# EDGAR Filing Document

**Accession Number:** 0000100334
**File Stem:** 0000100334-25-000064
**Filing Date:** 2025-6
**Character Count:** 604364
**Document Hash:** df82b2d74bf5a578a29a2613ea25a283
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000100334-25-000064.hdr.sgml**: 20250627

**ACCESSION NUMBER**: 0000100334-25-000064

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 20

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250627

**DATE AS OF CHANGE**: 20250627

**EFFECTIVENESS DATE**: 20250627

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AMERICAN CENTURY MUTUAL FUNDS, INC.
- **CENTRAL INDEX KEY:** 0000100334

**ORGANIZATION NAME:**
- **EIN:** 446006315
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-00816
- **FILM NUMBER:** 251083957

**BUSINESS ADDRESS:**
- **STREET 1:** 4500 MAIN STREET
- **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:** AMERICAN CENTURY MUTUAL FUNDS INC
- **DATE OF NAME CHANGE:** 19970107

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TWENTIETH CENTURY INVESTORS INC
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### BALANCED FUND (Series ID: S000006192)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000017045 | INVESTOR CLASS | TWBIX           |
| C000017047 | I CLASS        | ABINX           |
| C000189734 | R5 CLASS       | ABGNX           |

### SMALL CAP GROWTH FUND (Series ID: S000006193)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000017048 | I CLASS        | ANONX           |
| C000017049 | INVESTOR CLASS | ANOIX           |
| C000017050 | A CLASS        | ANOAX           |
| C000017052 | C CLASS        | ANOCX           |
| C000055516 | R CLASS        | ANORX           |
| C000131596 | R6 CLASS       | ANODX           |
| C000189735 | R5 CLASS       | ANOGX           |
| C000189736 | Y CLASS        | ANOYX           |
| C000212512 | G Class        | ANOHX           |

### SELECT FUND (Series ID: S000006194)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000017053 | INVESTOR CLASS | TWCIX           |
| C000017054 | A CLASS        | TWCAX           |
| C000017055 | I CLASS        | TWSIX           |
| C000017058 | C CLASS        | ACSLX           |
| C000017059 | R CLASS        | ASERX           |
| C000131597 | R6 CLASS       | ASDEX           |
| C000189737 | R5 CLASS       | ASLGX           |
| C000189738 | Y CLASS        | ASLWX           |
| C000247666 | G Class        | ASLDX           |

### ULTRA FUND (Series ID: S000006195)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000017060 | INVESTOR CLASS | TWCUX           |
| C000017061 | A CLASS        | TWUAX           |
| C000017062 | I CLASS        | TWUIX           |
| C000017063 | C CLASS        | TWCCX           |
| C000017064 | R CLASS        | AULRX           |
| C000131598 | R6 CLASS       | AULDX           |
| C000189739 | R5 CLASS       | AULGX           |
| C000214991 | G Class        | AULNX           |

### LARGE CAP EQUITY FUND (Series ID: S000006203)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000017094 | INVESTOR CLASS | AFDIX           |
| C000017095 | I CLASS        | AFEIX           |
| C000017096 | A CLASS        | AFDAX           |
| C000017098 | C CLASS        | AFDCX           |
| C000017099 | R CLASS        | AFDRX           |
| C000189741 | R5 CLASS       | AFDGX           |
| C000189742 | Y CLASS        | AFYDX           |
| C000212513 | G Class        | AFEGX           |
| C000212514 | R6 Class       | AFEDX           |

### GROWTH FUND (Series ID: S000006205)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000017101 | INVESTOR CLASS | TWCGX           |
| C000017102 | A CLASS        | TCRAX           |
| C000017103 | I CLASS        | TWGIX           |
| C000017105 | R CLASS        | AGWRX           |
| C000088050 | C CLASS        | TWRCX           |
| C000131599 | R6 CLASS       | AGRDX           |
| C000189743 | R5 CLASS       | AGWUX           |
| C000189744 | Y CLASS        | AGYWX           |
| C000236113 | G Class        | ACIHX           |

### HERITAGE FUND (Series ID: S000006206)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000017106 | INVESTOR CLASS | TWHIX           |
| C000017107 | A CLASS        | ATHAX           |
| C000017108 | I CLASS        | ATHIX           |
| C000017109 | C CLASS        | AHGCX           |
| C000055524 | R CLASS        | ATHWX           |
| C000129042 | R6 CLASS       | ATHDX           |
| C000189745 | R5 CLASS       | ATHGX           |
| C000189746 | Y CLASS        | ATHYX           |
| C000236114 | G Class        | ACILX           |

?xml version='1.0' encoding='ASCII'? ck0000100334-20250430

**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 | **811-00816** | **811-00816** | **811-00816** |
| **AMERICAN CENTURY MUTUAL FUNDS, INC.** | **AMERICAN CENTURY MUTUAL FUNDS, INC.** | **AMERICAN CENTURY MUTUAL FUNDS, INC.** | **AMERICAN CENTURY MUTUAL FUNDS, INC.** | **AMERICAN CENTURY MUTUAL FUNDS, 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: | **10-31** | **10-31** | **10-31** | **10-31** |
| Date of reporting period: | **04-30-2025** | **04-30-2025** | **04-30-2025** | **04-30-2025** |

---

------

**ITEM 1. REPORTS TO STOCKHOLDERS.**

(a) ------

**SEMIANNUAL SHAREHOLDER REPORT**

Balanced Fund ![ACI logo.jpg](ck0000100334-20250430_g1.jpg)

---

| | |
|:---|:---|
| **Investor Class (TWBIX)**  | **April 30, 2025** |

---

This semi-annual shareholder report contains important information about Balanced Fund for the period of November 1, 2024 to April 30, 2025. 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 six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(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 | $43 | 0.88% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $849548107 |
| Management Fees (dollars paid during the reporting period) | $3863432 |
| Portfolio Turnover Rate | 42% |
| Total Number of Portfolio Holdings | 618 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| Common Stocks | 57.3% |
| U.S. Government Agency Mortgage-Backed Securities | 15.8% |
| Corporate Bonds | 9.4% |
| U.S. Treasury Securities | 7.0% |
| Collateralized Mortgage Obligations | 4.3% |
| Asset-Backed Securities | 1.7% |
| Convertible Preferred Securities | 1.7% |
| Collateralized Loan Obligations | 1.3% |
| Exchange-Traded Funds | 1.2% |
| Commercial Mortgage-Backed Securities | 0.9% |
| Preferred Securities | 0.9% |
| U.S. Government Agency Securities | 0.6% |
| Municipal Securities | 0.4% |
| Sovereign Governments and Agencies | 0.2% |
| Short-Term Investments | 1.5% |
| Other Assets and Liabilities | (4.2)% |

---

*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](ck0000100334-20250430_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000100334-20250430_g1.jpg)

S-25083742

------

**SEMIANNUAL SHAREHOLDER REPORT**

Balanced Fund ![ACI logo.jpg](ck0000100334-20250430_g1.jpg)

---

| | |
|:---|:---|
| **I Class (ABINX)**  | **April 30, 2025** |

---

This semi-annual shareholder report contains important information about Balanced Fund for the period of November 1, 2024 to April 30, 2025. 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 six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(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 | $33 | 0.68% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $849548107 |
| Management Fees (dollars paid during the reporting period) | $3863432 |
| Portfolio Turnover Rate | 42% |
| Total Number of Portfolio Holdings | 618 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| Common Stocks | 57.3% |
| U.S. Government Agency Mortgage-Backed Securities | 15.8% |
| Corporate Bonds | 9.4% |
| U.S. Treasury Securities | 7.0% |
| Collateralized Mortgage Obligations | 4.3% |
| Asset-Backed Securities | 1.7% |
| Convertible Preferred Securities | 1.7% |
| Collateralized Loan Obligations | 1.3% |
| Exchange-Traded Funds | 1.2% |
| Commercial Mortgage-Backed Securities | 0.9% |
| Preferred Securities | 0.9% |
| U.S. Government Agency Securities | 0.6% |
| Municipal Securities | 0.4% |
| Sovereign Governments and Agencies | 0.2% |
| Short-Term Investments | 1.5% |
| Other Assets and Liabilities | (4.2)% |

---

*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](ck0000100334-20250430_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000100334-20250430_g1.jpg)

S-25083734

------

**SEMIANNUAL SHAREHOLDER REPORT**

Balanced Fund ![ACI logo.jpg](ck0000100334-20250430_g1.jpg)

---

| | |
|:---|:---|
| **R5 Class (ABGNX)**  | **April 30, 2025** |

---

This semi-annual shareholder report contains important information about Balanced Fund for the period of November 1, 2024 to April 30, 2025. 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 six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(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 | $33 | 0.68% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $849548107 |
| Management Fees (dollars paid during the reporting period) | $3863432 |
| Portfolio Turnover Rate | 42% |
| Total Number of Portfolio Holdings | 618 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| Common Stocks | 57.3% |
| U.S. Government Agency Mortgage-Backed Securities | 15.8% |
| Corporate Bonds | 9.4% |
| U.S. Treasury Securities | 7.0% |
| Collateralized Mortgage Obligations | 4.3% |
| Asset-Backed Securities | 1.7% |
| Convertible Preferred Securities | 1.7% |
| Collateralized Loan Obligations | 1.3% |
| Exchange-Traded Funds | 1.2% |
| Commercial Mortgage-Backed Securities | 0.9% |
| Preferred Securities | 0.9% |
| U.S. Government Agency Securities | 0.6% |
| Municipal Securities | 0.4% |
| Sovereign Governments and Agencies | 0.2% |
| Short-Term Investments | 1.5% |
| Other Assets and Liabilities | (4.2)% |

---

*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](ck0000100334-20250430_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000100334-20250430_g1.jpg)

S-2508H394

------

**SEMIANNUAL SHAREHOLDER REPORT**

Growth Fund ![ACI logo.jpg](ck0000100334-20250430_g1.jpg)

---

| | |
|:---|:---|
| **Investor Class (TWCGX)**  | **April 30, 2025** |

---

This semi-annual shareholder report contains important information about Growth Fund for the period of November 1, 2024 to April 30, 2025. 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 six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(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 | $43 | 0.88% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $13605393743 |
| Management Fees (dollars paid during the reporting period) | $55725072 |
| Portfolio Turnover Rate | 17% |
| Total Number of Portfolio Holdings | 88 |

---

**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% | Software | 19% |
| Exchange-Traded Funds | 0.3% | Semiconductors and Semiconductor Equipment | 15% |
| Short-Term Investments | 0.2% | Interactive Media and Services | 12% |
| Other Assets and Liabilities | (0.1)% | Technology Hardware, Storage and Peripherals | 9% |
|  |  | Financial 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](ck0000100334-20250430_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000100334-20250430_g1.jpg)

S-25083106

------

**SEMIANNUAL SHAREHOLDER REPORT**

Growth Fund ![ACI logo.jpg](ck0000100334-20250430_g1.jpg)

---

| | |
|:---|:---|
| **I Class (TWGIX)**  | **April 30, 2025** |

---

This semi-annual shareholder report contains important information about Growth Fund for the period of November 1, 2024 to April 30, 2025. 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 six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(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 | $33 | 0.68% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $13605393743 |
| Management Fees (dollars paid during the reporting period) | $55725072 |
| Portfolio Turnover Rate | 17% |
| Total Number of Portfolio Holdings | 88 |

---

**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% | Software | 19% |
| Exchange-Traded Funds | 0.3% | Semiconductors and Semiconductor Equipment | 15% |
| Short-Term Investments | 0.2% | Interactive Media and Services | 12% |
| Other Assets and Liabilities | (0.1)% | Technology Hardware, Storage and Peripherals | 9% |
|  |  | Financial 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](ck0000100334-20250430_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000100334-20250430_g1.jpg)

S-25083205

------

**SEMIANNUAL SHAREHOLDER REPORT**

Growth Fund ![ACI logo.jpg](ck0000100334-20250430_g1.jpg)

---

| | |
|:---|:---|
| **Y Class (AGYWX)**  | **April 30, 2025** |

---

This semi-annual shareholder report contains important information about Growth Fund for the period of November 1, 2024 to April 30, 2025. 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 six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(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 | $26 | 0.53% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $13605393743 |
| Management Fees (dollars paid during the reporting period) | $55725072 |
| Portfolio Turnover Rate | 17% |
| Total Number of Portfolio Holdings | 88 |

---

**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% | Software | 19% |
| Exchange-Traded Funds | 0.3% | Semiconductors and Semiconductor Equipment | 15% |
| Short-Term Investments | 0.2% | Interactive Media and Services | 12% |
| Other Assets and Liabilities | (0.1)% | Technology Hardware, Storage and Peripherals | 9% |
|  |  | Financial 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](ck0000100334-20250430_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000100334-20250430_g1.jpg)

S-2508H378

------

**SEMIANNUAL SHAREHOLDER REPORT**

Growth Fund ![ACI logo.jpg](ck0000100334-20250430_g1.jpg)

---

| | |
|:---|:---|
| **A Class (TCRAX)**  | **April 30, 2025** |

---

This semi-annual shareholder report contains important information about Growth Fund for the period of November 1, 2024 to April 30, 2025. 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 six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(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 | $55 | 1.13% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $13605393743 |
| Management Fees (dollars paid during the reporting period) | $55725072 |
| Portfolio Turnover Rate | 17% |
| Total Number of Portfolio Holdings | 88 |

---

**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% | Software | 19% |
| Exchange-Traded Funds | 0.3% | Semiconductors and Semiconductor Equipment | 15% |
| Short-Term Investments | 0.2% | Interactive Media and Services | 12% |
| Other Assets and Liabilities | (0.1)% | Technology Hardware, Storage and Peripherals | 9% |
|  |  | Financial 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](ck0000100334-20250430_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000100334-20250430_g1.jpg)

S-25083403

------

**SEMIANNUAL SHAREHOLDER REPORT**

Growth Fund ![ACI logo.jpg](ck0000100334-20250430_g1.jpg)

---

| | |
|:---|:---|
| **C Class (TWRCX)**  | **April 30, 2025** |

---

This semi-annual shareholder report contains important information about Growth Fund for the period of November 1, 2024 to April 30, 2025. 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 six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(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 | $91 | 1.88% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $13605393743 |
| Management Fees (dollars paid during the reporting period) | $55725072 |
| Portfolio Turnover Rate | 17% |
| Total Number of Portfolio Holdings | 88 |

---

**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% | Software | 19% |
| Exchange-Traded Funds | 0.3% | Semiconductors and Semiconductor Equipment | 15% |
| Short-Term Investments | 0.2% | Interactive Media and Services | 12% |
| Other Assets and Liabilities | (0.1)% | Technology Hardware, Storage and Peripherals | 9% |
|  |  | Financial 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](ck0000100334-20250430_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000100334-20250430_g1.jpg)

S-2508H626

------

**SEMIANNUAL SHAREHOLDER REPORT**

Growth Fund ![ACI logo.jpg](ck0000100334-20250430_g1.jpg)

---

| | |
|:---|:---|
| **R Class (AGWRX)**  | **April 30, 2025** |

---

This semi-annual shareholder report contains important information about Growth Fund for the period of November 1, 2024 to April 30, 2025. 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 six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(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 | $67 | 1.38% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $13605393743 |
| Management Fees (dollars paid during the reporting period) | $55725072 |
| Portfolio Turnover Rate | 17% |
| Total Number of Portfolio Holdings | 88 |

---

**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% | Software | 19% |
| Exchange-Traded Funds | 0.3% | Semiconductors and Semiconductor Equipment | 15% |
| Short-Term Investments | 0.2% | Interactive Media and Services | 12% |
| Other Assets and Liabilities | (0.1)% | Technology Hardware, Storage and Peripherals | 9% |
|  |  | Financial 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](ck0000100334-20250430_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000100334-20250430_g1.jpg)

S-25083189

------

**SEMIANNUAL SHAREHOLDER REPORT**

Growth Fund ![ACI logo.jpg](ck0000100334-20250430_g1.jpg)

---

| | |
|:---|:---|
| **R5 Class (AGWUX)**  | **April 30, 2025** |

---

This semi-annual shareholder report contains important information about Growth Fund for the period of November 1, 2024 to April 30, 2025. 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 six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(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 | $33 | 0.68% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $13605393743 |
| Management Fees (dollars paid during the reporting period) | $55725072 |
| Portfolio Turnover Rate | 17% |
| Total Number of Portfolio Holdings | 88 |

---

**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% | Software | 19% |
| Exchange-Traded Funds | 0.3% | Semiconductors and Semiconductor Equipment | 15% |
| Short-Term Investments | 0.2% | Interactive Media and Services | 12% |
| Other Assets and Liabilities | (0.1)% | Technology Hardware, Storage and Peripherals | 9% |
|  |  | Financial 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](ck0000100334-20250430_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000100334-20250430_g1.jpg)

S-2508H386

------

**SEMIANNUAL SHAREHOLDER REPORT**

Growth Fund ![ACI logo.jpg](ck0000100334-20250430_g1.jpg)

---

| | |
|:---|:---|
| **R6 Class (AGRDX)**  | **April 30, 2025** |

---

This semi-annual shareholder report contains important information about Growth Fund for the period of November 1, 2024 to April 30, 2025. 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 six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(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 | $26 | 0.53% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $13605393743 |
| Management Fees (dollars paid during the reporting period) | $55725072 |
| Portfolio Turnover Rate | 17% |
| Total Number of Portfolio Holdings | 88 |

---

**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% | Software | 19% |
| Exchange-Traded Funds | 0.3% | Semiconductors and Semiconductor Equipment | 15% |
| Short-Term Investments | 0.2% | Interactive Media and Services | 12% |
| Other Assets and Liabilities | (0.1)% | Technology Hardware, Storage and Peripherals | 9% |
|  |  | Financial 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](ck0000100334-20250430_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000100334-20250430_g1.jpg)

S-2508H519

------

**SEMIANNUAL SHAREHOLDER REPORT**

Growth Fund ![ACI logo.jpg](ck0000100334-20250430_g1.jpg)

---

| | |
|:---|:---|
| **G Class (ACIHX)**  | **April 30, 2025** |

---

This semi-annual shareholder report contains important information about Growth Fund for the period of November 1, 2024 to April 30, 2025. 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 six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(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% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $13605393743 |
| Management Fees (dollars paid during the reporting period) | $55725072 |
| Portfolio Turnover Rate | 17% |
| Total Number of Portfolio Holdings | 88 |

---

**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% | Software | 19% |
| Exchange-Traded Funds | 0.3% | Semiconductors and Semiconductor Equipment | 15% |
| Short-Term Investments | 0.2% | Interactive Media and Services | 12% |
| Other Assets and Liabilities | (0.1)% | Technology Hardware, Storage and Peripherals | 9% |
|  |  | Financial 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](ck0000100334-20250430_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000100334-20250430_g1.jpg)

S-2508H212

------

**SEMIANNUAL SHAREHOLDER REPORT**

Heritage Fund ![ACI logo.jpg](ck0000100334-20250430_g1.jpg)

---

| | |
|:---|:---|
| **Investor Class (TWHIX)**  | **April 30, 2025** |

---

This semi-annual shareholder report contains important information about Heritage Fund for the period of November 1, 2024 to April 30, 2025. 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 six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(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 | $50 | 1.00% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $5607436341 |
| Management Fees (dollars paid during the reporting period) | $24169620 |
| Portfolio Turnover Rate | 21% |
| Total Number of Portfolio Holdings | 91 |

---

**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 | 98.5% | Software | 23% |
| Short-Term Investments | 1.6% | Capital Markets | 8% |
| Other Assets and Liabilities | (0.1)% | Hotels, Restaurants and Leisure | 6% |
|  |  | Health Care Equipment and Supplies | 4% |
|  |  | Life Sciences Tools and Services | 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](ck0000100334-20250430_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000100334-20250430_g1.jpg)

S-25083791

------

**SEMIANNUAL SHAREHOLDER REPORT**

Heritage Fund ![ACI logo.jpg](ck0000100334-20250430_g1.jpg)

---

| | |
|:---|:---|
| **I Class (ATHIX)**  | **April 30, 2025** |

---

This semi-annual shareholder report contains important information about Heritage Fund for the period of November 1, 2024 to April 30, 2025. 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 six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(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 | $40 | 0.80% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $5607436341 |
| Management Fees (dollars paid during the reporting period) | $24169620 |
| Portfolio Turnover Rate | 21% |
| Total Number of Portfolio Holdings | 91 |

---

**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 | 98.5% | Software | 23% |
| Short-Term Investments | 1.6% | Capital Markets | 8% |
| Other Assets and Liabilities | (0.1)% | Hotels, Restaurants and Leisure | 6% |
|  |  | Health Care Equipment and Supplies | 4% |
|  |  | Life Sciences Tools and Services | 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](ck0000100334-20250430_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000100334-20250430_g1.jpg)

S-25083783

------

**SEMIANNUAL SHAREHOLDER REPORT**

Heritage Fund ![ACI logo.jpg](ck0000100334-20250430_g1.jpg)

---

| | |
|:---|:---|
| **Y Class (ATHYX)**  | **April 30, 2025** |

---

This semi-annual shareholder report contains important information about Heritage Fund for the period of November 1, 2024 to April 30, 2025. 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 six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(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 | $32 | 0.65% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $5607436341 |
| Management Fees (dollars paid during the reporting period) | $24169620 |
| Portfolio Turnover Rate | 21% |
| Total Number of Portfolio Holdings | 91 |

---

**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 | 98.5% | Software | 23% |
| Short-Term Investments | 1.6% | Capital Markets | 8% |
| Other Assets and Liabilities | (0.1)% | Hotels, Restaurants and Leisure | 6% |
|  |  | Health Care Equipment and Supplies | 4% |
|  |  | Life Sciences Tools and Services | 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](ck0000100334-20250430_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000100334-20250430_g1.jpg)

S-2508H352

------

**SEMIANNUAL SHAREHOLDER REPORT**

Heritage Fund ![ACI logo.jpg](ck0000100334-20250430_g1.jpg)

---

| | |
|:---|:---|
| **A Class (ATHAX)**  | **April 30, 2025** |

---

This semi-annual shareholder report contains important information about Heritage Fund for the period of November 1, 2024 to April 30, 2025. 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 six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(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 | $62 | 1.25% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $5607436341 |
| Management Fees (dollars paid during the reporting period) | $24169620 |
| Portfolio Turnover Rate | 21% |
| Total Number of Portfolio Holdings | 91 |

---

**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 | 98.5% | Software | 23% |
| Short-Term Investments | 1.6% | Capital Markets | 8% |
| Other Assets and Liabilities | (0.1)% | Hotels, Restaurants and Leisure | 6% |
|  |  | Health Care Equipment and Supplies | 4% |
|  |  | Life Sciences Tools and Services | 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](ck0000100334-20250430_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000100334-20250430_g1.jpg)

S-25083767

------

**SEMIANNUAL SHAREHOLDER REPORT**

Heritage Fund ![ACI logo.jpg](ck0000100334-20250430_g1.jpg)

---

| | |
|:---|:---|
| **C Class (AHGCX)**  | **April 30, 2025** |

---

This semi-annual shareholder report contains important information about Heritage Fund for the period of November 1, 2024 to April 30, 2025. 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 six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(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 | $99 | 2.00% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $5607436341 |
| Management Fees (dollars paid during the reporting period) | $24169620 |
| Portfolio Turnover Rate | 21% |
| Total Number of Portfolio Holdings | 91 |

---

**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 | 98.5% | Software | 23% |
| Short-Term Investments | 1.6% | Capital Markets | 8% |
| Other Assets and Liabilities | (0.1)% | Hotels, Restaurants and Leisure | 6% |
|  |  | Health Care Equipment and Supplies | 4% |
|  |  | Life Sciences Tools and Services | 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](ck0000100334-20250430_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000100334-20250430_g1.jpg)

S-25083262

------

**SEMIANNUAL SHAREHOLDER REPORT**

Heritage Fund ![ACI logo.jpg](ck0000100334-20250430_g1.jpg)

---

| | |
|:---|:---|
| **R Class (ATHWX)**  | **April 30, 2025** |

---

This semi-annual shareholder report contains important information about Heritage Fund for the period of November 1, 2024 to April 30, 2025. 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 six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(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 | $75 | 1.50% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $5607436341 |
| Management Fees (dollars paid during the reporting period) | $24169620 |
| Portfolio Turnover Rate | 21% |
| Total Number of Portfolio Holdings | 91 |

---

**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 | 98.5% | Software | 23% |
| Short-Term Investments | 1.6% | Capital Markets | 8% |
| Other Assets and Liabilities | (0.1)% | Hotels, Restaurants and Leisure | 6% |
|  |  | Health Care Equipment and Supplies | 4% |
|  |  | Life Sciences Tools and Services | 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](ck0000100334-20250430_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000100334-20250430_g1.jpg)

S-2508H683

------

**SEMIANNUAL SHAREHOLDER REPORT**

Heritage Fund ![ACI logo.jpg](ck0000100334-20250430_g1.jpg)

---

| | |
|:---|:---|
| **R5 Class (ATHGX)**  | **April 30, 2025** |

---

This semi-annual shareholder report contains important information about Heritage Fund for the period of November 1, 2024 to April 30, 2025. 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 six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(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 | $40 | 0.80% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $5607436341 |
| Management Fees (dollars paid during the reporting period) | $24169620 |
| Portfolio Turnover Rate | 21% |
| Total Number of Portfolio Holdings | 91 |

---

**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 | 98.5% | Software | 23% |
| Short-Term Investments | 1.6% | Capital Markets | 8% |
| Other Assets and Liabilities | (0.1)% | Hotels, Restaurants and Leisure | 6% |
|  |  | Health Care Equipment and Supplies | 4% |
|  |  | Life Sciences Tools and Services | 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](ck0000100334-20250430_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000100334-20250430_g1.jpg)

S-2508H360

------

**SEMIANNUAL SHAREHOLDER REPORT**

Heritage Fund ![ACI logo.jpg](ck0000100334-20250430_g1.jpg)

---

| | |
|:---|:---|
| **R6 Class (ATHDX)**  | **April 30, 2025** |

---

This semi-annual shareholder report contains important information about Heritage Fund for the period of November 1, 2024 to April 30, 2025. 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 six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(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 | $32 | 0.65% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $5607436341 |
| Management Fees (dollars paid during the reporting period) | $24169620 |
| Portfolio Turnover Rate | 21% |
| Total Number of Portfolio Holdings | 91 |

---

**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 | 98.5% | Software | 23% |
| Short-Term Investments | 1.6% | Capital Markets | 8% |
| Other Assets and Liabilities | (0.1)% | Hotels, Restaurants and Leisure | 6% |
|  |  | Health Care Equipment and Supplies | 4% |
|  |  | Life Sciences Tools and Services | 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](ck0000100334-20250430_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000100334-20250430_g1.jpg)

S-2508H493

------

**SEMIANNUAL SHAREHOLDER REPORT**

Heritage Fund ![ACI logo.jpg](ck0000100334-20250430_g1.jpg)

---

| | |
|:---|:---|
| **G Class (ACILX)**  | **April 30, 2025** |

---

This semi-annual shareholder report contains important information about Heritage Fund for the period of November 1, 2024 to April 30, 2025. 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 six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(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% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $5607436341 |
| Management Fees (dollars paid during the reporting period) | $24169620 |
| Portfolio Turnover Rate | 21% |
| Total Number of Portfolio Holdings | 91 |

---

**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 | 98.5% | Software | 23% |
| Short-Term Investments | 1.6% | Capital Markets | 8% |
| Other Assets and Liabilities | (0.1)% | Hotels, Restaurants and Leisure | 6% |
|  |  | Health Care Equipment and Supplies | 4% |
|  |  | Life Sciences Tools and Services | 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](ck0000100334-20250430_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000100334-20250430_g1.jpg)

S-2508H196

------

**SEMIANNUAL SHAREHOLDER REPORT**

Large Cap Equity Fund ![ACI logo.jpg](ck0000100334-20250430_g1.jpg)

---

| | |
|:---|:---|
| **Investor Class (AFDIX)**  | **April 30, 2025** |

---

This semi-annual shareholder report contains important information about Large Cap Equity Fund for the period of November 1, 2024 to April 30, 2025. 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 six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(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 | $38 | 0.79% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $3848241483 |
| Management Fees (dollars paid during the reporting period) | $5482834 |
| Portfolio Turnover Rate | 26% |
| Total Number of Portfolio Holdings | 105 |

---

**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 | 95.7% | Software | 11% |
| Exchange-Traded Funds | 4.1% | Semiconductors and Semiconductor Equipment | 9% |
| Short-Term Investments | 0.2% | Interactive Media and Services | 6% |
| Other Assets and Liabilities | 0.0% | Capital Markets | 5% |
|  |  | Technology Hardware, Storage and Peripherals | 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](ck0000100334-20250430_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000100334-20250430_g1.jpg)

S-2508H600

------

**SEMIANNUAL SHAREHOLDER REPORT**

Large Cap Equity Fund ![ACI logo.jpg](ck0000100334-20250430_g1.jpg)

---

| | |
|:---|:---|
| **I Class (AFEIX)**  | **April 30, 2025** |

---

This semi-annual shareholder report contains important information about Large Cap Equity Fund for the period of November 1, 2024 to April 30, 2025. 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 six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(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 | $28 | 0.59% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $3848241483 |
| Management Fees (dollars paid during the reporting period) | $5482834 |
| Portfolio Turnover Rate | 26% |
| Total Number of Portfolio Holdings | 105 |

---

**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 | 95.7% | Software | 11% |
| Exchange-Traded Funds | 4.1% | Semiconductors and Semiconductor Equipment | 9% |
| Short-Term Investments | 0.2% | Interactive Media and Services | 6% |
| Other Assets and Liabilities | 0.0% | Capital Markets | 5% |
|  |  | Technology Hardware, Storage and Peripherals | 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](ck0000100334-20250430_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000100334-20250430_g1.jpg)

S-2508H709

------

**SEMIANNUAL SHAREHOLDER REPORT**

Large Cap Equity Fund ![ACI logo.jpg](ck0000100334-20250430_g1.jpg)

---

| | |
|:---|:---|
| **Y Class (AFYDX)**  | **April 30, 2025** |

---

This semi-annual shareholder report contains important information about Large Cap Equity Fund for the period of November 1, 2024 to April 30, 2025. 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 six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(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 | $21 | 0.44% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $3848241483 |
| Management Fees (dollars paid during the reporting period) | $5482834 |
| Portfolio Turnover Rate | 26% |
| Total Number of Portfolio Holdings | 105 |

---

**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 | 95.7% | Software | 11% |
| Exchange-Traded Funds | 4.1% | Semiconductors and Semiconductor Equipment | 9% |
| Short-Term Investments | 0.2% | Interactive Media and Services | 6% |
| Other Assets and Liabilities | 0.0% | Capital Markets | 5% |
|  |  | Technology Hardware, Storage and Peripherals | 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](ck0000100334-20250430_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000100334-20250430_g1.jpg)

S-2508H287

------

**SEMIANNUAL SHAREHOLDER REPORT**

Large Cap Equity Fund ![ACI logo.jpg](ck0000100334-20250430_g1.jpg)

---

| | |
|:---|:---|
| **A Class (AFDAX)**  | **April 30, 2025** |

---

This semi-annual shareholder report contains important information about Large Cap Equity Fund for the period of November 1, 2024 to April 30, 2025. 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 six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(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 | $50 | 1.04% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $3848241483 |
| Management Fees (dollars paid during the reporting period) | $5482834 |
| Portfolio Turnover Rate | 26% |
| Total Number of Portfolio Holdings | 105 |

---

**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 | 95.7% | Software | 11% |
| Exchange-Traded Funds | 4.1% | Semiconductors and Semiconductor Equipment | 9% |
| Short-Term Investments | 0.2% | Interactive Media and Services | 6% |
| Other Assets and Liabilities | 0.0% | Capital Markets | 5% |
|  |  | Technology Hardware, Storage and Peripherals | 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](ck0000100334-20250430_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000100334-20250430_g1.jpg)

S-25083130

------

**SEMIANNUAL SHAREHOLDER REPORT**

Large Cap Equity Fund ![ACI logo.jpg](ck0000100334-20250430_g1.jpg)

---

| | |
|:---|:---|
| **C Class (AFDCX)**  | **April 30, 2025** |

---

This semi-annual shareholder report contains important information about Large Cap Equity Fund for the period of November 1, 2024 to April 30, 2025. 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 six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(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 | $86 | 1.79% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $3848241483 |
| Management Fees (dollars paid during the reporting period) | $5482834 |
| Portfolio Turnover Rate | 26% |
| Total Number of Portfolio Holdings | 105 |

---

**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 | 95.7% | Software | 11% |
| Exchange-Traded Funds | 4.1% | Semiconductors and Semiconductor Equipment | 9% |
| Short-Term Investments | 0.2% | Interactive Media and Services | 6% |
| Other Assets and Liabilities | 0.0% | Capital Markets | 5% |
|  |  | Technology Hardware, Storage and Peripherals | 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](ck0000100334-20250430_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000100334-20250430_g1.jpg)

S-25083114

------

**SEMIANNUAL SHAREHOLDER REPORT**

Large Cap Equity Fund ![ACI logo.jpg](ck0000100334-20250430_g1.jpg)

---

| | |
|:---|:---|
| **R Class (AFDRX)**  | **April 30, 2025** |

---

This semi-annual shareholder report contains important information about Large Cap Equity Fund for the period of November 1, 2024 to April 30, 2025. 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 six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(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 | $62 | 1.29% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $3848241483 |
| Management Fees (dollars paid during the reporting period) | $5482834 |
| Portfolio Turnover Rate | 26% |
| Total Number of Portfolio Holdings | 105 |

---

**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 | 95.7% | Software | 11% |
| Exchange-Traded Funds | 4.1% | Semiconductors and Semiconductor Equipment | 9% |
| Short-Term Investments | 0.2% | Interactive Media and Services | 6% |
| Other Assets and Liabilities | 0.0% | Capital Markets | 5% |
|  |  | Technology Hardware, Storage and Peripherals | 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](ck0000100334-20250430_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000100334-20250430_g1.jpg)

S-2508H808

------

**SEMIANNUAL SHAREHOLDER REPORT**

Large Cap Equity Fund ![ACI logo.jpg](ck0000100334-20250430_g1.jpg)

---

| | |
|:---|:---|
| **R5 Class (AFDGX)**  | **April 30, 2025** |

---

This semi-annual shareholder report contains important information about Large Cap Equity Fund for the period of November 1, 2024 to April 30, 2025. 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 six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(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 | $28 | 0.59% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $3848241483 |
| Management Fees (dollars paid during the reporting period) | $5482834 |
| Portfolio Turnover Rate | 26% |
| Total Number of Portfolio Holdings | 105 |

---

**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 | 95.7% | Software | 11% |
| Exchange-Traded Funds | 4.1% | Semiconductors and Semiconductor Equipment | 9% |
| Short-Term Investments | 0.2% | Interactive Media and Services | 6% |
| Other Assets and Liabilities | 0.0% | Capital Markets | 5% |
|  |  | Technology Hardware, Storage and Peripherals | 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](ck0000100334-20250430_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000100334-20250430_g1.jpg)

S-2508H295

------

**SEMIANNUAL SHAREHOLDER REPORT**

Large Cap Equity Fund ![ACI logo.jpg](ck0000100334-20250430_g1.jpg)

---

| | |
|:---|:---|
| **R6 Class (AFEDX)**  | **April 30, 2025** |

---

This semi-annual shareholder report contains important information about Large Cap Equity Fund for the period of November 1, 2024 to April 30, 2025. 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 six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(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 | $21 | 0.44% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $3848241483 |
| Management Fees (dollars paid during the reporting period) | $5482834 |
| Portfolio Turnover Rate | 26% |
| Total Number of Portfolio Holdings | 105 |

---

**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 | 95.7% | Software | 11% |
| Exchange-Traded Funds | 4.1% | Semiconductors and Semiconductor Equipment | 9% |
| Short-Term Investments | 0.2% | Interactive Media and Services | 6% |
| Other Assets and Liabilities | 0.0% | Capital Markets | 5% |
|  |  | Technology Hardware, Storage and Peripherals | 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](ck0000100334-20250430_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000100334-20250430_g1.jpg)

S-2508H238

------

**SEMIANNUAL SHAREHOLDER REPORT**

Large Cap Equity Fund ![ACI logo.jpg](ck0000100334-20250430_g1.jpg)

---

| | |
|:---|:---|
| **G Class (AFEGX)**  | **April 30, 2025** |

---

This semi-annual shareholder report contains important information about Large Cap Equity Fund for the period of November 1, 2024 to April 30, 2025. 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 six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(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% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $3848241483 |
| Management Fees (dollars paid during the reporting period) | $5482834 |
| Portfolio Turnover Rate | 26% |
| Total Number of Portfolio Holdings | 105 |

---

**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 | 95.7% | Software | 11% |
| Exchange-Traded Funds | 4.1% | Semiconductors and Semiconductor Equipment | 9% |
| Short-Term Investments | 0.2% | Interactive Media and Services | 6% |
| Other Assets and Liabilities | 0.0% | Capital Markets | 5% |
|  |  | Technology Hardware, Storage and Peripherals | 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](ck0000100334-20250430_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000100334-20250430_g1.jpg)

S-2508H246

------

**SEMIANNUAL SHAREHOLDER REPORT**

Select Fund ![ACI logo.jpg](ck0000100334-20250430_g1.jpg)

---

| | |
|:---|:---|
| **Investor Class (TWCIX)**  | **April 30, 2025** |

---

This semi-annual shareholder report contains important information about Select Fund for the period of November 1, 2024 to April 30, 2025. 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 six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(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 | $43 | 0.90% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $5319526831 |
| Management Fees (dollars paid during the reporting period) | $23681724 |
| Portfolio Turnover Rate | 11% |
| Total Number of Portfolio Holdings | 58 |

---

**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 | 99.7% | Software | 18% |
| Short-Term Investments | 0.4% | Semiconductors and Semiconductor Equipment | 16% |
| Other Assets and Liabilities | (0.1)% | Interactive Media and Services | 15% |
|  |  | Technology Hardware, Storage and Peripherals | 11% |
|  |  | Broadline Retail | 7% |

---

*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](ck0000100334-20250430_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000100334-20250430_g1.jpg)

S-25083502

------

**SEMIANNUAL SHAREHOLDER REPORT**

Select Fund ![ACI logo.jpg](ck0000100334-20250430_g1.jpg)

---

| | |
|:---|:---|
| **I Class (TWSIX)**  | **April 30, 2025** |

---

This semi-annual shareholder report contains important information about Select Fund for the period of November 1, 2024 to April 30, 2025. 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 six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(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 | $34 | 0.70% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $5319526831 |
| Management Fees (dollars paid during the reporting period) | $23681724 |
| Portfolio Turnover Rate | 11% |
| Total Number of Portfolio Holdings | 58 |

---

**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 | 99.7% | Software | 18% |
| Short-Term Investments | 0.4% | Semiconductors and Semiconductor Equipment | 16% |
| Other Assets and Liabilities | (0.1)% | Interactive Media and Services | 15% |
|  |  | Technology Hardware, Storage and Peripherals | 11% |
|  |  | Broadline Retail | 7% |

---

*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](ck0000100334-20250430_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000100334-20250430_g1.jpg)

S-25083601

------

**SEMIANNUAL SHAREHOLDER REPORT**

Select Fund ![ACI logo.jpg](ck0000100334-20250430_g1.jpg)

---

| | |
|:---|:---|
| **Y Class (ASLWX)**  | **April 30, 2025** |

---

This semi-annual shareholder report contains important information about Select Fund for the period of November 1, 2024 to April 30, 2025. 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 six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(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 | $27 | 0.55% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $5319526831 |
| Management Fees (dollars paid during the reporting period) | $23681724 |
| Portfolio Turnover Rate | 11% |
| Total Number of Portfolio Holdings | 58 |

---

**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 | 99.7% | Software | 18% |
| Short-Term Investments | 0.4% | Semiconductors and Semiconductor Equipment | 16% |
| Other Assets and Liabilities | (0.1)% | Interactive Media and Services | 15% |
|  |  | Technology Hardware, Storage and Peripherals | 11% |
|  |  | Broadline Retail | 7% |

---

*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](ck0000100334-20250430_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000100334-20250430_g1.jpg)

S-2508H337

------

**SEMIANNUAL SHAREHOLDER REPORT**

Select Fund ![ACI logo.jpg](ck0000100334-20250430_g1.jpg)

---

| | |
|:---|:---|
| **A Class (TWCAX)**  | **April 30, 2025** |

---

This semi-annual shareholder report contains important information about Select Fund for the period of November 1, 2024 to April 30, 2025. 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 six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(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 | $56 | 1.15% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $5319526831 |
| Management Fees (dollars paid during the reporting period) | $23681724 |
| Portfolio Turnover Rate | 11% |
| Total Number of Portfolio Holdings | 58 |

---

**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 | 99.7% | Software | 18% |
| Short-Term Investments | 0.4% | Semiconductors and Semiconductor Equipment | 16% |
| Other Assets and Liabilities | (0.1)% | Interactive Media and Services | 15% |
|  |  | Technology Hardware, Storage and Peripherals | 11% |
|  |  | Broadline Retail | 7% |

---

*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](ck0000100334-20250430_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000100334-20250430_g1.jpg)

S-25083809

------

**SEMIANNUAL SHAREHOLDER REPORT**

Select Fund ![ACI logo.jpg](ck0000100334-20250430_g1.jpg)

---

| | |
|:---|:---|
| **C Class (ACSLX)**  | **April 30, 2025** |

---

This semi-annual shareholder report contains important information about Select Fund for the period of November 1, 2024 to April 30, 2025. 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 six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(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 | $92 | 1.90% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $5319526831 |
| Management Fees (dollars paid during the reporting period) | $23681724 |
| Portfolio Turnover Rate | 11% |
| Total Number of Portfolio Holdings | 58 |

---

**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 | 99.7% | Software | 18% |
| Short-Term Investments | 0.4% | Semiconductors and Semiconductor Equipment | 16% |
| Other Assets and Liabilities | (0.1)% | Interactive Media and Services | 15% |
|  |  | Technology Hardware, Storage and Peripherals | 11% |
|  |  | Broadline Retail | 7% |

---

*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](ck0000100334-20250430_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000100334-20250430_g1.jpg)

S-25083239

------

**SEMIANNUAL SHAREHOLDER REPORT**

Select Fund ![ACI logo.jpg](ck0000100334-20250430_g1.jpg)

---

| | |
|:---|:---|
| **R Class (ASERX)**  | **April 30, 2025** |

---

This semi-annual shareholder report contains important information about Select Fund for the period of November 1, 2024 to April 30, 2025. 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 six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(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 | $68 | 1.40% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $5319526831 |
| Management Fees (dollars paid during the reporting period) | $23681724 |
| Portfolio Turnover Rate | 11% |
| Total Number of Portfolio Holdings | 58 |

---

**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 | 99.7% | Software | 18% |
| Short-Term Investments | 0.4% | Semiconductors and Semiconductor Equipment | 16% |
| Other Assets and Liabilities | (0.1)% | Interactive Media and Services | 15% |
|  |  | Technology Hardware, Storage and Peripherals | 11% |
|  |  | Broadline Retail | 7% |

---

*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](ck0000100334-20250430_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000100334-20250430_g1.jpg)

S-2508H501

------

**SEMIANNUAL SHAREHOLDER REPORT**

Select Fund ![ACI logo.jpg](ck0000100334-20250430_g1.jpg)

---

| | |
|:---|:---|
| **R5 Class (ASLGX)**  | **April 30, 2025** |

---

This semi-annual shareholder report contains important information about Select Fund for the period of November 1, 2024 to April 30, 2025. 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 six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(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 | $34 | 0.70% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $5319526831 |
| Management Fees (dollars paid during the reporting period) | $23681724 |
| Portfolio Turnover Rate | 11% |
| Total Number of Portfolio Holdings | 58 |

---

**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 | 99.7% | Software | 18% |
| Short-Term Investments | 0.4% | Semiconductors and Semiconductor Equipment | 16% |
| Other Assets and Liabilities | (0.1)% | Interactive Media and Services | 15% |
|  |  | Technology Hardware, Storage and Peripherals | 11% |
|  |  | Broadline Retail | 7% |

---

*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](ck0000100334-20250430_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000100334-20250430_g1.jpg)

S-2508H345

------

**SEMIANNUAL SHAREHOLDER REPORT**

Select Fund ![ACI logo.jpg](ck0000100334-20250430_g1.jpg)

---

| | |
|:---|:---|
| **R6 Class (ASDEX)**  | **April 30, 2025** |

---

This semi-annual shareholder report contains important information about Select Fund for the period of November 1, 2024 to April 30, 2025. 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 six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(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 | $27 | 0.55% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $5319526831 |
| Management Fees (dollars paid during the reporting period) | $23681724 |
| Portfolio Turnover Rate | 11% |
| Total Number of Portfolio Holdings | 58 |

---

**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 | 99.7% | Software | 18% |
| Short-Term Investments | 0.4% | Semiconductors and Semiconductor Equipment | 16% |
| Other Assets and Liabilities | (0.1)% | Interactive Media and Services | 15% |
|  |  | Technology Hardware, Storage and Peripherals | 11% |
|  |  | Broadline Retail | 7% |

---

*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](ck0000100334-20250430_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000100334-20250430_g1.jpg)

S-2508H451

------

**SEMIANNUAL SHAREHOLDER REPORT**

Select Fund ![ACI logo.jpg](ck0000100334-20250430_g1.jpg)

---

| | |
|:---|:---|
| **G Class (ASLDX)**  | **April 30, 2025** |

---

This semi-annual shareholder report contains important information about Select Fund for the period of November 1, 2024 to April 30, 2025. 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 six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(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% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $5319526831 |
| Management Fees (dollars paid during the reporting period) | $23681724 |
| Portfolio Turnover Rate | 11% |
| Total Number of Portfolio Holdings | 58 |

---

**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 | 99.7% | Software | 18% |
| Short-Term Investments | 0.4% | Semiconductors and Semiconductor Equipment | 16% |
| Other Assets and Liabilities | (0.1)% | Interactive Media and Services | 15% |
|  |  | Technology Hardware, Storage and Peripherals | 11% |
|  |  | Broadline Retail | 7% |

---

*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](ck0000100334-20250430_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000100334-20250430_g1.jpg)

S-2508H188

------

**SEMIANNUAL SHAREHOLDER REPORT**

Small Cap Growth Fund ![ACI logo.jpg](ck0000100334-20250430_g1.jpg)

---

| | |
|:---|:---|
| **Investor Class (ANOIX)**  | **April 30, 2025** |

---

This semi-annual shareholder report contains important information about Small Cap Growth Fund for the period of November 1, 2024 to April 30, 2025. 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 six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(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 | $54 | 1.13% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $4024521376 |
| Management Fees (dollars paid during the reporting period) | $17484636 |
| Portfolio Turnover Rate | 41% |
| Total Number of Portfolio Holdings | 139 |

---

**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% | Biotechnology | 13% |
| Short-Term Investments | 3.1% | Software | 9% |
| Other Assets and Liabilities | (0.9)% | Health Care Providers and Services | 6% |
|  |  | Semiconductors and Semiconductor Equipment | 5% |
|  |  | Building Products | 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](ck0000100334-20250430_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000100334-20250430_g1.jpg)

S-25083338

------

**SEMIANNUAL SHAREHOLDER REPORT**

Small Cap Growth Fund ![ACI logo.jpg](ck0000100334-20250430_g1.jpg)

---

| | |
|:---|:---|
| **I Class (ANONX)**  | **April 30, 2025** |

---

This semi-annual shareholder report contains important information about Small Cap Growth Fund for the period of November 1, 2024 to April 30, 2025. 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 six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(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 | $44 | 0.93% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $4024521376 |
| Management Fees (dollars paid during the reporting period) | $17484636 |
| Portfolio Turnover Rate | 41% |
| Total Number of Portfolio Holdings | 139 |

---

**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% | Biotechnology | 13% |
| Short-Term Investments | 3.1% | Software | 9% |
| Other Assets and Liabilities | (0.9)% | Health Care Providers and Services | 6% |
|  |  | Semiconductors and Semiconductor Equipment | 5% |
|  |  | Building Products | 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](ck0000100334-20250430_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000100334-20250430_g1.jpg)

S-25083320

------

**SEMIANNUAL SHAREHOLDER REPORT**

Small Cap Growth Fund ![ACI logo.jpg](ck0000100334-20250430_g1.jpg)

---

| | |
|:---|:---|
| **Y Class (ANOYX)**  | **April 30, 2025** |

---

This semi-annual shareholder report contains important information about Small Cap Growth Fund for the period of November 1, 2024 to April 30, 2025. 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 six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(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 | $37 | 0.78% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $4024521376 |
| Management Fees (dollars paid during the reporting period) | $17484636 |
| Portfolio Turnover Rate | 41% |
| Total Number of Portfolio Holdings | 139 |

---

**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% | Biotechnology | 13% |
| Short-Term Investments | 3.1% | Software | 9% |
| Other Assets and Liabilities | (0.9)% | Health Care Providers and Services | 6% |
|  |  | Semiconductors and Semiconductor Equipment | 5% |
|  |  | Building Products | 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](ck0000100334-20250430_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000100334-20250430_g1.jpg)

S-2508H311

------

**SEMIANNUAL SHAREHOLDER REPORT**

Small Cap Growth Fund ![ACI logo.jpg](ck0000100334-20250430_g1.jpg)

---

| | |
|:---|:---|
| **A Class (ANOAX)**  | **April 30, 2025** |

---

This semi-annual shareholder report contains important information about Small Cap Growth Fund for the period of November 1, 2024 to April 30, 2025. 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 six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(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 | $66 | 1.38% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $4024521376 |
| Management Fees (dollars paid during the reporting period) | $17484636 |
| Portfolio Turnover Rate | 41% |
| Total Number of Portfolio Holdings | 139 |

---

**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% | Biotechnology | 13% |
| Short-Term Investments | 3.1% | Software | 9% |
| Other Assets and Liabilities | (0.9)% | Health Care Providers and Services | 6% |
|  |  | Semiconductors and Semiconductor Equipment | 5% |
|  |  | Building Products | 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](ck0000100334-20250430_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000100334-20250430_g1.jpg)

S-25083221

------

**SEMIANNUAL SHAREHOLDER REPORT**

Small Cap Growth Fund ![ACI logo.jpg](ck0000100334-20250430_g1.jpg)

---

| | |
|:---|:---|
| **C Class (ANOCX)**  | **April 30, 2025** |

---

This semi-annual shareholder report contains important information about Small Cap Growth Fund for the period of November 1, 2024 to April 30, 2025. 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 six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(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 | $102 | 2.13% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $4024521376 |
| Management Fees (dollars paid during the reporting period) | $17484636 |
| Portfolio Turnover Rate | 41% |
| Total Number of Portfolio Holdings | 139 |

---

**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% | Biotechnology | 13% |
| Short-Term Investments | 3.1% | Software | 9% |
| Other Assets and Liabilities | (0.9)% | Health Care Providers and Services | 6% |
|  |  | Semiconductors and Semiconductor Equipment | 5% |
|  |  | Building Products | 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](ck0000100334-20250430_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000100334-20250430_g1.jpg)

S-25083197

------

**SEMIANNUAL SHAREHOLDER REPORT**

Small Cap Growth Fund ![ACI logo.jpg](ck0000100334-20250430_g1.jpg)

---

| | |
|:---|:---|
| **R Class (ANORX)**  | **April 30, 2025** |

---

This semi-annual shareholder report contains important information about Small Cap Growth Fund for the period of November 1, 2024 to April 30, 2025. 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 six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(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 | $78 | 1.63% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $4024521376 |
| Management Fees (dollars paid during the reporting period) | $17484636 |
| Portfolio Turnover Rate | 41% |
| Total Number of Portfolio Holdings | 139 |

---

**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% | Biotechnology | 13% |
| Short-Term Investments | 3.1% | Software | 9% |
| Other Assets and Liabilities | (0.9)% | Health Care Providers and Services | 6% |
|  |  | Semiconductors and Semiconductor Equipment | 5% |
|  |  | Building Products | 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](ck0000100334-20250430_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000100334-20250430_g1.jpg)

S-2508H725

------

**SEMIANNUAL SHAREHOLDER REPORT**

Small Cap Growth Fund ![ACI logo.jpg](ck0000100334-20250430_g1.jpg)

