AMERICAN CENTURY WORLD MUTUAL FUNDS INC, 485APOS, 1999-01-11

AMERICAN CENTURY WORLD MUTUAL FUNDS INC
485APOS, 1999-01-11

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As filed with the Securities and Exchange Commission on January 11, 1999

1933 Act File No. 33-39242; 1940 Act File No. 811-6247
- --------------------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-1A

REGISTRATION STATEMENT
UNDER THE SECURITIES ACT OF 1933 _X__

Pre-Effective Amendment No.____ ____

Post-Effective Amendment No._13_ _X__

and/or

REGISTRATION STATEMENT UNDER THE
INVESTMENT COMPANY ACT OF 1940 _X__

Amendment No._13_

(Check appropriate box or boxes)

American Century World Mutual Funds, Inc.
--------------------------------------------
(Exact Name of Registrant as Specified in Charter)

American Century Tower, 4500 Main Street, Kansas City, MO 64111
----------------------------------------------------------------
(Address of Principal Executive Offices) (Zip Code)

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

William M. Lyons
American Century Tower, 4500 Main Street, Kansas City, MO 64111
----------------------------------------------------------------
(Name and address of Agent for service)

Approximate Date of Proposed Public Offering: March 12, 1999

It is proposed that this filing become effective:

_____ immediately upon filing pursuant to paragraph (b) of Rule 485
_____ on (date) pursuant to paragraph (b) of Rule 485
__X__ 60 days after filing pursuant to paragraph (a) of Rule 485
_____ on [date] pursuant to paragraph (a)(1) of Rule 485
_____ 75 days afer filing pursuant to paragraph (a)(2) of Rule 485
_____ on [date] pursuant to paragraph (a)(2) of Rule 485

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

Prospectus

March 12, 1999
- --------------------------------------------------------------------------------

American Century Global Growth Fund
American Century International Growth Fund
American Century International Discovery Fund
American Century Emerging Markets Fund

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.

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:

o The funds' primary investments and risks
o A description of who may or may not want to invest in the funds
o Fund performance, including returns for each year, best and worst quarters
and average annual returns compared to the funds' benchmarks
o An overview of ways to best manage your accounts
o 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 Services Representatives are available weekdays, 7
a.m. to 7 p.m., Central time. Our toll-free number is 1-800-345-2021. We look
forward to helping you achieve your financial goals.

Sincerely,

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

Table of Contents

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

Fees and Expenses..................................................3

Information about the Funds........................................4

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

Management.........................................................7

Investing with American Century...................................XX

Share Price and Distributions.....................................XX

Taxes.............................................................XX

Multiple Class Information........................................XX

Financial Highlights..............................................XX

At Your Service...................................................XX

**********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

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 xx. The chart
below shows the primary differences between the funds.

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

Who may want to invest in the funds?

The funds may be a good investment if you are

0 seeking long-term capital growth from your investment

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

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

0 comfortable with the funds' short-term price volatility

0 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

0 seeking current income from your investment

0 investing for a short period of time

0 uncomfortable with the risks associated with foreign investing

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

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

**********END LEFT MARGIN CALLOUTS

Fees and Expenses

There are no sales loads or fees or other charges

0 to buy fund shares directly from American Century

0 to reinvest dividends in additional shares

O to exchange into the Investor Class shares of other American Century funds

International Discovery charges a redemption fee of 2.0% of the value of the
shares sold within 180 days of their purchase. This redemption fee is retained
by the fund. It is intended to discourage short-term investment in the fund as
well as to decrease the negative impact that short-term investors have on the
shareholders remaining in the fund. Otherwise, there are no fees or charges to
exchange 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
- ------------------------------------------- -----------------------------------

Annual Operating Expenses (expenses that are deducted from fund assets)
<TABLE>
Management Fee1 Distribution and Other Total Annual Fund
Service (12b-1) Fees Expenses2 Operating Expenses
<S> <C> <C> <C> <C>
Global Growth 1.30 None 0.00% 1.30%
International Growth 1.33 None 0.00% 1.33%
International Discovery 1.64 None 0.00% 1.64%
Emerging Markets 2.00 None 0.00% 2.00%

1 Based on fund assets as of November 30, 1998. The funds have stepped fee
schedules. As a result, the funds' management fees generally decrease as
fund assets increase. Please consult the Statement of Additional
Information for more details about the funds' management fees. 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.

