AMERICAN CENTURY WORLD MUTUAL FUNDS INC, 497K3B, 2000-11-02

AMERICAN CENTURY WORLD MUTUAL FUNDS INC
497K3B, 2000-11-02

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[front cover]

AMERICAN CENTURY
Fund Profile

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

International Growth Fund

This profile summarizes key information about the fund that is included in the
fund's Prospectus. The fund's Prospectus includes additional information about
the fund, including a more detailed description of the risks associated with
investing in the fund, that you may want to consider before you invest.

You may obtain the Prospectus and other information about the fund at no cost by
calling us at 1-800-345-2021, accessing our Web site or visiting one of our
Investor Centers. See the back cover for additional telephone numbers and our
address.

October 27, 2000
Investor Class

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

INTERNATIONAL GROWTH FUND

1. WHAT IS THE FUND'S INVESTMENT OBJECTIVE?

International Growth seeks capital growth by investing primarily in foreign
equity securities of issuers in developed countries.

2. WHAT IS THE FUND'S INVESTMENT STRATEGY?

The fund managers use a growth investment strategy developed by American
Century to invest in stocks of foreign 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 fund.
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 fund's
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 fund essentially fully invested in stocks regardless of the
movement of stock prices generally.

International Growth's assets will be primarily invested at all times in
equity securities of companies in developed countries. The fund considers
developed countries to include Australia, Austria, Belgium, Canada, Denmark,
Finland, France, Germany, Hong Kong, Ireland, Italy, Japan, Luxembourg, the
Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden,
Switzerland, the United Kingdom and the United States.

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

3. WHAT ARE THE SIGNIFICANT RISKS OF INVESTING IN THE FUND?

* The value of International Growth's shares depends on the value of the
stocks and other securities it owns. The value of the individual securities
that the fund owns will go up and down depending on the performance of the
companies that issued them, general market and economic conditions, and
investor confidence.

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

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

International Growth American Century Investments

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 fund's
investments are generally held in foreign currencies, the fund could
experience gains or losses based solely on a change in the exchange rate
between the fund's foreign currencies and the U.S. dollar.

In summary, International Growth is intended for investors who find foreign
securities an appropriate investment and who are willing to accept the risk
associated with the fund's investment strategy. An investment in the fund is
not appro-priate for investors who are unable to tolerate fluctuations in
the value of their investment.

FUND PERFORMANCE

The following bar chart shows the actual performance of International
Growth's Investor Class shares for each full calendar year since the fund's
inception on May 9, 1991. The bar chart indicates the volatility of the
fund's historical returns from year to year. The bar chart and the
performance information below are not intended to indicate how the fund will
perform in the future.

[data shown in bar chart]

Calendar Year-By-Year Returns(1)
1999 1998 1997 1996 1995 1994 1993 1992
International
Growth 64.44% 19.01% 19.72% 14.43% 11.89% -4.76% 42.65% 4.84%

(1) As as September 30, 2000, the end of the most recent calendar
quarter, International Growth's year-to-date return was -10.96%.

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

Highest Lowest
International Growth 48.19% (4Q 1999) -17.94% (3Q 1998)

The following table shows the average annual total returns of the fund's
Investor Class shares for the periods indicated. The Morgan Stanley Capital
International Europe, Australia, Far East (EAFE) Index, an unmanaged index
that reflects no operating costs, is included as a benchmark for performance
comparisons.

1 YEAR 5 YEARS LIFE OF FUND(1)
AVERAGE ANNUAL TOTAL RETURNS (PERIOD ENDED SEPTEMBER 30, 2000)
International Growth 31.95% 19.91% 16.48%
MSCI EAFE Index 3.18% 8.58% 8.15%(2)

(1) The inception date for International Growth is May 9, 1991.

(2) Since April 30, 1991, the date closest to the fund's inception for
which data are available.

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

There are no sales loads, fees or other charges

* to buy fund shares directly from American Century
* to reinvest dividends in additional shares
* to exchange into the Investor Class shares of other American Century fund
* to redeem your shares

The following table describes the fees and expenses you will pay if you buy
and hold shares of the fund.

ANNUAL FUND OPERATING EXPENSES
(EXPENSES THAT ARE DEDUCTED FROM FUND ASSETS)
Management Fee 1.27%(1)
Distribution and Service (12b-1) Fees None
Other Expenses 0.00%(2)
Total Annual Fund Operating Expenses 1.27%

(1) Based on expenses incurred during the fund's most recent fiscal
year. The fund has a stepped fee schedule. As a result, the fund's
management fee rate generally decreases as fund assets increase.

(2) Other expenses, which include the fees and expenses of the fund's
independent directors and their legal counsel, as well as interest,
were less than 0.005% for the most recent fiscal year.

