Supplement

497 1 supp.htm SUPPLEMENT TO PROSPECTUS Supplement

Your
American Century
prospectus

INVESTOR CLASS

Global Growth Fund
International Opportunities Fund
International Discovery Fun
Emerging Markets Fund

APRIL 1, 2002 REVISED DECEMBER 20, 2002

INTERNATIONAL DISCOVERY IS CLOSED TO NEW INVESTORS. SHAREHOLDERS WHO HAVE OPEN
ACCOUNTS MAY MAKE ADDITIONAL INVESTMENTS AND REINVEST DIVIDENDS AND CAPITAL
GAINS DISTRIBUTIONS.

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

American Century
Investment Services, Inc.

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

American Century
Investment Services, Inc.

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

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

Dear Investor,

American Century is committed to helping people make the most of their financial
opportunities. That's why we are focused on achieving superior results and
building long-term relationships with investors. We believe our relationship
with you begins with providing a prospectus that's easy to read, and more
importantly, that gives you the information you need to have confidence in the
investment decisions you have made or are soon to make.

This year you'll find some new information in your Prospectus to take note of.
The Securities and Exchange Commission (SEC) has adopted a rule requiring mutual
funds to disclose standardized after-tax returns. We've added this information
to the Fund Performance History section. It is included to help you understand
the impact that taxes may have on mutual fund performance. Please note that
disclosure of after-tax returns is not required for money market funds or funds
offered only in tax-deferred accounts, such as variable annuities.

Naturally, you may have questions about investing after you read through the
Prospectus. Our Web site, www.americancentury.com, offers information that could
answer many of your questions. Or, an Investor Relations Representative will be
happy to help weekdays, 7 a.m. to 7 p.m., and Saturdays, 9 a.m. to 2 p.m.
Central time. Give us a call at 1-800-345-2021.

Sincerely,

/s/Mark Killen

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

Table of Contents

AN OVERVIEW OF THE FUNDS .................................................. 2
FUND PERFORMANCE HISTORY .................................................. 4
FEES AND EXPENSES ......................................................... 6
OBJECTIVES, STRATEGIES AND RISKS .......................................... 7
Global Growth Fund
International Opportunities Fund
International Discovery Fund
Emerging Markets Fund
MANAGEMENT ................................................................ 10
INVESTING WITH AMERICAN CENTURY ........................................... 13
SHARE PRICE AND DISTRIBUTIONS ............................................. 19
TAXES ..................................................................... 20
MULTIPLE CLASS INFORMATION ................................................ 22
FINANCIAL HIGHLIGHTS ...................................................... 23

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This symbol is used throughout the book to highlight DEFINITIONS
of key investment terms and to provide other helpful information

AN OVERVIEW OF THE FUNDS

WHAT ARE THE FUNDS' INVESTMENT OBJECTIVES?

These funds seek capital growth.

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

The fund managers look for stocks of growing foreign companies. The investment
strategy of these funds is based on the belief that, over the long term, stocks
of companies with earnings and revenue growth have a greater-than-average chance
to increase in value over time.

The funds' principal risks include

* MARKET RISK - The value of a fund's shares will go up and down based on the
performance of the companies whose securities it owns and other factors
generally affecting the securities market.

* PRICE VOLATILITY - The value of a fund's shares may fluctuate significantly
in the short term.

* PRINCIPAL LOSS - At any given time your shares may be worth more or less than
the price you paid for them. In other words, it is possible to lose money by
investing in the funds.

* FOREIGN RISK - The funds invest primarily in foreign securities, which are
generally riskier than U.S. securities. As a result the funds are subject to
foreign risk, meaning that political events (such as civil unrest, national
elections and imposition of exchange controls), social and economic events
(such as labor strikes and rising inflation), and natural disasters
occurring in a country where the funds invest could cause the funds'
investments in that country to experience gains or losses.

* CURRENCY RISK - Because the funds generally invest in securities denominated
in foreign currencies, the funds are subject to currency risk, meaning that
the funds could experience gains or losses solely on changes in the exchange
rate between foreign currencies and the U.S. dollar.

The chart below shows the primary differences among the funds.

Fund Primary Investments Principal Risks
----------------------------------------------------------------------------------------------------
Global Growth Equity securities of issuers in Invests a significant portion of
the United States and other its assets in foreign securities
developed countries
----------------------------------------------------------------------------------------------------
International Equity securities of issuers in Invests primarily in small-sized
Opportunities(1) developed foreign countries or foreign issuers
emerging markets that are small-sized
companies at the time of purchase
----------------------------------------------------------------------------------------------------
International Equity securities of issuers in developed Invests primarily in small- to
Discovery foreign countries or emerging markets medium-sized foreign
issuers
that are small- to medium-sized
companies at the time of purchase
----------------------------------------------------------------------------------------------------
Emerging Markets Equity securities of issuers in Invests in emerging markets
emerging markets
----------------------------------------------------------------------------------------------------
(1) International Opportunities will close to new investments when the fund's
net assets reach $500 million.

A more detailed description of American Century's growth investment style and
the funds' investment strategies and risks begins on page 7.

WHO MAY WANT TO INVEST IN THE FUNDS?

The funds may be a good investment if you are

* seeking long-term capital growth from your investment
* seeking diversification of your investment portfolio through investment in
foreign securities
* comfortable with the risks associated with investing in U.S. and foreign
growth securities
* comfortable with short-term price volatility
* investing through an IRA or other tax-advantaged retirement plan

WHO MAY NOT WANT TO INVEST IN THE FUNDS?

The funds may not be a good investment if you are

* seeking current income from your investment
* investing for a short period of time
* uncomfortable with the risks associated with investing in U.S. and foreign
growth securities
* uncomfortable with short-term volatility in the value of your investment

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

FUND PERFORMANCE HISTORY

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

Annual Total Returns

The following bar chart shows the performance of the funds' Investor Class
shares for each of the last 10 calendar years or for each full calendar year in
the life of a fund if less than 10 years. It indicates the volatility of the
funds' historical returns from year to year. Account fees are not reflected in
the chart below. If they had been included, returns would be lower than those
shown. International Opportunities is not included because it does not yet have
a full calendar year of performance.

Global Growth International Discovery Emerging Markets
------------- ----------------------- ----------------
2001 -25.65% -21.77% -8.70%
2000 -5.77% -14.21% -30.14%
1999 86.09% 88.54% 106.19%
1998 17.86% -18.90%
1997 17.48%
1996 31.18%
1995 9.89%

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

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

Highest Lowest
--------------------------------------------------------------------------------
Global Growth 51.95% (4Q 1999) -17.88% (1Q 1999)
--------------------------------------------------------------------------------
International Discovery 50.87% (4Q 1999) -19.91% (3Q 1998)
--------------------------------------------------------------------------------
Emerging Markets 49.04% (4Q 1999) -24.62% (3Q 1998)
--------------------------------------------------------------------------------

Average Annual Total Returns

The following table shows the average annual total returns of the funds' shares
calculated three different ways.

Return Before Taxes shows the actual change in the value of the fund shares over
the time periods shown, but does not reflect the impact of taxes on fund
distributions or the sale of fund shares. The two after-tax returns take into
account taxes that may be associated with owning the fund shares. Return After
Taxes on Distributions is a fund's actual performance, adjusted by the effect of
taxes on distributions made by the fund during the periods shown. Return After
Taxes on Distributions and Sale of Fund Shares is further adjusted to reflect
the tax impact on any change in the value of fund shares as if they had been
sold on the last day of the period.

After-tax returns are calculated using the historical highest federal marginal
income tax rates and do not reflect the impact of state and local taxes. Actual
after-tax returns depend on an investor's tax situation and may differ from
those shown. After-tax returns shown are not relevant to investors who hold fund
shares through tax-deferred arrangements such as 401(k) plans or IRAs.

The benchmarks are unmanaged indices that have no operating costs and are
included in the table for performance comparison. International Opportunities is
not included because it does not yet have a full calendar year of performance.

For the calendar year ended December 31, 2001 1 year 5 years 10 years Life of Fund(1)
------------------------------------------------------------------------------------------------------------------------
Global
Growth
Return Before Taxes -25.65% N/A N/A 11.95%
Return After Taxes on Distributions -25.65% N/A N/A 10.67%
Return After Taxes on
Distributions
and Sale of Fund Shares -15.62% N/A N/A 9.47%
MSCI World Free Index -16.82% N/A N/A -1.81%
(reflects no deduction for fees, expenses or
taxes)
------------------------------------------------------------------------------------------------------------------------
International
Discovery
Return Before Taxes -21.77% 11.87% N/A 13.77%
Return After Taxes on Distributions -21.77% 10.65% N/A 12.75%
Return After Taxes on
Distributions
and Sale of Fund Shares -13.26% 9.75% N/A 11.58%
MSCI EAFE Index -21.44% 0.89% N/A 3.28%
(reflects no deduction for fees, expenses or
taxes)
------------------------------------------------------------------------------------------------------------------------
Emerging
Markets
Return Before Taxes -8.70% N/A N/A -2.66%
Return After Taxes on Distributions -8.71% N/A N/A -2.82%
Return After Taxes on
Distributions
and Sale of Fund Shares -5.30% N/A N/A -2.10%
MSCI Emerging Markets Free Index -2.37% N/A N/A -8.23%
(reflects no deduction for fees, expenses or
taxes)
------------------------------------------------------------------------------------------------------------------------

(1) The inception dates for the funds are: Global Growth, December 1, 1998;
International Discovery, April 1, 1994; and Emerging Markets, September 30,
1997. Only funds with performance history for less than 10 years show
after-tax returns for life of fund.

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For current performance information, please call us at
1-800-345-2021 or visit us at www.americancentury.com.

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 may pay if you buy and
hold shares of the funds.

SHAREHOLDER FEES (FEES PAID DIRECTLY FROM YOUR INVESTMENT)
--------------------------------------------------------------------------------
Maximum Account Maintenance Fee $25(1)
--------------------------------------------------------------------------------

(1) Applies only to investors whose total investments with American Century are
less than $10,000. See Account Maintenance Fee under Investing with
American Century for more details.

International Discovery
and International Opportunities Redemption Fee
Emerging Markets(1) (as a percentage of amount redeemed/exchanged)
--------------------------------------------------------------------------------
Shares held less than 180 days 2.0%
--------------------------------------------------------------------------------
Shares held 180 days or more None
--------------------------------------------------------------------------------

(1) For shares purchased on or after January 15, 2003.

ANNUAL OPERATING EXPENSES (EXPENSES THAT ARE DEDUCTED FROM FUND ASSETS)

Management Distribution and Other Total Annual Fund
Fee(1) Service (12b-1) Fees Expenses(2) Operating Expenses
---------------------------------------------------------------------------------------------------------------------
Global Growth 1.30% None 0.00% 1.30%
---------------------------------------------------------------------------------------------------------------------
International Opportunities 2.00% None 0.00% 2.00%
---------------------------------------------------------------------------------------------------------------------
International Discovery 1.45% None 0.00% 1.45%
---------------------------------------------------------------------------------------------------------------------
Emerging Markets 2.00% None 0.00% 2.00%
---------------------------------------------------------------------------------------------------------------------

(1) Based on expenses incurred by all classes of the funds during the funds'
most recent fiscal year. The funds (except International Opportunities)
have stepped-fee schedules. As a result, the funds' management fee rates
generally decrease as fund assets increase and increase as fund assets
decrease.

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

EXAMPLE

The examples in the table below are intended to help you compare the costs of
investing in a fund with the costs of investing in other mutual funds. Assuming
you . . .

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

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

1 year 3 years 5 years 10 years
-----------------------------------------------------------------------------------------------
Global Growth $132 $410 $710 $1,558
-----------------------------------------------------------------------------------------------
International Opportunities $202 $623 $1,069 $2,305
-----------------------------------------------------------------------------------------------
International Discovery $147 $456 $788 $1,724
-----------------------------------------------------------------------------------------------
Emerging Markets $202 $623 $1,069 $2,305
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Use this example to compare the costs of investing in other
funds. Of course, your actual costs may be higher or lower.

OBJECTIVES, STRATEGIES AND RISKS

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

WHAT ARE THE FUNDS' INVESTMENT OBJECTIVES?

These funds seek capital growth.

HOW DO THE FUNDS PURSUE THEIR INVESTMENT OBJECTIVES?

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

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

The managers use a bottom-up approach to select stocks to buy for the funds.
This means that the managers make their investment decisions based primarily on
the business fundamentals of the individual companies, rather than on economic
forecasts or the outlook for industries or sectors. 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
or hold the stocks of companies they believe will be able to sustain their
growth and sell the stocks of companies whose growth begins to slow down.

In addition to locating strong companies with earnings and revenue growth, the
fund managers believe that it is important to diversify the funds' holdings
across different countries and geographical regions in an effort 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, under normal
market conditions, they intend to keep the funds essentially fully invested in
stocks, regardless of the movement of stock prices generally. When the managers
believe it is prudent, the funds may invest a portion of their assets in
convertible debt securities, equity-equivalent securities, forward currency
exchange contracts, short-term securities, nonleveraged stock index futures
contracts and other similar securities. Stock index futures contracts, a type of
derivative security, can help the funds' cash assets remain liquid while
performing more like stocks. The funds have a policy governing stock index
futures contracts and similar derivative securities to help manage the risk of
these types of investments. For example, the fund managers cannot invest in a
derivative security if it would be possible for a fund to lose more money than
it invested. A complete description of the derivatives policy is included in the
Statement of Additional Information.

In order to better control the size of companies in which International
Opportunities invests, the investment advisor has determined that it will close
the fund when it reaches $500 million in net assets. After that time no new
investors will be accepted.

WHAT KINDS OF SECURITIES DO THE FUNDS BUY?

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

In the event of exceptional market or economic conditions, the funds may, as a
temporary defensive measure, invest all or a substantial portion of their assets
in cash or high-quality, short-term debt securities, denominated in U.S. dollars
or another currency. To the extent a fund assumes a defensive position, it will
not be pursuing its objective of capital growth.

WHAT ARE THE DIFFERENCES BETWEEN THE FUNDS?

* Global Growth invests in both U.S. and foreign companies. The fund's assets
will be invested primarily in equity securities of issuers located in
developed countries worldwide (including the United States).

* International Opportunities' assets will be invested primarily in equity
securities of companies that are small-sized at the time of purchase and are
located in foreign developed countries or emerging market countries. If the
companies in which the fund invests are successful, these companies may grow
into medium- and large-sized companies. In addition, if the fund managers
determine that the availability of small-sized companies in which to invest
is not adequate to meet the fund's investment needs, the fund managers may
invest in medium- and large-sized companies.

* International Discovery's assets will be invested primarily in equity
securities of companies that are small- to medium-sized at the time of
purchase and are located in foreign developed countries or emerging market
countries. If the companies in which the fund invests are successful, these
companies may grow into large-sized companies. In addition, if the fund
managers determine that the availability of small- to medium-sized companies
in which to invest is not adequate to meet the fund's investment needs, the
fund managers may invest in large-sized companies.

* Emerging Markets will invest at least 80% of its assets in equity securities
of companies located in emerging market countries and companies that derive a
significant portion of their business from emerging market countries.

In determining whether a company is foreign, the fund managers will consider
various factors, including where the company is headquartered, where the
company's principal operations are located, where the company's revenues are
derived, where the principal trading market is located and the country in which
the company was legally organized. The weight given to each of these factors
will vary depending on the circumstances in a given case. The funds consider
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. In addition, as used in
the Statement of Additional Information, securities of issuers in emerging
market (non-developed) countries means securities of issuers that (i) have
their principal place of business or principal office in an emerging market
country or (ii) derive a significant portion of their business from emerging
market countries.

When determining the size of a company, the fund managers will consider, among
other factors, the capitalization of the company and the amount of revenues as
well as other information they obtain about the company.

WHAT ARE THE PRINCIPAL RISKS OF INVESTING IN THE FUNDS?

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

At any given time your shares may be worth more or less than the price you paid
for them. In other words, it is possible to lose money by investing in the
funds.

Investing in foreign securities has certain unique risks that make it generally
riskier than investing in U.S. securities. These risks include increased
exposure to political, social and economic events in world markets; limited
availability of public information about a company; less-developed trading
markets and regulatory practices; and a lack of uniform financial reporting
practices compared to those that apply in the United States.

In addition, investments in foreign countries are subject to currency risk,
meaning that because the funds' investments are generally denominated in foreign
currencies, the funds could experience gains or losses based solely on changes
in the exchange rate between foreign currencies and the U.S. dollar.

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

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

The fund managers may buy a large amount of a company's stock quickly, and may
dispose of it quickly if the company's earnings or revenues decline. 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 share
price volatility. This volatility can be greater than that of the average stock
fund.

The funds' performance also may be affected by investments in initial public
offerings (IPOs). The impact of IPOs on a fund's performance depends on the
strength of the IPO market and the size of the fund. IPOs may have less impact
on a fund's performance as its assets grow.

In summary, investing in these funds is intended for investors who find foreign
securities an appropriate investment and who are willing to accept the increased
risk associated with a fund's investment strategy.

MANAGEMENT

WHO MANAGES THE FUNDS?

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

THE BOARD OF DIRECTORS

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

THE INVESTMENT ADVISOR

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

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

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

Out of each fund's fee, the advisor paid all expenses of managing and operating
that fund except brokerage expenses, taxes, interest, fees and expenses of the
independent directors (including legal counsel fees), and extraordinary
expenses. A portion of each fund's management fee may be paid by the fund's
advisor to unaffiliated third parties who provide recordkeeping and
administrative services that would otherwise be performed by an affiliate of
the advisor.

Management Fees Paid by the Funds to the Advisor as a Percentage of Average
Net Assets for the Most Recent Fiscal Year Ended November 30, 2001
--------------------------------------------------------------------------------
Global Growth 1.30%
--------------------------------------------------------------------------------
International Opportunities 2.00%
--------------------------------------------------------------------------------
International Discovery 1.45%
--------------------------------------------------------------------------------
Emerging Markets 2.00%
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THE FUND MANAGEMENT TEAMS

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

The portfolio managers on the investment teams are identified below.