2 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
</TABLE>

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 ...

o invest $10,000 in the fund

o redeem all of your shares at the end of the periods shown below

o earn a 5% return each year and

o incur the same operating expenses shown above

your cost of investing in the fund would be:
<TABLE>
1 year 3 years 5 years 10 years
<S> <C> <C> <C> <C>
Global Growth $132 $410
International Growth $139 $432 $ 746 $1,636
International Discovery $170 $526 $ 907 $1,971
Emerging Markets $202 $623 $1,069 $2,306
</TABLE>

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

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Information about the Funds

Global Growth
International Growth
International Discovery
Emerging Markets

What are the funds' investment objectives?

These funds seek capital growth.

How do the funds pursue their investment objectives?

The fund managers look for stocks of companies that they believe will increase
in value over time, using a growth investment strategy developed by American
Century. 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 accelerating earnings and revenues 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.

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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.

**********END LEFT MARGIN CALLOUT

In addition to locating strong companies with earnings growth, the fund managers
believe that the diversification of the funds' holdings across different
countries and geographical regions is important in trying 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 more 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 six-month period. You may get these
reports at no cost by calling us.

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.

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.

What is the difference between the funds?

0 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 (including the U.S.).

0 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.

0 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.

0 Emerging Markets invests primarily in equity securities of emerging market
companies. The fund considers emerging market companies to be companies
located in emerging market countries and companies that derive a
significant portion of their business from emerging market countries.

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) the principal trading market of
their securities is outside the United States. The fund considers the developed
countries to include Australia, Austria, Belgium, Canada, Denmark, Finland,
France, Germany, Ireland, Italy, Japan, the Netherlands, New Zealand, Norway,
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.

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Market capitalization means the value of a company, as determined by
multiplying the number of shares of its stock outstanding by its current market
price per share.

**********END LEFT MARGIN CALLOUT

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 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.

The value of the foreign and U.S. (for Global Growth) securities in which the
funds invest are affected by many factors including the performance of the
companies that issued them, general market and economic conditions, and investor
confidence.

Investing in foreign securities has certain unique risks that make it generally
riskier than investing in U.S. stocks. These risks include exposure to political
and economic events in world markets, limited availability of public
information, less developed trading markets, and lack of uniform financial
reporting and regulatory practices similar to those that apply in the U.S. In
addition, foreign securities are subject to currency risk, meaning that since
the funds' investments are generally held in foreign currency, a fund could
experience a gain or loss based solely upon a change in the exchange rate
between the foreign currency and the U.S. dollar.

International Discovery invests primarily in smaller foreign companies.
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.

Emerging Markets invests primarily in emerging market companies. Investing in
emerging market companies is 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 may also 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.

Fund Performance History

**********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.

**********END LEFT MARGIN CALLOUT

Annual Total Returns

The following bar chart shows the performance of the funds' Investor Class
shares for each full calendar year in the life of the fund. 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.

[GRAPH DEPICTING 10 YEAR ANNUAL TOTAL RETURNS FOR INTERNATIONAL GROWTH,
INTERNATIONAL DISCOVERY AND EMERGING MARKETS; UPDATED FIGURES NOT AVAILABLE]

Highest and Lowest Quarterly Returns

The highest and lowest returns of the funds' Investor Class shares for a
calendar quarter during the period reflected by the preceding bar chart are
provided in the following chart to indicate the funds' historical short-term
volatility. Shareholders should be aware, however, that these funds are intended
for investors with a long-term investment horizon and are not managed for
short-term results.

[GRAPH DEPICTING HIGHEST AND LOWEST RETURNS FOR INTERNATIONAL GROWTH,
INTERNATIONAL DISCOVERY AND EMERGING MARKETS; UPDATED FIGURES NOT AVAILABLE]

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 the fund. The
benchmarks are unmanaged indices that have no operating costs and are included
in the table for performance comparisons. 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 XXX% XXX% XXX%
MSCI EAFE Index XXX% XXX% XXX%
- ------------------------------------------------------------------------------------------------------------
International Discovery XXX% XXX% XXX%
MSCI EAFE Index XXX% XXX% XXX%
- ------------------------------------------------------------------------------------------------------------
Emerging Markets XXX% XXX% XXX%
MSCI Emerging Markets Free Index XXX% XXX% XXX%
</TABLE>

* The inception date for International Growth is May 9, 1991, International
Discovery is April 1, 1994 and Emerging Markets is September 30, 1997.

**********LEFT MARGIN CALLOUTS

* 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 CALLOUTS

Management

Who manages the funds?

The Board of Directors, investment advisor and fund management team 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 half 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 their most recent fiscal year,
the advisor received a unified management fee based on a percentage of the
average net assets of the Investor Class of shares of each fund. The amount of
the management fee is calculated on a class-by-class basis daily and paid
monthly. Out of that fee, the advisor paid all expenses of managing and
operating the fund except brokerage expenses, taxes, interest, fees and expenses
of the independent directors (including legal counsel fees) and extraordinary
expenses.