---

| | |
|:---|:---|
| **R5 Class (ANOGX)**  | **April 30, 2025** |

---

This semi-annual shareholder report contains important information about Small Cap Growth Fund for the period of November 1, 2024 to April 30, 2025. 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 six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(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 | $44 | 0.93% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $4024521376 |
| Management Fees (dollars paid during the reporting period) | $17484636 |
| Portfolio Turnover Rate | 41% |
| Total Number of Portfolio Holdings | 139 |

---

**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% | Biotechnology | 13% |
| Short-Term Investments | 3.1% | Software | 9% |
| Other Assets and Liabilities | (0.9)% | Health Care Providers and Services | 6% |
|  |  | Semiconductors and Semiconductor Equipment | 5% |
|  |  | Building Products | 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](ck0000100334-20250430_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000100334-20250430_g1.jpg)

S-2508H329

------

**SEMIANNUAL SHAREHOLDER REPORT**

Small Cap Growth Fund ![ACI logo.jpg](ck0000100334-20250430_g1.jpg)

---

| | |
|:---|:---|
| **R6 Class (ANODX)**  | **April 30, 2025** |

---

This semi-annual shareholder report contains important information about Small Cap Growth Fund for the period of November 1, 2024 to April 30, 2025. 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 six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(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 | $37 | 0.78% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $4024521376 |
| Management Fees (dollars paid during the reporting period) | $17484636 |
| Portfolio Turnover Rate | 41% |
| Total Number of Portfolio Holdings | 139 |

---

**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% | Biotechnology | 13% |
| Short-Term Investments | 3.1% | Software | 9% |
| Other Assets and Liabilities | (0.9)% | Health Care Providers and Services | 6% |
|  |  | Semiconductors and Semiconductor Equipment | 5% |
|  |  | Building Products | 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](ck0000100334-20250430_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000100334-20250430_g1.jpg)

S-2508H485

------

**SEMIANNUAL SHAREHOLDER REPORT**

Small Cap Growth Fund ![ACI logo.jpg](ck0000100334-20250430_g1.jpg)

---

| | |
|:---|:---|
| **G Class (ANOHX)**  | **April 30, 2025** |

---

This semi-annual shareholder report contains important information about Small Cap Growth Fund for the period of November 1, 2024 to April 30, 2025. 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 six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(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% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $4024521376 |
| Management Fees (dollars paid during the reporting period) | $17484636 |
| Portfolio Turnover Rate | 41% |
| Total Number of Portfolio Holdings | 139 |

---

**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% | Biotechnology | 13% |
| Short-Term Investments | 3.1% | Software | 9% |
| Other Assets and Liabilities | (0.9)% | Health Care Providers and Services | 6% |
|  |  | Semiconductors and Semiconductor Equipment | 5% |
|  |  | Building Products | 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](ck0000100334-20250430_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000100334-20250430_g1.jpg)

S-2508H253

------

**SEMIANNUAL SHAREHOLDER REPORT**

Ultra Fund ![ACI logo.jpg](ck0000100334-20250430_g1.jpg)

---

| | |
|:---|:---|
| **Investor Class (TWCUX)**  | **April 30, 2025** |

---

This semi-annual shareholder report contains important information about Ultra Fund for the period of November 1, 2024 to April 30, 2025. 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 six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(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 | $43 | 0.89% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $23038001498 |
| Management Fees (dollars paid during the reporting period) | $105742793 |
| Portfolio Turnover Rate | 5% |
| Total Number of Portfolio Holdings | 64 |

---

**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 | 99.9% | Semiconductors and Semiconductor Equipment | 16% |
| Rights | 0.0% | Software | 16% |
| Short-Term Investments | 0.2% | Interactive Media and Services | 12% |
| Other Assets and Liabilities | (0.1)% | Technology Hardware, Storage and Peripherals | 11% |
|  |  | Broadline Retail | 7% |

---

*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](ck0000100334-20250430_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000100334-20250430_g1.jpg)

S-25083882

------

**SEMIANNUAL SHAREHOLDER REPORT**

Ultra Fund ![ACI logo.jpg](ck0000100334-20250430_g1.jpg)

---

| | |
|:---|:---|
| **I Class (TWUIX)**  | **April 30, 2025** |

---

This semi-annual shareholder report contains important information about Ultra Fund for the period of November 1, 2024 to April 30, 2025. 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 six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(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 | $33 | 0.69% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $23038001498 |
| Management Fees (dollars paid during the reporting period) | $105742793 |
| Portfolio Turnover Rate | 5% |
| Total Number of Portfolio Holdings | 64 |

---

**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 | 99.9% | Semiconductors and Semiconductor Equipment | 16% |
| Rights | 0.0% | Software | 16% |
| Short-Term Investments | 0.2% | Interactive Media and Services | 12% |
| Other Assets and Liabilities | (0.1)% | Technology Hardware, Storage and Peripherals | 11% |
|  |  | Broadline Retail | 7% |

---

*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](ck0000100334-20250430_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000100334-20250430_g1.jpg)

S-25083874

------

**SEMIANNUAL SHAREHOLDER REPORT**

Ultra Fund ![ACI logo.jpg](ck0000100334-20250430_g1.jpg)

---

| | |
|:---|:---|
| **Y Class (AULYX)**  | **April 30, 2025** |

---

This semi-annual shareholder report contains important information about Ultra Fund for the period of November 1, 2024 to April 30, 2025. 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 six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(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 | $26 | 0.54% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $23038001498 |
| Management Fees (dollars paid during the reporting period) | $105742793 |
| Portfolio Turnover Rate | 5% |
| Total Number of Portfolio Holdings | 64 |

---

**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 | 99.9% | Semiconductors and Semiconductor Equipment | 16% |
| Rights | 0.0% | Software | 16% |
| Short-Term Investments | 0.2% | Interactive Media and Services | 12% |
| Other Assets and Liabilities | (0.1)% | Technology Hardware, Storage and Peripherals | 11% |
|  |  | Broadline Retail | 7% |

---

*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](ck0000100334-20250430_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000100334-20250430_g1.jpg)

S-2508H261

------

**SEMIANNUAL SHAREHOLDER REPORT**

Ultra Fund ![ACI logo.jpg](ck0000100334-20250430_g1.jpg)

---

| | |
|:---|:---|
| **A Class (TWUAX)**  | **April 30, 2025** |

---

This semi-annual shareholder report contains important information about Ultra Fund for the period of November 1, 2024 to April 30, 2025. 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 six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(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 | $55 | 1.14% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $23038001498 |
| Management Fees (dollars paid during the reporting period) | $105742793 |
| Portfolio Turnover Rate | 5% |
| Total Number of Portfolio Holdings | 64 |

---

**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 | 99.9% | Semiconductors and Semiconductor Equipment | 16% |
| Rights | 0.0% | Software | 16% |
| Short-Term Investments | 0.2% | Interactive Media and Services | 12% |
| Other Assets and Liabilities | (0.1)% | Technology Hardware, Storage and Peripherals | 11% |
|  |  | Broadline Retail | 7% |

---

*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](ck0000100334-20250430_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000100334-20250430_g1.jpg)

S-25083858

------

**SEMIANNUAL SHAREHOLDER REPORT**

Ultra Fund ![ACI logo.jpg](ck0000100334-20250430_g1.jpg)

---

| | |
|:---|:---|
| **C Class (TWCCX)**  | **April 30, 2025** |

---

This semi-annual shareholder report contains important information about Ultra Fund for the period of November 1, 2024 to April 30, 2025. 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 six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(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 | $91 | 1.89% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $23038001498 |
| Management Fees (dollars paid during the reporting period) | $105742793 |
| Portfolio Turnover Rate | 5% |
| Total Number of Portfolio Holdings | 64 |

---

**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 | 99.9% | Semiconductors and Semiconductor Equipment | 16% |
| Rights | 0.0% | Software | 16% |
| Short-Term Investments | 0.2% | Interactive Media and Services | 12% |
| Other Assets and Liabilities | (0.1)% | Technology Hardware, Storage and Peripherals | 11% |
|  |  | Broadline Retail | 7% |

---

*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](ck0000100334-20250430_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000100334-20250430_g1.jpg)

S-25083288

------

**SEMIANNUAL SHAREHOLDER REPORT**

Ultra Fund ![ACI logo.jpg](ck0000100334-20250430_g1.jpg)

---

| | |
|:---|:---|
| **R Class (AULRX)**  | **April 30, 2025** |

---

This semi-annual shareholder report contains important information about Ultra Fund for the period of November 1, 2024 to April 30, 2025. 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 six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(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 | $67 | 1.39% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $23038001498 |
| Management Fees (dollars paid during the reporting period) | $105742793 |
| Portfolio Turnover Rate | 5% |
| Total Number of Portfolio Holdings | 64 |

---

**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 | 99.9% | Semiconductors and Semiconductor Equipment | 16% |
| Rights | 0.0% | Software | 16% |
| Short-Term Investments | 0.2% | Interactive Media and Services | 12% |
| Other Assets and Liabilities | (0.1)% | Technology Hardware, Storage and Peripherals | 11% |
|  |  | Broadline Retail | 7% |

---

*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](ck0000100334-20250430_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000100334-20250430_g1.jpg)

S-25083171

------

**SEMIANNUAL SHAREHOLDER REPORT**

Ultra Fund ![ACI logo.jpg](ck0000100334-20250430_g1.jpg)

---

| | |
|:---|:---|
| **R5 Class (AULGX)**  | **April 30, 2025** |

---

This semi-annual shareholder report contains important information about Ultra Fund for the period of November 1, 2024 to April 30, 2025. 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 six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(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 | $33 | 0.69% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $23038001498 |
| Management Fees (dollars paid during the reporting period) | $105742793 |
| Portfolio Turnover Rate | 5% |
| Total Number of Portfolio Holdings | 64 |

---

**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 | 99.9% | Semiconductors and Semiconductor Equipment | 16% |
| Rights | 0.0% | Software | 16% |
| Short-Term Investments | 0.2% | Interactive Media and Services | 12% |
| Other Assets and Liabilities | (0.1)% | Technology Hardware, Storage and Peripherals | 11% |
|  |  | Broadline Retail | 7% |

---

*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](ck0000100334-20250430_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000100334-20250430_g1.jpg)

S-2508H279

------

**SEMIANNUAL SHAREHOLDER REPORT**

Ultra Fund ![ACI logo.jpg](ck0000100334-20250430_g1.jpg)

---

| | |
|:---|:---|
| **R6 Class (AULDX)**  | **April 30, 2025** |

---

This semi-annual shareholder report contains important information about Ultra Fund for the period of November 1, 2024 to April 30, 2025. 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 six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(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 | $26 | 0.54% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $23038001498 |
| Management Fees (dollars paid during the reporting period) | $105742793 |
| Portfolio Turnover Rate | 5% |
| Total Number of Portfolio Holdings | 64 |

---

**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 | 99.9% | Semiconductors and Semiconductor Equipment | 16% |
| Rights | 0.0% | Software | 16% |
| Short-Term Investments | 0.2% | Interactive Media and Services | 12% |
| Other Assets and Liabilities | (0.1)% | Technology Hardware, Storage and Peripherals | 11% |
|  |  | Broadline Retail | 7% |

---

*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](ck0000100334-20250430_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000100334-20250430_g1.jpg)

S-2508H444

------

**SEMIANNUAL SHAREHOLDER REPORT**

Ultra Fund ![ACI logo.jpg](ck0000100334-20250430_g1.jpg)

---

| | |
|:---|:---|
| **G Class (AULNX)**  | **April 30, 2025** |

---

This semi-annual shareholder report contains important information about Ultra Fund for the period of November 1, 2024 to April 30, 2025. 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 six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(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% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $23038001498 |
| Management Fees (dollars paid during the reporting period) | $105742793 |
| Portfolio Turnover Rate | 5% |
| Total Number of Portfolio Holdings | 64 |

---

**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 | 99.9% | Semiconductors and Semiconductor Equipment | 16% |
| Rights | 0.0% | Software | 16% |
| Short-Term Investments | 0.2% | Interactive Media and Services | 12% |
| Other Assets and Liabilities | (0.1)% | Technology Hardware, Storage and Peripherals | 11% |
|  |  | Broadline Retail | 7% |

---

*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](ck0000100334-20250430_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000100334-20250430_g1.jpg)

S-2508H220

------

(b) Not applicable.

**ITEM 2. CODE OF ETHICS.**

Not applicable for semiannual report filings.

**ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.**

Not applicable for semiannual report filings.

**ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.**

Not applicable for semiannual report filings.

**ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.**

Not applicable for semiannual report filings.

**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;

![acihorizblkd47.jpg](ck0000100334-20250430_g3.jpg)

---

| |
|:---|
| Semiannual Financial Statements and Other Information |
| April 30, 2025 |
| Balanced Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class (TWBIX) |
| &nbsp;&nbsp;&nbsp;&nbsp;I Class (ABINX) |
| &nbsp;&nbsp;&nbsp;&nbsp;R5 Class (ABGNX) |

---

------

**Table of Contents**

---

| | |
|:---|:---|
| Schedule of Investments | [2](#i52946b9046fa4e8f856c2e760a6ee818_31) |
| Statement of Assets and Liabilities | [20](#i52946b9046fa4e8f856c2e760a6ee818_37) |
| Statement of Operations | [21](#i52946b9046fa4e8f856c2e760a6ee818_40) |
| Statement of Changes in Net Assets | [22](#i52946b9046fa4e8f856c2e760a6ee818_43) |
| Notes to Financial Statements | [23](#i52946b9046fa4e8f856c2e760a6ee818_46) |
| Financial Highlights | [29](#i52946b9046fa4e8f856c2e760a6ee818_49) |