HENRIK STRABO

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

MATTHEW HUDSON

Mr. Hudson, Portfolio Manager, has been a member of the team that manages Global
Growth since April 2002. He joined American Century in January 2000 as an
analyst. Prior to joining American Century, he was an international investment
analyst at Pioneer Investment Management from September 1996 to January 2000. He
has a bachelor of science degree in finance and investments from Babson College
and an MBA in finance from Boston University. He is a CFA charterholder.

MARK S. KOPINSKI

Mr. Kopinski, Senior Vice President and Senior Portfolio Manager, has been a
member of the team that manages International Discovery 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. From 1990 to 1995 he served as Vice President and a member of the
team that managed International Discovery. He has a bachelor's degree in
business administration from Monmouth College and a master's degree in Asian
studies from the University of Illinois.

BRIAN BRADY

Mr. Brady, Vice President and Portfolio Manager, has been a member of the team
that manages International Discovery since November 1998. He joined American
Century in June 1994 as an Investment Analyst and was promoted to Portfolio
Manager in November 1998. Prior to joining American Century, he served as a
Financial Analyst for Chase Manhattan Bank. He has a bachelor's degree in
finance from Georgetown University and an MBA from Columbia University Graduate
School of Business.

TREVOR GURWICH

Mr. Gurwich, Portfolio Manager, has been a member of the team that manages
International Discovery since April 2002. He joined American Century in July
1998 as an investment analyst for International Discovery and Emerging Markets
and was promoted to Portfolio Manager of International Opportunities in June
2001. He continues as an analyst for International Opportunities. Before joining
American Century in July 1998, he worked as a manager of business consulting for
Arthur Andersen LLP from February 1992 to April 1996. He has a bachelor's degree
in international relations from the University of Pennsylvania, a bachelor's
degree in economics from Wharton School of Business and an MBA in finance and
investment management from Columbia University.

MICHAEL J. DONNELLY

Mr. Donnelly, Vice President and Portfolio Manager, has been a member of the
team that manages Emerging Markets since the fund's inception in September 1997.
He joined American Century in August 1997. From 1993 to 1997, he served as Vice
President and Portfolio Manager for Federated Investors, Inc. He has a bachelor
of arts from Yale University and an MBA in management, international business
and international finance from Kellogg Graduate School of Management,
Northwestern University. He is a CFA charterholder.

RAYMOND KONG

Mr. Kong, Portfolio Manager, has been a member of the team that manages Emerging
Markets since July 2001. He joined American Century in 1993 as an international
investment analyst for International Discovery. Since October 1998, he served as
Senior Analyst and Managing Director of the American Century Singapore office.
He has a bachelor of science and master of science in civil engineering and an
MBA from Virginia Tech.

LYNETTE SCHROEDER

Ms. Schroeder, Portfolio Manager, has been a member of the team that manages
International Opportunities since the fund's inception in June 2001. She joined
American Century in August 2000 as a Portfolio Manager. Prior to joining
American Century, she served as a Portfolio Manager, Senior Analyst for Driehaus
Capital Management from June 1997 to July 2000 and as an Analyst for Lexington
Asset Management from August 1995 to May 1997. She has a bachelor's degree in
political science from the University of Chicago and an MBA from the Colgate
Darden Graduate School of Business Administration, University of Virginia.

CODE OF ETHICS

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

FUNDAMENTAL INVESTMENT POLICIES

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

INVESTING WITH AMERICAN CENTURY

SERVICES AUTOMATICALLY AVAILABLE TO YOU

Most accounts automatically will have access to the services listed below when
the account is opened. If you do not want these services, see Conducting
Business in Writing. If you have questions about the services that apply to your
account type, please call us.

CONDUCTING BUSINESS IN WRITING

If you prefer to conduct business in writing only, you can indicate this on the
account application. If you choose this option, you must provide written
instructions to invest, exchange and redeem. All account owners must sign
transaction instructions (with signatures guaranteed for redemptions in excess
of $100,000). If you want to add services later, you can complete an Investor
Service Options form. By choosing this option, you are not eligible to enroll
for exclusive online account management to waive the account maintenance fee.
See Account Maintenance Fee in this section.

YOUR RESPONSIBILITY FOR UNAUTHORIZED TRANSACTIONS

American Century and its affiliated companies use procedures reasonably designed
to confirm that telephone, electronic and other instructions are genuine. These
procedures include recording telephone calls, requesting personalized security
codes or other information, and sending confirmation of transactions. If we
follow these procedures, we are not responsible for any losses that may occur
due to unauthorized instructions. For transactions conducted over the Internet,
we recommend the use of a secure Internet browser. In addition, you should
verify the accuracy of your confirmation statements immediately after you
receive them.

YOUR GUIDE TO SERVICES AND POLICIES

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

WAYS TO MANAGE YOUR ACCOUNT
--------------------------------------------------------------------------------
ONLINE
--------------------------------------------------------------------------------

www.americancentury.com

OPEN AN ACCOUNT

If you are a current or new investor, you can open an account by completing and
submitting our online application. Current investors also can open an account
by exchanging shares from another American Century account.

EXCHANGE SHARES

Exchange shares from another American Century account.

MAKE ADDITIONAL INVESTMENTS

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

SELL SHARES*

Redeem shares and proceeds will be electronically transferred to your authorized
bank account.

*Online redemptions up to $25,000 per day.

--------------------------------------------------------------------------------
BY TELEPHONE
--------------------------------------------------------------------------------

Investor Relations
1-800-345-2021

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

Automated Information Line
1-800-345-8765

OPEN AN ACCOUNT

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

EXCHANGE SHARES

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

MAKE ADDITIONAL INVESTMENTS

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

SELL SHARES

Call a Service Representative.

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

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

Fax: 816-340-7962

OPEN AN ACCOUNT

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

EXCHANGE SHARES

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

MAKE ADDITIONAL INVESTMENTS

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

SELL SHARES

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

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

OPEN AN ACCOUNT

Not available.

EXCHANGE SHARES

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

MAKE ADDITIONAL INVESTMENTS

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

SELL SHARES

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

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

[graphic of triangle]

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

OPEN AN ACCOUNT

Call to set up your account or mail a completed application to the address
provided in the By mail section. Give your bank the following information to
wire money.

* Our bank information
Commerce Bank N.A.
Routing No. 101000019
Account No. Please call for the appropriate account number
* The fund name
* Your American Century account number, if known*
* Your name
* The contribution year (for IRAs only)
* For additional investments only

MAKE ADDITIONAL INVESTMENTS

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

SELL SHARES

You can receive redemption proceeds by wire or electronic transfer.

EXCHANGE SHARES

Not available.
--------------------------------------------------------------------------------
IN PERSON
--------------------------------------------------------------------------------

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

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

1665 Charleston Road 10350 Park Meadows Drive
Mountain View, California Littleton, Colorado
8 a.m. to 5 p.m., Monday - Friday 8:30 am. to 5:30 p.m., Monday - Friday

MINIMUM INITIAL INVESTMENT AMOUNTS

International Opportunities
To open an account, the minimum International Discovery(1)
investments are: Global Growth Emerging Markets(2)
--------------------------------------------------------------------------------
Individual or Joint $2,500 $10,000
--------------------------------------------------------------------------------
Traditional IRA $2,500 $10,000
--------------------------------------------------------------------------------
Roth IRA $2,500 $10,000
--------------------------------------------------------------------------------
Education IRA $2,000 N/A
--------------------------------------------------------------------------------
UGMA/UTMA $2,500 $10,000
--------------------------------------------------------------------------------
403(b) $1,000(3) $10,000
--------------------------------------------------------------------------------
Qualified Retirement Plans $2,500(4) $10,000
--------------------------------------------------------------------------------

(1) This fund is closed to new investors.

(2) Effective January 15, 2003, the minimum initial investment amounts will be
lowered to $2,500.

(3) For each fund you select for your 403(b) plan, American Century will waive
the fund minimum if you make a contribution of at least $50 a month. If
your contribution is less than $50 a month, you may make only one fund
choice.

(4) The minimum investment requirements may be different for some types of
retirement plans.

ACCOUNT MAINTENANCE FEE

We charge a $12.50 semiannual account maintenance fee to investors whose total
investments with American Century are less than $10,000. We will determine the
amount of your total investments twice per year, generally the last Friday in
October and April. If your total investments are less than $10,000 at that time,
we will redeem shares automatically in one of your accounts to pay the $12.50
fee. Please note that you may incur a tax liability as a result of the
redemption. In determining your total investment amount, we will include your
investments in American Century funds held in all PERSONAL ACCOUNTS and IRAs
including SEP-, SARSEP- and SIMPLE-IRAs (but no other retirement plan accounts)
registered under your Social Security number. We will not charge you the fee as
long as you choose to manage your accounts exclusively online. You may enroll
for exclusive online account management on our Web site. To find out more about
exclusive online account management, visit www.americancentury.com/info/demo.

PERSONAL ACCOUNTS include individual accounts, joint accounts,
UGMA/UTMA accounts, personal trusts, Education Savings Accounts
(formerly Education IRAs) and traditional, Roth and Rollover
IRAs. If you have only business, business retirement,
employer-sponsored or American Century Brokerage accounts, you
are currently not subject to this fee, but you may be subject to
other fees.

REDEMPTIONS

If you sell your shares of International Discovery or International
Opportunities within 180 days of their purchase, you will pay a redemption fee
of 2.0% of the value of the shares sold. If you sell your shares of Emerging
Markets purchased on or after January 15, 2003, within 180 days of their
purchase, you will pay a redemption fee of 2.0% of the value of the shares sold.
The redemption fee does not apply to shares purchased through reinvested
distributions (dividends and capital gains). The redemption fee is retained by
the fund and helps cover transaction and tax costs that long-term investors may
bear when the fund realizes capital gains as a result of selling securities to
meet investor redemptions.

Your redemption proceeds will be calculated using the NET ASSET VALUE (NAV) next
determined after we receive your transaction request in good order. Each time
you make an investment with American Century, there is a seven-day holding
period before you can redeem those shares, unless you provide us with
satisfactory proof that your purchase funds have cleared. This seven-day holding
period begins the day after your investment is processed. However, investments
by wire require only a one-day holding period.

A fund's NET ASSET VALUE, or NAV, is the price of the fund's
shares.

In addition, we reserve the right to delay delivery of your redemption
proceeds--up to seven days--or to honor certain redemptions with securities,
rather than cash, as described in the next section.

[graphic of triangle]

A redemption is the sale of all or a portion of the shares in an
account, including those sold as a part of an exchange to another
American Century account.

SPECIAL REQUIREMENTS FOR LARGE REDEMPTIONS

If, during any 90-day period, you redeem fund shares worth more than $250,000
(or 1% of the value of the fund's assets if that amount is less than $250,000),
we reserve the right to pay part or all of the redemption proceeds in excess of
this amount in readily marketable securities instead of in cash. The fund
managers would select these securities from the fund's portfolio. A payment in
securities can help the fund's remaining shareholders avoid tax liabilities
that they might otherwise have incurred had the fund sold securities prematurely
to pay the entire redemption amount in cash.

We will value these securities in the same manner as we do in computing the
fund's net asset value. We may provide these securities in lieu of cash without
prior notice. Also, if payment is made in securities, you may have to pay
brokerage or other transaction costs to convert the securities to cash.

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

REDEMPTION OF SHARES IN LOW-BALANCE ACCOUNTS

If your account balance falls below the minimum initial investment amount for
any reason other than as a result of market fluctuation, we will notify you and
give you 90 days to meet the minimum. If you do not meet the deadline, American
Century reserves the right to redeem the shares in the account and send the
proceeds to your address of record. Please note that International Discovery and
International Opportunities shares redeemed in this manner may be subject to a
2% redemption fee if held less than 180 days. You also may incur tax liability
as a result of this redemption.

MODIFYING OR CANCELING AN INVESTMENT

Investment instructions are irrevocable. That means that once you have mailed or
otherwise transmitted your investment instruction, you may not modify or cancel
it. Each fund reserves the right to suspend the offering of shares for a period
of time and to reject any specific investment (including a purchase by
exchange). Additionally, we may refuse a purchase if, in our judgment, it is of
a size that would disrupt the management of a fund.

ABUSIVE TRADING PRACTICES

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

Excessive, short-term (market timing) or other abusive trading practices may
disrupt portfolio management strategies and harm fund performance. To minimize
harm to the funds and their shareholders, we reserve the right to reject any
purchase order (including exchanges) from any investor we believe has a history
of abusive trading or whose trading, in our judgment, has been or may be
disruptive to a fund. In making this judgment, we may consider trading done in
multiple accounts under common ownership or control.

INVESTING THROUGH FINANCIAL INTERMEDIARIES

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

* minimum investment requirements
* exchange policies
* fund choices
* cutoff time for investments

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

[graphic of triangle]

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

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

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

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

RIGHT TO CHANGE POLICIES

We reserve the right to change any stated investment requirement, including
those that relate to purchases, exchanges and redemptions. We also may alter,
add or discontinue any service or privilege. Changes may affect all investors or
only those in certain classes or groups.

SHARE PRICE AND DISTRIBUTIONS

SHARE PRICE

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

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

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

GOOD ORDER means that your instructions have been received in
the form required by American Century. This may include, for
example, providing the fund name and account number, the amount
of the transaction and all required signatures.

DISTRIBUTIONS

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

CAPITAL GAINS are increases in the values of capital assets,
such as stock, from the time the assets are purchased.

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

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

TAXES

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

Tax-Deferred Accounts

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

Taxable Accounts

If you own fund shares through a taxable account, you may be taxed on your
investments if the fund makes distributions or if you sell your fund shares.

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

Taxability of Distributions

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

Tax Rate for 10% Tax Rate for
Type of Distribution and 15% Brackets All Other
Brackets
--------------------------------------------------------------------------------
Short-term capital gains Ordinary income rate Ordinary income rate
--------------------------------------------------------------------------------
Long-term capital gains (1-5 years) 10% 20%
--------------------------------------------------------------------------------
Long-term capital gains (>5 years) 8% 20%(1)
--------------------------------------------------------------------------------

(1) The reduced rate for these gains will not begin until 2006 because the
security holding period must start after December 31, 2000. Once the
security has been held for more than 5 years, the rate will be 18%.

The tax status of any distributions of capital gains is determined by how long
the fund held the underlying security that was sold, not by how long you have
been invested in the fund, or whether you reinvest your distributions in
additional shares or take them in cash. For taxable accounts, American Century
or a financial intermediary will inform you of the tax status of fund
distributions for each calendar year in an annual tax mailing (Form 1099-DIV).

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

Taxes on Transactions

Your redemptions--including exchanges to other American Century funds--are
subject to capital gains tax. The table above can provide a general guide for
your potential tax liability when selling or exchanging fund shares. Short-term
capital gains are gains on fund shares you held for 12 months or less. Long-term
capital gains are gains on fund shares you held for more than 12 months. If your
shares decrease in value, their sale or exchange will result in a long-term or
short-term capital loss. However, you should note that loss realized upon the
sale or exchange of shares held for six months or less will be treated as a
long-term capital loss to the extent of any distribution of long-term capital
gain to you with respect to those shares. If a loss is realized on the
redemption of fund shares, the reinvestment in additional fund shares within 30
days before or after the redemption may be subject to the wash sale rules of the
Internal Revenue Code. This may result in a postponement of the recognition of
such loss for federal income tax purposes.

If you have not certified to us that your Social Security number or tax
identification number is correct and that you are not subject to withholding, we
are required to withhold and pay to the IRS the applicable federal withholding
tax rate on taxable dividends, capital gains distributions and redemption
proceeds.

BUYING A DIVIDEND

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

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

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

MULTIPLE CLASS INFORMATION

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

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

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

FINANCIAL HIGHLIGHTS

UNDERSTANDING THE FINANCIAL HIGHLIGHTS

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

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

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

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

* TOTAL RETURN - the overall percentage of return of the fund, assuming the
reinvestment of all distributions

* EXPENSE RATIO - the operating expenses of the fund as a percentage of average
net assets

* NET INCOME RATIO - the net investment income of the fund as a percentage
of average net assets

* PORTFOLIO TURNOVER - the percentage of the fund's buying and selling activity

The Financial Highlights have been audited by Deloitte & Touche LLP, independent
auditors. Their Independent Auditors' Report and the financial statements are
included in the funds' Annual Report, which is available upon request.

GLOBAL GROWTH FUND

Investor Class

Net Asset Value, Beginning of Period $6.18 $8.73 $8.33 $5.00
------------------------------------------------------------------------------------------------------------------------
Income From Investment Operations
-----------------------------------------------------------
Net Investment Income (Loss)(3) 0.01 --(4) (0.05) (0.01)
-----------------------------------------------------------
Net Realized and Unrealized Gain (Loss) 0.16 (1.90) 0.81 3.34
------------------------------------------------------------------------------------------------------------------------
Total From Investment Operations 0.17 (1.90) 0.76 3.33
------------------------------------------------------------------------------------------------------------------------
Distributions
-----------------------------------------------------------
From Net Realized Gains -- (0.65) (0.36) --
------------------------------------------------------------------------------------------------------------------------
Net Asset Value, End of Period $6.35 $6.18 $8.73 $8.33
========================================================================================================================
TOTAL RETURN(5) 2.75% (23.62)% 8.81% 66.60%

RATIOS/SUPPLEMENTAL DATA

Ratio of Operating Expenses to Average Net Assets 1.30%(6) 1.30% 1.30% 1.30%(6)
-----------------------------------------------------------
Ratio of Net Investment Income (Loss) to Average Net Assets 0.25%(6) (0.06)% (0.48)% (0.20)%(6)
-----------------------------------------------------------
Portfolio Turnover Rate 158% 232% 123% 133%
-----------------------------------------------------------
Net Assets, End of Period (in thousands) $260,160 $272,402 $412,631 $233,823
------------------------------------------------------------------------------------------------------------------------

(1) Six months ended May 31, 2002 (unaudited).

(2) December 1, 1998 (inception) through November 30, 1999.

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

(4) Per-share amount was less than $0.005.

