# EDGAR Filing Document

**Accession Number:** 0000908186
**File Stem:** 0000908186-26-000014
**Filing Date:** 2026-5
**Character Count:** 575319
**Document Hash:** a40b8948b131034f3a4800a6f7004761
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000908186-26-000014.hdr.sgml**: 20260528

**ACCESSION NUMBER**: 0000908186-26-000014

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 69

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260528

**DATE AS OF CHANGE**: 20260528

**EFFECTIVENESS DATE**: 20260528

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AMERICAN CENTURY CAPITAL PORTFOLIOS INC
- **CENTRAL INDEX KEY:** 0000908186

**ORGANIZATION NAME:**
- **EIN:** 431646043
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07820
- **FILM NUMBER:** 261030594

**BUSINESS ADDRESS:**
- **STREET 1:** 4500 MAIN STREET
- **STREET 2:** 9TH FLOOR
- **CITY:** KANSAS CITY
- **STATE:** MO
- **ZIP:** 64111
- **BUSINESS PHONE:** 816-531-5575

**MAIL ADDRESS:**
- **STREET 1:** 4500 MAIN STREET
- **CITY:** KANSAS CITY
- **STATE:** MO
- **ZIP:** 64111

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TWENTIETH CENTURY CAPITAL PORTFOLIOS INC
- **DATE OF NAME CHANGE:** 19930624

## Series and Classes Contracts Data

### EQUITY INCOME FUND (Series ID: S000005776)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000015864 | INVESTOR CLASS | TWEIX           |
| C000015865 | A CLASS        | TWEAX           |
| C000015866 | I CLASS        | ACIIX           |
| C000015867 | C CLASS        | AEYIX           |
| C000015868 | R CLASS        | AEURX           |
| C000131602 | R6 CLASS       | AEUDX           |
| C000189825 | Y CLASS        | AEIYX           |
| C000189826 | R5 CLASS       | AEIUX           |
| C000214992 | G Class        | AEIMX           |

### FOCUSED LARGE CAP VALUE FUND (Series ID: S000005778)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000015871 | INVESTOR CLASS | ALVIX           |
| C000015872 | A CLASS        | ALPAX           |
| C000015873 | I CLASS        | ALVSX           |
| C000015876 | C CLASS        | ALPCX           |
| C000015877 | R CLASS        | ALVRX           |
| C000131603 | R6 CLASS       | ALVDX           |
| C000189827 | R5 CLASS       | ALVGX           |
| C000236300 | G Class        | ACFLX           |

### MID CAP VALUE FUND (Series ID: S000005779)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000015878 | INVESTOR CLASS | ACMVX           |
| C000015879 | A CLASS        | ACLAX           |
| C000015880 | I CLASS        | AVUAX           |
| C000015881 | R CLASS        | AMVRX           |
| C000087957 | C CLASS        | ACCLX           |
| C000131604 | R6 CLASS       | AMDVX           |
| C000189828 | R5 CLASS       | AMVGX           |
| C000189829 | Y CLASS        | AMVYX           |
| C000236301 | G Class        | ACIPX           |

### SMALL CAP VALUE FUND (Series ID: S000005781)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000015885 | INVESTOR CLASS | ASVIX           |
| C000015886 | A CLASS        | ACSCX           |
| C000015887 | I CLASS        | ACVIX           |
| C000087958 | C CLASS        | ASVNX           |
| C000087959 | R CLASS        | ASVRX           |
| C000131606 | R6 CLASS       | ASVDX           |
| C000189830 | R5 CLASS       | ASVGX           |
| C000189831 | Y CLASS        | ASVYX           |
| C000212522 | G Class        | ASVHX           |

### VALUE FUND (Series ID: S000005782)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000015889 | INVESTOR CLASS | TWVLX           |
| C000015890 | A CLASS        | TWADX           |
| C000015891 | I CLASS        | AVLIX           |
| C000015894 | C CLASS        | ACLCX           |
| C000015895 | R CLASS        | AVURX           |
| C000131607 | R6 CLASS       | AVUDX           |
| C000181791 | Y CLASS        | AVUYX           |
| C000181792 | R5 CLASS       | AVUGX           |

### Small Cap Dividend Fund (Series ID: S000075489)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000234630 | G Class        | AMALX           |
| C000234631 | R6 Class       | AMAKX           |
| C000234632 | Investor Class | AMAEX           |
| C000234633 | I Class        | AMAFX           |
| C000234634 | A Class        | AMAHX           |
| C000234635 | R Class        | AMAJX           |

?xml version='1.0' encoding='ASCII'? ck0000908186-20260331

 **UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Investment Company Act file number | Investment Company Act file number | **811-07820** | **811-07820** | **811-07820** |
| **AMERICAN CENTURY CAPITAL PORTFOLIOS, INC.** | **AMERICAN CENTURY CAPITAL PORTFOLIOS, INC.** | **AMERICAN CENTURY CAPITAL PORTFOLIOS, INC.** | **AMERICAN CENTURY CAPITAL PORTFOLIOS, INC.** | **AMERICAN CENTURY CAPITAL PORTFOLIOS, INC.** |
| (Exact name of registrant as specified in charter) | (Exact name of registrant as specified in charter) | (Exact name of registrant as specified in charter) | (Exact name of registrant as specified in charter) | (Exact name of registrant as specified in charter) |
| **4500 MAIN STREET, KANSAS CITY, MISSOURI** | **4500 MAIN STREET, KANSAS CITY, MISSOURI** | **4500 MAIN STREET, KANSAS CITY, MISSOURI** | **4500 MAIN STREET, KANSAS CITY, MISSOURI** | **64111** |
| (Address of principal executive offices) | (Address of principal executive offices) | (Address of principal executive offices) | (Address of principal executive offices) | (Zip Code) |
| **JOHN PAK<br>4500 MAIN STREET, KANSAS CITY, MISSOURI 64111** | **JOHN PAK<br>4500 MAIN STREET, KANSAS CITY, MISSOURI 64111** | **JOHN PAK<br>4500 MAIN STREET, KANSAS CITY, MISSOURI 64111** | **JOHN PAK<br>4500 MAIN STREET, KANSAS CITY, MISSOURI 64111** | **JOHN PAK<br>4500 MAIN STREET, KANSAS CITY, MISSOURI 64111** |
| (Name and address of agent for service) | (Name and address of agent for service) | (Name and address of agent for service) | (Name and address of agent for service) | (Name and address of agent for service) |
| Registrant's telephone number, including area code: | Registrant's telephone number, including area code: | Registrant's telephone number, including area code: | **816-531-5575** | **816-531-5575** |
| Date of fiscal year end: | **03-31** | **03-31** | **03-31** | **03-31** |
| Date of reporting period: | **03-31-2026** | **03-31-2026** | **03-31-2026** | **03-31-2026** |

---

------

**ITEM 1. REPORTS TO STOCKHOLDERS.**

(a) ------

**ANNUAL SHAREHOLDER REPORT**

Equity Income Fund ![ACI_Horiz_RGB_Black.jpg](ck0000908186-20260331_g1.jpg)

---

| | |
|:---|:---|
| **Investor Class (TWEIX)**  | **March 31, 2026** |

---

This annual shareholder report contains important information about Equity Income Fund for the period of April 1, 2025 to March 31, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Investor Class | $99 | 0.94% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Equity Income Fund Investor Class returned 10.68% for the reporting period ended March 31, 2026. | Equity Income Fund Investor Class returned 10.68% for the reporting period ended March 31, 2026. |
| The fund seeks current income. Capital appreciation is a secondary objective. The commentary below refers to the fund's performance relative to the Russell 3000 Value Index. | The fund seeks current income. Capital appreciation is a secondary objective. The commentary below refers to the fund's performance relative to the Russell 3000 Value Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Markets experienced sharp volatility as the period began with the Liberation Day tariffs and ended with the war in Iran. In between, the government endured a record shutdown, and the Federal Reserve cut interest rates three times. Stocks rose overall amid strong demand for lower-quality, high-momentum and artificial intelligence-related stocks, though investors turned to lower-volatility shares when risk spiked. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The key contribution to performance came from stock choices in the health care sector. The main source of strength and the number two overall contributor was pharmaceutical and health care products company Johnson & Johnson. The company reported strong guidance for 2026, lower-than-expected tariff impacts and a strong pipeline of products in development. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Investment choices in the financials sector also aided to performance. In particular, not owning Berkshire Hathaway contributed meaningfully to relative results as the conglomerate's shares declined during the period amid challenges to its insurance segment and the retirement of its long-time head, famed investor Warren Buffett. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Positioning in the consumer staples sector detracted most from performance. Personal care products company Kenvue was the leading overall detractor due to negative press associated with the administration's claims about potential ties between the usage of Tylenol, a large Kenvue brand, during pregnancy and autism. Though disappointing, we believe the issue is manageable for Kenvue. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *March 31, 2016 through March 31, 2026* |

---

![4947802325002](ck0000908186-20260331_g2.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | 10 Year |
| **Investor Class** | 10.68% | 7.45% | 8.71% |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;Russell 3000 | 18.09% | 10.87% | 13.72% |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;Russell 3000 Value | 16.37% | 9.19% | 10.52% |

---

The regulatory index is provided as a broad measure of market performance. The performance index is provided because the advisor believes it is more reflective of the fund's investment strategy.<br>

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit americancentury.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $6295126500 |
| Management Fees (dollars paid during the reporting period) | $54082596 |
| Portfolio Turnover Rate | 38% |
| Total Number of Portfolio Holdings | 118 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| Common Stocks | 78.9% |
| Preferred Securities | 6.9% |
| Convertible Bonds | 6.2% |
| Equity-Linked Notes | 4.7% |
| Convertible Preferred Securities | 1.3% |
| Exchange-Traded Funds | 0.3% |
| Short-Term Investments | 1.5% |
| Other Assets and Liabilities | 0.2% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000908186-20260331_g3.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000908186-20260331_g1.jpg)

A-25076100

------

**ANNUAL SHAREHOLDER REPORT**

Equity Income Fund ![ACI_Horiz_RGB_Black.jpg](ck0000908186-20260331_g1.jpg)

---

| | |
|:---|:---|
| **I Class (ACIIX)**  | **March 31, 2026** |

---

This annual shareholder report contains important information about Equity Income Fund for the period of April 1, 2025 to March 31, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| I Class | $78 | 0.74% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Equity Income Fund I Class returned 10.99% for the reporting period ended March 31, 2026. | Equity Income Fund I Class returned 10.99% for the reporting period ended March 31, 2026. |
| The fund seeks current income. Capital appreciation is a secondary objective. The commentary below refers to the fund's performance relative to the Russell 3000 Value Index. | The fund seeks current income. Capital appreciation is a secondary objective. The commentary below refers to the fund's performance relative to the Russell 3000 Value Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Markets experienced sharp volatility as the period began with the Liberation Day tariffs and ended with the war in Iran. In between, the government endured a record shutdown, and the Federal Reserve cut interest rates three times. Stocks rose overall amid strong demand for lower-quality, high-momentum and artificial intelligence-related stocks, though investors turned to lower-volatility shares when risk spiked. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The key contribution to performance came from stock choices in the health care sector. The main source of strength and the number two overall contributor was pharmaceutical and health care products company Johnson & Johnson. The company reported strong guidance for 2026, lower-than-expected tariff impacts and a strong pipeline of products in development. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Investment choices in the financials sector also aided to performance. In particular, not owning Berkshire Hathaway contributed meaningfully to relative results as the conglomerate's shares declined during the period amid challenges to its insurance segment and the retirement of its long-time head, famed investor Warren Buffett. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Positioning in the consumer staples sector detracted most from performance. Personal care products company Kenvue was the leading overall detractor due to negative press associated with the administration's claims about potential ties between the usage of Tylenol, a large Kenvue brand, during pregnancy and autism. Though disappointing, we believe the issue is manageable for Kenvue. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *March 31, 2016 through March 31, 2026* |

---

![10](ck0000908186-20260331_g4.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | 10 Year |
| **I Class** | 10.99% | 7.65% | 8.93% |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;Russell 3000 | 18.09% | 10.87% | 13.72% |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;Russell 3000 Value | 16.37% | 9.19% | 10.52% |

---

The regulatory index is provided as a broad measure of market performance. The performance index is provided because the advisor believes it is more reflective of the fund's investment strategy.<br>

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit americancentury.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $6295126500 |
| Management Fees (dollars paid during the reporting period) | $54082596 |
| Portfolio Turnover Rate | 38% |
| Total Number of Portfolio Holdings | 118 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| Common Stocks | 78.9% |
| Preferred Securities | 6.9% |
| Convertible Bonds | 6.2% |
| Equity-Linked Notes | 4.7% |
| Convertible Preferred Securities | 1.3% |
| Exchange-Traded Funds | 0.3% |
| Short-Term Investments | 1.5% |
| Other Assets and Liabilities | 0.2% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000908186-20260331_g3.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000908186-20260331_g1.jpg)

A-25076209

------

**ANNUAL SHAREHOLDER REPORT**

Equity Income Fund ![ACI_Horiz_RGB_Black.jpg](ck0000908186-20260331_g1.jpg)

---

| | |
|:---|:---|
| **Y Class (AEIYX)**  | **March 31, 2026** |

---

This annual shareholder report contains important information about Equity Income Fund for the period of April 1, 2025 to March 31, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Y Class | $62 | 0.59% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Equity Income Fund Y Class returned 11.14% for the reporting period ended March 31, 2026. | Equity Income Fund Y Class returned 11.14% for the reporting period ended March 31, 2026. |
| The fund seeks current income. Capital appreciation is a secondary objective. The commentary below refers to the fund's performance relative to the Russell 3000 Value Index. | The fund seeks current income. Capital appreciation is a secondary objective. The commentary below refers to the fund's performance relative to the Russell 3000 Value Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Markets experienced sharp volatility as the period began with the Liberation Day tariffs and ended with the war in Iran. In between, the government endured a record shutdown, and the Federal Reserve cut interest rates three times. Stocks rose overall amid strong demand for lower-quality, high-momentum and artificial intelligence-related stocks, though investors turned to lower-volatility shares when risk spiked. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The key contribution to performance came from stock choices in the health care sector. The main source of strength and the number two overall contributor was pharmaceutical and health care products company Johnson & Johnson. The company reported strong guidance for 2026, lower-than-expected tariff impacts and a strong pipeline of products in development. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Investment choices in the financials sector also aided to performance. In particular, not owning Berkshire Hathaway contributed meaningfully to relative results as the conglomerate's shares declined during the period amid challenges to its insurance segment and the retirement of its long-time head, famed investor Warren Buffett. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Positioning in the consumer staples sector detracted most from performance. Personal care products company Kenvue was the leading overall detractor due to negative press associated with the administration's claims about potential ties between the usage of Tylenol, a large Kenvue brand, during pregnancy and autism. Though disappointing, we believe the issue is manageable for Kenvue. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *April 10, 2017 through March 31, 2026* |

---

![10](ck0000908186-20260331_g5.jpg)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | Since Inception | Inception Date |
| **Y Class** | 11.14% | 7.80% | 8.19% | 4/10/17 |
| **Regulatory Index** |  |  |  |  |
| &nbsp;&nbsp;Russell 3000 | 18.09% | 10.87% | 13.31% |  |
| **Performance Index** |  |  |  |  |
| &nbsp;&nbsp;Russell 3000 Value | 16.37% | 9.19% | 9.57% |  |

---

The regulatory index is provided as a broad measure of market performance. The performance index is provided because the advisor believes it is more reflective of the fund's investment strategy.<br>

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit americancentury.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $6295126500 |
| Management Fees (dollars paid during the reporting period) | $54082596 |
| Portfolio Turnover Rate | 38% |
| Total Number of Portfolio Holdings | 118 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| Common Stocks | 78.9% |
| Preferred Securities | 6.9% |
| Convertible Bonds | 6.2% |
| Equity-Linked Notes | 4.7% |
| Convertible Preferred Securities | 1.3% |
| Exchange-Traded Funds | 0.3% |
| Short-Term Investments | 1.5% |
| Other Assets and Liabilities | 0.2% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000908186-20260331_g3.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000908186-20260331_g1.jpg)

A-2508F810

------

**ANNUAL SHAREHOLDER REPORT**

Equity Income Fund ![ACI_Horiz_RGB_Black.jpg](ck0000908186-20260331_g1.jpg)

---

| | |
|:---|:---|
| **A Class (TWEAX)**  | **March 31, 2026** |

---

This annual shareholder report contains important information about Equity Income Fund for the period of April 1, 2025 to March 31, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| A Class | $125 | 1.19% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Equity Income Fund A Class returned 10.54% for the reporting period ended March 31, 2026. | Equity Income Fund A Class returned 10.54% for the reporting period ended March 31, 2026. |
| The fund seeks current income. Capital appreciation is a secondary objective. The commentary below refers to the fund's performance relative to the Russell 3000 Value Index. | The fund seeks current income. Capital appreciation is a secondary objective. The commentary below refers to the fund's performance relative to the Russell 3000 Value Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Markets experienced sharp volatility as the period began with the Liberation Day tariffs and ended with the war in Iran. In between, the government endured a record shutdown, and the Federal Reserve cut interest rates three times. Stocks rose overall amid strong demand for lower-quality, high-momentum and artificial intelligence-related stocks, though investors turned to lower-volatility shares when risk spiked. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The key contribution to performance came from stock choices in the health care sector. The main source of strength and the number two overall contributor was pharmaceutical and health care products company Johnson & Johnson. The company reported strong guidance for 2026, lower-than-expected tariff impacts and a strong pipeline of products in development. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Investment choices in the financials sector also aided to performance. In particular, not owning Berkshire Hathaway contributed meaningfully to relative results as the conglomerate's shares declined during the period amid challenges to its insurance segment and the retirement of its long-time head, famed investor Warren Buffett. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Positioning in the consumer staples sector detracted most from performance. Personal care products company Kenvue was the leading overall detractor due to negative press associated with the administration's claims about potential ties between the usage of Tylenol, a large Kenvue brand, during pregnancy and autism. Though disappointing, we believe the issue is manageable for Kenvue. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *March 31, 2016 through March 31, 2026* |
| *The initial investment is adjusted to reflect the maximum initial sales charge.* |

---

![10](ck0000908186-20260331_g6.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | 10 Year |
| **A Class** | 10.54% | 7.18% | 8.45% |
| **A Class - with sales charge** | 4.18% | 5.92% | 7.80% |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;Russell 3000 | 18.09% | 10.87% | 13.72% |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;Russell 3000 Value | 16.37% | 9.19% | 10.52% |

---

---

| |
|:---|
| The regulatory index is provided as a broad measure of market performance. The performance index is provided because the advisor believes it is more reflective of the fund's investment strategy. |
| A Class shares have a 5.75% maximum initial sales charge and may be subject to a maximum contingent deferred sales charge of 1.00%. |

---

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit americancentury.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $6295126500 |
| Management Fees (dollars paid during the reporting period) | $54082596 |
| Portfolio Turnover Rate | 38% |
| Total Number of Portfolio Holdings | 118 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| Common Stocks | 78.9% |
| Preferred Securities | 6.9% |
| Convertible Bonds | 6.2% |
| Equity-Linked Notes | 4.7% |
| Convertible Preferred Securities | 1.3% |
| Exchange-Traded Funds | 0.3% |
| Short-Term Investments | 1.5% |
| Other Assets and Liabilities | 0.2% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000908186-20260331_g3.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000908186-20260331_g1.jpg)

A-25076407

------

**ANNUAL SHAREHOLDER REPORT**

Equity Income Fund ![ACI_Horiz_RGB_Black.jpg](ck0000908186-20260331_g1.jpg)

---

| | |
|:---|:---|
| **C Class (AEYIX)**  | **March 31, 2026** |

---

This annual shareholder report contains important information about Equity Income Fund for the period of April 1, 2025 to March 31, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| C Class | $203 | 1.94% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Equity Income Fund C Class returned 9.61% for the reporting period ended March 31, 2026. | Equity Income Fund C Class returned 9.61% for the reporting period ended March 31, 2026. |
| The fund seeks current income. Capital appreciation is a secondary objective. The commentary below refers to the fund's performance relative to the Russell 3000 Value Index. | The fund seeks current income. Capital appreciation is a secondary objective. The commentary below refers to the fund's performance relative to the Russell 3000 Value Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Markets experienced sharp volatility as the period began with the Liberation Day tariffs and ended with the war in Iran. In between, the government endured a record shutdown, and the Federal Reserve cut interest rates three times. Stocks rose overall amid strong demand for lower-quality, high-momentum and artificial intelligence-related stocks, though investors turned to lower-volatility shares when risk spiked. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The key contribution to performance came from stock choices in the health care sector. The main source of strength and the number two overall contributor was pharmaceutical and health care products company Johnson & Johnson. The company reported strong guidance for 2026, lower-than-expected tariff impacts and a strong pipeline of products in development. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Investment choices in the financials sector also aided to performance. In particular, not owning Berkshire Hathaway contributed meaningfully to relative results as the conglomerate's shares declined during the period amid challenges to its insurance segment and the retirement of its long-time head, famed investor Warren Buffett. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Positioning in the consumer staples sector detracted most from performance. Personal care products company Kenvue was the leading overall detractor due to negative press associated with the administration's claims about potential ties between the usage of Tylenol, a large Kenvue brand, during pregnancy and autism. Though disappointing, we believe the issue is manageable for Kenvue. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *March 31, 2016 through March 31, 2026* |

---

![10](ck0000908186-20260331_g7.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | 10 Year |
| **C Class** | 9.61% | 6.39% | 7.64% |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;Russell 3000 | 18.09% | 10.87% | 13.72% |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;Russell 3000 Value | 16.37% | 9.19% | 10.52% |

---

---

| |
|:---|
| The regulatory index is provided as a broad measure of market performance. The performance index is provided because the advisor believes it is more reflective of the fund's investment strategy. |
| C Class shares will automatically convert to A Class shares after being held for approximately eight years. C Class average annual returns do not reflect this conversion. |

---

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit americancentury.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $6295126500 |
| Management Fees (dollars paid during the reporting period) | $54082596 |
| Portfolio Turnover Rate | 38% |
| Total Number of Portfolio Holdings | 118 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| Common Stocks | 78.9% |
| Preferred Securities | 6.9% |
| Convertible Bonds | 6.2% |
| Equity-Linked Notes | 4.7% |
| Convertible Preferred Securities | 1.3% |
| Exchange-Traded Funds | 0.3% |
| Short-Term Investments | 1.5% |
| Other Assets and Liabilities | 0.2% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000908186-20260331_g3.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000908186-20260331_g1.jpg)

A-25076746

------

**ANNUAL SHAREHOLDER REPORT**

Equity Income Fund ![ACI_Horiz_RGB_Black.jpg](ck0000908186-20260331_g1.jpg)

---

| | |
|:---|:---|
| **R Class (AEURX)**  | **March 31, 2026** |

---

This annual shareholder report contains important information about Equity Income Fund for the period of April 1, 2025 to March 31, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R Class | $151 | 1.44% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Equity Income Fund R Class returned 10.08% for the reporting period ended March 31, 2026. | Equity Income Fund R Class returned 10.08% for the reporting period ended March 31, 2026. |
| The fund seeks current income. Capital appreciation is a secondary objective. The commentary below refers to the fund's performance relative to the Russell 3000 Value Index. | The fund seeks current income. Capital appreciation is a secondary objective. The commentary below refers to the fund's performance relative to the Russell 3000 Value Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Markets experienced sharp volatility as the period began with the Liberation Day tariffs and ended with the war in Iran. In between, the government endured a record shutdown, and the Federal Reserve cut interest rates three times. Stocks rose overall amid strong demand for lower-quality, high-momentum and artificial intelligence-related stocks, though investors turned to lower-volatility shares when risk spiked. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The key contribution to performance came from stock choices in the health care sector. The main source of strength and the number two overall contributor was pharmaceutical and health care products company Johnson & Johnson. The company reported strong guidance for 2026, lower-than-expected tariff impacts and a strong pipeline of products in development. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Investment choices in the financials sector also aided to performance. In particular, not owning Berkshire Hathaway contributed meaningfully to relative results as the conglomerate's shares declined during the period amid challenges to its insurance segment and the retirement of its long-time head, famed investor Warren Buffett. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Positioning in the consumer staples sector detracted most from performance. Personal care products company Kenvue was the leading overall detractor due to negative press associated with the administration's claims about potential ties between the usage of Tylenol, a large Kenvue brand, during pregnancy and autism. Though disappointing, we believe the issue is manageable for Kenvue. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *March 31, 2016 through March 31, 2026* |

---

![10](ck0000908186-20260331_g8.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | 10 Year |
| **R Class** | 10.08% | 6.91% | 8.16% |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;Russell 3000 | 18.09% | 10.87% | 13.72% |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;Russell 3000 Value | 16.37% | 9.19% | 10.52% |

---

The regulatory index is provided as a broad measure of market performance. The performance index is provided because the advisor believes it is more reflective of the fund's investment strategy.<br>

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit americancentury.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $6295126500 |
| Management Fees (dollars paid during the reporting period) | $54082596 |
| Portfolio Turnover Rate | 38% |
| Total Number of Portfolio Holdings | 118 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| Common Stocks | 78.9% |
| Preferred Securities | 6.9% |
| Convertible Bonds | 6.2% |
| Equity-Linked Notes | 4.7% |
| Convertible Preferred Securities | 1.3% |
| Exchange-Traded Funds | 0.3% |
| Short-Term Investments | 1.5% |
| Other Assets and Liabilities | 0.2% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000908186-20260331_g3.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000908186-20260331_g1.jpg)

A-25076670

------

**ANNUAL SHAREHOLDER REPORT**

Equity Income Fund ![ACI_Horiz_RGB_Black.jpg](ck0000908186-20260331_g1.jpg)

---

| | |
|:---|:---|
| **R5 Class (AEIUX)**  | **March 31, 2026** |

---

This annual shareholder report contains important information about Equity Income Fund for the period of April 1, 2025 to March 31, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R5 Class | $78 | 0.74% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Equity Income Fund R5 Class returned 10.89% for the reporting period ended March 31, 2026. | Equity Income Fund R5 Class returned 10.89% for the reporting period ended March 31, 2026. |
| The fund seeks current income. Capital appreciation is a secondary objective. The commentary below refers to the fund's performance relative to the Russell 3000 Value Index. | The fund seeks current income. Capital appreciation is a secondary objective. The commentary below refers to the fund's performance relative to the Russell 3000 Value Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Markets experienced sharp volatility as the period began with the Liberation Day tariffs and ended with the war in Iran. In between, the government endured a record shutdown, and the Federal Reserve cut interest rates three times. Stocks rose overall amid strong demand for lower-quality, high-momentum and artificial intelligence-related stocks, though investors turned to lower-volatility shares when risk spiked. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The key contribution to performance came from stock choices in the health care sector. The main source of strength and the number two overall contributor was pharmaceutical and health care products company Johnson & Johnson. The company reported strong guidance for 2026, lower-than-expected tariff impacts and a strong pipeline of products in development. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Investment choices in the financials sector also aided to performance. In particular, not owning Berkshire Hathaway contributed meaningfully to relative results as the conglomerate's shares declined during the period amid challenges to its insurance segment and the retirement of its long-time head, famed investor Warren Buffett. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Positioning in the consumer staples sector detracted most from performance. Personal care products company Kenvue was the leading overall detractor due to negative press associated with the administration's claims about potential ties between the usage of Tylenol, a large Kenvue brand, during pregnancy and autism. Though disappointing, we believe the issue is manageable for Kenvue. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *April 10, 2017 through March 31, 2026* |

---

![10](ck0000908186-20260331_g9.jpg)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | Since Inception | Inception Date |
| **R5 Class** | 10.89% | 7.64% | 8.02% | 4/10/17 |
| **Regulatory Index** |  |  |  |  |
| &nbsp;&nbsp;Russell 3000 | 18.09% | 10.87% | 13.31% |  |
| **Performance Index** |  |  |  |  |
| &nbsp;&nbsp;Russell 3000 Value | 16.37% | 9.19% | 9.57% |  |

---

The regulatory index is provided as a broad measure of market performance. The performance index is provided because the advisor believes it is more reflective of the fund's investment strategy.<br>

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit americancentury.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $6295126500 |
| Management Fees (dollars paid during the reporting period) | $54082596 |
| Portfolio Turnover Rate | 38% |
| Total Number of Portfolio Holdings | 118 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| Common Stocks | 78.9% |
| Preferred Securities | 6.9% |
| Convertible Bonds | 6.2% |
| Equity-Linked Notes | 4.7% |
| Convertible Preferred Securities | 1.3% |
| Exchange-Traded Funds | 0.3% |
| Short-Term Investments | 1.5% |
| Other Assets and Liabilities | 0.2% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000908186-20260331_g3.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000908186-20260331_g1.jpg)

A-2508F703

------

**ANNUAL SHAREHOLDER REPORT**

Equity Income Fund ![ACI_Horiz_RGB_Black.jpg](ck0000908186-20260331_g1.jpg)

---

| | |
|:---|:---|
| **R6 Class (AEUDX)**  | **March 31, 2026** |

---

This annual shareholder report contains important information about Equity Income Fund for the period of April 1, 2025 to March 31, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R6 Class | $62 | 0.59% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Equity Income Fund R6 Class returned 11.14% for the reporting period ended March 31, 2026. | Equity Income Fund R6 Class returned 11.14% for the reporting period ended March 31, 2026. |
| The fund seeks current income. Capital appreciation is a secondary objective. The commentary below refers to the fund's performance relative to the Russell 3000 Value Index. | The fund seeks current income. Capital appreciation is a secondary objective. The commentary below refers to the fund's performance relative to the Russell 3000 Value Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Markets experienced sharp volatility as the period began with the Liberation Day tariffs and ended with the war in Iran. In between, the government endured a record shutdown, and the Federal Reserve cut interest rates three times. Stocks rose overall amid strong demand for lower-quality, high-momentum and artificial intelligence-related stocks, though investors turned to lower-volatility shares when risk spiked. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The key contribution to performance came from stock choices in the health care sector. The main source of strength and the number two overall contributor was pharmaceutical and health care products company Johnson & Johnson. The company reported strong guidance for 2026, lower-than-expected tariff impacts and a strong pipeline of products in development. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Investment choices in the financials sector also aided to performance. In particular, not owning Berkshire Hathaway contributed meaningfully to relative results as the conglomerate's shares declined during the period amid challenges to its insurance segment and the retirement of its long-time head, famed investor Warren Buffett. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Positioning in the consumer staples sector detracted most from performance. Personal care products company Kenvue was the leading overall detractor due to negative press associated with the administration's claims about potential ties between the usage of Tylenol, a large Kenvue brand, during pregnancy and autism. Though disappointing, we believe the issue is manageable for Kenvue. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *March 31, 2016 through March 31, 2026* |

---

![10](ck0000908186-20260331_g10.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | 10 Year |
| **R6 Class** | 11.14% | 7.83% | 9.10% |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;Russell 3000 | 18.09% | 10.87% | 13.72% |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;Russell 3000 Value | 16.37% | 9.19% | 10.52% |

---

The regulatory index is provided as a broad measure of market performance. The performance index is provided because the advisor believes it is more reflective of the fund's investment strategy.<br>

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit americancentury.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $6295126500 |
| Management Fees (dollars paid during the reporting period) | $54082596 |
| Portfolio Turnover Rate | 38% |
| Total Number of Portfolio Holdings | 118 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| Common Stocks | 78.9% |
| Preferred Securities | 6.9% |
| Convertible Bonds | 6.2% |
| Equity-Linked Notes | 4.7% |
| Convertible Preferred Securities | 1.3% |
| Exchange-Traded Funds | 0.3% |
| Short-Term Investments | 1.5% |
| Other Assets and Liabilities | 0.2% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000908186-20260331_g3.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000908186-20260331_g1.jpg)

A-25076373

------

**ANNUAL SHAREHOLDER REPORT**

Equity Income Fund ![ACI_Horiz_RGB_Black.jpg](ck0000908186-20260331_g1.jpg)

---

| | |
|:---|:---|
| **G Class (AEIMX)**  | **March 31, 2026** |

---

This annual shareholder report contains important information about Equity Income Fund for the period of April 1, 2025 to March 31, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| G Class | $0 | 0.00% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Equity Income Fund G Class returned 11.77% for the reporting period ended March 31, 2026. | Equity Income Fund G Class returned 11.77% for the reporting period ended March 31, 2026. |
| The fund seeks current income. Capital appreciation is a secondary objective. The commentary below refers to the fund's performance relative to the Russell 3000 Value Index. | The fund seeks current income. Capital appreciation is a secondary objective. The commentary below refers to the fund's performance relative to the Russell 3000 Value Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Markets experienced sharp volatility as the period began with the Liberation Day tariffs and ended with the war in Iran. In between, the government endured a record shutdown, and the Federal Reserve cut interest rates three times. Stocks rose overall amid strong demand for lower-quality, high-momentum and artificial intelligence-related stocks, though investors turned to lower-volatility shares when risk spiked. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The key contribution to performance came from stock choices in the health care sector. The main source of strength and the number two overall contributor was pharmaceutical and health care products company Johnson & Johnson. The company reported strong guidance for 2026, lower-than-expected tariff impacts and a strong pipeline of products in development. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Investment choices in the financials sector also aided to performance. In particular, not owning Berkshire Hathaway contributed meaningfully to relative results as the conglomerate's shares declined during the period amid challenges to its insurance segment and the retirement of its long-time head, famed investor Warren Buffett. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Positioning in the consumer staples sector detracted most from performance. Personal care products company Kenvue was the leading overall detractor due to negative press associated with the administration's claims about potential ties between the usage of Tylenol, a large Kenvue brand, during pregnancy and autism. Though disappointing, we believe the issue is manageable for Kenvue. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *August 1, 2019 through March 31, 2026* |

---

![10](ck0000908186-20260331_g11.jpg)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | Since Inception | Inception Date |
| **G Class** | 11.77% | 8.43% | 8.60% | 8/1/19 |
| **Regulatory Index** |  |  |  |  |
| &nbsp;&nbsp;Russell 3000 | 18.09% | 10.87% | 13.78% |  |
| **Performance Index** |  |  |  |  |
| &nbsp;&nbsp;Russell 3000 Value | 16.37% | 9.19% | 10.58% |  |

---

The regulatory index is provided as a broad measure of market performance. The performance index is provided because the advisor believes it is more reflective of the fund's investment strategy.<br>

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit americancentury.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $6295126500 |
| Management Fees (dollars paid during the reporting period) | $54082596 |
| Portfolio Turnover Rate | 38% |
| Total Number of Portfolio Holdings | 118 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| Common Stocks | 78.9% |
| Preferred Securities | 6.9% |
| Convertible Bonds | 6.2% |
| Equity-Linked Notes | 4.7% |
| Convertible Preferred Securities | 1.3% |
| Exchange-Traded Funds | 0.3% |
| Short-Term Investments | 1.5% |
| Other Assets and Liabilities | 0.2% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000908186-20260331_g3.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000908186-20260331_g1.jpg)

A-2508F687

------

**ANNUAL SHAREHOLDER REPORT**

Focused Large Cap Value Fund ![ACI_Horiz_RGB_Black.jpg](ck0000908186-20260331_g1.jpg)

---

| | |
|:---|:---|
| **Investor Class (ALVIX)**  | **March 31, 2026** |

---

This annual shareholder report contains important information about Focused Large Cap Value Fund for the period of April 1, 2025 to March 31, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Investor Class | $88 | 0.83% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Focused Large Cap Value Fund Investor Class returned 12.02% for the reporting period ended March 31, 2026. | Focused Large Cap Value Fund Investor Class returned 12.02% for the reporting period ended March 31, 2026. |
| The fund seeks long-term capital growth. Income is a secondary objective. The commentary below refers to the fund's performance relative to the Russell 1000 Value Index. | The fund seeks long-term capital growth. Income is a secondary objective. The commentary below refers to the fund's performance relative to the Russell 1000 Value Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Markets experienced sharp volatility as the period began with the Liberation Day tariffs and ended with the war in Iran. In between, the government endured a record shutdown, and the Federal Reserve cut interest rates three times. Stocks rose overall amid strong demand for lower-quality, high-momentum and artificial intelligence (AI)-related stocks, though investors turned to lower-volatility shares when risk spiked. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The key contribution to performance came from stock selection in the consumer discretionary sector. A key source of relative strength was a lack of exposure to Amazon.com. The stock underperformed as investors worried about the uncertain payoff for the firm's record spending on AI to support its cloud computing business. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock choices in the communication services sector also aided performance, led by positions in the interactive media and services industry. Here, it helped most to have no exposure to Facebook's parent Meta Platforms. The stock lagged amid fears of rising regulatory and legal risk, as well as investor skepticism toward the firm's AI strategy and spending commitments. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Positioning in the consumer staples sector detracted most from performance. Personal care products company Kenvue was the leading overall detractor due to negative press associated with the administration's claims about potential ties between the usage of Tylenol, a large Kenvue brand, during pregnancy and autism. Though disappointing, we believe the issue is manageable for Kenvue. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *March 31, 2016 through March 31, 2026* |

---

![10](ck0000908186-20260331_g12.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | 10 Year |
| **Investor Class** | 12.02% | 9.22% | 9.90% |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;Russell 1000 | 17.74% | 11.34% | 13.97% |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;Russell 1000 Value | 15.87% | 9.43% | 10.58% |

---

The regulatory index is provided as a broad measure of market performance. The performance index is provided because the advisor believes it is more reflective of the fund's investment strategy.<br>

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit americancentury.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $2772776803 |
| Management Fees (dollars paid during the reporting period) | $5370529 |
| Portfolio Turnover Rate | 84% |
| Total Number of Portfolio Holdings | 51 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 98.3% | Oil, Gas and Consumable Fuels | 7% |
| Short-Term Investments | 1.5% | Banks | 7% |
| Other Assets and Liabilities | 0.2% | Health Care Equipment and Supplies | 7% |
|  |  | Insurance | 6% |
|  |  | Capital Markets | 6% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000908186-20260331_g3.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000908186-20260331_g1.jpg)

A-25076795

------

**ANNUAL SHAREHOLDER REPORT**

Focused Large Cap Value Fund ![ACI_Horiz_RGB_Black.jpg](ck0000908186-20260331_g1.jpg)

---

| | |
|:---|:---|
| **I Class (ALVSX)**  | **March 31, 2026** |

---

This annual shareholder report contains important information about Focused Large Cap Value Fund for the period of April 1, 2025 to March 31, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| I Class | $67 | 0.63% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Focused Large Cap Value Fund I Class returned 12.11% for the reporting period ended March 31, 2026. | Focused Large Cap Value Fund I Class returned 12.11% for the reporting period ended March 31, 2026. |
| The fund seeks long-term capital growth. Income is a secondary objective. The commentary below refers to the fund's performance relative to the Russell 1000 Value Index. | The fund seeks long-term capital growth. Income is a secondary objective. The commentary below refers to the fund's performance relative to the Russell 1000 Value Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Markets experienced sharp volatility as the period began with the Liberation Day tariffs and ended with the war in Iran. In between, the government endured a record shutdown, and the Federal Reserve cut interest rates three times. Stocks rose overall amid strong demand for lower-quality, high-momentum and artificial intelligence (AI)-related stocks, though investors turned to lower-volatility shares when risk spiked. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The key contribution to performance came from stock selection in the consumer discretionary sector. A key source of relative strength was a lack of exposure to Amazon.com. The stock underperformed as investors worried about the uncertain payoff for the firm's record spending on AI to support its cloud computing business. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock choices in the communication services sector also aided performance, led by positions in the interactive media and services industry. Here, it helped most to have no exposure to Facebook's parent Meta Platforms. The stock lagged amid fears of rising regulatory and legal risk, as well as investor skepticism toward the firm's AI strategy and spending commitments. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Positioning in the consumer staples sector detracted most from performance. Personal care products company Kenvue was the leading overall detractor due to negative press associated with the administration's claims about potential ties between the usage of Tylenol, a large Kenvue brand, during pregnancy and autism. Though disappointing, we believe the issue is manageable for Kenvue. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *March 31, 2016 through March 31, 2026* |

---

![10](ck0000908186-20260331_g13.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | 10 Year |
| **I Class** | 12.11% | 9.42% | 10.12% |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;Russell 1000 | 17.74% | 11.34% | 13.97% |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;Russell 1000 Value | 15.87% | 9.43% | 10.58% |

---

The regulatory index is provided as a broad measure of market performance. The performance index is provided because the advisor believes it is more reflective of the fund's investment strategy.<br>

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit americancentury.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $2772776803 |
| Management Fees (dollars paid during the reporting period) | $5370529 |
| Portfolio Turnover Rate | 84% |
| Total Number of Portfolio Holdings | 51 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 98.3% | Oil, Gas and Consumable Fuels | 7% |
| Short-Term Investments | 1.5% | Banks | 7% |
| Other Assets and Liabilities | 0.2% | Health Care Equipment and Supplies | 7% |
|  |  | Insurance | 6% |
|  |  | Capital Markets | 6% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000908186-20260331_g3.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000908186-20260331_g1.jpg)

A-25076779

------

**ANNUAL SHAREHOLDER REPORT**

Focused Large Cap Value Fund ![ACI_Horiz_RGB_Black.jpg](ck0000908186-20260331_g1.jpg)

---

| | |
|:---|:---|
| **A Class (ALPAX)**  | **March 31, 2026** |

---

This annual shareholder report contains important information about Focused Large Cap Value Fund for the period of April 1, 2025 to March 31, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| A Class | $114 | 1.08% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Focused Large Cap Value Fund A Class returned 11.64% for the reporting period ended March 31, 2026. | Focused Large Cap Value Fund A Class returned 11.64% for the reporting period ended March 31, 2026. |
| The fund seeks long-term capital growth. Income is a secondary objective. The commentary below refers to the fund's performance relative to the Russell 1000 Value Index. | The fund seeks long-term capital growth. Income is a secondary objective. The commentary below refers to the fund's performance relative to the Russell 1000 Value Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Markets experienced sharp volatility as the period began with the Liberation Day tariffs and ended with the war in Iran. In between, the government endured a record shutdown, and the Federal Reserve cut interest rates three times. Stocks rose overall amid strong demand for lower-quality, high-momentum and artificial intelligence (AI)-related stocks, though investors turned to lower-volatility shares when risk spiked. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The key contribution to performance came from stock selection in the consumer discretionary sector. A key source of relative strength was a lack of exposure to Amazon.com. The stock underperformed as investors worried about the uncertain payoff for the firm's record spending on AI to support its cloud computing business. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock choices in the communication services sector also aided performance, led by positions in the interactive media and services industry. Here, it helped most to have no exposure to Facebook's parent Meta Platforms. The stock lagged amid fears of rising regulatory and legal risk, as well as investor skepticism toward the firm's AI strategy and spending commitments. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Positioning in the consumer staples sector detracted most from performance. Personal care products company Kenvue was the leading overall detractor due to negative press associated with the administration's claims about potential ties between the usage of Tylenol, a large Kenvue brand, during pregnancy and autism. Though disappointing, we believe the issue is manageable for Kenvue. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *March 31, 2016 through March 31, 2026* |
| *The initial investment is adjusted to reflect the maximum initial sales charge.* |

---

![10](ck0000908186-20260331_g14.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | 10 Year |
| **A Class** | 11.64% | 8.93% | 9.63% |
| **A Class - with sales charge** | 5.22% | 7.64% | 8.98% |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;Russell 1000 | 17.74% | 11.34% | 13.97% |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;Russell 1000 Value | 15.87% | 9.43% | 10.58% |

---

---

| |
|:---|
| The regulatory index is provided as a broad measure of market performance. The performance index is provided because the advisor believes it is more reflective of the fund's investment strategy. |
| A Class shares have a 5.75% maximum initial sales charge and may be subject to a maximum contingent deferred sales charge of 1.00%. |

---

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit americancentury.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $2772776803 |
| Management Fees (dollars paid during the reporting period) | $5370529 |
| Portfolio Turnover Rate | 84% |
| Total Number of Portfolio Holdings | 51 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 98.3% | Oil, Gas and Consumable Fuels | 7% |
| Short-Term Investments | 1.5% | Banks | 7% |
| Other Assets and Liabilities | 0.2% | Health Care Equipment and Supplies | 7% |
|  |  | Insurance | 6% |
|  |  | Capital Markets | 6% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000908186-20260331_g3.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000908186-20260331_g1.jpg)

A-25076787

------

**ANNUAL SHAREHOLDER REPORT**

Focused Large Cap Value Fund ![ACI_Horiz_RGB_Black.jpg](ck0000908186-20260331_g1.jpg)

---

| | |
|:---|:---|
| **C Class (ALPCX)**  | **March 31, 2026** |

---

This annual shareholder report contains important information about Focused Large Cap Value Fund for the period of April 1, 2025 to March 31, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| C Class | $193 | 1.83% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Focused Large Cap Value Fund C Class returned 10.77% for the reporting period ended March 31, 2026. | Focused Large Cap Value Fund C Class returned 10.77% for the reporting period ended March 31, 2026. |
| The fund seeks long-term capital growth. Income is a secondary objective. The commentary below refers to the fund's performance relative to the Russell 1000 Value Index. | The fund seeks long-term capital growth. Income is a secondary objective. The commentary below refers to the fund's performance relative to the Russell 1000 Value Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Markets experienced sharp volatility as the period began with the Liberation Day tariffs and ended with the war in Iran. In between, the government endured a record shutdown, and the Federal Reserve cut interest rates three times. Stocks rose overall amid strong demand for lower-quality, high-momentum and artificial intelligence (AI)-related stocks, though investors turned to lower-volatility shares when risk spiked. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The key contribution to performance came from stock selection in the consumer discretionary sector. A key source of relative strength was a lack of exposure to Amazon.com. The stock underperformed as investors worried about the uncertain payoff for the firm's record spending on AI to support its cloud computing business. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock choices in the communication services sector also aided performance, led by positions in the interactive media and services industry. Here, it helped most to have no exposure to Facebook's parent Meta Platforms. The stock lagged amid fears of rising regulatory and legal risk, as well as investor skepticism toward the firm's AI strategy and spending commitments. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Positioning in the consumer staples sector detracted most from performance. Personal care products company Kenvue was the leading overall detractor due to negative press associated with the administration's claims about potential ties between the usage of Tylenol, a large Kenvue brand, during pregnancy and autism. Though disappointing, we believe the issue is manageable for Kenvue. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *March 31, 2016 through March 31, 2026* |

---

![10](ck0000908186-20260331_g15.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | 10 Year |
| **C Class** | 10.77% | 8.12% | 8.81% |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;Russell 1000 | 17.74% | 11.34% | 13.97% |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;Russell 1000 Value | 15.87% | 9.43% | 10.58% |

---

---

| |
|:---|
| The regulatory index is provided as a broad measure of market performance. The performance index is provided because the advisor believes it is more reflective of the fund's investment strategy. |
| C Class shares will automatically convert to A Class shares after being held for approximately eight years. C Class average annual returns do not reflect this conversion. |

---

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit americancentury.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $2772776803 |
| Management Fees (dollars paid during the reporting period) | $5370529 |
| Portfolio Turnover Rate | 84% |
| Total Number of Portfolio Holdings | 51 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 98.3% | Oil, Gas and Consumable Fuels | 7% |
| Short-Term Investments | 1.5% | Banks | 7% |
| Other Assets and Liabilities | 0.2% | Health Care Equipment and Supplies | 7% |
|  |  | Insurance | 6% |
|  |  | Capital Markets | 6% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000908186-20260331_g3.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000908186-20260331_g1.jpg)

A-25076738

------

**ANNUAL SHAREHOLDER REPORT**

Focused Large Cap Value Fund ![ACI_Horiz_RGB_Black.jpg](ck0000908186-20260331_g1.jpg)

---

| | |
|:---|:---|
| **R Class (ALVRX)**  | **March 31, 2026** |

---

This annual shareholder report contains important information about Focused Large Cap Value Fund for the period of April 1, 2025 to March 31, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R Class | $141 | 1.33% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Focused Large Cap Value Fund R Class returned 11.35% for the reporting period ended March 31, 2026. | Focused Large Cap Value Fund R Class returned 11.35% for the reporting period ended March 31, 2026. |
| The fund seeks long-term capital growth. Income is a secondary objective. The commentary below refers to the fund's performance relative to the Russell 1000 Value Index. | The fund seeks long-term capital growth. Income is a secondary objective. The commentary below refers to the fund's performance relative to the Russell 1000 Value Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Markets experienced sharp volatility as the period began with the Liberation Day tariffs and ended with the war in Iran. In between, the government endured a record shutdown, and the Federal Reserve cut interest rates three times. Stocks rose overall amid strong demand for lower-quality, high-momentum and artificial intelligence (AI)-related stocks, though investors turned to lower-volatility shares when risk spiked. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The key contribution to performance came from stock selection in the consumer discretionary sector. A key source of relative strength was a lack of exposure to Amazon.com. The stock underperformed as investors worried about the uncertain payoff for the firm's record spending on AI to support its cloud computing business. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock choices in the communication services sector also aided performance, led by positions in the interactive media and services industry. Here, it helped most to have no exposure to Facebook's parent Meta Platforms. The stock lagged amid fears of rising regulatory and legal risk, as well as investor skepticism toward the firm's AI strategy and spending commitments. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Positioning in the consumer staples sector detracted most from performance. Personal care products company Kenvue was the leading overall detractor due to negative press associated with the administration's claims about potential ties between the usage of Tylenol, a large Kenvue brand, during pregnancy and autism. Though disappointing, we believe the issue is manageable for Kenvue. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *March 31, 2016 through March 31, 2026* |

---

![10](ck0000908186-20260331_g16.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | 10 Year |
| **R Class** | 11.35% | 8.66% | 9.35% |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;Russell 1000 | 17.74% | 11.34% | 13.97% |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;Russell 1000 Value | 15.87% | 9.43% | 10.58% |

---

The regulatory index is provided as a broad measure of market performance. The performance index is provided because the advisor believes it is more reflective of the fund's investment strategy.<br>

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit americancentury.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $2772776803 |
| Management Fees (dollars paid during the reporting period) | $5370529 |
| Portfolio Turnover Rate | 84% |
| Total Number of Portfolio Holdings | 51 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 98.3% | Oil, Gas and Consumable Fuels | 7% |
| Short-Term Investments | 1.5% | Banks | 7% |
| Other Assets and Liabilities | 0.2% | Health Care Equipment and Supplies | 7% |
|  |  | Insurance | 6% |
|  |  | Capital Markets | 6% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000908186-20260331_g3.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000908186-20260331_g1.jpg)

A-25076662

------

**ANNUAL SHAREHOLDER REPORT**

Focused Large Cap Value Fund ![ACI_Horiz_RGB_Black.jpg](ck0000908186-20260331_g1.jpg)