---

------

Schedule of Investments

**APRIL 30, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|<br>**COMMON STOCKS — 57.3%** | **Shares/<br>Principal Amount** | **Value** |
| **Air Freight and Logistics — 0.2%** | | |
| FedEx Corp. | 7904 | $1662448 |
| **Automobiles — 0.8%** |  |  |
| Tesla, Inc.<sup>(1)</sup> | 24717 | 6974149 |
| **Banks — 2.2%** |  |  |
| Bank of America Corp. | 130362 | 5198837 |
| JPMorgan Chase & Co. | 36475 | 8922514 |
| Regions Financial Corp. | 204917 | 4182356 |
|  |  | 18303707 |
| **Beverages — 0.5%** |  |  |
| PepsiCo, Inc. | 31137 | 4221554 |
| **Biotechnology — 1.0%** |  |  |
| AbbVie, Inc. | 26732 | 5215413 |
| Vertex Pharmaceuticals, Inc.<sup>(1)</sup> | 6099 | 3107441 |
|  |  | 8322854 |
| **Broadline Retail — 2.1%** |  |  |
| Amazon.com, Inc.<sup>(1)</sup> | 95128 | 17543506 |
| **Building Products — 0.7%** |  |  |
| Johnson Controls International PLC | 72624 | 6093154 |
| **Capital Markets — 2.8%** |  |  |
| Ameriprise Financial, Inc. | 7159 | 3372032 |
| Blackrock, Inc. | 3500 | 3199910 |
| Intercontinental Exchange, Inc. | 16704 | 2805771 |
| KKR & Co., Inc. | 23091 | 2638608 |
| Morgan Stanley | 50690 | 5850640 |
| S&P Global, Inc. | 11833 | 5917092 |
|  |  | 23784053 |
| **Chemicals — 1.1%** |  |  |
| Ecolab, Inc. | 15077 | 3790810 |
| Linde PLC | 12412 | 5625491 |
|  |  | 9416301 |
| **Commercial Services and Supplies — 0.3%** |  |  |
| Copart, Inc.<sup>(1)</sup> | 40715 | 2484836 |
| **Communications Equipment — 0.8%** |  |  |
| Arista Networks, Inc.<sup>(1)</sup> | 29359 | 2415365 |
| Motorola Solutions, Inc. | 10743 | 4731110 |
|  |  | 7146475 |
| **Consumer Finance — 0.4%** |  |  |
| American Express Co. | 13888 | 3699902 |
| **Consumer Staples Distribution & Retail — 1.0%** |  |  |
| Costco Wholesale Corp. | 4294 | 4270383 |
| Sysco Corp. | 55093 | 3933640 |
|  |  | 8204023 |
| **Containers and Packaging — 0.2%** |  |  |
| Ball Corp. | 40127 | 2084196 |
| **Distributors — 0.3%** |  |  |
| LKQ Corp. | 59659 | 2279570 |
| **Diversified Telecommunication Services — 0.4%** |  |  |
| Verizon Communications, Inc. | 85580 | 3770655 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares/<br>Principal Amount** | **Value** |
| **Electric Utilities — 0.9%** | | |
| NextEra Energy, Inc. | 111288 | $7442941 |
| **Electrical Equipment — 0.6%** |  |  |
| Eaton Corp. PLC | 12184 | 3586604 |
| GE Vernova, Inc. | 4426 | 1641249 |
|  |  | 5227853 |
| **Electronic Equipment, Instruments and Components — 0.2%** |  |  |
| CDW Corp. | 13362 | 2145403 |
| **Energy Equipment and Services — 0.5%** |  |  |
| Schlumberger NV | 136410 | 4535632 |
| **Entertainment — 0.5%** |  |  |
| Liberty Media Corp.-Liberty Formula One, Class C<sup>(1)</sup> | 9164 | 812572 |
| Netflix, Inc.<sup>(1)</sup> | 3238 | 3664509 |
|  |  | 4477081 |
| **Financial Services — 2.3%** |  |  |
| Block, Inc.<sup>(1)</sup> | 23934 | 1399421 |
| Fiserv, Inc.<sup>(1)</sup> | 17171 | 3169251 |
| Mastercard, Inc., Class A | 18376 | 10071151 |
| Visa, Inc., Class A | 14845 | 5128948 |
|  |  | 19768771 |
| **Ground Transportation — 0.8%** |  |  |
| Uber Technologies, Inc.<sup>(1)</sup> | 38111 | 3087372 |
| Union Pacific Corp. | 15601 | 3364512 |
|  |  | 6451884 |
| **Health Care Equipment and Supplies — 0.8%** |  |  |
| IDEXX Laboratories, Inc.<sup>(1)</sup> | 6877 | 2975334 |
| Intuitive Surgical, Inc.<sup>(1)</sup> | 7340 | 3785972 |
|  |  | 6761306 |
| **Health Care Providers and Services — 1.4%** |  |  |
| Cigna Group | 14058 | 4780282 |
| UnitedHealth Group, Inc. | 18142 | 7464345 |
|  |  | 12244627 |
| **Hotels, Restaurants and Leisure — 1.3%** |  |  |
| Airbnb, Inc., Class A<sup>(1)</sup> | 7386 | 900501 |
| Booking Holdings, Inc. | 608 | 3100362 |
| Chipotle Mexican Grill, Inc.<sup>(1)</sup> | 62590 | 3162047 |
| Hilton Worldwide Holdings, Inc. | 15831 | 3569574 |
|  |  | 10732484 |
| **Household Products — 1.4%** |  |  |
| Church & Dwight Co., Inc. | 28822 | 2863177 |
| Colgate-Palmolive Co. | 22978 | 2118342 |
| Procter & Gamble Co. | 40998 | 6665045 |
|  |  | 11646564 |
| **Industrial Conglomerates — 0.4%** |  |  |
| Honeywell International, Inc. | 17219 | 3624599 |
| **Industrial REITs — 0.5%** |  |  |
| Prologis, Inc. | 45223 | 4621791 |
| **Insurance — 1.2%** |  |  |
| Marsh & McLennan Cos., Inc. | 13551 | 3055344 |
| MetLife, Inc. | 51069 | 3849071 |
| Progressive Corp. | 11045 | 3111818 |
|  |  | 10016233 |
| **Interactive Media and Services — 3.7%** |  |  |
| Alphabet, Inc., Class A | 119536 | 18982317 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares/<br>Principal Amount** | **Value** |
| Meta Platforms, Inc., Class A | 22154 | $12162546 |
|  |  | 31144863 |
| **IT Services — 1.3%** |  |  |
| Accenture PLC, Class A | 16025 | 4793879 |
| International Business Machines Corp. | 21672 | 5240723 |
| MongoDB, Inc.<sup>(1)</sup> | 6605 | 1137183 |
|  |  | 11171785 |
| **Leisure Products — 0.1%** |  |  |
| YETI Holdings, Inc.<sup>(1)</sup> | 30015 | 856928 |
| **Life Sciences Tools and Services — 1.2%** |  |  |
| Agilent Technologies, Inc. | 15493 | 1667047 |
| Danaher Corp. | 24694 | 4922255 |
| Thermo Fisher Scientific, Inc. | 7753 | 3326037 |
|  |  | 9915339 |
| **Machinery — 1.5%** |  |  |
| Cummins, Inc. | 11250 | 3305700 |
| Deere & Co. | 5870 | 2721097 |
| Parker-Hannifin Corp. | 4142 | 2506158 |
| Xylem, Inc. | 33173 | 3999669 |
|  |  | 12532624 |
| **Oil, Gas and Consumable Fuels — 0.9%** |  |  |
| Cheniere Energy, Inc. | 16547 | 3824177 |
| ConocoPhillips | 25835 | 2302415 |
| EOG Resources, Inc. | 12910 | 1424361 |
|  |  | 7550953 |
| **Pharmaceuticals — 2.1%** |  |  |
| Bristol-Myers Squibb Co. | 30693 | 1540789 |
| Eli Lilly & Co. | 8644 | 7770524 |
| Merck & Co., Inc. | 27764 | 2365493 |
| Novo Nordisk AS, Class B | 30884 | 2064951 |
| Zoetis, Inc. | 23901 | 3738116 |
|  |  | 17479873 |
| **Professional Services — 0.3%** |  |  |
| Automatic Data Processing, Inc. | 8758 | 2632655 |
| **Semiconductors and Semiconductor Equipment — 5.5%** |  |  |
| Analog Devices, Inc. | 26858 | 5235161 |
| Applied Materials, Inc. | 3375 | 508646 |
| ARM Holdings PLC, ADR<sup>(1)</sup> | 7996 | 911944 |
| ASML Holding NV | 4041 | 2705215 |
| Broadcom, Inc. | 61295 | 11797449 |
| NVIDIA Corp. | 235063 | 25603062 |
|  |  | 46761477 |
| **Software — 6.9%** |  |  |
| Cadence Design Systems, Inc.<sup>(1)</sup> | 20212 | 6017921 |
| Crowdstrike Holdings, Inc., Class A<sup>(1)</sup> | 5965 | 2558209 |
| Dynatrace, Inc.<sup>(1)</sup> | 40636 | 1908673 |
| Microsoft Corp. | 100743 | 39819678 |
| Salesforce, Inc. | 10215 | 2744873 |
| ServiceNow, Inc.<sup>(1)</sup> | 2081 | 1987376 |
| Workday, Inc., Class A<sup>(1)</sup> | 14200 | 3479000 |
|  |  | 58515730 |
| **Specialized REITs — 0.7%** |  |  |
| Equinix, Inc. | 6394 | 5503635 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares/<br>Principal Amount** | **Value** |
| SBA Communications Corp. | 2109 | $513331 |
|  |  | 6016966 |
| **Specialty Retail — 2.2%** |  |  |
| CarMax, Inc.<sup>(1)</sup> | 20430 | 1321208 |
| Home Depot, Inc. | 21601 | 7786944 |
| TJX Cos., Inc. | 46722 | 6012187 |
| Tractor Supply Co. | 67769 | 3430467 |
|  |  | 18550806 |
| **Technology Hardware, Storage and Peripherals — 2.7%** |  |  |
| Apple, Inc. | 109385 | 23244312 |
| **Textiles, Apparel and Luxury Goods — 0.1%** |  |  |
| Deckers Outdoor Corp.<sup>(1)</sup> | 10044 | 1113177 |
| **Trading Companies and Distributors — 0.5%** |  |  |
| Ferguson Enterprises, Inc. | 11386 | 1931749 |
| United Rentals, Inc. | 3324 | 2098940 |
|  |  | 4030689 |
| **TOTAL COMMON STOCKS**<br>(Cost $317,346,844) |  | **487206729** |
| **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 15.8%** |  |  |
| **Adjustable-Rate U.S. Government Agency Mortgage-Backed Securities — 0.0%** |  |  |
| FNMA, VRN, 3.18%, (1-year RFUCC plus 1.61%), 3/1/47 | $77037 | 75688 |
| FNMA, VRN, 3.10%, (1-year RFUCC plus 1.61%), 4/1/47 | 44589 | 43751 |
|  |  | 119439 |
| **Fixed-Rate U.S. Government Agency Mortgage-Backed Securities — 15.8%** |  |  |
| FHLMC, 2.00%, 6/1/36 | 1456489 | 1337850 |
| FHLMC, 3.50%, 2/1/49 | 1647959 | 1512782 |
| FHLMC, 3.00%, 1/1/50 | 1521673 | 1322494 |
| FHLMC, 3.50%, 5/1/50 | 266203 | 242677 |
| FHLMC, 2.50%, 5/1/51 | 1747169 | 1470441 |
| FHLMC, 3.50%, 5/1/51 | 846837 | 769354 |
| FHLMC, 3.00%, 7/1/51 | 662504 | 579039 |
| FHLMC, 2.00%, 8/1/51 | 1469803 | 1177468 |
| FHLMC, 2.50%, 8/1/51 | 1599736 | 1339220 |
| FHLMC, 2.50%, 10/1/51 | 793521 | 668546 |
| FHLMC, 3.00%, 12/1/51 | 1038303 | 906030 |
| FHLMC, 3.00%, 2/1/52 | 880885 | 773564 |
| FHLMC, 3.50%, 5/1/52 | 1050741 | 957446 |
| FHLMC, 4.00%, 5/1/52 | 1362875 | 1273401 |
| FHLMC, 4.00%, 5/1/52 | 907884 | 853543 |
| FHLMC, 4.00%, 6/1/52 | 2952029 | 2775333 |
| FHLMC, 5.00%, 7/1/52 | 548478 | 544039 |
| FHLMC, 4.50%, 10/1/52 | 2119129 | 2033104 |
| FHLMC, 4.50%, 10/1/52 | 1497584 | 1435593 |
| FHLMC, 4.50%, 10/1/52 | 739490 | 708934 |
| FHLMC, 6.00%, 11/1/52 | 2591047 | 2639101 |
| FHLMC, 5.50%, 12/1/52 | 419172 | 421385 |
| FHLMC, 6.00%, 1/1/53 | 1389065 | 1416020 |
| FHLMC, 6.50%, 11/1/53 | 1428829 | 1478523 |
| FHLMC, 5.50%, 4/1/54 | 1442750 | 1450364 |
| FNMA, 2.00%, 5/1/36 | 647201 | 595778 |
| FNMA, 4.50%, 9/1/41 | 115594 | 114339 |
| FNMA, 3.50%, 5/1/42 | 512315 | 480075 |
| FNMA, 3.00%, 2/1/50 | 223960 | 196998 |
| FNMA, 2.50%, 6/1/50 | 858101 | 723860 |
| FNMA, 2.50%, 10/1/50 | 1804987 | 1510926 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares/<br>Principal Amount** | **Value** |
| FNMA, 2.50%, 12/1/50 | $1225926 | $1021136 |
| FNMA, 2.50%, 2/1/51 | 2231220 | 1880408 |
| FNMA, 3.00%, 6/1/51 | 109401 | 96453 |
| FNMA, 2.50%, 12/1/51 | 966512 | 814916 |
| FNMA, 2.50%, 2/1/52 | 529281 | 443532 |
| FNMA, 3.00%, 2/1/52 | 1718715 | 1506331 |
| FNMA, 3.00%, 2/1/52 | 978920 | 857947 |
| FNMA, 2.00%, 3/1/52 | 2570099 | 2066223 |
| FNMA, 2.50%, 3/1/52 | 1184642 | 997267 |
| FNMA, 3.00%, 3/1/52 | 1727278 | 1517813 |
| FNMA, 3.00%, 4/1/52 | 409914 | 359262 |
| FNMA, 3.50%, 4/1/52 | 661755 | 598140 |
| FNMA, 4.00%, 4/1/52 | 1217901 | 1142744 |
| FNMA, 4.00%, 4/1/52 | 537537 | 505366 |
| FNMA, 4.00%, 4/1/52 | 367318 | 344043 |
| FNMA, 3.00%, 5/1/52 | 1024441 | 905740 |
| FNMA, 3.50%, 5/1/52 | 1815875 | 1646506 |
| FNMA, 3.50%, 5/1/52 | 1636990 | 1483230 |
| FNMA, 3.50%, 5/1/52 | 1512799 | 1386452 |
| FNMA, 4.00%, 5/1/52 | 1749747 | 1634794 |
| FNMA, 3.00%, 6/1/52 | 446301 | 394588 |
| FNMA, 3.50%, 6/1/52 | 1451782 | 1333408 |
| FNMA, 4.50%, 7/1/52 | 1297790 | 1244166 |
| FNMA, 5.00%, 8/1/52 | 2905226 | 2855620 |
| FNMA, 4.50%, 9/1/52 | 651300 | 630108 |
| FNMA, 5.00%, 9/1/52 | 824458 | 816224 |
| FNMA, 5.00%, 10/1/52 | 2588237 | 2544042 |
| FNMA, 5.50%, 10/1/52 | 1360688 | 1362089 |
| FNMA, 5.00%, 1/1/53 | 2150055 | 2112669 |
| FNMA, 5.50%, 1/1/53 | 2762139 | 2763062 |
| FNMA, 5.50%, 1/1/53 | 2417964 | 2423674 |
| FNMA, 6.50%, 1/1/53 | 2055309 | 2129097 |
| FNMA, 5.50%, 3/1/53 | 397053 | 400277 |
| FNMA, 4.00%, 4/1/53 | 444081 | 417502 |
| FNMA, 6.00%, 9/1/53 | 2052227 | 2091039 |
| FNMA, 6.00%, 9/1/53 | 1354272 | 1388020 |
| FNMA, 5.50%, 3/1/54 | 3466798 | 3469028 |
| FNMA, 6.00%, 5/1/54 | 1690233 | 1721053 |
| GNMA, 2.50%, TBA | 2731000 | 2327961 |
| GNMA, 5.00%, TBA | 1503000 | 1474684 |
| GNMA, 5.50%, TBA | 1636000 | 1635636 |
| GNMA, 7.00%, 4/20/26 | 1168 | 1201 |
| GNMA, 7.50%, 8/15/26 | 1244 | 1249 |
| GNMA, 7.00%, 5/15/31 | 9191 | 9585 |
| GNMA, 4.50%, 6/15/41 | 109603 | 107266 |
| GNMA, 3.50%, 6/20/42 | 210423 | 196070 |
| GNMA, 3.00%, 5/20/50 | 463372 | 412071 |
| GNMA, 3.00%, 7/20/50 | 1226931 | 1090226 |
| GNMA, 2.00%, 10/20/50 | 3876811 | 3166182 |
| GNMA, 2.50%, 11/20/50 | 1671527 | 1401002 |
| GNMA, 2.50%, 2/20/51 | 1180804 | 1007576 |
| GNMA, 3.50%, 6/20/51 | 802192 | 733315 |
| GNMA, 3.00%, 7/20/51 | 1149115 | 1018836 |
| GNMA, 4.00%, 9/20/52 | 3145254 | 2941686 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares/<br>Principal Amount** | **Value** |
| GNMA, 4.50%, 9/20/52 | $2972723 | $2864688 |
| GNMA, 4.50%, 10/20/52 | 2438442 | 2349825 |
| UMBS, 5.00%, TBA | 14198000 | 13900560 |
| UMBS, 5.50%, TBA | 8886000 | 8868205 |
| UMBS, 4.00%, TBA | 3741000 | 3486905 |
|  |  | 134006925 |
| **TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES**<br>(Cost $136,642,766) |  | **134126364** |
| **CORPORATE BONDS — 9.4%** |  |  |
| **Aerospace and Defense — 0.1%** |  |  |
| Boeing Co., 6.53%, 5/1/34 | 575000 | 618057 |
| Northrop Grumman Corp., 5.15%, 5/1/40 | 190000 | 182999 |
|  |  | 801056 |
| **Air Freight and Logistics — 0.1%** |  |  |
| GXO Logistics, Inc., 6.25%, 5/6/29 | 450000 | 457943 |
| GXO Logistics, Inc., 6.50%, 5/6/34 | 210000 | 210028 |
|  |  | 667971 |
| **Automobiles — 0.3%** |  |  |
| American Honda Finance Corp., 4.95%, 1/9/26 | 495000 | 496588 |
| Ford Motor Credit Co. LLC, 5.85%, 5/17/27 | 390000 | 388367 |
| Ford Motor Credit Co. LLC, 7.20%, 6/10/30 | 260000 | 267887 |
| Ford Motor Credit Co. LLC, 6.05%, 11/5/31 | 262000 | 254139 |
| Ford Motor Credit Co. LLC, 6.125%, 3/8/34 | 380000 | 359848 |
| General Motors Financial Co., Inc., 5.60%, 6/18/31 | 298000 | 298895 |
| Hyundai Capital America, 6.50%, 1/16/29<sup>(2)</sup> | 117000 | 122240 |
|  |  | 2187964 |
| **Banks — 1.4%** |  |  |
| Bank of America Corp., VRN, 5.47%, 1/23/35 | 535000 | 542844 |
| Bank of America Corp., VRN, 5.51%, 1/24/36 | 465000 | 471503 |
| Bank of Nova Scotia, VRN, 3.625%, 10/27/81 | 575000 | 508016 |
| Banque Federative du Credit Mutuel SA, 5.54%, 1/22/30<sup>(2)</sup> | 800000 | 827058 |
| Barclays PLC, VRN, 5.09%, 2/25/29 | 765000 | 770718 |
| BNP Paribas SA, VRN, 4.90%, 5/9/29<sup>(2)(3)</sup> | 201000 | 200932 |
| BNP Paribas SA, VRN, 5.34%, 6/12/29<sup>(2)</sup> | 295000 | 301016 |
| BPCE SA, VRN, 7.00%, 10/19/34<sup>(2)</sup> | 260000 | 282896 |
| Citigroup, Inc., VRN, 4.41%, 3/31/31 | 120000 | 117852 |
| Citigroup, Inc., VRN, 5.61%, 3/4/56 | 230000 | 219953 |
| Danske Bank AS, VRN, 5.71%, 3/1/30<sup>(2)</sup> | 215000 | 221871 |
| HSBC Holdings PLC, VRN, 4.58%, 6/19/29 | 425000 | 423799 |
| Intesa Sanpaolo SpA, 3.875%, 7/14/27<sup>(2)</sup> | 400000 | 393887 |
| JPMorgan Chase & Co., VRN, 6.09%, 10/23/29 | 789000 | 829508 |
| JPMorgan Chase & Co., VRN, 5.10%, 4/22/31 | 549000 | 559084 |
| JPMorgan Chase & Co., VRN, 5.34%, 1/23/35 | 210000 | 211836 |
| JPMorgan Chase & Co., VRN, 5.77%, 4/22/35 | 694000 | 719583 |
| JPMorgan Chase & Co., VRN, 5.29%, 7/22/35 | 290000 | 290576 |
| Royal Bank of Canada, VRN, 5.15%, 2/4/31 | 588000 | 598528 |
| Toronto-Dominion Bank, VRN, 8.125%, 10/31/82 | 901000 | 933513 |
| U.S. Bancorp, VRN, 5.73%, 10/21/26 | 270000 | 271348 |
| U.S. Bancorp, VRN, 5.05%, 2/12/31 | 384000 | 389146 |
| Wells Fargo & Co., VRN, 5.39%, 4/24/34 | 461000 | 463031 |
| Wells Fargo & Co., VRN, 5.56%, 7/25/34 | 212000 | 214963 |
| Wells Fargo & Co., VRN, 5.01%, 4/4/51 | 345000 | 303748 |
| Westpac Banking Corp., VRN, 5.62%, 11/20/35 | 600000 | 595046 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares/<br>Principal Amount** | **Value** |
| Zions Bancorp NA, VRN, 6.82%, 11/19/35 | $501000 | $494406 |
|  |  | 12156661 |
| **Biotechnology — 0.1%** |  |  |
| AbbVie, Inc., 5.35%, 3/15/44 | 275000 | 266196 |
| Amgen, Inc., 5.65%, 3/2/53 | 465000 | 446626 |
|  |  | 712822 |
| **Capital Markets — 0.9%** |  |  |
| Blackstone Private Credit Fund, 7.30%, 11/27/28 | 105000 | 111139 |
| Blackstone Private Credit Fund, 5.95%, 7/16/29 | 90000 | 90506 |
| Blue Owl Capital Corp., 2.875%, 6/11/28 | 275000 | 250945 |
| Blue Owl Capital Corp., 5.95%, 3/15/29 | 263000 | 261142 |
| Blue Owl Credit Income Corp., 6.60%, 9/15/29<sup>(2)</sup> | 530000 | 536196 |
| Blue Owl Technology Finance Corp., 6.10%, 3/15/28<sup>(2)</sup> | 346000 | 343597 |
| Charles Schwab Corp., VRN, 6.14%, 8/24/34 | 180000 | 191379 |
| Goldman Sachs Group, Inc., VRN, 6.48%, 10/24/29 | 630000 | 668589 |
| Goldman Sachs Group, Inc., VRN, 4.69%, 10/23/30 | 193000 | 192589 |
| Goldman Sachs Group, Inc., VRN, 5.85%, 4/25/35 | 270000 | 278492 |
| Goldman Sachs Group, Inc., VRN, 5.56%, 11/19/45 | 305000 | 293585 |
| Golub Capital BDC, Inc., 7.05%, 12/5/28 | 293000 | 305772 |
| HPS Corporate Lending Fund, 5.45%, 1/14/28 | 160000 | 159940 |
| HPS Corporate Lending Fund, 6.25%, 9/30/29 | 284000 | 288198 |
| LPL Holdings, Inc., 5.15%, 6/15/30 | 720000 | 722635 |
| Morgan Stanley, VRN, 5.16%, 4/20/29 | 271000 | 275966 |
| Morgan Stanley, VRN, 6.41%, 11/1/29 | 170000 | 180035 |
| Morgan Stanley, VRN, 6.63%, 11/1/34 | 760000 | 827470 |
| Morgan Stanley, VRN, 5.83%, 4/19/35 | 152000 | 157001 |
| Morgan Stanley, VRN, 5.52%, 11/19/55 | 158000 | 151047 |
| Northern Trust Corp., VRN, 3.375%, 5/8/32 | 754000 | 729854 |
| State Street Corp., VRN, 5.75%, 11/4/26 | 270000 | 271446 |
|  |  | 7287523 |
| **Communications Equipment — 0.1%** |  |  |
| Cisco Systems, Inc., 4.75%, 2/24/30 | 392000 | 401503 |
| Cisco Systems, Inc., 5.50%, 2/24/55 | 257000 | 253358 |
|  |  | 654861 |
| **Construction Materials — 0.1%** |  |  |
| CRH America Finance, Inc., 5.50%, 1/9/35 | 400000 | 406292 |
| Martin Marietta Materials, Inc., 5.15%, 12/1/34 | 367000 | 365209 |
| Vulcan Materials Co., 5.70%, 12/1/54 | 164000 | 156912 |
|  |  | 928413 |
| **Consumer Finance — 0.2%** |  |  |
| Ally Financial, Inc., 8.00%, 11/1/31 | 646000 | 715749 |
| Avolon Holdings Funding Ltd., 6.375%, 5/4/28<sup>(2)</sup> | 148000 | 152665 |
| Avolon Holdings Funding Ltd., 5.15%, 1/15/30<sup>(2)</sup> | 128000 | 126615 |
| OneMain Finance Corp., 7.125%, 3/15/26 | 207000 | 208980 |
| OneMain Finance Corp., 7.50%, 5/15/31 | 179000 | 181714 |
|  |  | 1385723 |
| **Consumer Staples Distribution & Retail — 0.0%** |  |  |
| Walmart, Inc., 4.90%, 4/28/35 | 81000 | 82081 |
| **Diversified Consumer Services — 0.1%** |  |  |
| Leland Stanford Junior University, 4.68%, 3/1/35 | 675000 | 664681 |
| Novant Health, Inc., 3.17%, 11/1/51 | 245000 | 160683 |
| Pepperdine University, 3.30%, 12/1/59 | 355000 | 222649 |
|  |  | 1048013 |
| **Diversified REITs — 0.3%** |  |  |
| Boston Properties LP, 2.55%, 4/1/32 | 790000 | 650599 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares/<br>Principal Amount** | **Value** |
| Cousins Properties LP, 5.375%, 2/15/32 | $448000 | $444364 |
| GLP Capital LP/GLP Financing II, Inc., 5.375%, 4/15/26 | 200000 | 199622 |
| Kilroy Realty LP, 2.50%, 11/15/32 | 280000 | 216829 |
| Kilroy Realty LP, 2.65%, 11/15/33 | 568000 | 429409 |
| Piedmont Operating Partnership LP, 9.25%, 7/20/28 | 435000 | 471351 |
| Piedmont Operating Partnership LP, 6.875%, 7/15/29 | 78000 | 79563 |
| Piedmont Operating Partnership LP, 3.15%, 8/15/30 | 61000 | 52193 |
| Trust Fibra Uno, 4.87%, 1/15/30<sup>(2)</sup> | 260000 | 241225 |
| Trust Fibra Uno, 7.70%, 1/23/32<sup>(2)</sup> | 205000 | 209655 |
|  |  | 2994810 |
| **Diversified Telecommunication Services — 0.1%** |  |  |
| AT&T, Inc., 6.375%, 3/1/41 | 65000 | 67330 |
| AT&T, Inc., 5.45%, 3/1/47 | 320000 | 296992 |
| Sprint Capital Corp., 6.875%, 11/15/28 | 291000 | 311330 |
| Verizon Communications, Inc., 2.99%, 10/30/56 | 270000 | 160608 |
|  |  | 836260 |
| **Electric Utilities — 0.7%** |  |  |
| Arizona Public Service Co., 5.70%, 8/15/34 | 292000 | 296610 |
| Black Hills Corp., 6.00%, 1/15/35 | 204000 | 210882 |
| Commonwealth Edison Co., 5.30%, 2/1/53 | 144000 | 133827 |
| Duke Energy Corp., 5.00%, 8/15/52 | 230000 | 196927 |
| Duke Energy Corp., 5.80%, 6/15/54 | 405000 | 388553 |
| Duke Energy Florida LLC, 5.95%, 11/15/52 | 225000 | 227991 |
| Duke Energy Progress LLC, 4.35%, 3/6/27 | 324000 | 326633 |
| Duke Energy Progress LLC, 4.15%, 12/1/44 | 425000 | 347226 |
| Duke Energy Progress LLC, 5.35%, 3/15/53 | 120000 | 112237 |
| Duke Energy Progress LLC, 5.55%, 3/15/55 | 200000 | 193500 |
| Electricite de France SA, 6.375%, 1/13/55<sup>(2)</sup> | 350000 | 346543 |
| Florida Power & Light Co., 4.125%, 2/1/42 | 614000 | 518276 |
| MidAmerican Energy Co., 5.85%, 9/15/54 | 980000 | 992253 |
| NextEra Energy Capital Holdings, Inc., 5.30%, 3/15/32 | 290000 | 296110 |
| Northern States Power Co., 5.10%, 5/15/53 | 260000 | 237294 |
| Northern States Power Co., 5.65%, 5/15/55<sup>(3)</sup> | 157000 | 155791 |
| Pacific Gas & Electric Co., 4.20%, 6/1/41 | 155000 | 119855 |
| PECO Energy Co., 4.375%, 8/15/52 | 340000 | 278710 |
| Public Service Electric & Gas Co., 5.50%, 3/1/55 | 380000 | 369899 |
| Union Electric Co., 5.45%, 3/15/53 | 225000 | 214285 |
| Vistra Operations Co. LLC, 6.00%, 4/15/34<sup>(2)</sup> | 146000 | 147610 |
|  |  | 6111012 |
| **Electronic Equipment, Instruments and Components — 0.0%** |  |  |
| Keysight Technologies, Inc., 5.35%, 7/30/30 | 258000 | 264946 |
| **Entertainment — 0.0%** |  |  |
| Warnermedia Holdings, Inc., 3.76%, 3/15/27 | 213000 | 207345 |
| **Financial Services — 0.4%** |  |  |
| Antares Holdings LP, 6.35%, 10/23/29<sup>(2)</sup> | 665000 | 663432 |
| Atlas Warehouse Lending Co. LP, 6.05%, 1/15/28<sup>(2)</sup> | 265000 | 266866 |
| Atlas Warehouse Lending Co. LP, 6.25%, 1/15/30<sup>(2)</sup> | 1000000 | 1002910 |
| Corebridge Financial, Inc., 5.75%, 1/15/34 | 170000 | 173424 |
| Corebridge Financial, Inc., VRN, 6.375%, 9/15/54 | 263000 | 254036 |
| Nationwide Building Society, VRN, 4.125%, 10/18/32<sup>(2)</sup> | 250000 | 243193 |
| PayPal Holdings, Inc., 5.10%, 4/1/35 | 465000 | 463142 |
| Voya Financial, Inc., 5.00%, 9/20/34 | 300000 | 287117 |
|  |  | 3354120 |
| **Food Products — 0.2%** |  |  |
| Flowers Foods, Inc., 5.75%, 3/15/35 | 370000 | 373587 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares/<br>Principal Amount** | **Value** |
| JBS USA LUX SARL/JBS USA Food Co./JBS USA Foods Group, 5.95%, 4/20/35<sup>(2)</sup> | $305000 | $314174 |
| Kraft Heinz Foods Co., 5.00%, 6/4/42 | 295000 | 267247 |
| Mars, Inc., 5.20%, 3/1/35<sup>(2)</sup> | 528000 | 530296 |
| Mars, Inc., 3.875%, 4/1/39<sup>(2)</sup> | 109000 | 94045 |
| Mars, Inc., 5.65%, 5/1/45<sup>(2)</sup> | 315000 | 313048 |
| Mars, Inc., 5.70%, 5/1/55<sup>(2)</sup> | 184000 | 181502 |
|  |  | 2073899 |
| **Gas Utilities — 0.0%** |  |  |
| Boston Gas Co., 5.84%, 1/10/35<sup>(2)</sup> | 132000 | 136026 |
| Eastern Energy Gas Holdings LLC, 5.65%, 10/15/54 | 158000 | 148896 |
|  |  | 284922 |
| **Ground Transportation — 0.1%** |  |  |
| Ashtead Capital, Inc., 5.95%, 10/15/33<sup>(2)</sup> | 400000 | 404909 |
| Burlington Northern Santa Fe LLC, 5.20%, 4/15/54 | 162000 | 151876 |
| United Rentals North America, Inc., 6.00%, 12/15/29<sup>(2)</sup> | 155000 | 157123 |
|  |  | 713908 |
| **Health Care Equipment and Supplies — 0.0%** |  |  |
| Medline Borrower LP/Medline Co-Issuer, Inc., 6.25%, 4/1/29<sup>(2)</sup> | 428000 | 431811 |
| **Health Care Providers and Services — 0.6%** |  |  |
| Cardinal Health, Inc., 5.35%, 11/15/34 | 585000 | 587530 |
| CVS Health Corp., 6.00%, 6/1/44 | 410000 | 397429 |
| CVS Health Corp., 5.625%, 2/21/53 | 120000 | 108942 |
| CVS Health Corp., VRN, 7.00%, 3/10/55 | 245000 | 248442 |
| Duke University Health System, Inc., 3.92%, 6/1/47 | 160000 | 125108 |
| HCA, Inc., 5.25%, 3/1/30 | 276000 | 280804 |
| HCA, Inc., 6.20%, 3/1/55 | 130000 | 127519 |
| Humana, Inc., 5.75%, 4/15/54 | 221000 | 202894 |
| Icon Investments Six DAC, 6.00%, 5/8/34 | 301000 | 300769 |
| IQVIA, Inc., 6.25%, 2/1/29 | 442000 | 459698 |
| Kaiser Foundation Hospitals, 3.00%, 6/1/51 | 220000 | 140513 |
| Tenet Healthcare Corp., 6.25%, 2/1/27 | 325000 | 325087 |
| Tenet Healthcare Corp., 5.125%, 11/1/27 | 134000 | 132994 |
| UnitedHealth Group, Inc., 5.50%, 7/15/44 | 436000 | 423286 |
| UnitedHealth Group, Inc., 5.05%, 4/15/53 | 520000 | 460104 |
| Universal Health Services, Inc., 5.05%, 10/15/34 | 465000 | 434551 |
|  |  | 4755670 |
| **Hotels, Restaurants and Leisure — 0.2%** |  |  |
| Carnival Corp., 4.00%, 8/1/28<sup>(2)</sup> | 585000 | 558350 |
| Expedia Group, Inc., 5.40%, 2/15/35 | 385000 | 379222 |
| Hyatt Hotels Corp., 5.75%, 3/30/32 | 322000 | 322813 |
| Royal Caribbean Cruises Ltd., 6.00%, 2/1/33<sup>(2)</sup> | 578000 | 579990 |
|  |  | 1840375 |
| **Household Durables — 0.1%** |  |  |
| Dr. Horton, Inc., 4.85%, 10/15/30<sup>(3)</sup> | 251000 | 252201 |
| Meritage Homes Corp., 5.65%, 3/15/35 | 252000 | 246066 |
|  |  | 498267 |
| **Industrial Conglomerates — 0.0%** |  |  |
| Siemens Financieringsmaatschappij NV, 1.20%, 3/11/26<sup>(2)</sup> | 350000 | 341069 |
| **Industrial REITs — 0.0%** |  |  |
| LXP Industrial Trust, 6.75%, 11/15/28 | 172000 | 182930 |
| **Insurance — 0.3%** |  |  |
| Allstate Corp., 5.55%, 5/9/35 | 168000 | 172718 |
| American International Group, Inc., 4.375%, 6/30/50 | 210000 | 171104 |
| American International Group, Inc., VRN, 5.75%, 4/1/48 | 146000 | 144253 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares/<br>Principal Amount** | **Value** |
| Athene Global Funding, 5.53%, 7/11/31<sup>(2)</sup> | $292000 | $296867 |
| Beacon Funding Trust, 6.27%, 8/15/54<sup>(2)</sup> | 310000 | 303497 |
| CNO Financial Group, Inc., 6.45%, 6/15/34 | 215000 | 222043 |
| Liberty Mutual Group, Inc., VRN, 4.125%, 12/15/51<sup>(2)</sup> | 310000 | 292877 |
| Lincoln National Corp., 7.00%, 6/15/40 | 330000 | 365079 |
| MetLife, Inc., 6.40%, 12/15/66 | 200000 | 198116 |
| Reinsurance Group of America, Inc., VRN, 6.65%, 9/15/55 | 125000 | 121434 |
|  |  | 2287988 |
| **IT Services — 0.1%** |  |  |
| Kyndryl Holdings, Inc., 3.15%, 10/15/31 | 580000 | 509317 |
| Kyndryl Holdings, Inc., 4.10%, 10/15/41 | 201000 | 151620 |
|  |  | 660937 |
| **Machinery — 0.1%** |  |  |
| AGCO Corp., 5.80%, 3/21/34 | 293000 | 291244 |
| Nordson Corp., 4.50%, 12/15/29 | 495000 | 491192 |
| Weir Group PLC, 5.35%, 5/6/30<sup>(2)(3)</sup> | 421000 | 423117 |
|  |  | 1205553 |
| **Media — 0.1%** |  |  |
| Comcast Corp., 5.65%, 6/1/54 | 505000 | 487962 |
| **Metals and Mining — 0.2%** |  |  |
| Glencore Funding LLC, 5.19%, 4/1/30<sup>(2)</sup> | 600000 | 607707 |
| Glencore Funding LLC, 5.89%, 4/4/54<sup>(2)</sup> | 230000 | 217176 |
| Newmont Corp./Newcrest Finance Pty. Ltd., 5.35%, 3/15/34 | 380000 | 386591 |
| Rio Tinto Finance USA PLC, 5.75%, 3/14/55 | 316000 | 312119 |
|  |  | 1523593 |
| **Mortgage Real Estate Investment Trusts (REITs) — 0.1%** |  |  |
| Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 4.75%, 6/15/29<sup>(2)</sup> | 740000 | 709046 |
| **Multi-Utilities — 0.1%** |  |  |
| Dominion Energy, Inc., 4.90%, 8/1/41 | 455000 | 400360 |
| Engie SA, 5.875%, 4/10/54<sup>(2)</sup> | 510000 | 496334 |
| Sempra, 3.25%, 6/15/27 | 180000 | 174989 |
|  |  | 1071683 |
| **Oil, Gas and Consumable Fuels — 0.9%** |  |  |
| BP Capital Markets America, Inc., 3.06%, 6/17/41 | 250000 | 180259 |
| Cheniere Energy, Inc., 4.625%, 10/15/28 | 385000 | 381427 |
| Columbia Pipelines Operating Co. LLC, 6.04%, 11/15/33<sup>(2)</sup> | 370000 | 382515 |
| Diamondback Energy, Inc., 6.25%, 3/15/33 | 320000 | 334344 |
| Enbridge, Inc., VRN, 6.00%, 1/15/77 | 535000 | 525193 |
| Energy Transfer LP, 6.55%, 12/1/33 | 601000 | 633067 |
| Energy Transfer LP, 6.125%, 12/15/45 | 340000 | 321900 |
| Eni SpA, 5.95%, 5/15/54<sup>(2)</sup> | 307000 | 289375 |
| Expand Energy Corp., 6.75%, 4/15/29<sup>(2)</sup> | 870000 | 877157 |
| Greensaif Pipelines Bidco SARL, 5.85%, 2/23/36<sup>(2)</sup> | 786000 | 792135 |
| Northern Natural Gas Co., 5.625%, 2/1/54<sup>(2)</sup> | 155000 | 146636 |
| Occidental Petroleum Corp., 5.375%, 1/1/32 | 216000 | 205668 |
| Occidental Petroleum Corp., 6.45%, 9/15/36 | 150000 | 146278 |
| Petroleos Mexicanos, 6.49%, 1/23/27 | 374000 | 365671 |
| Petroleos Mexicanos, 6.50%, 3/13/27 | 610000 | 596389 |
| Petroleos Mexicanos, 5.35%, 2/12/28 | 1197000 | 1107151 |
| Shell Finance U.S., Inc., 4.375%, 5/11/45 | 180000 | 150586 |
| SM Energy Co., 6.75%, 9/15/26 | 265000 | 262830 |
|  |  | 7698581 |
| **Passenger Airlines — 0.1%** |  |  |
| Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.50%, 6/20/27<sup>(2)</sup> | 1083142 | 1087419 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares/<br>Principal Amount** | **Value** |
| **Pharmaceuticals — 0.1%** | | |
| Bristol-Myers Squibb Co., 5.50%, 2/22/44 | $155000 | $152089 |
| Bristol-Myers Squibb Co., 5.55%, 2/22/54 | 410000 | 395325 |
|  |  | 547414 |
| **Professional Services — 0.1%** |  |  |
| Paychex, Inc., 5.10%, 4/15/30 | 303000 | 307638 |
| Paychex, Inc., 5.35%, 4/15/32 | 401000 | 407491 |
|  |  | 715129 |
| **Real Estate Management and Development — 0.0%** |  |  |
| Essential Properties LP, 2.95%, 7/15/31 | 166000 | 143263 |
| **Semiconductors and Semiconductor Equipment — 0.4%** |  |  |
| Broadcom, Inc., 5.20%, 4/15/32 | 210000 | 213500 |
| Foundry JV Holdco LLC, 5.50%, 1/25/31<sup>(2)</sup> | 617000 | 625265 |
| Foundry JV Holdco LLC, 5.90%, 1/25/33<sup>(2)</sup> | 232000 | 236829 |
| Foundry JV Holdco LLC, 5.875%, 1/25/34<sup>(2)</sup> | 180000 | 180939 |
| Foundry JV Holdco LLC, 6.10%, 1/25/36<sup>(2)</sup> | 252000 | 257047 |
| Foundry JV Holdco LLC, 6.30%, 1/25/39<sup>(2)</sup> | 207000 | 215126 |
| Intel Corp., 3.90%, 3/25/30 | 575000 | 549083 |
| Intel Corp., 5.15%, 2/21/34 | 280000 | 272824 |
| Intel Corp., 5.70%, 2/10/53 | 230000 | 205072 |
| Intel Corp., 5.60%, 2/21/54 | 215000 | 189872 |
| Micron Technology, Inc., 5.30%, 1/15/31 | 620000 | 623052 |
|  |  | 3568609 |
| **Software — 0.3%** |  |  |
| AppLovin Corp., 5.375%, 12/1/31 | 340000 | 343313 |
| Oracle Corp., 5.25%, 2/3/32 | 388000 | 393552 |
| Oracle Corp., 3.60%, 4/1/40 | 677000 | 528082 |
| Oracle Corp., 6.00%, 8/3/55 | 280000 | 272614 |
| Oracle Corp., 5.50%, 9/27/64 | 245000 | 217628 |
| Synopsys, Inc., 5.00%, 4/1/32 | 670000 | 675000 |
| Synopsys, Inc., 5.70%, 4/1/55 | 264000 | 255386 |
|  |  | 2685575 |
| **Specialized REITs — 0.1%** |  |  |
| Crown Castle, Inc., 5.20%, 9/1/34 | 236000 | 231647 |
| EPR Properties, 4.95%, 4/15/28 | 520000 | 514159 |
| EPR Properties, 3.75%, 8/15/29 | 110000 | 102999 |
| VICI Properties LP, 5.75%, 4/1/34 | 152000 | 152957 |
|  |  | 1001762 |
| **Specialty Retail — 0.0%** |  |  |
| Home Depot, Inc., 5.30%, 6/25/54 | 252000 | 239508 |
| **Technology Hardware, Storage and Peripherals — 0.1%** |  |  |
| Dell International LLC/EMC Corp., 5.30%, 4/1/32 | 168000 | 168458 |
| Hewlett Packard Enterprise Co., 4.85%, 10/15/31 | 295000 | 291546 |
|  |  | 460004 |
| **Textiles, Apparel and Luxury Goods — 0.1%** |  |  |
| Tapestry, Inc., 5.50%, 3/11/35 | 461000 | 449204 |
| **Trading Companies and Distributors — 0.0%** |  |  |
| Aircastle Ltd., 5.95%, 2/15/29<sup>(2)</sup> | 195000 | 200176 |
| Aircastle Ltd./Aircastle Ireland DAC, 5.75%, 10/1/31<sup>(2)</sup> | 158000 | 159715 |
|  |  | 359891 |
| **Wireless Telecommunication Services — 0.1%** |  |  |
| U.S. Cellular Corp., 6.70%, 12/15/33 | 461000 | 499689 |
| **TOTAL CORPORATE BONDS**<br>(Cost $81,020,121) |  | **80207242** |
| **U.S. TREASURY SECURITIES — 7.0%** |  |  |
| U.S. Treasury Bonds, 3.50%, 2/15/39 | 200000 | 181586 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares/<br>Principal Amount** | **Value** |
| U.S. Treasury Bonds, 4.375%, 11/15/39 | $600000 | $593285 |
| U.S. Treasury Bonds, 4.625%, 2/15/40 | 700000 | 710309 |
| U.S. Treasury Bonds, 4.375%, 5/15/41 | 1400000 | 1369156 |
| U.S. Treasury Bonds, 3.75%, 8/15/41 | 700000 | 632598 |
| U.S. Treasury Bonds, 4.00%, 11/15/42 | 500000 | 461191 |
| U.S. Treasury Bonds, 4.375%, 8/15/43 | 800000 | 771625 |
| U.S. Treasury Bonds, 4.75%, 11/15/43 | 5000000 | 5053223 |
| U.S. Treasury Bonds, 4.50%, 2/15/44 | 1700000 | 1661650 |
| U.S. Treasury Bonds, 4.625%, 5/15/44 | 1800000 | 1786395 |
| U.S. Treasury Bonds, 4.125%, 8/15/44 | 1300000 | 1205344 |
| U.S. Treasury Bonds, 2.50%, 2/15/45 | 1700000 | 1209125 |
| U.S. Treasury Bonds, 2.75%, 11/15/47 | 300000 | 215654 |
| U.S. Treasury Notes, 2.875%, 6/15/25<sup>(4)</sup> | 500000 | 499137 |
| U.S. Treasury Notes, 4.625%, 9/15/26<sup>(4)</sup> | 300000 | 303521 |
| U.S. Treasury Notes, 4.125%, 11/15/27<sup>(4)</sup> | 1200000 | 1215492 |
| U.S. Treasury Notes, 4.00%, 12/15/27 | 4000000 | 4043203 |
| U.S. Treasury Notes, 4.25%, 1/15/28 | 2600000 | 2643824 |
| U.S. Treasury Notes, 1.125%, 2/29/28 | 1000000 | 934395 |
| U.S. Treasury Notes, 4.375%, 11/30/28 | 1300000 | 1332094 |
| U.S. Treasury Notes, 4.125%, 3/31/29 | 4800000 | 4881562 |
| U.S. Treasury Notes, 4.00%, 2/28/30<sup>(4)</sup> | 8100000 | 8206312 |
| U.S. Treasury Notes, 4.125%, 8/31/30 | 4400000 | 4475367 |
| U.S. Treasury Notes, 4.875%, 10/31/30 | 5100000 | 5372631 |
| U.S. Treasury Notes, 4.375%, 11/30/30 | 2600000 | 2674801 |
| U.S. Treasury Notes, 3.75%, 12/31/30 | 2500000 | 2492334 |
| U.S. Treasury Notes, 4.125%, 10/31/31 | 1200000 | 1215469 |
| U.S. Treasury Notes, 4.625%, 2/15/35 | 3000000 | 3112734 |
| **TOTAL U.S. TREASURY SECURITIES**<br>(Cost $58,954,398) |  | **59254017** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 4.3%** |  |  |
| **Private Sponsor Collateralized Mortgage Obligations — 4.1%** |  |  |
| ABN AMRO Mortgage Corp., Series 2003-4, Class A4, 5.50%, 3/25/33 | 1680 | 1669 |
| BRAVO Residential Funding Trust, Series 2024-NQM2, Class A1, 6.29%, 2/25/64<sup>(2)</sup> | 907735 | 915481 |
| BRAVO Residential Funding Trust, Series 2024-RPL1, Class A1, SEQ, VRN, 3.25%, 10/25/63<sup>(2)</sup> | 1000590 | 920298 |
| Chase Home Lending Mortgage Trust, Series 2024-10, Class A4, VRN, 6.00%, 10/25/55<sup>(2)</sup> | 1062633 | 1073228 |
| Chase Home Lending Mortgage Trust, Series 2024-2, Class A4A, SEQ, VRN, 6.00%, 2/25/55<sup>(2)</sup> | 385516 | 389412 |
| Chase Home Lending Mortgage Trust, Series 2024-6, Class A4, VRN, 6.00%, 5/25/55<sup>(2)</sup> | 617394 | 623147 |
| Chase Home Lending Mortgage Trust, Series 2024-8, Class A6A, SEQ, VRN, 5.50%, 8/25/55<sup>(2)</sup> | 759982 | 759751 |
| Chase Home Lending Mortgage Trust, Series 2024-9, Class A4, VRN, 5.50%, 9/25/55<sup>(2)</sup> | 1135607 | 1138036 |
| Chase Home Lending Mortgage Trust, Series 2024-9, Class A6, SEQ, VRN, 5.50%, 9/25/55<sup>(2)</sup> | 487437 | 487826 |
| CHL Mortgage Pass-Through Trust, Series 2005-17, Class 1A11, 5.50%, 9/25/35 | 735 | 722 |
| Citigroup Mortgage Loan Trust, Series 2024-CMI1, Class A11, VRN, 5.50%, 6/25/54<sup>(2)</sup> | 1598013 | 1599980 |
| Citigroup Mortgage Loan Trust, Series 2025-2, Class A10, VRN, 6.00%, 2/25/55<sup>(2)</sup> | 952965 | 963324 |
| Credit Suisse Mortgage Trust, Series 2021-NQM6, Class A1, SEQ, VRN, 1.17%, 7/25/66<sup>(2)</sup> | 189931 | 158146 |
| EFMT, Series 2025-CES2, Class A1A, 5.66%, 2/25/60<sup>(2)</sup> | 898246 | 905604 |
| GCAT Trust, Series 2021-CM2, Class A1, SEQ, VRN, 2.35%, 8/25/66<sup>(2)</sup> | 671476 | 622919 |
| GCAT Trust, Series 2021-NQM1, Class A3, SEQ, VRN, 1.15%, 1/25/66<sup>(2)</sup> | 157189 | 137408 |
| GCAT Trust, Series 2024-INV2, Class A6, SEQ, VRN, 6.00%, 6/25/54<sup>(2)</sup> | 501350 | 507258 |
| GCAT Trust, Series 2024-INV3, Class A6, SEQ, VRN, 5.50%, 9/25/54<sup>(2)</sup> | 626328 | 629531 |
| GS Mortgage-Backed Securities Trust, Series 2023-PJ4, Class A15, SEQ, VRN, 6.00%, 1/25/54<sup>(2)</sup> | 484643 | 488953 |
| GS Mortgage-Backed Securities Trust, Series 2023-PJ6, Class A15, SEQ, VRN, 6.00%, 4/25/54<sup>(2)</sup> | 508685 | 512948 |
| GS Mortgage-Backed Securities Trust, Series 2024-PJ1, Class A15, VRN, 6.00%, 6/25/54<sup>(2)</sup> | 1086502 | 1096284 |
| JP Morgan Mortgage Trust, Series 2020-3, Class A15, VRN, 3.50%, 8/25/50<sup>(2)</sup> | 143801 | 129296 |
| JP Morgan Mortgage Trust, Series 2023-7, Class A4A, SEQ, VRN, 5.50%, 2/25/54<sup>(2)</sup> | 1299583 | 1304314 |
| JP Morgan Mortgage Trust, Series 2024-10, Class A4, VRN, 5.50%, 3/25/55<sup>(2)</sup> | 954158 | 954616 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares/<br>Principal Amount** | **Value** |
| JP Morgan Mortgage Trust, Series 2024-10, Class A6, SEQ, VRN, 5.50%, 3/25/55<sup>(2)</sup> | $725318 | $725606 |
| JP Morgan Mortgage Trust, Series 2024-11, Class A4, VRN, 6.00%, 4/25/55<sup>(2)</sup> | 1503784 | 1519048 |
| JP Morgan Mortgage Trust, Series 2024-11, Class A6, SEQ, VRN, 6.00%, 4/25/55<sup>(2)</sup> | 632365 | 637368 |
| JP Morgan Mortgage Trust, Series 2024-5, Class A6, SEQ, VRN, 6.00%, 11/25/54<sup>(2)</sup> | 824106 | 827521 |
| JP Morgan Mortgage Trust, Series 2024-INV1, Class A4, SEQ, VRN, 6.00%, 4/25/55<sup>(2)</sup> | 867009 | 878614 |
| JP Morgan Mortgage Trust, Series 2025-2, Class A4, VRN, 6.00%, 7/25/55<sup>(2)</sup> | 1347307 | 1361374 |
| MFA Trust, Series 2021-INV2, Class A3, SEQ, VRN, 2.26%, 11/25/56<sup>(2)</sup> | 547002 | 488385 |
| MFA Trust, Series 2024-NQM1, Class A1, SEQ, 6.58%, 3/25/69<sup>(2)</sup> | 650017 | 657487 |
| Morgan Stanley Residential Mortgage Loan Trust, Series 2025-1, Class A3, VRN, 6.00%, 3/25/55<sup>(2)</sup> | 750000 | 758947 |
| OBX Trust, Series 2024-HYB1, Class A1, SEQ, VRN, 3.66%, 3/25/53<sup>(2)</sup> | 222910 | 218592 |
| OBX Trust, Series 2024-HYB2, Class A1, SEQ, VRN, 3.68%, 4/25/53<sup>(2)</sup> | 364060 | 362896 |
| OBX Trust, Series 2024-NQM7, Class A1, 6.24%, 3/25/64<sup>(2)</sup> | 325240 | 328290 |
| Provident Funding Mortgage Trust, Series 2024-1, Class A3, VRN, 5.50%, 12/25/54<sup>(2)</sup> | 1401603 | 1402756 |
| Provident Funding Mortgage Trust, Series 2025-1, Class A3, VRN, 5.50%, 2/25/55<sup>(2)</sup> | 1731434 | 1737454 |
| Rate Mortgage Trust, Series 2024-J1, Class A7, SEQ, VRN, 6.00%, 7/25/54<sup>(2)</sup> | 597117 | 601178 |
| Rate Mortgage Trust, Series 2024-J3, Class A8, SEQ, VRN, 5.50%, 10/25/54<sup>(2)</sup> | 369646 | 369952 |
| Rate Mortgage Trust, Series 2025-J1, Class A5, VRN, 5.50%, 3/25/55<sup>(2)</sup> | 414778 | 417113 |
| RCKT Mortgage Trust, Series 2024-CES8, Class A1A, 5.49%, 11/25/44<sup>(2)</sup> | 728312 | 730788 |
| Saluda Grade Alternative Mortgage Trust, Series 2024-CES1, Class A1, SEQ, VRN, 6.31%, 3/25/54<sup>(2)</sup> | 813747 | 820990 |
| Sequoia Mortgage Trust, Series 2024-10, Class A11, VRN, 5.50%, 11/25/54<sup>(2)</sup> | 437925 | 437906 |
| Sequoia Mortgage Trust, Series 2024-10, Class A5, SEQ, VRN, 5.50%, 11/25/54<sup>(2)</sup> | 566501 | 566727 |
| Sequoia Mortgage Trust, Series 2024-6, Class A11, SEQ, VRN, 6.00%, 7/27/54<sup>(2)</sup> | 890246 | 895225 |
| Sequoia Mortgage Trust, Series 2024-8, Class A5, SEQ, VRN, 5.50%, 9/25/54<sup>(2)</sup> | 489798 | 489970 |
| SoFi Mortgage Trust, Series 2016-1A, Class 1A4, SEQ, VRN, 3.00%, 11/25/46<sup>(2)</sup> | 34008 | 30420 |
| Towd Point Mortgage Trust, Series 2024-1, Class A1, SEQ, VRN, 4.77%, 3/25/64<sup>(2)</sup> | 1070267 | 1086623 |
| Verus Securitization Trust, Series 2021-R2, Class A2, VRN, 1.12%, 2/25/64<sup>(2)</sup> | 151376 | 140473 |
| Verus Securitization Trust, Series 2021-R2, Class A3, VRN, 1.23%, 2/25/64<sup>(2)</sup> | 173103 | 160660 |
|  |  | 34972514 |
| **U.S. Government Agency Collateralized Mortgage Obligations — 0.2%** |  |  |
| FHLMC, Series 2023-HQA2, Class M1A, VRN, 6.35%, (30-day average SOFR plus 2.00%), 6/25/43<sup>(2)</sup> | 116867 | 117514 |
| FNMA, Series 2017-C03, Class 1M2C, VRN, 7.47%, (30-day average SOFR plus 3.11%), 10/25/29 | 110000 | 111326 |
| FNMA, Series 2023-39, Class AI, IO, 2.00%, 7/25/52 | 7686297 | 986438 |
|  |  | 1215278 |
| **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS**<br>(Cost $35,974,052) |  | **36187792** |
| **ASSET-BACKED SECURITIES — 1.7%** |  |  |
| Aligned Data Centers Issuer LLC, Series 2021-1A, Class B, 2.48%, 8/15/46<sup>(2)</sup> | 642000 | 611786 |
| Blackbird Capital II Aircraft Lease Ltd., Series 2021-1A, Class A, SEQ, 2.44%, 7/15/46<sup>(2)</sup> | 607564 | 565490 |
| BRAVO Residential Funding Trust, Series 2024-CES1, Class A1A, 6.38%, 4/25/54<sup>(2)</sup> | 610189 | 617484 |
| Capital Automotive REIT, Series 2024-2A, Class A1, SEQ, 4.90%, 5/15/54<sup>(2)</sup> | 746583 | 745730 |
| CyrusOne Data Centers Issuer I LLC, Series 2024-2A, Class A2, SEQ, 4.50%, 5/20/49<sup>(2)</sup> | 700000 | 677933 |
| DI Issuer LLC, Series 2021-1A, Class A2, SEQ, 3.72%, 9/15/51<sup>(2)</sup> | 1748776 | 1661405 |
| Enterprise Fleet Financing LLC, Series 2024-1, Class A2, SEQ, 5.23%, 3/20/30<sup>(2)</sup> | 548786 | 553237 |
| Flexential Issuer, Series 2021-1A, Class A2, SEQ, 3.25%, 11/27/51<sup>(2)</sup> | 1000000 | 954406 |
| Goodgreen Trust, Series 2018-1A, Class A, VRN, 3.93%, 10/15/53<sup>(2)</sup> | 252422 | 235088 |
| Goodgreen Trust, Series 2020-1A, Class A, SEQ, 2.63%, 4/15/55<sup>(2)</sup> | 487574 | 410712 |
| Hotwire Funding LLC, Series 2024-1A, Class A2, SEQ, 5.89%, 6/20/54<sup>(2)</sup> | 600000 | 608644 |
| New Economy Assets - Phase 1 Sponsor LLC, Series 2021-1, Class B1, 2.41%, 10/20/61<sup>(2)</sup> | 1350000 | 1228860 |
| PK Alift Loan Funding 3 LP, Series 2024-1, Class A1, SEQ, 5.84%, 9/15/39<sup>(2)</sup> | 602179 | 610697 |
| RCKT Mortgage Trust, Series 2024-CES1, Class A1A, VRN, 6.03%, 2/25/44<sup>(2)</sup> | 642527 | 646235 |
| RCKT Mortgage Trust, Series 2024-CES2, Class A1A, VRN, 6.14%, 4/25/44<sup>(2)</sup> | 397768 | 401412 |
| RCKT Mortgage Trust, Series 2024-CES3, Class A1A, VRN, 6.59%, 5/25/44<sup>(2)</sup> | 281622 | 286008 |
| RCKT Mortgage Trust, Series 2024-CES4, Class A1A, 6.15%, 6/25/44<sup>(2)</sup> | 833605 | 842760 |
| RCKT Mortgage Trust, Series 2024-CES6, Class A1A, 5.34%, 9/25/44<sup>(2)</sup> | 288715 | 288891 |
| SCF Equipment Leasing LLC, Series 2024-1A, Class B, 5.56%, 4/20/32<sup>(2)</sup> | 300000 | 307709 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares/<br>Principal Amount** | **Value** |
| SCF Equipment Leasing LLC, Series 2024-1A, Class C, 5.82%, 9/20/32<sup>(2)</sup> | $150000 | $154134 |
| Sierra Timeshare Receivables Funding LLC, Series 2021-1A, Class C, 1.79%, 11/20/37<sup>(2)</sup> | 74656 | 72940 |
| Subway Funding LLC, Series 2024-1A, Class A2I, SEQ, 6.03%, 7/30/54<sup>(2)</sup> | 1186040 | 1202075 |
| Switch ABS Issuer LLC, Series 2024-2A, Class A2, SEQ, 5.44%, 6/25/54<sup>(2)</sup> | 525000 | 521984 |
| Towd Point Mortgage Trust, Series 2024-CES3, Class A1, VRN, 6.29%, 5/25/64<sup>(2)</sup> | 625100 | 632853 |
| **TOTAL ASSET-BACKED SECURITIES**<br>(Cost $15,055,517) |  | **14838473** |
| **CONVERTIBLE PREFERRED SECURITIES — 1.7%** |  |  |
| **Banks — 1.4%** |  |  |
| Banco Bilbao Vizcaya Argentaria SA, 6.125% | 200000 | 192726 |
| Banco Santander SA, 4.75% | 600000 | 567521 |
| BNP Paribas SA, 4.625%<sup>(2)</sup> | 635000 | 601640 |
| BNP Paribas SA, 7.375%<sup>(2)</sup> | 300000 | 301362 |
| Credit Agricole SA, 8.125%<sup>(2)</sup> | 1550000 | 1571190 |
| Danske Bank AS, 4.375% | 1470000 | 1440490 |
| ING Groep NV, 5.75% | 1250000 | 1230612 |
| Intesa Sanpaolo SpA, 7.70%<sup>(2)</sup> | 555000 | 558115 |
| Lloyds Banking Group PLC, 7.50% | 1285000 | 1284260 |
| Macquarie Bank Ltd., 6.125%<sup>(2)</sup> | 647000 | 644383 |
| NatWest Group PLC, 6.00% | 1120000 | 1115901 |
| Nordea Bank Abp, 6.625%<sup>(2)</sup> | 1250000 | 1253448 |
| Skandinaviska Enskilda Banken AB, 6.875% | 400000 | 405750 |
| Societe Generale SA, 4.75%<sup>(2)</sup> | 692000 | 668994 |
|  |  | 11836392 |
| **Capital Markets — 0.1%** |  |  |
| Deutsche Bank AG, 6.00% | 400000 | 392735 |
| Deutsche Bank AG, 8.13% | 200000 | 198372 |
| UBS Group AG, 5.125% | 416000 | 410263 |
|  |  | 1001370 |
| **Insurance — 0.2%** |  |  |
| Allianz SE, 3.50%<sup>(2)</sup> | 1400000 | 1347793 |
| **TOTAL CONVERTIBLE PREFERRED SECURITIES**<br>(Cost $14,196,416) |  | **14185555** |
| **COLLATERALIZED LOAN OBLIGATIONS — 1.3%** |  |  |
| ACREC LLC, Series 2023-FL2, Class A, VRN, 6.55%, (1-month SOFR plus 2.23%), 2/19/38<sup>(2)</sup> | $458822 | 458099 |
| Canyon Capital CLO Ltd., Series 2017-1A, Class BR, VRN, 6.12%, (3-month SOFR plus 1.86%), 7/15/30<sup>(2)</sup> | 350000 | 350910 |
| Carlyle Global Market Strategies CLO Ltd., Series 2013-1A, Class BRR, VRN, 6.78%, (3-month SOFR plus 2.46%), 8/14/30<sup>(2)</sup> | 450000 | 450425 |
| Elmwood CLO 24 Ltd., Series 2023-3A, Class BR, VRN, 5.88%, (3-month SOFR plus 1.60%), 1/17/38<sup>(2)</sup> | 1650000 | 1638450 |
| Elmwood CLO 37 Ltd., Series 2024-13A, Class C, VRN, 5.99%, (3-month SOFR plus 1.70%), 1/17/38<sup>(2)</sup> | 850000 | 829295 |
| GoldenTree Loan Management U.S. CLO 23 Ltd., Series 2024-23A, Class C, VRN, 6.03%, (3-month SOFR plus 1.75%), 1/20/39<sup>(2)</sup> | 850000 | 831965 |
| Madison Park Funding LXVIII Ltd., Series 2024-68A, Class C, VRN, 6.10%, (3-month SOFR plus 1.80%), 1/20/38<sup>(2)</sup> | 843000 | 828241 |
| Magnetite XLI Ltd., Series 2024-41A, Class C, VRN, 6.09%, (3-month SOFR plus 1.78%), 1/25/38<sup>(2)</sup> | 400000 | 392393 |
| MF1 Ltd., Series 2021-FL7, Class AS, VRN, 5.88%, (1-month SOFR plus 1.56%), 10/16/36<sup>(2)</sup> | 1075000 | 1057400 |
| Mountain View CLO LLC, Series 2017-2A, Class B, VRN, 6.22%, (3-month SOFR plus 1.96%), 1/16/31<sup>(2)</sup> | 375000 | 375900 |
| Oaktree CLO Ltd., Series 2024-28A, Class C, VRN, 6.23%, (3-month SOFR plus 1.90%), 1/15/38<sup>(2)</sup> | 1125000 | 1112860 |
| Octagon Investment Partners XV Ltd., Series 2013-1A, Class BRR, VRN, 6.03%, (3-month SOFR plus 1.76%), 7/19/30<sup>(2)</sup> | 700000 | 701960 |
| Palmer Square Loan Funding Ltd., Series 2025-1A, Class A2, VRN, 5.52%, (3-month SOFR plus 1.20%), 2/15/33<sup>(2)</sup> | 500000 | 501400 |
| Ready Capital Mortgage Financing LLC, Series 2023-FL12, Class A, VRN, 6.66%, (1-month SOFR plus 2.34%), 5/25/38<sup>(2)</sup> | 100161 | 99795 |
| Shackleton CLO Ltd., Series 2017-11A, Class BR1, VRN, 6.23%, (3-month SOFR plus 1.91%), 8/15/30<sup>(2)</sup> | 900000 | 902529 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares/<br>Principal Amount** | **Value** |
| THL Credit Wind River CLO Ltd., Series 2013-2A, Class BR2, VRN, 6.10%, (3-month SOFR plus 1.83%), 10/18/30<sup>(2)</sup> | $358783 | $359146 |
| **TOTAL COLLATERALIZED LOAN OBLIGATIONS**<br>(Cost $10,982,696) |  | **10890768** |
| **EXCHANGE-TRADED FUNDS — 1.2%** |  |  |
| Invesco Senior Loan ETF | 50913 | 1054918 |
| iShares Core S&P 500 ETF | 15070 | 8408457 |
| SPDR Blackstone Senior Loan ETF | 12450 | 507711 |
| **TOTAL EXCHANGE-TRADED FUNDS**<br>(Cost $9,981,231) |  | **9971086** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.9%** |  |  |
| ARZ Trust, Series 2024-BILT, Class A, SEQ, 5.77%, 6/11/29<sup>(2)</sup> | $505000 | 518290 |
| Bank5, Series 2024-5YR7, Class A3, SEQ, 5.77%, 6/15/57 | 1267000 | 1318027 |
| Bank5 Trust, Series 2024-5YR6, Class A3, SEQ, 6.23%, 5/15/57 | 692000 | 730313 |
| BBCMS Mortgage Trust, Series 2024-5C27, Class A3, SEQ, 6.01%, 7/15/57 | 338000 | 355040 |
| BX Trust, Series 2018-GW, Class A, VRN, 5.42%, (1-month SOFR plus 1.10%), 5/15/35<sup>(2)</sup> | 492000 | 490596 |
| BX Trust, Series 2023-LIFE, Class A, SEQ, 5.05%, 2/15/28<sup>(2)</sup> | 1064000 | 1052667 |
| DBSG Mortgage Trust, Series 2024-ALTA, Class A, SEQ, VRN, 6.14%, 6/10/37<sup>(2)</sup> | 557000 | 563431 |
| FS Commercial Mortgage Trust, Series 2023-4SZN, Class A, SEQ, 7.07%, 11/10/39<sup>(2)</sup> | 760000 | 782764 |
| MIRA Trust, Series 2023-MILE, Class A, SEQ, 6.75%, 6/10/38<sup>(2)</sup> | 765000 | 800768 |
| SWCH Commercial Mortgage Trust, Series 2025-DATA, Class A, VRN, 5.76%, (1-month SOFR plus 1.44%), 3/15/42<sup>(2)</sup> | 1213000 | 1194099 |
| **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br>(Cost $7,702,747) |  | **7805995** |
| **PREFERRED SECURITIES — 0.9%** |  |  |
| **Banks — 0.5%** |  |  |
| Bank of Nova Scotia, 4.90% | 555000 | 554054 |
| Citigroup, Inc., 3.875% | 845000 | 823923 |
| Citigroup, Inc., 4.00% | 437000 | 428437 |
| Citizens Financial Group, Inc., 5.65% | 375000 | 373116 |
| Comerica, Inc., 5.625% | 830000 | 825112 |
| Fifth Third Bancorp, 4.50% | 545000 | 539193 |
| M&T Bank Corp., 5.125% | 40000 | 38837 |
| Wells Fargo & Co., 3.90% | 1110000 | 1090896 |
|  |  | 4673568 |
| **Capital Markets — 0.2%** |  |  |
| Charles Schwab Corp., 4.00% | 720000 | 698140 |
| Charles Schwab Corp., 5.00% | 740000 | 723637 |
| Charles Schwab Corp., 5.375% | 145000 | 144882 |
|  |  | 1566659 |
| **Consumer Finance — 0.1%** |  |  |
| American Express Co., 3.55% | 465000 | 446090 |
| **Multi-Utilities — 0.1%** |  |  |
| Sempra, 4.875% | 720000 | 712212 |
| **TOTAL PREFERRED SECURITIES**<br>(Cost $7,396,926) |  | **7398529** |
| **U.S. GOVERNMENT AGENCY SECURITIES — 0.5%** |  |  |
| FHLMC, 6.25%, 7/15/32 | $700000 | 796738 |
| FNMA, 0.75%, 10/8/27 | 2000000 | 1867381 |
| FNMA, 0.875%, 8/5/30 | 1900000 | 1628918 |
| FNMA, 6.625%, 11/15/30 | 400000 | 454372 |
| **TOTAL U.S. GOVERNMENT AGENCY SECURITIES**<br>(Cost $4,872,562) |  | **4747409** |
| **MUNICIPAL SECURITIES — 0.4%** |  |  |
| California State University Rev., 2.98%, 11/1/51 | 500000 | 325630 |
| Foothill-Eastern Transportation Corridor Agency Rev., 4.09%, 1/15/49 | 275000 | 224153 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares/<br>Principal Amount** | **Value** |
| Golden State Tobacco Securitization Corp. Rev., 2.75%, 6/1/34 | $660000 | $564801 |
| Houston GO, 3.96%, 3/1/47 | 120000 | 100541 |
| Michigan Strategic Fund Rev., (Flint Water Advocacy Fund), 3.23%, 9/1/47 | 570000 | 426058 |
| Missouri Highway & Transportation Commission Rev., 5.45%, 5/1/33 | 130000 | 132796 |
| New Jersey Turnpike Authority Rev., 7.10%, 1/1/41 | 95000 | 108712 |
| New York City GO, 6.27%, 12/1/37 | 95000 | 102604 |
| Ohio Turnpike & Infrastructure Commission Rev., 3.22%, 2/15/48 | 330000 | 239610 |
| Port Authority of New York & New Jersey Rev., 4.93%, 10/1/51 | 50000 | 46318 |
| Regents of the University of California Medical Center Pooled Rev., 3.26%, 5/15/60 | 245000 | 154987 |
| State of California GO, 4.60%, 4/1/28, Prerefunded at 100% of Par<sup>(5)</sup> | 180000 | 182960 |
| State of California GO, 7.60%, 11/1/40 | 80000 | 97215 |
| Texas Natural Gas Securitization Finance Corp. Rev., SEQ, 5.17%, 4/1/41 | 185000 | 186867 |
| United Nations Development Corp. Rev., (City of New York), Series A, 6.54%, 8/1/55 | 55000 | 57117 |
| University of California Rev., 3.07%, 5/15/51 | 180000 | 120500 |
| **TOTAL MUNICIPAL SECURITIES**<br>(Cost $3,733,417) |  | **3070869** |
| **SOVEREIGN GOVERNMENTS AND AGENCIES — 0.2%** |  |  |
| **Chile — 0.0%** |  |  |
| Chile Government International Bonds, 5.33%, 1/5/54 | 170000 | 158483 |
| **Panama — 0.1%** |  |  |
| Panama Government International Bonds, 6.875%, 1/31/36 | 580000 | 561829 |
| **Saudi Arabia — 0.1%** |  |  |
| Saudi Government International Bonds, 5.375%, 1/13/31<sup>(2)</sup> | 900000 | 926935 |
| **TOTAL SOVEREIGN GOVERNMENTS AND AGENCIES**<br>(Cost $1,624,749) |  | **1647247** |
| **SHORT-TERM INVESTMENTS — 1.5%** |  |  |
| **Money Market Funds — 1.5%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class<br>(Cost $13,106,315) | 13106315 | **13106315** |
| **TOTAL INVESTMENT SECURITIES — 104.1%**<br>(Cost $718,590,757) |  | **884644390** |
| **OTHER ASSETS AND LIABILITIES — (4.1)%** |  | **(35096283)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**849548107** |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 Appreciation <br>(Depreciation)** |
| DKK | 935862 | USD | 143020 | Goldman Sachs & Co. | 6/27/25 | $(429) |
| DKK | 430523 | USD | 62609 | UBS AG | 6/27/25 | 2988 |
| DKK | 330768 | USD | 48136 | UBS AG | 6/27/25 | 2261 |
| DKK | 504027 | USD | 73503 | UBS AG | 6/27/25 | 3292 |
| DKK | 367520 | USD | 54702 | UBS AG | 6/27/25 | 1295 |
| DKK | 908299 | USD | 133512 | UBS AG | 6/27/25 | 4880 |
| DKK | 736352 | USD | 110969 | UBS AG | 6/27/25 | 1225 |
| DKK | 267764 | USD | 40959 | UBS AG | 6/27/25 | (162) |
| USD | 65624 | DKK | 429211 | Citibank N.A. | 6/27/25 | 228 |
| USD | 75829 | DKK | 496152 | Citibank N.A. | 6/27/25 | 234 |
| USD | 61936 | DKK | 405584 | Citibank N.A. | 6/27/25 | 139 |
| USD | 2029396 | DKK | 13881740 | UBS AG | 6/27/25 | (85679) |
| USD | 61881 | DKK | 408209 | UBS AG | 6/27/25 | (315) |
| EUR | 67323 | USD | 73055 | Bank of America N.A. | 6/27/25 | 3462 |
| EUR | 48431 | USD | 53113 | Bank of America N.A. | 6/27/25 | 1932 |
| EUR | 66980 | USD | 75340 | Bank of America N.A. | 6/27/25 | 787 |
| EUR | 103046 | USD | 112039 | Goldman Sachs & Co. | 6/27/25 | 5078 |
| EUR | 107854 | USD | 122869 | Goldman Sachs & Co. | 6/27/25 | (286) |
| EUR | 93771 | USD | 103378 | Morgan Stanley | 6/27/25 | 3199 |
| EUR | 50149 | USD | 55032 | Morgan Stanley | 6/27/25 | 1965 |
| EUR | 58049 | USD | 62985 | UBS AG | 6/27/25 | 2991 |
| USD | 628361 | EUR | 577484 | Bank of America N.A. | 6/27/25 | (27986) |
| USD | 90682 | EUR | 81750 | Bank of America N.A. | 6/27/25 | (2231) |
| USD | 90817 | EUR | 80032 | Bank of America N.A. | 6/27/25 | (144) |
| USD | 69434 | EUR | 60797 | Bank of America N.A. | 6/27/25 | 334 |
| USD | 628418 | EUR | 577484 | Goldman Sachs & Co. | 6/27/25 | (27928) |
| USD | 109074 | EUR | 95489 | Goldman Sachs & Co. | 6/27/25 | 545 |
| USD | 628335 | EUR | 577484 | Morgan Stanley | 6/27/25 | (28011) |
| USD | 628184 | EUR | 577484 | UBS AG | 6/27/25 | (28162) |
|  |  |  |  |  |  | $(164498) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **FUTURES CONTRACTS PURCHASED** | **FUTURES CONTRACTS PURCHASED** | **FUTURES CONTRACTS PURCHASED** | **FUTURES CONTRACTS PURCHASED** | **FUTURES CONTRACTS PURCHASED** |
| **Reference Entity** | **Contracts** | **Expiration <br>Date** | **Notional <br>Amount** | **Unrealized <br>Appreciation <br>(Depreciation)^** |
| Australian 10-Year Government Bonds | 80 | June 2025 | $5891626 | $173168 |
| U.K. Gilt 10-Year Bonds | 14 | June 2025 | 1744878 | 35457 |
| U.S. Treasury 5-Year Notes | 72 | June 2025 | 7862063 | 64110 |
| U.S. Treasury 10-Year Ultra Notes | 141 | June 2025 | 16177547 | 172148 |
| U.S. Treasury Long Bonds | 32 | June 2025 | 3732000 | (4031) |
| U.S. Treasury Ultra Bonds | 82 | June 2025 | 9924562 | (173911) |
|  |  |  | $45332676 | $266941 |

---

^Amount represents value and unrealized appreciation (depreciation).

---

| | | | | |
|:---|:---|:---|:---|:---|
| **FUTURES CONTRACTS SOLD** | **FUTURES CONTRACTS SOLD** | **FUTURES CONTRACTS SOLD** | **FUTURES CONTRACTS SOLD** | **FUTURES CONTRACTS SOLD** |
| **Reference Entity** | **Contracts** | **Expiration <br>Date** | **Notional <br>Amount** | **Unrealized <br>Appreciation <br>(Depreciation)^** |
| Canadian 10-Year Government Bonds | 28 | June 2025 | $2511591 | $(10034) |
| U.S. Treasury 2-Year Notes | 158 | June 2025 | 32887453 | (196911) |
| U.S. Treasury 10-Year Notes | 5 | June 2025 | 561094 | (12432) |
|  |  |  | $35960138 | $(219377) |

---

^Amount represents value and unrealized appreciation (depreciation).

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS** | **CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS** | **CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS** | **CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS** | **CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS** | **CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS** | **CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS** | **CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS** |
| **Reference Entity** | **Type**<sup>‡</sup> | **Fixed Rate <br>Received <br>(Paid)<br>Quarterly** | **Termination <br>Date** | **Notional <br>Amount** | **Premiums Paid (Received)** | **Unrealized <br>Appreciation <br>(Depreciation)** | **Value^** |
| Markit CDX North America Investment Grade Index Series 44 | Sell | 1.00% | 6/20/30 | $5410000 | $88783 | $(2708) | $86075 |

---

‡The maximum potential amount the fund could be required to deliver as a seller of credit protection if a credit event occurs as defined under the terms of the agreement is the notional amount. The maximum potential amount may be partially offset by any recovery values of the reference entities and upfront payments received upon entering into the agreement.

^The value for credit default swap agreements serves as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability or profit at the period end. Increasing values in absolute terms when compared to the notional amount of the credit default swap agreement represent a deterioration of the referenced entity's credit soundness and an increased likelihood or risk of a credit event occurring as defined in the agreement.

---

| | | |
|:---|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** |
| ADR | – | American Depositary Receipt |
| CDX | – | Credit Derivatives Indexes |
| DKK | – | Danish Krone |
| EUR | – | Euro |
| FHLMC | – | Federal Home Loan Mortgage Corp. |
| FNMA | – | Federal National Mortgage Association |
| GNMA | – | Government National Mortgage Association |
| GO | – | General Obligation |
| IO | – | Interest Only |
| RFUCC | – | FTSE USD IBOR Consumer Cash Fallbacks |
| SEQ | – | Sequential Payer |
| SOFR | – | Secured Overnight Financing Rate |
| TBA | – | To-Be-Announced. Security was purchased on a forward commitment basis with an approximate principal amount and maturity date. Actual principal amount and maturity date will be determined upon settlement. |
| UMBS | – | Uniform Mortgage-Backed Securities |
| USD | – | United States Dollar |
| VRN | – | Variable Rate Note. The rate adjusts periodically based upon the terms set forth in the security's offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. The security's effective maturity date may be shorter than the final maturity date shown. |

---

(1)Non-income producing.

(2)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 $93,563,058, which represented 11.0% of total net assets.

(3)When-issued security. The issue price and yield are fixed on the date of the commitment, but payment and delivery are scheduled for a future date.

(4)Security, or a portion thereof, has been pledged at the custodian bank or with a broker for collateral requirements on forward commitments, forward foreign currency exchange contracts, futures contracts and/or swap agreements. At the period end, the aggregate value of securities pledged was $1,777,691.

(5)Escrowed to maturity in U.S. government securities or state and local government securities.

See Notes to Financial Statements.

------

Statement of Assets and Liabilities

---

| | |
|:---|:---|
| **APRIL 30, 2025 (UNAUDITED)** | |
| **Assets** | |
| Investment securities, at value (cost of $718,590,757) | $884644390 |
| Foreign currency holdings, at value (cost of $4) | 4 |
| Receivable for investments sold | 1052421 |
| Receivable for capital shares sold | 41045 |
| Unrealized appreciation on forward foreign currency exchange contracts | 36835 |
| Interest and dividends receivable | 3099600 |
|  | 888874295 |
| **Liabilities** |  |
| Payable for investments purchased | 37923579 |
| Payable for capital shares redeemed | 519442 |
| Payable for variation margin on futures contracts | 86230 |
| Payable for variation margin on swap agreements | 1294 |
| Unrealized depreciation on forward foreign currency exchange contracts | 201333 |
| Accrued management fees | 594310 |
|  | 39326188 |
| **Net Assets** | $849548107 |
| **Net Assets Consist of:** |  |
| Capital (par value and paid-in surplus) | $724035458 |
| Distributable earnings (loss) | 125512649 |
|  | $849548107 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Net Assets** | **Shares Outstanding** | **Net Asset Value Per Share** |
| Investor Class, $0.01 Par Value | $778521180 | 41206233 | $18.89 |
| I Class, $0.01 Par Value | $69291804 | 3664323 | $18.91 |
| R5 Class, $0.01 Par Value | $1735123 | 91777 | $18.91 |

---

See Notes to Financial Statements.

------

Statement of Operations

---

| | |
|:---|:---|
| **FOR THE SIX MONTHS ENDED APRIL 30, 2025 (UNAUDITED)** | |
| **Investment Income (Loss)** | |
| **Income:** | |
| Interest | $8676945 |
| Dividends (net of foreign taxes withheld of $7,424) | 3597917 |
|  | 12274862 |
| **Expenses:** |  |
| Management fees | 3863432 |
| Directors' fees and expenses | 13173 |
| Other expenses | 5139 |
|  | 3881744 |
| **Net investment income (loss)** | 8393118 |
| **Realized and Unrealized Gain (Loss)** |  |
| **Net realized gain (loss) on:** |  |
| Investment transactions | 23537932 |
| Forward foreign currency exchange contract transactions | 209254 |
| Futures contract transactions | (1640463) |
| Swap agreement transactions | (19014) |
| Foreign currency translation transactions | (6129) |
|  | 22081580 |
| **Change in net unrealized appreciation (depreciation) on:** |  |
| Investments | (51163908) |
| Forward foreign currency exchange contracts | (314704) |
| Futures contracts | 1074687 |
| Swap agreements | (2708) |
| Translation of assets and liabilities in foreign currencies | (4059) |
|  | (50410692) |
| **Net realized and unrealized gain (loss)** | (28329112) |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $(19935994) |

---

See Notes to Financial Statements.

------

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| **SIX MONTHS ENDED APRIL 30, 2025 (UNAUDITED) AND YEAR ENDED OCTOBER 31, 2024** | **SIX MONTHS ENDED APRIL 30, 2025 (UNAUDITED) AND YEAR ENDED OCTOBER 31, 2024** | **SIX MONTHS ENDED APRIL 30, 2025 (UNAUDITED) AND YEAR ENDED OCTOBER 31, 2024** |
| **Increase (Decrease) in Net Assets** | **April 30, 2025** | **October 31, 2024** |
| **Operations** | | |
| Net investment income (loss) | $8393118 | $17069648 |
| Net realized gain (loss) | 22081580 | 18731698 |
| Change in net unrealized appreciation (depreciation) | (50410692) | 149646241 |
| Net increase (decrease) in net assets resulting from operations | (19935994) | 185447587 |
| **Distributions to Shareholders** |  |  |
| From earnings: |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (8073506) | (15400125) |
| &nbsp;&nbsp;&nbsp;I Class | (872654) | (1788374) |
| &nbsp;&nbsp;&nbsp;R5 Class | (19142) | (38766) |
| Decrease in net assets from distributions | (8965302) | (17227265) |
| **Capital Share Transactions** |  |  |
| Net increase (decrease) in net assets from capital share transactions (Note 5) | (47121906) | (45737060) |
| **Net increase (decrease) in net assets** | (76023202) | 122483262 |
| **Net Assets** |  |  |
| Beginning of period | 925571309 | 803088047 |
| End of period | $849548107 | $925571309 |

---

See Notes to Financial Statements.

------

Notes to Financial Statements

**APRIL 30, 2025 (UNAUDITED)**

**1. Organization**

American Century Mutual Funds, 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. Balanced Fund (the fund) is one fund in a series issued by the corporation. The fund's investment objective is to seek long-term capital growth and current income by investing approximately 60% of its assets in equity securities and the remainder in bonds and other fixed-income securities. The fund offers the Investor Class, I Class and R5 Class.

The 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 fund serves as the chief operating decision maker (CODM). The 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 fund in preparation of its financial statements. The 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 —** The 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 investments of the fund 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, municipal securities, 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. Mortgage-related and asset-backed securities are valued based on models that consider trade data, prepayment and default projections, benchmark yield and spread data and estimated cash flows of each tranche of the issuer. Collateralized loan obligations are valued based on discounted cash flow models that consider trade and economic data, prepayment assumptions and default projections.

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. Exchange-traded futures contracts are valued at the settlement price as provided by the appropriate exchange. Swap agreements are valued at an evaluated mean as provided by independent pricing services or independent brokers. 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 the 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 fund's 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.

------

**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. The 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 —** Interest income is recorded on the accrual basis and includes paydown gain (loss) and accretion of discounts and amortization of premiums. Inflation adjustments related to inflation-linked debt securities are reflected as interest 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. The fund may estimate the components of distributions received that may be considered nontaxable distributions or long-term capital gain distributions for income tax purposes.

**Forward Commitments —** The fund may engage in securities transactions on a forward commitment basis. In these transactions, the securities' prices and yields are fixed on the date of the commitment. The fund may sell a to-be-announced (TBA) security and at the same time make a commitment to purchase the same security at a future date at a specified price. Conversely, the fund may purchase a TBA security and at the same time make a commitment to sell the same security at a future date at a specified price. These types of transactions are known as "TBA roll" transactions and are accounted for as purchases and sales. The fund will segregate cash, cash equivalents or other appropriate liquid securities on its records in amounts sufficient to meet the purchase price.

**Income Tax Status —** It is the 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. The fund files U.S. federal, state, local and non-U.S. tax returns as applicable. The 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 the 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 the fund are allocated to each class of shares based on their relative net assets.

**Distributions to Shareholders —** 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 the fund. In addition, in the normal course of business, the fund enters 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.

**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., 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 the 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 the fund, except brokerage expenses, taxes, interest, fees and expenses of the independent directors (including legal counsel fees), and extraordinary expenses. The fee is computed and accrued daily based on each class's daily net assets 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 the fund's assets, which do not vary by class. The rate of the fee is determined by applying a fee rate calculation formula. This formula takes into account the 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).

------

The management fee schedule range and the effective annual management fee for each class for the period ended April 30, 2025 are as follows:

---

| | | |
|:---|:---|:---|
| | **Management Fee**<br>**Schedule Range** | **Effective Annual**<br>**Management Fee** |
| Investor Class | 0.800% to 0.900% | 0.88% |
| I Class | 0.600% to 0.700% | 0.68% |
| R5 Class | 0.600% to 0.700% | 0.68% |

---

**Directors' Fees and Expenses —** The Board of Directors is responsible for overseeing the investment advisor's management and operations of the fund. The directors receive detailed information about the fund and its investment advisor regularly throughout the year, and meet at least quarterly with management of the investment advisor to review reports about fund operations. The fund's officers do not receive compensation from the fund.

**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.

**Interfund Transactions —** The 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. There were no interfund transactions during the period.

**4. Investment Transactions**

Purchases of investment securities, excluding short-term investments, for the period ended April 30, 2025 totaled $379,014,700, of which $168,489,157 represented U.S. Treasury and Government Agency obligations.

Sales of investment securities, excluding short-term investments, for the period ended April 30, 2025 totaled $396,736,724, of which $173,761,919 represented U.S. Treasury and Government Agency obligations.

**5. Capital Share Transactions** 

Transactions in shares of the fund were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six months ended<br>April 30, 2025** | **Six months ended<br>April 30, 2025** | **Year ended<br>October 31, 2024** | **Year ended<br>October 31, 2024** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| **Investor Class/Shares Authorized** | 530000000 |  | 530000000 |  |
| Sold | 1177158 | $22948238 | 2540941 | $47149553 |
| Issued in reinvestment of distributions | 395475 | 7822089 | 790709 | 14932752 |
| Redeemed | (3187962) | (62200911) | (5599022) | (104611361) |
|  | (1615329) | (31430584) | (2267372) | (42529056) |
| **I Class/Shares Authorized** | 100000000 |  | 100000000 |  |
| Sold | 263869 | 5151364 | 633858 | 11811127 |
| Issued in reinvestment of distributions | 44002 | 872525 | 94586 | 1787814 |
| Redeemed | (1100872) | (21759677) | (884041) | (16661920) |
|  | (793001) | (15735788) | (155597) | (3062979) |
| **R5 Class/Shares Authorized** | 20000000 |  | 20000000 |  |
| Sold | 3985 | 78614 | 32123 | 591158 |
| Issued in reinvestment of distributions | 968 | 19142 | 2053 | 38766 |
| Redeemed | (2702) | (53290) | (40677) | (774949) |
|  | 2251 | 44466 | (6501) | (145025) |
| Net increase (decrease) | (2406079) | $(47121906) | (2429470) | $(45737060) |

---

**6. Fair Value Measurements**

The fund's investments valuation process is based on several considerations and may use multiple inputs to determine the fair value of the investments held by the 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 following is a summary of the level classifications as of period end. The Schedule of Investments provides additional information on the fund's portfolio holdings.

