PROSPECTUS SUPPLEMENT

497 1 supp.htm PROSPECTUS SUPPLEMENT PROSPECTUS SUPPLEMENT

July 29, 2005
Revised December 1, 2005

American Century Investments
prospectus

Advisor Class
Emerging Markets Fund
International Discovery Fund
Life Sciences Fund
Technology Fund

C Class
Emerging Markets Fund
Life Sciences Fund

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 PASSED UPON THE ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO
THE CONTRARY IS A CRIMINAL OFFENSE.

American Century Investment
Services, Inc., Distributor

[american century investments logo and text logo]

Dear Investor,

American Century Investments 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 an easy-to-read prospectus that
provides you with the information you need to feel confident about your
investment decisions.

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/Brian Jeter

Brian Jeter
Senior Vice President
Third Party Sales and Services
American Century Investment Services, Inc.

American Century Investments
P.O. Box 419786, Kansas City, MO 64141-6786

American Century Investment Services, Inc., Distributor

The American Century Investments logo, American Century and American Century
Investments are service marks of American Century Proprietary Holdings, Inc.

TABLE OF CONTENTS

AN OVERVIEW OF THE FUNDS . . . . . . . . . . . . . . . . . . . . . . . .2

EMERGING MARKETS FUND AND INTERNATIONAL DISCOVERY FUND . . . . . . . 2

LIFE SCIENCES FUND AND TECHNOLOGY FUND . . . . . . . . . . . . . . . 3

FUND PERFORMANCE HISTORY . . . . . . . . . . . . . . . . . . . . . . . .4

FEES AND EXPENSES . . . . . . . . . . . . . . . . . . . . . . . . . . . 8

OBJECTIVES, STRATEGIES AND RISKS . . . . . . . . . . . . . . . . . . . 10

EMERGING MARKETS FUND AND INTERNATIONAL DISCOVERY FUND . . . . . . .10

LIFE SCIENCES FUND . . . . . . . . . . . . . . . . . . . . . . . . .13

TECHNOLOGY FUND . . . . . . . . . . . . . . . . . . . . . . . . . . 16

MANAGEMENT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19

INVESTING WITH AMERICAN CENTURY . . . . . . . . . . . . . . . . . . . .22

SHARE PRICE AND DISTRIBUTIONS . . . . . . . . . . . . . . . . . . . . .28

TAXES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .30

MULTIPLE CLASS INFORMATION . . . . . . . . . . . . . . . . . . . . . . 32

FINANCIAL HIGHLIGHTS . . . . . . . . . . . . . . . . . . . . . . . . . 34

[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

EMERGING MARKETS FUND
INTERNATIONAL DISCOVERY FUND

WHAT IS THE FUNDS' INVESTMENT OBJECTIVE?

These funds seek capital growth.

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

The portfolio managers look for stocks of companies they believe will increase
in value over time, using an investment strategy developed by American Century.
In implementing this strategy, the portfolio managers make their investment
decisions based primarily on their analysis of individual companies, rather than
on broad economic forecasts. Management of the funds is based on the belief
that, over the long term, stock price movements follow growth in earnings,
revenues and/or cash flow. The portfolio managers use a variety of analytical
research tools and techniques to identify the stocks of companies that meet
their investment criteria. Under normal market conditions, the funds' portfolios
will primarily consist of securities of companies whose earnings or revenues are
not only growing, but growing at an accelerating pace.

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 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
--------------------------------------------------------------------------------
Emerging Equity securities of issuers Emerging
Markets in emerging markets markets risk
--------------------------------------------------------------------------------
International Equity securities of issuers Smaller foreign
Discovery(1) in developed foreign company risk
countries or emerging
markets that are
small- to medium-sized
companies at the
time of purchase
--------------------------------------------------------------------------------

(1) INTERNATIONAL DISCOVERY IS CLOSED TO NEW INVESTORS.

A more detailed description of the funds' investment strategies and risks may be
found under the heading OBJECTIVES, STRATEGIES AND RISKS, which begins on page
10.

[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.

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2

LIFE SCIENCES FUND
TECHNOLOGY FUND

WHAT IS THE FUNDS' INVESTMENT OBJECTIVE?

These funds seek capital growth.

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

These portfolio managers look for stocks of companies they believe will increase
in value over time, using an investment strategy developed by American Century.
In implementing this strategy, the portfolio managers make their investment
decisions based primarily on their analysis of individual companies, rather than
on broad economic forecasts. Management of the funds is based on the belief
that, over the long term, stock price movements follow growth in earnings and
revenues. The portfolio managers' principal analytical technique involves the
identification of companies with earnings and revenues that are not only
growing, but growing at an accelerating pace. A more detailed description of the
funds' investment strategies begins on page 13.

LIFE SCIENCES - The portfolio managers look for stocks of growing U.S. and
foreign companies that engage in the business of providing products and services
that help promote personal health and wellness.

TECHNOLOGY - The portfolio managers look for stocks of growing U.S. and foreign
companies with business operations in the technology and
telecommunications-related sectors. These companies include those that the
portfolio managers believe will benefit significantly from advances or
improvements in technology.

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.

* NONDIVERSIFICATION - The funds are classified as NONDIVERSIFIED. This
gives the portfolio managers the flexibility to hold large positions in a
small number of securities. If so, a price change in any one of those
securities may have a greater impact on the funds' share prices than would be
the case in a diversified fund.

[graphic of triangle]

A NONDIVERSIFIED FUND MAY INVEST A GREATER PERCENTAGE OF ITS ASSETS IN A
SMALLER NUMBER OF SECURITIES THAN A DIVERSIFIED FUND.

* CONCENTRATION (LIFE SCIENCES) - Life Sciences will focus on the medical
and healthcare industry and related industry groups. Because of this,
companies in the fund's portfolio may react similarly to market developments,
such as government regulation, subsidies, or technological advancements. As a
result, the fund's net asset value may be more volatile than that of less
concentrated funds.

* CONCENTRATION (TECHNOLOGY) - Technology will focus on the technology and
telecommunications industries and related industry groups. Because of this,
companies in the fund's portfolio may react similarly to market developments.
As a result, the fund's net asset value may be more volatile than that of
less concentrated funds.

* 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.

[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.

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3

FUND PERFORMANCE HISTORY

EMERGING MARKETS FUND
INTERNATIONAL DISCOVERY FUND
LIFE SCIENCES FUND
TECHNOLOGY FUND

Annual Total Returns

The following bar charts show the performance of the funds' Advisor Class shares
for each full calendar year in the life of the class. They indicate the
volatility of the funds' historical returns from year to year. The returns of
the funds' other classes of shares will differ from those shown in the charts,
depending on the expenses of that class.

EMERGING MARKETS FUND - ADVISOR CLASS(1)

[Data from bar chart]

2000 -30.33%
2001 -8.96%
2002 -18.97%
2003 65.03%
2004 13.17%

(1) AS OF SEPTEMBER 30, 2005, THE END OF THE MOST RECENT CALENDAR QUARTER,
THE FUND'S YEAR-TO-DATE RETURN WAS 23.58%.

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

HIGHEST LOWEST
--------------------------------------------------------------------------------
Emerging Markets 22.02% (2Q 2003) -22.25% (3Q 2001)
--------------------------------------------------------------------------------

INTERNATIONAL DISCOVERY FUND - ADVISOR CLASS(1)

[Data from bar chart]

1999 88.04%
2000 -14.36%
2001 -22.03%
2002 -12.99%
2003 51.02%
2004 15.95%

(1) AS OF SEPTEMBER 30, 2005, THE END OF THE MOST RECENT CALENDAR QUARTER,
THE FUND'S YEAR-TO-DATE RETURN WAS 19.38%.

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

HIGHEST LOWEST
--------------------------------------------------------------------------------
International Discovery 50.78% (4Q 1999) -19.17% (3Q 2001)
--------------------------------------------------------------------------------

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4

LIFE SCIENCES FUND - ADVISOR CLASS(1)

[Data from bar chart]

2001 -7.95%
2002 -28.48%
2003 28.65%
2004 8.91%

(1) AS OF SEPTEMBER 30, 2005, THE END OF THE MOST RECENT CALENDAR QUARTER,
THE FUND'S YEAR-TO-DATE RETURN WAS 8.79%.

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

HIGHEST LOWEST
--------------------------------------------------------------------------------
Life Sciences 14.35% (2Q 2001) -14.55% (1Q 2001)
--------------------------------------------------------------------------------

TECHNOLOGY FUND - ADVISOR CLASS(1)

[Data from bar chart]

2001 -35.74%
2002 -41.12%
2003 50.00%
2004 -1.69%

(1) AS OF SEPTEMBER 30, 2005, THE END OF THE MOST RECENT CALENDAR QUARTER,
THE FUND'S YEAR-TO-DATE RETURN WAS -1.83%.