---

| | |
|:---|:---|
| **R5 Class (ALVGX)**  | **March 31, 2026** |

---

This annual shareholder report contains important information about Focused Large Cap Value Fund for the period of April 1, 2025 to March 31, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R5 Class | $67 | 0.63% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Focused Large Cap Value Fund R5 Class returned 12.21% for the reporting period ended March 31, 2026. | Focused Large Cap Value Fund R5 Class returned 12.21% for the reporting period ended March 31, 2026. |
| The fund seeks long-term capital growth. Income is a secondary objective. The commentary below refers to the fund's performance relative to the Russell 1000 Value Index. | The fund seeks long-term capital growth. Income is a secondary objective. The commentary below refers to the fund's performance relative to the Russell 1000 Value Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Markets experienced sharp volatility as the period began with the Liberation Day tariffs and ended with the war in Iran. In between, the government endured a record shutdown, and the Federal Reserve cut interest rates three times. Stocks rose overall amid strong demand for lower-quality, high-momentum and artificial intelligence (AI)-related stocks, though investors turned to lower-volatility shares when risk spiked. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The key contribution to performance came from stock selection in the consumer discretionary sector. A key source of relative strength was a lack of exposure to Amazon.com. The stock underperformed as investors worried about the uncertain payoff for the firm's record spending on AI to support its cloud computing business. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock choices in the communication services sector also aided performance, led by positions in the interactive media and services industry. Here, it helped most to have no exposure to Facebook's parent Meta Platforms. The stock lagged amid fears of rising regulatory and legal risk, as well as investor skepticism toward the firm's AI strategy and spending commitments. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Positioning in the consumer staples sector detracted most from performance. Personal care products company Kenvue was the leading overall detractor due to negative press associated with the administration's claims about potential ties between the usage of Tylenol, a large Kenvue brand, during pregnancy and autism. Though disappointing, we believe the issue is manageable for Kenvue. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *April 10, 2017 through March 31, 2026* |

---

![10](ck0000908186-20260331_g17.jpg)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | Since Inception | Inception Date |
| **R5 Class** | 12.21% | 9.44% | 9.15% | 4/10/17 |
| **Regulatory Index** |  |  |  |  |
| &nbsp;&nbsp;Russell 1000 | 17.74% | 11.34% | 13.65% |  |
| **Performance Index** |  |  |  |  |
| &nbsp;&nbsp;Russell 1000 Value | 15.87% | 9.43% | 9.70% |  |

---

The regulatory index is provided as a broad measure of market performance. The performance index is provided because the advisor believes it is more reflective of the fund's investment strategy.<br>

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit americancentury.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $2772776803 |
| Management Fees (dollars paid during the reporting period) | $5370529 |
| Portfolio Turnover Rate | 84% |
| Total Number of Portfolio Holdings | 51 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 98.3% | Oil, Gas and Consumable Fuels | 7% |
| Short-Term Investments | 1.5% | Banks | 7% |
| Other Assets and Liabilities | 0.2% | Health Care Equipment and Supplies | 7% |
|  |  | Insurance | 6% |
|  |  | Capital Markets | 6% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000908186-20260331_g3.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000908186-20260331_g1.jpg)

A-2508F786

------

**ANNUAL SHAREHOLDER REPORT**

Focused Large Cap Value Fund ![ACI_Horiz_RGB_Black.jpg](ck0000908186-20260331_g1.jpg)

---

| | |
|:---|:---|
| **R6 Class (ALVDX)**  | **March 31, 2026** |

---

This annual shareholder report contains important information about Focused Large Cap Value Fund for the period of April 1, 2025 to March 31, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R6 Class | $51 | 0.48% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Focused Large Cap Value Fund R6 Class returned 12.29% for the reporting period ended March 31, 2026. | Focused Large Cap Value Fund R6 Class returned 12.29% for the reporting period ended March 31, 2026. |
| The fund seeks long-term capital growth. Income is a secondary objective. The commentary below refers to the fund's performance relative to the Russell 1000 Value Index. | The fund seeks long-term capital growth. Income is a secondary objective. The commentary below refers to the fund's performance relative to the Russell 1000 Value Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Markets experienced sharp volatility as the period began with the Liberation Day tariffs and ended with the war in Iran. In between, the government endured a record shutdown, and the Federal Reserve cut interest rates three times. Stocks rose overall amid strong demand for lower-quality, high-momentum and artificial intelligence (AI)-related stocks, though investors turned to lower-volatility shares when risk spiked. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The key contribution to performance came from stock selection in the consumer discretionary sector. A key source of relative strength was a lack of exposure to Amazon.com. The stock underperformed as investors worried about the uncertain payoff for the firm's record spending on AI to support its cloud computing business. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock choices in the communication services sector also aided performance, led by positions in the interactive media and services industry. Here, it helped most to have no exposure to Facebook's parent Meta Platforms. The stock lagged amid fears of rising regulatory and legal risk, as well as investor skepticism toward the firm's AI strategy and spending commitments. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Positioning in the consumer staples sector detracted most from performance. Personal care products company Kenvue was the leading overall detractor due to negative press associated with the administration's claims about potential ties between the usage of Tylenol, a large Kenvue brand, during pregnancy and autism. Though disappointing, we believe the issue is manageable for Kenvue. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *March 31, 2016 through March 31, 2026* |

---

![10](ck0000908186-20260331_g18.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | 10 Year |
| **R6 Class** | 12.29% | 9.57% | 10.28% |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;Russell 1000 | 17.74% | 11.34% | 13.97% |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;Russell 1000 Value | 15.87% | 9.43% | 10.58% |

---

The regulatory index is provided as a broad measure of market performance. The performance index is provided because the advisor believes it is more reflective of the fund's investment strategy.<br>

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit americancentury.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $2772776803 |
| Management Fees (dollars paid during the reporting period) | $5370529 |
| Portfolio Turnover Rate | 84% |
| Total Number of Portfolio Holdings | 51 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 98.3% | Oil, Gas and Consumable Fuels | 7% |
| Short-Term Investments | 1.5% | Banks | 7% |
| Other Assets and Liabilities | 0.2% | Health Care Equipment and Supplies | 7% |
|  |  | Insurance | 6% |
|  |  | Capital Markets | 6% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000908186-20260331_g3.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000908186-20260331_g1.jpg)

A-25076365

------

**ANNUAL SHAREHOLDER REPORT**

Focused Large Cap Value Fund ![ACI_Horiz_RGB_Black.jpg](ck0000908186-20260331_g1.jpg)

---

| | |
|:---|:---|
| **G Class (ACFLX)**  | **March 31, 2026** |

---

This annual shareholder report contains important information about Focused Large Cap Value Fund for the period of April 1, 2025 to March 31, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| G Class | $0 | 0.00% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Focused Large Cap Value Fund G Class returned 12.89% for the reporting period ended March 31, 2026. | Focused Large Cap Value Fund G Class returned 12.89% for the reporting period ended March 31, 2026. |
| The fund seeks long-term capital growth. Income is a secondary objective. The commentary below refers to the fund's performance relative to the Russell 1000 Value Index. | The fund seeks long-term capital growth. Income is a secondary objective. The commentary below refers to the fund's performance relative to the Russell 1000 Value Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Markets experienced sharp volatility as the period began with the Liberation Day tariffs and ended with the war in Iran. In between, the government endured a record shutdown, and the Federal Reserve cut interest rates three times. Stocks rose overall amid strong demand for lower-quality, high-momentum and artificial intelligence (AI)-related stocks, though investors turned to lower-volatility shares when risk spiked. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The key contribution to performance came from stock selection in the consumer discretionary sector. A key source of relative strength was a lack of exposure to Amazon.com. The stock underperformed as investors worried about the uncertain payoff for the firm's record spending on AI to support its cloud computing business. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock choices in the communication services sector also aided performance, led by positions in the interactive media and services industry. Here, it helped most to have no exposure to Facebook's parent Meta Platforms. The stock lagged amid fears of rising regulatory and legal risk, as well as investor skepticism toward the firm's AI strategy and spending commitments. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Positioning in the consumer staples sector detracted most from performance. Personal care products company Kenvue was the leading overall detractor due to negative press associated with the administration's claims about potential ties between the usage of Tylenol, a large Kenvue brand, during pregnancy and autism. Though disappointing, we believe the issue is manageable for Kenvue. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *March 15, 2022 through March 31, 2026* |

---

![10](ck0000908186-20260331_g19.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | Since Inception | Inception Date |
| **G Class** | 12.89% | 10.27% | 3/15/22 |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;Russell 1000 | 17.74% | 12.49% |  |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;Russell 1000 Value | 15.87% | 9.81% |  |

---

The regulatory index is provided as a broad measure of market performance. The performance index is provided because the advisor believes it is more reflective of the fund's investment strategy.<br>

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit americancentury.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $2772776803 |
| Management Fees (dollars paid during the reporting period) | $5370529 |
| Portfolio Turnover Rate | 84% |
| Total Number of Portfolio Holdings | 51 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 98.3% | Oil, Gas and Consumable Fuels | 7% |
| Short-Term Investments | 1.5% | Banks | 7% |
| Other Assets and Liabilities | 0.2% | Health Care Equipment and Supplies | 7% |
|  |  | Insurance | 6% |
|  |  | Capital Markets | 6% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000908186-20260331_g3.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000908186-20260331_g1.jpg)

A-2508F596

------

**ANNUAL SHAREHOLDER REPORT**

Mid Cap Value Fund ![ACI_Horiz_RGB_Black.jpg](ck0000908186-20260331_g1.jpg)

---

| | |
|:---|:---|
| **Investor Class (ACMVX)**  | **March 31, 2026** |

---

This annual shareholder report contains important information about Mid Cap Value Fund for the period of April 1, 2025 to March 31, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Investor Class | $103 | 0.98% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Mid Cap Value Fund Investor Class returned 9.48% for the reporting period ended March 31, 2026. | Mid Cap Value Fund Investor Class returned 9.48% for the reporting period ended March 31, 2026. |
| The fund seeks long-term capital growth. Income is a secondary objective. The commentary below refers to the fund's performance relative to the Russell Midcap Value Index. | The fund seeks long-term capital growth. Income is a secondary objective. The commentary below refers to the fund's performance relative to the Russell Midcap Value Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Markets experienced sharp volatility as the period began with the Liberation Day tariffs and ended with the war in Iran. In between, the government endured a record shutdown, and the Federal Reserve cut interest rates three times. Stocks rose overall amid strong demand for lower-quality, high-momentum and artificial intelligence (AI)-related stocks, though investors turned to lower-volatility shares when risk spiked. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The leading contribution to performance came from stock choices in the industrials sector, led by holdings in the machinery industry. Two notable contributors in this space were Oshkosh and Cummins. Each benefits from the build-out of AI, as Oshkosh's products facilitate physical AI, while Cummins' machines are used in data center construction. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Financials stocks were another source of strength, led by positioning in the capital markets industry. The key contribution came from a lack of exposure to cryptocurrency exchange Coinbase Global. Cryptocurrency prices fell during the period as investors second-guessed certain risk assets. Northern Trust contributed thanks to operational efficiencies and higher net interest income. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Positioning in the information technology sector detracted most from performance. Two of the top four relative detractors were digital storage device makers Sandisk and Western Digital, to which we had no exposure. AI-fueled demand for NAND memory drove unprecedented price increases. We had avoided the stocks, which had been experiencing low returns on invested capital. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *March 31, 2016 through March 31, 2026* |

---

![10](ck0000908186-20260331_g20.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | 10 Year |
| **Investor Class** | 9.48% | 6.86% | 8.78% |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;Russell 3000 | 18.09% | 10.87% | 13.72% |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;Russell Midcap Value | 17.62% | 7.94% | 9.75% |

---

The regulatory index is provided as a broad measure of market performance. The performance index is provided because the advisor believes it is more reflective of the fund's investment strategy.<br>

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit americancentury.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $5568206301 |
| Management Fees (dollars paid during the reporting period) | $41944637 |
| Portfolio Turnover Rate | 62% |
| Total Number of Portfolio Holdings | 118 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 98.9% | Health Care Equipment and Supplies | 7% |
| Short-Term Investments | 0.8% | Banks | 7% |
| Other Assets and Liabilities | 0.3% | Electric Utilities | 6% |
|  |  | Insurance | 6% |
|  |  | Health Care Providers and Services | 6% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000908186-20260331_g3.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000908186-20260331_g1.jpg)

A-25076654

------

**ANNUAL SHAREHOLDER REPORT**

Mid Cap Value Fund ![ACI_Horiz_RGB_Black.jpg](ck0000908186-20260331_g1.jpg)

---

| | |
|:---|:---|
| **I Class (AVUAX)**  | **March 31, 2026** |

---

This annual shareholder report contains important information about Mid Cap Value Fund for the period of April 1, 2025 to March 31, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| I Class | $82 | 0.78% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Mid Cap Value Fund I Class returned 9.68% for the reporting period ended March 31, 2026. | Mid Cap Value Fund I Class returned 9.68% for the reporting period ended March 31, 2026. |
| The fund seeks long-term capital growth. Income is a secondary objective. The commentary below refers to the fund's performance relative to the Russell Midcap Value Index. | The fund seeks long-term capital growth. Income is a secondary objective. The commentary below refers to the fund's performance relative to the Russell Midcap Value Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Markets experienced sharp volatility as the period began with the Liberation Day tariffs and ended with the war in Iran. In between, the government endured a record shutdown, and the Federal Reserve cut interest rates three times. Stocks rose overall amid strong demand for lower-quality, high-momentum and artificial intelligence (AI)-related stocks, though investors turned to lower-volatility shares when risk spiked. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The leading contribution to performance came from stock choices in the industrials sector, led by holdings in the machinery industry. Two notable contributors in this space were Oshkosh and Cummins. Each benefits from the build-out of AI, as Oshkosh's products facilitate physical AI, while Cummins' machines are used in data center construction. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Financials stocks were another source of strength, led by positioning in the capital markets industry. The key contribution came from a lack of exposure to cryptocurrency exchange Coinbase Global. Cryptocurrency prices fell during the period as investors second-guessed certain risk assets. Northern Trust contributed thanks to operational efficiencies and higher net interest income. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Positioning in the information technology sector detracted most from performance. Two of the top four relative detractors were digital storage device makers Sandisk and Western Digital, to which we had no exposure. AI-fueled demand for NAND memory drove unprecedented price increases. We had avoided the stocks, which had been experiencing low returns on invested capital. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *March 31, 2016 through March 31, 2026* |

---

![10](ck0000908186-20260331_g21.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | 10 Year |
| **I Class** | 9.68% | 7.07% | 8.99% |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;Russell 3000 | 18.09% | 10.87% | 13.72% |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;Russell Midcap Value | 17.62% | 7.94% | 9.75% |

---

The regulatory index is provided as a broad measure of market performance. The performance index is provided because the advisor believes it is more reflective of the fund's investment strategy.<br>

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit americancentury.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $5568206301 |
| Management Fees (dollars paid during the reporting period) | $41944637 |
| Portfolio Turnover Rate | 62% |
| Total Number of Portfolio Holdings | 118 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 98.9% | Health Care Equipment and Supplies | 7% |
| Short-Term Investments | 0.8% | Banks | 7% |
| Other Assets and Liabilities | 0.3% | Electric Utilities | 6% |
|  |  | Insurance | 6% |
|  |  | Health Care Providers and Services | 6% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000908186-20260331_g3.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000908186-20260331_g1.jpg)

A-25076647

------

**ANNUAL SHAREHOLDER REPORT**

Mid Cap Value Fund ![ACI_Horiz_RGB_Black.jpg](ck0000908186-20260331_g1.jpg)

---

| | |
|:---|:---|
| **Y Class (AMVYX)**  | **March 31, 2026** |

---

This annual shareholder report contains important information about Mid Cap Value Fund for the period of April 1, 2025 to March 31, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Y Class | $66 | 0.63% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Mid Cap Value Fund Y Class returned 9.83% for the reporting period ended March 31, 2026. | Mid Cap Value Fund Y Class returned 9.83% for the reporting period ended March 31, 2026. |
| The fund seeks long-term capital growth. Income is a secondary objective. The commentary below refers to the fund's performance relative to the Russell Midcap Value Index. | The fund seeks long-term capital growth. Income is a secondary objective. The commentary below refers to the fund's performance relative to the Russell Midcap Value Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Markets experienced sharp volatility as the period began with the Liberation Day tariffs and ended with the war in Iran. In between, the government endured a record shutdown, and the Federal Reserve cut interest rates three times. Stocks rose overall amid strong demand for lower-quality, high-momentum and artificial intelligence (AI)-related stocks, though investors turned to lower-volatility shares when risk spiked. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The leading contribution to performance came from stock choices in the industrials sector, led by holdings in the machinery industry. Two notable contributors in this space were Oshkosh and Cummins. Each benefits from the build-out of AI, as Oshkosh's products facilitate physical AI, while Cummins' machines are used in data center construction. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Financials stocks were another source of strength, led by positioning in the capital markets industry. The key contribution came from a lack of exposure to cryptocurrency exchange Coinbase Global. Cryptocurrency prices fell during the period as investors second-guessed certain risk assets. Northern Trust contributed thanks to operational efficiencies and higher net interest income. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Positioning in the information technology sector detracted most from performance. Two of the top four relative detractors were digital storage device makers Sandisk and Western Digital, to which we had no exposure. AI-fueled demand for NAND memory drove unprecedented price increases. We had avoided the stocks, which had been experiencing low returns on invested capital. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *April 10, 2017 through March 31, 2026* |

---

![10](ck0000908186-20260331_g22.jpg)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | Since Inception | Inception Date |
| **Y Class** | 9.83% | 7.23% | 7.93% | 4/10/17 |
| **Regulatory Index** |  |  |  |  |
| &nbsp;&nbsp;Russell 3000 | 18.09% | 10.87% | 13.31% |  |
| **Performance Index** |  |  |  |  |
| &nbsp;&nbsp;Russell Midcap Value | 17.62% | 7.94% | 8.70% |  |

---

The regulatory index is provided as a broad measure of market performance. The performance index is provided because the advisor believes it is more reflective of the fund's investment strategy.<br>

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit americancentury.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $5568206301 |
| Management Fees (dollars paid during the reporting period) | $41944637 |
| Portfolio Turnover Rate | 62% |
| Total Number of Portfolio Holdings | 118 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 98.9% | Health Care Equipment and Supplies | 7% |
| Short-Term Investments | 0.8% | Banks | 7% |
| Other Assets and Liabilities | 0.3% | Electric Utilities | 6% |
|  |  | Insurance | 6% |
|  |  | Health Care Providers and Services | 6% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000908186-20260331_g3.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000908186-20260331_g1.jpg)

A-2508F760

------

**ANNUAL SHAREHOLDER REPORT**

Mid Cap Value Fund ![ACI_Horiz_RGB_Black.jpg](ck0000908186-20260331_g1.jpg)

---

| | |
|:---|:---|
| **A Class (ACLAX)**  | **March 31, 2026** |

---

This annual shareholder report contains important information about Mid Cap Value Fund for the period of April 1, 2025 to March 31, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| A Class | $129 | 1.23% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Mid Cap Value Fund A Class returned 9.17% for the reporting period ended March 31, 2026. | Mid Cap Value Fund A Class returned 9.17% for the reporting period ended March 31, 2026. |
| The fund seeks long-term capital growth. Income is a secondary objective. The commentary below refers to the fund's performance relative to the Russell Midcap Value Index. | The fund seeks long-term capital growth. Income is a secondary objective. The commentary below refers to the fund's performance relative to the Russell Midcap Value Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Markets experienced sharp volatility as the period began with the Liberation Day tariffs and ended with the war in Iran. In between, the government endured a record shutdown, and the Federal Reserve cut interest rates three times. Stocks rose overall amid strong demand for lower-quality, high-momentum and artificial intelligence (AI)-related stocks, though investors turned to lower-volatility shares when risk spiked. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The leading contribution to performance came from stock choices in the industrials sector, led by holdings in the machinery industry. Two notable contributors in this space were Oshkosh and Cummins. Each benefits from the build-out of AI, as Oshkosh's products facilitate physical AI, while Cummins' machines are used in data center construction. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Financials stocks were another source of strength, led by positioning in the capital markets industry. The key contribution came from a lack of exposure to cryptocurrency exchange Coinbase Global. Cryptocurrency prices fell during the period as investors second-guessed certain risk assets. Northern Trust contributed thanks to operational efficiencies and higher net interest income. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Positioning in the information technology sector detracted most from performance. Two of the top four relative detractors were digital storage device makers Sandisk and Western Digital, to which we had no exposure. AI-fueled demand for NAND memory drove unprecedented price increases. We had avoided the stocks, which had been experiencing low returns on invested capital. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *March 31, 2016 through March 31, 2026* |
| *The initial investment is adjusted to reflect the maximum initial sales charge.* |

---

![10](ck0000908186-20260331_g23.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | 10 Year |
| **A Class** | 9.17% | 6.58% | 8.50% |
| **A Class - with sales charge** | 2.89% | 5.33% | 7.86% |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;Russell 3000 | 18.09% | 10.87% | 13.72% |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;Russell Midcap Value | 17.62% | 7.94% | 9.75% |

---

---

| |
|:---|
| The regulatory index is provided as a broad measure of market performance. The performance index is provided because the advisor believes it is more reflective of the fund's investment strategy. |
| A Class shares have a 5.75% maximum initial sales charge and may be subject to a maximum contingent deferred sales charge of 1.00%. |

---

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit americancentury.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $5568206301 |
| Management Fees (dollars paid during the reporting period) | $41944637 |
| Portfolio Turnover Rate | 62% |
| Total Number of Portfolio Holdings | 118 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 98.9% | Health Care Equipment and Supplies | 7% |
| Short-Term Investments | 0.8% | Banks | 7% |
| Other Assets and Liabilities | 0.3% | Electric Utilities | 6% |
|  |  | Insurance | 6% |
|  |  | Health Care Providers and Services | 6% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000908186-20260331_g3.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000908186-20260331_g1.jpg)

A-25076639

------

**ANNUAL SHAREHOLDER REPORT**

Mid Cap Value Fund ![ACI_Horiz_RGB_Black.jpg](ck0000908186-20260331_g1.jpg)

---

| | |
|:---|:---|
| **C Class (ACCLX)**  | **March 31, 2026** |

---

This annual shareholder report contains important information about Mid Cap Value Fund for the period of April 1, 2025 to March 31, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| C Class | $206 | 1.98% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Mid Cap Value Fund C Class returned 8.38% for the reporting period ended March 31, 2026. | Mid Cap Value Fund C Class returned 8.38% for the reporting period ended March 31, 2026. |
| The fund seeks long-term capital growth. Income is a secondary objective. The commentary below refers to the fund's performance relative to the Russell Midcap Value Index. | The fund seeks long-term capital growth. Income is a secondary objective. The commentary below refers to the fund's performance relative to the Russell Midcap Value Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Markets experienced sharp volatility as the period began with the Liberation Day tariffs and ended with the war in Iran. In between, the government endured a record shutdown, and the Federal Reserve cut interest rates three times. Stocks rose overall amid strong demand for lower-quality, high-momentum and artificial intelligence (AI)-related stocks, though investors turned to lower-volatility shares when risk spiked. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The leading contribution to performance came from stock choices in the industrials sector, led by holdings in the machinery industry. Two notable contributors in this space were Oshkosh and Cummins. Each benefits from the build-out of AI, as Oshkosh's products facilitate physical AI, while Cummins' machines are used in data center construction. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Financials stocks were another source of strength, led by positioning in the capital markets industry. The key contribution came from a lack of exposure to cryptocurrency exchange Coinbase Global. Cryptocurrency prices fell during the period as investors second-guessed certain risk assets. Northern Trust contributed thanks to operational efficiencies and higher net interest income. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Positioning in the information technology sector detracted most from performance. Two of the top four relative detractors were digital storage device makers Sandisk and Western Digital, to which we had no exposure. AI-fueled demand for NAND memory drove unprecedented price increases. We had avoided the stocks, which had been experiencing low returns on invested capital. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *March 31, 2016 through March 31, 2026* |

---

![10](ck0000908186-20260331_g24.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | 10 Year |
| **C Class** | 8.38% | 5.80% | 7.70% |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;Russell 3000 | 18.09% | 10.87% | 13.72% |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;Russell Midcap Value | 17.62% | 7.94% | 9.75% |

---

---

| |
|:---|
| The regulatory index is provided as a broad measure of market performance. The performance index is provided because the advisor believes it is more reflective of the fund's investment strategy. |
| C Class shares will automatically convert to A Class shares after being held for approximately eight years. C Class average annual returns do not reflect this conversion. |

---

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit americancentury.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $5568206301 |
| Management Fees (dollars paid during the reporting period) | $41944637 |
| Portfolio Turnover Rate | 62% |
| Total Number of Portfolio Holdings | 118 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 98.9% | Health Care Equipment and Supplies | 7% |
| Short-Term Investments | 0.8% | Banks | 7% |
| Other Assets and Liabilities | 0.3% | Electric Utilities | 6% |
|  |  | Insurance | 6% |
|  |  | Health Care Providers and Services | 6% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000908186-20260331_g3.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000908186-20260331_g1.jpg)

A-25076514

------

**ANNUAL SHAREHOLDER REPORT**

Mid Cap Value Fund ![ACI_Horiz_RGB_Black.jpg](ck0000908186-20260331_g1.jpg)

---

| | |
|:---|:---|
| **R Class (AMVRX)**  | **March 31, 2026** |

---

This annual shareholder report contains important information about Mid Cap Value Fund for the period of April 1, 2025 to March 31, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R Class | $155 | 1.48% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Mid Cap Value Fund R Class returned 8.89% for the reporting period ended March 31, 2026. | Mid Cap Value Fund R Class returned 8.89% for the reporting period ended March 31, 2026. |
| The fund seeks long-term capital growth. Income is a secondary objective. The commentary below refers to the fund's performance relative to the Russell Midcap Value Index. | The fund seeks long-term capital growth. Income is a secondary objective. The commentary below refers to the fund's performance relative to the Russell Midcap Value Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Markets experienced sharp volatility as the period began with the Liberation Day tariffs and ended with the war in Iran. In between, the government endured a record shutdown, and the Federal Reserve cut interest rates three times. Stocks rose overall amid strong demand for lower-quality, high-momentum and artificial intelligence (AI)-related stocks, though investors turned to lower-volatility shares when risk spiked. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The leading contribution to performance came from stock choices in the industrials sector, led by holdings in the machinery industry. Two notable contributors in this space were Oshkosh and Cummins. Each benefits from the build-out of AI, as Oshkosh's products facilitate physical AI, while Cummins' machines are used in data center construction. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Financials stocks were another source of strength, led by positioning in the capital markets industry. The key contribution came from a lack of exposure to cryptocurrency exchange Coinbase Global. Cryptocurrency prices fell during the period as investors second-guessed certain risk assets. Northern Trust contributed thanks to operational efficiencies and higher net interest income. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Positioning in the information technology sector detracted most from performance. Two of the top four relative detractors were digital storage device makers Sandisk and Western Digital, to which we had no exposure. AI-fueled demand for NAND memory drove unprecedented price increases. We had avoided the stocks, which had been experiencing low returns on invested capital. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *March 31, 2016 through March 31, 2026* |

---

![10](ck0000908186-20260331_g25.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | 10 Year |
| **R Class** | 8.89% | 6.32% | 8.23% |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;Russell 3000 | 18.09% | 10.87% | 13.72% |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;Russell Midcap Value | 17.62% | 7.94% | 9.75% |

---

The regulatory index is provided as a broad measure of market performance. The performance index is provided because the advisor believes it is more reflective of the fund's investment strategy.<br>

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit americancentury.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $5568206301 |
| Management Fees (dollars paid during the reporting period) | $41944637 |
| Portfolio Turnover Rate | 62% |
| Total Number of Portfolio Holdings | 118 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 98.9% | Health Care Equipment and Supplies | 7% |
| Short-Term Investments | 0.8% | Banks | 7% |
| Other Assets and Liabilities | 0.3% | Electric Utilities | 6% |
|  |  | Insurance | 6% |
|  |  | Health Care Providers and Services | 6% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000908186-20260331_g3.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000908186-20260331_g1.jpg)

A-25076613

------

**ANNUAL SHAREHOLDER REPORT**

Mid Cap Value Fund ![ACI_Horiz_RGB_Black.jpg](ck0000908186-20260331_g1.jpg)

---

| | |
|:---|:---|
| **R5 Class (AMVGX)**  | **March 31, 2026** |

---

This annual shareholder report contains important information about Mid Cap Value Fund for the period of April 1, 2025 to March 31, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R5 Class | $82 | 0.78% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Mid Cap Value Fund R5 Class returned 9.67% for the reporting period ended March 31, 2026. | Mid Cap Value Fund R5 Class returned 9.67% for the reporting period ended March 31, 2026. |
| The fund seeks long-term capital growth. Income is a secondary objective. The commentary below refers to the fund's performance relative to the Russell Midcap Value Index. | The fund seeks long-term capital growth. Income is a secondary objective. The commentary below refers to the fund's performance relative to the Russell Midcap Value Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Markets experienced sharp volatility as the period began with the Liberation Day tariffs and ended with the war in Iran. In between, the government endured a record shutdown, and the Federal Reserve cut interest rates three times. Stocks rose overall amid strong demand for lower-quality, high-momentum and artificial intelligence (AI)-related stocks, though investors turned to lower-volatility shares when risk spiked. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The leading contribution to performance came from stock choices in the industrials sector, led by holdings in the machinery industry. Two notable contributors in this space were Oshkosh and Cummins. Each benefits from the build-out of AI, as Oshkosh's products facilitate physical AI, while Cummins' machines are used in data center construction. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Financials stocks were another source of strength, led by positioning in the capital markets industry. The key contribution came from a lack of exposure to cryptocurrency exchange Coinbase Global. Cryptocurrency prices fell during the period as investors second-guessed certain risk assets. Northern Trust contributed thanks to operational efficiencies and higher net interest income. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Positioning in the information technology sector detracted most from performance. Two of the top four relative detractors were digital storage device makers Sandisk and Western Digital, to which we had no exposure. AI-fueled demand for NAND memory drove unprecedented price increases. We had avoided the stocks, which had been experiencing low returns on invested capital. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *April 10, 2017 through March 31, 2026* |

---

![10](ck0000908186-20260331_g26.jpg)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | Since Inception | Inception Date |
| **R5 Class** | 9.67% | 7.07% | 7.77% | 4/10/17 |
| **Regulatory Index** |  |  |  |  |
| &nbsp;&nbsp;Russell 3000 | 18.09% | 10.87% | 13.31% |  |
| **Performance Index** |  |  |  |  |
| &nbsp;&nbsp;Russell Midcap Value | 17.62% | 7.94% | 8.70% |  |

---

The regulatory index is provided as a broad measure of market performance. The performance index is provided because the advisor believes it is more reflective of the fund's investment strategy.<br>

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit americancentury.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $5568206301 |
| Management Fees (dollars paid during the reporting period) | $41944637 |
| Portfolio Turnover Rate | 62% |
| Total Number of Portfolio Holdings | 118 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 98.9% | Health Care Equipment and Supplies | 7% |
| Short-Term Investments | 0.8% | Banks | 7% |
| Other Assets and Liabilities | 0.3% | Electric Utilities | 6% |
|  |  | Insurance | 6% |
|  |  | Health Care Providers and Services | 6% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000908186-20260331_g3.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000908186-20260331_g1.jpg)

A-2508F778

------

**ANNUAL SHAREHOLDER REPORT**

Mid Cap Value Fund ![ACI_Horiz_RGB_Black.jpg](ck0000908186-20260331_g1.jpg)

---

| | |
|:---|:---|
| **R6 Class (AMDVX)**  | **March 31, 2026** |

---

This annual shareholder report contains important information about Mid Cap Value Fund for the period of April 1, 2025 to March 31, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R6 Class | $66 | 0.63% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Mid Cap Value Fund R6 Class returned 9.77% for the reporting period ended March 31, 2026. | Mid Cap Value Fund R6 Class returned 9.77% for the reporting period ended March 31, 2026. |
| The fund seeks long-term capital growth. Income is a secondary objective. The commentary below refers to the fund's performance relative to the Russell Midcap Value Index. | The fund seeks long-term capital growth. Income is a secondary objective. The commentary below refers to the fund's performance relative to the Russell Midcap Value Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Markets experienced sharp volatility as the period began with the Liberation Day tariffs and ended with the war in Iran. In between, the government endured a record shutdown, and the Federal Reserve cut interest rates three times. Stocks rose overall amid strong demand for lower-quality, high-momentum and artificial intelligence (AI)-related stocks, though investors turned to lower-volatility shares when risk spiked. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The leading contribution to performance came from stock choices in the industrials sector, led by holdings in the machinery industry. Two notable contributors in this space were Oshkosh and Cummins. Each benefits from the build-out of AI, as Oshkosh's products facilitate physical AI, while Cummins' machines are used in data center construction. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Financials stocks were another source of strength, led by positioning in the capital markets industry. The key contribution came from a lack of exposure to cryptocurrency exchange Coinbase Global. Cryptocurrency prices fell during the period as investors second-guessed certain risk assets. Northern Trust contributed thanks to operational efficiencies and higher net interest income. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Positioning in the information technology sector detracted most from performance. Two of the top four relative detractors were digital storage device makers Sandisk and Western Digital, to which we had no exposure. AI-fueled demand for NAND memory drove unprecedented price increases. We had avoided the stocks, which had been experiencing low returns on invested capital. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *March 31, 2016 through March 31, 2026* |

---

![10](ck0000908186-20260331_g27.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | 10 Year |
| **R6 Class** | 9.77% | 7.22% | 9.15% |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;Russell 3000 | 18.09% | 10.87% | 13.72% |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;Russell Midcap Value | 17.62% | 7.94% | 9.75% |

---

The regulatory index is provided as a broad measure of market performance. The performance index is provided because the advisor believes it is more reflective of the fund's investment strategy.<br>

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit americancentury.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $5568206301 |
| Management Fees (dollars paid during the reporting period) | $41944637 |
| Portfolio Turnover Rate | 62% |
| Total Number of Portfolio Holdings | 118 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 98.9% | Health Care Equipment and Supplies | 7% |
| Short-Term Investments | 0.8% | Banks | 7% |
| Other Assets and Liabilities | 0.3% | Electric Utilities | 6% |
|  |  | Insurance | 6% |
|  |  | Health Care Providers and Services | 6% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000908186-20260331_g3.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000908186-20260331_g1.jpg)

A-25076357

------

**ANNUAL SHAREHOLDER REPORT**

Mid Cap Value Fund ![ACI_Horiz_RGB_Black.jpg](ck0000908186-20260331_g1.jpg)

---

| | |
|:---|:---|
| **G Class (ACIPX)**  | **March 31, 2026** |

---

This annual shareholder report contains important information about Mid Cap Value Fund for the period of April 1, 2025 to March 31, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| G Class | $1 | 0.01% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Mid Cap Value Fund G Class returned 10.55% for the reporting period ended March 31, 2026. | Mid Cap Value Fund G Class returned 10.55% for the reporting period ended March 31, 2026. |
| The fund seeks long-term capital growth. Income is a secondary objective. The commentary below refers to the fund's performance relative to the Russell Midcap Value Index. | The fund seeks long-term capital growth. Income is a secondary objective. The commentary below refers to the fund's performance relative to the Russell Midcap Value Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Markets experienced sharp volatility as the period began with the Liberation Day tariffs and ended with the war in Iran. In between, the government endured a record shutdown, and the Federal Reserve cut interest rates three times. Stocks rose overall amid strong demand for lower-quality, high-momentum and artificial intelligence (AI)-related stocks, though investors turned to lower-volatility shares when risk spiked. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The leading contribution to performance came from stock choices in the industrials sector, led by holdings in the machinery industry. Two notable contributors in this space were Oshkosh and Cummins. Each benefits from the build-out of AI, as Oshkosh's products facilitate physical AI, while Cummins' machines are used in data center construction. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Financials stocks were another source of strength, led by positioning in the capital markets industry. The key contribution came from a lack of exposure to cryptocurrency exchange Coinbase Global. Cryptocurrency prices fell during the period as investors second-guessed certain risk assets. Northern Trust contributed thanks to operational efficiencies and higher net interest income. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Positioning in the information technology sector detracted most from performance. Two of the top four relative detractors were digital storage device makers Sandisk and Western Digital, to which we had no exposure. AI-fueled demand for NAND memory drove unprecedented price increases. We had avoided the stocks, which had been experiencing low returns on invested capital. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *March 15, 2022 through March 31, 2026* |

---

![10](ck0000908186-20260331_g28.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | Since Inception | Inception Date |
| **G Class** | 10.55% | 7.37% | 3/15/22 |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;Russell 3000 | 18.09% | 12.21% |  |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;Russell Midcap Value | 17.62% | 8.25% |  |

---

The regulatory index is provided as a broad measure of market performance. The performance index is provided because the advisor believes it is more reflective of the fund's investment strategy.<br>

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit americancentury.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $5568206301 |
| Management Fees (dollars paid during the reporting period) | $41944637 |
| Portfolio Turnover Rate | 62% |
| Total Number of Portfolio Holdings | 118 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 98.9% | Health Care Equipment and Supplies | 7% |
| Short-Term Investments | 0.8% | Banks | 7% |
| Other Assets and Liabilities | 0.3% | Electric Utilities | 6% |
|  |  | Insurance | 6% |
|  |  | Health Care Providers and Services | 6% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000908186-20260331_g3.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000908186-20260331_g1.jpg)

A-2508F588

------

**ANNUAL SHAREHOLDER REPORT**

Small Cap Dividend Fund ![ACI_Horiz_RGB_Black.jpg](ck0000908186-20260331_g1.jpg)

---

| | |
|:---|:---|
| **Investor Class (AMAEX)**  | **March 31, 2026** |

---

This annual shareholder report contains important information about Small Cap Dividend Fund for the period of April 1, 2025 to March 31, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Investor Class | $113 | 1.10% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Small Cap Dividend Fund Investor Class returned 4.85% for the reporting period ended March 31, 2026. | Small Cap Dividend Fund Investor Class returned 4.85% for the reporting period ended March 31, 2026. |
| The fund seeks long-term capital growth. Income is a secondary objective. The commentary below refers to the fund's performance relative to the Russell 2000 Value Index. | The fund seeks long-term capital growth. Income is a secondary objective. The commentary below refers to the fund's performance relative to the Russell 2000 Value Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Markets experienced sharp volatility as the period began with the Liberation Day tariffs and ended with the war in Iran. In between, the government endured a record shutdown, and the Federal Reserve cut interest rates three times. Stocks rose overall amid strong demand for lower-quality, high-momentum and artificial intelligence-related stocks, though investors turned to lower-volatility shares when risk spiked. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | It benefited relative results to underweight the poor-performing utilities sector. The overall top contributor to performance was Amkor Technology, which provides assembly and testing services to chipmakers. We believe the push to make chips domestically has been beneficial to Amkor, one of two companies in the U.S. capable of providing large-scale advanced packaging solutions. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The main source of weakness was stock selection in the materials sector, home to the number-one overall detractor, Graphic Packaging Holding. The company manufactures sustainable paper-based packaging for food, beverages and consumer goods. We believe it struggled as packaging demand has been impacted by a weaker low-end consumer. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock choices in the energy sector also detracted meaningfully from performance, largely a result of holdings in the oil, gas and consumable fuels industry. Here, the leading detractor was TXO Partners. This exploration and production company faced headwinds from West Texas Intermediate prices and from negative sentiment around the U.S. onshore oil and gas industry. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *April 5, 2022 through March 31, 2026* |

---

![10](ck0000908186-20260331_g29.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | Since Inception | Inception Date |
| **Investor Class** | 4.85% | 3.29% | 4/5/22 |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;Russell 3000 | 18.09% | 10.69% |  |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;Russell 2000 Value | 28.09% | 6.85% |  |

---

The regulatory index is provided as a broad measure of market performance. The performance index is provided because the advisor believes it is more reflective of the fund's investment strategy.<br>

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit americancentury.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $99584193 |
| Management Fees (dollars paid during the reporting period) | $222530 |
| Portfolio Turnover Rate | 69% |
| Total Number of Portfolio Holdings | 87 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| Common Stocks | 97.4% |
| Preferred Securities | 0.6% |
| Short-Term Investments | 2.5% |
| Other Assets and Liabilities | (0.5)% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000908186-20260331_g3.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000908186-20260331_g1.jpg)

A-2508F679

------

**ANNUAL SHAREHOLDER REPORT**

Small Cap Dividend Fund ![ACI_Horiz_RGB_Black.jpg](ck0000908186-20260331_g1.jpg)

---

| | |
|:---|:---|
| **I Class (AMAFX)**  | **March 31, 2026** |

---

This annual shareholder report contains important information about Small Cap Dividend Fund for the period of April 1, 2025 to March 31, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| I Class | $92 | 0.90% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Small Cap Dividend Fund I Class returned 5.21% for the reporting period ended March 31, 2026. | Small Cap Dividend Fund I Class returned 5.21% for the reporting period ended March 31, 2026. |
| The fund seeks long-term capital growth. Income is a secondary objective. The commentary below refers to the fund's performance relative to the Russell 2000 Value Index. | The fund seeks long-term capital growth. Income is a secondary objective. The commentary below refers to the fund's performance relative to the Russell 2000 Value Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Markets experienced sharp volatility as the period began with the Liberation Day tariffs and ended with the war in Iran. In between, the government endured a record shutdown, and the Federal Reserve cut interest rates three times. Stocks rose overall amid strong demand for lower-quality, high-momentum and artificial intelligence-related stocks, though investors turned to lower-volatility shares when risk spiked. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | It benefited relative results to underweight the poor-performing utilities sector. The overall top contributor to performance was Amkor Technology, which provides assembly and testing services to chipmakers. We believe the push to make chips domestically has been beneficial to Amkor, one of two companies in the U.S. capable of providing large-scale advanced packaging solutions. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The main source of weakness was stock selection in the materials sector, home to the number-one overall detractor, Graphic Packaging Holding. The company manufactures sustainable paper-based packaging for food, beverages and consumer goods. We believe it struggled as packaging demand has been impacted by a weaker low-end consumer. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock choices in the energy sector also detracted meaningfully from performance, largely a result of holdings in the oil, gas and consumable fuels industry. Here, the leading detractor was TXO Partners. This exploration and production company faced headwinds from West Texas Intermediate prices and from negative sentiment around the U.S. onshore oil and gas industry. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *April 5, 2022 through March 31, 2026* |

---

![10](ck0000908186-20260331_g30.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | Since Inception | Inception Date |
| **I Class** | 5.21% | 3.53% | 4/5/22 |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;Russell 3000 | 18.09% | 10.69% |  |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;Russell 2000 Value | 28.09% | 6.85% |  |

---

The regulatory index is provided as a broad measure of market performance. The performance index is provided because the advisor believes it is more reflective of the fund's investment strategy.<br>

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit americancentury.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $99584193 |
| Management Fees (dollars paid during the reporting period) | $222530 |
| Portfolio Turnover Rate | 69% |
| Total Number of Portfolio Holdings | 87 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| Common Stocks | 97.4% |
| Preferred Securities | 0.6% |
| Short-Term Investments | 2.5% |
| Other Assets and Liabilities | (0.5)% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000908186-20260331_g3.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000908186-20260331_g1.jpg)

A-2508F661

------

**ANNUAL SHAREHOLDER REPORT**

Small Cap Dividend Fund ![ACI_Horiz_RGB_Black.jpg](ck0000908186-20260331_g1.jpg)

---

| | |
|:---|:---|
| **A Class (AMAHX)**  | **March 31, 2026** |

---

This annual shareholder report contains important information about Small Cap Dividend Fund for the period of April 1, 2025 to March 31, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| A Class | $138 | 1.35% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Small Cap Dividend Fund A Class returned 4.75% for the reporting period ended March 31, 2026. | Small Cap Dividend Fund A Class returned 4.75% for the reporting period ended March 31, 2026. |
| The fund seeks long-term capital growth. Income is a secondary objective. The commentary below refers to the fund's performance relative to the Russell 2000 Value Index. | The fund seeks long-term capital growth. Income is a secondary objective. The commentary below refers to the fund's performance relative to the Russell 2000 Value Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Markets experienced sharp volatility as the period began with the Liberation Day tariffs and ended with the war in Iran. In between, the government endured a record shutdown, and the Federal Reserve cut interest rates three times. Stocks rose overall amid strong demand for lower-quality, high-momentum and artificial intelligence-related stocks, though investors turned to lower-volatility shares when risk spiked. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | It benefited relative results to underweight the poor-performing utilities sector. The overall top contributor to performance was Amkor Technology, which provides assembly and testing services to chipmakers. We believe the push to make chips domestically has been beneficial to Amkor, one of two companies in the U.S. capable of providing large-scale advanced packaging solutions. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The main source of weakness was stock selection in the materials sector, home to the number-one overall detractor, Graphic Packaging Holding. The company manufactures sustainable paper-based packaging for food, beverages and consumer goods. We believe it struggled as packaging demand has been impacted by a weaker low-end consumer. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock choices in the energy sector also detracted meaningfully from performance, largely a result of holdings in the oil, gas and consumable fuels industry. Here, the leading detractor was TXO Partners. This exploration and production company faced headwinds from West Texas Intermediate prices and from negative sentiment around the U.S. onshore oil and gas industry. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *April 5, 2022 through March 31, 2026* |
| *The initial investment is adjusted to reflect the maximum initial sales charge.* |

---

![10](ck0000908186-20260331_g31.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | Since Inception | Inception Date |
| **A Class** | 4.75% | 3.06% | 4/5/22 |
| **A Class - with sales charge** | -1.27% | 1.54% | 4/5/22 |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;Russell 3000 | 18.09% | 10.69% |  |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;Russell 2000 Value | 28.09% | 6.85% |  |

---

---

| |
|:---|
| The regulatory index is provided as a broad measure of market performance. The performance index is provided because the advisor believes it is more reflective of the fund's investment strategy. |
| A Class shares have a 5.75% maximum initial sales charge and may be subject to a maximum contingent deferred sales charge of 1.00%. |

---

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit americancentury.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $99584193 |
| Management Fees (dollars paid during the reporting period) | $222530 |
| Portfolio Turnover Rate | 69% |
| Total Number of Portfolio Holdings | 87 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| Common Stocks | 97.4% |
| Preferred Securities | 0.6% |
| Short-Term Investments | 2.5% |
| Other Assets and Liabilities | (0.5)% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000908186-20260331_g3.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000908186-20260331_g1.jpg)

A-2508F653

------

**ANNUAL SHAREHOLDER REPORT**

Small Cap Dividend Fund ![ACI_Horiz_RGB_Black.jpg](ck0000908186-20260331_g1.jpg)

---

| | |
|:---|:---|
| **R Class (AMAJX)**  | **March 31, 2026** |

---

This annual shareholder report contains important information about Small Cap Dividend Fund for the period of April 1, 2025 to March 31, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R Class | $163 | 1.60% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Small Cap Dividend Fund R Class returned 4.35% for the reporting period ended March 31, 2026. | Small Cap Dividend Fund R Class returned 4.35% for the reporting period ended March 31, 2026. |
| The fund seeks long-term capital growth. Income is a secondary objective. The commentary below refers to the fund's performance relative to the Russell 2000 Value Index. | The fund seeks long-term capital growth. Income is a secondary objective. The commentary below refers to the fund's performance relative to the Russell 2000 Value Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Markets experienced sharp volatility as the period began with the Liberation Day tariffs and ended with the war in Iran. In between, the government endured a record shutdown, and the Federal Reserve cut interest rates three times. Stocks rose overall amid strong demand for lower-quality, high-momentum and artificial intelligence-related stocks, though investors turned to lower-volatility shares when risk spiked. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | It benefited relative results to underweight the poor-performing utilities sector. The overall top contributor to performance was Amkor Technology, which provides assembly and testing services to chipmakers. We believe the push to make chips domestically has been beneficial to Amkor, one of two companies in the U.S. capable of providing large-scale advanced packaging solutions. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The main source of weakness was stock selection in the materials sector, home to the number-one overall detractor, Graphic Packaging Holding. The company manufactures sustainable paper-based packaging for food, beverages and consumer goods. We believe it struggled as packaging demand has been impacted by a weaker low-end consumer. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock choices in the energy sector also detracted meaningfully from performance, largely a result of holdings in the oil, gas and consumable fuels industry. Here, the leading detractor was TXO Partners. This exploration and production company faced headwinds from West Texas Intermediate prices and from negative sentiment around the U.S. onshore oil and gas industry. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *April 5, 2022 through March 31, 2026* |

---

![10](ck0000908186-20260331_g32.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | Since Inception | Inception Date |
| **R Class** | 4.35% | 2.79% | 4/5/22 |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;Russell 3000 | 18.09% | 10.69% |  |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;Russell 2000 Value | 28.09% | 6.85% |  |

---

The regulatory index is provided as a broad measure of market performance. The performance index is provided because the advisor believes it is more reflective of the fund's investment strategy.<br>

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit americancentury.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $99584193 |
| Management Fees (dollars paid during the reporting period) | $222530 |
| Portfolio Turnover Rate | 69% |
| Total Number of Portfolio Holdings | 87 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| Common Stocks | 97.4% |
| Preferred Securities | 0.6% |
| Short-Term Investments | 2.5% |
| Other Assets and Liabilities | (0.5)% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000908186-20260331_g3.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000908186-20260331_g1.jpg)

A-2508F646

------

**ANNUAL SHAREHOLDER REPORT**

Small Cap Dividend Fund ![ACI_Horiz_RGB_Black.jpg](ck0000908186-20260331_g1.jpg)

---

| | |
|:---|:---|
| **R6 Class (AMAKX)**  | **March 31, 2026** |

---

This annual shareholder report contains important information about Small Cap Dividend Fund for the period of April 1, 2025 to March 31, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R6 Class | $77 | 0.75% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Small Cap Dividend Fund R6 Class returned 5.34% for the reporting period ended March 31, 2026. | Small Cap Dividend Fund R6 Class returned 5.34% for the reporting period ended March 31, 2026. |
| The fund seeks long-term capital growth. Income is a secondary objective. The commentary below refers to the fund's performance relative to the Russell 2000 Value Index. | The fund seeks long-term capital growth. Income is a secondary objective. The commentary below refers to the fund's performance relative to the Russell 2000 Value Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Markets experienced sharp volatility as the period began with the Liberation Day tariffs and ended with the war in Iran. In between, the government endured a record shutdown, and the Federal Reserve cut interest rates three times. Stocks rose overall amid strong demand for lower-quality, high-momentum and artificial intelligence-related stocks, though investors turned to lower-volatility shares when risk spiked. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | It benefited relative results to underweight the poor-performing utilities sector. The overall top contributor to performance was Amkor Technology, which provides assembly and testing services to chipmakers. We believe the push to make chips domestically has been beneficial to Amkor, one of two companies in the U.S. capable of providing large-scale advanced packaging solutions. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The main source of weakness was stock selection in the materials sector, home to the number-one overall detractor, Graphic Packaging Holding. The company manufactures sustainable paper-based packaging for food, beverages and consumer goods. We believe it struggled as packaging demand has been impacted by a weaker low-end consumer. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock choices in the energy sector also detracted meaningfully from performance, largely a result of holdings in the oil, gas and consumable fuels industry. Here, the leading detractor was TXO Partners. This exploration and production company faced headwinds from West Texas Intermediate prices and from negative sentiment around the U.S. onshore oil and gas industry. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *April 5, 2022 through March 31, 2026* |

---

![10](ck0000908186-20260331_g33.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | Since Inception | Inception Date |
| **R6 Class** | 5.34% | 3.67% | 4/5/22 |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;Russell 3000 | 18.09% | 10.69% |  |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;Russell 2000 Value | 28.09% | 6.85% |  |

---

The regulatory index is provided as a broad measure of market performance. The performance index is provided because the advisor believes it is more reflective of the fund's investment strategy.<br>

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit americancentury.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $99584193 |
| Management Fees (dollars paid during the reporting period) | $222530 |
| Portfolio Turnover Rate | 69% |
| Total Number of Portfolio Holdings | 87 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| Common Stocks | 97.4% |
| Preferred Securities | 0.6% |
| Short-Term Investments | 2.5% |
| Other Assets and Liabilities | (0.5)% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000908186-20260331_g3.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000908186-20260331_g1.jpg)