---

| | | | |
|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** |
| **Assets** | | | |
| **Investment Securities** | | | |
| Common Stocks | $482436563 | $4770166 |  |
| U.S. Government Agency Mortgage-Backed Securities |  | 134126364 |  |
| Corporate Bonds |  | 80207242 |  |
| U.S. Treasury Securities |  | 59254017 |  |
| Collateralized Mortgage Obligations |  | 36187792 |  |
| Asset-Backed Securities |  | 14838473 |  |
| Convertible Preferred Securities |  | 14185555 |  |
| Collateralized Loan Obligations |  | 10890768 |  |
| Exchange-Traded Funds | 9971086 |  |  |
| Commercial Mortgage-Backed Securities |  | 7805995 |  |
| Preferred Securities |  | 7398529 |  |
| U.S. Government Agency Securities |  | 4747409 |  |
| Municipal Securities |  | 3070869 |  |
| Sovereign Governments and Agencies |  | 1647247 |  |
| Short-Term Investments | 13106315 |  |  |
|  | $505513964 | $379130426 |  |
| **Other Financial Instruments** |  |  |  |
| Futures Contracts | $236258 | $208625 |  |
| Swap Agreements |  | 86075 |  |
| Forward Foreign Currency Exchange Contracts |  | 36835 |  |
|  | $236258 | $331535 |  |
| **Liabilities** |  |  |  |
| **Other Financial Instruments** |  |  |  |
| Futures Contracts | $387285 | $10034 |  |
| Forward Foreign Currency Exchange Contracts |  | 201333 |  |
|  | $387285 | $211367 |  |

---

**7. Derivative Instruments**

**Credit Risk —** The fund is subject to credit risk in the normal course of pursuing its investment objectives. The value of a bond generally declines as the credit quality of its issuer declines. Credit default swap agreements enable a fund to buy/sell protection against a credit event of a specific issuer or index. A fund may attempt to enhance returns by selling protection or attempt to mitigate credit risk by buying protection. The buyer/seller of credit protection against a security or basket of securities may pay/receive an up-front or periodic payment to compensate for/against potential default events. Changes in value, including the periodic amounts of interest to be paid or received on swap agreements, are recorded as unrealized appreciation (depreciation) on swap agreements. Upon entering into a centrally cleared swap, a fund is required to deposit cash or securities (initial margin) with a financial intermediary in an amount equal to a certain percentage of the notional amount. A fund may incur charges or earn income on cash deposit balances, which are reflected in interest expenses or interest income, respectively. Subsequent payments (variation margin) are made or received daily, in cash, by a fund. The variation margin is equal to the daily change in the value and is a component of unrealized gains and losses. Realized gain or loss is recorded upon receipt or payment of a periodic settlement or termination of swap agreements. Net realized and unrealized gains or losses occurring during the holding period of swap agreements are a component of net realized gain (loss) on swap agreement transactions and change in net unrealized appreciation (depreciation) on swap agreements, respectively. The risks of entering into swap agreements include the possible lack of liquidity, failure of the counterparty to meet its obligations, and that there may be unfavorable changes in the underlying investments or instruments. The fund's average notional amount held during the period was $5,410,000.

**Foreign Currency Risk —** The fund is subject to foreign currency exchange rate risk in the normal course of pursuing its 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. 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 fund's average U.S. dollar exposure to foreign currency risk derivative instruments held during the period was $7,357,649.

**Interest Rate Risk —** The fund is subject to interest rate risk in the normal course of pursuing its investment objectives. The value of bonds generally declines as interest rates rise. A fund may enter into futures contracts based on a bond index or a specific underlying security. A fund may purchase futures contracts to gain exposure to increases in market value or sell futures contracts to protect against a decline in market value. Upon entering into a futures contract, a fund will segregate cash, cash equivalents or other appropriate liquid securities on its records in amounts sufficient to meet requirements. A fund may incur charges or earn income on cash deposit balances, which are reflected in interest expenses or interest income, respectively. Subsequent payments (variation margin) are made or received daily, in cash, by a fund. The variation margin is equal to the daily change in the contract value and is recorded as unrealized gains and losses. A fund recognizes a realized gain or loss when the futures contract is closed or expires. Net realized and unrealized gains or losses occurring during the holding period of futures contracts are a component of net realized gain (loss) on futures contract transactions and change in net unrealized appreciation (depreciation) on futures contracts, respectively. One of the risks of entering into futures contracts is the possibility that the change in value of the contract may not correlate with the changes in value of the underlying securities. The fund's average notional exposure to interest rate risk derivative instruments held during the period was $42,880,753 futures contracts purchased and $15,819,521 futures contracts sold.

Value of Derivative Instruments as of April 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Type of Risk Exposure** | **Location on Statement of Assets and Liabilities** | **Value** | **Location on Statement of Assets and Liabilities** | **Value** |
| Credit Risk | Receivable for variation margin on swap agreements\* |  | Payable for variation margin on swap agreements\* | $1294 |
| Foreign Currency Risk | Unrealized appreciation on forward foreign currency exchange contracts | $36835 | Unrealized depreciation on forward foreign currency exchange contracts | 201333 |
| Interest Rate Risk | Receivable for variation margin on futures contracts\* |  | Payable for variation margin on futures contracts\* | 86230 |
|  |  | $36835 |  | $288857 |

---

\*Included in the unrealized appreciation (depreciation) on futures contracts or centrally cleared swap agreements, as applicable, as reported in the Schedule of Investments.

Effect of Derivative Instruments on the Statement of Operations for the Six Months Ended April 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Net Realized Gain (Loss)** | **Net Realized Gain (Loss)** | **Change in Net Unrealized Appreciation (Depreciation)** | **Change in Net Unrealized Appreciation (Depreciation)** |
| **Type of Risk Exposure** | **Location on Statement of Operations** | **Value** | **Location on Statement of Operations** | **Value** |
| Credit Risk | Net realized gain (loss) on swap agreement transactions | $(19014) | Change in net unrealized appreciation (depreciation) on swap agreements | $(2708) |
| Foreign Currency Risk | Net realized gain (loss) on forward foreign currency exchange contract transactions | 209254 | Change in net unrealized appreciation (depreciation) on forward foreign currency exchange contracts | (314704) |
| Interest Rate Risk | Net realized gain (loss) on futures contract transactions | (1640463) | Change in net unrealized appreciation (depreciation) on futures contracts | 1074687 |
|  |  | $(1450223) |  | $757275 |

---

**8. Risk Factors**

The value of the fund's shares 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 the 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.

**9. Federal Tax Information**

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.

------

As of period end, the components of investments for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| Federal tax cost of investments | $720750440 |
| Gross tax appreciation of investments | $187575160 |
| Gross tax depreciation of investments | (23681210) |
| Net tax appreciation (depreciation) of investments | $163893950 |

---

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales.

As of October 31, 2024, the fund had accumulated short-term capital losses of $(47,962,227) and accumulated long-term capital losses of $(14,207,579), which 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.

------

Financial Highlights

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 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 and Unrealized<br>Gain (Loss)** | **Total From Investment Operations** | **Net <br>Investment <br>Income** | **Net <br>Realized <br>Gains** | **Total <br>Distributions** | **Net<br>Asset Value,<br>End <br>of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Net<br>Investment<br>Income<br>(Loss)** | **Portfolio<br>Turnover<br>Rate** | **Net Assets,<br>End of Period<br>(in thousands)** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| 2025<sup>(3)</sup> | $19.54 | 0.18 | (0.64) | (0.46) | (0.19) |  | (0.19) | $18.89 | (2.39)% | 0.88% | 1.85% | 42% | $778521 |
| 2024 | $16.13 | 0.35 | 3.41 | 3.76 | (0.35) |  | (0.35) | $19.54 | 23.41% | 0.89% | 1.86% | 72% | $836650 |
| 2023 | $15.61 | 0.29 | 0.53 | 0.82 | (0.30) |  | (0.30) | $16.13 | 5.20% | 0.91% | 1.72% | 72% | $727083 |
| 2022 | $22.97 | 0.18 | (3.38) | (3.20) | (0.15) | (4.01) | (4.16) | $15.61 | (16.94)% | 0.91% | 1.00% | 94% | $758468 |
| 2021 | $19.73 | 0.14 | 4.30 | 4.44 | (0.17) | (1.03) | (1.20) | $22.97 | 23.34% | 0.90% | 0.67% | 225% | $1002740 |
| 2020 | $19.25 | 0.20 | 1.22 | 1.42 | (0.25) | (0.69) | (0.94) | $19.73 | 7.54% | 0.90% | 1.03% | 165% | $841328 |
| **I Class** | **I Class** | **I Class** | **I Class** | **I Class** | **I Class** | **I Class** | **I Class** | **I Class** | **I Class** | **I Class** | **I Class** | **I Class** | **I Class** |
| 2025<sup>(3)</sup> | $19.56 | 0.20 | (0.64) | (0.44) | (0.21) |  | (0.21) | $18.91 | (2.28)% | 0.68% | 2.05% | 42% | $69292 |
| 2024 | $16.14 | 0.38 | 3.43 | 3.81 | (0.39) |  | (0.39) | $19.56 | 23.70% | 0.69% | 2.06% | 72% | $87171 |
| 2023 | $15.62 | 0.32 | 0.53 | 0.85 | (0.33) |  | (0.33) | $16.14 | 5.41% | 0.71% | 1.92% | 72% | $74455 |
| 2022 | $22.98 | 0.21 | (3.37) | (3.16) | (0.19) | (4.01) | (4.20) | $15.62 | (16.76)% | 0.71% | 1.20% | 94% | $74220 |
| 2021 | $19.74 | 0.19 | 4.29 | 4.48 | (0.21) | (1.03) | (1.24) | $22.98 | 23.58% | 0.70% | 0.87% | 225% | $107875 |
| 2020 | $19.26 | 0.23 | 1.23 | 1.46 | (0.29) | (0.69) | (0.98) | $19.74 | 7.75% | 0.70% | 1.23% | 165% | $99524 |
| **R5 Class** | **R5 Class** | **R5 Class** | **R5 Class** | **R5 Class** | **R5 Class** | **R5 Class** | **R5 Class** | **R5 Class** | **R5 Class** | **R5 Class** | **R5 Class** | **R5 Class** | **R5 Class** |
| 2025<sup>(3)</sup> | $19.55 | 0.20 | (0.63) | (0.43) | (0.21) |  | (0.21) | $18.91 | (2.23)% | 0.68% | 2.05% | 42% | $1735 |
| 2024 | $16.14 | 0.38 | 3.42 | 3.80 | (0.39) |  | (0.39) | $19.55 | 23.64% | 0.69% | 2.06% | 72% | $1750 |
| 2023 | $15.62 | 0.32 | 0.53 | 0.85 | (0.33) |  | (0.33) | $16.14 | 5.41% | 0.71% | 1.92% | 72% | $1550 |
| 2022 | $22.98 | 0.19 | (3.35) | (3.16) | (0.19) | (4.01) | (4.20) | $15.62 | (16.76)% | 0.71% | 1.20% | 94% | $1567 |
| 2021 | $19.74 | 0.18 | 4.30 | 4.48 | (0.21) | (1.03) | (1.24) | $22.98 | 23.58% | 0.70% | 0.87% | 225% | $7050 |
| 2020 | $19.26 | 0.24 | 1.22 | 1.46 | (0.29) | (0.69) | (0.98) | $19.74 | 7.75% | 0.70% | 1.23% | 165% | $3545 |

---

**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. Total returns for periods less than one year are not annualized.

(3)Six months ended April 30, 2025 (unaudited).

\*The amount shown for a share outstanding throughout the period may not correlate with the Statement(s) 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.

------

---

| | |
|:---|:---|
| 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.* |
| **©2025 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-SAN-92356 2506** | **©2025 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-SAN-92356 2506** |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;

![Image5.jpg](ck0000100334-20250430_g3.jpg)

---

| |
|:---|
| Semiannual Financial Statements and Other Information |
| April 30, 2025 |
| Growth Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class (TWCGX) |
| &nbsp;&nbsp;&nbsp;&nbsp;I Class (TWGIX) |
| &nbsp;&nbsp;&nbsp;&nbsp;Y Class (AGYWX) |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class (TCRAX) |
| &nbsp;&nbsp;&nbsp;&nbsp;C Class (TWRCX) |
| &nbsp;&nbsp;&nbsp;&nbsp;R Class (AGWRX) |
| &nbsp;&nbsp;&nbsp;&nbsp;R5 Class (AGWUX) |
| &nbsp;&nbsp;&nbsp;&nbsp;R6 Class (AGRDX) |
| &nbsp;&nbsp;&nbsp;&nbsp;G Class (ACIHX) |

---

------

**Table of Contents**

---

| | |
|:---|:---|
| Schedule of Investments | [2](#i52946b9046fa4e8f856c2e760a6ee818_97) |
| Statement of Assets and Liabilities | [6](#i52946b9046fa4e8f856c2e760a6ee818_100) |
| Statement of Operations | [7](#i52946b9046fa4e8f856c2e760a6ee818_103) |
| Statement of Changes in Net Assets | [8](#i52946b9046fa4e8f856c2e760a6ee818_106) |
| Notes to Financial Statements | [9](#i52946b9046fa4e8f856c2e760a6ee818_109) |
| Financial Highlights | [15](#i52946b9046fa4e8f856c2e760a6ee818_112) |

---

------

Schedule of Investments

**APRIL 30, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| <br>**COMMON STOCKS — 99.6%** | **Shares**<br> | **Value**<br> |
| **Aerospace and Defense — 0.3%** |  |  |
| General Electric Co. | 238727 | $48113040 |
| **Automobiles — 2.6%** |  |  |
| Tesla, Inc.<sup>(1)</sup> | 1277123 | 360353026 |
| **Beverages — 1.0%** |  |  |
| PepsiCo, Inc. | 1022376 | 138613738 |
| **Biotechnology — 2.0%** |  |  |
| AbbVie, Inc. | 843858 | 164636696 |
| Vertex Pharmaceuticals, Inc.<sup>(1)</sup> | 213513 | 108784873 |
|  |  | 273421569 |
| **Broadline Retail — 6.0%** |  |  |
| Amazon.com, Inc.<sup>(1)</sup> | 4440858 | 818983032 |
| **Building Products — 0.5%** |  |  |
| Trane Technologies PLC | 65072 | 24942748 |
| Trex Co., Inc.<sup>(1)</sup> | 638495 | 36917781 |
|  |  | 61860529 |
| **Capital Markets — 1.0%** |  |  |
| Goldman Sachs Group, Inc. | 54601 | 29896778 |
| KKR & Co., Inc. | 417474 | 47704754 |
| S&P Global, Inc. | 121304 | 60658065 |
|  |  | 138259597 |
| **Commercial Services and Supplies — 0.6%** |  |  |
| Copart, Inc.<sup>(1)</sup> | 1295624 | 79071933 |
| **Communications Equipment — 1.3%** |  |  |
| Arista Networks, Inc.<sup>(1)</sup> | 1332417 | 109617947 |
| Motorola Solutions, Inc. | 162370 | 71506124 |
|  |  | 181124071 |
| **Consumer Staples Distribution & Retail — 0.8%** |  |  |
| Costco Wholesale Corp. | 113055 | 112433198 |
| **Electrical Equipment — 0.4%** |  |  |
| Eaton Corp. PLC | 158457 | 46644987 |
| GE Vernova, Inc. | 38298 | 14201664 |
|  |  | 60846651 |
| **Electronic Equipment, Instruments and Components — 0.3%** |  |  |
| CDW Corp. | 254558 | 40871832 |
| **Energy Equipment and Services — 0.2%** |  |  |
| Schlumberger NV | 664358 | 22089904 |
| **Entertainment — 1.3%** |  |  |
| Liberty Media Corp.-Liberty Formula One, Class C<sup>(1)</sup> | 608828 | 53984779 |
| Netflix, Inc.<sup>(1)</sup> | 57304 | 64852083 |
| Spotify Technology SA<sup>(1)</sup> | 89249 | 54797101 |
|  |  | 173633963 |
| **Financial Services — 6.0%** |  |  |
| Adyen NV<sup>(1)</sup> | 20912 | 33840067 |
| Apollo Global Management, Inc. | 501589 | 68456867 |
| Block, Inc.<sup>(1)</sup> | 840732 | 49157600 |
| Fiserv, Inc.<sup>(1)</sup> | 393146 | 72562957 |
| Mastercard, Inc., Class A | 685127 | 375490704 |
| Visa, Inc., Class A | 645686 | 223084513 |
|  |  | 822592708 |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Ground Transportation — 1.6%** |  |  |
| Uber Technologies, Inc.<sup>(1)</sup> | 1933843 | $156660622 |
| Union Pacific Corp. | 301543 | 65030763 |
|  |  | 221691385 |
| **Health Care Equipment and Supplies — 1.5%** |  |  |
| Dexcom, Inc.<sup>(1)</sup> | 283468 | 20233946 |
| IDEXX Laboratories, Inc.<sup>(1)</sup> | 149449 | 64659110 |
| Intuitive Surgical, Inc.<sup>(1)</sup> | 232630 | 119990554 |
|  |  | 204883610 |
| **Health Care Providers and Services — 0.4%** |  |  |
| UnitedHealth Group, Inc. | 117619 | 48393161 |
| **Hotels, Restaurants and Leisure — 2.2%** |  |  |
| Airbnb, Inc., Class A<sup>(1)</sup> | 601040 | 73278797 |
| Chipotle Mexican Grill, Inc.<sup>(1)</sup> | 2251213 | 113731281 |
| Dutch Bros, Inc., Class A<sup>(1)</sup> | 488365 | 29174925 |
| Expedia Group, Inc. | 284652 | 44670438 |
| Starbucks Corp. | 466637 | 37354292 |
|  |  | 298209733 |
| **Household Products — 1.3%** |  |  |
| Church & Dwight Co., Inc. | 452801 | 44981251 |
| Procter & Gamble Co. | 816193 | 132688496 |
|  |  | 177669747 |
| **Independent Power and Renewable Electricity Producers — 0.2%** |  |  |
| Vistra Corp. | 195769 | 25377535 |
| **Insurance — 0.8%** |  |  |
| Progressive Corp. | 372657 | 104992383 |
| **Interactive Media and Services — 11.7%** |  |  |
| Alphabet, Inc., Class A | 6176265 | 980790882 |
| Meta Platforms, Inc., Class A | 1028858 | 564843042 |
| Pinterest, Inc., Class A<sup>(1)</sup> | 1777981 | 45018479 |
|  |  | 1590652403 |
| **IT Services — 2.5%** |  |  |
| Accenture PLC, Class A | 113052 | 33819506 |
| Cloudflare, Inc., Class A<sup>(1)</sup> | 274174 | 33114736 |
| MongoDB, Inc.<sup>(1)</sup> | 343692 | 59173451 |
| Okta, Inc.<sup>(1)</sup> | 951481 | 106718109 |
| Snowflake, Inc., Class A<sup>(1)</sup> | 651776 | 103951754 |
|  |  | 336777556 |
| **Leisure Products — 0.2%** |  |  |
| YETI Holdings, Inc.<sup>(1)</sup> | 791717 | 22603520 |
| **Machinery — 0.7%** |  |  |
| Parker-Hannifin Corp. | 71760 | 43419106 |
| Xylem, Inc. | 436165 | 52588414 |
|  |  | 96007520 |
| **Pharmaceuticals — 4.7%** |  |  |
| Eli Lilly & Co. | 531435 | 477733493 |
| Novo Nordisk AS, Class B | 1205167 | 80579287 |
| Zoetis, Inc. | 509562 | 79695497 |
|  |  | 638008277 |
| **Professional Services — 0.7%** |  |  |
| Automatic Data Processing, Inc. | 321213 | 96556628 |
| **Semiconductors and Semiconductor Equipment — 14.7%** |  |  |
| Analog Devices, Inc. | 495647 | 96611513 |
| Applied Materials, Inc. | 261648 | 39432970 |
| ARM Holdings PLC, ADR<sup>(1)(2)</sup> | 222858 | 25416955 |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| ASML Holding NV | 99123 | $66357088 |
| Broadcom, Inc. | 2782496 | 535547005 |
| NVIDIA Corp. | 11014299 | 1199677447 |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 197426 | 32908940 |
|  |  | 1995951918 |
| **Software — 18.5%** |  |  |
| AppLovin Corp., Class A<sup>(1)</sup> | 283881 | 76451992 |
| Cadence Design Systems, Inc.<sup>(1)</sup> | 597621 | 177935677 |
| Crowdstrike Holdings, Inc., Class A<sup>(1)</sup> | 273492 | 117292514 |
| Datadog, Inc., Class A<sup>(1)</sup> | 664980 | 67934357 |
| Dynatrace, Inc.<sup>(1)</sup> | 1533308 | 72019477 |
| Gitlab, Inc., Class A<sup>(1)</sup>  | 721549 | 33674692 |
| Microsoft Corp. | 4363947 | 1724893691 |
| Palantir Technologies, Inc., Class A<sup>(1)</sup> | 218567 | 25887075 |
| Salesforce, Inc. | 354697 | 95310631 |
| Workday, Inc., Class A<sup>(1)</sup> | 520960 | 127635200 |
|  |  | 2519035306 |
| **Specialized REITs — 0.5%** |  |  |
| Equinix, Inc. | 70853 | 60986720 |
| SBA Communications Corp. | 57233 | 13930512 |
|  |  | 74917232 |
| **Specialty Retail — 3.5%** |  |  |
| CarMax, Inc.<sup>(1)</sup> | 802488 | 51896899 |
| Home Depot, Inc. | 529423 | 190851697 |
| Ross Stores, Inc. | 396321 | 55088619 |
| TJX Cos., Inc. | 779346 | 100286243 |
| Tractor Supply Co. | 1438514 | 72817579 |
|  |  | 470941037 |
| **Technology Hardware, Storage and Peripherals — 9.3%** |  |  |
| Apple, Inc. | 5941804 | 1262633350 |
| **Textiles, Apparel and Luxury Goods — 0.3%** |  |  |
| Deckers Outdoor Corp.<sup>(1)</sup> | 320921 | 35567674 |
| **TOTAL COMMON STOCKS**<br>(Cost $5,995,694,837) |  | **13553138766** |
| **EXCHANGE-TRADED FUNDS — 0.3%** |  |  |
| iShares Russell 1000 Growth ETF<br>(Cost $36,032,054) | 100927 | **37019014** |
| **SHORT-TERM INVESTMENTS — 0.2%** |  |  |
| **Money Market Funds — 0.0%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 85031 | 85031 |
| **Repurchase Agreements — 0.2%** |  |  |
| BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 1.625%, 8/15/29, valued at $2,880,440), in a joint trading account at 4.32%, dated 4/30/25, due 5/1/25 (Delivery value $2,823,435) |  | 2823096 |
| Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 4.50%, 5/15/27, valued at $23,033,756), at 4.36%, dated 4/30/25, due 5/1/25 (Delivery value $22,584,735) |  | 22582000 |
|  |  | 25405096 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $25,490,127) |  | **25490127** |
| **TOTAL INVESTMENT SECURITIES — 100.1%**<br>(Cost $6,057,217,018) |  | **13615647907** |
| **OTHER ASSETS AND LIABILITIES — (0.1)%** |  | **(10254164)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**13605393743** |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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)** |
| DKK | 36519573 | USD | 5580995 | Goldman Sachs & Co. | 6/27/25 | $(16731) |
| DKK | 16800028 | USD | 2443136 | UBS AG | 6/27/25 | 116582 |
| DKK | 12907339 | USD | 1878374 | UBS AG | 6/27/25 | 88238 |
| DKK | 19668325 | USD | 2868275 | UBS AG | 6/27/25 | 128467 |
| DKK | 14341487 | USD | 2134593 | UBS AG | 6/27/25 | 50532 |
| DKK | 35443961 | USD | 5209936 | UBS AG | 6/27/25 | 190443 |
| DKK | 28734194 | USD | 4330263 | UBS AG | 6/27/25 | 47791 |
| DKK | 10448798 | USD | 1598331 | UBS AG | 6/27/25 | (6311) |
| USD | 2560808 | DKK | 16748808 | Citibank N.A. | 6/27/25 | 8895 |
| USD | 2959045 | DKK | 19361008 | Citibank N.A. | 6/27/25 | 9126 |
| USD | 2416875 | DKK | 15826856 | Citibank N.A. | 6/27/25 | 5434 |
| USD | 79191861 | DKK | 541698463 | UBS AG | 6/27/25 | (3343416) |
| USD | 2414743 | DKK | 15929295 | UBS AG | 6/27/25 | (12306) |
| EUR | 3336031 | USD | 3619399 | Bank of America N.A. | 6/27/25 | 172205 |
| EUR | 2701727 | USD | 2931752 | Bank of America N.A. | 6/27/25 | 138926 |
| EUR | 1818192 | USD | 1993956 | Bank of America N.A. | 6/27/25 | 72530 |
| EUR | 2307363 | USD | 2595368 | Bank of America N.A. | 6/27/25 | 27092 |
| EUR | 2647641 | USD | 3022626 | Bank of America N.A. | 6/27/25 | (13420) |
| EUR | 6670206 | USD | 7606035 | Bank of America N.A. | 6/27/25 | (24937) |
| EUR | 4737909 | USD | 5223279 | Morgan Stanley | 6/27/25 | 161645 |
| EUR | 2368389 | USD | 2599023 | Morgan Stanley | 6/27/25 | 92797 |
| EUR | 3243793 | USD | 3519629 | UBS AG | 6/27/25 | 167141 |
| USD | 25756251 | EUR | 23670849 | Bank of America N.A. | 6/27/25 | (1147122) |
| USD | 4240280 | EUR | 3822586 | Bank of America N.A. | 6/27/25 | (104324) |
| USD | 4228934 | EUR | 3726721 | Bank of America N.A. | 6/27/25 | (6713) |
| USD | 3025673 | EUR | 2671558 | Bank of America N.A. | 6/27/25 | (10717) |
| USD | 25758618 | EUR | 23670849 | Goldman Sachs & Co. | 6/27/25 | (1144755) |
| USD | 25755221 | EUR | 23670849 | Morgan Stanley | 6/27/25 | (1148152) |
| USD | 25749031 | EUR | 23670849 | UBS AG | 6/27/25 | (1154342) |
|  |  |  |  |  |  | $(6655402) |

---

---

| | | |
|:---|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** |
| ADR | – | American Depositary Receipt |
| DKK | – | Danish Krone |
| EUR | – | Euro |
| 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 $1,234,135. 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. At the period end, the aggregate value of the collateral held by the fund was $1,237,467, all of which is securities collateral.

See Notes to Financial Statements.

------

Statement of Assets and Liabilities

---

| | |
|:---|:---|
| **APRIL 30, 2025 (UNAUDITED)** | |
| **Assets** | |
| Investment securities, at value (cost of $6,057,217,018) — including $1,234,135 of securities on loan | $13615647907 |
| Receivable for investments sold | 14643170 |
| Receivable for capital shares sold | 1407437 |
| Unrealized appreciation on forward foreign currency exchange contracts | 1477844 |
| Dividends and interest receivable | 4274389 |
| Securities lending receivable | 3150 |
|  | 13637453897 |
| **Liabilities** |  |
| Payable for capital shares redeemed | 15834163 |
| Unrealized depreciation on forward foreign currency exchange contracts | 8133246 |
| Accrued management fees | 8019509 |
| Distribution and service fees payable | 73236 |
|  | 32060154 |
| **Net Assets** | $13605393743 |
| **Net Assets Consist of:** |  |
| Capital (par value and paid-in surplus) | $4779779537 |
| Distributable earnings (loss) | 8825614206 |
|  | $13605393743 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Net Assets** | **Shares Outstanding** | **Net Asset Value Per Share\*** |
| Investor Class, $0.01 Par Value | $9273660084 | 178035252 | $52.09 |
| I Class, $0.01 Par Value | $1682818929 | 31119424 | $54.08 |
| Y Class, $0.01 Par Value | $38123156 | 699628 | $54.49 |
| A Class, $0.01 Par Value | $155052617 | 3175119 | $48.83 |
| C Class, $0.01 Par Value | $12383714 | 292159 | $42.39 |
| R Class, $0.01 Par Value | $83484833 | 1813351 | $46.04 |
| R5 Class, $0.01 Par Value | $4434635 | 81906 | $54.14 |
| R6 Class, $0.01 Par Value | $1139503436 | 20952843 | $54.38 |
| G Class, $0.01 Par Value | $1215932339 | 22070477 | $55.09 |

---

\*Maximum offering price per share was equal to the net asset value per share for all share classes, except A Class, for which the maximum offering price per share was $51.81 (net asset value divided by 0.9425). A contingent deferred sales charge may be imposed on redemptions of A Class and C Class.

See Notes to Financial Statements.

------

Statement of Operations

---

| | |
|:---|:---|
| **FOR THE SIX MONTHS ENDED APRIL 30, 2025 (UNAUDITED)** | |
| **Investment Income (Loss)** | |
| **Income:** | |
| Dividends (net of foreign taxes withheld of $284,126) | $47753284 |
| Interest | 802155 |
| Securities lending, net | 16309 |
|  | 48571748 |
| **Expenses:** |  |
| Management fees | 65072760 |
| Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;A Class | 215344 |
| &nbsp;&nbsp;&nbsp;C Class | 67480 |
| &nbsp;&nbsp;&nbsp;R Class | 229726 |
| Directors' fees and expenses | 219518 |
| Other expenses | 3328 |
|  | 65808156 |
| Fees waived<sup>(1)</sup> | (9347688) |
|  | 56460468 |
| **Net investment income (loss)** | (7888720) |
| **Realized and Unrealized Gain (Loss)** |  |
| **Net realized gain (loss) on:** |  |
| Investment transactions | 1284008473 |
| Forward foreign currency exchange contract transactions | 7559223 |
| Foreign currency translation transactions | 54991 |
|  | 1291622687 |
| **Change in net unrealized appreciation (depreciation) on:** |  |
| Investments | (1850393337) |
| Forward foreign currency exchange contracts | (12181672) |
| Translation of assets and liabilities in foreign currencies | 21691 |
|  | (1862553318) |
| **Net realized and unrealized gain (loss)** | (570930631) |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $(578819351) |

---

(1)Amount consists of $3,916,583, $692,449, $14,256, $66,678, $5,226, $35,578, $1,974, $545,389 and $4,069,555 for Investor Class, I Class, Y Class, A Class, C Class, R Class, R5 Class, R6 Class and G Class, respectively.

See Notes to Financial Statements.

------

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| **SIX MONTHS ENDED APRIL 30, 2025 (UNAUDITED) AND YEAR ENDED OCTOBER 31, 2024** | **SIX MONTHS ENDED APRIL 30, 2025 (UNAUDITED) AND YEAR ENDED OCTOBER 31, 2024** | **SIX MONTHS ENDED APRIL 30, 2025 (UNAUDITED) AND YEAR ENDED OCTOBER 31, 2024** |
| **Increase (Decrease) in Net Assets** | **April 30, 2025** | **October 31, 2024** |
| **Operations** | | |
| Net investment income (loss) | $(7888720) | $(8759569) |
| Net realized gain (loss) | 1291622687 | 919921130 |
| Change in net unrealized appreciation (depreciation) | (1862553318) | 3542353679 |
| Net increase (decrease) in net assets resulting from operations | (578819351) | 4453515240 |
| **Distributions to Shareholders** |  |  |
| From earnings: |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (601474046) | (415135898) |
| &nbsp;&nbsp;&nbsp;I Class | (102418055) | (75680436) |
| &nbsp;&nbsp;&nbsp;Y Class | (1919339) | (560247) |
| &nbsp;&nbsp;&nbsp;A Class | (10963622) | (7013015) |
| &nbsp;&nbsp;&nbsp;C Class | (966867) | (589820) |
| &nbsp;&nbsp;&nbsp;R Class | (6123275) | (4329248) |
| &nbsp;&nbsp;&nbsp;R5 Class | (293171) | (129839) |
| &nbsp;&nbsp;&nbsp;R6 Class | (81284040) | (54193541) |
| &nbsp;&nbsp;&nbsp;G Class | (74607999) | (73500362) |
| Decrease in net assets from distributions | (880050414) | (631132406) |
| **Capital Share Transactions** |  |  |
| Net increase (decrease) in net assets from capital share transactions (Note 5) | (247197111) | (486660108) |
| **Net increase (decrease) in net assets** | (1706066876) | 3335722726 |
| **Net Assets** |  |  |
| Beginning of period | 15311460619 | 11975737893 |
| End of period | $13605393743 | $15311460619 |

---

See Notes to Financial Statements.

------

Notes to Financial Statements

**APRIL 30, 2025 (UNAUDITED)** 

**1. Organization**

American Century Mutual Funds, 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. Growth Fund (the fund) is one fund in a series issued by the corporation. The fund's investment objective is to seek long-term capital growth.

The 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 fund serves as the chief operating decision maker (CODM). The 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.

The fund offers the Investor Class, I Class, Y Class, A Class, C Class, R Class, R5 Class, R6 Class and G Class. The A Class may incur an initial sales charge. The A Class and C Class may be subject to a contingent deferred sales charge.

**2. Significant Accounting Policies**

The following is a summary of significant accounting policies consistently followed by the fund in preparation of its financial statements. The 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 —** The 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 investments of the fund 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.

Open-end management investment companies are valued at the reported NAV per share. Repurchase agreements are valued at cost, which approximates fair value. 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 the 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 fund's 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.

**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. The 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. The 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 is recorded on the accrual basis and includes accretion of discounts and amortization of premiums. Securities lending income is net of fees and rebates earned by the lending agent for its services.

**Repurchase Agreements —** The fund may enter into repurchase agreements with institutions that ACIM has determined are creditworthy pursuant to criteria adopted by the Board of Directors. The 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 the fund under each repurchase agreement.

**Joint Trading Account —** Pursuant to an Exemptive Order issued by the Securities and Exchange Commission, the fund, along with certain other funds in the American Century Investments family of funds, may transfer uninvested cash balances into a joint trading account. 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 the 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. The fund files U.S. federal, state, local and non-U.S. tax returns as applicable. The 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 the 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 the fund are allocated to each class of shares based on their relative net assets.

**Distributions to Shareholders —** Distributions from net investment income and 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 the fund. In addition, in the normal course of business, the fund enters 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 fund pursuant to a Securities Lending Agreement. The lending of securities exposes the fund to risks such as: the borrowers may fail to return the loaned securities, the borrowers may not be able to provide additional collateral, the fund may experience delays in recovery of the loaned securities or delays in access to collateral, or the 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 fund 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, the 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.

**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. Various funds issued by American Century Asset Allocation Portfolios, Inc. own, in aggregate, 6% of the shares of the fund.

**Management Fees —** The corporation has entered into a management agreement with ACIM, under which ACIM provides the 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 the 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 each class's daily net assets 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 the fund's assets, which do not vary by class. The rate of the fee is determined by applying a fee rate calculation formula. This formula takes into account the 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). During the period ended April 30, 2025, the investment advisor agreed to waive a portion of the fund's management fee such that the management fee does not exceed 0.881% for Investor Class, A Class, C Class and R Class, 0.681% for I Class and R5 Class, and 0.531% for Y Class and R6 Class. The investment advisor expects this waiver arrangement to continue until February 28, 2026 and cannot terminate it prior to such date without the approval of the Board of Directors. 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 management fee schedule range and the effective annual management fee before and after waiver for each class for the period ended April 30, 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Management Fee**<br>**Schedule Range** | **Effective Annual Management Fee** | **Effective Annual Management Fee** |
| | **Management Fee**<br>**Schedule Range** | **Before Waiver** | **After Waiver** |
| Investor Class | 0.800% to 0.990% | 0.96% | 0.88% |
| I Class | 0.600% to 0.790% | 0.76% | 0.68% |
| Y Class | 0.450% to 0.640% | 0.61% | 0.53% |
| A Class | 0.800% to 0.990% | 0.96% | 0.88% |
| C Class | 0.800% to 0.990% | 0.96% | 0.88% |
| R Class | 0.800% to 0.990% | 0.96% | 0.88% |
| R5 Class | 0.600% to 0.790% | 0.76% | 0.68% |
| R6 Class | 0.450% to 0.640% | 0.61% | 0.53% |
| G Class | 0.450% to 0.640% | 0.61% | 0.00% |

---

**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 April 30, 2025 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 fund. The directors receive detailed information about the fund and its investment advisor regularly throughout the year, and meet at least quarterly with management of the investment advisor to review reports about fund operations. The fund's officers do not receive compensation from the fund.

**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.

**Interfund Transactions —** The 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. There were no interfund transactions during the period.

**4. Investment Transactions**

Purchases and sales of investment securities, excluding short-term investments and in kind transactions, for the period ended April 30, 2025 were $2,561,799,463 and $3,607,553,179, respectively.

For the period ended April 30, 2025, the fund incurred net realized gains of $58,900,886 from redemptions in kind. A redemption in kind occurs when a fund delivers securities from its portfolio in lieu of cash as payment to a redeeming shareholder.

------

**5. Capital Share Transactions** 

Transactions in shares of the fund were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six months ended<br>April 30, 2025** | **Six months ended<br>April 30, 2025** | **Year ended<br>October 31, 2024** | **Year ended<br>October 31, 2024** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| **Investor Class/Shares Authorized** | 2100000000 |  | 2100000000 |  |
| Sold | 3171987 | $180198453 | 6225644 | $328171484 |
| Issued in reinvestment of distributions | 9550455 | 576371289 | 8211748 | 398762415 |
| Redeemed | (10201021) | (581162664) | (17352660) | (933252654) |
|  | 2521421 | 175407078 | (2915268) | (206318755) |
| **I Class/Shares Authorized** | 460000000 |  | 460000000 |  |
| Sold | 2604917 | 146473972 | 3517202 | 194537083 |
| Issued in reinvestment of distributions | 1615880 | 101170236 | 1490498 | 74793165 |
| Redeemed | (3440422) | (206689462) | (7805045) | (431391189) |
|  | 780375 | 40954746 | (2797345) | (162060941) |
| **Y Class/Shares Authorized** | 30000000 |  | 30000000 |  |
| Sold | 250724 | 14938285 | 469797 | 25168000 |
| Issued in reinvestment of distributions | 29018 | 1829595 | 10155 | 512210 |
| Redeemed | (133789) | (7986684) | (160124) | (9004751) |
|  | 145953 | 8781196 | 319828 | 16675459 |
| **A Class/Shares Authorized** | 40000000 |  | 40000000 |  |
| Sold | 351202 | 18406642 | 983744 | 49395745 |
| Issued in reinvestment of distributions | 178956 | 10134298 | 142446 | 6529739 |
| Redeemed | (578573) | (30610613) | (838608) | (42390907) |
|  | (48415) | (2069673) | 287582 | 13534577 |
| **C Class/Shares Authorized** | 20000000 |  | 20000000 |  |
| Sold | 29976 | 1367508 | 74200 | 3274610 |
| Issued in reinvestment of distributions | 19323 | 952434 | 14352 | 581969 |
| Redeemed | (36293) | (1652916) | (56130) | (2456481) |
|  | 13006 | 667026 | 32422 | 1400098 |
| **R Class/Shares Authorized** | 40000000 |  | 40000000 |  |
| Sold | 187702 | 9499727 | 492557 | 23633515 |
| Issued in reinvestment of distributions | 114577 | 6122973 | 99477 | 4329248 |
| Redeemed | (318776) | (16342194) | (650332) | (31778249) |
|  | (16497) | (719494) | (58298) | (3815486) |
| **R5 Class/Shares Authorized** | 20000000 |  | 20000000 |  |
| Sold | 4791 | 279043 | 37286 | 2022909 |
| Issued in reinvestment of distributions | 4597 | 288145 | 2430 | 122081 |
| Redeemed | (12358) | (661685) | (9669) | (561775) |
|  | (2970) | (94497) | 30047 | 1583215 |
| **R6 Class/Shares Authorized** | 300000000 |  | 300000000 |  |
| Sold | 2130290 | 127364994 | 6029002 | 341567965 |
| Issued in reinvestment of distributions | 1287425 | 81017647 | 1074011 | 54076435 |
| Redeemed | (6333624) | (354604732) | (7378266) | (407704469) |
|  | (2915909) | (146222091) | (275253) | (12060069) |
| **G Class/Shares Authorized** | 780000000 |  | 780000000 |  |
| Sold | 2336104 | 137810845 | 6975271 | 368720957 |
| Issued in reinvestment of distributions | 1172713 | 74607999 | 1452576 | 73500362 |
| Redeemed | (8312804) | (536320246) | (10199521) | (577819525) |
|  | (4803987) | (323901402) | (1771674) | (135598206) |
| Net increase (decrease) | (4327023) | $(247197111) | (7147959) | $(486660108) |

---

------

**6. Fair Value Measurements**

The fund's investments valuation process is based on several considerations and may use multiple inputs to determine the fair value of the investments held by the 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 following is a summary of the level classifications as of period end. The Schedule of Investments provides additional information on the fund's portfolio holdings.

---

| | | | |
|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** |
| **Assets** | | | |
| **Investment Securities** | | | |
| Common Stocks | $13372362324 | $180776442 |  |
| Exchange-Traded Funds | 37019014 |  |  |
| Short-Term Investments | 85031 | 25405096 |  |
|  | $13409466369 | $206181538 |  |
| **Other Financial Instruments** |  |  |  |
| Forward Foreign Currency Exchange Contracts |  | $1477844 |  |
| **Liabilities** |  |  |  |
| **Other Financial Instruments** |  |  |  |
| Forward Foreign Currency Exchange Contracts |  | $8133246 |  |

---

**7. Derivative Instruments**

**Foreign Currency Risk —** The fund is subject to foreign currency exchange rate risk in the normal course of pursuing its 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. 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 fund's average U.S. dollar exposure to foreign currency risk derivative instruments held during the period was $293,784,916.

The value of foreign currency risk derivative instruments as of April 30, 2025, is disclosed on the Statement of Assets and Liabilities as an asset of $1,477,844 in unrealized appreciation on forward foreign currency exchange contracts and a liability of $8,133,246 in unrealized depreciation on forward foreign currency exchange contracts. For the six months ended April 30, 2025, the effect of foreign currency risk derivative instruments on the Statement of Operations was $7,559,223 in net realized gain (loss) on forward foreign currency exchange contract transactions and $(12,181,672) in change in net unrealized appreciation (depreciation) on forward foreign currency exchange contracts.

**8. Risk Factors**

The value of the fund's shares 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 the 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.

------

**9. Federal Tax Information**

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.

As of period end, the components of investments for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| Federal tax cost of investments | $6064975237 |
| Gross tax appreciation of investments | $7802120783 |
| Gross tax depreciation of investments | (251448113) |
| Net tax appreciation (depreciation) of investments | $7550672670 |

---

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales.

------

Financial Highlights

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 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 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 expense waiver)** | **Portfolio<br>Turnover<br>Rate** | **Net<br>Assets, <br>End of <br>Period <br>(in thousands)** |
| **Investor Class** | **Investor Class** | | | | | | | | | | | | | | |
| 2025<sup>(3)</sup> | $57.66 | (0.07) | (2.04) | (2.11) |  | (3.46) | (3.46) | $52.09 | (4.50)% | 0.88% | 0.96% | (0.23)% | (0.31)% | 17% | $9273660 |
| 2024 | $43.97 | (0.11) | 16.14 | 16.03 |  | (2.34) | (2.34) | $57.66 | 37.43% | 0.91% | 0.96% | (0.21)% | (0.26)% | 21% | $10120956 |
| 2023 | $37.23 | (0.01) | 7.47 | 7.46 |  | (0.72) | (0.72) | $43.97 | 20.47% | 0.93% | 0.97% | (0.03)% | (0.07)% | 20% | $7846335 |
| 2022 | $58.23 | (0.09) | (14.59) | (14.68) |  | (6.32) | (6.32) | $37.23 | (28.26)% | 0.95% | 0.97% | (0.19)% | (0.21)% | 25% | $6859912 |
| 2021 | $41.94 | (0.18) | 18.03 | 17.85 |  | (1.56) | (1.56) | $58.23 | 43.66% | 0.96% | 0.96% | (0.36)% | (0.36)% | 21% | $10186486 |
| 2020 | $35.80 | (0.02) | 9.12 | 9.10 | (0.15) | (2.81) | (2.96) | $41.94 | 26.70% | 0.97% | 0.97% | (0.04)% | (0.04)% | 33% | $7656430 |
| **I Class** | **I Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $59.69 | (0.01) | (2.14) | (2.15) |  | (3.46) | (3.46) | $54.08 | (4.39)% | 0.68% | 0.76% | (0.03)% | (0.11)% | 17% | $1682819 |
| 2024 | $45.36 | —<sup>(4)</sup> | 16.67 | 16.67 |  | (2.34) | (2.34) | $59.69 | 37.71% | 0.71% | 0.76% | (0.01)% | (0.06)% | 21% | $1810889 |
| 2023 | $38.35 | 0.07 | 7.71 | 7.78 | (0.05) | (0.72) | (0.77) | $45.36 | 20.72% | 0.73% | 0.77% | 0.17% | 0.13% | 20% | $1503056 |
| 2022 | $59.70 | —<sup>(4)</sup> | (15.03) | (15.03) |  | (6.32) | (6.32) | $38.35 | (28.14)% | 0.75% | 0.77% | 0.01% | (0.01)% | 25% | $1418404 |
| 2021 | $42.87 | (0.08) | 18.47 | 18.39 |  | (1.56) | (1.56) | $59.70 | 43.95% | 0.76% | 0.76% | (0.16)% | (0.16)% | 21% | $2061819 |
| 2020 | $36.56 | 0.06 | 9.29 | 9.35 | (0.23) | (2.81) | (3.04) | $42.87 | 26.93% | 0.77% | 0.77% | 0.16% | 0.16% | 33% | $1719814 |
| **Y Class** | **Y Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $60.08 | 0.03 | (2.16) | (2.13) |  | (3.46) | (3.46) | $54.49 | (4.33)% | 0.53% | 0.61% | 0.12% | 0.04% | 17% | $38123 |
| 2024 | $45.58 | 0.06 | 16.78 | 16.84 |  | (2.34) | (2.34) | $60.08 | 37.91% | 0.56% | 0.61% | 0.14% | 0.09% | 21% | $33264 |
| 2023 | $38.53 | 0.15 | 7.73 | 7.88 | (0.11) | (0.72) | (0.83) | $45.58 | 20.91% | 0.58% | 0.62% | 0.32% | 0.28% | 20% | $10658 |
| 2022 | $59.86 | 0.07 | (15.08) | (15.01) |  | (6.32) | (6.32) | $38.53 | (28.02)% | 0.60% | 0.62% | 0.16% | 0.14% | 25% | $45448 |
| 2021 | $42.93 | (0.01) | 18.50 | 18.49 |  | (1.56) | (1.56) | $59.86 | 44.13% | 0.61% | 0.61% | (0.01)% | (0.01)% | 21% | $66916 |
| 2020 | $36.61 | 0.13 | 9.30 | 9.43 | (0.30) | (2.81) | (3.11) | $42.93 | 27.15% | 0.62% | 0.62% | 0.31% | 0.31% | 33% | $52046 |
| **A Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $54.32 | (0.13) | (1.90) | (2.03) |  | (3.46) | (3.46) | $48.83 | (4.60)% | 1.13% | 1.21% | (0.48)% | (0.56)% | 17% | $155053 |
| 2024 | $41.64 | (0.24) | 15.26 | 15.02 |  | (2.34) | (2.34) | $54.32 | 37.10% | 1.16% | 1.21% | (0.46)% | (0.51)% | 21% | $175100 |
| 2023 | $35.37 | (0.11) | 7.10 | 6.99 |  | (0.72) | (0.72) | $41.64 | 20.18% | 1.18% | 1.22% | (0.28)% | (0.32)% | 20% | $122253 |
| 2022 | $55.78 | (0.19) | (13.90) | (14.09) |  | (6.32) | (6.32) | $35.37 | (28.46)% | 1.20% | 1.22% | (0.44)% | (0.46)% | 25% | $100332 |
| 2021 | $40.32 | (0.30) | 17.32 | 17.02 |  | (1.56) | (1.56) | $55.78 | 43.31% | 1.21% | 1.21% | (0.61)% | (0.61)% | 21% | $144743 |
| 2020 | $34.52 | (0.10) | 8.75 | 8.65 | (0.04) | (2.81) | (2.85) | $40.32 | 26.38% | 1.22% | 1.22% | (0.29)% | (0.29)% | 33% | $102472 |

---

------

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 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 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 expense waiver)** | **Portfolio<br>Turnover<br>Rate** | **Net<br>Assets, <br>End of <br>Period <br>(in thousands)** |
| **C Class** | | | | | | | | | | | | | | | |
| 2025<sup>(3)</sup> | $47.73 | (0.29) | (1.59) | (1.88) |  | (3.46) | (3.46) | $42.39 | (4.96)% | 1.88% | 1.96% | (1.23)% | (1.31)% | 17% | $12384 |
| 2024 | $37.10 | (0.55) | 13.52 | 12.97 |  | (2.34) | (2.34) | $47.73 | 36.06% | 1.91% | 1.96% | (1.21)% | (1.26)% | 21% | $13325 |
| 2023 | $31.83 | (0.36) | 6.35 | 5.99 |  | (0.72) | (0.72) | $37.10 | 19.27% | 1.93% | 1.97% | (1.03)% | (1.07)% | 20% | $9153 |
| 2022 | $51.16 | (0.46) | (12.55) | (13.01) |  | (6.32) | (6.32) | $31.83 | (28.97)% | 1.95% | 1.97% | (1.19)% | (1.21)% | 25% | $9097 |
| 2021 | $37.37 | (0.59) | 15.94 | 15.35 |  | (1.56) | (1.56) | $51.16 | 42.23% | 1.96% | 1.96% | (1.36)% | (1.36)% | 21% | $12674 |
| 2020 | $32.37 | (0.37) | 8.18 | 7.81 |  | (2.81) | (2.81) | $37.37 | 25.43% | 1.97% | 1.97% | (1.04)% | (1.04)% | 33% | $13527 |
| **R Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $51.45 | (0.18) | (1.77) | (1.95) |  | (3.46) | (3.46) | $46.04 | (4.72)% | 1.38% | 1.46% | (0.73)% | (0.81)% | 17% | $83485 |
| 2024 | $39.64 | (0.34) | 14.49 | 14.15 |  | (2.34) | (2.34) | $51.45 | 36.76% | 1.41% | 1.46% | (0.71)% | (0.76)% | 21% | $94149 |
| 2023 | $33.80 | (0.20) | 6.76 | 6.56 |  | (0.72) | (0.72) | $39.64 | 19.84% | 1.43% | 1.47% | (0.53)% | (0.57)% | 20% | $74851 |
| 2022 | $53.69 | (0.29) | (13.28) | (13.57) |  | (6.32) | (6.32) | $33.80 | (28.62)% | 1.45% | 1.47% | (0.69)% | (0.71)% | 25% | $72437 |
| 2021 | $38.96 | (0.40) | 16.69 | 16.29 |  | (1.56) | (1.56) | $53.69 | 42.94% | 1.46% | 1.46% | (0.86)% | (0.86)% | 21% | $114022 |
| 2020 | $33.50 | (0.19) | 8.49 | 8.30 | (0.03) | (2.81) | (2.84) | $38.96 | 26.07% | 1.47% | 1.47% | (0.54)% | (0.54)% | 33% | $96170 |
| **R5 Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $59.76 | (0.01) | (2.15) | (2.16) |  | (3.46) | (3.46) | $54.14 | (4.39)% | 0.68% | 0.76% | (0.03)% | (0.11)% | 17% | $4435 |
| 2024 | $45.41 | (0.02) | 16.71 | 16.69 |  | (2.34) | (2.34) | $59.76 | 37.72% | 0.71% | 0.76% | (0.01)% | (0.06)% | 21% | $5072 |
| 2023 | $38.40 | 0.07 | 7.71 | 7.78 | (0.05) | (0.72) | (0.77) | $45.41 | 20.70% | 0.73% | 0.77% | 0.17% | 0.13% | 20% | $2490 |
| 2022 | $59.76 | (0.01) | (15.03) | (15.04) |  | (6.32) | (6.32) | $38.40 | (28.12)% | 0.75% | 0.77% | 0.01% | (0.01)% | 25% | $2471 |
| 2021 | $42.91 | (0.09) | 18.50 | 18.41 |  | (1.56) | (1.56) | $59.76 | 43.96% | 0.76% | 0.76% | (0.16)% | (0.16)% | 21% | $4950 |
| 2020 | $36.59 | 0.08 | 9.28 | 9.36 | (0.23) | (2.81) | (3.04) | $42.91 | 26.94% | 0.77% | 0.77% | 0.16% | 0.16% | 33% | $433 |
| **R6 Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $59.97 | 0.03 | (2.16) | (2.13) |  | (3.46) | (3.46) | $54.38 | (4.32)% | 0.53% | 0.61% | 0.12% | 0.04% | 17% | $1139503 |
| 2024 | $45.50 | 0.08 | 16.73 | 16.81 |  | (2.34) | (2.34) | $59.97 | 37.91% | 0.56% | 0.61% | 0.14% | 0.09% | 21% | $1431350 |
| 2023 | $38.47 | 0.13 | 7.73 | 7.86 | (0.11) | (0.72) | (0.83) | $45.50 | 20.89% | 0.58% | 0.62% | 0.32% | 0.28% | 20% | $1098477 |
| 2022 | $59.77 | 0.07 | (15.05) | (14.98) |  | (6.32) | (6.32) | $38.47 | (28.01)% | 0.60% | 0.62% | 0.16% | 0.14% | 25% | $879964 |
| 2021 | $42.86 | (0.01) | 18.48 | 18.47 |  | (1.56) | (1.56) | $59.77 | 44.15% | 0.61% | 0.61% | (0.01)% | (0.01)% | 21% | $876460 |
| 2020 | $36.56 | 0.12 | 9.29 | 9.41 | (0.30) | (2.81) | (3.11) | $42.86 | 27.13% | 0.62% | 0.62% | 0.31% | 0.31% | 33% | $611600 |
| **G Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $60.55 | 0.19 | (2.19) | (2.00) |  | (3.46) | (3.46) | $55.09 | (4.07)% | 0.00% | 0.61% | 0.65% | 0.04% | 17% | $1215932 |
| 2024 | $45.68 | 0.39 | 16.82 | 17.21 |  | (2.34) | (2.34) | $60.55 | 38.69% | 0.00% | 0.61% | 0.70% | 0.09% | 21% | $1627354 |
| 2023 | $38.62 | 0.39 | 7.72 | 8.11 | (0.33) | (0.72) | (1.05) | $45.68 | 21.60% | 0.00% | 0.62% | 0.90% | 0.28% | 20% | $1308464 |
| 2022<sup>(5)</sup> | $47.73 | 0.23 | (8.33) | (8.10) |  | (1.01) | (1.01) | $38.62 | (17.41)% | 0.00% | 0.62% | 0.82% | 0.20% | 25%<sup>(6)</sup> | $1252003 |

---

------

**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)Six months ended April 30, 2025 (unaudited).

(4)Per-share amount was less than $0.005.

