AMERICAN CENTURY INTERNATIONAL BOND FUNDS
497K3B, 1999-07-22
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[front cover]

AMERICAN CENTURY

Fund Profile

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

International Bond 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.

  [photos of woman and girls blowing bubbles, men talking, woman at computer]

                                                                   July 26, 1999

                                                                  INVESTOR CLASS

 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.


INTERNATIONAL BOND FUND

1. WHAT IS THE FUND'S INVESTMENT OBJECTIVE?

    International Bond seeks high total return.

2. WHAT IS THE FUND'S INVESTMENT STRATEGY?

    The fund buys  high-quality,  nondollar-denominated  foreign  government and
    foreign corporate debt securities.

    All of the investments must satisfy the credit quality standards (i.e., "AA"
    or higher) established by the Trustees of the fund.

    The  subadvisor  selects the fund's  investments  by using a combination  of
    fundamental research, and bond and currency valuation models.

    * Economic/Political  Fundamentals.  The subadvisor evaluates each country's
    economic  climate and  political  discipline  for  controlling  deficits and
    inflation.

    * Expected Return.  Using economic  forecasts,  the subadvisor  projects the
    expected return for each country.

    * Relative Value. By contrasting  expected risks and returns for investments
    in each country,  the subadvisor selects those countries expected to produce
    the best return at reasonable risk.

    Normally,   the  fund  will  only  purchase  bonds  denominated  in  foreign
    currencies.  Some international  funds attempt to minimize currency risks by
    using  hedging  strategies;  this is sometimes  called  hedging "back to the
    dollar." The fund will not normally hedge back to the dollar.

    The weighted  average maturity of the fund is expected to be between two and
    10 years.

    Additional  information about International  Bond'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?

    * When  interest  rates  change,  the fund's  share value will be  affected.
    Generally,  when interest  rates rise,  the fund's share value will decline.
    The opposite is true when interest rates decline. The interest rate risk for
    International  Bond is higher  than for funds  that  have  shorter  weighted
    average maturities, such as short-term and limited-term funds.

    * As with  all  funds,  at any  given  time  the  value  of your  shares  of
    International Bond may be worth more or less than the price you paid. If you
    sell your  shares  when the value is less than the price you paid,  you will
    lose money.

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

    * International Bond invests primarily in foreign securities, which involves
    greater risks than investing in U.S. securities.  These risks are summarized
    below.

        Currency  Risk.  In  addition  to  changes  in the  value of the  fund's
        investments, changes in the value of foreign currencies against the U.S.
        dollar also could result in gains or losses to the fund.  The value of a
        share of International  Bond is determined in U.S.  dollars.  The fund's
        investments,  however, generally are held in the foreign currency of the
        country  where  investments  are  made.  As a  result,  the  fund  could
        recognize a gain or loss based solely upon a change in the exchange rate
        between the foreign currency and the U.S. dollar.

        Political and Economic Risk.  Many countries  where the fund invests are
        not as politically or economically  developed as the United States. As a
        result,  the  economies  and  political  and social  structures of these
        countries  could be  unstable.  This could cause the value of the fund's
        investments  to  decrease.  The fund also could be unable to enforce its
        ownership rights or pursue legal remedies in countries where it invests.


International Bond                            American Century Investments


        Market and Trading Risk. The trading markets for many foreign securities
        are  not as  active  as U.S.  markets  and may  have  less  governmental
        regulation and oversight.  Foreign markets also may have procedures that
        make it difficult for the fund to buy and sell securities. These factors
        could result in a loss to the fund.

        Availability of Information. Foreign companies generally are not subject
        to the regulatory controls or uniform accounting, auditing and financial
        reporting standards imposed on U.S. issuers.  As a result,  there may be
        less  publicly  available  information  about  foreign  issuers  than is
        available regarding U.S. issuers.

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

    Fund Performance

    The following bar chart shows the actual performance of International Bond's
    Investor  Class shares for each calendar year since the fund's  inception on
    January  7,  1992.  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)
       1998     17.87%
       1997     -5.88%
       1996      6.38%
       1995     24.40%
       1994      1.52%
       1993     11.79%

          (1) As of June 30, 1999, the end of the most recent calendar  quarter,
          International Bond's year-to-date return was -10.19%.

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

                              Highest                 Lowest
                              -------                 ------
    International Bond        13.84% (1Q 1995)        -6.79% (1Q 1997)

    The following  table shows the average annual returns of the fund's Investor
    Class  shares for the  periods  indicated.  The J.P.  Morgan  Global  Traded
    Government  Bond Index  (excluding the United States and with Japan weighted
    at 15%), an unmanaged index that reflects no operating costs, is included as
    a  benchmark   for   performance   comparisons.   For  current   performance
    information, including yields, please call us or access our Web site.

                                         1 YEAR      5 YEARS    LIFE OF FUND(1)
                                         ------      -------    ---------------

     AVERAGE ANNUAL TOTAL RETURNS (PERIOD ENDED JUNE 30, 1999)
     ---------------------------------------------------------
        International Bond                2.76%       6.00%          6.51%

        J.P. Morgan Global Traded
           Government Bond Index          3.42%       6.71%       6.43%(2)

        (1) The inception date for International Bond is January 7, 1992.

        (2) Benchmark from December 31, 1991.

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 that 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                                0.84%(1)

         Distribution and Service (12b-1) Fees         None

         Other Expenses(2)                             0.03%

         Total Annual Fund Operating Expenses          0.87%

        (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  include  the  fees  and  expenses  of  the  fund's
        independent trustees, their legal counsel and interest.


International Bond                                             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

                    $89            $277           $481           $1,069

            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. J.P. Morgan Investment  Management Inc.
    (JPMIM) is the  fund's  subadvisor  and is  responsible  for its  day-to-day
    operations. JPMIM is headquartered in New York and maintains offices in most
    of the world's financial centers, including London and Frankfurt. Identified
    below is the portfolio manager who leads the team that manages International
    Bond:

    DAVID GIBBON, Vice President,  JPMIM and Fixed-Income Portfolio Manager, has
    been a member of the team that  manages  International  Bond since  December
    1998. He joined JPMIM, New York in 1992 and has worked in London since 1997.
    He has a bachelor's  degree in physics from  Princeton  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 the  enclosed  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 $5,000 ($1,000 for traditional IRAs
    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  Bond 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  Bond pays  distributions of  substantially  all of its income
    quarterly,  although  it may  elect  to not  pay a  distribution  in a given
    quarter.  Distributions  from  realized  capital gains are paid once a year,
    usually  in  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.


International Bond                            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 Internet 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 Bond                                             Fund Profile

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

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

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

AUTOMATED INFORMATION LINE
1-800-345-8765

FAX
816-340-7962

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

BUSINESS, NOT-FOR-PROFIT AND
EMPLOYER-SPONSORED RETIREMENT PLANS
1-800-345-353

Visit our Web site at WWW.AMERICANCENTURY.COM

SH-PRF-16994   9907                                   Funds Distributor, Inc.


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