AMERICAN CENTURY WORLD MUTUAL FUNDS INC, 485BPOS, 1999-03-31

AMERICAN CENTURY WORLD MUTUAL FUNDS INC
485BPOS, 1999-03-31

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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-1A

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 [X]

Pre-Effective Amendment No. [ ]

Post-Effective Amendment No. 15 [X]

and/or

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 [X]

Amendment No. 15 [X]

(Check appropriate box or boxes.)

AMERICAN CENTURY WORLD MUTUAL FUNDS, INC.
_________________________________________________________________
(Exact Name of Registrant as Specified in Charter)

4500 Main Street, Kansas City, MO 64141-6200
_________________________________________________________________
(Address of Principal Executive Offices) (Zip Code)

Registrant's Telephone Number, including Area Code: (816) 531-5575

William M. Lyons, 4500 Main Street, Kansas City, MO 64141-6200
_________________________________________________________________
(Name and Address of Agent for Service)

Approximate Date of Proposed Public Offering: Immediately upon effectiveness

It is proposed that this filing will become effective (check appropriate box)

[ ] immediately upon filing pursuant to paragraph (b)
[X] on April 1, 1999 pursuant to paragraph (b)
[ ] 60 days after filing pursuant to paragraph (a)(1)
[ ] on (date) pursuant to paragraph (a)(1)
[ ] 75 days after filing pursuant to paragraph (a)(2)
[ ] on (date) pursuant to paragraph (a)(2) of rule 485.

If appropriate, check the following box:

[ ] This post-effective amendment designates a new effective date for a
previously filed post-effective amendment.

- --------------------------------------------------------------------------------
<PAGE>

AMERICAN CENTURY

Prospectus

Global Growth Fund
International Growth Fund
International Discovery Fund
Emerging Markets Fund

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

APRIL 1, 1999

INVESTOR CLASS

THE SECURITIES AND EXCHANGE COMMISSION HAS NOT APPROVED OR DISAPPROVED THESE
SECURITIES OR DETERMINED IF THIS PROSPECTUS IS ACCURATE OR COMPLETE. ANYONE WHO
TELLS YOU OTHERWISE IS COMMITTING A CRIME.

Distributed by Funds Distributor, Inc.

/Front cover/

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

American Century
Investments

P.O. Box 419200
Kansas City, MO
64141-6200

Dear Investor,

Reading a prospectus doesn't have to be a chore. We've done the hard work so
you can focus on what's important--learning about the funds. Take a look inside
and you'll see this prospectus is different from others. It takes a clear-cut
approach to fund information.

Here's what you'll find:

* The funds' primary investments and risks

* A description of who may or may not want to invest in the funds

* Fund performance, including returns for each year, best and worst
quarters, and average annual returns compared to the funds' benchmarks

* An overview of services available and ways to manage your accounts

* Helpful tips and definitions of key investment terms

Whether you're a current investor or investing in mutual funds for the first
time, this prospectus will give you a clear understanding of the funds. If you
have questions, our Investor Relations Representatives are available weekdays, 7
a.m. to 7 p.m., and Saturdays, 9 a.m. to 2 p.m., Central time. Our toll-free
number is 1-800-345-2021. We look forward to helping you achieve your financial
goals.

Sincerely,

/s/Mark Killen
Mark Killen
Senior Vice President
American Century Investment Services, Inc.

/inside front cover/

TABLE OF CONTENTS

An Overview of the Funds .................................................. 2
Fund Performance History .................................................. 3
Fees and Expenses ......................................................... 4
Information about the Funds ............................................... 5
Global Growth Fund
International Growth Fund
International Discovery Fund
Emerging Markets Fund
Management ................................................................ 8
Investing with American Century ........................................... 11
Share Price and Distributions ............................................. 15
Taxes ..................................................................... 16
Multiple Class Information ................................................ 17
Financial Highlights ...................................................... 18

/left margin callouts/

Throughout this book you'll find definitions of key investment terms and
phrases. When you see a word printed in GREEN ITALICS, look for its definition
in the left margin.

> This symbol highlights special information and helpful tips.

American Century Investments

AN OVERVIEW OF THE FUNDS

WHAT ARE THE FUNDS' INVESTMENT GOALS?

These funds seek capital growth.

WHAT ARE THE FUNDS' PRIMARY INVESTMENT STRATEGIES AND PRINCIPAL RISKS?

The funds look for stocks of growing companies. The basis of the strategy used
by these funds is that, over the long term, stocks of companies with earnings
and revenue growth have a greater-than-average chance to increase in value over
time. A more detailed description of American Century's growth investment style
and the funds' investment strategies and risks begins on page 5. The chart below
shows the primary differences among the funds.

Fund Primary Investments Principal Risks
- ------------------------------------------------------------------------------
Global Growth U.S. and foreign equity Significant portion
securities of issuers in of its assets invested
developed countries invested in foreign
securities
- ------------------------------------------------------------------------------
International Growth Foreign equity securities Invests primarily in
of issuers in developed foreign securities
countries securities
- --------------------------------------------------------------------------------
International Discovery Equity securities of Invests primarily in
smaller foreign companies securities of smaller
foreign issuers
- --------------------------------------------------------------------------------
Emerging Markets Equity securities of Invests primarily in
emerging market companies emerging markets

The value of a fund's shares depends on the value of the stocks and other
securities it owns. The value of the individual securities a fund owns will go
up and down based on the performance of the companies that issued them, general
market and economic conditions, and investor confidence. As with all mutual
funds, if you sell your shares when their value is less than the price you paid,
you will lose money.

Investing in foreign securities has certain unique risks that make it generally
riskier than investing in U.S. stocks. Because the funds' foreign investments
are generally held in foreign currencies, the funds are also subject to currency
risk, meaning that the funds could experience gains or losses based solely on
changes in the exchange rate between foreign currencies and the U.S. dollar.

WHO MAY WANT TO INVEST IN THE FUNDS?

The funds may be a good investment if you are

* seeking long-term capital growth from your investment

* seeking diversification of your investment portfolio through investment in
foreign securities

* comfortable with the risks associated with investing in U.S. and foreign
growth securities

* comfortable with the funds' short-term price volatility

* investing through an IRA or other tax-advantaged retirement plan

WHO MAY NOT WANT TO INVEST IN THE FUNDS?

The funds may not be a good investment if you are

* seeking current income from your investment

* investing for a short period of time

* uncomfortable with the risks associated with foreign investing

* uncomfortable with short-term volatility in the value of your investment

/left margin callout/

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

/end left margin callout/

2 American Century Investments 1-800-345-2021

FUND PERFORMANCE HISTORY

INTERNATIONAL GROWTH FUND
INTERNATIONAL DISCOVERY FUND
EMERGING MARKETS FUND

[bar chart]
Annual Total Returns

The following bar chart shows the performance of the funds' Investor Class
shares for each of the last 10 calendar years or for each full calendar year in
the life of each fund, if less than 10 years. It indicates the volatility of the
funds' historical returns from year to year. Global Growth is not included
because it does not yet have a full calendar year of performance.

<TABLE>
1998 1997 1996 1995 1994 1993 1992
<S> <C> <C> <C> <C> <C> <C> <C>
International Growth 19.01% 19.72% 14.43% 11.89% -4.76% 42.65% 4.84%
International Discovery 17.86% 17.48% 31.18% 9.89%
Emerging Markets -18.90%
</TABLE>

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

Highest Lowest
- --------------------------------------------------------------------------------
International Growth 18.32% (4Q 1993) -17.94% (3Q 1998)
- --------------------------------------------------------------------------------
International Discovery 20.49% (1Q 1998) -19.91% (3Q 1998)
- --------------------------------------------------------------------------------
Emerging Markets 15.31% (4Q 1998) -24.62% (3Q 1998

Average Annual Returns

The following table shows the average annual returns of the funds' Investor
Class shares for the periods indicated during the life of each fund. The
benchmarks are unmanaged indices that have no operating costs and are included
in the table for performance comparison. Global Growth is not included because
it does not yet have a full calendar year of performance.

<TABLE>
For the calendar year ended December 31, 1998 1 year 5 years Life of Fund*
- -----------------------------------------------------------------------------------------------
<S> <C> <C> <C>
International Growth 19.01% 11.68% 14.74%

MSCI EAFE Index 20.00% 9.19% 8.44%
- ------------------------------------------------------------------------------------------------
International Discovery 17.86% N/A 17.49%

MSCI EAFE Index 20.00% N/A 8.91%
- ------------------------------------------------------------------------------------------------
Emerging Markets -18.90% N/A -26.68%

MSCI Emerging Markets Free Index -25.34% N/A -32.15%
</TABLE>

* The inception dates are: International Growth, May 9, 1991; International
Discovery, April 1, 1994; and Emerging Markets, September 30, 1997.

/left margin callouts/

> The performance information on this page is designed to help you see how fund
returns can vary. Keep in mind that past performance does not predict how the
funds will perform in the future.

> For current performance information, please call us at 1-800-345-2021 or visit
American Century's Web site at www.americancentury.com.

/end left margin callout/

www.americancentury.com American Century Investments 3

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

International Discovery charges a redemption fee of 2.0% of the value of any
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 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 fund shares into the Investor Class shares of other American Century
funds or to redeem your shares.

The following tables describe the fees and expenses that you will pay if you buy
and hold shares of the funds.

SHAREHOLDER FEES (FEES PAID DIRECTLY FROM YOUR INVESTMENT)
- --------------------------------------------------------------------------------
International Discovery Redemption Fee (as a percentage of amount
redeemed)
- --------------------------------------------------------------------------------
Shares held less than 180 days 2.0%
- --------------------------------------------------------------------------------
Shares held 180 days or more None

<TABLE>
ANNUAL OPERATING EXPENSES (EXPENSES THAT ARE DEDUCTED FROM FUND ASSETS)

Management Distribution and Other Total Annual Fund
Fee(1) Service (12b-1) Fees Expenses Operating Expenses
- ------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Global Growth 1.30% None 0.00%(2) 1.30%
- ------------------------------------------------------------------------------------------------------
International Growth 1.33% None 0.00%(3) 1.33%
- ------------------------------------------------------------------------------------------------------
International Discovery 1.64% None 0.00%(3) 1.64%
- ------------------------------------------------------------------------------------------------------
Emerging Markets 2.00% None 0.00%(3) 2.00%
</TABLE>

(1) Based on expenses incurred during the funds' most recent fiscal year. The
funds have stepped fee schedules. As a result, the funds' management fee rate
generally decreases as fund assets increase. Please consult the Statement of
Additional Information for more details about the funds' management fees.

(2) Other expenses, which include the fees and expenses of the funds'
independent directors, their legal counsel, interest and extraordinary expenses,
are expected to be less than 0.005% for the current fiscal year.

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

EXAMPLE

The examples in the table below are intended to help you compare the costs of
investing in a fund with the costs of investing in other mutual funds. 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
- -----------------------------------------------------------------------------
Global Growth $132 $410 -- --
- -----------------------------------------------------------------------------
International Growth $135 $420 $725 $1,592
- -----------------------------------------------------------------------------
International Discovery $166 $514 $886 $1,929
- -----------------------------------------------------------------------------
Emerging Markets $202 $623 $1,069 $2,305

/left margin callout/

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

/end left margin callout/

4 American Century Investments 1-800-345-2021

INFORMATION ABOUT THE FUNDS

GLOBAL GROWTH FUND
INTERNATIONAL GROWTH FUND
INTERNATIONAL DISCOVERY FUND
EMERGING MARKETS FUND

WHAT ARE THE FUNDS' INVESTMENT OBJECTIVES?

These funds seek capital growth.

HOW DO THE FUNDS PURSUE THEIR INVESTMENT OBJECTIVES?

The fund managers use a growth investment strategy developed by American Century
to invest in stocks of companies that they believe will increase in value over
time. This strategy looks for companies with earnings and revenue growth.
Ideally, the fund managers look for companies whose earnings and revenues are
not only growing, but growing at a successively faster, or accelerating, pace.
This strategy is based on the premise that, over the long term, the stocks of
companies with earnings and revenue growth have a greater-than-average chance to
increase in value.

The managers use a bottom-up approach to select stocks to buy for the funds.
That means they first look for strong, growing companies to invest in, rather
than allocating investments by country or region or simply buying any company in
a growing industry or sector. The fund managers track financial information for
thousands of companies to identify trends in the companies' earnings and
revenues. This information is used to help the fund managers select or decide to
continue to hold the stocks of companies they believe will be able to sustain
their growth and to sell stocks of companies whose growth begins to slow down.

In addition to locating strong companies with earnings and revenue growth, the
fund managers believe that it is important to diversify the funds' holdings
across different countries and geographical regions to attempt to manage the
risks of an international portfolio. For this reason, the fund managers also
consider 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.

The fund managers do not attempt to time the market. Instead, they intend to
keep the funds essentially fully invested in stocks regardless of the movement
of stock prices generally. When the managers believe that it is prudent, the
funds may invest a portion of their assets in convertible securities, short-term
instruments, non-leveraged stock index futures contracts and other similar
securities. Stock index futures contracts, a type of derivative security, can
help the funds' cash assets remain liquid while performing more like stocks. The
funds have a policy governing stock index futures and similar derivative
securities to help manage the risk of these types of investments. For example,
the managers cannot leverage the funds' assets by investing in a derivative
security. A complete description of the derivatives policy is included in the
Statement of Additional Information.

Additional information about the funds' investments is available in their annual
and semiannual reports. In these reports you will find a discussion of the
market conditions and investment strategies that significantly affected the
funds' performance during the most recent fiscal period. You may get these
reports at no cost by calling us.

/left margin callout/

> Accelerating growth is shown, for example, by growth that is faster this
quarter than last or faster this year than the year before.

/end left margin callout/

www.americancentury.com American Century Investments 5

WHAT KINDS OF SECURITIES DO THE FUNDS BUY?

The funds will generally purchase equity securities of foreign companies (except
Global Growth, which will generally purchase equity securities of both U.S. and
foreign issuers). The funds can purchase other types of securities as well, such
as domestic and foreign preferred stocks, convertible securities,
equity-equivalent securities, notes, bonds and other debt securities of
companies, and obligations of domestic or foreign governments and their
agencies.

WHAT IS THE DIFFERENCE BETWEEN THE FUNDS?

* Global Growth invests in both U.S. and foreign companies. The fund will have
at least 65% of its assets invested at all times in equity securities of issuers
in developed countries worldwide (including the United States).

* International Growth invests primarily in foreign companies. The fund will
have at least 65% of its assets invested at all times in equity securities of
issuers in developed countries.

* International Discovery invests primarily in smaller foreign companies. The
fund will have at least 65% of its assets invested at all times in equity
securities of smaller foreign companies.

* Emerging Markets invests primarily in equity securities of emerging market
companies. The fund will have at least 65% of its assets invested at all times
in equity securities of companies located in emerging market countries and
companies that derive a significant portion of their business from emerging
market countries.

The funds consider foreign companies to include companies (i) domiciled outside
the United States, (ii) deriving at least half of their revenue from sales or
production outside the United States, or (iii) with the principal trading market
of their securities outside the United States. The funds consider developed
countries to include Australia, Austria, Belgium, Canada, Denmark, Finland,
France, Germany, Ireland, Italy, Japan, the Netherlands, New Zealand, Norway,
Portugal, Spain, Sweden, Switzerland, the United Kingdom and the United States.
Emerging market countries are considered to be those countries not listed as
developed countries above.

WHAT ARE THE PRIMARY RISKS OF INVESTING IN THE FUNDS?

The value of a fund's shares depends on the value of the stocks and other
securities it owns. The value of the individual foreign and U.S. (for Global
Growth) securities a 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.

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

Investing in foreign securities has certain unique risks that make it generally
riskier than investing in U.S. stocks. These risks include increased exposure to
political, social and economic events in world markets; limited availability of
public information; less developed trading markets; less developed regulatory
practices; and a lack of uniform financial reporting practices compared to those
that apply in the United States. In addition, foreign securities are subject to
currency risk, meaning that because the funds' investments are generally held in
foreign currencies, the funds could experience gains or losses based solely on
changes in the exchange rate between foreign currencies and the U.S. dollar.

6 American Century Investments 1-800-345-2021

Investing in smaller foreign companies presents unique risks in addition to the
risks of investing in foreign securities generally. Smaller companies may have
limited resources, trade less frequently and have less publicly available
information. They also may be more sensitive to changing economic conditions and
experience more price volatility.

Investing in emerging market companies is also riskier than investing in foreign
securities generally. Emerging market countries may have unstable governments
and/or economies that are subject to sudden change. These changes may be
magnified by the countries' financial markets, resulting in significant
volatility to the fund's investments. These countries also may lack the legal,
business and social framework to support securities markets.

In summary, investing in these funds is intended for investors who find foreign
securities an appropriate investment and who are willing to accept the increased
risk associated with a fund's investment strategy. An investment in the funds is
not appropriate for investors who are unable to tolerate rapid fluctuations in
the value of their investment.

www.americancentury.com American Century Investments 7

MANAGEMENT

WHO MANAGES THE FUNDS?

The Board of Directors, investment advisor and fund management teams play key
roles in the management of the funds.

THE BOARD OF DIRECTORS

The Board of Directors oversees the management of the funds and meets at least
quarterly to review reports about fund operations. Although the Board of
Directors does not manage the funds, it has hired an investment advisor to do
so. More than two-thirds of the directors are independent of the funds' advisor;
that is, they are not employed by and have no financial interest in the advisor.

THE INVESTMENT ADVISOR

The funds' investment advisor is American Century Investment Management, Inc.
The advisor has been managing mutual funds since 1958. American Century is
headquartered at 4500 Main Street, Kansas City, Missouri 64111.

The advisor is responsible for managing the investment portfolios of the funds
and directing the purchase and sale of their investment securities. The advisor
also arranges for transfer agency, custody and all other services necessary for
the funds to operate.

For the services it provided to the funds during the most recent fiscal year,
the advisor received a unified management fee based on a percentage of the
average net assets of the Investor Class shares of each fund. The amount of the
management fee is calculated on a class-by-class basis daily and paid monthly.

The Statement of Additional Information contains detailed information about the
calculation of the management fee. Out of that fee, the advisor paid all
expenses of managing and operating the funds except brokerage expenses, taxes,
interest, fees and expenses of the independent directors (including legal
counsel fees), and extraordinary expenses. A portion of the management fee may
be paid by the funds' advisor to unaffiliated third parties who provide
recordkeeping and administrative services that would otherwise be performed by
an affiliate of the advisor.

Management Fees Paid by the Funds to the Advisor as a Percentage of Average
Net Assets for the Most Recent Fiscal Year Ended November 30, 1998
- --------------------------------------------------------------------------------
International Growth 1.33%
- --------------------------------------------------------------------------------
International Discovery 1.64%
- --------------------------------------------------------------------------------
Emerging Markets 2.00%

8 American Century Investments 1-800-345-2021

THE FUND MANAGEMENT TEAMS

The advisor uses teams of portfolio managers, assistant portfolio managers and
analysts to manage the funds. Teams meet regularly to review portfolio holdings
and discuss purchase and sale activity. Team members buy and sell securities for
a fund as they see fit, guided by the funds' investment objective and strategy.

The portfolio managers on the investment teams are identified below:

HENRIK STRABO

Mr. Strabo, Senior Vice President and Chief Investment Officer, International
Equities, has been a member of the team that manages Global Growth since the
fund's inception in December 1998. He also has been a member of the team that
manages International Growth and 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

Mr. Kopinski, Senior Vice President and Portfolio Manager, has been a member of
the team that manages International Growth and International Discovery since
rejoining American Century in April 1997. He also has been a member of the team
that manages Emerging Markets since its inception in September 1997. Before
rejoining American Century, he served as Vice President and Portfolio Manager at
Federated Investors, Inc. from June 1995 to March 1997. From 1990 to 1995, he
served as Vice President and a member of the team that managed International
Growth and International Discovery. He has a bachelor's degree in business
administration from Monmouth College and an MA in Asian studies from the
University of Illinois.

MICHAEL J. DONNELLY

Mr. Donnelly, Vice President and Portfolio Manager, has been a member of the
team that manages Emerging Markets since the fund's inception in September 1997.
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 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.

BRADLEY AMOILS

Mr. 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 and
doctorate of medicine from the University of Witwatersrand, Johannesburg, South
Africa and an MBA from Columbia University Graduate School of Business.

BRIAN BRADY

Mr. 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 Manager 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.

/left margin callout/

> CODE OF ETHICS

American Century has a Code of Ethics designed to ensure that the interests of
fund shareholders come before the interests of the people who manage the funds.
Among other provisions, the Code of Ethics prohibits portfolio managers and
other investment personnel from buying securities in an initial public offering
or from profiting from the purchase and sale of the same security within 60
calendar days. In addition, the Code of Ethics requires portfolio managers and
other employees with access to information about the purchase or sale of
securities by the funds to obtain approval before executing permitted personal
trades.

/end left margin callout/

www.americancentury.com American Century Investments 9

FUNDAMENTAL INVESTMENT POLICIES

Fundamental investment policies contained in the Statement of Additional
Information and the investment objectives of the funds may not be changed
without a shareholder vote. The Board of Directors may change any other policies
and investment strategies.

YEAR 2000 ISSUES

Many of the world's computer systems currently cannot properly recognize or
process date-sensitive information relating to the Year 2000 and beyond. Because
this may impact the computer systems of various American Century-affiliated and
external service providers for the funds, American Century formally initiated a
Year 2000 readiness project in July 1997. It involves a team of information
technology professionals assisted by outside consultants and guided by a
senior-level steering committee. The team's goal is to assess the impact of the
Year 2000 on American Century's systems, renovate or replace noncompliant
critical systems and test those systems. In addition, the team has been working
to gather information about the Year 2000 efforts of the funds' other major
service providers.

Although American Century believes its critical systems will function properly
in the Year 2000, this is not guaranteed. If the efforts of American Century or
its external service providers are not successful, the funds' business,
particularly the provision of shareholder services, may be hampered.

In addition, the issuers of securities the funds own could have Year 2000
computer problems. Foreign issuers, especially those in emerging markets, may be
more suspectible to such problems than U.S. issuers. These problems could
negatively affect the value of issuers' securities, which, in turn, could impact
the funds' performance. The advisor has established a process to gather publicly
available information about the Year 2000 readiness of these issuers. However,
this process may not uncover all relevant information, and the information
gathered may not be complete and accurate. Moreover, an issuer's Year 2000
readiness is only one of many factors the fund managers may consider when making
investment decisions, and other factors may receive greater weight.

10 American Century Investments 1-800-345-2021

INVESTING WITH AMERICAN CENTURY

SERVICES AUTOMATICALLY AVAILABLE TO YOU

You automatically will have access to the services listed below when you open
your account. If you do not want these services, see "Conducting Business in
Writing" below.

CONDUCTING BUSINESS IN WRITING

If you prefer to conduct business in writing only, you can indicate this on the
account application. If you choose this option, you must provide written
instructions to invest, exchange and redeem. All account owners must sign
transaction instructions (with signatures guaranteed for redemptions in excess
of $100,000). If you want to add services later, you can complete an Investor
Service Options form.

WAYS TO MANAGE YOUR ACCOUNT
- --------------------------------------------------------------------------------
BY TELEPHONE
Investor Relations 1-800-345-2021

Business; Not-For-Profit and Employer-Sponsored Retirement Plans 1-800-345-353

Automated Information Line 1-800-345-8765

OPEN AN ACCOUNT

If you are a current investor, you can open an account by exchanging shares from
another American Century account.

EXCHANGE SHARES

Call us or use our Automated Information Line if you have authorized us to
accept telephone instructions.

MAKE ADDITIONAL INVESTMENTS

Call us or use our Automated Information Line if you have authorized us to
invest from your bank account.

SELL SHARES

Call an Investor Relations Representative.

- --------------------------------------------------------------------------------
BY MAIL OR FAX
P.O. Box 419200 Kansas City, MO 64141-6200

Fax
816-340-7962

OPEN AN ACCOUNT

Send a signed and completed application and check or money order payable to
American Century Investments.

EXCHANGE SHARES

Send us written instructions to exchange your shares from one American Century
account to another.

MAKE ADDITIONAL INVESTMENTS

Send us your check or money order for at least $50 with an investment slip or
$250 without an investment slip. If you don't have an investment slip, include
your name, address and account number on your check or money order.

SELL SHARES

Send us written instructions or a redemption form to sell shares. Call an
Investor Relations Representative to request a form.

- --------------------------------------------------------------------------------
ONLINE
www.americancentury.com

OPEN AN ACCOUNT

If you are a current investor, you can open an account by exchanging shares from
another American Century account.

EXCHANGE SHARES

Exchange shares from another American Century account.

MAKE ADDITIONAL INVESTMENTS

Make an additional investment into an established American Century account if
you have authorized us to invest from your bank account.

SELL SHARES

Not available.

www.americancentury.com American Century Investments 11

A NOTE ABOUT MAILINGS TO SHAREHOLDERS

To reduce expenses and show respect for our environment, we will deliver most
financial reports, prospectuses and account statements to households in a single
envelope, even if the accounts are registered under different names. If you
would like additional copies of financial reports and prospectuses or separate
mailing of account statements, please call us.

YOUR GUIDE TO SERVICES AND POLICIES

When you open an account, you will receive a services guide, which explains the
services available to you and the policies of the fund and the transfer agent.

- --------------------------------------------------------------------------------
BY WIRE
> Please remember that if you request redemptions by wire, $10 will be deducted
from the amount redeemed. Your bank also may charge a fee.

OPEN AN ACCOUNT

Call us to set up your account or mail a completed application to the address
provided in the "By mail" section and give your bank the following information:

* Our bank information

Commerce Bank N.A.
Routing No. 101000019
Account No. 2804918

* The fund name

* Your American Century account number*

* Your name

* The contribution year (for IRAs only)

* For additional investments only

MAKE ADDITIONAL INVESTMENTS

Follow the wire instructions provided in the "Open an account" section.

SELL SHARES

You can receive redemption proceeds by wire or electronic transfer.

EXCHANGE SHARES

Not applicable.

- --------------------------------------------------------------------------------
AUTOMATICALLY

OPEN AN ACCOUNT

Not available.

EXCHANGE SHARES

Send us written instructions to set up an automatic exchange of shares from one
American Century account to another.

MAKE ADDITIONAL INVESTMENTS

With the automatic investment privilege, you can purchase shares on a regular
basis. You must invest at least $600 per year per account.

SELL SHARES

If you have at least $10,000 in your account, you may sell shares automatically
by establishing Check-A-Month or an Automatic Redemption.

- --------------------------------------------------------------------------------
IN PERSON

If you prefer to handle your transactions in person, visit one of the Investor
Centers listed below. A representative can help you open an account, make
additional investments and sell or exchange shares.

4500 Main St. 4917 Town Center Drive
Kansas City, Missouri Leawood, Kansas
8 a.m. to 5:30 p.m., Monday - Friday 8 a.m. to 6 p.m., Monday - Friday
8 a.m. to noon, Saturday

1665 Charleston Road 9445 East County Line Road, Suite A
Mountain View, California Englewood, Colorado
8 a.m. to 5 p.m., Monday - Friday 8 a.m. to 6 p.m., Monday - Friday
8 a.m. to noon, Saturday

12 American Century Investments 1-800-345-2021

MINIMUM INITIAL INVESTMENT AMOUNTS

To open an account, Global Growth* International Discovery
the minimum investments are: International Growth Emerging Markets
- ------------------------------------------------------------------------------

Individual or Joint $2,500 $10,000
- ------------------------------------------------------------------------------

Traditional IRA $1,000 $10,000
- ------------------------------------------------------------------------------

Roth IRA $1,000 $10,000
- ------------------------------------------------------------------------------

Education IRA $500 N/A
- ------------------------------------------------------------------------------

UGMA/UTMA $1,000 $10,000
- ------------------------------------------------------------------------------

403(b) No minimum $10,000
- ------------------------------------------------------------------------------

Qualified Retirement Plans $2,500** $10,000

* If you establish an automatic investment plan of at least $50 per month, the
minimum may be waived.

** The minimum investment requirements may be different for some types of
retirement plans.

REDEMPTION OF SHARES IN LOW-BALANCE ACCOUNTS

If your redemption activity causes your account balance to fall below the
minimum initial investment amount, we will notify you and give you 90 days to
meet the minimum or, for Global Growth and International Growth, to establish an
automatic monthly investment of at least $50. If you do not meet the deadline,
American Century will redeem the shares in the account and send the proceeds to
your address of record.

ABUSIVE TRADING PRACTICES

We do not permit market-timing or other abusive trading practices in our funds.

Excessive, short-term (market-timing) or other abusive trading practices may
disrupt portfolio management strategies and harm fund performance. To minimize
harm to the funds and their shareholders, we reserve the right to reject any
purchase order (including exchanges) from any investor we believe has a history
of abusive trading or whose trading, in our judgment, has been or may be
disruptive to a fund. In making this judgment, we may consider trading done in
multiple accounts under common ownership or control. We also reserve the right
to delay delivery of your redemption proceeds--up to seven days--or to honor
certain redemptions with securities, rather than cash, as described in the next
section.

SPECIAL REQUIREMENTS FOR LARGE REDEMPTIONS

If, during any 90-day period, you redeem fund shares worth more than $250,000
(or 1% of the assets of the fund if that percentage is less than $250,000), we
reserve the right to pay part or all of the redemption proceeds in excess of
this amount in readily marketable securities instead of cash. If we make payment
in securities, we will value the securities selected by the fund in the same
manner as we do in computing the fund's net asset value. We may provide these
securities in lieu of cash without prior notice.

If your redemption would exceed this limit and you would like to avoid being
paid in securities, please provide us with an unconditional instruction to
redeem at least 15 days prior to the date on which the redemption transaction is
to occur. The instruction must specify the dollar amount or number of shares to
be redeemed and the date of the transaction. This minimizes the effect of the
redemption on the fund and its remaining shareholders.

www.americancentury.com American Century Investments 13

INVESTING THROUGH FINANCIAL INTERMEDIARIES

If you do business with us through a financial intermediary or a retirement
plan, your ability to purchase, exchange and redeem shares will depend on the
policies of that entity. Some policy differences may include

* minimum investment requirements

* exchange policies

* fund choices

* cutoff time for investments

Please contact your financial intermediary or plan sponsor for a complete
description of its policies. Copies of the funds' annual reports, semiannual
reports and Statements of Additional Information are available from your
intermediary or plan sponsor.

Certain financial intermediaries perform for their clients recordkeeping and
administrative services that would otherwise be performed by American Century's
transfer agent. In some circumstances, American Century will pay the service
provider a fee for performing those services.

Although transactions in fund shares may be made directly with American Century
at no charge, you also may purchase, redeem and exchange fund shares through
financial intermediaries that charge a transaction-based or other fee for their
services. Those charges are retained by the intermediary and are not shared with
American Century or the funds.