(5) Total return assumes reinvestment of net investment income and capital
gains distributions, if any. Total returns for periods less than one
year are not annualized. The total return of the classes may not precisely
reflect the class expense differences because of the impact of calculating
the net asset values to two decimal places. If net asset values were
calculated to three decimal places, the total return differences would
more closely reflect the class expense differences. The calculation of net
asset values to two decimal places is made in accordance with SEC
guidelines and does not result in any gain or loss of value between one
class and another.

(6) Annualized.

INTERNATIONAL OPPORTUNITIES FUND

Investor Class

FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD INDICATED
--------------------------------------------------------------------------------
2002(1) 2001(2)
PER-SHARE DATA

Net Asset Value, Beginning of Period $4.87 $5.00
--------------------------------------------------------------------------------
Income From Investment Operations
--------------------------------------------------
Net Investment Income (Loss)(3) 0.01 (0.02)
--------------------------------------------------
Net Realized and Unrealized Gain (Loss) 0.87 (0.11)
--------------------------------------------------------------------------------
Total From Investment Operations 0.88 (0.13)
--------------------------------------------------------------------------------
Net Asset Value, End of Period $5.75 $4.87
================================================================================
TOTAL RETURN(4) 18.07% (2.60)%

RATIOS/SUPPLEMENTAL DATA

Ratio of Operating Expenses to Average Net Assets 2.00%(5) 2.00%(5)
--------------------------------------------------
Ratio of Net Investment Income (Loss) to
Average Net Assets 0.47%(5) (0.75)%(5)
--------------------------------------------------
Portfolio Turnover Rate 140% 147%
--------------------------------------------------
Net Assets, End of Period (in thousands) $21,131 $6,569
--------------------------------------------------------------------------------

(1) Six months ended May 31, 2002 (unaudited).

(2) June 1, 2001 (inception) through November 30, 2001.

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

(4) Total return assumes reinvestment of net investment income and capital
gains distributions, if any. Total returns for periods less than one year
and not annualized.

(5) Annualized.

INTERNATIONAL DISCOVERY FUND

Investor Class

FOR A SHARE OUTSTANDING THROUGHOUT THE YEARS ENDED NOVEMBER 30 (EXCEPT AS NOTED)
-----------------------------------------------------------------------------------------------------------------------
2002(1) 2001 2000 1999 1998 1997
PER-SHARE DATA

Net Asset Value, Beginning of Period $10.13 $14.23 $15.20 $9.24 $8.54 $7.60
-----------------------------------------------------------------------------------------------------------------------
Income From Investment Operations
-------------------------------------
Net Investment Income (Loss)(2) 0.04 0.01 (0.12) (0.07) (0.03) (0.03)
-------------------------------------
Net Realized
and
Unrealized Gain (Loss) 0.71 (2.54) 0.03 6.06 1.22 1.31
------------------------------------------------------------------------------------------------------------------------
Total From Investment Operations 0.75 (2.53) (0.09) 5.99 1.19 1.28
------------------------------------------------------------------------------------------------------------------------
Distributions
-------------------------------------
From Net Investment Income -- -- -- -- (0.02) (0.02)
-------------------------------------
From Net Realized Gains -- (1.57) (0.88) (0.03) (0.47) (0.32)
------------------------------------------------------------------------------------------------------------------------
Total Distributions -- (1.57) (0.88) (0.03) (0.49) (0.34)
------------------------------------------------------------------------------------------------------------------------
Net Asset Value, End of Period $10.88 $10.13 $14.23 $15.20 $9.24 $8.54
========================================================================================================================
TOTAL RETURN(3) 7.40% (20.17)% (1.27)% 65.12% 14.79% 17.76%

RATIOS/SUPPLEMENTAL DATA

Ratio of Operating Expenses
to Average Net Assets 1.51%(4) 1.45% 1.36% 1.55% 1.64% 1.70%(5)
-------------------------------------
Ratio of Net Investment Income
(Loss)
to Average Net Assets 0.76%(4) 0.10% (0.64)% (0.65)% (0.36)% (0.37)%
-------------------------------------
Portfolio Turnover Rate 113% 180% 113% 110% 178% 146%
-------------------------------------
Net Assets, End of Period
(in thousands) $1,043,893 $1,021,063 $1,568,872 $1,408,624 $781,551 $626,327
------------------------------------------------------------------------------------------------------------------------

(1) Six months ended May 31, 2002 (unaudited).

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

(3) Total return assumes reinvestment of net investment income and capital
gains distributions, if any. Total returns for periods less than one
year are not annualized. The total return of the classes may not
precisely reflect the class expense differences because of the impact
of calculating the net asset values to two decimal places. If net asset
values were calculated to three decimal places, the total return
differences would more closely reflect the class expense differences.
The calculation of net asset values to two decimal places is made in
accordance with SEC guidelines and does not result in any gain or
loss of value between one class and another.

(4) Annualized.

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

EMERGING MARKETS FUND

Investor Class

FOR A SHARE OUTSTANDING THROUGHOUT THE YEARS ENDED NOVEMBER 30 (EXCEPT AS NOTED
-----------------------------------------------------------------------------------------------------------------------
2002(1) 2001 2000 1999 1998 1997(2)
PER-SHARE DATA

Net Asset Value, Beginning of Period $4.06 $4.68 $5.62 $3.49 $4.15 $5.00
-----------------------------------------------------------------------------------------------------------------------
Income From Investment Operations
----------------------------------
Net Investment Loss(3) (0.01) (0.02) (0.06) (0.01) --(4) (0.01)
----------------------------------
Net Realized and
Unrealized Gain (Loss) 0.59 (0.43) (0.88) 2.14 (0.66) (0.84)
-----------------------------------------------------------------------------------------------------------------------
Total From Investment Operations 0.58 (0.45) (0.94) 2.13 (0.66) (0.85)
-----------------------------------------------------------------------------------------------------------------------
Distributions
----------------------------------
From Net Realized Gains -- (0.17) -- -- -- --
-----------------------------------------------------------------------------------------------------------------------
Net Asset Value, End of Period $4.64 $4.06 $4.68 $5.62 $3.49 $4.15
=======================================================================================================================
TOTAL RETURN(5) 14.57% (10.28)% (16.73)% 61.03% (15.90)% (17.00)%

RATIOS/SUPPLEMENTAL DATA

Ratio of Operating Expenses
to Average Net Asset 2.00%(6) 2.00% 2.00% 2.00% 2.00% 2.00%(6)
----------------------------------
Ratio of Net Investment Loss
to Average Net Assets (0.36)%(6) (0.27)% (0.88)% (0.33)% (0.03)% (0.74)%(6)
----------------------------------
Portfolio Turnover Rate 173% 326% 196% 168% 270% 36%
----------------------------------
Net Assets, End of Period
(in thousands) $119,195 $80,422 $77,279 $82,359 $21,124 $11,830
-----------------------------------------------------------------------------------------------------------------------

(1) Six months ended May 31, 2002 (unaudited).

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

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

(4) Per-share amount was less than $0.005.

(5) Total return assumes reinvestment of net investment income and capital
gains distributions, if any. Total returns for periods less than one
year are not annualized. The total return of the classes may not
precisely reflect the class expense differences because of the impact
of calculating the net asset values to two decimal places. If net
asset values were calculated to three decimal places, the total return
differences would more closely reflect the class expense differences.
The calculation of net asset values to two decimal places is made in
accordance with SEC guidelines and does not result in any gain or
loss of value between one class and another.

(6) Annualized.

NOTES

MORE INFORMATION ABOUT THE FUNDS IS CONTAINED IN THESE DOCUMENTS

Annual and Semiannual Reports

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

Statement of Additional Information (SAI)

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

You may obtain a free copy of the SAI or annual and semiannual reports, and ask
questions about the funds or your accounts, by contacting American Century at
the address or telephone numbers listed below.

You also can get information about the funds (including the SAI) from the
Securities and Exchange Commission (SEC). The SEC charges a duplicating fee to
provide copies of this information.

In person SEC Public Reference Room
Washington, D.C.
Call 202-942-8090 for location and hours.

On the Internet * EDGAR database at www.sec.gov
* By email request at publicinfo@sec.gov

By mail SEC Public Reference Section
Washington, D.C. 20549-0102

This Prospectus shall not constitute an offer to sell securities of a fund in
any state, territory, or other jurisdiction where the fund's shares have not
been registered or qualified for sale, unless such registration or
qualification is not required, or under any circumstances in which such offer or
solicitation would be unlawful.

FUND REFERENCE (INVESTOR CLASS)

Fund Code Ticker Newspaper Listing
-------------------------------------------------------------------------------------------------
Global Growth Fund 102 TWGGX Gl Grwth
-------------------------------------------------------------------------------------------------
International Opportunities Fund 040 N/A N/A
-------------------------------------------------------------------------------------------------
International Discovery Fund 042 TWEGX IntDisc
-------------------------------------------------------------------------------------------------
Emerging Markets Fund 043 TWMIX EmgMkt
-------------------------------------------------------------------------------------------------

Investment Company Act File No. 811-6247

AMERICAN CENTURY INVESTMENTS
P.O. Box 419200
Kansas City, Missouri 64141-6200
1-800-345-2021 or 816-531-5575

0212
SH-PRS-32202

Your
American Century
prospectus

ADVISOR CLASS
Global Growth Fund
International Discovery Fund
Emerging Markets Fund

APRIL 1, 2002
REVISED DECEMBER 20, 2002

INTERNATIONAL DISCOVERY IS CLOSED TO NEW INVESTORS. SHAREHOLDERS WHO HAVE OPEN
ACCOUNTS MAY MAKE ADDITIONAL INVESTMENTS AND REINVEST DIVIDENDS AND CAPITAL
GAINS DISTRIBUTIONS.

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

American Century Investment Services, Inc.

[left margin]
[american century logo and text logo (reg. sm)]
American Century
Investments
P.O. Box 419385

Kansas City, MO
64141-6385

Dear Investor,

Naturally, you may have questions about investing after you read through the
Prospectus. Please contact your investment professional with questions or for
more information about our funds.

Sincerely,

/s/W Gordon Snyder
W. Gordon Snyder
President, Chief Marketing Officer
American Century Investment Services, Inc.

Table of Contents

AN OVERVIEW OF THE FUNDS .................................................. 2
FUND PERFORMANCE HISTORY .................................................. 4
FEES AND EXPENSES ......................................................... 6
OBJECTIVES, STRATEGIES AND RISKS .......................................... 7
Global Growth Fund
International Discovery Fund
Emerging Markets Fund
MANAGEMENT ................................................................ 10
INVESTING WITH AMERICAN CENTURY ........................................... 13
SHARE PRICE AND DISTRIBUTIONS ............................................. 16
TAXES ..................................................................... 17
MULTIPLE CLASS INFORMATION ................................................ 19
FINANCIAL HIGHLIGHTS ...................................................... 20
PERFORMANCE INFORMATION OF OTHER CLASS .................................... 24

[graphic of triangle]

This symbol is used throughout the book to highlight DEFINITIONS
of key investment terms and to provide other helpful information.

AN OVERVIEW OF THE FUNDS

WHAT ARE THE FUNDS' INVESTMENT OBJECTIVES?

These funds seek capital growth.

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

The funds' principal risks include

* MARKET RISK - The value of a fund's shares will go up and down based on the
performance of the companies whose securities it owns and other factors
generally affecting the securities market.

* PRICE VOLATILITY - The value of a fund's shares may fluctuate significantly
in the short term.

* PRINCIPAL LOSS - At any given time your shares may be worth more or less than
the price you paid for them. In other words, it is possible to lose money by
investing in the funds.

* FOREIGN RISK - The funds invest primarily in foreign securities, which are
generally riskier than U.S. securities. As a result the funds are subject to
foreign risk, meaning that political events (such as civil unrest, national
elections and imposition of exchange controls), social and economic events
(such as labor strikes and rising inflation), and natural disasters occurring
in a country where the funds invest could cause the funds' investments in
that country to experience gains or losses.

The chart below shows the primary differences among the funds.

Fund Primary Investments Principal Risks
---------------------------------------------------------------------------------------
Global Growth Equity securities of issuers in Invests a significant
the United States and other portion of its assets in
developed countries foreign securities
---------------------------------------------------------------------------------------
International Discovery Equity securities of issuers in Invests primarily in
Developed foreign countries or small- to medium-sized
emerging markets that are foreign issuers
small- to medium-sized companies
at the time of purchase
---------------------------------------------------------------------------------------
Emerging Markets Equity securities of issuers Invests in emerging markets
in emerging markets
---------------------------------------------------------------------------------------

A more detailed description of American Century's growth investment style and
the funds' investment strategies and risks begins on page 7.

WHO MAY WANT TO INVEST IN THE FUNDS?

The funds may be a good investment if you are

* seeking long-term capital growth from your investment

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

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

* comfortable with short-term price volatility

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

WHO MAY NOT WANT TO INVEST IN THE FUNDS?

The funds may not be a good investment if you are

* seeking current income from your investment

* investing for a short period of time

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

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

[graphic of triangle]

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

FUND PERFORMANCE HISTORY

GLOBAL GROWTH FUND
INTERNATIONAL DISCOVERY FUND
EMERGING MARKETS FUND

Annual Total Returns

The following bar chart shows the performance of the funds' Advisor Class shares
for each full calendar year in the life of a fund. It indicates the volatility
of the funds' historical returns from year to year.

[bar chart data below]

Global Growth International Discovery Emerging Markets
-------------------------------------------------------------------------------
2001 -25.97% -22.03% -8.96%
2000 -5.90% -14.36% -30.33%
1999 88.04%

[graphic of triangle]

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

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

Highest Lowest
--------------------------------------------------------------------------------
Global Growth 11.17% (1Q 2000) -17.98% (1Q 2001)
--------------------------------------------------------------------------------
International Discovery 50.78% (4Q 1999) -19.17% (3Q 2001)
--------------------------------------------------------------------------------
Emerging Markets 18.61% (4Q 2001) -22.25% (3Q 2001)
--------------------------------------------------------------------------------

Average Annual Total Returns

The following table shows the average annual total returns of the funds' shares
calculated three different ways.

The benchmarks are unmanaged indices that have no operating costs and are
included in the table for performance comparison.

For the calendar year ended December 31, 2001 1 year 5 years Life of Fund(1)
-------------------------------------------------------------------------------------------------------
Global Growth
Return Before Taxes -25.97% N/A 8.28%
Return After Taxes on Distributions -25.97% N/A 7.03%
Return After Taxes on Distributions and Sale of Fund Shares -15.82% N/A 6.45%
MSCI World Free Index -16.82% N/A -4.20%
(reflects no deduction for fees, expenses or taxes)
-------------------------------------------------------------------------------------------------------
International Discovery
Return Before Taxes -22.03% N/A 4.89%
Return After Taxes on Distributions -22.03% N/A 3.89%
Return After Taxes on Distributions and Sale of Fund Shares -13.41% N/A 4.10%
MSCI EAFE Index -21.44% N/A -3.17%
(reflects no deduction for fees, expenses or taxes)
-------------------------------------------------------------------------------------------------------
Emerging Markets
Return Before Taxes -8.96% N/A -0.10%
Return After Taxes on Distributions -8.96% N/A -0.38%
Return After Taxes on Distributions and Sale of Fund Shares -5.45% N/A -0.06%
MSCI Emerging Markets Free Index -2.37% N/A -4.19%
(reflects no deduction for fees, expenses or taxes)
-------------------------------------------------------------------------------------------------------

(1) The inception dates for the funds are: Global Growth, February 5, 1999;
International Discovery, April 28, 1998; and Emerging Markets,
May 12, 1999. Only funds with performance history for less than 10 years
show after-tax returns for life of fund.

Performance Information of Other Class

The funds' original class of shares was the Investor Class. For information
about the historical performance of the original class of shares, see page 24.

[graphic of triangle]

For current performance information, please call us at
1-800-345-3533 or visit us at www.americancentury.com.

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 may pay if you buy and
hold shares of the funds.

[graphic of triangle]

When purchasing through a financial intermediary you may be
charged a fee.

SHAREHOLDER FEES (FEES PAID DIRECTLY FROM YOUR INVESTMENT)

International Discovery Redemption Fee (as a percentage
Emerging Markets(1) of amount redeemed/exchanged)
-------------------------------------------------------------------------------
Shares held less than 180 days 2.0%
-------------------------------------------------------------------------------
Shares held 180 days or more None
-------------------------------------------------------------------------------

(1) For shares purchased on or after January 15, 2003.

ANNUAL OPERATING EXPENSES (EXPENSES THAT ARE DEDUCTED FROM FUND ASSETS)

Management Distribution and Other Total Annual Fund
Fee(1) Service (12b-1) Fees(2) Expenses(3) Operating Expenses
----------------------------------------------------------------------------------------------------
Global Growth 1.05% 0.50% 0.00% 1.55%
----------------------------------------------------------------------------------------------------
International Discovery 1.20% 0.50% 0.00% 1.70%
----------------------------------------------------------------------------------------------------
Emerging Markets 1.75% 0.50% 0.00% 2.25%
----------------------------------------------------------------------------------------------------

(1) Based on expenses incurred by all classes of the funds during the funds'
most recent fiscal year. The funds have stepped fee schedules. As a result,
the funds' management fee rates generally decrease as fund assets increase
and increase as fund assets decrease.

(2) The 12b-1 fee is designed to permit investors to purchase Advisor Class
shares through broker-dealers, banks, insurance companies and other
financial intermediaries. A portion of the fee is used to compensate them
for ongoing recordkeeping and administrative services that would otherwise
be performed by an affiliate of the advisor, and a portion is used to
compensate them for distribution and other shareholder services. For
more information, see Service and Distribution Fees, page 19.

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

EXAMPLE

The examples in the table below are intended to help you compare the costs of
investing in a fund with the costs of investing in other mutual funds. Assuming
you . . .

