American Century will be closing its International Discovery Fund to new investors at the close of business today, after reaching an asset level of $2.3 billion, in order to keep the fund manageable for its small- and mid- cap focus.

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The new closure is the second in American Century's history, closely following the close of its New Opportunities Fund, which shut the doors in November, 1999.

The fund was launched in mid 1994 and had a return of 88.54% in 1999 -- it has an annual return of 30.33% over the past five years. It is co-managed by Henrik Strabo, Mark Kopinski and Brian Brady.

A company spokesperson said that no further closures are planned for the near future, but each product is continually evaluated on a fund by fund basis. 

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