American Century has contracts with certain financial intermediaries requiring
them to track the time investment orders are received and to comply with
procedures relating to the transmission of orders. The funds have authorized
those intermediaries to accept orders on their behalf up to the time at which
the net asset value is determined. If those orders are transmitted to American
Century and paid for in accordance with the contract, they will be priced at the
net asset value next determined after your request is received in the form
required by the intermediary on a fund's behalf.

/left margin callout/

> Financial intermediaries include banks, broker-dealers, insurance companies
and investment advisors.

/end left margin callout/

14 American Century Investments 1-800-345-2021

SHARE PRICE AND DISTRIBUTIONS

SHARE PRICE

American Century determines the NET ASSET VALUE (NAV) of the funds as of the
close of regular trading on the New York Stock Exchange (usually 4 p.m. Eastern
time) on each day the Exchange is open. On days when the Exchange is not open
(including certain U.S. holidays), we do not calculate the NAV. The NAV of a
fund share is the current value of the funds' assets, minus any liabilities,
divided by the number of fund shares outstanding.

If current market prices of securities owned by a fund are not readily
available, the advisor may determine their fair value in accordance with
procedures adopted by the fund's Board of Directors. Trading of securities in
foreign markets may not take place on every day the Exchange is open. Also,
trading in some foreign markets may take place on weekends or holidays when a
fund's NAV is not calculated. So, the value of a fund's portfolio may be
affected on days when you can't purchase or redeem shares of the fund.

We will price your purchase, exchange or redemption at the NAV next determined
after we receive your transaction request in good order.

DISTRIBUTIONS

Federal tax laws require each fund to make distributions to its shareholders in
order to qualify as a "regulated investment company." Qualification as a
regulated investment company means that the funds will not be subject to state
or federal income tax on amounts distributed. The distributions generally
consist of dividends and interest received, as well as CAPITAL GAINS realized on
the sale of investment securities. Each fund generally pays distributions from
net income and capital gains, if any, once a year in December. A fund may make
more frequent distributions if necessary to comply with Internal Revenue Code
provisions.

You will participate in fund distributions, when they are declared, starting on
the day after your purchase is effective. For example, if you purchase shares on
a day that a distribution is declared, you will not receive that distribution.
If you redeem shares, you will receive any distribution declared on the day you
redeem. If you redeem all shares, we will include any distributions received
with your redemption proceeds.

Participants in employer-sponsored retirement or savings plans must reinvest all
distributions. For shareholders investing through taxable accounts, we will
reinvest distributions unless you elect to receive them in cash. Please consult
your services guide for further information regarding distributions and your
distribution options.

/left margin callout/

The NET ASSET VALUE of a fund is the price of the fund's shares.

CAPITAL GAINS are increases in the values of capital assets, such as stock, from
the time the assets are purchased. Tax becomes due on capital gains once an
asset is sold.

/end left margin callout/

www.americancentury.com American Century Investments 15

TAXES

The tax consequences of owning shares of the funds will vary depending on
whether you own them through a taxable or tax-deferred account. Tax consequences
result from distributions by the funds of dividend and interest income they have
received or capital gains they have generated through their investment
activities. Tax consequences also result from sales of fund shares by investors
after the net asset value has increased or decreased.

Tax-Deferred Accounts

If you purchase fund shares through a tax-deferred account, such as an IRA or a
qualified employer-sponsored retirement or savings plan, income and capital
gains distributions usually will not be subject to current taxation, but will
accumulate in your account under the plan on a tax-deferred basis. Likewise,
moving from one fund to another fund within a plan or tax-deferred account
generally will not cause you to be taxed. For information about the tax
consequences of making purchases or withdrawals through an employer-sponsored
retirement or savings plan, or through an IRA, please consult your plan
administrator, your summary plan description or a professional tax advisor.

Taxable Accounts

If you own fund shares through a taxable account, distributions by the fund and
sales by you of fund shares may cause you to be taxed.

If you invest through a taxable account, you may be able to claim a foreign tax
credit for any foreign income taxes paid by the funds. In order to qualify for
this tax credit, certain requirements must be satisfied. Please consult the
Statement of Additional Information for a more complete discussion of the tax
consequences of owning shares of the funds.

Taxability of Distributions

Distributions may consist of income earned by the fund from sources such as
dividends and interest, or capital gains generated from the sale of fund
investments. Distributions of income are taxed as ordinary income. Distributions
of capital gains are classified either as short term or long term and are taxed
as follows:

Type of Distribution Tax Rate for 15% Bracket Tax Rate for 28% Bracket
or above
- --------------------------------------------------------------------------------
Short-term capital gains Ordinary income rate Ordinary income rate
- --------------------------------------------------------------------------------
Long-term capital gains 10% 20%

The tax status of any distribution of capital gains is determined by how long
the fund held the underlying security that was sold, not by how long you have
been invested in the fund or whether you reinvest your distributions in
additional shares or take them in cash. American Century will send you the tax
status of fund distributions for each calendar year in an annual tax statement
from the fund.

Distributions also may be subject to state and local taxes. Because everyone's
tax situation is unique, always consult your tax professional about federal,
state and local tax consequences.

Taxes on Transactions

Your redemptions -- including exchanges to other American Century funds -- are
subject to capital gains tax. The table above can provide a general guide for
your potential tax liability when selling or exchanging fund shares. Short-term
capital gains are gains on fund shares you held for 12 months or less. Long-term
capital gains are gains on fund shares you held for more than 12 months. If your
shares decrease in value, their sale or exchange will result in a long-term or
short-term capital loss.

/left margin callout/

> BUYING A DIVIDEND

Purchasing fund shares in a taxable account shortly before a distribution is
sometimes known as buying a dividend. In taxable accounts, you must pay income
taxes on the distribution whether you reinvest the distribution or take it in
cash. In addition, you will have to pay taxes on the distribution whether the
value of your investment decreased, increased or remained the same after you
bought the fund shares.

The risk in buying a dividend is that a fund's portfolio may build up taxable
gains throughout the period covered by a distribution, as securities are sold at
a profit. We distribute those gains to you, after subtracting any losses, even
if you did not own the shares when the gains occurred.

If you buy a dividend, you incur the full tax liability of the distribution
period, but you may not enjoy the full benefit of the gains realized in the
fund's portfolio.

/end left margin callout/

16 American Century Investments 1-800-345-2021

MULTIPLE CLASS INFORMATION

American Century offers three classes of the funds: Investor Class,
Institutional Class and Advisor Class. The shares offered by this Prospectus are
Investor Class shares and have no up-front or deferred charges, commissions or
12b-1 fees.

American Century offers the other classes of shares primarily to institutional
investors through institutional distribution channels, such as
employer-sponsored retirement plans, or through banks, broker-dealers and
insurance companies. The other classes have different fees, expenses and/or
minimum investment requirements than the Investor Class. The difference in the
fee structures among the classes is the result of their separate arrangements
for shareholder and distribution services and not the result of any difference
in amounts charged by the advisor for core investment advisory services.
Accordingly, the core investment advisory expenses do not vary by class.
Different fees and expenses will affect performance. For additional information
concerning the other classes of shares not offered by this Prospectus, call us
at 1-800-345-3533 for Advisor and Institutional Class shares. You also can
contact a sales representative or financial intermediary who offers those
classes of shares.

Except as described below, all classes of shares of a fund have identical
voting, dividend, liquidation and other rights, preferences, terms and
conditions. The only differences among the various classes are (a) each class
may be subject to different expenses specific to that class; (b) each class has
a different identifying designation or name; (c) each class has exclusive voting
rights with respect to matters solely affecting such class; (d) each class may
have different exchange privileges; and (e) the Institutional Class may provide
for automatic conversion from that class into shares of the Investor Class of
the same fund.

www.americancentury.com American Century Investments 17

FINANCIAL HIGHLIGHTS

UNDERSTANDING THE FINANCIAL HIGHLIGHTS

The tables on the next few pages itemize what contributed to the changes in
share price during the period. They also show the changes in share price for
this period in comparison to changes over the last five fiscal years or less, if
the share class is not five years old.

On a per-share basis, each table includes as appropriate

* share price at the beginning of the period

* investment income and capital gains or losses

* distributions of income and capital gains paid to shareholders

* share price at the end of the period

Each table also includes some key statistics for the period as appropriate

* Total Return--the overall percentage of return of the fund, assuming the
reinvestment of all distributions

* Expense Ratio--operating expenses as a percentage of average net assets

* Net Income Ratio--net investment income as a percentage of average net asset

* Portfolio Turnover--the percentage of the fund's buying and selling activity

The Financial Highlights have been audited by Deloitte & Touche LLP, independent
auditors. Their Independent Auditors' Report is included in the funds' annual
report for the year ended November 30, 1998, which is incorporated by reference
into the Statement of Additional Information, and is available upon request.

18 American Century Investments 1-800-345-2021

<TABLE>
<CAPTION>
INTERNATIONAL GROWTH FUND

Investor Class

For a Share Outstanding Throughout the Years Ended November 30

PER-SHARE DATA
1998 1997 1996 1995 1994

<S> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Year ..... $ 9.22 $ 8.73 $ 7.51 $ 7.47 $ 7.34

Income From Investment Operations

Net Investment Income (Loss) ......... 0.03(1) -- (0.01)(1) 0.01 (0.04)

Net Realized and Unrealized Gain on
Investment Transactions .............. 1.31 1.41 1.24 0.40 0.57

Total From Investment Operations ..... 1.34 1.41 1.23 0.41 0.53

Distributions

From Net Investment Income ........... (0.03) -- (0.01) -- --

From Net Realized Gains on
Investment Transactions .............. (1.28) (0.92) -- (0.37) (0.40)

Total Distributions .................. (1.31) (0.92) (0.01) (0.37) (0.40)

Net Asset Value, End of Year ........... $ 9.25 $ 9.22 $ 8.73 $ 7.51 $ 7.47

Total Return(2) ........................ 16.74% 18.12% 16.35% 5.93% 7.28%

RATIOS/SUPPLEMENTAL DATA
1998 1997 1996 1995 1994

Ratio of Operating Expenses to
Average Net Assets .................... 1.33% 1.38%(3) 1.65%(3) 1.77% 1.84%

Ratio of Net Investment Income (Loss) to
Average Net Assets ..................... 0.33% 0.04% (0.07)% 0.25% (0.53)%

Portfolio Turnover Rate ................ 190% 163% 158% 169% 242%

Net Assets, End of Year (in thousands) . $ 2,448,162 $ 1,728,617 $ 1,342,608 $ 1,210,442 $ 1,316,642

(1) Computed using average shares outstanding throughout the period.

(2) Total return assumes reinvestment of dividends and capital gains
distributions, if any.

(3) American Century Investment Management, Inc. voluntarily waived a portion
of its management fee effective August 1, 1996, through July 30, 1997. In
absence of the management fee waiver, the ratio of operating expenses to
average net assets would have been 1.56% and 1.76% for the years ended
November 30, 1997, and November 30, 1996, respectively.

www.americancentury.com American Century Investments 19

INTERNATIONAL DISCOVERY FUND

Investor Class

For a Share Outstanding Throughout the Years Ended November 30 (except as noted)

PER-SHARE DATA
1998 1997 1996 1995 1994(1)

Net Asset Value, Beginning of Period ............ $ 8.54 $ 7.60 $ 5.70 $ 5.39 $ 5.00

Income From Investment Operations

Net Investment Income (Loss) .................. (0.03)(2) (0.03) (0.02)(2) 0.03 (0.02)

Net Realized and Unrealized Gain
on Investment Transactions .................... 1.22 1.31 1.95 0.28 0.41

Total From Investment Operations .............. 1.19 1.28 1.93 0.31 0.39

Distributions

From Net Investment Income .................... (0.02) (0.02) (0.01) -- --

In Excess of Net Investment Income ............ -- -- (0.02) -- --

From Net Realized Gains on
Investment Transactions ....................... (0.47) (0.32) -- -- --

Total Distributions ........................... (0.49) (0.34) (0.03) -- --

Net Asset Value, End of Period .................. $ 9.24 $ 8.54 $ 7.60 $ 5.70 $ 5.39

Total Return(3) ................................. 14.79% 17.76% 34.06% 5.75% 7.80%

RATIOS/SUPPLEMENTAL DATA
1998 1997 1996 1995 1994(1)

Ratio of Operating Expenses to Average Net Assets 1.64% 1.70%(4) 1.88%(4) 2.00% 2.00%(5)

Ratio of Net Investment Income (Loss) to
Average Net Assets .............................. (0.36)% (0.37)% (0.31)% 0.27% (0.48)%(5)

Portfolio Turnover Rate ......................... 178% 146% 130% 168% 56%

Net Assets, End of Period (in thousands) ........ $ 781,551 $ 626,327 $ 377,128 $ 114,579 $ 111,202

(1) April 1, 1994 (inception) through November 30, 1994.

(2) Computed using average shares outstanding throughout the period.

(3) Total return assumes reinvestment of dividends and capital gains
distributions, if any. Total returns for periods less than one year are not
annualized.

(4) American Century Investment Management, Inc. voluntarily waived a portion
of its management fee effective August 1, 1996, through July 30, 1997. In
absence of the management fee waiver, the ratio of operating expenses to
average net assets would have been 1.87% and 1.99% for the years ended
November 30, 1997, and November 30, 1996, respectively.

(5) Annualized.

20 American Century Investments 1-800-345-2021

EMERGING MARKETS FUND

Investor Class

For a Share Outstanding Throughout the Years Ended November 30 (except as noted)

PER-SHARE DATA
1998 1997(1)

Net Asset Value, Beginning of Period ................ $ 4.15 $ 5.00

Income From Investment Operations

Net Investment Loss(2) ........................... -- (0.01)

Net Realized and Unrealized
Loss on Investment Transactions ................ (0.66) (0.84)

Total From Investment Operations ................. (0.66) (0.85)

Net Asset Value, End of Period ...................... $ 3.49 $ 4.15

Total Return(3) ..................................... (15.90)% (17.00)%

RATIOS/SUPPLEMENTAL DATA
1998 1997(1)

Ratio of Operating Expenses to Average Net Assets ... 2.00% 2.00%(4)

Ratio of Net Investment Loss to Average Net Assets .. (0.03)% (0.74)%(4)

Portfolio Turnover Rate ............................. 270% 36%

Net Assets, End of Period (in thousands) ............ $ 21,124 $ 11,830
</TABLE>

(1) September 30, 1997 (inception) through November 30, 1997.

(2) Computed using average shares outstanding throughout the period.

(3) Total return assumes reinvestment of dividends and capital gains
distributions, if any. Total returns for periods less than one year are not
annualized.

(4) Annualized.

www.americancentury.com American Century Investments 21

MORE INFORMATION ABOUT THE FUNDS IS CONTAINED IN THESE DOCUMENTS

ANNUAL AND SEMIANNUAL REPORTS

These reports contain more information about the funds' investments and the
market conditions and investment strategies that significantly affected the
funds' performance during the most recent fiscal period.

STATEMENT OF ADDITIONAL INFORMATION (SAI)

The SAI contains a more detailed, legal description of the funds' operations,
investment restrictions, policies and practices. The SAI is incorporated by
reference into this Prospectus. This means that it is legally part of this
Prospectus, even if you don't request a copy.

You may obtain a copy of the SAI or annual and semiannual reports at no charge
by contacting us at the telephone number or address below.

You also can get information about the funds (including the SAI) from the
Securities and Exchange Commission (SEC).

* In person SEC Public Reference Room
Washington, D.C.
Call 1-800-SEC-0330 for location and hours.

* On the Internet www.sec.gov

* By mail SEC Public Reference Section
Washington, D.C. 20549-6009
(The SEC will charge a fee for copying the documents.)

Investment Company Act File No. 811-6247

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

AMERICAN CENTURY INVESTMENTS
P.O. Box 419200
Kansas City, Missouri 64141-6200

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

SH-PRS-15540 9904
<PAGE>

AMERICAN CENTURY

Prospectus

Global Growth Fund
International Growth Fund
International Discovery Fund
Emerging Markets Fund

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

APRIL 1, 1999

INSTITUTIONAL CLASS

THE SECURITIES AND EXCHANGE COMMISSION HAS NOT APPROVED OR DISAPPROVED THESE
SECURITIES OR DETERMINED IF THIS PROSPECTUS IS ACCURATE OR COMPLETE. ANYONE WHO
TELLS YOU OTHERWISE IS COMMITTING A CRIME.

Distributed by Funds Distributor, Inc.

/Front cover/

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

American Century
Investments

P.O. Box 419385
Kansas City, MO
64141-6385

Dear Investor,

Here's what you'll find:

* The funds' primary investments and risks

* A description of who may or may not want to invest in the funds

* Fund performance, including returns for each year, best and worst
quarters, and average annual returns compared to the funds' benchmarks

* An overview of services available and ways to manage your accounts

* Helpful tips and definitions of key investment terms

Whether you're a current investor or investing in mutual funds for the first
time, this prospectus will give you a clear understanding of the funds. If you
have questions, our Service Representatives are available weekdays, 8 a.m. to 5
p.m., Central time. Our toll-free number is 1-800-345-3533. We look forward to
helping you achieve your financial goals.

Sincerely,

/s/Mark Killen
Senior Vice President
American Century Investment Services, Inc.

/inside front cover/

TABLE OF CONTENTS

An Overview of the Funds .................................................... 2

Fund Performance History .................................................... 3

Fees and Expenses ........................................................... 4

Information about the Funds ................................................. 5

Global Growth Fund

International Growth Fund

International Discovery Fund

Emerging Markets Fund

Management .................................................................. 8

Investing with American Century ............................................. 11

Share Price and Distributions ............................................... 14

Taxes ....................................................................... 15

Multiple Class Information .................................................. 16

Financial Highlights ........................................................ 17

Performance Information of Other Class ...................................... 20

/left margin callouts/

Throughout this book you'll find definitions of key investment terms and
phrases. When you see a word printed in GREEN ITALICS, look for its definition
in the left margin.

> This symbol highlights special information and helpful tips.

/end left margin callouts/

American Century Investments

AN OVERVIEW OF THE FUNDS

WHAT ARE THE FUNDS' INVESTMENT GOALS?

These funds seek capital growth.

WHAT ARE THE FUNDS' PRIMARY INVESTMENT STRATEGIES AND PRINCIPAL RISKS?

WHO MAY WANT TO INVEST IN THE FUNDS?

The funds may be a good investment if you are

* seeking long-term capital growth from your investment

* seeking diversification of your investment portfolio through investment in
foreign securities

* comfortable with the risks associated with investing in U.S. and foreign
growth securities

* comfortable with the funds' short-term price volatility

* investing through an IRA or other tax-advantaged retirement plan

WHO MAY NOT WANT TO INVEST IN THE FUNDS?

The funds may not be a good investment if you are

* seeking current income from your investment

* investing for a short period of time

* uncomfortable with the risks associated with foreign investing

* uncomfortable with short-term volatility in the value of your investment

/left margin callout/

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

/end left margin callout/

2 American Century Investments 1-800-345-3533

FUND PERFORMANCE HISTORY

INTERNATIONAL GROWTH FUND

[bar chart]
Annual Total Returns

The following bar chart shows the performance of International Growth's
Institutional Class shares for each full calendar year in the life of the class.
It indicates the volatility of the fund's historical returns from year to year.
International Discovery, Emerging Markets and Global Growth are not included
because they do not yet have a full calendar year of performance.

1998
International Growth 19.27%

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

Highest Lowest
- --------------------------------------------------------------------------------
International Growth 18.07% (1Q 1998) -17.91% (3Q 1998

Average Annual Returns

The following table shows the average annual returns of International Growth's
Institutional Class shares for the periods indicated during the life of the
class. The benchmark is an unmanaged index that has no operating costs and is
included in the table for performance comparison. International Discovery,
Emerging Markets and Global Growth are not included because they do not yet have
a full calendar year of performance.

For the calendar year ended December 31, 1998 1 year Life of Fund*
- -------------------------------------------------------------------------------
International Growth 19.27% 20.25%

MSCI EAFE Index 20.00% 19.28%

* The inception date for International Growth is November 20, 1997.

PERFORMANCE INFORMATION OF OTHER CLASS

The original class of shares of the fund was the Investor Class. The
Institutional Class was not established until 1996. For information about the
historical performance of the original class of shares, see page 20.

/left margin callout/

> The performance information on this page is designed to help you see how fund
returns can vary. Keep in mind that past performance does not predict how the
funds will perform in the future.

> For current performance information, please call us at 1-800-345-3533 or visit
American Century's Web site at www.americancentury.com.

/end left margin callout/

www.americancentury.com American Century Investments 3

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

International Discovery charges a redemption fee of 2.0% of the value of any
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 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 fund shares into the Institutional Class shares of other American
Century funds or to redeem your shares.

The following tables describe the fees and expenses that you will pay if you buy
and hold shares of the funds.

<TABLE>
ANNUAL OPERATING EXPENSES (EXPENSES THAT ARE DEDUCTED FROM FUND ASSETS)

<S> <C> <C> <C> <C>
Global Growth 1.10% None 0.00%(2) 1.10%
- --------------------------------------------------------------------------------------------------

International Growth 1.13% None 0.00%(3) 1.13%
- --------------------------------------------------------------------------------------------------

International Discovery 1.44% None 0.00%(3) 1.44%
- --------------------------------------------------------------------------------------------------

Emerging Markets 1.80% None 0.00%(2) 1.80%
</TABLE>

(1) Based on expenses incurred during the funds' most recent fiscal year. The
funds have stepped fee schedules. As a result, the funds' management fee
rate generally decreases as fund assets increase. Please consult the
Statement of Additional Information for more details about the funds'
management fees.

(2) Other expenses, which include the fees and expenses of the funds'
independent directors, their legal counsel, interest and extraordinary
expenses, are expected to be less than 0.005% for the current fiscal year.

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

EXAMPLE

The examples in the table below are intended to help you compare the costs of
investing in a fund with the costs of investing in other mutual funds. 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
- -----------------------------------------------------------------------------
Global Growth $112 $349 -- --
- -----------------------------------------------------------------------------
International Growth $115 $358 $620 $1,368
- -----------------------------------------------------------------------------
International Discovery $146 $453 $783 $1,713
- -----------------------------------------------------------------------------
Emerging Markets $182 $563 $968 $2,098

/left margin callout/

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

/end left margin callout/

4 American Century Investments 1-800-345-2021

INFORMATION ABOUT THE FUNDS

GLOBAL GROWTH FUND
INTERNATIONAL GROWTH FUND
INTERNATIONAL DISCOVERY FUND
EMERGING MARKETS FUND

WHAT ARE THE FUNDS' INVESTMENT OBJECTIVES?

These funds seek capital growth.

HOW DO THE FUNDS PURSUE THEIR INVESTMENT OBJECTIVES?

/left margin callout/

> Accelerating growth is shown, for example, by growth that is faster this
quarter than last or faster this year than the year before.

/end left margin callout/

www.americancentury.com American Century Investments 5

WHAT KINDS OF SECURITIES DO THE FUNDS BUY?

WHAT IS THE DIFFERENCE BETWEEN THE FUNDS?

* International Growth invests primarily in foreign companies. The fund will
have at least 65% of its assets invested at all times in equity securities of
issuers in developed countries.

* International Discovery invests primarily in smaller foreign companies. The
fund will have at least 65% of its assets invested at all times in equity
securities of smaller foreign companies.

The funds consider foreign companies to include companies (i) domiciled outside
the United States, (ii) deriving at least half of their revenue from sales or
production outside the United States, or (iii) with the principal trading market
of their securities outside the United States. The funds consider the developed
countries to include Australia, Austria, Belgium, Canada, Denmark, Finland,
France, Germany, Ireland, Italy, Japan, the Netherlands, New Zealand, Norway,
Portugal, Spain, Sweden, Switzerland, the United Kingdom and the United States.
Emerging market countries are considered to be those countries not listed as
developed countries above.

WHAT ARE THE PRIMARY RISKS OF INVESTING IN THE FUNDS?

6 American Century Investments 1-800-345-3533

www.americancentury.com American Century Investments 7

MANAGEMENT

WHO MANAGES THE FUNDS?

The Board of Directors, investment advisor and fund management teams play key
roles in the management of the funds.

THE BOARD OF DIRECTORS

THE INVESTMENT ADVISOR

For the services it provided to the funds during the most recent fiscal year,
the advisor received a unified management fee based on a percentage of the
average net assets of the Institutional Class shares of each fund. The amount of
the management fee is calculated on a class-by-class basis daily and paid
monthly.

Management Fees Paid by the Funds to the Advisor as a Percentage of Average
Net Assets for the Most Recent Fiscal Year Ended November 30, 1998
- --------------------------------------------------------------------------------
International Growth 1.13%
- --------------------------------------------------------------------------------
International Discovery 1.44%
- --------------------------------------------------------------------------------
Emerging Markets 1.80%

8 American Century Investments 1-800-345-3533

THE FUND MANAGEMENT TEAMS

The advisor uses teams of portfolio managers, assistant portfolio managers and
analysts to manage the funds. Teams meet regularly to review portfolio holdings
and to discuss purchase and sale activity. Team members buy and sell securities
for a fund as they see fit, guided by the funds' investment objective and
strategy.

The portfolio managers on the investment teams are identified below:

HENRIK STRABO

MARK S. KOPINSKI

MICHAEL J. DONNELLY

BRADLEY AMOILS

BRIAN BRADY

/left margin callout/

> CODE OF ETHICS

/end left margin callout/

www.americancentury.com American Century Investments 9

FUNDAMENTAL INVESTMENT POLICIES

YEAR 2000 ISSUES

Many of the world's computer systems currently cannot properly recognize or
process date-sensitive information relating to the Year 2000 and beyond. Because
this may impact the computer systems of various American Century-affiliated and
external service providers for the funds, American Century formally initiated a
Year 2000 readiness project in July 1997. It involves a team of information
technology professionals assisted by outside consultants and guided by a
senior-level steering committee. The team's goal is to assess the impact of the
Year 2000 on American Century's systems, renovate or replace noncompliant
critical systems, and test those systems. In addition, the team has been working
to gather information about the Year 2000 efforts of the funds' other major
service providers.

10 American Century Investments 1-800-345-3533

INVESTING WITH AMERICAN CENTURY

ELIGIBILITY FOR INSTITUTIONAL CLASS SHARES

The Institutional Class shares are made available for purchase by large
institutional shareholders, such as bank trust departments, corporations,
retirement plans, endowments, foundations and financial advisors that meet the
funds' minimum investment requirements. Institutional Class shares are not
available for purchase by insurance companies for variable annuity and variable
life products.

MINIMUM INITIAL INVESTMENT AMOUNTS

The minimum investment is $5 million ($3 million for endowments and foundations)
per fund. If you invest with us through a financial intermediary, the minimum
investment requirement may be met by aggregating the investments of various
clients of your financial intermediary. The minimum investment requirement may
be waived if you or your financial intermediary, if applicable, has an aggregate
investment in our family of funds of $10 million or more ($5 million for
endowments and foundations). In addition, financial intermediaries or plan
recordkeepers may require retirement plans to meet certain additional
requirements, such as plan size or a minimum level of assets per participant, in
order to be eligible to purchase Institutional Class shares.

REDEMPTION OF SHARES IN LOW-BALANCE ACCOUNTS

If your balance or the balance of your financial intermediary, if applicable,
falls below the minimum investment requirements due to redemptions or exchanges,
we reserve the right to convert your shares to Investor Class shares of the same
fund. The Investor Class shares have a unified management fee that is 0.20%
higher than the Institutional Class.

SERVICES AUTOMATICALLY AVAILABLE TO YOU

You automatically will have access to the services listed on the next page when
you open your account. If you do not want these services, see "Conducting
Business in Writing" below.

CONDUCTING BUSINESS IN WRITING

YOUR GUIDE TO SERVICES AND POLICIES

When you open an account, you will receive a services guide, which explains the
services available to you and the policies of the funds and the transfer agent.

www.americancentury.com American Century Investments 11

WAYS TO MANAGE YOUR ACCOUNT
- --------------------------------------------------------------------------------
BY TELEPHONE

Service Representative 1-800-345-3533

OPEN AN ACCOUNT

If you are a current investor, you can open an account by exchanging shares from
another American Century account.

EXCHANGE SHARES

Call us or use our Automated Information Line if you have authorized us to
accept telephone instructions.

MAKE ADDITIONAL INVESTMENTS

Call us if you have authorized us to invest from your bank account.

SELL SHARES

Call a Service Representative.

- --------------------------------------------------------------------------------
BY MAIL OR FAX

P.O. Box 419385 Kansas City, MO 64141-6385

Fax
816-340-4655

OPEN AN ACCOUNT

Send a signed and completed application and check or money order payable to
American Century Investments.

EXCHANGE SHARES

Send us written instructions to exchange your shares from one American Century
account to another.

MAKE ADDITIONAL INVESTMENTS

SELL SHARES

Send us written instructions or a redemption form to sell shares. Call a Service
Representative to request a form.

- --------------------------------------------------------------------------------
BY WIRE

> Please remember that if you request redemptions by wire, $10 will be deducted
from the amount redeemed. Your bank also may charge a fee.

OPEN AN ACCOUNT

Call us to set up your account or mail a completed application to the address
provided in the "By mail" section and give your bank the following information

* Our bank information

Commerce Bank N.A.
Routing No. 101000019
Account No. 2804918

* The fund name

* Your American Century account number*

* Your name

* The contribution year (for IRAs only)

* For additional investments only

MAKE ADDITIONAL INVESTMENTS

Follow the wire instructions provided in the "Open an account" section.

SELL SHARES

You can receive redemption proceeds by wire or electronic transfer.

EXCHANGE SHARES

Not available.

- --------------------------------------------------------------------------------
AUTOMATICALLY

OPEN AN ACCOUNT

Not available.

EXCHANGE SHARES

Send us written instructions to set up an automatic exchange of shares from one
American Century account to another.

MAKE ADDITIONAL INVESTMENTS

With the automatic investment privilege, you can purchase shares on a regular
basis. You must invest at least $600 per year per account.

SELL SHARES

If you have at least $10,000 in your account, you may sell shares automatically
by establishing Check-A-Month or an Automatic Redemption.

12 American Century Investments 1-800-345-3533

ABUSIVE TRADING PRACTICES

We do not permit market-timing or other abusive trading practices in our funds.

SPECIAL REQUIREMENTS FOR LARGE REDEMPTIONS

INVESTING THROUGH FINANCIAL INTERMEDIARIES

If you own or are considering purchasing shares through a financial intermediary
or a retirement plan, your ability to purchase, exchange and redeem shares will
depend on the policies of that entity. Some policy differences may include

* minimum investment requirements

* exchange policies

* fund choices

* cutoff time for investments

/left margin callout/

> Financial intermediaries include banks, broker-dealers, insurance companies
and investment advisors.

