTOMATED INFORMATION LINE
1-800-345-8765
INSTITUTIONAL, CORPORATE, KEOGH, SEP/SARSEP,
SIMPLE AND 403(B) SERVICES
1-800-345-3533
TELECOMMUNICATIONS DEVICE FOR THE DEAF
1-800-634-4113 or 816-444-3485
FAX
816-340-7962
Funds Distributor, Inc.
SH-BRO-14480 9811
/back cover/
<PAGE>
FUND PROFILE
Global
Growth
INVESTOR CLASS
November 20, 1998
[American Century Logo(reg.sm)]
American
Century
- --------------------------------------------------------------------------------
This profile summarizes key information about the fund that is included
in the fund's Prospectus. The fund's Prospectus has additional
information about the fund, including a more detailed description of the
risks associated with investing in the fund, that you may want
to consider before you invest. You may obtain the Prospectus and other
information about the fund at no cost by calling us at 1-800-345-2021,
accessing our Web site or visiting one of our Investor Centers.
See the back cover for additional telephone numbers and our address.>
TWENTIETH CENTURY GROUP
/front cover/
AMERICAN CENTURY INVESTMENTS
GLOBAL GROWTH
1. WHAT IS THE FUND'S INVESTMENT OBJECTIVE?
Global Growth seeks capital growth by investing primarily in U.S. and foreign
equity securities of issuers in developed countries.
2. WHAT IS THE FUND'S INVESTMENT STRATEGY?
The fund advisor looks for securities of both U.S. and international companies
that it believes will increase in value over time. The fund advisor uses a
growth investment strategy developed by American Century that looks for
companies with earnings and revenue growth. Ideally, the fund advisor looks for
companies whose earnings and revenues are not only growing, but growing at a
successively faster, or accelerating, pace. Accelerating growth is shown, for
example, by growth that is faster this quarter than last or faster this year
than the year before.
The fund advisor tracks financial information for thousands of companies to
research and select the stocks it believes will be able to sustain accelerating
growth. This strategy is based on the premise that, over the long term, the
stocks of companies with accelerating earnings and revenues have a
greater-than-average chance to increase in value.
Global Growth will have at least 65% of its assets invested at all times in
equity securities of issuers in developed countries. The fund considers the
developed countries to include the United States, Canada, Japan, the United
Kingdom, Germany, Austria, France, Italy, Ireland, Spain, Belgium, the
Netherlands, Switzerland, Sweden, Finland, Norway, Denmark, Australia and New
Zealand. The fund may also invest in securities of issuers in developing
countries where the advisor believes they present an attractive investment
opportunity for the fund.
In addition to locating strong companies with accelerating earnings, the fund
advisor believes that the diversification of the fund's holdings across
different countries and geographical regions is important in trying to manage
the risks of an international portfolio. For this reason, the fund advisor also
considers the prospects for relative economic growth among countries or regions,
economic and political conditions, expected inflation rates, currency exchange
fluctuations, and tax considerations when making investments.
3. WHAT ARE THE SIGNIFICANT RISKS OF INVESTING IN THE FUND?
* The value of Global Growth's shares depends on the value of the stocks and
other securities it owns. The value of the individual securities Global
Growth owns will go up and down depending on the performance of the
companies that issued them, general market and economic conditions, and
investor confidence.
* As with all funds, at any given time, the value of your shares of Global
Growth may be worth more or less than the price you paid. If you sell your
shares when the value is less than the price you paid, you will lose money.
* An investment in the fund is not a bank deposit and it is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other
government agency.
* Global Growth may invest a significant portion of its assets in foreign
securities, which generally involve greater risks than investing in U.S.
securities. These risks are summarized below:
Currency Risk. In addition to changes in the value of the fund's
investments, changes in the value of foreign currencies against the U.S.
dollar also could result in gains or losses to the fund. The value of a
share of Global Growth is determined in U.S. dollars. The fund's foreign
investments, however, generally are held in the foreign currency of the
countries where investments are made. As a result, the fund could recognize
a gain or loss based solely upon a change in the exchange rate between the
foreign currency and the U.S. dollar.