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

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

1 year 3 years 5 years 10 years
-------------------------------------------------------------------------------
Global Growth $157 $487 $840 $1,832
-------------------------------------------------------------------------------
International Discovery $172 $533 $917 $1,993
-------------------------------------------------------------------------------
Emerging Markets $226 $697 $1,194 $2,558
-------------------------------------------------------------------------------

[graphic of triangle]

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

OBJECTIVES, STRATEGIES AND RISKS

GLOBAL GROWTH FUND
INTERNATIONAL DISCOVERY FUND
EMERGING MARKETS FUND

WHAT ARE THE FUNDS' INVESTMENT OBJECTIVES?

These funds seek capital growth.

HOW DO THE FUNDS PURSUE THEIR INVESTMENT OBJECTIVES?

[graphic of triangle]

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

The fund managers do not attempt to time the market. Instead, under normal
market conditions, they intend to keep the funds essentially fully invested in
stocks regardless of the movement of stock prices generally. When the managers
believe it is prudent, the funds may invest a portion of their assets in
convertible debt securities, equity-equivalent securities, forward currency
exchange contracts, short-term securities, nonleveraged stock index futures
contracts and other similar securities. Stock index futures contracts, a type of
derivative security, can help the funds' cash assets remain liquid while
performing more like stocks. The funds have a policy governing stock index
futures contracts and similar derivative securities to help manage the risk of
these types of investments. For example, the fund managers cannot invest in a
derivative security if it would be possible for a fund to lose more money than
it invested. A complete description of the derivatives policy is included in the
Statement of Additional Information.

WHAT KINDS OF SECURITIES DO THE FUNDS BUY?

The funds will usually purchase equity securities of foreign companies (except
Global Growth, which will usually purchase equity securities of both U.S. and
foreign companies). These funds can purchase other types of securities as well,
such as domestic and foreign preferred stocks, convertible debt securities,
equity-equivalent securities, forward currency exchange contracts, nonleveraged
futures and options, notes, bonds and other debt securities of companies, and
obligations of domestic or foreign governments and their agencies.

WHAT ARE THE DIFFERENCES BETWEEN THE FUNDS?

In determining whether a company is foreign, the fund managers will consider
various factors, including where the company is headquartered, where the
company's principal operations are located, where the company's revenues are
derived, where the principal trading market is located and the country in which
the company was legally organized. The weight given to each of these factors
will vary depending on the circumstances in a given case. The funds consider
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. In addition, as used in
the Statement of Additional Information, securities of issuers in emerging
market (non-developed) countries means securities of issuers that (i) have their
principal place of business or principal office in an emerging market country or
(ii) derive a significant portion of their business from emerging market
countries.

When determining the size of a company, the fund managers will consider, among
other factors, the capitalization of the company and the amount of revenues, as
well as other information they obtain about the company.

WHAT ARE THE PRINCIPAL RISKS OF INVESTING IN THE FUNDS?

At any given time your shares may be worth more or less than the price you paid
for them. In other words, it is possible to lose money by investing in the
funds.

MANAGEMENT

WHO MANAGES THE FUNDS?

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

THE BOARD OF DIRECTORS

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

THE INVESTMENT ADVISOR

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

Management Fees Paid by the Funds to the Advisor
as a Percentage of Average Net Assets for the
Most Recent Fiscal Year Ended November 30, 2001
--------------------------------------------------------------------------------
Global Growth 1.05%
--------------------------------------------------------------------------------
International Discovery 1.20%
--------------------------------------------------------------------------------
Emerging Markets 1.75%
--------------------------------------------------------------------------------

THE FUND MANAGEMENT TEAMS

The portfolio managers on the investment teams are identified below.

HENRIK STRABO

MATTHEW HUDSON

MARK S. KOPINSKI

BRIAN BRADY

TREVOR GURWICH

Mr. Gurwich, Portfolio Manager, has been a member of the team that manages
International Discovery since April 2002. He joined American Century in July
1998 as an investment analyst for International Discovery and Emerging Markets.
Before joining American Century in July 1998, he worked as a manager of business
consulting for Arthur Andersen LLP from February 1992 to April 1996. He has a
bachelor's degree in international relations from the University of
Pennsylvania, a bachelor's degree in economics from Wharton School of Business
and an MBA in finance and investment management from Columbia University.

MICHAEL J. DONNELLY

RAYMOND KONG

CODE OF ETHICS

FUNDAMENTAL INVESTMENT POLICIES

INVESTING WITH AMERICAN CENTURY

ELIGIBILITY FOR ADVISOR CLASS SHARES

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

MINIMUM INITIAL INVESTMENT AMOUNTS

To open an account, the minimum International Discovery(1)
investments are: Global Growth Emerging Markets(2)
--------------------------------------------------------------------------------
Individual or Joint $2,500 $10,000
--------------------------------------------------------------------------------
Traditional IRA $2,500 $10,000
--------------------------------------------------------------------------------
Roth IRA $2,500 $10,000
--------------------------------------------------------------------------------
Education IRA $2,000 N/A
--------------------------------------------------------------------------------
UGMA/UTMA $2,500 $10,000
--------------------------------------------------------------------------------
403(b) $1,000(3) $10,000
--------------------------------------------------------------------------------
Qualified Retirement Plans $2,500(4) $10,000
--------------------------------------------------------------------------------

(1) This fund is closed to new investors.

(2) Effective January 15, 2003, the minimum initial investment amounts will be
lowered to $2,500.

(3) For each fund you select for your 403(b) plan, American Century will waive
the fund minimum if you make a contribution of at least $50 a month.
If your contribution is less than $50 a month, you may make only one
fund choice.

(4) The minimum investment requirements may be different for some types of
retirement plans.

INVESTING THROUGH FINANCIAL INTERMEDIARIES

* minimum investment requirements
* exchange policies
* fund choices
* cutoff time for investments

[graphic of triangle]

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

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

RIGHT TO CHANGE POLICIES

MODIFYING OR CANCELING AN INVESTMENT

Investment instructions are irrevocable. That means that once you have mailed or
otherwise transmitted your investment instruction, you may not modify or cancel
it. Each fund reserves the right to suspend the offering of shares for a period
of time and to reject any specific investment (including a purchase by
exchange). Additionally, we may refuse a purchase if, in our judgment, it is
of a size that would disrupt the management of a fund.

ABUSIVE TRADING PRACTICES

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

YOUR RESPONSIBILITY FOR UNAUTHORIZED TRANSACTIONS

REDEMPTIONS

If you sell your shares of International Discovery or International
Opportunities within 180 days of their purchase, you will pay a redemption fee
of 2.0% of the value of the shares sold. If you sell your shares of Emerging
Markets purchased on or after January 15, 2003, within 180 days of their
purchase, you will pay a redemption fee of 2.0% of the value of the shares
sold.The redemption fee does not apply to shares purchased through reinvested
distributions (dividends and capital gains). The redemption fee is retained by
the fund and helps cover transaction and tax costs that long-term investors may
bear when the fund realizes capital gains as a result of selling securities to
meet investor redemptions.

A fund's NET ASSET VALUE, or NAV, is the price of the fund's
shares.

In addition, we reserve the right to delay delivery of your redemption
proceeds--up to seven days--or to honor certain redemptions with securities,
rather than cash, as described in the next section.

[graphic of triangle]

A redemption is the sale of all or a portion of the shares in an
account, including those sold as a part of an exchange to another
American Century account.

SPECIAL REQUIREMENTS FOR LARGE REDEMPTIONS

If, during any 90-day period, you redeem fund shares worth more than $250,000
(or 1% of the value of the fund's assets if that amount is less than $250,000),
we reserve the right to pay part or all of the redemption proceeds in excess of
this amount in readily marketable securities instead of in cash. The fund
managers would select these securities from the fund's portfolio. A payment in
securities can help the fund's remaining shareholders avoid tax liabilities that
they might otherwise have incurred had the fund sold securities prematurely to
pay the entire redemption amount in cash.

REDEMPTION OF SHARES IN LOW-BALANCE ACCOUNTS

If your account balance falls below the minimum initial investment amount for
any reason other than as a result of market fluctuation, we will notify you and
give you 90 days to meet the minimum. If you do not meet the deadline, American
Century reserves the right to redeem the shares in the account and send the
proceeds to your address of record. Please note that International Discovery
shares redeemed in this manner may be subject to a 2% redemption fee if held
less than 180 days. You also may incur tax liability as a result of this
redemption.

SHARE PRICE AND DISTRIBUTIONS

SHARE PRICE

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

GOOD ORDER means that your instructions have been received in the
form required by American Century. This may include, for example,
providing the fund name and account number, the amount of the
transaction and all required signatures.

DISTRIBUTIONS

CAPITAL GAINS are increases in the values of capital assets, such
as stock, from the time the assets are purchased.

TAXES

Tax-Deferred Accounts

Taxable Accounts

If you own fund shares through a taxable account, you may be taxed on your
investments if the fund makes distributions or if you sell your fund shares.

Taxability of Distributions

Type of Distribution Tax Rate for 10% Tax Rate for All
and 15% Brackets Other Brackets
--------------------------------------------------------------------------------
Short-term capital gains Ordinary income rate Ordinary income rate
--------------------------------------------------------------------------------
Long-term capital gains (1-5 years) 10% 20%
--------------------------------------------------------------------------------
Long-term capital gains (>5 years) 8% 20%(1)
--------------------------------------------------------------------------------

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

Taxes on Transactions

BUYING A DIVIDEND

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

MULTIPLE CLASS INFORMATION

American Century offers four classes of the funds: Investor Class, Institutional
Class, Advisor Class and C Class. The shares offered by this Prospectus are
Advisor Class shares and are offered primarily through employer-sponsored
retirement plans, or through institutions like banks, broker-dealers and
insurance companies.

The other classes have different fees, expenses and/or minimum investment
requirements from the Advisor Class. The difference in the fee structures
between the classes is the result of their separate arrangements for shareholder
and distribution services and not the result of any difference in amounts
charged by the advisor for core investment advisory services. Accordingly, the
core investment advisory expenses do not vary by class. Different fees and
expenses will affect performance. For additional information concerning the
other classes of shares not offered by this Prospectus, call us at

* 1-800-345-2021 for Investor Class shares
* 1-800-345-3533 for Institutional and C Class shares

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

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

SERVICE AND DISTRIBUTION FEES

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

FINANCIAL HIGHLIGHTS

UNDERSTANDING THE FINANCIAL HIGHLIGHTS

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

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

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

* TOTAL RETURN - the overall percentage of return of the fund, assuming the
reinvestment of all distributions

* EXPENSE RATIO - the operating expenses of the fund as a percentage of average
net assets

* NET INCOME RATIO - the net investment income of the fund as a percentage of
average net assets

* PORTFOLIO TURNOVER - the percentage of the fund's buying and selling activity

GLOBAL GROWTH FUND
Advisor Class

FOR A SHARE OUTSTANDING THROUGHOUT THE YEARS ENDED NOVEMBER 30 (EXCEPT AS NOTED)
--------------------------------------------------------------------------------------------------------------
2002(1) 2001 2000 1999(2)
--------------------------------------------------------------------------------------------------------------

PER-SHARE DATA

Net Asset Value, Beginning of Period $6.16 $8.72 $8.31 $5.58
--------------------------------------------------------------------------------------------------------------
Income From Investment Operations
---------------------------------------------------
Net Investment Income (Loss)(3) --(4) --(4) (0.06) (0.03)
---------------------------------------------------
Net Realized and Unrealized Gain (Loss) 0.16 (1.93) 0.82 2.76
==============================================================================================================
Total From Investment Operations 0.16 (1.93) 0.76 2.73
==============================================================================================================
Distributions
---------------------------------------------------
From Net Realized Gains -- (0.63) (0.35) --
--------------------------------------------------------------------------------------------------------------
Net Asset Value, End of Period $6.32 $6.16 $8.72 $8.31
==============================================================================================================
TOTAL RETURN(5) 2.60% (23.97)% 8.79% 48.92%

RATIOS/SUPPLEMENTAL DATA

Ratio of Operating Expenses to Average Net Assets 1.55%(6) 1.55% 1.55% 1.55%(6)
---------------------------------------------------
Ratio of Net Investment Income
(Loss) to Average Net Assets 0.00%(6) (0.31)% (0.73)% (0.40)%(6)
---------------------------------------------------
Portfolio Turnover Rate 158% 232% 123% 133%(7)
---------------------------------------------------
Net Assets, End of Period (in thousands) $920 $623 $301 $112
--------------------------------------------------------------------------------------------------------------

(1) Six months ended May 31, 2002 (unaudited).

(2) February 5, 1999 (commencement of sale) through November 30, 1999.

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

(4) Per-share amount was less than $0.005.

(5) Total return assumes reinvestment of net investment income and capital
gains distributions, if any. Total returns for periods less than one year
are not annualized. The total return of the classes may not precisely
reflect the class expense differences because of the impact of calculating
the net asset values to two decimal places. If net asset values were
calculated to three decimal places, the total return differences would
more closely reflect the class expense differences. The calculation of
net asset values to two decimal places is made in accordance with SEC
guidelines and does not result in any gain or loss of value between
one class and another.

(6) Annualized.

(7) Portfolio turnover is calculated at the fund level. Percentage indicated
was calculated for the year ended November 30, 1999.

INTERNATIONAL DISCOVERY FUND
Advisor Class

FOR A SHARE OUTSTANDING THROUGHOUT THE YEARS ENDED NOVEMBER 30 (EXCEPT AS NOTED)
----------------------------------------------------------------------------------------------------------
2002(1) 2001 2000 1999 1998(2)
----------------------------------------------------------------------------------------------------------

PER-SHARE DATA

Net Asset Value, Beginning of Period $10.05 $14.17 $15.14 $9.22 $10.10
----------------------------------------------------------------------------------------------------------
Income From Investment Operations
-----------------------------------
Net Investment Income (Loss)(3) 0.03 --(4) (0.12) (0.07) (0.02)
------------------------------------------
Net Realized and Unrealized Gain (Loss) 0.70 (2.55) (0.01) 6.02 (0.86)
----------------------------------------------------------------------------------------------------------
Total From Investment Operations 0.73 (2.55) (0.13) 5.95 (0.88)
----------------------------------------------------------------------------------------------------------
Distributions
------------------------------------------
From Net Realized Gains -- (1.57) (0.84) (0.03) --
----------------------------------------------------------------------------------------------------------
Net Asset Value, End of Period $10.78 $10.05 $14.17 $15.14 $9.22
==========================================================================================================
TOTAL RETURN(5) 7.26% (20.43)% (1.53)% 64.82% (8.71)%

RATIOS/SUPPLEMENTAL DATA

Ratio of Operating
Expenses
to Average Net Assets 1.76%(6) 1.70% 1.61% 1.80% 1.89%(6)
------------------------------------------
Ratio of Net Investment
Income
(Loss) to Average Net Assets 0.51%(6) (0.15)% (0.87)% (0.90)% (0.60)%(6)
------------------------------------------
Portfolio Turnover Rate 113% 180% 113% 110% 178%(7)
------------------------------------------
Net Assets, End of Period (in thousands) $245 $244 $509 $57 $11
----------------------------------------------------------------------------------------------------------

(1) Six months ended May 31, 2002 (unaudited).

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

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

(4) Per-share amount was less than $0.005.

(5) Total return assumes reinvestment of net investment income and capital
gains distributions, if any. Total returns for periods less than one year
are not annualized. The total return of the classes may not precisely
reflect the class expense differences because of the impact of calculating
the net asset values to two decimal places. If net asset values were
calculated to three decimal places, the total return differences would
more closely reflect the class expense differences. The calculation of
net asset values to two decimal places is made in accordance with SEC
guidelines and does not result in any gain or loss of value between one
class and another.

(6) Annualized.

(7) Portfolio turnover is calculated at the fund level. Percentage indicated
was calculated for the year ended November 30, 1998.

EMERGING MARKETS FUND
Advisor Class

FOR A SHARE OUTSTANDING THROUGHOUT THE YEARS ENDED NOVEMBER 30 (EXCEPT AS NOTED)
---------------------------------------------------------------------------------------------------------
2002(1) 2001 2000 1999(2)
---------------------------------------------------------------------------------------------------------

PER-SHARE DATA

Net Asset Value, Beginning of Period $4.03 $4.66 $5.61 $4.44
---------------------------------------------------------------------------------------------------------
Income From Investment Operations
--------------------------------------------------
Net Investment Income (Loss)(3) (0.01) (0.04) (0.08) --(4)
--------------------------------------------------
Net Realized and Unrealized Gain (Loss) 0.58 (0.42) (0.87) 1.17
---------------------------------------------------------------------------------------------------------
Total From Investment Operations 0.57 (0.46) (0.95) 1.17
---------------------------------------------------------------------------------------------------------
Distributions
--------------------------------------------------
From Net Realized Gains -- (0.17) -- --
---------------------------------------------------------------------------------------------------------
Net Asset Value, End of Period $4.60 $4.03 $4.66 $5.61
=========================================================================================================
TOTAL RETURN(5) 14.14% (10.32)% (16.93)% 26.35%
=========================================================================================================

RATIOS/SUPPLEMENTAL DATA

Ratio of Operating Expenses to Average Net Assets 2.25%(6) 2.25% 2.25% 2.25%(6)
--------------------------------------------------
Ratio of Net Investment Income
(Loss) to Average Net Assets (0.61)%(6) (0.52)% (1.13)% 0.02%(6)
--------------------------------------------------
Portfolio Turnover Rate 173% 326% 196% 168%(7)
--------------------------------------------------
Net Assets, End of Period (in thousands) $1,488 $815 $212 $143
---------------------------------------------------------------------------------------------------------

(1) Six months ended May 31, 2002 (unaudited).

(2) May 12, 1999 (commencement of sale) through November 30, 1999.

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

(4) Per-share amount was less than $0.005.

(5) Total return assumes reinvestment of net investment income and capital
gains distributions, if any. Total returns for periods less than one year
are not annualized. The total return of the classes may not precisely
reflect the class expense differences because of the impact of calculating
the net asset values to two decimal places. If net asset values were
calculated to three decimal places, the total return differences would
more closely reflect the class expense differences. The calculation of
net asset values to two decimal places is made in accordance with SEC
guidelines and does not result in any gain or loss of value between
one class and another.

(6) Annualized.

(7) Portfolio turnover is calculated at the fund level. Percentage indicated
was calculated for the year ended November 30, 1999.