A-2508F638

------

**ANNUAL SHAREHOLDER REPORT**

Small Cap Dividend Fund ![ACI_Horiz_RGB_Black.jpg](ck0000908186-20260331_g1.jpg)

---

| | |
|:---|:---|
| **G Class (AMALX)**  | **March 31, 2026** |

---

This annual shareholder report contains important information about Small Cap Dividend Fund for the period of April 1, 2025 to March 31, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| G Class | $1 | 0.01% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Small Cap Dividend Fund G Class returned 6.14% for the reporting period ended March 31, 2026. | Small Cap Dividend Fund G Class returned 6.14% for the reporting period ended March 31, 2026. |
| The fund seeks long-term capital growth. Income is a secondary objective. The commentary below refers to the fund's performance relative to the Russell 2000 Value Index. | The fund seeks long-term capital growth. Income is a secondary objective. The commentary below refers to the fund's performance relative to the Russell 2000 Value Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Markets experienced sharp volatility as the period began with the Liberation Day tariffs and ended with the war in Iran. In between, the government endured a record shutdown, and the Federal Reserve cut interest rates three times. Stocks rose overall amid strong demand for lower-quality, high-momentum and artificial intelligence-related stocks, though investors turned to lower-volatility shares when risk spiked. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | It benefited relative results to underweight the poor-performing utilities sector. The overall top contributor to performance was Amkor Technology, which provides assembly and testing services to chipmakers. We believe the push to make chips domestically has been beneficial to Amkor, one of two companies in the U.S. capable of providing large-scale advanced packaging solutions. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The main source of weakness was stock selection in the materials sector, home to the number-one overall detractor, Graphic Packaging Holding. The company manufactures sustainable paper-based packaging for food, beverages and consumer goods. We believe it struggled as packaging demand has been impacted by a weaker low-end consumer. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock choices in the energy sector also detracted meaningfully from performance, largely a result of holdings in the oil, gas and consumable fuels industry. Here, the leading detractor was TXO Partners. This exploration and production company faced headwinds from West Texas Intermediate prices and from negative sentiment around the U.S. onshore oil and gas industry. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *April 5, 2022 through March 31, 2026* |

---

![10](ck0000908186-20260331_g34.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | Since Inception | Inception Date |
| **G Class** | 6.14% | 4.44% | 4/5/22 |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;Russell 3000 | 18.09% | 10.69% |  |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;Russell 2000 Value | 28.09% | 6.85% |  |

---

The regulatory index is provided as a broad measure of market performance. The performance index is provided because the advisor believes it is more reflective of the fund's investment strategy.<br>

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit americancentury.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $99584193 |
| Management Fees (dollars paid during the reporting period) | $222530 |
| Portfolio Turnover Rate | 69% |
| Total Number of Portfolio Holdings | 87 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| Common Stocks | 97.4% |
| Preferred Securities | 0.6% |
| Short-Term Investments | 2.5% |
| Other Assets and Liabilities | (0.5)% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000908186-20260331_g3.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000908186-20260331_g1.jpg)

A-2508F620

------

**ANNUAL SHAREHOLDER REPORT**

Small Cap Value Fund ![ACI_Horiz_RGB_Black.jpg](ck0000908186-20260331_g1.jpg)

---

| | |
|:---|:---|
| **Investor Class (ASVIX)**  | **March 31, 2026** |

---

This annual shareholder report contains important information about Small Cap Value Fund for the period of April 1, 2025 to March 31, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Investor Class | $114 | 1.10% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Small Cap Value Fund Investor Class returned 7.15% for the reporting period ended March 31, 2026. | Small Cap Value Fund Investor Class returned 7.15% for the reporting period ended March 31, 2026. |
| The fund seeks long-term capital growth. Income is a secondary objective. The commentary below refers to the fund's performance relative to the Russell 2000 Value Index. | The fund seeks long-term capital growth. Income is a secondary objective. The commentary below refers to the fund's performance relative to the Russell 2000 Value Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Markets experienced sharp volatility as the period began with the Liberation Day tariffs and ended with the war in Iran. In between, the government endured a record shutdown, and the Federal Reserve cut interest rates three times. Stocks rose overall amid strong demand for lower-quality, high-momentum and artificial intelligence-related stocks, though investors turned to lower-volatility shares when risk spiked. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | It benefited relative results to have no exposure to the poor-performing utilities sector. Notable individual contributors were led by an overweight to GMS. Shares of this distributor of wallboard and other building products outperformed after being acquired at a significant premium. Semiconductor equipment maker Axcelis Technologies benefited from surging demand for its products. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The main source of weakness was stock selection in the materials sector, home to the number-one overall detractor, Graphic Packaging Holding. The company manufactures sustainable paper-based packaging for food, beverages and consumer goods. We believe it struggled as packaging demand has been impacted by a weaker low-end consumer. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Positioning in the financials sector also detracted. Several financial services firms were among the top-10 overall detractors, led by Euronet Worldwide. Despite Euronet's strong financial characteristics, we think the stock has been hindered by the rise of stablecoins and Trump administration immigration policies, both of which hurt its money transfer business. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *March 31, 2016 through March 31, 2026* |

---

![10](ck0000908186-20260331_g35.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | 10 Year |
| **Investor Class** | 7.15% | 3.20% | 9.41% |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;Russell 3000 | 18.09% | 10.87% | 13.72% |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;Russell 2000 Value | 28.09% | 5.79% | 9.61% |

---

The regulatory index is provided as a broad measure of market performance. The performance index is provided because the advisor believes it is more reflective of the fund's investment strategy.<br>

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit americancentury.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $3096656374 |
| Management Fees (dollars paid during the reporting period) | $33494246 |
| Portfolio Turnover Rate | 42% |
| Total Number of Portfolio Holdings | 106 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 99.6% | Banks | 21% |
| Short-Term Investments | 3.6% | Oil, Gas and Consumable Fuels | 11% |
| Other Assets and Liabilities | (3.2)% | Financial Services | 6% |
|  |  | Insurance | 5% |
|  |  | Machinery | 4% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000908186-20260331_g3.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000908186-20260331_g1.jpg)

A-25076852

------

**ANNUAL SHAREHOLDER REPORT**

Small Cap Value Fund ![ACI_Horiz_RGB_Black.jpg](ck0000908186-20260331_g1.jpg)

---

| | |
|:---|:---|
| **I Class (ACVIX)**  | **March 31, 2026** |

---

This annual shareholder report contains important information about Small Cap Value Fund for the period of April 1, 2025 to March 31, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| I Class | $93 | 0.90% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Small Cap Value Fund I Class returned 7.32% for the reporting period ended March 31, 2026. | Small Cap Value Fund I Class returned 7.32% for the reporting period ended March 31, 2026. |
| The fund seeks long-term capital growth. Income is a secondary objective. The commentary below refers to the fund's performance relative to the Russell 2000 Value Index. | The fund seeks long-term capital growth. Income is a secondary objective. The commentary below refers to the fund's performance relative to the Russell 2000 Value Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Markets experienced sharp volatility as the period began with the Liberation Day tariffs and ended with the war in Iran. In between, the government endured a record shutdown, and the Federal Reserve cut interest rates three times. Stocks rose overall amid strong demand for lower-quality, high-momentum and artificial intelligence-related stocks, though investors turned to lower-volatility shares when risk spiked. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | It benefited relative results to have no exposure to the poor-performing utilities sector. Notable individual contributors were led by an overweight to GMS. Shares of this distributor of wallboard and other building products outperformed after being acquired at a significant premium. Semiconductor equipment maker Axcelis Technologies benefited from surging demand for its products. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The main source of weakness was stock selection in the materials sector, home to the number-one overall detractor, Graphic Packaging Holding. The company manufactures sustainable paper-based packaging for food, beverages and consumer goods. We believe it struggled as packaging demand has been impacted by a weaker low-end consumer. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Positioning in the financials sector also detracted. Several financial services firms were among the top-10 overall detractors, led by Euronet Worldwide. Despite Euronet's strong financial characteristics, we think the stock has been hindered by the rise of stablecoins and Trump administration immigration policies, both of which hurt its money transfer business. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *March 31, 2016 through March 31, 2026* |

---

![10](ck0000908186-20260331_g36.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | 10 Year |
| **I Class** | 7.32% | 3.41% | 9.63% |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;Russell 3000 | 18.09% | 10.87% | 13.72% |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;Russell 2000 Value | 28.09% | 5.79% | 9.61% |

---

The regulatory index is provided as a broad measure of market performance. The performance index is provided because the advisor believes it is more reflective of the fund's investment strategy.<br>

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit americancentury.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $3096656374 |
| Management Fees (dollars paid during the reporting period) | $33494246 |
| Portfolio Turnover Rate | 42% |
| Total Number of Portfolio Holdings | 106 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 99.6% | Banks | 21% |
| Short-Term Investments | 3.6% | Oil, Gas and Consumable Fuels | 11% |
| Other Assets and Liabilities | (3.2)% | Financial Services | 6% |
|  |  | Insurance | 5% |
|  |  | Machinery | 4% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000908186-20260331_g3.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000908186-20260331_g1.jpg)

A-25076845

------

**ANNUAL SHAREHOLDER REPORT**

Small Cap Value Fund ![ACI_Horiz_RGB_Black.jpg](ck0000908186-20260331_g1.jpg)

---

| | |
|:---|:---|
| **Y Class (ASVYX)**  | **March 31, 2026** |

---

This annual shareholder report contains important information about Small Cap Value Fund for the period of April 1, 2025 to March 31, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Y Class | $78 | 0.75% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Small Cap Value Fund Y Class returned 7.42% for the reporting period ended March 31, 2026. | Small Cap Value Fund Y Class returned 7.42% for the reporting period ended March 31, 2026. |
| The fund seeks long-term capital growth. Income is a secondary objective. The commentary below refers to the fund's performance relative to the Russell 2000 Value Index. | The fund seeks long-term capital growth. Income is a secondary objective. The commentary below refers to the fund's performance relative to the Russell 2000 Value Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Markets experienced sharp volatility as the period began with the Liberation Day tariffs and ended with the war in Iran. In between, the government endured a record shutdown, and the Federal Reserve cut interest rates three times. Stocks rose overall amid strong demand for lower-quality, high-momentum and artificial intelligence-related stocks, though investors turned to lower-volatility shares when risk spiked. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | It benefited relative results to have no exposure to the poor-performing utilities sector. Notable individual contributors were led by an overweight to GMS. Shares of this distributor of wallboard and other building products outperformed after being acquired at a significant premium. Semiconductor equipment maker Axcelis Technologies benefited from surging demand for its products. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The main source of weakness was stock selection in the materials sector, home to the number-one overall detractor, Graphic Packaging Holding. The company manufactures sustainable paper-based packaging for food, beverages and consumer goods. We believe it struggled as packaging demand has been impacted by a weaker low-end consumer. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Positioning in the financials sector also detracted. Several financial services firms were among the top-10 overall detractors, led by Euronet Worldwide. Despite Euronet's strong financial characteristics, we think the stock has been hindered by the rise of stablecoins and Trump administration immigration policies, both of which hurt its money transfer business. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *April 10, 2017 through March 31, 2026* |

---

![10](ck0000908186-20260331_g37.jpg)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | Since Inception | Inception Date |
| **Y Class** | 7.42% | 3.55% | 7.82% | 4/10/17 |
| **Regulatory Index** |  |  |  |  |
| &nbsp;&nbsp;Russell 3000 | 18.09% | 10.87% | 13.31% |  |
| **Performance Index** |  |  |  |  |
| &nbsp;&nbsp;Russell 2000 Value | 28.09% | 5.79% | 7.78% |  |

---

The regulatory index is provided as a broad measure of market performance. The performance index is provided because the advisor believes it is more reflective of the fund's investment strategy.<br>

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit americancentury.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $3096656374 |
| Management Fees (dollars paid during the reporting period) | $33494246 |
| Portfolio Turnover Rate | 42% |
| Total Number of Portfolio Holdings | 106 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 99.6% | Banks | 21% |
| Short-Term Investments | 3.6% | Oil, Gas and Consumable Fuels | 11% |
| Other Assets and Liabilities | (3.2)% | Financial Services | 6% |
|  |  | Insurance | 5% |
|  |  | Machinery | 4% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000908186-20260331_g3.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000908186-20260331_g1.jpg)

A-2508F745

------

**ANNUAL SHAREHOLDER REPORT**

Small Cap Value Fund ![ACI_Horiz_RGB_Black.jpg](ck0000908186-20260331_g1.jpg)

---

| | |
|:---|:---|
| **A Class (ACSCX)**  | **March 31, 2026** |

---

This annual shareholder report contains important information about Small Cap Value Fund for the period of April 1, 2025 to March 31, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| A Class | $140 | 1.35% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Small Cap Value Fund A Class returned 6.83% for the reporting period ended March 31, 2026. | Small Cap Value Fund A Class returned 6.83% for the reporting period ended March 31, 2026. |
| The fund seeks long-term capital growth. Income is a secondary objective. The commentary below refers to the fund's performance relative to the Russell 2000 Value Index. | The fund seeks long-term capital growth. Income is a secondary objective. The commentary below refers to the fund's performance relative to the Russell 2000 Value Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Markets experienced sharp volatility as the period began with the Liberation Day tariffs and ended with the war in Iran. In between, the government endured a record shutdown, and the Federal Reserve cut interest rates three times. Stocks rose overall amid strong demand for lower-quality, high-momentum and artificial intelligence-related stocks, though investors turned to lower-volatility shares when risk spiked. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | It benefited relative results to have no exposure to the poor-performing utilities sector. Notable individual contributors were led by an overweight to GMS. Shares of this distributor of wallboard and other building products outperformed after being acquired at a significant premium. Semiconductor equipment maker Axcelis Technologies benefited from surging demand for its products. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The main source of weakness was stock selection in the materials sector, home to the number-one overall detractor, Graphic Packaging Holding. The company manufactures sustainable paper-based packaging for food, beverages and consumer goods. We believe it struggled as packaging demand has been impacted by a weaker low-end consumer. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Positioning in the financials sector also detracted. Several financial services firms were among the top-10 overall detractors, led by Euronet Worldwide. Despite Euronet's strong financial characteristics, we think the stock has been hindered by the rise of stablecoins and Trump administration immigration policies, both of which hurt its money transfer business. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *March 31, 2016 through March 31, 2026* |
| *The initial investment is adjusted to reflect the maximum initial sales charge.* |

---

![10](ck0000908186-20260331_g38.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | 10 Year |
| **A Class** | 6.83% | 2.95% | 9.14% |
| **A Class - with sales charge** | 0.69% | 1.74% | 8.49% |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;Russell 3000 | 18.09% | 10.87% | 13.72% |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;Russell 2000 Value | 28.09% | 5.79% | 9.61% |

---

---

| |
|:---|
| The regulatory index is provided as a broad measure of market performance. The performance index is provided because the advisor believes it is more reflective of the fund's investment strategy. |
| A Class shares have a 5.75% maximum initial sales charge and may be subject to a maximum contingent deferred sales charge of 1.00%. |

---

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit americancentury.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $3096656374 |
| Management Fees (dollars paid during the reporting period) | $33494246 |
| Portfolio Turnover Rate | 42% |
| Total Number of Portfolio Holdings | 106 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 99.6% | Banks | 21% |
| Short-Term Investments | 3.6% | Oil, Gas and Consumable Fuels | 11% |
| Other Assets and Liabilities | (3.2)% | Financial Services | 6% |
|  |  | Insurance | 5% |
|  |  | Machinery | 4% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000908186-20260331_g3.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000908186-20260331_g1.jpg)

A-25076837

------

**ANNUAL SHAREHOLDER REPORT**

Small Cap Value Fund ![ACI_Horiz_RGB_Black.jpg](ck0000908186-20260331_g1.jpg)

---

| | |
|:---|:---|
| **C Class (ASVNX)**  | **March 31, 2026** |

---

This annual shareholder report contains important information about Small Cap Value Fund for the period of April 1, 2025 to March 31, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| C Class | $216 | 2.10% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Small Cap Value Fund C Class returned 5.98% for the reporting period ended March 31, 2026. | Small Cap Value Fund C Class returned 5.98% for the reporting period ended March 31, 2026. |
| The fund seeks long-term capital growth. Income is a secondary objective. The commentary below refers to the fund's performance relative to the Russell 2000 Value Index. | The fund seeks long-term capital growth. Income is a secondary objective. The commentary below refers to the fund's performance relative to the Russell 2000 Value Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Markets experienced sharp volatility as the period began with the Liberation Day tariffs and ended with the war in Iran. In between, the government endured a record shutdown, and the Federal Reserve cut interest rates three times. Stocks rose overall amid strong demand for lower-quality, high-momentum and artificial intelligence-related stocks, though investors turned to lower-volatility shares when risk spiked. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | It benefited relative results to have no exposure to the poor-performing utilities sector. Notable individual contributors were led by an overweight to GMS. Shares of this distributor of wallboard and other building products outperformed after being acquired at a significant premium. Semiconductor equipment maker Axcelis Technologies benefited from surging demand for its products. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The main source of weakness was stock selection in the materials sector, home to the number-one overall detractor, Graphic Packaging Holding. The company manufactures sustainable paper-based packaging for food, beverages and consumer goods. We believe it struggled as packaging demand has been impacted by a weaker low-end consumer. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Positioning in the financials sector also detracted. Several financial services firms were among the top-10 overall detractors, led by Euronet Worldwide. Despite Euronet's strong financial characteristics, we think the stock has been hindered by the rise of stablecoins and Trump administration immigration policies, both of which hurt its money transfer business. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *March 31, 2016 through March 31, 2026* |

---

![10](ck0000908186-20260331_g39.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | 10 Year |
| **C Class** | 5.98% | 2.17% | 8.31% |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;Russell 3000 | 18.09% | 10.87% | 13.72% |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;Russell 2000 Value | 28.09% | 5.79% | 9.61% |

---

---

| |
|:---|
| The regulatory index is provided as a broad measure of market performance. The performance index is provided because the advisor believes it is more reflective of the fund's investment strategy. |
| C Class shares will automatically convert to A Class shares after being held for approximately eight years. C Class average annual returns do not reflect this conversion. |

---

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit americancentury.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $3096656374 |
| Management Fees (dollars paid during the reporting period) | $33494246 |
| Portfolio Turnover Rate | 42% |
| Total Number of Portfolio Holdings | 106 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 99.6% | Banks | 21% |
| Short-Term Investments | 3.6% | Oil, Gas and Consumable Fuels | 11% |
| Other Assets and Liabilities | (3.2)% | Financial Services | 6% |
|  |  | Insurance | 5% |
|  |  | Machinery | 4% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000908186-20260331_g3.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000908186-20260331_g1.jpg)

A-25076530

------

**ANNUAL SHAREHOLDER REPORT**

Small Cap Value Fund ![ACI_Horiz_RGB_Black.jpg](ck0000908186-20260331_g1.jpg)

---

| | |
|:---|:---|
| **R Class (ASVRX)**  | **March 31, 2026** |

---

This annual shareholder report contains important information about Small Cap Value Fund for the period of April 1, 2025 to March 31, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R Class | $165 | 1.60% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Small Cap Value Fund R Class returned 6.58% for the reporting period ended March 31, 2026. | Small Cap Value Fund R Class returned 6.58% for the reporting period ended March 31, 2026. |
| The fund seeks long-term capital growth. Income is a secondary objective. The commentary below refers to the fund's performance relative to the Russell 2000 Value Index. | The fund seeks long-term capital growth. Income is a secondary objective. The commentary below refers to the fund's performance relative to the Russell 2000 Value Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Markets experienced sharp volatility as the period began with the Liberation Day tariffs and ended with the war in Iran. In between, the government endured a record shutdown, and the Federal Reserve cut interest rates three times. Stocks rose overall amid strong demand for lower-quality, high-momentum and artificial intelligence-related stocks, though investors turned to lower-volatility shares when risk spiked. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | It benefited relative results to have no exposure to the poor-performing utilities sector. Notable individual contributors were led by an overweight to GMS. Shares of this distributor of wallboard and other building products outperformed after being acquired at a significant premium. Semiconductor equipment maker Axcelis Technologies benefited from surging demand for its products. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The main source of weakness was stock selection in the materials sector, home to the number-one overall detractor, Graphic Packaging Holding. The company manufactures sustainable paper-based packaging for food, beverages and consumer goods. We believe it struggled as packaging demand has been impacted by a weaker low-end consumer. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Positioning in the financials sector also detracted. Several financial services firms were among the top-10 overall detractors, led by Euronet Worldwide. Despite Euronet's strong financial characteristics, we think the stock has been hindered by the rise of stablecoins and Trump administration immigration policies, both of which hurt its money transfer business. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *March 31, 2016 through March 31, 2026* |

---

![10](ck0000908186-20260331_g40.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | 10 Year |
| **R Class** | 6.58% | 2.68% | 8.86% |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;Russell 3000 | 18.09% | 10.87% | 13.72% |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;Russell 2000 Value | 28.09% | 5.79% | 9.61% |

---

The regulatory index is provided as a broad measure of market performance. The performance index is provided because the advisor believes it is more reflective of the fund's investment strategy.<br>

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit americancentury.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $3096656374 |
| Management Fees (dollars paid during the reporting period) | $33494246 |
| Portfolio Turnover Rate | 42% |
| Total Number of Portfolio Holdings | 106 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 99.6% | Banks | 21% |
| Short-Term Investments | 3.6% | Oil, Gas and Consumable Fuels | 11% |
| Other Assets and Liabilities | (3.2)% | Financial Services | 6% |
|  |  | Insurance | 5% |
|  |  | Machinery | 4% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000908186-20260331_g3.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000908186-20260331_g1.jpg)

A-25076522

------

**ANNUAL SHAREHOLDER REPORT**

Small Cap Value Fund ![ACI_Horiz_RGB_Black.jpg](ck0000908186-20260331_g1.jpg)

---

| | |
|:---|:---|
| **R5 Class (ASVGX)**  | **March 31, 2026** |

---

This annual shareholder report contains important information about Small Cap Value Fund for the period of April 1, 2025 to March 31, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R5 Class | $93 | 0.90% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Small Cap Value Fund R5 Class returned 7.19% for the reporting period ended March 31, 2026. | Small Cap Value Fund R5 Class returned 7.19% for the reporting period ended March 31, 2026. |
| The fund seeks long-term capital growth. Income is a secondary objective. The commentary below refers to the fund's performance relative to the Russell 2000 Value Index. | The fund seeks long-term capital growth. Income is a secondary objective. The commentary below refers to the fund's performance relative to the Russell 2000 Value Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Markets experienced sharp volatility as the period began with the Liberation Day tariffs and ended with the war in Iran. In between, the government endured a record shutdown, and the Federal Reserve cut interest rates three times. Stocks rose overall amid strong demand for lower-quality, high-momentum and artificial intelligence-related stocks, though investors turned to lower-volatility shares when risk spiked. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | It benefited relative results to have no exposure to the poor-performing utilities sector. Notable individual contributors were led by an overweight to GMS. Shares of this distributor of wallboard and other building products outperformed after being acquired at a significant premium. Semiconductor equipment maker Axcelis Technologies benefited from surging demand for its products. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The main source of weakness was stock selection in the materials sector, home to the number-one overall detractor, Graphic Packaging Holding. The company manufactures sustainable paper-based packaging for food, beverages and consumer goods. We believe it struggled as packaging demand has been impacted by a weaker low-end consumer. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Positioning in the financials sector also detracted. Several financial services firms were among the top-10 overall detractors, led by Euronet Worldwide. Despite Euronet's strong financial characteristics, we think the stock has been hindered by the rise of stablecoins and Trump administration immigration policies, both of which hurt its money transfer business. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *April 10, 2017 through March 31, 2026* |

---

![10](ck0000908186-20260331_g41.jpg)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | Since Inception | Inception Date |
| **R5 Class** | 7.19% | 3.39% | 7.64% | 4/10/17 |
| **Regulatory Index** |  |  |  |  |
| &nbsp;&nbsp;Russell 3000 | 18.09% | 10.87% | 13.31% |  |
| **Performance Index** |  |  |  |  |
| &nbsp;&nbsp;Russell 2000 Value | 28.09% | 5.79% | 7.78% |  |

---

The regulatory index is provided as a broad measure of market performance. The performance index is provided because the advisor believes it is more reflective of the fund's investment strategy.<br>

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit americancentury.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $3096656374 |
| Management Fees (dollars paid during the reporting period) | $33494246 |
| Portfolio Turnover Rate | 42% |
| Total Number of Portfolio Holdings | 106 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 99.6% | Banks | 21% |
| Short-Term Investments | 3.6% | Oil, Gas and Consumable Fuels | 11% |
| Other Assets and Liabilities | (3.2)% | Financial Services | 6% |
|  |  | Insurance | 5% |
|  |  | Machinery | 4% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000908186-20260331_g3.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000908186-20260331_g1.jpg)

A-2508F752

------

**ANNUAL SHAREHOLDER REPORT**

Small Cap Value Fund ![ACI_Horiz_RGB_Black.jpg](ck0000908186-20260331_g1.jpg)

---

| | |
|:---|:---|
| **R6 Class (ASVDX)**  | **March 31, 2026** |

---

This annual shareholder report contains important information about Small Cap Value Fund for the period of April 1, 2025 to March 31, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R6 Class | $78 | 0.75% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Small Cap Value Fund R6 Class returned 7.44% for the reporting period ended March 31, 2026. | Small Cap Value Fund R6 Class returned 7.44% for the reporting period ended March 31, 2026. |
| The fund seeks long-term capital growth. Income is a secondary objective. The commentary below refers to the fund's performance relative to the Russell 2000 Value Index. | The fund seeks long-term capital growth. Income is a secondary objective. The commentary below refers to the fund's performance relative to the Russell 2000 Value Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Markets experienced sharp volatility as the period began with the Liberation Day tariffs and ended with the war in Iran. In between, the government endured a record shutdown, and the Federal Reserve cut interest rates three times. Stocks rose overall amid strong demand for lower-quality, high-momentum and artificial intelligence-related stocks, though investors turned to lower-volatility shares when risk spiked. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | It benefited relative results to have no exposure to the poor-performing utilities sector. Notable individual contributors were led by an overweight to GMS. Shares of this distributor of wallboard and other building products outperformed after being acquired at a significant premium. Semiconductor equipment maker Axcelis Technologies benefited from surging demand for its products. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The main source of weakness was stock selection in the materials sector, home to the number-one overall detractor, Graphic Packaging Holding. The company manufactures sustainable paper-based packaging for food, beverages and consumer goods. We believe it struggled as packaging demand has been impacted by a weaker low-end consumer. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Positioning in the financials sector also detracted. Several financial services firms were among the top-10 overall detractors, led by Euronet Worldwide. Despite Euronet's strong financial characteristics, we think the stock has been hindered by the rise of stablecoins and Trump administration immigration policies, both of which hurt its money transfer business. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *March 31, 2016 through March 31, 2026* |

---

![10](ck0000908186-20260331_g42.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | 10 Year |
| **R6 Class** | 7.44% | 3.56% | 9.78% |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;Russell 3000 | 18.09% | 10.87% | 13.72% |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;Russell 2000 Value | 28.09% | 5.79% | 9.61% |

---

The regulatory index is provided as a broad measure of market performance. The performance index is provided because the advisor believes it is more reflective of the fund's investment strategy.<br>

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit americancentury.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $3096656374 |
| Management Fees (dollars paid during the reporting period) | $33494246 |
| Portfolio Turnover Rate | 42% |
| Total Number of Portfolio Holdings | 106 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 99.6% | Banks | 21% |
| Short-Term Investments | 3.6% | Oil, Gas and Consumable Fuels | 11% |
| Other Assets and Liabilities | (3.2)% | Financial Services | 6% |
|  |  | Insurance | 5% |
|  |  | Machinery | 4% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000908186-20260331_g3.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000908186-20260331_g1.jpg)

A-25076324

------

**ANNUAL SHAREHOLDER REPORT**

Small Cap Value Fund ![ACI_Horiz_RGB_Black.jpg](ck0000908186-20260331_g1.jpg)

---

| | |
|:---|:---|
| **G Class (ASVHX)**  | **March 31, 2026** |

---

This annual shareholder report contains important information about Small Cap Value Fund for the period of April 1, 2025 to March 31, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| G Class | $0 | 0.00% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Small Cap Value Fund G Class returned 8.25% for the reporting period ended March 31, 2026. | Small Cap Value Fund G Class returned 8.25% for the reporting period ended March 31, 2026. |
| The fund seeks long-term capital growth. Income is a secondary objective. The commentary below refers to the fund's performance relative to the Russell 2000 Value Index. | The fund seeks long-term capital growth. Income is a secondary objective. The commentary below refers to the fund's performance relative to the Russell 2000 Value Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Markets experienced sharp volatility as the period began with the Liberation Day tariffs and ended with the war in Iran. In between, the government endured a record shutdown, and the Federal Reserve cut interest rates three times. Stocks rose overall amid strong demand for lower-quality, high-momentum and artificial intelligence-related stocks, though investors turned to lower-volatility shares when risk spiked. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | It benefited relative results to have no exposure to the poor-performing utilities sector. Notable individual contributors were led by an overweight to GMS. Shares of this distributor of wallboard and other building products outperformed after being acquired at a significant premium. Semiconductor equipment maker Axcelis Technologies benefited from surging demand for its products. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The main source of weakness was stock selection in the materials sector, home to the number-one overall detractor, Graphic Packaging Holding. The company manufactures sustainable paper-based packaging for food, beverages and consumer goods. We believe it struggled as packaging demand has been impacted by a weaker low-end consumer. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Positioning in the financials sector also detracted. Several financial services firms were among the top-10 overall detractors, led by Euronet Worldwide. Despite Euronet's strong financial characteristics, we think the stock has been hindered by the rise of stablecoins and Trump administration immigration policies, both of which hurt its money transfer business. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *April 1, 2019 through March 31, 2026* |

---

![10](ck0000908186-20260331_g43.jpg)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | Since Inception | Inception Date |
| **G Class** | 8.25% | 4.32% | 10.06% | 4/1/19 |
| **Regulatory Index** |  |  |  |  |
| &nbsp;&nbsp;Russell 3000 | 18.09% | 10.87% | 13.62% |  |
| **Performance Index** |  |  |  |  |
| &nbsp;&nbsp;Russell 2000 Value | 28.09% | 5.79% | 8.86% |  |

---

The regulatory index is provided as a broad measure of market performance. The performance index is provided because the advisor believes it is more reflective of the fund's investment strategy.<br>

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit americancentury.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $3096656374 |
| Management Fees (dollars paid during the reporting period) | $33494246 |
| Portfolio Turnover Rate | 42% |
| Total Number of Portfolio Holdings | 106 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 99.6% | Banks | 21% |
| Short-Term Investments | 3.6% | Oil, Gas and Consumable Fuels | 11% |
| Other Assets and Liabilities | (3.2)% | Financial Services | 6% |
|  |  | Insurance | 5% |
|  |  | Machinery | 4% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000908186-20260331_g3.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000908186-20260331_g1.jpg)

A-2508F695

------

**ANNUAL SHAREHOLDER REPORT**

Value Fund ![ACI_Horiz_RGB_Black.jpg](ck0000908186-20260331_g1.jpg)

---

| | |
|:---|:---|
| **Investor Class (TWVLX)**  | **March 31, 2026** |

---

This annual shareholder report contains important information about Value Fund for the period of April 1, 2025 to March 31, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Investor Class | $103 | 0.96% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Value Fund Investor Class returned 14.50% for the reporting period ended March 31, 2026. | Value Fund Investor Class returned 14.50% for the reporting period ended March 31, 2026. |
| The fund seeks long-term capital growth. Income is a secondary objective. The commentary below refers to the fund's performance relative to the Russell 1000 Value Index. | The fund seeks long-term capital growth. Income is a secondary objective. The commentary below refers to the fund's performance relative to the Russell 1000 Value Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Markets experienced sharp volatility as the period began with the Liberation Day tariffs and ended with the war in Iran. In between, the government endured a record shutdown, and the Federal Reserve (Fed) cut interest rates three times. Stocks rose overall amid strong demand for lower-quality, high-momentum and artificial intelligence (AI)-related stocks, though investors turned to lower-volatility shares when risk spiked. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock choices in financials were key sources of strength, led by holdings in the capital markets industry, where State Street and The Bank of New York Mellon contributed most. State Street benefited from strong financial market performance, seeing assets under management and fees surge. BNY Mellon saw profits jump amid operational efficiencies as Fed rate cuts improved net interest margins. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock selection in consumer discretionary also helped. The top contributor was automotive supplier BorgWarner, which improved margins even as its electric vehicle products business outperformed the broader industry. It was also beneficial to have no exposure to Amazon.com, which lagged amid worries about the uncertain payoff for its record spending on AI for its cloud business. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Positioning in the consumer staples sector detracted most from performance. Personal care products company Kenvue was a leading overall detractor due to negative press associated with the administration's claims about potential ties between the usage of Tylenol, a large Kenvue brand, during pregnancy and autism. Though disappointing, we believe the issue is manageable for Kenvue. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *March 31, 2016 through March 31, 2026* |

---

![10](ck0000908186-20260331_g44.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | 10 Year |
| **Investor Class** | 14.50% | 9.06% | 10.01% |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;Russell 1000 | 17.74% | 11.34% | 13.97% |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;Russell 1000 Value | 15.87% | 9.43% | 10.58% |

---

The regulatory index is provided as a broad measure of market performance. The performance index is provided because the advisor believes it is more reflective of the fund's investment strategy.<br>

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit americancentury.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $1752111810 |
| Management Fees (dollars paid during the reporting period) | $18585844 |
| Portfolio Turnover Rate | 55% |
| Total Number of Portfolio Holdings | 100 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 97.8% | Banks | 9% |
| Short-Term Investments | 1.8% | Oil, Gas and Consumable Fuels | 6% |
| Other Assets and Liabilities | 0.4% | Pharmaceuticals | 6% |
|  |  | Capital Markets | 5% |
|  |  | Health Care Providers and Services | 5% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000908186-20260331_g3.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000908186-20260331_g1.jpg)

A-25076506

------

**ANNUAL SHAREHOLDER REPORT**

Value Fund ![ACI_Horiz_RGB_Black.jpg](ck0000908186-20260331_g1.jpg)

---

| | |
|:---|:---|
| **I Class (AVLIX)**  | **March 31, 2026** |

---

This annual shareholder report contains important information about Value Fund for the period of April 1, 2025 to March 31, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| I Class | $82 | 0.76% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Value Fund I Class returned 14.66% for the reporting period ended March 31, 2026. | Value Fund I Class returned 14.66% for the reporting period ended March 31, 2026. |
| The fund seeks long-term capital growth. Income is a secondary objective. The commentary below refers to the fund's performance relative to the Russell 1000 Value Index. | The fund seeks long-term capital growth. Income is a secondary objective. The commentary below refers to the fund's performance relative to the Russell 1000 Value Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Markets experienced sharp volatility as the period began with the Liberation Day tariffs and ended with the war in Iran. In between, the government endured a record shutdown, and the Federal Reserve (Fed) cut interest rates three times. Stocks rose overall amid strong demand for lower-quality, high-momentum and artificial intelligence (AI)-related stocks, though investors turned to lower-volatility shares when risk spiked. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock choices in financials were key sources of strength, led by holdings in the capital markets industry, where State Street and The Bank of New York Mellon contributed most. State Street benefited from strong financial market performance, seeing assets under management and fees surge. BNY Mellon saw profits jump amid operational efficiencies as Fed rate cuts improved net interest margins. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock selection in consumer discretionary also helped. The top contributor was automotive supplier BorgWarner, which improved margins even as its electric vehicle products business outperformed the broader industry. It was also beneficial to have no exposure to Amazon.com, which lagged amid worries about the uncertain payoff for its record spending on AI for its cloud business. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Positioning in the consumer staples sector detracted most from performance. Personal care products company Kenvue was a leading overall detractor due to negative press associated with the administration's claims about potential ties between the usage of Tylenol, a large Kenvue brand, during pregnancy and autism. Though disappointing, we believe the issue is manageable for Kenvue. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *March 31, 2016 through March 31, 2026* |

---

![10](ck0000908186-20260331_g45.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | 10 Year |
| **I Class** | 14.66% | 9.27% | 10.22% |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;Russell 1000 | 17.74% | 11.34% | 13.97% |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;Russell 1000 Value | 15.87% | 9.43% | 10.58% |

---

The regulatory index is provided as a broad measure of market performance. The performance index is provided because the advisor believes it is more reflective of the fund's investment strategy.<br>

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit americancentury.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $1752111810 |
| Management Fees (dollars paid during the reporting period) | $18585844 |
| Portfolio Turnover Rate | 55% |
| Total Number of Portfolio Holdings | 100 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 97.8% | Banks | 9% |
| Short-Term Investments | 1.8% | Oil, Gas and Consumable Fuels | 6% |
| Other Assets and Liabilities | 0.4% | Pharmaceuticals | 6% |
|  |  | Capital Markets | 5% |
|  |  | Health Care Providers and Services | 5% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000908186-20260331_g3.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000908186-20260331_g1.jpg)

A-25076605

------

**ANNUAL SHAREHOLDER REPORT**

Value Fund ![ACI_Horiz_RGB_Black.jpg](ck0000908186-20260331_g1.jpg)

---

| | |
|:---|:---|
| **Y Class (AVUYX)**  | **March 31, 2026** |

---

This annual shareholder report contains important information about Value Fund for the period of April 1, 2025 to March 31, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Y Class | $66 | 0.61% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Value Fund Y Class returned 14.83% for the reporting period ended March 31, 2026. | Value Fund Y Class returned 14.83% for the reporting period ended March 31, 2026. |
| The fund seeks long-term capital growth. Income is a secondary objective. The commentary below refers to the fund's performance relative to the Russell 1000 Value Index. | The fund seeks long-term capital growth. Income is a secondary objective. The commentary below refers to the fund's performance relative to the Russell 1000 Value Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Markets experienced sharp volatility as the period began with the Liberation Day tariffs and ended with the war in Iran. In between, the government endured a record shutdown, and the Federal Reserve (Fed) cut interest rates three times. Stocks rose overall amid strong demand for lower-quality, high-momentum and artificial intelligence (AI)-related stocks, though investors turned to lower-volatility shares when risk spiked. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock choices in financials were key sources of strength, led by holdings in the capital markets industry, where State Street and The Bank of New York Mellon contributed most. State Street benefited from strong financial market performance, seeing assets under management and fees surge. BNY Mellon saw profits jump amid operational efficiencies as Fed rate cuts improved net interest margins. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock selection in consumer discretionary also helped. The top contributor was automotive supplier BorgWarner, which improved margins even as its electric vehicle products business outperformed the broader industry. It was also beneficial to have no exposure to Amazon.com, which lagged amid worries about the uncertain payoff for its record spending on AI for its cloud business. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Positioning in the consumer staples sector detracted most from performance. Personal care products company Kenvue was a leading overall detractor due to negative press associated with the administration's claims about potential ties between the usage of Tylenol, a large Kenvue brand, during pregnancy and autism. Though disappointing, we believe the issue is manageable for Kenvue. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *April 10, 2017 through March 31, 2026* |

---

![10](ck0000908186-20260331_g46.jpg)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | Since Inception | Inception Date |
| **Y Class** | 14.83% | 9.43% | 9.39% | 4/10/17 |
| **Regulatory Index** |  |  |  |  |
| &nbsp;&nbsp;Russell 1000 | 17.74% | 11.34% | 13.65% |  |
| **Performance Index** |  |  |  |  |
| &nbsp;&nbsp;Russell 1000 Value | 15.87% | 9.43% | 9.70% |  |

---

The regulatory index is provided as a broad measure of market performance. The performance index is provided because the advisor believes it is more reflective of the fund's investment strategy.<br>

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit americancentury.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $1752111810 |
| Management Fees (dollars paid during the reporting period) | $18585844 |
| Portfolio Turnover Rate | 55% |
| Total Number of Portfolio Holdings | 100 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 97.8% | Banks | 9% |
| Short-Term Investments | 1.8% | Oil, Gas and Consumable Fuels | 6% |
| Other Assets and Liabilities | 0.4% | Pharmaceuticals | 6% |
|  |  | Capital Markets | 5% |
|  |  | Health Care Providers and Services | 5% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000908186-20260331_g3.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000908186-20260331_g1.jpg)

A-2508F729

------

**ANNUAL SHAREHOLDER REPORT**

Value Fund ![ACI_Horiz_RGB_Black.jpg](ck0000908186-20260331_g1.jpg)

---

| | |
|:---|:---|
| **A Class (TWADX)**  | **March 31, 2026** |

---

This annual shareholder report contains important information about Value Fund for the period of April 1, 2025 to March 31, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| A Class | $130 | 1.21% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Value Fund A Class returned 14.26% for the reporting period ended March 31, 2026. | Value Fund A Class returned 14.26% for the reporting period ended March 31, 2026. |
| The fund seeks long-term capital growth. Income is a secondary objective. The commentary below refers to the fund's performance relative to the Russell 1000 Value Index. | The fund seeks long-term capital growth. Income is a secondary objective. The commentary below refers to the fund's performance relative to the Russell 1000 Value Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Markets experienced sharp volatility as the period began with the Liberation Day tariffs and ended with the war in Iran. In between, the government endured a record shutdown, and the Federal Reserve (Fed) cut interest rates three times. Stocks rose overall amid strong demand for lower-quality, high-momentum and artificial intelligence (AI)-related stocks, though investors turned to lower-volatility shares when risk spiked. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock choices in financials were key sources of strength, led by holdings in the capital markets industry, where State Street and The Bank of New York Mellon contributed most. State Street benefited from strong financial market performance, seeing assets under management and fees surge. BNY Mellon saw profits jump amid operational efficiencies as Fed rate cuts improved net interest margins. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock selection in consumer discretionary also helped. The top contributor was automotive supplier BorgWarner, which improved margins even as its electric vehicle products business outperformed the broader industry. It was also beneficial to have no exposure to Amazon.com, which lagged amid worries about the uncertain payoff for its record spending on AI for its cloud business. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Positioning in the consumer staples sector detracted most from performance. Personal care products company Kenvue was a leading overall detractor due to negative press associated with the administration's claims about potential ties between the usage of Tylenol, a large Kenvue brand, during pregnancy and autism. Though disappointing, we believe the issue is manageable for Kenvue. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *March 31, 2016 through March 31, 2026* |
| *The initial investment is adjusted to reflect the maximum initial sales charge.* |

---

![10](ck0000908186-20260331_g47.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | 10 Year |
| **A Class** | 14.26% | 8.78% | 9.72% |
| **A Class - with sales charge** | 7.69% | 7.50% | 9.08% |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;Russell 1000 | 17.74% | 11.34% | 13.97% |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;Russell 1000 Value | 15.87% | 9.43% | 10.58% |

---

---

| |
|:---|
| The regulatory index is provided as a broad measure of market performance. The performance index is provided because the advisor believes it is more reflective of the fund's investment strategy. |
| A Class shares have a 5.75% maximum initial sales charge and may be subject to a maximum contingent deferred sales charge of 1.00%. |

---

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit americancentury.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $1752111810 |
| Management Fees (dollars paid during the reporting period) | $18585844 |
| Portfolio Turnover Rate | 55% |
| Total Number of Portfolio Holdings | 100 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 97.8% | Banks | 9% |
| Short-Term Investments | 1.8% | Oil, Gas and Consumable Fuels | 6% |
| Other Assets and Liabilities | 0.4% | Pharmaceuticals | 6% |
|  |  | Capital Markets | 5% |
|  |  | Health Care Providers and Services | 5% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000908186-20260331_g3.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000908186-20260331_g1.jpg)

A-25076803

------

**ANNUAL SHAREHOLDER REPORT**

Value Fund ![ACI_Horiz_RGB_Black.jpg](ck0000908186-20260331_g1.jpg)

---

| | |
|:---|:---|
| **C Class (ACLCX)**  | **March 31, 2026** |

---

This annual shareholder report contains important information about Value Fund for the period of April 1, 2025 to March 31, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| C Class | $209 | 1.96% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Value Fund C Class returned 13.43% for the reporting period ended March 31, 2026. | Value Fund C Class returned 13.43% for the reporting period ended March 31, 2026. |
| The fund seeks long-term capital growth. Income is a secondary objective. The commentary below refers to the fund's performance relative to the Russell 1000 Value Index. | The fund seeks long-term capital growth. Income is a secondary objective. The commentary below refers to the fund's performance relative to the Russell 1000 Value Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Markets experienced sharp volatility as the period began with the Liberation Day tariffs and ended with the war in Iran. In between, the government endured a record shutdown, and the Federal Reserve (Fed) cut interest rates three times. Stocks rose overall amid strong demand for lower-quality, high-momentum and artificial intelligence (AI)-related stocks, though investors turned to lower-volatility shares when risk spiked. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock choices in financials were key sources of strength, led by holdings in the capital markets industry, where State Street and The Bank of New York Mellon contributed most. State Street benefited from strong financial market performance, seeing assets under management and fees surge. BNY Mellon saw profits jump amid operational efficiencies as Fed rate cuts improved net interest margins. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock selection in consumer discretionary also helped. The top contributor was automotive supplier BorgWarner, which improved margins even as its electric vehicle products business outperformed the broader industry. It was also beneficial to have no exposure to Amazon.com, which lagged amid worries about the uncertain payoff for its record spending on AI for its cloud business. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Positioning in the consumer staples sector detracted most from performance. Personal care products company Kenvue was a leading overall detractor due to negative press associated with the administration's claims about potential ties between the usage of Tylenol, a large Kenvue brand, during pregnancy and autism. Though disappointing, we believe the issue is manageable for Kenvue. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *March 31, 2016 through March 31, 2026* |

---

![10](ck0000908186-20260331_g48.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | 10 Year |
| **C Class** | 13.43% | 7.99% | 8.91% |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;Russell 1000 | 17.74% | 11.34% | 13.97% |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;Russell 1000 Value | 15.87% | 9.43% | 10.58% |

---

---

| |
|:---|
| The regulatory index is provided as a broad measure of market performance. The performance index is provided because the advisor believes it is more reflective of the fund's investment strategy. |
| C Class shares will automatically convert to A Class shares after being held for approximately eight years. C Class average annual returns do not reflect this conversion. |

---

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit americancentury.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $1752111810 |
| Management Fees (dollars paid during the reporting period) | $18585844 |
| Portfolio Turnover Rate | 55% |
| Total Number of Portfolio Holdings | 100 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 97.8% | Banks | 9% |
| Short-Term Investments | 1.8% | Oil, Gas and Consumable Fuels | 6% |
| Other Assets and Liabilities | 0.4% | Pharmaceuticals | 6% |
|  |  | Capital Markets | 5% |
|  |  | Health Care Providers and Services | 5% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000908186-20260331_g3.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000908186-20260331_g1.jpg)

A-25076761

------

**ANNUAL SHAREHOLDER REPORT**

Value Fund ![ACI_Horiz_RGB_Black.jpg](ck0000908186-20260331_g1.jpg)

---

| | |
|:---|:---|
| **R Class (AVURX)**  | **March 31, 2026** |

---

This annual shareholder report contains important information about Value Fund for the period of April 1, 2025 to March 31, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R Class | $156 | 1.46% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Value Fund R Class returned 13.97% for the reporting period ended March 31, 2026. | Value Fund R Class returned 13.97% for the reporting period ended March 31, 2026. |
| The fund seeks long-term capital growth. Income is a secondary objective. The commentary below refers to the fund's performance relative to the Russell 1000 Value Index. | The fund seeks long-term capital growth. Income is a secondary objective. The commentary below refers to the fund's performance relative to the Russell 1000 Value Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Markets experienced sharp volatility as the period began with the Liberation Day tariffs and ended with the war in Iran. In between, the government endured a record shutdown, and the Federal Reserve (Fed) cut interest rates three times. Stocks rose overall amid strong demand for lower-quality, high-momentum and artificial intelligence (AI)-related stocks, though investors turned to lower-volatility shares when risk spiked. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock choices in financials were key sources of strength, led by holdings in the capital markets industry, where State Street and The Bank of New York Mellon contributed most. State Street benefited from strong financial market performance, seeing assets under management and fees surge. BNY Mellon saw profits jump amid operational efficiencies as Fed rate cuts improved net interest margins. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock selection in consumer discretionary also helped. The top contributor was automotive supplier BorgWarner, which improved margins even as its electric vehicle products business outperformed the broader industry. It was also beneficial to have no exposure to Amazon.com, which lagged amid worries about the uncertain payoff for its record spending on AI for its cloud business. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Positioning in the consumer staples sector detracted most from performance. Personal care products company Kenvue was a leading overall detractor due to negative press associated with the administration's claims about potential ties between the usage of Tylenol, a large Kenvue brand, during pregnancy and autism. Though disappointing, we believe the issue is manageable for Kenvue. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *March 31, 2016 through March 31, 2026* |

---

![10](ck0000908186-20260331_g49.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | 10 Year |
| **R Class** | 13.97% | 8.52% | 9.46% |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;Russell 1000 | 17.74% | 11.34% | 13.97% |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;Russell 1000 Value | 15.87% | 9.43% | 10.58% |

---

The regulatory index is provided as a broad measure of market performance. The performance index is provided because the advisor believes it is more reflective of the fund's investment strategy.<br>

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit americancentury.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $1752111810 |
| Management Fees (dollars paid during the reporting period) | $18585844 |
| Portfolio Turnover Rate | 55% |
| Total Number of Portfolio Holdings | 100 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 97.8% | Banks | 9% |
| Short-Term Investments | 1.8% | Oil, Gas and Consumable Fuels | 6% |
| Other Assets and Liabilities | 0.4% | Pharmaceuticals | 6% |
|  |  | Capital Markets | 5% |
|  |  | Health Care Providers and Services | 5% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000908186-20260331_g3.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000908186-20260331_g1.jpg)

A-25076621

------

**ANNUAL SHAREHOLDER REPORT**

Value Fund ![ACI_Horiz_RGB_Black.jpg](ck0000908186-20260331_g1.jpg)

---

| | |
|:---|:---|
| **R5 Class (AVUGX)**  | **March 31, 2026** |

---

This annual shareholder report contains important information about Value Fund for the period of April 1, 2025 to March 31, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R5 Class | $82 | 0.76% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Value Fund R5 Class returned 14.82% for the reporting period ended March 31, 2026. | Value Fund R5 Class returned 14.82% for the reporting period ended March 31, 2026. |
| The fund seeks long-term capital growth. Income is a secondary objective. The commentary below refers to the fund's performance relative to the Russell 1000 Value Index. | The fund seeks long-term capital growth. Income is a secondary objective. The commentary below refers to the fund's performance relative to the Russell 1000 Value Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Markets experienced sharp volatility as the period began with the Liberation Day tariffs and ended with the war in Iran. In between, the government endured a record shutdown, and the Federal Reserve (Fed) cut interest rates three times. Stocks rose overall amid strong demand for lower-quality, high-momentum and artificial intelligence (AI)-related stocks, though investors turned to lower-volatility shares when risk spiked. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock choices in financials were key sources of strength, led by holdings in the capital markets industry, where State Street and The Bank of New York Mellon contributed most. State Street benefited from strong financial market performance, seeing assets under management and fees surge. BNY Mellon saw profits jump amid operational efficiencies as Fed rate cuts improved net interest margins. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock selection in consumer discretionary also helped. The top contributor was automotive supplier BorgWarner, which improved margins even as its electric vehicle products business outperformed the broader industry. It was also beneficial to have no exposure to Amazon.com, which lagged amid worries about the uncertain payoff for its record spending on AI for its cloud business. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Positioning in the consumer staples sector detracted most from performance. Personal care products company Kenvue was a leading overall detractor due to negative press associated with the administration's claims about potential ties between the usage of Tylenol, a large Kenvue brand, during pregnancy and autism. Though disappointing, we believe the issue is manageable for Kenvue. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *April 10, 2017 through March 31, 2026* |

---

![10](ck0000908186-20260331_g50.jpg)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | Since Inception | Inception Date |
| **R5 Class** | 14.82% | 9.28% | 9.24% | 4/10/17 |
| **Regulatory Index** |  |  |  |  |
| &nbsp;&nbsp;Russell 1000 | 17.74% | 11.34% | 13.65% |  |
| **Performance Index** |  |  |  |  |
| &nbsp;&nbsp;Russell 1000 Value | 15.87% | 9.43% | 9.70% |  |

---

The regulatory index is provided as a broad measure of market performance. The performance index is provided because the advisor believes it is more reflective of the fund's investment strategy.<br>

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit americancentury.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $1752111810 |
| Management Fees (dollars paid during the reporting period) | $18585844 |
| Portfolio Turnover Rate | 55% |
| Total Number of Portfolio Holdings | 100 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 97.8% | Banks | 9% |
| Short-Term Investments | 1.8% | Oil, Gas and Consumable Fuels | 6% |
| Other Assets and Liabilities | 0.4% | Pharmaceuticals | 6% |
|  |  | Capital Markets | 5% |
|  |  | Health Care Providers and Services | 5% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000908186-20260331_g3.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000908186-20260331_g1.jpg)

A-2508F737

------

**ANNUAL SHAREHOLDER REPORT**

Value Fund ![ACI_Horiz_RGB_Black.jpg](ck0000908186-20260331_g1.jpg)

---

| | |
|:---|:---|
| **R6 Class (AVUDX)**  | **March 31, 2026** |

---

This annual shareholder report contains important information about Value Fund for the period of April 1, 2025 to March 31, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R6 Class | $66 | 0.61% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Value Fund R6 Class returned 14.96% for the reporting period ended March 31, 2026. | Value Fund R6 Class returned 14.96% for the reporting period ended March 31, 2026. |
| The fund seeks long-term capital growth. Income is a secondary objective. The commentary below refers to the fund's performance relative to the Russell 1000 Value Index. | The fund seeks long-term capital growth. Income is a secondary objective. The commentary below refers to the fund's performance relative to the Russell 1000 Value Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Markets experienced sharp volatility as the period began with the Liberation Day tariffs and ended with the war in Iran. In between, the government endured a record shutdown, and the Federal Reserve (Fed) cut interest rates three times. Stocks rose overall amid strong demand for lower-quality, high-momentum and artificial intelligence (AI)-related stocks, though investors turned to lower-volatility shares when risk spiked. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock choices in financials were key sources of strength, led by holdings in the capital markets industry, where State Street and The Bank of New York Mellon contributed most. State Street benefited from strong financial market performance, seeing assets under management and fees surge. BNY Mellon saw profits jump amid operational efficiencies as Fed rate cuts improved net interest margins. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock selection in consumer discretionary also helped. The top contributor was automotive supplier BorgWarner, which improved margins even as its electric vehicle products business outperformed the broader industry. It was also beneficial to have no exposure to Amazon.com, which lagged amid worries about the uncertain payoff for its record spending on AI for its cloud business. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Positioning in the consumer staples sector detracted most from performance. Personal care products company Kenvue was a leading overall detractor due to negative press associated with the administration's claims about potential ties between the usage of Tylenol, a large Kenvue brand, during pregnancy and autism. Though disappointing, we believe the issue is manageable for Kenvue. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *March 31, 2016 through March 31, 2026* |

---

![10](ck0000908186-20260331_g51.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | 10 Year |
| **R6 Class** | 14.96% | 9.46% | 10.39% |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;Russell 1000 | 17.74% | 11.34% | 13.97% |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;Russell 1000 Value | 15.87% | 9.43% | 10.58% |

---

The regulatory index is provided as a broad measure of market performance. The performance index is provided because the advisor believes it is more reflective of the fund's investment strategy.<br>

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit americancentury.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $1752111810 |
| Management Fees (dollars paid during the reporting period) | $18585844 |
| Portfolio Turnover Rate | 55% |
| Total Number of Portfolio Holdings | 100 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 97.8% | Banks | 9% |
| Short-Term Investments | 1.8% | Oil, Gas and Consumable Fuels | 6% |
| Other Assets and Liabilities | 0.4% | Pharmaceuticals | 6% |
|  |  | Capital Markets | 5% |
|  |  | Health Care Providers and Services | 5% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000908186-20260331_g3.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000908186-20260331_g1.jpg)

A-25076316

------

(b) Not applicable.