Political and Economic Risk. Many countries where the fund invests are not
as politically or economically developed as the United States. As a result,
the economies and political and social structures of these countries could
be unstable and exert forces that could cause the value of the fund's
investments to decrease. The fund also could be unable to enforce its
ownership rights or pursue legal remedies in countries where it invests.
GLOBAL GROWTH AMERICAN CENTURY INVESTMENTS
Market and Trading Risk. The trading markets for many foreign securities are
not as active as U.S. markets and may have less governmental regulation and
oversight. Foreign markets also may have clearance and settlement procedures
that make it difficult for the fund to buy and sell securities. These
factors could result in losses to the fund by causing the fund to be unable
to dispose of an investment, by causing the fund to miss an attractive
investment opportunity, or by causing fund assets to be uninvested for some
period of time.
Availability of Information. Foreign companies generally are not subject to
the regulatory controls or uniform accounting, auditing, and financial
reporting standards imposed on U.S. issuers. As a result, there may be less
publicly available information about foreign issuers than is available
regarding U.S. issuers. Also, the information which is available could be
less reliable than information regarding U.S. issuers.
In summary, Global Growth is intended for investors who find U.S. and foreign
growth securities an appropriate investment and who are willing to accept the
increased risk associated with the fund's investment strategy. An investment in
the fund is not appropriate for investors who are unable to tolerate rapid
fluctuations in the value of their investment.
4. WHAT ARE THE FUND'S FEES AND EXPENSES?
There are no sales loads, fees or other charges to buy fund shares directly from
American Century, to reinvest dividends in additional shares, to exchange into
the Investor Class shares of other American Century funds, or to redeem your
shares. The following table describes the fees and expenses that you may pay if
you buy and hold shares of the fund.
ANNUAL FUND OPERATING EXPENSES
(EXPENSES THAT ARE DEDUCTED FROM FUND ASSETS) Management Fee 1.30%(1)
Distribution and Service (12b-1) Fees None Other Expenses(2) 0.00%
Total Annual Fund Operating Expenses 1.30%(1)
(1)The fund has a stepped fee schedule. As a result, the fund's
management fee decreases as fund assets increase.
(2)Other expenses, which include the fees and expenses of the fund's
independent directors, their legal counsel, interest and extraordinary
expenses are expected to be less than 0.005%.
EXAMPLE OF HYPOTHETICAL FUND COSTS
Assuming you . . .
* invest $10,000 in the fund
* redeem your shares at the end of the periods shown below
* earn a 5% return each year
* incur the same fund operating expenses shown above
. . . your cost of investing in the fund would be:
1 year 3 years
-------------------------------
$132 $410
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 MANAGER?
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. The portfolio managers of the Global Growth team are
identified below:
HENRIK STRABO, Senior Vice President and Portfolio Manager, has been a member of
the team that manages Global Growth since the fund's inception. He joined
American Century in 1993 as an Investment Analyst and was promoted to Portfolio
Manager in April 1994. He has a bachelor's degree in business from the
University of Washington.
BRADLEY AMOILS, Portfolio Manager, has been a member of the team that manages
Global Growth since the fund's inception. He joined American Century in July
1997 as an Investment Analyst and was promoted to Portfolio Manager in November
1998. Prior to joining American Century, he served as a Securities Analyst for
Oppenheimer Funds from January 1996 to June 1997 and an Analyst at Clay Finlay
Asset Management from March 1995 to December 1995. He has a bachelor of science
degree and doctorate of medicine from the University of Witwatersrand,
Johannesburg, South Africa and an MBA from Columbia University Graduate School
of Business.