PERFORMANCE INFORMATION OF OTHER CLASS

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

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

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

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

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

* TOTAL RETURN - the overall percentage of return of the fund, assuming the
reinvestment of all distributions

* EXPENSE RATIO - the operating expenses of the fund as a percentage of average
net assets

* NET INCOME RATIO - the net investment income of the fund as a percentage of
average net assets

* PORTFOLIO TURNOVER - the percentage of the fund's buying and selling activity

GLOBAL GROWTH FUND
Investor Class

FOR A SHARE OUTSTANDING THROUGHOUT THE YEARS ENDED NOVEMBER 30 (EXCEPT AS NOTED)
-----------------------------------------------------------------------------------------------------------
2002(1) 2001 2000 1999(2)
-----------------------------------------------------------------------------------------------------------

PER-SHARE DATA

Net Asset Value, Beginning of Period $6.18 $8.73 $8.33 $5.00
-----------------------------------------------------------------------------------------------------------
Income From Investment Operations
--------------------------------------------------
Net Investment Income (Loss)(3) 0.01 --(4) (0.05) (0.01)
--------------------------------------------------
Net Realized and Unrealized Gain (Loss) 0.16 (1.90) 0.81 3.34
-----------------------------------------------------------------------------------------------------------
Total From Investment Operations 0.17 (1.90) 0.76 3.33
-----------------------------------------------------------------------------------------------------------
Distributions
--------------------------------------------------
From Net Realized Gains -- (0.65) (0.36) --
-----------------------------------------------------------------------------------------------------------
Net Asset Value, End of Period $6.35 $6.18 $8.73 $8.33
===========================================================================================================
TOTAL RETURN(5) 2.75% (23.62)% 8.81% 66.60%

RATIOS/SUPPLEMENTAL DATA

Ratio of Operating Expenses to Average Net Assets 1.30%(6) 1.30% 1.30% 1.30%(6)
--------------------------------------------------
Ratio of Net Investment Income
(Loss) to Average Net Assets 0.25%(6) (0.06)% (0.48)% (0.20)%(6)
--------------------------------------------------
Portfolio Turnover Rate 158% 232% 123% 133%
--------------------------------------------------
Net Assets, End of Period (in thousands) $260,160 $272,402 $412,631 $233,823
-----------------------------------------------------------------------------------------------------------

(1) Six months ended May 31, 2002 (unaudited).

(2) December 1, 1998 (inception) through November 30, 1999.

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

(4) Per-share amount was less than $0.005.

(5) Total return assumes reinvestment of net investment income and capital
gains distributions, if any. Total returns for periods less than one year
are not annualized. The total return of the classes may not precisely
reflect the class expense differences because of the impact of calculating
the net asset values to two decimal places. If net asset values were
calculated to three decimal places, the total return differences would
more closely reflect the class expense differences. The calculation of
net asset values to two decimal places is made in accordance with SEC
guidelines and does not result in any gain or loss of value between
one class and another.

(6) Annualized.

INTERNATIONAL DISCOVERY FUND
Investor Class

FOR A SHARE OUTSTANDING THROUGHOUT THE YEARS ENDED NOVEMBER 30 (EXCEPT AS NOTED)
------------------------------------------------------------------------------------------------------------------
2002(1) 2001 2000 1999 1998 1997
------------------------------------------------------------------------------------------------------------------

PER-SHARE DATA

Net Asset Value, Beginning of Period $10.13 $14.23 $15.20 $9.24 $8.54 $7.60
------------------------------------------------------------------------------------------------------------------
Income From Investment Operations
----------------------------------------
Net Investment Income (Loss)(2) 0.04 0.01 (0.12) (0.07) (0.03) (0.03)
----------------------------------------
Net Realized and
Unrealized Gain (Loss) 0.71 (2.54) 0.03 6.06 1.22 1.31
------------------------------------------------------------------------------------------------------------------
Total From Investment Operations 0.75 (2.53) (0.09) 5.99 1.19 1.28
------------------------------------------------------------------------------------------------------------------
Distributions
----------------------------------------
From Net Investment Income -- -- -- -- (0.02) (0.02)
----------------------------------------
From Net Realized Gains -- (1.57) (0.88) (0.03) (0.47) (0.32)
------------------------------------------------------------------------------------------------------------------
Total Distributions -- (1.57) (0.88) (0.03) (0.49) (0.34)
------------------------------------------------------------------------------------------------------------------
Net Asset Value, End of Period $10.88 $10.13 $14.23 $15.20 $9.24 $8.54
==================================================================================================================
TOTAL RETURN(3) 7.40% (20.17)% (1.27)% 65.12% 14.79% 17.76%

RATIOS/SUPPLEMENTAL DATA

Ratio of Operating Expenses
to Average Net Assets 1.51%(4) 1.45% 1.36% 1.55% 1.64% 1.70%(5)
----------------------------------------
Ratio of Net Investment Income (Loss)
to Average Net Assets 0.76%(4) 0.10% (0.64)% (0.65)% (0.36)% (0.37)%
----------------------------------------
Portfolio Turnover Rate 113% 180% 113% 110% 178% 146%
----------------------------------------
Net Assets, End of Period
(in thousands) $1,043,893 $1,021,063 $1,568,872 $1,408,624 $781,551 $626,327
------------------------------------------------------------------------------------------------------------------

(1) Six months ended May 31, 2002 (unaudited).

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

(3) Total return assumes reinvestment of net investment income and capital
gains distributions, if any. Total returns for periods less than one year
are not annualized. The total return of the classes may not precisely
reflect the class expense differences because of the impact of calculating
the net asset values to two decimal places. If net asset values were
calculated to three decimal places, the total return differences would
more closely reflect the class expense differences. The calculation of
net asset values to two decimal places is made in accordance with SEC
guidelines and does not result in any gain or loss of value between
one class and another.

(4) Annualized.

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

EMERGING MARKETS FUND
Investor Class

FOR A SHARE OUTSTANDING THROUGHOUT THE YEARS ENDED NOVEMBER 30 (EXCEPT AS NOTED)
----------------------------------------------------------------------------------------------------------
2002(1) 2001 2000 1999 1998 1997(2)
----------------------------------------------------------------------------------------------------------

PER-SHARE DATA

Net Asset Value, Beginning of Period $4.06 $4.68 $5.62 $3.49 $4.15 $5.00
----------------------------------------------------------------------------------------------------------
Income From Investment Operations
--------------------------------
Net Investment Loss(3) (0.01) (0.02) (0.06) (0.01) --(4) (0.01)
--------------------------------
Net Realized and
Unrealized Gain (Loss) 0.59 (0.43) (0.88) 2.14 (0.66) (0.84)
----------------------------------------------------------------------------------------------------------
Total From Investment Operations 0.58 (0.45) (0.94) 2.13 (0.66) (0.85)
----------------------------------------------------------------------------------------------------------
Distributions
--------------------------------
From Net Realized Gains -- (0.17) -- -- -- --
----------------------------------------------------------------------------------------------------------
Net Asset Value, End of Period $4.64 $4.06 $4.68 $5.62 $3.49 $4.15
==========================================================================================================
TOTAL RETURN(5) 14.57% (10.28)% (16.73)% 61.03% (15.90)% (17.00)%

RATIOS/SUPPLEMENTAL DATA

Ratio of Operating Expenses
to Average Net Asset 2.00%(6) 2.00% 2.00% 2.00% 2.00% 2.00%(6)
--------------------------------
Ratio of Net Investment Loss
to Average Net Assets (0.36)%(6) (0.27)% (0.88)% (0.33)% (0.03)% (0.74)%(6)
--------------------------------
Portfolio Turnover Rate 173% 326% 196% 168% 270% 36%
--------------------------------
Net Assets, End of Period
(in thousands) $119,195 $80,422 $77,279 $82,359 $21,124 $11,830
----------------------------------------------------------------------------------------------------------

(1) Six months ended May 31, 2002 (unaudited).

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

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

(4) Per-share amount was less than $0.005.

(5) Total return assumes reinvestment of net investment income and capital
gains distributions, if any. Total returns for periods less than one year
are not annualized. The total return of the classes may not precisely
reflect the class expense differences because of the impact of calculating
the net asset values to two decimal places. If net asset values were
calculated to three decimal places, the total return differences would
more closely reflect the class expense differences. The calculation of
net asset values to two decimal places is made in accordance with SEC
guidelines and does not result in any gain or loss of value between
one class and another.

(6) Annualized.

NOTES

MORE INFORMATION ABOUT THE FUNDS IS CONTAINED IN THESE DOCUMENTS

Annual and Semiannual Reports

Statement of Additional Information (SAI)

You also can get information about the funds (including the SAI) from the
Securities and Exchange Commission (SEC). The SEC charges a duplicating fee to
provide copies of this information.

In person SEC Public Reference Room
Washington, D.C.
Call 202-942-8090 for location and hours.

On the Internet * EDGAR database at www.sec.gov
* By email request at publicinfo@sec.gov

By mail SEC Public Reference Section
Washington, D.C. 20549-0102

This Prospectus shall not constitute an offer to sell securities of a fund in
any state, territory, or other jurisdiction where the fund's shares have not
been registered or qualified for sale, unless such registration or qualification
is not required, or under any circumstances in which such offer or solicitation
would be unlawful.

FUND REFERENCE (ADVISOR CLASS)
Fund Code Ticker
--------------------------------------------------------------------------------
Global Growth Fund 802 N/A
--------------------------------------------------------------------------------
International Discovery Fund 742 N/A
--------------------------------------------------------------------------------
Emerging Markets Fund 743 N/A
--------------------------------------------------------------------------------

Investment Company Act File No. 811-6247

AMERICAN CENTURY INVESTMENTS
P.O. Box 419385
Kansas City, Missouri 64141-6385
1-800-345-3533 or 816-531-5575

0212
SH-PRS-32203

Your
American Century
prospectus

INSTITUTIONAL CLASS
Global Growth Fund
International Opportunities Fund
International Discovery Fund
Emerging Markets Fund

APRIL 1, 2002
REVISED DECEMBER 20, 2002

INTERNATIONAL DISCOVERY IS CLOSED TO NEW INVESTORS. SHAREHOLDERS WHO HAVE OPEN
ACCOUNTS MAY MAKE ADDITIONAL INVESTMENTS AND REINVEST DIVIDENDS AND CAPITAL
GAINS DISTRIBUTIONS.

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

American Century Investment Services, Inc.

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

[left margin]

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

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

Dear Investor,

Naturally, you may have questions about investing after you read through the
Prospectus. Please contact your investment professional with questions or for
more information about our funds.

Sincerely,

/s/W. Gordon Snyder

W. Gordon Snyder
President, Chief Marketing Officer
American Century Investment Services, Inc.

Table of Contents

AN OVERVIEW OF THE FUNDS .................................................. 2
FUND PERFORMANCE HISTORY .................................................. 4
FEES AND EXPENSES ......................................................... 6
OBJECTIVES, STRATEGIES AND RISKS .......................................... 7
Global Growth Fund
International Opportunities Fund
International Discovery Fund
Emerging Markets Fund
MANAGEMENT ................................................................ 10
INVESTING WITH AMERICAN CENTURY ........................................... 13
SHARE PRICE AND DISTRIBUTIONS ............................................. 18
TAXES ..................................................................... 19
MULTIPLE CLASS INFORMATION ................................................ 21
FINANCIAL HIGHLIGHTS ...................................................... 22
PERFORMANCE INFORMATION OF OTHER CLASS .................................... 26

[graphic of triangle]

This symbol is used throughout the book to highlight DEFINITIONS
of key investment terms and to provide other helpful information.

AN OVERVIEW OF THE FUNDS

WHAT ARE THE FUNDS' INVESTMENT OBJECTIVES?

These funds seek capital growth.

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

The funds' principal risks include

* MARKET RISK - The value of a fund's shares will go up and down based on the
performance of the companies whose securities it owns and other factors
generally affecting the securities market.

* PRICE VOLATILITY - The value of a fund's shares may fluctuate significantly
in the short term.

* PRINCIPAL LOSS - At any given time your shares may be worth more or less than
the price you paid for them. In other words, it is possible to lose money by
investing in the funds.

* FOREIGN RISK - The funds invest primarily in foreign securities, which are
generally riskier than U.S. securities. As a result the funds are subject to
foreign risk, meaning that political events (such as civil unrest, national
elections and imposition of exchange controls), social and economic events
(such as labor strikes and rising inflation), and natural disasters occurring
in a country where the funds invest could cause the funds' investments in
that country to experience gains or losses.

The chart below shows the primary differences among the funds.

Fund Primary Investments Principal Risks
--------------------------------------------------------------------------------
Global Growth Equity securities of issuers Invests a significant
in the United States and other portion of its assets
developed countries in foreign securities
--------------------------------------------------------------------------------
International Equity securities of issuers Invests primarily in
Opportunities(1) in developed foreign countries small-sized foreign
or emerging markets that issuers
are small-sized companies at
the time of purchase
--------------------------------------------------------------------------------
International Equity securities of issuers Invests primarily in
Discovery in developed foreign countries small- to medium-sized
or emerging markets that are foreign issuers
small- to medium-sized
companies at the time
of purchase
--------------------------------------------------------------------------------
Emerging Markets Equity securities of issuers Invests in emerging
in emerging markets markets
--------------------------------------------------------------------------------

(1) International Opportunities will close to new investments when the fund's
net assets reach $500 million.

A more detailed description of American Century's growth investment style and
the funds' investment strategies and risks begins on page 7.

WHO MAY WANT TO INVEST IN THE FUNDS?

The funds may be a good investment if you are

* seeking long-term capital growth from your investment

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

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

* comfortable with short-term price volatility

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

WHO MAY NOT WANT TO INVEST IN THE FUNDS?

The funds may not be a good investment if you are

* seeking current income from your investment

* investing for a short period of time

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

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

[graphic of triangle]

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

FUND PERFORMANCE HISTORY

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

Annual Total Returns

The following bar chart shows the performance of the funds' Institutional Class
shares for each full calendar year in the life of a fund. It indicates the
volatility of the funds' historical returns from year to year. International
Opportunities is not included because it had not commenced operations at the end
of the fiscal year.

[bar chart data below]

Global Growth International Discovery Emerging Markets
-------------------------------------------------------------------------------
2001 -25.41% -21.57% -8.47%
2000 -14.08% -30.10%
1999 88.82%

[graphic of triangle]

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

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

Highest Lowest
--------------------------------------------------------------------------------
Global Growth 6.55% (4Q 2001) -17.76% (1Q 2001)
--------------------------------------------------------------------------------
International Discovery 50.87% (4Q 1999) -19.00% (3Q 2001)
--------------------------------------------------------------------------------
Emerging Markets 18.68% (4Q 2001) -22.22% (3Q 2001)
--------------------------------------------------------------------------------

Average Annual Total Returns

The following table shows the average annual total returns of the funds' shares
calculated three different ways.

For the calendar year ended December 31, 2001 1 year Life of Fund(1)
-------------------------------------------------------------------------------------------
Global Growth
Return Before Taxes -25.41% -21.98%
Return After Taxes on Distributions -25.41% -23.13%
Return After Taxes on Distributions and Sale of Fund Shares -15.48% -17.54%
MSCI World Free Index -16.82% -17.41%
(reflects no deduction for fees, expenses or taxes)
-------------------------------------------------------------------------------------------
International Discovery
Return Before Taxes -21.57% 10.60%
Return After Taxes on Distributions -21.57% 9.59%
Return After Taxes on Distributions and Sale of Fund Shares -13.14% 8.84%
MSCI EAFE Index -21.44% 0.68%
(reflects no deduction for fees, expenses or taxes)
-------------------------------------------------------------------------------------------
Emerging Markets
Return Before Taxes -8.47% 9.99%
Return After Taxes on Distributions -8.48% 9.72%
Return After Taxes on Distributions and Sale of Fund Shares -5.16% 8.15%
MSCI Emerging Markets Free Index -2.37% 4.78%
(reflects no deduction for fees, expenses or taxes)
-------------------------------------------------------------------------------------------

(1) The inception dates for the funds are: Global Growth, August 1, 2000;
International Discovery, January 2, 1998, and Emerging Markets,
January 28, 1999.

Performance Information of Other Class

The funds' original class of shares was the Investor Class. For information
about the historical performance of the original class of shares, see page 26.

[graphic of triangle]

For current performance information, please call us at
1-800-345-3533 or visit us at www.americancentury.com.

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 may pay if you buy and
hold shares of the funds.

[graphic of triangle]

When purchasing through a financial intermediary you
may be charged a fee.

SHAREHOLDER FEES (FEES PAID DIRECTLY FROM YOUR INVESTMENT)

International Discovery and Redemption Fee (as a percentage of amount
International Opportunities redeemed/exchanged)
-------------------------------------------------------------------------------
Shares held less than 180 days 2.0%
-------------------------------------------------------------------------------
Shares held 180 days or more None
-------------------------------------------------------------------------------

ANNUAL OPERATING EXPENSES (EXPENSES THAT ARE DEDUCTED FROM FUND ASSETS)

Management Distribution and Other Total Annual Fund
Fee(1) Service (12b-1) Fees Expenses(2) Operating Expenses
----------------------------------------------------------------------------------------------------
Global Growth 1.10% None 0.00% 1.10%
----------------------------------------------------------------------------------------------------
International Opportunities 1.80% None 0.00% 1.80%
----------------------------------------------------------------------------------------------------
International Discovery 1.25% None 0.00% 1.25%
----------------------------------------------------------------------------------------------------
Emerging Markets 1.80% None 0.00% 1.80%
----------------------------------------------------------------------------------------------------

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

EXAMPLE

The examples in the table below are intended to help you compare the costs of
investing in a fund with the costs of investing in other mutual funds. Assuming
you . . .

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

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

1 year 3 years 5 years 10 years
-------------------------------------------------------------------------------
Global Growth $112 $349 $604 $1,334
-------------------------------------------------------------------------------
International Opportunities $182 $563 $968 $2,098
-------------------------------------------------------------------------------
International Discovery $127 $395 $683 $1,503
-------------------------------------------------------------------------------
Emerging Markets $182 $563 $968 $2,098
-------------------------------------------------------------------------------

[graphic of triangle]

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

OBJECTIVES, STRATEGIES AND RISKS

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

WHAT ARE THE FUNDS' INVESTMENT OBJECTIVES?