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

HIGHEST LOWEST
--------------------------------------------------------------------------------
Technology 25.87% (2Q 2003) -33.63% (1Q 2001)
--------------------------------------------------------------------------------

Average Annual Total Returns

The following table shows the average annual total returns of the funds' Advisor
Class shares calculated three different ways. An additional table shows the
average annual total returns of the funds' C Class shares calculated before the
impact of taxes.

Return Before Taxes shows the actual change in the value of 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 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.

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5

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. After-tax
returns are shown only for Advisor Class shares. After-tax returns for other
share classes will vary.

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

ADVISOR CLASS

FOR THE CALENDAR YEAR ENDED LIFE OF
DECEMBER 31, 2004 1 YEAR 5 YEARS FUND(1)
--------------------------------------------------------------------------------
Emerging Markets
Return Before Taxes 13.17% -0.81% 7.57%
Return After Taxes on Distributions 13.03% -0.98% 7.41%
Return After Taxes on Distributions 8.73% -0.75% 6.52%
and Sale of Fund Shares
MSCI Emerging Markets Free Index 25.95% 4.62% 9.25%(2)
(reflects no deduction for fees,
expenses or taxes)
--------------------------------------------------------------------------------
International Discovery
Return Before Taxes 15.95% 0.35% 9.34%
Return After Taxes on Distributions 13.63% -0.51% 8.44%
Return After Taxes on Distributions 13.45% 0.14% 7.96%
and Sale of Fund Shares
S&P/Citigroup EMI Growth 26.20% 0.62% 4.51%(4)
World ex-US Index(3)
(reflects no deduction for
fees, expenses or taxes)
--------------------------------------------------------------------------------
Life Sciences
Return Before Taxes 8.91% N/A -2.11%
Return After Taxes on Distributions 8.91% N/A -2.35%
Return After Taxes on Distributions 5.79% N/A -1.93%
and Sale of Fund Shares
S&P 500 Index 10.88% N/A -2.33%(5)
(reflects no deduction for
fees, expenses or taxes)
S&P Composite 1500 Health Care Index 3.34% N/A -1.76%(5)
(reflects no deduction for
fees, expenses or taxes)
--------------------------------------------------------------------------------
Technology
Return Before Taxes -1.69% N/A -19.73%
Return After Taxes on Distributions -1.69% N/A -19.73%
Return After Taxes on Distributions -1.10% N/A -15.60%
and Sale of Fund Shares
S&P 500 Index 10.88% N/A -2.46%
(reflects no deduction for
fees, expenses or taxes)
S&P Composite 1500 Technology Index 2.25% N/A -16.68%
(reflects no deduction for
fees, expenses or taxes)
--------------------------------------------------------------------------------

(1) THE INCEPTION DATES FOR THE ADVISOR CLASS ARE: EMERGING MARKETS, MAY
12, 1999; INTERNATIONAL DISCOVERY, APRIL 28, 1998; LIFE SCIENCES, NOVEMBER
14, 2000; AND TECHNOLOGY, JUNE 30, 2000.

(2) SINCE APRIL 30, 1999, THE DATE CLOSEST TO THE CLASS'S INCEPTION FOR
WHICH DATA IS AVAILABLE.

(3) FORMERLY CITIGROUP EMI GROWTH WORLD EX-US INDEX.

(4) SINCE APRIL 30, 1998, THE DATE CLOSEST TO THE CLASS'S INCEPTION FOR
WHICH DATA IS AVAILABLE.

(5) SINCE OCTOBER 31, 2000, THE DATE CLOSEST TO THE CLASS'S INCEPTION FOR
WHICH DATA IS AVAILABLE.

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6

C CLASS

FOR THE CALENDAR YEAR ENDED LIFE OF
DECEMBER 31, 2004 1 YEAR FUND(1)
--------------------------------------------------------------------------------
Emerging Markets
Return Before Taxes 12.15% 14.42%
MSCI Emerging Markets Free Index 25.95% 22.77%(2)
(reflects no deduction for
fees, expenses or taxes)
--------------------------------------------------------------------------------
Life Sciences
Return Before Taxes 8.13% -0.53%
S&P 500 Index 10.88% 3.78%(3)
(reflects no deduction for
fees, expenses or taxes)
S&P Composite 1500 Health Care Index 3.34% -1.33%(3)
(reflects no deduction for
fees, expenses or taxes)
--------------------------------------------------------------------------------

(1) THE INCEPTION DATES FOR THE C CLASS ARE: EMERGING MARKETS, DECEMBER
18, 2001; AND LIFE SCIENCES, NOVEMBER 29, 2001.

(2) SINCE DECEMBER 31, 2001, THE DATE CLOSEST TO THE CLASS'S INCEPTION FOR
WHICH DATA IS AVAILABLE.

(3) SINCE NOVEMBER 30, 2001, THE DATE CLOSEST TO THE CLASS'S INCEPTION FOR
WHICH DATA IS AVAILABLE.

Performance information is designed to help you see how fund returns can vary.
Keep in mind that past performance (before and after taxes) does not predict how
the funds will perform in the future.

For current performance information, please call us at 1-800-378-9878.

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7

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 tables describe the fees and expenses you may pay if you buy and
hold shares of the funds.

SHAREHOLDER FEES (FEES PAID DIRECTLY FROM YOUR INVESTMENT)
--------------------------------------------------------------------------------
Advisor Class
Redemption/Exchange Fee 2.00%(1)
(as a percentage of amount redeemed/exchanged)
--------------------------------------------------------------------------------
C Class
Maximum Deferred Sales Charge (load) 1.00%(2)
(as a percentage of net asset value)
--------------------------------------------------------------------------------

(1) APPLIES ONLY TO EMERGING MARKETS AND INTERNATIONAL DISCOVERY ADVISOR
CLASS SHARES HELD FOR LESS THAN 180 DAYS. THE FEE DOES NOT APPLY TO SHARES
PURCHASED THROUGH REINVESTED DIVIDENDS OR CAPITAL GAINS.

(2) THE DEFERRED SALES CHARGE IS CONTINGENT ON THE LENGTH OF TIME YOU HAVE
OWNED YOUR SHARES. THE CHARGE IS 1.00% DURING THE FIRST YEAR AFTER PURCHASE
AND IS ELIMINATED THEREAFTER.

ANNUAL FUND OPERATING EXPENSES (EXPENSES THAT ARE DEDUCTED FROM FUND ASSETS)
DISTRIBUTION TOTAL ANNUAL
MANAGEMENT AND SERVICE OTHER FUND OPERATING
FEE(1) (12B-1) FEES EXPENSES EXPENSES
--------------------------------------------------------------------------------
Emerging Markets
Advisor Class 1.75% 0.50%(2) 0.00%(3) 2.25%
--------------------------------------------------------------------------------
C Class 2.00% 1.00%(4) 0.00%(3) 3.00%
--------------------------------------------------------------------------------
International Discovery
Advisor Class 1.24% 0.50%(2) 0.00%(3) 1.74%
--------------------------------------------------------------------------------
Life Sciences
Advisor Class 1.25% 0.50%(2) 0.00%(3) 1.75%
--------------------------------------------------------------------------------
C Class 1.50% 1.00%(4) 0.00%(3) 2.50%
--------------------------------------------------------------------------------
Technology
Advisor Class 1.25% 0.50%(2) 0.00%(3) 1.75%
--------------------------------------------------------------------------------

(1) BASED ON ASSETS DURING THE FUNDS' MOST RECENT FISCAL YEAR. THE FUNDS
HAVE STEPPED FEE SCHEDULES. AS A RESULT, THE FUNDS' MANAGEMENT FEE RATES
GENERALLY DECREASE AS STRATEGY ASSETS INCREASE AND INCREASE AS STRATEGY
ASSETS DECREASE. SEE The Investment Advisor UNDER Management FOR AN
EXPLANATION OF STRATEGY ASSETS.

(2) THE 12B-1 FEE IS DESIGNED TO PERMIT INVESTORS TO PURCHASE SHARES
THROUGH BROKER-DEALERS, BANKS, INSURANCE COMPANIES AND OTHER FINANCIAL
INTERMEDIARIES. HALF OF THE ADVISOR CLASS 12B-1 FEE (0.25%) IS FOR ONGOING
RECORDKEEPING AND ADMINISTRATIVE SERVICES PROVIDED BY FINANCIAL
INTERMEDIARIES, WHICH WOULD OTHERWISE BE PAID BY THE ADVISOR OUT OF THE
UNIFIED MANAGEMENT FEE. THE ADVISOR HAS REDUCED ITS UNIFIED MANAGEMENT FEE
FOR ADVISOR CLASS SHARES, BUT THE FEE FOR CORE INVESTMENT ADVISORY SERVICES
IS THE SAME FOR ALL CLASSES. FOR MORE INFORMATION, SEE Service,
Distribution and Administrative Fees, PAGE 32.