6. HOW DO I BUY FUND SHARES?
* Complete and return the enclosed application
* Call us and exchange shares from another American Century fund
* Call us and send your investment by bank wire transfer
FUND PROFILE GLOBAL GROWTH
Your initial investment must be at least $2,500 ($1,000 for traditional IRAs,
Roth IRAs and UGMA/UTMA accounts), unless you establish an automatic investment
plan of at least $50 per month. If the value of your account falls below this
account minimum, your shares may be redeemed involuntarily.
7. HOW DO I SELL FUND SHARES?
You may sell all or part of your fund shares on any business day by writing or
calling us. You also may exchange your shares in 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?
Global Growth pays distributions of substantially all of its income once a year,
usually in December. Distributions from realized capital gains are paid twice a
year, usually in March and 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. Fund shareholders also may be able to claim a foreign tax credit
for any foreign income taxes paid by the fund. Distributions are reinvested
automatically in additional shares unless you choose another option.
9. WHAT SERVICES ARE AVAILABLE?
American Century offers several ways to make it easier for you to manage your
account, such as:
* telephone transactions
* wire and electronic funds transfers
* 24-hour Automated Information Line transactions
* 24-hour online Internet account access and transactions
You will find more information about these choices in our Investor Services
Guide, which you may request by calling us, accessing our Web site or visiting
one of our Investor Centers.
Information contained in our Investor Services Guide pertains to shareholders
who invest directly with American Century rather than through an
employer-sponsored retirement plan or through a financial intermediary.
If you own or are considering purchasing fund shares through an
employer-sponsored retirement plan or financial intermediary, your ability to
purchase shares of the fund, exchange them for shares of other American Century
funds, and redeem them will depend on the terms of your plan or financial
intermediary. If you have questions about investing in an employer-sponsored
retirement plan or through a financial intermediary, call an Institutional
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
WWW.AMERICANCENTURY.COM
INVESTOR SERVICES
1-800-345-2021 or 816-531-5575
AUTOMATED INFORMATION LINE
1-800-345-8765
INSTITUTIONAL, CORPORATE, KEOGH, SEP/SARSEP,
SIMPLE AND 403(B) SERVICES
1-800-345-3533
TELECOMMUNICATIONS DEVICE FOR THE DEAF
1-800-634-4113 or 816-444-3485
FAX
816-340-7962
Funds Distributor, Inc.
SH-BRO-14708 9811
/back cover/
<PAGE>
FUND PROFILE
Emerging Markets
INVESTOR CLASS
November 20, 1998
[American Century Logo(reg.sm)]
American
Century
- --------------------------------------------------------------------------------
This profile summarizes key information about the fund that is included in the
fund's Prospectus. The fund's Prospectus has additional information about the
fund, including a more detailed description of the risks associated with
investing in the fund, that you may want to consider before you invest. You may
obtain the Prospectus and other information about the fund at no cost by calling
us at 1-800-345-2021, accessing our Web site or visiting one of our Investor
Centers. See the back cover for additional telephone numbers and our address.
TWENTIETH CENTURY GROUP
/front cover/
AMERICAN CENTURY INVESTMENTS
EMERGING MARKETS
1. WHAT IS THE FUND'S INVESTMENT OBJECTIVE?
Emerging Markets seeks capital growth by investing primarily in equity
securities of emerging market companies. The fund considers emerging market
companies to be companies located in emerging market countries and companies
that derive a significant portion of their business from emerging market
countries.
2. WHAT IS THE FUND'S INVESTMENT STRATEGY?
The fund advisor looks for securities of emerging market companies that it
believes will increase in value over time. The fund advisor uses a growth
investment strategy developed by American Century that looks for companies with
earnings and revenue growth. Ideally, the fund advisor looks for companies whose
earnings and revenues are not only growing, but growing at a successively
faster, or accelerating, pace. Accelerating growth is shown, for example, by
growth that is faster this quarter than last or faster this year than the year
before.
The fund advisor tracks financial information for thousands of companies to
research and select the stocks it believes will be able to sustain accelerating
growth. This strategy is based on the premise that, over the long term, the
stocks of companies with accelerating earnings and revenues have a
greater-than-average chance to increase in value.