These funds seek capital growth.

HOW DO THE FUNDS PURSUE THEIR INVESTMENT OBJECTIVES?

[graphic of triangle]

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

WHAT KINDS OF SECURITIES DO THE FUNDS BUY?

WHAT ARE THE DIFFERENCES BETWEEN THE FUNDS?

WHAT ARE THE PRINCIPAL RISKS OF INVESTING IN THE FUNDS?

At any given time your shares may be worth more or less than the price you paid
for them. In other words, it is possible to lose money by investing in the
funds.

MANAGEMENT

WHO MANAGES THE FUNDS?

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

THE BOARD OF DIRECTORS

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

THE INVESTMENT ADVISOR

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

Management Fees Paid by the Funds to the Advisor
as a Percentage of Average Net Assets for the
Most Recent Fiscal Year Ended November 30, 2001
--------------------------------------------------------------------------------
Global Growth 1.10%
--------------------------------------------------------------------------------
International Opportunities 1.80%
--------------------------------------------------------------------------------
International Discovery 1.25%
--------------------------------------------------------------------------------
Emerging Markets 1.80%
--------------------------------------------------------------------------------

THE FUND MANAGEMENT TEAMS

The portfolio managers on the investment teams are identified below.

HENRIK STRABO

MATTHEW HUDSON

MARK S. KOPINSKI

BRIAN BRADY

TREVOR GURWICH

MICHAEL J. DONNELLY

RAYMOND KONG

LYNETTE SCHROEDER

CODE OF ETHICS

FUNDAMENTAL INVESTMENT POLICIES

INVESTING WITH AMERICAN CENTURY

ELIGIBILITY FOR INSTITUTIONAL CLASS SHARES

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

MINIMUM INITIAL INVESTMENT AMOUNTS

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

SERVICES AUTOMATICALLY AVAILABLE TO YOU

CONDUCTING BUSINESS IN WRITING

YOUR GUIDE TO SERVICES AND POLICIES

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

WAYS TO MANAGE YOUR ACCOUNT

--------------------------------------------------------------------------------
BY TELEPHONE
--------------------------------------------------------------------------------

Service Representative
1-800-345-3533

OPEN AN ACCOUNT

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

EXCHANGE SHARES

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

MAKE ADDITIONAL INVESTMENTS

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

SELL SHARES

Call a Service Representative.

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

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

Fax: 816-340-4655

OPEN AN ACCOUNT

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

EXCHANGE SHARES

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

MAKE ADDITIONAL INVESTMENTS

SELL SHARES

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

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

OPEN AN ACCOUNT

Not available.

EXCHANGE SHARES

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

MAKE ADDITIONAL INVESTMENTS

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

SELL SHARES

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

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

[graphic of triangle]

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

OPEN AN ACCOUNT

Call to set up your account or mail a completed application to the address
provided in the By mail section. Give your bank the following information to
wire money.

* Our bank information
Commerce Bank N.A.
Routing No. 101000019
Account No. Please call for the appropriate account number
* The fund name
* Your American Century account number*
* Your name
* The contribution year (for IRAs only)
*For additional investments only

MAKE ADDITIONAL INVESTMENTS

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

SELL SHARES

You can receive redemption proceeds by wire or electronic transfer.

EXCHANGE SHARES

Not available.

REDEMPTIONS

If you sell your shares of International Discovery or International
Opportunities within 180 days of their purchase, you will pay a redemption fee
of 2.0% of the value of the shares sold. The redemption fee does not apply to
shares purchased through reinvested distributions (dividends and capital gains).
The redemption fee is retained by the fund and helps cover transaction and tax
costs that long-term investors may bear when the fund realizes capital gains as
a result of selling securities to meet investor redemptions.

A fund's NET ASSET VALUE, or NAV, is the price of the fund's
shares.

In addition, we reserve the right to delay delivery of your redemption
proceeds--up to seven days--or to honor certain redemptions with securities,
rather than cash, as described in the next section.

[graphic of triangle]

A redemption is the sale of all or a portion of the shares in an
account, including those sold as a part of an exchange to another
American Century account.

SPECIAL REQUIREMENTS FOR LARGE REDEMPTIONS

If, during any 90-day period, you redeem fund shares worth more than $250,000
(or 1% of the value of the fund's assets if that amount is less than $250,000),
we reserve the right to pay part or all of the redemption proceeds in excess of
this amount in readily marketable securities instead of in cash. The fund
managers would select these securities from the fund's portfolio. A payment in
securities can help the fund's remaining shareholders avoid tax liabilities that
they might otherwise have incurred had the fund sold securities prematurely to
pay the entire redemption amount in cash.

REDEMPTION OF SHARES IN LOW-BALANCE ACCOUNTS

If your account balance falls below the minimum initial investment amount for
any reason other than as a result of market fluctuation, we will notify you and
give you 90 days to meet the minimum. If you do not meet the deadline, American
Century reserves the right to redeem the shares in the account and send the
proceeds to your address of record. Please note that International Discovery or
International Opportunities shares redeemed in this manner may be subject to a
2% redemption fee if held less than 180 days. You also may incur tax liability
as a result of this redemption.

MODIFYING OR CANCELING AN INVESTMENT

Investment instructions are irrevocable. That means that once you have mailed or
otherwise transmitted your investment instruction, you may not modify or cancel
it. Each fund reserves the right to suspend the offering of shares for a period
of time and to reject any specific investment (including a purchase by
exchange). Additionally, we may refuse a purchase if, in our judgment,
it is of a size that would disrupt the management of a fund.

ABUSIVE TRADING PRACTICES

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

YOUR RESPONSIBILITY FOR UNAUTHORIZED TRANSACTIONS

INVESTING THROUGH FINANCIAL INTERMEDIARIES

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

* minimum investment requirements
* exchange policies
* fund choices
* cutoff time for investments

[graphic of triangle]

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

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

RIGHT TO CHANGE POLICIES

SHARE PRICE AND DISTRIBUTIONS

SHARE PRICE

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

GOOD ORDER means that your instructions have been received in the
form required by American Century. This may include, for example,
providing the fund name and account number, the amount of the
transaction and all required signatures.

DISTRIBUTIONS

CAPITAL GAINS are increases in the value of capital assets, such
as stock, from the time the assets are purchased.

TAXES

Tax-Deferred Accounts

Taxable Accounts

If you own fund shares through a taxable account, you may be taxed on your
investments if the fund makes distributions or if you sell your fund shares.

Taxability of Distributions

Tax Rate for 10% Tax Rate for All
Type of Distribution and 15% Brackets Other Brackets
--------------------------------------------------------------------------------
Short-term capital gains Ordinary income rate Ordinary income rate
--------------------------------------------------------------------------------
Long-term capital gains (1-5 years) 10% 20%
--------------------------------------------------------------------------------
Long-term capital gains (>5 years) 8% 20%(1)
--------------------------------------------------------------------------------

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

Taxes on Transactions

BUYING A DIVIDEND

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

MULTIPLE CLASS INFORMATION

American Century offers four classes of the funds: Investor Class, Institutional
Class, Advisor Class and C Class. The shares offered by this Prospectus are
Institutional Class shares and are offered primarily through employer-sponsored
retirement plans, or through institutions like banks, broker-dealers and
insurance companies. International Opportunities offers only the Investor Class
and the Institutional Class.

The other classes have different fees, expenses and/or minimum investment
requirements from the Institutional Class. The difference in the fee structures
between the classes is the result of their separate arrangements for shareholder
and distribution services and not the result of any difference in amounts
charged by the advisor for core investment advisory services. Accordingly, the
core investment advisory expenses do not vary by class. Different fees and
expenses will affect performance. For additional information concerning the
other classes of shares not offered by this Prospectus, call us at

* 1-800-345-2021 for Investor Class shares
* 1-800-345-3533 for Advisor and C Class shares

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

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

FINANCIAL HIGHLIGHTS

UNDERSTANDING THE FINANCIAL HIGHLIGHTS

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

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

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

* TOTAL RETURN - the overall percentage of return of the fund, assuming the
reinvestment of all distributions

* EXPENSE RATIO - the operating expenses of the fund as a percentage of average
net assets

* NET INCOME RATIO - the net investment income of the fund as a percentage of
average net assets

* PORTFOLIO TURNOVER - the percentage of the fund's buying and selling activity

GLOBAL GROWTH FUND
Institutional Class

FOR A SHARE OUTSTANDING THROUGHOUT THE YEARS ENDED NOVEMBER 30 (EXCEPT AS NOTED)
-------------------------------------------------------------------------------------------------------
2002(1) 2001 2000(2)
-------------------------------------------------------------------------------------------------------

PER-SHARE DATA

Net Asset Value, Beginning of Period $6.19 $8.74 $9.73
-------------------------------------------------------------------------------------------------------
Income From Investment Operations
------------------------------------------------------------
Net Investment Income (Loss)(3) 0.01 0.01 (0.01)
------------------------------------------------------------
Net Realized and Unrealized Gain (Loss) 0.17 (1.90) (0.98)
-------------------------------------------------------------------------------------------------------
Total From Investment Operations 0.18 (1.89) (0.99)
-------------------------------------------------------------------------------------------------------
Distributions
------------------------------------------------------------
From Net Realized Gains -- (0.66) --
-------------------------------------------------------------------------------------------------------
Net Asset Value, End of Period $6.37 $6.19 $8.74
=======================================================================================================
TOTAL RETURN(4) 2.91% (23.53)% (10.17)%

RATIOS/SUPPLEMENTAL DATA

Ratio of Operating Expenses to Average Net Assets 1.10%(5) 1.10% 1.10%(5)
------------------------------------------------------------
Ratio of Net Investment Income (Loss) to Average Net Assets 0.45%(5) 0.14% (0.43)%(5)
------------------------------------------------------------
Portfolio Turnover Rate 158% 232% 123%(6)
------------------------------------------------------------
Net Assets, End of Period (in thousands) $3,855 $3,907 $5,090
-------------------------------------------------------------------------------------------------------

(1) Six months ended May 31, 2002 (unaudited).

(2) August 1, 2000 (commencement of sale) through November 30, 2000.

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

(4) Total return assumes reinvestment of net investment income and capital
gains distributions, if any. Total returns for periods less than one
year are not annualized. The total return of the classes may not
precisely reflect the class expense differences because of the impact of
calculating the net asset values to two decimal places. If net asset
values were calculated to three decimal places, the total return
differences would more closely reflect the class expense differences.
The calculation of net asset values to two decimal places is made in
accordance with SEC guidelines and does not result in any gain or
loss of value between one class and another.

(5) Annualized.

(6) Portfolio turnover is calculated at the fund level. Percentage indicated
was calculated for the year ended November 30, 2000.

INTERNATIONAL DISCOVERY FUND
Institutional Class

FOR A SHARE OUTSTANDING THROUGHOUT THE YEARS ENDED NOVEMBER 30 (EXCEPT AS NOTED)
--------------------------------------------------------------------------------------------------------------
2002(1) 2001 2000 1999 1998(2)
--------------------------------------------------------------------------------------------------------------
PER-SHARE DATA

Net Asset Value, Beginning of Period $10.18 $14.26 $15.24 $9.25 $8.18
--------------------------------------------------------------------------------------------------------------
Income From Investment Operations
-----------------------------------------
Net Investment Income (Loss)(3) 0.05 0.04 (0.08) (0.04) --(4)
-----------------------------------------
Net Realized and Unrealized Gain (Loss) 0.71 (2.55) 0.01 6.06 1.07
--------------------------------------------------------------------------------------------------------------
Total From Investment Operations 0.76 (2.51) (0.07) 6.02 1.07
--------------------------------------------------------------------------------------------------------------
Distributions
-----------------------------------------
From Net Realized Gains -- (1.57) (0.91) (0.03) --
--------------------------------------------------------------------------------------------------------------
Net Asset Value, End of Period $10.94 $10.18 $14.26 $15.24 $9.25
==============================================================================================================
TOTAL RETURN(5) 7.47% (19.97)% (1.13)% 65.37% 13.08%

RATIOS/SUPPLEMENTAL DATA

Ratio of Operating Expenses
to Average Net Assets 1.31%(6) 1.25% 1.16% 1.35% 1.44%(6)
-----------------------------------------
Ratio of Net Investment Income
(Loss) to Average Net Assets 0.96%(6) 0.30% (0.44)% (0.45)% 0.00%(6)
-----------------------------------------
Portfolio Turnover Rate 113% 180% 113% 110% 178%(7)
-----------------------------------------
Net Assets, End of Period (in thousands) $199,277 $192,155 $250,930 $182,222 $60,918
--------------------------------------------------------------------------------------------------------------

(1) Six months ended May 31, 2002 (unaudited).

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

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

(4) Per-share amount was less than $0.005.

(5) Total return assumes reinvestment of net investment income and capital
gains distributions, if any. Total returns for periods less than one year
are not annualized. The total return of the classes may not precisely
reflect the class expense differences because of the impact of calculating
the net asset values to two decimal places. If net asset values were
calculated to three decimal places, the total return differences would
more closely reflect the class expense differences. The calculation of
net asset values to two decimal places is made in accordance with SEC
guidelines and does not result in any gain or loss of value between
one class and another.

(6) Annualized.

(7) Portfolio turnover is calculated at the fund level. Percentage indicated
was calculated for the year ended November 30, 1998.

EMERGING MARKETS FUND
Institutional Class

FOR A SHARE OUTSTANDING THROUGHOUT THE YEARS ENDED NOVEMBER 30 (EXCEPT AS NOTED
---------------------------------------------------------------------------------------------------------------
2002(1) 2001 2000 1999(2)
---------------------------------------------------------------------------------------------------------------
PER-SHARE DATA

Net Asset Value, Beginning of Period $4.08 $4.70 $5.63 $3.39
---------------------------------------------------------------------------------------------------------------
Income From Investment Operations
--------------------------------------------
Net Investment Loss(3) --(4) (0.01) (0.05) --(4)
----------------------------------------------
Net Realized and Unrealized Gain (Loss) 0.59 (0.44) (0.88) 2.24
---------------------------------------------------------------------------------------------------------------
Total From Investment Operations 0.59 (0.45) (0.93) 2.24
---------------------------------------------------------------------------------------------------------------
Distributions
--------------------------------------------
From Net Realized Gains -- (0.17) -- --
---------------------------------------------------------------------------------------------------------------
Net Asset Value, End of Period $4.67 $4.08 $4.70 $5.63
===============================================================================================================
TOTAL RETURN(5) 14.46% (10.01)% (16.52)% 66.08%

RATIOS/SUPPLEMENTAL DATA

Ratio of Operating Expenses to Average Net Assets 1.80%(6) 1.80% 1.80% 1.80%(6)
---------------------------------------------------
Ratio of Net Investment Loss to Average Net Assets (0.16)%(6) (0.07)% (0.68)% (0.05)%(6)
---------------------------------------------------
Portfolio Turnover Rate 173% 326% 196% 168%(7)
---------------------------------------------------
Net Assets, End of Period (in thousands) $25,427 $18,602 $21,330 $16,507
---------------------------------------------------------------------------------------------------------------

(1) Six months ended May 31, 2002 (unaudited).

(2) January 28, 1999 (commencement of sale) through November 30, 1999.

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

(4) Per-share amount was less than $0.005.

(5) Total return assumes reinvestment of net investment income and capital
gains distributions, if any. Total returns for periods less than one year
are not annualized. The total return of the classes may not precisely
reflect the class expense differences because of the impact of calculating
the net asset values to two decimal places. If net asset values were
calculated to three decimal places, the total return differences would
more closely reflect the class expense differences. The calculation of net
asset values to two decimal places is made in accordance with SEC
guidelines and does not result in any gain or loss of value between one
class and another.

(6) Annualized.

(7) Portfolio turnover is calculated at the fund level. Percentage indicated
was calculated for the year ended November 30, 1999.

PERFORMANCE INFORMATION OF OTHER CLASS

The following financial information is provided to show the performance of the
fund's original class of shares. This class, the Investor Class, has a total
expense ratio that is 0.20% higher than the Institutional Class. The
Institutional Class is made available to institutional shareholders or through
financial intermediaries that do not require the same level of shareholder and
administrative services from the advisor as Investor Class shareholders. As a
result, the advisor is able to charge this class a lower unified management fee.
If the Institutional Class had existed during the periods presented, its
performance would have been higher because of the lower expense.

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

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

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

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

* TOTAL RETURN - the overall percentage of return of the fund, assuming the
reinvestment of all distributions

* EXPENSE RATIO - the operating expenses of the fund as a percentage of average
net assets

* NET INCOME RATIO - the net investment income of the fund as a percentage of
average net assets

* PORTFOLIO TURNOVER - the percentage of the fund's buying and selling activity

GLOBAL GROWTH FUND

Investor Class

FOR A SHARE OUTSTANDING THROUGHOUT THE YEARS ENDED NOVEMBER 30 (EXCEPT AS NOTED)
----------------------------------------------------------------------------------------------------------
2002(1) 2001 2000 1999(2)
----------------------------------------------------------------------------------------------------------

PER-SHARE DATA

Net Asset Value, Beginning of Period $6.18 $8.73 $8.33 $5.00
----------------------------------------------------------------------------------------------------------
Income From Investment Operations
--------------------------------------------------
Net Investment Income (Loss)(3) 0.01 --(4) (0.05) (0.01)
--------------------------------------------------
Net Realized and Unrealized Gain (Loss) 0.16 (1.90) 0.81 3.34
----------------------------------------------------------------------------------------------------------
Total From Investment Operations 0.17 (1.90) 0.76 3.33
----------------------------------------------------------------------------------------------------------
Distributions
--------------------------------------------------
From Net Realized Gains -- (0.65) (0.36) --
----------------------------------------------------------------------------------------------------------
Net Asset Value, End of Period $6.35 $6.18 $8.73 $8.33
==========================================================================================================
TOTAL RETURN(5) 2.75% (23.62)% 8.81% 66.60%

RATIOS/SUPPLEMENTAL DATA

(1) Six months ended May 31, 2002 (unaudited).