(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.

(4) THE 12B-1 FEE IS DESIGNED TO PERMIT INVESTORS TO PURCHASE SHARES
THROUGH BROKER-DEALERS, BANKS, INSURANCE COMPANIES AND OTHER FINANCIAL
INTERMEDIARIES. THE FEE MAY BE USED TO COMPENSATE SUCH FINANCIAL
INTERMEDIARIES FOR DISTRIBUTION AND OTHER SHAREHOLDER SERVICES. FOR MORE
INFORMATION, SEE Service, Distribution and Administrative Fees, PAGE 32.

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8

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. Of
course, your actual costs may be higher or lower. 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
--------------------------------------------------------------------------------
Emerging Markets
Advisor Class $226 $697 $1,194 $2,558
--------------------------------------------------------------------------------
C Class $300 $917 $1,558 $3,273
--------------------------------------------------------------------------------
International Discovery
Advisor Class $176 $545 $937 $2,035
--------------------------------------------------------------------------------
Life Sciences
Advisor Class $177 $548 $943 $2,045
--------------------------------------------------------------------------------
C Class $251 $771 $1,317 $2,803
--------------------------------------------------------------------------------
Technology
Advisor Class $177 $548 $943 $2,045
--------------------------------------------------------------------------------

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9

OBJECTIVES, STRATEGIES AND RISKS

EMERGING MARKETS FUND
INTERNATIONAL DISCOVERY FUND

WHAT IS THE FUNDS' INVESTMENT OBJECTIVE?

These funds seek capital growth.

HOW DO THE FUNDS PURSUE THEIR INVESTMENT OBJECTIVE?

The portfolio managers look for stocks of companies they believe will increase
in value over time, using an investment strategy developed by American Century.
In implementing this strategy, the portfolio managers use a bottom-up approach
to stock selection. This means that the managers make their investment decisions
based primarily on their analysis of individual companies, rather than on broad
economic forecasts. Management of the funds is based on the belief that, over
the long term, stock price movements follow growth in earnings, revenues and/or
cash flow.

Using American Century's extensive computer database, as well as other primary
analytical research tools, the portfolio managers track financial information
for individual companies to identify and evaluate trends in earnings, revenues
and other business fundamentals. Under normal market conditions, the funds'
portfolios will primarily consist of securities of companies whose earnings or
revenues that are not only growing, but growing at an accelerating pace. This
includes companies whose growth rates, although still negative, are less
negative than prior periods, and companies whose growth rates are expected to
accelerate. Other analytical techniques help identify additional signs of
business improvement, such as increasing cash flows, or other indications of the
relative strength of a company's business. These techniques help the portfolio
managers buy or hold the stocks of companies they believe have favorable growth
prospects and sell the stocks of companies whose characteristics no longer meet
their criteria.

In addition to locating strong companies with earnings, revenue and/or cash flow
growth, the portfolio 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
portfolio 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 portfolio 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.

A description of the policies and procedures with respect to the disclosure of
the funds' portfolio securities is available in the statement of additional
information.

WHAT KINDS OF SECURITIES DO THE FUNDS BUY?

The funds will usually purchase EQUITY SECURITIES of foreign companies.

[graphic of triangle]

EQUITY SECURITIES INCLUDE COMMON STOCK, PREFERRED STOCK, AND
EQUITY-EQUIVALENT SECURITIES, SUCH AS SECURITIES CONVERTIBLE INTO
COMMON STOCK, STOCK FUTURES CONTRACTS OR STOCK INDEX FUTURES CONTRACTS.

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10

These funds can purchase other types of securities as well, such as forward
currency exchange contracts, notes, bonds and other debt securities of
companies, and obligations of domestic or foreign governments and their
agencies.

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 futures contracts and similar derivative securities to help manage the
risk of these types of investments. A complete description of the derivatives
policy is included in the statement of additional information.

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, however,
it will not be pursuing its objective of capital growth.

WHAT ARE THE DIFFERENCES BETWEEN THE FUNDS?

* 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.

* 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 portfolio
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
portfolio managers may invest in large-sized companies.

In determining whether a company is foreign, the portfolio 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, Bermuda, Canada,
Denmark, Finland, France, Germany, Greece, 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 portfolio 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.

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11

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 portfolio 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.

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12

LIFE SCIENCES FUND

WHAT IS THE FUND'S INVESTMENT OBJECTIVE?

The fund seeks capital growth.

HOW DOES THE FUND PURSUE ITS INVESTMENT OBJECTIVE?

The portfolio managers look for stocks of companies they believe will increase
in value over time, using an investment strategy developed by American Century.
In implementing this strategy, the portfolio managers use a bottom-up approach
to stock selection. This means that the managers make their investment decisions
based primarily on their analysis of individual companies, rather than on broad
economic forecasts. Management of the funds is based on the belief that, over
the long term, stock price movements follow growth in earnings and revenues.

Using American Century's extensive computer database, as well as other primary
analytical research tools, the portfolio managers track financial information
for thousands of individual companies to identify and evaluate trends in
earnings, revenues and other business fundamentals. The portfolio managers'
principal analytical technique involves the identification of companies with
earnings and revenues that are not only growing, but growing at an accelerating
pace. This includes companies whose growth rates, although still negative, are
less negative than prior periods, and companies whose growth rates are expected
to accelerate. These techniques help the portfolio managers buy or hold the
stocks of companies they believe have favorable growth prospects and sell the
stocks of companies whose characteristics no longer meet their criteria.

The portfolio managers will typically look for stocks of growing companies in
the life sciences sector. To achieve its objective, the fund invests at least
80% of its assets in companies that engage in the business of providing products
and services that help promote health and wellness. Life science companies
generally own, operate or support healthcare facilities (including, among
others, hospitals, outpatient surgery facilities, dialysis centers, dental
centers and physical therapy centers); design, manufacture or sell
pharmaceuticals, bio-pharmaceuticals, medical research facilities, and medical
devices and supplies; or may provide biotechnology needed to improve
agriculture, aquaculture, forestry, chemicals, household products and
cosmetics/personal care products, environmental cleanup, food processing, and
forensic medicine. The fund may invest in U.S. and foreign companies of any
size.

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

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

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

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

* if the investment is in a derivative security, the security has economic
characteristics similar to the foregoing investments.

In addition to locating strong companies with earnings and revenue growth, the
portfolio managers invest in companies that experience a change in their
business that may stimulate future revenue and earnings acceleration and lead to
positive investor perception. The change typically is the result of key events
including: entry into a new market, development of a new product, obtaining a
new patent or license, or the presentation of clinical data showing efficacy for
a new drug or medical device. The portfolio managers also believe that it is
important to diversify the fund's holdings across geographical regions and
different countries. For this reason, the portfolio 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.

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13

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

A description of the policies and procedures with respect to the disclosure of
the fund's portfolio securities is available in the statement of additional
information.

WHAT KINDS OF SECURITIES DOES THE FUND BUY?

The fund will usually purchase EQUITY SECURITIES of both U.S. and foreign
companies.

[graphic of triangle]

EQUITY SECURITIES INCLUDE COMMON STOCK, PREFERRED STOCK, AND
EQUITY-EQUIVALENT SECURITIES, SUCH AS SECURITIES CONVERTIBLE INTO COMMON
STOCK, STOCK FUTURES CONTRACTS OR STOCK INDEX FUTURES CONTRACTS.

The fund can purchase other types of securities as well, such as foreign
currency exchange contracts, notes, bonds and other debt securities of companies
and obligations of domestic or foreign governments and their agencies.

The managers also may purchase put options (i.e., the right to sell a security
at a specified price by a certain date) for some securities that the fund holds
in order to hedge against adverse price fluctuations of those securities. The
managers may purchase put options to cover up to 10% of the fund's assets.

Futures contracts, a type of derivative security, can help the fund's cash
assets remain liquid while performing more like stocks. The fund has a policy
governing futures and similar derivative securities to help manage the risk of
these types of investments. For example, the managers cannot leverage the fund's
assets by investing in a derivative security. A complete description of the
derivatives policy is included in the statement of additional information.

Although not a primary investment strategy of the fund, in the event of
exceptional market or economic conditions, the fund may, as a temporary
defensive measure, invest all or a substantial portion of its assets in cash or
high-quality, short-term debt securities. To the extent the fund assumes a
defensive position, it will not be pursuing its objective of capital growth.

