497K 1 summarypro.htm SUMMARY PROSPECTUS summarypro.htm
Summary Prospectus     April 1, 2014 (as revised May 1, 2014)
 
American Century Investments®
International Growth Fund
 
 
Investor Class: TWIEX
Institutional Class: TGRIX
 
A Class: TWGAX
C Class: AIWCX
 
R Class: ATGRX
R6 Class: ATGDX
 

 
 
Before you invest, you may want to review the fund’s prospectus, which contains more information about the fund and its risks. You can find the fund’s prospectus and other information about the fund online at the web addresses listed below. You can also get this information at no cost by calling or sending an email request. The fund’s prospectus and other information are also available from financial intermediaries (such as banks and broker-dealers) through which shares of the fund may be purchased or sold.
 
 
 
Retail Investors
americancentury.com/funds/fund_reports.jsp
1-800-345-2021 or 816-531-5575
prospectus@americancentury.com
Financial Professionals
americancentury.com/ipro/funds/fund_reports_mf.jsp
1-800-345-6488
advisor_prospectus@americancentury.com
 
 
 
This summary prospectus incorporates by reference the fund’s prospectus and statement of additional information (SAI), each dated April 1, 2014 (as supplemented at the time you receive this summary prospectus), as well as the Report of Independent Registered Public Accounting Firm and the financial statements included in the fund’s annual report to shareholders, dated November 30, 2013. The fund's SAI and annual report may be obtained, free of charge, in the same manner as the prospectus.
 
 
 
Investment Objective
 
The fund seeks capital growth.
 
 
Fees and Expenses
 
The following table describes the fees and expenses you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in American Century Investments funds. More information about these and other discounts is available from your financial professional and in Calculation of Sales Charges on page 13 of the fund’s prospectus and Sales Charges in Appendix B of the statement of additional information.
 
Shareholder Fees (fees paid directly from your investment)
 
 
Investor
Institutional
A
C
R
R6
Maximum Sales Charge (Load) Imposed
on Purchases (as a percentage of offering price)
None
None
5.75%
None
None
None
Maximum Deferred Sales Charge (Load) (as a
percentage of the lower of the original offering
price or redemption proceeds when redeemed
within one year of purchase)
None
None
None1
1.00%
None
None
Maximum Annual Account Maintenance Fee
(waived if eligible investments total at least $10,000)
$25
None
None
None
None
None
Redemption/Exchange Fee (as a percentage of amount
redeemed/exchanged for shares held less than 60 days)
2.00%
2.00%
None
None
2.00%
2.00%
Annual Fund Operating Expenses (expenses that you pay each
year as a percentage of the value of your investment)
 
 
Investor
Institutional
A
C
R
R6
Management Fee
1.22%
1.02%
1.22%
1.22%
1.22%
0.87%
Distribution and Service (12b-1) Fees
None
None
0.25%
1.00%
0.50%
None
Other Expenses
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Total Annual Fund Operating Expenses
1.22%
1.02%
1.47%
2.22%
1.72%
0.87%
 
1
Investments of $1 million or more may be subject to a contingent deferred sales charge of 1.00% if the shares are redeemed within one year of the date of the purchase.

 
 

 
 
Example
 
The example below is intended to help you compare the costs of investing in the fund with the costs of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods, that you earn a 5% return each year, and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
 
 
1 year
3 years
5 years
10 years
Investor Class
$125
$388
$671
$1,477
Institutional Class
$104
$325
$564
$1,248
A Class
$716
$1,014
$1,332
$2,230
C Class
$226
$695
$1,191
$2,550
R Class
$175
$543
$934
$2,028
R6 Class
$89
$278
$483
$1,073
 
Portfolio Turnover
 
The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 110% of the average value of its portfolio.
 
Principal Investment Strategies
 
The fund invests primarily in securities of companies located in at least three developed countries world-wide (excluding the United States). The portfolio managers look for stocks of companies they believe will increase in value over time, using an investment strategy developed by American Century Investments. 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 fund 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 fund’s portfolio will primarily consist of securities of companies whose earnings or revenues are not only growing, but growing at an accelerating pace.
 
Principal Risks
Foreign Risk – The fund invests primarily in foreign securities, which are generally riskier than U.S. securities. As a result the fund is 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 fund invests could cause the fund’s investments in that country to experience gains or losses. Securities of foreign issuers may be less liquid, more volatile and harder to value than U.S. securities.
Currency Risk – Because the fund generally invests in securities denominated in foreign currencies, the fund is subject to currency risk, meaning that the fund could experience gains or losses based solely on changes in the exchange rate between foreign currencies and the U.S. dollar.
Emerging Market Risk – 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.
Growth Stocks – Investments in growth stocks may involve special risks and their prices may fluctuate more dramatically than the overall stock market.
Style Risk – If at any time the market is not favoring the fund’s growth investment style, the fund’s gains may not be as big as, or its losses may be bigger than, those of other equity funds using different investment styles.
Market Risk – The value of the 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.
Redemption Risk – The fund may need to sell securities at times it would not otherwise do so in order to meet shareholder redemption requests. Selling securities to meet such redemptions may cause the fund to experience a loss, increase the fund's transaction costs or have tax consequences. To the extent that a large shareholder (including a fund of funds or 529 college savings plan) invests in the fund, the fund may experience relatively large redemptions as such shareholder reallocates its assets.
   