International Growth Fund Profile

EXAMPLE
Assuming you . . .
* invest $10,000 in the fund
* redeem all of your shares at the end of the periods shown below
* earn a 5% return each year
* incur the same operating expenses as shown above

. . . your cost of investing in the fund would be:

1 year 3 years 5 years 10 years
$129 $401 $694 $1,525

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

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

American Century Investment Management, Inc. provides investment advisory
and management services for the fund. American Century uses teams of
portfolio managers, assistant portfolio managers and analysts working
together to manage its mutual funds. Identified below are the portfolio
managers for the International Growth team:

HENRIK STRABO, Chief Investment Officer - International Equities, has been a
member of the team that manages International Growth since April 1994. He
joined American Century in 1993 as an Investment Analyst and was promoted to
Portfolio Manager in April 1994. He has a bachelor's degree in business from
the University of Washington.

MARK S. KOPINSKI, Senior Vice President and Senior Portfolio Manager, has
been a member of the team that manages International Growth since rejoining
American Century in April 1997. Before rejoining American Century, he served
as Vice President and Portfolio Manager at Federated Investors, Inc. from
June 1995 to March 1997. Prior to 1995, he served as Vice President and 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.

6. HOW DO I BUY FUND SHARES?

American Century offers several ways to purchase shares

* Complete and return an application along with an investment check payable
to American Century Investments

* If you already have an American Century account, call us or access our
Web site to exchange shares from another American Century fund

* Call us and send your investment by bank wire transfer

Your initial investment must be at least $2,500 ($1,000 for traditional and
Roth IRAs). If your redemption activity causes the value of your account to
fall below this account minimum, your shares may be redeemed involuntarily.

7. HOW DO I SELL FUND SHARES?

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

8. HOW ARE FUND DISTRIBUTIONS MADE AND TAXED?

International Growth pays distributions of substantially all of its income
once a year, usually in December. Distributions from realized capital gains
are paid twice a year, usually in March and December. Distributions may be
taxable as ordinary income, capital gains or a combination of the two.
Capital gains are taxed at different rates depending on the length of time
the fund held the securities that were sold. Fund shareholders also may be
able to claim a foreign tax credit for any foreign income taxes paid by the
fund. Distributions are reinvested automatically in additional shares unless
you choose another option.

International Growth American Century Investments

9. WHAT SERVICES ARE AVAILABLE?

American Century offers several ways to make it easier for you to manage
your account, such as

* telephone transactions
* wire and electronic funds transfers
* 24-hour Automated Information Line transactions
* 24-hour online account access and transactions

You will find more information about these choices in Your Guide to American
Century Services, which you may request by calling us, accessing our Web
site or visiting one of our Investor Centers.

Information contained in the services guide pertains to shareholders who
invest directly with American Century rather than through an
employer-sponsored retirement plan or financial intermediary.

If you own or are considering purchasing fund shares through an
employer-sponsored retirement plan or financial intermediary, your ability
to purchase shares of the fund, exchange them for shares of other American
Century funds, and redeem them will depend on the terms of your plan or
financial intermediary. If you have questions about investing in an
employer-sponsored retirement plan or through a financial intermediary, call
a Service Representative at 1-800-345-3533.

International Growth Fund Profile

--------------------------------------------------------------------------------
AMERICAN CENTURY INVESTMENTS
P.O. BOX 419200
KANSAS CITY, MISSOURI 64141-6200

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

FAX
816-340-7962

AUTOMATED INFORMATION LINE
1-800-345-8765

TELECOMMUNICATIONS DEVICE FOR THE DEAF
1-800-634-4113 or 816-444-3485

BUSINESS, NOT-FOR-PROFIT AND
EMPLOYER-SPONSORED RETIREMENT PLANS
1-800-345-3533

Visit our Web site at WWW.AMERICANCENTURY.COM [graphic of arrow]

SH-PRF-22209 0010 American Century Investment Services, Inc., Distributor

[front cover]

American Century
Fund Profile

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

Emerging Markets Fund

October 27, 2000
Investor Class

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

EMERGING MARKETS FUND

1. WHAT IS THE FUND'S INVESTMENT OBJECTIVE?

Emerging Markets seeks capital growth by investing primarily in equity
securities of emerging market countries.

2. WHAT IS THE FUND'S INVESTMENT STRATEGY?

The fund managers use a growth investment strategy developed by American
Century to invest in stocks of emerging market 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 fund managers do not attempt to time the market. Instead, they intend to
keep the fund essentially fully invested in stocks regardless of the
movement of stock prices generally.

Emerging Markets' assets will be primarily 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 fund considers emerging market countries to include all
countries except Australia, Austria, Belgium, Canada, Denmark, Finland,
France, Germany, Hong Kong, Ireland, Italy, Japan, Luxembourg, the
Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden,
Switzerland, the United Kingdom and the United States.