/end left margin callout/

www.americancentury.com American Century Investments 13

SHARE PRICE AND DISTRIBUTIONS

SHARE PRICE

American Century determines the NET ASSET VALUE (NAV) of the funds as of the
close of regular trading on the New York Stock Exchange (usually 4 p.m. Eastern
time) each day the Exchange is open. On days when the Exchange is not open
(including certain U.S. holidays), we do not calculate the NAV. The NAV of a
fund share is the current value of the fund's assets, minus any liabilities,
divided by the number of fund shares outstanding.

We will price your purchase, exchange or redemption at the NAV next determined
after we receive your transaction request in good order.

It is the responsibility of your plan recordkeeper or financial intermediary to
transmit your purchase, exchange and redemption requests to the funds' transfer
agent prior to the applicable cutoff time for receiving orders and to make
payment for any purchase transactions in accordance with the funds' procedures
or any contractual arrangements with the funds or the funds' distributor in
order for you to receive that day's price.

DISTRIBUTIONS

/left margin callouts/

The NET ASSET VALUE of a fund is the price of the fund's shares.

CAPITAL GAINS are increases in the values of capital assets, such as stock, from
the time the assets are purchased. Tax becomes due on capital gains once an
asset is sold.

/end left margin callouts/

14 American Century Investments 1-800-345-3533

TAXES

Tax-Deferred Accounts

If you purchase fund shares through a tax-deferred account, such as an IRA or a
qualified employer-sponsored retirement or savings plan, income and capital
gains distributions usually will not be subject to current taxation, but will
accumulate in your account under the plan on a tax-deferred basis. Likewise,
moving from one fund to another fund within a plan or tax-deferred account
generally will not cause you to be taxed. For information about the tax
consequences of making purchases or withdrawals through an employer sponsored
retirement or savings plan, or through an IRA, please consult your plan
administrator, your summary plan description or a professional tax advisor.

Taxable Accounts

If you own fund shares through a taxable account, distributions by the fund and
sales by you of fund shares may cause you to be taxed.

Taxability of Distributions

Distributions also may be subject to state and local taxes. Because everyone's
tax situation is unique, always consult your tax professional about federal,
state and local tax consequences.

Taxes on Transactions

/left margin callout/

> BUYING A DIVIDEND

If you buy a dividend, you incur the full tax liability of the distribution
period, but you may not enjoy the full benefit of the gains realized in the
fund's portfolio.

/end left margin callout/

www.americancentury.com American Century Investments 15

MULTIPLE CLASS INFORMATION

American Century offers three classes of the funds: Investor Class,
Institutional Class and Advisor Class. The shares offered by this Prospectus are
Institutional Class shares and are offered primarily to institutional investors
through institutional distribution channels, such as employer-sponsored
retirement plans, or through banks, broker-dealers and insurance companies.

American Century offers another class of shares that has no up-front or deferred
charges, commissions or 12b-1 fees. The funds may offer a different class of
shares primarily to institutional investors through institutional distribution
channels, such as employer- sponsored retirement plans, or through banks,
broker-dealers and insurance companies. The other classes have different fees,
expenses and/or minimum investment requirements than the Institutional Class.
The difference in the fee structures among the classes is the result of their
separate arrangements for shareholder and distribution services and not the
result of any difference in amounts charged by the advisor for core investment
advisory services. Accordingly, the core investment advisory expenses do not
vary by class. Different fees and expenses will affect performance. For
additional information concerning the other classes of shares not offered by
this Prospectus, call us at

* 1-800-345-2021 for Investor Class shares

* 1-800-345-3533 for Advisor Class shares

You also can contact a sales representative or financial intermediary who offers
those classes of shares.

16 American Century Investments 1-800-345-3533

FINANCIAL HIGHLIGHTS

UNDERSTANDING THE FINANCIAL HIGHLIGHTS

On a per-share basis, each table includes as appropriate

* share price at the beginning of the period

* investment income and capital gains or losses

* distributions of income and capital gains paid to shareholders

* share price at the end of the period

Each table also includes some key statistics for the period as appropriate

* Total Return--the overall percentage of return of the fund, assuming the
reinvestment of all distributions

* Expense Ratio--operating expenses as a percentage of average net assets

* Net Income Ratio--net investment income as a percentage of average net asset

* Portfolio Turnover--the percentage of the fund's buying and selling activity

www.americancentury.com American Century Investments 17

<TABLE>
<CAPTION>
INTERNATIONAL GROWTH FUND

Institutional Class

For a Share Outstanding Throughout the Years Ended November 30 (except as noted)

PER-SHARE DATA
1998 1997(1)

<S> <C> <C>
Net Asset Value, Beginning of Period ......................... $ 9.22 $ 9.26

Income From Investment Operations
Net Investment Income .................................... 0.05(2) --

Net Realized and Unrealized Gain (Loss)
on Investment Transactions ............................ 1.32 (0.04)

Total From Investment Operations ......................... 1.37 (0.04)

Distributions

From Net Investment Income ............................... (0.03) --

From Net Realized Gains on Investment Transactions ....... (1.28) --

Total Distributions ...................................... (1.31) --

Net Asset Value, End of Period ............................... $ 9.28 $ 9.22

Total Return(3) .............................................. 17.14% (0.43)%

RATIOS/SUPPLEMENTAL DATA
1998 1997(1)

Ratio of Operating Expenses to Average Net Assets ............ 1.13% 1.18%(4)

Ratio of Net Investment Income (Loss) to Average Net Assets .. 0.53% (0.53)%(4)

Portfolio Turnover Rate ...................................... 190% 163%

Net Assets, End of Period (in thousands) ..................... $ 13,562 $ 18,846

(1) November 20, 1997 (commencement of sale) through November 30, 1997.

(2) Computed using average shares outstanding throughout the period.

(3) Total return assumes reinvestment of dividends and capital gains
distributions, if any. Total returns for periods less than one year are not
annualized.

(4) Annualized.

18 American Century Investments 1-800-345-3533

INTERNATIONAL DISCOVERY FUND

Institutional Class

For a Share Outstanding Throughout the Period Ended November 30, 1998

PER-SHARE DATA

1998(1)

Net Asset Value, Beginning of Period ............................ $ 8.18

Income From Investment Operations

Net Realized and Unrealized Gain on Investment Transactions .. 1.07

Total From Investment Operations ............................. 1.07

Net Asset Value, End of Period .................................. $ 9.25

Total Return(2) ................................................. 13.08%

RATIOS/SUPPLEMENTAL DATA
1998(1)

Ratio of Operating Expenses to Average Net Assets ............... 1.44%(3)

Ratio of Net Investment Income to Average Net Assets ............ 0.00%(3)

Portfolio Turnover Rate ......................................... 178%

Net Assets, End of Period (in thousands) ........................ $ 60,918
</TABLE>

(1) January 2, 1998 (commencement of sale) through November 30, 1998.

(2) Total return assumes reinvestment of dividends and capital gains
distributions, if any. Total returns for periods less than one year are not
annualized.

(3) Annualized.

www.americancentury.com American Century Investments 19

PERFORMANCE INFORMATION OF OTHER CLASS

The following financial information is provided to show the performance of the
funds' original class of shares. This class, the Investor Class, has a total
expense ratio that is 0.20% higher than the Institutional Class. If the
Institutional Class had existed during the periods presented, its performance
would have been higher because of the lower expense.

The tables on the next few pages itemize what contributed to the changes in
share price during the period. They also show changes in share price for this
period in comparison to changes over the last five fiscal years or less, if the
share class is not five years old.

On a per-share basis, each table includes as appropriate

* share price at the beginning of the period

* investment income and capital gains or losses

* distributions of income and capital gains paid to shareholders

* share price at the end of the period

Each table also includes some key statistics for the period as appropriate

* Total Return--the overall percentage of return of the fund, assuming the
reinvestment of all distributions

* Expense Ratio--operating expenses as a percentage of average net assets

* Net Income Ratio--net investment income as a percentage of average net asset

* Portfolio Turnover--the percentage of the fund's buying and selling activity

The following Financial Highlights have been audited by Deloitte & Touche LLP,
independent auditors. Their Independent Auditors' Report is in the funds' annual
report for the year ended November 30, 1998, which is incorporated by reference
into the Statement of Additional Information, and is available upon request.

20 American Century Investments 1-800-345-3533

<TABLE>
<CAPTION>
INTERNATIONAL GROWTH FUND

Investor Class

For a Share Outstanding Throughout the Years Ended November 30

PER-SHARE DATA
1998 1997 1996 1995 1994

<S> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Year ....... $ 9.22 $ 8.73 $ 7.51 $ 7.47 $ 7.34

Income From Investment Operations

Net Investment Income (Loss) ............. 0.03(1) -- (0.01)(1) 0.01 (0.04)

Net Realized and Unrealized Gain on
Investment Transactions .................. 1.31 1.41 1.24 0.40 0.57

Total From Investment Operations ......... 1.34 1.41 1.23 0.41 0.53

Distributions

From Net Investment Income ............... (0.03) -- (0.01) -- --

From Net Realized Gains on
Investment Transactions .................. (1.28) (0.92) -- (0.37) (0.40)

Total Distributions ...................... (1.31) (0.92) (0.01) (0.37) (0.40)

Net Asset Value, End of Year ............. $ 9.25 $ 9.22 $ 8.73 $ 7.51 $ 7.47

Total Return(2) .......................... 16.74% 18.12% 16.35% 5.93% 7.28%

RATIOS/SUPPLEMENTAL DATA
1998 1997 1996 1995 1994

Ratio of Operating Expenses
to Average Net Assets .................... 1.33% 1.38%(3) 1.65%(3) 1.77% 1.84%

Ratio of Net Investment Income (Loss) to
Average Net Assets ....................... 0.33% 0.04% (0.07)% 0.25% (0.53)%

Portfolio Turnover Rate .................. 190% 163% 158% 169% 242%

Net Assets, End of Year (in thousands) ... $ 2,448,162 $ 1,728,617 $ 1,342,608 $ 1,210,442 $ 1,316,642

(1) Computed using average shares outstanding throughout the period.

(2) Total return assumes reinvestment of dividends and capital gains
distributions, if any.

www.americancentury.com American Century Investments 21

INTERNATIONAL DISCOVERY FUND

Investor Class

For a Share Outstanding Throughout the Years Ended November 30 (except as noted)

PER-SHARE DATA
1998 1997 1996 1995 1994(1)

Net Asset Value, Beginning of Period ...... $ 8.54 $ 7.60 $ 5.70 $ 5.39 $ 5.00

Income From Investment Operations

Net Investment Income (Loss) .............. (0.03)(2) (0.03) (0.02)(2) 0.03 (0.02)

Net Realized and Unrealized Gain
on Investment Transactions ................ 1.22 1.31 1.95 0.28 0.41

Total From Investment Operations .......... 1.19 1.28 1.93 0.31 0.39

Distributions

From Net Investment Income ................ (0.02) (0.02) (0.01) -- --

In Excess of Net Investment Income ........ -- -- (0.02) -- --

From Net Realized Gains on
Investment Transactions ................... (0.47) (0.32) -- -- --

Total Distributions ....................... (0.49) (0.34) (0.03) -- --

Net Asset Value, End of Period ............ $ 9.24 $ 8.54 $ 7.60 $ 5.70 $ 5.39

Total Return(3) ........................... 14.79% 17.76% 34.06% 5.75% 7.80%

RATIOS/SUPPLEMENTAL DATA
1998 1997 1996 1995 1994(1)

Ratio of Operating Expenses
to Average Net Assets ..................... 1.64% 1.70%(4) 1.88%(4) 2.00% 2.00%(5)

Ratio of Net Investment Income (Loss) to
Average Net Assets ........................ (0.36)% (0.37)% (0.31)% 0.27% (0.48)%(5)

Portfolio Turnover Rate ................... 178% 146% 130% 168% 56%

Net Assets, End of Period (in thousands) .. $ 781,551 $ 626,327 $ 377,128 $ 114,579 $ 111,202

(1) April 1, 1994 (inception) through November 30, 1994.

(2) Computed using average shares outstanding throughout the period.

(3) Total return assumes reinvestment of dividends and capital gains
distributions, if any. Total returns for periods less than one year are not
annualized.

(5) Annualized.

22 American Century Investments 1-800-345-3533

EMERGING MARKETS FUND

Investor Class

For a Share Outstanding Throughout the Years Ended November 30 (except as noted)

PER-SHARE DATA
1998 1997(1)

Net Asset Value, Beginning of Period .......................... $ 4.15 $ 5.00

Income From Investment Operations

Net Investment Loss(2) ........................................ -- (0.01)

Net Realized and Unrealized Loss on Investment Transactions ... (0.66) (0.84)

Total From Investment Operations .............................. (0.66) (0.85)

Net Asset Value, End of Period ................................ $ 3.49 $ 4.15

Total Return(3) ............................................... (15.90)% (17.00)%

RATIOS/SUPPLEMENTAL DATA
1998 1997(1)

Ratio of Operating Expenses to Average Net Assets ............. 2.00% 2.00%(4)

Ratio of Net Investment Loss to Average Net Assets ............ (0.03)% (0.74)%(4)

Portfolio Turnover Rate ....................................... 270% 36%

Net Assets, End of Period (in thousands) ...................... $ 21,124 $ 11,830
</TABLE>

(1) September 30, 1997 (inception) through November 30, 1997.

(2) Computed using average shares outstanding throughout the period.

(3) Total return assumes reinvestment of dividends and capital gains
distributions, if any. Total returns for periods less than one year are not
annualized.

(4) Annualized.

www.americancentury.com American Century Investments 23

NOTES

24 American Century Investments 1-800-345-3533

NOTES

www.americancentury.com American Century Investments 25

MORE INFORMATION ABOUT THE FUNDS IS CONTAINED IN THESE DOCUMENTS

Investment Company Act File No. 811-6247

ANNUAL AND SEMIANNUAL REPORTS

STATEMENT OF ADDITIONAL INFORMATION (SAI)

You may obtain a copy of the SAI or annual and semiannual reports at no charge
by contacting us at the telephone number or address below.

You also can get information about the funds (including the SAI) from the
Securities and Exchange Commission (SEC).

* In person SEC Public Reference Room
Washington, D.C.
Call 1-800-SEC-0330 for location and hours.

* On the Internet www.sec.gov

* By mail SEC Public Reference Section
Washington, D.C. 20549-6009
(The SEC will charge a fee for copying the documents.)

Investment Company Act File No. 811-6247

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

AMERICAN CENTURY INVESTMENTS
P.O. Box 419385
Kansas City, Missouri 64141-6385

1-800-345-3533 or 816-531-5575

SH-PRS-15541 9904
<PAGE>

AMERICAN CENTURY

Prospectus

Global Growth Fund
International Growth Fund
International Discovery Fund
Emerging Markets Fund

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

APRIL 1, 1999

ADVISOR CLASS

THE SECURITIES AND EXCHANGE COMMISSION HAS NOT APPROVED OR DISAPPROVED THESE
SECURITIES OR DETERMINED IF THIS PROSPECTUS IS ACCURATE OR COMPLETE. ANYONE WHO
TELLS YOU OTHERWISE IS COMMITTING A CRIME.

Distributed by Funds Distributor, Inc.

/Front cover/

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

American Century
Investments

P.O. Box 419385
Kansas City, MO
64141-6385

Dear Investor,

Here's what you'll find:

* The funds' primary investments and risks

* A description of who may or may not want to invest in the funds

* Fund performance, including returns for each year, best and worst
quarters, and average annual returns compared to the funds' benchmarks

* An overview of services available and ways to manage your accounts

* Helpful tips and definitions of key investment terms

Sincerely,

/s/Mark Killen
Mark Killen
Senior Vice President
American Century Investment Services, Inc.

/inside front cover/

TABLE OF CONTENTS

An Overview of the Funds .................................................... 2
Fund Performance History .................................................... 3
Fees and Expenses ........................................................... 4
Information about the Funds ................................................. 5
Global Growth Fund
International Growth Fund
International Discovery Fund
Emerging Markets Fund
Management .................................................................. 8
Investing with American Century ............................................. 11
Share Price and Distributions ............................................... 13
Taxes ....................................................................... 14
Multiple Class Information .................................................. 15
Financial Highlights ........................................................ 16
Performance Information of Other Class ...................................... 19

/left margin callouts/

Throughout this book you'll find definitions of key investment terms and
phrases. When you see a word printed in GREEN ITALICS, look for its definition
in the left margin.

> This symbol highlights special information and helpful tips.

/end left margin callouts/

American Century Investments

AN OVERVIEW OF THE FUNDS

WHAT ARE THE FUNDS' INVESTMENT GOALS?

These funds seek capital growth.

WHAT ARE THE FUNDS' PRIMARY INVESTMENT STRATEGIES AND PRINCIPAL RISKS?

WHO MAY WANT TO INVEST IN THE FUNDS?

The funds may be a good investment if you are

* seeking long-term capital growth from your investment

* seeking diversification of your investment portfolio through investment in
foreign securities

* comfortable with the risks associated with investing in U.S. and foreign
growth securities

* comfortable with the funds' short-term price volatility

* investing through an IRA or other tax-advantaged retirement plan

WHO MAY NOT WANT TO INVEST IN THE FUNDS?

The funds may not be a good investment if you are

* seeking current income from your investment

* investing for a short period of time

* uncomfortable with the risks associated with foreign investing

* uncomfortable with short-term volatility in the value of your investment

/left margin callout/

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

/end left margin callout/

2 American Century Investments 1-800-345-3533

FUND PERFORMANCE HISTORY

[bar chart]
INTERNATIONAL GROWTH FUND

Annual Total Returns

The following bar chart shows the performance of International Growth's Advisor
Class shares for each full calendar year in the life of the class. It indicates
the volatility of the fund's historical returns from year to year. International
Discovery, Emerging Markets and Global Growth are not included because they do
not yet have a full calendar year of performance.

1998 1997
International Growth 18.86% 19.43%

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

Highest Lowest
- --------------------------------------------------------------------------------
International Growth 17.83% (1Q 1998) -18.06% (3Q 1998

Average Annual Returns

The following table shows the average annual returns of International Growth's
Advisor Class shares for the periods indicated during the life of the class. The
benchmark is an unmanaged index that has no operating costs and is included in
the table for performance comparison. International Discovery, Emerging Markets
and Global Growth are not included because they do not yet have a full calendar
year of performance.

For the calendar year ended December 31, 1998 1 year Life of Fund*
- ------------------------------------------------------------------------------
International Growth 18.86% 19.86%
MSCI EAFE Index 20.00% 10.99%

* The inception date for the Advisor Class of International Growth is October 2,
1996.

PERFORMANCE INFORMATION OF OTHER CLASS

The original class of shares of the funds was the Investor Class. The Advisor
Class was not established until 1996. For information about the historical
performance of the original class of shares, see page 19.

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The performance information on this page is designed to help you see how fund
returns can vary. Keep in mind that past performance does not predict how the
funds will perform in the future.

For current performance information, please call us at 1-800-345-3533 or visit
American Century's Web site at www.americancentury.com.

/end left margin callout/

www.americancentury.com American Century Investments 3

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

International Discovery charges a redemption fee of 2.0% of the value of any
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 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 fund shares into the Advisor Class shares of other American Century
funds or to redeem your shares.

The following tables describe the fees and expenses that you will pay if you buy
and hold shares of the funds.

<TABLE>
ANNUAL OPERATING EXPENSES (EXPENSES THAT ARE DEDUCTED FROM FUND ASSETS)

Management Distribution and Other Total Annual Fund
Fee(1) Service (12b-1) Fees(2) Expenses Operating Expenses
- --------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>

Global Growth 1.05% 0.50% 0.00%(3) 1.55%
- --------------------------------------------------------------------------------------------------------
International Growth 1.08% 0.50% 0.00%(4) 1.58%
- --------------------------------------------------------------------------------------------------------
International Discovery 1.39% 0.50% 0.00%(4) 1.89%
- --------------------------------------------------------------------------------------------------------
Emerging Markets 1.75% 0.50% 0.00%(3) 2.25%
</TABLE>

(1) Based on expenses incurred during the funds' most recent fiscal year. The
funds have stepped fee schedules. As a result the funds' management fee rate
generally decreases as fund assets increase. Please consult the Statement of
Additional Information for more details about the funds' management fees.

(2) The 12b-1 fee is designed to permit investors to purchase Advisor Class
shares through broker-dealers, banks, insurance companies and other
financial intermediaries. A portion of the fee is used to compensate them
for ongoing recordkeeping and administrative services that would otherwise
be performed by an affiliate of the advisor, and a portion is used to
compensate them for distribution and other shareholder services. See
"Service and Distribution Fees," page 15.

(3) Other expenses, which include the fees and expenses of the funds'
independent directors, their legal counsel, interest and extraordinary
expenses are expected to be less than 0.005% for the current fiscal year.

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

EXAMPLE

The examples in the table below are intended to help you compare the costs of
investing in a fund with the costs of investing in other mutual funds. 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
- ------------------------------------------------------------------------------
Global Growth $157 $487 -- --
- ------------------------------------------------------------------------------
International Growth $160 $496 $855 $1,864
- ------------------------------------------------------------------------------
International Discovery $191 $590 $1,014 $2,192
- ------------------------------------------------------------------------------
Emerging Markets $226 $697 $1,194 $2,558

/left margin callout/

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

/end left margin callout/

4 American Century Investments 1-800-345-2021

INFORMATION ABOUT THE FUNDS

GLOBAL GROWTH FUND
INTERNATIONAL GROWTH FUND
INTERNATIONAL DISCOVERY FUND
EMERGING MARKETS FUND

WHAT ARE THE FUNDS' INVESTMENT OBJECTIVES?

These funds seek capital growth.

HOW DO THE FUNDS PURSUE THEIR INVESTMENT OBJECTIVES?

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Accelerating growth is shown, for example, by growth that is faster this quarter
than last or faster this year than the year before.

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www.americancentury.com American Century Investments 5

WHAT KINDS OF SECURITIES DO THE FUNDS BUY?

WHAT IS THE DIFFERENCE BETWEEN THE FUNDS?

* International Growth invests primarily in foreign companies. The fund will
have at least 65% of its assets invested at all times in equity securities of
issuers in developed countries.

* International Discovery invests primarily in smaller foreign companies. The
fund will have at least 65% of its assets invested at all times in equity
securities of smaller foreign companies.

WHAT ARE THE PRIMARY RISKS OF INVESTING IN THE FUNDS?

6 American Century Investments 1-800-345-3533

www.americancentury.com American Century Investments 7

MANAGEMENT

WHO MANAGES THE FUNDS?

The Board of Directors, investment advisor and fund management teams play key
roles in the management of the funds.

THE BOARD OF DIRECTORS

THE INVESTMENT ADVISOR

For the services it provided to the funds during the most recent fiscal year,
the advisor received a unified management fee based on a percentage of the
average net assets of the Advisor Class shares of each fund. The amount of the
management fee is calculated on a class-by-class basis daily and paid monthly.

Management Fees Paid by the Funds to the Advisor as a Percentage of Average
Net Assets for the Most Recent Fiscal Year Ended November 30, 1998
- --------------------------------------------------------------------------------
International Growth 1.08%
- --------------------------------------------------------------------------------
International Discovery 1.39%
- --------------------------------------------------------------------------------
Emerging Markets 1.75%

8 American Century Investments 1-800-345-3533

THE FUND MANAGEMENT TEAMS

The portfolio managers on the investment teams are identified below:

HENRIK STRABO

MARK S. KOPINSKI

MICHAEL J. DONNELLY

BRADLEY AMOILS

BRIAN BRADY

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CODE OF ETHICS

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www.americancentury.com American Century Investments 9

FUNDAMENTAL INVESTMENT POLICIES

YEAR 2000 ISSUES

In addition, the issuers of securities the funds own could have Year 2000
computer problems. Foreign issuers, especially those in emerging markets, may be
more susceptible to such problems than U.S. issuers. These problems could
negatively affect the value of issuers' securities, which, in turn, could impact
the funds' performance. The advisor has established a process to gather publicly
available information about the Year 2000 readiness of these issuers. However,
this process may not uncover all relevant information, and the information
gathered may not be complete and accurate. Moreover, an issuer's Year 2000
readiness is only one of many factors the fund managers may consider when making
investment decisions, and other factors may receive greater weight.

10 American Century Investments 1-800-345-3533

INVESTING WITH AMERICAN CENTURY

ELIGIBILITY FOR ADVISOR CLASS SHARES

The Advisor Class shares are intended for purchase by participants in
employer-sponsored retirement or savings plans and for persons purchasing shares
through broker-dealers, banks, insurance companies and other financial
intermediaries that provide various administrative and distribution services.

INVESTING THROUGH FINANCIAL INTERMEDIARIES

* minimum investment requirements

* exchange policies

* fund choices

* cutoff time for investments

/left margin callout/

Financial intermediaries include banks, broker-dealers, insurance companies and
investment advisors.

/end left margin callout/

www.americancentury.com American Century Investments 11

ABUSIVE TRADING PRACTICES

We do not permit market-timing or other abusive trading practices in our funds.

SPECIAL REQUIREMENTS FOR LARGE REDEMPTIONS

If, during any 90-day period, you redeem fund shares worth more than $250,000
(or 1% of the assets of the fund if that percentage is less than $250,000), we
reserve the right to pay part or all of the redemption proceeds in excess of
this amount in readily marketable securities instead of cash. If we make payment
in securities, we will value the securities, selected by the fund, in the same
manner as we do in computing the fund's net asset value. We may provide these
securities in lieu of cash without prior notice.

12 American Century Investments 1-800-345-3533

SHARE PRICE AND DISTRIBUTIONS

SHARE PRICE

American Century determines the NET ASSET VALUE (NAV) of the funds as of the
close of regular trading on the New York Stock Exchange (usually 4 p.m. Eastern
time) on each day the Exchange is open. On days when the Exchange is not open
(including certain U.S. holidays), we do not calculate the NAV. The NAV of a
fund share is the current value of its assets, minus any liabilities, divided by
the number of fund shares outstanding.

If current market prices of securities owned by a fund are not readily
available, the advisor may determine their fair value in accordance with
procedures adopted by the fund's Board of Directors. Trading of securities in
foreign markets may not take place every day the Exchange is open. Also, trading
in some foreign markets may take place on weekends or holidays when a fund's NAV
is not calculated. So, the value of a fund's portfolio may be affected on days
when you can't purchase or redeem shares of the fund.

We will price your purchase, exchange or redemption at the NAV next determined
after we receive your transaction request in good order.

DISTRIBUTIONS

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The NET ASSET VALUE of a fund is the price of the fund's shares.

CAPITAL GAINS are increases in the values of capital assets, such as stock, from
the time the assets are purchased. Tax becomes due on capital gains once an
asset is sold.

/end left margin callout/

www.americancentury.com American Century Investments 13

TAXES

Tax-Deferred Accounts

Taxable Accounts

If you own fund shares through a taxable account, distributions by the fund and
sales by you of fund shares may cause you to be taxed.

Taxability of Distributions

Distributions also may be subject to state and local taxes. Because everyone's
tax situation is unique, always consult your tax professional about federal,
state and local tax consequences.

Taxes on Transactions

/left margin callout/

> BUYING A DIVIDEND

If you buy a dividend, you incur the full tax liability of the distribution
period, but you may not enjoy the full benefit of the gains realized in the
fund's portfolio.

/end left margin callout/

14 American Century Investments 1-800-345-3533

MULTIPLE CLASS INFORMATION

American Century offers three classes of the funds: Investor Class,
Institutional Class and Advisor Class. The shares offered by this Prospectus are
Advisor Class shares and are offered primarily to institutional investors
through institutional distribution channels, such as employer-sponsored
retirement plans, or through banks, broker-dealers and insurance companies.

American Century offers another class of shares that has no up-front or deferred
charges, commissions or 12b-1 fees. The funds may offer a different class of
shares primarily to institutional investors through institutional distribution
channels, such as employer- sponsored retirement plans, or through banks,
broker-dealers and insurance companies. The other classes have different fees,
expenses and/or minimum investment requirements than the Advisor Class. The
difference in the fee structures among the classes is the result of their
separate arrangements for shareholder and distribution services and not the
result of any difference in amounts charged by the advisor for core investment
advisory services. Accordingly, the core investment advisory expenses do not
vary by class. Different fees and expenses will affect performance. For
additional information concerning the other classes of shares not offered by
this Prospectus, call us at

* 1-800-345-2021 for Investor Class shares

* 1-800-345-3533 for Institutional Class shares

You also can contact a sales representative or financial intermediary who offers
those classes of shares.

SERVICE AND DISTRIBUTION FEES

Investment Company Act Rule 12b-1 permits mutual funds that adopt a written plan
to pay out of fund assets certain expenses associated with the distribution of
their shares. The funds' Advisor Class shares have a 12b-1 Plan. Under the Plan,
each fund pays an annual fee of 0.50% of fund assets, half for certain
shareholder and administrative services and half for distribution services. The
advisor, as paying agent for the funds, pays all or a portion of such fees to
the banks, broker-dealers and insurance companies that make such shares
available. Because these fees are paid out of the funds' assets on an ongoing
basis, these fees will increase the cost of your investment and may cost you
more over time than paying other types of sales charges. For additional
information about the Plan and its terms, see "Multiple Class Structure--Master
Distribution and Shareholder Services Plan" in the Statement of Additional
Information.

www.americancentury.com American Century Investments 15

FINANCIAL HIGHLIGHTS

UNDERSTANDING THE FINANCIAL HIGHLIGHTS

On a per-share basis, each table includes as appropriate

* share price at the beginning of the period

* investment income and capital gains or losses

* distributions of income and capital gains paid to shareholders

* share price at the end of the period

Each table also includes some key statistics for the period as appropriate

* Total Return--the overall percentage of return of the fund, assuming the
reinvestment of all distributions

* Expense Ratio--operating expenses as a percentage of average net assets

* Net Income Ratio--net investment income as a percentage of average net asset

* Portfolio Turnover--the percentage of the fund's buying and selling activity

The Financial Highlights have been audited by Deloitte & Touche LLP, independent
auditors. The Independent Auditors' Report is included in the funds' annual
report for the year ended November 30, 1998, which is incorporated by reference
into the Statement of Additional Information, and is available upon request.

