XML 18 R1.htm IDEA: XBRL DOCUMENT

Total

American Century Capital Portfolios Prospectus | GLOBAL REAL ESTATE FUND

Global Real Estate Fund

Investment Objective

The fund seeks high total investment return through a combination of capital appreciation and current income.

Fees and Expenses

The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. 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, Appendix A 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)

Shareholder Fees - American Century Capital Portfolios Prospectus - GLOBAL REAL ESTATE FUND - USD ($)	INVESTOR CLASS	I CLASS	Y CLASS	A CLASS		C CLASS	R CLASS	R5 CLASS	R6 CLASS
Maximum Cumulative Sales Charge (as a percentage of Offering Price)	none	none	none	5.75%		none	none	none	none
Maximum Deferred Sales Charge (as a percentage)	none	none	none	none	^[1]	1.00%	none	none	none
Maximum Account Fee	$ 25	none	none	none		none	none	none	none

[1]	Purchases 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.

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Annual Fund Operating Expenses - American Century Capital Portfolios Prospectus - GLOBAL REAL ESTATE FUND		INVESTOR CLASS	I CLASS	Y CLASS	A CLASS	C CLASS	R CLASS	R5 CLASS	R6 CLASS
Management Fees (as a percentage of Assets)		1.11%	0.91%	0.76%	1.11%	1.11%	1.11%	0.91%	0.76%
Distribution and Service (12b-1) Fees		none	none	none	0.25%	1.00%	0.50%	none	none
Other Expenses (as a percentage of Assets):		0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%
Expenses (as a percentage of Assets)		1.12%	0.92%	0.77%	1.37%	2.12%	1.62%	0.92%	0.77%
Fee Waiver or Reimbursement	^[1]	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%
Net Expenses (as a percentage of Assets)		1.11%	0.91%	0.76%	1.36%	2.11%	1.61%	0.91%	0.76%

[1]	The advisor has agreed to waive 0.01 percentage points of the fund’s management fee. The advisor expects this waiver to continue until February 28, 2021 and cannot terminate it prior to such date without the approval of the Board of Directors.

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, and that you earn a 5% return each year. The example also assumes that the fund’s operating expenses remain the same, except that it reflects the rate and duration of any fee waivers noted in the table above. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example - American Century Capital Portfolios Prospectus - GLOBAL REAL ESTATE FUND - USD ($)	Expense Example, with Redemption, 1 Year	Expense Example, with Redemption, 3 Years	Expense Example, with Redemption, 5 Years	Expense Example, with Redemption, 10 Years
INVESTOR CLASS	113	356	617	1,362
I CLASS	93	293	509	1,131
Y CLASS	78	245	427	954
A CLASS	706	984	1,282	2,125
C CLASS	215	664	1,139	2,447
R CLASS	164	511	881	1,919
R5 CLASS	93	293	509	1,131
R6 CLASS	78	245	427	954

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 118% of the average value of its portfolio.

Principal Investment Strategies

Under normal market conditions, the fund invests at least 80% of its net assets in equity securities issued by real estate investment trusts (REITs) and other companies engaged in the real estate industry (collectively, real estate securities). A REIT invests primarily in income-producing real estate or makes loans to persons involved in the real estate industry. The portfolio managers consider a company to be engaged in the real estate industry if at least 50% of its revenues or 50% of the market value of its assets at the time the securities are purchased by the fund are attributed to the ownership, construction, management or sale of real estate. The portfolio managers look for real estate securities they believe will provide superior returns, focusing on companies with the potential for stock price appreciation, plus sustainable growth of cash flow to investors. The portfolio managers use the following investment techniques to construct the portfolio: 1) top down investment research, 2) property sector research that allows the managers to allocate assets among securities with exposure to different segments of the real estate market, 3) bottom up fundamental stock research, and 4) benchmark sensitive portfolio construction that reflects the property sectors and regions, and the individual weights thereof, of the FTSE EPRA/NAREIT Global Index, part of the FTSE EPRA/NAREIT Global Real Estate Index Series. Of these techniques, the portfolio managers place particular emphasis on property sector research. These techniques also help the portfolio managers sell the stocks of companies whose fundamentals are no longer attractively priced. Because the fund’s investment strategy is concentrated in real estate securities, the fund may hold a relatively small number of security positions compared to other funds that hold securities in a broader range of industries.

The fund invests primarily in equity securities of companies located in developed countries world-wide (including the United States), but may also invest in emerging markets. Under normal market conditions, the fund will invest at least 40% (unless the portfolio managers deem market conditions unfavorable, in which case the fund would invest at least 30%) of its assets in securities of issuers located outside the United States. The fund will allocate its assets among at least three different countries (one of which may be the United States).

The fund may engage in active and frequent trading of portfolio securities to achieve its principal investment strategies. This may cause higher transaction costs and may affect performance. It may also result in the realization and distribution of capital gains.

