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Previous: FRANKLIN STRATEGIC SERIES, 497, 2000-04-28 |
Next: NORTHSTAR COMPUTER FORMS INC/MN, 11-K, 2000-04-28 |
[GRAPHIC OMITTED]
AMERICAN CENTURY
Fund Profile
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.
[AMERICAN CENTURY LOGO]
April 27, 2000
Investor Class
International Growth seeks capital growth by investing primarily in foreign equity securities of issuers in developed countries.
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.
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 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 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.
Calendar Year-By-Year Returns(1)
[GRAPHIC OMITTED]
[The following table was depicted as a bar graph in the printed material.]
1999 1998 1997 1996 1995 1994 1993 1992 -------------------------------------------------------------------------- 64.44% 19.01% 19.72% 14.43% 11.89% -4.76% 42.65% 4.84%
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 March 31, 2000)
---------------------------------------------------------------------
International Growth 69.70% 26.52% 19.61%
MSCIEAFE Index 25.09% 12.39% 10.16%
---------------------------------------------------------------------
There are no sales loads, fees or other charges
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%
--------------------------------------------------------
Example
Assuming you . . .
. . . 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.
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.
American Century offers several ways to purchase shares
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.
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.
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.
American Century offers several ways to make it easier for you to manage your account, such as
You will find more information about these choices in Your Guide to American Century Services, which you may request by calling us, accessing our Web site or visiting one of our Investor Centers.
Information contained in the services guide pertains to shareholders who invest directly with American Century rather than through an employer-sponsored retirement plan or financial intermediary.
If you own or are considering purchasing fund shares through an employer-sponsored retirement plan or financial intermediary, your ability to purchase shares of the fund, exchange them for shares of other American Century funds, and redeem them will depend on the terms of your plan or financial intermediary. If you have questions about investing in an employer-sponsored retirement plan or through a financial intermediary, call a Service Representative at 1-800-345-3533.
American Century Investments
P.O. Box 419200
Kansas City, Missouri 64141-6200
Investor Relations
1-800-345-2021 or 816-531-5575
Automated Information Line
1-800-345-8765
Fax
816-340-7962
Telecommunications Device for the Deaf
1-800-634-4113 or 816-444-3485
Business, Not-For-Profit and
Employer-Sponsored Retirement Plans
1-800-345-3533
Visit our Web site at www.americancentury.com
SH-PRF-19955 0004
Funds Distributor, Inc. and American Century Investment Services, Inc., Distributors
[GRAPHIC OMITTED]
AMERICAN CENTURY
Fund Profile
Global 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.
[AMERICAN CENTURY LOGO]
April 27, 2000
Investor Class
Global Growth seeks capital growth by investing primarily in equity securities of issuers in developed countries worldwide, including the United States.
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.
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.
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.
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.
Calendar Year-By-Year Returns(1)
[GRAPHIC OMITTED]
[The following table was depicted as a bar graph in the printed material.]
1999 -------- 86.09%
The highest and lowest quarterly returns for the period reflected in the bar chart are:
Highest Lowest
----------------------------------------------------------
Global Growth 51.95% (4Q 1999) 4.89% (3Q 1999)
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 March 31, 2000)
---------------------------------------------------------------------------
Global Growth 91.88% 84.02%
MSCI World Free Index 20.51% 21.99%
---------------------------------------------------------------------------
There are no sales loads, fees or other charges
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%
--------------------------------------------------------------
Example
Assuming you . . .
. . . 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.
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 Global Growth team:
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.
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.
American Century offers several ways to purchase shares
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.
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.
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.
American Century offers several ways to make it easier for you to manage your account, such as
You will find more information about these choices in Your Guide to American Century Services, which you may request by calling us, accessing our Web site or visiting one of our Investor Centers.
Information contained in the services guide pertains to shareholders who invest directly with American Century rather than through an employer-sponsored retirement plan or financial intermediary.
If you own or are considering purchasing fund shares through an employer-sponsored retirement plan or financial intermediary, your ability to purchase shares of the fund, exchange them for shares of other American Century funds, and redeem them will depend on the terms of your plan or financial intermediary. If you have questions about investing in an employer-sponsored retirement plan or through a financial intermediary, call a Service Representative at 1-800-345-3533.
American Century Investments
P.O. Box 419200
Kansas City, Missouri 64141-6200
Investor Relations
1-800-345-2021 or 816-531-5575
Automated Information Line
1-800-345-8765
Fax
816-340-7962
Telecommunications Device for the Deaf
1-800-634-4113 or 816-444-3485
Business, Not-For-Profit and
Employer-Sponsored Retirement Plans
1-800-345-3533
Visit our Web site at www.americancentury.com
SH-PRF-19957 0004
Funds Distributor, Inc. and American Century Investment Services, Inc., Distributors
[GRAPHIC OMITTED]
AMERICAN CENTURY
Fund Profile
Emerging Markets 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.
[AMERICAN CENTURY LOGO]
April 27, 2000
Investor Class
Emerging Markets seeks capital growth by investing primarily in equity securities of emerging market countries.
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 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.
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.
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.
Calendar Year-By-Year Returns(1)
[GRAPHIC OMITTED]
[The following table was depicted as a bar graph in the printed material.]
1999 1998 ----------------------------- 106.19% -18.90%
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 March 31, 2000)
---------------------------------------------------------------
Emerging Markets 112.37% 20.09%
MSCI Emerging Markets
Free Index 51.59% 1.95%
---------------------------------------------------------------
There are no sales loads, fees or other charges
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%
--------------------------------------------------------
Example
Assuming you . . .
. . . 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.
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 Emerging Markets team:
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.
American Century offers several ways to purchase shares
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.
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 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.
American Century offers several ways to make it easier for you to manage your account, such as
You will find more information about these choices in Your Guide to American Century Services, which you may request by calling us, accessing our Web site or visiting one of our Investor Centers.
Information contained in the services guide pertains to shareholders who invest directly with American Century rather than through an employer-sponsored retirement plan or financial intermediary.
If you own or are considering purchasing fund shares through an employer-sponsored retirement plan or financial intermediary, your ability to purchase shares of the fund, exchange them for shares of other American Century funds, and redeem them will depend on the terms of your plan or financial intermediary. If you have questions about investing in an employer-sponsored retirement plan or through a financial intermediary, call a Service Representative at 1-800-345-3533.
American Century Investments
P.O. Box 419200
Kansas City, Missouri 64141-6200
Investor Relations
1-800-345-2021 or 816-531-5575
Automated Information Line
1-800-345-8765
Fax
816-340-7962
Telecommunications Device for the Deaf
1-800-634-4113 or 816-444-3485
Business, Not-For-Profit and
Employer-Sponsored Retirement Plans
1-800-345-3533
Visit our Web site at www.americancentury.com
SH-PRF-19956 0004
Funds Distributor, Inc. and American Century Investment Services, Inc., Distributors
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