**ITEM 2. CODE OF ETHICS.**

(a) The registrant has adopted a Code of Ethics for Senior Financial Officers that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer, and persons performing similar functions.

(b) No response required.

(c) None.

(d) None.

(e) Not applicable.

(f) The registrant's Code of Ethics for Senior Financial Officers was filed as Exhibit 12 (a)(1) to American Century Asset Allocation Portfolios, Inc.'s Annual Certified Shareholder Report on Form N-CSR, File No. 811-21591, on September 29, 2005, and is incorporated herein by reference.

**ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.**

(a)(1) The registrant's board has determined that the registrant has at least one audit committee financial expert serving on its audit committee.

(a)(2) Barry Fink, Jan M. Lewis, Gary C. Meltzer and Rajesh K. Gupta are the registrant's designated audit committee financial experts. They are "independent" as defined in Item 3 of Form N-CSR.

(a)(3) Not applicable.

(b) No response required.

(c) No response required.

(d) No response required.

**ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.**

(a) Audit Fees.

The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal

accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were as follows:

---

| | |
|:---|:---|
| FY 2025: | $126890 |
| FY 2026: | $126890 |

---

(b) Audit-Related Fees.

------

The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item were as follows:

For services rendered to the registrant:

---

| | |
|:---|:---|
| FY 2025: | $0 |
| FY 2026: | $0 |

---

Fees required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X (relating to certain engagements for non-audit services with the registrant's investment adviser and its affiliates):&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| FY 2025: | $0 |
| FY 2026: | $0 |

---

(c) Tax Fees.

The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning were as follows:

For services rendered to the registrant:

---

| | |
|:---|:---|
| FY 2025: | $0 |
| FY 2026: | $0 |

---

Fees required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X (relating to certain engagements for non-audit services with the registrant's investment adviser and its affiliates):

---

| | |
|:---|:---|
| FY 2025: | $0 |
| FY 2026: | $0 |

---

(d) All Other Fees.

The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item were as follows:

For services rendered to the registrant:

---

| | |
|:---|:---|
| FY 2025: | $0 |
| FY 2026: | $0 |

---

Fees required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X (relating to certain &nbsp;&nbsp;&nbsp;&nbsp;engagements for non-audit services with the registrant's investment adviser and its affiliates):

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| FY 2025: | $0 |
| FY 2026: | $0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;

(e)(1) In accordance with paragraph (c)(7)(i)(A) of Rule 2-01 of Regulation S-X, before the accountant is engaged by the registrant to render audit or non-audit services, the engagement is approved by the registrant's audit committee. Pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, the registrant's audit committee also pre-approves its accountant's engagements for non-audit services with the registrant's investment adviser, its parent company, and any entity controlled by, or under common control with the investment adviser that provides ongoing services to the registrant, if the engagement relates directly to the operations and financial reporting of the registrant.

(e)(2) All services described in each of paragraphs (b) through (d) of this Item were pre-approved before the engagement by the registrant's audit committee pursuant to paragraph (c)(7)(i)(A) of Rule 2-01 of Regulation S-X.

------

Consequently, none of such services were required to be approved by the audit committee pursuant to paragraph (c)(7)(i)(C).

(f) The percentage of hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's full-time, permanent employees was less than 50%.

(g) The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant were as follows:

---

| | |
|:---|:---|
| FY 2025: | $98325 |
| FY 2026: | $98325 |

---

(h) The registrant's investment adviser and accountant have notified the registrant's audit committee of all non-audit services that were rendered by the registrant's accountant to the registrant's investment adviser, its parent company, and any entity controlled by, or under common control with the investment adviser that provides services to the registrant, which services were not required to be pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X. The notification provided to the registrant's audit committee included sufficient details regarding such services to allow the registrant's audit committee to consider the continuing independence of its principal accountant.

(i) Not applicable.

(j) Not applicable.

**ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.**

Not applicable.

**ITEM 6. INVESTMENTS.**

(a) The schedule of investments is included as part of the financial statements and other information filed under Item 7 of this Form.

(b) Not applicable.

**ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

(a) ------

&nbsp;&nbsp;&nbsp;&nbsp;

![ACI_Horiz_RGB_Black.jpg](ck0000908186-20260331_g1.jpg)

---

| | |
|:---|:---|
| Annual Financial Statements and Other Information | Annual Financial Statements and Other Information |
| March 31, 2026 |  |
| Equity Income Fund | Small Cap Dividend Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class (TWEIX) | &nbsp;&nbsp;&nbsp;&nbsp;Investor Class (AMAEX) |
| &nbsp;&nbsp;&nbsp;&nbsp;I Class (ACIIX) | &nbsp;&nbsp;&nbsp;&nbsp;I Class (AMAFX) |
| &nbsp;&nbsp;&nbsp;&nbsp;Y Class (AEIYX) | &nbsp;&nbsp;&nbsp;&nbsp;A Class (AMAHX) |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class (TWEAX) | &nbsp;&nbsp;&nbsp;&nbsp;R Class (AMAJX) |
| &nbsp;&nbsp;&nbsp;&nbsp;C Class (AEYIX) | &nbsp;&nbsp;&nbsp;&nbsp;R6 Class (AMAKX) |
| &nbsp;&nbsp;&nbsp;&nbsp;R Class (AEURX) | &nbsp;&nbsp;&nbsp;&nbsp;G Class (AMALX) |
| &nbsp;&nbsp;&nbsp;&nbsp;R5 Class (AEIUX) | Small Cap Value Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;R6 Class (AEUDX) | &nbsp;&nbsp;&nbsp;&nbsp;Investor Class (ASVIX) |
| &nbsp;&nbsp;&nbsp;&nbsp;G Class (AEIMX) | &nbsp;&nbsp;&nbsp;&nbsp;I Class (ACVIX) |
| Focused Large Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;Y Class (ASVYX) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class (ALVIX) | &nbsp;&nbsp;&nbsp;&nbsp;A Class (ACSCX) |
| &nbsp;&nbsp;&nbsp;&nbsp;I Class (ALVSX) | &nbsp;&nbsp;&nbsp;&nbsp;C Class (ASVNX) |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class (ALPAX) | &nbsp;&nbsp;&nbsp;&nbsp;R Class (ASVRX) |
| &nbsp;&nbsp;&nbsp;&nbsp;C Class (ALPCX) | &nbsp;&nbsp;&nbsp;&nbsp;R5 Class (ASVGX) |
| &nbsp;&nbsp;&nbsp;&nbsp;R Class (ALVRX) | &nbsp;&nbsp;&nbsp;&nbsp;R6 Class (ASVDX) |
| &nbsp;&nbsp;&nbsp;&nbsp;R5 Class (ALVGX) | &nbsp;&nbsp;&nbsp;&nbsp;G Class (ASVHX) |
| &nbsp;&nbsp;&nbsp;&nbsp;R6 Class (ALVDX) | Value Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;G Class (ACFLX) | &nbsp;&nbsp;&nbsp;&nbsp;Investor Class (TWVLX) |
| Mid Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;I Class (AVLIX) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class (ACMVX) | &nbsp;&nbsp;&nbsp;&nbsp;Y Class (AVUYX) |
| &nbsp;&nbsp;&nbsp;&nbsp;I Class (AVUAX) | &nbsp;&nbsp;&nbsp;&nbsp;A Class (TWADX) |
| &nbsp;&nbsp;&nbsp;&nbsp;Y Class (AMVYX) | &nbsp;&nbsp;&nbsp;&nbsp;C Class (ACLCX) |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class (ACLAX) | &nbsp;&nbsp;&nbsp;&nbsp;R Class (AVURX) |
| &nbsp;&nbsp;&nbsp;&nbsp;C Class (ACCLX) | &nbsp;&nbsp;&nbsp;&nbsp;R5 Class (AVUGX) |
| &nbsp;&nbsp;&nbsp;&nbsp;R Class (AMVRX) | &nbsp;&nbsp;&nbsp;&nbsp;R6 Class (AVUDX) |
| &nbsp;&nbsp;&nbsp;&nbsp;R5 Class (AMVGX) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;R6 Class (AMDVX) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;G Class (ACIPX) |  |

---

***Investors should carefully consider a fund's investment objectives, risks, charges and expenses. For this and additional information about a fund, including the Annual Shareholder Report, Semiannual Shareholder Report, Prospectus and Statement of Additional Information, visit americancentury.com/docs.***

------

**Table of Contents**

---

| | |
|:---|:---|
| Schedules of Investments | [2](#if363b1a532b749ccae1dd19819b2cf68_31) |
| Statements of Assets and Liabilities | [35](#if363b1a532b749ccae1dd19819b2cf68_37) |
| Statements of Operations | [41](#if363b1a532b749ccae1dd19819b2cf68_40) |
| Statements of Changes in Net Assets | [44](#if363b1a532b749ccae1dd19819b2cf68_43) |
| Notes to Financial Statements | [47](#if363b1a532b749ccae1dd19819b2cf68_46) |
| Financial Highlights | [60](#if363b1a532b749ccae1dd19819b2cf68_49) |
| Report of Independent Registered Public Accounting Firm | [75](#if363b1a532b749ccae1dd19819b2cf68_52) |
| Other Tax Information | [76](#if363b1a532b749ccae1dd19819b2cf68_8017) |

---

------

Schedule of Investments - Equity Income Fund

**MARCH 31, 2026** 

---

| | | |
|:---|:---|:---|
| <br>**COMMON STOCKS — 78.9%** | **Shares/Principal**<br>**Amount**<br> | **Value**<br> |
| **Aerospace and Defense — 1.2%** |  |  |
| RTX Corp. | 396698 | $76523044 |
| **Automobile Components — 0.5%** |  |  |
| Gentex Corp. | 1438041 | 31421196 |
| **Banks — 6.5%** |  |  |
| Commerce Bancshares, Inc. | 748361 | 36819361 |
| JPMorgan Chase & Co. | 586112 | 172410706 |
| PNC Financial Services Group, Inc. | 139837 | 29098681 |
| Truist Financial Corp. | 1847517 | 84930356 |
| U.S. Bancorp | 1697250 | 88273973 |
|  |  | 411533077 |
| **Beverages — 2.3%** |  |  |
| PepsiCo, Inc. | 830659 | 128993036 |
| Pernod Ricard SA | 210080 | 15621941 |
|  |  | 144614977 |
| **Building Products — 2.6%** |  |  |
| A.O. Smith Corp. | 740806 | 48848748 |
| Daikin Industries Ltd. | 348000 | 41741506 |
| Masco Corp. | 523932 | 31629775 |
| Owens Corning | 384305 | 41589487 |
|  |  | 163809516 |
| **Capital Markets — 4.2%** |  |  |
| AllianceBernstein Holding LP | 799539 | 29934740 |
| Bank of New York Mellon Corp. | 344967 | 40923435 |
| Blackrock, Inc. | 69018 | 66375301 |
| Charles Schwab Corp. | 624806 | 58719268 |
| Northern Trust Corp. | 273174 | 38126895 |
| T. Rowe Price Group, Inc. | 342922 | 30910989 |
|  |  | 264990628 |
| **Chemicals — 1.9%** |  |  |
| Linde PLC | 242788 | 120364579 |
| **Communications Equipment — 1.6%** |  |  |
| Cisco Systems, Inc. | 1338176 | 103829076 |
| **Construction Materials — 1.1%** |  |  |
| Amrize Ltd.<sup>(1)</sup> | 578627 | 32414684 |
| CRH PLC | 344264 | 36189032 |
|  |  | 68603716 |
| **Consumer Staples Distribution & Retail — 2.5%** |  |  |
| Koninklijke Ahold Delhaize NV | 411760 | 19221337 |
| Sysco Corp. | 519943 | 37087534 |
| Target Corp. | 304917 | 36955941 |
| Walmart, Inc. | 524357 | 65167088 |
|  |  | 158431900 |
| **Containers and Packaging — 1.2%** |  |  |
| Packaging Corp. of America | 372302 | 79009930 |
| **Diversified Telecommunication Services — 1.4%** |  |  |
| Verizon Communications, Inc. | 1819968 | 91362394 |
| **Electric Utilities — 1.7%** |  |  |
| Duke Energy Corp. | 606809 | 79455571 |

---

------

Schedule of Investments - Equity Income Fund

---

| | | |
|:---|:---|:---|
|  | **Shares/Principal**<br>**Amount** | **Value** |
| Eversource Energy | 434883 | $30128694 |
|  |  | 109584265 |
| **Electrical Equipment — 0.5%** |  |  |
| Legrand SA | 219255 | 34062277 |
| **Electronic Equipment, Instruments and Components — 0.5%** |  |  |
| TE Connectivity PLC | 149722 | 31294892 |
| **Energy Equipment and Services — 1.2%** |  |  |
| Baker Hughes Co. | 1264829 | 77217811 |
| **Food Products — 2.7%** |  |  |
| Hershey Co. | 96266 | 20012739 |
| McCormick & Co., Inc. | 894782 | 45132804 |
| Mondelez International, Inc., Class A | 1805791 | 104085793 |
|  |  | 169231336 |
| **Gas Utilities — 3.6%** |  |  |
| Atmos Energy Corp. | 397967 | 73512464 |
| ONE Gas, Inc. | 909140 | 78304228 |
| Spire, Inc. | 808397 | 73192265 |
|  |  | 225008957 |
| **Ground Transportation — 3.5%** |  |  |
| CSX Corp. | 1656730 | 68008767 |
| Norfolk Southern Corp. | 539780 | 154916860 |
|  |  | 222925627 |
| **Health Care Equipment and Supplies — 5.2%** |  |  |
| Becton Dickinson & Co. | 1032999 | 162418433 |
| Medtronic PLC | 1636811 | 141829673 |
| Zimmer Biomet Holdings, Inc. | 236942 | 21424296 |
|  |  | 325672402 |
| **Health Care Providers and Services — 1.7%** |  |  |
| Quest Diagnostics, Inc. | 247355 | 48476633 |
| UnitedHealth Group, Inc. | 209694 | 56741099 |
|  |  | 105217732 |
| **Hotels, Restaurants and Leisure — 0.6%** |  |  |
| Sodexo SA<sup>(2)</sup> | 684733 | 35148747 |
| **Household Products — 2.6%** |  |  |
| Colgate-Palmolive Co. | 440065 | 37506740 |
| Kimberly-Clark Corp. | 1294517 | 124882055 |
|  |  | 162388795 |
| **Industrial Conglomerates — 0.8%** |  |  |
| Honeywell International, Inc. | 211685 | 47847161 |
| **Insurance — 5.3%** |  |  |
| Allstate Corp. | 166668 | 34556943 |
| Marsh & McLennan Cos., Inc. | 1285056 | 222892963 |
| Reinsurance Group of America, Inc. | 368038 | 75138638 |
|  |  | 332588544 |
| **Machinery — 2.5%** |  |  |
| Atlas Copco AB, B Shares | 2106516 | 32929606 |
| Dover Corp. | 297758 | 62067655 |
| PACCAR, Inc. | 520645 | 60134497 |
|  |  | 155131758 |
| **Metals and Mining — 0.8%** |  |  |
| Reliance, Inc. | 156638 | 47605421 |

---

------

Schedule of Investments - Equity Income Fund

---

| | | |
|:---|:---|:---|
|  | **Shares/Principal**<br>**Amount** | **Value** |
| **Oil, Gas and Consumable Fuels — 7.3%** |  |  |
| Chevron Corp. | 559224 | $115703446 |
| Enterprise Products Partners LP | 4732718 | 179086049 |
| Exxon Mobil Corp. | 689128 | 116917456 |
| TotalEnergies SE | 506172 | 46453483 |
|  |  | 458160434 |
| **Personal Care Products — 1.9%** |  |  |
| Estee Lauder Cos., Inc., Class A | 280929 | 20162274 |
| Unilever PLC | 1722678 | 97261708 |
|  |  | 117423982 |
| **Pharmaceuticals — 5.8%** |  |  |
| Johnson & Johnson | 770977 | 188457618 |
| Merck & Co., Inc. | 539090 | 64847136 |
| Roche Holding AG | 160317 | 63981047 |
| Sanofi SA, ADR | 976561 | 47050709 |
|  |  | 364336510 |
| **Semiconductors and Semiconductor Equipment — 1.6%** |  |  |
| Analog Devices, Inc. | 318858 | 101441484 |
| **Specialized REITs — 0.5%** |  |  |
| American Tower Corp. | 174483 | 30112276 |
| **Trading Companies and Distributors — 1.6%** |  |  |
| Bunzl PLC | 1668647 | 50235335 |
| MSC Industrial Direct Co., Inc., Class A | 517517 | 47751294 |
|  |  | 97986629 |
| **TOTAL COMMON STOCKS**<br>(Cost $3,564,530,927) |  | **4964881073** |
| **PREFERRED SECURITIES — 6.9%** |  |  |
| **Banks — 4.4%** |  |  |
| Citigroup, Inc., 6.25% | 68571000 | 68652051 |
| M&T Bank Corp., 5.125%<sup>(2)</sup> | 64275000 | 63812291 |
| PNC Financial Services Group, Inc., 5.00% | 15646000 | 15636562 |
| PNC Financial Services Group, Inc., 6.20% | 34233000 | 34327826 |
| Truist Financial Corp., 5.10%<sup>(2)</sup> | 96190999 | 96080101 |
|  |  | 278508831 |
| **Capital Markets — 2.2%** |  |  |
| Bank of New York Mellon Corp., 4.625% | 19079000 | 19013530 |
| Charles Schwab Corp., 4.00% | 20095000 | 18602488 |
| Charles Schwab Corp., 4.00% | 82997000 | 82486319 |
| Goldman Sachs Group, Inc., 5.30% | 15730000 | 15746438 |
|  |  | 135848775 |
| **Consumer Finance — 0.3%** |  |  |
| American Express Co., 3.55% | 18714000 | 18513783 |
| **TOTAL PREFERRED SECURITIES**<br>(Cost $426,934,714) |  | **432871389** |
| **CONVERTIBLE BONDS — 6.2%** |  |  |
| **Electric Utilities — 0.3%** |  |  |
| Duke Energy Corp., 4.125%, 4/15/26 | $15912000 | 17558892 |
| **Health Care Equipment and Supplies — 1.0%** |  |  |
| Envista Holdings Corp., 1.75%, 8/15/28 | 64648000 | 64365165 |
| **Hotels, Restaurants and Leisure — 0.8%** |  |  |
| Cracker Barrel Old Country Store, Inc., 0.625%, 6/15/26 | 54105000 | 53036422 |
| **IT Services — 0.7%** |  |  |
| Akamai Technologies, Inc., 1.125%, 2/15/29 | 35780000 | 40951999 |

---

------

Schedule of Investments - Equity Income Fund

---

| | | |
|:---|:---|:---|
|  | **Shares/Principal**<br>**Amount** | **Value** |
| **Multi-Utilities — 0.3%** |  |  |
| WEC Energy Group, Inc., 4.375%, 6/1/27 | $13872000 | $16729632 |
| **Semiconductors and Semiconductor Equipment — 3.1%** |  |  |
| Microchip Technology, Inc., 0.75%, 6/1/30 | 127645000 | 126457902 |
| ON Semiconductor Corp., 0.50%, 3/1/29 | 73238000 | 71773240 |
|  |  | 198231142 |
| **TOTAL CONVERTIBLE BONDS**<br>(Cost $384,380,579) |  | **390873252** |
| **EQUITY-LINKED NOTES — 4.7%** |  |  |
| **Air Freight and Logistics — 0.2%** |  |  |
| JPMorgan Chase Bank NA, (convertible into FedEx Corp.), 13.25%, 4/17/26<sup>(3)</sup> | 61701 | 14833443 |
| **Broadline Retail — 0.5%** |  |  |
| Citigroup Global Markets Holdings, Inc., (convertible into Amazon.com, Inc.), 11.96%, 9/30/26<sup>(3)</sup> | 65636 | 13702828 |
| Goldman Sachs International, (convertible into Amazon.com, Inc.), 10.73%, 8/17/26<sup>(3)</sup> | 70485 | 14335628 |
|  |  | 28038456 |
| **Building Products — 0.6%** |  |  |
| JPMorgan Chase Bank NA, (convertible into Masco Corp.), 7.91%, 4/9/26<sup>(3)</sup> | 202754 | 13866511 |
| Royal Bank of Canada, (convertible into Owens Corning), 14.75%, 5/21/26<sup>(3)</sup> | 142176 | 14211572 |
| Wells Fargo Bank NA, (convertible into Fortune Brands Innovations, Inc.), 15.48%, 8/17/26<sup>(3)</sup> | 225825 | 9344090 |
|  |  | 37422173 |
| **Distributors — 0.2%** |  |  |
| Merrill Lynch BV, (convertible into Pool Corp.), 9.25%, 8/26/26<sup>(3)</sup> | 69707 | 14352863 |
| **Electronic Equipment, Instruments and Components — 0.2%** |  |  |
| JPMorgan Chase Bank NA, (convertible into CDW Corp.), 9.50%, 5/6/26<sup>(3)</sup> | 91091 | 11969220 |
| **Entertainment — 0.2%** |  |  |
| Merrill Lynch BV, (convertible into Walt Disney Co.), 8.53%, 5/18/26<sup>(3)</sup> | 122712 | 12893139 |
| **Health Care Equipment and Supplies — 0.2%** |  |  |
| Wells Fargo Bank NA, (convertible into Teleflex, Inc.), 11.42%, 4/23/26<sup>(3)</sup> | 98192 | 12964813 |
| **Hotels, Restaurants and Leisure — 0.4%** |  |  |
| Royal Bank of Canada, (convertible into Starbucks Corp.), 8.68%, 8/13/26<sup>(3)</sup> | 144246 | 13132552 |
| UBS AG, (convertible into Darden Restaurants, Inc.), 7.70%, 8/5/26<sup>(3)</sup> | 71490 | 14211553 |
|  |  | 27344105 |
| **Household Durables — 0.2%** |  |  |
| JPMorgan Chase Bank NA, (convertible into PulteGroup, Inc.), 10.16%, 4/23/26<sup>(3)</sup> | 117685 | 14620784 |
| **IT Services — 0.5%** |  |  |
| JPMorgan Chase Bank NA, (convertible into Accenture PLC, Class A), 13.03%, 4/7/26<sup>(3)</sup> | 57095 | 13933662 |
| Merrill Lynch BV, (convertible into Accenture PLC), 19.23%, 9/16/26<sup>(3)</sup> | 70836 | 13953125 |
|  |  | 27886787 |
| **Leisure Products — 0.2%** |  |  |
| Royal Bank of Canada, (convertible into Mattel, Inc.), 15.01%, 8/13/26<sup>(3)</sup> | 667913 | 9928687 |
| **Life Sciences Tools and Services — 0.2%** |  |  |
| UBS AG, (convertible into IQVIA Holdings, Inc.), 8.00%, 8/7/26<sup>(3)</sup> | 69041 | 11933955 |
| **Machinery — 0.2%** |  |  |
| UBS AG, (convertible into Stanley Black & Decker, Inc.), 14.25%, 8/31/26<sup>(3)</sup> | 160293 | 12116104 |
| **Semiconductors and Semiconductor Equipment — 0.2%** |  |  |
| Goldman Sachs International, (convertible into Texas Instruments, Inc.), 11.45%, 7/15/26<sup>(3)</sup> | 71274 | 13302839 |
| **Software — 0.3%** |  |  |
| Royal Bank of Canada, (convertible into Salesforce, Inc.), 10.82%, 7/15/26<sup>(3)</sup> | 51950 | 9942113 |
| UBS AG, (convertible into Microsoft Corp.), 6.05%, 7/31/26<sup>(3)</sup> | 29447 | 11172142 |
|  |  | 21114255 |
| **Specialty Retail — 0.2%** |  |  |
| Citigroup Global Markets Holdings, Inc., (convertible into Lowe's Cos., Inc.), 9.15%, 9/30/26<sup>(3)</sup> | 58836 | 13809398 |

---

------

Schedule of Investments - Equity Income Fund

---

| | | |
|:---|:---|:---|
|  | **Shares/Principal**<br>**Amount** | **Value** |
| **Textiles, Apparel and Luxury Goods — 0.2%** |  |  |
| UBS AG, (convertible into NIKE, Inc., Class B), 10.75%, 6/24/26<sup>(3)</sup> | $204878 | $11186883 |
| **TOTAL EQUITY-LINKED NOTES**<br>(Cost $309,754,071) |  | **295717904** |
| **CONVERTIBLE PREFERRED SECURITIES — 1.3%** |  |  |
| **Banks — 0.6%** |  |  |
| Bank of America Corp., 7.25% | 30842 | 36797898 |
| **Electric Utilities — 0.7%** |  |  |
| NextEra Energy, Inc., 7.30% | 756326 | 42762672 |
| **TOTAL CONVERTIBLE PREFERRED SECURITIES**<br>(Cost $78,053,100) |  | **79560570** |
| **EXCHANGE-TRADED FUNDS — 0.2%** |  |  |
| iShares Russell 1000 Value ETF<br>(Cost $13,068,698) | 76942 | **16440197** |
| **SHORT-TERM INVESTMENTS — 1.5%** |  |  |
| **Money Market Funds — 0.1%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 251584 | 251584 |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(4)</sup> | 9462425 | 9462425 |
|  |  | 9714009 |
| **Repurchase Agreements — 1.4%** |  |  |
| Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 1.25%, 4/30/28, valued at $87,297,767), at 3.66%, dated 3/31/26, due 4/1/26 (Delivery value $85,594,701) |  | 85586000 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $95,300,009) |  | **95300009** |
| **TOTAL INVESTMENT SECURITIES — 99.7%**<br>(Cost $4,872,022,098) |  | **6275644394** |
| **OTHER ASSETS AND LIABILITIES — 0.3%** |  | **19482106** |
| **TOTAL NET ASSETS — 100.0%** |  | $**6295126500** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** |
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| USD | 24561588 | CHF | 19159021 | JPMorgan Chase Bank NA | 6/26/26 | $377549 |
| USD | 1426755 | CHF | 1131036 | JPMorgan Chase Bank NA | 6/26/26 | (929) |
| USD | 24587593 | CHF | 19159022 | UBS AG | 6/26/26 | 403554 |
| USD | 4280314 | CHF | 3353155 | UBS AG | 6/26/26 | 47695 |
| EUR | 6548710 | USD | 7569222 | Goldman Sachs & Co. LLC | 6/26/26 | 29326 |
| USD | 66298973 | EUR | 56767631 | Citibank NA | 6/26/26 | 430803 |
| USD | 66273938 | EUR | 56767631 | Goldman Sachs & Co. LLC | 6/26/26 | 405768 |
| USD | 66247530 | EUR | 56767631 | Morgan Stanley & Co. LLC | 6/26/26 | 379360 |
| USD | 66276209 | EUR | 56767631 | UBS AG | 6/26/26 | 408039 |
| USD | 20939866 | GBP | 15601850 | Bank of America NA | 6/26/26 | 294996 |
| USD | 20925903 | GBP | 15601849 | Goldman Sachs & Co. LLC | 6/26/26 | 281032 |
| JPY | 317985000 | USD | 2007449 | Bank of America NA | 6/26/26 | 10468 |
| JPY | 133110000 | USD | 840116 | JPMorgan Chase Bank NA | 6/26/26 | 4593 |
| USD | 1601621 | JPY | 253553300 | Bank of America NA | 6/26/26 | (7416) |
| USD | 1069006 | JPY | 168607700 | Bank of America NA | 6/26/26 | (969) |
| USD | 2161650 | JPY | 343128000 | Bank of America NA | 6/26/26 | (15823) |
| USD | 33513772 | JPY | 5301569000 | JPMorgan Chase Bank NA | 6/26/26 | (129720) |
| USD | 26101799 | SEK | 244082195 | JPMorgan Chase Bank NA | 6/26/26 | 208207 |
| USD | 777285 | SEK | 7219897 | JPMorgan Chase Bank NA | 6/26/26 | 11359 |
| USD | 673667 | SEK | 6266885 | JPMorgan Chase Bank NA | 6/26/26 | 8841 |
|  |  |  |  |  |  | $3146733 |

---

------

Schedule of Investments - Equity Income Fund

---

| | | |
|:---|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** |
| ADR | – | American Depositary Receipt |
| CHF | – | Swiss Franc |
| EUR | – | Euro |
| GBP | – | British Pound |
| JPY | – | Japanese Yen |
| SEK | – | Swedish Krona |
| USD | – | United States Dollar |

---

(1)Non-income producing.

(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $9,145,287. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(3)Security was purchased pursuant to Rule 144A or Section 4(2) under the Securities Act of 1933 and may be sold in transactions exempt from registration, normally to qualified institutional investors. The aggregate value of these securities at the period end was $295,717,904, which represented 4.7% of total net assets.

(4)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $9,462,425.

**FAIR VALUE MEASUREMENTS**

The following is a summary of the fund's valuation inputs as of period end.

---

| | | | |
|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** |
| **Assets** | | | |
| **Investment Securities** | | | |
| Common Stocks |  |  |  |
| &nbsp;&nbsp;&nbsp;Beverages | $128993036 | $15621941 |  |
| &nbsp;&nbsp;&nbsp;Building Products | 122068010 | 41741506 |  |
| &nbsp;&nbsp;&nbsp;Consumer Staples Distribution & Retail | 139210563 | 19221337 |  |
| &nbsp;&nbsp;&nbsp;Electrical Equipment |  | 34062277 |  |
| &nbsp;&nbsp;&nbsp;Hotels, Restaurants and Leisure |  | 35148747 |  |
| &nbsp;&nbsp;&nbsp;Machinery | 122202152 | 32929606 |  |
| &nbsp;&nbsp;&nbsp;Oil, Gas and Consumable Fuels | 411706951 | 46453483 |  |
| &nbsp;&nbsp;&nbsp;Personal Care Products | 20162274 | 97261708 |  |
| &nbsp;&nbsp;&nbsp;Pharmaceuticals | 300355463 | 63981047 |  |
| &nbsp;&nbsp;&nbsp;Trading Companies and Distributors | 47751294 | 50235335 |  |
| &nbsp;&nbsp;&nbsp;Other Industries | 3235774343 |  |  |
| Preferred Securities |  | 432871389 |  |
| Convertible Bonds |  | 390873252 |  |
| Equity-Linked Notes |  | 295717904 |  |
| Convertible Preferred Securities |  | 79560570 |  |
| Exchange-Traded Funds | 16440197 |  |  |
| Short-Term Investments | 9714009 | 85586000 |  |
|  | $4554378292 | $1721266102 |  |
| **Other Financial Instruments** |  |  |  |
| Forward Foreign Currency Exchange Contracts |  | $3301590 |  |
| **Liabilities** |  |  |  |
| **Other Financial Instruments** |  |  |  |
| Forward Foreign Currency Exchange Contracts |  | $154857 |  |

---

------

Schedule of Investments - Equity Income Fund

**DERIVATIVE INSTRUMENTS**

As of period end, the value of derivative instruments located on the Statement of Assets and Liabilities were as follows:

---

| | |
|:---|:---|
| | **Type of Risk Exposure** |
| | **Foreign Currency** |
| **Asset Derivatives:** | |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on forward foreign currency exchange contracts | $3301590 |
| **Liability Derivatives:** |  |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on forward foreign currency exchange contracts | $154857 |

---

The following is a summary of the effect of derivative instruments on the Statement of Operations for the period ended March 31, 2026.

---

| | |
|:---|:---|
| | **Type of Risk Exposure** |
| | **Foreign Currency** |
| **Net realized gain (loss) on:** | |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange transactions | $(18805031) |
| **Change in net unrealized appreciation (depreciation) on:** |  |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | $2478546 |

---

See Notes to Financial Statements.

------

Schedule of Investments - Focused Large Cap Value Fund

**MARCH 31, 2026** 

---

| | | |
|:---|:---|:---|
| <br>**COMMON STOCKS — 98.3%** | **Shares**<br> | **Value**<br> |
| **Aerospace and Defense — 1.4%** |  |  |
| RTX Corp. | 202218 | $39007852 |
| **Banks — 6.9%** |  |  |
| Commerce Bancshares, Inc. | 780409 | 38396123 |
| JPMorgan Chase & Co. | 290933 | 85580851 |
| Truist Financial Corp. | 1472648 | 67697629 |
|  |  | 191674603 |
| **Beverages — 2.6%** |  |  |
| PepsiCo, Inc. | 464756 | 72171959 |
| **Building Products — 3.0%** |  |  |
| A.O. Smith Corp. | 848637 | 55959124 |
| Owens Corning | 264184 | 28589992 |
|  |  | 84549116 |
| **Capital Markets — 6.2%** |  |  |
| Ameriprise Financial, Inc. | 66046 | 29350842 |
| Blackrock, Inc. | 92523 | 88980294 |
| Charles Schwab Corp. | 568477 | 53425469 |
|  |  | 171756605 |
| **Chemicals — 1.4%** |  |  |
| PPG Industries, Inc. | 358566 | 38323534 |
| **Communications Equipment — 3.8%** |  |  |
| Cisco Systems, Inc. | 623591 | 48384426 |
| F5, Inc.<sup>(1)</sup> | 196037 | 56719385 |
|  |  | 105103811 |
| **Construction Materials — 1.7%** |  |  |
| Amrize Ltd.<sup>(1)</sup> | 844282 | 47296678 |
| **Consumer Staples Distribution & Retail — 2.1%** |  |  |
| Sysco Corp. | 379791 | 27090492 |
| Target Corp. | 254119 | 30799223 |
|  |  | 57889715 |
| **Containers and Packaging — 2.2%** |  |  |
| Packaging Corp. of America | 292582 | 62091752 |
| **Diversified Telecommunication Services — 1.3%** |  |  |
| Verizon Communications, Inc. | 702281 | 35254506 |
| **Electric Utilities — 3.6%** |  |  |
| Duke Energy Corp. | 767337 | 100475107 |
| **Energy Equipment and Services — 1.7%** |  |  |
| Baker Hughes Co. | 762375 | 46542994 |
| **Financial Services — 3.4%** |  |  |
| Berkshire Hathaway, Inc., Class B<sup>(1)</sup> | 197700 | 94737840 |
| **Food Products — 2.4%** |  |  |
| Mondelez International, Inc., Class A | 1168625 | 67359545 |
| **Gas Utilities — 1.7%** |  |  |
| Atmos Energy Corp. | 257911 | 47641320 |
| **Ground Transportation — 2.7%** |  |  |
| Norfolk Southern Corp. | 257765 | 73978555 |
| **Health Care Equipment and Supplies — 6.7%** |  |  |
| Becton Dickinson & Co. | 537146 | 84455466 |
| Medtronic PLC | 804875 | 69742419 |
| Zimmer Biomet Holdings, Inc. | 362989 | 32821465 |
|  |  | 187019350 |

---

------

Schedule of Investments - Focused Large Cap Value Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care Providers and Services — 2.6%** |  |  |
| Henry Schein, Inc.<sup>(1)</sup> | 541592 | $39915330 |
| UnitedHealth Group, Inc. | 114524 | 30989049 |
|  |  | 70904379 |
| **Household Durables — 1.1%** |  |  |
| PulteGroup, Inc. | 251496 | 29578444 |
| **Household Products — 3.6%** |  |  |
| Colgate-Palmolive Co. | 409306 | 34885151 |
| Kimberly-Clark Corp. | 669943 | 64629401 |
|  |  | 99514552 |
| **Industrial Conglomerates — 2.8%** |  |  |
| Honeywell International, Inc. | 188140 | 42525284 |
| Siemens AG | 140701 | 34279564 |
|  |  | 76804848 |
| **Insurance — 6.3%** |  |  |
| Marsh & McLennan Cos., Inc. | 732204 | 127000784 |
| Reinsurance Group of America, Inc. | 237315 | 48450230 |
|  |  | 175451014 |
| **Interactive Media and Services — 2.2%** |  |  |
| Alphabet, Inc., Class A | 214977 | 61818786 |
| **Life Sciences Tools and Services — 1.6%** |  |  |
| IQVIA Holdings, Inc.<sup>(1)</sup> | 259718 | 44292308 |
| **Machinery — 1.7%** |  |  |
| PACCAR, Inc. | 403493 | 46603441 |
| **Oil, Gas and Consumable Fuels — 7.4%** |  |  |
| Chevron Corp. | 386070 | 79877883 |
| Enterprise Products Partners LP | 2100964 | 79500478 |
| TotalEnergies SE | 509517 | 46355856 |
|  |  | 205734217 |
| **Personal Care Products — 2.6%** |  |  |
| Unilever PLC, ADR | 1241610 | 70734522 |
| **Pharmaceuticals — 4.5%** |  |  |
| Johnson & Johnson | 354031 | 86539338 |
| Roche Holding AG | 96148 | 38371786 |
|  |  | 124911124 |
| **Semiconductors and Semiconductor Equipment — 5.1%** |  |  |
| Analog Devices, Inc. | 191312 | 60864000 |
| Infineon Technologies AG | 977072 | 44325968 |
| QUALCOMM, Inc. | 276846 | 35652228 |
|  |  | 140842196 |
| **Software — 2.0%** |  |  |
| Microsoft Corp. | 151024 | 55904554 |
| **TOTAL COMMON STOCKS**<br>(Cost $2,238,144,020) |  | **2725969227** |
| **SHORT-TERM INVESTMENTS — 1.5%** |  |  |
| **Money Market Funds — 0.0%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 121960 | 121960 |
| **Repurchase Agreements — 1.5%** |  |  |
| Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 3.625%, 4/15/28, valued at $42,191,361), at 3.66%, dated 3/31/26, due 4/1/26 (Delivery value $41,368,205) |  | 41364000 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $41,485,960) |  | **41485960** |
| **TOTAL INVESTMENT SECURITIES — 99.8%**<br>(Cost $2,279,629,980) |  | **2767455187** |
| **OTHER ASSETS AND LIABILITIES — 0.2%** |  | **5321616** |
| **TOTAL NET ASSETS — 100.0%** |  | $**2772776803** |

---

------

Schedule of Investments - Focused Large Cap Value Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** |
| **Currency Purchased** | **Currency Purchased** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Currency Sold** | **Counterparty** | **Settlement <br>Date** | **Unrealized <br>Appreciation <br>(Depreciation)** |
| USD | 16014292 | CHF | 12491789 | JPMorgan Chase Bank NA | 6/26/26 | $246164 |
| USD | 865987 | CHF | 686497 | JPMorgan Chase Bank NA | 6/26/26 | (564) |
| USD | 16031248 | CHF | 12491788 | UBS AG | 6/26/26 | 263120 |
| EUR | 2726111 | USD | 3136399 | Morgan Stanley & Co. LLC | 6/26/26 | 26741 |
| USD | 26230206 | EUR | 22459272 | Citibank NA | 6/26/26 | 170441 |
| USD | 26220302 | EUR | 22459272 | Goldman Sachs & Co. LLC | 6/26/26 | 160536 |
| USD | 26209853 | EUR | 22459272 | Morgan Stanley & Co. LLC | 6/26/26 | 150088 |
| USD | 2631975 | EUR | 2272355 | Morgan Stanley & Co. LLC | 6/26/26 | (4667) |
| USD | 26221200 | EUR | 22459272 | UBS AG | 6/26/26 | 161435 |
| USD | 31837859 | GBP | 23721712 | Bank of America NA | 6/26/26 | 448524 |
| USD | 31816628 | GBP | 23721712 | Goldman Sachs & Co. LLC | 6/26/26 | 427293 |
|  |  |  |  |  |  | $2049111 |

---

---

| | | |
|:---|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** |
| ADR | – | American Depositary Receipt |
| CHF | – | Swiss Franc |
| EUR | – | Euro |
| GBP | – | British Pound |
| USD | – | United States Dollar |

---

(1)Non-income producing.

**FAIR VALUE MEASUREMENTS**

The following is a summary of the fund's valuation inputs as of period end.

---

| | | | |
|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** |
| **Assets** | | | |
| **Investment Securities** | | | |
| Common Stocks | $2608991909 | $116977318 |  |
| Short-Term Investments | 121960 | 41364000 |  |
|  | $2609113869 | $158341318 |  |
| **Other Financial Instruments** |  |  |  |
| Forward Foreign Currency Exchange Contracts |  | $2054342 |  |
| **Liabilities** |  |  |  |
| **Other Financial Instruments** |  |  |  |
| Forward Foreign Currency Exchange Contracts |  | $5231 |  |

---

**DERIVATIVE INSTRUMENTS**

As of period end, the value of derivative instruments located on the Statement of Assets and Liabilities were as follows:

---

| | |
|:---|:---|
| | **Type of Risk Exposure** |
| | **Foreign Currency** |
| **Asset Derivatives:** | |
| &nbsp;&nbsp;Unrealized appreciation on forward foreign currency exchange contracts | $2054342 |
| **Liability Derivatives:** |  |
| &nbsp;&nbsp;Unrealized depreciation on forward foreign currency exchange contracts | $5231 |

---

------

Schedule of Investments - Focused Large Cap Value Fund

The following is a summary of the effect of derivative instruments on the Statement of Operations for the period ended March 31, 2026.

---

| | |
|:---|:---|
| | **Type of Risk Exposure** |
| | **Foreign Currency** |
| **Net realized gain (loss) on:** | |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange transactions | $(10482093) |
| **Change in net unrealized appreciation (depreciation) on:** |  |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | $1607768 |

---

See Notes to Financial Statements.