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

3. WHAT ARE THE SIGNIFICANT RISKS OF INVESTING IN THE FUND?

* The value of Emerging Markets' shares depends on the value of the stocks
and other securities it owns. The value of the individual securities that
the fund owns will go up and down depending on the performance of the
companies that issued them, general market and economic conditions, and
investor confidence.

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

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

Emerging Markets American Century Investments

* 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 fund's investments are generally held in foreign
currencies, the fund could experience gains or losses based solely on a
change in the exchange rate between the fund's foreign currencies and the
U.S. dollar.

* 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, Emerging Markets is intended for investors who find foreign
securities an appropriate investment and who are willing to accept the
increased risk of investing in emerging market companies. An investment in
the fund is not appropriate for investors who are unable to tolerate rapid
fluctuations in the value of their investment.

FUND PERFORMANCE

The following bar chart shows the actual performance of Emerging Markets'
Investor Class shares for each full calendar year since the fund's inception
on September 30, 1997. The bar chart indicates the volatility of the fund's
historical returns from year to year. The bar chart and performance
information below are not intended to indicate how the fund will perform in
the future.

[data shown in bar chart]

Calendar Year-By-Year Returns(1)
1999 1998
Emerging Markets 106.19% -18.90%

(1) As of September 30, 2000, the end of the most recent calendar
quarter, Emerging Markets' year-to-date return was -19.17%.

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

Highest Lowest
Emerging Markets 49.04% (4Q 1999) -24.62% (3Q 1998)

The following table shows the average annual total returns of the fund's
Investor Class shares for the periods indicated. The Morgan Stanley Capital
International Emerging Markets Free Index, an unmanaged index that reflects
no operating costs, is included as a benchmark for performance comparisons.

1 YEAR LIFE OF FUND(1)
AVERAGE ANNUAL TOTAL RETURNS (PERIOD ENDED SEPTEMBER 30, 2000)
Emerging Markets 20.47% 4.16%
MSCI Emerging Markets
Free Index 0.41% -6.39%

(1) The inception date for Emerging Markets is September 30, 1997.

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

There are no sales loads, fees or other charges

* to buy fund shares directly from American Century
* to reinvest dividends in additional shares
* to exchange into the Investor Class shares of other American Century fund
* to redeem your shares

The following table describes the fees and expenses you will pay if you buy
and hold shares of the fund.

ANNUAL FUND OPERATING EXPENSES
(EXPENSES THAT ARE DEDUCTED FROM FUND ASSETS)
Management Fee 2.00%(1)
Distribution and Service (12b-1) Fees None
Other Expenses 0.00%(2)
Total Annual Fund Operating Expenses 2.00%

(1) Based on expenses incurred during the fund's most recent fiscal
year. The fund has a stepped fee schedule. As a result, the fund's
management fee rate generally decreases as fund assets increase.

(2) Other expenses, which include the fees and expenses of the fund's
independent directors and their legal counsel, as well as interest,
were less than 0.005% for the most recent fiscal year.

Emerging Markets Fund Profile

EXAMPLE

Assuming you . . .
* invest $10,000 in the fund
* redeem all of your shares at the end of the periods shown below
* earn a 5% return each year
* incur the same operating expenses as shown above

. . . your cost of investing in the fund would be:

1 year 3 years 5 years 10 years
$202 $623 $1,069 $2,305

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

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

MARK S. KOPINSKI, Senior Vice President and Senior Portfolio Manager, has
been a member of the team that manages Emerging Markets since its inception
in September 1997. He rejoined American Century in April 1997. Before
rejoining American Century, he served as Vice President and Portfolio
Manager at Federated Investors, Inc. from June 1995 to March 1997. Prior to
1995, he served as Vice President and 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, Vice President and Portfolio Manager, has been a member
of the team that manages Emerging Markets since its 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.

6. HOW DO I BUY FUND SHARES?

American Century offers several ways to purchase shares

* Complete and return an application along with an investment check payable
to American Century Investments

* If you already have an American Century account, call us or access our
Web site to exchange shares from another American Century fund

* Call us and send your investment by bank wire transfer

Your initial investment must be at least $10,000. If your redemption
activity causes the value of your account to fall below this account
minimum, your shares may be redeemed involuntarily.

7. HOW DO I SELL FUND SHARES?

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

Emerging Markets American Century Investments

8. HOW ARE FUND DISTRIBUTIONS MADE AND TAXED?

Emerging Markets pays distributions of substantially all of its income once
a year, usually in December. Distributions from realized capital gains are
paid twice a year, usually in March and December. Distributions may be
taxable as ordinary income, capital gains or a combination of the two.
Capital gains are taxed at different rates depending on the length of time
the fund held the securities that were sold. Fund shareholders also may be
able to claim a foreign tax credit for any foreign income taxes paid by the
fund. Distributions are reinvested automatically in additional shares unless
you choose another option.