In addition to locating strong companies with accelerating earnings, the fund
advisor believes that the diversification of the fund's holdings across
different countries and geographical regions is important in trying to manage
the risks of an international portfolio. For this reason, the fund advisor also
considers the prospects for relative economic growth among countries or regions,
economic and political conditions, expected inflation rates, currency exchange
fluctuations, and tax considerations when making investments.
Additional information about Emerging Markets' 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 six-month period. You may get these
reports at no cost by calling us.
3. WHAT ARE THE SIGNIFICANT RISKS OF INVESTING IN THE FUND?
* The value of Emerging Markets' shares depends on the value of the stocks and
other securities it owns. The value of the individual securities Emerging
Markets owns will go up and down depending on the performance of the
companies that issued them, general market and economic conditions, and
investor confidence.
* As with all funds, at any given time, the value of your shares of Emerging
Markets may be worth more or less than the price you paid. If you sell your
shares when the value is less than the price you paid, you will lose money.
* An investment in the fund is not a bank deposit and it is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other
government agency.
* Emerging Markets invests primarily in emerging market companies. Investing
in emerging market companies is much riskier than investing in U.S.
companies or even investing in foreign securities generally. Emerging market
countries may have extremely unstable governments and/or economies that are
subject to sudden change. These changes may be magnified by the country's
financial markets resulting in significant volatility in the fund's
investments. In addition to the risks of emerging market companies, there
are many risks associated with foreign investing generally. These risks are
summarized below:
Currency Risk. In addition to changes in the value of the fund's
investments, changes in the value of foreign currencies against the U.S.
dollar also could result in gains or losses to the fund. The value of a
share of Emerging Markets is determined in U.S. dollars. The fund's
investments, however, generally are held in the foreign currency of the
country where investments are made. As a result, the fund could recognize a
gain or loss based solely upon a change in the exchange rate between the
foreign currency and the U.S. dollar.
Political and Economic Risk. Many countries where the fund invests are not
as politically or economically developed as the United States. As a result,
the economies and
EMERGING MARKETS AMERICAN CENTURY INVESTMENTS
political and social structures of these countries could be unstable and
exert forces that could cause the value of the fund's investments to
decrease. The fund also could be unable to enforce its ownership rights or
pursue legal remedies in countries where it invests.
Market and Trading Risk. The trading markets for many foreign securities are
not as active as U.S. markets and may have less governmental regulation and
oversight. Foreign markets also may have clearance and settlement procedures
that make it difficult for the fund to buy and sell securities. These
factors could result in a loss to the fund by causing the fund to be unable
to dispose of an investment, by causing the fund to miss an attractive
investment opportunity, or by causing fund assets to be uninvested for some
period of time.
Availability of Information. Foreign companies generally are not subject to
the regulatory controls or uniform accounting, auditing, and financial
reporting standards imposed on U.S. issuers. As a result, there may be less
publicly available information about foreign issuers than is available
regarding U.S. issuers.
In summary, Emerging Markets is intended for investors who find foreign
securities an appropriate investment and who are willing to accept the increased
risk of investing in emerging market companies. An investment in the fund is not
appropriate for investors who are unable to tolerate rapid fluctuations in the
value of their investment.
4. WHAT ARE THE FUND'S FEES AND EXPENSES?
There are no sales loads, fees or other charges to buy fund shares directly from
American Century, to reinvest dividends in additional shares, to exchange into
the Investor Class shares of other American Century funds or to redeem your
shares. The following table describes the fees and expenses that you may pay if
you buy and hold shares of the fund.
ANNUAL FUND OPERATING EXPENSES
(EXPENSES THAT ARE DEDUCTED FROM FUND ASSETS)
Management Fee 2.00%(1)
Distribution and Service (12b-1) Fees None
Other Expenses(2) 0.00%
Total Annual Fund Operating Expenses 2.00%(1)
(1)Based upon assets at November 30, 1997. The fund has a stepped fee
schedule. As a result, the fund's management fee decreases as fund assets
increase.