16 American Century Investments 1-800-345-3533

<TABLE>
<CAPTION>
INTERNATIONAL GROWTH FUND

Advisor Class

For a Share Outstanding Throughout the Years Ended November 30 (except as noted)

PER-SHARE DATA
1998 1997 1996(1)

<S> <C> <C> <C>
Net Asset Value, Beginning of Period .................. $ 9.20 $ 8.72 $ 8.41

Income From Investment Operations
Net Investment Loss ................................. -- (0.03) (0.01)(2)

Net Realized and Unrealized Gain on
Investment Transactions .......................... 1.33 1.43 0.32

Total From Investment Operations .................... 1.33 1.40 0.31

Distributions
From Net Investment Income .......................... (0.01) -- --

From Net Realized Gains on Investment Transactions .. (1.28) (0.92) --

Total Distributions ................................. (1.29) (0.92) --

Net Asset Value, End of Period ........................ $ 9.24 $ 9.20 $ 8.72

Total Return(3) ..................................... 16.58% 17.97% 3.69%

RATIOS/SUPPLEMENTAL DATA
1998 1997 1996(1)

Ratio of Operating Expenses to Average Net Assets ..... 1.58% 1.63% 1.67%(4)

Ratio of Net Investment Income (Loss)
to Average Net Assets ............................ 0.08% (0.21)% (0.76)%(4)

Portfolio Turnover Rate ............................... 190% 163% 158%

Net Assets, End of Period (in thousands) .............. $ 21,635 $ 9,111 $ 3,803

(1) October 2, 1996 (commencement of sale) through November 30, 1996.

(2) Computed using average shares outstanding throughout the period.

(3) Total return assumes reinvestment of dividends and capital gains
distributions, if any. Total returns for periods less than one year are not
annualized.

(4) Annualized.

www.americancentury.com American Century Investments 17

INTERNATIONAL DISCOVERY FUND

Advisor Class

For a Share Outstanding Throughout the Period Ended November 30, 1998

PER-SHARE DATA
1998(1)

Net Asset Value, Beginning of Period ............................ $ 10.10

Income From Investment Operations

Net Investment Loss(2) ........................................ (0.02)

Net Realized and Unrealized Loss on Investment Transactions ... (0.86)

Total From Investment Operations .............................. (0.88)

Net Asset Value, End of Period .................................. $ 9.22

Total Return(3) ............................................... (8.71)%

RATIOS/SUPPLEMENTAL DATA
1998(1)

Ratio of Operating Expenses to Average Net Assets ............... 1.89%(4)

Ratio of Net Investment Loss to Average Net Assets .............. (0.60)%(4)

Portfolio Turnover Rate ......................................... 178%

Net Assets, End of Period ....................................... $ 10,708
</TABLE>

(1) April 28, 1998 (commencement of sale) through November 30, 1998.

(2) Computed using average shares outstanding throughout the period.

(3) Total return assumes reinvestment of dividends and capital gains
distributions, if any. Total returns for periods less than one year are not
annualized.

(4) Annualized.

18 American Century Investments 1-800-345-3533

PERFORMANCE INFORMATION OF OTHER CLASS

The following financial information is provided to show the performance of the
funds' original class of shares. This class, the Investor Class, has a total
expense ratio that is 0.25% lower than the Advisor Class. If the Advisor Class
had existed during the periods presented, its performance would have been lower
because of the additional expense.

The tables on the next pages itemize what contributed to the changes in share
price during the period. They also show changes in share price for this period
in comparison to changes over the last five fiscal years or less, if the share
class is not five years old.

On a per-share basis, each table includes as appropriate

* share price at the beginning of the period

* investment income and capital gains or losses

* distributions of income and capital gains paid to shareholders

* share price at the end of the period

Each table also includes some key statistics for the period as appropriate

* Total Return--the overall percentage of return of the fund, assuming the
reinvestment of all distributions

* Expense Ratio--operating expenses as a percentage of average net assets

* Net Income Ratio--net investment income as a percentage of average net asset

* Portfolio Turnover--the percentage of the fund's buying and selling activity

The following Financial Highlights have been audited by Deloitte & Touche LLP,
independent auditors. Their Independent Auditors' Report is included in the
funds' annual report for the year ended November 30, 1998, which is incorporated
by reference into the Statement of Additional Information, and is available upon
request.

www.americancentury.com American Century Investments 19

<TABLE>
<CAPTION>
INTERNATIONAL GROWTH FUND

Investor Class

For a Share Outstanding Throughout the Years Ended November 30

PER-SHARE DATA
1998 1997 1996 1995 1994

<S> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Year ..............$ 9.22 $ 8.73 $ 7.51 $ 7.47 $ 7.34

Income From Investment Operations

Net Investment Income (Loss) ................. 0.03(1) -- (0.01)(1) 0.01 (0.04)

Net Realized and Unrealized Gain on
Investment Transactions ...................... 1.31 1.41 1.24 0.40 0.57

Total From Investment Operations ............. 1.34 1.41 1.23 0.41 0.53

Distributions

From Net Investment Income ................... (0.03) -- (0.01) -- --

From Net Realized Gains on
Investment Transactions .................... (1.28) (0.92) -- (0.37) (0.40)

Total Distributions .......................... (1.31) (0.92) (0.01) (0.37) (0.40)

Net Asset Value, End of Year ....................$ 9.25 $ 9.22 $ 8.73 $ 7.51 $ 7.47

Total Return(2) ................................. 16.74% 18.12% 16.35% 5.93% 7.28%

RATIOS/SUPPLEMENTAL DATA
1998 1997 1996 1995 1994

Ratio of Operating Expenses to Average Net Assets 1.33% 1.38%(3) 1.65%(3) 1.77% 1.84%

Ratio of Net Investment Income (Loss)
to Average Net Assets ...................... 0.33% 0.04% (0.07)% 0.25% (0.53)%

Portfolio Turnover Rate ......................... 190% 163% 158% 169% 242%

Net Assets, End of Year (in thousands) ..........$ 2,448,162 $ 1,728,617 $ 1,342,608 $ 1,210,442 $ 1,316,642

(1) Computed using average shares outstanding throughout the period.

(2) Total return assumes reinvestment of dividends and capital gains
distributions, if any.

(3) American Century Investment Management, Inc. voluntarily waived a portion of
its management fee effective August 1, 1996, through July 30, 1997. In
absence of the management fee waiver, the ratio of operating expenses to
average net assets would have been 1.56% and 1.76% for the years ended
November 30, 1997, and November 30, 1996, respectively.

20 American Century Investments 1-800-345-3533

INTERNATIONAL DISCOVERY FUND

Investor Class

For a Share Outstanding Throughout the Years Ended November 30 (except as noted)

PER-SHARE DATA
1998 1997 1996 1995 1994(1)

Net Asset Value, Beginning of Period ............... $ 8.54 $ 7.60 $ 5.70 $ 5.39 $ 5.00

Income From Investment Operations

Net Investment Income (Loss) .................... (0.03)(2) (0.03) (0.02)(2) 0.03 (0.02)

Net Realized and Unrealized Gain on
Investment Transactions ......................... 1.22 1.31 1.95 0.28 0.41

Total From Investment Operations ................ 1.19 1.28 1.93 0.31 0.39

Distributions

From Net Investment Income ...................... (0.02) (0.02) (0.01) -- --

In Excess of Net Investment Income .............. -- -- (0.02) -- --

From Net Realized Gains on
Investment Transactions ....................... (0.47) (0.32) -- -- --

Total Distributions ............................. (0.49) (0.34) (0.03) -- --

Net Asset Value, End of Period ..................... $ 9.24 $ 8.54 $ 7.60 $ 5.70 $ 5.39

Total Return(3) .................................... 14.79% 17.76% 34.06% 5.75% 7.80%

RATIOS/SUPPLEMENTAL DATA
1998 1997 1996 1995 1994(1)

Ratio of Operating Expenses to Average Net Assets .. 1.64% 1.70%(4) 1.88%(4) 2.00% 2.00%(5)

Ratio of Net Investment Income (Loss) to
Average Net Assets ................................. (0.36)% (0.37)% (0.31)% 0.27% (0.48)%(5)

Portfolio Turnover Rate ............................ 178% 146% 130% 168% 56%

Net Assets, End of Period (in thousands) ........... $ 781,551 $ 626,327 $ 377,128 $ 114,579 $ 111,202

(1) April 1, 1994 (inception) through November 30, 1994.

(2) Computed using average shares outstanding throughout the period.

(3) Total return assumes reinvestment of dividends and capital gains
distributions, if any. Total returns for periods less than one year are not
annualized.

(4) American Century Investment Management, Inc. voluntarily waived a portion of
its management fee effective August 1, 1996, through July 30, 1997. In
absence of the management fee waiver, the ratio of operating expenses to
average net assets would have been 1.87% and 1.99% for the years ended
November 30, 1997, and November 30, 1996, respectively.

(5) Annualized.

www.americancentury.com American Century Investments 21

EMERGING MARKETS FUND

Investor Class

For a Share Outstanding Throughout the Years Ended November 30 (except as noted)

PER-SHARE DATA
1998 1997(1)

Net Asset Value, Beginning of Period ............................. $ 4.15 $ 5.00

Income From Investment Operations

Net Investment Loss(2) ....................................... -- (0.01)

Net Realized and Unrealized Loss on Investment Transactions .. (0.66) (0.84)

Total From Investment Operations ............................. (0.66) (0.85)

Net Asset Value, End of Period ................................... $ 3.49 $ 4.15

Total Return(3) .................................................. (15.90)% (17.00)%

RATIOS/SUPPLEMENTAL DATA
1998 1997(1)

Ratio of Operating Expenses to Average Net Assets ................ 2.00% 2.00%(4)

Ratio of Net Investment Loss to Average Net Assets ............... (0.03)% (0.74)%(4)

Portfolio Turnover Rate .......................................... 270% 36%

Net Assets, End of Period (in thousands) ......................... $ 21,124 $ 11,830
</TABLE>

(1) September 30, 1997 (inception) through November 30, 1997.

(2) Computed using average shares outstanding throughout the period.

(3) Total return assumes reinvestment of dividends and capital gains
distributions, if any. Total returns for periods less than one year are not
annualized.

(4) Annualized.

22 American Century Investments 1-800-345-3533

NOTES

www.americancentury.com American Century Investments 23

NOTES

24 American Century Investments 1-800-345-3533

NOTES

www.americancentury.com American Century Investments 25

MORE INFORMATION ABOUT THE FUNDS IS CONTAINED IN THESE DOCUMENTS

ANNUAL AND SEMIANNUAL REPORTS

STATEMENT OF ADDITIONAL INFORMATION (SAI)

You may obtain a copy of the SAI or annual and semiannual reports at no charge
by contacting us at the telephone number or address below.

You also can get information about the funds (including the SAI) from the
Securities and Exchange Commission (SEC).

* In person SEC Public Reference Room
Washington, D.C.
Call 1-800-SEC-0330 for location and hours.

* On the Internet www.sec.gov

* By mail SEC Public Reference Section
Washington, D.C. 20549-6009
(The SEC will charge a fee for copying the documents.)

Investment Company Act File No. 811-6247

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

AMERICAN CENTURY INVESTMENTS
P.O. Box 419385
Kansas City, Missouri 64141-6385

1-800-345-3533 or 816-531-5575

SH-PRS-15542 9904
<PAGE>

AMERICAN CENTURY

Statement of Additional Information

Global Growth Fund
International Growth Fund
International Discovery Fund
Emerging Markets Fund

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

APRIL 1, 1999

This Statement of Additional Information adds to the discussion in the
funds' Prospectuses, dated April 1, 1999, but is not a prospectus. The Statement
of Additional Information should be read in conjunction with the funds' current
Prospectus. If you would like a copy of a Prospectus, please contact us at one
of the addresses or telephone numbers listed on the back cover or visit American
Century's Web site at www.americancentury.com.

This Statement of Additional Information incorporates by reference
certain information that appears in the funds' annual and semiannual reports,
which are delivered to all shareholders. You may obtain a free copy of the
funds' annual or semiannual reports by calling 1-800-345-2021.

Distributed by Funds Distributor, Inc.

/front cover/

STATEMENT OF ADDITIONAL INFORMATION

APRIL 1, 1999

TABLE OF CONTENTS

The Funds' History .......................................................... 2

Fund Investment Guidelines .................................................. 2

Detailed Information about the Funds ........................................ 3
Investment Strategies and Risks ......................................... 3
Investment Policies ..................................................... 11
Portfolio Turnover ...................................................... 13

Management .................................................................. 14
The Board of Directors .................................................. 14
Officers ................................................................ 17

The Funds' Principal Shareholders ........................................... 19

Service Providers ........................................................... 19
Investment Advisor ...................................................... 19
Transfer Agent and Administrator ........................................ 21
Distributor ............................................................. 21

Other Service Providers ..................................................... 21
Custodian Banks ......................................................... 21
Independent Auditor ..................................................... 21

Brokerage Allocation ........................................................ 21

Information about Fund Shares ............................................... 22
Multiple Class Structure ................................................ 22
Buying and Selling Fund Shares .......................................... 24
Valuation of a Fund's Securities ........................................ 24

Taxes ....................................................................... 25
Federal Income Tax ...................................................... 25
State and Local Income Tax .............................................. 26

How Fund Performance Information Is Calculated .............................. 26
Performance Comparisons ................................................. 27
Permissible Advertising Information ..................................... 28
Multiple Class Performance Advertising .................................. 28

Financial Statements ........................................................ 28

Explanation of Fixed-Income Securities Ratings .............................. 29

Statement of Additional Information 1

THE FUNDS' HISTORY

American Century World Mutual Funds, Inc. is a registered open-end management
investment company that was organized in 1990 as a Maryland corporation under
the name Twentieth Century World Investors, Inc. In January 1997 it changed its
name to American Century World Mutual Funds, Inc. Throughout this Statement of
Additional Information we refer to American Century World Mutual Funds, Inc. as
the corporation.

Each fund described in this Statement of Additional Information is a separate
series of the corporation and operates for many purposes as if it were an
independent company. Each fund has its own investment objective, strategy,
management team, assets, tax identification and stock registration number.

<TABLE>

Investor Class Advisor Class Institutional Class
- ---------------------------------------------------------------------------------------------------------------------
Ticker Inception Ticker Inception Ticker Inception
Fund Symbol Date Symbol Date Symbol Date
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Global Growth TWGGX 12/1/1998 N/A 2/5/1999 N/A N/A
- ---------------------------------------------------------------------------------------------------------------------
International Growth TWIEX 5/9/1991 TWGAX 10/1/1996 IGRIX 1/20/1997
- ---------------------------------------------------------------------------------------------------------------------
International Discovery TWEGX 4/1/1994 N/A 4/28/1998 TIDIX 1/2/1998
- ---------------------------------------------------------------------------------------------------------------------
Emerging Markets TWMIX 9/30/1997 N/A N/A N/A 1/28/1999
- ---------------------------------------------------------------------------------------------------------------------
</TABLE>

FUND INVESTMENT GUIDELINES

This section explains the extent to which the funds' advisor, American
Century Investment Management, Inc., can use various investment vehicles and
strategies in managing a fund's assets. Descriptions of the investment
techniques and risks associated with each appear in the section, "Investment
Strategies and Risks," which begins on page 3. In the case of the funds'
principal investment strategies, these descriptions elaborate upon discussions
contained in the Prospectuses.

Each fund is a diversified open-end investment company as defined in the
Investment Company Act of 1940 (the Investment Company Act). Diversified means
that, with respect to 75% of its total assets, each fund will not invest more
than 5% of its total assets in the securities of a single issuer.

To meet federal tax requirements for qualification as a regulated investment
company, each fund must limit its investments so that at the close of each
quarter of its taxable year (1) no more than 25% of its total assets are
invested in the securities of a single issuer (other than the U.S government or
a regulated investment company), and (2) with respect to at least 50% of its
total assets, no more than 5% of its total assets are invested in the securities
of a single issuer.

In general, within the restrictions outlined here and in the funds'
Prospectuses, the advisor has broad powers to decide how to invest fund assets,
including the power to hold them uninvested.

Investments are varied according to what is judged advantageous under
changing economic conditions. It is the advisor's policy to retain maximum
flexibility in management without restrictive provisions as to the proportion of
one or another class of securities that may be held, subject to the investment
restrictions described below. It is the advisor's intention that each fund will
generally consist of foreign (and U.S. in the case of Global Growth) equity
securities. However, subject to the specific limitations applicable to a fund,
the funds' management teams may invest the assets of each fund in varying
amounts in other instruments, such as those reflected in Table 1, when such a
course is deemed appropriate in order to attempt to attain its investment
objective. Senior securities that, in the opinion of the managers, are
high-grade issues also may be purchased for defensive purposes.

So long as a sufficient number of such securities are available, the
managers intend to keep the funds fully invested in equity securities,
regardless of the movement of stock prices, generally. In most circumstances,
the funds' actual level of cash and cash equivalents will be less than 10%. The
managers may

2 American Century Investments

use stock index futures as a way to expose the funds' cash assets to the market,
while maintaining liquidity. As mentioned in the Prospectuses, the managers may
not leverage the funds' portfolios, so there is no greater market risk to the
funds than if they purchase stocks. See "Short-term Securities," page 10,
"Futures and Options," page 7, and "Derivative Securities," page 9.

TABLE 1

Global Growth International Discovery
and and
International Growth Emerging Markets
- --------------------------------------------------------------------------------
Foreign Securities X X
- --------------------------------------------------------------------------------
Equity Equivalents X X
- --------------------------------------------------------------------------------
Debt Securities X X
- --------------------------------------------------------------------------------
Sovereign Debt Obligations X X
- --------------------------------------------------------------------------------
Forward Currency
Exchange Contracts X X
- --------------------------------------------------------------------------------
Convertible Securities X X
- --------------------------------------------------------------------------------
Futures & Options X X
- --------------------------------------------------------------------------------
Derivative Securities X X
- --------------------------------------------------------------------------------
Investments in Companies with
Limited Operating Histories 5% 10%
- --------------------------------------------------------------------------------
Repurchase Agreements X X
- --------------------------------------------------------------------------------
When-Issued and Forward
Commitment Agreements X X
- --------------------------------------------------------------------------------
Short-Term Securities X X
- --------------------------------------------------------------------------------
Other Investment Companies X X
- --------------------------------------------------------------------------------
Short Sales X X
- --------------------------------------------------------------------------------
Portfolio Lending X X
- --------------------------------------------------------------------------------
Restricted and Illiquid Securities X X
- --------------------------------------------------------------------------------

DETAILED INFORMATION ABOUT THE FUNDS

INVESTMENT STRATEGIES AND RISKS

This section describes various investment vehicles and techniques that the
fund managers can use in managing a fund's assets. It also details the risks
associated with each, because each technique contributes to a fund's overall
risk profile. To determine whether a fund may invest in a particular investment
vehicle, consult Table 1.

FOREIGN SECURITIES

A description of the funds' investment strategy regarding foreign securities
is contained in the funds' Prospectuses. Investing in securities of foreign
issuers generally involves greater risks than investing in the securities of
domestic companies. As with any investment in securities, the value of your
investment in the funds can decrease as well as increase, depending upon a
variety of factors that may affect the values and income generated by the funds'
portfolio securities. Potential investors should carefully consider the
following factors:

Currency Risk. The value of the foreign investments held by the funds may be
significantly affected by changes in currency exchange rates. The dollar value
of a foreign security generally decreases when the value of the dollar rises
against the foreign currency in which the security is denominated and tends to
increase when the value of the dollar falls against such currency. In addition,
the value of fund assets may be affected by losses and other expenses incurred
in converting between various currencies in order to purchase and sell foreign
securities and by currency restrictions, exchange control regulation, currency
devaluations and political developments.

Political and Economic Risk. The economies of many of the countries in which
the funds invest are not as developed as the economy of the United States and
may be subject to significantly different forces. Political or social
instability, expropriation, nationalization, or confiscatory taxation, and
limitations on the removal of funds or other assets, could also adversely affect
the value of investments. Further, the funds may encounter difficulties or be
unable to enforce ownership rights, pursue legal remedies or obtain judgments in
foreign courts.

Regulatory Risk. Foreign companies generally are not subject to the
regulatory controls imposed on U.S. issuers and, in general, there is less
publicly available information about foreign securities than is available about
domestic securities. Many foreign companies are not subject to uniform
accounting, auditing and financial reporting standards, practices and
requirements comparable to those applicable to domestic companies. Income from
foreign securities owned by the funds may be reduced by a withholding tax at the
source, which would reduce dividend income payable to shareholders.

Market and Trading Risk. Brokerage commission rates in foreign countries,
which are generally fixed rather than subject to negotiation as in the United
States, are likely to be higher. The securities markets

Statement of Additional Information 3

in many of the countries in which the funds invest will have substantially less
trading volume than the principal U.S. markets. As a result, the securities of
some companies in these countries may be less liquid and more volatile than
comparable U.S. securities. Furthermore, one securities broker may represent all
or a significant part of the trading volume in a particular country, resulting
in higher trading costs and decreased liquidity due to a lack of alternative
trading partners. There is generally less government regulation and supervision
of foreign stock exchanges, brokers and issuers, which may make it difficult to
enforce contractual obligations.

Clearance and Settlement Risk. Foreign securities markets also have
different clearance and settlement procedures, and in certain markets there have
been times when settlements have been unable to keep pace with the volume of
securities transactions, making it difficult to conduct such transactions.
Delays in clearance and settlement could result in temporary periods when assets
of the funds are uninvested and no return is earned thereon. The inability of
the funds to make intended security purchases due to clearance and settlement
problems could cause the funds to miss attractive investment opportunities.
Inability to dispose of portfolio securities due to clearance and settlement
problems could result either in losses to the funds due to subsequent declines
in the value of the portfolio security or, if the fund has entered into a
contract to sell the security, liability to the purchaser.

Ownership Risk. Evidence of securities ownership may be uncertain in many
foreign countries. In many of these countries, the most notable of which is the
Russian Federation, the ultimate evidence of securities ownership is the share
register held by the issuing company or its registrar. While some companies may
issue share certificates or provide extracts of the company's share register,
these are not negotiable instruments and are not effective evidence of
securities ownership. In an ownership dispute, the company's share register is
controlling. As a result, there is a risk that a fund's trade details could be
incorrectly or fraudulently entered on the issuer's share register at the time
of the transaction, or that a fund's ownership position could thereafter be
altered or deleted entirely, resulting in a loss to the fund. While the funds
intend to invest directly in Russian companies that utilize an independent
registrar, there can be no assurance that such investments will not result in a
loss to the funds.

As a result, these funds are intended for aggressive investors seeking
significant gains through investments in foreign securities. Those investors
must be willing and able to accept the significantly greater risks associated
with the investment strategy that the funds will pursue. An investment in the
funds is not appropriate for individuals with limited investment resources or
who are unable to tolerate fluctuations in the value of their investment.

EQUITY EQUIVALENTS

The funds may make foreign investments either directly in foreign securities
or indirectly by purchasing depositary receipts, depositary shares or similar
instruments (DRs) for foreign securities. DRs are securities that are listed on
exchanges or quoted in over-the-counter markets in one country but represent
shares of issuers domiciled in another country. The funds also may purchase
securities of such issuers in foreign markets, either on foreign securities
exchanges or in over-the-counter markets.

The funds also may invest in other equity securities and equity equivalents.
Other equity securities and equity equivalents include securities that permit a
fund to receive an equity interest in an issuer, the opportunity to acquire an
equity interest in an issuer or the opportunity to receive a return on its
investment that permits the fund to benefit from the growth over time in the
equity of an issuer. Examples of other equity securities and equity equivalents
are preferred stock, convertible preferred stock and convertible debt
securities. Equity equivalents also may include securities whose value or return
is derived from the value or return of a different security. An example of one
type of derivative security in which the funds might invest is a depositary
receipt.

DEBT SECURITIES

The managers believe that common stocks and other equity and
equity-equivalent securities ordinarily offer the greatest potential for capital
appreciation. The funds may invest, however, in any security the managers
believe has the potential for capital appreciation. When the managers believe
that the total

4 American Century Investments

return potential of other securities equals or exceeds the potential return of
equity securities, each fund may invest up to 35% in such other securities. The
other securities the funds may invest in are bonds, notes and debt securities of
companies, and obligations of domestic or foreign governments and their
agencies. The funds will attempt to stay fully invested regardless of the
movement of stock and bond prices generally.

In the event of exceptional market or economic conditions, the funds may, as
a temporary defensive measure, invest all or a substantial portion of their
assets in cash or high-quality, short-term debt securities. To the extent a fund
assumes a defensive position, it will not be pursuing its objective of capital
growth. International Growth and Global Growth will limit their purchases of
debt securities to investment-grade obligations. For long-term debt obligations,
this includes securities that are rated Baa or better by Moody's Investors
Service, Inc. or BBB or better by Standard & Poor's Corporation (S&P), or that
are not rated but are considered by the managers to be of equivalent quality.
According to Moody's, bonds rated Baa are medium-grade and possess some
speculative characteristics. A BBB rating by S&P indicates S&P's belief that a
security exhibits a satisfactory degree of safety and capacity for repayment,
but is more vulnerable to adverse economic conditions or changing circumstances
than is the case with higher-quality debt securities. See "An Explanation of
Fixed Income Securities Ratings," page 29.

With respect to International Discovery and Emerging Markets, there are no
credit quality or maturity restrictions with regard to the bonds, corporate debt
securities and government obligations in which the funds may invest, although
less than 35% of each fund's assets will be invested in below-investment-grade
fixed income securities. See "Explanation of Fixed-Income Securities Ratings,"
page 29. Debt securities, especially those of issuers in emerging market
countries, may be of poor quality and speculative in nature. While these
securities will be chosen primarily for their appreciation potential, the fund
also may take the potential for income into account when selecting investments.

In addition to other factors that will affect its value, the value of a
fund's investments in fixed income securities will change as prevailing interest
rates change. In general, the prices of such securities vary inversely with
interest rates. As prevailing interest rates fall, the prices of bonds and other
securities that trade on a yield basis rise. When prevailing interest rates
rise, bond prices generally fall. These changes in value may, depending upon the
particular amount and type of fixed-income securities holdings of a fund, impact
the net asset value of that fund's shares.

SOVEREIGN DEBT OBLIGATIONS

The funds may purchase sovereign debt instruments issued or guaranteed by
foreign governments or their agencies, including debt of emerging market
countries. Sovereign debt may be in the form of conventional securities or other
types of debt instruments, such as loans or loan participations. Sovereign debt
of emerging market countries may involve a high degree of risk and may present a
risk of default or renegotiation or rescheduling of debt payments.

FORWARD CURRENCY EXCHANGE CONTRACTS

Each fund may purchase and sell foreign currency on a spot (i.e., cash)
basis and may engage in forward currency contracts, currency options and futures
transactions for hedging or any other lawful purpose. See "Derivative
Securities," page 9.

The funds expect to use forward contracts under two circumstances:

(1) When the fund managers wish to lock in the U.S. dollar price of a security
when a fund is purchasing or selling a security denominated in a foreign
currency, the fund would be able to enter into a forward contract to do so;
or

(2) When the fund managers believe that the currency of a particular foreign
country may suffer a substantial decline against the U.S. dollar, a fund
would be able to enter into a forward contract to sell foreign currency for
a fixed U.S. dollar amount approximating the value of some or all of its
portfolio securities either denominated in, or whose value is tied to, such
foreign currency.

In the first circumstance, when a fund enters into a trade for the purchase
or sale of a security denominated in a foreign currency, it may be desirable to
establish (lock in) the U.S. dollar cost or proceeds. By entering into forward
contracts in U.S. dollars for the purchase or sale of a foreign currency
involved in an

Statement of Additional Information 5

underlying security transaction, the fund will be able to protect itself against
a possible loss between trade and settlement dates resulting from the adverse
change in the relationship between the U.S. dollar at the subject foreign
currency.

Under the second circumstance, when the fund managers believe that the
currency of a particular country may suffer a substantial decline relative to
the U.S. dollar, a fund could enter into a foreign contract to sell for a fixed
dollar amount the amount in foreign currencies approximating the value of some
or all of its portfolio securities either denominated in, or whose value is tied
to, such foreign currency. The fund will segregate on its records cash or
securities in an amount sufficient to cover its obligations under the contract.

The precise matching of forward contracts in the amounts and values of
securities involved generally would not be possible because the future values of
such foreign currencies will change as a consequence of market movements in the
values of those securities between the date the forward contract is entered into
and the date it matures. Predicting short-term currency market movements is
extremely difficult, and the successful execution of short-term hedging strategy
is highly uncertain. The fund managers do not intend to enter into such
contracts on a regular basis. Normally, consideration of the prospect for
currency parities will be incorporated into the long-term investment decisions
made with respect to overall diversification strategies. However, the managers
believe that it is important to have flexibility to enter into such forward
contracts when they determine that a fund's best interests may be served.

At the maturity of the forward contract, the fund may either sell the
portfolio security and make delivery of the foreign currency, or it may retain
the security and terminate the obligation to deliver the foreign currency by
purchasing an offsetting forward contract with the same currency trader
obligating the fund to purchase, on the same maturity date, the same amount of
the foreign currency.

It is impossible to forecast with absolute precision the market value of
portfolio securities at the expiration of the forward contract. Accordingly, it
may be necessary for a fund to purchase additional foreign currency on the spot
market (and bear the expense of such purchase) if the market value of the
security is less than the amount of foreign currency the fund is obligated to
deliver and if a decision is made to sell the security and make delivery of the
foreign currency the fund is obligated to deliver.

CONVERTIBLE SECURITIES

A convertible security is a fixed-income security that offers the potential
for capital appreciation through a conversion feature that enables the holder to
convert the fixed-income security into a stated number of shares of common
stock. As fixed-income securities, convertible securities provide a stable
stream of income, with generally higher yields than common stocks. Because
convertible securities offer the potential to benefit from increases in the
market price of the underlying common stock, however, they generally offer lower
yields than non-convertible securities of similar quality. Of course, like all
fixed-income securities, there can be no assurance of current income because the
issuers of the convertible securities may default on their obligations. In
addition, there can be no assurance of capital appreciation because the value of
the underlying common stock will fluctuate.

Convertible securities generally are subordinated to other similar but
non-convertible securities of the same issuer, although convertible bonds, as
corporate debt obligations, enjoy seniority in right of payment to all equity
securities, and convertible preferred stock is senior to common stock of the
same issuer. Because of the subordination feature, however, convertible
securities typically have lower ratings than similar non-convertible securities.

Unlike a convertible security that is a single security, a synthetic
convertible security is comprised of two distinct securities that together
resemble convertible securities in certain respects. Synthetic convertible
securities are created by combining non-convertible bonds or preferred stocks
with warrants or stock call options. The options that will form elements of
synthetic convertible securities will be listed on a securities exchange or on
the National Association of Securities Dealers Automated Quotation Systems. The
two components of a synthetic convertible security, which will be issued with
respect to the same entity, generally are not offered as a unit, and may be
purchased and sold by the fund at different times. Synthetic convertible
securities differ from convertible

6 American Century Investments

securities in certain respects, including that each component of a synthetic
convertible security has a separate market value and responds differently to
market fluctuations. Investing in synthetic convertible securities involves the
risk normally found in holding the securities comprising the synthetic
convertible security.