(5)March 1, 2022 (commencement of sale) through October 31, 2022.

(6)Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended October 31, 2022.

\*The amount shown for a share outstanding throughout the period may not correlate with the Statement(s) 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.

------

---

| | |
|:---|:---|
| 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.* |
| **©2025 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-SAN-92358 2506** | **©2025 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-SAN-92358 2506** |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;

![Image9.jpg](ck0000100334-20250430_g3.jpg)

---

| |
|:---|
| Semiannual Financial Statements and Other Information |
| April 30, 2025 |
| Heritage Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class (TWHIX) |
| &nbsp;&nbsp;&nbsp;&nbsp;I Class (ATHIX) |
| &nbsp;&nbsp;&nbsp;&nbsp;Y Class (ATHYX) |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class (ATHAX) |
| &nbsp;&nbsp;&nbsp;&nbsp;C Class (AHGCX) |
| &nbsp;&nbsp;&nbsp;&nbsp;R Class (ATHWX) |
| &nbsp;&nbsp;&nbsp;&nbsp;R5 Class (ATHGX) |
| &nbsp;&nbsp;&nbsp;&nbsp;R6 Class (ATHDX) |
| &nbsp;&nbsp;&nbsp;&nbsp;G Class (ACILX) |

---

------

**Table of Contents**

---

| | |
|:---|:---|
| Schedule of Investments | [2](#i52946b9046fa4e8f856c2e760a6ee818_160) |
| Statement of Assets and Liabilities | [6](#i52946b9046fa4e8f856c2e760a6ee818_163) |
| Statement of Operations | [7](#i52946b9046fa4e8f856c2e760a6ee818_166) |
| Statement of Changes in Net Assets | [8](#i52946b9046fa4e8f856c2e760a6ee818_169) |
| Notes to Financial Statements | [9](#i52946b9046fa4e8f856c2e760a6ee818_172) |
| Financial Highlights | [15](#i52946b9046fa4e8f856c2e760a6ee818_175) |

---

------

Schedule of Investments

**APRIL 30, 2025 (UNAUDITED)** 

---

| | | |
|:---|:---|:---|
|<br>**COMMON STOCKS — 98.5%** | **Shares** | **Value** |
| **Aerospace and Defense — 3.1%** | | |
| Axon Enterprise, Inc.<sup>(1)</sup> | 92983 | $57026474 |
| Curtiss-Wright Corp. | 119809 | 41320926 |
| Howmet Aerospace, Inc. | 534058 | 74009758 |
|  |  | 172357158 |
| **Banks — 1.7%** |  |  |
| NU Holdings Ltd., Class A<sup>(1)</sup> | 7703256 | 95751472 |
| **Biotechnology — 3.4%** |  |  |
| Alnylam Pharmaceuticals, Inc.<sup>(1)</sup> | 261006 | 68707219 |
| Amicus Therapeutics, Inc.<sup>(1)</sup> | 3492476 | 26822216 |
| Argenx SE, ADR<sup>(1)</sup> | 27009 | 17424586 |
| BioMarin Pharmaceutical, Inc.<sup>(1)</sup> | 370504 | 23597400 |
| Natera, Inc.<sup>(1)</sup> | 366130 | 55260001 |
|  |  | 191811422 |
| **Building Products — 1.6%** |  |  |
| Johnson Controls International PLC | 1091194 | 91551177 |
| **Capital Markets — 8.3%** |  |  |
| ARES Management Corp., Class A | 808974 | 123392804 |
| Coinbase Global, Inc., Class A<sup>(1)</sup> | 319544 | 64832282 |
| LPL Financial Holdings, Inc. | 443962 | 141974608 |
| MSCI, Inc. | 198230 | 108057155 |
| TPG, Inc. | 561646 | 26088457 |
|  |  | 464345306 |
| **Chemicals — 1.3%** |  |  |
| Avient Corp. | 661939 | 22049188 |
| Element Solutions, Inc. | 2408975 | 49167180 |
|  |  | 71216368 |
| **Commercial Services and Supplies — 2.0%** |  |  |
| Republic Services, Inc. | 452467 | 113456100 |
| **Communications Equipment — 0.3%** |  |  |
| Ciena Corp.<sup>(1)</sup> | 279336 | 18760206 |
| **Construction and Engineering — 0.9%** |  |  |
| EMCOR Group, Inc. | 119208 | 47766646 |
| **Construction Materials — 0.9%** |  |  |
| Vulcan Materials Co. | 200107 | 52494069 |
| **Consumer Staples Distribution & Retail — 1.3%** |  |  |
| Casey's General Stores, Inc. | 83979 | 38847846 |
| Maplebear, Inc.<sup>(1)</sup> | 777955 | 31032625 |
|  |  | 69880471 |
| **Distributors — 1.3%** |  |  |
| Pool Corp. | 239757 | 70282367 |
| **Diversified Consumer Services — 2.9%** |  |  |
| Bright Horizons Family Solutions, Inc.<sup>(1)</sup> | 597277 | 74910481 |
| Duolingo, Inc.<sup>(1)</sup> | 223951 | 87224436 |
|  |  | 162134917 |
| **Electrical Equipment — 2.3%** |  |  |
| AMETEK, Inc. | 162336 | 27528939 |
| Hubbell, Inc. | 89316 | 32437785 |
| Regal Rexnord Corp. | 89123 | 9432778 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Vertiv Holdings Co., Class A | 713302 | $60901725 |
|  |  | 130301227 |
| **Entertainment — 1.1%** |  |  |
| Spotify Technology SA<sup>(1)</sup> | 103791 | 63725598 |
| **Financial Services — 1.8%** |  |  |
| Corpay, Inc.<sup>(1)</sup> | 317879 | 103428290 |
| **Ground Transportation — 1.9%** |  |  |
| Norfolk Southern Corp. | 231774 | 51928965 |
| XPO, Inc.<sup>(1)</sup> | 530971 | 56346642 |
|  |  | 108275607 |
| **Health Care Equipment and Supplies — 4.1%** |  |  |
| Dexcom, Inc.<sup>(1)</sup> | 1233357 | 88037023 |
| GE HealthCare Technologies, Inc. | 390166 | 27440375 |
| IDEXX Laboratories, Inc.<sup>(1)</sup> | 111183 | 48103325 |
| Insulet Corp.<sup>(1)</sup> | 267878 | 67582940 |
|  |  | 231163663 |
| **Health Care Providers and Services — 1.8%** |  |  |
| Cencora, Inc. | 351458 | 102861213 |
| **Health Care Technology — 0.9%** |  |  |
| Veeva Systems, Inc., Class A<sup>(1)</sup> | 216060 | 50491061 |
| **Hotels, Restaurants and Leisure — 6.0%** |  |  |
| Airbnb, Inc., Class A<sup>(1)</sup> | 313575 | 38231064 |
| Chipotle Mexican Grill, Inc.<sup>(1)</sup> | 1803041 | 91089631 |
| DoorDash, Inc., Class A<sup>(1)</sup> | 236568 | 45631602 |
| Hilton Worldwide Holdings, Inc. | 580974 | 130998018 |
| Viking Holdings Ltd.<sup>(1)</sup> | 744076 | 30529438 |
|  |  | 336479753 |
| **Household Durables — 0.7%** |  |  |
| TopBuild Corp.<sup>(1)</sup> | 127843 | 37810846 |
| **Household Products — 1.4%** |  |  |
| Church & Dwight Co., Inc. | 772657 | 76755746 |
| **Independent Power and Renewable Electricity Producers — 1.8%** |  |  |
| Vistra Corp. | 782023 | 101373641 |
| **Insurance — 1.3%** |  |  |
| Ryan Specialty Holdings, Inc., Class A | 1120913 | 73431011 |
| **Interactive Media and Services — 1.0%** |  |  |
| Pinterest, Inc., Class A<sup>(1)</sup> | 2159690 | 54683351 |
| **IT Services — 2.9%** |  |  |
| Cloudflare, Inc., Class A<sup>(1)</sup> | 964881 | 116538327 |
| MongoDB, Inc.<sup>(1)</sup> | 264410 | 45523470 |
|  |  | 162061797 |
| **Life Sciences Tools and Services — 3.6%** |  |  |
| Agilent Technologies, Inc. | 178075 | 19160870 |
| Avantor, Inc.<sup>(1)</sup> | 1299173 | 16876257 |
| Bio-Techne Corp. | 305678 | 15390887 |
| IQVIA Holdings, Inc.<sup>(1)</sup> | 414212 | 64231855 |
| Mettler-Toledo International, Inc.<sup>(1)</sup> | 20755 | 22219681 |
| West Pharmaceutical Services, Inc. | 310477 | 65600685 |
|  |  | 203480235 |
| **Machinery — 0.8%** |  |  |
| Crane Co. | 283478 | 45634288 |
| **Media — 0.7%** |  |  |
| Trade Desk, Inc., Class A<sup>(1)</sup> | 764574 | 41004104 |
| **Oil, Gas and Consumable Fuels — 2.7%** |  |  |
| Expand Energy Corp. | 380835 | 39568756 |
| Permian Resources Corp. | 2149477 | 25363829 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Targa Resources Corp. | 520001 | $88868171 |
|  |  | 153800756 |
| **Professional Services — 2.3%** |  |  |
| CACI International, Inc., Class A<sup>(1)</sup> | 21408 | 9802081 |
| Equifax, Inc. | 113448 | 29511228 |
| Verisk Analytics, Inc. | 292811 | 86797965 |
|  |  | 126111274 |
| **Semiconductors and Semiconductor Equipment — 2.4%** |  |  |
| Analog Devices, Inc. | 144980 | 28259501 |
| Lattice Semiconductor Corp.<sup>(1)</sup> | 457300 | 22375689 |
| Marvell Technology, Inc. | 307689 | 17959807 |
| Monolithic Power Systems, Inc. | 113759 | 67470463 |
|  |  | 136065460 |
| **Software — 22.7%** |  |  |
| AppLovin Corp., Class A<sup>(1)</sup> | 499294 | 134464867 |
| Cadence Design Systems, Inc.<sup>(1)</sup> | 170815 | 50858458 |
| Datadog, Inc., Class A<sup>(1)</sup> | 997934 | 101948938 |
| Docusign, Inc.<sup>(1)</sup> | 838086 | 68513531 |
| Fair Isaac Corp.<sup>(1)</sup> | 69830 | 138939354 |
| Guidewire Software, Inc.<sup>(1)</sup> | 414994 | 84978321 |
| HubSpot, Inc.<sup>(1)</sup> | 181919 | 111243469 |
| Manhattan Associates, Inc.<sup>(1)</sup> | 277309 | 49191844 |
| Palantir Technologies, Inc., Class A<sup>(1)</sup> | 3440845 | 407533563 |
| Samsara, Inc., Class A<sup>(1)</sup> | 624061 | 24750259 |
| Zscaler, Inc.<sup>(1)</sup> | 435584 | 98516033 |
|  |  | 1270938637 |
| **Specialized REITs — 1.2%** |  |  |
| SBA Communications Corp. | 283049 | 68894127 |
| **Specialty Retail — 1.4%** |  |  |
| Burlington Stores, Inc.<sup>(1)</sup> | 347600 | 78223904 |
| **Technology Hardware, Storage and Peripherals — 0.4%** |  |  |
| Super Micro Computer, Inc.<sup>(1)(2)</sup> | 629391 | 20052397 |
| **Textiles, Apparel and Luxury Goods — 0.5%** |  |  |
| On Holding AG, Class A<sup>(1)</sup> | 519352 | 24986025 |
| **Trading Companies and Distributors — 1.8%** |  |  |
| Core & Main, Inc., Class A<sup>(1)</sup> | 901831 | 47508457 |
| WESCO International, Inc. | 309332 | 50408743 |
|  |  | 97917200 |
| **TOTAL COMMON STOCKS**<br>(Cost $4,126,325,640) |  | **5521758890** |
| **SHORT-TERM INVESTMENTS — 1.6%** |  |  |
| **Money Market Funds — 0.0%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 218749 | 218749 |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(3)</sup> | 59605 | 59605 |
|  |  | 278354 |
| **Repurchase Agreements — 1.6%** |  |  |
| BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 1.625%, 8/15/29, valued at $10,160,014), in a joint trading account at 4.32%, dated 4/30/25, due 5/1/25 (Delivery value $9,958,943) |  | 9957748 |
| Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 4.50%, 5/15/27, valued at $81,247,243), at 4.36%, dated 4/30/25, due 5/1/25 (Delivery value $79,663,647) |  | 79654000 |
|  |  | 89611748 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $89,890,102) |  | **89890102** |
| **TOTAL INVESTMENT SECURITIES — 100.1%**<br>(Cost $4,216,215,742) |  | **5611648992** |
| **OTHER ASSETS AND LIABILITIES — (0.1)%** |  | **(4212651)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**5607436341** |

---

------

---

| | | |
|:---|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** |
| ADR | – | American Depositary Receipt |

---

(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 $20,052,397. 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 $23,163,902, which includes securities collateral of $23,104,297.

See Notes to Financial Statements.

------

Statement of Assets and Liabilities

---

| | |
|:---|:---|
| **APRIL 30, 2025 (UNAUDITED)** | |
| **Assets** | |
| Investment securities, at value (cost of $4,216,156,137) — including $20,052,397 of securities on loan | $5611589387 |
| Investment made with cash collateral received for securities on loan, at value (cost of $59,605) | 59605 |
| Total investment securities, at value (cost of $4,216,215,742) | 5611648992 |
| Receivable for investments sold | 9296963 |
| Receivable for capital shares sold | 1478043 |
| Dividends and interest receivable | 629020 |
| Securities lending receivable | 4132 |
|  | 5623057150 |
| **Liabilities** |  |
| Payable for collateral received for securities on loan | 59605 |
| Payable for investments purchased | 9755088 |
| Payable for capital shares redeemed | 2228379 |
| Accrued management fees | 3522228 |
| Distribution and service fees payable | 55509 |
|  | 15620809 |
| **Net Assets** | $5607436341 |
| **Net Assets Consist of:** |  |
| Capital (par value and paid-in surplus) | $3996929137 |
| Distributable earnings (loss) | 1610507204 |
|  | $5607436341 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Net Assets** | **Shares Outstanding** | **Net Asset Value Per Share\*** |
| Investor Class, $0.01 Par Value | $3904253647 | 173127578 | $22.55 |
| I Class, $0.01 Par Value | $271004697 | 10438787 | $25.96 |
| Y Class, $0.01 Par Value | $87918184 | 3282386 | $26.78 |
| A Class, $0.01 Par Value | $219710117 | 11846399 | $18.55 |
| C Class, $0.01 Par Value | $4638296 | 499831 | $9.28 |
| R Class, $0.01 Par Value | $23674301 | 1303626 | $18.16 |
| R5 Class, $0.01 Par Value | $1344476 | 51773 | $25.97 |
| R6 Class, $0.01 Par Value | $201555474 | 7525654 | $26.78 |
| G Class, $0.01 Par Value | $893337149 | 32613603 | $27.39 |

---

\*Maximum offering price per share was equal to the net asset value per share for all share classes, except A Class, for which the maximum offering price per share was $19.68 (net asset value divided by 0.9425). A contingent deferred sales charge may be imposed on redemptions of A Class and C Class.

See Notes to Financial Statements.

------

Statement of Operations

---

| | |
|:---|:---|
| **FOR THE SIX MONTHS ENDED APRIL 30, 2025 (UNAUDITED)** | |
| **Investment Income (Loss)** | |
| **Income:** | |
| Dividends (net of foreign taxes withheld of $6,428) | $14088402 |
| Interest | 1169178 |
| Securities lending, net | 9659 |
|  | 15267239 |
| **Expenses:** |  |
| Management fees | 27237046 |
| Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;A Class | 295555 |
| &nbsp;&nbsp;&nbsp;C Class | 26115 |
| &nbsp;&nbsp;&nbsp;R Class | 63239 |
| Directors' fees and expenses | 86769 |
| Other expenses | 101 |
|  | 27708825 |
| Fees waived - G Class | (3067426) |
|  | 24641399 |
| **Net investment income (loss)** | (9374160) |
| **Realized and Unrealized Gain (Loss)** |  |
| **Net realized gain (loss) on:** |  |
| Investment transactions | 254917744 |
| Forward foreign currency exchange contract transactions | 1457670 |
| Foreign currency translation transactions | 26951 |
|  | 256402365 |
| **Change in net unrealized appreciation (depreciation) on:** |  |
| Investments | (162813236) |
| Forward foreign currency exchange contracts | (884544) |
|  | (163697780) |
| **Net realized and unrealized gain (loss)** | 92704585 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $83330425 |

---

See Notes to Financial Statements.

------

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| **SIX MONTHS ENDED APRIL 30, 2025 (UNAUDITED) AND YEAR ENDED OCTOBER 31, 2024** | **SIX MONTHS ENDED APRIL 30, 2025 (UNAUDITED) AND YEAR ENDED OCTOBER 31, 2024** | **SIX MONTHS ENDED APRIL 30, 2025 (UNAUDITED) AND YEAR ENDED OCTOBER 31, 2024** |
| **Increase (Decrease) in Net Assets** | **April 30, 2025** | **October 31, 2024** |
| **Operations** | | |
| Net investment income (loss) | $(9374160) | $(15113788) |
| Net realized gain (loss) | 256402365 | 871837312 |
| Change in net unrealized appreciation (depreciation) | (163697780) | 1007719080 |
| Net increase (decrease) in net assets resulting from operations | 83330425 | 1864442604 |
| **Distributions to Shareholders** |  |  |
| From earnings: |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (577865804) | (28790151) |
| &nbsp;&nbsp;&nbsp;I Class | (30930404) | (1637994) |
| &nbsp;&nbsp;&nbsp;Y Class | (11562485) | (555119) |
| &nbsp;&nbsp;&nbsp;A Class | (38708262) | (2077422) |
| &nbsp;&nbsp;&nbsp;C Class | (1514277) | (101125) |
| &nbsp;&nbsp;&nbsp;R Class | (4213275) | (215707) |
| &nbsp;&nbsp;&nbsp;R5 Class | (147717) | (8163) |
| &nbsp;&nbsp;&nbsp;R6 Class | (24221434) | (1223186) |
| &nbsp;&nbsp;&nbsp;G Class | (112166548) | (6708583) |
| Decrease in net assets from distributions | (801330206) | (41317450) |
| **Capital Share Transactions** |  |  |
| Net increase (decrease) in net assets from capital share transactions (Note 5) | 446548547 | (721928259) |
| **Net increase (decrease) in net assets** | (271451234) | 1101196895 |
| **Net Assets** |  |  |
| Beginning of period | 5878887575 | 4777690680 |
| End of period | $5607436341 | $5878887575 |

---

See Notes to Financial Statements.

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Notes to Financial Statements

**APRIL 30, 2025 (UNAUDITED)**

**1. Organization**

American Century Mutual Funds, 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. Heritage Fund (the fund) is one fund in a series issued by the corporation. The fund's investment objective is to seek long-term capital growth.

The 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 fund serves as the chief operating decision maker (CODM). The 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.

The fund offers the Investor Class, I Class, Y Class, A Class, C Class, R Class, R5 Class, R6 Class and G Class. The A Class may incur an initial sales charge. The A Class and C Class may be subject to a contingent deferred sales charge.

**2. Significant Accounting Policies**

The following is a summary of significant accounting policies consistently followed by the fund in preparation of its financial statements. The 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 —** The 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 investments of the fund 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.

Open-end management investment companies are valued at the reported NAV per share. Repurchase agreements are valued at cost, which approximates fair value. 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 the 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 fund's 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.

**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. The 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. The 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 is recorded on the accrual basis and includes accretion of discounts and amortization of premiums. Securities lending income is net of fees and rebates earned by the lending agent for its services.

**Repurchase Agreements —** The fund may enter into repurchase agreements with institutions that ACIM has determined are creditworthy pursuant to criteria adopted by the Board of Directors. The 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 the fund under each repurchase agreement.

**Joint Trading Account —** Pursuant to an Exemptive Order issued by the Securities and Exchange Commission, the fund, along with certain other funds in the American Century Investments family of funds, may transfer uninvested cash balances into a joint trading account. 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 the 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. The fund files U.S. federal, state, local and non-U.S. tax returns as applicable. The 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 the 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 the fund are allocated to each class of shares based on their relative net assets.

**Distributions to Shareholders —** Distributions from net investment income and net realized gains, if any, are generally declared and paid annually. The 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).

**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 the fund. In addition, in the normal course of business, the fund enters 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 fund pursuant to a Securities Lending Agreement. The lending of securities exposes the fund to risks such as: the borrowers may fail to return the loaned securities, the borrowers may not be able to provide additional collateral, the fund may experience delays in recovery of the loaned securities or delays in access to collateral, or the 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 fund 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, the 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.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged, and the remaining contractual maturity of those transactions as of April 30, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Remaining Contractual Maturity of Agreements** | **Remaining Contractual Maturity of Agreements** | **Remaining Contractual Maturity of Agreements** | **Remaining Contractual Maturity of Agreements** | **Remaining Contractual Maturity of Agreements** | **Remaining Contractual Maturity of Agreements** |
| | **Overnight and**<br>**Continuous** | **<30 days** | **Between**<br>**30 & 90 days** | **>90 days** | **Total** |
| **Securities Lending Transactions**<sup>(1)</sup> | **Securities Lending Transactions**<sup>(1)</sup> | | | | |
| &nbsp;&nbsp;&nbsp;Common Stocks | $59605 |  |  |  | $59605 |
| Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | $59605 |

---

(1)Amount represents the payable for cash collateral received for securities on loan. This will generally be in the Overnight and Continuous column as the securities are typically callable on demand.

**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. Various funds issued by American Century Asset Allocation Portfolios, Inc. own, in aggregate, 10% of the shares of the fund.

------

**Management Fees —** The corporation has entered into a management agreement with ACIM, under which ACIM provides the 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 the 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 each class's daily net assets 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 the 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 for each class is as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investor Class** | **I Class** | **Y Class** | **A Class** | **C Class** | **R Class** | **R5 Class** | **R6 Class** | **G Class** |
| 1.00% | 0.80% | 0.65% | 1.00% | 1.00% | 1.00% | 0.80% | 0.65% | 0.00%<sup>(1)</sup> |

---

(1)Annual management fee before waiver was 0.65%.

**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 April 30, 2025 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 fund. The directors receive detailed information about the fund and its investment advisor regularly throughout the year, and meet at least quarterly with management of the investment advisor to review reports about fund operations. The fund's officers do not receive compensation from the fund.

**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.

**Interfund Transactions —** The 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. There were no interfund transactions during the period.

**4. Investment Transactions**

Purchases and sales of investment securities, excluding short-term investments, for the period ended April 30, 2025 were $1,209,426,160 and $1,641,196,826, respectively.

------

**5. Capital Share Transactions**

Transactions in shares of the fund were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six months ended<br>April 30, 2025** | **Six months ended<br>April 30, 2025** | **Year ended**<br>**October 31, 2024** | **Year ended**<br>**October 31, 2024** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| **Investor Class/Shares Authorized** | 2100000000 |  | 2100000000 |  |
| Sold | 4252221 | $105538877 | 4194058 | $98023549 |
| Issued in reinvestment of distributions | 22247750 | 554191771 | 1280521 | 27748861 |
| Redeemed | (11407570) | (282441394) | (19424264) | (450386174) |
|  | 15092401 | 377289254 | (13949685) | (324613764) |
| **I Class/Shares Authorized** | 175000000 |  | 175000000 |  |
| Sold | 2542357 | 68671259 | 1148441 | 30297479 |
| Issued in reinvestment of distributions | 1030345 | 29529677 | 63723 | 1558657 |
| Redeemed | (1577514) | (45046151) | (2572905) | (67726069) |
|  | 1995188 | 53154785 | (1360741) | (35869933) |
| **Y Class/Shares Authorized** | 75000000 |  | 75000000 |  |
| Sold | 480212 | 13610810 | 733163 | 19726384 |
| Issued in reinvestment of distributions | 390914 | 11551502 | 22105 | 554613 |
| Redeemed | (927178) | (28079232) | (626685) | (17104971) |
|  | (56052) | (2916920) | 128583 | 3176026 |
| **A Class/Shares Authorized** | 170000000 |  | 170000000 |  |
| Sold | 836795 | 16750715 | 1083218 | 21319630 |
| Issued in reinvestment of distributions | 1816281 | 37251915 | 109874 | 2019489 |
| Redeemed | (1395034) | (28233905) | (3006307) | (59580981) |
|  | 1258042 | 25768725 | (1813215) | (36241862) |
| **C Class/Shares Authorized** | 20000000 |  | 20000000 |  |
| Sold | 87230 | 881790 | 48268 | 564581 |
| Issued in reinvestment of distributions | 146134 | 1503719 | 9403 | 100613 |
| Redeemed | (156653) | (1574463) | (309523) | (3418299) |
|  | 76711 | 811046 | (251852) | (2753105) |
| **R Class/Shares Authorized** | 40000000 |  | 40000000 |  |
| Sold | 119526 | 2381225 | 151927 | 2967579 |
| Issued in reinvestment of distributions | 209349 | 4207911 | 11896 | 215444 |
| Redeemed | (190361) | (3792626) | (274814) | (5352057) |
|  | 138514 | 2796510 | (110991) | (2169034) |
| **R5 Class/Shares Authorized** | 20000000 |  | 20000000 |  |
| Sold | 7493 | 194064 | 2288 | 60521 |
| Issued in reinvestment of distributions | 5152 | 147717 | 334 | 8163 |
| Redeemed | (1531) | (45353) | (9472) | (255833) |
|  | 11114 | 296428 | (6850) | (187149) |
| **R6 Class/Shares Authorized** | 120000000 |  | 120000000 |  |
| Sold | 1369467 | 40200220 | 1111872 | 30238445 |
| Issued in reinvestment of distributions | 815782 | 24106358 | 48528 | 1217558 |
| Redeemed | (1003012) | (28668482) | (2055548) | (56027858) |
|  | 1182237 | 35638096 | (895148) | (24571855) |
| **G Class/Shares Authorized** | 600000000 |  | 600000000 |  |
| Sold | 2862157 | 82471624 | 3576173 | 98937738 |
| Issued in reinvestment of distributions | 3720283 | 112166548 | 264326 | 6708583 |
| Redeemed | (7580044) | (240927549) | (14940124) | (404343904) |
|  | (997604) | (46289377) | (11099625) | (298697583) |
| Net increase (decrease) | 18700551 | $446548547 | (29359524) | $(721928259) |

---

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**6. Fair Value Measurements**

The fund's investments valuation process is based on several considerations and may use multiple inputs to determine the fair value of the investments held by the 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 following is a summary of the level classifications as of period end. The Schedule of Investments provides additional information on the fund's portfolio holdings.

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| | | | |
|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** |
| **Assets** | | | |
| **Investment Securities** | | | |
| Common Stocks | $5521758890 |  |  |
| Short-Term Investments | 278354 | $89611748 |  |
|  | $5522037244 | $89611748 |  |

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**7. Derivative Instruments**

**Foreign Currency Risk —** The fund is subject to foreign currency exchange rate risk in the normal course of pursuing its 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. 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 fund's average U.S. dollar exposure to foreign currency risk derivative instruments held during the period was $28,730,346.

At period end, the fund did not have any derivative instruments disclosed on the Statement of Assets and Liabilities. For the six months ended April 30, 2025, the effect of foreign currency risk derivative instruments on the Statement of Operations was $1,457,670 in net realized gain (loss) on forward foreign currency exchange contract transactions and $(884,544) in change in net unrealized appreciation (depreciation) on forward foreign currency exchange contracts.

**8. Risk Factors**

The value of the fund's shares 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 the 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.

**9. Federal Tax Information**

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.

------

As of period end, the components of investments for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| Federal tax cost of investments | $4253185340 |
| Gross tax appreciation of investments | $1605324539 |
| Gross tax depreciation of investments | (246860887) |
| Net tax appreciation (depreciation) of investments | $1358463652 |

---

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales.

------

Financial Highlights

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| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | | | |
| **Per-Share Data** | **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>**:** | **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>Realized <br>Gains** | **Tax Return<br>of<br>Capital** | **Total Distributions** | **Net Asset <br>Value, <br>End <br>of Period** | **Total** <br>**Return**<sup>(2)</sup> | **Operating <br>Expenses (before expense waiver)** | **Net <br>Investment <br>Income <br>(Loss)** | **Net <br>Investment <br>Income (Loss) (before <br>expense waiver)** | **Portfolio <br>Turnover <br>Rate** | **Net <br>Assets, <br>End of <br>Period (in thousands)** |
| **Investor Class** | **Investor Class** | | | | | | | | | | | | | |
| 2025<sup>(3)</sup> | $25.70 | (0.06) | 0.61 | 0.55 | (3.70) |  | (3.70) | $22.55 | 0.75% | 1.00% | (0.49)% | (0.49)% | 21% | $3904254 |
| 2024 | $18.42 | (0.11) | 7.56 | 7.45 | (0.17) |  | (0.17) | $25.70 | 40.52% | 1.00% | (0.46)% | (0.46)% | 66% | $4062044 |
| 2023 | $18.42 | (0.08) | 0.08 |  |  |  |  | $18.42 | 0.11% | 1.00% | (0.41)% | (0.41)% | 51% | $3168263 |
| 2022 | $30.00 | (0.13) | (8.19) | (8.32) | (3.12) | (0.14) | (3.26) | $18.42 | (30.66)% | 1.01% | (0.62)% | (0.62)% | 47% | $3369474 |
| 2021 | $24.38 | (0.18) | 9.35 | 9.17 | (3.55) |  | (3.55) | $30.00 | 40.54% | 1.00% | (0.66)% | (0.66)% | 44% | $5307249 |
| 2020 | $21.74 | (0.10) | 5.09 | 4.99 | (2.35) |  | (2.35) | $24.38 | 25.00% | 1.00% | (0.47)% | (0.47)% | 85% | $4083843 |
| **I Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $29.06 | (0.04) | 0.64 | 0.60 | (3.70) |  | (3.70) | $25.96 | 0.88% | 0.80% | (0.29)% | (0.29)% | 21% | $271005 |
| 2024 | $20.77 | (0.07) | 8.53 | 8.46 | (0.17) |  | (0.17) | $29.06 | 40.75% | 0.80% | (0.26)% | (0.26)% | 66% | $245373 |
| 2023 | $20.73 | (0.05) | 0.09 | 0.04 |  |  |  | $20.77 | 0.29% | 0.80% | (0.21)% | (0.21)% | 51% | $203612 |
| 2022 | $33.26 | (0.10) | (9.17) | (9.27) | (3.12) | (0.14) | (3.26) | $20.73 | (30.49)% | 0.81% | (0.42)% | (0.42)% | 47% | $231708 |
| 2021 | $26.66 | (0.14) | 10.29 | 10.15 | (3.55) |  | (3.55) | $33.26 | 40.78% | 0.80% | (0.46)% | (0.46)% | 44% | $413523 |
| 2020 | $23.52 | (0.06) | 5.55 | 5.49 | (2.35) |  | (2.35) | $26.66 | 25.25% | 0.80% | (0.27)% | (0.27)% | 85% | $328636 |
| **Y Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $29.86 | (0.02) | 0.64 | 0.62 | (3.70) |  | (3.70) | $26.78 | 0.97% | 0.65% | (0.14)% | (0.14)% | 21% | $87918 |
| 2024 | $21.30 | (0.03) | 8.76 | 8.73 | (0.17) |  | (0.17) | $29.86 | 41.01% | 0.65% | (0.11)% | (0.11)% | 66% | $99672 |
| 2023 | $21.23 | (0.01) | 0.08 | 0.07 |  |  |  | $21.30 | 0.42% | 0.65% | (0.06)% | (0.06)% | 51% | $68371 |
| 2022 | $33.93 | (0.07) | (9.37) | (9.44) | (3.12) | (0.14) | (3.26) | $21.23 | (30.38)% | 0.66% | (0.27)% | (0.27)% | 47% | $62416 |
| 2021 | $27.10 | (0.10) | 10.48 | 10.38 | (3.55) |  | (3.55) | $33.93 | 40.98% | 0.65% | (0.31)% | (0.31)% | 44% | $85720 |
| 2020 | $23.84 | (0.03) | 5.64 | 5.61 | (2.35) |  | (2.35) | $27.10 | 25.43% | 0.65% | (0.12)% | (0.12)% | 85% | $52978 |
| **A Class** | **A Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $21.75 | (0.07) | 0.57 | 0.50 | (3.70) |  | (3.70) | $18.55 | 0.69% | 1.25% | (0.74)% | (0.74)% | 21% | $219710 |
| 2024 | $15.65 | (0.14) | 6.41 | 6.27 | (0.17) |  | (0.17) | $21.75 | 40.09% | 1.25% | (0.71)% | (0.71)% | 66% | $230325 |
| 2023 | $15.69 | (0.11) | 0.07 | (0.04) |  |  |  | $15.65 | (0.13)% | 1.25% | (0.66)% | (0.66)% | 51% | $194096 |
| 2022 | $26.11 | (0.16) | (7.00) | (7.16) | (3.12) | (0.14) | (3.26) | $15.69 | (30.80)% | 1.26% | (0.87)% | (0.87)% | 47% | $218573 |
| 2021 | $21.67 | (0.22) | 8.21 | 7.99 | (3.55) |  | (3.55) | $26.11 | 40.12% | 1.25% | (0.91)% | (0.91)% | 44% | $364852 |
| 2020 | $19.61 | (0.14) | 4.55 | 4.41 | (2.35) |  | (2.35) | $21.67 | 24.73% | 1.25% | (0.72)% | (0.72)% | 85% | $281637 |

---

------

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 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** | | | |
| | | **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>Realized <br>Gains** | **Tax Return<br>of<br>Capital** | **Total Distributions** | **Net Asset <br>Value, <br>End <br>of Period** | **Total** <br>**Return**<sup>(2)</sup> | **Operating <br>Expenses** | **Operating <br>Expenses (before expense waiver)** | **Net <br>Investment <br>Income <br>(Loss)** | **Net <br>Investment <br>Income (Loss) (before <br>expense waiver)** | **Portfolio <br>Turnover <br>Rate** | **Net <br>Assets, <br>End of <br>Period (in thousands)** |
| **C Class** | **C Class** | **C Class** | **C Class** | **C Class** | **C Class** | **C Class** | **C Class** | **C Class** | **C Class** | **C Class** | **C Class** | **C Class** | **C Class** | **C Class** | **C Class** |
| 2025<sup>(3)</sup> | $12.58 | (0.08) | 0.48 | 0.40 | (3.70) |  | (3.70) | $9.28 | 0.24% | 2.00% | 2.00% | (1.49)% | (1.49)% | 21% | $4638 |
| 2024 | $9.18 | (0.17) | 3.74 | 3.57 | (0.17) |  | (0.17) | $12.58 | 39.18% | 2.00% | 2.00% | (1.46)% | (1.46)% | 66% | $5325 |
| 2023 | $9.28 | (0.14) | 0.04 | (0.10) |  |  |  | $9.18 | (0.97)% | 2.00% | 2.00% | (1.41)% | (1.41)% | 51% | $6198 |
| 2022 | $16.95 | (0.18) | (4.23) | (4.41) | (3.12) | (0.14) | (3.26) | $9.28 | (31.31)% | 2.01% | 2.01% | (1.62)% | (1.62)% | 47% | $10289 |
| 2021 | $15.22 | (0.25) | 5.53 | 5.28 | (3.55) |  | (3.55) | $16.95 | 39.13% | 2.00% | 2.00% | (1.66)% | (1.66)% | 44% | $21836 |
| 2020 | $14.54 | (0.20) | 3.23 | 3.03 | (2.35) |  | (2.35) | $15.22 | 23.73% | 2.00% | 2.00% | (1.47)% | (1.47)% | 85% | $31677 |
| **R Class** | **R Class** | **R Class** | **R Class** | **R Class** | **R Class** | **R Class** | **R Class** | **R Class** | **R Class** | **R Class** | **R Class** | **R Class** | **R Class** | **R Class** | **R Class** |
| 2025<sup>(3)</sup> | $21.39 | (0.10) | 0.57 | 0.47 | (3.70) |  | (3.70) | $18.16 | 0.55% | 1.50% | 1.50% | (0.99)% | (0.99)% | 21% | $23674 |
| 2024 | $15.43 | (0.19) | 6.32 | 6.13 | (0.17) |  | (0.17) | $21.39 | 39.75% | 1.50% | 1.50% | (0.96)% | (0.96)% | 66% | $24925 |
| 2023 | $15.51 | (0.15) | 0.07 | (0.08) |  |  |  | $15.43 | (0.39)% | 1.50% | 1.50% | (0.91)% | (0.91)% | 51% | $19694 |
| 2022 | $25.91 | (0.20) | (6.94) | (7.14) | (3.12) | (0.14) | (3.26) | $15.51 | (30.98)% | 1.51% | 1.51% | (1.12)% | (1.12)% | 47% | $22855 |
| 2021 | $21.57 | (0.27) | 8.16 | 7.89 | (3.55) |  | (3.55) | $25.91 | 39.80% | 1.50% | 1.50% | (1.16)% | (1.16)% | 44% | $37753 |
| 2020 | $19.58 | (0.18) | 4.52 | 4.34 | (2.35) |  | (2.35) | $21.57 | 24.37% | 1.50% | 1.50% | (0.97)% | (0.97)% | 85% | $31862 |
| **R5 Class** | **R5 Class** | **R5 Class** | **R5 Class** | **R5 Class** | **R5 Class** | **R5 Class** | **R5 Class** | **R5 Class** | **R5 Class** | **R5 Class** | **R5 Class** | **R5 Class** | **R5 Class** | **R5 Class** | **R5 Class** |
| 2025<sup>(3)</sup> | $29.07 | (0.04) | 0.64 | 0.60 | (3.70) |  | (3.70) | $25.97 | 0.88% | 0.80% | 0.80% | (0.29)% | (0.29)% | 21% | $1344 |
| 2024 | $20.77 | (0.07) | 8.54 | 8.47 | (0.17) |  | (0.17) | $29.07 | 40.73% | 0.80% | 0.80% | (0.26)% | (0.26)% | 66% | $1182 |
| 2023 | $20.73 | (0.05) | 0.09 | 0.04 |  |  |  | $20.77 | 0.34% | 0.80% | 0.80% | (0.21)% | (0.21)% | 51% | $987 |
| 2022 | $33.26 | (0.11) | (9.16) | (9.27) | (3.12) | (0.14) | (3.26) | $20.73 | (30.50)% | 0.81% | 0.81% | (0.42)% | (0.42)% | 47% | $371 |
| 2021 | $26.66 | (0.14) | 10.29 | 10.15 | (3.55) |  | (3.55) | $33.26 | 40.78% | 0.80% | 0.80% | (0.46)% | (0.46)% | 44% | $973 |
| 2020 | $23.52 | (0.04) | 5.53 | 5.49 | (2.35) |  | (2.35) | $26.66 | 25.25% | 0.80% | 0.80% | (0.27)% | (0.27)% | 85% | $1339 |
| **R6 Class** | **R6 Class** | **R6 Class** | **R6 Class** | **R6 Class** | **R6 Class** | **R6 Class** | **R6 Class** | **R6 Class** | **R6 Class** | **R6 Class** | **R6 Class** | **R6 Class** | **R6 Class** | **R6 Class** | **R6 Class** |
| 2025<sup>(3)</sup> | $29.85 | (0.02) | 0.65 | 0.63 | (3.70) |  | (3.70) | $26.78 | 0.93% | 0.65% | 0.65% | (0.14)% | (0.14)% | 21% | $201555 |
| 2024 | $21.30 | (0.03) | 8.75 | 8.72 | (0.17) |  | (0.17) | $29.85 | 41.01% | 0.65% | 0.65% | (0.11)% | (0.11)% | 66% | $189373 |
| 2023 | $21.23 | (0.01) | 0.08 | 0.07 |  |  |  | $21.30 | 0.42% | 0.65% | 0.65% | (0.06)% | (0.06)% | 51% | $154171 |
| 2022 | $33.93 | (0.07) | (9.37) | (9.44) | (3.12) | (0.14) | (3.26) | $21.23 | (30.38)% | 0.66% | 0.66% | (0.27)% | (0.27)% | 47% | $154825 |
| 2021 | $27.10 | (0.09) | 10.47 | 10.38 | (3.55) |  | (3.55) | $33.93 | 40.98% | 0.65% | 0.65% | (0.31)% | (0.31)% | 44% | $194829 |
| 2020 | $23.84 | (0.03) | 5.64 | 5.61 | (2.35) |  | (2.35) | $27.10 | 25.43% | 0.65% | 0.65% | (0.12)% | (0.12)% | 85% | $148536 |
| **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** |
| 2025<sup>(3)</sup> | $30.37 | 0.08 | 0.64 | 0.72 | (3.70) |  | (3.70) | $27.39 | 1.27% | 0.00% | 0.65% | 0.51% | (0.14)% | 21% | $893337 |
| 2024 | $21.52 | 0.15 | 8.87 | 9.02 | (0.17) |  | (0.17) | $30.37 | 41.87% | 0.00% | 0.65% | 0.54% | (0.11)% | 66% | $1020668 |
| 2023 | $21.31 | 0.13 | 0.08 | 0.21 |  |  |  | $21.52 | 1.13% | 0.00% | 0.65% | 0.59% | (0.06)% | 51% | $962297 |
| 2022<sup>(4)</sup> | $24.55 | 0.06 | (3.12) | (3.06) | (0.04) | (0.14) | (0.18) | $21.31 | (12.57)% | 0.01% | 0.66% | 0.43% | (0.22)% | 47%<sup>(5)</sup> | $935941 |

---

------

**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)Six months ended April 30, 2025 (unaudited).

(4)March 1, 2022 (commencement of sale) through October 31, 2022.

(5)Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended October 31, 2022.

\*The amount shown for a share outstanding throughout the period may not correlate with the Statement(s) 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.