Principal Risks

•

Real Estate Investing Risk — An investment in the fund may be subject to many of the same risks as a direct investment in real estate. These risks include changes in economic conditions, interest rates, property values, property tax increases, overbuilding and increased competition, environmental contamination, zoning and natural disasters. This is due to the fact that the value of the fund’s investments may be affected by the value of the real estate owned by the companies in which it invests. To the extent the fund invests in companies that make loans to real estate companies, the fund also may be subject to interest rate risk and credit risk.

•

REITs Risk — Investments in REITs are subject to credit risk and interest rate risk with respect to the loans made by the REITs in which the fund invests. Credit risk is the risk that the borrower will not be able to make interest and principal payments on the loan to the REIT when they are due. Interest rate risk is the risk that a change in the prevailing interest rate will cause the value of the loan portfolio held by the REIT to rise or fall.


•	Concentration Risk — Because the fund concentrates its investments in real estate securities, it may be subject to greater risks and market fluctuations than a portfolio investing in a broader range of industries.


•	Foreign Securities Risk — The fund invests in foreign securities, which can be riskier than investing in U.S. securities. Securities of foreign issuers may be less liquid, more volatile and harder to value than U.S. securities.


•	Emerging Markets Risk — Investing in securities of companies located in emerging market countries generally is riskier than investing in securities of companies located in foreign developed countries.


•	Currency Risk — Because the fund invests in securities denominated in foreign currencies, the fund is subject to currency risk, meaning that the fund could experience losses based solely on changes in the exchange rate between foreign currencies and the U.S. dollar.


•	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.


•	Price Volatility Risk — The value of the fund’s shares may fluctuate significantly in the short term.

•

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.


•	Principal Loss Risk — 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. 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

Highest Performance Quarter (1Q 2019): 15.53% Lowest Performance Quarter (4Q 2016): -7.38%

Average Annual Total Returns For the calendar year ended December 31, 2019

Average Annual Total Returns - American Century Capital Portfolios Prospectus - GLOBAL REAL ESTATE FUND		Label	1 Year	5 Years	Since Inception	Inception Date
FTSE EPRA/NAREIT Global Index		FTSE EPRA/NAREIT Global Index (reflects no deduction for fees, expenses or taxes)	22.50%	6.03%	6.37%	Apr. 29, 2011
MSCI ACWI Index		MSCI ACWI Index (reflects no deduction for fees, expenses or taxes)	26.60%	8.40%	7.65%	Apr. 29, 2011
INVESTOR CLASS		Investor Class Return Before Taxes	29.92%	6.81%	7.62%	Apr. 29, 2011
INVESTOR CLASS \| After Taxes on Distributions		Return After Taxes on Distributions	28.06%	5.30%	6.00%	Apr. 29, 2011
INVESTOR CLASS \| After Taxes on Distributions and Sales		Return After Taxes on Distributions and Sale of Fund Shares	18.09%	4.63%	5.32%	Apr. 29, 2011
I CLASS		I Class Return Before Taxes	30.21%	7.03%	7.84%	Apr. 29, 2011
Y CLASS	^[1]	Y Class1 Return Before Taxes	30.40%	7.19%	7.82%	Apr. 10, 2017
A CLASS		A Class Return Before Taxes	22.14%	5.28%	6.62%	Apr. 29, 2011
C CLASS		C Class Return Before Taxes	28.53%	5.75%	6.55%	Apr. 29, 2011
R CLASS		R Class Return Before Taxes	29.18%	6.28%	7.08%	Apr. 29, 2011
R5 CLASS	^[2]	R5 Class2 Return Before Taxes	30.08%	7.02%	7.83%	Apr. 10, 2017
R6 CLASS		R6 Class Return Before Taxes	30.31%	7.20%	7.82%	Jul. 26, 2013

[1]	Historical performance for the Y Class prior to its inception is based on the performance of R6 Class shares, which have the same expenses as the Y Class shares. Since inception performance for the Y Class is based on the R6 Class inception date.
[2]	Historical performance for the R5 Class prior to its inception is based on the performance of I Class shares, which have the same expenses as the R5 Class shares. Since inception performance for the R5 Class is based on the I Class inception date.

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.

American Century Capital Portfolios Prospectus | NT GLOBAL REAL ESTATE FUND

NT Global Real Estate Fund

Investment Objective

The fund seeks high total investment return through a combination of capital appreciation and current income.