(2) December 1, 1998 (inception) through November 30, 1999.

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

(4) Per-share amount was less than $0.005.

(5) Total return assumes reinvestment of net investment income and capital
gains distributions, if any. Total returns for periods less than one year
are not annualized. The total return of the classes may not precisely
reflect the class expense differences because of the impact of
calculating the net asset values to two decimal places. If net asset
values were calculated to three decimal places, the total return
differences would more closely reflect the class expense differences.
The calculation of net asset values to two decimal places is made in
accordance with SEC guidelines and does not result in any gain or loss
of value between one class and another.

(6) Annualized.

INTERNATIONAL OPPORTUNITIES FUND
Investor Class

FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD INDICATED
----------------------------------------------------------------------------------------------
2002(1) 2001(2)
----------------------------------------------------------------------------------------------

PER-SHARE DATA

Net Asset Value, Beginning of Period $4.87 $5.00
----------------------------------------------------------------------------------------------
Income From Investment Operations
------------------------------------------------------------
Net Investment Income (Loss)(3) 0.01 (0.02)
------------------------------------------------------------
Net Realized and Unrealized Gain (Loss) 0.87 (0.11)
----------------------------------------------------------------------------------------------
Total From Investment Operations 0.88 (0.13)
----------------------------------------------------------------------------------------------
Net Asset Value, End of Period $5.75 $4.87
==============================================================================================
TOTAL RETURN(4) 18.07% (2.60)%

RATIOS/SUPPLEMENTAL DATA

Ratio of Operating Expenses to Average Net Assets 2.00%(5) 2.00%(5)
------------------------------------------------------------
Ratio of Net Investment Income (Loss) to Average Net Assets 0.47%(5) (0.75)%(5)
------------------------------------------------------------
Portfolio Turnover Rate 140% 147%
------------------------------------------------------------
Net Assets, End of Period (in thousands) $21,131 $6,569
----------------------------------------------------------------------------------------------

(1) Six months ended May 31, 2002 (unaudited).

(2) June 1, 2001 (inception) through November 30, 2001.

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

(4) Total return assumes reinvestment of net investment income and capital
gains distributions, if any. Total returns for periods less than one year
and not annualized.

(5) Annualized.

INTERNATIONAL DISCOVERY FUND
Investor Class

FOR A SHARE OUTSTANDING THROUGHOUT THE YEARS ENDED NOVEMBER 30 (EXCEPT AS NOTED)
-----------------------------------------------------------------------------------------------------------------
2002(1) 2001 2000 1999 1998 1997
-----------------------------------------------------------------------------------------------------------------

PER-SHARE DATA

Net Asset Value, Beginning of Period $10.13 $14.23 $15.20 $9.24 $8.54 $7.60
-----------------------------------------------------------------------------------------------------------------
Income From Investment Operations
--------------------------------------
Net Investment Income (Loss)(2) 0.04 0.01 (0.12) (0.07) (0.03) (0.03)
--------------------------------------
Net Realized and
Unrealized Gain (Loss) 0.71 (2.54) 0.03 6.06 1.22 1.31
-----------------------------------------------------------------------------------------------------------------
Total From Investment Operations 0.75 (2.53) (0.09) 5.99 1.19 1.28
-----------------------------------------------------------------------------------------------------------------
Distributions
--------------------------------------
From Net Investment Income -- -- -- -- (0.02) (0.02)
--------------------------------------
From Net Realized Gains -- (1.57) (0.88) (0.03) (0.47) (0.32)
-----------------------------------------------------------------------------------------------------------------
Total Distributions -- (1.57) (0.88) (0.03) (0.49) (0.34)
-----------------------------------------------------------------------------------------------------------------
Net Asset Value, End of Period $10.88 $10.13 $14.23 $15.20 $9.24 $8.54
=================================================================================================================
TOTAL RETURN(3) 7.40% (20.17)% (1.27)% 65.12% 14.79% 17.76%

RATIOS/SUPPLEMENTAL DATA

Ratio of Operating Expenses
to Average Net Assets 1.51%(4) 1.45% 1.36% 1.55% 1.64% 1.70%(5)
--------------------------------------
Ratio of Net Investment Income (Loss)
to Average Net Assets 0.76%(4) 0.10% (0.64)% (0.65)% (0.36)% (0.37)%
--------------------------------------
Portfolio Turnover Rate 113% 180% 113% 110% 178% 146%
--------------------------------------
Net Assets, End of Period
(in thousands) $1,043,893 $1,021,063 $1,568,872 $1,408,624 $781,551 $626,327
-----------------------------------------------------------------------------------------------------------------

(1) Six months ended May 31, 2002 (unaudited).

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

(3) Total return assumes reinvestment of net investment income and capital
gains distributions, if any. Total returns for periods less than one
year are not annualized. The total return of the classes may not precisely
reflect the class expense differences because of the impact of
calculating the net asset values to two decimal places. If net asset
values were calculated to three decimal places, the total return
differences would more closely reflect the class expense differences.
The calculation of net asset values to two decimal places is made in
accordance with SEC guidelines and does not result in any gain or loss
of value between one class and another.

(4) Annualized.

EMERGING MARKETS FUND
Investor Class

FOR A SHARE OUTSTANDING THROUGHOUT THE YEARS ENDED NOVEMBER 30 (EXCEPT AS NOTED)
---------------------------------------------------------------------------------------------------------------
2002(1) 2001 2000 1999 1998 1997(2)
---------------------------------------------------------------------------------------------------------------

PER-SHARE DATA

Net Asset Value, Beginning of Period $4.06 $4.68 $5.62 $3.49 $4.15 $5.00
---------------------------------------------------------------------------------------------------------------
Income From Investment Operations
------------------------------------
Net Investment Loss(3) (0.01) (0.02) (0.06) (0.01) --(4) (0.01)
------------------------------------
Net Realized and
Unrealized Gain (Loss) 0.59 (0.43) (0.88) 2.14 (0.66) (0.84)
---------------------------------------------------------------------------------------------------------------
Total From Investment Operations 0.58 (0.45) (0.94) 2.13 (0.66) (0.85)
---------------------------------------------------------------------------------------------------------------
Distributions
------------------------------------
From Net Realized Gains -- (0.17) -- -- -- --
---------------------------------------------------------------------------------------------------------------
Net Asset Value, End of Period $4.64 $4.06 $4.68 $5.62 $3.49 $4.15
===============================================================================================================
TOTAL RETURN(5) 14.57% (10.28)% (16.73)% 61.03% (15.90)% (17.00)%

RATIOS/SUPPLEMENTAL DATA

Ratio of Operating Expenses
to Average Net Asset 2.00%(6) 2.00% 2.00% 2.00% 2.00% 2.00%(6)
------------------------------------
Ratio of Net Investment Loss
to Average Net Assets (0.36)%(6) (0.27)% (0.88)% (0.33)% (0.03)% (0.74)%(6)
------------------------------------
Portfolio Turnover Rate 173% 326% 196% 168% 270% 36%
------------------------------------
Net Assets, End of Period
(in thousands) $119,195 $80,422 $77,279 $82,359 $21,124 $11,830
---------------------------------------------------------------------------------------------------------------

(1) Six months ended May 31, 2002 (unaudited).

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

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

(4) Per-share amount was less than $0.005.

(5) Total return assumes reinvestment of net investment income and capital
gains distributions, if any. Total returns for periods less than one
year are not annualized. The total return of the classes may not
precisely reflect the class expense differences because of the impact
of calculating the net asset values to two decimal places. If net asset
values were calculated to three decimal places, the total return
differences would more closely reflect the class expense differences.
The calculation of net asset values to two decimal places is made in
accordance with SEC guidelines and does not result in any gain or loss
of value between one class and another.

(6) Annualized.

NOTES

MORE INFORMATION ABOUT THE FUNDS IS CONTAINED IN THESE DOCUMENTS

Annual and Semiannual Reports

Statement of Additional Information (SAI)

You also can get information about the funds (including the SAI) from the
Securities and Exchange Commission (SEC). The SEC charges a duplicating fee to
provide copies of this information.

In person SEC Public Reference Room
Washington, D.C.
Call 202-942-8090 for location and hours.

On the Internet * EDGAR database at www.sec.gov
* By email request at publicinfo@sec.gov

By mail SEC Public Reference Section
Washington, D.C. 20549-0102

FUND REFERENCE (INSTITUTIONAL CLASS)
Fund Code Ticker
--------------------------------------------------------------------------------
Global Growth Fund 402 N/A
--------------------------------------------------------------------------------
International Opportunities Fund 340 N/A
--------------------------------------------------------------------------------
International Discovery Fund 342 TIDIX
--------------------------------------------------------------------------------
Emerging Markets Fund 343 AMKIX
--------------------------------------------------------------------------------

Investment Company Act File No. 811-6247

AMERICAN CENTURY INVESTMENTS
P.O. Box 419385
Kansas City, Missouri 64141-6385
1-800-345-3533 or 816-531-5575

0212
SH-PRS-32204

Your
American Century
prospectus

C CLASS

Global Growth Fund
Emerging Markets Fund

APRIL 1, 2002
REVISED DECEMBER 20, 2002

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

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

American Century
Investment Services, Inc.

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

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

Dear Investor,

Naturally, you may have questions about investing after you read through the
Prospectus. Please contact your investment professional with questions or for
more information about our funds.

Sincerely,

/s/w. Gordon Snyder

W. Gordon Snyder
President, Chief Marketing Officer
American Century Investment Services, Inc.

Table of Contents

AN OVERVIEW OF THE FUNDS .................................................. 2
FUND PERFORMANCE HISTORY .................................................. 4
FEES AND EXPENSES ......................................................... 5
OBJECTIVES, STRATEGIES AND RISKS .......................................... 7
Global Growth Fund
Emerging Markets Fund
MANAGEMENT ................................................................ 10
INVESTING WITH AMERICAN CENTURY ........................................... 12
SHARE PRICE AND DISTRIBUTIONS ............................................. 15
TAXES ..................................................................... 16
MULTIPLE CLASS INFORMATION ................................................ 18
FINANCIAL HIGHLIGHTS ...................................................... 20
PERFORMANCE INFORMATION OF OTHER CLASS .................................... 23

[graphic of triangle]

This symbol is used throughout the book to highlight DEFINITIONS
of key investment terms and to provide other helpful information

AN OVERVIEW OF THE FUNDS

WHAT ARE THE FUNDS' INVESTMENT OBJECTIVES?

These funds seek capital growth.

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

The funds' principal risks include

* MARKET RISK - The value of a fund's shares will go up and down based on the
performance of the companies whose securities it owns and other factors
generally affecting the securities market.

* PRICE VOLATILITY - The value of a fund's shares may fluctuate significantly
in the short term.

* PRINCIPAL LOSS - At any given time your shares may be worth more or less than
the price you paid for them. In other words, it is possible to lose money by
investing in the funds.

* FOREIGN RISK - The funds invest primarily in foreign securities, which are
generally riskier than U.S. securities. As a result the funds are subject to
foreign risk, meaning that political events (such as civil unrest, national
elections and imposition of exchange controls), social and economic events
(such as labor strikes and rising inflation), and natural disasters occurring
in a country where the funds invest could cause the funds' investments in
that country to experience gains or losses.

The chart below shows the primary differences among the funds.

Fund Primary Investments Principal Risks
------------------------------------------------------------------------------
Global Growth Equity securities of issuers Invests a significant
in the United States and portion of its assets
other developed countries in foreign securities
------------------------------------------------------------------------------
Emerging Markets Equity securities of issuers Invests in emerging
in emerging markets markets
------------------------------------------------------------------------------

A more detailed description of American Century's growth investment style and
the funds' investment strategies and risks begins on page 7.

WHO MAY WANT TO INVEST IN THE FUNDS?

The funds may be a good investment if you are

WHO MAY NOT WANT TO INVEST IN THE FUNDS?

The funds may not be a good investment if you are

[graphic of triangle]

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

FUND PERFORMANCE HISTORY

GLOBAL GROWTH FUND
EMERGING MARKETS FUND

When the C Class of a fund has investment results for a full calendar year, this
section will feature charts that show

* Annual Total Returns
* Highest and Lowest Quarterly Returns
* Average Annual Total Returns for the C Class of the fund, including a
comparison of these returns to a benchmark index

The performance of a fund's Investor Class shares for each of the last 10
calendar years or for each full calendar year in the life of a fund if less
than 10 years is shown below. It indicates the volatility of the funds'
historical returns from year to year. Account fees are not reflected in the
chart below. If they had been included, returns would have been lower than those
shown.(1)

[graphic of triangle]

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

Global Growth Emgerging Markets
------------- -----------------
2001 -25.65% -8.70%
2000 -5.77% -30.14%
1999 86.09% 106.19%
1998 -18.90%

(1) If the C Class had existed during the periods presented, its performance
would have been substantially similar to that of the Investor Class because
each represents an investment in the same portfolio of securities. However,
performance of the C Class would have been lower because of its higher
expense ratio.

[graphic of triangle]

For current performance information, please call us at
1-800-345-3533 or visit us at www.americancentury.com.

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 C Class shares of other American Century funds
* to redeem your shares after you have held them for 18 months (other than a
$10 fee to redeem by wire)

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

[graphic of triangle]

When purchasing through a financial intermediary you may be
charged a fee.

SHAREHOLDER FEES (FEES PAID DIRECTLY FROM YOUR INVESTMENT)
----------------------------------------------------------------------------------
Maximum Deferred Sales Charge (load) (as a percentage of net asset value) 1.00%(1)
----------------------------------------------------------------------------------

(1) The deferred sales charge is contingent on the length of time you have
owned your shares. The charge is 1.00% in the first year after purchase,
declines ratably over the next six months, and is eliminated thereafter.

ANNUAL OPERATING EXPENSES (EXPENSES THAT ARE DEDUCTED FROM FUND ASSETS)

Management Distribution and Other Total Annual Fund
Fee(1) Service (12b-1) Fees(2) Expenses(3) Operating Expenses
----------------------------------------------------------------------------------------------------------
Global Growth 1.30% 1.00% 0.00% 2.30%
----------------------------------------------------------------------------------------------------------
Emerging Markets 2.00% 1.00% 0.00% 3.00%
----------------------------------------------------------------------------------------------------------

(1) Based on expenses incurred by all classes of each fund during each fund's
most recent fiscal year. The funds have stepped fee schedules. As a
result, the funds' management fee rates generally decrease as fund assets
increase and increase as fund assets decrease.

(2) The 12b-1 fee is designed to permit investors to purchase C Class shares
through broker-dealers, banks, insurance companies and other financial
intermediaries. A portion of the fee is used to compensate them for
ongoing individual shareholder and administrative services, and a
portion is used to compensate them for distribution services. For more
information, see Service and Distribution Fees, page 19.

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

EXAMPLE

The examples in the table below are intended to help you compare the costs of
investing in a fund with the costs of investing in other mutual funds. Assuming
you . . .

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

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

1 year 3 years 5 years 10 years
-------------------------------------------------------------------------------
Global Growth $334 $712 $1,219 $2,607
-------------------------------------------------------------------------------
Emerging Markets $402 $917 $1,558 $3,273
-------------------------------------------------------------------------------

You would pay the following expenses if you not redeem your shares.

1 year 3 years 5 years 10 years
-------------------------------------------------------------------------------
Global Growth $231 $712 $1,219 $2,607
-------------------------------------------------------------------------------
Emerging Markets $300 $917 $1,558 $3,273
-------------------------------------------------------------------------------

[graphic of triangle]

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

OBJECTIVES, STRATEGIES AND RISKS

GLOBAL GROWTH FUND
EMERGING MARKETS FUND

WHAT ARE THE FUNDS' INVESTMENT OBJECTIVES?

These funds seek capital growth.

HOW DO THE FUNDS PURSUE THEIR INVESTMENT OBJECTIVES?

[graphic of triangle]

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

WHAT KINDS OF SECURITIES DO THE FUNDS BUY?

The funds will usually purchase equity securities of foreign companies (except
Global Growth, which will usually purchase equity securities of both U.S. and
foreign companies). These funds can purchase other types of securities as well,
such as domestic and foreign preferred stocks, convertible debt securities,
equity-equivalent securities, forward currency exchange contracts, nonleveraged
futures and options, notes, bonds and other debt securities of companies, and
obligations of domestic or foreign governments and their agencies.

WHAT ARE THE DIFFERENCES BETWEEN THE FUNDS?

WHAT ARE THE PRINCIPAL RISKS OF INVESTING IN THE FUNDS?

At any given time your shares may be worth more or less than the price you paid
for them. In other words, it is possible to lose money by investing in the
funds.

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

MANAGEMENT

WHO MANAGES THE FUNDS?

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

THE BOARD OF DIRECTORS

THE INVESTMENT ADVISOR

For the services it provided to the funds during the most recent fiscal year,
the advisor received a unified management fee based on a percentage of the
average net assets of the C Class shares of each fund. The amount of the
management fee for a fund is calculated daily and paid monthly in arrears,
taking into account the average net assets of all classes of a fund.

(1) Sale of the C Class had not commenced as of November 30, 2001. Rate
disclosed indicates the percentage that would have been paid had the class
commenced sale during the period.

THE FUND MANAGEMENT TEAMS

The portfolio managers on the investment teams are identified below.

HENRIK STRABO

MATTHEW HUDSON

MICHAEL J. DONNELLY

RAYMOND KONG

CODE OF ETHICS

FUNDAMENTAL INVESTMENT POLICIES

INVESTING WITH AMERICAN CENTURY

ELIGIBILITY FOR C CLASS SHARES

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

MINIMUM INITIAL INVESTMENT AMOUNTS

To open an account, the minimum
investments are: Global Growth Emerging Markets(1)
------------------------------------------------------------------------------
Individual or Joint $2,500 $10,000
------------------------------------------------------------------------------
Traditional IRA $2,500() $10,000
------------------------------------------------------------------------------
Roth IRA $2,500 $10,000
------------------------------------------------------------------------------
Education IRA $2,000 N/A
------------------------------------------------------------------------------
UGMA/UTMA $2,500 $10,000
------------------------------------------------------------------------------
403(b) $1,000(2) $10,000
------------------------------------------------------------------------------
Qualified Retirement Plans $2,500(3) $10,000
------------------------------------------------------------------------------

(1) Effective January 15, 2003, the minimum initial investment amounts will be
lowered to $2,500.

