Summary Prospectus      April 1, 2014

 

American Century Investments ®

International Value Fund

 

       

Investor Class: ACEVX

Institutional Class: ACVUX

A Class: MEQAX

C Class: ACCOX

R Class: ACVRX

R6 Class: ACVDX

 

 

     
 

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 long-term 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

None 1

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

1.30%

1.10%

1.30%

1.30%

1.30%

0.95%

Distribution and Service (12b-1) Fees

None

None

0.25%

1.00%

0.50%

None

Other Expenses

0.01%

0.01%

0.01%

0.01%

0.01%

0.01%

Acquired Fund Fees and Expenses

0.01%

0.01%

0.01%

0.01%

0.01%

0.01%

Total Annual Fund Operating Expenses

1.32%

1.12%

1.57%

2.32%

1.82%

0.97%

 

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

$135

   $419

   $724

$1,589

Institutional Class

$114

   $357

   $618

$1,363

A Class

$726

$1,043

$1,382

$2,334

C Class

$236

   $726

$1,241

$2,652

R Class

$185

   $573

   $986

$2,135

R6 Class

  $99

   $310

   $537

$1,190

 

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 83% of the average value of its portfolio.

 

Principal Investment Strategies

 

In selecting stocks for the fund, the portfolio managers will normally invest at least 80% of the value of the fund’s net assets (plus any borrowings for investment purposes) in equity securities and at least 65% of net assets in securities of issuers from a minimum of three countries outside the United States that have characteristics similar to those of the companies that comprise the MSCI EAFE® Value Index .

 

 

The MSCI EAFE Value Index is a market capitalization-weighted index that monitors the performance of value stocks from Europe, Australasia, and the Far East.

 

 

The managers use quantitative models in a two-step process to construct the portfolio of stocks for the fund. First, the managers rank stocks from most attractive to least attractive based on each stock’s score from a proprietary expected returns model. In the second step, the expected returns model is imported into an optimization process that balances active return and risk versus the MSCI EAFE Value Index. This index is based on rules that identify companies that are undervalued by the market. Generally, companies may be undervalued due to market declines, poor economic conditions, actual or anticipated bad news regarding the issuer or its industry, or because it has been overlooked by the market.

 

The portfolio managers also intend to spread the fund’s holdings across different countries and geographic regions in an effort to manage the risks of an international portfolio.

 

The portfolio managers generally sell a stock when they believe it has become less attractive relative to other opportunities, its risk characteristics outweigh its return opportunity or specific events alter its prospects.

 

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 solely on changes in the exchange rate between foreign currencies and the U.S. dollar.

   

•

Benchmark Correlation  – The fund’s performance will be tied to the performance of its benchmark, the MSCI EAFE Value Index. If the fund’s benchmark goes down, it is likely that the fund’s performance will go down.

   

•

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  – The value of the fund’s shares may fluctuate significantly in the short term.

 

 
 
 

 

•

Style Risk  – If the market does not consider the individual stocks purchased by the fund to be undervalued, the value of the fund’s shares may not rise as high as other funds and may in fact decline, even if stock prices generally are increasing.

   

•

Quantitative Risk – Stocks selected by the portfolio managers using quantitative models may perform differently than expected due to the portfolio managers’ judgments regarding the factors used in the models, the weight placed on each factor, changes from the factors’ historical trends, and technical issues with the construction and implementation of the models (including, for example, data problems and/or software or other implementation issues). There is no guarantee that the use of the quantitative model will result in effective investment decisions for the fund. Additionally, the commonality of portfolio holdings across quantitative investment managers may amplify losses.

   

•

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 A 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

 

 

Highest Performance Quarter
(2Q 2009): 24.34%

 

Lowest Performance Quarter
(4Q 2008): -21.50%


Average Annual Total Returns

         

For the calendar year ended December 31, 2013

1 Year

5 Years

10 Years 1

Since
Inception

Inception
Date

A Class Return Before Taxes

14.48%

10.51%

6.26%

—

03/31/1997

   Return After Taxes on Distributions

13.83%

10.39%

5.46%

—

03/31/1997

   Return After Taxes on Distributions and Sale of Fund Shares

  8.74%

  8.63%

5.58%

—

03/31/1997

Investor Class Return Before Taxes

21.85%

12.12%

—

4.15%

04/03/2006

Institutional Class Return Before Taxes

22.10%

12.35%

—

4.36%

04/03/2006

C Class Return Before Taxes

20.48%

11.00%

—

3.10%

04/03/2006

R Class Return Before Taxes

21.10%

11.57%

—

3.62%

04/03/2006

MSCI EAFE Value Index
   (reflects no deduction for fees, expenses or taxes)

22.95%

11.98%

6.76%

—

—

 

1

International Value acquired all the net assets of the Mason Street International Equity Fund on March 31, 2006, pursuant to a plan of reorganization approved by the acquired fund’s shareholders on March 15, 2006. Performance information prior to April 1, 2006 is that of the Mason Street International Equity Fund.

 

 
 
 

 

The after-tax returns are shown only for A 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

 

Vinod Chandrashekaran, Senior Vice President and Director of Quantitative Research, has been a member of the team that manages the fund since 2013.

 

Yulin Long , CFA, Vice President, Portfolio Manager and Senior Quantitative Analyst, has been a member of the team that manages the fund since 2005.

 

Elizabeth Xie , CFA, Portfolio Manager and Senior Quantitative Analyst, has been a member of the team that manages the fund since 2007.

 

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.

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