FUTURES AND OPTIONS

Each fund may enter into futures contracts, options or options on futures
contracts. The fund may not, however, enter into a futures transaction for
speculative purposes. Generally, futures transactions will be used to:

* protect against a decline in market value of the fund's securities
(taking a short futures position), or

* protect against the risk of an increase in market value for securities
in which the fund generally invests at a time when the fund is not
fully-invested (taking a long futures position), or

* provide a temporary substitute for the purchase of an individual
security that may be purchased in an orderly fashion.

Some futures and options strategies, such as selling futures, buying puts
and writing calls, hedge a fund's investments against price fluctuations. Other
strategies, such as buying futures, writing puts and buying calls, tend to
increase market exposure.

Although other techniques may be used to control a fund's exposure to market
fluctuations, the use of futures contracts may be a more effective means of
hedging this exposure. While a fund pays brokerage commissions in connection
with opening and closing out futures positions, these costs are lower than the
transaction costs incurred in the purchase and sale of the underlying
securities.

For example, the sale of a future by a fund means the fund becomes obligated
to deliver the security (or securities, in the case of an index future) at a
specified price on a specified date. The purchase of a future means the fund
becomes obligated to buy the security (or securities) at a specified price on a
specified date. Futures contracts provide for the sale by one party and purchase
by another party of a specific security at a specified future time and price.
The fund managers may engage in futures and options transactions based on
securities indexes that are consistent with the fund's investment objectives.
Examples of indices that may be used include the MSCI EAFE Index and MSCI
Emerging Markets Free Index. The managers also may engage in futures and options
transactions based on specific securities, such as U.S. Treasury bonds or notes.
Futures contracts are traded on national futures exchanges. Futures exchanges
and trading are regulated under the Commodity Exchange Act by the Commodity
Futures Trading Commission (CFTC), a U.S. government agency.

Index futures contracts differ from traditional futures contracts in that
when delivery takes place, no stocks or bonds change hands. Instead, these
contracts settle in cash at the spot market value of the index. Although other
types of futures contracts by their terms call for actual delivery or acceptance
of the underlying securities, in most cases the contracts are closed out before
the settlement date. A futures position may be closed by taking an opposite
position in an identical contract (i.e., buying a contract that has previously
been sold or selling a contract that has previously been bought).

Unlike when the fund purchases or sells a bond, no price is paid or received
by the fund upon the purchase or sale of the future. Initially, the fund will be
required to deposit an amount of cash or securities equal to a varying specified
percentage of the contract amount. This amount is known as initial margin. The
margin deposit is intended to assure completion of the contract (delivery or
acceptance of the underlying security) if it is not terminated prior to the
specified delivery date. They do not constitute margin transactions for purposes
of the funds' investment restrictions. Minimum initial margin requirements are
established by the futures exchanges and may be revised. In addition, brokers
may establish margin deposit requirements that are higher than the exchange
minimums. Cash held in the margin account is not income producing. Subsequent
payments, called variation margin, to and from the broker, will be made on a
daily basis as the price of the underlying debt securities or index fluctuates,
making the future more or less valuable, a process known as marking the contract
to market. Changes in variation margin are recorded by the fund as unrealized
gains or losses. At any time prior to expiration of the future, the fund may
elect to close the position by taking an opposite position that will operate to
terminate its

Statement of Additional Information 7

position in the future. A final determination of variation margin is then made;
additional cash is required to be paid by or released to the fund and the fund
realizes a loss or gain.

RISKS RELATED TO FUTURES AND OPTIONS TRANSACTIONS

Futures and options prices can be volatile, and trading in these markets
involves certain risks. If the fund managers apply a hedge at an inappropriate
time or judge interest rate or equity market trends incorrectly, futures and
options strategies may lower a fund's return.

A fund could suffer losses if it were unable to close out its position
because of an illiquid secondary market. Futures contracts may be closed out
only on an exchange that provides a secondary market for these contracts, and
there is no assurance that a liquid secondary market will exist for any
particular futures contract at any particular time. Consequently, it may not be
possible to close a futures position when the fund managers consider it
appropriate or desirable to do so. In the event of adverse price movements, a
fund would be required to continue making daily cash payments to maintain its
required margin. If the fund had insufficient cash, it might have to sell
portfolio securities to meet daily margin requirements at a time when the fund
managers would not otherwise elect to do so. In addition, a fund may be required
to deliver or take delivery of instruments underlying futures contracts it
holds. The fund managers will seek to minimize these risks by limiting the
contracts entered into on behalf of the funds to those traded on national
futures exchanges and for which there appears to be a liquid secondary market.

A fund could suffer losses if the prices of its futures and options
positions were poorly correlated with its other investments, or if securities
underlying futures contracts purchased by a fund had different maturities than
those of the portfolio securities being hedged. Such imperfect correlation may
give rise to circumstances in which a fund loses money on a futures contract at
the same time that it experiences a decline in the value of its hedged portfolio
securities. A fund also could lose margin payments it has deposited with a
margin broker, if, for example, the broker became bankrupt.

Most futures exchanges limit the amount of fluctuation permitted in futures
contract prices during a single trading day. The daily limit establishes the
maximum amount that the price of a futures contract may vary either up or down
from the previous day's settlement price at the end of the trading session. Once
the daily limit has been reached in a particular type of contract, no trades may
be made on that day at a price beyond the limit. However, the daily limit
governs only price movement during a particular trading day and, therefore, does
not limit potential losses. In addition, the daily limit may prevent liquidation
of unfavorable positions. Futures contract prices have occasionally moved to the
daily limit for several consecutive trading days with little or no trading,
thereby preventing prompt liquidation of futures positions and subjecting some
futures traders to substantial losses.

OPTIONS ON FUTURES

By purchasing an option on a futures contract, a fund obtains the right, but
not the obligation, to sell the futures contract (a put option) or to buy the
contract (a call option) at a fixed strike price. A fund can terminate its
position in a put option by allowing it to expire or by exercising the option.
If the option is exercised, the fund completes the sale of the underlying
security at the strike price. Purchasing an option on a futures contract does
not require a fund to make margin payments unless the option is exercised.

Although they do not currently intend to do so, the funds may write (or
sell) call options that obligate it to sell (or deliver) the option's underlying
instrument upon exercise of the option. While the receipt of option premiums
would mitigate the effects of price declines, the funds would give up some
ability to participate in a price increase on the underlying security. If a fund
were to engage in options transactions, it would own the futures contract at the
time a call were written and would keep the contract open until the obligation
to deliver it pursuant to the call expired.

RESTRICTIONS ON THE USE OF FUTURES CONTRACTS AND OPTIONS

Each fund may enter into futures contracts, options or options on futures
contracts.

Under the Commodity Exchange Act, a fund may enter into futures and options
transactions (a) for hedging purposes without regard to the percentage of assets
committed to initial margin and option premiums or (b) for other than hedging
purposes, provided

8 American Century Investments

that assets committed to initial margin and option premiums do not exceed 5% of
the fund's total assets. To the extent required by law, each fund will segregate
cash or securities on its records in an amount sufficient to cover its
obligations under the futures contracts and options.

DERIVATIVE SECURITIES

To the extent permitted by its investment objectives and policies, each of
the funds may invest in securities that are commonly referred to as derivative
securities. Generally, a derivative is a financial arrangement the value of
which is based on, or derived from, a traditional security, asset, or market
index. Certain derivative securities are more accurately described as
index/structured securities. Index/structured securities are derivative
securities whose value or performance is linked to other equity securities (such
as depositary receipts), currencies, interest rates, indices or other financial
indicators (reference indices).

Some derivatives such as mortgage-related and other asset-backed securities
are in many respects like any other investment, although they may be more
volatile or less liquid than more traditional debt securities.

There are many different types of derivatives and many different ways to use
them. Futures and options are commonly used for traditional hedging purposes to
attempt to protect a fund from exposure to changing interest rates, securities
prices, or currency exchange rates and for cash management purposes as a
low-cost method of gaining exposure to a particular securities market without
investing directly in those securities.

No fund may invest in a derivative security unless the reference index or
the instrument to which it relates is an eligible investment for the fund. For
example, a security whose underlying value is linked to the price of oil would
not be a permissible investment because the funds may not invest in oil and gas
leases or futures.

The return on a derivative security may increase or decrease, depending upon
changes in the reference index or instrument to which it relates.

There are a range of risks associated with derivative investments,
including:

* the risk that the underlying security, interest rate, market index or
other financial asset will not move in the direction the fund managers
anticipate;

* the possibility that there may be no liquid secondary market, or the
possibility that price fluctuation limits may be imposed by the
exchange, either of which may make it difficult or impossible to close
out a position when desired;

* the risk that adverse price movements in an instrument can result in a
loss substantially greater than a fund's initial investment; and

* the risk that the counterparty will fail to perform its obligations.

The Board of Directors has approved the advisor's policy regarding
investments in derivative securities. That policy specifies factors that must be
considered in connection with a purchase of derivative securities. The policy
also establishes a committee that must review certain proposed purchases before
the purchases can be made. The advisor will report on fund activity in
derivative securities to the Board of Directors as necessary. In addition, the
Board will review the advisor's policy for investments in the derivative
securities annually.

INVESTMENTS IN COMPANIES WITH LIMITED OPERATING HISTORIES

The funds may invest a portion of their assets in the securities of issuers
with limited operating history. The fund managers consider an issuer to have a
limited operating history if that issuer has a record of less than three years
of continuous operation. The managers will consider periods of capital
formation, incubation, consolidations, and research and development in
determining whether a particular issuer has a record of three years of
continuous operation.

Investments in securities of issuers with limited operating history may
involve greater risks than investments in securities of more mature issuers. By
their nature, such issuers present limited operating history and financial
information upon which the managers may base their investment decision on behalf
of the funds. In addition, financial and other information regarding such
issuers, when available, may be incomplete or inaccurate.

REPURCHASE AGREEMENTS

Each fund may invest in repurchase agreements when such transactions present
an attractive short-term return on cash that is not otherwise committed

Statement of Additional Information 9

to the purchase of securities pursuant to the investment policies of that fund.

A repurchase agreement occurs when, at the time the fund purchases an
interest-bearing obligation, the seller (a bank or a broker-dealer registered
under the Securities Exchange Act of 1934) agrees to purchase it on a specified
date in the future at an agreed-upon price. The repurchase price reflects an
agreed-upon interest rate during the time the fund's money is invested in the
security.

Because the security purchased constitutes security for the repurchase
obligation, a repurchase agreement can be considered a loan collateralized by
the security purchased. The fund's risk is the ability of the seller to pay the
agreed-upon repurchase price on the repurchase date. If the seller defaults, the
fund may incur costs in disposing of the collateral, which would reduce the
amount realized thereon. If the seller seeks relief under the bankruptcy laws,
the disposition of the collateral may be delayed or limited. To the extent the
value of the security decreases, the fund could experience a loss.

The fund will limit repurchase agreement transactions to securities issued
by the U.S. government, its agencies and instrumentalities, and will enter into
such transactions with those banks and securities dealers who are deemed
creditworthy pursuant to criteria adopted by the funds' Board of Directors.

No fund will invest more than 15% of its assets in repurchase agreements
maturing in more than seven days.

WHEN-ISSUED AND FORWARD COMMITMENT AGREEMENTS

The funds may sometimes purchase new issues of securities on a when-issued
or forward commitment basis in which the transaction price and yield are each
fixed at the time the commitment is made, but payment and delivery occur at a
future date (typically 15 to 45 days later).

When purchasing securities on a when-issued or forward commitment basis, a
fund assumes the rights and risks of ownership, including the risks of price and
yield fluctuations. Market rates of interest on debt securities at the time of
delivery may be higher or lower than those contracted for on the when-issued
security. Accordingly, the value of such security may decline prior to delivery,
which could result in a loss to the fund. While the fund will make commitments
to purchase or sell securities with the intention of actually receiving or
delivering them, it may sell the securities before the settlement date if doing
so is deemed advisable as a matter of investment strategy.

In purchasing securities on a when-issued or forward commitment basis, a
fund will establish and maintain until the settlement date a segregated account
consisting of cash, cash equivalents or other appropriate liquid securities in
an amount sufficient to meet the purchase price. When the time comes to pay for
the when-issued securities, a fund will meet its obligations with available
cash, through the sale of securities, or, although it would not normally expect
to do so, by selling the when-issued securities themselves (which may have a
market value greater or less than the fund's payment obligation). Selling
securities to meet when-issued or forward commitment obligations may generate
taxable capital gains or losses.

SHORT-TERM SECURITIES

In order to meet anticipated redemptions, to hold pending the purchase of
additional securities for a fund's portfolio, or, in some cases, for temporary
defensive purposes, the funds may invest a portion of their assets in money
market and other short-term securities.

Examples of those securities include:

* Securities issued or guaranteed by the U.S. government and its agencies
and instrumentalities;

* Commercial Paper;

* Certificates of Deposit and Euro Dollar Certificates of Deposit;

* Bankers' Acceptances;

* Short-term notes, bonds, debentures, or other debt instruments; and

* Repurchase agreements.

OTHER INVESTMENT COMPANIES

Each of the funds may invest up to 10% of its total assets in other mutual
funds, including those of the advisor, provided that the investment is
consistent with the fund's investment policies and restrictions. Under the
Investment Company Act, a fund's investment in such securities, subject to
certain exceptions, currently is limited to (a) 3% of the total voting stock of
any one investment company, (b) 5% of the fund's total assets with respect to
any one investment company and (c) 10% of the fund's total assets in the

10 American Century Investments

aggregate. Such purchases will be made in the open market where no commission or
profit to a sponsor or dealer results from the purchase other than the customary
brokers' commissions. As a shareholder of another investment company, a fund
would bear, along with other shareholders, its pro rata portion of the other
investment company's expenses, including advisory fees. These expenses would be
in addition to the management fee that each fund bears directly in connection
with its own operations.

SHORT SALES

A fund may engage in short sales if, at the time of the short sale, the fund
owns or has the right to acquire securities equivalent in kind and amount to the
securities being sold short.

In a short sale, the seller does not immediately deliver the securities sold
and is said to have a short position in those securities until delivery occurs.
To make delivery to the purchaser, the executing broker borrows the securities
being sold short on behalf of the seller. While the short position is
maintained, the seller collateralizes its obligation to deliver the securities
sold short in an amount equal to the proceeds of the short sale plus an
additional margin amount established by the Board of Governors of the Federal
Reserve. If a fund engages in a short sale, the collateral account will be
maintained by the fund's custodian. While the short sale is open, the fund will
maintain in a segregated custodial account an amount of securities convertible
into, or exchangeable for, such equivalent securities at no additional cost.
These securities would constitute the fund's long position.

A fund may make a short sale, as described above, when it wants to sell the
security it owns at a current attractive price, but also wishes to defer
recognition of gain or loss for federal income tax purposes. There will be
certain additional transaction costs associated with short sales, but the fund
will endeavor to offset these costs with income from the investment of the cash
proceeds of short sales.

PORTFOLIO LENDING

In order to realize additional income, a fund may lend its portfolio
securities. Such loans may not exceed one-third of the fund's net assets valued
at market except (i) through the purchase of debt securities in accordance with
its investment objective, policies and limitations, or (ii) by engaging in
repurchase agreements with respect to portfolio securities.

RESTRICTED AND ILLIQUID SECURITIES

The funds may, from time to time, purchase restricted or illiquid
securities, including Rule 144A securities, when they present attractive
investment opportunities that otherwise meet the funds' criteria for selection.
Rule 144A securities are securities that are privately placed with and traded
among qualified institutional investors rather than the general public. Although
Rule 144A securities are considered restricted securities, they are not
necessarily illiquid.

With respect to securities eligible for resale under Rule 144A, the staff of
the SEC has taken the position that the liquidity of such securities in the
portfolio of a fund offering redeemable securities is a question of fact for the
Board of Directors to determine, such determination to be based upon a
consideration of the readily available trading markets and the review of any
contractual restrictions. Accordingly, the Board of Directors is responsible for
developing and establishing the guidelines and procedures for determining the
liquidity of Rule 144A securities. As allowed by Rule 144A, the Board of
Directors of the funds has delegated the day-to-day function of determining the
liquidity of Rule 144A securities to the fund managers. The Board retains the
responsibility to monitor the implementation of the guidelines and procedures it
has adopted.

Since the secondary market for such securities is limited to certain
qualified institutional investors, the liquidity of such securities may be
limited accordingly and a fund may, from time to time, hold a Rule 144A or other
security that is illiquid. In such an event, the fund managers will consider
appropriate remedies to minimize the effect on such fund's liquidity.

INVESTMENT POLICIES

Unless otherwise indicated, with the exception of the percentage limitations
on borrowing, the restrictions apply at the time transactions are entered into.
Accordingly, any later increase or decrease beyond the specified limitation
resulting from a change in a fund's net assets will not be considered in
determining whether it has complied with its investment restrictions.

Statement of Additional Information 11

rFUNDAMENTAL INVESTMENT POLICIES

The funds' investment restrictions are set forth below. These investment
restrictions are fundamental and may not be changed without approval of a
majority of the outstanding votes of shareholders of a fund, as determined in
accordance with the Investment Company Act.

For purposes of the investment restriction relating to concentration, a fund
shall not purchase any securities that would cause 25% or more of the value of
the fund's total assets at the time of purchase to be invested in the securities
of one or more issuers conducting their principal business activities in the
same industry, provided that (a) there is no limitation with respect to
obligations issued or guaranteed by the U.S. government, any state, territory or
possession of the United States, the District of Columbia or any of their
authorities, agencies, instrumentalities or political subdivisions and
repurchase agreements secured by such instruments, (b) wholly owned finance
companies will be considered to be in the industries of their parents if their
activities are primarily related to financing the activities of the parents, (c)
utilities will be divided according to their services, for example, gas, gas
transmission, electric and gas, electric and telephone will each be considered a
separate industry, and (d) personal credit and business credit businesses will
be considered separate industries.

Subject Policy
- --------------------------------------------------------------------------------
Senior Securities A fund may not issue senior securities, except as
permitted under the Investment Company Act.
- --------------------------------------------------------------------------------
Borrowing A fund may not borrow money, except for temporary or
emergency purposes (not for leveraging or investment) in an
amount not exceeding 33-1/3% of the fund's total assets
(including the amount borrowed) less liabilities (other
than borrowings).
- --------------------------------------------------------------------------------
Lending A fund may not lend any security or make any other loan if,
as a result, more than 33-1/3% of the fund's total assets
would be lent to other parties, except, (i) through the
purchase of debt securities in accordance with its
investment objective, policies and limitations or (ii) by
engaging in repurchase agreements with respect to portfolio
securities.
- --------------------------------------------------------------------------------
Real Estate A fund may not purchase or sell real estate unless acquired
as a result of ownership of securities or other instruments.
This policy shall not prevent a fund from investing in
securities or other instruments backed by real estate or
securities of companies that deal in real estate or are
engaged in the real estate business.
- --------------------------------------------------------------------------------
Concentration A fund may not concentrate its investments in securities of
issuers in a particular industry (other than securities
issued or guaranteed by the U.S. government or any of its
agencies or instrumentalities).
- --------------------------------------------------------------------------------
Underwriting A fund may not act as an underwriter of securities issued by
others, except to the extent that the fund may be considered
an underwriter within the meaning of the Securities Act of
1933 in the disposition of restricted securities.
- --------------------------------------------------------------------------------
Commodities A fund may not purchase or sell physical commodities unless
acquired as a result of ownership of securities or other
instruments; provided that this limitation shall not prohibit
the fund from purchasing or selling options and futures
contracts or from investing in securities or other
instruments backed by physical commodities.
- --------------------------------------------------------------------------------
Control A fund may not invest for purposes of exercising control over
management.
- --------------------------------------------------------------------------------

12 American Century Investments

NONFUNDAMENTAL INVESTMENT POLICIES

In addition, the funds are subject to the following additional investment
restrictions that are not fundamental and may be changed by the Board of
Directors.

Subject Policy
- --------------------------------------------------------------------------------
Diversification A fund may not purchase additional investment securities at
any time during which outstanding borrowings exceed 5% of the
total assets of the fund.
- --------------------------------------------------------------------------------
Liquidity A fund may not purchase any security or enter into a
repurchase agreement if, as a result, more than 15% of its
net assets (10% for the money market funds) would be invested
in repurchase agreements not entitling the holder to payment
of principal and interest within seven days and in securities
that are illiquid by virtue of legal or contractual
restrictions on resale or the absence of a readily available
market.
- --------------------------------------------------------------------------------
Short Sales A fund may not sell securities short, unless it owns or has
the right to obtain securities equivalent in kind and amount
to the securities sold short, and provided that transactions
in futures contracts and options are not deemed to
constitute selling securities short.
- --------------------------------------------------------------------------------
Margin A fund may not purchase securities on margin, except that the
fund may obtain such short-term credits as are necessary for
the clearance of transactions, and provided that margin
payments in connection with futures contracts and options on
futures contracts shall not constitute purchasing securities
on margin.
- --------------------------------------------------------------------------------

The Investment Company Act imposes certain additional restrictions upon
acquisition by the fund of securities issued by insurance companies,
broker-dealers, underwriters or investment advisors, and upon transactions with
affiliated persons as therein defined. It also defines and forbids the creation
of cross and circular ownership. Neither the Securities and Exchange Commission
nor any other agency of the federal or state agency participates in or
supervises the management of the funds or their investment practices or
policies.

The Investment Company Act also provides that the funds may not invest more
than 25% of their assets in the securities of issuers engaged in a single
industry. In determining industry groups for purposes of this restriction, the
SEC ordinarily uses the Standard Industry Classification codes developed by the
United States Office of Management and Budget. In the interest of ensuring
adequate diversification, the funds monitor industry concentration using a more
restrictive list of industry groups than that recommended by the SEC. The funds
believe that these classifications are reasonable and are not so broad that the
primary economic characteristics of the companies in a single class are
materially different. The use of these restrictive industry classifications may,
however, cause the funds to forego investment possibilities that may otherwise
be available to them under the Investment Company Act.

PORTFOLIO TURNOVER

The portfolio turnover rates of the funds (other than Global Growth) are
shown in the Financial Highlights tables in the Prospectus.

The fund managers will purchase and sell securities without regard to the
length of time the security has been held. Accordingly, the funds' rate of
portfolio turnover may be substantial.

The fund managers intend to purchase a given security whenever they believe
it will contribute to the stated objective of the fund. In order to achieve each
fund's investment objective, the fund managers may sell a given security, no
matter for how long or for how short a period it has been held in the portfolio,
and no matter whether the sale is at a gain or at a loss, if the managers
believe that the security is not fulfilling its purpose, either because, among
other things, it did not live up to the managers' expectations, or because it
may be replaced with another security holding greater promise, or because it has
reached its optimum potential, or because of a change in the circumstances of a
particular company or industry or in general economic conditions, or because of
some combination of such reasons.

Statement of Additional Information 13

Because investment decisions are based on the anticipated contribution of
the security in question to the funds' objectives, the managers believe that the
rate of portfolio turnover is irrelevant when they believe a change is in order
to achieve those objectives. As a result, the funds' annual portfolio turnover
rate cannot be anticipated and may be higher than other mutual funds with
similar investment objectives. Higher turnover would generate correspondingly
greater brokerage commissions, which is a cost the funds pay directly. Portfolio
turnover also may affect the character of capital gains realized and distributed
by the fund, if any, since short-term capital gains are taxable as ordinary
income. This disclosure regarding portfolio turnover is a statement of
fundamental policy and may be changed only by a vote of the shareholders.

Because the managers do not take portfolio turnover rate into account in
making investment decisions, (1) the managers have no intention of accomplishing
any particular rate of portfolio turnover, whether high or low, and (2) the
portfolio turnover rates in the past should not be considered as representative
of the rates that will be attained in the future.

MANAGEMENT

THE BOARD OF DIRECTORS

The Board of Directors oversees the management of the funds and meets at
least quarterly to review reports about fund operations. Although the Board of
Directors does not manage the funds, it has hired the advisor to do so.
Two-thirds of the directors are independent of the funds' advisor, that is, they
are not employed by and have no financial interest in the advisor.

The individuals listed in the following table whose names are marked by an
asterisk (*) are interested persons of the funds (as defined in the Investment
Company Act) by virtue of, among other considerations, their affiliation with
either the funds; the advisor, American Century Investment Management, Inc.
(ACIM); the funds' agent for transfer and administrative services, American
Century Services Corporation (ACSC); the parent corporation, American Century
Companies, Inc. (ACC) or ACC's subsidiaries; the funds' distribution agent and
co-administrator, Funds Distributor, Inc. (FDI); or other funds advised by the
advisor. Each director listed serves as a director of six registered investment
companies in the American Century family of funds, which are also advised by the
advisor.

14 American Century Investments

<TABLE>

Name (Age) Position(s) Held Principal Occupation(s)
Address With Fund During Past Five Years
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
James E. Stowers, Jr.* (74) Director, Chairman Chairman, Director and controlling shareholder, ACC
4500 Main St. of the Board Chairman and Director, ACIM ACSC and ACIS
Kansas City, MO 64111 Father of James E. Stowers III
- ------------------------------------------------------------------------------------------------------------------------------------
James E. Stowers III* (40) Director Director and Chief Executive Officer, ACC ACIM, ACSC and ACIS
4500 Main St. Son of James E. Stowers, Jr.
Kansas City, MO 64111
- ------------------------------------------------------------------------------------------------------------------------------------
Thomas A. Brown (58) Director Director, Applied Industrial Technologies, Inc., a corporation engaged in
the
4500 Main St. sale of bearings and power transmission products
Kansas City, MO 64111
- ------------------------------------------------------------------------------------------------------------------------------------
Robert W. Doering, M.D. (65) Director Retired, formerly a general surgeon
4500 Main St.
Kansas City, MO 64111
- ------------------------------------------------------------------------------------------------------------------------------------
Andrea C. Hall, Ph.D. (54) Director Senior Vice President and Associate Director, Midwest Research Institute
4500 Main St.
Kansas City, MO 64111
- ------------------------------------------------------------------------------------------------------------------------------------
D.D. (Del) Hock (63) Director Retired, formerly Chairman, Public Service Company of Colorado; Director,
4500 Main St. Service Tech, Inc., Hathaway Corporation, and J.D. Edwards & Company
Kansas City, MO 64111
- ------------------------------------------------------------------------------------------------------------------------------------
Donald H. Pratt (60) Director, Vice President and Director, Butler Manufacturing Company
4500 Main St. Chairman of the Board
Kansas City, MO 64111
- ------------------------------------------------------------------------------------------------------------------------------------
Lloyd T. Silver, Jr. (70) Director President, LSC, Inc., manufacturer's representative
4500 Main St.
Kansas City, MO 64111
- ------------------------------------------------------------------------------------------------------------------------------------
M. Jeannine Strandjord (52) Director Senior Vice President, Finance, Sprint Corporation;
4500 Main St. Director, DST Systems, Inc.
Kansas City, MO 64111
- ------------------------------------------------------------------------------------------------------------------------------------

Statement of Additional Information 15

COMMITTEES

The Board has four standing committees to oversee specific functions of the
funds' operations. Information about these committees appears in the table
below. The director first named acts as chairman of the committee.

Committee Members Function of Committee
- --------------------------------------------------------------------------------------------------------------------
Executive James E. Stowers, Jr The Executive Committee performs the functions of the Board of
James E. Stowers III Directors between Board meetings, subject to the limitations on its power
Donald H. Pratt set out in the Maryland General Corporation Law, and except for matters
required by the Investment Company Act to be acted upon by the whole Board.
- --------------------------------------------------------------------------------------------------------------------
Compliance Thomas A. Brown The Compliance Committee reviews the results of the funds' compliance
Donald H. Pratt testing program, reviews quarterly reports from the advisor to the Board
Lloyd T. Silver, Jr. regarding various compliance matters and monitors the implementation of
Andrea C. Hall, Ph.D. the funds' Code of Ethics, including any violations thereof.
- --------------------------------------------------------------------------------------------------------------------
Audit M. Jeannine Strandjord The Audit Committee recommends the engagement of the funds'
Robert W. Doering, M.D. independent auditor and oversees its activities. The Committee receives
D.D. (Del) Hock reports from the advisor's Internal Audit Department, which is
accountable solely to the Committee. The Committee also receives
reporting about compliance matters affecting the funds.
- --------------------------------------------------------------------------------------------------------------------
Nominating Donald H. Pratt The Nominating Committee primarily considers and recommends
D.D. (Del) Hock individuals for nomination as directors. The names of potential director
James E. Stowers III candidates are drawn from a number of sources, including recommendations
from members of the Board, management and shareholders. This committee
also reviews and makes recommendations to the Board with respect to the
composition of Board committees and other Board-related matters, including
its organization, size, composition, responsibilities, functions and
compensation.
- ------------------------------------------------------------------------------------------------------------------
</TABLE>

COMPENSATION OF DIRECTORS

The directors also serve as directors for five American Century investment
companies other than the corporation. Each director who is not an interested
person as defined in the Investment Company Act receives compensation for
service as a member of the Board of all six such companies based on a schedule
that takes into account the number of meetings attended and the assets of the
funds for which the meetings attended held. These fees and expenses are divided
among the six investment companies based, in part, upon their relative net
assets. Under the terms of the management agreement with the advisor, the funds
are responsible for paying such fees and expenses.

The following table shows the aggregate compensation paid by the corporation
for the periods indicated and by the six investment companies served by this
Board to each director who is not an interested person as defined in the
Investment Company Act.

Aggregate Director Compensation for Fiscal Year Ended November 30, 1998
- --------------------------------------------------------------------------------

Total Compensation
Total from the
Compensation American Century
Name of Director from the Funds(1) Family of Funds(2)
- --------------------------------------------------------------------------------

Thomas A. Brown $3,325 $54,833

Robert W. Doering, M.D. 3,203 52,833

Andrea C. Hall, Ph.D. 3,206 52,833

D.D. (Del) Hock 3,202 52,833

Donald H. Pratt 3,399 54,833

Lloyd T. Silver, Jr. 3,202 52,833

M. Jeannine Strandjord 3,324 54,833
- --------------------------------------------------------------------------------

(1) Includes compensation paid to the directors during the fiscal year ended
November 30, 1998, and also includes amounts deferred at the election of the
directors under the American Century Deferred Compensation Plan for
Non-Interested Directors and Trustees. The total amount of deferred
compensation included in the preceding table is as follows: Mr. Brown, $421;
Dr. Hall, $1,347; Mr. Hock, $2,688; Mr. Pratt, $927; Mr. Silver, $2,108 and
Ms. Strandjord, $2,629.

(2) Includes compensation paid by the six investment company members of the
American Century family of funds served by this Board.

16 American Century Investments

The funds have adopted the American Century Deferred Compensation Plan for
Non-Interested Directors and Trustees. Under the plan, the independent directors
may defer receipt of all or any part of the fees to be paid to them for serving
as directors of the funds.