(2) For each fund you select for your 403(b) plan, American Century will waive
the fund minimum if you make a contribution of at least $50 a month. If your
contribution is less than $50 a month, you may make only one fund choice.

(3) The minimum investment requirements may be different for some types of
retirement plans.

INVESTING THROUGH FINANCIAL INTERMEDIARIES

* minimum investment requirements
* exchange policies
* fund choices
* cutoff time for investments

[graphic of triangle]

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

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

The funds have authorized certain financial intermediaries to accept orders on
the fund's behalf. American Century has contracts with these intermediaries
requiring them to track the time investment orders are received and to comply
with procedures relating to the

transmission of orders. Orders must be received by the intermediary on a fund's
behalf before the time the net asset value is determined in order to receive
that day's share price. If those orders are transmitted to American Century and
paid for in accordance with the contract, they will be priced at the net asset
value next determined after your request is received in the form required by the
intermediary.

RIGHT TO CHANGE POLICIES

MODIFYING OR CANCELING AN INVESTMENT

Investment instructions are irrevocable. That means that once you have mailed or
otherwise transmitted your investment instruction, you may not modify or cancel
it. Each fund reserves the right to suspend the offering of shares for a period
of time and to reject any specific investment (including a purchase by exchange)
. Additionally, we may refuse a purchase if, in our judgment, it is of a size
that would disrupt the management of a fund.

ABUSIVE TRADING PRACTICES

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

YOUR RESPONSIBILITY FOR UNAUTHORIZED TRANSACTIONS

REDEMPTIONS

If you sell your shares within 18 months of their purchase, you will pay a sales
charge the amount of which is contingent upon the length of time you have held
your shares. See Contingent Deferred Sales Charge on page 18.

Your redemption proceeds will be calculated using the NET ASSET VALUE (NAV) next
determined after we receive your transaction request in good order. Each time
you make an investment with American Century, there is a seven-day holding
period before you can redeem those shares, unless you provide us with
satisfactory proof that your purchase funds have cleared. This seven-day
holding period begins the day after your investment is processed. However,
investments by wire require only a one-day holding period.

A fund's NET ASSET VALUE, or NAV, is the price of the fund's
shares.

In addition, we reserve the right to delay delivery of redemption proceeds--up
to seven days--or to honor certain redemptions with securities, rather than
cash, as described in the next section.

[graphic of triangle]

A redemption is the sale of all or a portion of the shares in an
account, including those sold as a part of an exchange to another
American Century account.

SPECIAL REQUIREMENTS FOR LARGE REDEMPTIONS

REDEMPTION OF SHARES IN LOW-BALANCE ACCOUNTS

If your account balance falls below the minimum initial investment amount for
any reason other than as a result of market fluctuation, we will notify you and
give you 90 days to meet the minimum. If you do not meet the deadline, American
Century reserves the right to redeem the shares in the account and send the
proceeds to your address of record. Please note that shares redeemed in this
manner may be subject to a sales charge if held less than 18 months. You also
may incur tax liability as a result of the redemption.

EXCHANGES BETWEEN FUNDS

You may exchange C Class shares of a fund for C Class shares of any other
American Century fund. You may not exchange from the C Class to any other class.
We will not charge a Contingent Deferred Sales Charge (CDSC) on the shares you
exchange, regardless of the length of time you have owned them. When you do
redeem shares that have been exchanged, the CDSC will be based on the date you
purchased the original shares.

SHARE PRICE AND DISTRIBUTIONS

SHARE PRICE

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

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

GOOD ORDER means that your instructions have been received
in the form required by American Century. This may include, for
example, providing the fund name and account number, the amount
of the transaction and all required signatures.

DISTRIBUTIONS

CAPITAL GAINS are increases in the values of capital assets, such
as stock, from the time the assets are purchased.

TAXES

Tax-Deferred Accounts

Taxable Accounts

If you own fund shares through a taxable account, you may be taxed on your
investments if the fund makes distributions or if you sell your fund shares.

Taxability of Distributions

Tax Rate for 10% Tax Rate for
Type of Distribution and 15% Brackets All Other Brackets
--------------------------------------------------------------------------------
Short-term capital gains Ordinary income rate Ordinary income rate
--------------------------------------------------------------------------------
Long-term capital gains (1-5 years) 10% 20%
--------------------------------------------------------------------------------
Long-term capital gains (> 5 years) 8% 20%(1)
--------------------------------------------------------------------------------

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

Taxes on Transactions

BUYING A DIVIDEND

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

MULTIPLE CLASS INFORMATION

American Century offers four classes of the funds: Investor Class, Institutional
Class, Advisor Class and C Class. The shares offered by this Prospectus are C
Class shares and are offered primarily through employer-sponsored retirement
plans, or through institutions like banks, broker-dealers and insurance
companies.

The other classes have different fees, expenses and/or minimum investment
requirements from the C Class. The difference in the fee structures between the
classes is the result of their separate arrangements for shareholder and
distribution services and not the result of any difference in amounts charged by
the advisor for core investment advisory services. Accordingly, the core
investment advisory expenses do not vary by class. Different fees and expenses
will affect performance. For additional information concerning the other classes
of shares not offered by this Prospectus, call us at

* 1-800-345-2021 for Investor Class shares
* 1-800-345-3533 for Institutional and Advisor Class shares

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

CONTINGENT DEFERRED SALES CHARGE

If you sell C Class shares within 18 months of purchasing them, you will pay a
Contingent Deferred Sales Charge (CDSC). The charge is 1.00% in the first year
after purchase, declines ratably over the next six months and is eliminated
thereafter in accordance with the following chart:

After 13 months 0.833%
After 14 months 0.666%
After 15 months 0.500%
After 16 months 0.333%
After 17 months 0.167%
After 18 months 0.000%

The CDSC is calculated from your date of purchase, and will not be charged on
shares acquired through reinvestment of dividends or distributions, increases in
the net asset value of shares, or exchanges into the C Class of other American
Century funds. We will redeem shares not subject to the CDSC first, and other
shares will be redeemed in the order they were purchased.

SERVICE AND DISTRIBUTION FEES

Investment Company Act Rule 12b-1 permits mutual funds that adopt a written plan
to pay certain expenses associated with the distribution of their shares out of
fund assets. The funds' C Class shares have a 12b-1 Plan. Under the Plan, the
funds' C Class pays an annual fee of 1.00% of C Class average net assets, 0.25%
for certain individual shareholder and administrative services and 0.75% for
distribution services. The advisor, as paying agent for the funds, pays all or a
portion of such fees to the banks, broker-dealers and insurance companies that
make C Class shares available. Because these fees are paid out of the funds'
assets on an ongoing basis, over time these fees will increase the cost of your
investment and may cost you more than paying other types of sales charges. For
additional information about the Plan and its terms, see Multiple Class
Structure - Master Distribution and Shareholder Services Plan in the Statement
of Additional Information.

FINANCIAL HIGHLIGHTS

UNDERSTANDING THE FINANCIAL HIGHLIGHTS

The table on the next page itemizes what contributed to the changes in share
price during the most recently ended fiscal year. It also shows the changes in
share price for this period in comparison to changes over the last five fiscal
years or less, if the share class is not five years old.

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

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

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

* TOTAL RETURN - the overall percentage of return of the fund, assuming the
reinvestment of all distributions

* EXPENSE RATIO - the operating expenses of the fund as a percentage of
average net assets

* NET INCOME RATIO - the net investment income of the fund as a percentage
of average net assets

* PORTFOLIO TURNOVER - the percentage of the fund's buying and selling activit

Because the C Class of Global Growth Fund and Emerging Markets Fund did not have
assets for a full fiscal year, the C Class does not have audited financial
statements. Unaudited financial statements are provided and are also included in
the funds' Semiannual Report, which is available upon request.

GLOBAL GROWTH FUND

C Class

FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD INDICATED (AS NOTED)
--------------------------------------------------------------------------------
2002(1)
--------------------------------------------------------------------------------
PER-SHARE DATA

Net Asset Value, Beginning of Period $6.14
--------------------------------------------------------------------------------
Income From Investment Operations
-------------------------------------------------------
Net Investment Income(2) --(3)
-------------------------------------------------------
Net Realized and Unrealized Gain (Loss) 0.19
--------------------------------------------------------------------------------
Total From Investment Operations 0.19
--------------------------------------------------------------------------------
Net Asset Value, End of Period $6.33
================================================================================
TOTAL RETURN(4) 3.09%

RATIOS/SUPPLEMENTAL DATA

Ratio of Operating Expenses to Average Net Assets 2.30%(5)
-------------------------------------------------------
Ratio of Net Investment Income to Average Net Assets 0.24%(5)
-------------------------------------------------------
Portfolio Turnover Rate 158%(6)
-------------------------------------------------------
Net Assets, End of Period $24,283
--------------------------------------------------------------------------------

(1) March 1, 2002 (commencement of sale) through May 31, 2002 (unaudited).

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

(3) Per-share amount was less than $0.005.

(4) Total return assumes reinvestment of net investment income and capital
gains distributions, if any, and does not reflect applicable sales charges.
Total returns for periods less than one year are not annualized. The total
return of the classes may not precisely reflect the class expense
differences because of the impact of calculating the net asset values to two
decimal places. If net asset values were calculated to three decimal places,
the total return differences would more closely reflect the class expense
differences. The calculation of net asset values to two decimal places is
made in accordance with SEC guidelines and does not result in any gain or
loss of value between one class and another.

(5) Annualized.

(6) Portfolio turnover is calculated at the fund level. Percentage indicated
was calculated for the six months ended May 31, 2002.

EMERGING MARKETS FUND

C Class

FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD INDICATED (AS NOTED)
--------------------------------------------------------------------------------
2002(1)
PER-SHARE DATA

Net Asset Value, Beginning of Period $4.24
--------------------------------------------------------------------------------
Income From Investment Operations
--------------------------------------------------
Net Investment Loss(2) (0.03)
--------------------------------------------------
Net Realized and Unrealized Gain 0.41
--------------------------------------------------------------------------------
Total From Investment Operations 0.38
--------------------------------------------------------------------------------
Net Asset Value, End of Period $4.62
================================================================================
TOTAL RETURN(3) 8.96%
================================================================================

RATIOS/SUPPLEMENTAL DATA

Ratio of Operating Expenses to Average Net Assets 3.00%(4)
--------------------------------------------------
Ratio of Net Investment Loss to Average Net Assets (1.21)%(4)
--------------------------------------------------
Portfolio Turnover Rate 173%(5)
--------------------------------------------------
Net Assets, End of Period $34,144
--------------------------------------------------------------------------------

(1) December 18, 2001 (commencement of sale) through May 31, 2002 (unaudited).

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

(3) Total return assumes reinvestment of net investment income and capital
gains distributions, if any, and does not reflect applicable sales charges.
Total returns for periods less than one year are not annualized. The total
return of the classes may not precisely reflect the class expense
differences because of the impact of calculating the net asset values to
two decimal places. If net asset values were calculated to three decimal
places, the total return differences would more closely reflect the class
expense differences. The calculation of net asset values to two decimal
places is made in accordance with SEC guidelines and does not result in
any gain or loss of value between one class and another.

(4) Annualized.

(5) Portfolio turnover is calculated at the fund level. Percentage indicated
was calculated for the six months ended May 31, 2002.

PERFORMANCE INFORMATION OF OTHER CLASS

The following financial information is provided to show the performance of the
funds' original class of shares. This class, the Investor Class, has a total
expense ratio that is 1.00% lower than the C Class. If the C Class had existed
during the periods presented, its performance would have been lower because of
the additional expense.

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

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

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

* TOTAL RETURN - the overall percentage of return of the fund, assuming the
reinvestment of all distributions

* EXPENSE RATIO - the operating expenses of the fund as a percentage of average
net assets

* NET INCOME RATIO - the net investment income of the fund as a percentage of
average net assets

* PORTFOLIO TURNOVER - the percentage of the fund's buying and selling activity

GLOBAL GROWTH FUND

Investor Class

Net Asset Value, Beginning of Period $6.18 $8.73 $8.33 $5.00
------------------------------------------------------------------------------------------------------------------------
Income From Investment Operations
--------------------------------------------
Net Investment Income (Loss)(3) 0.01 --(4) (0.05) (0.01)
--------------------------------------------
Net Realized and Unrealized Gain (Loss) 0.16 (1.90) 0.81 3.34
------------------------------------------------------------------------------------------------------------------------
Total From Investment Operations 0.17 (1.90) 0.76 3.33
------------------------------------------------------------------------------------------------------------------------
Distributions
--------------------------------------------
From Net Realized Gains -- (0.65) (0.36) --
------------------------------------------------------------------------------------------------------------------------
Net Asset Value, End of Period $6.35 $6.18 $8.73 $8.33
========================================================================================================================
TOTAL RETURN(5) 2.75% (23.62)% 8.81% 66.60%

RATIOS/SUPPLEMENTAL DATA

Ratio of Operating Expenses to Average Net Assets 1.30%(6) 1.30% 1.30% 1.30%(6)
----------------------------------------------------------------
Ratio of Net Investment Income (Loss) to Average Net Assets 0.25%(6) (0.06)% (0.48)% (0.20)%(6)
----------------------------------------------------------------
Portfolio Turnover Rate 158% 232% 123% 133%
----------------------------------------------------------------
Net Assets, End of Period (in thousands) $260,160 $272,402 $412,631 $233,823
------------------------------------------------------------------------------------------------------------------------

(1) Six months ended May 31, 2002 (unaudited).

(2) December 1, 1998 (inception) through November 30, 1999.

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

(4) Per-share amount was less than $0.005.

(5) Total return assumes reinvestment of net investment income and capital
gains distributions, if any. Total returns for periods less than one
year are not annualized. The total return of the classes may not precisely
reflect the class expense differences because of the impact of calculating
the net asset values to two decimal places. If net asset values were
calculated to three decimal places, the total return differences would more
closely reflect the class expense differences. The calculation of net asset
values to two decimal places is made in accordance with SEC guidelines and
does not result in any gain or loss of value between one class and another.

(6) Annualized.

EMERGING MARKETS FUND

Investor Class

FOR A SHARE OUTSTANDING THROUGHOUT THE YEARS ENDED NOVEMBER 30 (EXCEPT AS NOTED
--------------------------------------------------------------------------------

2002(1) 2001 2000 1999 1998 1997(2)
PER-SHARE DATA

Net Asset Value, Beginning of Period $4.06 $4.68 $5.62 $3.49 $4.15 $5.00
------------------------------------------------------------------------------------------------------------------------
Income From Investment Operations
-------------------------------------
Net Investment Loss(3) (0.01) (0.02) (0.06) (0.01) --(4) (0.01)
-------------------------------------
Net Realized and
Unrealized Gain (Loss) 0.59 (0.43) (0.88) 2.14 (0.66) (0.84)
------------------------------------------------------------------------------------------------------------------------
Total From Investment Operations 0.58 (0.45) (0.94) 2.13 (0.66) (0.85)
------------------------------------------------------------------------------------------------------------------------
Distributions
-------------------------------------
From Net Realized Gains -- (0.17) -- -- -- --
------------------------------------------------------------------------------------------------------------------------
Net Asset Value, End of Period $4.64 $4.06 $4.68 $5.62 $3.49 $4.15
========================================================================================================================
TOTAL RETURN(5) 14.57% (10.28)% (16.73)% 61.03% (15.90)% (17.00)%

RATIOS/SUPPLEMENTAL DATA

Ratio of Operating Expenses
to Average Net Asset 2.00%(6) 2.00% 2.00% 2.00% 2.00% 2.00%(6)
-------------------------------------
Ratio of Net Investment Loss
to Average Net Assets (0.36)%(6) (0.27)% (0.88)% (0.33)% (0.03)% (0.74)%(6)
-------------------------------------
Portfolio Turnover Rate 173% 326% 196% 168% 270% 36%
-------------------------------------
Net Assets, End of Period
(in thousands) $119,195 $80,422 $77,279 $82,359 $21,124 $11,830
------------------------------------------------------------------------------------------------------------------------

(1) Six months ended May 31, 2002 (unaudited).

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

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

(4) Per-share amount was less than $0.005.

(5) Total return assumes reinvestment of net investment income and capital
gains distributions, if any. Total returns for periods less than one year
are not annualized. The total return of the classes may not precisely
reflect the class expense differences because of the impact of
calculating the net asset values to two decimal places. If net asset
values were calculated to three decimal places, the total return
differences would more closely reflect the class expense differences.
The calculation of net asset values to two decimal places is made in
accordance with SEC guidelines and does not result in any gain or
loss of value between one class and another.

(6) Annualized.

MORE INFORMATION ABOUT THE FUNDS IS CONTAINED IN THESE DOCUMENTS

Annual and Semiannual Reports

Statement of Additional Information (SAI)

You also can get information about the funds (including the SAI) from the
Securities and Exchange Commission (SEC). The SEC charges a duplicating fee to
provide copies of this information.

In person SEC Public Reference Room
Washington, D.C.
Call 202-942-8090 for location and hours.

On the Internet * EDGAR database at www.sec.gov
* By email request at publicinfo@sec.gov

By mail SEC Public Reference Section
Washington, D.C. 20549-0102

FUND REFERENCE (C CLASS)

Fund Code Ticker Newspaper Listing
-------------------------------------------------------------------------------
Global Growth Fund 602 N/A Gl Grwth
-------------------------------------------------------------------------------
Emerging Markets Fund 443 N/A EmgMkt
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Investment Company Act File No. 811-6247

AMERICAN CENTURY INVESTMENTS
P.O. Box 419385
Kansas City, Missouri 64141-6385
1-800-345-3533 or 816-531-5575

0212
SH-PRS 32207