9. WHAT SERVICES ARE AVAILABLE?

American Century offers several ways to make it easier for you to manage
your account, such as

* telephone transactions
* wire and electronic funds transfers
* 24-hour Automated Information Line transactions
* 24-hour online account access and transactions

You will find more information about these choices in Your Guide to American
Century Services, which you may request by calling us, accessing our Web
site or visiting one of our Investor Centers.

Information contained in the services guide pertains to shareholders who
invest directly with American Century rather than through an
employer-sponsored retirement plan or financial intermediary.

Emerging Markets Fund Profile

--------------------------------------------------------------------------------
AMERICAN CENTURY INVESTMENTS
P.O. BOX 419200
KANSAS CITY, MISSOURI 64141-6200

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

AUTOMATED INFORMATION LINE
1-800-345-8765

FAX
816-340-7962

TELECOMMUNICATIONS DEVICE FOR THE DEAF
1-800-634-4113 or 816-444-3485

BUSINESS, NOT-FOR-PROFIT AND
EMPLOYER-SPONSORED RETIREMENT PLANS
1-800-345-3533

Visit our Web site at WWW.AMERICANCENTURY.COM [graphic of arrow]

SH-PRF-22210 0010 American Century Investment Services, Inc., Distributor

[front cover]

AMERICAN CENTURY
Fund Profile

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

Global Growth Fund

October 27, 2000
Investor Class

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

GLOBAL GROWTH FUND

1. WHAT IS THE FUND'S INVESTMENT OBJECTIVE?

Global Growth seeks capital growth by investing primarily in equity
securities of issuers in developed countries worldwide, including the United
States.

2. WHAT IS THE FUND'S INVESTMENT STRATEGY?

The fund managers use a growth investment strategy developed by American
Century to invest in stocks of U.S. and foreign 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 fund.
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.

The fund managers do not attempt to time the market. Instead, they intend to
keep the fund essentially fully invested in stocks regardless of the
movement of stock prices generally.

Global Growth's assets will be primarily invested at all times in equity
securities of issuers in developed countries. The fund considers developed
countries to include Australia, Austria, Belgium, Canada, Denmark, Finland,
France, Germany, Hong Kong, Ireland, Italy, Japan, Luxembourg, the
Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden,
Switzerland, the United Kingdom, and the United States.

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

3. WHAT ARE THE SIGNIFICANT RISKS OF INVESTING IN THE FUND?

* The value of Global Growth's shares depends on the value of the stocks
and other securities it owns. The value of the individual securities that
the fund owns will go up and down depending on the performance of the
companies that issued them, general market and economic conditions, and
investor confidence.

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

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

Global Growth American Century Investments

In summary, Global Growth is intended for investors who find U.S. and
foreign growth securities an appropriate investment and who are willing to
accept the risk associated with the fund's investment strategy. An
investment in the fund is not appropriate for investors who are unable to
tolerate fluctuations in the value of their investment.

FUND PERFORMANCE

The following bar chart shows the actual performance of Global Growth's
Investor Class shares for each full calendar year since the fund's inception
on December 1, 1998. The bar chart indicates the volatility of the fund's
historical returns from year to year. The bar chart and the performance
information below are not intended to indicate how the fund will perform in
the future.

[data shown in bar chart]

Calendar Year-By-Year Returns(1)
1999
Global Growth 86.09%

(1) As of September 30, 2000, the end of the most recent calendar
quarter, Global Growth's year-to-date return was 1.10%.

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

Highest Lowest

Global Growth 51.95% (4Q 1999) -9.42% (2Q 2000)

The following table shows the average annual total returns of the fund's
Investor Class shares for the periods indicated. The MSCI World Free Index,
an unmanaged index that reflects no operating costs, is included as a
benchmark for performance comparisons.

1 YEAR LIFE OF FUND(1)
AVERAGE ANNUAL TOTAL RETURNS (PERIOD ENDED SEPTEMBER 30, 2000)
Global Growth 53.63% 47.85%
MSCI World Free Index 8.16% 11.03%

(1) The inception date for Global Growth is December 1, 1998.

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

There are no sales loads, fees or other charges

* to buy fund shares directly from American Century
* to reinvest dividends in additional shares
* to exchange into the Investor Class shares of other American Century fund
* to redeem your shares

The following table describes the fees and expenses you will pay if you buy
and hold shares of the fund.

ANNUAL FUND OPERATING EXPENSES
(EXPENSES THAT ARE DEDUCTED FROM FUND ASSETS)
Management Fee 1.30%(1)
Distribution and Service (12b-1) Fees None
Other Expenses 0.00%(2)
Total Annual Fund Operating Expenses 1.30%

(1) The fund has a stepped fee schedule. As a result, the fund's
management fee rate generally decreases as fund assets increase.

(2) Other expenses, which include the fees and expenses of the fund's
independent directors and their legal counsel, as well as interest,
were less than 0.005% for the most recent fiscal year.