All deferred fees are credited to an account established in the name of the
directors. The amounts credited to the account then increase or decrease, as the
case may be, in accordance with the performance of one or more of the American
Century funds that are selected by the director. The account balance continues
to fluctuate in accordance with the performance of the selected fund or funds
until final payment of all amounts credited to the account. Directors are
allowed to change their designation of mutual funds from time to time.

No deferred fees are payable until such time as a director resigns, retires
or otherwise ceases to be a member of the Board of Directors. Directors may
receive deferred fee account balances either in a lump sum payment or in
substantially equal installment payments to be made over a period not to exceed
10 years. Upon the death of a director, all remaining deferred fee account
balances are paid to the director's beneficiary or, if none, to the director's
estate.

The plan is an unfunded plan and, accordingly, the funds have no obligation
to segregate assets to secure or fund the deferred fees. The rights of directors
to receive their deferred fee account balances are the same as the rights of a
general unsecured creditor of the funds. The plan may be terminated at any time
by the administrative committee of the plan. If terminated, all deferred fee
account balances will be paid in a lump sum.

No deferred fees were paid to any director under the plan during the fiscal
year ended November 30, 1998.

OFFICERS

Background information for the officers of the funds is provided in the
following table. All persons named as officers of the funds also serve in
similar capacities for the 12 other investment companies advised by American
Century. Not all officers of the funds are listed; only those officers with
policy-making functions for the funds are listed. No officer is compensated for
his or her service as an officer of the funds. The individuals listed in the
table are interested persons of the funds (as defined in the Investment Company
Act) by virtue of, among other considerations, their affiliation with either the
funds, ACC, ACC's subsidiaries (including ACIM and ACSC), or the funds'
distributor (FDI), as specified in the following table.

Statement of Additional Information 17

<TABLE>

Position(s)
Name (Age) Held With Principal Occupation(s)
Address Fund During Past Five Years
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
George A. Rio (44) President Executive Vice President and Director of Client Services, FDI
60 State St. (March 1998 to present)
Boston, MA 02109 Senior Vice President and Senior Key Account
Manager, Putnam Mutual Funds (June 1995 to March 1998)
Director Business Development,
First Data Corporation (May 1994
to June 1995) Senior Vice
President and Manager of Client
Services and Director of Internal
Audit, The Boston Company, Inc.
(September 1983 to May 1994)
- -----------------------------------------------------------------------------------------------------------------------------
Christopher J. Kelley (34) Vice President Vice President and Associate General Counsel, FDI (since July 1996)
60 State St. Assistant Counsel, Forum Financial Group (April 1994 to July 1996)
Boston, MA 02109 Compliance Officer, Putnam Investments (1992 to April 1994)
- -----------------------------------------------------------------------------------------------------------------------------
Mary A. Nelson (34) Vice President Vice President and Manager of Treasury Services and Administration,
60 State St. FDI (1994 to present)
Boston, MA 02109 Assistant Vice President and Client Manager, The Boston Company, Inc.
(1989 to 1994)
- -----------------------------------------------------------------------------------------------------------------------------
Maryanne Roepke, CPA (43) Vice President Senior Vice President, Treasurer and Principal Accounting Officer, ACSC
4500 Main St. and Treasurer
Kansas City, MO 64111
- -----------------------------------------------------------------------------------------------------------------------------
David C. Tucker (40) Vice President Senior Vice President and General Counsel, ACSC and ACIM
4500 Main St. and Treasurer (June 1998 to present)
Kansas City, MO 64111 General Counsel, ACC (June 1998 to present
Consultant to mutual fund
industry (May 1997 to April 1998)
Vice President and General
Counsel, Janus Companies (1990 to
May 1997)
- -----------------------------------------------------------------------------------------------------------------------------
Paul J. Carrigan, Jr. (49) Secretary Secretary, ACC (December 1998 to present)
4500 Main St. Director of Legal Operations, ACSC (February 1996 to present)
Kansas City, MO 64111 Board Communications Manager, The Benham Company
(April 1994 to January 1996)
Legal Coordinator, State of California Health & Welfare Agency
(February 1992 to March 1994)
- -----------------------------------------------------------------------------------------------------------------------------
Robert J. Leach (32) Controller Controller-Fund Accounting, ACSC
4500 Main St.
Kansas City, MO 64111
- -----------------------------------------------------------------------------------------------------------------------------
Jon Zindel (32) Tax Officer Director of Taxation, ACSC (since 1996)
4500 Main St. Tax Manager, Price Waterhouse LLP (1989)
Kansas City, MO 64111
- -----------------------------------------------------------------------------------------------------------------------------
</TABLE>

18 American Century Investments

THE FUNDS' PRINCIPAL SHAREHOLDERS

As of February 26, 1999, the following companies were the record owners of
more than 5% of a fund's outstanding shares:

Percentage
of Shares
Fund Shareholder Outstanding
- --------------------------------------------------------------------------------
International Growth Charles Schwab & Co. 9.2%
San Francisco, California
Morgan Guaranty Trust 7.1%
Newark, Delaware
- --------------------------------------------------------------------------------
International Discovery Charles Schwab & Co. 8.8%
San Francisco, California
- --------------------------------------------------------------------------------
Emerging Markets Goodness Ltd. 33.3%
Nassau, The Bahamas
American Century
Investment Management, Inc. 11.3%
Kansas City, Missouri
- --------------------------------------------------------------------------------

The funds are unaware of any other shareholders, beneficial or of record,
who own more than 5% of a fund's outstanding shares. As of February 26, 1999,
the officers and directors of the funds, as a group, own less than 1% of any
fund's outstanding shares.

SERVICE PROVIDERS

The funds have no employees. To conduct the funds' day-to-day activities,
the funds have hired a number of service providers. Each service provider has a
specific function to fill on behalf of the funds and is described below.

ACIM and ACSC are both wholly owned by ACC. James E. Stowers Jr., Chairman
of ACC, controls ACC by virtue of his ownership of a majority of its voting
stock.

INVESTMENT ADVISOR

Each fund has an investment management agreement with the advisor dated
August 1, 1997. This agreement was approved by the shareholders of International
Growth and International Discovery on July 30, 1997, and by the shareholders of
Global Growth and Emerging Markets on November 30, 1998, and September 29, 1997,
respectively.

A description of the responsibilities of the advisor appears in the
Prospectus under the caption "Management."

For the services provided to the funds, the advisor receives a monthly fee
based on a percentage of the average net assets of the fund as follows:

Fund Percent of Average Net Assets
- --------------------------------------------------------------------------------
Global Growth 1.30% of first $1 billion
1.15% of the next $1 billion
1.05% over $2 billion
- --------------------------------------------------------------------------------
International Growth 1.50% of first $1 billion
1.20% of the next $1 billion
1.10% over $2 billion
- --------------------------------------------------------------------------------
International Discovery 1.75% of first $500 million
1.40% of the next $500 million
1.20% over $500 million
- --------------------------------------------------------------------------------
Emerging Markets 2.00% of first $500 million
1.50% of the next $500 million
1.25% over $1 billion
- --------------------------------------------------------------------------------

The schedule for the Institutional Class is lower by 0.20% at each graduated
step. For example, if the Investor Class fee is 0.30% for the first $2 billion,
the Institutional Class fee is 0.10% (0.30% minus 0.20%) for the first $2
billion. The schedule for the Advisor Class is lower by 0.25% at each graduated
step.

On the first business day of each month, the funds pay a management fee to
the advisor for the previous month at the specified rate. The fee for the
previous month is calculated by multiplying the applicable fee

Statement of Additional Information 19

for the fund by the aggregate average daily closing value of a fund's net assets
during the previous month, by a fraction, the numerator of which is the number
of days in the previous month and the denominator of which is 365 (366 in leap
years).

The management agreement shall continue in effect until the earlier of the
expiration of two years from the date of its execution or until the first
meeting of shareholders following such execution and for as long thereafter as
its continuance is specifically approved at least annually by (1) the funds'
Board of Directors, or by the vote of a majority of outstanding votes (as
defined in the Investment Company Act) and (2) by the vote of a majority of the
directors of the funds who are not parties to the agreement or interested
persons of the advisor, cast in person at a meeting called for the purpose of
voting on such approval.

The management agreement provides that it may be terminated at any time
without payment of any penalty by the funds' Board of Directors, or by a vote of
a majority of outstanding votes, on 60 days' written notice to the advisor, and
that it shall be automatically terminated if it is assigned.

The management agreement provides that the advisor shall not be liable to
the funds or their shareholders for anything other than willful misfeasance, bad
faith, gross negligence or reckless disregard of its obligations and duties.

The management agreement also provides that the advisor and its officers,
directors and employees may engage in other business, devote time and attention
to any other business whether of a similar or dissimilar nature, and render
services to others.

Certain investments may be appropriate for the funds and also for other
clients advised by the advisor. Investment decisions for the funds and other
clients are made with a view to achieving their respective investment objectives
after consideration of such factors as their current holdings, availability of
cash for investment and the size of their investment generally. A particular
security may be bought or sold for only one client or fund, or in different
amounts and at different times for more than one but less than all clients or
funds. In addition, purchases or sales of the same security may be made for two
or more clients or funds on the same date. Such transactions will be allocated
among clients in a manner believed by the advisor to be equitable to each. In
some cases this procedure could have an adverse effect on the price or amount of
the securities purchased or sold by a fund.

The advisor may aggregate purchase and sale orders of the funds with
purchase and sale orders of its other clients when the advisor believes that
such aggregation provides the best execution for the funds. The corporation's
Board of Directors has approved the policy of the advisor with respect to the
aggregation of portfolio transactions. Where portfolio transactions have been
aggregated, the funds participate at the average share price for all
transactions in that security on a given day and share transaction costs on a
pro rata basis. The advisor will not aggregate portfolio transactions of the
funds unless it believes such aggregation is consistent with its duty to seek
best execution on behalf of the funds and the terms of the management agreement.
The advisor receives no additional compensation or remuneration as a result of
such aggregation.

Unified management fees incurred by each fund by class for the fiscal
periods ended November 30, 1998, 1997 and 1996, are indicated in the following
table.

UNIFIED MANAGEMENT FEES

Fund 1998 1997 1996
- -------------------------------------------------------------------------------

Global Growth* N/A N/A N/A

International Growth

Investor $29,196,029 $22,611,083 $21,265,343

Advisor 155,228 73,143 6,276

Institutional 251,829 5,752 N/A

International Discovery

Investor 12,121,551 9,602,636 4,421,277

Advisor 85 N/A N/A

Institutional 648,372 N/A N/A

Emerging Markets

Investor 387,349 33,065 N/A

Advisor N/A N/A N/A

Institutional N/A N/A N/A
- --------------------------------------------------------------------------------

*Commenced operations December 1, 1998.

20 American Century Investments

OTHER ADVISORY RELATIONSHIPS

In addition to managing the funds, the advisor also acts as an investment
advisor to nine institutional accounts and to the following registered
investment companies:

American Century Mutual Funds, Inc.

American Century Premium Reserves, Inc.

American Century Variable Portfolios, Inc.

American Century Capital Portfolios, Inc.

American Century Strategic Asset Allocations, Inc.

American Century Municipal Trust

American Century Government Income Trust

American Century Investment Trust

American Century Target Maturities Trust

American Century Quantitative Equity Funds

American Century International Bond Funds

American Century California Tax-Free and Municipal Funds

TRANSFER AGENT AND ADMINISTRATOR

American Century Services Corporation, 4500 Main Street, Kansas City,
Missouri 64111, acts as transfer agent and dividend-paying agent for the funds.
It provides physical facilities, computer hardware and software and personnel,
for the day-to-day administration of the funds and of the advisor. The advisor
pays ACSC for such services.

From time to time, special services may be offered to shareholders who
maintain higher share balances in our family of funds. These services may
include the waiver of minimum investment requirements, expedited confirmation of
shareholder transactions, newsletters and a team of personal representatives.
Any expenses associated with these special services will be paid by the manager

Pursuant to a Sub-Administration Agreement with the manager, Funds
Distributor, Inc. (FDI) serves as the Co-Administrator for the funds. FDI is
responsible for (i) providing certain officers of the funds and (ii) reviewing
and filing marketing and sales literature on behalf of the funds. The fees and
expenses of FDI are paid by the manager out of its unified fee.

DISTRIBUTOR

The funds' shares are distributed by FDI, a registered broker-dealer. The
distributor is a wholly owned indirect subsidiary of Boston Institutional Group,
Inc. The distributor's principal business address is 60 State Street, Suite
1300, Boston, Massachusetts 02109.

The distributor is the principal underwriter of the funds' shares. The
distributor makes a continuous, best efforts underwriting of the funds' shares.
This means that the distributor has no liability for unsold shares.

OTHER SERVICE PROVIDERS

CUSTODIAN BANKS

Chase Manhattan Bank, 770 Broadway, 10th Floor, New York, New York
10003-9598, and Commerce Bank, N.A., 1000 Walnut, Kansas City, Missouri 64105,
each serves as custodian of the assets of the funds. The custodians take no part
in determining the investment policies of the funds or in deciding which
securities are purchased or sold by the funds. The funds, however, may invest in
certain obligations of the custodians and may purchase or sell certain
securities from or to the custodians.

INDEPENDENT AUDITOR

Deloitte & Touche LLP is the independent auditor of the funds. The address
of Deloitte & Touche LLP is 1010 Grand Boulevard, Kansas City, Missouri 64106.
As the independent auditor of the funds, Deloitte & Touche LLP provides services
including (1) audit of the annual financial statements for each fund, (2)
assistance and consultation in connection with SEC filings and (3) review of the
annual federal income tax return filed for each fund.

BROKERAGE ALLOCATION

Under the management agreement between the funds and the advisor, the
advisor has the responsibility of selecting brokers and dealers to execute
portfolio transactions. The funds' policy is to secure the most favorable prices
and execution of orders on its portfolio transactions. So long as that policy is
met, the advisor may take into consideration the factors discussed below when
selecting brokers.

The advisor receives statistical and other information and services,
including research, without cost from brokers and dealers. The advisor evaluates
such information and services, together with all other information that it may
have, in supervising and managing the investments of the funds. Because such
information and services may vary in amount, quality and reliability, their
influence in selecting brokers

Statement of Additional Information 21

varies from none to very substantial. The advisor proposes to continue to place
some of the funds' brokerage business with one or more brokers who provide
information and services. Such information and services will be in addition to
and not in lieu of services required to be performed by the advisor. The advisor
does not utilize brokers that provide such information and services for the
purpose of reducing the expense of providing required services to the funds.

In the years ended November 30, 1998, 1997 and 1996, the brokerage
commissions of each fund were as follows:

Fund 1998 1997 1996
- ---------------------------------------------------------------------------

Global Growth* N/A N/A N/A

International Growth $15,309,281 $10,870,947 $9,717,846

International Discovery 6,874,602 5,153,755 2,886,323

Emerging Markets 384,373 57,986 N/A
- ---------------------------------------------------------------------------

*Commenced operations December 1, 1998.

The brokerage commissions paid by the funds may exceed those which another
broker might have charged for effecting the same transactions, because of the
value of the brokerage and research services provided by the broker. Research
services furnished by brokers through whom the funds effect securities
transactions may be used by the advisor in servicing all of its accounts, and
not all such services may be used by the advisor in managing the portfolios of
the funds.

The staff of the SEC has expressed the view that the best price and
execution of over-the-counter transactions in portfolio securities may be
secured by dealing directly with principal market makers, thereby avoiding the
payment of compensation to another broker. In certain situations, the officers
of the funds and the advisor believe that the facilities, expert personnel and
technological systems of a broker often enable the funds to secure as good a net
price by dealing with a broker instead of a principal market maker, even after
payment of the compensation to the broker. The funds regularly place its
over-the-counter transactions with principal market makers, but may also deal on
a brokerage basis when utilizing electronic trading networks or as circumstances
warrant.

INFORMATION ABOUT FUND SHARES

Each of the four funds named on the front of this Statement of Additional
Information is a series of shares issued by the corporation, and shares of each
fund have equal voting rights. In addition, each series (or fund) may be divided
into separate classes. See "Multiple Class Structure" that follows. Additional
funds and classes may be added without a shareholder vote.

Each fund votes separately on matters affecting that fund exclusively.
Voting rights are not cumulative, so that investors holding more than 50% of the
corporation's (i.e., all funds') outstanding shares may be able to elect a Board
of Directors. The corporation undertakes dollar-based voting, meaning that the
number of votes you are entitled to is based upon the dollar amount of your
investment. The election of directors is determined by the votes received from
all the corporation's shareholders without regard to whether a majority of
shares of any one fund voted in favor of a particular nominee or all nominees as
a group.

The assets belonging to each series or class of shares are held separately
by the custodian and the shares of each series or class represent a beneficial
interest in the principal, earnings and profit (or losses) of investment and
other assets held for each series or class. Your rights as a shareholder are the
same for all series or class of securities unless otherwise stated. Within their
respective series or class, all shares have equal redemption rights. Each share,
when issued, is fully paid and non-assessable.

In the event of complete liquidation or dissolution of the funds,
shareholders of each series or class of shares shall be entitled to receive, pro
rata, all of the assets less the liabilities of that series or class.

Each shareholder has rights to dividends and distributions declared by the
fund he or she owns and to the net assets of such fund upon its liquidation or
dissolution proportionate to his or her share ownership interest in the fund.

MULTIPLE CLASS STRUCTURE

The corporation's Board of Directors has adopted a multiple class plan (the
Multiclass Plan) pursuant to Rule 18f-3 adopted by the SEC. Pursuant to such
plan, the funds may issue up to four classes of shares: an Investor Class, an
Institutional Class, a Service Class and an Advisor Class. Not all funds offer
all four classes.

The Investor Class is made available to investors directly without any load
or commission, for a single

22 American Century Investments

unified management fee. The Institutional, Service and Advisor Classes are made
available to institutional shareholders or through financial intermediaries that
do not require the same level of shareholder and administrative services from
the advisor as Investor Class shareholders. As a result, the advisor is able to
charge these classes a lower total management fee. In addition to the management
fee, however, the Advisor Class shares are subject to a Master Distribution and
Shareholder Services Plan (described beginning on this page). The plan has been
adopted by the funds' Board of Directors and initial shareholder in accordance
with Rule 12b-1 adopted by the SEC under the Investment Company Act.

RULE 12B-1

Rule 12b-1 permits an investment company to pay expenses associated with the
distribution of its shares in accordance with a plan adopted by the investment
company's Board of Directors and approved by its shareholders. Pursuant to such
rule, the Board of Directors and initial shareholder of the funds' Advisor Class
have approved and entered into a Master Distribution and Shareholder Services
Plan, with respect to the Advisor Class (the Plan). The Plan is described below.

In adopting the Plan, the Board of Directors (including a majority of
directors who are not interested persons of the funds as defined in the
Investment Company Act, hereafter referred to as the independent directors)
determined that there was a reasonable likelihood that the Plan would benefit
the funds and the shareholders of the affected class. Pursuant to Rule 12b-1,
information with respect to revenues and expenses under the Plan is presented to
the Board of Directors quarterly for its consideration in connection with its
deliberations as to the continuance of the Plan. Continuance of the Plan must be
approved by the Board of Directors (including a majority of the independent
directors) annually. The Plan may be amended by a vote of the Board of Directors
(including a majority of the independent directors), except that the Plan may
not be amended to materially increase the amount to be spent for distribution
without majority approval of the shareholders of the affected class. The Plan
terminates automatically in the event of an assignment and may be terminated
upon a vote of a majority of the independent directors or by vote of a majority
of the outstanding voting securities of the affected class.

All fees paid under the Plan will be made in accordance with Section 26 of
the Rules of Fair Practice of the National Association of Securities Dealers.

MASTER DISTRIBUTION AND SHAREHOLDER SERVICES PLAN

As described in the Prospectus, the funds' Advisor Class of shares are also
made available to participants in employer-sponsored retirement or savings plans
and to persons purchasing through financial intermediaries, such as banks,
broker-dealers and insurance companies. The funds' distributor enters into
contracts with various banks, broker-dealers, insurance companies and other
financial intermediaries with respect to the sale of the funds' shares and/or
the use of the funds' shares in various investment products or in connection
with various financial services.

Certain recordkeeping and administrative services that are provided by the
funds' transfer agent for the Investor Class shareholders may be performed by a
plan sponsor (or its agents) or by a financial intermediary for shareholders in
the Advisor Class. In addition to such services, the financial intermediaries
provide various distribution services.

To enable the funds' shares to be made available through such plans and
financial intermediaries, and to compensate them for such services, the funds'
advisor has reduced its management fee by 0.25% per annum with respect to the
Advisor Class shares and the funds' Board of Directors has adopted a Master
Distribution and Shareholder Services Plan. Pursuant to the Plan, the Advisor
Class shares pay a fee of 0.50% annually of the aggregate average daily assets
of the funds' Advisor Class shares, 0.25% of which is paid for Shareholder
Services (as described above) and 0.25% of which is paid for distribution
services.

Payments may be made for a variety of shareholder services, including, but
are not limited to, (a) receiving, aggregating and processing purchase, exchange
and redemption requests from beneficial owners (including contract owners of
insurance products that utilize the funds as underlying investment media) of
shares and placing purchase, exchange and redemption orders with the funds'
distributor; (b) providing shareholders with a service that invests the assets
of

Statement of Additional Information 23

their accounts in shares pursuant to specific or pre-authorized instructions;
(c) processing dividend payments from a fund on behalf of shareholders and
assisting shareholders in changing dividend options, account designations and
addresses; (d) providing and maintaining elective services such as check writing
and wire transfer services; (e) acting as shareholder of record and nominee for
beneficial owners; (f) maintaining account records for shareholders and/or other
beneficial owners; (g) issuing confirmations of transactions; (h) providing
subaccounting with respect to shares beneficially owned by customers of third
parties or providing the information to a fund as necessary for such
subaccounting; (i) preparing and forwarding shareholder communications from the
funds (such as proxies, shareholder reports, annual and semi-annual financial
statements and dividend, distribution and tax notices) to shareholders and/or
other beneficial owners; and (j) providing other similar administrative and
sub-transfer agency services. Shareholder Services do not include those
activities and expenses that are primarily intended to result in the sale of
additional shares of the funds.

Distribution services include any activity undertaken or expense incurred
that is primarily intended to result in the sale of Advisor Class shares, which
services may include but are not limited to, (a) the payment of sales
commissions, on going commissions and other payments to brokers, dealers,
financial institutions or others who sell Advisor Class shares pursuant to
Selling Agreements; (b) compensation to registered representatives or other
employees of Distributor who engage in or support distribution of the funds'
Advisor Class shares; (c) compensation to, and expenses (including overhead and
telephone expenses) of, Distributor; (d) the printing of prospectuses,
statements of additional information and reports for other than existing
shareholders; (e) the preparation, printing and distribution of sales literature
and advertising materials provided to the funds' shareholders and prospective
shareholders; (f) receiving and answering correspondence from prospective
shareholders, including distributing prospectuses, statements of additional
information, and shareholder reports; (g) the providing of facilities to answer
questions from prospective investors about fund shares; (h) complying with
federal and state securities laws pertaining to the sale of fund shares; (i)
assisting investors in completing application forms and selecting dividend and
other account options; (j) the providing of other reasonable assistance in
connection with the distribution of fund shares; (k) the organizing and
conducting of sales seminars and payments in the form of transactional and
compensation or promotional incentives; (l) profit on the foregoing; (m) the
payment of "service fees" for the provision of personal, continuing services to
investors, as contemplated by the Rules of Fair Practice of the NASD; and (n)
such other distribution and services activities as the advisor determines may be
paid for by the funds pursuant to the terms of this Agreement and in accordance
with Rule 12b-1 of the Investment Company Act.

BUYING AND SELLING FUND SHARES

Information about buying, selling and exchanging fund shares is contained in
the American Century Investor Services Guide. The guide is available to
investors without charge and may be obtained by calling us.

VALUATION OF A FUND'S SECURITIES

Each fund's net asset value (NAV) is calculated as of the close of business
of the New York Stock Exchange (the Exchange), usually at 4 p.m. Eastern time
each day the Exchange is open for business. The Exchange has designated the
following holiday closings for 1999: New Year's Day, Martin Luther King Jr. Day,
Presidents' Day, Good Friday, Memorial Day, Independence Day, Labor Day,
Thanksgiving Day and Christmas Day. Although the funds expect the same holiday
schedule to be observed in the future, the Exchange may modify its holiday
schedule at any time.

Each fund's NAV is calculated by adding the value of all portfolio
securities and other assets, deducting liabilities and dividing the result by
the number of shares outstanding. Expenses and interest earned on portfolio
securities are accrued daily.

The portfolio securities of the fund, except as otherwise noted, listed or
traded on a domestic securities exchange are valued at the last sale price on
that exchange. Portfolio securities primarily traded on foreign securities
exchanges are generally valued at the preceding closing values of such
securities on the exchange where primarily traded or as of the close

24 American Century Investments

of the New York Stock Exchange, if that is earlier. That value is then converted
to U.S. dollars at the prevailing foreign exchange rate. If no sale is reported,
or if local convention or regulation so provides, the mean of the latest bid and
asked prices is used. Depending on local convention or regulation, securities
traded over-the-counter are priced at the mean of the latest bid and asked
prices, or at the last sale price. When market quotations are not readily
available, securities and other assets are valued at fair value as determined in
accordance with procedures adopted by the Board of Directors.

Debt securities not traded on a principal securities exchange are valued
through valuations obtained from a commercial pricing service or at the most
recent mean of the bid and asked prices provided by investment dealers in
accordance with procedures established by the Board of Directors.

Debt securities maturing within 60 days of the valuation date may be valued
at cost, plus or minus any amortized discount or premium, unless the trustees
determine that this would not result in fair valuation of a given security.
Other assets and securities for which quotations are not readily available are
valued in good faith at their fair value using methods approved by the Board of
Directors.

Trading in securities on European and Far Eastern securities exchanges and
over-the-counter markets is normally completed at various times before the close
of business on each day that the New York Stock Exchange is open. If an event
were to occur after the value of a security was established but before the net
asset value per share was determined that was likely to materially change the
net asset value, then that security would be valued at fair value as determined
in accordance with procedures adopted by the Board of Directors.

Trading of these securities in foreign markets may not take place on every
New York Stock Exchange business day. In addition, trading may take place in
various foreign markets on Saturdays or on other days when the New York Stock
Exchange is not open and on which the fund's net asset value is not calculated.
Therefore, such calculation does not take place contemporaneously with the
determination of the prices of many of the portfolio securities used in such
calculation and the value of the fund's portfolio may be affected on days when
shares of the fund may not be purchased or redeemed.

TAXES

FEDERAL INCOME TAXES

Each fund intends to qualify annually as a regulated investment company
under Subchapter M of the Internal Revenue Code of 1986, as amended (the Code).
By so qualifying, a fund will be exempt from federal income taxes to the extent
that it distributes substantially all of its net investment income and net
realized capital gains (if any) to shareholders. If a fund fails to qualify as a
regulated investment company, it will be liable for taxes, significantly
reducing its distributions to shareholders and eliminating shareholders' ability
to treat distributions of the funds in the manner they were realized by the
funds.

If fund shares are purchased through taxable accounts, distributions of net
investment income and net short-term capital gains are taxable to you as
ordinary income. The dividends from net income may quality for the 70% dividends
received deduction for corporations to the extent that the fund held shares
receiving the dividend for more than 45 days. Distributions from gains on assets
held greater than 12 months are taxable as long-term gains regardless of the
length of time you have held the shares. However, you should note that any loss
realized upon the sale or redemption of shares held for six months or less will
be treated as a long-term capital loss to the extent of any distributions of
long-term capital gain to you with respect to such shares.

Dividends and interest received by a fund on foreign securities may give
rise to withholding and other taxes imposed by foreign countries. Tax
conventions between certain countries and the United States may reduce or
eliminate such taxes. Foreign countries generally do not impose taxes on capital
gains in respect of investments by non-resident investors. The foreign taxes
paid by a fund will reduce its dividends.

If more than 50% of the value of a fund's total assets at the end of each
quarter of its fiscal year consists of securities of foreign corporations, the
fund may qualify for and make an election with the Internal Revenue Service with
respect to such fiscal year so that fund shareholders may be able to claim a

Statement of Additional Information 25

foreign tax credit in lieu of a deduction for foreign income taxes paid by the
fund. If such an election is made, the foreign taxes paid by the fund will be
treated as income received by you. In order for the shareholder to utilize the
foreign tax credit, the mutual fund shares must have been held for 16 days or
more during the 30-day period, beginning 15 days prior to the ex-dividend date
for the mutual fund shares. The mutual fund must meet a similar holding period
requirement with respect to foreign securities to which a dividend is
attributable. Any portion of the foreign tax credit which is ineligible as a
result of the fund not meeting the holding period requirement will be separately
disclosed and may be eligible as an itemized deduction.

If a fund purchases the securities of certain foreign investment funds or
trusts called passive foreign investment companies (PFIC), capital gains on the
sale of such holdings will be deemed to be ordinary income regardless of how
long the fund holds its investment. The fund also may be subject to corporate
income tax and an interest charge on certain dividends and capital gains earned
from these investments, regardless of whether such income and gains are
distributed to shareholders. In the alternative, the fund may elect to recognize
cumulative gains on such investments as of the last day of its fiscal year and
distribute it to shareholders. Any distribution attributable to a PFIC is
characterized as ordinary income.

If you have not complied with certain provisions of the Internal Revenue
Code and Regulations, either we or your financial intermediary is required by
federal law to withhold and remit to the IRS 31% of reportable payments (which
may include dividends, capital gains distributions and redemptions). Those
regulations require you to certify that the Social Security number or tax
identification number you provide is correct and that you are not subject to 31%
withholding for previous under-reporting to the IRS. You will be asked to make
the appropriate certification on your application. Payments reported by us that
omit your Social Security number or tax identification number will subject us to
a penalty of $50, which will be charged against your account if you fail to
provide the certification by the time the report is filed, and is not
refundable.

Redemption of shares of a fund (including redemption made in an exchange
transaction) will be a taxable transaction for federal income tax purposes and
shareholders will generally recognize gain or loss in an amount equal to the
difference between the basis of the shares and the amount received. If a loss is
realized on the redemption of fund shares, the reinvestment in additional fund
shares within 30 days before or after the redemption may be subject to the "wash
sale" rules of the Code, resulting in a postponement of the recognition of such
loss for federal income tax purposes.

STATE AND LOCAL TAXES

Distributions may also be subject to state and local taxes, even if all or a
substantial part of such distributions are derived from interest on U.S.
government obligations which, if you received them directly, would be exempt
from state income tax. However, most but not all states allow this tax exemption
to pass through to fund shareholders when a fund pays distributions to its
shareholders. You should consult your tax advisor about the tax status of such
distributions in your own state.

HOW FUND PERFORMANCE INFORMATION IS CALCULATED

The funds may quote performance in various ways. Fund performance may be
shown by presenting one or more performance measurements, including cumulative
total return, average annual total return or yield.