------

Schedule of Investments - Mid Cap Value Fund

**MARCH 31, 2026** 

---

| | | |
|:---|:---|:---|
| <br>**COMMON STOCKS — 98.9%** | **Shares**<br> | **Value**<br> |
| **Aerospace and Defense — 2.0%** |  |  |
| Hexcel Corp. | 269525 | $21812658 |
| L3Harris Technologies, Inc. | 266109 | 91847522 |
|  |  | 113660180 |
| **Automobile Components — 1.6%** |  |  |
| BorgWarner, Inc. | 549224 | 29800895 |
| Cie Generale des Etablissements Michelin SCA | 788687 | 27019538 |
| Gentex Corp. | 1384966 | 30261507 |
|  |  | 87081940 |
| **Banks — 6.8%** |  |  |
| Commerce Bancshares, Inc. | 2121723 | 104388772 |
| First Hawaiian, Inc. | 1478564 | 36431817 |
| Prosperity Bancshares, Inc. | 1119669 | 75219363 |
| Truist Financial Corp. | 1428673 | 65676098 |
| U.S. Bancorp | 1284325 | 66797743 |
| Westamerica Bancorporation | 604543 | 31526918 |
|  |  | 380040711 |
| **Beverages — 1.2%** |  |  |
| Heineken NV | 511032 | 39307726 |
| Pernod Ricard SA | 341520 | 25396065 |
|  |  | 64703791 |
| **Building Products — 2.8%** |  |  |
| A.O. Smith Corp. | 751474 | 49552195 |
| Daikin Industries Ltd. | 312800 | 37519377 |
| Masco Corp. | 513967 | 31028188 |
| Owens Corning | 339600 | 36751512 |
|  |  | 154851272 |
| **Capital Markets — 3.5%** |  |  |
| Ameriprise Financial, Inc. | 93277 | 41452299 |
| Bank of New York Mellon Corp. | 130444 | 15474572 |
| Northern Trust Corp. | 557283 | 77779988 |
| Raymond James Financial, Inc. | 166267 | 24073799 |
| T. Rowe Price Group, Inc. | 421016 | 37950382 |
|  |  | 196731040 |
| **Chemicals — 0.7%** |  |  |
| PPG Industries, Inc. | 393048 | 42008970 |
| **Commercial Services and Supplies — 0.4%** |  |  |
| ABM Industries, Inc. | 58444 | 2251263 |
| Republic Services, Inc. | 90702 | 19865552 |
|  |  | 22116815 |
| **Communications Equipment — 1.1%** |  |  |
| F5, Inc.<sup>(1)</sup> | 219979 | 63646524 |
| **Construction Materials — 0.8%** |  |  |
| Amrize Ltd.<sup>(1)</sup> | 765464 | 42881293 |
| **Consumer Staples Distribution & Retail — 1.9%** |  |  |
| Koninklijke Ahold Delhaize NV | 1258686 | 58756626 |
| Sysco Corp. | 383403 | 27348136 |
| Target Corp. | 168303 | 20398323 |
|  |  | 106503085 |
| **Containers and Packaging — 1.7%** |  |  |
| Packaging Corp. of America | 438234 | 93002019 |

---

------

Schedule of Investments - Mid Cap Value Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Electric Utilities — 6.4%** |  |  |
| Duke Energy Corp. | 416367 | $54519095 |
| Evergy, Inc. | 1268506 | 103916012 |
| Eversource Energy | 825173 | 57167985 |
| PPL Corp. | 1215705 | 46439931 |
| Xcel Energy, Inc. | 1210116 | 96131615 |
|  |  | 358174638 |
| **Electrical Equipment — 0.7%** |  |  |
| Sensata Technologies Holding PLC | 1122111 | 39520749 |
| **Electronic Equipment, Instruments and Components — 2.0%** |  |  |
| CDW Corp. | 295992 | 35820952 |
| Ralliant Corp. | 749072 | 31153904 |
| TE Connectivity PLC | 97938 | 20471001 |
| Vontier Corp. | 671420 | 23815267 |
|  |  | 111261124 |
| **Energy Equipment and Services — 2.9%** |  |  |
| Baker Hughes Co. | 1993246 | 121687668 |
| SLB Ltd. | 807022 | 41472861 |
|  |  | 163160529 |
| **Food Products — 0.8%** |  |  |
| Magnum Ice Cream Co. NV<sup>(1)</sup> | 779349 | 11456918 |
| Mondelez International, Inc., Class A | 583605 | 33638992 |
|  |  | 45095910 |
| **Gas Utilities — 2.4%** |  |  |
| ONE Gas, Inc. | 978330 | 84263563 |
| Spire, Inc. | 527459 | 47756138 |
|  |  | 132019701 |
| **Ground Transportation — 2.5%** |  |  |
| CSX Corp. | 2052933 | 84272900 |
| Norfolk Southern Corp. | 192594 | 55274478 |
|  |  | 139547378 |
| **Health Care Equipment and Supplies — 7.0%** |  |  |
| Becton Dickinson & Co. | 519414 | 81667463 |
| Envista Holdings Corp.<sup>(1)</sup> | 1678431 | 42581794 |
| GE HealthCare Technologies, Inc. | 1073398 | 76404470 |
| Medtronic PLC | 639179 | 55384860 |
| Zimmer Biomet Holdings, Inc. | 1504087 | 135999547 |
|  |  | 392038134 |
| **Health Care Providers and Services — 6.1%** |  |  |
| Cencora, Inc. | 72324 | 22719861 |
| Henry Schein, Inc.<sup>(1)</sup> | 1489401 | 109768854 |
| Labcorp Holdings, Inc. | 359911 | 96027854 |
| Quest Diagnostics, Inc. | 280814 | 55033928 |
| Universal Health Services, Inc., Class B | 309233 | 55343430 |
|  |  | 338893927 |
| **Health Care REITs — 2.0%** |  |  |
| CareTrust REIT, Inc. | 668174 | 24488577 |
| Healthpeak Properties, Inc. | 2542114 | 41766933 |
| Ventas, Inc. | 558404 | 45666279 |
|  |  | 111921789 |
| **Hotels, Restaurants and Leisure — 0.4%** |  |  |
| Sodexo SA<sup>(2)</sup> | 466032 | 23922377 |

---

------

Schedule of Investments - Mid Cap Value Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Household Durables — 1.4%** |  |  |
| Mohawk Industries, Inc.<sup>(1)</sup> | 269024 | $26488103 |
| PulteGroup, Inc. | 422905 | 49737857 |
|  |  | 76225960 |
| **Household Products — 2.1%** |  |  |
| Clorox Co. | 173088 | 17937109 |
| Colgate-Palmolive Co. | 64289 | 5479352 |
| Henkel AG & Co. KGaA, Preference Shares | 312974 | 24176976 |
| Kimberly-Clark Corp. | 694952 | 67042019 |
|  |  | 114635456 |
| **Insurance — 6.3%** |  |  |
| Allstate Corp. | 275330 | 57086922 |
| Hanover Insurance Group, Inc. | 135871 | 23553238 |
| Marsh & McLennan Cos., Inc. | 568275 | 98567299 |
| Reinsurance Group of America, Inc. | 453921 | 92672511 |
| Willis Towers Watson PLC | 267444 | 77745971 |
|  |  | 349625941 |
| **IT Services — 2.6%** |  |  |
| Akamai Technologies, Inc.<sup>(1)</sup> | 401719 | 46137427 |
| Amdocs Ltd. | 789232 | 51505281 |
| Cognizant Technology Solutions Corp., Class A | 792389 | 48613065 |
|  |  | 146255773 |
| **Life Sciences Tools and Services — 1.4%** |  |  |
| IQVIA Holdings, Inc.<sup>(1)</sup> | 278897 | 47563094 |
| Waters Corp.<sup>(1)</sup> | 93842 | 27946148 |
|  |  | 75509242 |
| **Machinery — 4.5%** |  |  |
| Cummins, Inc. | 78752 | 42370151 |
| Dover Corp. | 72949 | 15206219 |
| Fortive Corp. | 511182 | 28258141 |
| IDEX Corp. | 98014 | 18578554 |
| Oshkosh Corp. | 228834 | 33686653 |
| PACCAR, Inc. | 230981 | 26678306 |
| Stanley Black & Decker, Inc. | 287004 | 20394504 |
| Timken Co. | 392860 | 39509930 |
| Toro Co. | 270989 | 25321212 |
|  |  | 250003670 |
| **Media — 0.5%** |  |  |
| Publicis Groupe SA | 318458 | 26358605 |
| **Metals and Mining — 0.8%** |  |  |
| Reliance, Inc. | 144838 | 44019165 |
| **Multi-Utilities — 1.0%** |  |  |
| Northwestern Energy Group, Inc. | 834852 | 55050141 |
| **Oil, Gas and Consumable Fuels — 5.5%** |  |  |
| Coterra Energy, Inc. | 1103401 | 38773511 |
| Diamondback Energy, Inc. | 349050 | 69038600 |
| Enterprise Products Partners LP | 2152579 | 81453589 |
| EQT Corp. | 497210 | 31642444 |
| ONEOK, Inc. | 296822 | 26829741 |
| Phillips 66 | 326085 | 59406165 |
|  |  | 307144050 |
| **Passenger Airlines — 0.6%** |  |  |
| Southwest Airlines Co. | 842600 | 31656482 |

---

------

Schedule of Investments - Mid Cap Value Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Personal Care Products — 1.2%** |  |  |
| Kenvue, Inc. | 3978423 | $68588013 |
| **Residential REITs — 1.7%** |  |  |
| Equity Residential | 1299726 | 76878793 |
| Essex Property Trust, Inc. | 74504 | 18029968 |
|  |  | 94908761 |
| **Retail REITs — 2.2%** |  |  |
| Agree Realty Corp. | 301496 | 22726768 |
| Realty Income Corp. | 1286742 | 78722876 |
| Regency Centers Corp. | 292020 | 22094233 |
|  |  | 123543877 |
| **Semiconductors and Semiconductor Equipment — 2.8%** |  |  |
| Infineon Technologies AG | 1226440 | 55638827 |
| NXP Semiconductors NV | 191010 | 37602229 |
| Teradyne, Inc. | 214619 | 63625949 |
|  |  | 156867005 |
| **Specialized REITs — 2.4%** |  |  |
| American Tower Corp. | 272691 | 47061013 |
| Iron Mountain, Inc. | 170629 | 17428046 |
| Public Storage | 160950 | 43598136 |
| VICI Properties, Inc. | 851302 | 23257570 |
|  |  | 131344765 |
| **Technology Hardware, Storage and Peripherals — 0.7%** |  |  |
| HP, Inc. | 1928174 | 37040223 |
| **Trading Companies and Distributors — 3.5%** |  |  |
| Bunzl PLC | 2967533 | 89338857 |
| MSC Industrial Direct Co., Inc., Class A | 835777 | 77117144 |
| Sunbelt Rentals Holdings, Inc. | 453322 | 28918012 |
|  |  | 195374013 |
| **TOTAL COMMON STOCKS**<br>(Cost $4,786,767,306) |  | **5506935038** |
| **SHORT-TERM INVESTMENTS — 0.8%** |  |  |
| **Money Market Funds — 0.0%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 129763 | 129763 |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(3)</sup> | 322659 | 322659 |
|  |  | 452422 |
| **Repurchase Agreements — 0.8%** |  |  |
| Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 1.25%, 4/30/28, valued at $44,964,685), at 3.66%, dated 3/31/26, due 4/1/26 (Delivery value $44,087,482) |  | 44083000 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $44,535,422) |  | **44535422** |
| **TOTAL INVESTMENT SECURITIES — 99.7%**<br>(Cost $4,831,302,728) |  | **5551470460** |
| **OTHER ASSETS AND LIABILITIES — 0.3%** |  | **16735841** |
| **TOTAL NET ASSETS — 100.0%** |  | $**5568206301** |

---

------

Schedule of Investments - Mid Cap Value Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** |
| **Currency Purchased** | **Currency Purchased** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Currency Sold** | **Counterparty** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| EUR | 5160779 | USD | 5937492 | Morgan Stanley & Co. LLC | 6/26/26 | $50623 |
| USD | 63413827 | EUR | 54297262 | Citibank NA | 6/26/26 | 412056 |
| USD | 63389881 | EUR | 54297262 | Goldman Sachs & Co. LLC | 6/26/26 | 388110 |
| USD | 63364622 | EUR | 54297262 | Morgan Stanley & Co. LLC | 6/26/26 | 362851 |
| USD | 63392053 | EUR | 54297262 | UBS AG | 6/26/26 | 390282 |
| GBP | 3501375 | USD | 4618401 | Bank of America NA | 6/26/26 | 14731 |
| GBP | 1860411 | USD | 2460895 | Bank of America NA | 6/26/26 | 860 |
| USD | 53478516 | GBP | 39845706 | Bank of America NA | 6/26/26 | 753393 |
| USD | 53442854 | GBP | 39845706 | Goldman Sachs & Co. LLC | 6/26/26 | 717731 |
| JPY | 285821000 | USD | 1804397 | Bank of America NA | 6/26/26 | 9409 |
| JPY | 119646000 | USD | 755139 | JPMorgan Chase Bank NA | 6/26/26 | 4129 |
| USD | 4845645 | JPY | 764273250 | Bank of America NA | 6/26/26 | (4395) |
| USD | 2109377 | JPY | 334026200 | Bank of America NA | 6/26/26 | (10336) |
| USD | 1247875 | JPY | 198080600 | Bank of America NA | 6/26/26 | (9134) |
| USD | 24864721 | JPY | 3933369050 | JPMorgan Chase Bank NA | 6/26/26 | (96243) |
| USD | 1418986 | JPY | 223449700 | JPMorgan Chase Bank NA | 6/26/26 | 985 |
|  |  |  |  |  |  | $2985052 |

---

---

| | | |
|:---|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** |
| EUR | – | Euro |
| GBP | – | British Pound |
| JPY | – | Japanese Yen |
| USD | – | United States Dollar |

---

(1)Non-income producing.

(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $4,230,069. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(3)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $4,586,108, which includes securities collateral of $4,263,449.

------

Schedule of Investments - Mid Cap Value Fund

**FAIR VALUE MEASUREMENTS**

The following is a summary of the fund's valuation inputs as of period end.

---

| | | | |
|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** |
| **Assets** | | | |
| **Investment Securities** | | | |
| Common Stocks |  |  |  |
| &nbsp;&nbsp;&nbsp;Automobile Components | $60062402 | $27019538 |  |
| &nbsp;&nbsp;&nbsp;Beverages |  | 64703791 |  |
| &nbsp;&nbsp;&nbsp;Building Products | 117331895 | 37519377 |  |
| &nbsp;&nbsp;&nbsp;Consumer Staples Distribution & Retail | 47746459 | 58756626 |  |
| &nbsp;&nbsp;&nbsp;Food Products | 33638992 | 11456918 |  |
| &nbsp;&nbsp;&nbsp;Hotels, Restaurants and Leisure |  | 23922377 |  |
| &nbsp;&nbsp;&nbsp;Household Products | 90458480 | 24176976 |  |
| &nbsp;&nbsp;&nbsp;Media |  | 26358605 |  |
| &nbsp;&nbsp;&nbsp;Semiconductors and Semiconductor Equipment | 101228178 | 55638827 |  |
| &nbsp;&nbsp;&nbsp;Trading Companies and Distributors | 77117144 | 118256869 |  |
| &nbsp;&nbsp;&nbsp;Other Industries | 4531541584 |  |  |
| Short-Term Investments | 452422 | 44083000 |  |
|  | $5059577556 | $491892904 |  |
| **Other Financial Instruments** |  |  |  |
| Forward Foreign Currency Exchange Contracts |  | $3105160 |  |
| **Liabilities** |  |  |  |
| **Other Financial Instruments** |  |  |  |
| Forward Foreign Currency Exchange Contracts |  | $120108 |  |

---

**DERIVATIVE INSTRUMENTS**

As of period end, the value of derivative instruments located on the Statement of Assets and Liabilities were as follows:

---

| | |
|:---|:---|
| | **Type of Risk Exposure** |
| | **Foreign Currency** |
| **Asset Derivatives:** | |
| &nbsp;&nbsp;Unrealized appreciation on forward foreign currency exchange contracts | $3105160 |
| **Liability Derivatives:** |  |
| &nbsp;&nbsp;Unrealized depreciation on forward foreign currency exchange contracts | $120108 |

---

The following is a summary of the effect of derivative instruments on the Statement of Operations for the period ended March 31, 2026.

---

| | |
|:---|:---|
| | **Type of Risk Exposure** |
| | **Foreign Currency** |
| **Net realized gain (loss) on:** | |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange transactions | $(22164094) |
| **Change in net unrealized appreciation (depreciation) on:** |  |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | $2210389 |

---

See Notes to Financial Statements.

------

Schedule of Investments - Small Cap Dividend Fund

**MARCH 31, 2026** 

---

| | | |
|:---|:---|:---|
| <br>**COMMON STOCKS — 97.4%** | **Shares**<br> | **Value**<br> |
| **Air Freight and Logistics — 0.6%** |  |  |
| Hub Group, Inc., Class A | 16084 | $579667 |
| **Automobile Components — 0.8%** |  |  |
| Patrick Industries, Inc. | 2931 | 325546 |
| Visteon Corp. | 5621 | 512129 |
|  |  | 837675 |
| **Banks — 18.3%** |  |  |
| Atlantic Union Bankshares Corp. | 44504 | 1590573 |
| Bank7 Corp. | 31335 | 1249640 |
| Central BanCo, Inc., Class A | 21733 | 520505 |
| City Holding Co. | 2501 | 298920 |
| Columbia Banking System, Inc. | 100167 | 2747608 |
| CVB Financial Corp. | 25369 | 491905 |
| Esquire Financial Holdings, Inc. | 3053 | 328198 |
| First Merchants Corp. | 10472 | 405581 |
| Home BancShares, Inc. | 83199 | 2240549 |
| International Bancshares Corp. | 35067 | 2359658 |
| Lakeland Financial Corp. | 10025 | 575235 |
| Northpointe Bancshares, Inc. | 29328 | 506201 |
| Old National Bancorp | 93691 | 2070571 |
| Popular, Inc. | 5296 | 710564 |
| Provident Financial Services, Inc. | 48724 | 1031000 |
| United Bankshares, Inc. | 14917 | 617862 |
| Webster Financial Corp. | 7448 | 517040 |
|  |  | 18261610 |
| **Building Products — 1.8%** |  |  |
| Tecnoglass, Inc. | 39447 | 1757364 |
| **Capital Markets — 4.9%** |  |  |
| GCM Grosvenor, Inc., Class A | 108075 | 1059135 |
| Marex Group PLC | 52308 | 2331891 |
| Oppenheimer Holdings, Inc., Class A | 16337 | 1457097 |
|  |  | 4848123 |
| **Chemicals — 4.1%** |  |  |
| Ashland, Inc. | 30249 | 1682147 |
| Avient Corp. | 29686 | 1077602 |
| Minerals Technologies, Inc. | 19080 | 1353153 |
|  |  | 4112902 |
| **Commercial Services and Supplies — 2.2%** |  |  |
| Brink's Co. | 17805 | 1845132 |
| UniFirst Corp. | 1554 | 390971 |
|  |  | 2236103 |
| **Construction Materials — 1.4%** |  |  |
| Titan America SA<sup>(1)</sup> | 91652 | 1372947 |
| **Containers and Packaging — 1.1%** |  |  |
| Graphic Packaging Holding Co. | 110671 | 1100070 |
| **Electrical Equipment — 1.4%** |  |  |
| Hammond Power Solutions, Inc.<sup>(2)</sup> | 10761 | 1356593 |
| **Electronic Equipment, Instruments and Components — 2.8%** |  |  |
| Avnet, Inc. | 8623 | 531349 |
| Ingram Micro Holding Corp.<sup>(2)</sup> | 41117 | 958438 |

---

------

Schedule of Investments - Small Cap Dividend Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Vishay Intertechnology, Inc. | 75047 | $1350846 |
|  |  | 2840633 |
| **Energy Equipment and Services — 2.8%** |  |  |
| Cactus, Inc., Class A | 12250 | 580282 |
| Flowco Holdings, Inc., Class A | 74469 | 1534061 |
| Liberty Energy, Inc. | 25172 | 724954 |
|  |  | 2839297 |
| **Financial Services — 3.3%** |  |  |
| Enact Holdings, Inc. | 7320 | 298729 |
| EVERTEC, Inc. | 105952 | 2989966 |
|  |  | 3288695 |
| **Gas Utilities — 0.7%** |  |  |
| Southwest Gas Holdings, Inc. | 8111 | 704846 |
| **Ground Transportation — 1.2%** |  |  |
| Heartland Express, Inc. | 58143 | 604687 |
| Marten Transport Ltd. | 45347 | 595406 |
|  |  | 1200093 |
| **Health Care Equipment and Supplies — 0.8%** |  |  |
| Embecta Corp. | 87773 | 775913 |
| **Health Care REITs — 2.2%** |  |  |
| American Healthcare REIT, Inc. | 7369 | 347522 |
| LTC Properties, Inc. | 49361 | 1834255 |
|  |  | 2181777 |
| **Hotel & Resort REITs — 2.5%** |  |  |
| Ryman Hospitality Properties, Inc. | 19287 | 1779611 |
| Xenia Hotels & Resorts, Inc. | 44930 | 666312 |
|  |  | 2445923 |
| **Hotels, Restaurants and Leisure — 2.4%** |  |  |
| Papa John's International, Inc. | 29474 | 955252 |
| Vail Resorts, Inc.<sup>(2)</sup> | 11434 | 1467211 |
|  |  | 2422463 |
| **Household Durables — 1.5%** |  |  |
| KB Home | 24446 | 1265081 |
| Meritage Homes Corp. | 3273 | 202402 |
|  |  | 1467483 |
| **Household Products — 1.2%** |  |  |
| Spectrum Brands Holdings, Inc. | 16034 | 1181706 |
| **Industrial REITs — 3.0%** |  |  |
| Americold Realty Trust, Inc. | 155104 | 1777492 |
| Terreno Realty Corp. | 19958 | 1225820 |
|  |  | 3003312 |
| **Insurance — 2.4%** |  |  |
| Axis Capital Holdings Ltd. | 20405 | 2069271 |
| Fidelis Insurance Holdings Ltd. | 14349 | 274209 |
|  |  | 2343480 |
| **Leisure Products — 1.3%** |  |  |
| Brunswick Corp. | 18423 | 1340457 |
| **Machinery — 4.6%** |  |  |
| Albany International Corp., Class A | 30777 | 1606867 |
| Kennametal, Inc. | 18672 | 674619 |
| Luxfer Holdings PLC | 94243 | 1147880 |
| Timken Co. | 11199 | 1126284 |
|  |  | 4555650 |

---

------

Schedule of Investments - Small Cap Dividend Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Media — 2.5%** |  |  |
| Entravision Communications Corp., Class A | 211551 | $628306 |
| John Wiley & Sons, Inc., Class A | 35057 | 1335672 |
| Townsquare Media, Inc., Class A<sup>(2)</sup> | 102682 | 557563 |
|  |  | 2521541 |
| **Multi-Utilities — 0.8%** |  |  |
| Northwestern Energy Group, Inc. | 11422 | 753167 |
| **Oil, Gas and Consumable Fuels — 10.7%** |  |  |
| Chord Energy Corp. | 10491 | 1491610 |
| Crescent Energy Co., Class A | 141367 | 1908455 |
| Hess Midstream LP, Class A | 52069 | 2023922 |
| Mach Natural Resources LP | 135786 | 1901004 |
| Magnolia Oil & Gas Corp., Class A | 45288 | 1429742 |
| TXO Partners LP | 154295 | 1941031 |
|  |  | 10695764 |
| **Personal Care Products — 1.6%** |  |  |
| Edgewell Personal Care Co. | 74437 | 1588486 |
| **Professional Services — 2.7%** |  |  |
| Korn Ferry | 22285 | 1402841 |
| Science Applications International Corp. | 13213 | 1254178 |
|  |  | 2657019 |
| **Residential REITs — 0.6%** |  |  |
| UMH Properties, Inc. | 39080 | 563924 |
| **Semiconductors and Semiconductor Equipment — 2.4%** |  |  |
| Amkor Technology, Inc. | 21325 | 960265 |
| Kulicke & Soffa Industries, Inc. | 21096 | 1386429 |
|  |  | 2346694 |
| **Software — 0.8%** |  |  |
| Opera Ltd., ADR | 58104 | 828563 |
| **Specialized REITs — 1.4%** |  |  |
| EPR Properties | 28034 | 1400579 |
| **Specialty Retail — 1.7%** |  |  |
| Bath & Body Works, Inc. | 91593 | 1710041 |
| **Tobacco — 0.8%** |  |  |
| Turning Point Brands, Inc. | 9378 | 813917 |
| **Trading Companies and Distributors — 2.1%** |  |  |
| Applied Industrial Technologies, Inc. | 3768 | 999726 |
| EquipmentShare.com, Inc., Class A<sup>(1)</sup> | 52427 | 1067938 |
|  |  | 2067664 |
| **TOTAL COMMON STOCKS**<br>(Cost $99,184,325) |  | **97002141** |
| **PREFERRED SECURITIES — 0.6%** |  |  |
| **Financial Services — 0.6%** |  |  |
| Compass Diversified Holdings, 7.875%<br>(Cost $489,957) | 28637 | **558708** |
| **SHORT-TERM INVESTMENTS — 2.5%** |  |  |
| **Money Market Funds — 2.5%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 1590279 | 1590279 |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(3)</sup> | 912631 | 912631 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $2,502,910) |  | **2502910** |
| **TOTAL INVESTMENT SECURITIES — 100.5%**<br>(Cost $102,177,192) |  | **100063759** |
| **OTHER ASSETS AND LIABILITIES — (0.5)%** |  | **(479566)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**99584193** |

---

------

Schedule of Investments - Small Cap Dividend Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** |
| **Currency Purchased** | **Currency Purchased** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Currency Sold** | **Counterparty** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| CAD | 45618 | USD | 33040 | Citibank NA | 6/26/26 | $(126) |
| CAD | 52996 | USD | 38708 | UBS AG | 6/26/26 | (470) |
| CAD | 82413 | USD | 59580 | UBS AG | 6/26/26 | (117) |
| CAD | 169948 | USD | 122600 | UBS AG | 6/26/26 | 21 |
| USD | 669682 | CAD | 915706 | Citibank NA | 6/26/26 | 8980 |
| USD | 35349 | CAD | 48641 | Citibank NA | 6/26/26 | 254 |
| USD | 669596 | CAD | 915707 | UBS AG | 6/26/26 | 8894 |
|  |  |  |  |  |  | $17436 |

---

---

| | | |
|:---|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** |
| ADR | – | American Depositary Receipt |
| CAD | – | Canadian Dollar |
| USD | – | United States Dollar |

---

(1)Non-income producing.

(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $2,066,907. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(3)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $2,085,709, which includes securities collateral of $1,173,078.

**FAIR VALUE MEASUREMENTS**

The following is a summary of the fund's valuation inputs as of period end.

---

| | | | |
|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** |
| **Assets** | | | |
| **Investment Securities** | | | |
| Common Stocks | $95645548 | $1356593 |  |
| Preferred Securities | 558708 |  |  |
| Short-Term Investments | 2502910 |  |  |
|  | $98707166 | $1356593 |  |
| **Other Financial Instruments** |  |  |  |
| Forward Foreign Currency Exchange Contracts |  | $18149 |  |
| **Liabilities** |  |  |  |
| **Other Financial Instruments** |  |  |  |
| Forward Foreign Currency Exchange Contracts |  | $713 |  |

---

**DERIVATIVE INSTRUMENTS**

As of period end, the value of derivative instruments located on the Statement of Assets and Liabilities were as follows:

---

| | |
|:---|:---|
| | **Type of Risk Exposure** |
| | **Foreign Currency** |
| **Asset Derivatives:** | |
| &nbsp;&nbsp;Unrealized appreciation on forward foreign currency exchange contracts | $18149 |
| **Liability Derivatives:** |  |
| &nbsp;&nbsp;Unrealized depreciation on forward foreign currency exchange contracts | $713 |

---

------

Schedule of Investments - Small Cap Dividend Fund

The following is a summary of the effect of derivative instruments on the Statement of Operations for the period ended March 31, 2026.

---

| | |
|:---|:---|
| | **Type of Risk Exposure** |
| | **Foreign Currency** |
| **Net realized gain (loss) on:** | |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange transactions | $11662 |
| **Change in net unrealized appreciation (depreciation) on:** |  |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | $17436 |

---

See Notes to Financial Statements.

------

Schedule of Investments - Small Cap Value Fund

**MARCH 31, 2026**

---

| | | |
|:---|:---|:---|
| <br>**COMMON STOCKS — 99.6%** | **Shares**<br> | **Value**<br> |
| **Air Freight and Logistics — 0.4%** |  |  |
| Hub Group, Inc., Class A | 340000 | $12253600 |
| **Automobile Components — 1.9%** |  |  |
| Visteon Corp. | 655000 | 59677050 |
| **Banks — 20.7%** |  |  |
| Ameris Bancorp | 275000 | 21447250 |
| Atlantic Union Bankshares Corp. | 1200000 | 42888000 |
| Axos Financial, Inc.<sup>(1)</sup> | 385000 | 32759650 |
| BancFirst Corp. | 115000 | 12477500 |
| Central BanCo, Inc., Class A | 700000 | 16765000 |
| Columbia Banking System, Inc. | 2925000 | 80232750 |
| First BanCorp | 445000 | 9505200 |
| Home BancShares, Inc. | 2565000 | 69075450 |
| International Bancshares Corp. | 765000 | 51476850 |
| Nicolet Bankshares, Inc. | 140000 | 20806800 |
| Northeast Bank | 120000 | 13484400 |
| Old National Bancorp | 3705001 | 81880500 |
| Pathward Financial, Inc. | 210000 | 18738300 |
| Popular, Inc. | 70000 | 9391900 |
| Southstate Bank Corp. | 980000 | 90669600 |
| UMB Financial Corp. | 620000 | 69929800 |
|  |  | 641528950 |
| **Building Products — 1.3%** |  |  |
| DIRTT Environmental Solutions<sup>(1)</sup> | 6635902 | 3882003 |
| Resideo Technologies, Inc.<sup>(1)</sup> | 190000 | 6404900 |
| Tecnoglass, Inc. | 670000 | 29848500 |
|  |  | 40135403 |
| **Capital Markets — 2.9%** |  |  |
| Marex Group PLC | 1125000 | 50152500 |
| StoneX Group, Inc.<sup>(1)</sup> | 480000 | 38712000 |
|  |  | 88864500 |
| **Chemicals — 3.9%** |  |  |
| Ashland, Inc. | 580000 | 32253800 |
| Ingevity Corp.<sup>(1)</sup> | 740000 | 52710200 |
| Minerals Technologies, Inc. | 520000 | 36878400 |
|  |  | 121842400 |
| **Commercial Services and Supplies — 2.4%** |  |  |
| Brink's Co. | 575000 | 59587250 |
| Loomis AB | 335000 | 15302892 |
|  |  | 74890142 |
| **Construction Materials — 0.6%** |  |  |
| Titan America SA<sup>(1)</sup> | 1145000 | 17152100 |
| **Containers and Packaging — 1.1%** |  |  |
| Graphic Packaging Holding Co. | 3505000 | 34839700 |
| **Distributors — 0.6%** |  |  |
| Gold.com, Inc. | 435000 | 17434800 |
| **Diversified Consumer Services — 1.3%** |  |  |
| KinderCare Learning Cos., Inc.<sup>(1)</sup> | 2988159 | 6573950 |
| McGraw Hill, Inc.<sup>(1)</sup> | 2395000 | 32811500 |
|  |  | 39385450 |

---

------

Schedule of Investments - Small Cap Value Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Electrical Equipment — 1.4%** |  |  |
| Hammond Power Solutions, Inc.<sup>(2)</sup> | 120000 | $15127885 |
| Sensata Technologies Holding PLC | 780000 | 27471600 |
|  |  | 42599485 |
| **Electronic Equipment, Instruments and Components — 1.7%** |  |  |
| Arrow Electronics, Inc.<sup>(1)</sup> | 215000 | 30833150 |
| Ingram Micro Holding Corp.<sup>(2)</sup> | 865000 | 20163150 |
|  |  | 50996300 |
| **Energy Equipment and Services — 2.0%** |  |  |
| Cactus, Inc., Class A | 380000 | 18000600 |
| Flowco Holdings, Inc., Class A | 1370000 | 28222000 |
| Liberty Energy, Inc. | 555000 | 15984000 |
|  |  | 62206600 |
| **Financial Services — 6.1%** |  |  |
| Compass Diversified Holdings<sup>(2)</sup> | 2905000 | 22833300 |
| Euronet Worldwide, Inc.<sup>(1)</sup> | 935000 | 62055950 |
| EVERTEC, Inc. | 2770000 | 78169400 |
| Haymaker Acquisition Corp. 4<sup>(1)(3)</sup> | 1824300 | 21052422 |
| Repay Holdings Corp.<sup>(1)</sup> | 2320000 | 6032000 |
|  |  | 190143072 |
| **Ground Transportation — 0.9%** |  |  |
| ArcBest Corp. | 220000 | 21639200 |
| Proficient Auto Logistics, Inc.<sup>(1)</sup> | 1014759 | 6880066 |
|  |  | 28519266 |
| **Health Care Equipment and Supplies — 2.5%** |  |  |
| Embecta Corp. | 1909394 | 16879043 |
| Enovis Corp.<sup>(1)</sup> | 2675000 | 60856250 |
|  |  | 77735293 |
| **Health Care Providers and Services — 1.4%** |  |  |
| Addus HomeCare Corp.<sup>(1)</sup> | 181219 | 16971159 |
| Pediatrix Medical Group, Inc.<sup>(1)</sup> | 1245000 | 26630550 |
|  |  | 43601709 |
| **Health Care REITs — 0.9%** |  |  |
| LTC Properties, Inc. | 710000 | 26383600 |
| **Hotel & Resort REITs — 1.7%** |  |  |
| Ryman Hospitality Properties, Inc. | 585000 | 53977950 |
| **Household Durables — 2.7%** |  |  |
| Champion Homes, Inc.<sup>(1)</sup> | 515000 | 38300550 |
| M/I Homes, Inc.<sup>(1)</sup> | 125000 | 15306250 |
| Meritage Homes Corp. | 50000 | 3092000 |
| Taylor Morrison Home Corp.<sup>(1)</sup> | 485000 | 28246400 |
|  |  | 84945200 |
| **Household Products — 1.2%** |  |  |
| Spectrum Brands Holdings, Inc.<sup>(2)</sup> | 495000 | 36481500 |
| **Industrial REITs — 2.8%** |  |  |
| Americold Realty Trust, Inc. | 4000000 | 45840000 |
| Terreno Realty Corp. | 675000 | 41458500 |
|  |  | 87298500 |
| **Insurance — 5.0%** |  |  |
| Accelerant Holdings, Class A<sup>(1)</sup> | 1820000 | 24315200 |
| Axis Capital Holdings Ltd. | 630000 | 63888300 |
| Baldwin Insurance Group, Inc.<sup>(1)</sup> | 595000 | 13054300 |
| Bowhead Specialty Holdings, Inc.<sup>(1)</sup> | 365000 | 8186950 |

---

------

Schedule of Investments - Small Cap Value Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Hamilton Insurance Group Ltd., Class B | 485000 | $14467550 |
| SiriusPoint Ltd.<sup>(1)</sup> | 472307 | 10173493 |
| Slide Insurance Holdings, Inc.<sup>(1)(2)</sup> | 1120000 | 20160000 |
|  |  | 154245793 |
| **Leisure Products — 1.1%** |  |  |
| Brunswick Corp. | 465000 | 33833400 |
| **Machinery — 4.2%** |  |  |
| Albany International Corp., Class A | 356720 | 18624351 |
| Blue Bird Corp.<sup>(1)</sup> | 405000 | 22999950 |
| Gates Industrial Corp. PLC<sup>(1)</sup> | 960000 | 21705600 |
| Hillman Solutions Corp.<sup>(1)</sup> | 4270000 | 35526400 |
| Timken Co. | 295000 | 29668150 |
|  |  | 128524451 |
| **Media — 1.1%** |  |  |
| Criteo SA, ADR<sup>(1)</sup> | 795000 | 14254350 |
| Entravision Communications Corp., Class A<sup>(3)</sup> | 5771472 | 17141272 |
| NIQ Global Intelligence PLC<sup>(1)</sup> | 159267 | 1810866 |
| Townsquare Media, Inc., Class A | 419455 | 2277640 |
|  |  | 35484128 |
| **Oil, Gas and Consumable Fuels — 10.7%** |  |  |
| Chord Energy Corp. | 285000 | 40521300 |
| Crescent Energy Co., Class A | 4520000 | 61020000 |
| Infinity Natural Resources, Inc., Class A<sup>(1)</sup> | 1005043 | 17698807 |
| Mach Natural Resources LP | 1485000 | 20790000 |
| Magnolia Oil & Gas Corp., Class A | 2030000 | 64087100 |
| Northern Oil & Gas, Inc. | 2090000 | 61090700 |
| Permian Resources Corp. | 2545000 | 54259400 |
| TXO Partners LP | 885000 | 11133300 |
|  |  | 330600607 |
| **Personal Care Products — 1.6%** |  |  |
| Edgewell Personal Care Co.<sup>(3)</sup> | 2335000 | 49828900 |
| **Professional Services — 3.4%** |  |  |
| IBEX Holdings Ltd.<sup>(1)</sup> | 135613 | 3637141 |
| Korn Ferry | 727379 | 45788508 |
| Science Applications International Corp. | 200000 | 18984000 |
| TriNet Group, Inc. | 615648 | 22428057 |
| Verra Mobility Corp.<sup>(1)</sup> | 985000 | 14075650 |
|  |  | 104913356 |
| **Semiconductors and Semiconductor Equipment — 3.1%** |  |  |
| Amkor Technology, Inc. | 435000 | 19588050 |
| Axcelis Technologies, Inc.<sup>(1)</sup> | 465000 | 43282200 |
| Kulicke & Soffa Industries, Inc. | 495000 | 32531400 |
|  |  | 95401650 |
| **Software — 0.7%** |  |  |
| Opera Ltd., ADR<sup>(2)</sup> | 970000 | 13832200 |
| Progress Software Corp.<sup>(1)</sup> | 360000 | 9234000 |
|  |  | 23066200 |
| **Specialized REITs — 0.8%** |  |  |
| EPR Properties | 500000 | 24980000 |
| **Specialty Retail — 2.8%** |  |  |
| Bath & Body Works, Inc. | 2445000 | 45648150 |
| MarineMax, Inc.<sup>(1)</sup> | 1095000 | 29630700 |

---

------

Schedule of Investments - Small Cap Value Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| OneWater Marine, Inc., Class A<sup>(1)(2)(3)</sup> | 1340000 | $12663000 |
|  |  | 87941850 |
| **Textiles, Apparel and Luxury Goods — 1.0%** |  |  |
| Birkenstock Holding PLC<sup>(1)(2)</sup> | 895000 | 32067850 |
| **Tobacco — 0.6%** |  |  |
| Turning Point Brands, Inc. | 205000 | 17791950 |
| **Trading Companies and Distributors — 1.1%** |  |  |
| EquipmentShare.com, Inc., Class A<sup>(1)</sup> | 1630000 | 33203100 |
| **TOTAL COMMON STOCKS**<br>(Cost $2,837,522,643) |  | **3084775805** |
| **SHORT-TERM INVESTMENTS — 3.6%** |  |  |
| **Money Market Funds — 1.1%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 225173 | 225173 |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(4)</sup> | 34015624 | 34015624 |
|  |  | 34240797 |
| **Repurchase Agreements — 2.5%** |  |  |
| Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 3.625%, 4/15/28, valued at $78,175,937), at 3.66%, dated 3/31/26, due 4/1/26 (Delivery value $76,650,792) |  | 76643000 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $110,883,797) |  | **110883797** |
| **TOTAL INVESTMENT SECURITIES — 103.2%**<br>(Cost $2,948,406,440) |  | **3195659602** |
| **OTHER ASSETS AND LIABILITIES — (3.2)%** |  | **(99003228)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**3096656374** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** |
| **Currency Purchased** | **Currency Purchased** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Currency Sold** | **Counterparty** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| CAD | 708562 | USD | 517531 | UBS AG | 6/26/26 | $(6289) |
| CAD | 1216562 | USD | 879502 | UBS AG | 6/26/26 | (1726) |
| CAD | 2684597 | USD | 1936658 | UBS AG | 6/26/26 | 338 |
| USD | 7716701 | CAD | 10551625 | Citibank NA | 6/26/26 | 103473 |
| USD | 405380 | CAD | 557812 | Citibank NA | 6/26/26 | 2906 |
| USD | 7715714 | CAD | 10551625 | UBS AG | 6/26/26 | 102486 |
| SEK | 5655393 | USD | 608853 | JPMorgan Chase Bank NA | 6/26/26 | (8897) |
| SEK | 3308200 | USD | 355871 | JPMorgan Chase Bank NA | 6/26/26 | (4919) |
| SEK | 3842850 | USD | 403657 | JPMorgan Chase Bank NA | 6/26/26 | 4014 |
| USD | 14178727 | SEK | 132587593 | JPMorgan Chase Bank NA | 6/26/26 | 113100 |
| USD | 403993 | SEK | 3794400 | JPMorgan Chase Bank NA | 6/26/26 | 1462 |
|  |  |  |  |  |  | $305948 |

---

---

| | | |
|:---|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** |
| ADR | – | American Depositary Receipt |
| CAD | – | Canadian Dollar |
| SEK | – | Swedish Krona |
| USD | – | United States Dollar |

---

(1)Non-income producing.

(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $36,450,146. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(3)Affiliated Company: the fund's holding represents ownership of 5% or more of the voting securities of the company; therefore, the company is affiliated as defined in the Investment Company Act of 1940.

(4)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $37,265,186, which includes securities collateral of $3,249,562.

------

Schedule of Investments - Small Cap Value Fund

**AFFILIATED COMPANY TRANSACTIONS**

If a fund's holding represents ownership of 5% or more of the voting securities of a company, the company is affiliated as defined in the 1940 Act. A summary of transactions for each company which is or was an affiliate at or during the period ended March 31, 2026 follows (amounts in thousands):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Beginning<br>Value** | **Purchase<br>Cost** | **Sales <br>Cost** | **Change in Net<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Ending<br>Value** | **Ending<br>Shares** | **Net <br>Realized<br>Gain <br>(Loss)** | **Income** |
| Compass Diversified Holdings<sup>(1)(2)</sup> | $76360 | $2003 | $28326 | $(27205) | —<sup>(1)</sup> | —<sup>(1)</sup> | $(16704) | $1022 |
| Edgewell Personal Care Co. | 76621 | 15272 | 28425 | (13639) | $49829 | 2335 | (8746) | 1394 |
| Embecta Corp.<sup>(1)</sup> | 35445 | 9034 | 39405 | 11805 | —<sup>(1)</sup> | —<sup>(1)</sup> | (20803) | 1827 |
| Enovis Corp.<sup>(1)(3)</sup> | 101830 | 30591 | 45320 | (26245) | —<sup>(1)</sup> | —<sup>(1)</sup> | (18068) |  |
| Entravision Communications Corp., Class A | 13976 |  | 1908 | 5074 | 17142 | 5771 | 784 | 1289 |
| EVERTEC, Inc.<sup>(1)</sup> | 122076 | 19596 | 38451 | (25051) | —<sup>(1)</sup> | —<sup>(1)</sup> | (1059) | 600 |
| Haymaker Acquisition Corp. 4<sup>(3)</sup> |  | 19611 |  | 1441 | 21052 | 1824 |  |  |
| MarineMax, Inc.<sup>(1)(3)</sup> | 33960 | 2070 | 17500 | 11102 | —<sup>(1)</sup> | —<sup>(1)</sup> | (2118) |  |
| OneWater Marine, Inc., Class A<sup>(2)(3)</sup> | 21438 | 2756 | 4936 | (6595) | 12663 | 1340 | (2269) |  |
| Spectrum Brands Holdings, Inc.<sup>(1)(2)</sup> | 67977 | 22498 | 44683 | (9311) | —<sup>(1)</sup> | —<sup>(1)</sup> | 11040 | 1864 |
|  | $549683 | $123431 | $248954 | $(78624) | $100686 | 11270 | $(57943) | $7996 |

---

(1)Company was not an affiliate at March 31, 2026.

(2)Security, or a portion thereof, is on loan.

(3)Non-income producing.

**FAIR VALUE MEASUREMENTS**

The following is a summary of the fund's valuation inputs as of period end.

---

| | | | |
|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** |
| **Assets** | | | |
| **Investment Securities** | | | |
| Common Stocks | $3054345028 | $30430777 |  |
| Short-Term Investments | 34240797 | 76643000 |  |
|  | $3088585825 | $107073777 |  |
| **Other Financial Instruments** |  |  |  |
| Forward Foreign Currency Exchange Contracts |  | $327779 |  |
| **Liabilities** |  |  |  |
| **Other Financial Instruments** |  |  |  |
| Forward Foreign Currency Exchange Contracts |  | $21831 |  |

---

**DERIVATIVE INSTRUMENTS**

As of period end, the value of derivative instruments located on the Statement of Assets and Liabilities were as follows:

---

| | |
|:---|:---|
| | **Type of Risk Exposure** |
| | **Foreign Currency** |
| **Asset Derivatives:** | |
| &nbsp;&nbsp;Unrealized appreciation on forward foreign currency exchange contracts | $327779 |
| **Liability Derivatives:** |  |
| &nbsp;&nbsp;Unrealized depreciation on forward foreign currency exchange contracts | $21831 |

---

------

Schedule of Investments - Small Cap Value Fund

The following is a summary of the effect of derivative instruments on the Statement of Operations for the period ended March 31, 2026.

---

| | |
|:---|:---|
| | **Type of Risk Exposure** |
| | **Foreign Currency** |
| **Net realized gain (loss) on:** | |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange transactions | $(1664922) |
| **Change in net unrealized appreciation (depreciation) on:** |  |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | $509426 |

---

See Notes to Financial Statements.

------

Schedule of Investments - Value Fund

**MARCH 31, 2026**

---

| | | |
|:---|:---|:---|
| <br>**COMMON STOCKS — 97.8%** | **Shares**<br> | **Value**<br> |
| **Aerospace and Defense — 2.4%** |  |  |
| L3Harris Technologies, Inc. | 37571 | $12967631 |
| Lockheed Martin Corp. | 18197 | 10998085 |
| RTX Corp. | 95609 | 18442976 |
|  |  | 42408692 |
| **Air Freight and Logistics — 0.7%** |  |  |
| United Parcel Service, Inc., Class B | 126333 | 12428641 |
| **Automobile Components — 1.3%** |  |  |
| BorgWarner, Inc. | 172940 | 9383724 |
| Gentex Corp. | 618167 | 13506949 |
|  |  | 22890673 |
| **Banks — 8.6%** |  |  |
| Bank of America Corp. | 655080 | 31935150 |
| Commerce Bancshares, Inc. | 236399 | 11630831 |
| JPMorgan Chase & Co. | 159976 | 47058540 |
| Truist Financial Corp. | 441318 | 20287389 |
| U.S. Bancorp | 750638 | 39040682 |
|  |  | 149952592 |
| **Beverages — 3.7%** |  |  |
| Heineken Holding NV | 101446 | 7219533 |
| Heineken NV | 131875 | 10143604 |
| PepsiCo, Inc. | 225506 | 35018827 |
| Pernod Ricard SA | 175626 | 13059877 |
|  |  | 65441841 |
| **Building Products — 1.6%** |  |  |
| A.O. Smith Corp. | 216477 | 14274493 |
| Owens Corning | 132208 | 14307550 |
|  |  | 28582043 |
| **Capital Markets — 5.0%** |  |  |
| Ameriprise Financial, Inc. | 38592 | 17150285 |
| Blackrock, Inc. | 11925 | 11468392 |
| Charles Schwab Corp. | 257068 | 24159250 |
| State Street Corp. | 210312 | 26617087 |
| T. Rowe Price Group, Inc. | 88474 | 7975046 |
|  |  | 87370060 |
| **Chemicals — 0.9%** |  |  |
| PPG Industries, Inc. | 145037 | 15501555 |
| **Communications Equipment — 2.5%** |  |  |
| Cisco Systems, Inc. | 414373 | 32151201 |
| F5, Inc.<sup>(1)</sup> | 42223 | 12216381 |
|  |  | 44367582 |
| **Construction Materials — 1.2%** |  |  |
| Amrize Ltd.<sup>(1)</sup> | 252388 | 14138776 |
| Martin Marietta Materials, Inc. | 10946 | 6443691 |
|  |  | 20582467 |
| **Consumer Staples Distribution & Retail — 1.5%** |  |  |
| Koninklijke Ahold Delhaize NV | 282933 | 13207574 |
| Target Corp. | 104451 | 12659461 |
|  |  | 25867035 |

---

------

Schedule of Investments - Value Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Containers and Packaging — 0.8%** |  |  |
| Packaging Corp. of America | 66305 | $14071247 |
| **Diversified Telecommunication Services — 2.4%** |  |  |
| AT&T, Inc. | 535297 | 15518260 |
| Verizon Communications, Inc. | 514494 | 25827599 |
|  |  | 41345859 |
| **Electric Utilities — 3.9%** |  |  |
| Duke Energy Corp. | 147569 | 19322685 |
| Evergy, Inc. | 237935 | 19491635 |
| Xcel Energy, Inc. | 369733 | 29371590 |
|  |  | 68185910 |
| **Electrical Equipment — 0.5%** |  |  |
| Emerson Electric Co. | 61716 | 8086030 |
| **Energy Equipment and Services — 1.1%** |  |  |
| Baker Hughes Co. | 309243 | 18879285 |
| **Entertainment — 0.9%** |  |  |
| Walt Disney Co. | 172937 | 16667668 |
| **Financial Services — 3.9%** |  |  |
| Berkshire Hathaway, Inc., Class A<sup>(1)</sup> | 74 | 53142360 |
| Berkshire Hathaway, Inc., Class B<sup>(1)</sup> | 11889 | 5697209 |
| Fidelity National Information Services, Inc. | 222310 | 10428562 |
|  |  | 69268131 |
| **Food Products — 2.1%** |  |  |
| Conagra Brands, Inc. | 337256 | 5301664 |
| Magnum Ice Cream Co. NV<sup>(1)</sup> | 684830 | 10067429 |
| Mondelez International, Inc., Class A | 364534 | 21011740 |
|  |  | 36380833 |
| **Gas Utilities — 0.7%** |  |  |
| ONE Gas, Inc. | 151283 | 13030005 |
| **Ground Transportation — 1.2%** |  |  |
| Norfolk Southern Corp. | 71460 | 20509020 |
| **Health Care Equipment and Supplies — 4.5%** |  |  |
| Becton Dickinson & Co. | 166695 | 26209455 |
| Medtronic PLC | 302560 | 26216824 |
| Zimmer Biomet Holdings, Inc. | 292805 | 26475428 |
|  |  | 78901707 |
| **Health Care Providers and Services — 4.6%** |  |  |
| CVS Health Corp. | 215662 | 15488845 |
| Henry Schein, Inc.<sup>(1)</sup> | 205502 | 15145497 |
| Labcorp Holdings, Inc. | 81183 | 21660436 |
| UnitedHealth Group, Inc. | 60120 | 16267871 |
| Universal Health Services, Inc., Class B | 67514 | 12082981 |
|  |  | 80645630 |
| **Health Care REITs — 1.2%** |  |  |
| Healthpeak Properties, Inc. | 834385 | 13708945 |
| Ventas, Inc. | 82051 | 6710131 |
|  |  | 20419076 |
| **Hotels, Restaurants and Leisure — 0.5%** |  |  |
| Sodexo SA | 190212 | 9763971 |
| **Household Durables — 0.8%** |  |  |
| PulteGroup, Inc. | 112884 | 13276287 |
| **Household Products — 1.0%** |  |  |
| Kimberly-Clark Corp. | 187827 | 18119671 |

---

------

Schedule of Investments - Value Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrial Conglomerates — 1.3%** |  |  |
| Honeywell International, Inc. | 58703 | $13268639 |
| Siemens AG | 40970 | 9981690 |
|  |  | 23250329 |
| **Insurance — 3.7%** |  |  |
| Allstate Corp. | 87621 | 18167338 |
| Marsh & McLennan Cos., Inc. | 159166 | 27607343 |
| Reinsurance Group of America, Inc. | 90440 | 18464230 |
|  |  | 64238911 |
| **Interactive Media and Services — 2.5%** |  |  |
| Alphabet, Inc., Class A | 152185 | 43762319 |
| **IT Services — 0.7%** |  |  |
| Accenture PLC, Class A | 60589 | 12014193 |
| **Life Sciences Tools and Services — 1.1%** |  |  |
| IQVIA Holdings, Inc.<sup>(1)</sup> | 55569 | 9476737 |
| Waters Corp.<sup>(1)</sup> | 33521 | 9982554 |
|  |  | 19459291 |
| **Machinery — 3.3%** |  |  |
| Dover Corp. | 48727 | 10157143 |
| Oshkosh Corp. | 55863 | 8223592 |
| PACCAR, Inc. | 118643 | 13703267 |
| Timken Co. | 115131 | 11578725 |
| Toro Co. | 144025 | 13457696 |
|  |  | 57120423 |
| **Multi-Utilities — 1.1%** |  |  |
| WEC Energy Group, Inc. | 168755 | 19536766 |
| **Oil, Gas and Consumable Fuels — 6.4%** |  |  |
| Chevron Corp. | 179038 | 37042962 |
| Diamondback Energy, Inc. | 70960 | 14035178 |
| Exxon Mobil Corp. | 230961 | 39184843 |
| TotalEnergies SE | 239535 | 21983111 |
|  |  | 112246094 |
| **Passenger Airlines — 0.5%** |  |  |
| Southwest Airlines Co. | 221172 | 8309432 |
| **Personal Care Products — 2.7%** |  |  |
| Kenvue, Inc. | 1376002 | 23722274 |
| Unilever PLC | 404636 | 22845586 |
|  |  | 46567860 |
| **Pharmaceuticals — 5.7%** |  |  |
| Bristol-Myers Squibb Co. | 101691 | 6167559 |
| Johnson & Johnson | 192211 | 46984057 |
| Merck & Co., Inc. | 191697 | 23059232 |
| Roche Holding AG | 28170 | 11242389 |
| Sanofi SA | 138476 | 13372596 |
|  |  | 100825833 |
| **Residential REITs — 0.5%** |  |  |
| Equity Residential | 145434 | 8602421 |
| **Retail REITs — 1.5%** |  |  |
| Agree Realty Corp. | 103841 | 7827534 |
| Realty Income Corp. | 128143 | 7839789 |
| Regency Centers Corp. | 136342 | 10315636 |
|  |  | 25982959 |

---

------

Schedule of Investments - Value Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Semiconductors and Semiconductor Equipment — 4.0%** |  |  |
| Analog Devices, Inc. | 58120 | $18490297 |
| Infineon Technologies AG | 367940 | 16692011 |
| QUALCOMM, Inc. | 129158 | 16632967 |
| Teradyne, Inc. | 59566 | 17658936 |
|  |  | 69474211 |
| **Software — 1.5%** |  |  |
| Microsoft Corp. | 36450 | 13492696 |
| Salesforce, Inc. | 69897 | 13047673 |
|  |  | 26540369 |
| **Specialized REITs — 0.8%** |  |  |
| American Tower Corp. | 84972 | 14664468 |
| **Trading Companies and Distributors — 1.0%** |  |  |
| MSC Industrial Direct Co., Inc., Class A | 199692 | 18425581 |
| **TOTAL COMMON STOCKS**<br>(Cost $1,273,615,569) |  | **1713964971** |
| **SHORT-TERM INVESTMENTS — 1.8%** |  |  |
| **Money Market Funds — 0.0%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 91874 | 91874 |
| **Repurchase Agreements — 1.8%** |  |  |
| Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 3.50%, 4/30/28, valued at $31,811,931), at 3.66%, dated 3/31/26, due 4/1/26 (Delivery value $31,191,171) |  | 31188000 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $31,279,874) |  | **31279874** |
| **TOTAL INVESTMENT SECURITIES — 99.6%**<br>(Cost $1,304,895,443) |  | **1745244845** |
| **OTHER ASSETS AND LIABILITIES — 0.4%** |  | **6866965** |
| **TOTAL NET ASSETS — 100.0%** |  | $**1752111810** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** |
| **Currency Purchased** | **Currency Purchased** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Currency Sold** | **Counterparty** | **Settlement Date** | **Unrealized Appreciation<br>(Depreciation)** |
| USD | 4074961 | CHF | 3178632 | JPMorgan Chase Bank NA | 6/26/26 | $62638 |
| USD | 298025 | CHF | 234515 | JPMorgan Chase Bank NA | 6/26/26 | 2002 |
| USD | 4079275 | CHF | 3178632 | UBS AG | 6/26/26 | 66953 |
| USD | 28146319 | EUR | 24099919 | Citibank NA | 6/26/26 | 182892 |
| USD | 28135691 | EUR | 24099919 | Goldman Sachs & Co. LLC | 6/26/26 | 172263 |
| USD | 28124479 | EUR | 24099919 | Morgan Stanley & Co. LLC | 6/26/26 | 161052 |
| USD | 28136655 | EUR | 24099918 | UBS AG | 6/26/26 | 173227 |
|  |  |  |  |  |  | $821027 |

---

---

| | | |
|:---|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** |
| CHF | – | Swiss Franc |
| EUR | – | Euro |
| USD | – | United States Dollar |

---

(1)Non-income producing.