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

- --------------------------------------------------------------------------------
Global Growth XXX%
- ---------------------------------------------------------------- ---------------
International Growth X.XX%
- ---------------------------------------------------------------- ---------------
International Discovery X.XX%
- ---------------------------------------------------------------- ---------------
Emerging Markets X.XX%

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 fund's investment objective and
strategy.

The portfolio managers on the investment teams are identified below:

Henrik Strabo
Mr. Strabo, Senior Vice President and Portfolio Manager, 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 , 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 to 1990, he served
as Vice President and Portfolio Manager of American Century. He has a bachelor's
degree in business administration from the University of Illinois.

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 CALLOUTS

* 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 CALLOUTS

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. These problems could negatively affect the value of their
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.

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.

<TABLE>
Ways to Manage Your Account
- -------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------- ---------------------------------------------- -----------------------------------------------
<S> <C> <C>
By telephone Open an account Make additional investments
Investor Services If you are a current investor, you Call us or use our Automated Information Line
1-800-345-2021 can open an account by exchanging if you have authorized us to invest from your
shares from another American Century bank account.
Corporate; Not-For-Profit; account. (This service is not
Foundations; Endowments available if you have chosen to do Sell shares
1-800-345-3533 business in writing only.) Call an Investor Services Representative.

Automated Information Line Exchange shares
1-800-345-8765 Call us or use our Automated
Information Line if you have authorized us to
accept telephone instructions.
- ---------------------------------- ---------------------------------------------- -----------------------------------------------
- ---------------------------------- ---------------------------------------------- -----------------------------------------------
By mail or fax Open an account Make additional investments
PO Box 419200 Send a signed and completed Send us your check or money order for at
Kansas City, MO 64141-6200 application and check or money order least $50 with an investment slip or $250
payable to American Century without an investment slip. If you don't have
Fax 816-340-7962 Investments. an investment slip, include your name,
address and account number on your check or
Exchange shares money order.
Send us written instructions to
exchange your shares from one Sell shares
American Century account to another. Send us written instructions to sell shares
or send us a redemption form. Call an
Investor Services Representative to request a
form.
- ---------------------------------- ---------------------------------------------- -----------------------------------------------
- ---------------------------------- ---------------------------------------------- -----------------------------------------------
Online Open an account Make additional investments
www.americancentury.com If you are a current investor, you Make an additional investment into an
can open an account by exchanging established
American Century account if you shares from
another American Century have authorized us
to invest from your bank account online.
(This service is not account.
available if you have chosen to do
business in writing only.) Sell shares
Not available.
Exchange shares
Exchange shares from another American Century
account.

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 Open an account Make additional investments
Call us to set up your account or mail Follow the wire instructions provided in the
a completed application to the address "Open an account" section
provided in the "By mail" section and
give your bank the following Sell shares
information: You can receive redemption proceeds by
* Please remember that o Our bank information: wire or electronic transfer. (This
if you request 0 Commerce Bank N.A. service is not available if you have
redemptions by wire, $10 0 Routing No. 101000019 chosen to do business in writing only.)
will be deducted from the 0 Account No. 2804918
amount redeemed. Your o The fund name
bank also may charge a o Your American Century account* number
fee. o Your name
o The contribution year (for IRAs only)
Exchange shares
Not available.
* For additional investments only

- -------------------------------- ------------------------------------------------ -----------------------------------------------
- -------------------------------- ------------------------------------------------ -----------------------------------------------
Automatically Open an account Make additional investments
Not available. Select "Establish Automatic Investments" on
your application to make automatic purchases
Exchange shares of shares on a regular basis. You must invest
Send us written instructions to set up at least $600 per year per account.
an automatic exchange of your shares
from one American Century account to Sell shares
another. If you have at least $10,000 in your account,
sell shares automatically by establishing
Check-A-Month or Automatic Redemption.

4500 Main Street 4917 Town Center Dr.
Kansas City, Missouri Leawood, Kansas
8 a.m. to 5 p.m. 8 a.m. to 6 p.m., Monday - Friday
8 a.m. to noon, Saturday

1665 Charleston Road 9445 East County Line Road
Mountain View, California Suite A
8:30 a.m. to 5 p.m. Englewood, Colorado
8 a.m. to 6 p.m., Monday - Friday
8 a.m. to noon - Saturday
- -------------------------------- ------------------------------------------------ -----------------------------------------------
- -------------------------------- ------------------------------------------------ -----------------------------------------------
</TABLE>

Minimum Initial Investment Amounts

To open an account the minimum investments are as follows for:
- --------------------------------------------------------------------------------
Global Growth* International Discovery
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

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

Redemption of shares in low-balance accounts

If 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.