EXAMPLE

Assuming you . . .
* invest $10,000 in the fund
* redeem all of your shares at the end of the periods shown below
* earn a 5% return each year
* incur the same operating expenses as shown above

. . . your cost of investing in the fund would be:

1 year 3 years
$132 $410

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

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

HENRIK STRABO, Chief Investment Officer - International Equities, has been a
member of the team that manages Global Growth since its inception in
December 1998. 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.

Global Growth Fund Profile

BRADLEY AMOILS, Portfolio Manager, has been a member of the team that
manages Global Growth since its inception in December 1998. 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.

6. HOW DO I BUY FUND SHARES?

American Century offers several ways to purchase shares

* Complete and return an application along with an investment check payable
to American Century Investments

* If you already have an American Century account, call us or access our
Web site to exchange shares from another American Century fund

* Call us and send your investment by bank wire transfer

7. HOW DO I SELL FUND SHARES?

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

8. HOW ARE FUND DISTRIBUTIONS MADE AND TAXED?

Global Growth pays distributions of substantially all of its income once a
year, usually in December. Distributions from realized capital gains are
paid twice a year, usually in March and December. Distributions may be
taxable as ordinary income, capital gains or a combination of the two.
Capital gains are taxed at different rates depending on the length of time
the fund held the securities that were sold. Fund shareholders also may be
able to claim a foreign tax credit for any foreign income taxes paid by the
fund. Distributions are reinvested automatically in additional shares unless
you choose another option.

9. WHAT SERVICES ARE AVAILABLE?

American Century offers several ways to make it easier for you to manage
your account, such as

* telephone transactions
* wire and electronic funds transfers
* 24-hour Automated Information Line transactions
* 24-hour online account access and transactions

You will find more information about these choices in Your Guide to American
Century Services, which you may request by calling us, accessing our Web
site or visiting one of our Investor Centers.

Information contained in the services guide pertains to shareholders who
invest directly with American Century rather than through an
employer-sponsored retirement plan or financial intermediary.

--------------------------------------------------------------------------------
AMERICAN CENTURY INVESTMENTS
P.O. BOX 419200
KANSAS CITY, MISSOURI 64141-6200

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

AUTOMATED INFORMATION LINE
1-800-345-8765

FAX
816-340-7962

TELECOMMUNICATIONS DEVICE FOR THE DEAF
1-800-634-4113 or 816-444-3485

BUSINESS, NOT-FOR-PROFIT AND
EMPLOYER-SPONSORED RETIREMENT PLANS
1-800-345-3533

Visit our Web site at WWW.AMERICANCENTURY.COM [graphic of arrow]

SH-PRF-22211 0010 American Century Investment Services, Inc., Distributor

[front cover]

AMERICAN CENTURY
Fund Profile

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

Life Sciences Fund

October 27, 2000
Investor Class

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

LIFE SCIENCES FUND

1. WHAT IS THE FUND'S INVESTMENT OBJECTIVE?

Life Sciences seeks capital growth.

2. WHAT IS THE FUND'S INVESTMENT STRATEGY?

The fund managers will typically look for stocks of growing companies in the
life sciences sector. To achieve its objective, the fund invests primarily
in companies that engage in the business of providing products and services
that help promote health and wellness. Life Science companies generally
own, operate or support health care facilities (including, among others,
hospitals, outpatient surgery facilities, dialysis centers, dental centers
and physical therapy centers), design, manufacture or sell pharmaceuticals,
bio-pharmaceuticals, medical research facilities, and medical devices and
supplies or may provide biotechnology needed to improve agriculture,
aquaculture, forestry, chemicals, household products and cosmetics/personal
care products, environmental cleanup, food processing and forensic
medicine. The fund may invest in U.S. and foreign companies of any size.

Sometimes a company will engage in multiple lines of business. We will
generally consider a company to be in the life sciences if

* at least 50% of its gross income or net assets come from activities in
the sector;

* at least 50% of its assets are devoted to producing
revenues from the sector; or

* based on other information we obtain, we determine
that its primary business should be categorized within the sector.

The fund managers look for stocks of companies they believe will increase in
value over time, using a growth investment strategy. This strategy looks for
companies with earnings and revenues that 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 for the fund. That
means they first look for strong, growing companies to invest in, rather
than simply buying any company in a growing industry or sector. Using
American Century's extensive computer database, the 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 and hold stocks of companies they believe will be able to sustain
accelerating 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 review and may invest in companies that experience a
change in their business that will stimulate future revenue and earnings
acceleration and lead to positive investor perception. The change typically
is the result of key events including: entry into a new market, a new
product, patent or license, or the presentation of clinical data showing
efficacy for a new drug or medical device. The fund managers also believe
that it is important to diversify the fund's holdings across geographical
regions and different countries. 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, under normal
market conditions, they intend to keep the fund essentially fully invested
in stocks regardless of the movement of stock prices generally.