------

Schedule of Investments - Value Fund

**FAIR VALUE MEASUREMENTS**

The following is a summary of the fund's valuation inputs as of period end.

---

| | | | |
|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** |
| **Assets** | | | |
| **Investment Securities** | | | |
| Common Stocks |  |  |  |
| &nbsp;&nbsp;&nbsp;Beverages | $35018827 | $30423014 |  |
| &nbsp;&nbsp;&nbsp;Consumer Staples Distribution & Retail | 12659461 | 13207574 |  |
| &nbsp;&nbsp;&nbsp;Food Products | 26313404 | 10067429 |  |
| &nbsp;&nbsp;&nbsp;Hotels, Restaurants and Leisure |  | 9763971 |  |
| &nbsp;&nbsp;&nbsp;Industrial Conglomerates | 13268639 | 9981690 |  |
| &nbsp;&nbsp;&nbsp;Oil, Gas and Consumable Fuels | 90262983 | 21983111 |  |
| &nbsp;&nbsp;&nbsp;Personal Care Products | 23722274 | 22845586 |  |
| &nbsp;&nbsp;&nbsp;Pharmaceuticals | 76210848 | 24614985 |  |
| &nbsp;&nbsp;&nbsp;Semiconductors and Semiconductor Equipment | 52782200 | 16692011 |  |
| &nbsp;&nbsp;&nbsp;Other Industries | 1224146964 |  |  |
| Short-Term Investments | 91874 | 31188000 |  |
|  | $1554477474 | $190767371 |  |
| **Other Financial Instruments** |  |  |  |
| Forward Foreign Currency Exchange Contracts |  | $821027 |  |

---

**DERIVATIVE INSTRUMENTS**

As of period end, the value of derivative instruments located on the Statement of Assets and Liabilities were as follows:

---

| | |
|:---|:---|
| | **Type of Risk Exposure** |
| | **Foreign Currency** |
| **Asset Derivatives:** | |
| &nbsp;&nbsp;Unrealized appreciation on forward foreign currency exchange contracts | $821027 |

---

The following is a summary of the effect of derivative instruments on the Statement of Operations for the period ended March 31, 2026.

---

| | |
|:---|:---|
| | **Type of Risk Exposure** |
| | **Foreign Currency** |
| **Net realized gain (loss) on:** | |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange transactions | $(6623520) |
| **Change in net unrealized appreciation (depreciation) on:** |  |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | $553457 |

---

See Notes to Financial Statements.

------

Statements of Assets and Liabilities

---

| | | |
|:---|:---|:---|
| **MARCH 31, 2026** | | |
| | **Equity Income Fund** | **Focused Large Cap Value Fund** |
| **Assets** | | |
| Investment securities, at value | $6266181969 | $2767455187 |
| Investment made with cash collateral received for securities on loan, at value | 9462425 |  |
| Receivable for investments sold | 10649893 | 547787 |
| Receivable for capital shares sold | 1216175 | 506485 |
| Unrealized appreciation on forward foreign currency exchange contracts | 3301590 | 2054342 |
| Dividends and interest receivable | 23657356 | 6962254 |
| Securities lending receivable | 905 |  |
|  | 6314470313 | 2777526055 |
| **Liabilities** |  |  |
| Payable for collateral received for securities on loan | 9462425 |  |
| Payable for capital shares redeemed | 5060615 | 4241113 |
| Unrealized depreciation on forward foreign currency exchange contracts | 154857 | 5231 |
| Accrued management fees | 4466507 | 493117 |
| Distribution and service fees payable | 199409 | 9791 |
|  | 19343813 | 4749252 |
| **Net Assets** | $6295126500 | $2772776803 |
| **Net Assets Consist of:** |  |  |
| Capital (par value and paid-in surplus) | $4635230363 | $2195529519 |
| Distributable earnings (loss) | 1659896137 | 577247284 |
|  | $6295126500 | $2772776803 |
| Investment securities, at cost | $4862559673 | $2279629980 |
| Investment securities on loan, at value | $9145287 |  |
| Investment made with cash collateral received for securities on loan, at cost | $9462425 |  |

---

------

Statements of Assets and Liabilities

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Class** | **Net Assets** | **Shares Outstanding** | **Net Asset Value Per Share** |
| **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** |
| Investor Class, $0.01 Par Value | $2653551322 | 303949189 | $8.73 |
| I Class, $0.01 Par Value | $1977794897 | 226105753 | $8.75 |
| Y Class, $0.01 Par Value | $747695407 | 85321189 | $8.76 |
| A Class, $0.01 Par Value | $579385326 | 66379381 | $8.73 |
| &nbsp;&nbsp;Maximum Offering Price Per Share (Net asset value divide by 0.9425) | &nbsp;&nbsp;Maximum Offering Price Per Share (Net asset value divide by 0.9425) |  | $9.26 |
| C Class, $0.01 Par Value | $72324469 | 8286628 | $8.73 |
| R Class, $0.01 Par Value | $26903517 | 3101721 | $8.67 |
| R5 Class, $0.01 Par Value | $1685878 | 193030 | $8.73 |
| R6 Class, $0.01 Par Value | $235777011 | 26914786 | $8.76 |
| G Class, $0.01 Par Value | $8673 | 989 | $8.77 |
| **Focused Large Cap Value Fund** | **Focused Large Cap Value Fund** | **Focused Large Cap Value Fund** | **Focused Large Cap Value Fund** |
| Investor Class, $0.01 Par Value | $592257004 | 56314845 | $10.52 |
| I Class, $0.01 Par Value | $31261545 | 2967856 | $10.53 |
| A Class, $0.01 Par Value | $28849501 | 2744449 | $10.51 |
| &nbsp;&nbsp;Maximum Offering Price Per Share (Net asset value divide by 0.9425) | &nbsp;&nbsp;Maximum Offering Price Per Share (Net asset value divide by 0.9425) |  | $11.15 |
| C Class, $0.01 Par Value | $833961 | 79319 | $10.51 |
| R Class, $0.01 Par Value | $6595276 | 626152 | $10.53 |
| R5 Class, $0.01 Par Value | $10972 | 1041 | $10.54 |
| R6 Class, $0.01 Par Value | $64734663 | 6150707 | $10.52 |
| G Class, $0.01 Par Value | $2048233881 | 194271784 | $10.54 |

---

Maximum offering price per share was equal to the net asset value per share for all share classes, except A Class. The A Class may incur an initial sales charge and the A Class and C Class may be subject to a contingent deferred sales charge.

See Notes to Financial Statements.

------

Statements of Assets and Liabilities

---

| | | |
|:---|:---|:---|
| **MARCH 31, 2026** | | |
| | **Mid Cap Value Fund** | **Small Cap Dividend Fund** |
| **Assets** | | |
| Investment securities, at value | $5551147801 | $99151128 |
| Investment made with cash collateral received for securities on loan, at value | 322659 | 912631 |
| Receivable for investments sold | 18259833 | 248632 |
| Receivable for capital shares sold | 1861978 | 2216 |
| Unrealized appreciation on forward foreign currency exchange contracts | 3105160 | 18149 |
| Dividends and interest receivable | 12566676 | 203882 |
| Securities lending receivable | 3865 | 1425 |
|  | 5587267972 | 100538063 |
| **Liabilities** |  |  |
| Foreign currency overdraft payable, at value | 5801 |  |
| Payable for collateral received for securities on loan | 322659 | 912631 |
| Payable for investments purchased | 8365720 | 19591 |
| Payable for capital shares redeemed | 6853085 | 2650 |
| Unrealized depreciation on forward foreign currency exchange contracts | 120108 | 713 |
| Accrued management fees | 3204222 | 18155 |
| Distribution and service fees payable | 66680 | 130 |
| Accrued other expenses | 123396 |  |
|  | 19061671 | 953870 |
| **Net Assets** | $5568206301 | $99584193 |
| **Net Assets Consist of:** |  |  |
| Capital (par value and paid-in surplus) | $4815092348 | $105402070 |
| Distributable earnings (loss) | 753113953 | (5817877) |
|  | $5568206301 | $99584193 |
| Investment securities, at cost | $4830980069 | $101264561 |
| Investment securities on loan, at value | $4230069 | $2066907 |
| Investment made with cash collateral received for securities on loan, at cost | $322659 | $912631 |

---

------

Statements of Assets and Liabilities

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Class** | **Net Assets** | **Shares Outstanding** | **Net Asset Value Per Share** |
| **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** |
| Investor Class, $0.01 Par Value | $1356010697 | 89533839 | $15.15 |
| I Class, $0.01 Par Value | $902130954 | 59478013 | $15.17 |
| Y Class, $0.01 Par Value | $297806459 | 19617470 | $15.18 |
| A Class, $0.01 Par Value | $142223934 | 9425014 | $15.09 |
| &nbsp;&nbsp;Maximum Offering Price Per Share (Net asset value divide by 0.9425) | &nbsp;&nbsp;Maximum Offering Price Per Share (Net asset value divide by 0.9425) |  | $16.01 |
| C Class, $0.01 Par Value | $6458465 | 438183 | $14.74 |
| R Class, $0.01 Par Value | $69142812 | 4606592 | $15.01 |
| R5 Class, $0.01 Par Value | $15045250 | 991220 | $15.18 |
| R6 Class, $0.01 Par Value | $1979289635 | 130521638 | $15.16 |
| G Class, $0.01 Par Value | $800098095 | 52681334 | $15.19 |
| **Small Cap Dividend Fund** | **Small Cap Dividend Fund** | **Small Cap Dividend Fund** | **Small Cap Dividend Fund** |
| Investor Class, $0.01 Par Value | $15452861 | 1479473 | $10.44 |
| I Class, $0.01 Par Value | $4345610 | 415626 | $10.46 |
| A Class, $0.01 Par Value | $123024 | 11787 | $10.44 |
| &nbsp;&nbsp;Maximum Offering Price Per Share (Net asset value divide by 0.9425) | &nbsp;&nbsp;Maximum Offering Price Per Share (Net asset value divide by 0.9425) |  | $11.08 |
| R Class, $0.01 Par Value | $248871 | 23875 | $10.42 |
| R6 Class, $0.01 Par Value | $106723 | 10205 | $10.46 |
| G Class, $0.01 Par Value | $79307104 | 7570388 | $10.48 |

---

Maximum offering price per share was equal to the net asset value per share for all share classes, except A Class. The A Class may incur an initial sales charge and the A Class and C Class may be subject to a contingent deferred sales charge.

See Notes to Financial Statements.

------

Statements of Assets and Liabilities

---

| | | |
|:---|:---|:---|
| **MARCH 31, 2026** | | |
| | **Small Cap Value Fund** | **Value Fund** |
| **Assets** | | |
| Investment securities, at value | $3060958384 | $1745244845 |
| Investment securities - affiliated, at value | 100685594 |  |
| Investment made with cash collateral received for securities on loan, at value | 34015624 |  |
| Receivable for investments sold | 13630301 | 4840899 |
| Receivable for capital shares sold | 2045807 | 855069 |
| Unrealized appreciation on forward foreign currency exchange contracts | 327779 | 821027 |
| Dividends and interest receivable | 5431208 | 3848553 |
| Securities lending receivable | 8373 |  |
|  | 3217103070 | 1755610393 |
| **Liabilities** |  |  |
| Foreign currency overdraft payable, at value |  | 5385 |
| Payable for collateral received for securities on loan | 34015624 |  |
| Payable for investments purchased | 4255663 | 1043329 |
| Payable for capital shares redeemed | 79811757 | 940513 |
| Unrealized depreciation on forward foreign currency exchange contracts | 21831 |  |
| Accrued management fees | 2317144 | 1370652 |
| Distribution and service fees payable | 24677 | 102311 |
| Accrued other expenses |  | 36393 |
|  | 120446696 | 3498583 |
| **Net Assets** | $3096656374 | $1752111810 |
| **Net Assets Consist of:** |  |  |
| Capital (par value and paid-in surplus) | $2776160427 | $1258506413 |
| Distributable earnings (loss) | 320495947 | 493605397 |
|  | $3096656374 | $1752111810 |
| Investment securities, at cost | $2793269486 | $1304895443 |
| Investment securities on loan, at value | $35586095 |  |
| Investment securities - affiliated, at cost | $121121330 |  |
| Investment securities on loan - affiliated, at value | $864051 |  |
| Investment made with cash collateral received for securities on loan, at cost | $34015624 |  |

---

------

Statements of Assets and Liabilities

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Class** | **Net Assets** | **Shares Outstanding** | **Net Asset Value Per Share** |
| **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** |
| Investor Class, $0.01 Par Value | $444059551 | 48393407 | $9.18 |
| I Class, $0.01 Par Value | $793971015 | 85144677 | $9.32 |
| Y Class, $0.01 Par Value | $60736385 | 6497659 | $9.35 |
| A Class, $0.01 Par Value | $58211540 | 6464308 | $9.01 |
| &nbsp;&nbsp;Maximum Offering Price Per Share (Net asset value divide by 0.9425) | &nbsp;&nbsp;Maximum Offering Price Per Share (Net asset value divide by 0.9425) |  | $9.56 |
| C Class, $0.01 Par Value | $11646760 | 1437488 | $8.10 |
| R Class, $0.01 Par Value | $5192925 | 583679 | $8.90 |
| R5 Class, $0.01 Par Value | $8874972 | 950730 | $9.33 |
| R6 Class, $0.01 Par Value | $1588406868 | 170256225 | $9.33 |
| G Class, $0.01 Par Value | $125556358 | 13390587 | $9.38 |
| **Value Fund** | **Value Fund** | **Value Fund** | **Value Fund** |
| Investor Class, $0.01 Par Value | $1157278247 | 139244261 | $8.31 |
| I Class, $0.01 Par Value | $71336344 | 8550278 | $8.34 |
| Y Class, $0.01 Par Value | $157719859 | 18901635 | $8.34 |
| A Class, $0.01 Par Valu | $52947910 | 6384668 | $8.29 |
| &nbsp;&nbsp;Maximum Offering Price Per Share (Net asset value divide by 0.9425) | &nbsp;&nbsp;Maximum Offering Price Per Share (Net asset value divide by 0.9425) |  | $8.80 |
| C Class, $0.01 Par Value | $2944954 | 366498 | $8.04 |
| R Class, $0.01 Par Value | $204022287 | 24569149 | $8.30 |
| R5 Class, $0.01 Par Value | $11047 | 1325 | $8.34 |
| R6 Class, $0.01 Par Value | $105851162 | 12681618 | $8.35 |

---

Maximum offering price per share was equal to the net asset value per share for all share classes, except A Class. The A Class may incur an initial sales charge and the A Class and C Class may be subject to a contingent deferred sales charge.

See Notes to Financial Statements.

------

Statements of Operations

---

| | | |
|:---|:---|:---|
| **YEAR ENDED MARCH 31, 2026** | **YEAR ENDED MARCH 31, 2026** | |
| | **Equity Income Fund** | **Focused Large Cap Value Fund** |
| **Investment Income (Loss)** | | |
| **Income:** | | |
| Dividends | $150887966 | $66769681 |
| Interest | 62707043 | 2426110 |
| Securities lending, net | 130812 |  |
| Less foreign taxes withheld | (1330456) | (748664) |
|  | 212395365 | 68447127 |
| **Expenses:** |  |  |
| Management fees | 54082644 | 15495789 |
| Distribution and service fees: |  |  |
| &nbsp;&nbsp;&nbsp;A Class | 1498631 | 72322 |
| &nbsp;&nbsp;&nbsp;C Class | 848068 | 7624 |
| &nbsp;&nbsp;&nbsp;R Class | 143490 | 34974 |
| Directors' fees and expenses | 205521 | 87831 |
| Other expenses | 129522 | 35 |
|  | 56907876 | 15698575 |
| Fees waived | (48) | (10125260) |
|  | 56907828 | 5573315 |
| **Net investment income (loss)** | 155487537 | 62873812 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| **Net realized gain (loss) on:** |  |  |
| Investment transactions | 596619079 | 344443544 |
| Forward foreign currency exchange contract transactions | (18805031) | (10482093) |
| Foreign currency translation transactions | 472022 | 139826 |
|  | 578286070 | 334101277 |
| **Change in net unrealized appreciation (depreciation) on:** |  |  |
| Investments | (68186393) | (70860180) |
| Forward foreign currency exchange contracts | 2478546 | 1607768 |
| Translation of assets and liabilities in foreign currencies | 437545 | 222617 |
|  | (65270302) | (69029795) |
| **Net realized and unrealized gain (loss)** | 513015768 | 265071482 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $668503305 | $327945294 |

---

See Notes to Financial Statements.

------

Statements of Operations

---

| | | |
|:---|:---|:---|
| **YEAR ENDED MARCH 31, 2026** | **YEAR ENDED MARCH 31, 2026** | |
| | **Mid Cap Value Fund** | **Small Cap Dividend Fund** |
| **Investment Income (Loss)** | | |
| **Income:** | | |
| Dividends | $171058340 | $2865020 |
| Interest | 3061924 | 42655 |
| Securities lending, net | 71791 | 18239 |
| Less foreign taxes withheld | (2707539) | (5059) |
|  | 171484516 | 2920855 |
| **Expenses:** |  |  |
| Management fees | 48386558 | 830893 |
| Distribution and service fees: |  |  |
| &nbsp;&nbsp;&nbsp;A Class | 389163 | 293 |
| &nbsp;&nbsp;&nbsp;C Class | 72659 |  |
| &nbsp;&nbsp;&nbsp;R Class | 375761 | 1095 |
| Directors' fees and expenses | 207217 | 3189 |
| Other expenses | 371560 | 2447 |
|  | 49802918 | 837917 |
| Fees waived | (6441921) | (608363) |
|  | 43360997 | 229554 |
| **Net investment income (loss)** | 128123519 | 2691301 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| **Net realized gain (loss) on:** |  |  |
| Investment transactions | 619206616 | (3522523) |
| Forward foreign currency exchange contract transactions | (22164094) | 11662 |
| Foreign currency translation transactions | 236471 | (26) |
|  | 597278993 | (3510887) |
| **Change in net unrealized appreciation (depreciation) on:** |  |  |
| Investments | (97976410) | 8406021 |
| Forward foreign currency exchange contracts | 2210389 | 17436 |
| Translation of assets and liabilities in foreign currencies | 50853 |  |
|  | (95715168) | 8423457 |
| **Net realized and unrealized gain (loss)** | 501563825 | 4912570 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $629687344 | $7603871 |

---

See Notes to Financial Statements.

------

Statements of Operations

---

| | | |
|:---|:---|:---|
| **YEAR ENDED MARCH 31, 2026** | **YEAR ENDED MARCH 31, 2026** | |
| | **Small Cap Value Fund** | **Value Fund** |
| **Investment Income (Loss)** | | |
| **Income:** | | |
| Dividends | $76662191 | $58235075 |
| Dividends - affiliated | 7996489 |  |
| Interest | 717560 | 1897725 |
| Securities lending, net | 90115 | 9599 |
| Less foreign taxes withheld | (426012) | (714567) |
|  | 85040343 | 59427832 |
| **Expenses:** |  |  |
| Management fees | 35399964 | 19220938 |
| Distribution and service fees: |  |  |
| &nbsp;&nbsp;&nbsp;A Class | 160123 | 130028 |
| &nbsp;&nbsp;&nbsp;C Class | 154608 | 33601 |
| &nbsp;&nbsp;&nbsp;R Class | 27851 | 1049433 |
| Directors' fees and expenses | 133399 | 67542 |
| Other expenses | 63313 | 101874 |
|  | 35939258 | 20603416 |
| Fees waived | (1905718) | (635094) |
|  | 34033540 | 19968322 |
| **Net investment income (loss)** | 51006803 | 39459510 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| **Net realized gain (loss) on:** |  |  |
| Investment transactions | 507266302 | 419084762 |
| Investment transactions - affiliated | (57942522) |  |
| Forward foreign currency exchange contract transactions | (1664922) | (6623520) |
| Foreign currency translation transactions | (5002) | 100251 |
|  | 447653856 | 412561493 |
| **Change in net unrealized appreciation (depreciation) on:** |  |  |
| Investments | (98876284) | (131321853) |
| Investments - affiliated | (78623693) |  |
| Forward foreign currency exchange contracts | 509426 | 553457 |
| Translation of assets and liabilities in foreign currencies | (2017) | 73159 |
|  | (176992568) | (130695237) |
| **Net realized and unrealized gain (loss)** | 270661288 | 281866256 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $321668091 | $321325766 |

---

See Notes to Financial Statements.

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
| **YEARS ENDED MARCH 31, 2026 AND MARCH 31, 2025** | **YEARS ENDED MARCH 31, 2026 AND MARCH 31, 2025** | **YEARS ENDED MARCH 31, 2026 AND MARCH 31, 2025** | | |
| | **Equity Income Fund** | **Equity Income Fund** | **Focused Large Cap Value Fund** | **Focused Large Cap Value Fund** |
| **Increase (Decrease) in Net Assets** | **March 31, 2026** | **March 31, 2025** | **March 31, 2026** | **March 31, 2025** |
| **Operations** | | | | |
| Net investment income (loss) | $155487537 | $173017056 | $62873812 | $79606944 |
| Net realized gain (loss) | 578286070 | 673276064 | 334101277 | 215735048 |
| Change in net unrealized appreciation (depreciation) | (65270302) | (154833718) | (69029795) | 32097119 |
| Net increase (decrease) in net assets resulting from operations | 668503305 | 691459402 | 327945294 | 327439111 |
| **Distributions to Shareholders** |  |  |  |  |
| From earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (260190481) | (309301760) | (65032524) | (46255599) |
| &nbsp;&nbsp;&nbsp;I Class | (202343355) | (255276294) | (3717564) | (3232689) |
| &nbsp;&nbsp;&nbsp;Y Class | (73976835) | (83061744) |  |  |
| &nbsp;&nbsp;&nbsp;A Class | (55653350) | (66160874) | (3224767) | (2574286) |
| &nbsp;&nbsp;&nbsp;C Class | (6928899) | (10920853) | (78115) | (54939) |
| &nbsp;&nbsp;&nbsp;R Class | (2556913) | (3223143) | (792822) | (528551) |
| &nbsp;&nbsp;&nbsp;R5 Class | (162968) | (841419) | (1220) | (847) |
| &nbsp;&nbsp;&nbsp;R6 Class | (25145920) | (39242286) | (8465128) | (5010376) |
| &nbsp;&nbsp;&nbsp;G Class | (865) | (836) | (229306954) | (248033522) |
| Decrease in net assets from distributions | (626959586) | (768029209) | (310619094) | (305690809) |
| **Capital Share Transactions** |  |  |  |  |
| Net increase (decrease) in net assets from capital share transactions (Note 5) | (778952310) | (1131904579) | (197216284) | (502652586) |
| **Net increase (decrease) in net assets** | (737408591) | (1208474386) | (179890084) | (480904284) |
| **Net Assets** |  |  |  |  |
| Beginning of period | 7032535091 | 8241009477 | 2952666887 | 3433571171 |
| End of period | $6295126500 | $7032535091 | $2772776803 | $2952666887 |

---

See Notes to Financial Statements.

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
| **YEARS ENDED MARCH 31, 2026 AND MARCH 31, 2025** | **YEARS ENDED MARCH 31, 2026 AND MARCH 31, 2025** | **YEARS ENDED MARCH 31, 2026 AND MARCH 31, 2025** | | |
| | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Small Cap Dividend Fund** | **Small Cap Dividend Fund** |
| **Increase (Decrease) in Net Assets** | **March 31, 2026** | **March 31, 2025** | **March 31, 2026** | **March 31, 2025** |
| **Operations** | | | | |
| Net investment income (loss) | $128123519 | $157067768 | $2691301 | $1097462 |
| Net realized gain (loss) | 597278993 | 700732743 | (3510887) | 426294 |
| Change in net unrealized appreciation (depreciation) | (95715168) | (356799297) | 8423457 | (11466397) |
| Net increase (decrease) in net assets resulting from operations | 629687344 | 501001214 | 7603871 | (9942641) |
| **Distributions to Shareholders** |  |  |  |  |
| From earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (179493552) | (129693901) | (332530) | (164986) |
| &nbsp;&nbsp;&nbsp;I Class | (135052757) | (121938764) | (101860) | (87298) |
| &nbsp;&nbsp;&nbsp;Y Class | (40092378) | (23490397) |  |  |
| &nbsp;&nbsp;&nbsp;A Class | (18959595) | (13873917) | (2275) | (1511) |
| &nbsp;&nbsp;&nbsp;C Class | (839129) | (817130) |  |  |
| &nbsp;&nbsp;&nbsp;R Class | (9112738) | (6298224) | (3557) | (2727) |
| &nbsp;&nbsp;&nbsp;R5 Class | (1925236) | (1444049) |  |  |
| &nbsp;&nbsp;&nbsp;R6 Class | (309451152) | (259579205) | (3041) | (2519) |
| &nbsp;&nbsp;&nbsp;G Class | (124285854) | (118411741) | (2534746) | (1096259) |
| Decrease in net assets from distributions | (819212391) | (675547328) | (2978009) | (1355300) |
| **Capital Share Transactions** |  |  |  |  |
| Net increase (decrease) in net assets from capital share transactions (Note 5) | (1594914416) | (1426571440) | (12349293) | 110099171 |
| **Net increase (decrease) in net assets** | (1784439463) | (1601117554) | (7723431) | 98801230 |
| **Net Assets** |  |  |  |  |
| Beginning of period | 7352645764 | 8953763318 | 107307624 | 8506394 |
| End of period | $5568206301 | $7352645764 | $99584193 | $107307624 |

---

See Notes to Financial Statements.

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
| **YEARS ENDED MARCH 31, 2026 AND MARCH 31, 2025** | **YEARS ENDED MARCH 31, 2026 AND MARCH 31, 2025** | **YEARS ENDED MARCH 31, 2026 AND MARCH 31, 2025** | | |
| | **Small Cap Value Fund** | **Small Cap Value Fund** | **Value Fund** | **Value Fund** |
| **Increase (Decrease) in Net Assets** | **March 31, 2026** | **March 31, 2025** | **March 31, 2026** | **March 31, 2025** |
| **Operations** | | | | |
| Net investment income (loss) | $51006803 | $68511559 | $39459510 | $42980041 |
| Net realized gain (loss) | 447653856 | 569861731 | 412561493 | 159105486 |
| Change in net unrealized appreciation (depreciation) | (176992568) | (804749171) | (130695237) | (50079895) |
| Net increase (decrease) in net assets resulting from operations | 321668091 | (166375881) | 321325766 | 152005632 |
| **Distributions to Shareholders** |  |  |  |  |
| From earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (59165261) | (43349212) | (109181097) | (115784384) |
| &nbsp;&nbsp;&nbsp;I Class | (144213632) | (116769918) | (47373878) | (51539273) |
| &nbsp;&nbsp;&nbsp;Y Class | (10174819) | (7865182) | (13993118) | (13183128) |
| &nbsp;&nbsp;&nbsp;A Class | (7631085) | (5152271) | (4829959) | (5060688) |
| &nbsp;&nbsp;&nbsp;C Class | (1971756) | (1210435) | (275186) | (485305) |
| &nbsp;&nbsp;&nbsp;R Class | (654861) | (410579) | (18502269) | (21165087) |
| &nbsp;&nbsp;&nbsp;R5 Class | (999468) | (650134) | (1002) | (21436) |
| &nbsp;&nbsp;&nbsp;R6 Class | (236937747) | (157187747) | (10438385) | (10639097) |
| &nbsp;&nbsp;&nbsp;G Class | (24350323) | (27867615) |  |  |
| Decrease in net assets from distributions | (486098952) | (360463093) | (204594894) | (217878398) |
| **Capital Share Transactions** |  |  |  |  |
| Net increase (decrease) in net assets from capital share transactions (Note 5) | (1498780126) | (711050197) | (528443989) | 201699 |
| **Net increase (decrease) in net assets** | (1663210987) | (1237889171) | (411713117) | (65671067) |
| **Net Assets** |  |  |  |  |
| Beginning of period | 4759867361 | 5997756532 | 2163824927 | 2229495994 |
| End of period | $3096656374 | $4759867361 | $1752111810 | $2163824927 |

---

See Notes to Financial Statements.

------

Notes to Financial Statements

**MARCH 31, 2026**

**1. Organization**

American Century Capital Portfolios, Inc. (the corporation) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company and is organized as a Maryland corporation. The financial statements herein relate to the following funds and the respective share classes offered by the corporation.

---

| | |
|:---|:---|
| Equity Income Fund | Investor, I, Y, A, C, R, R5, R6, G |
| Focused Large Cap Value Fund | Investor, I, A, C, R, R5, R6, G |
| Mid Cap Value Fund | Investor, I, Y, A, C, R, R5, R6, G |
| Small Cap Dividend Fund | Investor, I, A, R, R6, G |
| Small Cap Value Fund | Investor, I, Y, A, C, R, R5, R6, G |
| Value Fund | Investor, I, Y, A, C, R, R5, R6 |

---

Each fund represents a single operating segment as its operating results are monitored as a whole and the long-term asset allocation is determined in accordance with its prospectus, based on defined investment objectives executed by the fund's portfolio management team. The President of the funds serves as the chief operating decision maker (CODM). A fund's income, expenses, assets, and performance are regularly monitored and assessed by the CODM, using the information consistent with that presented in the financial statements and financial highlights.

**2. Significant Accounting Policies**

The following is a summary of significant accounting policies consistently followed by the funds in preparation of their financial statements. Each fund is an investment company and follows accounting and reporting guidance in accordance with accounting principles generally accepted in the United States of America. This may require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from these estimates. Management evaluated the impact of events or transactions occurring through the date the financial statements were issued that would merit recognition or disclosure.

**Investment Valuations —** Each fund determines the fair value of its investments and computes its net asset value (NAV) per share at 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. The value of a fund's investments is determined by American Century Investment Management, Inc. (ACIM) (the investment advisor), as the valuation designee, pursuant to its valuation policies and procedures. The Board of Directors oversees the valuation designee and reviews its valuation policies and procedures at least annually.

Equity securities that are listed or traded on a domestic securities exchange are valued at the last reported sales price or at the official closing price as provided by the exchange. Equity securities traded on foreign securities exchanges are generally valued at the closing price of such securities on the exchange where primarily traded or at the close of the NYSE, if that is earlier. If no last sales price is reported, or if local convention or regulation so provides, the mean of the latest bid and asked prices may be used. Securities traded over-the-counter are valued at the mean of the latest bid and asked prices, the last sales price, or the official closing price.

Fixed income securities are valued at the evaluated mean as provided by independent pricing services or at the mean of the most recent bid and asked prices as provided by investment dealers. Corporate bonds, U.S. Treasury and Government Agency securities, bank loan obligations, municipal securities, convertible bonds and sovereign governments and agencies are valued using market models that consider trade data, quotations from dealers and active market makers, relevant yield curve and spread data, creditworthiness, trade data or market information on comparable securities, and other relevant security specific information.

Hybrid securities are valued at the evaluated mean as provided by independent pricing services or at the mean of the most recent bid and asked prices as provided by investment dealers. Preferred securities and convertible preferred securities with perpetual maturities are valued using market models that consider trade data, quotations from dealers and active market makers, relevant yield curve and spread data, creditworthiness, trade data or market information on comparable securities, and other relevant security specific information.

Open-end management investment companies are valued at the reported NAV per share. Equity-linked notes are valued at the mean using market models that consider quotations from dealer and active market makers. Repurchase agreements are valued at cost, which approximates fair value. Exchange-traded options contracts are valued at a mean as provided by independent pricing services. Forward foreign currency exchange contracts are valued at the mean of the appropriate forward exchange rate at the close of the NYSE as provided by an independent pricing service.

If the valuation designee determines that the market price for a portfolio security is not readily available or is believed by the valuation designee to be unreliable, such security is valued at fair value as determined in good faith by the valuation designee, in accordance with its policies and procedures. Circumstances that may cause a fund to determine that market quotations are not available or reliable include, but are not limited to: when there is a significant event subsequent to the market quotation; trading in a security has been halted during the trading day; or trading in a security is insufficient or did not take place due to a closure or holiday.

------

The valuation designee monitors for significant events occurring after the close of an investment's primary exchange but before the NAV per share is determined. Significant events may include, but are not limited to: corporate announcements and transactions; regulatory news, governmental action and political unrest that could impact a specific investment or an investment sector; or armed conflicts, natural disasters and similar events that could affect investments in a specific country or region. The valuation designee also monitors for significant fluctuations between domestic and foreign markets, as evidenced by the U.S. market or such other indicators that it deems appropriate. The valuation designee may apply a model-derived factor to the closing price of equity securities traded on foreign securities exchanges. The factor is based on observable market data as provided by an independent pricing service.

**Fair Value Measurements —** The investments valuation process is based on several considerations and may use multiple inputs to determine the fair value of the investments held by a fund. In conformity with accounting principles generally accepted in the United States of America, the inputs used to determine a valuation are classified into three broad levels.

• Level 1 valuation inputs consist of unadjusted quoted prices in an active market for identical investments.

• Level 2 valuation inputs consist of direct or indirect observable market data (including quoted prices for comparable investments, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.). These inputs also consist of quoted prices for identical investments initially expressed in local currencies that are adjusted through translation into U.S. dollars.

• Level 3 valuation inputs consist of unobservable data (including a fund's own assumptions).

The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not necessarily an indication of the risks associated with investing in these securities or other financial instruments. The Schedule of Investments provides additional information on a fund's level classifications.

**Foreign Currency Translations —** All assets and liabilities, including investment securities and other financial instruments, initially expressed in foreign currencies are translated into U.S. dollars each day at the mean of the appropriate currency exchange rate at the close of the NYSE as provided by an independent pricing service. A fund may enter into spot foreign currency exchange contracts to facilitate transactions denominated in a foreign currency. Purchases and sales of investment securities, dividend and interest income, spot foreign currency exchange contracts, and expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. Net realized and unrealized foreign currency exchange gains or losses related to investment securities are a component of net realized gain (loss) on investment transactions and change in net unrealized appreciation (depreciation) on investments, respectively.

**Security Transactions —** Security transactions are accounted for as of the trade date. Net realized gains and losses are determined on the identified cost basis, which is also used for federal income tax purposes.

**Investment Income —** Dividend income less foreign taxes withheld, if any, is recorded as of the ex-dividend date. Distributions received on securities that represent a return of capital or long-term capital gain are recorded as a reduction of cost of investments and/or as a realized gain. A fund may estimate the components of distributions received that may be considered nontaxable distributions or long-term capital gain distributions for income tax purposes. Interest income less foreign taxes withheld, if any, is recorded on the accrual basis and includes paydown gain (loss) and accretion of discounts and amortization of premiums. For convertible bonds, the premiums attributable only to the debt instrument are amortized. Securities lending income is net of fees and rebates earned by the lending agent for its services.

**Equity-Linked Debt and Linked-Equity Securities —** A fund may invest in hybrid equity securities, which usually convert into common stock at a date predetermined by the issuer. These securities generally offer a higher yield than that of the common stock to which the security is linked. These instruments are issued by a company other than the one to which the security is linked and carry the credit of the issuer, not that of the underlying common stock. The securities' appreciation is limited based on a predetermined final cap price at the date of the conversion. Risks of investing in these securities include, but are not limited to, a set time to capture the yield advantage, limited appreciation potential, decline in value of the underlying stock, and failure of the issuer to make income payments or to deliver common stock at maturity.

**Repurchase Agreements —** A fund may enter into repurchase agreements with institutions that ACIM has determined are creditworthy pursuant to criteria adopted by the Board of Directors. A fund requires that the collateral, represented by securities, received in a repurchase transaction be transferred to the custodian in a manner sufficient to enable the fund to obtain those securities in the event of a default under the repurchase agreement. ACIM monitors, on a daily basis, the securities transferred to ensure the value, including accrued interest, of the securities under each repurchase agreement is equal to or greater than amounts owed to a fund under each repurchase agreement.

**Joint Trading Account —** Pursuant to an Exemptive Order issued by the Securities and Exchange Commission, a fund may transfer uninvested cash balances into a joint trading account with certain other funds in the American Century Investments family of funds. These balances are invested in one or more repurchase agreements that are collateralized by U.S. Treasury or Agency obligations.

**Income Tax Status —** It is each fund's policy to distribute substantially all net investment income and net realized gains to shareholders and to otherwise qualify as a regulated investment company under provisions of the Internal Revenue Code. Accordingly, no provision has been made for income taxes. A fund files U.S. federal, state, local and non-U.S. tax returns as applicable. A fund's tax returns are subject to examination by the relevant taxing authority until expiration of the applicable statute of limitations, which is generally three years from the date of filing but can be longer in certain jurisdictions. At this time, management believes there are no uncertain tax positions which, based on their technical merit, would not be sustained upon examination and for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

------

**Multiple Class —** All shares of a fund represent an equal pro rata interest in the net assets of the class to which such shares belong, and have identical voting, dividend, liquidation and other rights and the same terms and conditions, except for class specific expenses and exclusive rights to vote on matters affecting only individual classes. Income, non-class specific expenses, and realized and unrealized capital gains and losses of a fund are allocated to each class of shares based on their relative net assets.

**Distributions to Shareholders —** Distributions to shareholders are recorded on the ex-dividend date in a manner consistent with provisions of the 1940 Act. A fund may elect to treat a portion of its payment to a redeeming shareholder, which represents the pro rata share of undistributed net investment income and net realized gains, as a distribution for federal income tax purposes (tax equalization). Distributions from net investment income, if any, are generally declared and paid quarterly. Distributions from net realized gains, if any, are generally declared and paid annually.

**Indemnifications —** Under the corporation's organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to a fund. In addition, in the normal course of business, a fund may enter into contracts that provide general indemnifications. The maximum exposure under these arrangements is unknown as this would involve future claims that may be made against a fund. The risk of material loss from such claims is considered by management to be remote.

**Securities Lending —** Securities are lent to qualified financial institutions and brokers. State Street Bank & Trust Co. serves as securities lending agent to the funds pursuant to a Securities Lending Agreement. The lending of securities exposes a fund to risks such as: the borrowers may fail to return the loaned securities, the borrowers may not be able to provide additional collateral, a fund may experience delays in recovery of the loaned securities or delays in access to collateral, or a fund may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge collateral in the form of cash and/or securities. The lending agent has agreed to indemnify the funds in the case of default of any securities borrowed. Cash collateral received is invested in the State Street Navigator Securities Lending Government Money Market Portfolio, a money market mutual fund registered under the 1940 Act. The loans may also be secured by U.S. government securities in an amount at least equal to the market value of the securities loaned, plus accrued interest and dividends, determined on a daily basis and adjusted accordingly. By lending securities, a fund seeks to increase its net investment income through the receipt of interest and fees. Such income is reflected separately within the Statement of Operations. The value of loaned securities and related collateral outstanding at period end, if any, are shown on a gross basis within the Schedule of Investments and Statement of Assets and Liabilities, and the remaining contractual maturities of any securities lending transactions are considered overnight and continuous.

**3. Fees and Transactions with Related Parties**

Certain officers and directors of the corporation are also officers and/or directors of American Century Companies, Inc. (ACC). The corporation's investment advisor, ACIM, the corporation's distributor, American Century Investment Services, Inc. (ACIS), and the corporation's transfer agent, American Century Services, LLC, are wholly owned, directly or indirectly, by ACC.

**Management Fees —** The corporation has entered into a management agreement with ACIM, under which ACIM provides each fund with investment advisory and management services in exchange for a single, unified management fee (the fee) per class. The agreement provides that ACIM will pay all expenses of managing and operating a fund, except brokerage expenses, taxes, interest, fees and expenses of the independent directors (including legal counsel fees), extraordinary expenses, and expenses incurred in connection with the provision of shareholder services and distribution services under a plan adopted pursuant to Rule 12b-1 under the 1940 Act. The fee is computed and accrued daily based on the daily net assets of each class and paid monthly in arrears. The difference in the fee among the classes is a result of their separate arrangements for non-Rule 12b-1 shareholder services. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of a fund's assets, which do not vary by class. The investment advisor agreed to waive the G Class's management fee in its entirety. The investment advisor expects this waiver to remain in effect permanently and cannot terminate it without the approval of the Board of Directors.

The annual management fee including any waiver impacts are as follows:

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| | | |
|:---|:---|:---|
| **Small Cap Dividend Fund** | **Annual Management Fee** | **Management Fee Waived** |
| Investor Class | 1.09% |  |
| I Class | 0.89% |  |
| A Class | 1.09% |  |
| R Class | 1.09% |  |
| R6 Class | 0.74% |  |
| G Class | 0.00%<sup>(1)</sup> | $608363 |

---

(1)Annual management fee before waiver was 0.74%.

For each fund with a stepped fee schedule, the rate of the fee is determined by applying a fee rate calculation formula. This formula takes into account a fund's assets as well as certain assets, if any, of other clients of the investment advisor outside the American Century Investments family of funds (such as subadvised funds and separate accounts), as well as exchange-traded funds managed by the investment advisor, that use very similar investment teams and strategies (strategy assets).

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The management fee schedule range and the effective annual management fee including any waiver impacts, if applicable, for the period ended March 31, 2026 are as follows:

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| | | | |
|:---|:---|:---|:---|
| **Equity Income Fund** | **Management Fee<br>Schedule Range** | **Effective Annual<br>Management Fee** | **Management Fee Waived** |
| Investor Class | 0.80% to 1.00% | 0.94% |  |
| I Class | 0.60% to 0.80% | 0.74% |  |
| Y Class | 0.45% to 0.65% | 0.59% |  |
| A Class | 0.80% to 1.00% | 0.94% |  |
| C Class | 0.80% to 1.00% | 0.94% |  |
| R Class | 0.80% to 1.00% | 0.94% |  |
| R5 Class | 0.60% to 0.80% | 0.74% |  |
| R6 Class | 0.45% to 0.65% | 0.59% |  |
| G Class | 0.45% to 0.65% | 0.00%<sup>(1)</sup> | $48 |

---

(1)Effective annual management fee before waiver was 0.59%.

---

| | | | |
|:---|:---|:---|:---|
| **Focused Large Cap Value Fund** | **Management Fee<br>Schedule Range** | **Effective Annual<br>Management Fee** | **Management Fee Waived** |
| Investor Class | 0.70% to 0.90% | 0.83% |  |
| I Class | 0.50% to 0.70% | 0.63% |  |
| A Class | 0.70% to 0.90% | 0.83% |  |
| C Class | 0.70% to 0.90% | 0.83% |  |
| R Class | 0.70% to 0.90% | 0.83% |  |
| R5 Class | 0.50% to 0.70% | 0.63% |  |
| R6 Class | 0.35% to 0.55% | 0.48% |  |
| G Class | 0.35% to 0.55% | 0.00%<sup>(1)</sup> | $10125260 |

---

(1)Effective annual management fee before waiver was 0.48%.

---

| | | | |
|:---|:---|:---|:---|
| **Mid Cap Value Fund** | **Management Fee**<br>**Schedule Range** | **Effective Annual**<br>**Management Fee** | **Management Fee Waived** |
| Investor Class | 0.95% to 0.97% | 0.97% |  |
| I Class | 0.75% to 0.77% | 0.77% |  |
| Y Class | 0.60% to 0.62% | 0.62% |  |
| A Class | 0.95% to 0.97% | 0.97% |  |
| C Class | 0.95% to 0.97% | 0.97% |  |
| R Class | 0.95% to 0.97% | 0.97% |  |
| R5 Class | 0.75% to 0.77% | 0.77% |  |
| R6 Class | 0.60% to 0.62% | 0.62% |  |
| G Class | 0.60% to 0.62% | 0.00%<sup>(1)</sup> | $6441921 |

---

(1)Effective annual management fee before waiver was 0.62%.

---

| | | | |
|:---|:---|:---|:---|
| **Small Cap Value Fund** | **Management Fee <br>Schedule Range** | **Effective Annual <br>Management Fee** | **Management Fee Waived** |
| Investor Class | 1.00% to 1.25% | 1.10% |  |
| I Class | 0.80% to 1.05% | 0.90% |  |
| Y Class | 0.65% to 0.90% | 0.75% |  |
| A Class | 1.00% to 1.25% | 1.10% |  |
| C Class | 1.00% to 1.25% | 1.10% |  |
| R Class | 1.00% to 1.25% | 1.10% |  |
| R5 Class | 0.80% to 1.05% | 0.90% |  |
| R6 Class | 0.65% to 0.90% | 0.75% |  |
| G Class | 0.65% to 0.90% | 0.00%<sup>(1)</sup> | $1905718 |

---

(1)Effective annual management fee before waiver was 0.75%.

------

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| | | | | |
|:---|:---|:---|:---|:---|
| **Value Fund** | **Management Fee <br>Schedule Range** | **Effective Annual Management Fee** | **Effective Annual Management Fee** | |
| **Value Fund** | **Management Fee <br>Schedule Range** | **Before Waiver** | **After Waiver** | **Management Fee Waived** |
| Investor Class | 0.85% to 1.00% | 0.98% | 0.95% | $346662 |
| I Class | 0.65% to 0.80% | 0.78% | 0.75% | $135543 |
| Y Class | 0.50% to 0.65% | 0.63% | 0.60% | $42763 |
| A Class | 0.85% to 1.00% | 0.98% | 0.95% | $15593 |
| C Class | 0.85% to 1.00% | 0.98% | 0.95% | $979 |
| R Class | 0.85% to 1.00% | 0.98% | 0.95% | $62510 |
| R5 Class | 0.65% to 0.80% | 0.78% | 0.75% | $3 |
| R6 Class | 0.50% to 0.65% | 0.63% | 0.60% | $31041 |

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From April 1, 2025 through July 31, 2025, the investment advisor agreed to waive a portion of the fund's management fee such that the management fee does not exceed 0.967% for Investor Class, A Class, C Class and R Class, 0.767% for I Class and R5 Class, and 0.617% for Y Class and R6 Class. Effective August 1, 2025, the investment advisor agreed to waive a portion of the fund's management fee such that the management fee does not exceed 0.945% for Investor Class, A Class, C Class and R Class, 0.745% for I Class and R5 Class, and 0.595% for Y Class and R6 Class. The investment advisor expects this waiver arrangement to continue until July 31, 2026 and cannot terminate it prior to such date without the approval of the Board of Directors.

**Distribution and Service Fees —** The Board of Directors has adopted a separate Master Distribution and Individual Shareholder Services Plan for each of the A Class, C Class and R Class (collectively the plans), pursuant to Rule 12b-1 of the 1940 Act. The plans provide that the A Class will pay ACIS an annual distribution and service fee of 0.25%. The plans provide that the C Class will pay ACIS an annual distribution and service fee of 1.00%, of which 0.25% is paid for individual shareholder services and 0.75% is paid for distribution services. The plans provide that the R Class will pay ACIS an annual distribution and service fee of 0.50%. The fees are computed and accrued daily based on each class's daily net assets and paid monthly in arrears. The fees are used to pay financial intermediaries for distribution and individual shareholder services. Fees incurred under the plans during the period ended March 31, 2026 are detailed in the Statement of Operations.

**Directors' Fees and Expenses —** The Board of Directors is responsible for overseeing the investment advisor's management and operations of the funds. The directors receive detailed information about the funds and their investment advisor regularly throughout the year, and meet at least quarterly with management of the investment advisor to review reports about fund operations. The funds' officers do not receive compensation from the funds.

**Other Expenses —** A fund's other expenses may include interest charges, clearing exchange fees, proxy solicitation expenses, fees associated with the recovery of foreign tax reclaims and other miscellaneous expenses.

**Related Party Ownership —** A related party, including other funds advised by American Century Investments, may own outstanding shares of a fund. Related parties do not invest in a fund for the purpose of exercising management or control. As of period end, related parties with ownership of 5% or more of the outstanding shares of a fund are as follows:

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| | | |
|:---|:---|:---|
| | **Related Party** | **% of Outstanding Shares** |
| Focused Large Cap Value Fund | American Century Asset Allocation Portfolios, Inc. | 54% |
| Mid Cap Value Fund | American Century Asset Allocation Portfolios, Inc | 11% |
| Small Cap Dividend Fund | American Century Asset Allocation Portfolios, Inc | 63% |

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**Interfund Transactions —** A fund may enter into security transactions with other American Century Investments funds and other client accounts of the investment advisor, in accordance with the 1940 Act rules and procedures adopted by the Board of Directors. The rules and procedures require, among other things, that these transactions be effected at the independent current market price of the security. During the period, the interfund purchases and sales and the effect of interfund transactions on the Statement of Operations were as follows:

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| | | | |
|:---|:---|:---|:---|
| | **Interfund Purchases** | **Interfund Sales** | **Net Realized Gain (loss) on<br>Investment Transactions** |
| Mid Cap Value Fund | $670721 | $2283293 | $(734108) |
| Small Cap Dividend Fund | $2529087 |  |  |
| Small Cap Value Fund |  | $2529087 | $(794877) |
| Value Fund | $1358725 |  |  |

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**4. Investment Transactions**

Investment transactions, excluding short-term investments and in kind transactions, for the period ended March 31, 2026 were as follows:

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| | | | |
|:---|:---|:---|:---|
| | **Equity Income Fund** | **Focused Large Cap Value Fund** | **Mid Cap Value Fund** |
| Purchases | $2344296514 | $2304396963 | $4008813595 |
| Sales | $3716522383 | $2768903591 | $6273063079 |

---

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| | | | |
|:---|:---|:---|:---|
| | **Small Cap Dividend Fund** | **Small Cap Value Fund** | **Value Fund** |
| Purchases | $69409157 | $1725683972 | $1140214968 |
| Sales | $82483336 | $3393909348 | $1384394753 |

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For the period ended March 31, 2026, the funds incurred net realized gains from redemptions in kind as follows. A redemption in kind occurs when a fund delivers securities from its portfolio in lieu of cash as payment to a redeeming shareholder.