Special requirements for large redemptions

The funds have elected to be governed by Rule 18f-1 under the Investment Company
Act, which obligates each fund to make certain redemptions in cash. This
requirement applies when a shareholder redeems, during any 90-day period, up to
the lesser of $250,000 or 1% of the assets of the fund. Although we normally
will pay redemptions in excess of this limitation in cash, American Century
reserves the right under unusual circumstances to honor these redemptions in
kind by making payment in whole or in part in readily marketable securities.

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
will provide these securities to the redeeming plan participant or financial
intermediary 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.

While each fund reserves the right to redeem fund shares through a
redemption-in-kind, we do not expect to exercise this option unless a fund has
an unusually low level of cash to meet redemptions and/or is experiencing
unusually strong demands for its cash. Such a demand might be caused, for
example, by extreme market conditions that result in an abnormally high level of
redemption requests concentrated in a short period of time. Absent these or
similar circumstances, we expect redemptions in excess of $250,000 to be paid in
cash in any fund with assets of more than $50 million if total redemptions from
any one account in any 90-day period do not exceed one-half of 1% of the total
assets of the fund.

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

o minimum investment requirements
o exchange policies
o fund choices
o cut-off 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 each fund's behalf up to the time at
which the net asset value is determined. Such orders will be priced at the net
asset value next determined after your request is received in good order on a
fund's behalf.

**********LEFT MARGIN CALLOUTS

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

**********END LEFT MARGIN CALLOUTS

Share Price and Distributions

Share Price

American Century determines the net asset value 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, we do not
calculate the net asset value. The net asset value of a fund share is the
current value of its investments, minus any liabilities, divided by the number
of fund shares outstanding.

If current prices of securities owned by a fund are not readily available from
an independent pricing service, 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 net asset value 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 net asset value 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 of
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.

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
our Investor Services Guide for further information regarding distributions and
your distribution options.

**********LEFT MARGIN CALLOUTS

The net asset value of a fund is the price of the fund's shares.

Capital gains are increases in the value 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

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 it has
received and capital gains it has generated through its investment activities,
and by 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

Fund 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. Distribution
of capital gains are classified either as short term or long term and are taxed
as follows:

<TABLE>
Type of Distribution Tax rate for 15% Bracket Tax rate for 28% Bracket or above
- ------------------------------------------ ---------------------------------------- -----------------------------------------
<S> <C> <C>
Short-term capital gains Ordinary income rate Ordinary income rate
Long-term capital gains 10% 20%
</TABLE>

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 as income. American Century will detail 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 held for 12 months or less. Long-term
capital gains are gains on fund shares 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 CALLOUTS

* 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 CALLOUTS

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 or 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.

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:

o share price at the beginning of the period
o investment income and capital gains or losses
o distributions of income and capital gains paid to shareholders
o share price at the end of the period

Each table also includes some key statistics for the period:

o Total Return--the overall percentage of return of the fund, assuming the
reinvestment of all distributions
o Expense Ratio--operating expenses as a percentage of average net assets
o Net Income Ratio--net investment income as a percentage of average net assets
o Portfolio Turnover--the percentage of the fund's buying and selling activity

The Financial Highlights for the fiscal years ended November 30, 1997 and 1998
have been audited by Deloitte & Touche LLP, independent auditors. Their report
is included in the funds' annual report, which is incorporated by reference into
the Statement of Additional Information, and is available upon request. Prior
years' information was audited by other independent auditors, whose report also
is incorporated by reference into the Statement of Additional Information.

<TABLE>
<CAPTION>
International Growth

For a Share Outstanding Throughout the Years Ended November 30

<S> <C> <C> <C> <C> <C>
1998 1997 1996 1995 1994
PER-SHARE DATA
Net Asset Value, Beginning of Year.........
------------- -------------- ------------- ------------- --------------
Income from Investment Operations
Net Investment Income (dividends).......
Net Realized and Unrealized Gain (Loss) on
Investment Transactions.................
------------- -------------- ------------- ------------- --------------
Total From Investment Operations........
------------- -------------- ------------- ------------- --------------
Less Distributions
From Net Investment Income (dividends)..
------------- -------------- ------------- ------------- --------------
------------- -------------- ------------- ------------- --------------
Net Asset Value, End of Year...............
------------- -------------- ------------- ------------- --------------
Total Return(1)............................

RATIOS/SUPPLEMENTAL DATA

Ratio of Operating Expenses to Average Net
Assets.....................................
Ratio of Net Investment Income to Average Net
Assets.....................................
Net Assets, End of Year (in thousands).....