WHAT ARE THE PRINCIPAL RISKS OF INVESTING IN THE FUND?

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

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

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14

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

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

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

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

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 fund.

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

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

Option prices can be volatile, and trading in options will expose the fund to
certain risks. For instance, if the price of the option's underlying security
does not change in the anticipated direction to an extent sufficient to cover
the cost of the option before the option expires, the fund may lose all or a
significant part of its investment in the option.

The fund's 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.

These and other risks of investing in the fund are more fully described in the
fund's statement of additional information.

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15

TECHNOLOGY FUND

WHAT IS THE FUND'S INVESTMENT OBJECTIVE?

The fund seeks capital growth.

HOW DOES THE FUND PURSUE ITS INVESTMENT OBJECTIVE?

The portfolio managers look for stocks of companies they believe will increase
in value over time, using an investment strategy developed by American Century.
In implementing this strategy, the portfolio managers use a bottom-up approach
to stock selection. This means that the managers make their investment decisions
based primarily on their analysis of individual companies, rather than on broad
economic forecasts. Management of the funds is based on the belief that, over
the long term, stock price movements follow growth in earnings and revenues.

The portfolio managers will typically look for stocks of growing companies in
the technology and telecommunications-related sector. To achieve its objective,
the fund invests at least 80% of its assets in companies that the portfolio
managers believe are principally engaged in offering, using or developing
products, processes or services that provide or will benefit significantly from
technological advancements or improvements. The portfolio managers consider
technology and telecommunications-related industries to include among others,
computers (including software, products and electronic components),
semiconductors, networking, internet and on-line service providers, office
automation, telecommunications, telecommunications equipment, environmental
services, media and information services, electronics, and defense and
aerospace. The fund may invest in U.S. and foreign companies of any size.

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

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

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

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

* if the investment is in a derivative security, the security has economic
characteristics similar to the foregoing investments.

In addition to locating strong companies with earnings and revenue growth, the
portfolio managers may invest in companies that experience a change in their
business that may stimulate future revenue and earnings acceleration and lead to
positive investor perception. The change typically is the result of key events
including: entry into a new market, development of a new product, or obtaining a
new patent or license. The portfolio managers also believe that it is important
to diversify the fund's holdings across geographical regions and different

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16

countries. For this reason, the portfolio 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.

A description of the policies and procedures with respect to the disclosure of
the fund's portfolio securities is available in the statement of additional
information.

WHAT KINDS OF SECURITIES DOES THE FUND BUY?

The fund will usually purchase EQUITY SECURITIES of both U.S. and foreign
companies.

[graphic of triangle]

EQUITY SECURITIES INCLUDE COMMON STOCK, PREFERRED STOCK, AND
EQUITY-EQUIVALENT SECURITIES, SUCH AS SECURITIES CONVERTIBLE INTO COMMON
STOCK, STOCK FUTURES CONTRACTS OR STOCK INDEX FUTURES CONTRACTS.

The fund can purchase other types of securities as well, such as forward
currency exchange contracts, notes, bonds and other debt securities of
companies, and obligations of domestic or foreign governments and their
agencies.

WHAT ARE THE PRINCIPAL RISKS OF INVESTING IN THE FUND?

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

------
17

securities to qualify as a diversified fund, its nondiversified status gives
them more flexibility to invest heavily in the most attractive companies
identified by the fund's methodology.

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

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

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

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 fund.

The fund may invest in securities of foreign companies. Foreign investment
involves additional risks, including fluctuations in currency exchange rates,
less stable political and economic structures, reduced availability of public
information, and lack of uniform financial reporting and regulatory practices
similar to those that apply in the United States. These factors make investing
in foreign securities generally riskier than investing in U.S. securities. To
the extent the fund invests in foreign securities, however, the overall risk of
the fund could be affected.

These and other risks of investing in the fund are more fully described in the
fund's statement of additional information.

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18

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 three-fourths of the directors are independent of the funds'
advisor; that is, they have never been employed by and have no financial
interest in the advisor or any of its affiliated companies (other than as
shareholders of American Century funds).

THE INVESTMENT ADVISOR

The funds' (except Technology's) investment advisor is American Century Global
Investment Management, Inc. (ACGIM). ACGIM has been managing mutual funds since
January 2005 and is headquartered at 666 3rd Avenue, 23rd Floor, New York, New
York 10017. Prior to January 2005, these funds were managed by ACGIM's parent
company, American Century Investment Management, Inc. (ACIM). The change of
investment advisor is a result of a corporate restructuring of ACIM, in which
ACGIM was incorporated as a subsidiary of ACIM.

Technology's investment advisor is ACIM. ACIM has been managing mutual funds
since 1958 and is headquartered at 4500 Main Street, Kansas City, Missouri
64111.

The advisor (ACGIM or ACIM) 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. ACGIM has hired ACIM to make the
day-to-day investment decisions for the cash portion of the funds it manages.
ACIM performs this function under the supervision of ACGIM and the funds' Board
of Directors.

For the services it provides to each fund, the advisor receives a unified
management fee based on a percentage of the daily net assets of each specific
class of shares of each fund. For funds with a stepped fee schedule, the rate of
the fee is determined by applying a fee rate calculation formula. This formula
takes into account all of the advisor's assets under management in the fund's
investment strategy ("strategy assets") to calculate the appropriate fee rate
for the fund. The strategy assets include the fund's assets and the assets of
other clients of the advisor that are not in the American Century family of
mutual funds (such as subadvised funds and separate accounts) but that have the
same investment team and investment strategy. The use of strategy assets, rather
than fund assets, in calculating the fee rate for a particular fund could allow
a fund to realize scheduled cost savings more quickly if the advisor acquires
additional assets under management within a strategy in addition to the fund's
assets. However, it is possible that the strategy assets for a fund will not
include assets of other client accounts. In addition, if there are such assets,
they may not be sufficient to result in a lower fee rate. The amount of the fee
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.

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19

MANAGEMENT FEES PAID BY THE FUNDS TO ACIM
AS A PERCENTAGE OF AVERAGE NET ASSETS FOR THE MOST ADVISOR C
RECENT FISCAL YEAR ENDED NOVEMBER 30, 2004 CLASS CLASS
--------------------------------------------------------------------------------
Emerging Markets 1.75% 2.00%
--------------------------------------------------------------------------------
International Discovery 1.24% N/A(1)
--------------------------------------------------------------------------------
Life Sciences 1.25% 1.50%
--------------------------------------------------------------------------------
Technology 1.25% N/A(1)
--------------------------------------------------------------------------------

(1) THE FUND DOES NOT OFFER C CLASS SHARES.

THE FUND MANAGEMENT TEAMS

The advisor uses teams of 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 team who are jointly and primarily
responsible for the day-to-day management of the funds are identified below.

Emerging Markets

MICHAEL J. DONNELLY

Mr. Donnelly, Vice President and Senior 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. 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.

International Discovery

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 as a portfolio manager. 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 joining American Century in June
1994. He became a portfolio manager in November 1998. He has a bachelor's degree
in finance from Georgetown University and an MBA from Columbia University
Graduate School of Business.

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20

Life Sciences

ARNOLD K. DOUVILLE

Mr. Douville, Vice President and Senior Portfolio Manager, has been a member of
the team that manages Life Sciences since its inception in June 2000. He joined
American Century in November 1997 as a portfolio manager. He has a bachelor's
degree in economics from the U.S. Air Force Academy and an MBA in finance,
statistics and economics from the University of Chicago.

CHRISTY TURNER

Ms. Turner, Vice President and Portfolio Manager, has been a member of the team
that manages Life Sciences since its inception in June 2000. She joined American
Century in January 1996. She became a portfolio manager in May 2000. She has a
bachelor's degree in business administration from the University of Central
Florida and an MBA in finance from the University of North Carolina. She is a
CFA charterholder.

Technology

TOM TELFORD

Mr. Telford, Vice President and Portfolio Manager, has been a member of the team
that manages Technology since March 2002. He joined American Century in July
1996. He became a portfolio manager in February 2000. He has a bachelor of
business administration from Southern Methodist University and an MBA from
Wharton School of Business, University of Pennsylvania. He is a CFA
charterholder.

The SAI provides additional information about the other accounts managed by the
portfolio managers, if any, the structure of their compensation, and their
ownership of fund securities.

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. It also contains limits on short-term transactions in American
Century-managed funds. 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 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 and/or the advisor may
change any other policies and investment strategies.

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21

INVESTING WITH AMERICAN CENTURY

ELIGIBILITY FOR ADVISOR CLASS AND C CLASS SHARES

The Advisor Class and 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 and distribution services.