All performance information advertised by the funds is historical in nature
and is not intended to represent or guarantee future results. The value of fund
shares when redeemed may be more or less than their original cost.

Total returns quoted in advertising and sales literature reflect all aspects
of a fund's return, including the effect of reinvesting dividends and capital
gain distributions (if any) and any change in the fund's NAV during the period.

Average annual total returns are calculated by determining the growth or
decline in value of a hypothetical historical investment in a fund during a
stated period and then calculating the annually compounded percentage rate that
would have produced the same result if the rate of growth or decline in value
had been constant throughout the period. For example, a cumulative total return
of 100% over 10 years would produce an average annual return of 7.18%, which is
the steady annual rate that would equal 100% growth

26 American Century Investments

on a compounded basis in 10 years. While average annual total returns are a
convenient means of comparing investment alternatives, investors should realize
that the funds' performance is not constant over time, but changes from
year-to-year, and that average annual total returns represent averaged figures
as opposed to actual year-to-year performance.

The following tables set forth the average annual total return for the
various classes of the funds for the one-, five- and 10-year periods (or the
period since inception) ended November 30, 1998, the last day of the funds'
fiscal year.

In addition to average annual total returns, each fund may quote unaveraged
or cumulative total returns reflecting the simple change in value of an
investment over a stated period, including periods other than one, five and 10
years. Average annual and cumulative total returns may be quoted as percentages
or as dollar amounts and may be calculated for a single investment, a series of
investments, or a series of redemptions over any time period. Total returns may
be broken down into their components of income and capital (including capital
gains and changes in share price) to illustrate the relationship of these
factors and their contributions to total return.

As a new fund, performance information for Global Growth is not available as
of the date of this Statement of Additional Information.

PERFORMANCE COMPARISONS

The funds' performance may be compared with the performance of other mutual
funds tracked by mutual fund rating services or with other indexes of market
performance. This may include comparisons with funds that, unlike the American
Century funds, are sold with a sales charge or deferred sales charge. Sources of
economic data that may be used for such comparisons may include, but are not
limited to, U.S. Treasury bill, note and bond yields, money market fund yields,
U.S. government debt and percentage held by foreigners, the U.S. money supply,
net free

<TABLE>

AVERAGE ANNUAL TOTAL RETURNS -- INVESTOR CLASS

Fund 1 year 5 years 10 years From Inception
<S> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------------
Global Growth(1) N/A N/A N/A N/A

International Growth(2) 16.74% 12.76% N/A 14.13%

International Discovery(3) 14.79% N/A N/A 16.86%

Emerging Markets(4) -15.90% N/A N/A -26.51%
- ---------------------------------------------------------------------------------------------------------

(1) Commenced operations on December 1, 1998.

(2) Commenced operations on May 9, 1991.

(3) Commenced operations on April 1, 1994.

(4) Commenced operations on September 30, 1997.

AVERAGE ANNUAL TOTAL RETURNS -- INSTITUTIONAL CLASS

Fund 1 year 5 years 10 years From Inception
- ------------------------------------------------------------------------------------------------------------
International Growth(1) 17.14% N/A N/A 16.15%

International Discovery(2) N/A N/A N/A 13.08%
- ------------------------------------------------------------------------------------------------------------

(1) Commenced operations on November 20, 1997.

(2) Commenced operations on January 2, 1998.

AVERAGE ANNUAL TOTAL RETURNS -- ADVISOR CLASS

Fund 1 year 5 years 10 years From Inception
- -----------------------------------------------------------------------------------------------------------

International Growth(1) 16.58% N/A N/A 17.84%

International Discovery(2) N/A N/A N/A -8.71%
- -----------------------------------------------------------------------------------------------------------

(1) Commenced operations on October 2, 1996.

(2) Commenced operations on April 28, 1998.
</TABLE>

Statement of Additional Information 27

reserves, and yields on current-coupon GNMAs (source: Board of Governors of the
Federal Reserve System); the federal funds and discount rates (source: Federal
Reserve Bank of New York); yield curves for U.S. Treasury securities and
AA/AAA-rated corporate securities (source: Bloomberg Financial Markets); yield
curves for AAA-rated tax-free municipal securities (source: Telerate); yield
curves for foreign government securities (sources: Bloomberg Financial Markets
and Data Resources, Inc.); total returns on foreign bonds (source: J.P. Morgan
Securities Inc.); various U.S. and foreign government reports; the junk bond
market (source: Data Resources, Inc.); the CRB Futures Index (source: Commodity
Index Report); the price of gold (sources: London a.m./p.m. fixing and New York
Comex Spot Price); rankings of any mutual fund or mutual fund category tracked
by Lipper, Inc. or Morningstar, Inc.; mutual fund rankings published in major,
nationally distributed periodicals; data provided by the Investment Company
Institute; Ibbotson Associates, Stocks, Bonds, Bills, and Inflation; major
indices of stock market performance; and indexes and historical data supplied by
major securities brokerage or investment advisory firms. The funds also may
utilize reprints from newspapers and magazines furnished by third parties to
illustrate historical performance or to provide general information about the
funds.

PERMISSIBLE ADVERTISING INFORMATION

From time to time, the funds may, in addition to any other permissible
information, include the following types of information in advertisements,
supplemental sales literature and reports to shareholders: (1) discussions of
general economic or financial principles (such as the effects of compounding and
the benefits of dollar-cost averaging); (2) discussions of general economic
trends; (3) presentations of statistical data to supplement such discussions;
(4) descriptions of past or anticipated portfolio holdings for one or more of
the funds; (5) descriptions of investment strategies for one or more of the
funds; (6) descriptions or comparisons of various savings and investment
products (including, but not limited to, qualified retirement plans and
individual stocks and bonds), which may or may not include the funds; (7)
comparisons of investment products (including the funds) with relevant market or
industry indices or other appropriate benchmarks; (8) discussions of fund
rankings or ratings by recognized rating organizations; and (9) testimonials
describing the experience of persons that have invested in one or more of the
funds. The funds may also include calculations, such as hypothetical compounding
examples, which describe hypothetical investment results in such communications.
Such performance examples will be based on an express set of assumptions and are
not indicative of the performance of any of the funds.

MULTIPLE CLASS PERFORMANCE ADVERTISING

Pursuant to the Multiple Class Plan, the funds may issue additional classes
of existing funds or introduce new funds with multiple classes available for
purchase. To the extent a new class is added to an existing fund, the managers
may, in compliance with SEC and NASD rules, regulations and guidelines, market
the new class of shares using the historical performance information of the
original class of shares. When quoting performance information for the new class
of shares for periods prior to the first full quarter after inception, the
original class' performance will be restated to reflect the expenses of the new
class and for periods after the first full quarter after inception, actual
performance of the new class will be used.

FINANCIAL STATEMENTS

The financial statements of the funds (other than Global Growth), are
included in the Annual Report to shareholders for the fiscal year ended November
30, 1998. The Annual Report is incorporated herein by reference. You may receive
copies of the reports without charge upon request to American Century at the
address and telephone number shown on the back cover of this Statement of
Additional Information.

28 American Century Investments

EXPLANATION OF FIXED-INCOME SECURITIES RATINGS

As described in the Prospectuses and in this SAI, the funds may invest in
fixed-income securities. Those investments, however, are subject to certain
credit quality restrictions. The following is a summary of the rating categories
referenced in such disclosure.

To provide more detailed indications of credit quality, the Standard & Poor's
ratings from AA to CCC may be modified by the addition of a plus or minus sign
to show relative standing within these major rating categories. Similarly,
Moody's adds numerical modifiers (1,2,3) to designate relative standing within
its major bond rating categories. Fitch Investors Service, Inc. also rates bonds
and uses a ratings system that is substantially similar to that used by Standard
& Poor's.

BOND RATINGS

S&P Moody's Description
- --------------------------------------------------------------------------------
AAA Aaa These are the highest ratings assigned by S&P and Moody's to a debt
obligation and indicates an extremely strong capacity to pay
interest and repay principal.
- --------------------------------------------------------------------------------
AA Aa Debt rated in this category is considered to have a very strong
capacity to pay interest and repay principal and differs from
AAA/Aaa issues only in a small degree.
- --------------------------------------------------------------------------------
A A Debt rated A has a strong capacity to pay interest and repay
principal although it is somewhat more susceptible to the adverse
effects of changes in circumstances and economic conditions than
debt in higher-rated categories.
- --------------------------------------------------------------------------------
BBB Baa Debt rated BBB/Baa is regarded as having an adequate capacity
to pay interest and repay principal. Whereas it normally exhibits
adequate protection parameters, adverse economic conditions or
changing circumstances are more likely to lead to a weakened
capacity to pay interest and repay principal for debt in this
category than in higher-rated categories.
- --------------------------------------------------------------------------------
BB Ba Debt rated BB/Ba has less near-term vulnerability to default
than other speculative issues. However, it faces major ongoing
uncertainties or exposure to adverse business, financial or
economic conditions that could lead to inadequate capacity to meet
timely interest and principal payments. The BB rating category also
is used for debt subordinated to senior debt that is assigned an
actual or implied BBB- rating.
- --------------------------------------------------------------------------------
B B Debt rated B has a greater vulnerability to default but currently
has the capacity to meet interest payments and principal
repayments. Adverse business, financial or economic conditions
will likely impair capacity or willingness to pay interest and
repay principal. The B rating category is also used for debt
subordinated to senior debt that is assigned an actual or implied
BB/Ba or BB-/Ba3 rating.
- --------------------------------------------------------------------------------
CCC Caa Debt rated CCC/Caa has a currently identifiable vulnerability to
default and is dependent upon favorable business, financial and
economic conditions to meet timely payment of interest and
repayment of principal. In the event of adverse business, financial
or economic conditions, it is not likely to have the capacity to
pay interest and repay principal. The CCC/Caa rating category is
also used for debt subordinated to senior debt that is assigned an
actual or implied B or B-/B3 rating.
- --------------------------------------------------------------------------------
CC Ca The rating CC/Ca typically is applied to debt subordinated to
senior debt that is assigned an actual or implied CCC/Caa rating.
- --------------------------------------------------------------------------------
C C The rating C typically is applied to debt subordinated to senior
debt, which is assigned an actual or implied CCC-/Caa3 debt rating.
The C rating may be used to cover a situation where a bankruptcy
petition has been filed, but debt service payments are continued.
- --------------------------------------------------------------------------------
CI - The rating CI is reserved for income bonds on which no interest
is being paid.
- --------------------------------------------------------------------------------
D D Debt rated D is in payment default. The D rating category is used
when interest payments or principal payments are not made on the
date due even if the applicable grace period has not expired,
unless S&P believes that such payments will be made during such
grace period. The D rating also will be used upon the filing of a
bankruptcy petition if debt service payments are jeopardized.
- --------------------------------------------------------------------------------

Statement of Additional Information 29

COMMERCIAL PAPER RATINGS

S&P Moody's Description
- --------------------------------------------------------------------------------
A-1 Prime-1 This indicates that the degree of safety regarding
(P-1) timely payment is strong. Standard & Poor's
rates those issues determined to possess extremely
strong safety characteristics as A-1+.
- --------------------------------------------------------------------------------
A-2 Prime-2 Capacity for timely payment on commercial paper is
(P-2) satisfactory, but the relative degree of
safety is not as high as for issues designated A-1.
Earnings trends and coverage ratios, while sound, will
be more subject to variation. Capitalization
characteristics, while still appropriated, may be more
affected by external conditions. Ample alternate
liquidity is maintained.
- --------------------------------------------------------------------------------
A-3 Prime-3 Satisfactory capacity for timely repayment. Issues that
(P-3) carry this rating are somewhat more vulnerable to the
adverse changes in circumstances than obligations
carrying the higher designations.
- --------------------------------------------------------------------------------

NOTE RATINGS

S&P Moody's Description
- --------------------------------------------------------------------------------
SP-1 MIG-1; VMIG-1 Notes are of the highest quality enjoying
strong protection from established cash flows of funds
for their servicing or from established and broad-based
access to the market for refinancing, or both.
- --------------------------------------------------------------------------------
SP-2 MIG-2; VMIG-2 Notes are of high quality, with margins
of protection ample, although not so large as in the
preceding group.
- --------------------------------------------------------------------------------
SP-3 MIG-3; VMIG-3 Notes are of favorable quality, with all security
elements accounted for, but lacking the undeniable
strength of the preceding grades. Market access for
refinancing, in particular, is likely to be less well
established.
- --------------------------------------------------------------------------------
SP-4 MIG-4; VMIG-4 Notes are of adequate quality, carrying specific risk
but having protection and not distinctly or
predominantly speculative.
- --------------------------------------------------------------------------------

30 American Century Investments

MORE INFORMATION ABOUT THE FUNDS IS CONTAINED IN THESE DOCUMENTS

ANNUAL AND SEMIANNUAL REPORTS

These contain more information about the funds' investments and the market
conditions and investment strategies that significantly affected the funds'
performance during the most recent fiscal period. The annual and semiannual
reports are incorporated by reference into this SAI. This means that these are
legally part of this SAI.

You can receive a free copy of the annual and semiannual reports, and ask any
questions about the funds, by contacting us at one of the addresses or telephone
numbers listed below.

If you own or are considering purchasing fund shares through

* an employer-sponsored retirement plan
* a bank
* a broker-dealer
* an insurance company
* another financial intermediary

you can receive the annual and semiannual reports directly from them.

You also can get information about the funds from the Security and Exchange
Commission (SEC).

* In person SEC Public Reference Room
Washington, D.C.
Call 1-800-SEC-0330 for location and hours.

* On the Internet www.sec.gov

* By mail SEC Public Reference Section
Washington, D.C. 20549-6009
(The SEC will charge a fee for copying the documents.)

Investment Company Act File No. 811-6247

[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

WWW.AMERICANCENTURY.COM

FAX
816-340-7962

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

BUSINESS; NOT-FOR-PROFIT AND
EMPLOYER-SPONSORED RETIREMENT PLANS
1-800-345-353

SH-SAI-15543 9904
<PAGE>

PART C OTHER INFORMATION

ITEW 23. Exhibits (all exhibits not filed herewith are being incorporated
herein by reference).

(a) (1) Articles of Incorporation of Twentieth Century World
Investors, Inc. (filed electronically as an Exhibit to
Post-Effective Amendment No. 6 to the Registration Statement
on March 29, 1996, File No. 33-39242).

(2) Articles of Amendment of Twentieth Century World
Investors, Inc., dated August 10, 1993 (filed electronically
as an Exhibit to Post-Effective Amendment No. 9 to the
Registration Statement on March 30, 1998, File No.
33-39242).

(3) Articles Supplementary of Twentieth Century World
Investors, Inc., dated November 8, 1993 (filed
electronically as an Exhibit to Post-Effective Amendment No.
6 to the Registration Statement on March 29, 1996, File No.
33-39242).

(4) Articles Supplementary of Twentieth Century World
Investors, Inc., dated April 24, 1995 (filed electronically
as an Exhibit to Post-Effective Amendment No. 6 to the
Registration Statement on March 29, 1996, File No.
33-39242).

(5) Articles Supplementary of Twentieth Century World
Investors, Inc., dated March 11, 1996 filed electronically
as an Exhibit to Post-Effective Amendment No. 7 to the
Registration Statement on June 13, 1996, File No. 33-39242).

(6) Articles Supplementary of Twentieth Century World
Investors, Inc., dated September 9, 1996 (filed
electronically as an Exhibit to Post-Effective Amendment No.
9 to the Registration Statement on March 30, 1998, File No.
33-39242).

(7) Articles of Amendment of Twentieth Century World
Investors, Inc. dated December 2, 1996 (filed electronically
as an Exhibit to Post-Effective Amendment No. 8 to the
Registration Statement on March 31, 1997, File No.
33-39242).

(8) Articles Supplementary of American Century World Mutual
Funds, Inc. dated December 2, 1996 (filed electronically as
an Exhibit to Post-Effective Amendment No. 8 to the
Registration Statement on March 31, 1997, File No.
33-39242).

(9) Articles Supplementary of American Century World Mutual
Funds, Inc. dated November 13, 1998 (filed electronically as
an Exhibit to Post-Effective Amendment No. 12 to the
Registration Statement of the Registrant on November 13,
1998, File No. 33-39242).

(10) Articles Supplementary of American Century World Mutual
Funds, Inc. dated February 16, 1999 (filed herein as
EX-99.a10).

(b) (1) By-Laws of Twentieth Century World Investors, Inc.
(filed electronically as an Exhibit to Post-Effective
Amendment No. 6 to the Registration Statement of the
Registrant on March 29, 1996, File No. 33-39242).

(2) Amendment to By-Laws of American Century World Mutual
Funds, Inc. (filed electronically as an Exhibit to
Post-Effective Amendment No. 9 to the Registration Statement
of American Century Capital Portfolios, Inc. on February 17,
1998, File No. 33-64872).

(c) Registrant hereby incorporates by reference, as though set
forth fully herein, Article Fifth, Article Seventh, Article
Eighth, and Article Ninth of Registrants Articles of
Incorporation, appearing as Exhibit (a)(1) to Post-Effective
Amendment No. 6 on Form N-1A of the Registrant, and Article
Fifth of Registrants Articles of Amendment, apearing as
Exhibit (a)(2) to Post-Effective Amendment No. 9 to the
Registration Statement on March 30, 1998; and Sections 3, 4,
5, 7, 8, 9, 10, 11, 22, 25, 30, 31, 33, 39, 45 and 46 of
Registrants By-Laws appearing as Exhibit (b)(1) to
Post-Effective Amendment No. 6 on Form N-1A, and Sections
25, 30 & 31 of Registrants By-Laws appearing as Exhibit
(b)(2) to Post-Effective Amendment No. 9 on Form N-1A of
American Century Capital Portfolios, Inc., Commission No.
33-64872.

(d) (1) Management Agreement between American Century World
Mutual Funds, Inc. and American Century Investment
Management, Inc. dated August 1, 1997 (filed electronically
as an Exhibit to Post-Effective Amendment No. 12 to the
Registration Statement of the Registrant on November 13,
1998, File No. 33-39242).

(2) Addendum to Management Agreement between American
Century World Mutual Funds, Inc. and American Century
Investment Management, Inc. dated December 1, 1998 (filed
herein as EX-99.d2).

(e) (1) Distribution Agreement between American Century World
Mutual Funds, Inc. and Funds Distributor, Inc. dated January
15, 1998 (filed electronically as an Exhibit to
Post-Effective Amendment No. 28 to the Registration
Statement of American Century Target Maturities Trust on
January 30, 1998, File No. 2-94608).

(2) Amendment No. 1 to the Distribution Agreement between
American Century World Mutual Funds, Inc. and Funds
Distributor, Inc. dated June 1, 1998 (filed electronically
as an Exhibit to Post-Effective Amendment No. 11 to the
Registration Statment of American Century Capital
Portfolios, Inc. on June 26, 1998, File No. 33-64872).

(3) Amendment No. 2 to the Distribution Agreement between
American Century World Mutual Funds, Inc. and Funds
Distributor, Inc. dated December 1, 1998 (filed
electronically as an Exhibit to Post-Effective Amendment No.
12 to the Registration Statement of the Registrant on
November 13, 1998, File No. 33-39242).

(4) Amendment No. 3 to the Distribution Agreement between
American Century World Mutual Funds, Inc. and Funds
Distributor, Inc. dated January 29, 1999 (filed
electronically as Exhibit to Post-Effective Amendment No. 28
on Form N-1A of American Century California Tax-Free and
Municipal Funds, on December 28, 1998, File No. 2-82734).

(f) Not applicable.

(g) (1) Master Agreement by and between Twentieth Century
Services, Inc. and Commerce Bank, N. A. dated January 22,
1997 (filed electronically as an Exhibit to Post-Effective
Amendment No. 76 to the Registration Statement of American
Century Mutual Funds, Inc., File No. 2-14213).

(2) Global Custody Agreement between The Chase Manhattan
Bank and the Twentieth Century and Benham funds, dated
August 6, 1996 (filed electronically as an Exhibit to
Post-Effective Amendment No. 31 of American Century
Government Income Trust, File No. 2-99222).

(h) Transfer Agency Agreement dated as of March 1, 1991, by and
between Twentieth Century World Investors, Inc. and
Twentieth Century Services, Inc. (filed electronically as an
Exhibit to Post-Effective Amendment No. 6 to the
Registration Statement of the Registrant on March 29, 1996,
File No. 33-39242).

(i) Opinion and Consent of Counsel (filed herein as EX-99.i).

(j) (1) Consent of Deloitte & Touche LLP (filed herein as
EX-99.j1).

(2) Power of Attorney dated February 19, 1999 (filed
herewith as EX-99.j2).

(k) Not applicable.

(l) Not applicable.

(m) (1) Master Distribution and Shareholder Services Plan of
Twentieth Century Capital Portfolios, Inc., Twentieth
Century Investors, Inc., Twentieth Century Strategic Asset
Allocations, Inc. and Twentieth Century World Investors,
Inc. (Advisor Class) dated September 3, 1996 (filed
electronically as an Exhibit to Post-Effective Amendment No.
9 of American Century Capital Portfilios, Inc., File No.
33-64872).

(2) Amendment No. 1 to Master Distribution and Shareholder
Services Plan of American Century Capital Portfolios, Inc.,
American Century Mutual Funds, Inc., American Century
Strategic Asset Allocations, Inc. and American Century World
Mutual Funds, Inc. (Advisor Class) dated June 13, 1997
(filed electronically as an exhibit to Post-Effective
Amendment No. 77 of American Century Mutual Funds, Inc.,
File No. 2-14213).

(3) Amendment No. 2 to Master Distribution and Shareholder
Services Plan of American Century Capital Portfolios, Inc.,
American Century Mutual Funds, Inc., American Century
Strategic Asset Allocations, Inc. and American Century World
Mutual Funds, Inc. (Advisor Class) dated September 30, 1997
(filed electronically as an exhibit to Post-Effective
Amendment No. 78 of American Century Mutual Funds, Inc.,
File No. 2-14213).

(4) Amendment No. 3 to Master Distribution and Shareholder
Services Plan of American Century Capital Portfolios, Inc.,
American Century Mutual Funds, Inc., American Century
Strategic Asset Allocations, Inc., and American Century
World Mutual Funds, Inc. (Advisor Class) dated June 30, 1998
(filed electronically as an Exhibit to Post-Effective
Amendment No. 11 of American Century Capital Portfolios,
Inc., File No. 33-64872).

(5) Amendment No. 4 to Master Distribution and Shareholder
Services Plan of American Century Capital Portfolios, Inc.,
American Century Mutual Funds, Inc., American Century
Strategic Asset Allocations, Inc., and American Century
World Mutual Funds, Inc. (Advisor Class) dated November 13,
1998 (filed electronically as an Exhibit to Post-Effective
Amendment No. 12 to the Registration Statement of the
Registrant on November 13, 1998, File No. 33-39242).

(6) Amendment No. 5 to Master Distribution and Shareholder
Services Plan of American Century Capital Portfolios, Inc.,
American Century Mutual Funds, Inc., American Century
Strategic Asset Allocations, Inc. and American Century World
Mutual Funds, Inc. (Advisor Class) dated February 16, 1999
(filed electronically as an Exhibit to Post-Effective
Amendment No. 83 of American Century Mutual Funds, Inc.,
File No. 2-14213).

(7) Shareholder Services Plan of Twentieth Century Capital
Portfolios, Inc., Twentieth Century Investors, Inc.,
Twentieth Century Strategic Asset Allocations, Inc. and
Twentieth Century World Investors, Inc. (Service Class)
dated September 3, 1996 (filed electronically as an Exhibit
to Post-Effective Amendment No. 9 on of American Century
Capital Portfolios, Inc., File No. 33-64872).

(n) (1) Financial Data Schedule - International Growth Fund is
filed herewith.

(2) Financial Data Schedule - International Discovery Fund
is filed herewith.

(3) Financial Data Schedule - Emerging Markets Fund is filed
herewith.

(4) Financial Data Schedule - Global Growth Fund is filed
herewith.

(o) (1) Multiple Class Plan of Twentieth Century Capital
Portfolios, Inc., Twentieth Century Investors, Inc.,
Twentieth Century Strategic Asset Allocations, Inc. and
Twentieth Century World Investors, Inc. dated September 3,
1996 (filed electronically as an Exhibit to Post-Effective
Amendment No. 9 of American Century Capital Portfolios, Inc,
File No. 33-64872).

(2) Amendment No. 1 to Multiple Class Plan of American
Century Capital Portfolios, Inc., American Century Mutual
Funds, Inc., American Century Strategic Asset Allocations,
Inc. and American Century World Mutual Funds, Inc. dated
June 13, 1997 (filed electronically as an Exhibit to
Post-Effective Amendment No. 77 of American Century Mutual
Funds, Inc., File No. 2-14213).

(3) Amendment No. 2 to Multiple Class Plan of American
Century Capital Portfolios, Inc., American Century Mutual
Funds, Inc., American Century Strategic Asset Allocations,
Inc. and American Century World Mutual Funds, Inc. dated
September 30, 1997 (filed electronically as an Exhibit to
Post-Effective Amendment No. 78 of American Century Mutual
Funds, Inc., File No. 2-14213).

(4) Amendment No. 3 to Multiple Class Plan of American
Century Capital Portfolios, Inc., American Century Mutual
Funds, Inc., American Century Strategic Asset Allocations,
Inc. and American Century World Mutual Funds, Inc. dated
June 30, 1998 (filed electronically as an Exhibit to
Post-Effective Amendment No. 11 of American Century Capital
Portfolios, Inc., File No. 33-64872).

(5) Amendment No. 4 to Multiple Class Plan of American
Century Capital Portfolios, Inc., American Century Mutual
Funds, Inc., American Century Strategic Asset Allocations,
Inc. and American Century World Mutual Funds, Inc. dated
November 13, 1998 (filed electronically as an Exhibit to
Post-Effective Amendment No. 12 to the Registration
Statement of the Registrant on November 13, 1998, File No.
33-39242).

(6) Amendment No. 5 to Multiple Class Plan of American
Century Capital Portfolios, Inc., American Century Mutual
Funds, Inc., American Century Strategic Asset Allocations,
Inc. and American Century World Mutual Funds, Inc. dated
January 29, 1999 (filed electronically as an Exhibit to
Post-Effective Amendment No. 14 of American Century Capital
Portfolios, Inc. on December 29, 1998, File No. 33-64872).

ITEM 24 Persons Controlled by or Under Common Control with Registrant - None.

ITEM 25 Indemnification.

The Registrant is a Maryland Corporation. Section 2-418 of the
Maryland General Corporation Law allows a Maryland corporation to
indemnify its officers, directors, employees and agents to the extent
provided in such statute.

Article XIII of the Registrant's Articles of Incorporation, requires
the indemnification of the Registrant's directors and officers to the
extent permitted by Section 2-418 of the Maryland General Corporation
Law, the Investment Company Act of 1940 and all other applicable laws.

The Registrant has purchased an insurance policy insuring its officers
and directors against certain liabilities which such officers and
directors may incur while acting in such capacities and providing
reimbursement to the Registrant for sums which it may be permitted or
required to pay to its officers and directors by way of
indemnification against such liabilities, subject in either case to
clauses respecting deductibility and participation.

ITEM 26 Business and Other Connections of Investment Advisor.

American Century Investment Management, Inc., the investment advisor,
is engaged in the business of managing investments for registered
investment companies, deferred compensation plans and other
institutional investors.

ITEM 27 Principal Underwriter.

(a) Funds Distributor, Inc. (the "Distributor") acts as principal
underwriter for the following investment companies.

American Century California Tax-Free and Municipal Funds
American Century Capital Portfolios, Inc.
American Century Government Income Trust
American Century International Bond Funds
American Century Investment Trust
American Century Municipal Trust
American Century Mutual Funds, Inc.
American Century Premium Reserves, Inc.
American Century Quantitative Equity Funds
American Century Strategic Asset Allocations, Inc.
American Century Target Maturities Trust
American Century Variable Portfolios, Inc.
American Century World Mutual Funds, Inc.
The Brinson Funds
Dresdner RCM Capital Funds, Inc.
Dresdner RCM Equity Funds, Inc.
Harris Insight Funds Trust
HT Insight Funds, Inc. d/b/a Harris Insight Funds
J.P. Morgan Institutional Funds
J.P. Morgan Funds
JPM Series Trust
JPM Series Trust II
LaSalle Partners Funds, Inc.
Kobrick-Cendant Investment Trust
Merrimac Series
Monetta Fund, Inc.
Monetta Trust
The Montgomery Funds I
The Montgomery Funds II
The Munder Framlington Funds Trust
The Munder Funds Trust
The Munder Funds, Inc.
National Investors Cash Management Fund, Inc.
Orbitex Group of Funds
SG Cowen Funds, Inc.
SG Cowen Income + Growth Fund, Inc.
SG Cowen Standby Reserve Fund, Inc.
SG Cowen Standby Tax-Exempt Reserve Fund, Inc.
SG Cowen Series Funds, Inc.
St. Clair Funds, Inc.
The Skyline Funds
Waterhouse Investors Family of Funds, Inc.
WEBS Index Fund, Inc.

The Distributor is registered with the Securities and Exchange
Commission as a broker-dealer and is a member of the National Association of
Securities Dealers. The Distributor is located at 60 State Street, Suite 1300,
Boston, Massachusetts 02109. The Distributor is an indirect wholly-owned
subsidiary of Boston Institutional Group, Inc., a holding company all of whose
outstanding shares are owned by key employees.

(b) The following is a list of the executive officers, directors and
partners of the Distributor:

<TABLE>
<CAPTION>
Name and Principal Business Address* Positions and Offices with Positions and Offices with
Underwriter Registrant
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C>
Marie E. Connolly Director, President and Chief none
Executive Officer

George A. Rio Executive Vice President President, Principal Executive
and Principal Financial Officer

Donald R. Roberson Executive Vice President none

William S. Nichols Executive Vice President none

Margaret W. Chambers Senior Vice President, none
General Counsel, Chief
Compliance Officer,
Secretary and Clerk
Michael S. Petrucelli Senior Vice President none

Joseph F. Tower, III Director, Senior Vice President, none
Treasurer and Chief Financial
Officer

Paula R. David Senior Vice President none

Gary S. MacDonald Senior Vice President none

Judith K. Benson Senior Vice President none

William J. Nutt Chairman and Director none
- --------------------
* All addresses are 60 State Street, Suite 1300, Boston, Massachusetts 02109

ITEM 28 Location of Accounts and Records.

All accounts, books and other documents required to be maintained by
Section 31(a) of the 1940 Act, and the rules promulgated thereunder,
are in the possession of Registrant, American Century Services
Corporation and American Century Investment Management, Inc., all
located at American Century Tower, 4500 Main Street, Kansas City,
Missouri 64111.

ITEM 29 Management Services.

Not applicable.

ITEM 30 Undertakings.