Fees and Expenses

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

Shareholder Fees (fees paid directly from your investment)

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Annual Fund Operating Expenses - American Century Capital Portfolios Prospectus - NT GLOBAL REAL ESTATE FUND		INVESTOR CLASS	G CLASS
Management Fees (as a percentage of Assets)		1.11%	0.76%
Distribution and Service (12b-1) Fees		none	none
Other Expenses (as a percentage of Assets):		0.01%	0.01%
Expenses (as a percentage of Assets)		1.12%	0.77%
Fee Waiver or Reimbursement	^[1]	0.01%	0.76%	^[2]
Net Expenses (as a percentage of Assets)		1.11%	0.01%

[1]	The advisor has agreed to waive 0.01 percentage points of the fund’s management fee. The advisor expects this waiver to continue until February 28, 2021 and cannot terminate it prior to such date without the approval of the Board of Directors.
[2]	The advisor has agreed to waive the G Class’s management fee in its entirety. The advisor expects this waiver to remain in effect permanently and cannot terminate it without the approval of the Board of Directors.

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.

Expense Example - American Century Capital Portfolios Prospectus - NT GLOBAL REAL ESTATE FUND - USD ($)	Expense Example, with Redemption, 1 Year	Expense Example, with Redemption, 3 Years	Expense Example, with Redemption, 5 Years	Expense Example, with Redemption, 10 Years
INVESTOR CLASS	113	356	617	1,362
G CLASS	1	3	6	13

Portfolio Turnover

Principal Investment Strategies

The fund is not permitted to invest in securities issued by companies assigned the Global Industry Classification Standard (GICS) or the Bloomberg Industry Classification Standard (BICS) for the tobacco industry.

Principal Risks

•


•	Concentration Risk — Because the fund concentrates its investments in real estate securities, it may be subject to greater risks and market fluctuations than a portfolio investing in a broader range of industries.


•	Foreign Securities Risk — The fund invests in foreign securities, which can be riskier than investing in U.S. securities. Securities of foreign issuers may be less liquid, more volatile and harder to value than U.S. securities.


•	Emerging Markets Risk — Investing in securities of companies located in emerging market countries generally is riskier than investing in securities of companies located in foreign developed countries.


•	Currency Risk — Because the fund invests in securities denominated in foreign currencies, the fund is subject to currency risk, meaning that the fund could experience losses based solely on changes in the exchange rate between foreign currencies and the U.S. dollar.


•	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.


•	Price Volatility Risk — The value of the fund’s shares may fluctuate significantly in the short term.


•	Tobacco Exclusion Risk — The fund’s prohibition on tobacco-related investments may cause it to forego profitable investment opportunities.

•

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) invests in the fund, the fund may experience relatively large redemptions as such shareholder reallocates its assets.


•	Principal Loss Risk — 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

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

Highest Performance Quarter (1Q 2019): 15.41% Lowest Performance Quarter (4Q 2016): -7.37%

Average Annual Total Returns For the calendar year ended December 31, 2019

Average Annual Total Returns - American Century Capital Portfolios Prospectus - NT GLOBAL REAL ESTATE FUND	Label	1 Year	Since Inception	Inception Date
FTSE EPRA/NAREIT Global Index	FTSE EPRA/NAREIT Global Index (reflects no deduction for fees, expenses or taxes)	22.50%	5.62%	Mar. 19, 2015
MSCI ACWI Index	MSCI ACWI Index (reflects no deduction for fees, expenses or taxes)	26.60%	8.20%	Mar. 19, 2015
INVESTOR CLASS	Investor Class Return Before Taxes	29.78%	5.97%	Mar. 19, 2015
INVESTOR CLASS \| After Taxes on Distributions	Return After Taxes on Distributions	27.70%	4.43%	Mar. 19, 2015
INVESTOR CLASS \| After Taxes on Distributions and Sales	Return After Taxes on Distributions and Sale of Fund Shares	17.70%	3.91%	Mar. 19, 2015
G CLASS	G Class Return Before Taxes	31.23%	6.67%	Mar. 19, 2015

American Century Capital Portfolios Prospectus | REAL ESTATE FUND

Real Estate Fund

Investment Objective

The fund seeks high total investment return through a combination of capital appreciation and current income.

Fees and Expenses

The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. 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 12 of the fund’s prospectus, Appendix A 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)

Shareholder Fees - American Century Capital Portfolios Prospectus - REAL ESTATE FUND - USD ($)	INVESTOR CLASS	I CLASS	Y CLASS	A CLASS		C CLASS	R CLASS	R5 CLASS	R6 CLASS
Maximum Sales Charge Imposed on Purchases (as a percentage of Offering Price)	none	none	none	5.75%		none	none	none	none
Maximum Deferred Sales Charge (as a percentage)	none	none	none	none	^[1]	1.00%	none	none	none
Maximum Account Fee	$ 25	none	none	none		none	none	none	none

[1]	Purchases 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.