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| | |
|:---|:---|
| | **In kind Net Realized**<br>**Gain/(Loss)** |
| Small Cap Value Fund | $85180253 |
| Value Fund | $188618085 |

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**5. Capital Share Transactions** 

Transactions in shares of the funds were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Year ended**<br>**March 31, 2026** | **Year ended**<br>**March 31, 2026** | **Year ended<br>March 31, 2025** | **Year ended<br>March 31, 2025** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| **Equity Income Fund** | | | | |
| **Investor Class/Shares Authorized** | 3900000000 |  | 3900000000 |  |
| Sold | 11911856 | $103968580 | 15079777 | $133905130 |
| Issued in reinvestment of distributions | 29512191 | 251311749 | 35160595 | 299715803 |
| Redeemed | (69650334) | (612245373) | (75900028) | (674412408) |
|  | (28226287) | (256965044) | (25659656) | (240791475) |
| **I Class/Shares Authorized** | 4350000000 |  | 4350000000 |  |
| Sold | 22360393 | 194747620 | 31715701 | 281724182 |
| Issued in reinvestment of distributions | 22544934 | 192493691 | 28414892 | 242678273 |
| Redeemed | (78534398) | (688542397) | (125072250) | (1110348884) |
|  | (33629071) | (301301086) | (64941657) | (585946429) |
| **Y Class/Shares Authorized** | 750000000 |  | 750000000 |  |
| Sold | 7379759 | 64615227 | 19623713 | 175793249 |
| Issued in reinvestment of distributions | 8579551 | 73364455 | 9618625 | 82247275 |
| Redeemed | (20361249) | (178108920) | (21651385) | (192997669) |
|  | (4401939) | (40129238) | 7590953 | 65042855 |
| **A Class/Shares Authorized** | 900000000 |  | 900000000 |  |
| Sold | 5423571 | 47429077 | 8220162 | 72911407 |
| Issued in reinvestment of distributions | 6187976 | 52664813 | 7342351 | 62538115 |
| Redeemed | (18489565) | (161491840) | (20727526) | (183659675) |
|  | (6878018) | (61397950) | (5165013) | (48210153) |
| **C Class/Shares Authorized** | 250000000 |  | 250000000 |  |
| Sold | 534618 | 4651270 | 837858 | 7415968 |
| Issued in reinvestment of distributions | 792924 | 6744925 | 1242711 | 10563994 |
| Redeemed | (4612503) | (40337389) | (7956364) | (70567623) |
|  | (3284961) | (28941194) | (5875795) | (52587661) |
| **R Class/Shares Authorized** | 55000000 |  | 55000000 |  |
| Sold | 386914 | 3367429 | 431309 | 3805740 |
| Issued in reinvestment of distributions | 302319 | 2556806 | 380938 | 3223135 |
| Redeemed | (1193322) | (10378732) | (980309) | (8648006) |
|  | (504089) | (4454497) | (168062) | (1619131) |
| **R5 Class/Shares Authorized** | 80000000 |  | 80000000 |  |
| Sold | 75077 | 650268 | 424433 | 3703382 |
| Issued in reinvestment of distributions | 19125 | 162968 | 97528 | 841418 |
| Redeemed | (68734) | (607749) | (9028312) | (80757069) |
|  | 25468 | 205487 | (8506351) | (76212269) |
| **R6 Class/Shares Authorized** | 800000000 |  | 800000000 |  |
| Sold | 7305235 | 64940997 | 5105062 | 45443408 |
| Issued in reinvestment of distributions | 2941163 | 25145920 | 4586872 | 39238566 |
| Redeemed | (20113845) | (176056570) | (31296960) | (276263126) |
|  | (9867447) | (85969653) | (21605026) | (191581152) |
| **G Class/Shares Authorized** | 20000000 |  | 20000000 |  |
| Issued in reinvestment of distributions | 101 | 865 | 98 | 836 |
| Net increase (decrease) | (86766243) | $(778952310) | (124330509) | $(1131904579) |

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Year ended**<br>**March 31, 2026** | **Year ended**<br>**March 31, 2026** | **Year ended<br>March 31, 2025** | **Year ended<br>March 31, 2025** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| **Focused Large Cap Value Fund** | | | | |
| **Investor Class/Shares Authorized** | 550000000 |  | 550000000 |  |
| Sold | 7199320 | $80084230 | 1970951 | $20890800 |
| Issued in reinvestment of distributions | 6168966 | 64285881 | 4449981 | 45707781 |
| Redeemed | (7551276) | (81383016) | (7358713) | (79236722) |
|  | 5817010 | 62987095 | (937781) | (12638141) |
| **I Class/Shares Authorized** | 40000000 |  | 40000000 |  |
| Sold | 402655 | 4352700 | 487724 | 5195298 |
| Issued in reinvestment of distributions | 331238 | 3457045 | 297493 | 3059754 |
| Redeemed | (825343) | (8724043) | (1082372) | (11443945) |
|  | (91450) | (914298) | (297155) | (3188893) |
| **A Class/Shares Authorized** | 30000000 |  | 30000000 |  |
| Sold | 377914 | 4008873 | 284119 | 3019048 |
| Issued in reinvestment of distributions | 278790 | 2904321 | 226522 | 2324547 |
| Redeemed | (642719) | (6883038) | (756557) | (8023296) |
|  | 13985 | 30156 | (245916) | (2679701) |
| **C Class/Shares Authorized** | 20000000 |  | 20000000 |  |
| Sold | 14004 | 150562 | 15628 | 164020 |
| Issued in reinvestment of distributions | 7490 | 77991 | 5350 | 54855 |
| Redeemed | (17103) | (179871) | (29857) | (322735) |
|  | 4391 | 48682 | (8879) | (103860) |
| **R Class/Shares Authorized** | 20000000 |  | 20000000 |  |
| Sold | 156915 | 1684250 | 158099 | 1683955 |
| Issued in reinvestment of distributions | 70958 | 740271 | 47729 | 490483 |
| Redeemed | (231438) | (2511040) | (141442) | (1514268) |
|  | (3565) | (86519) | 64386 | 660170 |
| **R5 Class/Shares Authorized** | 20000000 |  | 20000000 |  |
| Issued in reinvestment of distributions | 117 | 1220 | 82 | 847 |
| **R6 Class/Shares Authorized** | 150000000 |  | 150000000 |  |
| Sold | 1745741 | 18984684 | 1663511 | 17529083 |
| Issued in reinvestment of distributions | 806230 | 8407242 | 480784 | 4944385 |
| Redeemed | (2270394) | (24451260) | (2406082) | (25730039) |
|  | 281577 | 2940666 | (261787) | (3256571) |
| **G Class/Shares Authorized** | 2000000000 |  | 2000000000 |  |
| Sold | 56664185 | 622320994 | 26811250 | 289915567 |
| Issued in reinvestment of distributions | 21917220 | 229306954 | 24059746 | 248033522 |
| Redeemed | (100550225) | (1113851234) | (95208163) | (1019395526) |
|  | (21968820) | (262223286) | (44337167) | (481446437) |
| Net increase (decrease) | (15946755) | $(197216284) | (46024217) | $(502652586) |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year ended**<br>**March 31, 2026** | **Year ended**<br>**March 31, 2026** | **Year ended<br>March 31, 2025** | **Year ended<br>March 31, 2025** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| **Mid Cap Value Fund** | | | | |
| **Investor Class/Shares Authorized** | 1150000000 |  | 1150000000 |  |
| Sold | 5980557 | $94087105 | 4918342 | $79974726 |
| Issued in reinvestment of distributions | 11622585 | 174175786 | 7975526 | 126209268 |
| Redeemed | (25417914) | (405197470) | (23319224) | (378238092) |
|  | (7814772) | (136934579) | (10425356) | (172054098) |
| **I Class/Shares Authorized** | 1060000000 |  | 1060000000 |  |
| Sold | 7748634 | 122397040 | 10299620 | 166884617 |
| Issued in reinvestment of distributions | 8738732 | 131208707 | 7288427 | 115476691 |
| Redeemed | (32658083) | (519113566) | (52910898) | (862094431) |
|  | (16170717) | (265507819) | (35322851) | (579733123) |
| **Y Class/Shares Authorized** | 125000000 |  | 125000000 |  |
| Sold | 4670189 | 73704966 | 6203662 | 102221014 |
| Issued in reinvestment of distributions | 1850856 | 27802058 | 1020517 | 16178411 |
| Redeemed | (4770267) | (74323815) | (3293333) | (53379262) |
|  | 1750778 | 27183209 | 3930846 | 65020163 |
| **A Class/Shares Authorized** | 165000000 |  | 165000000 |  |
| Sold | 1148158 | 18058259 | 2232345 | 35953260 |
| Issued in reinvestment of distributions | 1169617 | 17454378 | 787672 | 12420546 |
| Redeemed | (3551446) | (55892798) | (5444326) | (89331446) |
|  | (1233671) | (20380161) | (2424309) | (40957640) |
| **C Class/Shares Authorized** | 20000000 |  | 20000000 |  |
| Sold | 49449 | 757210 | 72576 | 1153458 |
| Issued in reinvestment of distributions | 52989 | 771929 | 50974 | 787875 |
| Redeemed | (211948) | (3236265) | (769291) | (12160322) |
|  | (109510) | (1707126) | (645741) | (10218989) |
| **R Class/Shares Authorized** | 60000000 |  | 60000000 |  |
| Sold | 334660 | 5235778 | 426097 | 6844553 |
| Issued in reinvestment of distributions | 614506 | 9112730 | 401178 | 6295160 |
| Redeemed | (1342684) | (21186384) | (1421792) | (22942723) |
|  | (393518) | (6837876) | (594517) | (9803010) |
| **R5 Class/Shares Authorized** | 25000000 |  | 25000000 |  |
| Sold | 104366 | 1638936 | 142279 | 2325187 |
| Issued in reinvestment of distributions | 127966 | 1922243 | 91042 | 1442722 |
| Redeemed | (257455) | (4018510) | (733358) | (11835997) |
|  | (25123) | (457331) | (500037) | (8068088) |
| **R6 Class/Shares Authorized** | 2000000000 |  | 2000000000 |  |
| Sold | 17293647 | 275190461 | 21833404 | 355641679 |
| Issued in reinvestment of distributions | 20267262 | 304264468 | 16041285 | 254190966 |
| Redeemed | (87288855) | (1373454849) | (67827927) | (1104877736) |
|  | (49727946) | (793999920) | (29953238) | (495045091) |
| **G Class/Shares Authorized** | 850000000 |  | 850000000 |  |
| Sold | 6059554 | 96083891 | 7885677 | 130126071 |
| Issued in reinvestment of distributions | 8246519 | 124285853 | 7461761 | 118411741 |
| Redeemed | (37696484) | (616642557) | (25837302) | (424249376) |
|  | (23390411) | (396272813) | (10489864) | (175711564) |
| Net increase (decrease) | (97114890) | $(1594914416) | (86425067) | $(1426571440) |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended**<br>**March 31, 2026** | **Year ended**<br>**March 31, 2026** | **Year ended<br>March 31, 2025** | **Year ended<br>March 31, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Small Cap Dividend Fund** | | | | |
| **Investor Class/Shares Authorized** | 20000000 |  | 20000000 |  |
| Sold | 223451 | $2314811 | 1471012 | $16458479 |
| Issued in reinvestment of distributions | 32508 | 329454 | 15656 | 163781 |
| Redeemed | (434327) | (4407816) | (199062) | (2175758) |
|  | (178368) | (1763551) | 1287606 | 14446502 |
| **I Class/Shares Authorized** | 20000000 |  | 20000000 |  |
| Sold | 11210 | 116218 | 92119 | 988561 |
| Issued in reinvestment of distributions | 10047 | 101860 | 8472 | 87298 |
| Redeemed | (95984) | (960433) | (33936) | (345076) |
|  | (74727) | (742355) | 66655 | 730783 |
| **A Class/Shares Authorized** | 20000000 |  | 20000000 |  |
| Sold | 7099 | 70500 | 3563 | 37632 |
| Issued in reinvestment of distributions | 224 | 2275 | 148 | 1511 |
| Redeemed | (5734) | (57109) | (4732) | (46659) |
|  | 1589 | 15666 | (1021) | (7516) |
| **R Class/Shares Authorized** | 20000000 |  | 20000000 |  |
| Sold | 15828 | 156428 | 17293 | 183359 |
| Issued in reinvestment of distributions | 351 | 3557 | 263 | 2721 |
| Redeemed | (11213) | (113944) | (14531) | (153749) |
|  | 4966 | 46041 | 3025 | 32331 |
| **R6 Class/Shares Authorized** | 20000000 |  | 20000000 |  |
| Sold | 4919 | 50412 | 6756 | 69541 |
| Issued in reinvestment of distributions | 300 | 3041 | 244 | 2519 |
| Redeemed | (7245) | (71730) | (2871) | (32099) |
|  | (2026) | (18277) | 4129 | 39961 |
| **G Class/Shares Authorized** | 100000000 |  | 100000000 |  |
| Sold | 3716985 | 37350011 | 8578773 | 97290836 |
| Issued in reinvestment of distributions | 250012 | 2534746 | 102902 | 1096259 |
| Redeemed | (4758041) | (49771574) | (322920) | (3529985) |
|  | (791044) | (9886817) | 8358755 | 94857110 |
| Net increase (decrease) | (1039610) | $(12349293) | 9719149 | $110099171 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended**<br>**March 31, 2026** | **Year ended**<br>**March 31, 2026** | **Year ended<br>March 31, 2025** | **Year ended<br>March 31, 2025** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| **Small Cap Value Fund** | | | | |
| **Investor Class/Shares Authorized** | 700000000 |  | 700000000 |  |
| Sold | 2958569 | $28124334 | 5446772 | $58186339 |
| Issued in reinvestment of distributions | 6336909 | 57020590 | 3867023 | 41543021 |
| Redeemed | (19948101) | (192615601) | (19354018) | (208769332) |
|  | (10652623) | (107470677) | (10040223) | (109039972) |
| **I Class/Shares Authorized** | 1660000000 |  | 1660000000 |  |
| Sold | 20944336 | 200480317 | 26276360 | 283238952 |
| Issued in reinvestment of distributions | 14761632 | 135044078 | 9970181 | 108419391 |
| Redeemed | (108634279) | (1064898450) | (65897036) | (716777281) |
|  | (72928311) | (729374055) | (29650495) | (325118938) |
| **Y Class/Shares Authorized** | 70000000 |  | 70000000 |  |
| Sold | 1741595 | 16926999 | 7674724 | 84997233 |
| Issued in reinvestment of distributions | 556227 | 5098331 | 288019 | 3137302 |
| Redeemed | (7112242) | (69303120) | (2509617) | (27461619) |
|  | (4814420) | (47277790) | 5453126 | 60672916 |
| **A Class/Shares Authorized** | 80000000 |  | 80000000 |  |
| Sold | 1084898 | 10173421 | 1099352 | 11572142 |
| Issued in reinvestment of distributions | 763364 | 6738491 | 438353 | 4640010 |
| Redeemed | (2789277) | (26139201) | (2401692) | (25119257) |
|  | (941015) | (9227289) | (863987) | (8907105) |
| **C Class/Shares Authorized** | 25000000 |  | 25000000 |  |
| Sold | 74147 | 627287 | 205324 | 1994224 |
| Issued in reinvestment of distributions | 216364 | 1717931 | 109244 | 1058979 |
| Redeemed | (860673) | (7285122) | (455032) | (4363518) |
|  | (570162) | (4939904) | (140464) | (1310315) |
| **R Class/Shares Authorized** | 20000000 |  | 20000000 |  |
| Sold | 91512 | 854364 | 142420 | 1479951 |
| Issued in reinvestment of distributions | 75114 | 654859 | 39164 | 410579 |
| Redeemed | (194133) | (1826088) | (240810) | (2496047) |
|  | (27507) | (316865) | (59226) | (605517) |
| **R5 Class/Shares Authorized** | 20000000 |  | 20000000 |  |
| Sold | 249580 | 2376463 | 199764 | 2163097 |
| Issued in reinvestment of distributions | 109199 | 999468 | 59710 | 649958 |
| Redeemed | (345063) | (3371421) | (295012) | (3198894) |
|  | 13716 | 4510 | (35538) | (385839) |
| **R6 Class/Shares Authorized** | 1755000000 |  | 1755000000 |  |
| Sold | 30886043 | 296840597 | 38147099 | 414135615 |
| Issued in reinvestment of distributions | 25102201 | 229660999 | 13953329 | 151673631 |
| Redeemed | (96547165) | (929718815) | (66609451) | (726218036) |
|  | (40558921) | (403217219) | (14509023) | (160408790) |
| **G Class/Shares Authorized** | 325000000 |  | 325000000 |  |
| Sold | 2834485 | 26873129 | 13110137 | 149899157 |
| Issued in reinvestment of distributions | 2638997 | 24350323 | 2564592 | 27867615 |
| Redeemed | (24385839) | (248184289) | (29598029) | (343713409) |
|  | (18912357) | (196960837) | (13923300) | (165946637) |
| Net increase (decrease) | (149391600) | $(1498780126) | (63769130) | $(711050197) |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended**<br>**March 31, 2026** | **Year ended**<br>**March 31, 2026** | **Year ended<br>March 31, 2025** | **Year ended<br>March 31, 2025** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| **Value Fund** | | | | |
| **Investor Class/Shares Authorized** | 1350000000 |  | 1350000000 |  |
| Sold | 4947941 | $40685188 | 4475888 | $36572828 |
| Issued in reinvestment of distributions | 12878368 | 104179627 | 14151399 | 110938799 |
| Redeemed | (21736605) | (179205401) | (19771335) | (161871108) |
|  | (3910296) | (34340586) | (1144048) | (14359481) |
| **I Class/Shares Authorized** | 600000000 |  | 600000000 |  |
| Sold | 4175575 | 33933765 | 6503518 | 53598114 |
| Issued in reinvestment of distributions | 5830765 | 47301563 | 6511696 | 51263515 |
| Redeemed | (65307882) | (569592442) | (10639336) | (88554481) |
|  | (55301542) | (488357114) | 2375878 | 16307148 |
| **Y Class/Shares Authorized** | 130000000 |  | 130000000 |  |
| Sold | 6473752 | 52887269 | 7816001 | 62663393 |
| Issued in reinvestment of distributions | 1713650 | 13921728 | 1660727 | 13089938 |
| Redeemed | (6439786) | (52280028) | (7322262) | (60510420) |
|  | 1747616 | 14528969 | 2154466 | 15242911 |
| **A Class/Shares Authorized** | 60000000 |  | 60000000 |  |
| Sold | 594594 | 4847165 | 590597 | 4822150 |
| Issued in reinvestment of distributions | 558778 | 4507572 | 603178 | 4719526 |
| Redeemed | (1136427) | (9323873) | (2046708) | (16819926) |
|  | 16945 | 30864 | (852933) | (7278250) |
| **C Class/Shares Authorized** | 20000000 |  | 20000000 |  |
| Sold | 18807 | 150293 | 34317 | 274611 |
| Issued in reinvestment of distributions | 34894 | 272771 | 63570 | 482431 |
| Redeemed | (230106) | (1796566) | (318255) | (2500481) |
|  | (176405) | (1373502) | (220368) | (1743439) |
| **R Class/Shares Authorized** | 325000000 |  | 325000000 |  |
| Sold | 203840 | 1683553 | 528533 | 4255414 |
| Issued in reinvestment of distributions | 2291589 | 18502091 | 2703235 | 21165075 |
| Redeemed | (4882410) | (40465120) | (4982841) | (40960793) |
|  | (2386981) | (20279476) | (1751073) | (15540304) |
| **R5 Class/Shares Authorized** | 20000000 |  | 20000000 |  |
| Sold |  |  | 19717 | 159718 |
| Issued in reinvestment of distributions | 123 | 1002 | 2694 | 21436 |
| Redeemed |  |  | (388636) | (3273582) |
|  | 123 | 1002 | (366225) | (3092428) |
| **R6 Class/Shares Authorized** | 120000000 |  | 120000000 |  |
| Sold | 3069043 | 25735728 | 3185171 | 26227307 |
| Issued in reinvestment of distributions | 1219279 | 9904722 | 1286850 | 10134491 |
| Redeemed | (4126646) | (34294596) | (3144421) | (25696256) |
|  | 161676 | 1345854 | 1327600 | 10665542 |
| Net increase (decrease) | (59848864) | $(528443989) | 1523297 | $201699 |

---

**6. Derivative Instruments**

A fund may invest in various types of derivative instruments as permitted by its investment objectives and policies. The following is a summary of the primary underlying risks and derivative strategies used during the period. The Schedule of Investments provides additional information on the value and effect of a fund's derivative instruments activity.

**Foreign Currency Risk —** The funds may be subject to foreign currency exchange rate risk in the normal course of pursuing their investment objectives. The value of foreign investments held by a fund may be significantly affected by changes in foreign currency exchange rates. The dollar value of a foreign security generally decreases when the value of the dollar rises against the foreign currency in which the security is denominated and tends to increase when the value of the dollar declines against such foreign currency. A fund may enter into forward foreign currency exchange contracts to reduce a fund's exposure to foreign currency exchange rate fluctuations or to gain exposure to the fluctuations in the value of foreign currencies. A fund will segregate cash, cash equivalents or other appropriate liquid securities on its records in amounts sufficient to meet requirements. The net U.S. dollar value of foreign currency underlying all contractual commitments held by a fund and the resulting unrealized appreciation or depreciation are determined daily. Realized gain or loss is recorded upon settlement of the contract. Net realized and unrealized gains or losses occurring during the holding period of forward foreign currency exchange contracts are a component of net realized gain (loss) on forward foreign currency exchange contract transactions and change in net unrealized appreciation (depreciation) on

------

forward foreign currency exchange contracts, respectively. A fund bears the risk of an unfavorable change in the foreign currency exchange rate underlying the forward contract. Additionally, losses, up to the fair value, may arise if the counterparties do not perform under the contract terms. The average U.S. dollar exposure to foreign currency risk derivative instruments held during the period was as follows:

---

| | |
|:---|:---|
| Equity Income Fund | $469368993 |
| Focused Large Cap Value Fund | $251705280 |
| Mid Cap Value Fund | $564227421 |
| Small Cap Dividend Fund | $1734573 |
| Small Cap Value Fund | $50714825 |
| Value Fund | $170272417 |

---

**7. Risk Factors**

The overall risk profile of a fund will be impacted by the fund's investment strategy, including the investment vehicles and techniques utilized to manage a portfolio. The net asset value of a fund will go up and down, sometimes rapidly or unpredictably, based on the performance of the securities owned by the fund and other factors generally affecting the securities market. Market risks, including political, regulatory, economic and social developments, can affect the value of a fund's investments. Natural disasters, public health emergencies, war, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.

**8. Federal Tax Information**

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| | | | | |
|:---|:---|:---|:---|:---|
| The tax character of distributions paid during the years ended March 31, 2026 and March 31, 2025 were as follows: | The tax character of distributions paid during the years ended March 31, 2026 and March 31, 2025 were as follows: | The tax character of distributions paid during the years ended March 31, 2026 and March 31, 2025 were as follows: |  |  |
|  | **2026** | **2026** | **2025** | **2025** |
|  | **Distributions Paid From:** | **Distributions Paid From:** | **Distributions Paid From:** | **Distributions Paid From:** |
|  | **Ordinary<br>Income** | **Long-term<br>Capital Gains** | **Ordinary<br>Income** | **Long-term<br>Capital Gains** |
| Equity Income Fund | $199371265 | $427588321 | $199367346 | $568661863 |
| Focused Large Cap Value Fund | $92503321 | $218115773 | $110497995 | $195192814 |
| Mid Cap Value Fund | $231754555 | $587457836 | $270443317 | $405104011 |
| Small Cap Dividend Fund | $2849725 | $128284 | $1281236 | $74064 |
| Small Cap Value Fund | $66982214 | $419116738 | $126987674 | $233475419 |
| Value Fund | $46979245 | $157615649 | $55180873 | $162697525 |

---

The book-basis character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts on the financial statements.

The reclassifications, which are primarily due to in kind transactions and tax equalization, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Equity Income Fund** | **Focused Large Cap Value Fund** | **Mid Cap Value Fund** | **Small Cap Dividend Fund** | **Small Cap Value Fund** | **Value Fund** |
| Capital paid in | $28055862 | $27421485 | $57577129 | $4438 | $90298456 | $190940143 |
| Distributable earnings (loss) | $(28055862) | $(27421485) | $(57577129) | $(4438) | $(90298456) | $(190940143) |

---

As of period end, the federal tax cost of investments and the components of distributable earnings on a tax-basis were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Equity Income Fund** | **Focused Large Cap Value Fund** | **Mid Cap Value Fund** |
| Federal tax cost of investments | $4890981851 | $2297236294 | $4888935113 |
| Gross tax appreciation of investments | $1548452024 | $537115512 | $862888959 |
| Gross tax depreciation of investments | (163789481) | (66896619) | (200353612) |
| Net tax appreciation (depreciation) of investments | 1384662543 | 470218893 | 662535347 |
| Net tax appreciation (depreciation) on derivatives and translation of assets and liabilities in foreign currencies | 619464 | 264442 | 42458 |
| Net tax appreciation (depreciation) | $1385282007 | $470483335 | $662577805 |
| Undistributed ordinary income | $32971654 | $18019879 | $79221704 |
| Accumulated long-term gains | $241642476 | $88744070 | $11314444 |

---

------

---

| | | | |
|:---|:---|:---|:---|
| | **Small Cap Dividend Fund** | **Small Cap Value Fund** | **Value Fund** |
| Federal tax cost of investments | $102863032 | $3032934085 | $1337011753 |
| Gross tax appreciation of investments | $6778121 | $570256765 | $481861436 |
| Gross tax depreciation of investments | (9577394) | (407531248) | (73628344) |
| Net tax appreciation (depreciation) of investments | (2799273) | 162725517 | 408233092 |
| Net tax appreciation (depreciation) on derivatives and translation of assets and liabilities in foreign currencies |  | (2017) | 61953 |
| Net tax appreciation (depreciation) | $(2799273) | $162723500 | $408295045 |
| Undistributed ordinary income |  | $2358765 | $30645878 |
| Accumulated short-term capital losses | $(1350551) |  |  |
| Accumulated long-term capital losses | $(1345068) |  |  |
| Accumulated long-term gains |  | $155413682 | $54664474 |
| Late-year ordinary loss deferral | $(322985) |  |  |

---

The difference between book-basis and tax-basis unrealized appreciation (depreciation), if any, is attributable primarily to the tax deferral of losses on wash sales and the timing and recognition of partnership income.

Accumulated capital losses represent net capital loss carryovers that may be used to offset future realized capital gains for federal income tax purposes. The capital loss carryovers may be carried forward for an unlimited period. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations.

Loss deferrals represent certain qualified losses that the fund has elected to treat as having been incurred in the following fiscal year for federal income tax purposes.

------

Financial Highlights

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | | | | |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net Asset <br>Value, <br>Beginning <br>of Period** | **Net** <br>**Investment <br>Income** <br>**(Loss)**<sup>(1)</sup> | **Net <br>Realized <br>and <br>Unrealized <br>Gain (Loss)** | **Total From <br>Investment <br>Operations** | **Net <br>Investment <br>Income** | **Net <br>Realized <br>Gains** | **Total <br>Distributions** | **Net Asset <br>Value, <br>End <br>of Period** | **Total** <br>**Return**<sup>(2)</sup> | **Operating Expenses (before expense waiver)** | **Net<br>Investment<br>Income<br>(Loss)<br>(before<br>expense<br>waiver)** | **Portfolio <br>Turnover <br>Rate** | **Net <br>Assets, <br>End of <br>Period <br>(in thousands)** |
| **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** |
| **Investor Class** | **Investor Class** | | | | | | | | | | | | |
| 2026 | $8.71 | 0.20 | 0.69 | 0.89 | (0.20) | (0.67) | (0.87) | $8.73 | 10.68% | 0.94% | 2.29% | 38% | $2653551 |
| 2025 | $8.84 | 0.19 | 0.63 | 0.82 | (0.22) | (0.73) | (0.95) | $8.71 | 9.70% | 0.94% | 2.21% | 31% | $2891737 |
| 2024 | $8.76 | 0.21 | 0.54 | 0.75 | (0.21) | (0.46) | (0.67) | $8.84 | 9.09% | 0.93% | 2.46% | 17% | $3163228 |
| 2023 | $9.86 | 0.21 | (0.53) | (0.32) | (0.21) | (0.57) | (0.78) | $8.76 | (3.22)% | 0.92% | 2.29% | 29% | $3635179 |
| 2022 | $9.45 | 0.18 | 0.91 | 1.09 | (0.19) | (0.49) | (0.68) | $9.86 | 11.74% | 0.93% | 1.83% | 24% | $4191544 |
| **I Class** | **I Class** |  |  |  |  |  |  |  |  |  |  |  |  |
| 2026 | $8.72 | 0.22 | 0.70 | 0.92 | (0.22) | (0.67) | (0.89) | $8.75 | 10.99% | 0.74% | 2.49% | 38% | $1977795 |
| 2025 | $8.85 | 0.22 | 0.62 | 0.84 | (0.24) | (0.73) | (0.97) | $8.72 | 9.91% | 0.74% | 2.41% | 31% | $2264888 |
| 2024 | $8.77 | 0.24 | 0.53 | 0.77 | (0.23) | (0.46) | (0.69) | $8.85 | 9.29% | 0.73% | 2.66% | 17% | $2874673 |
| 2023 | $9.87 | 0.23 | (0.53) | (0.30) | (0.23) | (0.57) | (0.80) | $8.77 | (3.03)% | 0.72% | 2.49% | 29% | $4265425 |
| 2022 | $9.47 | 0.20 | 0.90 | 1.10 | (0.21) | (0.49) | (0.70) | $9.87 | 11.83% | 0.73% | 2.03% | 24% | $4912267 |
| **Y Class** | **Y Class** |  |  |  |  |  |  |  |  |  |  |  |  |
| 2026 | $8.73 | 0.23 | 0.70 | 0.93 | (0.23) | (0.67) | (0.90) | $8.76 | 11.14% | 0.59% | 2.64% | 38% | $747695 |
| 2025 | $8.87 | 0.23 | 0.61 | 0.84 | (0.25) | (0.73) | (0.98) | $8.73 | 9.94% | 0.59% | 2.56% | 31% | $783660 |
| 2024 | $8.79 | 0.24 | 0.55 | 0.79 | (0.25) | (0.46) | (0.71) | $8.87 | 9.44% | 0.58% | 2.81% | 17% | $728299 |
| 2023 | $9.89 | 0.24 | (0.53) | (0.29) | (0.24) | (0.57) | (0.81) | $8.79 | (2.87)% | 0.57% | 2.64% | 29% | $227227 |
| 2022 | $9.48 | 0.22 | 0.90 | 1.12 | (0.22) | (0.49) | (0.71) | $9.89 | 12.10% | 0.58% | 2.18% | 24% | $276001 |
| **A Class** | **A Class** |  |  |  |  |  |  |  |  |  |  |  |  |
| 2026 | $8.70 | 0.18 | 0.70 | 0.88 | (0.18) | (0.67) | (0.85) | $8.73 | 10.54% | 1.19% | 2.04% | 38% | $579385 |
| 2025 | $8.84 | 0.18 | 0.61 | 0.79 | (0.20) | (0.73) | (0.93) | $8.70 | 9.29% | 1.19% | 1.96% | 31% | $637673 |
| 2024 | $8.76 | 0.20 | 0.53 | 0.73 | (0.19) | (0.46) | (0.65) | $8.84 | 8.82% | 1.18% | 2.21% | 17% | $693134 |
| 2023 | $9.86 | 0.19 | (0.53) | (0.34) | (0.19) | (0.57) | (0.76) | $8.76 | (3.46)% | 1.17% | 2.04% | 29% | $747365 |
| 2022 | $9.45 | 0.16 | 0.90 | 1.06 | (0.16) | (0.49) | (0.65) | $9.86 | 11.46% | 1.18% | 1.58% | 24% | $858437 |

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| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | | | | | | |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net Asset <br>Value, <br>Beginning <br>of Period** | **Net** <br>**Investment <br>Income** <br>**(Loss)**<sup>(1)</sup> | **Net <br>Realized <br>and <br>Unrealized <br>Gain (Loss)** | **Total From <br>Investment <br>Operations** | **Net <br>Investment <br>Income** | **Net <br>Realized <br>Gains** | **Total <br>Distributions** | **Net Asset <br>Value, <br>End <br>of Period** | **Total** <br>**Return**<sup>(2)</sup> | **Operating <br>Expenses** | **Operating Expenses (before expense waiver)** | **Net <br>Investment <br>Income <br>(Loss)** | **Net<br>Investment<br>Income<br>(Loss)<br>(before<br>expense<br>waiver)** | **Portfolio <br>Turnover <br>Rate** | **Net <br>Assets, <br>End of <br>Period <br>(in thousands)** |
| **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** |
| **C Class** | **C Class** | | | | | | | | | | | | | | |
| 2026 | $8.71 | 0.11 | 0.69 | 0.80 | (0.11) | (0.67) | (0.78) | $8.73 | 9.61% | 1.94% | 1.94% | 1.29% | 1.29% | 38% | $72324 |
| 2025 | $8.84 | 0.11 | 0.62 | 0.73 | (0.13) | (0.73) | (0.86) | $8.71 | 8.59% | 1.94% | 1.94% | 1.21% | 1.21% | 31% | $100739 |
| 2024 | $8.76 | 0.13 | 0.54 | 0.67 | (0.13) | (0.46) | (0.59) | $8.84 | 8.00% | 1.93% | 1.93% | 1.46% | 1.46% | 17% | $154213 |
| 2023 | $9.86 | 0.12 | (0.53) | (0.41) | (0.12) | (0.57) | (0.69) | $8.76 | (4.17)% | 1.92% | 1.92% | 1.29% | 1.29% | 29% | $204407 |
| 2022 | $9.45 | 0.08 | 0.91 | 0.99 | (0.09) | (0.49) | (0.58) | $9.86 | 10.63% | 1.93% | 1.93% | 0.83% | 0.83% | 24% | $272764 |
| **R Class** | **R Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2026 | $8.66 | 0.16 | 0.68 | 0.84 | (0.16) | (0.67) | (0.83) | $8.67 | 10.08% | 1.44% | 1.44% | 1.79% | 1.79% | 38% | $26904 |
| 2025 | $8.79 | 0.15 | 0.62 | 0.77 | (0.17) | (0.73) | (0.90) | $8.66 | 9.19% | 1.44% | 1.44% | 1.71% | 1.71% | 31% | $31211 |
| 2024 | $8.72 | 0.17 | 0.53 | 0.70 | (0.17) | (0.46) | (0.63) | $8.79 | 8.46% | 1.43% | 1.43% | 1.96% | 1.96% | 17% | $33186 |
| 2023 | $9.82 | 0.16 | (0.53) | (0.37) | (0.16) | (0.57) | (0.73) | $8.72 | (3.71)% | 1.42% | 1.42% | 1.79% | 1.79% | 29% | $40525 |
| 2022 | $9.41 | 0.13 | 0.91 | 1.04 | (0.14) | (0.49) | (0.63) | $9.82 | 11.23% | 1.43% | 1.43% | 1.33% | 1.33% | 24% | $47839 |
| **R5 Class** | **R5 Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2026 | $8.71 | 0.22 | 0.69 | 0.91 | (0.22) | (0.67) | (0.89) | $8.73 | 10.89% | 0.74% | 0.74% | 2.49% | 2.49% | 38% | $1686 |
| 2025 | $8.84 | 0.21 | 0.63 | 0.84 | (0.24) | (0.73) | (0.97) | $8.71 | 9.92% | 0.74% | 0.74% | 2.41% | 2.41% | 31% | $1459 |
| 2024 | $8.76 | 0.24 | 0.53 | 0.77 | (0.23) | (0.46) | (0.69) | $8.84 | 9.30% | 0.73% | 0.73% | 2.66% | 2.66% | 17% | $76699 |
| 2023 | $9.86 | 0.23 | (0.53) | (0.30) | (0.23) | (0.57) | (0.80) | $8.76 | (3.03)% | 0.72% | 0.72% | 2.49% | 2.49% | 29% | $64341 |
| 2022 | $9.46 | 0.20 | 0.90 | 1.10 | (0.21) | (0.49) | (0.70) | $9.86 | 11.84% | 0.73% | 0.73% | 2.03% | 2.03% | 24% | $66131 |
| **R6 Class** | **R6 Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2026 | $8.73 | 0.24 | 0.69 | 0.93 | (0.23) | (0.67) | (0.90) | $8.76 | 11.14% | 0.59% | 0.59% | 2.64% | 2.64% | 38% | $235777 |
| 2025 | $8.86 | 0.23 | 0.62 | 0.85 | (0.25) | (0.73) | (0.98) | $8.73 | 10.06% | 0.59% | 0.59% | 2.56% | 2.56% | 31% | $321161 |
| 2024 | $8.78 | 0.25 | 0.54 | 0.79 | (0.25) | (0.46) | (0.71) | $8.86 | 9.44% | 0.58% | 0.58% | 2.81% | 2.81% | 17% | $517571 |
| 2023 | $9.88 | 0.24 | (0.53) | (0.29) | (0.24) | (0.57) | (0.81) | $8.78 | (2.88)% | 0.57% | 0.57% | 2.64% | 2.64% | 29% | $823361 |
| 2022 | $9.47 | 0.22 | 0.90 | 1.12 | (0.22) | (0.49) | (0.71) | $9.88 | 12.10% | 0.58% | 0.58% | 2.18% | 2.18% | 24% | $1021389 |
| **G Class** | **G Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2026 | $8.74 | 0.29 | 0.69 | 0.98 | (0.28) | (0.67) | (0.95) | $8.77 | 11.77% | 0.00% | 0.59% | 3.23% | 2.64% | 38% | $9 |
| 2025 | $8.87 | 0.28 | 0.63 | 0.91 | (0.31) | (0.73) | (1.04) | $8.74 | 10.70% | 0.01% | 0.59% | 3.14% | 2.56% | 31% | $8 |
| 2024 | $8.79 | 0.29 | 0.55 | 0.84 | (0.30) | (0.46) | (0.76) | $8.87 | 10.06% | 0.01% | 0.58% | 3.38% | 2.81% | 17% | $7 |
| 2023 | $9.89 | 0.29 | (0.53) | (0.24) | (0.29) | (0.57) | (0.86) | $8.79 | (2.34)% | 0.01% | 0.57% | 3.20% | 2.64% | 29% | $6 |
| 2022 | $9.48 | 0.26 | 0.92 | 1.18 | (0.28) | (0.49) | (0.77) | $9.89 | 12.72% | 0.03% | 0.58% | 2.73% | 2.18% | 24% | $7 |

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**Notes to Financial Highlights**

(1)Computed using average shares outstanding throughout the period.

(2)Total returns are calculated based on the net asset value of the last business day and do not reflect applicable sales charges, if any. Total returns for periods less than one year are not annualized.

\*The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations or precisely reflect the class expense differentials due to the timing of transactions in shares of a fund in relation to income earned and/or fluctuations in the fair value of a fund's investments.

†Ratios for periods less than one year are annualized. Zero balances may reflect amounts less than 0.005%.

See Notes to Financial Statements.

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net Asset<br>Value,<br>Beginning<br>of Period** | **Net**<br>**Investment**<br>**Income**<br>**(Loss)**<sup>(1)</sup> | **Net<br>Realized<br>and<br>Unrealized<br>Gain (Loss)** | **Total From<br>Investment<br>Operations** | **Net<br>Investment<br>Income** | **Net<br>Realized<br>Gains** | **Total<br>Distributions** | **Net Asset<br>Value,<br>End<br>of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating<br>Expenses<br>(before<br>expense<br>waiver)** | **Net<br>Investment<br>Income<br>(Loss)<br>(before<br>expense<br>waiver)** | **Portfolio<br>Turnover<br>Rate** | **Net<br>Assets,<br>End of<br>Period<br>(in<br>thousands)** |
| **Focused Large Cap Value Fund** | **Focused Large Cap Value Fund** | **Focused Large Cap Value Fund** | **Focused Large Cap Value Fund** | **Focused Large Cap Value Fund** | **Focused Large Cap Value Fund** | **Focused Large Cap Value Fund** | **Focused Large Cap Value Fund** | **Focused Large Cap Value Fund** | **Focused Large Cap Value Fund** | **Focused Large Cap Value Fund** | **Focused Large Cap Value Fund** | **Focused Large Cap Value Fund** | **Focused Large Cap Value Fund** |
| **Investor Class** | **Investor Class** | | | | | | | | | | | | |
| 2026 | $10.56 | 0.17 | 1.07 | 1.24 | (0.16) | (1.12) | (1.28) | $10.52 | 12.02% | 0.83% | 1.62% | 84% | $592257 |
| 2025 | $10.54 | 0.19 | 0.80 | 0.99 | (0.20) | (0.77) | (0.97) | $10.56 | 9.77% | 0.84% | 1.79% | 51% | $533425 |
| 2024 | $9.66 | 0.20 | 1.05 | 1.25 | (0.20) | (0.17) | (0.37) | $10.54 | 13.22% | 0.84% | 2.00% | 45% | $542359 |
| 2023 | $10.35 | 0.19 | (0.22) | (0.03) | (0.18) | (0.48) | (0.66) | $9.66 | (0.18)% | 0.84% | 1.91% | 47% | $581007 |
| 2022 | $11.80 | 0.19 | 1.11 | 1.30 | (0.20) | (2.55) | (2.75) | $10.35 | 11.82% | 0.83% | 1.59% | 42% | $613873 |
| **I Class** | **I Class** |  |  |  |  |  |  |  |  |  |  |  |  |
| 2026 | $10.58 | 0.19 | 1.06 | 1.25 | (0.18) | (1.12) | (1.30) | $10.53 | 12.11% | 0.63% | 1.82% | 84% | $31262 |
| 2025 | $10.56 | 0.21 | 0.80 | 1.01 | (0.22) | (0.77) | (0.99) | $10.58 | 9.98% | 0.64% | 1.99% | 51% | $32360 |
| 2024 | $9.67 | 0.22 | 1.06 | 1.28 | (0.22) | (0.17) | (0.39) | $10.56 | 13.54% | 0.64% | 2.20% | 45% | $35437 |
| 2023 | $10.36 | 0.21 | (0.22) | (0.01) | (0.20) | (0.48) | (0.68) | $9.67 | 0.02% | 0.64% | 2.11% | 47% | $35789 |
| 2022 | $11.81 | 0.22 | 1.10 | 1.32 | (0.22) | (2.55) | (2.77) | $10.36 | 12.03% | 0.63% | 1.79% | 42% | $38604 |
| **A Class** | **A Class** |  |  |  |  |  |  |  |  |  |  |  |  |
| 2026 | $10.56 | 0.15 | 1.06 | 1.21 | (0.14) | (1.12) | (1.26) | $10.51 | 11.64% | 1.08% | 1.37% | 84% | $28850 |
| 2025 | $10.54 | 0.16 | 0.80 | 0.96 | (0.17) | (0.77) | (0.94) | $10.56 | 9.49% | 1.09% | 1.54% | 51% | $28831 |
| 2024 | $9.66 | 0.17 | 1.05 | 1.22 | (0.17) | (0.17) | (0.34) | $10.54 | 12.93% | 1.09% | 1.75% | 45% | $31371 |
| 2023 | $10.34 | 0.16 | (0.20) | (0.04) | (0.16) | (0.48) | (0.64) | $9.66 | (0.32)% | 1.09% | 1.66% | 47% | $31310 |
| 2022 | $11.80 | 0.17 | 1.09 | 1.26 | (0.17) | (2.55) | (2.72) | $10.34 | 11.44% | 1.08% | 1.34% | 42% | $33334 |
| **C Class** | **C Class** |  |  |  |  |  |  |  |  |  |  |  |  |
| 2026 | $10.57 | 0.07 | 1.05 | 1.12 | (0.06) | (1.12) | (1.18) | $10.51 | 10.77% | 1.83% | 0.62% | 84% | $834 |
| 2025 | $10.55 | 0.09 | 0.79 | 0.88 | (0.09) | (0.77) | (0.86) | $10.57 | 8.65% | 1.84% | 0.79% | 51% | $792 |
| 2024 | $9.66 | 0.10 | 1.06 | 1.16 | (0.10) | (0.17) | (0.27) | $10.55 | 12.20% | 1.84% | 1.00% | 45% | $884 |
| 2023 | $10.35 | 0.09 | (0.21) | (0.12) | (0.09) | (0.48) | (0.57) | $9.66 | (1.17)% | 1.84% | 0.91% | 47% | $1088 |
| 2022 | $11.80 | 0.07 | 1.11 | 1.18 | (0.08) | (2.55) | (2.63) | $10.35 | 10.69% | 1.83% | 0.59% | 42% | $974 |
| **R Class** | **R Class** |  |  |  |  |  |  |  |  |  |  |  |  |
| 2026 | $10.58 | 0.12 | 1.06 | 1.18 | (0.11) | (1.12) | (1.23) | $10.53 | 11.35% | 1.33% | 1.12% | 84% | $6595 |
| 2025 | $10.56 | 0.14 | 0.80 | 0.94 | (0.15) | (0.77) | (0.92) | $10.58 | 9.19% | 1.34% | 1.29% | 51% | $6662 |
| 2024 | $9.67 | 0.14 | 1.07 | 1.21 | (0.15) | (0.17) | (0.32) | $10.56 | 12.74% | 1.34% | 1.50% | 45% | $5969 |
| 2023 | $10.36 | 0.14 | (0.22) | (0.08) | (0.13) | (0.48) | (0.61) | $9.67 | (0.67)% | 1.34% | 1.41% | 47% | $6348 |
| 2022 | $11.81 | 0.14 | 1.10 | 1.24 | (0.14) | (2.55) | (2.69) | $10.36 | 11.24% | 1.33% | 1.09% | 42% | $5286 |

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| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net Asset<br>Value,<br>Beginning<br>of Period** | **Net**<br>**Investment**<br>**Income**<br>**(Loss)**<sup>(1)</sup> | **Net<br>Realized<br>and<br>Unrealized<br>Gain (Loss)** | **Total From<br>Investment<br>Operations** | **Net<br>Investment<br>Income** | **Net<br>Realized<br>Gains** | **Total<br>Distributions** | **Net Asset<br>Value,<br>End<br>of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Operating<br>Expenses<br>(before<br>expense<br>waiver)** | **Net<br>Investment<br>Income<br>(Loss)** | **Net<br>Investment<br>Income<br>(Loss)<br>(before<br>expense<br>waiver)** | **Portfolio<br>Turnover<br>Rate** | **Net<br>Assets,<br>End of<br>Period<br>(in<br>thousands)** |
| **Focused Large Cap Value Fund** | **Focused Large Cap Value Fund** | **Focused Large Cap Value Fund** | **Focused Large Cap Value Fund** | **Focused Large Cap Value Fund** | **Focused Large Cap Value Fund** | **Focused Large Cap Value Fund** | **Focused Large Cap Value Fund** | **Focused Large Cap Value Fund** | **Focused Large Cap Value Fund** | **Focused Large Cap Value Fund** | **Focused Large Cap Value Fund** | **Focused Large Cap Value Fund** | **Focused Large Cap Value Fund** | **Focused Large Cap Value Fund** | **Focused Large Cap Value Fund** |
| **R5 Class** | **R5 Class** | | | | | | | | | | | | | | |
| 2026 | $10.58 | 0.19 | 1.07 | 1.26 | (0.18) | (1.12) | (1.30) | $10.54 | 12.21% | 0.63% | 0.63% | 1.82% | 1.82% | 84% | $11 |
| 2025 | $10.56 | 0.21 | 0.80 | 1.01 | (0.22) | (0.77) | (0.99) | $10.58 | 9.97% | 0.64% | 0.64% | 1.99% | 1.99% | 51% | $10 |
| 2024 | $9.68 | 0.21 | 1.06 | 1.27 | (0.22) | (0.17) | (0.39) | $10.56 | 13.41% | 0.64% | 0.64% | 2.20% | 2.20% | 45% | $9 |
| 2023 | $10.36 | 0.21 | (0.21) |  | (0.20) | (0.48) | (0.68) | $9.68 | 0.13% | 0.64% | 0.64% | 2.11% | 2.11% | 47% | $8 |
| 2022 | $11.81 | 0.22 | 1.10 | 1.32 | (0.22) | (2.55) | (2.77) | $10.36 | 12.01% | 0.63% | 0.63% | 1.79% | 1.79% | 42% | $8 |
| **R6 Class** | **R6 Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2026 | $10.57 | 0.21 | 1.06 | 1.27 | (0.20) | (1.12) | (1.32) | $10.52 | 12.29% | 0.48% | 0.48% | 1.97% | 1.97% | 84% | $64735 |
| 2025 | $10.55 | 0.23 | 0.80 | 1.03 | (0.24) | (0.77) | (1.01) | $10.57 | 10.16% | 0.49% | 0.49% | 2.14% | 2.14% | 51% | $62031 |
| 2024 | $9.67 | 0.23 | 1.05 | 1.28 | (0.23) | (0.17) | (0.40) | $10.55 | 13.60% | 0.49% | 0.49% | 2.35% | 2.35% | 45% | $64685 |
| 2023 | $10.35 | 0.22 | (0.20) | 0.02 | (0.22) | (0.48) | (0.70) | $9.67 | 0.27% | 0.49% | 0.49% | 2.26% | 2.26% | 47% | $147303 |
| 2022 | $11.81 | 0.24 | 1.09 | 1.33 | (0.24) | (2.55) | (2.79) | $10.35 | 12.10% | 0.48% | 0.48% | 1.94% | 1.94% | 42% | $171044 |
| **G Class** | **G Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2026 | $10.58 | 0.26 | 1.07 | 1.33 | (0.25) | (1.12) | (1.37) | $10.54 | 12.89% | 0.00% | 0.48% | 2.45% | 1.97% | 84% | $2048234 |
| 2025 | $10.56 | 0.28 | 0.80 | 1.08 | (0.29) | (0.77) | (1.06) | $10.58 | 10.68% | 0.01% | 0.49% | 2.62% | 2.14% | 51% | $2288557 |
| 2024 | $9.68 | 0.28 | 1.05 | 1.33 | (0.28) | (0.17) | (0.45) | $10.56 | 14.13% | 0.01% | 0.49% | 2.83% | 2.35% | 45% | $2752857 |
| 2023 | $10.36 | 0.27 | (0.21) | 0.06 | (0.26) | (0.48) | (0.74) | $9.68 | 0.75% | 0.01% | 0.49% | 2.74% | 2.26% | 47% | $2349375 |
| 2022<sup>(3)</sup> | $10.59 | 0.01 | 0.34 | 0.35 | (0.03) | (0.55) | (0.58) | $10.36 | 3.38% | 0.00% | 0.47% | 1.68% | 1.21% | 42%<sup>(4)</sup> | $2751213 |

---

**Notes to Financial Highlights**

(1)Computed using average shares outstanding throughout the period.

(2)Total returns are calculated based on the net asset value of the last business day and do not reflect applicable sales charges, if any. Total returns for periods less than one year are not annualized.

(3)March 15, 2022 (commencement of sale) through March 31, 2022.

(4)Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended March 31, 2022.

\*The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations or precisely reflect the class expense differentials due to the timing of transactions in shares of a fund in relation to income earned and/or fluctuations in the fair value of a fund's investments.

†Ratios for periods less than one year are annualized. Zero balances may reflect amounts less than 0.005%.

See Notes to Financial Statements.