(2)Other expenses, which include the fees and expenses of the fund's
independent directors, their legal counsel, interest and extraordinary
expenses, were less than 0.005% for the most recent fiscal year.
EXAMPLE OF HYPOTHETICAL FUND COSTS
Assuming you . . .
* invest $10,000 in the fund
* redeem your shares at the end of the periods shown below
* earn a 5% return each year
* incur the same fund operating expenses shown above
. . . your cost of investing in the fund would be:
1 year 3 years 5 years 10 years
-------------------------------------------------------------------
$202 $623 $1,069 $2,305
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. The portfolio managers of the Emerging Markets team are
identified below:
MARK S. KOPINSKI, Vice President and Portfolio Manager, has been a member of the
team that manages Emerging Markets since rejoining American Century in April
1997. Before rejoining American Century, he served as Vice President and
Portfolio Manager at Federated Investors, Inc. from June 1995 to March 1997.
Prior to 1995, he served as Vice President and Portfolio Manager of American
Century. He has a bachelor's degree in business administration from the
University of Illinois.
FUND PROFILE EMERGING MARKETS
MICHAEL J. DONNELLY, Vice President and Portfolio Manager, has been a member of
the team that manages Emerging Markets since its inception. He joined American
Century in August 1997. From 1993 to 1997, he served as Vice President and
Portfolio Manager for Federated Investors, Inc. He has a bachelor of arts degree
from Yale University and an MBA in management, international business and
international finance from Kellogg Graduate School of Management, Northwestern
University. He is a Chartered Financial Analyst.
6. HOW DO I BUY FUND SHARES?
* Complete and return the enclosed application
* Call us and exchange shares from another American Century fund
* Call us and send your investment by bank wire transfer
Your initial investment must be at least $10,000. If the value of your account
falls below this account minimum, your shares may be redeemed involuntarily.
7. HOW DO I SELL FUND SHARES?
You may sell all or part of your fund shares on any business day by writing or
calling us. You also may exchange your shares in 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?
Emerging Markets pays distributions of substantially all of its income once a
year, usually in December. Distributions from realized capital gains are paid
twice a year, usually in March and 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. Fund shareholders also may be able to claim a foreign
tax credit for any foreign income taxes paid by the fund. Distributions are
reinvested automatically in additional shares unless you choose another option.
9. WHAT SERVICES ARE AVAILABLE?
American Century offers several ways to make it easier for you to manage your
account, such as:
* telephone transactions
* wire and electronic funds transfers
* 24-hour Automated Information Line transactions
* 24-hour online Internet account access and transactions
You will find more information about these choices in our Investor Services
Guide, which you may request by calling us, accessing our Web site or visiting
one of our Investor Centers.
Information contained in our Investor Services Guide pertains to shareholders
who invest directly with American Century rather than through an
employer-sponsored retirement plan or through a financial intermediary.
If you own or are considering purchasing fund shares through an
employer-sponsored retirement plan or financial intermediary, your ability to
purchase shares of the fund, exchange them for shares of other American Century
funds and redeem them will depend on the terms of your plan or financial
intermediary. If you have questions about investing in an employer-sponsored
retirement plan or through a financial intermediary, call an Institutional
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
WWW.AMERICANCENTURY.COM
INVESTOR SERVICES
1-800-345-2021 or 816-531-5575
AUTOMATED INFORMATION LINE
1-800-345-8765
INSTITUTIONAL, CORPORATE, KEOGH, SEP/SARSEP,
SIMPLE AND 403(B) SERVICES
1-800-345-3533
TELECOMMUNICATIONS DEVICE FOR THE DEAF
1-800-634-4113 or 816-444-3485
FAX
816-340-7962
Funds Distributor, Inc.
SH-BRO-14481 9811
/back cover/