3. WHAT ARE THE SIGNIFICANT RISKS OF INVESTING IN THE FUND?

* The fund will focus its investments among companies in the life sciences
sector. Because those investments are concentrated in a comparatively narrow
segment of the total market, the fund's investments are not as diversified
as many other mutual funds. Because of this, companies in the fund's
portfolio may react similarly to market developments, such as government
regulation, subsidies, or technological advancements. This means that the
fund's net asset values may be more volatile than those of less concentrated
funds. As a result, the value of an investment in the fund may rise or fall
rapidly.

Life Sciences American Century Investments

* The value of the fund's shares depends on the value of the stocks and
other securities it owns. The value of the individual securities the fund
owns will go up and down depending on the performance of the companies that
issued them, general market and economic conditions, and investor
confidence.

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

* The fund is nondiversified. This means that the fund managers may choose
to invest in a relatively small number of securities. If so, a price change
in any one of these securities may have a greater impact on the fund's share
price than would be the case if the fund were diversified. Although the fund
managers expect it will ordinarily satisfy the requirements for a
diversified fund, its nondiversified status gives them more flexibility to
invest heavily in the most attractive companies identified by the fund's
methodology.

* Many faster-growing life sciences companies have limited operating
histories and their potential profitability may be dependent on regulatory
approval of their products. Many of these companies' activities are funded
or subsidized by government grants or other funding, which may be reduced or
withdrawn. Changes in government regulation also can have an impact on a
company's profitability and/or stock price. Continuing technological
advances may mean rapid obsolescence of key products and services. These
business uncertainties may increase the volatility of the prices for these
companies' securities.

* The fund may invest up to 15% in privately placed securities. These
securities may be considered illiquid if they cannot be sold in seven days
at approximately the price at which the fund is valuing them. Privately
placed securities are valued by the manager pursuant to procedures
established by the fund's Board of Directors.

* The fund managers may buy a large amount of a company's stock quickly and
may dispose of it quickly if it no longer meets their investment criteria.
While the managers believe this strategy provides substantial appreciation
potential over the long term, in the short term it can create a significant
amount of portfolio turnover and share price volatility. This portfolio
turnover and share price volatility can be greater than that of the average
stock fund. Higher portfolio turnover leads to higher brokerage costs, which
are borne by the fund. 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.

* Market performance tends to be cyclical, and in the various cycles,
certain investment styles may fall in and out of favor. If the market is not
favoring the style used by the fund's management team, the fund's gains may
not be as big as, or its losses may be bigger than, other equity funds using
different investment styles.

* The fund may invest in companies regardless of size, which means it may
invest in smaller U.S. and foreign companies. Investing in smaller companies
generally presents unique risks. Smaller companies may have limited
resources, trade less frequently and have less publicly available
information. They also may be more sensitive to changing political and
economic conditions. These factors may cause investments in smaller
companies to experience more price volatility.

* The fund may invest in securities of foreign companies. Foreign
investment involves additional risks, including fluctuations in currency
exchange rates, less stable political and economic structures, reduced
availability of public information, and lack of uniform financial reporting
and regulatory practices similar to those that apply in the United States.
These factors make investing in foreign securities generally riskier than
investing in U.S. securities. Because the fund managers intend to invest the
fund's assets primarily in U.S. securities, the risks associated with
foreign investments are not considered to be principal risks of investing in
the fund. To the extent the fund invests in foreign securities, the overall
risk of the fund, however, could be affected.

In summary, Life Sciences is intended for investors who seek long-term
capital growth through an aggressive equity fund and who are willing to
accept the risks associated with the fund's investment strategy.

Life Sciences Fund Profile

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

There are no sales loads, fees or other charges

* to buy fund shares directly from American Century

* to reinvest dividends in additional shares

The following table describes the fees and expenses you will pay if you buy
and hold shares of the fund.

ANNUAL OPERATING EXPENSES
(EXPENSES THAT ARE DEDUCTED FROM FUND ASSETS)
Management Fee(1) 1.50%
Distribution and Service (12b-1) Fees None
Other Expenses(2) 0.00%
Total Annual Fund Operating Expenses 1.50%

(1) The fund has a stepped fee schedule. As a result, the fund's
management fee rate generally decreases as fund assets increase.