------

---

| | |
|:---|:---|
| 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.* |
| **©2025 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-SAN-92365 2506** | **©2025 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-SAN-92365 2506** |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;

![Image25.jpg](ck0000100334-20250430_g3.jpg)

---

| |
|:---|
| Semiannual Financial Statements and Other Information |
| April 30, 2025 |
| Large Cap Equity Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class (AFDIX) |
| &nbsp;&nbsp;&nbsp;&nbsp;I Class (AFEIX) |
| &nbsp;&nbsp;&nbsp;&nbsp;Y Class (AFYDX) |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class (AFDAX) |
| &nbsp;&nbsp;&nbsp;&nbsp;C Class (AFDCX) |
| &nbsp;&nbsp;&nbsp;&nbsp;R Class (AFDRX) |
| &nbsp;&nbsp;&nbsp;&nbsp;R5 Class (AFDGX) |
| &nbsp;&nbsp;&nbsp;&nbsp;R6 Class (AFEDX) |
| &nbsp;&nbsp;&nbsp;&nbsp;G Class (AFEGX) |

---

------

**Table of Contents**

---

| | |
|:---|:---|
| Schedule of Investments | [2](#i52946b9046fa4e8f856c2e760a6ee818_349) |
| Statement of Assets and Liabilities | [7](#i52946b9046fa4e8f856c2e760a6ee818_352) |
| Statement of Operations | [8](#i52946b9046fa4e8f856c2e760a6ee818_355) |
| Statement of Changes in Net Assets | [9](#i52946b9046fa4e8f856c2e760a6ee818_358) |
| Notes to Financial Statements | [10](#i52946b9046fa4e8f856c2e760a6ee818_361) |
| Financial Highlights | [16](#i52946b9046fa4e8f856c2e760a6ee818_364) |

---

------

Schedule of Investments

**APRIL 30, 2025 (UNAUDITED)** 

---

| | | |
|:---|:---|:---|
|<br>**COMMON STOCKS — 95.7%** | **Shares**<br> | **Value**<br> |
| **Air Freight and Logistics — 0.3%** |  |  |
| FedEx Corp. | 58686 | $12343426 |
| **Automobiles — 1.4%** |  |  |
| Tesla, Inc.<sup>(1)</sup> | 186794 | 52705795 |
| **Banks — 3.6%** |  |  |
| Bank of America Corp. | 982127 | 39167225 |
| JPMorgan Chase & Co. | 274798 | 67221087 |
| Regions Financial Corp. | 1540877 | 31449299 |
|  |  | 137837611 |
| **Beverages — 0.8%** |  |  |
| PepsiCo, Inc. | 234178 | 31749853 |
| **Biotechnology — 1.6%** |  |  |
| AbbVie, Inc. | 201586 | 39329429 |
| Vertex Pharmaceuticals, Inc.<sup>(1)</sup> | 43940 | 22387430 |
|  |  | 61716859 |
| **Broadline Retail — 3.4%** |  |  |
| Amazon.com, Inc.<sup>(1)</sup> | 715895 | 132025356 |
| **Building Products — 1.2%** |  |  |
| Johnson Controls International PLC | 546780 | 45874842 |
| **Capital Markets — 4.7%** |  |  |
| Ameriprise Financial, Inc. | 53725 | 25305549 |
| Blackrock, Inc. | 26365 | 24104465 |
| Intercontinental Exchange, Inc. | 128332 | 21555926 |
| KKR & Co., Inc. | 173974 | 19880009 |
| Morgan Stanley | 382876 | 44191548 |
| S&P Global, Inc. | 88902 | 44455445 |
|  |  | 179492942 |
| **Chemicals — 1.9%** |  |  |
| Ecolab, Inc. | 112137 | 28194606 |
| Linde PLC | 94473 | 42817998 |
|  |  | 71012604 |
| **Commercial Services and Supplies — 0.5%** |  |  |
| Copart, Inc.<sup>(1)</sup> | 315576 | 19259603 |
| **Communications Equipment — 1.4%** |  |  |
| Arista Networks, Inc.<sup>(1)</sup> | 220101 | 18107709 |
| Motorola Solutions, Inc. | 83270 | 36671276 |
|  |  | 54778985 |
| **Consumer Finance — 0.7%** |  |  |
| American Express Co. | 102961 | 27429840 |
| **Consumer Staples Distribution & Retail — 1.6%** |  |  |
| Costco Wholesale Corp. | 31915 | 31739468 |
| Sysco Corp. | 413435 | 29519259 |
|  |  | 61258727 |
| **Containers and Packaging — 0.4%** |  |  |
| Ball Corp. | 298647 | 15511725 |
| **Distributors — 0.4%** |  |  |
| LKQ Corp. | 428509 | 16373329 |
| **Diversified Telecommunication Services — 0.7%** |  |  |
| Verizon Communications, Inc. | 639391 | 28171568 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Electric Utilities — 1.5%** |  |  |
| NextEra Energy, Inc. | 838745 | $56095266 |
| **Electrical Equipment — 1.1%** |  |  |
| Eaton Corp. PLC | 94511 | 27821203 |
| GE Vernova, Inc. | 33182 | 12304549 |
|  |  | 40125752 |
| **Electronic Equipment, Instruments and Components — 0.4%** |  |  |
| CDW Corp. | 100007 | 16057124 |
| **Energy Equipment and Services — 0.9%** |  |  |
| Schlumberger NV | 1020085 | 33917826 |
| **Entertainment — 0.9%** |  |  |
| Liberty Media Corp.-Liberty Formula One, Class C<sup>(1)</sup> | 72155 | 6397984 |
| Netflix, Inc.<sup>(1)</sup> | 24391 | 27603782 |
|  |  | 34001766 |
| **Financial Services — 3.9%** |  |  |
| Block, Inc.<sup>(1)</sup> | 180828 | 10573013 |
| Fiserv, Inc.<sup>(1)</sup> | 133018 | 24551132 |
| Mastercard, Inc., Class A | 139180 | 76278991 |
| Visa, Inc., Class A | 115068 | 39755994 |
|  |  | 151159130 |
| **Ground Transportation — 1.3%** |  |  |
| Uber Technologies, Inc.<sup>(1)</sup> | 287212 | 23267044 |
| Union Pacific Corp. | 120814 | 26054747 |
|  |  | 49321791 |
| **Health Care Equipment and Supplies — 1.3%** |  |  |
| IDEXX Laboratories, Inc.<sup>(1)</sup> | 51810 | 22415597 |
| Intuitive Surgical, Inc.<sup>(1)</sup> | 55608 | 28682606 |
|  |  | 51098203 |
| **Health Care Providers and Services — 2.4%** |  |  |
| Cigna Group | 105783 | 35970451 |
| UnitedHealth Group, Inc. | 137270 | 56478369 |
|  |  | 92448820 |
| **Hotels, Restaurants and Leisure — 2.1%** |  |  |
| Airbnb, Inc., Class A<sup>(1)</sup> | 59098 | 7205228 |
| Booking Holdings, Inc. | 4662 | 23772844 |
| Chipotle Mexican Grill, Inc.<sup>(1)</sup> | 465210 | 23502409 |
| Hilton Worldwide Holdings, Inc. | 118325 | 26679921 |
|  |  | 81160402 |
| **Household Products — 2.3%** |  |  |
| Church & Dwight Co., Inc. | 221159 | 21969935 |
| Colgate-Palmolive Co. | 169618 | 15637083 |
| Procter & Gamble Co. | 314585 | 51142084 |
|  |  | 88749102 |
| **Industrial Conglomerates — 0.7%** |  |  |
| Honeywell International, Inc. | 129692 | 27300166 |
| **Industrial REITs — 0.9%** |  |  |
| Prologis, Inc. | 350796 | 35851351 |
| **Insurance — 2.0%** |  |  |
| Marsh & McLennan Cos., Inc. | 101822 | 22957806 |
| MetLife, Inc. | 391864 | 29534790 |
| Progressive Corp. | 84604 | 23836331 |
|  |  | 76328927 |
| **Interactive Media and Services — 6.1%** |  |  |
| Alphabet, Inc., Class A | 900350 | 142975580 |
| Meta Platforms, Inc., Class A | 167401 | 91903149 |
|  |  | 234878729 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **IT Services — 2.2%** |  |  |
| Accenture PLC, Class A | 122967 | $36785578 |
| International Business Machines Corp. | 163273 | 39482677 |
| MongoDB, Inc.<sup>(1)</sup> | 49761 | 8567351 |
|  |  | 84835606 |
| **Leisure Products — 0.2%** |  |  |
| YETI Holdings, Inc.<sup>(1)</sup> | 231935 | 6621744 |
| **Life Sciences Tools and Services — 1.9%** |  |  |
| Agilent Technologies, Inc. | 118382 | 12737903 |
| Danaher Corp. | 185259 | 36927677 |
| Thermo Fisher Scientific, Inc. | 56673 | 24312717 |
|  |  | 73978297 |
| **Machinery — 2.5%** |  |  |
| Cummins, Inc. | 87268 | 25642829 |
| Deere & Co. | 44412 | 20587627 |
| Parker-Hannifin Corp. | 32072 | 19405484 |
| Xylem, Inc. | 254547 | 30690732 |
|  |  | 96326672 |
| **Oil, Gas and Consumable Fuels — 1.5%** |  |  |
| Cheniere Energy, Inc. | 133857 | 30935691 |
| ConocoPhillips | 192049 | 17115407 |
| EOG Resources, Inc. | 99059 | 10929180 |
|  |  | 58980278 |
| **Pharmaceuticals — 3.4%** |  |  |
| Bristol-Myers Squibb Co. | 235513 | 11822753 |
| Eli Lilly & Co. | 64828 | 58277130 |
| Merck & Co., Inc. | 208234 | 17741537 |
| Novo Nordisk AS, Class B | 230433 | 15407099 |
| Zoetis, Inc. | 179399 | 28058003 |
|  |  | 131306522 |
| **Professional Services — 0.5%** |  |  |
| Automatic Data Processing, Inc. | 67823 | 20387594 |
| **Semiconductors and Semiconductor Equipment — 9.2%** |  |  |
| Analog Devices, Inc. | 202346 | 39441282 |
| Applied Materials, Inc. | 26088 | 3931723 |
| ARM Holdings PLC, ADR<sup>(1)</sup> | 59945 | 6836727 |
| ASML Holding NV | 30443 | 20379819 |
| Broadcom, Inc. | 463602 | 89229477 |
| NVIDIA Corp. | 1775586 | 193396827 |
|  |  | 353215855 |
| **Software — 11.4%** |  |  |
| Cadence Design Systems, Inc.<sup>(1)</sup> | 151591 | 45134704 |
| Crowdstrike Holdings, Inc., Class A<sup>(1)</sup> | 44705 | 19172633 |
| Dynatrace, Inc.<sup>(1)</sup> | 311812 | 14645810 |
| Microsoft Corp. | 757465 | 299395616 |
| Salesforce, Inc. | 74537 | 20028837 |
| ServiceNow, Inc.<sup>(1)</sup> | 15677 | 14971692 |
| Workday, Inc., Class A<sup>(1)</sup> | 107640 | 26371800 |
|  |  | 439721092 |
| **Specialized REITs — 1.2%** |  |  |
| Equinix, Inc. | 49597 | 42690618 |
| SBA Communications Corp. | 16357 | 3981294 |
|  |  | 46671912 |
| **Specialty Retail — 3.7%** |  |  |
| CarMax, Inc.<sup>(1)</sup> | 151798 | 9816776 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Home Depot, Inc. | 162565 | $58603057 |
| TJX Cos., Inc. | 352834 | 45402679 |
| Tractor Supply Co. | 520006 | 26322704 |
|  |  | 140145216 |
| **Technology Hardware, Storage and Peripherals — 4.6%** |  |  |
| Apple, Inc. | 823455 | 174984188 |
| **Textiles, Apparel and Luxury Goods — 0.2%** |  |  |
| Deckers Outdoor Corp.<sup>(1)</sup> | 73739 | 8172493 |
| **Trading Companies and Distributors — 0.8%** |  |  |
| Ferguson Enterprises, Inc. | 83704 | 14201220 |
| United Rentals, Inc. | 25046 | 15815297 |
|  |  | 30016517 |
| **TOTAL COMMON STOCKS**<br>(Cost $2,293,292,645) |  | **3681401406** |
| **EXCHANGE-TRADED FUNDS — 4.1%** |  |  |
| iShares Core S&P 500 ETF<br>(Cost $160,075,662) | 284106 | **158519784** |
| **SHORT-TERM INVESTMENTS — 0.2%** |  |  |
| **Money Market Funds — 0.0%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 22847 | 22847 |
| **Repurchase Agreements — 0.2%** |  |  |
| BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 1.625%, 8/15/29, valued at $1,022,053), in a joint trading account at 4.32%, dated 4/30/25, due 5/1/25 (Delivery value $1,001,826) |  | 1001706 |
| Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 2.125%, 2/15/54, valued at $8,172,404), at 4.36%, dated 4/30/25, due 5/1/25 (Delivery value $8,012,970) |  | 8012000 |
|  |  | 9013706 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $9,036,553) |  | **9036553** |
| **TOTAL INVESTMENT SECURITIES — 100.0%**<br>(Cost $2,462,404,860) |  | **3848957743** |
| **OTHER ASSETS AND LIABILITIES — 0.0%** |  | **(716260)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**3848241483** |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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)** |
| DKK | 6982696 | USD | 1067110 | Goldman Sachs & Co. | 6/27/25 | $(3199) |
| DKK | 3212236 | USD | 467138 | UBS AG | 6/27/25 | 22291 |
| DKK | 2467937 | USD | 359153 | UBS AG | 6/27/25 | 16872 |
| DKK | 3760666 | USD | 548426 | UBS AG | 6/27/25 | 24563 |
| DKK | 2742153 | USD | 408143 | UBS AG | 6/27/25 | 9662 |
| DKK | 6777034 | USD | 996162 | UBS AG | 6/27/25 | 36413 |
| DKK | 5494099 | USD | 827964 | UBS AG | 6/27/25 | 9138 |
| DKK | 1997854 | USD | 305607 | UBS AG | 6/27/25 | (1207) |
| USD | 489637 | DKK | 3202443 | Citibank N.A. | 6/27/25 | 1701 |
| USD | 565782 | DKK | 3701906 | Citibank N.A. | 6/27/25 | 1745 |
| USD | 462117 | DKK | 3026161 | Citibank N.A. | 6/27/25 | 1039 |
| USD | 15141817 | DKK | 103575025 | UBS AG | 6/27/25 | (639275) |
| USD | 461709 | DKK | 3045748 | UBS AG | 6/27/25 | (2353) |
| EUR | 507180 | USD | 550362 | Bank of America N.A. | 6/27/25 | 26080 |
| EUR | 364859 | USD | 400130 | Bank of America N.A. | 6/27/25 | 14555 |
| EUR | 504593 | USD | 567576 | Bank of America N.A. | 6/27/25 | 5925 |
| EUR | 776296 | USD | 844052 | Goldman Sachs & Co. | 6/27/25 | 38257 |
| EUR | 812524 | USD | 925639 | Goldman Sachs & Co. | 6/27/25 | (2156) |
| EUR | 706430 | USD | 778799 | Morgan Stanley | 6/27/25 | 24101 |
| EUR | 377798 | USD | 414587 | Morgan Stanley | 6/27/25 | 14803 |
| EUR | 437314 | USD | 474501 | UBS AG | 6/27/25 | 22533 |
| USD | 4733774 | EUR | 4350495 | Bank of America N.A. | 6/27/25 | (210831) |
| USD | 683157 | EUR | 615862 | Bank of America N.A. | 6/27/25 | (16808) |
| USD | 684174 | EUR | 602924 | Bank of America N.A. | 6/27/25 | (1086) |
| USD | 523080 | EUR | 458015 | Bank of America N.A. | 6/27/25 | 2518 |
| USD | 4734209 | EUR | 4350495 | Goldman Sachs & Co. | 6/27/25 | (210396) |
| USD | 821713 | EUR | 719368 | Goldman Sachs & Co. | 6/27/25 | 4107 |
| USD | 4733584 | EUR | 4350495 | Morgan Stanley | 6/27/25 | (211020) |
| USD | 4732447 | EUR | 4350495 | UBS AG | 6/27/25 | (212158) |
|  |  |  |  |  |  | $(1234186) |

---

---

| | | |
|:---|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** |
| ADR | – | American Depositary Receipt |
| DKK | – | Danish Krone |
| EUR | – | Euro |
| USD | – | United States Dollar |

---

(1)Non-income producing.

See Notes to Financial Statements.

------

Statement of Assets and Liabilities

---

| | |
|:---|:---|
| **APRIL 30, 2025 (UNAUDITED)** | |
| **Assets** | |
| Investment securities, at value (cost of $2,462,404,860) | $3848957743 |
| Receivable for investments sold | 1033234 |
| Receivable for capital shares sold | 706325 |
| Unrealized appreciation on forward foreign currency exchange contracts | 276303 |
| Dividends and interest receivable | 2665756 |
|  | 3853639361 |
| **Liabilities** |  |
| Payable for capital shares redeemed | 3033317 |
| Unrealized depreciation on forward foreign currency exchange contracts | 1510489 |
| Accrued management fees | 821693 |
| Distribution and service fees payable | 32379 |
|  | 5397878 |
| **Net Assets** | $3848241483 |
| **Net Assets Consist of:** |  |
| Capital (par value and paid-in surplus) | $2155862320 |
| Distributable earnings (loss) | 1692379163 |
|  | $3848241483 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Net Assets** | **Shares Outstanding** | **Net Asset Value Per Share\*** |
| Investor Class, $0.01 Par Value | $823861345 | 16932047 | $48.66 |
| I Class, $0.01 Par Value | $386048887 | 7912211 | $48.79 |
| Y Class, $0.01 Par Value | $20181091 | 413094 | $48.85 |
| A Class, $0.01 Par Value | $100476515 | 2076016 | $48.40 |
| C Class, $0.01 Par Value | $7133418 | 155725 | $45.81 |
| R Class, $0.01 Par Value | $17128383 | 357389 | $47.93 |
| R5 Class, $0.01 Par Value | $6445131 | 132004 | $48.83 |
| R6 Class, $0.01 Par Value | $85519289 | 1748608 | $48.91 |
| G Class, $0.01 Par Value | $2401447424 | 49018018 | $48.99 |

---

\*Maximum offering price per share was equal to the net asset value per share for all share classes, except A Class, for which the maximum offering price per share was $51.35 (net asset value divided by 0.9425). A contingent deferred sales charge may be imposed on redemptions of A Class and C Class.

See Notes to Financial Statements.

------

Statement of Operations

---

| | |
|:---|:---|
| **FOR THE SIX MONTHS ENDED APRIL 30, 2025 (UNAUDITED)** | **FOR THE SIX MONTHS ENDED APRIL 30, 2025 (UNAUDITED)** |
| **Investment Income (Loss)** | |
| **Income:** | |
| Dividends (net of foreign taxes withheld of $55,554) | $26049662 |
| Interest | 244975 |
|  | 26294637 |
| **Expenses:** |  |
| Management fees | 11117163 |
| Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;A Class | 138783 |
| &nbsp;&nbsp;&nbsp;C Class | 42637 |
| &nbsp;&nbsp;&nbsp;R Class | 45142 |
| Directors' fees and expenses | 60449 |
| Other expenses | 4242 |
|  | 11408416 |
| Fees waived - G Class | (5634329) |
|  | 5774087 |
| **Net investment income (loss)** | 20520550 |
| **Realized and Unrealized Gain (Loss)** |  |
| **Net realized gain (loss) on:** |  |
| Investment transactions | 321028773 |
| Forward foreign currency exchange contract transactions | 1616341 |
| Foreign currency translation transactions | (1054) |
|  | 322644060 |
| **Change in net unrealized appreciation (depreciation) on:** |  |
| Investments | (534874476) |
| Forward foreign currency exchange contracts | (2425377) |
| Translation of assets and liabilities in foreign currencies | 8745 |
|  | (537291108) |
| **Net realized and unrealized gain (loss)** | (214647048) |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $(194126498) |

---

See Notes to Financial Statements.

------

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| **SIX MONTHS ENDED APRIL 30, 2025 (UNAUDITED) AND YEAR ENDED OCTOBER 31, 2024** | **SIX MONTHS ENDED APRIL 30, 2025 (UNAUDITED) AND YEAR ENDED OCTOBER 31, 2024** | **SIX MONTHS ENDED APRIL 30, 2025 (UNAUDITED) AND YEAR ENDED OCTOBER 31, 2024** |
| **Increase (Decrease) in Net Assets** | **April 30, 2025** | **October 31, 2024** |
| **Operations** | | |
| Net investment income (loss) | $20520550 | $52781113 |
| Net realized gain (loss) | 322644060 | 261116113 |
| Change in net unrealized appreciation (depreciation) | (537291108) | 957141508 |
| Net increase (decrease) in net assets resulting from operations | (194126498) | 1271038734 |
| **Distributions to Shareholders** |  |  |
| From earnings: |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (56603725) | (14739983) |
| &nbsp;&nbsp;&nbsp;I Class | (26969107) | (8350752) |
| &nbsp;&nbsp;&nbsp;Y Class | (1651558) | (511050) |
| &nbsp;&nbsp;&nbsp;A Class | (7004452) | (1492217) |
| &nbsp;&nbsp;&nbsp;C Class | (566946) | (100180) |
| &nbsp;&nbsp;&nbsp;R Class | (1076579) | (212845) |
| &nbsp;&nbsp;&nbsp;R5 Class | (470052) | (113046) |
| &nbsp;&nbsp;&nbsp;R6 Class | (6125857) | (1574884) |
| &nbsp;&nbsp;&nbsp;G Class | (190782340) | (71111077) |
| Decrease in net assets from distributions | (291250616) | (98206034) |
| **Capital Share Transactions** |  |  |
| Net increase (decrease) in net assets from capital share transactions (Note 5) | (83996735) | (901540798) |
| **Net increase (decrease) in net assets** | (569373849) | 271291902 |
| **Net Assets** |  |  |
| Beginning of period | 4417615332 | 4146323430 |
| End of period | $3848241483 | $4417615332 |

---

See Notes to Financial Statements.

------

Notes to Financial Statements

**APRIL 30, 2025 (UNAUDITED)** 

**1. Organization**

American Century Mutual Funds, 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. Large Cap Equity Fund (formerly Sustainable Equity Fund) (the fund) is one fund in a series issued by the corporation. The fund's investment objective is to seek long-term capital growth. Income is a secondary objective.

The 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 fund serves as the chief operating decision maker (CODM). The 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.

The fund offers the Investor Class, I Class, Y Class, A Class, C Class, R Class, R5 Class, R6 Class and G Class. The A Class may incur an initial sales charge. The A Class and C Class may be subject to a contingent deferred sales charge.

**2. Significant Accounting Policies**

The following is a summary of significant accounting policies consistently followed by the fund in preparation of its financial statements. The 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 —** The 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 investments of the fund 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.

Open-end management investment companies are valued at the reported NAV per share. Repurchase agreements are valued at cost, which approximates fair value. 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 the 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 fund's 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.

**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. The 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. The 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 is recorded on the accrual basis and includes accretion of discounts and amortization of premiums.

**Repurchase Agreements —** The fund may enter into repurchase agreements with institutions that ACIM has determined are creditworthy pursuant to criteria adopted by the Board of Directors. The 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 the fund under each repurchase agreement.

**Joint Trading Account —** Pursuant to an Exemptive Order issued by the Securities and Exchange Commission, the fund, along with certain other funds in the American Century Investments family of funds, may transfer uninvested cash balances into a joint trading account. 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 the 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. The fund files U.S. federal, state, local and non-U.S. tax returns as applicable. The 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 the 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 the fund are allocated to each class of shares based on their relative net assets.

**Distributions to Shareholders —** Distributions from net investment income and net realized gains, if any, are generally declared and paid annually. The 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).

**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 the fund. In addition, in the normal course of business, the fund enters 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.

**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. Various funds issued by American Century Asset Allocation Portfolios, Inc. own, in aggregate, 45% of the shares of the fund. Related parties do not invest in the fund for the purpose of exercising management or control.

**Management Fees —** The corporation has entered into a management agreement with ACIM, under which ACIM provides the 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 the 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 each class's daily net assets 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 the fund's assets, which do not vary by class. The rate of the fee is determined by applying a fee rate calculation formula. This formula takes into account the 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). 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 management fee schedule range and the effective annual management fee for each class for the period ended April 30, 2025 are as follows:

---

| | | |
|:---|:---|:---|
| | **Management Fee**<br>**Schedule Range** | **Effective Annual**<br>**Management Fee** |
| Investor Class | 0.740% to 0.790% | 0.79% |
| I Class | 0.540% to 0.590% | 0.59% |
| Y Class | 0.390% to 0.440% | 0.44% |
| A Class | 0.740% to 0.790% | 0.79% |
| C Class | 0.740% to 0.790% | 0.79% |
| R Class | 0.740% to 0.790% | 0.79% |
| R5 Class | 0.540% to 0.590% | 0.59% |
| R6 Class | 0.390% to 0.440% | 0.44% |
| G Class | 0.390% to 0.440% | 0.00%<sup>(1)</sup> |

---

(1)Effective annual management fee before waiver was 0.44%.

**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 April 30, 2025 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 fund. The directors receive detailed information about the fund and its investment advisor regularly throughout the year, and meet at least quarterly with management of the investment advisor to review reports about fund operations. The fund's officers do not receive compensation from the fund.

**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.

**Interfund Transactions —** The 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. There were no interfund transactions during the period.

**4. Investment Transactions**

Purchases and sales of investment securities, excluding short-term investments, for the period ended April 30, 2025 were $1,067,784,363 and $1,419,316,604, respectively.

------

**5. Capital Share Transactions** 

Transactions in shares of the fund were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six months ended<br>April 30, 2025** | **Six months ended<br>April 30, 2025** | **Year ended<br>October 31, 2024** | **Year ended<br>October 31, 2024** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| **Investor Class/Shares Authorized** | 230000000 |  | 230000000 |  |
| Sold | 843866 | $43579531 | 1481360 | $74483792 |
| Issued in reinvestment of distributions | 1019080 | 55601008 | 308635 | 14508917 |
| Redeemed | (1812804) | (99421666) | (3554729) | (174001715) |
|  | 50142 | (241127) | (1764734) | (85009006) |
| **I Class/Shares Authorized** | 160000000 |  | 160000000 |  |
| Sold | 1512745 | 76759732 | 1249476 | 64783284 |
| Issued in reinvestment of distributions | 467016 | 25531774 | 169204 | 7969493 |
| Redeemed | (1875330) | (96871066) | (3091351) | (156792656) |
|  | 104431 | 5420440 | (1672671) | (84039879) |
| **Y Class/Shares Authorized** | 25000000 |  | 25000000 |  |
| Sold | 14559 | 745752 | 35741 | 1790114 |
| Issued in reinvestment of distributions | 30026 | 1642714 | 10790 | 508526 |
| Redeemed | (85422) | (4509461) | (114165) | (5788460) |
|  | (40837) | (2120995) | (67634) | (3489820) |
| **A Class/Shares Authorized** | 50000000 |  | 50000000 |  |
| Sold | 143032 | 7616980 | 263227 | 13357907 |
| Issued in reinvestment of distributions | 114867 | 6239570 | 28445 | 1331519 |
| Redeemed | (248448) | (12733691) | (329962) | (16782679) |
|  | 9451 | 1122859 | (38290) | (2093253) |
| **C Class/Shares Authorized** | 20000000 |  | 20000000 |  |
| Sold | 6838 | 339300 | 24315 | 1160042 |
| Issued in reinvestment of distributions | 9121 | 470250 | 1807 | 80893 |
| Redeemed | (45854) | (2318815) | (83026) | (3973438) |
|  | (29895) | (1509265) | (56904) | (2732503) |
| **R Class/Shares Authorized** | 25000000 |  | 25000000 |  |
| Sold | 59904 | 3095824 | 90804 | 4545779 |
| Issued in reinvestment of distributions | 19995 | 1076550 | 4585 | 212845 |
| Redeemed | (66977) | (3546416) | (102656) | (5242408) |
|  | 12922 | 625958 | (7267) | (483784) |
| **R5 Class/Shares Authorized** | 20000000 |  | 20000000 |  |
| Sold | 14387 | 756415 | 25829 | 1333348 |
| Issued in reinvestment of distributions | 7288 | 398741 | 2174 | 102471 |
| Redeemed | (17414) | (903453) | (22132) | (1165083) |
|  | 4261 | 251703 | 5871 | 270736 |
| **R6 Class/Shares Authorized** | 30000000 |  | 30000000 |  |
| Sold | 287358 | 15151171 | 746470 | 38560945 |
| Issued in reinvestment of distributions | 111847 | 6125857 | 33380 | 1574884 |
| Redeemed | (350539) | (18641454) | (774313) | (39107150) |
|  | 48666 | 2635574 | 5537 | 1028679 |
| **G Class/Shares Authorized** | 775000000 |  | 775000000 |  |
| Sold | 2998680 | 152514460 | 3574242 | 181462003 |
| Issued in reinvestment of distributions | 3482701 | 190782340 | 1506910 | 71111077 |
| Redeemed | (7878948) | (433478682) | (19212947) | (977565048) |
|  | (1397567) | (90181882) | (14131795) | (724991968) |
| Net increase (decrease) | (1238426) | $(83996735) | (17727887) | $(901540798) |

---

------

**6. Fair Value Measurements**

The fund's investments valuation process is based on several considerations and may use multiple inputs to determine the fair value of the investments held by the 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 following is a summary of the level classifications as of period end. The Schedule of Investments provides additional information on the fund's portfolio holdings.

---

| | | | |
|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** |
| **Assets** | | | |
| **Investment Securities** | | | |
| Common Stocks | $3645614488 | $35786918 |  |
| Exchange-Traded Funds | 158519784 |  |  |
| Short-Term Investments | 22847 | 9013706 |  |
|  | $3804157119 | $44800624 |  |
| **Other Financial Instruments** |  |  |  |
| Forward Foreign Currency Exchange Contracts |  | $276303 |  |
| **Liabilities** |  |  |  |
| **Other Financial Instruments** |  |  |  |
| Forward Foreign Currency Exchange Contracts |  | $1510489 |  |

---

**7. Derivative Instruments**

**Foreign Currency Risk —** The fund is subject to foreign currency exchange rate risk in the normal course of pursuing its 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. 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 fund's average U.S. dollar exposure to foreign currency risk derivative instruments held during the period was $55,641,267.

The value of foreign currency risk derivative instruments as of April 30, 2025, is disclosed on the Statement of Assets and Liabilities as an asset of $276,303 in unrealized appreciation on forward foreign currency exchange contracts and a liability of $1,510,489 in unrealized depreciation on forward foreign currency exchange contracts. For the six months ended April 30, 2025, the effect of foreign currency risk derivative instruments on the Statement of Operations was $1,616,341 in net realized gain (loss) on forward foreign currency exchange contract transactions and $(2,425,377) in change in net unrealized appreciation (depreciation) on forward foreign currency exchange contracts.

**8. Risk Factors**

The value of the fund's shares 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 the 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.

------

**9. Federal Tax Information**

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.

As of period end, the components of investments for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| Federal tax cost of investments | $2485006637 |
| Gross tax appreciation of investments | $1426451105 |
| Gross tax depreciation of investments | (62499999) |
| Net tax appreciation (depreciation) of investments | $1363951106 |

---

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales.

------

Financial Highlights

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 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 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 thousands)** |
| **Investor Class** | **Investor Class** | | | | | | | | | | | | | | |
| 2025<sup>(3)</sup> | $54.85 | 0.13 | (2.79) | (2.66) | (0.31) | (3.22) | (3.53) | $48.66 | (5.54)% | 0.79% | 0.79% | 0.49% | 0.49% | 26% | $823861 |
| 2024 | $42.14 | 0.33 | 13.21 | 13.54 | (0.41) | (0.42) | (0.83) | $54.85 | 32.47% | 0.79% | 0.79% | 0.64% | 0.64% | 21% | $926057 |
| 2023 | $38.81 | 0.36 | 3.21 | 3.57 | (0.21) | (0.03) | (0.24) | $42.14 | 9.26% | 0.79% | 0.79% | 0.87% | 0.87% | 21% | $785687 |
| 2022 | $48.06 | 0.26 | (8.36) | (8.10) | (0.19) | (0.96) | (1.15) | $38.81 | (17.29)% | 0.79% | 0.79% | 0.62% | 0.62% | 15% | $624266 |
| 2021 | $33.63 | 0.19 | 14.40 | 14.59 | (0.16) |  | (0.16) | $48.06 | 43.50% | 0.79% | 0.79% | 0.46% | 0.46% | 18% | $835453 |
| 2020 | $30.40 | 0.28 | 3.15 | 3.43 |  | (0.20) | (0.20) | $33.63 | 11.33% | 0.79% | 0.83% | 0.88% | 0.84% | 36% | $595557 |
| **I Class** | **I Class** | **I Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $55.06 | 0.18 | (2.80) | (2.62) | (0.43) | (3.22) | (3.65) | $48.79 | (5.47)% | 0.59% | 0.59% | 0.69% | 0.69% | 26% | $386049 |
| 2024 | $42.29 | 0.43 | 13.27 | 13.70 | (0.51) | (0.42) | (0.93) | $55.06 | 32.76% | 0.59% | 0.59% | 0.84% | 0.84% | 21% | $429868 |
| 2023 | $38.95 | 0.45 | 3.21 | 3.66 | (0.29) | (0.03) | (0.32) | $42.29 | 9.46% | 0.59% | 0.59% | 1.07% | 1.07% | 21% | $400916 |
| 2022 | $48.23 | 0.35 | (8.38) | (8.03) | (0.29) | (0.96) | (1.25) | $38.95 | (17.13)% | 0.59% | 0.59% | 0.82% | 0.82% | 15% | $401398 |
| 2021 | $33.75 | 0.27 | 14.44 | 14.71 | (0.23) |  | (0.23) | $48.23 | 43.78% | 0.59% | 0.59% | 0.66% | 0.66% | 18% | $469840 |
| 2020 | $30.50 | 0.35 | 3.16 | 3.51 | (0.06) | (0.20) | (0.26) | $33.75 | 11.55% | 0.59% | 0.63% | 1.08% | 1.04% | 36% | $245759 |
| **Y Class** | **Y Class** | **Y Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $55.16 | 0.22 | (2.80) | (2.58) | (0.51) | (3.22) | (3.73) | $48.85 | (5.39)% | 0.44% | 0.44% | 0.84% | 0.84% | 26% | $20181 |
| 2024 | $42.37 | 0.51 | 13.28 | 13.79 | (0.58) | (0.42) | (1.00) | $55.16 | 32.95% | 0.44% | 0.44% | 0.99% | 0.99% | 21% | $25041 |
| 2023 | $39.02 | 0.51 | 3.22 | 3.73 | (0.35) | (0.03) | (0.38) | $42.37 | 9.63% | 0.44% | 0.44% | 1.22% | 1.22% | 21% | $22099 |
| 2022 | $48.32 | 0.42 | (8.40) | (7.98) | (0.36) | (0.96) | (1.32) | $39.02 | (17.01)% | 0.44% | 0.44% | 0.97% | 0.97% | 15% | $18949 |
| 2021 | $33.81 | 0.34 | 14.46 | 14.80 | (0.29) |  | (0.29) | $48.32 | 44.01% | 0.44% | 0.44% | 0.81% | 0.81% | 18% | $18939 |
| 2020 | $30.56 | 0.43 | 3.12 | 3.55 | (0.10) | (0.20) | (0.30) | $33.81 | 11.70% | 0.44% | 0.48% | 1.23% | 1.19% | 36% | $8115 |
| **A Class** | **A Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $54.51 | 0.06 | (2.79) | (2.73) | (0.16) | (3.22) | (3.38) | $48.40 | (5.68)% | 1.04% | 1.04% | 0.24% | 0.24% | 26% | $100477 |
| 2024 | $41.87 | 0.19 | 13.16 | 13.35 | (0.29) | (0.42) | (0.71) | $54.51 | 32.18% | 1.04% | 1.04% | 0.39% | 0.39% | 21% | $112646 |
| 2023 | $38.57 | 0.26 | 3.19 | 3.45 | (0.12) | (0.03) | (0.15) | $41.87 | 8.96% | 1.04% | 1.04% | 0.62% | 0.62% | 21% | $88136 |
| 2022 | $47.77 | 0.16 | (8.33) | (8.17) | (0.07) | (0.96) | (1.03) | $38.57 | (17.50)% | 1.04% | 1.04% | 0.37% | 0.37% | 15% | $83808 |
| 2021 | $33.43 | 0.08 | 14.32 | 14.40 | (0.06) |  | (0.06) | $47.77 | 43.13% | 1.04% | 1.04% | 0.21% | 0.21% | 18% | $97032 |
| 2020 | $30.29 | 0.21 | 3.13 | 3.34 |  | (0.20) | (0.20) | $33.43 | 11.07% | 1.04% | 1.08% | 0.63% | 0.59% | 36% | $54638 |

---

------

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 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 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 thousands)** |
| **C Class** | **C Class** | | | | | | | | | | | | | | |
| 2025<sup>(3)</sup> | $51.79 | (0.13) | (2.63) | (2.76) |  | (3.22) | (3.22) | $45.81 | (6.02)% | 1.79% | 1.79% | (0.51)% | (0.51)% | 26% | $7133 |
| 2024 | $39.85 | (0.17) | 12.53 | 12.36 |  | (0.42) | (0.42) | $51.79 | 31.19% | 1.79% | 1.79% | (0.36)% | (0.36)% | 21% | $9613 |
| 2023 | $36.88 | (0.05) | 3.05 | 3.00 |  | (0.03) | (0.03) | $39.85 | 8.14% | 1.79% | 1.79% | (0.13)% | (0.13)% | 21% | $9665 |
| 2022 | $45.99 | (0.16) | (7.99) | (8.15) |  | (0.96) | (0.96) | $36.88 | (18.12)% | 1.79% | 1.79% | (0.38)% | (0.38)% | 15% | $10636 |
| 2021 | $32.37 | (0.22) | 13.84 | 13.62 |  |  |  | $45.99 | 42.08% | 1.79% | 1.79% | (0.54)% | (0.54)% | 18% | $14427 |
| 2020 | $29.56 | (0.02) | 3.03 | 3.01 |  | (0.20) | (0.20) | $32.37 | 10.22% | 1.79% | 1.83% | (0.12)% | (0.16)% | 36% | $10178 |
| **R Class** | **R Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $53.93 | —<sup>(4)</sup> | (2.76) | (2.76) | (0.02) | (3.22) | (3.24) | $47.93 | (5.78)% | 1.29% | 1.29% | (0.01)% | (0.01)% | 26% | $17128 |
| 2024 | $41.44 | 0.07 | 13.01 | 13.08 | (0.17) | (0.42) | (0.59) | $53.93 | 31.81% | 1.29% | 1.29% | 0.14% | 0.14% | 21% | $18578 |
| 2023 | $38.17 | 0.15 | 3.17 | 3.32 | (0.02) | (0.03) | (0.05) | $41.44 | 8.71% | 1.29% | 1.29% | 0.37% | 0.37% | 21% | $14574 |
| 2022 | $47.33 | 0.05 | (8.25) | (8.20) |  | (0.96) | (0.96) | $38.17 | (17.71)% | 1.29% | 1.29% | 0.12% | 0.12% | 15% | $15124 |
| 2021 | $33.15 | (0.02) | 14.20 | 14.18 |  |  |  | $47.33 | 42.78% | 1.29% | 1.29% | (0.04)% | (0.04)% | 18% | $18044 |
| 2020 | $30.12 | 0.12 | 3.11 | 3.23 |  | (0.20) | (0.20) | $33.15 | 10.77% | 1.29% | 1.33% | 0.38% | 0.34% | 36% | $9014 |
| **R5 Class** | **R5 Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $55.09 | 0.18 | (2.79) | (2.61) | (0.43) | (3.22) | (3.65) | $48.83 | (5.45)% | 0.59% | 0.59% | 0.69% | 0.69% | 26% | $6445 |
| 2024 | $42.31 | 0.42 | 13.29 | 13.71 | (0.51) | (0.42) | (0.93) | $55.09 | 32.77% | 0.59% | 0.59% | 0.84% | 0.84% | 21% | $7038 |
| 2023 | $38.97 | 0.46 | 3.20 | 3.66 | (0.29) | (0.03) | (0.32) | $42.31 | 9.46% | 0.59% | 0.59% | 1.07% | 1.07% | 21% | $5157 |
| 2022 | $48.26 | 0.35 | (8.39) | (8.04) | (0.29) | (0.96) | (1.25) | $38.97 | (17.14)% | 0.59% | 0.59% | 0.82% | 0.82% | 15% | $6068 |
| 2021 | $33.77 | 0.27 | 14.45 | 14.72 | (0.23) |  | (0.23) | $48.26 | 43.78% | 0.59% | 0.59% | 0.66% | 0.66% | 18% | $5819 |
| 2020 | $30.52 | 0.34 | 3.17 | 3.51 | (0.06) | (0.20) | (0.26) | $33.77 | 11.55% | 0.59% | 0.63% | 1.08% | 1.04% | 36% | $3195 |
| **R6 Class** | **R6 Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $55.22 | 0.22 | (2.80) | (2.58) | (0.51) | (3.22) | (3.73) | $48.91 | (5.39)% | 0.44% | 0.44% | 0.84% | 0.84% | 26% | $85519 |
| 2024 | $42.41 | 0.50 | 13.31 | 13.81 | (0.58) | (0.42) | (1.00) | $55.22 | 32.97% | 0.44% | 0.44% | 0.99% | 0.99% | 21% | $93873 |
| 2023 | $39.06 | 0.51 | 3.22 | 3.73 | (0.35) | (0.03) | (0.38) | $42.41 | 9.62% | 0.44% | 0.44% | 1.22% | 1.22% | 21% | $71865 |
| 2022 | $48.37 | 0.42 | (8.41) | (7.99) | (0.36) | (0.96) | (1.32) | $39.06 | (17.02)% | 0.44% | 0.44% | 0.97% | 0.97% | 15% | $58804 |
| 2021 | $33.84 | 0.32 | 14.50 | 14.82 | (0.29) |  | (0.29) | $48.37 | 44.03% | 0.44% | 0.44% | 0.81% | 0.81% | 18% | $46681 |
| 2020 | $30.56 | 0.39 | 3.17 | 3.56 | (0.08) | (0.20) | (0.28) | $33.84 | 11.70% | 0.44% | 0.48% | 1.23% | 1.19% | 36% | $5150 |

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| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 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 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 thousands)** |
| **G Class** | **G Class** | | | | | | | | | | | | | | |
| 2025<sup>(3)</sup> | $55.44 | 0.34 | (2.80) | (2.46) | (0.77) | (3.22) | (3.99) | $48.99 | (5.19)% | 0.00% | 0.44% | 1.28% | 0.84% | 26% | $2401447 |
| 2024 | $42.58 | 0.74 | 13.33 | 14.07 | (0.79) | (0.42) | (1.21) | $55.44 | 33.54% | 0.00% | 0.44% | 1.43% | 0.99% | 21% | $2794901 |
| 2023 | $39.21 | 0.70 | 3.22 | 3.92 | (0.52) | (0.03) | (0.55) | $42.58 | 10.12% | 0.00% | 0.44% | 1.66% | 1.22% | 21% | $2748223 |
| 2022 | $48.54 | 0.60 | (8.40) | (7.80) | (0.57) | (0.96) | (1.53) | $39.21 | (16.63)% | 0.00% | 0.44% | 1.41% | 0.97% | 15% | $1802038 |
| 2021 | $33.97 | 0.53 | 14.49 | 15.02 | (0.45) |  | (0.45) | $48.54 | 44.61% | 0.00% | 0.44% | 1.25% | 0.81% | 18% | $2360362 |
| 2020 | $30.64 | 0.54 | 3.18 | 3.72 | (0.19) | (0.20) | (0.39) | $33.97 | 12.21% | 0.00% | 0.48% | 1.67% | 1.19% | 36% | $1800919 |

---

**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)Six months ended April 30, 2025 (unaudited).

(4)Per-share amount was less than $0.005.

\*The amount shown for a share outstanding throughout the period may not correlate with the Statement(s) 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.

------

---

| | |
|:---|:---|
| 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.* |
| **©2025 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-SAN-92359 2506** | **©2025 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-SAN-92359 2506** |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;

![Image17.jpg](ck0000100334-20250430_g3.jpg)

---

| |
|:---|
| Semiannual Financial Statements and Other Information |
| April 30, 2025 |
| Select Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class (TWCIX) |
| &nbsp;&nbsp;&nbsp;&nbsp;I Class (TWSIX) |
| &nbsp;&nbsp;&nbsp;&nbsp;Y Class (ASLWX) |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class (TWCAX) |
| &nbsp;&nbsp;&nbsp;&nbsp;C Class (ACSLX) |
| &nbsp;&nbsp;&nbsp;&nbsp;R Class (ASERX) |
| &nbsp;&nbsp;&nbsp;&nbsp;R5 Class (ASLGX) |
| &nbsp;&nbsp;&nbsp;&nbsp;R6 Class (ASDEX) |
| &nbsp;&nbsp;&nbsp;&nbsp;G Class (ASLDX) |

---

------

**Table of Contents**

---

| | |
|:---|:---|
| Schedule of Investments | [2](#i52946b9046fa4e8f856c2e760a6ee818_223) |
| Statement of Assets and Liabilities | [5](#i52946b9046fa4e8f856c2e760a6ee818_226) |
| Statement of Operations | [6](#i52946b9046fa4e8f856c2e760a6ee818_229) |
| Statement of Changes in Net Assets | [7](#i52946b9046fa4e8f856c2e760a6ee818_232) |
| Notes to Financial Statements | [8](#i52946b9046fa4e8f856c2e760a6ee818_235) |
| Financial Highlights | [14](#i52946b9046fa4e8f856c2e760a6ee818_238) |

---

------

Schedule of Investments

**APRIL 30, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|<br>**COMMON STOCKS — 99.7%** | **Shares** | **Value** |
| **Automobiles — 3.4%** | | |
| Tesla, Inc.<sup>(1)</sup> | 646100 | $182303576 |
| **Beverages — 0.7%** |  |  |
| Constellation Brands, Inc., Class A | 194900 | 36551546 |
| **Biotechnology — 1.5%** |  |  |
| Regeneron Pharmaceuticals, Inc. | 92800 | 55564928 |
| Vertex Pharmaceuticals, Inc.<sup>(1)</sup> | 45900 | 23386050 |
|  |  | 78950978 |
| **Broadline Retail — 7.2%** |  |  |
| Amazon.com, Inc.<sup>(1)</sup> | 2070600 | 381860052 |
| **Capital Markets — 0.9%** |  |  |
| MSCI, Inc. | 90700 | 49441477 |
| **Commercial Services and Supplies — 0.4%** |  |  |
| Veralto Corp. | 216200 | 20733580 |
| **Consumer Finance — 0.6%** |  |  |
| American Express Co. | 123900 | 33008199 |
| **Consumer Staples Distribution & Retail — 2.1%** |  |  |
| Costco Wholesale Corp. | 110500 | 109892250 |
| **Energy Equipment and Services — 0.6%** |  |  |
| ChampionX Corp. | 1364800 | 32932624 |
| **Entertainment — 1.5%** |  |  |
| Electronic Arts, Inc. | 91300 | 13246717 |
| Netflix, Inc.<sup>(1)</sup> | 16600 | 18786552 |
| Walt Disney Co. | 449800 | 40909310 |
| Warner Bros Discovery, Inc.<sup>(1)</sup> | 1105400 | 9583818 |
|  |  | 82526397 |
| **Financial Services — 5.1%** |  |  |
| Mastercard, Inc., Class A | 448600 | 245859716 |
| Visa, Inc., Class A | 71700 | 24772350 |
|  |  | 270632066 |
| **Health Care Equipment and Supplies — 2.1%** |  |  |
| Boston Scientific Corp.<sup>(1)</sup> | 701100 | 72122157 |
| Stryker Corp. | 109500 | 40944240 |
|  |  | 113066397 |
| **Health Care Providers and Services — 0.9%** |  |  |
| UnitedHealth Group, Inc. | 112200 | 46163568 |
| **Hotels, Restaurants and Leisure — 1.1%** |  |  |
| Airbnb, Inc., Class A<sup>(1)</sup> | 327300 | 39904416 |
| Marriott International, Inc., Class A | 79800 | 19038684 |
|  |  | 58943100 |
| **Insurance — 1.5%** |  |  |
| Progressive Corp. | 283700 | 79929638 |
| **Interactive Media and Services — 14.7%** |  |  |
| Alphabet, Inc., Class A | 1656400 | 263036320 |
| Alphabet, Inc., Class C | 1257600 | 202335264 |
| Meta Platforms, Inc., Class A | 564200 | 309745800 |
| Pinterest, Inc., Class A<sup>(1)</sup> | 368800 | 9338016 |
|  |  | 784455400 |
| **Life Sciences Tools and Services — 1.2%** |  |  |
| Danaher Corp. | 98500 | 19634005 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Mettler-Toledo International, Inc.<sup>(1)</sup> | 39600 | $42394572 |
|  |  | 62028577 |
| **Machinery — 1.7%** |  |  |
| Graco, Inc. | 293100 | 23919891 |
| Lincoln Electric Holdings, Inc. | 101700 | 17919540 |
| Middleby Corp.<sup>(1)</sup> | 177200 | 23629620 |
| Otis Worldwide Corp. | 263400 | 25357518 |
|  |  | 90826569 |
| **Pharmaceuticals — 2.1%** |  |  |
| Eli Lilly & Co. | 121600 | 109312320 |
| **Professional Services — 1.8%** |  |  |
| Broadridge Financial Solutions, Inc. | 214700 | 52043280 |
| UL Solutions, Inc., Class A | 514700 | 29435693 |
| Verisk Analytics, Inc. | 43200 | 12805776 |
|  |  | 94284749 |
| **Semiconductors and Semiconductor Equipment — 16.4%** |  |  |
| Analog Devices, Inc. | 422100 | 82275732 |
| Broadcom, Inc. | 393800 | 75794686 |
| KLA Corp. | 104700 | 73571643 |
| NVIDIA Corp. | 5151000 | 561046920 |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 415200 | 69209688 |
| Texas Instruments, Inc. | 58400 | 9346920 |
|  |  | 871245589 |
| **Software — 17.8%** |  |  |
| Adobe, Inc.<sup>(1)</sup> | 209200 | 78445816 |
| AppLovin Corp., Class A<sup>(1)</sup> | 152200 | 40988982 |
| Atlassian Corp., Class A<sup>(1)</sup> | 171900 | 39246489 |
| Crowdstrike Holdings, Inc., Class A<sup>(1)</sup> | 157800 | 67675686 |
| Manhattan Associates, Inc.<sup>(1)</sup> | 154600 | 27424494 |
| Microsoft Corp. | 1034700 | 408975522 |
| Roper Technologies, Inc. | 186200 | 104286896 |
| Salesforce, Inc. | 407000 | 109364970 |
| Zscaler, Inc.<sup>(1)</sup> | 309100 | 69909147 |
|  |  | 946318002 |
| **Specialized REITs — 0.6%** |  |  |
| Equinix, Inc. | 36400 | 31331300 |
| **Specialty Retail — 3.3%** |  |  |
| Burlington Stores, Inc.<sup>(1)</sup> | 171800 | 38661872 |
| Lowe's Cos., Inc. | 308300 | 68923548 |
| TJX Cos., Inc. | 543800 | 69976184 |
|  |  | 177561604 |
| **Technology Hardware, Storage and Peripherals — 10.5%** |  |  |
| Apple, Inc. | 2628600 | 558577500 |
| **TOTAL COMMON STOCKS**<br>(Cost $2,115,278,041) |  | **5302877058** |
| **SHORT-TERM INVESTMENTS — 0.4%** |  |  |
| **Repurchase Agreements — 0.4%** |  |  |
| BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 1.625%, 8/15/29, valued at $2,363,954), in a joint trading account at 4.32%, dated 4/30/25, due 5/1/25 (Delivery value $2,317,171) |  | 2316893 |
| Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 4.50%, 5/15/27, valued at $18,903,804), at 4.36%, dated 4/30/25, due 5/1/25 (Delivery value $18,535,245) |  | 18533000 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $20,849,893) |  | **20849893** |
| **TOTAL INVESTMENT SECURITIES — 100.1%**<br>(Cost $2,136,127,934) |  | **5323726951** |
| **OTHER ASSETS AND LIABILITIES — (0.1)%** |  | **(4200120)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**5319526831** |

---

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **WRITTEN OPTIONS CONTRACTS** | **WRITTEN OPTIONS CONTRACTS** | **WRITTEN OPTIONS CONTRACTS** | **WRITTEN OPTIONS CONTRACTS** | **WRITTEN OPTIONS CONTRACTS** | **WRITTEN OPTIONS CONTRACTS** | **WRITTEN OPTIONS CONTRACTS** | **WRITTEN OPTIONS CONTRACTS** |
| **Reference Equity** | **Contracts** | **Type** | **Exercise <br>Price** | **Expiration <br>Date** | **Underlying <br>Notional <br>Amount** | **Premiums <br>Received** | **Value** |
| Crowdstrike Holdings, Inc. | 310 | Call | $460.00 | 5/16/25 | $13294970 | $(153824) | $(165075) |

---

---

| | | |
|:---|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** |
| ADR | – | American Depositary Receipt |

---

(1)Non-income producing.

See Notes to Financial Statements.

------

Statement of Assets and Liabilities

---

| | |
|:---|:---|
| **APRIL 30, 2025 (UNAUDITED)** | |
| **Assets** | |
| Investment securities, at value (cost of $2,136,127,934) | $5323726951 |
| Cash | 51179 |
| Receivable for capital shares sold | 493713 |
| Dividends and interest receivable | 1182184 |
|  | 5325454027 |
| **Liabilities** |  |
| Written options, at value (premiums received $153,824) | 165075 |
| Payable for investments purchased | 1041209 |
| Payable for capital shares redeemed | 1275010 |
| Accrued management fees | 3427720 |
| Distribution and service fees payable | 18182 |
|  | 5927196 |
| **Net Assets** | $5319526831 |
| **Net Assets Consist of:** |  |
| Capital (par value and paid-in surplus) | $1922223160 |
| Distributable earnings (loss) | 3397303671 |
|  | $5319526831 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Net Assets** | **Shares Outstanding** | **Net Asset Value Per Share\*** |
| Investor Class, $0.01 Par Value | $4436731191 | 40488822 | $109.58 |
| I Class, $0.01 Par Value | $181457307 | 1590862 | $114.06 |
| Y Class, $0.01 Par Value | $111763375 | 968313 | $115.42 |
| A Class, $0.01 Par Value | $73496692 | 708290 | $103.77 |
| C Class, $0.01 Par Value | $2493946 | 30648 | $81.37 |
| R Class, $0.01 Par Value | $4122783 | 41081 | $100.36 |
| R5 Class, $0.01 Par Value | $14943 | 131 | $114.07 |
| R6 Class, $0.01 Par Value | $101002392 | 876558 | $115.23 |
| G Class, $0.01 Par Value | $408444202 | 3514228 | $116.23 |

---

\*Maximum offering price per share was equal to the net asset value per share for all share classes, except A Class, for which the maximum offering price per share was $110.10 (net asset value divided by 0.9425). A contingent deferred sales charge may be imposed on redemptions of A Class and C Class.

See Notes to Financial Statements.

------

Statement of Operations

---

| | |
|:---|:---|
| **FOR THE SIX MONTHS ENDED APRIL 30, 2025 (UNAUDITED)** | |
| **Investment Income (Loss)** | |
| **Income:** | |
| Dividends (net of foreign taxes withheld of $109,813) | $15917730 |
| Interest | 545650 |
| Securities lending, net | 2814 |
|  | 16466194 |
| **Expenses:** |  |
| Management fees | 27123880 |
| Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;A Class | 101467 |
| &nbsp;&nbsp;&nbsp;C Class | 14187 |
| &nbsp;&nbsp;&nbsp;R Class | 11844 |
| Directors' fees and expenses | 84358 |
| Other expenses | 3423 |
|  | 27339159 |
| Fees waived<sup>(1)</sup> | (3442156) |
|  | 23897003 |
| **Net investment income (loss)** | (7430809) |
| **Realized and Unrealized Gain (Loss)** |  |
| **Net realized gain (loss) on:** |  |
| Investment transactions | 234073310 |
| Futures contract transactions | (148559) |
| Written options contract transactions | 324881 |
| Foreign currency translation transactions | 128413 |
|  | 234378045 |
| **Change in net unrealized appreciation (depreciation) on:** |  |
| Investments | (528080213) |
| Written options contracts | (11251) |
| Translation of assets and liabilities in foreign currencies | 912 |
|  | (528090552) |
| **Net realized and unrealized gain (loss)** | (293712507) |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $(301143316) |

---

(1)Amount consists of $1,939,261, $78,368, $54,886, $32,438, $1,134, $1,893, $7, $43,679 and $1,290,490 for Investor Class, I Class, Y Class, A Class, C Class, R Class, R5 Class, R6 Class and G Class, respectively.

See Notes to Financial Statements.

------

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| **SIX MONTHS ENDED APRIL 30, 2025 (UNAUDITED) AND YEAR ENDED OCTOBER 31, 2024** | **SIX MONTHS ENDED APRIL 30, 2025 (UNAUDITED) AND YEAR ENDED OCTOBER 31, 2024** | **SIX MONTHS ENDED APRIL 30, 2025 (UNAUDITED) AND YEAR ENDED OCTOBER 31, 2024** |
| **Increase (Decrease) in Net Assets** | **April 30, 2025** | **October 31, 2024** |
| **Operations** | | |
| Net investment income (loss) | $(7430809) | $(14444799) |
| Net realized gain (loss) | 234378045 | 215493595 |
| Change in net unrealized appreciation (depreciation) | (528090552) | 1356113785 |
| Net increase (decrease) in net assets resulting from operations | (301143316) | 1557162581 |
| **Distributions to Shareholders** |  |  |
| From earnings: |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (180311447) | (212148210) |
| &nbsp;&nbsp;&nbsp;I Class | (7070754) | (7818279) |
| &nbsp;&nbsp;&nbsp;Y Class | (4778508) | (5366472) |
| &nbsp;&nbsp;&nbsp;A Class | (3222579) | (3697350) |
| &nbsp;&nbsp;&nbsp;C Class | (141884) | (167333) |
| &nbsp;&nbsp;&nbsp;R Class | (210787) | (227342) |
| &nbsp;&nbsp;&nbsp;R5 Class | (566) | (629) |
| &nbsp;&nbsp;&nbsp;R6 Class | (3824664) | (3874134) |
| &nbsp;&nbsp;&nbsp;G Class | (16569838) | (12092773) |
| Decrease in net assets from distributions | (216131027) | (245392522) |
| **Capital Share Transactions** |  |  |
| Net increase (decrease) in net assets from capital share transactions (Note 5) | 177043381 | 225828474 |
| **Net increase (decrease) in net assets** | (340230962) | 1537598533 |
| **Net Assets** |  |  |
| Beginning of period | 5659757793 | 4122159260 |
| End of period | $5319526831 | $5659757793 |

---

See Notes to Financial Statements.

------

Notes to Financial Statements

**APRIL 30, 2025 (UNAUDITED)**

**1. Organization**

American Century Mutual Funds, 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. Select Fund (the fund) is one fund in a series issued by the corporation. The fund's investment objective is to seek long-term capital growth.

The 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 fund serves as the chief operating decision maker (CODM). The 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.

The fund offers the Investor Class, I Class, Y Class, A Class, C Class, R Class, R5 Class, R6 Class and G Class. The A Class may incur an initial sales charge. The A Class and C Class may be subject to a contingent deferred sales charge. Sale of the G Class commenced on November 2, 2023.

**2. Significant Accounting Policies**

The following is a summary of significant accounting policies consistently followed by the fund in preparation of its financial statements. The 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 —** The 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 investments of the fund 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.