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

International Discovery

For a Share Outstanding Throughout the Years Ended November 30

1998 1997 1996 1995 1994
PER-SHARE DATA
Net Asset Value, Beginning of Year.........
------------- -------------- ------------- ------------- --------------
Income from Investment Operations
Net Investment Income (dividends).......
------------- -------------- ------------- ------------- --------------
Less Distributions
From Net Investment Income (dividends)..
------------- -------------- ------------- ------------- --------------
Net Asset Value, End of Year...............
------------- -------------- ------------- ------------- --------------
Total Return(1)............................

RATIOS/SUPPLEMENTAL DATA

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

Emerging Markets

For a Share Outstanding Throughout the Years Ended November 30

1998 1997 1996 1995 1994
PER-SHARE DATA
Net Asset Value, Beginning of Year.........
------------- -------------- ------------- ------------- --------------
Income from Investment Operations
Net Investment Income (dividends).......
Net Realized and Unrealized Gain (Loss) on
Investment Transactions.................
------------- -------------- ------------- ------------- --------------
Total From Investment Operations........
------------- -------------- ------------- ------------- --------------
Less Distributions
From Net Investment Income (dividends)..
In Excess of Net Realized Gains.........
------------- -------------- ------------- ------------- --------------
------------- -------------- ------------- ------------- --------------
Total Distributions.....................
------------- -------------- ------------- ------------- --------------
Net Asset Value, End of Year...............
------------- -------------- ------------- ------------- --------------
Total Return(1)............................

RATIOS/SUPPLEMENTAL DATA

(1) Total return assumes reinvestment of dividends and capital gains, if any.
</TABLE>

At Your Service

Make transactions online anytime

The next time you're surfing the Net, stop by American Century's Web site at
www.americancentury.com. Current shareholders can open new accounts by
exchanging shares (provided the account registration does not change). In
addition, you can view transactions and check your account balances. You also
can sign up to receive annual updates to your prospectuses and financial reports
via the Net instead of through the mail.

Expand your investment options with American Century Brokerage

If you're looking for a wide range of investment options - from trading
individual securities to purchasing mutual funds offered by hundreds of
companies - look to American Century Brokerage. With this new investment
service, you can take advantage of 24-hour trading on our Web site or TeleSelect
automated telephone service.
Or, if you prefer, you can do business directly with a Brokerage Associate.

With service features including a Gold MasterCard(R) ATM/Debit Card, unlimited
CheckWriting and cost basis reporting (all available with the American Century
Brokerage Access AccountSM), our brokerage service can simplify your life now
while you prepare financially for the years to come. For information about
opening a brokerage account, please call an American Century Brokerage Associate
at 1-888-345-2071.

Send your distributions straight to the bank

It will save you time and a trip to the bank. If you opt to have your dividend
and capital gain distributions paid to you in cash rather than reinvesting them
into your account, consider an electronic transfer to your bank account. Call an
Investor Services Representative for more information.

Check out our library

Are you looking for additional information on bond basics? Or, are you trying to
decide if municipal bonds have a place in your portfolio? Perhaps you would like
to test your knowledge of bonds and how they work. These are subjects covered in
our Financial FYI library that are available to you. Financial FYI, a growing
library of one-page resources, clearly and quickly explains various financial
subjects to help you make informed decisions.
To request one of these articles, call an Investor Services Representative.

Fund Reference
Fund Code Ticker Newspaper Listing
- -------------------------------------------------------------------------------
Global Growth Fund 102 TWGGX Gl Grwth
International Growth Fund 041 TWIEX Intl Gr
International Discovery Fund 042 TWEGX IntDisc
Emerging Markets Fund 043 TWMIX EmgMkl

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

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

o On the Internet www.sec.gov

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

American Century Investments
P.O. Box 419200
Kansas City, Missouri 64141-6200

Investor Services:
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

Corporate; Not-for-Profit; Foundations; Endowments; Keogh;
SEP-, SARSEP- and SIMPLE-IRA; and 403(b) Services
1-800-345-3533

Investment Company Act File No. 811-6247
<PAGE>
[american century logo(reg.sm)]
American
Century

Prospectus

March 12, 1999
- --------------------------------------------------------------------------------

American Century Global Growth Fund
American Century International Growth Fund
American Century International Discovery Fund
American Century Emerging Markets Fund

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.

Dear Investor,

Here's what you'll find:

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 Institutional Service Representatives are available
weekdays, 8 a.m. to 5:30 p.m., Central time. Our toll-free number is
1-800-345-3533. We look forward to helping you achieve your financial goals.