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

EXAMPLE
Assuming you. . .
* invest $10,000 in the fund
* redeem all of your shares at the end of the periods shown below
* earn a 5% return each year
* incur the same operating expenses as shown above

. . . your cost of investing in the fund would be:

1 year 3 years
$152 $472

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

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

American Century Investment Management, Inc. provides investment advisory
and management services for the fund. American Century uses teams of
portfolio managers, assistant portfolio managers and analysts working
together to manager its mutual funds. Identified below are the portfolio
managers for the Life Sciences team:

ARNOLD K. DOUVILLE, Vice President and Portfolio Manager, has been a member
of the team that manages the Life Sciences Fund since its inception in June
2000, and has been a member of the team that manages Vista (another American
Century equity fund) since joining American Century in November 1997. Before
joining American Century, he served as Senior Portfolio Manager for Munder
Capital Management from September 1989 to October 1997. He has a bachelor's
degree in economics from the U.S. Air Force Academy and an MBA in finance,
statistics and economics from the University of Chicago.

CHRISTY TURNER, Portfolio Manager, has been a member of the team that
manages the Life Sciences Fund since its inception in June 2000. Prior to
that, she worked for four years as an investment analyst for the health care
sector for other American Century equity funds, including Ultra, Select, New
Opportunities and Giftrust. Before joining American Century in 1996, she
worked as an investment analyst for First Chicago Investment Management
Company and as an audit manager for KPMG Peat Marwick. She has a bachelor's
degree in business administration in accounting from the University of
Central Florida and an MBA in finance from the University of North Carolina.
She is a Chartered Financial Analyst.

6. HOW DO I BUY FUND SHARES?

American Century offers several ways to purchase shares

* Complete and return an application along with an investment check payable
to American Century Investments

* If you already have an American Century account, call us or access our
Web site to exchange shares from another American Century fund

* Call us and send your investment by bank wire transfer

Your initial investment must be at least $2,500. If your redemption activity
causes the value of your account to fall below this account minimum, your
shares may be redeemed involuntarily.

7. HOW DO I SELL FUND SHARES?

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

Life Sciences American Century Investments

8. HOW ARE FUND DISTRIBUTIONS MADE AND TAXED?

Life Sciences pays distributions from its net income, if any, once a year,
usually in December. Distributions from realized capital gains are paid
twice a year, usually in March and December. Distributions may be taxable as
ordinary income, capital gains or a combination of the two. Capital gains
are taxed at different rates depending on the length of time the fund held
the securities that were sold. Distributions are reinvested automatically in
additional shares unless you choose another option.

9. WHAT SERVICES ARE AVAILABLE?

American Century offers several ways to make it easier for you to manage
your account, such as

* Telephone transactions
* Wire and electronic funds transfers
* 24-hour Automated Information Line transactions
* 24-hour online account access and transactions

You will find more information about these choices in Your Guide to American
Century Services, which you may request by calling us, accessing our Web
site or visiting one of our Investor Centers.

Information contained in the services guide pertains to shareholders who
invest directly with American Century rather than through an
employer-sponsored retirement plan or financial intermediary.

Life Sciences Fund Profile

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

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

AUTOMATED INFORMATION LINE
1-800-345-8765

FAX
816-340-7962

TELECOMMUNICATIONS DEVICE FOR THE DEAF
1-800-634-4113 or 816-444-3485

BUSINESS, NOT-FOR-PROFIT AND
EMPLOYER-SPONSORED RETIREMENT PLANS 1-800-345-3533

Visit our Web site at WWW.AMERICANCENTURY.COM [graphic of arrow)

SH-PRF-22197 0010 American Century Investment Services, Inc., Distributor

[front cover]

AMERICAN CENTURY
Fund Profile

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

Technology Fund

October 27, 2000
Investor Class

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

TECHNOLOGY FUND

1. WHAT IS THE FUND'S INVESTMENT OBJECTIVE?

Technology seeks capital growth.

2. WHAT IS THE FUND'S INVESTMENT STRATEGY?

The fund managers will typically look for stocks of growing companies in the
technology and telecommunications-related sectors. To achieve its objective,
the fund invests primarily in companies that the fund managers believe are
principally engaged in offering, using or developing products, processes or
services that provide or will benefit significantly from technological
advancements or improvements. The fund managers consider technology and
telecommunications-related industries to include among others, computers
(including software, products and electronic components), semiconductors,
networking, internet and on-line service providers, office automation,
telecommunications, telecommunications equipment, environmental services,
media and information services, electronics and defense and aerospace. The
fund will invest in U.S. and foreign companies of any size.

Sometimes a company will engage in multiple lines of business. We will
generally consider a company to be in the technology and
telecommunications-related sector if

* at least 50% of its gross income or net assets come from activities in
the sector;

* at least 50% of its assets are devoted to producing revenues from the
sector; or

* based on other information we obtain, we determine that its primary
business should be categorized within the sector.

The fund managers look for stocks of companies they believe will increase in
value over time, using a growth investment strategy. This strategy looks for
companies with earnings and revenues that 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.