Open-end management investment companies are valued at the reported NAV per share. Repurchase agreements are valued at cost, which approximates fair value. Exchange-traded futures contracts are valued at the settlement price as provided by the appropriate exchange. Exchange-traded options contracts are valued at a mean as provided by independent pricing services.

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 the 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 fund's 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.

**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. The 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. The 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 is recorded on the accrual basis and includes accretion of discounts and amortization of premiums. Securities lending income is net of fees and rebates earned by the lending agent for its services.

**Repurchase Agreements —** The fund may enter into repurchase agreements with institutions that ACIM has determined are creditworthy pursuant to criteria adopted by the Board of Directors. The 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 the fund under each repurchase agreement.

**Joint Trading Account —** Pursuant to an Exemptive Order issued by the Securities and Exchange Commission, the fund, along with certain other funds in the American Century Investments family of funds, may transfer uninvested cash balances into a joint trading account. 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 the 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. The fund files U.S. federal, state, local and non-U.S. tax returns as applicable. The 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 the 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 the fund are allocated to each class of shares based on their relative net assets.

**Distributions to Shareholders —** Distributions from net investment income and 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 the fund. In addition, in the normal course of business, the fund enters 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 fund pursuant to a Securities Lending Agreement. The lending of securities exposes the fund to risks such as: the borrowers may fail to return the loaned securities, the borrowers may not be able to provide additional collateral, the fund may experience delays in recovery of the loaned securities or delays in access to collateral, or the 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 fund 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, the 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.

**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 the 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 the 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 each class's daily net assets 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 the fund's assets, which do not vary by class. The rate of the fee is determined by applying a fee rate calculation formula. This formula takes into account the 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). During the period ended April 30, 2025, the investment advisor agreed to waive a portion of the fund's management fee such that the management fee does not exceed 0.903% for Investor Class, A Class, C Class and R Class, 0.703% for I Class and R5 Class, and 0.553% for Y Class and R6 Class. The investment advisor expects this waiver arrangement to continue until February 28, 2026 and cannot terminate it prior to such date without the approval of the Board of Directors. 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 management fee schedule range and the effective annual management fee before and after waiver for each class for the period ended April 30, 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Management Fee**<br>**Schedule Range** | **Effective Annual Management Fee** | **Effective Annual Management Fee** |
| | **Management Fee**<br>**Schedule Range** | **Before Waiver** | **After Waiver** |
| Investor Class | 0.800% to 0.990% | 0.98% | 0.90% |
| I Class | 0.600% to 0.790% | 0.78% | 0.70% |
| Y Class | 0.450% to 0.640% | 0.63% | 0.55% |
| A Class | 0.800% to 0.990% | 0.98% | 0.90% |
| C Class | 0.800% to 0.990% | 0.98% | 0.90% |
| R Class | 0.800% to 0.990% | 0.98% | 0.90% |
| R5 Class | 0.600% to 0.790% | 0.78% | 0.70% |
| R6 Class | 0.450% to 0.640% | 0.63% | 0.55% |
| G Class | 0.450% to 0.640% | 0.63% | 0.00% |

---

**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 April 30, 2025 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 fund. The directors receive detailed information about the fund and its investment advisor regularly throughout the year, and meet at least quarterly with management of the investment advisor to review reports about fund operations. The fund's officers do not receive compensation from the fund.

**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.

**Interfund Transactions —** The 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. There were no interfund transactions during the period.

**4. Investment Transactions**

Purchases and sales of investment securities, excluding short-term investments, for the period ended April 30, 2025 were $621,258,108 and $674,141,705, respectively.

------

**5. Capital Share Transactions** 

Transactions in shares of the fund were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six months ended<br>April 30, 2025** | **Six months ended<br>April 30, 2025** | **Year ended**<br>**October 31, 2024**<sup>(1)</sup> | **Year ended**<br>**October 31, 2024**<sup>(1)</sup> |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| **Investor Class/Shares Authorized** | 475000000 |  | 475000000 |  |
| Sold | 491271 | $58620746 | 1337090 | $143037448 |
| Issued in reinvestment of distributions | 1354127 | 171175130 | 2007373 | 201500151 |
| Redeemed | (2049570) | (243006365) | (3304623) | (362147840) |
|  | (204172) | (13210489) | 39840 | (17610241) |
| **I Class/Shares Authorized** | 40000000 |  | 40000000 |  |
| Sold | 190108 | 23444488 | 333622 | 37675119 |
| Issued in reinvestment of distributions | 51339 | 6750084 | 71707 | 7461823 |
| Redeemed | (233542) | (28785591) | (359309) | (40087782) |
|  | 7905 | 1408981 | 46020 | 5049160 |
| **Y Class/Shares Authorized** | 25000000 |  | 25000000 |  |
| Sold | 348303 | 41350358 | 268943 | 30995035 |
| Issued in reinvestment of distributions | 35882 | 4771618 | 51002 | 5357737 |
| Redeemed | (528043) | (61492057) | (220276) | (25092536) |
|  | (143858) | (15370081) | 99669 | 11260236 |
| **A Class/Shares Authorized** | 30000000 |  | 30000000 |  |
| Sold | 32200 | 3633911 | 114488 | 11831746 |
| Issued in reinvestment of distributions | 26490 | 3173770 | 37954 | 3626905 |
| Redeemed | (86210) | (9899437) | (121900) | (12757444) |
|  | (27520) | (3091756) | 30542 | 2701207 |
| **C Class/Shares Authorized** | 20000000 |  | 20000000 |  |
| Sold | 3396 | 291297 | 6708 | 554640 |
| Issued in reinvestment of distributions | 1427 | 134483 | 2040 | 155925 |
| Redeemed | (7028) | (593193) | (8210) | (669693) |
|  | (2205) | (167413) | 538 | 40872 |
| **R Class/Shares Authorized** | 20000000 |  | 20000000 |  |
| Sold | 7175 | 789515 | 20125 | 2018275 |
| Issued in reinvestment of distributions | 1816 | 210634 | 2447 | 227213 |
| Redeemed | (13410) | (1481205) | (18139) | (1912562) |
|  | (4419) | (481056) | 4433 | 332926 |
| **R5 Class/Shares Authorized** | 20000000 |  | 20000000 |  |
| Issued in reinvestment of distributions | 4 | 566 | 6 | 629 |
| **R6 Class/Shares Authorized** | 30000000 |  | 30000000 |  |
| Sold | 32138 | 3985032 | 232681 | 27909439 |
| Issued in reinvestment of distributions | 28779 | 3820469 | 36895 | 3869542 |
| Redeemed | (74218) | (9383340) | (105945) | (12468192) |
|  | (13301) | (1577839) | 163631 | 19310789 |
| **G Class/Shares Authorized** | 200000000 |  | 200000000 |  |
| Sold | 1885032 | 257750895 | 2348998 | 248571694 |
| Issued in reinvestment of distributions | 123998 | 16569838 | 115224 | 12092773 |
| Redeemed | (492861) | (64788265) | (466163) | (55921571) |
|  | 1516169 | 209532468 | 1998059 | 204742896 |
| Net increase (decrease) | 1128603 | $177043381 | 2382738 | $225828474 |

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(1)November 2, 2023 (commencement of sale) through October 31, 2024 for the G Class.

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**6. Fair Value Measurements**

The fund's investments valuation process is based on several considerations and may use multiple inputs to determine the fair value of the investments held by the 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 following is a summary of the level classifications as of period end. The Schedule of Investments provides additional information on the fund's portfolio holdings.

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| | | | |
|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** |
| **Assets** | | | |
| **Investment Securities** | | | |
| Common Stocks | $5302877058 |  |  |
| Short-Term Investments |  | $20849893 |  |
|  | $5302877058 | $20849893 |  |
| **Liabilities** |  |  |  |
| **Other Financial Instruments** |  |  |  |
| Written Options Contracts | $165075 |  |  |

---

**7. Derivative Instruments**

**Equity Price Risk —** The fund is subject to equity price risk in the normal course of pursuing its investment objectives. A fund may enter into futures contracts or options contracts based on an equity index or specific security in order to manage its exposure to changes in market conditions. The risks of entering into equity price risk derivative instruments include the possible lack of liquidity, failure of the counterparty to meet its obligations, and that there may be unfavorable changes in the underlying investments or instruments.

A fund may enter into futures contracts based on an equity index in order to manage its exposure to changes in market conditions. A fund may purchase futures contracts to gain exposure to increases in market value or sell futures contracts to protect against a decline in market value. Upon entering into a futures contract, a fund is required to deposit either cash or securities in an amount equal to a certain percentage of the contract value (initial margin). A fund may incur charges or earn income on cash deposit balances, which are reflected in interest expenses or interest income, respectively. Subsequent payments (variation margin) are made or received daily, in cash, by a fund. The variation margin is equal to the daily change in the contract value and is recorded as unrealized gains and losses. A fund recognizes a realized gain or loss when the contract is closed or expires. Net realized and unrealized gains or losses occurring during the holding period of futures contracts are a component of net realized gain (loss) on futures contract transactions and change in net unrealized appreciation (depreciation) on futures contracts, respectively. One of the risks of entering into futures contracts is the possibility that the change in value of the contract may not correlate with the changes in value of the underlying securities. During the period, the fund participated in futures contracts for temporary investment purposes.

A fund may purchase or write an option contract to protect against declines in market value on the underlying index or security. A purchased option contract provides the fund a right, but not an obligation, to buy (call) or sell (put) an equity-related asset at a specified exercise price within a certain period or on a specific date. A written option contract holds the corresponding obligation to sell (call writing) or buy (put writing) the underlying equity-related asset if the purchaser exercises the option contract. The buyer pays the seller an initial purchase price (premium) for this right. Option contracts purchased by a fund are accounted for in the same manner as marketable portfolio securities. The premium received by a fund for option contracts written is recorded as a liability and valued daily. The proceeds from securities sold through the exercise of option contracts are decreased by the premium paid to purchase the option contracts. A fund will segregate cash, cash equivalents or other appropriate liquid securities on its records in amounts sufficient to meet requirements. A fund may recognize a realized gain or loss when the option contract is closed, exercised or expires. Net realized and unrealized gains or losses occurring during the holding period of purchased options contracts are a component of net realized gain (loss) on investment transactions and change in net unrealized appreciation (depreciation) on investments, respectively. Net realized and unrealized gains or losses occurring during the holding period of written options contracts are a component of net realized gain (loss) on written options contract transactions and change in net unrealized appreciation (depreciation) on written options contracts, respectively. The fund's average exposure to these equity price risk derivative instruments held during the period was 310 written options contracts.

------

Value of Derivative Instruments as of April 30, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Type of Risk Exposure** | **Location on Statement of Assets and Liabilities** | **Value** | **Location on Statement of Assets and Liabilities** | **Value** |
| Equity Price Risk | Written Options |  | Written Options | $165075 |

---

Effect of Derivative Instruments on the Statement of Operations for the Six Months Ended April 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Net Realized Gain (Loss)** | **Net Realized Gain (Loss)** | **Change in Net Unrealized Appreciation<br>(Depreciation)** | **Change in Net Unrealized Appreciation<br>(Depreciation)** |
| **Type of Risk Exposure** | **Location on Statement of Operations** | **Value** | **Location on Statement of Operations** | **Value** |
| Equity Price Risk | Net realized gain (loss) on futures contract transactions | $(148559) | Change in net unrealized appreciation (depreciation) on futures contracts |  |
| Equity Price Risk | Net realized gain (loss) on written options contract transactions | 324881 | Change in net unrealized appreciation (depreciation) on written options contracts | $(11251) |
|  |  | $176322 |  | $(11251) |

---

**8. Risk Factors**

The value of the fund's shares 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 the 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.

**9. Federal Tax Information**

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.

As of period end, the components of investments for federal income tax purposes were as follows:

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| | |
|:---|:---|
| Federal tax cost of investments | $2139329754 |
| Gross tax appreciation of investments | $3285514015 |
| Gross tax depreciation of investments | (101116818) |
| Net tax appreciation (depreciation) of investments | $3184397197 |

---

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales.

As of October 31, 2024, the fund had late-year ordinary loss deferrals of $(15,179,525), which 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.

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Financial Highlights

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 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\*:** | | | | **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** | **Distributions<br>From Net<br>Realized<br>Gains** | **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)** |
| **Investor Class** | **Investor Class** | | | | | | | | | | | | |
| 2025<sup>(3)</sup> | $119.63 | (0.20) | (5.38) | (5.58) | (4.47) | $109.58 | (5.16)% | 0.90% | 0.98% | (0.33)% | (0.41)% | 11% | $4436731 |
| 2024 | $92.03 | (0.36) | 33.18 | 32.82 | (5.22) | $119.63 | 36.74% | 0.92% | 0.98% | (0.33)% | (0.39)% | 18% | $4868303 |
| 2023 | $87.50 | (0.09) | 12.42 | 12.33 | (7.80) | $92.03 | 15.85% | 0.94% | 0.99% | (0.11)% | (0.16)% | 14% | $3741138 |
| 2022 | $124.12 | (0.28) | (26.71) | (26.99) | (9.63) | $87.50 | (23.66)% | 0.96% | 1.00% | (0.28)% | (0.32)% | 15% | $3417398 |
| 2021 | $93.93 | (0.40) | 36.91 | 36.51 | (6.32) | $124.12 | 40.63% | 0.97% | 0.99% | (0.37)% | (0.39)% | 11% | $4770672 |
| 2020 | $78.58 | (0.13) | 19.83 | 19.70 | (4.35) | $93.93 | 26.10% | 0.97% | 0.99% | (0.15)% | (0.17)% | 16% | $3596722 |
| **I Class** | **I Class** | **I Class** |  |  |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $124.24 | (0.08) | (5.63) | (5.71) | (4.47) | $114.06 | (5.07)% | 0.70% | 0.78% | (0.13)% | (0.21)% | 11% | $181457 |
| 2024 | $95.21 | (0.15) | 34.40 | 34.25 | (5.22) | $124.24 | 37.03% | 0.72% | 0.78% | (0.13)% | (0.19)% | 18% | $196670 |
| 2023 | $90.09 | 0.08 | 12.84 | 12.92 | (7.80) | $95.21 | 16.07% | 0.74% | 0.79% | 0.09% | 0.04% | 14% | $146335 |
| 2022 | $127.27 | (0.08) | (27.47) | (27.55) | (9.63) | $90.09 | (23.51)% | 0.76% | 0.80% | (0.08)% | (0.12)% | 15% | $120051 |
| 2021 | $95.99 | (0.19) | 37.79 | 37.60 | (6.32) | $127.27 | 40.90% | 0.77% | 0.79% | (0.17)% | (0.19)% | 11% | $156502 |
| 2020 | $80.06 | 0.05 | 20.23 | 20.28 | (4.35) | $95.99 | 26.35% | 0.77% | 0.79% | 0.05% | 0.03% | 16% | $119954 |
| **Y Class** | **Y Class** | **Y Class** |  |  |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $125.58 | 0.01 | (5.70) | (5.69) | (4.47) | $115.42 | (5.00)% | 0.55% | 0.63% | 0.02% | (0.06)% | 11% | $111763 |
| 2024 | $96.05 | 0.02 | 34.73 | 34.75 | (5.22) | $125.58 | 37.23% | 0.57% | 0.63% | 0.02% | (0.04)% | 18% | $139668 |
| 2023 | $90.69 | 0.22 | 12.94 | 13.16 | (7.80) | $96.05 | 16.24% | 0.59% | 0.64% | 0.24% | 0.19% | 14% | $97252 |
| 2022 | $127.87 | 0.07 | (27.62) | (27.55) | (9.63) | $90.69 | (23.39)% | 0.61% | 0.65% | 0.07% | 0.03% | 15% | $68908 |
| 2021 | $96.28 | (0.03) | 37.94 | 37.91 | (6.32) | $127.87 | 41.11% | 0.62% | 0.64% | (0.02)% | (0.04)% | 11% | $103669 |
| 2020 | $80.17 | 0.16 | 20.30 | 20.46 | (4.35) | $96.28 | 26.55% | 0.62% | 0.64% | 0.20% | 0.18% | 16% | $72595 |
| **A Class** | **A Class** |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $113.64 | (0.33) | (5.07) | (5.40) | (4.47) | $103.77 | (5.28)% | 1.15% | 1.23% | (0.58)% | (0.66)% | 11% | $73497 |
| 2024 | $87.85 | (0.61) | 31.62 | 31.01 | (5.22) | $113.64 | 36.42% | 1.17% | 1.23% | (0.58)% | (0.64)% | 18% | $83620 |
| 2023 | $84.10 | (0.31) | 11.86 | 11.55 | (7.80) | $87.85 | 15.54% | 1.19% | 1.24% | (0.36)% | (0.41)% | 14% | $61961 |
| 2022 | $119.94 | (0.51) | (25.70) | (26.21) | (9.63) | $84.10 | (23.85)% | 1.21% | 1.25% | (0.53)% | (0.57)% | 15% | $51336 |
| 2021 | $91.18 | (0.65) | 35.73 | 35.08 | (6.32) | $119.94 | 40.26% | 1.22% | 1.24% | (0.62)% | (0.64)% | 11% | $72806 |
| 2020 | $76.58 | (0.33) | 19.28 | 18.95 | (4.35) | $91.18 | 25.79% | 1.22% | 1.24% | (0.40)% | (0.42)% | 16% | $54558 |

---

------

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 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\*:** | | | | **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** | **Distributions<br>From Net<br>Realized<br>Gains** | **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)** |
| **C Class** | **C Class** | | | | | | | | | | | | |
| 2025<sup>(3)</sup> | $90.33 | (0.59) | (3.90) | (4.49) | (4.47) | $81.37 | (5.64)% | 1.90% | 1.98% | (1.33)% | (1.41)% | 11% | $2494 |
| 2024 | $71.26 | (1.11) | 25.40 | 24.29 | (5.22) | $90.33 | 35.41% | 1.92% | 1.98% | (1.33)% | (1.39)% | 18% | $2967 |
| 2023 | $70.21 | (0.76) | 9.61 | 8.85 | (7.80) | $71.26 | 14.69% | 1.94% | 1.99% | (1.11)% | (1.16)% | 14% | $2303 |
| 2022 | $102.40 | (1.05) | (21.51) | (22.56) | (9.63) | $70.21 | (24.42)% | 1.96% | 2.00% | (1.28)% | (1.32)% | 15% | $2598 |
| 2021 | $79.23 | (1.21) | 30.70 | 29.49 | (6.32) | $102.40 | 39.23% | 1.97% | 1.99% | (1.37)% | (1.39)% | 11% | $4151 |
| 2020 | $67.55 | (0.82) | 16.85 | 16.03 | (4.35) | $79.23 | 24.85% | 1.97% | 1.99% | (1.15)% | (1.17)% | 16% | $5390 |
| **R Class** | **R Class** |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $110.17 | (0.46) | (4.88) | (5.34) | (4.47) | $100.36 | (5.39)% | 1.40% | 1.48% | (0.83)% | (0.91)% | 11% | $4123 |
| 2024 | $85.52 | (0.85) | 30.72 | 29.87 | (5.22) | $110.17 | 36.06% | 1.42% | 1.48% | (0.83)% | (0.89)% | 18% | $5013 |
| 2023 | $82.26 | (0.51) | 11.57 | 11.06 | (7.80) | $85.52 | 15.27% | 1.44% | 1.49% | (0.61)% | (0.66)% | 14% | $3512 |
| 2022 | $117.80 | (0.74) | (25.17) | (25.91) | (9.63) | $82.26 | (24.04)% | 1.46% | 1.50% | (0.78)% | (0.82)% | 15% | $3639 |
| 2021 | $89.86 | (0.90) | 35.16 | 34.26 | (6.32) | $117.80 | 39.92% | 1.47% | 1.49% | (0.87)% | (0.89)% | 11% | $4452 |
| 2020 | $75.71 | (0.53) | 19.03 | 18.50 | (4.35) | $89.86 | 25.48% | 1.47% | 1.49% | (0.65)% | (0.67)% | 16% | $3384 |
| **R5 Class** | **R5 Class** |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $124.25 | (0.08) | (5.63) | (5.71) | (4.47) | $114.07 | (5.07)% | 0.70% | 0.78% | (0.13)% | (0.21)% | 11% | $15 |
| 2024 | $95.22 | (0.15) | 34.40 | 34.25 | (5.22) | $124.25 | 37.03% | 0.72% | 0.78% | (0.13)% | (0.19)% | 18% | $16 |
| 2023 | $90.09 | 0.09 | 12.84 | 12.93 | (7.80) | $95.22 | 16.08% | 0.74% | 0.79% | 0.09% | 0.04% | 14% | $12 |
| 2022 | $127.28 | (0.08) | (27.48) | (27.56) | (9.63) | $90.09 | (23.51)% | 0.76% | 0.80% | (0.08)% | (0.12)% | 15% | $10 |
| 2021 | $95.99 | (0.18) | 37.79 | 37.61 | (6.32) | $127.28 | 40.91% | 0.77% | 0.79% | (0.17)% | (0.19)% | 11% | $13 |
| 2020 | $80.07 | 0.03 | 20.24 | 20.27 | (4.35) | $95.99 | 26.34% | 0.77% | 0.79% | 0.05% | 0.03% | 16% | $9 |
| **R6 Class** | **R6 Class** |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $125.38 | 0.01 | (5.69) | (5.68) | (4.47) | $115.23 | (5.00)% | 0.55% | 0.63% | 0.02% | (0.06)% | 11% | $101002 |
| 2024 | $95.90 | 0.02 | 34.68 | 34.70 | (5.22) | $125.38 | 37.24% | 0.57% | 0.63% | 0.02% | (0.04)% | 18% | $111568 |
| 2023 | $90.56 | 0.22 | 12.92 | 13.14 | (7.80) | $95.90 | 16.24% | 0.59% | 0.64% | 0.24% | 0.19% | 14% | $69647 |
| 2022 | $127.70 | 0.06 | (27.57) | (27.51) | (9.63) | $90.56 | (23.39)% | 0.61% | 0.65% | 0.07% | 0.03% | 15% | $59681 |
| 2021 | $96.16 | (0.02) | 37.88 | 37.86 | (6.32) | $127.70 | 41.11% | 0.62% | 0.64% | (0.02)% | (0.04)% | 11% | $6527 |
| 2020 | $80.08 | 0.16 | 20.27 | 20.43 | (4.35) | $96.16 | 26.54% | 0.62% | 0.64% | 0.20% | 0.18% | 16% | $4256 |
| **G Class** | **G Class** |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $126.09 | 0.35 | (5.74) | (5.39) | (4.47) | $116.23 | (4.73)% | 0.00% | 0.63% | 0.57% | (0.06)% | 11% | $408444 |
| 2024<sup>(4)</sup> | $98.92 | 0.64 | 31.75 | 32.39 | (5.22) | $126.09 | 33.80% | 0.00% | 0.63% | 0.55% | (0.08)% | 18%<sup>(5)</sup> | $251933 |

---

------

**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)Six months ended April 30, 2025 (unaudited).

(4)November 2, 2023 (commencement of sale) through October 31, 2024.

(5)Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended October 31, 2024.

\*The amount shown for a share outstanding throughout the period may not correlate with the Statement(s) 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.

------

---

| | |
|:---|:---|
| 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.* |
| **©2025 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-SAN-92357 2506** | **©2025 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-SAN-92357 2506** |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;

![Image21.jpg](ck0000100334-20250430_g3.jpg)

---

| |
|:---|
| Semiannual Financial Statements and Other Information |
| April 30, 2025 |
| Small Cap Growth Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class (ANOIX) |
| &nbsp;&nbsp;&nbsp;&nbsp;I Class (ANONX) |
| &nbsp;&nbsp;&nbsp;&nbsp;Y Class (ANOYX) |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class (ANOAX) |
| &nbsp;&nbsp;&nbsp;&nbsp;C Class (ANOCX) |
| &nbsp;&nbsp;&nbsp;&nbsp;R Class (ANORX) |
| &nbsp;&nbsp;&nbsp;&nbsp;R5 Class (ANOGX) |
| &nbsp;&nbsp;&nbsp;&nbsp;R6 Class (ANODX) |
| &nbsp;&nbsp;&nbsp;&nbsp;G Class (ANOHX) |

---

------

**Table of Contents**

---

| | |
|:---|:---|
| Schedule of Investments | [2](#i52946b9046fa4e8f856c2e760a6ee818_286) |
| Statement of Assets and Liabilities | [7](#i52946b9046fa4e8f856c2e760a6ee818_289) |
| Statement of Operations | [8](#i52946b9046fa4e8f856c2e760a6ee818_292) |
| Statement of Changes in Net Assets | [9](#i52946b9046fa4e8f856c2e760a6ee818_295) |
| Notes to Financial Statements | [10](#i52946b9046fa4e8f856c2e760a6ee818_298) |
| Financial Highlights | [16](#i52946b9046fa4e8f856c2e760a6ee818_301) |

---

------

Schedule of Investments

**APRIL 30, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|<br>**COMMON STOCKS — 97.7%** | **Shares/Principal Amount** | **Value** |
| **Aerospace and Defense — 3.6%** | | |
| AAR Corp.<sup>(1)</sup> | 591322 | $31612074 |
| ATI, Inc.<sup>(1)</sup> | 600469 | 32653504 |
| Hexcel Corp. | 928020 | 44981130 |
| Huntington Ingalls Industries, Inc. | 147373 | 33945897 |
|  |  | 143192605 |
| **Air Freight and Logistics — 0.5%** |  |  |
| Cargojet, Inc.<sup>(2)</sup> | 357971 | 22149228 |
| **Banks — 1.5%** |  |  |
| Bancorp, Inc.<sup>(1)</sup> | 748321 | 36151387 |
| Triumph Financial, Inc.<sup>(1)</sup> | 452588 | 24177251 |
|  |  | 60328638 |
| **Beverages — 0.7%** |  |  |
| Celsius Holdings, Inc.<sup>(1)</sup> | 797511 | 27880985 |
| **Biotechnology — 12.8%** |  |  |
| ADMA Biologics, Inc.<sup>(1)</sup> | 1836891 | 43718006 |
| Alkermes PLC<sup>(1)</sup> | 852230 | 24518657 |
| Arcutis Biotherapeutics, Inc.<sup>(1)</sup> | 1334049 | 19890670 |
| Biohaven Ltd.<sup>(1)</sup> | 522572 | 11559293 |
| Blueprint Medicines Corp.<sup>(1)</sup> | 308289 | 27591865 |
| Bridgebio Pharma, Inc.<sup>(1)</sup> | 848266 | 32539484 |
| Celldex Therapeutics, Inc.<sup>(1)</sup> | 558969 | 11643324 |
| Centessa Pharmaceuticals PLC, ADR<sup>(1)(2)</sup> | 888011 | 12174631 |
| Crinetics Pharmaceuticals, Inc.<sup>(1)</sup> | 604453 | 20182686 |
| Cytokinetics, Inc.<sup>(1)</sup> | 292165 | 12516349 |
| Halozyme Therapeutics, Inc.<sup>(1)</sup> | 620869 | 38133774 |
| Insmed, Inc.<sup>(1)</sup> | 723259 | 52074648 |
| Madrigal Pharmaceuticals, Inc.<sup>(1)(2)</sup> | 130559 | 43594956 |
| Metsera, Inc.<sup>(1)(2)</sup> | 224970 | 5424027 |
| Mineralys Therapeutics, Inc.<sup>(1)</sup> | 663430 | 9427340 |
| Natera, Inc.<sup>(1)</sup> | 152316 | 22989054 |
| Newamsterdam Pharma Co. NV<sup>(1)(2)</sup> | 453541 | 8676239 |
| Nuvalent, Inc., Class A<sup>(1)</sup> | 234863 | 18025735 |
| Revolution Medicines, Inc.<sup>(1)</sup> | 596933 | 24104154 |
| Scholar Rock Holding Corp.<sup>(1)</sup> | 539891 | 17767813 |
| Twist Bioscience Corp.<sup>(1)</sup> | 628883 | 24098796 |
| Vaxcyte, Inc.<sup>(1)</sup> | 507127 | 18175432 |
| Vera Therapeutics, Inc.<sup>(1)</sup> | 363099 | 8485624 |
| Viking Therapeutics, Inc.<sup>(1)</sup> | 234663 | 6774721 |
|  |  | 514087278 |
| **Broadline Retail — 0.5%** |  |  |
| Ollie's Bargain Outlet Holdings, Inc.<sup>(1)</sup> | 202116 | 21446529 |
| **Building Products — 4.5%** |  |  |
| Fortune Brands Innovations, Inc. | 635456 | 34200242 |
| Hayward Holdings, Inc.<sup>(1)</sup> | 4659345 | 62109069 |
| Janus International Group, Inc.<sup>(1)(2)</sup> | 2621604 | 18036636 |
| JELD-WEN Holding, Inc.<sup>(1)</sup> | 2507043 | 13838877 |
| Trex Co., Inc.<sup>(1)</sup> | 929943 | 53769304 |
|  |  | 181954128 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares/Principal Amount** | **Value** |
| **Capital Markets — 1.7%** | | |
| Hamilton Lane, Inc., Class A | 330343 | $51034690 |
| P10, Inc., Class A | 1588497 | 17584662 |
|  |  | 68619352 |
| **Chemicals — 0.5%** |  |  |
| Sensient Technologies Corp. | 224009 | 21045646 |
| **Commercial Services and Supplies — 3.2%** |  |  |
| Casella Waste Systems, Inc., Class A<sup>(1)</sup> | 733259 | 86121270 |
| Clean Harbors, Inc.<sup>(1)</sup> | 200016 | 42791423 |
|  |  | 128912693 |
| **Communications Equipment — 0.5%** |  |  |
| Extreme Networks, Inc.<sup>(1)</sup> | 1639014 | 21569424 |
| **Construction and Engineering — 2.3%** |  |  |
| Construction Partners, Inc., Class A<sup>(1)</sup> | 606232 | 49795897 |
| Sterling Infrastructure, Inc.<sup>(1)</sup> | 279717 | 41798111 |
|  |  | 91594008 |
| **Construction Materials — 1.2%** |  |  |
| Knife River Corp.<sup>(1)</sup> | 235691 | 22008826 |
| Titan America SA<sup>(1)</sup> | 1914448 | 25328147 |
|  |  | 47336973 |
| **Consumer Finance — 0.5%** |  |  |
| Dave, Inc.<sup>(1)</sup> | 198957 | 18865103 |
| **Consumer Staples Distribution & Retail — 0.8%** |  |  |
| PriceSmart, Inc. | 333114 | 33807740 |
| **Containers and Packaging — 0.9%** |  |  |
| Graphic Packaging Holding Co. | 1362308 | 34480015 |
| **Diversified Consumer Services — 3.1%** |  |  |
| Duolingo, Inc.<sup>(1)</sup> | 84926 | 33076978 |
| OneSpaWorld Holdings Ltd. | 1969417 | 32889264 |
| Stride, Inc.<sup>(1)</sup> | 418747 | 59566761 |
|  |  | 125533003 |
| **Diversified Telecommunication Services — 0.3%** |  |  |
| Globalstar, Inc.<sup>(1)</sup> | 567643 | 10910098 |
| **Electronic Equipment, Instruments and Components — 1.8%** |  |  |
| Littelfuse, Inc. | 190264 | 34687030 |
| Mirion Technologies, Inc., Class A<sup>(1)</sup> | 2394938 | 37792121 |
|  |  | 72479151 |
| **Energy Equipment and Services — 1.7%** |  |  |
| Aris Water Solutions, Inc., Class A | 383626 | 9575305 |
| Expro Group Holdings NV<sup>(1)</sup> | 3792969 | 31367854 |
| Transocean Ltd.<sup>(1)(2)</sup> | 12078416 | 25727026 |
|  |  | 66670185 |
| **Financial Services — 0.8%** |  |  |
| Payoneer Global, Inc.<sup>(1)</sup> | 633048 | 4450328 |
| Shift4 Payments, Inc., Class A<sup>(1)(2)</sup> | 336499 | 27525618 |
|  |  | 31975946 |
| **Food Products — 1.4%** |  |  |
| Freshpet, Inc.<sup>(1)</sup> | 300796 | 22120538 |
| Vital Farms, Inc.<sup>(1)</sup> | 966038 | 33077141 |
|  |  | 55197679 |
| **Ground Transportation — 1.5%** |  |  |
| Knight-Swift Transportation Holdings, Inc. | 918807 | 35989670 |
| Schneider National, Inc., Class B | 1159900 | 24926251 |
|  |  | 60915921 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares/Principal Amount** | **Value** |
| **Health Care Equipment and Supplies — 3.9%** | | |
| Alphatec Holdings, Inc.<sup>(1)</sup> | 4833802 | $53075146 |
| Integer Holdings Corp.<sup>(1)</sup> | 256538 | 32403315 |
| SI-BONE, Inc.<sup>(1)(3)</sup> | 2230239 | 30442762 |
| UFP Technologies, Inc.<sup>(1)</sup> | 204696 | 42687304 |
|  |  | 158608527 |
| **Health Care Providers and Services — 6.1%** |  |  |
| Encompass Health Corp. | 437838 | 51222668 |
| Ensign Group, Inc. | 450083 | 58056206 |
| HealthEquity, Inc.<sup>(1)</sup> | 454151 | 38929824 |
| NeoGenomics, Inc.<sup>(1)</sup> | 2751606 | 17596520 |
| Pediatrix Medical Group, Inc.<sup>(1)</sup> | 1358281 | 17494659 |
| RadNet, Inc.<sup>(1)</sup> | 893099 | 46780526 |
| Talkspace, Inc.<sup>(1)</sup> | 5126642 | 15738791 |
|  |  | 245819194 |
| **Health Care Technology — 1.0%** |  |  |
| Phreesia, Inc.<sup>(1)</sup> | 798449 | 19929287 |
| Schrodinger, Inc.<sup>(1)</sup> | 837089 | 21454591 |
|  |  | 41383878 |
| **Hotels, Restaurants and Leisure — 3.2%** |  |  |
| Brinker International, Inc.<sup>(1)</sup> | 305304 | 41002327 |
| Life Time Group Holdings, Inc.<sup>(1)</sup> | 1158857 | 35530556 |
| Planet Fitness, Inc., Class A<sup>(1)</sup> | 563405 | 53292479 |
|  |  | 129825362 |
| **Household Durables — 0.9%** |  |  |
| Champion Homes, Inc.<sup>(1)</sup> | 412855 | 35711957 |
| **Independent Power and Renewable Electricity Producers — 1.4%** |  |  |
| Talen Energy Corp.<sup>(1)</sup> | 175143 | 37669757 |
| TransAlta Corp. | 2179981 | 19434184 |
|  |  | 57103941 |
| **Insurance — 4.2%** |  |  |
| Goosehead Insurance, Inc., Class A | 242586 | 23581785 |
| HCI Group, Inc. | 200902 | 29391963 |
| Kinsale Capital Group, Inc. | 73073 | 31805754 |
| Palomar Holdings, Inc.<sup>(1)</sup> | 332664 | 48242933 |
| Root, Inc., Class A<sup>(1)</sup> | 249473 | 34843894 |
|  |  | 167866329 |
| **Interactive Media and Services — 0.8%** |  |  |
| QuinStreet, Inc.<sup>(1)</sup> | 1852456 | 32455029 |
| **IT Services — 0.6%** |  |  |
| Globant SA<sup>(1)</sup> | 115119 | 13534541 |
| Grid Dynamics Holdings, Inc.<sup>(1)</sup> | 787694 | 11153747 |
|  |  | 24688288 |
| **Machinery — 2.2%** |  |  |
| Albany International Corp., Class A | 756742 | 49763354 |
| RBC Bearings, Inc.<sup>(1)</sup> | 117653 | 38657246 |
|  |  | 88420600 |
| **Media — 1.1%** |  |  |
| Magnite, Inc.<sup>(1)</sup> | 2578056 | 30653086 |
| New York Times Co., Class A | 238775 | 12430626 |
|  |  | 43083712 |
| **Metals and Mining — 1.5%** |  |  |
| Carpenter Technology Corp. | 314816 | 61581158 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares/Principal Amount** | **Value** |
| **Oil, Gas and Consumable Fuels — 0.4%** | | |
| Kosmos Energy Ltd.<sup>(1)</sup> | 11263432 | $17345685 |
| **Personal Care Products — 0.3%** |  |  |
| elf Beauty, Inc.<sup>(1)</sup> | 225692 | 13963564 |
| **Pharmaceuticals — 0.8%** |  |  |
| CorMedix, Inc.<sup>(1)(2)</sup> | 614772 | 5649755 |
| Edgewise Therapeutics, Inc.<sup>(1)</sup> | 609486 | 9995570 |
| Verona Pharma PLC, ADR<sup>(1)</sup> | 219297 | 15804735 |
|  |  | 31450060 |
| **Professional Services — 3.6%** |  |  |
| First Advantage Corp.<sup>(1)</sup> | 1960277 | 27639906 |
| Korn Ferry | 647456 | 39948035 |
| Paylocity Holding Corp.<sup>(1)</sup> | 202746 | 38947506 |
| Verra Mobility Corp.<sup>(1)</sup> | 1720372 | 37504110 |
|  |  | 144039557 |
| **Real Estate Management and Development — 1.7%** |  |  |
| Colliers International Group, Inc. | 146220 | 17454281 |
| FirstService Corp. (Toronto) | 284343 | 49905435 |
|  |  | 67359716 |
| **Semiconductors and Semiconductor Equipment — 4.9%** |  |  |
| Credo Technology Group Holding Ltd.<sup>(1)</sup> | 610426 | 26278839 |
| Ichor Holdings Ltd.<sup>(1)</sup> | 762111 | 15074555 |
| Impinj, Inc.<sup>(1)</sup> | 180636 | 16641995 |
| MACOM Technology Solutions Holdings, Inc.<sup>(1)</sup> | 313000 | 32473750 |
| Onto Innovation, Inc.<sup>(1)</sup> | 123079 | 15011946 |
| Power Integrations, Inc. | 479989 | 23577060 |
| Rambus, Inc.<sup>(1)</sup> | 617227 | 30114505 |
| Silicon Laboratories, Inc.<sup>(1)</sup> | 373870 | 38045011 |
|  |  | 197217661 |
| **Software — 8.5%** |  |  |
| ACI Worldwide, Inc.<sup>(1)</sup> | 1036814 | 55324395 |
| Agilysys, Inc.<sup>(1)</sup> | 284689 | 21166627 |
| BlackLine, Inc.<sup>(1)</sup> | 600594 | 28366055 |
| CyberArk Software Ltd.<sup>(1)</sup> | 128209 | 45150081 |
| Elastic NV<sup>(1)</sup> | 212019 | 18276038 |
| Guidewire Software, Inc.<sup>(1)</sup> | 282733 | 57895236 |
| Klaviyo, Inc., Class A<sup>(1)</sup> | 863839 | 26295259 |
| nCino, Inc.<sup>(1)(2)</sup> | 820125 | 19026900 |
| Onestream, Inc.<sup>(1)</sup> | 897762 | 19212107 |
| Q2 Holdings, Inc.<sup>(1)</sup> | 407987 | 32332970 |
| Tenable Holdings, Inc.<sup>(1)</sup> | 625480 | 19120924 |
|  |  | 342166592 |
| **Specialized REITs — 0.4%** |  |  |
| National Storage Affiliates Trust | 437095 | 16259934 |
| **Specialty Retail — 1.9%** |  |  |
| Boot Barn Holdings, Inc.<sup>(1)</sup> | 379481 | 39595047 |
| Warby Parker, Inc., Class A<sup>(1)</sup> | 2230929 | 36832638 |
|  |  | 76427685 |
| **Trading Companies and Distributors — 2.0%** |  |  |
| Applied Industrial Technologies, Inc. | 89937 | 21879873 |
| Herc Holdings, Inc. | 90404 | 9893814 |
| SiteOne Landscape Supply, Inc.<sup>(1)</sup> | 425448 | 48845685 |
|  |  | 80619372 |
| **TOTAL COMMON STOCKS**<br>(Cost $3,780,433,341) |  | **3934350129** |

---

------

---

| | | |
|:---|:---|:---|
|<br>**SHORT-TERM INVESTMENTS — 3.1%** | **Shares/Principal Amount** | **Value** |
| **Discount Notes**<sup>(4)</sup> **— 0.0%** | | |
| Federal Home Loan Bank Discount Notes, 4.28%, 5/1/25 | $175000 | $174979 |
| **Money Market Funds — 0.9%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 216609 | 216609 |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(5)</sup> | 34564765 | 34564765 |
|  |  | 34781374 |
| **Repurchase Agreements — 2.2%** |  |  |
| BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 1.625%, 8/15/29, valued at $10,058,362), in a joint trading account at 4.32%, dated 4/30/25, due 5/1/25 (Delivery value $9,859,303) |  | 9858120 |
| Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 0.75% - 2.125%, 2/15/44 - 2/15/54, valued at $80,434,345), at 4.36%, dated 4/30/25, due 5/1/25 (Delivery value $78,866,550) |  | 78857000 |
|  |  | 88715120 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $123,671,494) |  | **123671473** |
| **TOTAL INVESTMENT SECURITIES — 100.8%**<br>(Cost $3,904,104,835) |  | **4058021602** |
| **OTHER ASSETS AND LIABILITIES — (0.8)%** |  | **(33500226)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**4024521376** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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)** |
| CAD | 6034244 | USD | 4232914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citibank N.A. | 6/27/25 | $156768 |
| CAD | 4189528 | USD | 2986153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citibank N.A. | 6/27/25 | 61569 |
| CAD | 11998685 | USD | 8452040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citibank N.A. | 6/27/25 | 276546 |
| CAD | 14021194 | USD | 9882302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citibank N.A. | 6/27/25 | 317582 |
| CAD | 4106981 | USD | 2890388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citibank N.A. | 6/27/25 | 97284 |
| CAD | 4272293 | USD | 3064987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citibank N.A. | 6/27/25 | 42943 |
| CAD | 14288440 | USD | 10330585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citibank N.A. | 6/27/25 | 63709 |
| CAD | 3372197 | USD | 2438894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citibank N.A. | 6/27/25 | 14251 |
| CAD | 2864500 | USD | 2077155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citibank N.A. | 6/27/25 | 6660 |
| CAD | 5959686 | USD | 4317066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citibank N.A. | 6/27/25 | 18379 |
| CAD | 4047068 | USD | 2939058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citibank N.A. | 6/27/25 | 5030 |
| USD | 127780174 | CAD | 182158305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citibank N.A. | 6/27/25 | (4733047) |
| USD | 3584970 | CAD | 4954925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citibank N.A. | 6/27/25 | (19549) |
|  |  |  |  |  |  | $(3691875) |

---

---

| | | |
|:---|:---|:---|
| **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 $79,659,437. 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)The rate indicated is the yield to maturity at purchase for non-interest bearing securities. For interest bearing securities, the stated coupon rate is shown.

(5)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $82,574,904, which includes securities collateral of $48,010,139.

See Notes to Financial Statements.

------

Statement of Assets and Liabilities

---

| | |
|:---|:---|
| **APRIL 30, 2025 (UNAUDITED)** | |
| **Assets** | |
| Investment securities - unaffiliated, at value (cost of $3,832,112,709) — including $79,659,437 of securities on loan | $3993014075 |
| Investment made with cash collateral received for securities on loan, at value (cost of $34,564,765) | 34564765 |
| Investment securities - affiliated, at value (cost of $37,427,361) | 30442762 |
| Total investment securities, at value (cost of $3,904,104,835) | 4058021602 |
| Receivable for investments sold | 22198193 |
| Receivable for capital shares sold | 11579164 |
| Unrealized appreciation on forward foreign currency exchange contracts | 1060721 |
| Dividends and interest receivable | 81653 |
| Securities lending receivable | 20169 |
|  | 4092961502 |
| **Liabilities** |  |
| Payable for collateral received for securities on loan | 34564765 |
| Payable for investments purchased | 23206844 |
| Payable for capital shares redeemed | 3178845 |
| Unrealized depreciation on forward foreign currency exchange contracts | 4752596 |
| Accrued management fees | 2684955 |
| Distribution and service fees payable | 52121 |
|  | 68440126 |
| **Net Assets** | $4024521376 |
| **Net Assets Consist of:** |  |
| Capital (par value and paid-in surplus) | $3732045647 |
| Distributable earnings (loss) | 292475729 |
|  | $4024521376 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Net Assets** | **Shares Outstanding** | **Net Asset Value Per Share\*** |
| Investor Class, $0.01 Par Value | $1243633011 | 64150907 | $19.39 |
| I Class, $0.01 Par Value | $924511818 | 45328741 | $20.40 |
| Y Class, $0.01 Par Value | $132419962 | 6344752 | $20.87 |
| A Class, $0.01 Par Value | $95507940 | 5307224 | $18.00 |
| C Class, $0.01 Par Value | $33585986 | 2338333 | $14.36 |
| R Class, $0.01 Par Value | $17866043 | 1053377 | $16.96 |
| R5 Class, $0.01 Par Value | $1713494 | 83956 | $20.41 |
| R6 Class, $0.01 Par Value | $1171117019 | 56132283 | $20.86 |
| G Class, $0.01 Par Value | $404166103 | 18550042 | $21.79 |

---

\*Maximum offering price per share was equal to the net asset value per share for all share classes, except A Class, for which the maximum offering price per share was $19.10 (net asset value divided by 0.9425). A contingent deferred sales charge may be imposed on redemptions of A Class and C Class.

See Notes to Financial Statements.

------

Statement of Operations

---

| | |
|:---|:---|
| **FOR THE SIX MONTHS ENDED APRIL 30, 2025 (UNAUDITED)** | |
| **Investment Income (Loss)** | |
| **Income:** | |
| Dividends (net of foreign taxes withheld of $50,997) | $7389575 |
| Interest | 1910000 |
| Securities lending, net | 102957 |
|  | 9402532 |
| **Expenses:** |  |
| Management fees | 19220319 |
| Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;A Class | 133626 |
| &nbsp;&nbsp;&nbsp;C Class | 167587 |
| &nbsp;&nbsp;&nbsp;R Class | 46927 |
| Directors' fees and expenses | 60367 |
| Other expenses | 258 |
|  | 19629084 |
| Fees waived - G Class | (1735683) |
|  | 17893401 |
| **Net investment income (loss)** | (8490869) |
| **Realized and Unrealized Gain (Loss)** |  |
| **Net realized gain (loss) on:** |  |
| Investment transactions | 221128363 |
| Forward foreign currency exchange contract transactions | 4635350 |
| Foreign currency translation transactions | 7051 |
|  | 225770764 |
| **Change in net unrealized appreciation (depreciation) on:** |  |
| Investments (including $(963741) from affiliates) | (495485141) |
| Forward foreign currency exchange contracts | (5622750) |
|  | (501107891) |
| **Net realized and unrealized gain (loss)** | (275337127) |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $(283827996) |

---

See Notes to Financial Statements.

------

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| **SIX MONTHS ENDED APRIL 30, 2025 (UNAUDITED) AND YEAR ENDED OCTOBER 31, 2024** | **SIX MONTHS ENDED APRIL 30, 2025 (UNAUDITED) AND YEAR ENDED OCTOBER 31, 2024** | **SIX MONTHS ENDED APRIL 30, 2025 (UNAUDITED) AND YEAR ENDED OCTOBER 31, 2024** |
| **Increase (Decrease) in Net Assets** | **April 30, 2025** | **October 31, 2024** |
| **Operations** | | |
| Net investment income (loss) | $(8490869) | $(14216724) |
| Net realized gain (loss) | 225770764 | 198835838 |
| Change in net unrealized appreciation (depreciation) | (501107891) | 767757299 |
| Net increase (decrease) in net assets resulting from operations | (283827996) | 952376413 |
| **Distributions to Shareholders** |  |  |
| From earnings: |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (1312783) |  |
| &nbsp;&nbsp;&nbsp;I Class | (2844758) |  |
| &nbsp;&nbsp;&nbsp;Y Class | (597510) |  |
| &nbsp;&nbsp;&nbsp;R5 Class | (5872) |  |
| &nbsp;&nbsp;&nbsp;R6 Class | (5177659) |  |
| &nbsp;&nbsp;&nbsp;G Class | (5355248) |  |
| Decrease in net assets from distributions | (15293830) |  |
| **Capital Share Transactions** |  |  |
| Net increase (decrease) in net assets from capital share transactions (Note 5) | 272837316 | 658414597 |
| **Net increase (decrease) in net assets** | (26284510) | 1610791010 |
| **Net Assets** |  |  |
| Beginning of period | 4050805886 | 2440014876 |
| End of period | $4024521376 | $4050805886 |

---

See Notes to Financial Statements.

------

Notes to Financial Statements

**APRIL 30, 2025 (UNAUDITED)** 

**1. Organization**

American Century Mutual Funds, 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. Small Cap Growth Fund (the fund) is one fund in a series issued by the corporation. The fund's investment objective is to seek long-term capital growth.

The 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 fund serves as the chief operating decision maker (CODM). The 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.

The fund offers the Investor Class, I Class, Y Class, A Class, C Class, R Class, R5 Class, R6 Class and G Class. The A Class may incur an initial sales charge. The A Class and C Class may be subject to a contingent deferred sales charge.

**2. Significant Accounting Policies**

The following is a summary of significant accounting policies consistently followed by the fund in preparation of its financial statements. The 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 —** The 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 investments of the fund 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. U.S. Treasury and Government Agency securities 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. Repurchase agreements are valued at cost, which approximates fair value. 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 the 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 fund's 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.

**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. The 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. The 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 is recorded on the accrual basis and includes accretion of discounts and amortization of premiums. Securities lending income is net of fees and rebates earned by the lending agent for its services.

**Repurchase Agreements —** The fund may enter into repurchase agreements with institutions that ACIM has determined are creditworthy pursuant to criteria adopted by the Board of Directors. The 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 the fund under each repurchase agreement.

**Joint Trading Account —** Pursuant to an Exemptive Order issued by the Securities and Exchange Commission, the fund, along with certain other funds in the American Century Investments family of funds, may transfer uninvested cash balances into a joint trading account. 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 the 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. The fund files U.S. federal, state, local and non-U.S. tax returns as applicable. The 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 the 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 the fund are allocated to each class of shares based on their relative net assets.

**Distributions to Shareholders —** Distributions from net investment income and 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 the fund. In addition, in the normal course of business, the fund enters 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 fund pursuant to a Securities Lending Agreement. The lending of securities exposes the fund to risks such as: the borrowers may fail to return the loaned securities, the borrowers may not be able to provide additional collateral, the fund may experience delays in recovery of the loaned securities or delays in access to collateral, or the 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 fund 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, the 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.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged, and the remaining contractual maturity of those transactions as of April 30, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Remaining Contractual Maturity of Agreements** | **Remaining Contractual Maturity of Agreements** | **Remaining Contractual Maturity of Agreements** | **Remaining Contractual Maturity of Agreements** | **Remaining Contractual Maturity of Agreements** | **Remaining Contractual Maturity of Agreements** |
| | **Overnight and** <br>**Continuous** | **<30 days** | **Between**<br>**30 & 90 days** | **>90 days** | **Total** |
| **Securities Lending Transactions**<sup>(1)</sup> | **Securities Lending Transactions**<sup>(1)</sup> | | | | |
| &nbsp;&nbsp;&nbsp;Common Stocks | $34564765 |  |  |  | $34564765 |
| Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | $34564765 |

---

(1)Amount represents the payable for cash collateral received for securities on loan. This will generally be in the Overnight and Continuous column as the securities are typically callable on demand.

------

**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. Various funds issued by American Century Asset Allocation Portfolios, Inc. own, in aggregate, 6% of the shares of the fund.

**Management Fees —** The corporation has entered into a management agreement with ACIM, under which ACIM provides the 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 the 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 each class's daily net assets 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 the fund's assets, which do not vary by class. The rate of the fee is determined by applying a fee rate calculation formula. This formula takes into account the 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). 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 management fee schedule range and the effective annual management fee for each class for the period ended April 30, 2025 are as follows:

---

| | | |
|:---|:---|:---|
| | **Management Fee**<br>**Schedule Range** | **Effective Annual**<br>**Management Fee** |
| Investor Class | 1.100% to 1.500% | 1.13% |
| I Class | 0.900% to 1.300% | 0.93% |
| Y Class | 0.750% to 1.150% | 0.78% |
| A Class | 1.100% to 1.500% | 1.13% |
| C Class | 1.100% to 1.500% | 1.13% |
| R Class | 1.100% to 1.500% | 1.13% |
| R5 Class | 0.900% to 1.300% | 0.93% |
| R6 Class | 0.750% to 1.150% | 0.78% |
| G Class | 0.750% to 1.150% | 0.00%<sup>(1)</sup> |

---

(1)Effective annual management fee before waiver was 0.78%.