Not applicable.
<PAGE>
SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 and the
Investment Company Act of 1940, American Century World Mutual Funds, Inc., the
Registrant, certifies that it meets all the requirements for effectiveness of
this Post-Effective Amendment No. 15 to it's Registration Statement pursuant to
Rule 485(b) promulgated under the Securities Act of 1933, as amended, and has
duly caused this Post-Effective Amendment No. 15 to be signed on its behalf by
the undersigned, thereunto duly authorized, in the City of Kansas City, State of
Missouri on the 31st day of March, 1999.

American Century World Mutual Funds, Inc.
(Registrant)

By: /*/George A. Rio
George A. Rio
President and Principal Executive Officer

Pursuant to the requirements of the Securities Act of 1933, this
Post-Effective Amendment No. 15 has been signed below by the following persons
in the capacities and on the dates indicated.

Signature Title Date

*George A. Rio President, Principal Executive March 31, 1999
George A. Rio and Principal Financial Officer

*Maryanne Roepke Vice President, Treasurer and March 31, 1999
Maryanne Roepke Principal Financial Officer

*James E. Stowers, Jr. Chairman of the Board and March 31, 1999
James E. Stowers, Jr. Director

*James E. Stowers III Director March 31, 1999
James E. Stowers III

*Thomas A. Brown Director March 31, 1999
Thomas A. Brown

*Robert W. Doering, M.D. Director March 31, 1999
Robert W. Doering, M.D.

*Andrea C. Hall, Ph.D. Director March 31, 1999
Andrea C. Hall, Ph.D.

*Donald H. Pratt Director March 31, 1999
Donald H. Pratt

*Lloyd T. Silver, Jr. Director March 31, 1999
Lloyd T. Silver, Jr.

*M. Jeannine Strandjord Director March 31, 1999
M. Jeannine Strandjord

*D. D. (Del) Hock Director March 31, 1999
D. D. (Del) Hock

*By /s/Charles A. Etherington
Charles A. Etherington
Attorney-in-Fact

EXHIBIT INDEX

American Century World Mutual Funds, Inc.

Exhibit Description of Document
Number

EX-99.a1 Articles of Incorporation of Twentieth Century World Investors,
Inc. (filed as a part of Post-Effective Amendment No. 6 to the
Registration Statement on Form N-1A of the Registrant, File No.
33-39242, filed March 29, 1996 and incorporated herein by
reference).

EX-99.a2 Articles of Amendment of Twentieth Century World Investors, Inc.
dated August 10, 1993 (filed as a part of Post-Effective
Amendment No. 9 to the Registration Statement on Form N-1A of the
Registrant, File No. 33-39242, filed March 30, 1998 and
incorporated herein by reference).

EX-99.a3 Articles Supplementary of Twentieth Century World Investors,
Inc., dated November 8, 1993 (filed as a part of Post-Effective
Amendment No. 6 to the Registration Statement on Form N-1A of the
Registrant, File No. 33-39242, filed March 29, 1996 and
incorporated herein by reference).

EX-99.a4 Articles Supplementary of Twentieth Century World Investors,
Inc., dated April 24, 1995 (filed as a part of Post-Effective
Amendment No. 6 to the Registration Statement on Form N-1A of the
Registrant, File No. 33-39242, filed March 29, 1996 and
incorporated herein by reference).

EX-99.a5 Articles Supplementary of Twentieth Century World Investors,
Inc., dated March 11, 1996 (filed as a part of Post-Effective
Amendment No. 7 to the Registration Statement on Form N-1A of the
Registrant, File No. 33-39242, filed June 13, 1996 and
incorporated herein by reference).

Ex-99.a6 Articles Supplementary of Twentieth Century World Investors, Inc.
dated September 9, 1996 (filed as a part of Post-Effective
Amendment No. 9 to the Registration Statement on Form N-1A of the
Registrant, File No. 33-39242, filed March 30, 1998 and
incorporated herein by reference).

EX-99.a7 Articles of Amendment of Twentieth Century World Investors, Inc.
dated December 2, 1996 (filed as a part of Post-Effective
Amendment No. 8 to the Registration Statement on Form N-1A of the
Registrant, File No. 33-39242, filed March 31, 1997 and
incorporated herein by reference).

EX-99.a8 Articles Supplementary of American Century World Mutual Funds,
Inc. dated December 2, 1996 (filed as a part of Post-Effective
Amendment No. 8 to the Registration Statement on Form N-1A of the
Registrant, File No. 33-39242, filed March 31, 1997 and
incorporated herein by reference).

EX-99.a9 Articles Supplementary of American Century World Mutual Funds,
Inc. dated November 13, 1998 (filed as a part of Post-Effective
Amendment No. 12 to the Registration Statement on Form N-1A of
the Registrant, File No. 33-39242, filed November 13, 1998 and
incorporated herein by reference).

EX-99.a10 Articles Supplementary of American Century World Mutual Funds,
Inc. dated February 16, 1999 filed herewith.

EX-99.b1 By-Laws of Twentieth Century World Investors, Inc. (filed as a
part of Post-Effective Amendment No. 6 to the Registration
Statement on Form N-1A of the Registrant, File No. 33-39242,
filed March 29, 1996 and incorporated herein by reference).

Ex-99.b2 Amendment to By-Laws of American Century World Mutual Funds, Inc.
(filed as a part of Post-Effective Amendment No. 9 to the
Registration Statement on Form N-1A of American Century Capital
Portfolios, Inc., File No. 33-64872, filed February 17, 1998 and
incorporated herein by reference).

EX-99.d1 Management Agreement between American Century World Mutual Funds,
Inc. and American Century Investment Management, Inc. dated
August 1, 1997 (filed as a part of Post-Effective Amendment No.
12 to the Registration Statement on Form N-1A of the Registrant,
File No. 33-39242, filed November 13, 1998 and incorporated
herein by reference).

EX-99.d2 Addendum to Management Agreement between American Century World
Mutual Funds, Inc. and American Century Investment Management,
Inc. dated December 1, 1998 filed herewith.

EX-99.e1 Distribution Agreement between American Century World Mutual
Funds, Inc. and Funds Distributor, Inc. dated January 15, 1998
(filed as a part of Post-Effective Amendment No. 28 to the
Registration Statement on Form N-1A of American Century Target
Maturities Trust, File No. 2-94608, filed on January 30, 1998,
and incorporated herein by reference).

EX-99.e2 Amendment No. 1 to the Distribution Agreement between American
Century World Mutual Funds, Inc. and Funds Distributor, Inc.
dated June 1, 1998 (filed as a part of Post-Effective Amendment
No. 11 to the Registration Statement on Form N-1A of American
Century Capital Portfolios, Inc., File No. 33-64872, filed on
June 26, 1998, and incorporated herein by reference).

EX-99.e3 Amendment No. 2 to the Distribution Agreement between American
Century World Mutual Funds, Inc. and Funds Distributor, Inc.
dated December 1, 1998 (filed as a part of Post-Effective
Amendment No. 12 to the Registration Statement on Form N-1A of
the Registrant, File No. 33-39242, filed November 13, 1998 and
incorporated herein by reference).

EX-99.e4 Amendment No. 3 to Distribution Agreement between American
Century Strategic Asset Allocations, Inc. and Funds Distributor,
Inc. dated January 29, 1999 (filed electronically as Exhibit e4
to Post-Effective Amendment No. 28 on form N-1A of American
Century California Tax-Free and Municipal Funds, File No.
2-82734, filed December 28, 1998, and incorporated herein by
reference).

EX-99.g1 Master Agreement by and between Twentieth Century Services, Inc.
and Commerce Bank, N. A. dated January 22, 1997 (filed as a part
of Post-Effective Amendment No. 76 to the Registration Statement
on Form N-1A of American Century Mutual Funds, Inc., File No.
2-14213, filed February 28, 1997 and incorporated herein by
reference).

EX-99.g2 Global Custody Agreement between The Chase Manhattan Bank and the
Twentieth Century and Benham funds, dated August 6, 1996 (filed
as a part of Post-Effective Amendment No. 31 to the Registration
Statement on Form N-1A of American Century Government Income
Trust, File No. 2-99222, filed February 7, 1997, and incorporated
herein by reference).

EX-99.h Transfer Agency Agreement dated as of March 1, 1991, by and
between Twentieth Century World Investors, Inc. and Twentieth
Century Services, Inc. (filed as a part of Post-Effective
Amendment No. 6 to the Registration Statement on Form N-1A of the
Registrant, File No. 33-39242, filed March 29, 1996 and
incorporated herein by reference).

EX-99.i Opinion and Consent of Counsel filed herewith.

EX-99.j1 Consent of Deloitte & Touche LLP filed herewith.

EX-99.j2 Power of Attorney dated February 19, 1999 filed herewith.

EX-99.m1 Master Distribution and Shareholder Services Plan of Twentieth
Century Capital Portfolios, Inc., Twentieth Century Investors,
Inc., Twentieth Century Strategic Asset Allocations, Inc. and
Twentieth Century World Investors, Inc. (Advisor Class) dated
September 3, 1996 (filed as a part of Post-Effective Amendment
No. 9 to the Registration Statement on Form N-1A of American
Century Capital Portfolios, Inc., File No. 33-64872, filed
February 17, 1998 and incorporated herein by reference).

EX-99.m2 Amendment No. 1 to Master Distribution and Shareholder Services
Plan of American Century Capital Portfolios, Inc., American
Century Mutual Funds, Inc., American Century Strategic Asset
Allocations, Inc. and American Century World Mutual Funds, Inc.
(Advisor Class) dated June 13, 1997 (filed as a part of
Post-Effective Amendment No. 77 to the Registration Statement on
Form N-1A of American Century Mutual Funds, Inc., File No.
2-14213, filed July 17, 1997 and incorporated herein by
reference).

EX-99.m3 Amendment No. 2 to Master Distribution and Shareholder Services
Plan of American Century Capital Portfolios, Inc., American
Century Mutual Funds, Inc., American Century Strategic Asset
Allocations, Inc. and American Century World Mutual Funds, Inc.
(Advisor Class) dated September 30, 1997 (filed as a part of
Post-Effective Amendment No. 78 to the Registration Statement on
Form N-1A of American Century Mutual Funds, Inc., File No.
2-14213, filed February 26, 1998 and incorporated herein by
reference).

EX-99.m4 Amendment No. 3 to Master Distribution and Shareholder Services
Plan of American Century Capital Portfolios, Inc., American
Century Mutual Funds, Inc., American Century Strategic Asset
Allocations, Inc. and American Century World Mutual Funds, Inc.
(Advisor Class) dated June 30, 1998 (filed as a part of
Post-Effective Amendment No. 11 to the Registration Statement on
Form N-1A of American Century Capital Portfolios, Inc., File No.
33-64872, filed June 26, 1998 and incorporated herein by
reference).

EX-99.m5 Amendment No. 4 to Master Distribution and Shareholder Services
Plan of American Century Capital Portfolios, Inc., American
Century Mutual Funds, Inc., American Century Strategic Asset
Allocations, Inc. and American Century World Mutual Funds, Inc.
(Advisor Class) dated November 13, 1998 (filed as a part of
Post-Effective Amendment No. 12 to the Registration Statement of
the Registrant, File No. 33-39242, filed November 13, 1998, and
incorporated herein by reference).

EX-99.m6 Amendment No. 5 to Master Distribution and Shareholder Services
Plan of American Century Capital Portfolios, Inc., American
Century Mutual Funds, Inc., American Century Strategic Asset
Allocations, Inc. and American Century World Mutual Funds, Inc.
(Advisor Class) dated February 16, 1999 (filed as a part of
Post-Effective Amendment No. 83 to the Registration Statement on
Form N-1A of American Century Mutual Funds, Inc., File No.
2-14213, filed February 26, 1999 and incorporated herein by
reference).

EX-99.m7 Shareholder Services Plan of Twentieth Century Capital
Portfolios, Inc., Twentieth Century Investors, Inc., Twentieth
Century Strategic Asset Allocations, Inc. and Twentieth Century
World Investors, Inc. (Service Class) dated September 3, 1996
(filed as a part of Post-Effective Amendment No. 9 to the
Registration Statement on Form N-1A of American Century Capital
Portfolios, Inc., File No. 33-64872, filed February 17, 1998 and
incorporated herein by reference).

EX-99.o1 Multiple Class Plan of Twentieth Century Capital Portfolios,
Inc., Twentieth Century Investors, Inc., Twentieth Century
Strategic Asset Allocations, Inc. and Twentieth Century World
Investors, Inc. dated September 3, 1996 (filed as a part of
Post-Effective Amendment No. 9 to the Registration Statement on
Form N-1A of American Century Capital Portfolios, Inc., File No.
33-64872, filed February 17, 1998 and incorporated herein by
reference).

EX-99.o2 Amendment No. 1 to Multiple Class Plan of American Century
Capital Portfolios, Inc., American Century Mutual Funds, Inc.,
American Century Strategic Asset Allocations, Inc. and American
Century World Mutual Funds, Inc. dated June 13, 1997 (filed as a
part of Post-Effective Amendment No. 77 to the Registration
Statment on Form N-1A of American Century Mutual Funds, Inc.,
File No. 2-14213, filed on July 17, 1997 and incorporated herein
by reference).

EX-99.o3 Amendment No. 2 to Multiple Class Plan of American Century
Capital Portfolios, Inc., American Century Mutual Funds, Inc.,
American Century Strategic Asset Allocations, Inc. and American
Century World Mutual Funds, Inc. dated September 30, 1997 (filed
as a part of Post-Effective Amendment No. 78 to the Registration
Statement on Form N-1A of American Century Mutual Funds, Inc.,
File No. 2-14213, filed on February 26, 1998 and incorporated
herein by reference).

EX-99.o4 Amendment No. 3 to Multiple Class Plan of American Century
Capital Portfolios, Inc., American Century Mutual Funds, Inc.,
American Century Strategic Asset Allocations, Inc. and American
Century World Mutual Funds, Inc. dated June 30, 1998 (filed as a
part of Post-Effective Amendment No. 11 to the Registration
Statement on Form N-1A of American Century Capital Portfolios,
Inc., File No. 33-64872, filed on June 26, 1998 and incorporated
herein by reference).

EX-99.o5 Amendment No. 4 to Multiple Class Plan of American Century
Capital Portfolios, Inc., American Century Mutual Funds, Inc.,
American Century Strategic Asset Allocations, Inc. and American
Century World Mutual Funds, Inc. dated November 13, 1998 (filed
as a part of Post-Effective Amendment No. 12 to the Registration
Statement of the Registrant, File No. 33-39242, filed November
13, 1998, and incorporated herein by reference).

EX-99.o6 Amendment No. 5 to Multiple Class Plan of American Century
Capital Portfolios, Inc., American Century Mutual Funds, Inc.,
American Century Strategic Asset Allocations, Inc. and American
Century World Mutual Funds, Inc. dated January 29, 1999 (filed as
a part of Post-Effective Amendment No. 14 to the Registration
Statement on Form N-1A of American Century Capital Portfolios,
Inc., File No. 33-64872, filed on December 29, 1998, and
incorporated herein by reference).

EX-27.1.1 Financial Data Schedule for American Century International Growth
Fund.

EX-27.1.2 Financial Data Schedule for American Century International
Discovery Fund.

EX-27.1.3 Financial Data Schedule for American Century Emerging Markets
Fund.

EX-27.1.4 Financial Data Schedule for American Century Global Growth Fund.

AMERICAN CENTURY WORLD MUTUAL FUNDS, INC.

ARTICLES SUPPLEMENTARY

AMERICAN CENTURY WORLD MUTUAL FUNDS, INC., a Maryland corporation whose
principal Maryland office is located in Baltimore, Maryland (the "Corporation"),
hereby certifies to the State Department of Assessments and Taxation of Maryland
that:

FIRST: The Corporation is registered as an open-end company under the
Investment Company Act of 1940.

SECOND: Pursuant to authority expressly vested in the Board of
Directors of the Corporation by Section 2-605(a)(4) of the Maryland General
Corporation Law, the Board of Directors of the Corporation has renamed the duly
established and allocated series of the Corporation's stock as follows:

<TABLE>
Prior Series Name New Series Name
- ----------------- ---------------
<S> <C>
American Century - Twentieth Century International International Growth Fund
Growth Fund
American Century - Twentieth Century Global Growth Fund Global Growth Fund
American Century - Twentieth Century International International Discovery Fund
Discovery Fund
American Century - Twentieth Century Emerging Markets Fund Emerging Markets Fund
</TABLE>

The name changes shall be effective on March 1, 1999.

THIRD: Except as otherwise provided by the express provisions of these
Articles Supplementary, nothing herein shall limit, by inference or otherwise,
the discretionary right of the Board of Directors to serialize, classify or
reclassify and issue any unissued shares of any Series or Class or any unissued
shares that have not been allocated to a Series or Class, and to fix or alter
all terms thereof, to the full extent provided by the Articles of Incorporation
of the Corporation.

FOURTH: A description of the series and classes of shares, including
the preferences, conversion and other rights, voting powers, restrictions,
limitations as to dividends, qualifications, and terms and conditions for
redemption is set forth in the Articles of Incorporation of the Corporation and
is not changed by these Articles Supplementary, except with respect to the
creation and/or designation of the various Series.

FIFTH: The Board of Directors of the Corporation duly adopted
resolutions renaming the Series, as set forth in Article SECOND.

IN WITNESS WHEREOF, AMERICAN CENTURY WORLD MUTUAL FUNDS, INC. has
caused these Articles Supplementary to be signed and acknowledged in its name
and on its behalf by its Vice President and its corporate seal to be hereunto
affixed and attested to by its Assistant Secretary on this 16th day of February,
1999.

AMERICAN CENTURY WORLD
ATTEST: MUTUAL FUNDS, INC.

/s/ David H. Reinmiller By:/s/ David C. Tucker
Name: David H. Reinmiller Name: David C. Tucker
Title: Assistant Secretary Title: Vice President

THE UNDERSIGNED Executive Vice President of AMERICAN CENTURY WORLD
MUTUAL FUNDS, INC., who executed on behalf of said Corporation the foregoing
Articles Supplementary to the Charter, of which this certificate is made a part,
hereby acknowledges, in the name of and on behalf of said Corporation, the
foregoing Articles Supplementary to the Charter to be the corporate act of said
Corporation, and further certifies that, to the best of his knowledge,
information and belief, the matters and facts set forth therein with respect to
the approval thereof are true in all material respects under the penalties of
perjury.

Dated: February 16, 1999 /s/ David C. Tucker
------------------------------------
David C. Tucker, Vice President

ADDENDUM TO MANAGEMENT AGREEMENT

This Addendum, dated as of December 1, 1998, supplements the Management
Agreement (the "Agreement") dated as of August 1, 1997, by and between American
Century World Mutual Funds, Inc., ("ACWMF") and American Century Investment
Management, Inc. ("ACIM").

IN CONSIDERATION of the mutual promises and conditions herein
contained, the parties agree as follows (all capitalized terms used herein and
not otherwise defined having the meaning given them in the Agreement):

1. ACIM shall manage the following series (the "New Series") of shares
to be issued by ACWMF, and for such management shall receive the Applicable Fee
set forth below:

Average
Applicable
Name of Series Name of Class Net Assets Fee Rate
- -------------- ------------- ---------- --------
Twentieth Century Investor Class first $ 1 billion 1.30%
Global Growth next $1 billion 1.15%
Fund over $2 billion 1.05%
Institutional Class first $1 billion 1.10%
next $1 billion 0.95%
over $2 billion 0.85%
Advisor Class first $1 billion 1.05%
next $1 billion 0.90%
over $2 billion 0.80%

2. ACIM shall manage the New Series in accordance with the terms and
conditions specified in the Agreement for its existing management
responsibilities.

IN WITNESS WHEREOF, the parties have caused this Addendum to the
Agreement to be executed by their respective duly authorized officers as of the
day and year first above written.

Attest: AMERICAN CENTURY
WORLD MUTUAL FUNDS, INC.

/s/ David H. Reinmiller /s/ Patrick A. Looby
David H. Reinmiller Patrick A. Looby
Assistant Secretary Vice President

Attest: AMERICAN CENTURY INVESTMENT
MANAGEMENT, INC.

/s/ David H. Reinmiller /s/ William M. Lyons
David H. Reinmiller Willliam M. Lyons
Assistant Secretary Executive Vice President

DAVID H. REINMILLER
Attorney At Law
4500 Main Street, P.O. Box 418210
Kansas City, Missouri 64141-9210
Telephone (816)340-4046
Telecopier (816)340-4964

March 31, 1999

American Century World Mutual Funds, Inc.
American Century Tower
4500 Main Street
Kansas City, Missouri 64111

Ladies and Gentlemen:

As counsel to American Century World Mutual Funds, Inc., I am generally
familiar with its affairs. Based upon this familiarity, and upon the examination
of such documents as I have deemed relevant, it is my opinion that the shares of
the Corporation described in Post-Effective Amendment No. 15 to its Registration
Statement on Form N-1A to be filed with the Securities and Exchange Commission
on March 31, 1999, will, when issued, be validly issued, fully paid and
nonassessable.

For the record, it should be stated that I am an officer and employee
of American Century Services Corporation, an affiliated corporation of American
Century Investment Management, Inc., the investment advisor of American Century
World Mutual Funds, Inc.

I hereby consent to the use of this opinion as an exhibit to
Post-Effective Amendment No. 15.

Very truly yours,

/s/David H. Reinmiller
David H. Reinmiller

Independent Auditors' Consent

We consent to the incorporation by reference in this Post-Effective Amendment
No. 15 to Registration Statement No. 33-39242 of American Century World Mutual
Funds, Inc. on Form N-1A of our reports dated January 19, 1999, appearing in the
respective Annual Reports of the three funds comprising American Century World
Mutual Funds, Inc. for the year ended November 30, 1998, and to the reference to
us under the caption "Financial Highlights" in the Prospectuses, which are part
of such Registration Statement.

Kansas City, Missouri
March 29, 1999

POWER OF ATTORNEY

KNOW ALL MEN BY THESE PRESENTS, that the undersigned, American Century
World Mutual Funds, Inc., hereinafter called the "Corporation", and certain
directors and officers of the Corporation, do hereby constitute and appoint
George A. Rio, David C. Tucker, Charles A. Etherington, David H. Reinmiller, and
Charles C.S. Park, Janet A. Nash, and Brian L. Brogan, and each of them
individually, their true and lawful attorneys and agents to take any and all
action and execute any and all instruments which said attorneys and agents may
deem necessary or advisable to enable the Corporation to comply with the
Securities Act of 1933 and/or the Investment Company Act of 1940, as amended,
and any rules, regulations, orders, or other requirements of the United States
Securities and Exchange Commission thereunder, in connection with the
registration under the Securities Act of 1933 and/or the Investment Company Act
of 1940, as amended, including specifically, but without limitation of the
foregoing, power and authority to sign the name of the Corporation in its behalf
and to affix its corporate seal, and to sign the names of each of such directors
and officers in their capacities as indicated, to any amendment or supplement to
the Registration Statement filed with the Securities and Exchange Commission
under the Securities Act of 1933 and/or the Investment Company Act of 1940, as
amended, and to any instruments or documents filed or to be filed as a part of
or in connection with such Registration Statement; and each of the undersigned
hereby ratifies and confirms all that said attorneys and agents shall do or
cause to be done by virtue hereof.

IN WITNESS WHEREOF, the Corporation has caused this Power to be
executed by its duly authorized officers on this the 19th day of February, 1999.

AMERICAN CENTURY WORLD MUTUAL FUNDS, INC.

By: /s/ George A. Rio
GEORGE A. RIO, President

SIGNATURE AND TITLE

/s/ George A. Rio /s/ Robert W. Doering
GEORGE A. RIO ROBERT W. DOERING, M.D.
President, Principal Executive and Financial Officer
Principal Director

/s/ Maryanne Roepke /s/ Andrea C. Hall
MARYANNE ROEPKE ANDREA C. HALL, PH.D.
Vice President and Treasurer Director

/s/ James E. Stowers, Jr. /s/ Donald H. Pratt
JAMES E. STOWERS, JR. DONALD H. PRATT
Director Director

/s/ James E. Stowers III /s/ Lloyd T. Silver
JAMES E. STOWERS III LLOYD T. SILVER
Director Director

/s/ Thomas A. Brown /s/ M. Jeannine Strandjord
THOMAS A. BROWN M. JEANNINE STRANDJORD
Director Director

Attest: /s/ D. D. Hock
D.D. ("DEL") HOCK
By:/s/ Paul Carrigan, Jr. Director
Paul Carrigan, Jr., Secretary

<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE ANNUAL
REPORT OF AMERICAN CENTURY WORLD MUTUAL FUNDS, INC. AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH REPORT. INFORMATION PRESENTED IS A TOTAL OF ALL
CLASSES, EXCEPT WHERE SUCH PRESENTATION IS NOT POSSIBLE(SUCH AS PER SHARE DATA).
IN THOSE CASES, ONLY THE INVESTOR CLASS INFORMATION IS PRESENTED.
</LEGEND>
<CIK> 0000872825
<NAME> AMERICAN CENTURY WORLD MUTUAL FUNDS, INC.
<SERIES>
<NUMBER> 1
<NAME> INTERNATIONAL GROWTH FUND

<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> NOV-30-1998
<PERIOD-END> NOV-30-1998 <F1>
<INVESTMENTS-AT-COST> 2,047,795,084
<INVESTMENTS-AT-VALUE> 2,504,960,910
<RECEIVABLES> 47,297,643
<ASSETS-OTHER> 5,647,077
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,557,905,630
<PAYABLE-FOR-SECURITIES> 31,203,706
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 43,343,021
<TOTAL-LIABILITIES> 74,546,727
<SENIOR-EQUITY> 2,683,684
<PAID-IN-CAPITAL-COMMON> 2,023,856,047
<SHARES-COMMON-STOCK> 268,368,352
<SHARES-COMMON-PRIOR> 238,082,582
<ACCUMULATED-NII-CURRENT> 7,217,326
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (8,120,195)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 457,722,041
<NET-ASSETS> 2,483,358,903
<DIVIDEND-INCOME> 31,719,553
<INTEREST-INCOME> 5,252,502
<OTHER-INCOME> 0
<EXPENSES-NET> 29,696,979
<NET-INVESTMENT-INCOME> 7,275,075
<REALIZED-GAINS-CURRENT> 9,916,493
<APPREC-INCREASE-CURRENT> 289,105,637
<NET-CHANGE-FROM-OPS> 306,297,206
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 5,290,958
<DISTRIBUTIONS-OF-GAINS> 240,897,023
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 345,102,991
<NUMBER-OF-SHARES-REDEEMED> 297,418,186
<SHARES-REINVESTED> 30,144,229
<NET-CHANGE-IN-ASSETS> 726,784,554
<ACCUMULATED-NII-PRIOR> 7,450,223
<ACCUMULATED-GAINS-PRIOR> 37,403,660
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 29,603,086
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 29,696,979
<AVERAGE-NET-ASSETS> 2,247,619,777
<PER-SHARE-NAV-BEGIN> 9.22 <F2>
<PER-SHARE-NII> 0.03 <F2>
<PER-SHARE-GAIN-APPREC> 1.31 <F2>
<PER-SHARE-DIVIDEND> 0.03 <F2>
<PER-SHARE-DISTRIBUTIONS> 1.28 <F2>
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 9.25 <F2>
<EXPENSE-RATIO> 1.33 <F2>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00

<FN>
<F1>SCHEDULE RELFECTS THE TOTAL FOR ALL CLASSES, EXCEPT WHERE INDICATED.
<F2>INVESTOR CLASS INFORMATION ONLY.
</FN>

</TABLE>

<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> NOV-30-1998
<PERIOD-END> NOV-30-1998
<INVESTMENTS-AT-COST> 676,958,063 <F1>
<INVESTMENTS-AT-VALUE> 849,141,473
<RECEIVABLES> 16,526,453
<ASSETS-OTHER> 41,526
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 865,709,452
<PAYABLE-FOR-SECURITIES> 18,700,946
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,527,959
<TOTAL-LIABILITIES> 23,228,905
<SENIOR-EQUITY> 911,577
<PAID-IN-CAPITAL-COMMON> 680,833,028
<SHARES-COMMON-STOCK> 91,157,724
<SHARES-COMMON-PRIOR> 84,449,689
<ACCUMULATED-NII-CURRENT> (2,824,215)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (8,674,974)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 172,235,131
<NET-ASSETS> 842,480,757
<DIVIDEND-INCOME> 8,311,152
<INTEREST-INCOME> 1,729,438
<OTHER-INCOME> 0
<EXPENSES-NET> 12,777,454
<NET-INVESTMENT-INCOME> (2,736,864)
<REALIZED-GAINS-CURRENT> (3,456,660)
<APPREC-INCREASE-CURRENT> 77,131,758
<NET-CHANGE-FROM-OPS> 70,938,234
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,491,375
<DISTRIBUTIONS-OF-GAINS> 33,708,327
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 47,965,677
<NUMBER-OF-SHARES-REDEEMED> 34,401,387
<SHARES-REINVESTED> 4,246,933
<NET-CHANGE-IN-ASSETS> 216,153,947
<ACCUMULATED-NII-PRIOR> (606,003)
<ACCUMULATED-GAINS-PRIOR> 14,421,350
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 12,770,008
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 12,777,454
<AVERAGE-NET-ASSETS> 798,164,987
<PER-SHARE-NAV-BEGIN> 8.54 <F1>
<PER-SHARE-NII> (0.03)<F1>
<PER-SHARE-GAIN-APPREC> 1.22 <F1>
<PER-SHARE-DIVIDEND> 0.02 <F1>
<PER-SHARE-DISTRIBUTIONS> 0.47 <F1>
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 9.24 <F1>
<EXPENSE-RATIO> 1.64 <F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00

<FN>
<F1>SCHEDULE REFLECTS THE TOTAL FOR ALL CLASSES, EXCEPT WHERE INDICATED.
<F2>INVESTOR CLASS INFORMATION ONLY.
</FN>

</TABLE>

<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE ANNUAL
REPORT OF AMERICAN CENTURY WORLD MUTUAL FUNDS, INC. AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH REPORT.
</LEGEND>
<CIK> 0000872825
<NAME> AMERICAN CENTURY WORLD MUTUAL FUNDS, INC.
<SERIES>
<NUMBER> 3
<NAME> EMERGING MARKETS

<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> NOV-30-1998
<PERIOD-END> NOV-30-1998
<INVESTMENTS-AT-COST> 19,062,308
<INVESTMENTS-AT-VALUE> 21,633,686
<RECEIVABLES> 228,793
<ASSETS-OTHER> 9,256
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 21,871,735
<PAYABLE-FOR-SECURITIES> 493,726
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 253,886
<TOTAL-LIABILITIES> 747,612
<SENIOR-EQUITY> 60,496
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</TABLE>

<S> <C>
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</TABLE>