MINIMUM INITIAL INVESTMENT AMOUNTS

To open an account, the minimum initial investment amounts are $2,000 for a
Coverdell Education Savings Account (CESA), and $2,500 for all other accounts.
International Discovery is closed to new accounts. Aggregate purchases for C
Class shares are limited to amounts less than $1,000,000.

INVESTING THROUGH FINANCIAL INTERMEDIARIES

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

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

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.

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.

A NOTE ABOUT MAILINGS TO SHAREHOLDERS

To reduce the amount of mail you receive from us, we may deliver a single copy
of certain investor documents (such as shareholder reports and prospectuses) to
investors who share an address, even if accounts are registered under different
names. If you prefer multiple copies of these documents individually addressed,
please contact your financial intermediary directly.

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22

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

Short-term trading and other so-called market timing practices are not defined
or explicitly prohibited by any federal or state law. However, short-term
trading and other abusive trading practices may disrupt portfolio management
strategies and harm fund performance. If the cumulative amount of short-term
trading activity is significant relative to a fund's net assets, the fund may
incur trading costs that are higher than necessary as securities are first
purchased then quickly sold to meet the redemption request. In such case, the
fund's performance could be negatively impacted by the increased trading costs
created by short-term trading if the additional trading costs are significant.

Because of the potentially harmful effects of abusive trading practices, the
funds' Board of Directors has approved American Century's abusive trading
policies and procedures, which are designed to reduce the frequency and effect
of these activities in our funds. These policies and procedures include
monitoring trading activity, imposing trading restrictions on certain accounts,
imposing redemption fees on certain funds, and using fair value pricing when
current market prices are not readily available. Although these efforts are
designed to discourage abusive trading practices, they cannot eliminate the
possibility that such activity will occur. American Century seeks to exercise
its judgment in implementing these tools to the best of its ability in a manner
that it believes is consistent with shareholder interests.

American Century uses a variety of techniques to monitor for and detect abusive
trading practices. These techniques may vary depending on the type of fund, the
class of shares or whether the shares are held directly or indirectly with
American Century. They may change from time to time as determined by American
Century in its sole discretion. To minimize harm to the funds and their
shareholders, we reserve the right to reject any purchase order (including
exchanges) from any shareholder we believe has a history of abusive trading or
whose trading, in our judgment, has been or may be disruptive to the funds. In
making this judgment, we may consider trading done in multiple accounts under
common ownership or control.

Currently, for shares held directly with American Century, we may deem the sale
of all or a substantial portion of a shareholder's purchase of fund shares to be
abusive if the sale is made

* within seven days of the purchase, or
* within 30 days of the purchase, if it happens more than once per year.

To the extent practicable, we try to use the same approach for defining abusive
trading for shares held through financial intermediaries. American Century
reserves the right, in its sole discretion, to identify other trading practices
as abusive and to modify its monitoring and other practices as necessary to deal
with novel or unique abusive trading practices.

As a heightened measure for the funds, the board has approved the imposition of
a redemption fee for redemption of shares within a specified number of days of
purchase. See REDEMPTIONS, page 24, for a complete description of the redemption
fee applicable to the fund.

In addition, American Century reserves the right to accept purchases and
exchanges in excess of the trading restrictions discussed above if it believes
that such transactions would not be inconsistent with the best interests of fund
shareholders or this policy.

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23

American Century's policies do not permit us to enter into arrangements with
fund shareholders that permit such shareholders to engage in frequent purchases
and redemptions of fund shares. Due to the complexity and subjectivity involved
in identifying abusive trading activity and the volume of shareholder
transactions American Century handles, there can be no assurance that American
Century's efforts will identify all trades or trading practices that may be
considered abusive. In addition, American Century's ability to monitor trades
that are placed by individual shareholders within group, or omnibus, accounts
maintained by financial intermediaries is severely limited because American
Century generally does not have access to the underlying shareholder account
information. However, American Century monitors aggregate trades placed in
omnibus accounts and seeks to work with financial intermediaries to discourage
shareholders from engaging in abusive trading practices and to impose
restrictions on excessive trades. There may be limitations on the ability of
financial intermediaries to impose restrictions on the trading practices of
their clients. As a result, American Century's ability to monitor and discourage
abusive trading practices in omnibus accounts may be limited.

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.

REDEMPTIONS

If you sell your C Class shares within 12 months of their purchase, you will pay
a sales charge the amount of which is contingent upon the length of time you
held your shares.

Shares redeemed within a specified period may be subject to a 2.0% redemption
fee as listed below.

* Emerging Markets (Advisor Class) shares sold within 180 days of purchase

* International Discovery (Advisor Class) shares sold within 180 days of
purchase

Therefore, if you redeem Advisor Class shares within the redemption periods
specified above, you will receive 98% of their value at redemption. The
remaining 2% is retained by the fund and helps cover transaction costs that
long-term investors may bear when the fund sells securities to meet investor
redemptions. This fee is intended to help prevent abusive trading practices,
such as excessive short-term trading. (See ABUSIVE TRADING PRACTICES, page 23.)
However, not all of the financial intermediaries who offer the funds are
currently able to track and charge the redemption fee. American Century is
working with those providers to combat abusive trading and encouraging them to
develop systems to track the redemption fee and otherwise employ tactics to
combat abusive trading practices.

The redemption fee does not apply to shares purchased through reinvested
distributions (dividends and capital gains). The funds may not charge the
redemption fee in certain situations deemed appropriate by American Century,
including where the capability to charge the fee does not exist or is
impractical and/or other systems designed to deter abusive trading practices are
in place.

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24

Your redemption proceeds will be calculated using the NET ASSET VALUE (NAV) next
determined after we receive your transaction request in good order.

[graphic of triangle]

A FUND'S NET ASSET VALUE, OR NAV, IS THE PRICE OF THE FUND'S SHARES.

However, we reserve the right to delay delivery of redemption proceeds up to
seven days. For example, each time you make an investment with American Century,
there is a seven-day holding period before we will release redemption proceeds
from those shares, unless you provide us with satisfactory proof that your
purchase funds have cleared. For funds with CheckWriting privileges, we will not
honor checks written against shares subject to this seven-day holding period.
Investments by wire generally require only a one-day holding period. If you
change your address, we may require that any redemption request made within 15
days be submitted in writing and be signed by all authorized signers with their
signatures guaranteed. If you change your bank information, we may impose a
15-day holding period before we will transfer or wire redemption proceeds to
your bank. In addition, we reserve the right to honor certain redemptions with
securities, rather than cash, as described in the next section.

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 a 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 portfolio
managers would select these securities from the fund's portfolio.

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. Shares redeemed in this manner within a
specified period may be subject to a 2.0% redemption fee as listed below.

* Emerging Markets (Advisor Class) shares sold within 180 days of purchase

* International Discovery (Advisor Class) shares sold within 180 days of
purchase

You also may incur tax liability as a result of this redemption. In addition, C
Class shares redeemed in this manner may be subject to a sales charge if held
less than 12 months.

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25

SIGNATURE GUARANTEES

A signature guarantee - which is different from a notarized signature - is a
warranty that the signature presented is genuine. We may require a signature
guarantee for the following transactions:

* Your redemption or distribution check, Check-A-Month or automatic
redemption is made payable to someone other than the account owners

* Your redemption proceeds or distribution amount is sent by wire or EFT to
a destination other than your personal bank account

* You are transferring ownership of an account over $100,000

We reserve the right to require a signature guarantee for other transactions, at
our discretion.

CALCULATION OF CONTINGENT DEFERRED SALES CHARGE (CDSC)

C Class shares are sold at their net asset value without an initial sales
charge. For sales of C Class shares, the amount paid to your financial advisor
is 1.00% of the amount invested. If you redeem your shares within 12 months of
purchase you will pay a CDSC of 1.00% of the original purchase price or the
current market value at redemption, whichever is less. The purpose of the CDSC
is to permit the funds' distributor to recoup all or a portion of the up-front
payment made to your financial advisor.

The CDSC will not be charged on shares acquired through reinvestment of
dividends or distributions or increases in the net asset value of shares.

To minimize the amount of the CDSC you may pay when you redeem shares, the fund
will first redeem shares acquired through reinvested dividends and capital gain
distributions, which are not subject to a CDSC. Shares that have been in your
account long enough that they are not subject to a CDSC are redeemed next. For
any remaining redemption amount, shares will be sold in the order they were
purchased (earliest to latest).

The information regarding C Class sales charges provided herein is included free
of charge and in a clear and prominent format at americancentury.com in the
INVESTORS USING ADVISORS and INVESTMENT PROFESSIONALS portions of the Web site.
From the description of C Class shares, a hyperlink will take you directly to
this disclosure.