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Annual Fund Operating Expenses - American Century Capital Portfolios Prospectus - REAL ESTATE FUND	INVESTOR CLASS	I CLASS	Y CLASS	A CLASS	C CLASS	R CLASS	R5 CLASS	R6 CLASS
Management Fees (as a percentage of Assets)	1.15%	0.95%	0.80%	1.15%	1.15%	1.15%	0.95%	0.80%
Distribution and Service (12b-1) Fees	none	none	none	0.25%	1.00%	0.50%	none	none
Other Expenses (as a percentage of Assets):	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%
Net Expenses (as a percentage of Assets)	1.16%	0.96%	0.81%	1.41%	2.16%	1.66%	0.96%	0.81%

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:

Expense Example - American Century Capital Portfolios Prospectus - REAL ESTATE FUND - USD ($)	Expense Example, with Redemption, 1 Year	Expense Example, with Redemption, 3 Years	Expense Example, with Redemption, 5 Years	Expense Example, with Redemption, 10 Years
INVESTOR CLASS	118	369	639	1,409
I CLASS	98	306	532	1,178
Y CLASS	83	259	450	1,002
A CLASS	711	996	1,302	2,168
C CLASS	220	677	1,160	2,489
R CLASS	169	524	903	1,964
R5 CLASS	98	306	532	1,178
R6 CLASS	83	259	450	1,002

Portfolio Turnover

Principal Investment Strategies

The portfolio managers use the following investment techniques to help construct the portfolio: 1) top down investment research, 2) property sector research that allows the managers to allocate assets among securities with exposure to different segments of the real estate market, 3) bottom up fundamental stock research, and 4) benchmark sensitive portfolio construction that reflects the securities that comprise, and the individual weights within, the MSCI US REIT Index. Of these techniques, the portfolio managers place particular emphasis on property sector research. These techniques also help the portfolio managers sell the stocks of companies whose fundamentals are no longer attractively priced.

Because the fund is nondiversified and its investment strategy is concentrated in real estate securities, the fund may hold a relatively small number of security positions compared to other diversified funds that hold securities in a broader range of industries.

Principal Risks

•

Nondiversification Risk — The fund is classified as nondiversified. A nondiversified fund may invest a greater percentage of its assets in a smaller number of securities than a diversified fund. This gives the 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 greater impact on the fund’s share price than would be the case in a diversified fund.


•	Concentration Risk — Because the fund concentrates its investments in real estate securities, it may be subject to greater risks and market fluctuations than a portfolio investing in a broader range of industries.


•	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.


•	Price Volatility Risk — The value of the fund’s shares may fluctuate significantly in the short term.

•


•	Principal Loss Risk — 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

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

Highest Performance Quarter (4Q 2011): 16.03% Lowest Performance Quarter (3Q 2011): -13.73%

Average Annual Total Returns For the calendar year ended December 31, 2019

Average Annual Total Returns - American Century Capital Portfolios Prospectus - REAL ESTATE FUND		Label	1 Year	5 Years	10 Years	Since Inception	Inception Date
MSCI U.S. REIT Index		MSCI U.S. REIT Index (reflects no deduction for fees, expenses or taxes)	25.84%	7.03%	11.92%
S&P 500 Index		S&P 500® Index (reflects no deduction for fees, expenses or taxes)	31.49%	11.69%	13.55%
INVESTOR CLASS		Investor Class Return Before Taxes	30.67%	7.24%	12.17%		Sep. 21, 1995
INVESTOR CLASS \| After Taxes on Distributions		Return After Taxes on Distributions	27.78%	5.26%	10.79%		Sep. 21, 1995
INVESTOR CLASS \| After Taxes on Distributions and Sales		Return After Taxes on Distributions and Sale of Fund Shares	19.59%	5.17%	9.68%		Sep. 21, 1995
I CLASS		I Class Return Before Taxes	30.94%	7.44%	12.39%		Jun. 16, 1997
Y CLASS	^[1]	Y Class1 Return Before Taxes	31.09%	7.60%		9.25%	Apr. 10, 2017
A CLASS		A Class Return Before Taxes	22.83%	5.71%	11.23%		Oct. 06, 1998
C CLASS		C Class Return Before Taxes	29.39%	6.16%	11.06%		Sep. 28, 2007
R CLASS		R Class Return Before Taxes	30.04%	6.70%	11.61%		Sep. 28, 2007
R5 CLASS	^[2]	R5 Class2 Return Before Taxes	30.88%	7.44%	12.39%		Apr. 10, 2017
R6 CLASS		R6 Class Return Before Taxes	31.14%	7.61%		9.25%	Jul. 26, 2013

[1]	Historical performance for the Y Class prior to its inception is based on the performance of R6 Class shares, which have the same expenses as the Y Class shares. Since inception performance for the Y Class is based on the R6 Class inception date.
[2]	Historical performance for the R5 Class prior to its inception is based on the performance of I Class shares, which have the same expenses as the R5 Class shares. Since inception performance for the R5 Class is based on the I Class inception date.