------

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | | |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | | | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | | |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net Asset**<br>**Value,**<br>**Beginning**<br>**of Period** | **Net**<br>**Investment**<br>**Income**<br>**(Loss)**<sup>(1)</sup> | **Net**<br>**Realized**<br>**and**<br>**Unrealized**<br>**Gain (Loss)** | **Total From**<br>**Investment**<br>**Operations** | **Net<br>Investment<br>Income** | **Net<br>Realized<br>Gains** | **Total<br>Distributions** | **Net Asset**<br>**Value,**<br>**End**<br>**of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating<br>Expenses<br>(before<br>expense<br>waiver)** | **Net<br>Investment<br>Income<br>(Loss)<br>(before<br>expense<br>waiver)** | **Portfolio<br>Turnover<br>Rate** | **Net**<br>**Assets,**<br>**End of**<br>**Period**<br>**(in**<br>**thousands)** |
| **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** |
| **Investor Class** | **Investor Class** | | | | | | | | | | | | |
| 2026 | $15.82 | 0.26 | 1.20 | 1.46 | (0.24) | (1.89) | (2.13) | $15.15 | 9.48% | 0.98% | 1.63% | 62% | $1356011 |
| 2025 | $16.24 | 0.26 | 0.67 | 0.93 | (0.25) | (1.10) | (1.35) | $15.82 | 5.78% | 0.97% | 1.57% | 50% | $1539945 |
| 2024 | $15.59 | 0.28 | 1.20 | 1.48 | (0.28) | (0.55) | (0.83) | $16.24 | 9.79% | 0.98% | 1.81% | 54% | $1750410 |
| 2023 | $17.30 | 0.28 | (0.75) | (0.47) | (0.28) | (0.96) | (1.24) | $15.59 | (2.58)% | 0.98% | 1.70% | 64% | $2150798 |
| 2022 | $19.03 | 0.26 | 1.95 | 2.21 | (0.25) | (3.69) | (3.94) | $17.30 | 12.48% | 0.97% | 1.33% | 50% | $2325957 |
| **I Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2026 | $15.84 | 0.29 | 1.20 | 1.49 | (0.27) | (1.89) | (2.16) | $15.17 | 9.68% | 0.78% | 1.83% | 62% | $902131 |
| 2025 | $16.26 | 0.29 | 0.67 | 0.96 | (0.28) | (1.10) | (1.38) | $15.84 | 5.99% | 0.77% | 1.77% | 50% | $1198156 |
| 2024 | $15.61 | 0.31 | 1.20 | 1.51 | (0.31) | (0.55) | (0.86) | $16.26 | 10.00% | 0.78% | 2.01% | 54% | $1804559 |
| 2023 | $17.32 | 0.31 | (0.75) | (0.44) | (0.31) | (0.96) | (1.27) | $15.61 | (2.38)% | 0.78% | 1.90% | 64% | $1779890 |
| 2022 | $19.04 | 0.29 | 1.96 | 2.25 | (0.28) | (3.69) | (3.97) | $17.32 | 12.75% | 0.77% | 1.53% | 50% | $1754741 |
| **Y Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2026 | $15.85 | 0.32 | 1.19 | 1.51 | (0.29) | (1.89) | (2.18) | $15.18 | 9.83% | 0.63% | 1.98% | 62% | $297806 |
| 2025 | $16.27 | 0.31 | 0.68 | 0.99 | (0.31) | (1.10) | (1.41) | $15.85 | 6.15% | 0.62% | 1.92% | 50% | $283181 |
| 2024 | $15.62 | 0.33 | 1.20 | 1.53 | (0.33) | (0.55) | (0.88) | $16.27 | 10.16% | 0.63% | 2.16% | 54% | $226761 |
| 2023 | $17.33 | 0.33 | (0.75) | (0.42) | (0.33) | (0.96) | (1.29) | $15.62 | (2.23)% | 0.63% | 2.05% | 64% | $168200 |
| 2022 | $19.05 | 0.32 | 1.96 | 2.28 | (0.31) | (3.69) | (4.00) | $17.33 | 12.91% | 0.62% | 1.68% | 50% | $192430 |
| **A Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2026 | $15.77 | 0.22 | 1.19 | 1.41 | (0.20) | (1.89) | (2.09) | $15.09 | 9.17% | 1.23% | 1.38% | 62% | $142224 |
| 2025 | $16.19 | 0.21 | 0.68 | 0.89 | (0.21) | (1.10) | (1.31) | $15.77 | 5.53% | 1.22% | 1.32% | 50% | $168079 |
| 2024 | $15.55 | 0.24 | 1.19 | 1.43 | (0.24) | (0.55) | (0.79) | $16.19 | 9.55% | 1.23% | 1.56% | 54% | $211867 |
| 2023 | $17.26 | 0.23 | (0.74) | (0.51) | (0.24) | (0.96) | (1.20) | $15.55 | (2.89)% | 1.23% | 1.45% | 64% | $232651 |
| 2022 | $18.99 | 0.21 | 1.95 | 2.16 | (0.20) | (3.69) | (3.89) | $17.26 | 12.23% | 1.22% | 1.08% | 50% | $303260 |
| **C Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2026 | $15.46 | 0.10 | 1.16 | 1.26 | (0.09) | (1.89) | (1.98) | $14.74 | 8.38% | 1.98% | 0.63% | 62% | $6458 |
| 2025 | $15.91 | 0.09 | 0.65 | 0.74 | (0.09) | (1.10) | (1.19) | $15.46 | 4.67% | 1.97% | 0.57% | 50% | $8469 |
| 2024 | $15.28 | 0.12 | 1.18 | 1.30 | (0.12) | (0.55) | (0.67) | $15.91 | 8.75% | 1.98% | 0.81% | 54% | $18982 |
| 2023 | $16.98 | 0.11 | (0.72) | (0.61) | (0.13) | (0.96) | (1.09) | $15.28 | (3.53)% | 1.98% | 0.70% | 64% | $27561 |
| 2022 | $18.75 | 0.06 | 1.93 | 1.99 | (0.07) | (3.69) | (3.76) | $16.98 | 11.37% | 1.97% | 0.33% | 50% | $39037 |

---

------

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | | |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | | | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | | |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net Asset**<br>**Value,**<br>**Beginning**<br>**of Period** | **Net**<br>**Investment**<br>**Income**<br>**(Loss)**<sup>(1)</sup> | **Net**<br>**Realized**<br>**and**<br>**Unrealized**<br>**Gain (Loss)** | **Total From**<br>**Investment**<br>**Operations** | **Net<br>Investment<br>Income** | **Net<br>Realized<br>Gains** | **Total<br>Distributions** | **Net Asset**<br>**Value,**<br>**End**<br>**of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Operating<br>Expenses<br>(before<br>expense<br>waiver)** | **Net<br>Investment<br>Income<br>(Loss)** | **Net<br>Investment<br>Income<br>(Loss)<br>(before<br>expense<br>waiver)** | **Portfolio<br>Turnover<br>Rate** | **Net**<br>**Assets,**<br>**End of**<br>**Period**<br>**(in**<br>**thousands)** |
| **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** |
| **R Class** | | | | | | | | | | | | | | | |
| 2026 | $15.70 | 0.18 | 1.18 | 1.36 | (0.16) | (1.89) | (2.05) | $15.01 | 8.89% | 1.48% | 1.48% | 1.13% | 1.13% | 62% | $69143 |
| 2025 | $16.12 | 0.17 | 0.68 | 0.85 | (0.17) | (1.10) | (1.27) | $15.70 | 5.28% | 1.47% | 1.47% | 1.07% | 1.07% | 50% | $78489 |
| 2024 | $15.48 | 0.20 | 1.19 | 1.39 | (0.20) | (0.55) | (0.75) | $16.12 | 9.24% | 1.48% | 1.48% | 1.31% | 1.31% | 54% | $90211 |
| 2023 | $17.19 | 0.19 | (0.74) | (0.55) | (0.20) | (0.96) | (1.16) | $15.48 | (3.08)% | 1.48% | 1.48% | 1.20% | 1.20% | 64% | $95536 |
| 2022 | $18.93 | 0.16 | 1.94 | 2.10 | (0.15) | (3.69) | (3.84) | $17.19 | 11.92% | 1.47% | 1.47% | 0.83% | 0.83% | 50% | $97311 |
| **R5 Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2026 | $15.85 | 0.29 | 1.20 | 1.49 | (0.27) | (1.89) | (2.16) | $15.18 | 9.67% | 0.78% | 0.78% | 1.83% | 1.83% | 62% | $15045 |
| 2025 | $16.27 | 0.29 | 0.67 | 0.96 | (0.28) | (1.10) | (1.38) | $15.85 | 5.99% | 0.77% | 0.77% | 1.77% | 1.77% | 50% | $16107 |
| 2024 | $15.61 | 0.31 | 1.21 | 1.52 | (0.31) | (0.55) | (0.86) | $16.27 | 10.06% | 0.78% | 0.78% | 2.01% | 2.01% | 54% | $24671 |
| 2023 | $17.32 | 0.31 | (0.75) | (0.44) | (0.31) | (0.96) | (1.27) | $15.61 | (2.39)% | 0.78% | 0.78% | 1.90% | 1.90% | 64% | $31521 |
| 2022 | $19.05 | 0.29 | 1.95 | 2.24 | (0.28) | (3.69) | (3.97) | $17.32 | 12.68% | 0.77% | 0.77% | 1.53% | 1.53% | 50% | $46565 |
| **R6 Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2026 | $15.84 | 0.31 | 1.19 | 1.50 | (0.29) | (1.89) | (2.18) | $15.16 | 9.77% | 0.63% | 0.63% | 1.98% | 1.98% | 62% | $1979290 |
| 2025 | $16.26 | 0.31 | 0.68 | 0.99 | (0.31) | (1.10) | (1.41) | $15.84 | 6.15% | 0.62% | 0.62% | 1.92% | 1.92% | 50% | $2854305 |
| 2024 | $15.60 | 0.33 | 1.21 | 1.54 | (0.33) | (0.55) | (0.88) | $16.26 | 10.24% | 0.63% | 0.63% | 2.16% | 2.16% | 54% | $3417541 |
| 2023 | $17.32 | 0.33 | (0.76) | (0.43) | (0.33) | (0.96) | (1.29) | $15.60 | (2.30)% | 0.63% | 0.63% | 2.05% | 2.05% | 64% | $3653940 |
| 2022 | $19.04 | 0.32 | 1.96 | 2.28 | (0.31) | (3.69) | (4.00) | $17.32 | 12.92% | 0.62% | 0.62% | 1.68% | 1.68% | 50% | $3591180 |
| **G Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2026 | $15.85 | 0.42 | 1.20 | 1.62 | (0.39) | (1.89) | (2.28) | $15.19 | 10.55% | 0.01% | 0.63% | 2.60% | 1.98% | 62% | $800098 |
| 2025 | $16.27 | 0.41 | 0.68 | 1.09 | (0.41) | (1.10) | (1.51) | $15.85 | 6.82% | 0.00% | 0.62% | 2.54% | 1.92% | 50% | $1205914 |
| 2024 | $15.62 | 0.43 | 1.20 | 1.63 | (0.43) | (0.55) | (0.98) | $16.27 | 10.84% | 0.01% | 0.63% | 2.78% | 2.16% | 54% | $1408762 |
| 2023 | $17.33 | 0.43 | (0.75) | (0.32) | (0.43) | (0.96) | (1.39) | $15.62 | (1.63)% | 0.01% | 0.63% | 2.67% | 2.05% | 64% | $1255802 |
| 2022<sup>(3)</sup> | $17.81 | 0.02 | 0.61 | 0.63 | (0.03) | (1.08) | (1.11) | $17.33 | 3.55% | 0.00% | 0.62% | 2.11% | 1.49% | 50%<sup>(4)</sup> | $1630035 |

---

------

**Notes to Financial Highlights**

(1)Computed using average shares outstanding throughout the period.

(2)Total returns are calculated based on the net asset value of the last business day and do not reflect applicable sales charges, if any. Total returns for periods less than one year are not annualized.

(3)March 15, 2022 (commencement of sale) through March 31, 2022.

(4)Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended March 31, 2022.

\*The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations or precisely reflect the class expense differentials due to the timing of transactions in shares of a fund in relation to income earned and/or fluctuations in the fair value of a fund's investments.

†Ratios for periods less than one year are annualized. Zero balances may reflect amounts less than 0.005%.

See Notes to Financial Statements.

------

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | | |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | | | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | | |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net Asset <br>Value, <br>Beginning <br>of Period** | **Net** <br>**Investment <br>Income** <br>**(Loss)**<sup>(1)</sup> | **Net <br>Realized <br>and <br>Unrealized <br>Gain (Loss)** | **Total From <br>Investment <br>Operations** | **Net<br>Investment<br>Income** | **Net<br>Realized<br>Gains** | **Total<br>Distributions** | **Net <br>Asset <br>Value, <br>End <br>of Period** | **Total** <br>**Return**<sup>(2)</sup> | **Operating <br>Expenses** | **Operating <br>Expenses <br>(before <br>expense <br>waiver)** | **Net <br>Investment <br>Income <br>(Loss)** | **Net <br>Investment <br>Income (Loss) <br>(before <br>expense <br>waiver)** | **Portfolio <br>Turnover Rate** | **Net <br>Assets, <br>End of <br>Period <br>(in thousands)** |
| **Small Cap Dividend Fund** | **Small Cap Dividend Fund** | **Small Cap Dividend Fund** | **Small Cap Dividend Fund** | **Small Cap Dividend Fund** | **Small Cap Dividend Fund** | **Small Cap Dividend Fund** | **Small Cap Dividend Fund** | **Small Cap Dividend Fund** | **Small Cap Dividend Fund** | **Small Cap Dividend Fund** | **Small Cap Dividend Fund** | **Small Cap Dividend Fund** | **Small Cap Dividend Fund** | **Small Cap Dividend Fund** | **Small Cap Dividend Fund** |
| **Investor Class** | | | | | | | | | | | | | | | |
| 2026 | $10.17 | 0.18 | 0.31 | 0.49 | (0.20) | (0.02) | (0.22) | $10.44 | 4.85% | 1.10% | 1.10% | 1.72% | 1.72% | 69% | $15453 |
| 2025 | $10.22 | 0.21 | (0.08) | 0.13 | (0.15) | (0.03) | (0.18) | $10.17 | 1.26% | 1.09% | 1.09% | 1.90% | 1.90% | 61% | $16855 |
| 2024 | $9.20 | 0.20 | 1.00 | 1.20 | (0.18) |  | (0.18) | $10.22 | 13.27% | 1.14% | 1.14% | 2.17% | 2.17% | 102% | $3785 |
| 2023<sup>(3)</sup> | $10.00 | 0.23 | (0.78) | (0.55) | (0.20) | (0.05) | (0.25) | $9.20 | (5.40)% | 1.10% | 1.10% | 2.52% | 2.52% | 54% | $2604 |
| **I Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2026 | $10.17 | 0.20 | 0.33 | 0.53 | (0.22) | (0.02) | (0.24) | $10.46 | 5.21% | 0.90% | 0.90% | 1.92% | 1.92% | 69% | $4346 |
| 2025 | $10.23 | 0.24 | (0.10) | 0.14 | (0.17) | (0.03) | (0.20) | $10.17 | 1.36% | 0.89% | 0.89% | 2.10% | 2.10% | 61% | $4988 |
| 2024 | $9.21 | 0.22 | 1.00 | 1.22 | (0.20) |  | (0.20) | $10.23 | 13.60% | 0.94% | 0.94% | 2.37% | 2.37% | 102% | $4334 |
| 2023<sup>(3)</sup> | $10.00 | 0.46 | (0.98) | (0.52) | (0.22) | (0.05) | (0.27) | $9.21 | (5.22)% | 0.90% | 0.90% | 2.72% | 2.72% | 54% | $3420 |
| **A Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2026 | $10.16 | 0.15 | 0.33 | 0.48 | (0.18) | (0.02) | (0.20) | $10.44 | 4.75% | 1.35% | 1.35% | 1.47% | 1.47% | 69% | $123 |
| 2025 | $10.22 | 0.20 | (0.10) | 0.10 | (0.13) | (0.03) | (0.16) | $10.16 | 0.95% | 1.34% | 1.34% | 1.65% | 1.65% | 61% | $104 |
| 2024 | $9.20 | 0.20 | 0.98 | 1.18 | (0.16) |  | (0.16) | $10.22 | 12.99% | 1.39% | 1.39% | 1.92% | 1.92% | 102% | $115 |
| 2023<sup>(3)</sup> | $10.00 | 0.19 | (0.76) | (0.57) | (0.18) | (0.05) | (0.23) | $9.20 | (5.62)% | 1.35% | 1.35% | 2.27% | 2.27% | 54% | $24 |
| **R Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2026 | $10.16 | 0.13 | 0.31 | 0.44 | (0.16) | (0.02) | (0.18) | $10.42 | 4.35% | 1.60% | 1.60% | 1.22% | 1.22% | 69% | $249 |
| 2025 | $10.23 | 0.17 | (0.10) | 0.07 | (0.11) | (0.03) | (0.14) | $10.16 | 0.67% | 1.59% | 1.59% | 1.40% | 1.40% | 61% | $192 |
| 2024 | $9.20 | 0.16 | 1.01 | 1.17 | (0.14) |  | (0.14) | $10.23 | 12.83% | 1.64% | 1.64% | 1.67% | 1.67% | 102% | $162 |
| 2023<sup>(3)</sup> | $10.00 | 0.20 | (0.79) | (0.59) | (0.16) | (0.05) | (0.21) | $9.20 | (5.85)% | 1.60% | 1.60% | 2.02% | 2.02% | 54% | $124 |
| **R6 Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2026 | $10.17 | 0.21 | 0.33 | 0.54 | (0.23) | (0.02) | (0.25) | $10.46 | 5.34% | 0.75% | 0.75% | 2.07% | 2.07% | 69% | $107 |
| 2025 | $10.23 | 0.26 | (0.10) | 0.16 | (0.19) | (0.03) | (0.22) | $10.17 | 1.52% | 0.74% | 0.74% | 2.25% | 2.25% | 61% | $124 |
| 2024 | $9.21 | 0.24 | 1.00 | 1.24 | (0.22) |  | (0.22) | $10.23 | 13.77% | 0.79% | 0.79% | 2.52% | 2.52% | 102% | $83 |
| 2023<sup>(3)</sup> | $10.00 | 0.25 | (0.76) | (0.51) | (0.23) | (0.05) | (0.28) | $9.21 | (5.08)% | 0.75% | 0.75% | 2.87% | 2.87% | 54% | $36 |
| **G Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2026 | $10.17 | 0.29 | 0.32 | 0.61 | (0.28) | (0.02) | (0.30) | $10.48 | 6.14% | 0.01% | 0.75% | 2.81% | 2.07% | 69% | $79307 |
| 2025 | $10.23 | 0.31 | (0.07) | 0.24 | (0.27) | (0.03) | (0.30) | $10.17 | 2.28% | 0.00% | 0.74% | 2.99% | 2.25% | 61% | $85045 |
| 2024 | $9.21 | 0.31 | 1.00 | 1.31 | (0.29) |  | (0.29) | $10.23 | 14.49% | 0.05% | 0.79% | 3.26% | 2.52% | 102% | $27 |
| 2023<sup>(3)</sup> | $10.00 | 0.31 | (0.75) | (0.44) | (0.30) | (0.05) | (0.35) | $9.21 | (4.31)% | 0.01% | 0.75% | 3.61% | 2.87% | 54% | $24 |

---

------

**Notes to Financial Highlights**

(1)Computed using average shares outstanding throughout the period.

(2)Total returns are calculated based on the net asset value of the last business day and do not reflect applicable sales charges, if any. Total returns for periods less than one year are not annualized.

(3)April 5, 2022 (fund inception) through March 31, 2023.

\*The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations or precisely reflect the class expense differentials due to the timing of transactions in shares of a fund in relation to income earned and/or fluctuations in the fair value of a fund's investments.

†Ratios for periods less than one year are annualized. Zero balances may reflect amounts less than 0.005%.

See Notes to Financial Statements.

------

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net Asset<br>Value,<br>Beginning<br>of Period** | **Net**<br>**Investment**<br>**Income**<br>**(Loss)**<sup>(1)</sup> | **Net <br>Realized <br>and <br>Unrealized <br>Gain <br>(Loss)** | **Total<br>From Investment Operations** | **Net Investment Income** | **Net Realized Gains** | **Total Distributions** | **Net <br>Asset<br>Value, <br>End<br>of <br>Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating<br>Expenses<br>(before<br>expense<br>waiver)** | **Net<br>Investment<br>Income<br>(Loss)<br>(before<br>expense<br>waiver)** | **Portfolio<br>Turnover<br>Rate** | **Net <br>Assets,<br>End of<br>Period<br>(in<br>thousands)** |
| **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** |
| **Investor Class** | **Investor Class** | | | | | | | | | | | | |
| 2026 | $9.75 | 0.09 | 0.58 | 0.67 | (0.10) | (1.14) | (1.24) | $9.18 | 7.15% | 1.10% | 0.92% | 42% | $444060 |
| 2025 | $10.86 | 0.10 | (0.50) | (0.40) | (0.10) | (0.61) | (0.71) | $9.75 | (4.19)% | 1.08% | 0.94% | 39% | $575834 |
| 2024 | $9.24 | 0.10 | 1.62 | 1.72 | (0.10) |  | (0.10) | $10.86 | 18.72% | 1.09% | 1.12% | 46% | $750408 |
| 2023 | $10.40 | 0.07 | (0.92) | (0.85) | (0.06) | (0.25) | (0.31) | $9.24 | (8.04)% | 1.09% | 0.74% | 44% | $869441 |
| 2022 | $10.74 | 0.04 | 0.45 | 0.49 | (0.06) | (0.77) | (0.83) | $10.40 | 4.45% | 1.09% | 0.35% | 43% | $1107942 |
| **I Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2026 | $9.89 | 0.11 | 0.57 | 0.68 | (0.11) | (1.14) | (1.25) | $9.32 | 7.32% | 0.90% | 1.12% | 42% | $793971 |
| 2025 | $11.00 | 0.12 | (0.49) | (0.37) | (0.13) | (0.61) | (0.74) | $9.89 | (3.94)% | 0.88% | 1.14% | 39% | $1562919 |
| 2024 | $9.36 | 0.13 | 1.63 | 1.76 | (0.12) |  | (0.12) | $11.00 | 18.93% | 0.89% | 1.32% | 46% | $2065440 |
| 2023 | $10.53 | 0.09 | (0.93) | (0.84) | (0.08) | (0.25) | (0.33) | $9.36 | (7.86)% | 0.89% | 0.94% | 44% | $1982752 |
| 2022 | $10.86 | 0.06 | 0.46 | 0.52 | (0.08) | (0.77) | (0.85) | $10.53 | 4.70% | 0.89% | 0.55% | 43% | $2691383 |
| **Y Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2026 | $9.91 | 0.12 | 0.58 | 0.70 | (0.12) | (1.14) | (1.26) | $9.35 | 7.42% | 0.75% | 1.27% | 42% | $60736 |
| 2025 | $11.02 | 0.15 | (0.51) | (0.36) | (0.14) | (0.61) | (0.75) | $9.91 | (3.78)% | 0.73% | 1.29% | 39% | $112060 |
| 2024 | $9.37 | 0.14 | 1.64 | 1.78 | (0.13) |  | (0.13) | $11.02 | 19.19% | 0.74% | 1.47% | 46% | $64579 |
| 2023 | $10.54 | 0.10 | (0.92) | (0.82) | (0.10) | (0.25) | (0.35) | $9.37 | (7.72)% | 0.74% | 1.09% | 44% | $67231 |
| 2022 | $10.88 | 0.08 | 0.45 | 0.53 | (0.10) | (0.77) | (0.87) | $10.54 | 4.75% | 0.74% | 0.70% | 43% | $106557 |
| **A Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2026 | $9.60 | 0.07 | 0.56 | 0.63 | (0.08) | (1.14) | (1.22) | $9.01 | 6.83% | 1.35% | 0.67% | 42% | $58212 |
| 2025 | $10.70 | 0.07 | (0.48) | (0.41) | (0.08) | (0.61) | (0.69) | $9.60 | (4.40)% | 1.33% | 0.69% | 39% | $71075 |
| 2024 | $9.10 | 0.08 | 1.59 | 1.67 | (0.07) |  | (0.07) | $10.70 | 18.49% | 1.34% | 0.87% | 46% | $88474 |
| 2023 | $10.25 | 0.05 | (0.91) | (0.86) | (0.04) | (0.25) | (0.29) | $9.10 | (8.30)% | 1.34% | 0.49% | 44% | $89315 |
| 2022 | $10.60 | 0.01 | 0.45 | 0.46 | (0.04) | (0.77) | (0.81) | $10.25 | 4.20% | 1.34% | 0.10% | 43% | $113658 |
| **C Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2026 | $8.76 | (0.01) | 0.51 | 0.50 | (0.02) | (1.14) | (1.16) | $8.10 | 5.98% | 2.10% | (0.08)% | 42% | $11647 |
| 2025 | $9.83 | (0.01) | (0.44) | (0.45) | (0.01) | (0.61) | (0.62) | $8.76 | (5.14)% | 2.08% | (0.06)% | 39% | $17589 |
| 2024 | $8.37 | 0.01 | 1.46 | 1.47 | (0.01) |  | (0.01) | $9.83 | 17.54% | 2.09% | 0.12% | 46% | $21117 |
| 2023 | $9.48 | (0.02) | (0.84) | (0.86) | —<sup>(3)</sup> | (0.25) | (0.25) | $8.37 | (8.99)% | 2.09% | (0.26)% | 44% | $21277 |
| 2022 | $9.90 | (0.06) | 0.42 | 0.36 | (0.01) | (0.77) | (0.78) | $9.48 | 3.49% | 2.09% | (0.65)% | 43% | $26317 |

---

------

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net Asset<br>Value,<br>Beginning<br>of Period** | **Net**<br>**Investment**<br>**Income**<br>**(Loss)**<sup>(1)</sup> | **Net <br>Realized <br>and <br>Unrealized <br>Gain <br>(Loss)** | **Total<br>From Investment Operations** | **Net Investment Income** | **Net Realized Gains** | **Total Distributions** | **Net <br>Asset<br>Value, <br>End<br>of <br>Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Operating<br>Expenses<br>(before<br>expense<br>waiver)** | **Net<br>Investment<br>Income<br>(Loss)** | **Net<br>Investment<br>Income<br>(Loss)<br>(before<br>expense<br>waiver)** | **Portfolio<br>Turnover<br>Rate** | **Net <br>Assets,<br>End of<br>Period<br>(in<br>thousands)** |
| **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** |
| **R Class** | | | | | | | | | | | | | | | |
| 2026 | $9.50 | 0.04 | 0.56 | 0.60 | (0.06) | (1.14) | (1.20) | $8.90 | 6.58% | 1.60% | 1.60% | 0.42% | 0.42% | 42% | $5193 |
| 2025 | $10.60 | 0.05 | (0.49) | (0.44) | (0.05) | (0.61) | (0.66) | $9.50 | (4.68)% | 1.58% | 1.58% | 0.44% | 0.44% | 39% | $5807 |
| 2024 | $9.02 | 0.06 | 1.57 | 1.63 | (0.05) |  | (0.05) | $10.60 | 18.14% | 1.59% | 1.59% | 0.62% | 0.62% | 46% | $7104 |
| 2023 | $10.16 | 0.02 | (0.89) | (0.87) | (0.02) | (0.25) | (0.27) | $9.02 | (8.44)% | 1.59% | 1.59% | 0.24% | 0.24% | 44% | $7017 |
| 2022 | $10.53 | (0.02) | 0.44 | 0.42 | (0.02) | (0.77) | (0.79) | $10.16 | 3.87% | 1.59% | 1.59% | (0.15)% | (0.15)% | 43% | $7314 |
| **R5 Class** | **R5 Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2026 | $9.90 | 0.11 | 0.57 | 0.68 | (0.11) | (1.14) | (1.25) | $9.33 | 7.19% | 0.90% | 0.90% | 1.12% | 1.12% | 42% | $8875 |
| 2025 | $11.01 | 0.12 | (0.49) | (0.37) | (0.13) | (0.61) | (0.74) | $9.90 | (3.94)% | 0.88% | 0.88% | 1.14% | 1.14% | 39% | $9274 |
| 2024 | $9.37 | 0.13 | 1.63 | 1.76 | (0.12) |  | (0.12) | $11.01 | 18.91% | 0.89% | 0.89% | 1.32% | 1.32% | 46% | $10710 |
| 2023 | $10.54 | 0.09 | (0.93) | (0.84) | (0.08) | (0.25) | (0.33) | $9.37 | (7.85)% | 0.89% | 0.89% | 0.94% | 0.94% | 44% | $14369 |
| 2022 | $10.87 | 0.06 | 0.46 | 0.52 | (0.08) | (0.77) | (0.85) | $10.54 | 4.70% | 0.89% | 0.89% | 0.55% | 0.55% | 43% | $14646 |
| **R6 Class** | **R6 Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2026 | $9.89 | 0.13 | 0.57 | 0.70 | (0.12) | (1.14) | (1.26) | $9.33 | 7.44% | 0.75% | 0.75% | 1.27% | 1.27% | 42% | $1588407 |
| 2025 | $11.01 | 0.14 | (0.51) | (0.37) | (0.14) | (0.61) | (0.75) | $9.89 | (3.88)% | 0.73% | 0.73% | 1.29% | 1.29% | 39% | $2084887 |
| 2024 | $9.36 | 0.14 | 1.64 | 1.78 | (0.13) |  | (0.13) | $11.01 | 19.21% | 0.74% | 0.74% | 1.47% | 1.47% | 46% | $2479758 |
| 2023 | $10.53 | 0.11 | (0.93) | (0.82) | (0.10) | (0.25) | (0.35) | $9.36 | (7.73)% | 0.74% | 0.74% | 1.09% | 1.09% | 44% | $1992368 |
| 2022 | $10.86 | 0.08 | 0.46 | 0.54 | (0.10) | (0.77) | (0.87) | $10.53 | 4.86% | 0.74% | 0.74% | 0.70% | 0.70% | 43% | $1779113 |
| **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** |
| 2026 | $9.92 | 0.20 | 0.58 | 0.78 | (0.18) | (1.14) | (1.32) | $9.38 | 8.25% | 0.00% | 0.75% | 2.02% | 1.27% | 42% | $125556 |
| 2025 | $11.04 | 0.22 | (0.51) | (0.29) | (0.22) | (0.61) | (0.83) | $9.92 | (3.16)% | 0.00% | 0.73% | 2.02% | 1.29% | 39% | $320423 |
| 2024 | $9.39 | 0.22 | 1.64 | 1.86 | (0.21) |  | (0.21) | $11.04 | 20.01% | 0.00% | 0.74% | 2.21% | 1.47% | 46% | $510166 |
| 2023 | $10.55 | 0.18 | (0.93) | (0.75) | (0.16) | (0.25) | (0.41) | $9.39 | (7.04)% | 0.01% | 0.74% | 1.82% | 1.09% | 44% | $300172 |
| 2022 | $10.89 | 0.16 | 0.45 | 0.61 | (0.18) | (0.77) | (0.95) | $10.55 | 5.62% | 0.00% | 0.74% | 1.44% | 0.70% | 43% | $343209 |

---

------

**Notes to Financial Highlights**

(1)Computed using average shares outstanding throughout the period.

(2)Total returns are calculated based on the net asset value of the last business day and do not reflect applicable sales charges, if any. Total returns for periods less than one year are not annualized.

(3)Per-share amount was less than $0.005.

\*The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations or precisely reflect the class expense differentials due to the timing of transactions in shares of a fund in relation to income earned and/or fluctuations in the fair value of a fund's investments.

†Ratios for periods less than one year are annualized. Zero balances may reflect amounts less than 0.005%.

See Notes to Financial Statements.

------

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | | | | | | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net <br>Asset <br>Value, <br>Beginning <br>of Period** | **Net** <br>**Investment** <br>**Income** <br>**(Loss)**<sup>(1)</sup> | **Net <br>Realized <br>and <br>Unrealized <br>Gain (Loss)** | **Total From <br>Investment <br>Operations** | **Net <br>Investment <br>Income** | **Net <br>Realized <br>Gains** | **Total <br>Distributions** | **Net Asset <br>Value, <br>End <br>of Period** | **Total** <br>**Return**<sup>(2)</sup> | **Operating <br>Expenses** | **Operating<br>Expenses<br>(before<br>expense<br>waiver)** | **Net <br>Investment <br>Income <br>(Loss)** | **Net<br>Investment<br>Income<br>(Loss)<br>(before<br>expense<br>waiver)** | **Portfolio <br>Turnover <br>Rate** | **Net <br>Assets, <br>End of <br>Period <br>(in <br>thousands)** |
| **Value Fund** | **Value Fund** | **Value Fund** | **Value Fund** | **Value Fund** | **Value Fund** | **Value Fund** | **Value Fund** | **Value Fund** | **Value Fund** | **Value Fund** | **Value Fund** | **Value Fund** | **Value Fund** | **Value Fund** | **Value Fund** |
| **Investor Class** | **Investor Class** | | | | | | | | | | | | | | |
| 2026 | $7.99 | 0.15 | 0.98 | 1.13 | (0.14) | (0.67) | (0.81) | $8.31 | 14.50% | 0.96% | 0.99% | 1.82% | 1.79% | 55% | $1157278 |
| 2025 | $8.28 | 0.16 | 0.40 | 0.56 | (0.16) | (0.69) | (0.85) | $7.99 | 7.09% | 0.97% | 0.98% | 1.94% | 1.93% | 44% | $1143745 |
| 2024 | $7.77 | 0.17 | 0.92 | 1.09 | (0.17) | (0.41) | (0.58) | $8.28 | 14.62% | 1.01% | 1.02% | 2.18% | 2.17% | 35% | $1194845 |
| 2023 | $9.16 | 0.16 | (0.38) | (0.22) | (0.16) | (1.01) | (1.17) | $7.77 | (2.23)% | 1.02% | 1.02% | 1.95% | 1.95% | 42% | $1193571 |
| 2022 | $9.32 | 0.14 | 0.94 | 1.08 | (0.15) | (1.09) | (1.24) | $9.16 | 12.26% | 1.01% | 1.01% | 1.52% | 1.52% | 41% | $1309198 |
| **I Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2026 | $8.02 | 0.16 | 0.99 | 1.15 | (0.16) | (0.67) | (0.83) | $8.34 | 14.66% | 0.76% | 0.79% | 2.02% | 1.99% | 55% | $71336 |
| 2025 | $8.31 | 0.18 | 0.40 | 0.58 | (0.18) | (0.69) | (0.87) | $8.02 | 7.28% | 0.77% | 0.78% | 2.14% | 2.13% | 44% | $511895 |
| 2024 | $7.79 | 0.19 | 0.93 | 1.12 | (0.19) | (0.41) | (0.60) | $8.31 | 14.95% | 0.81% | 0.82% | 2.38% | 2.37% | 35% | $510614 |
| 2023 | $9.18 | 0.18 | (0.39) | (0.21) | (0.17) | (1.01) | (1.18) | $7.79 | (2.03)% | 0.82% | 0.82% | 2.15% | 2.15% | 42% | $454802 |
| 2022 | $9.34 | 0.16 | 0.94 | 1.10 | (0.17) | (1.09) | (1.26) | $9.18 | 12.44% | 0.81% | 0.81% | 1.72% | 1.72% | 41% | $520321 |
| **Y Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2026 | $8.02 | 0.18 | 0.98 | 1.16 | (0.17) | (0.67) | (0.84) | $8.34 | 14.83% | 0.61% | 0.64% | 2.17% | 2.14% | 55% | $157720 |
| 2025 | $8.31 | 0.19 | 0.40 | 0.59 | (0.19) | (0.69) | (0.88) | $8.02 | 7.45% | 0.62% | 0.63% | 2.29% | 2.28% | 44% | $137534 |
| 2024 | $7.79 | 0.20 | 0.93 | 1.13 | (0.20) | (0.41) | (0.61) | $8.31 | 15.12% | 0.66% | 0.67% | 2.53% | 2.52% | 35% | $124612 |
| 2023 | $9.18 | 0.19 | (0.38) | (0.19) | (0.19) | (1.01) | (1.20) | $7.79 | (1.89)% | 0.67% | 0.67% | 2.30% | 2.30% | 42% | $109655 |
| 2022 | $9.34 | 0.18 | 0.93 | 1.11 | (0.18) | (1.09) | (1.27) | $9.18 | 12.61% | 0.66% | 0.66% | 1.87% | 1.87% | 41% | $128721 |
| **A Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2026 | $7.97 | 0.13 | 0.98 | 1.11 | (0.12) | (0.67) | (0.79) | $8.29 | 14.26% | 1.21% | 1.24% | 1.57% | 1.54% | 55% | $52948 |
| 2025 | $8.27 | 0.14 | 0.39 | 0.53 | (0.14) | (0.69) | (0.83) | $7.97 | 6.70% | 1.22% | 1.23% | 1.69% | 1.68% | 44% | $50780 |
| 2024 | $7.75 | 0.15 | 0.93 | 1.08 | (0.15) | (0.41) | (0.56) | $8.27 | 14.51% | 1.26% | 1.27% | 1.93% | 1.92% | 35% | $59682 |
| 2023 | $9.15 | 0.14 | (0.39) | (0.25) | (0.14) | (1.01) | (1.15) | $7.75 | (2.58)% | 1.27% | 1.27% | 1.70% | 1.70% | 42% | $55295 |
| 2022 | $9.31 | 0.12 | 0.93 | 1.05 | (0.12) | (1.09) | (1.21) | $9.15 | 12.00% | 1.26% | 1.26% | 1.27% | 1.27% | 41% | $69880 |
| **C Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2026 | $7.75 | 0.07 | 0.95 | 1.02 | (0.06) | (0.67) | (0.73) | $8.04 | 13.43% | 1.96% | 1.99% | 0.82% | 0.79% | 55% | $2945 |
| 2025 | $8.05 | 0.08 | 0.39 | 0.47 | (0.08) | (0.69) | (0.77) | $7.75 | 6.05% | 1.97% | 1.98% | 0.94% | 0.93% | 44% | $4207 |
| 2024 | $7.56 | 0.09 | 0.90 | 0.99 | (0.09) | (0.41) | (0.50) | $8.05 | 13.59% | 2.01% | 2.02% | 1.18% | 1.17% | 35% | $6145 |
| 2023 | $8.95 | 0.08 | (0.38) | (0.30) | (0.08) | (1.01) | (1.09) | $7.56 | (3.28)% | 2.02% | 2.02% | 0.95% | 0.95% | 42% | $8718 |
| 2022 | $9.13 | 0.05 | 0.91 | 0.96 | (0.05) | (1.09) | (1.14) | $8.95 | 11.15% | 2.01% | 2.01% | 0.52% | 0.52% | 41% | $9886 |

---

------

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | | | | | | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net <br>Asset <br>Value, <br>Beginning <br>of Period** | **Net** <br>**Investment** <br>**Income** <br>**(Loss)**<sup>(1)</sup> | **Net <br>Realized <br>and <br>Unrealized <br>Gain (Loss)** | **Total From <br>Investment <br>Operations** | **Net <br>Investment <br>Income** | **Net <br>Realized <br>Gains** | **Total <br>Distributions** | **Net Asset <br>Value, <br>End <br>of Period** | **Total** <br>**Return**<sup>(2)</sup> | **Operating <br>Expenses** | **Operating<br>Expenses<br>(before<br>expense<br>waiver)** | **Net <br>Investment <br>Income <br>(Loss)** | **Net<br>Investment<br>Income<br>(Loss)<br>(before<br>expense<br>waiver)** | **Portfolio <br>Turnover <br>Rate** | **Net <br>Assets, <br>End of <br>Period <br>(in <br>thousands)** |
| **Value Fund** | **Value Fund** | **Value Fund** | **Value Fund** | **Value Fund** | **Value Fund** | **Value Fund** | **Value Fund** | **Value Fund** | **Value Fund** | **Value Fund** | **Value Fund** | **Value Fund** | **Value Fund** | **Value Fund** | **Value Fund** |
| **R Class** | | | | | | | | | | | | | | | |
| 2026 | $7.99 | 0.11 | 0.97 | 1.08 | (0.10) | (0.67) | (0.77) | $8.30 | 13.97% | 1.46% | 1.49% | 1.32% | 1.29% | 55% | $204022 |
| 2025 | $8.27 | 0.12 | 0.41 | 0.53 | (0.12) | (0.69) | (0.81) | $7.99 | 6.54% | 1.47% | 1.48% | 1.44% | 1.43% | 44% | $215245 |
| 2024 | $7.76 | 0.13 | 0.92 | 1.05 | (0.13) | (0.41) | (0.54) | $8.27 | 14.06% | 1.51% | 1.52% | 1.68% | 1.67% | 35% | $237549 |
| 2023 | $9.15 | 0.12 | (0.38) | (0.26) | (0.12) | (1.01) | (1.13) | $7.76 | (2.72)% | 1.52% | 1.52% | 1.45% | 1.45% | 42% | $230445 |
| 2022 | $9.31 | 0.10 | 0.93 | 1.03 | (0.10) | (1.09) | (1.19) | $9.15 | 11.70% | 1.51% | 1.51% | 1.02% | 1.02% | 41% | $254460 |
| **R5 Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2026 | $8.01 | 0.17 | 0.99 | 1.16 | (0.16) | (0.67) | (0.83) | $8.34 | 14.82% | 0.76% | 0.79% | 2.02% | 1.99% | 55% | $11 |
| 2025 | $8.30 | 0.19 | 0.39 | 0.58 | (0.18) | (0.69) | (0.87) | $8.01 | 7.29% | 0.77% | 0.78% | 2.14% | 2.13% | 44% | $10 |
| 2024 | $7.79 | 0.19 | 0.92 | 1.11 | (0.19) | (0.41) | (0.60) | $8.30 | 14.81% | 0.81% | 0.82% | 2.38% | 2.37% | 35% | $3051 |
| 2023 | $9.18 | 0.18 | (0.39) | (0.21) | (0.17) | (1.01) | (1.18) | $7.79 | (2.01)% | 0.82% | 0.82% | 2.15% | 2.15% | 42% | $2659 |
| 2022 | $9.34 | 0.16 | 0.94 | 1.10 | (0.17) | (1.09) | (1.26) | $9.18 | 12.45% | 0.81% | 0.81% | 1.72% | 1.72% | 41% | $2618 |
| **R6 Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2026 | $8.02 | 0.18 | 0.99 | 1.17 | (0.17) | (0.67) | (0.84) | $8.35 | 14.96% | 0.61% | 0.64% | 2.17% | 2.14% | 55% | $105851 |
| 2025 | $8.31 | 0.19 | 0.40 | 0.59 | (0.19) | (0.69) | (0.88) | $8.02 | 7.44% | 0.62% | 0.63% | 2.29% | 2.28% | 44% | $100409 |
| 2024 | $7.79 | 0.20 | 0.93 | 1.13 | (0.20) | (0.41) | (0.61) | $8.31 | 15.12% | 0.66% | 0.67% | 2.53% | 2.52% | 35% | $92998 |
| 2023 | $9.18 | 0.19 | (0.38) | (0.19) | (0.19) | (1.01) | (1.20) | $7.79 | (1.89)% | 0.67% | 0.67% | 2.30% | 2.30% | 42% | $82438 |
| 2022 | $9.34 | 0.18 | 0.93 | 1.11 | (0.18) | (1.09) | (1.27) | $9.18 | 12.61% | 0.66% | 0.66% | 1.87% | 1.87% | 41% | $107011 |

---

**Notes to Financial Highlights**

(1)Computed using average shares outstanding throughout the period.

(2)Total returns are calculated based on the net asset value of the last business day and do not reflect applicable sales charges, if any. Total returns for periods less than one year are not annualized.

\*The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations or precisely reflect the class expense differentials due to the timing of transactions in shares of a fund in relation to income earned and/or fluctuations in the fair value of a fund's investments.

†Ratios for periods less than one year are annualized. Zero balances may reflect amounts less than 0.005%.

See Notes to Financial Statements.

------

Report of Independent Registered Public Accounting Firm

To the shareholders and the Board of Directors of American Century Capital Portfolios, Inc.:

**Opinion on the Financial Statements and Financial Highlights** 

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Equity Income Fund, Focused Large Cap Value Fund, Mid Cap Value Fund, Small Cap Value Fund, Value Fund, and Small Cap Dividend Fund (the "Funds"), six of the funds constituting American Century Capital Portfolios, Inc., as of March 31, 2026, the related statements of operations, changes in net assets, and financial highlights for the periods indicated in the table below, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds as of March 31, 2026, and the results of their operations, the changes in their net assets, and the financial highlights for the periods listed in the table below, in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| **Individual Fund Constituting <br>American Century Capital <br>Portfolios, Inc.** | **Statement of <br>Operations** | **Statements of <br>Changes in Net <br>Assets** | **Financial Highlights** |
| Equity Income Fund | For the year ended March 31, 2026 | For the years ended March 31, 2026 and 2025 | For the years ended March 31, 2026, 2025, 2024, 2023, and 2022 |
| Focused Large Cap Value Fund | For the year ended March 31, 2026 | For the years ended March 31, 2026 and 2025 | For the years ended March 31, 2026, 2025, 2024, 2023, and 2022 |
| Mid Cap Value Fund | For the year ended March 31, 2026 | For the years ended March 31, 2026 and 2025 | For the years ended March 31, 2026, 2025, 2024, 2023, and 2022 |
| Small Cap Value Fund | For the year ended March 31, 2026 | For the years ended March 31, 2026 and 2025 | For the years ended March 31, 2026, 2025, 2024, 2023, and 2022 |
| Value Fund | For the year ended March 31, 2026 | For the years ended March 31, 2026 and 2025 | For the years ended March 31, 2026, 2025, 2024, 2023, and 2022 |
| Small Cap Dividend Fund | For the year ended March 31, 2026 | For the years ended March 31, 2026 and 2025 | For years ended March 31, 2026, 2025, and 2024, and the period from April 5, 2022 (fund inception) through March 31, 2023 |

---

**Basis for Opinion** 

These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of March 31, 2026, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Kansas City, Missouri

May 19, 2026

We have served as the auditor of one or more American Century investment companies since 1997.

------

**Other Tax Information**

The following information is provided pursuant to provisions of the Internal Revenue Code (IRC).

The funds hereby designate up to the maximum amount allowable as qualified dividend income for the fiscal year ended March 31, 2026.

The funds hereby designate the following, or up to the maximum amount allowable, for the fiscal year ended March 31, 2026.

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| | | | |
|:---|:---|:---|:---|
| | **Corporate Dividends Received Deduction** | **Qualified Short-Term Capital Gain Distributions (IRC Section 871)** | **Long-Term Capital Gain Distributions <br>(20% Rate)** |
| Equity Income Fund | $119685256 | $47629333 | $448392137 |
| Focused Large Cap Value Fund | $52092430 | $39084008 | $237178934 |
| Mid Cap Value Fund | $114026260 | $132532841 | $618235018 |
| Small Cap Dividend Fund | $2192122 | $53083 | $128284 |
| Small Cap Value Fund | $53870137 | $19234228 | $440952306 |
| Value Fund | $44640753 | $13303850 | $165000548 |

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The funds utilized the following earnings and profits distributed to shareholders on redemptions of shares as part of the dividends paid deduction (tax equalization) during the period ended March 31, 2026.

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| | |
|:---|:---|
| | **Dividends Paid Deduction (Tax Equalization)** |
| Equity Income Fund | $28576911 |
| Focused Large Cap Value Fund | $27431800 |
| Mid Cap Value Fund | $57678057 |
| Small Cap Dividend Fund |  |
| Small Cap Value Fund | $22275330 |
| Value Fund | $11059675 |

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| | |
|:---|:---|
| Contact Us | americancentury.com |
| Automated Information Line | 1-800-345-8765 |
| Investor Services Representative | 1-800-345-2021<br>or 816-531-5575 |
| Banks and Trust Companies, Broker-Dealers, Financial Professionals, Insurance Companies | 1-800-345-6488 |
| *This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.* | *This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.* |
| **©2026 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-ANN-92268 2605** | **©2026 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-ANN-92268 2605** |

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(b) The information required by Item 13 of Form N-1A is included as part of the financial statements filed under Item 7(a) of this Form.

**ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

None.

**ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

None.

**ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

The remuneration paid to directors, officers and others is included as part of the financial statements and other information filed under Item 7 of this Form.

**ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.**

None. <br>

**ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.**

Not applicable.

**ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.**

Not applicable.

**ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.**

Not applicable.

**ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.**

During the reporting period, there were no material changes to the procedures by which shareholders may recommend nominees to the registrant's board.

**ITEM 16. CONTROLS AND PROCEDURES.**

(a) The registrant's principal executive officer and principal financial officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are

------

effective based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

**ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.**

Not applicable.

**ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.**

(a) Not applicable.

(b) Not applicable.

**ITEM 19. EXHIBITS.** 

(a)(1) <u>[Registrant's Code of Ethics](https://www.sec.gov/Archives/edgar/data/1293210/000129321005000017/ex-coe.htm)</u> for Senior Financial Officers, which is the subject of the disclosure required by Item 2 of Form N-CSR, was filed as Exhibit 12(a)(1) to American Century Asset Allocation Portfolios, Inc.'s Certified Shareholder Report on Form N-CSR, File No. 811-21591, on September 29, 2005.

(a)(2) Not applicable.

(a)(3) <u>[Separate certifications by the registrant's principal executive officer and principal financial office](accpex-99cert.htm)</u><u>[r](accpex-99cert.htm)</u>, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(a) under the Investment Company Act of 1940, are filed and attached hereto as EX-99.CERT.

(a)(4) Not applicable.

(a)(5) Not applicable.

(b) <u>[A certification by the registrant's chief executive officer and chief financial officer](accpex-99906cert.htm)</u>, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, is furnished and attached hereto as EX-99.906CERT.

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

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| | | |
|:---|:---|:---|
| Registrant: | American Century Capital Portfolios, Inc. | American Century Capital Portfolios, Inc. |
| By: | /s/ Patrick Bannigan | /s/ Patrick Bannigan |
|  | Name: | Patrick Bannigan |
|  | Title: | President |
| Date: | May 28, 2026 | May 28, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| By: | /s/ Patrick Bannigan | /s/ Patrick Bannigan |
|  | Name: | Patrick Bannigan |
|  | Title: | President |
|  |  | (principal executive officer) |
| Date: | May 28, 2026 | May 28, 2026 |

---

---

| | | |
|:---|:---|:---|
| By: | /s/ R. Wes Campbell | /s/ R. Wes Campbell |
|  | Name: | R. Wes Campbell |
|  | Title: | Treasurer and |
|  |  | Chief Financial Officer |
|  |  | (principal financial officer) |
| Date: | May 28, 2026 | May 28, 2026 |

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## Ex-99

EX-99.CERT

CERTIFICATIONS

I, Patrick Bannigan, certify that:

1. I have reviewed this report on Form N-CSR of American Century Capital Portfolios, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: | May 28, 2026 |
| /s/ Patrick Bannigan | /s/ Patrick Bannigan |
| Patrick Bannigan | Patrick Bannigan |
| President | President |
| (principal executive officer) | (principal executive officer) |

---

------

I, R. Wes Campbell, certify that:

1. I have reviewed this report on Form N-CSR of American Century Capital Portfolios, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | |
|:---|:---|
| Date: | May 28, 2026 |
| /s/ R. Wes Campbell | /s/ R. Wes Campbell |
| R. Wes Campbell | R. Wes Campbell |
| Treasurer and Chief Financial Officer | Treasurer and Chief Financial Officer |
| (principal financial officer) | (principal financial officer) |

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## Exhibit 99.906

EX-99.906CERT

**CERTIFICATION** 

**<u>PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</u>**

&nbsp;&nbsp;&nbsp;&nbsp; In connection with the shareholder report of American Century Capital Portfolios, Inc. (the "Registrant") on Form N-CSR for the period ending March 31, 2026 (the "Report"), we, the undersigned, certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Report fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

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| | | | |
|:---|:---|:---|:---|
| Date: | May 28, 2026 |  |  |
|  |  | By: | /s/ Patrick Bannigan |
|  |  |  | Patrick Bannigan |
|  |  |  | President |
|  |  |  | (chief executive officer) |
|  |  | By: | /s/ R. Wes Campbell |
|  |  |  | R. Wes Campbell |
|  |  |  | Treasurer and Chief Financial Officer |
|  |  |  | (chief financial officer) |

---

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