CDSC WAIVERS

Any applicable CDSC may be waived in the following cases:

* redemptions through systematic withdrawal plans not exceeding 12% annually
of the lesser of the original purchase cost or current market value

* distributions from IRAs due to attainment of age 59-1/2

* required minimum distributions from retirement accounts upon reaching age
70-1/2

* tax-free returns of excess contributions to IRAs

* redemptions due to death or post-purchase disability

* exchanges, unless the shares acquired by exchange are redeemed within the
original CDSC period

* if no broker was compensated for the sale

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26

EXCHANGES BETWEEN FUNDS (C CLASS)

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 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.

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. In addition, from time to time we may
waive a policy on a case-by-case basis, as the advisor deems appropriate.

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27

SHARE PRICE AND DISTRIBUTIONS

SHARE PRICE

American Century will price the fund shares you purchase, exchange or redeem at
the net asset value (NAV) next determined after your order is received and
accepted by the fund's transfer agent, or other financial intermediary with the
authority to accept orders on the fund's behalf. We determine the NAV of each
fund as of the close of regular trading (usually 4 p.m. Eastern time) on the New
York Stock Exchange (NYSE) on each day the NYSE is open. On days when the NYSE
is closed (including certain U.S. national holidays), we do not calculate the
NAV. A fund's NAV is the current value of the fund's assets, minus any
liabilities, divided by the number of shares outstanding.

The fund values portfolio securities for which market quotations are readily
available at their market price. As a general rule, equity securities listed on
a U.S. exchange are valued at the last current reported sale price as of the
time of valuation. Securities listed on the NASDAQ National Market System
(Nasdaq) are valued at the Nasdaq Official Closing Price (NOCP), as determined
by Nasdaq, or lacking an NOCP, at the last current reported sale price as of the
time of valuation. The fund may use pricing services to assist in the
determination of market value. Unlisted securities for which market quotations
are readily available are valued at the last quoted sale price or the last
quoted ask price, as applicable, except that debt obligations with 60 days or
less remaining until maturity may be valued at amortized cost. Exchange-traded
options, futures and options on futures are valued at the settlement price as
determined by the appropriate clearing corporation.

If the fund determines that the market price for a portfolio security is not
readily available or that the valuation methods mentioned above do not reflect
the security's fair value, such security is valued at its fair value as
determined in good faith by, or in accordance with procedures adopted by, the
fund's board or its designee (a process referred to as "fair valuing" the
security). Circumstances that may cause the fund to fair value a security
include, but are not limited to:

* for funds investing in foreign securities, if, after the close of the
foreign exchange on which a portfolio security is principally traded, but
before the close of the NYSE, an event occurs that may materially affect the
value of the security;

* for funds that invest in debt securities, a debt security has been
declared in default; or

* trading in a security has been halted during the trading day.

If such circumstances occur, the fund will fair value the security if the fair
valuation would materially impact the fund's NAV. While fair value
determinations involve judgments that are inherently subjective, these
determinations are made in good faith in accordance with procedures adopted by
the fund's board.

The effect of using fair value determinations is that the fund's NAV will be
based, to some degree, on security valuations that the board or its designee
believes are fair rather than being solely determined by the market.

With respect to any portion of the fund's assets that are invested in one or
more open-end management investment companies that are registered with the SEC
(known as registered investment companies, or RICs), the fund's NAV will be
calculated based upon the NAVs of such RICs. These RICs are required by law to
explain the circumstances under which they will use fair value pricing and the
effects of using fair value pricing in their prospectuses.

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28

Securities and other assets quoted in foreign currencies are valued in U.S.
dollars based on the prevailing exchange rates on that day.

Trading of securities in foreign markets may not take place every day the NYSE
is open. Also, trading in some foreign markets and on some electronic trading
networks may take place on weekends or holidays when the fund's NAV is not
calculated. So, the value of the fund's portfolio may be affected on days when
you will not be able to purchase, exchange or redeem fund shares.

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 should 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
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.

[graphic of triangle]

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 that 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 tax-deferred retirement plans must reinvest all distributions.
For investors investing through taxable accounts, we will reinvest distributions
unless you elect to have dividends and/or capital gains sent to another American
Century account, to your bank electronically, or to your home address or to
another person or address by check.

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29

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 a fund from its investments, or capital gains generated by a fund from the
sale of investment securities. Distributions of income are taxed as ordinary
income, unless they are designated as QUALIFIED DIVIDEND INCOME and you meet a
minimum required holding period with respect to your shares of the fund, in
which case distributions of income are taxed as long-term capital gains.

[graphic of triangle]

QUALIFIED DIVIDEND INCOME IS A DIVIDEND RECEIVED BY A FUND FROM THE
STOCK OF A DOMESTIC OR QUALIFYING FOREIGN CORPORATION, PROVIDED THAT THE
FUND HAS HELD THE STOCK FOR A REQUIRED HOLDING PERIOD.

For capital gains and for income distributions designated as qualified dividend
income, the following rates apply:

TAX RATE FOR 10% TAX RATE FOR
TYPE OF DISTRIBUTION AND 15% BRACKETS ALL OTHER BRACKETS
--------------------------------------------------------------------------------
Short-term capital gains Ordinary Income Ordinary Income
--------------------------------------------------------------------------------
Long-term capital gains (> 1 year)
and Qualified Dividend Income 5% 15%
--------------------------------------------------------------------------------

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30

If a fund's distributions exceed its taxable income and capital gains realized
during the tax year, all or a portion of the distributions made by the fund in
that tax year will be considered a return of capital. A return of capital
distribution is generally not subject to tax, but will reduce your cost basis in
the fund and result in higher realized capital gains (or lower realized capital
losses) upon the sale of fund shares.

The tax status of any distributions of capital gains is determined by how long a
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 your
financial intermediary will inform you of the tax status of fund distributions
for each calendar year in an annual tax mailing.

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 a fund's portfolio may build up taxable
gains throughout the period covered by a distribution, as securities are sold at
a profit. The fund distributes 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.

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31

MULTIPLE CLASS INFORMATION

American Century offers the following classes of shares of the funds:

* Emerging Markets - Investor Class, Institutional Class, Advisor Class and
C Class

* International Discovery - Investor Class, Institutional Class and Advisor
Class

* Life Sciences - Investor Class, Institutional Class, Advisor Class and C
Class

* Technology - Investor Class, Institutional Class and Advisor Class

The shares offered by this prospectus are Advisor Class and 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 classes offered by this prospectus. The difference in the
fee structures between the classes is the result of their separate arrangements
for shareholder and distribution services. It is not the result of any
difference in advisory or custodial fees or other expenses related to the
management of the funds' assets, which 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 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 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.

Service, Distribution and Administrative 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. Each class offered by this prospectus has a 12b-1 plan. The plans
provide for the funds to pay annual fees of 1.00% for C Class and 0.50% for
Advisor Class to the distributor for certain ongoing shareholder and
administrative services and for distribution services, including past
distribution services. Under the Advisor Class Plan, the funds' Advisor Class
pays the distributor an annual fee of 0.50% of Advisor Class average net assets,
half for certain ongoing shareholder and administrative services and half for
distribution services, including past distribution services. The distributor
pays all or a portion of such fees to the investment advisors, banks,
broker-dealers and insurance companies that make the classes available. Because
these fees are used to pay for services that are not related to prospective
sales of the funds, each class will continue to make payments under its plan
even if it is closed to new investors. 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 plans and their terms, see
MULTIPLE CLASS STRUCTURE - MASTER DISTRIBUTION AND SHAREHOLDER SERVICES PLAN in
the statement of additional information.

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32

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, the advisor will pay such
service providers a fee for performing those services. Also, the advisor and the
funds' distributor may make payments for various additional services or other
expenses out of their profits or other available sources. Such payments may be
made for one or more of the following: (1) distribution services, which include
expenses incurred by intermediaries for their sales activities with respect to
the funds, such as preparing, printing and distributing sales literature and
advertising materials and compensating registered representatives or other
employees of such intermediary for their sales activities; (2) shareholder
services, such as providing individual and custom investment advisory services
to clients of the intermediary; and (3) marketing and promotional services,
including business planning assistance, educating personnel about the funds, and
sponsorship of sales meetings, which may include covering costs of providing
speakers, meals and other entertainment. The distributor may sponsor seminars
and conferences designed to educate intermediaries about the funds and may cover
the expenses associated with attendance at such meetings, including travel
costs. These payments and activities are intended to provide an incentive to
intermediaries to sell the funds by ensuring that they are educated about the
funds, and to help such intermediaries defray costs associated with offering the
funds. The amount of any payments described by this paragraph is determined by
the advisor or the distributor, and all such amounts are paid out of the
available assets of the advisor and distributor, and not by you or the funds. As
a result, the total expense ratio of the funds will not be affected by any such
payments.