 
 

 
 
Price Volatility – The value of the fund’s shares may fluctuate significantly in the short term.
Principal Loss – At any given time your shares may be worth less than the price you paid for them. In other words, it is possible to lose money by investing in the fund.
 
An investment in the fund is not a bank deposit, and it is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency.
 
Fund Performance
 
The following bar chart and table provide some indication of the risks of investing in the fund. The bar chart shows changes in the fund’s performance from year to year for Investor Class shares. The table shows how the fund’s average annual returns for the periods shown compared with those of a broad measure of market performance. Because the R6 Class is new, it is not included. The fund’s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. For current performance information, please visit americancentury.com.
 
Sales charges and account fees, if applicable, are not reflected in the bar chart. If those charges were included, returns would be less than those shown.
 
Calendar Year Total Returns
 
graphic
 
 
Highest Performance Quarter
(2Q 2009): 22.71%

Lowest Performance Quarter
(3Q 2008): -23.28%

 
Average Annual Total Returns
     
For the calendar year ended December 31, 2013
1 year
5 years
10 years
Investor Class Return Before Taxes
22.95%
15.01%
7.76%
   Return After Taxes on Distributions
22.10%
14.83%
7.56%
   Return After Taxes on Distributions and Sale of Fund Shares
13.95%
12.34%
6.55%
Institutional Class Return Before Taxes
23.09%
15.21%
7.98%
A Class1 Return Before Taxes
15.48%
13.38%
6.86%
C Class Return Before Taxes
21.69%
13.87%
6.68%
R Class Return Before Taxes
22.31%
14.43%
7.24%
MSCI EAFE (Europe, Australasia, Far East) Index
   (reflects no deduction for fees, expenses or taxes)
22.78%
12.43%
6.91%
MSCI EAFE Growth Index
   (reflects no deduction for fees, expenses or taxes)
22.55%
12.81%
6.97%
 
1
Prior to December 3, 2007, this class was referred to as the Advisor Class and did not have a front-end sales charge. Performance prior to that date has been restated to reflect this charge.
 
The after-tax returns are shown only for Investor Class shares. After-tax returns for other share classes will vary. After-tax returns are calculated using the historical highest individual 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 are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as 401(k) plans or IRAs.
 
 
 

 
 
Portfolio Management
 
Investment Advisor
 
American Century Investment Management, Inc.
 
 
Portfolio Managers
 
Rajesh Gandhi, CFA, Vice President and Portfolio Manager, has been a member of the team that manages the fund since 2002.
 
Purchase and Sale of Fund Shares
 
You may purchase or redeem shares of the fund on any business day through our website at americancentury.com, in person (at one of our Investor Centers) by mail (American Century Investments, P.O. Box 419200, Kansas City, MO 64141-6200), by telephone at 1-800-345-2021 (Investor Services Representative) or 1-800-345-3533 (Business, Not-For-Profit and Employer-Sponsored Retirement Plans), or through a financial intermediary. Shares may be purchased and redemption proceeds received by electronic bank transfer, by check or by wire.
 
Unless otherwise specified below, the minimum initial investment amount to open an account is $2,500 ($2,000 for Coverdell Education Savings Accounts). Investors opening accounts through financial intermediaries may open an account with $250 for all classes except the Institutional and R6 Classes, but the financial intermediaries may require their clients to meet different investment minimums. The minimum may be waived for broker-dealer sponsored wrap program accounts, fee based accounts, and accounts through bank/trust and wealth management advisory organizations.
 
The minimum initial investment amount for Institutional Class is generally $5 million ($3 million for endowments and foundations), but the minimum may be waived if you, or your financial intermediary if you invest through an omnibus account, have an aggregate investment in the American Century family of funds of $10 million or more.
 
There is no minimum initial investment amount for R6 class shares.
 
For all share classes, there is no minimum initial investment amount for certain employer-sponsored retirement plans, however, financial intermediaries or plan recordkeepers may require plans to meet different minimums. For purposes of fund minimums, employer-sponsored retirement plans do not include SEP IRAs, SIMPLE IRAs or SARSEPs.
 
There is a $50 minimum for subsequent purchases, except that there is no subsequent purchase minimum for financial intermediaries or employer-sponsored retirement plans.
 
Tax Information
 
Fund distributions are generally taxable as ordinary income or capital gains, unless you are investing through a tax-deferred account such as a 401(k) or individual retirement account (in which case you may be taxed upon withdrawal of your investment from such account).
 
Payments to Broker-Dealers and Other Financial Intermediaries
 
If you purchase the fund through a broker-dealer or other financial intermediary (such as a bank, insurance company, plan sponsor or financial professional), the fund and its related companies may pay the intermediary for the sale of fund shares and related services for investments in all classes except the R6 Class. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the fund over another investment. Ask your salesperson or visit your financial intermediary’s website for more information.
 
 





 
©2014 American Century Proprietary Holdings, Inc. All rights reserved.
 
CL-SUM-82198    1405