3. WHAT ARE THE SIGNIFICANT RISKS OF INVESTING IN THE FUND?

* The fund will focus its investments among companies in the technology and
telecommunications-related sector. Because those investments are
concentrated in a comparatively narrow segment of the total market, the
fund's investments are not as diversified as many other mutual funds.
Because of this, companies in the fund's portfolio may react similarly to
market developments, such as government regulation, subsidies, or
technological

Technology American Century Investments

advancements. This means that the fund's net asset values may be more
volatile than those of less concentrated funds. As a result, the value of an
investment in the fund may rise or fall rapidly.

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

* Many faster-growing technology and telecommunications-related companies
have limited operating histories. Continuing technological advances may mean
rapid obsolescence of key products and services. These business
uncertainties may increase the volatility of the prices for these companies'
securities.

In summary, Technology is intended for investors who seek long-term capital
growth through an aggressive equity fund and who are willing to accept the
risks associated with the fund's investment strategy.

Technology Fund Profile

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

There are no sales loads, fees or other charges
* to buy fund shares directly from American Century
* to reinvest dividends in additional shares

The following table describes the fees and expenses you will pay if you buy
and hold shares of the fund.

ANNUAL OPERATING EXPENSES

(EXPENSES THAT ARE DEDUCTED FROM FUND ASSETS)
Management Fee(1) 1.50%
Distribution and Service (12b-1) Fees None
Other Expenses(2) 0.00%
Total Annual Fund Operating Expenses 1.50%

(1) The fund has a stepped fee schedule. As a result, the fund's
management fee rate generally decreases as fund assets increase.

EXAMPLE

Assuming you. . .
* invest $10,000 in the fund
* redeem all of your shares at the end of the periods shown below
* earn a 5% return each year
* incur the same operating expenses as shown above

. . . your cost of investing in the fund would be:

1 year 3 years
$152 $472

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

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

American Century Investment Management, Inc. provides investment advisory
and management services for the fund. American Century uses teams of
portfolio managers, assistant portfolio managers and analysts working
together to manager its mutual funds. Identified below are the portfolio
managers for the Technology team:

CHRISTOPHER K. BOYD, Vice President and Senior Portfolio Manager, has been a
member of the team that manages the Technology Fund since its inception in
June 2000, and has been a member of the team that manages Giftrust and New
Opportunities since rejoining American Century in January 1998. With the
exception of 1997, he has been with American Century since March 1988 and
served as a Portfolio Manager since December 1992. During 1997, he was in
private practice as an investment advisor. He has a bachelor of science from
the University of Kansas and an MBA from Dartmouth College. He is a
Chartered Financial Analyst.

DOUGLAS C. DAY, Portfolio Manager, has been a member of the team that
manages the Technology Fund since its inception in June 2000. Prior to that,
he worked for three and one-half years as an investment analyst for other
American Century equity funds, including Ultra and Select. Before joining
American Century in October 1996, he worked as an equity research analyst
for Salomon Brothers from May 1995 to October 1996. He has a bachelor's
degree in economics from Emory University.

6. HOW DO I BUY FUND SHARES?

American Century offers several ways to purchase shares

* Complete and return an application along with an investment check payable
to American Century Investments

* If you already have an American Century account, call us or access our
Web site to exchange shares from another American Century fund

* Call us and send your investment by bank wire transfer

Your initial investment must be at least $2,500. If your redemption activity
causes the value of your account to fall below this account minimum, your
shares may be redeemed involuntarily.

7. HOW DO I SELL FUND SHARES?

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

Technology American Century Investments

8. HOW ARE FUND DISTRIBUTIONS MADE AND TAXED?

Technology pays distributions from its net income, if any, once a year,
usually in December. Distributions from realized capital gains are paid
twice a year, usually in March and December. Distributions may be taxable as
ordinary income, capital gains or a combination of the two. Capital gains
are taxed at different rates depending on the length of time the fund held
the securities that were sold. Distributions are reinvested automatically in
additional shares unless you choose another option.

9. WHAT SERVICES ARE AVAILABLE?

American Century offers several ways to make it easier for you to manage
your account, such as

* Telephone transactions
* Wire and electronic funds transfers
* 24-hour Automated Information Line transactions
* 24-hour online account access and transactions

You will find more information about these choices in Your Guide to American
Century Services, which you may request by calling us, accessing our Web
site or visiting one of our Investor Centers.

Information contained in the services guide pertains to shareholders who
invest directly with American Century rather than through an
employer-sponsored retirement plan or financial intermediary.

Technology Fund Profile

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

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

AUTOMATED INFORMATION LINE
1-800-345-8765

FAX
816-340-7962

TELECOMMUNICATIONS DEVICE FOR THE DEAF
1-800-634-4113 or 816-444-3485

BUSINESS, NOT-FOR-PROFIT AND
EMPLOYER-SPONSORED RETIREMENT PLANS 1-800-345-3533

Visit our Web site at WWW.AMERICANCENTURY.COM [graphic of arrow]

SH-PRF-22198 0010 American Century Investment Services, Inc., Distributor