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33

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 period. They also show the
changes in share price for this period in comparison to changes over the last
five fiscal years or less, if the share class is not five years old.

On a per-share basis, each table includes 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 investment portfolio
that is replaced during the period

The Financial Highlights that follow have been audited by Deloitte & Touche LLP,
except for the six-month period ended May 31, 2005, which have not been audited.
The funds' Report of Independent Registered Public Accounting Firm and the
financial statements are included in the funds' annual reports for the year
ended November 30, 2004, which are available upon request.

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34

EMERGING MARKETS FUND
Advisor Class

FOR A SHARE OUTSTANDING THROUGHOUT THE YEARS ENDED NOVEMBER 30 (EXCEPT AS NOTED)
---------------------------------------------------------------------------------------------
2005(1) 2004 2003 2002 2001 2000
---------------------------------------------------------------------------------------------
PER-SHARE DATA
---------------------------------------------------------------------------------------------
Net Asset Value,
Beginning of Period $6.19 $5.22 $3.58 $4.03 $4.66 $5.61
---------------------------------------------------------------------------------------------
Income From Investment
Operations
------------------------------
Net Investment
Income (Loss)(2) -(3) (0.03) -(3) (0.01) (0.04) (0.08)
------------------------------
Net Realized and
Unrealized Gain (Loss) 0.41 0.99 1.63 (0.44) (0.42) (0.87)
---------------------------------------------------------------------------------------------
Total From Investment
Operations 0.41 0.96 1.63 (0.45) (0.46) (0.95)
---------------------------------------------------------------------------------------------
Distributions
------------------------------
From Net Realized Gains (0.09) - - - (0.17) -
------------------------------
Redemption Fees(4) -(3) 0.01 0.01 - - -
---------------------------------------------------------------------------------------------
Net Asset Value, End of Period $6.51 $6.19 $5.22 $3.58 $4.03 $4.66
---------------------------------------------------------------------------------------------
TOTAL RETURN(5) 6.58% 18.58% 45.81% (11.17)% (10.32)% (16.93)%

RATIOS/SUPPLEMENTAL DATA
---------------------------------------------------------------------------------------------
Ratio of Operating Expenses
to Average Net Assets 2.26%(6) 2.25% 2.26% 2.30% 2.25% 2.25%
------------------------------
Ratio of Net Investment
Income (Loss) to Average
Net Assets 0.05%(6) (0.47)% (0.22)% (0.62)% (0.52)% (1.13)%
------------------------------
Portfolio Turnover Rate 64% 208% 286% 387% 326% 196%
------------------------------
Net Assets, End of Period
(in thousands) $1,100 $1,178 $597 $1,254 $815 $212
---------------------------------------------------------------------------------------------

(1) SIX MONTHS ENDED MAY 31, 2005 (UNAUDITED).

(2) COMPUTED USING AVERAGE SHARES OUTSTANDING THROUGHOUT THE PERIOD.

(3) PER-SHARE AMOUNT WAS LESS THAN $0.005.

(4) THE FUND ADOPTED THE PROVISIONS OF THE REVISED AICPA AUDIT AND
ACCOUNTING GUIDE FOR INVESTMENT COMPANIES WHICH REQUIRES THE DISCLOSURE OF
THE PER-SHARE EFFECT OF REDEMPTION FEES. PERIODS PRIOR TO DECEMBER 1, 2001,
HAVE NOT BEEN RESTATED TO REFLECT THIS CHANGE. AMOUNTS COMPUTED USING
AVERAGE SHARES OUTSTANDING THROUGHOUT THE PERIOD.

(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.

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35

INTERNATIONAL DISCOVERY FUND
Advisor Class

FOR A SHARE OUTSTANDING THROUGHOUT THE YEARS ENDED NOVEMBER 30 (EXCEPT AS NOTED)
----------------------------------------------------------------------------------------
2005(1) 2004 2003 2002 2001 2000
----------------------------------------------------------------------------------------
PER-SHARE DATA
----------------------------------------------------------------------------------------
Net Asset Value,
Beginning of Period $14.95 $12.63 $9.23 $10.05 $14.17 $15.14
----------------------------------------------------------------------------------------
Income From Investment Operations
---------------------------------
Net Investment
Income (Loss)(2) 0.04 (0.05) 0.01 0.01 -(3) (0.12)
---------------------------------
Net Realized and
Unrealized Gain (Loss) (0.02) 2.37 3.39 (0.83) (2.55) (0.01)
----------------------------------------------------------------------------------------
Total From Investment
Operations 0.02 2.32 3.40 (0.82) (2.55) (0.13)
----------------------------------------------------------------------------------------
Distributions
---------------------------------
From Net Realized Gains (2.25) - - - (1.57) (0.84)
----------------------------------------------------------------------------------------
Net Asset Value, End of Period $12.72 $14.95 $12.63 $9.23 $10.05 $14.17
----------------------------------------------------------------------------------------
TOTAL RETURN(4) 0.15% 18.37% 36.84% (8.16)% (20.43)% (1.53)%

RATIOS/SUPPLEMENTAL DATA
----------------------------------------------------------------------------------------
Ratio of Operating Expenses
to Average Net Assets 1.72%(5) 1.74% 1.82% 1.78% 1.70% 1.61%
---------------------------------
Ratio of Net Investment Income
(Loss) to Average Net Assets 0.63%(5) (0.31)% 0.02% 0.10% (0.15)% (0.87)%
---------------------------------
Portfolio Turnover Rate 92% 201% 215% 224% 180% 113%
---------------------------------
Net Assets, End of Period
(in thousands) $205 $201 $161 $153 $244 $509
----------------------------------------------------------------------------------------

(1) SIX MONTHS ENDED MAY 31, 2005 (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. 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.

------
36

LIFE SCIENCES FUND
Advisor Class

FOR A SHARE OUTSTANDING THROUGHOUT THE YEARS ENDED NOVEMBER 30 (EXCEPT AS NOTED)
-----------------------------------------------------------------------------------------------
2005(1) 2004 2003 2002 2001 2000(2)
-----------------------------------------------------------------------------------------------
PER-SHARE DATA
-----------------------------------------------------------------------------------------------
Net Asset Value, $4.64 $4.33 $3.51 $4.86 $5.28 $5.48
Beginning of Period
-----------------------------------------------------------------------------------------------
Income From Investment Operations
---------------------------------
Net Investment Loss(3) (0.02) (0.05) (0.04) (0.05) (0.04) -(4)
---------------------------------
Net Realized and 0.40 0.36 0.86 (1.30) (0.25) (0.20)
Unrealized Gain (Loss)
-----------------------------------------------------------------------------------------------
Total From Investment Operation 0.38 0.31 0.82 (1.35) (0.29) (0.20)
-----------------------------------------------------------------------------------------------
Distributions
---------------------------------
From Net Realized Gains - - - - (0.13) -
-----------------------------------------------------------------------------------------------
Net Asset Value, End of Period $5.02 $4.64 $4.33 $3.51 $4.86 $5.28
-----------------------------------------------------------------------------------------------
TOTAL RETURN(5) 8.19% 7.16% 23.36% (27.78)% (5.55)% (3.65)%

RATIOS/SUPPLEMENTAL DATA
-----------------------------------------------------------------------------------------------
Ratio of Operating Expenses
to Average Net Assets 1.75%(6) 1.75% 1.75% 1.75% 1.75% 1.75%(6)
---------------------------------
Ratio of Net Investment Loss
to Average Net Assets (1.10)%(6) (1.10)% (1.14)% (1.13)% (0.86)% (0.99)%(6)
---------------------------------
Portfolio Turnover Rate 95% 215% 138% 272% 206% 64%(7)
---------------------------------
Net Assets, End of Period
(in thousands) $135 $107 $46 $25 $13 $11
-----------------------------------------------------------------------------------------------

(1) SIX MONTHS ENDED MAY 31, 2005 (UNAUDITED).

(2) NOVEMBER 14, 2000 (COMMENCEMENT OF SALE) THROUGH NOVEMBER 30, 2000.

(3) COMPUTED USING AVERAGE SHARES OUTSTANDING THROUGHOUT THE PERIOD.

(4) PER-SHARE AMOUNT WAS LESS THAN $0.005.

(6) ANNUALIZED.

(7) PORTFOLIO TURNOVER IS CALCULATED AT THE FUND LEVEL. PERCENTAGE
INDICATED WAS CALCULATED FOR THE PERIOD JUNE 30, 2000 (FUND
INCEPTION) THROUGH NOVEMBER 30, 2000.

------
37

TECHNOLOGY FUND
Advisor Class

FOR A SHARE OUTSTANDING THROUGHOUT THE YEARS ENDED NOVEMBER 30 (EXCEPT AS NOTED)
----------------------------------------------------------------------------------------------
2005(1) 2004 2003(2) 2002(2) 2001(2) 2000(2)(3)
----------------------------------------------------------------------------------------------
PER-SHARE DATA
----------------------------------------------------------------------------------------------
Net Asset Value, $17.96 $19.37 $14.30 $20.80 $31.90 $50.00
Beginning of Period
----------------------------------------------------------------------------------------------
Income From Investment Operations
---------------------------------
Net Investment Loss(4) (0.11) (0.27) (0.20) (0.20) (0.20) (0.20)
---------------------------------
Net Realized and (1.14) (1.14) 5.27 (6.30) (10.90) (17.90)
Unrealized Gain (Loss)
----------------------------------------------------------------------------------------------
Total From Investment
Operations (1.25) (1.41) 5.07 (6.50) (11.10) (18.10)
----------------------------------------------------------------------------------------------
Net Asset Value, End of Period $16.71 $17.96 $19.37 $14.30 $20.80 $31.90
----------------------------------------------------------------------------------------------
TOTAL RETURN(5) (6.96)% (7.28)% 35.45% (31.25)% (34.80)% (36.20)%

RATIOS/SUPPLEMENTAL DATA
----------------------------------------------------------------------------------------------
Ratio of Operating Expenses
to Average Net Assets 1.75%(6) 1.75% 1.75% 1.75% 1.75% 1.75%(6)
---------------------------------
Ratio of Net Investment
Loss to Average Net Assets (1.30)%(6) (1.55)% (1.50)% (1.45)% (1.04)% (1.08)%(6)
---------------------------------
Portfolio Turnover Rate 165% 279% 218% 251% 356% 125%
---------------------------------
Net Assets, End of Period
(in thousands) $65 $78 $18 $54 $1 $43
----------------------------------------------------------------------------------------------

(1) SIX MONTHS ENDED MAY 31, 2005 (UNAUDITED).

(2) PER-SHARE DATA HAS BEEN RESTATED, AS APPLICABLE, TO REFLECT A 1-FOR-10
REVERSE SHARE SPLIT THAT OCCURRED ON THE CLOSE OF BUSINESS ON MAY 16, 2003.

(3) JUNE 30, 2000 (COMMENCEMENT OF SALE) THROUGH NOVEMBER 30, 2000.

(4) COMPUTED USING AVERAGE SHARES OUTSTANDING THROUGHOUT THE PERIOD.

(6) ANNUALIZED.

------
38

EMERGING MARKETS FUND
C Class

FOR A SHARE OUTSTANDING THROUGHOUT THE YEARS ENDED NOVEMBER 30 (EXCEPT AS NOTED)
--------------------------------------------------------------------------------
2005(1) 2004 2003 2002(2)
--------------------------------------------------------------------------------
PER-SHARE DATA
--------------------------------------------------------------------------------
Net Asset Value, $6.12 $5.19 $3.58 $4.24
Beginning of Period
--------------------------------------------------------------------------------
Income From Investment Operations
---------------------------------
Net Investment Loss(3) (0.02) (0.07) (0.04) (0.04)
---------------------------------
Net Realized and 0.39 0.99 1.64 (0.62)
Unrealized Gain (Loss)
--------------------------------------------------------------------------------
Total From Investment Operations 0.37 0.92 1.60 (0.66)
--------------------------------------------------------------------------------
Distributions
---------------------------------
From Net Realized Gains (0.09) - - -
---------------------------------
Redemption Fees(4) -(5) 0.01 0.01 -
--------------------------------------------------------------------------------
Net Asset Value, End of Period $6.40 $6.12 $5.19 $3.58
--------------------------------------------------------------------------------
TOTAL RETURN(6) 5.97% 17.92% 44.97% (15.57)%

RATIOS/SUPPLEMENTAL DATA
--------------------------------------------------------------------------------
Ratio of Operating Expenses
to Average Net Assets 3.01%(7) 3.00% 3.01% 3.05%(7)
---------------------------------
Ratio of Net Investment
Loss to Average Net Assets (0.70)%(7) (1.22)% (0.97)% (1.10)%(7)
---------------------------------
Portfolio Turnover Rate 64% 208% 286% 387%(8)
---------------------------------
Net Assets, End of Period
(in thousands) $567 $521 $291 $54
--------------------------------------------------------------------------------

(1) SIX MONTHS ENDED MAY 31, 2005 (UNAUDITED).

(2) DECEMBER 18, 2001 (COMMENCEMENT OF SALE) THROUGH NOVEMBER 30, 2002.

(3) COMPUTED USING AVERAGE SHARES OUTSTANDING THROUGHOUT THE PERIOD.

(4) THE FUND ADOPTED THE PROVISIONS OF THE REVISED AICPA AUDIT AND
ACCOUNTING GUIDE FOR INVESTMENT COMPANIES WHICH REQUIRES THE DISCLOSURE OF
THE PER-SHARE EFFECT OF REDEMPTION FEES. AMOUNTS COMPUTED USING AVERAGE
SHARES OUTSTANDING THROUGHOUT THE PERIOD.

(5) PER-SHARE AMOUNT WAS LESS THAN $0.005.

(6) 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.

(7) ANNUALIZED.

(8) PORTFOLIO TURNOVER IS CALCULATED AT THE FUND LEVEL. PERCENTAGE
INDICATED WAS CALCULATED FOR THE YEAR ENDED NOVEMBER 30, 2002.

------
39

LIFE SCIENCES FUND
C Class

FOR A SHARE OUTSTANDING THROUGHOUT THE YEARS ENDED NOVEMBER 30 (EXCEPT AS NOTED)
---------------------------------------------------------------------------------------
2005(1) 2004 2003 2002 2001(2)
---------------------------------------------------------------------------------------
PER-SHARE DATA
---------------------------------------------------------------------------------------
Net Asset Value, $4.56 $4.28 $3.49 $4.87 $4.87
Beginning of Period
---------------------------------------------------------------------------------------
Income From Investment Operations
---------------------------------
Net Investment Loss(3) (0.04) (0.08) (0.07) (0.08) -(4)
---------------------------------
Net Realized and 0.39 0.36 0.86 (1.30) -(4)
Unrealized Gain (Loss)
---------------------------------------------------------------------------------------
Total From Investment Operations 0.35 0.28 0.79 (1.38) -(4)
---------------------------------------------------------------------------------------
Net Asset Value, End of Period $4.91 $4.56 $4.28 $3.49 $4.87
---------------------------------------------------------------------------------------
TOTAL RETURN(5) 7.68% 6.54% 22.64% (28.34)% 0.00%

RATIOS/SUPPLEMENTAL DATA
---------------------------------------------------------------------------------------
Ratio of Operating Expenses
to Average Net Assets 2.50%(6) 2.50% 2.50% 2.50% 2.50%(6)
---------------------------------
Ratio of Net Investment
Loss to Average Net Assets (1.85)%(6) (1.85)% (1.89)% (1.88)% (1.46)%(6)
---------------------------------
Portfolio Turnover Rate 95% 215% 138% 272% 206%(7)
---------------------------------
Net Assets, End of Period
(in thousands) $25 $25 $10 $6 $3
---------------------------------------------------------------------------------------

(1) SIX MONTHS ENDED MAY 31, 2005 (UNAUDITED).

(2) NOVEMBER 29, 2001 (COMMENCEMENT OF SALE) THROUGH NOVEMBER 30, 2001.

(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, 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.

(6) ANNUALIZED.

(7) PORTFOLIO TURNOVER IS CALCULATED AT THE FUND LEVEL. PERCENTAGE
INDICATED WAS CALCULATED FOR THE YEAR ENDED NOVEMBER 30, 2001.

------
40

NOTES

------
41

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, online at americancentury.com or 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 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.

NEWSPAPER
FUND REFERENCE FUND CODE TICKER LISTING
--------------------------------------------------------------------------------
Emerging Markets Fund
Advisor Class 743 AEMMX EmgMkt
--------------------------------------------------------------------------------
C Class 443 ACECX EmgMkt
--------------------------------------------------------------------------------
International Discovery Fund
Advisor Class 742 ACIDX IntDisc
--------------------------------------------------------------------------------
Life Sciences Fund
Advisor Class 804 ALSVX LifeSci
--------------------------------------------------------------------------------
C Class 604 ALFSX LifeSci
--------------------------------------------------------------------------------
Technology Fund
Advisor Class 796 ATADX Tech
--------------------------------------------------------------------------------

Investment Company Act File No. 811-6247

AMERICAN CENTURY INVESTMENTS
P.O. Box 419786
Kansas City, Missouri 64141-6786
1-800-378-9878 or 816-531-5575

0512
SH-PRS-45831