**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 April 30, 2025 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 fund. The directors receive detailed information about the fund and its investment advisor regularly throughout the year, and meet at least quarterly with management of the investment advisor to review reports about fund operations. The fund's officers do not receive compensation from the fund.

**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.

**Interfund Transactions —** The 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. There were no interfund transactions during the period.

**4. Investment Transactions**

Purchases and sales of investment securities, excluding short-term investments, for the period ended April 30, 2025 were $1,957,545,245 and $1,689,474,132, respectively.

------

**5. Capital Share Transactions** 

Transactions in shares of the fund were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six months ended**<br>**April 30, 2025** | **Six months ended**<br>**April 30, 2025** | **Year ended**<br>**October 31, 2024** | **Year ended**<br>**October 31, 2024** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| **Investor Class/Shares Authorized** | 450000000 |  | 450000000 |  |
| Sold | 13892757 | $272321489 | 26123582 | $505640708 |
| Issued in reinvestment of distributions | 57197 | 1273209 |  |  |
| Redeemed | (7252622) | (153558070) | (8388594) | (163891351) |
|  | 6697332 | 120036628 | 17734988 | 341749357 |
| **I Class/Shares Authorized** | 375000000 |  | 375000000 |  |
| Sold | 10235340 | 224742837 | 16717640 | 336482857 |
| Issued in reinvestment of distributions | 115501 | 2702720 |  |  |
| Redeemed | (7113805) | (157643020) | (11684370) | (236952584) |
|  | 3237036 | 69802537 | 5033270 | 99530273 |
| **Y Class/Shares Authorized** | 145000000 |  | 145000000 |  |
| Sold | 1114804 | 23415812 | 4328375 | 89848064 |
| Issued in reinvestment of distributions | 7853 | 187920 |  |  |
| Redeemed | (1086651) | (25390209) | (5395201) | (114212869) |
|  | 36006 | (1786477) | (1066826) | (24364805) |
| **A Class/Shares Authorized** | 70000000 |  | 70000000 |  |
| Sold | 373104 | 7372710 | 831319 | 14962388 |
| Redeemed | (626024) | (12326123) | (1447613) | (26105374) |
|  | (252920) | (4953413) | (616294) | (11142986) |
| **C Class/Shares Authorized** | 20000000 |  | 20000000 |  |
| Sold | 455953 | 7179398 | 1046698 | 15182435 |
| Redeemed | (86393) | (1300946) | (191074) | (2697203) |
|  | 369560 | 5878452 | 855624 | 12485232 |
| **R Class/Shares Authorized** | 30000000 |  | 30000000 |  |
| Sold | 260196 | 4867595 | 539475 | 9255366 |
| Redeemed | (157123) | (2961290) | (232856) | (4009586) |
|  | 103073 | 1906305 | 306619 | 5245780 |
| **R5 Class/Shares Authorized** | 20000000 |  | 20000000 |  |
| Sold | 26751 | 643544 | 35524 | 735778 |
| Issued in reinvestment of distributions | 251 | 5872 |  |  |
| Redeemed | (10268) | (236767) | (13327) | (270338) |
|  | 16734 | 412649 | 22197 | 465440 |
| **R6 Class/Shares Authorized** | 530000000 |  | 530000000 |  |
| Sold | 11332766 | 260250227 | 21646985 | 438208457 |
| Issued in reinvestment of distributions | 208806 | 4996731 |  |  |
| Redeemed | (5761644) | (131173476) | (13039782) | (268512004) |
|  | 5779928 | 134073482 | 8607203 | 169696453 |
| **G Class/Shares Authorized** | 200000000 |  | 200000000 |  |
| Sold | 1287747 | 30319841 | 9136658 | 183357619 |
| Issued in reinvestment of distributions | 214984 | 5355248 |  |  |
| Redeemed | (3499688) | (88207936) | (5232041) | (118607766) |
|  | (1996957) | (52532847) | 3904617 | 64749853 |
| Net increase (decrease) | 13989792 | $272837316 | 34781398 | $658414597 |

---

------

**6. 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 April 30, 2025 follows (amounts in thousands):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Beginning Value** | **Purchase <br>Cost** | **Sales <br>Cost** | **Change in Net<br>Unrealized Appreciation (Depreciation)** | **Ending <br>Value** | **Ending <br>Shares** | **Net Realized <br>Gain (Loss)** | **Income** |
| SI-BONE, Inc.<sup>(1)</sup> | $25904 | $5503 |  | $(964) | $30443 | 2230 |  |  |

---

(1)Non-income producing.

**7. Fair Value Measurements**

The fund's investments valuation process is based on several considerations and may use multiple inputs to determine the fair value of the investments held by the 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 following is a summary of the level classifications as of period end. The Schedule of Investments provides additional information on the fund's portfolio holdings.

---

| | | | |
|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** |
| **Assets** | | | |
| **Investment Securities** | | | |
| Common Stocks | $3842861282 | $91488847 |  |
| Short-Term Investments | 34781374 | 88890099 |  |
|  | $3877642656 | $180378946 |  |
| **Other Financial Instruments** |  |  |  |
| Forward Foreign Currency Exchange Contracts |  | $1060721 |  |
| **Liabilities** |  |  |  |
| **Other Financial Instruments** |  |  |  |
| Forward Foreign Currency Exchange Contracts |  | $4752596 |  |

---

**8. Derivative Instruments**

**Foreign Currency Risk —** The fund is subject to foreign currency exchange rate risk in the normal course of pursuing its 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. 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 fund's average U.S. dollar exposure to foreign currency risk derivative instruments held during the period was $151,704,223.

The value of foreign currency risk derivative instruments as of April 30, 2025, is disclosed on the Statement of Assets and Liabilities as an asset of $1,060,721 in unrealized appreciation on forward foreign currency exchange contracts and a liability of $4,752,596 in unrealized depreciation on forward foreign currency exchange contracts. For the six months ended April 30, 2025, the effect of foreign currency risk derivative instruments on the Statement of Operations was

------

$4,635,350 in net realized gain (loss) on forward foreign currency exchange contract transactions and $(5,622,750) in change in net unrealized appreciation (depreciation) on forward foreign currency exchange contracts.

**9. Risk Factors**

The value of the fund's shares 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 the 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.

The fund invests in common stocks of small companies. Because of this, the fund may be subject to greater risk and market fluctuations than a fund investing in larger, more established companies.

**10. Federal Tax Information**

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.

As of period end, the components of investments for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| Federal tax cost of investments | $3925394830 |
| Gross tax appreciation of investments | $627371802 |
| Gross tax depreciation of investments | (494745030) |
| Net tax appreciation (depreciation) of investments | $132626772 |

---

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales.

As of October 31, 2024, the fund had accumulated short-term capital losses of $(37,174,990), which 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.

------

Financial Highlights

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 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** |
| | | **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 Investment Income (Loss) <br>(before <br>expense <br>waiver)** | **Portfolio<br>Turnover<br>Rate** | **Net<br>Assets,<br>End of<br>Period<br>(in thousands)** |
| **Investor Class** | **Investor Class** | | | | | | | | | | | | |
| 2025<sup>(3)</sup> | $20.93 | (0.07) | (1.45) | (1.52) | (0.02) |  | (0.02) | $19.39 | (7.22)% | 1.13% | (0.67)% | 41% | $1243633 |
| 2024 | $15.52 | (0.14) | 5.55 | 5.41 |  |  |  | $20.93 | 34.79% | 1.14% | (0.69)% | 83% | $1202283 |
| 2023 | $16.48 | (0.10) | (0.86) | (0.96) |  |  |  | $15.52 | (5.83)% | 1.17% | (0.59)% | 69% | $616512 |
| 2022 | $27.32 | (0.11) | (6.12) | (6.23) |  | (4.61) | (4.61) | $16.48 | (26.71)% | 1.17% | (0.61)% | 61% | $636149 |
| 2021 | $22.00 | (0.21) | 8.25 | 8.04 |  | (2.72) | (2.72) | $27.32 | 38.56% | 1.17% | (0.82)% | 96% | $716869 |
| 2020 | $17.54 | (0.15) | 5.61 | 5.46 |  | (1.00) | (1.00) | $22.00 | 32.43% | 1.22% | (0.81)% | 141% | $531353 |
| **I Class** | **I Class** | **I Class** |  |  |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $22.04 | (0.05) | (1.52) | (1.57) | (0.07) |  | (0.07) | $20.40 | (7.13)% | 0.93% | (0.47)% | 41% | $924512 |
| 2024 | $16.31 | (0.10) | 5.83 | 5.73 |  |  |  | $22.04 | 35.07% | 0.94% | (0.49)% | 83% | $927508 |
| 2023 | $17.28 | (0.07) | (0.90) | (0.97) |  |  |  | $16.31 | (5.61)% | 0.97% | (0.39)% | 69% | $604489 |
| 2022 | $28.37 | (0.08) | (6.40) | (6.48) |  | (4.61) | (4.61) | $17.28 | (26.59)% | 0.97% | (0.41)% | 61% | $440618 |
| 2021 | $22.71 | (0.17) | 8.55 | 8.38 |  | (2.72) | (2.72) | $28.37 | 38.81% | 0.97% | (0.62)% | 96% | $464632 |
| 2020 | $18.04 | (0.11) | 5.78 | 5.67 |  | (1.00) | (1.00) | $22.71 | 32.76% | 1.02% | (0.61)% | 141% | $317466 |
| **Y Class** | **Y Class** | **Y Class** |  |  |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $22.56 | (0.04) | (1.55) | (1.59) | (0.10) |  | (0.10) | $20.87 | (7.10)% | 0.78% | (0.32)% | 41% | $132420 |
| 2024 | $16.68 | (0.07) | 5.95 | 5.88 |  |  |  | $22.56 | 35.25% | 0.79% | (0.34)% | 83% | $142339 |
| 2023 | $17.65 | (0.04) | (0.92) | (0.96) | (0.01) |  | (0.01) | $16.68 | (5.47)% | 0.82% | (0.24)% | 69% | $123007 |
| 2022 | $28.83 | (0.05) | (6.52) | (6.57) |  | (4.61) | (4.61) | $17.65 | (26.45)% | 0.82% | (0.26)% | 61% | $144975 |
| 2021 | $23.02 | (0.13) | 8.66 | 8.53 |  | (2.72) | (2.72) | $28.83 | 39.02% | 0.82% | (0.47)% | 96% | $202169 |
| 2020 | $18.24 | (0.10) | 5.88 | 5.78 |  | (1.00) | (1.00) | $23.02 | 32.96% | 0.87% | (0.46)% | 141% | $130958 |
| **A Class** | **A Class** |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $19.43 | (0.09) | (1.34) | (1.43) |  |  |  | $18.00 | (7.36)% | 1.38% | (0.92)% | 41% | $95508 |
| 2024 | $14.45 | (0.17) | 5.15 | 4.98 |  |  |  | $19.43 | 34.46% | 1.39% | (0.94)% | 83% | $108034 |
| 2023 | $15.38 | (0.13) | (0.80) | (0.93) |  |  |  | $14.45 | (6.05)% | 1.42% | (0.84)% | 69% | $89237 |
| 2022 | $25.87 | (0.15) | (5.73) | (5.88) |  | (4.61) | (4.61) | $15.38 | (26.89)% | 1.42% | (0.86)% | 61% | $91898 |
| 2021 | $21.00 | (0.26) | 7.85 | 7.59 |  | (2.72) | (2.72) | $25.87 | 38.22% | 1.42% | (1.07)% | 96% | $134367 |
| 2020 | $16.82 | (0.19) | 5.37 | 5.18 |  | (1.00) | (1.00) | $21.00 | 32.14% | 1.47% | (1.06)% | 141% | $98200 |

---

------

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 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** |
| | | **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 Investment Income (Loss) <br>(before <br>expense <br>waiver)** | **Portfolio<br>Turnover<br>Rate** | **Net<br>Assets,<br>End of<br>Period<br>(in thousands)** |
| **C Class** | **C Class** | | | | | | | | | | | | |
| 2025<sup>(3)</sup> | $15.57 | (0.13) | (1.08) | (1.21) |  |  |  | $14.36 | (7.71)% | 2.13% | (1.67)% | 41% | $33586 |
| 2024 | $11.66 | (0.25) | 4.16 | 3.91 |  |  |  | $15.57 | 33.45% | 2.14% | (1.69)% | 83% | $30646 |
| 2023 | $12.50 | (0.20) | (0.64) | (0.84) |  |  |  | $11.66 | (6.79)% | 2.17% | (1.59)% | 69% | $12981 |
| 2022 | $22.08 | (0.23) | (4.74) | (4.97) |  | (4.61) | (4.61) | $12.50 | (27.44)% | 2.17% | (1.61)% | 61% | $8889 |
| 2021 | $18.38 | (0.38) | 6.80 | 6.42 |  | (2.72) | (2.72) | $22.08 | 37.19% | 2.17% | (1.82)% | 96% | $10587 |
| 2020 | $14.94 | (0.28) | 4.72 | 4.44 |  | (1.00) | (1.00) | $18.38 | 31.18% | 2.22% | (1.81)% | 141% | $5298 |
| **R Class** | **R Class** |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $18.33 | (0.11) | (1.26) | (1.37) |  |  |  | $16.96 | (7.47)% | 1.63% | (1.17)% | 41% | $17866 |
| 2024 | $13.67 | (0.20) | 4.86 | 4.66 |  |  |  | $18.33 | 34.09% | 1.64% | (1.19)% | 83% | $17424 |
| 2023 | $14.58 | (0.16) | (0.75) | (0.91) |  |  |  | $13.67 | (6.24)% | 1.67% | (1.09)% | 69% | $8798 |
| 2022 | $24.84 | (0.18) | (5.47) | (5.65) |  | (4.61) | (4.61) | $14.58 | (27.12)% | 1.67% | (1.11)% | 61% | $9010 |
| 2021 | $20.30 | (0.31) | 7.57 | 7.26 |  | (2.72) | (2.72) | $24.84 | 37.88% | 1.67% | (1.32)% | 96% | $12690 |
| 2020 | $16.33 | (0.23) | 5.20 | 4.97 |  | (1.00) | (1.00) | $20.30 | 31.80% | 1.72% | (1.31)% | 141% | $8492 |
| **R5 Class** | **R5 Class** |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $22.05 | (0.05) | (1.52) | (1.57) | (0.07) |  | (0.07) | $20.41 | (7.17)% | 0.93% | (0.47)% | 41% | $1713 |
| 2024 | $16.32 | (0.10) | 5.83 | 5.73 |  |  |  | $22.05 | 35.11% | 0.94% | (0.49)% | 83% | $1482 |
| 2023 | $17.29 | (0.06) | (0.91) | (0.97) |  |  |  | $16.32 | (5.66)% | 0.97% | (0.39)% | 69% | $735 |
| 2022 | $28.39 | (0.07) | (6.42) | (6.49) |  | (4.61) | (4.61) | $17.29 | (26.56)% | 0.97% | (0.41)% | 61% | $2211 |
| 2021 | $22.73 | (0.18) | 8.56 | 8.38 |  | (2.72) | (2.72) | $28.39 | 38.84% | 0.97% | (0.62)% | 96% | $6396 |
| 2020 | $18.05 | (0.12) | 5.80 | 5.68 |  | (1.00) | (1.00) | $22.73 | 32.74% | 1.02% | (0.61)% | 141% | $9 |
| **R6 Class** | **R6 Class** |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $22.55 | (0.04) | (1.55) | (1.59) | (0.10) |  | (0.10) | $20.86 | (7.10)% | 0.78% | (0.32)% | 41% | $1171117 |
| 2024 | $16.67 | (0.07) | 5.95 | 5.88 |  |  |  | $22.55 | 35.27% | 0.79% | (0.34)% | 83% | $1135667 |
| 2023 | $17.64 | (0.04) | (0.92) | (0.96) | (0.01) |  | (0.01) | $16.67 | (5.47)% | 0.82% | (0.24)% | 69% | $695931 |
| 2022 | $28.82 | (0.05) | (6.52) | (6.57) |  | (4.61) | (4.61) | $17.64 | (26.46)% | 0.82% | (0.26)% | 61% | $417197 |
| 2021 | $23.01 | (0.13) | 8.66 | 8.53 |  | (2.72) | (2.72) | $28.82 | 39.04% | 0.82% | (0.47)% | 96% | $337132 |
| 2020 | $18.24 | (0.09) | 5.86 | 5.77 |  | (1.00) | (1.00) | $23.01 | 32.91% | 0.87% | (0.46)% | 141% | $108820 |

---

------

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| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 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 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 Investment Income (Loss) <br>(before <br>expense <br>waiver)** | **Portfolio<br>Turnover<br>Rate** | **Net<br>Assets,<br>End of<br>Period<br>(in thousands)** |
| **G Class** | **G Class** | | | | | | | | | | | | | | |
| 2025<sup>(3)</sup> | $23.63 | 0.05 | (1.61) | (1.56) | (0.28) |  | (0.28) | $21.79 | (6.72)% | 0.00% | 0.78% | 0.46% | (0.32)% | 41% | $404166 |
| 2024 | $17.32 | 0.10 | 6.21 | 6.31 |  |  |  | $23.63 | 36.37% | 0.00% | 0.79% | 0.45% | (0.34)% | 83% | $485423 |
| 2023 | $18.32 | 0.11 | (0.98) | (0.87) | (0.13) |  | (0.13) | $17.32 | (4.74)% | 0.01% | 0.82% | 0.57% | (0.24)% | 69% | $288325 |
| 2022 | $29.53 | 0.11 | (6.71) | (6.60) |  | (4.61) | (4.61) | $18.32 | (25.84)% | 0.00% | 0.82% | 0.56% | (0.26)% | 61% | $296816 |
| 2021 | $23.35 | 0.10 | 8.80 | 8.90 |  | (2.72) | (2.72) | $29.53 | 40.15% | 0.00% | 0.82% | 0.35% | (0.47)% | 96% | $382140 |
| 2020 | $18.34 | 0.08 | 5.93 | 6.01 |  | (1.00) | (1.00) | $23.35 | 34.09% | 0.01% | 0.87% | 0.40% | (0.46)% | 141% | $299803 |

---

**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)Six months ended April 30, 2025 (unaudited).

\*The amount shown for a share outstanding throughout the period may not correlate with the Statement(s) 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.

------

---

| | |
|:---|:---|
| 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.* |
| **©2025 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-SAN-92366 2506** | **©2025 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-SAN-92366 2506** |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;

![Image29.jpg](ck0000100334-20250430_g3.jpg)

---

| |
|:---|
| Semiannual Financial Statements and Other Information |
| April 30, 2025 |
| Ultra<sup>®</sup> Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class (TWCUX) |
| &nbsp;&nbsp;&nbsp;&nbsp;I Class (TWUIX) |
| &nbsp;&nbsp;&nbsp;&nbsp;Y Class (AULYX) |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class (TWUAX) |
| &nbsp;&nbsp;&nbsp;&nbsp;C Class (TWCCX) |
| &nbsp;&nbsp;&nbsp;&nbsp;R Class (AULRX) |
| &nbsp;&nbsp;&nbsp;&nbsp;R5 Class (AULGX) |
| &nbsp;&nbsp;&nbsp;&nbsp;R6 Class (AULDX) |
| &nbsp;&nbsp;&nbsp;&nbsp;G Class (AULNX) |

---

------

**Table of Contents**

---

| | |
|:---|:---|
| Schedule of Investments | [2](#i52946b9046fa4e8f856c2e760a6ee818_412) |
| Statement of Assets and Liabilities | [5](#i52946b9046fa4e8f856c2e760a6ee818_415) |
| Statement of Operations | [6](#i52946b9046fa4e8f856c2e760a6ee818_418) |
| Statement of Changes in Net Assets | [7](#i52946b9046fa4e8f856c2e760a6ee818_421) |
| Notes to Financial Statements | [8](#i52946b9046fa4e8f856c2e760a6ee818_424) |
| Financial Highlights | [14](#i52946b9046fa4e8f856c2e760a6ee818_427) |

---

------

Schedule of Investments

**APRIL 30, 2025 (UNAUDITED)** 

---

| | | |
|:---|:---|:---|
|<br>**COMMON STOCKS — 99.9%** | **Shares**<br> | **Value**<br> |
| **Automobiles — 3.4%** | | |
| Tesla, Inc.<sup>(1)</sup> | 2792000 | $787790720 |
| **Beverages — 0.5%** |  |  |
| Constellation Brands, Inc., Class A | 563000 | 105585020 |
| **Biotechnology — 1.8%** |  |  |
| Alnylam Pharmaceuticals, Inc.<sup>(1)</sup> | 747000 | 196640280 |
| Regeneron Pharmaceuticals, Inc. | 346000 | 207170960 |
|  |  | 403811240 |
| **Broadline Retail — 6.8%** |  |  |
| Amazon.com, Inc.<sup>(1)</sup> | 8534000 | 1573840280 |
| **Building Products — 0.7%** |  |  |
| Advanced Drainage Systems, Inc. | 901000 | 102254490 |
| Johnson Controls International PLC | 826000 | 69301400 |
|  |  | 171555890 |
| **Capital Markets — 2.5%** |  |  |
| Interactive Brokers Group, Inc., Class A | 935000 | 160679750 |
| MSCI, Inc. | 451000 | 245844610 |
| Tradeweb Markets, Inc., Class A | 1239000 | 171353700 |
|  |  | 577878060 |
| **Chemicals — 0.9%** |  |  |
| Ecolab, Inc. | 858000 | 215726940 |
| **Commercial Services and Supplies — 0.7%** |  |  |
| Cintas Corp. | 300000 | 63504000 |
| Copart, Inc.<sup>(1)</sup> | 1557000 | 95023710 |
|  |  | 158527710 |
| **Consumer Staples Distribution & Retail — 2.7%** |  |  |
| Costco Wholesale Corp. | 622000 | 618579000 |
| **Distributors — 0.1%** |  |  |
| Pool Corp. | 111000 | 32538540 |
| **Electrical Equipment — 0.8%** |  |  |
| Acuity, Inc. | 530000 | 129113300 |
| Vertiv Holdings Co., Class A | 677000 | 57802260 |
|  |  | 186915560 |
| **Electronic Equipment, Instruments and Components — 0.5%** |  |  |
| Keyence Corp. | 270000 | 112884707 |
| **Energy Equipment and Services — 0.3%** |  |  |
| Schlumberger NV | 2180000 | 72485000 |
| **Entertainment — 3.7%** |  |  |
| Netflix, Inc.<sup>(1)</sup> | 761000 | 861238920 |
| **Financial Services — 6.2%** |  |  |
| Block, Inc.<sup>(1)</sup> | 1626000 | 95072220 |
| Mastercard, Inc., Class A | 1926827 | 1056016806 |
| Visa, Inc., Class A | 781000 | 269835500 |
|  |  | 1420924526 |
| **Health Care Equipment and Supplies — 3.6%** |  |  |
| Dexcom, Inc.<sup>(1)</sup> | 785000 | 56033300 |
| Edwards Lifesciences Corp.<sup>(1)</sup> | 725000 | 54730250 |
| IDEXX Laboratories, Inc.<sup>(1)</sup> | 278000 | 120276700 |
| Insulet Corp.<sup>(1)</sup> | 545000 | 137498050 |
| Intuitive Surgical, Inc.<sup>(1)</sup> | 871311 | 449422214 |
|  |  | 817960514 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Health Care Providers and Services — 1.0%** |  |  |
| UnitedHealth Group, Inc. | 546000 | $224646240 |
| **Hotels, Restaurants and Leisure — 3.0%** |  |  |
| Chipotle Mexican Grill, Inc.<sup>(1)</sup> | 9450000 | 477414000 |
| Wingstop, Inc. | 764000 | 201611960 |
|  |  | 679025960 |
| **Interactive Media and Services — 11.7%** |  |  |
| Alphabet, Inc., Class A | 5765580 | 915574104 |
| Alphabet, Inc., Class C | 5867000 | 943941630 |
| Meta Platforms, Inc., Class A | 1542000 | 846558000 |
|  |  | 2706073734 |
| **IT Services — 1.6%** |  |  |
| Cloudflare, Inc., Class A<sup>(1)</sup> | 905000 | 109305900 |
| Gartner, Inc.<sup>(1)</sup> | 229000 | 96427320 |
| Okta, Inc.<sup>(1)</sup> | 1465000 | 164314400 |
|  |  | 370047620 |
| **Life Sciences Tools and Services — 0.3%** |  |  |
| Waters Corp.<sup>(1)</sup> | 228000 | 79282440 |
| **Machinery — 1.6%** |  |  |
| Donaldson Co., Inc. | 889000 | 58433970 |
| Fortive Corp. | 1791000 | 124814790 |
| Nordson Corp. | 228000 | 43221960 |
| Westinghouse Air Brake Technologies Corp. | 705000 | 130241700 |
|  |  | 356712420 |
| **Oil, Gas and Consumable Fuels — 0.6%** |  |  |
| EOG Resources, Inc. | 1331000 | 146849230 |
| **Pharmaceuticals — 1.6%** |  |  |
| Eli Lilly & Co. | 406000 | 364973700 |
| **Semiconductors and Semiconductor Equipment — 15.8%** |  |  |
| Analog Devices, Inc. | 1246000 | 242870320 |
| Applied Materials, Inc. | 2454000 | 369842340 |
| ASML Holding NV | 306000 | 204849216 |
| Broadcom, Inc. | 996000 | 191700120 |
| NVIDIA Corp. | 24183000 | 2634012360 |
|  |  | 3643274356 |
| **Software — 15.8%** |  |  |
| Datadog, Inc., Class A<sup>(1)</sup> | 1599000 | 163353840 |
| Docusign, Inc.<sup>(1)</sup> | 2811000 | 229799250 |
| Dynatrace, Inc.<sup>(1)</sup> | 4027000 | 189148190 |
| Fair Isaac Corp.<sup>(1)</sup> | 211000 | 419822480 |
| Microsoft Corp. | 3909000 | 1545071340 |
| Salesforce, Inc. | 1492000 | 400915320 |
| Synopsys, Inc.<sup>(1)</sup> | 386000 | 177177860 |
| Workday, Inc., Class A<sup>(1)</sup> | 661000 | 161945000 |
| Zscaler, Inc.<sup>(1)</sup> | 1507000 | 340838190 |
|  |  | 3628071470 |
| **Technology Hardware, Storage and Peripherals — 10.8%** |  |  |
| Apple, Inc. | 11727470 | 2492087375 |
| **Textiles, Apparel and Luxury Goods — 0.9%** |  |  |
| Lululemon Athletica, Inc.<sup>(1)</sup> | 749000 | 202806730 |
| **TOTAL COMMON STOCKS**<br>(Cost $7,046,650,371) |  | **23012093902** |
| **RIGHTS — 0.0%** |  |  |
| **Health Care Equipment and Supplies — 0.0%** |  |  |
| ABIOMED, Inc.<sup>(1)</sup><br>(Cost $286,967) | 281340 | **286967** |

---

------

---

| | | |
|:---|:---|:---|
|<br>**SHORT-TERM INVESTMENTS — 0.2%** | **Shares**<br> | **Value**<br> |
| **Money Market Funds — 0.0%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 94810 | $94810 |
| **Repurchase Agreements — 0.2%** |  |  |
| BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 1.625%, 8/15/29, valued at $5,448,369), in a joint trading account at 4.32%, dated 4/30/25, due 5/1/25 (Delivery value $5,340,544) |  | 5339903 |
| Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 0.50% - 2.75%, 4/30/27, valued at $43,569,435), at 4.36%, dated 4/30/25, due 5/1/25 (Delivery value $42,720,173) |  | 42715000 |
|  |  | 48054903 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $48,149,713) |  | **48149713** |
| **TOTAL INVESTMENT SECURITIES — 100.1%**<br>(Cost $7,095,087,051) |  | **23060530582** |
| **OTHER ASSETS AND LIABILITIES — (0.1)%** |  | **(22529084)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**23038001498** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 Date** | **Unrealized Appreciation <br>(Depreciation)** |
| JPY | 505575000 | USD | 3507508 | Morgan Stanley | 6/27/25 | $50794 |
| JPY | 471555000 | USD | 3230849 | Morgan Stanley | 6/27/25 | 88016 |
| USD | 38867337 | JPY | 5757885000 | Morgan Stanley | 6/27/25 | (1657398) |
| USD | 5182369 | JPY | 738045000 | Morgan Stanley | 6/27/25 | (12087) |
|  |  |  |  |  |  | $(1530675) |

---

---

| | | |
|:---|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** |
| JPY | – | Japanese Yen |
| USD | – | United States Dollar |

---

(1)Non-income producing.

See Notes to Financial Statements.

------

Statement of Assets and Liabilities

---

| | |
|:---|:---|
| **APRIL 30, 2025 (UNAUDITED)** | |
| **Assets** | |
| Investment securities, at value (cost of $7,095,087,051) | $23060530582 |
| Receivable for capital shares sold | 4122532 |
| Unrealized appreciation on forward foreign currency exchange contracts | 138810 |
| Dividends and interest receivable | 3054893 |
| Securities lending receivable | 22 |
|  | 23067846839 |
| **Liabilities** |  |
| Payable for capital shares redeemed | 12828961 |
| Unrealized depreciation on forward foreign currency exchange contracts | 1669485 |
| Accrued management fees | 15228809 |
| Distribution and service fees payable | 118086 |
|  | 29845341 |
| **Net Assets** | $23038001498 |
| **Net Assets Consist of:** |  |
| Capital (par value and paid-in surplus) | $6198131465 |
| Distributable earnings (loss) | 16839870033 |
|  | $23038001498 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Net Assets** | **Shares Outstanding** | **Net Asset Value Per Share\*** |
| Investor Class, $0.01 Par Value | $19066359586 | 227954253 | $83.64 |
| I Class, $0.01 Par Value | $1211433032 | 13579242 | $89.21 |
| Y Class, $0.01 Par Value | $75252076 | 831909 | $90.46 |
| A Class, $0.01 Par Value | $335944949 | 4372870 | $76.82 |
| C Class, $0.01 Par Value | $32605233 | 583494 | $55.88 |
| R Class, $0.01 Par Value | $67539352 | 933346 | $72.36 |
| R5 Class, $0.01 Par Value | $50494047 | 565489 | $89.29 |
| R6 Class, $0.01 Par Value | $2185851980 | 24199079 | $90.33 |
| G Class, $0.01 Par Value | $12521243 | 133359 | $93.89 |

---

\*Maximum offering price per share was equal to the net asset value per share for all share classes, except A Class, for which the maximum offering price per share was $81.51 (net asset value divided by 0.9425). A contingent deferred sales charge may be imposed on redemptions of A Class and C Class.

See Notes to Financial Statements.

------

Statement of Operations

---

| | |
|:---|:---|
| **FOR THE SIX MONTHS ENDED APRIL 30, 2025 (UNAUDITED)** | |
| **Investment Income (Loss)** | |
| **Income:** | |
| Dividends (net of foreign taxes withheld of $198,139) | $51062349 |
| Interest | 913403 |
| Securities lending, net | 2552 |
|  | 51978304 |
| **Expenses:** |  |
| Management fees | 107044228 |
| Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;A Class | 439418 |
| &nbsp;&nbsp;&nbsp;C Class | 181008 |
| &nbsp;&nbsp;&nbsp;R Class | 183487 |
| Directors' fees and expenses | 367488 |
| Other expenses | 8799 |
|  | 108224428 |
| Fees waived<sup>(1)</sup> | (1301435) |
|  | 106922993 |
| **Net investment income (loss)** | (54944689) |
| **Realized and Unrealized Gain (Loss)** |  |
| **Net realized gain (loss) on:** |  |
| Investment transactions | 1028998290 |
| Forward foreign currency exchange contract transactions | 3923033 |
| Foreign currency translation transactions | 19451 |
|  | 1032940774 |
| **Change in net unrealized appreciation (depreciation) on:** |  |
| Investments | (2012099864) |
| Forward foreign currency exchange contracts | (5343670) |
| Translation of assets and liabilities in foreign currencies | 39106 |
|  | (2017404428) |
| **Net realized and unrealized gain (loss)** | (984463654) |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $(1039408343) |

---

(1)Amount consists of $1,047,876, $68,047, $3,899, $17,957, $1,817, $3,714, $2,766, $120,568 and $34,791 for Investor Class, I Class, Y Class, A Class, C Class, R Class, R5 Class, R6 Class and G Class, respectively.

See Notes to Financial Statements.

------

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| **SIX MONTHS ENDED APRIL 30, 2025 (UNAUDITED) AND YEAR ENDED OCTOBER 31, 2024** | **SIX MONTHS ENDED APRIL 30, 2025 (UNAUDITED) AND YEAR ENDED OCTOBER 31, 2024** | **SIX MONTHS ENDED APRIL 30, 2025 (UNAUDITED) AND YEAR ENDED OCTOBER 31, 2024** |
| **Increase (Decrease) in Net Assets** | **April 30, 2025** | **October 31, 2024** |
| **Operations** | | |
| Net investment income (loss) | $(54944689) | $(91002719) |
| Net realized gain (loss) | 1032940774 | 913027370 |
| Change in net unrealized appreciation (depreciation) | (2017404428) | 6830351753 |
| Net increase (decrease) in net assets resulting from operations | (1039408343) | 7652376404 |
| **Distributions to Shareholders** |  |  |
| From earnings: |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (759299558) | (1020080198) |
| &nbsp;&nbsp;&nbsp;I Class | (47374729) | (64765978) |
| &nbsp;&nbsp;&nbsp;Y Class | (2521881) | (2358451) |
| &nbsp;&nbsp;&nbsp;A Class | (13687075) | (16424095) |
| &nbsp;&nbsp;&nbsp;C Class | (1932197) | (2666459) |
| &nbsp;&nbsp;&nbsp;R Class | (3054208) | (3905887) |
| &nbsp;&nbsp;&nbsp;R5 Class | (1849159) | (2316200) |
| &nbsp;&nbsp;&nbsp;R6 Class | (82361855) | (105888371) |
| &nbsp;&nbsp;&nbsp;G Class | (382858) | (562703) |
| Decrease in net assets from distributions | (912463520) | (1218968342) |
| **Capital Share Transactions** |  |  |
| Net increase (decrease) in net assets from capital share transactions (Note 5) | (50384269) | 392788312 |
| **Net increase (decrease) in net assets** | (2002256132) | 6826196374 |
| **Net Assets** |  |  |
| Beginning of period | 25040257630 | 18214061256 |
| End of period | $23038001498 | $25040257630 |

---

See Notes to Financial Statements.

------

Notes to Financial Statements

**APRIL 30, 2025 (UNAUDITED)**

**1. Organization**

American Century Mutual Funds, 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. Ultra Fund (the fund) is one fund in a series issued by the corporation. The fund's investment objective is to seek long-term capital growth.

The 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 fund serves as the chief operating decision maker (CODM). The 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.

The fund offers the Investor Class, I Class, Y Class, A Class, C Class, R Class, R5 Class, R6 Class and G Class. The A Class may incur an initial sales charge. The A Class and C Class may be subject to a contingent deferred sales charge.

**2. Significant Accounting Policies**

The following is a summary of significant accounting policies consistently followed by the fund in preparation of its financial statements. The 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 —** The 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 investments of the fund 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.

Open-end management investment companies are valued at the reported NAV per share. Repurchase agreements are valued at cost, which approximates fair value. 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 the 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 fund's 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.

**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. The 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. The 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 is recorded on the accrual basis and includes accretion of discounts and amortization of premiums. Securities lending income is net of fees and rebates earned by the lending agent for its services.

**Repurchase Agreements —** The fund may enter into repurchase agreements with institutions that ACIM has determined are creditworthy pursuant to criteria adopted by the Board of Directors. The 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 the fund under each repurchase agreement.

**Joint Trading Account —** Pursuant to an Exemptive Order issued by the Securities and Exchange Commission, the fund, along with certain other funds in the American Century Investments family of funds, may transfer uninvested cash balances into a joint trading account. 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 the 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. The fund files U.S. federal, state, local and non-U.S. tax returns as applicable. The 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 the 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 the fund are allocated to each class of shares based on their relative net assets.

**Distributions to Shareholders —** Distributions from net investment income and 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 the fund. In addition, in the normal course of business, the fund enters 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 fund pursuant to a Securities Lending Agreement. The lending of securities exposes the fund to risks such as: the borrowers may fail to return the loaned securities, the borrowers may not be able to provide additional collateral, the fund may experience delays in recovery of the loaned securities or delays in access to collateral, or the 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 fund 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, the 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.

**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 the 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 the 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 each class's daily net assets 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 the fund's assets, which do not vary by class. The rate of the fee is determined by applying a fee rate calculation formula. This formula takes into account the 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). During the period ended April 30, 2025, the investment advisor agreed to waive a portion of the fund's management fee such that the management fee does not exceed 0.887% for Investor Class, A Class, C Class and R Class, 0.687% for I Class and R5 Class, and 0.537% for Y Class and R6 Class. The investment advisor expects this waiver arrangement to continue until February 28, 2026 and cannot terminate it prior to such date without the approval of the Board of Directors. 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 management fee schedule range and the effective annual management fee before and after waiver for each class for the period ended April 30, 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Management Fee Schedule Range** | **Effective Annual Management Fee** | **Effective Annual Management Fee** |
| | **Management Fee Schedule Range** | **Before Waiver** | **After Waiver** |
| Investor Class | 0.800% to 0.990% | 0.90% | 0.89% |
| I Class | 0.600% to 0.790% | 0.70% | 0.69% |
| Y Class | 0.450% to 0.640% | 0.55% | 0.54% |
| A Class | 0.800% to 0.990% | 0.90% | 0.89% |
| C Class | 0.800% to 0.990% | 0.90% | 0.89% |
| R Class | 0.800% to 0.990% | 0.90% | 0.89% |
| R5 Class | 0.600% to 0.790% | 0.70% | 0.69% |
| R6 Class | 0.450% to 0.640% | 0.55% | 0.54% |
| G Class | 0.450% to 0.640% | 0.55% | 0.00% |

---

**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 April 30, 2025 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 fund. The directors receive detailed information about the fund and its investment advisor regularly throughout the year, and meet at least quarterly with management of the investment advisor to review reports about fund operations. The fund's officers do not receive compensation from the fund.

**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.

**Interfund Transactions —** The 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. There were no interfund transactions during the period.

**4. Investment Transactions**

Purchases and sales of investment securities, excluding short-term investments, for the period ended April 30, 2025 were $1,201,175,973 and $2,195,253,789, respectively.

------

**5. Capital Share Transactions** 

Transactions in shares of the fund were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six months ended**<br>**April 30, 2025** | **Six months ended**<br>**April 30, 2025** | **Year ended**<br>**October 31, 2024** | **Year ended**<br>**October 31, 2024** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| **Investor Class/Shares Authorized** | 3000000000 |  | 3000000000 |  |
| Sold | 3774718 | $343113935 | 8315174 | $686214747 |
| Issued in reinvestment of distributions | 7449644 | 721869678 | 13014982 | 971439122 |
| Redeemed | (11410194) | (1025144229) | (19580486) | (1611797105) |
|  | (185832) | 39839384 | 1749670 | 45856764 |
| **I Class/Shares Authorized** | 220000000 |  | 220000000 |  |
| Sold | 1457430 | 137904439 | 4460385 | 386241278 |
| Issued in reinvestment of distributions | 399399 | 41245904 | 699836 | 55447998 |
| Redeemed | (2638971) | (252522093) | (4635893) | (411095297) |
|  | (782142) | (73371750) | 524328 | 30593979 |
| **Y Class/Shares Authorized** | 30000000 |  | 30000000 |  |
| Sold | 170172 | 16205992 | 328142 | 29091855 |
| Issued in reinvestment of distributions | 23255 | 2433849 | 28376 | 2274066 |
| Redeemed | (102857) | (10036380) | (117136) | (10395331) |
|  | 90570 | 8603461 | 239382 | 20970590 |
| **A Class/Shares Authorized** | 60000000 |  | 60000000 |  |
| Sold | 652018 | 54991096 | 993980 | 76052478 |
| Issued in reinvestment of distributions | 145883 | 12995147 | 224648 | 15498490 |
| Redeemed | (501519) | (41735854) | (708557) | (54275432) |
|  | 296382 | 26250389 | 510071 | 37275536 |
| **C Class/Shares Authorized** | 20000000 |  | 20000000 |  |
| Sold | 41663 | 2533791 | 115522 | 6445207 |
| Issued in reinvestment of distributions | 25472 | 1654937 | 44447 | 2283660 |
| Redeemed | (78667) | (4795083) | (164009) | (9363151) |
|  | (11532) | (606355) | (4040) | (634284) |
| **R Class/Shares Authorized** | 25000000 |  | 25000000 |  |
| Sold | 121018 | 9462396 | 295321 | 21109228 |
| Issued in reinvestment of distributions | 36343 | 3052049 | 59769 | 3905887 |
| Redeemed | (132961) | (10264794) | (301459) | (22386601) |
|  | 24400 | 2249651 | 53631 | 2628514 |
| **R5 Class/Shares Authorized** | 20000000 |  | 20000000 |  |
| Sold | 25152 | 2490528 | 159666 | 13893679 |
| Issued in reinvestment of distributions | 17783 | 1838273 | 29000 | 2299734 |
| Redeemed | (74172) | (7488461) | (106269) | (9361716) |
|  | (31237) | (3159660) | 82397 | 6831697 |
| **R6 Class/Shares Authorized** | 250000000 |  | 250000000 |  |
| Sold | 2230221 | 216564558 | 7931021 | 679106904 |
| Issued in reinvestment of distributions | 781584 | 81683376 | 1313014 | 105080514 |
| Redeemed | (3585835) | (349762292) | (5968958) | (533836904) |
|  | (574030) | (51514358) | 3275077 | 250350514 |
| **G Class/Shares Authorized** | 80000000 |  | 80000000 |  |
| Sold | 33603 | 3365268 | 31253 | 2899547 |
| Issued in reinvestment of distributions | 3531 | 382858 | 6823 | 562703 |
| Redeemed | (24297) | (2423157) | (49077) | (4547248) |
|  | 12837 | 1324969 | (11001) | (1084998) |
| Net increase (decrease) | (1160584) | $(50384269) | 6419515 | $392788312 |

---

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**6. Fair Value Measurements**

The fund's investments valuation process is based on several considerations and may use multiple inputs to determine the fair value of the investments held by the 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 following is a summary of the level classifications as of period end. The Schedule of Investments provides additional information on the fund's portfolio holdings.

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| | | | |
|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** |
| **Assets** | | | |
| **Investment Securities** | | | |
| Common Stocks | $22694359979 | $317733923 |  |
| Rights | 286967 |  |  |
| Short-Term Investments | 94810 | 48054903 |  |
|  | $22694741756 | $365788826 |  |
| **Other Financial Instruments** |  |  |  |
| Forward Foreign Currency Exchange Contracts |  | $138810 |  |
| **Liabilities** |  |  |  |
| **Other Financial Instruments** |  |  |  |
| Forward Foreign Currency Exchange Contracts |  | $1669485 |  |

---

**7. Derivative Instruments**

**Foreign Currency Risk —** The fund is subject to foreign currency exchange rate risk in the normal course of pursuing its 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. 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 fund's average U.S. dollar exposure to foreign currency risk derivative instruments held during the period was $55,431,602.

The value of foreign currency risk derivative instruments as of April 30, 2025, is disclosed on the Statement of Assets and Liabilities as an asset of $138,810 in unrealized appreciation on forward foreign currency exchange contracts and a liability of $1,669,485 in unrealized depreciation on forward foreign currency exchange contracts. For the six months ended April 30, 2025, the effect of foreign currency risk derivative instruments on the Statement of Operations was $3,923,033 in net realized gain (loss) on forward foreign currency exchange contract transactions and $(5,343,670) in change in net unrealized appreciation (depreciation) on forward foreign currency exchange contracts.

**8. Risk Factors**

The value of the fund's shares 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 the 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.

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**9. Federal Tax Information**

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.

As of period end, the components of investments for federal income tax purposes were as follows:

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| | |
|:---|:---|
| Federal tax cost of investments | $7102405112 |
| Gross tax appreciation of investments | $16156787422 |
| Gross tax depreciation of investments | (198661952) |
| Net tax appreciation (depreciation) of investments | $15958125470 |

---

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales.

As of October 31, 2024, the fund had late-year ordinary loss deferrals of $(92,856,490), which 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.

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Financial Highlights

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 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** | |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | | | | **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** | **Distributions**<br>**From Net**<br>**Realized**<br>**Gains** | **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 (Loss) (before expense waiver)** | **Portfolio<br>Turnover<br>Rate** | **Net<br>Assets,<br>End of<br>Period (in thousands)** |
| **Investor Class** | **Investor Class** | | | | | | | | | | | | |
| 2025<sup>(3)</sup> | $90.54 | (0.22) | (3.34) | (3.56) | (3.34) | $83.64 | (4.43)% | 0.89% | 0.90% | (0.48)% | (0.49)% | 5% | $19066360 |
| 2024 | $67.54 | (0.36) | 27.90 | 27.54 | (4.54) | $90.54 | 42.20% | 0.91% | 0.92% | (0.44)% | (0.45)% | 7% | $20654750 |
| 2023 | $62.50 | (0.24) | 9.37 | 9.13 | (4.09) | $67.54 | 15.91% | 0.93% | 0.95% | (0.37)% | (0.39)% | 20% | $15289489 |
| 2022 | $93.37 | (0.30) | (24.63) | (24.93) | (5.94) | $62.50 | (28.50)% | 0.94% | 0.95% | (0.42)% | (0.43)% | 13% | $13781358 |
| 2021 | $66.38 | (0.38) | 29.49 | 29.11 | (2.12) | $93.37 | 44.70% | 0.95% | 0.95% | (0.47)% | (0.47)% | 8% | $20198765 |
| 2020 | $50.27 | (0.21) | 18.55 | 18.34 | (2.23) | $66.38 | 37.77% | 0.97% | 0.97% | (0.36)% | (0.36)% | 6% | $14648925 |
| **I Class** | **I Class** | **I Class** |  |  |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $96.27 | (0.13) | (3.59) | (3.72) | (3.34) | $89.21 | (4.33)% | 0.69% | 0.70% | (0.28)% | (0.29)% | 5% | $1211433 |
| 2024 | $71.43 | (0.20) | 29.58 | 29.38 | (4.54) | $96.27 | 42.49% | 0.71% | 0.72% | (0.24)% | (0.25)% | 7% | $1382591 |
| 2023 | $65.74 | (0.12) | 9.90 | 9.78 | (4.09) | $71.43 | 16.12% | 0.73% | 0.75% | (0.17)% | (0.19)% | 20% | $988431 |
| 2022 | $97.72 | (0.16) | (25.88) | (26.04) | (5.94) | $65.74 | (28.36)% | 0.74% | 0.75% | (0.22)% | (0.23)% | 13% | $727643 |
| 2021 | $69.25 | (0.23) | 30.82 | 30.59 | (2.12) | $97.72 | 45.00% | 0.75% | 0.75% | (0.27)% | (0.27)% | 8% | $841255 |
| 2020 | $52.25 | (0.10) | 19.33 | 19.23 | (2.23) | $69.25 | 38.05% | 0.77% | 0.77% | (0.16)% | (0.16)% | 6% | $588451 |
| **Y Class** | **Y Class** | **Y Class** |  |  |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $97.50 | (0.06) | (3.64) | (3.70) | (3.34) | $90.46 | (4.26)% | 0.54% | 0.55% | (0.13)% | (0.14)% | 5% | $75252 |
| 2024 | $72.19 | (0.09) | 29.94 | 29.85 | (4.54) | $97.50 | 42.70% | 0.56% | 0.57% | (0.09)% | (0.10)% | 7% | $72282 |
| 2023 | $66.30 | (0.05) | 10.03 | 9.98 | (4.09) | $72.19 | 16.30% | 0.58% | 0.60% | (0.02)% | (0.04)% | 20% | $36238 |
| 2022 | $98.36 | (0.04) | (26.08) | (26.12) | (5.94) | $66.30 | (28.25)% | 0.59% | 0.60% | (0.07)% | (0.08)% | 13% | $3383 |
| 2021 | $69.59 | (0.11) | 31.00 | 30.89 | (2.12) | $98.36 | 45.21% | 0.60% | 0.60% | (0.12)% | (0.12)% | 8% | $3099 |
| 2020 | $52.42 | (0.01) | 19.41 | 19.40 | (2.23) | $69.59 | 38.26% | 0.62% | 0.62% | (0.01)% | (0.01)% | 6% | $1708 |
| **A Class** | **A Class** |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $83.50 | (0.30) | (3.04) | (3.34) | (3.34) | $76.82 | (4.55)% | 1.14% | 1.15% | (0.73)% | (0.74)% | 5% | $335945 |
| 2024 | $62.74 | (0.53) | 25.83 | 25.30 | (4.54) | $83.50 | 41.84% | 1.16% | 1.17% | (0.69)% | (0.70)% | 7% | $340403 |
| 2023 | $58.50 | (0.38) | 8.71 | 8.33 | (4.09) | $62.74 | 15.61% | 1.18% | 1.20% | (0.62)% | (0.64)% | 20% | $223761 |
| 2022 | $87.98 | (0.46) | (23.08) | (23.54) | (5.94) | $58.50 | (28.69)% | 1.19% | 1.20% | (0.67)% | (0.68)% | 13% | $170819 |
| 2021 | $62.81 | (0.56) | 27.85 | 27.29 | (2.12) | $87.98 | 44.35% | 1.20% | 1.20% | (0.72)% | (0.72)% | 8% | $256161 |
| 2020 | $47.79 | (0.34) | 17.59 | 17.25 | (2.23) | $62.81 | 37.43% | 1.22% | 1.22% | (0.61)% | (0.61)% | 6% | $167682 |

---

------

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 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** | |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | | | | **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** | **Distributions**<br>**From Net**<br>**Realized**<br>**Gains** | **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 (Loss) (before expense waiver)** | **Portfolio<br>Turnover<br>Rate** | **Net<br>Assets,<br>End of<br>Period (in thousands)** |
| **C Class** | **C Class** | | | | | | | | | | | | |
| 2025<sup>(3)</sup> | $61.78 | (0.45) | (2.11) | (2.56) | (3.34) | $55.88 | (4.90)% | 1.89% | 1.90% | (1.48)% | (1.49)% | 5% | $32605 |
| 2024 | $47.76 | (0.82) | 19.38 | 18.56 | (4.54) | $61.78 | 40.78% | 1.91% | 1.92% | (1.44)% | (1.45)% | 7% | $36762 |
| 2023 | $45.85 | (0.64) | 6.64 | 6.00 | (4.09) | $47.76 | 14.76% | 1.93% | 1.95% | (1.37)% | (1.39)% | 20% | $28610 |
| 2022 | $70.74 | (0.76) | (18.19) | (18.95) | (5.94) | $45.85 | (29.22)% | 1.94% | 1.95% | (1.42)% | (1.43)% | 13% | $25028 |
| 2021 | $51.23 | (0.91) | 22.54 | 21.63 | (2.12) | $70.74 | 43.28% | 1.95% | 1.95% | (1.47)% | (1.47)% | 8% | $34751 |
| 2020 | $39.65 | (0.62) | 14.43 | 13.81 | (2.23) | $51.23 | 36.39% | 1.97% | 1.97% | (1.36)% | (1.36)% | 6% | $24320 |
| **R Class** | **R Class** |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $78.92 | (0.38) | (2.84) | (3.22) | (3.34) | $72.36 | (4.66)% | 1.39% | 1.40% | (0.98)% | (0.99)% | 5% | $67539 |
| 2024 | $59.65 | (0.68) | 24.49 | 23.81 | (4.54) | $78.92 | 41.49% | 1.41% | 1.42% | (0.94)% | (0.95)% | 7% | $71738 |
| 2023 | $55.96 | (0.51) | 8.29 | 7.78 | (4.09) | $59.65 | 15.31% | 1.43% | 1.45% | (0.87)% | (0.89)% | 20% | $51020 |
| 2022 | $84.62 | (0.59) | (22.13) | (22.72) | (5.94) | $55.96 | (28.86)% | 1.44% | 1.45% | (0.92)% | (0.93)% | 13% | $38416 |
| 2021 | $60.62 | (0.72) | 26.84 | 26.12 | (2.12) | $84.62 | 44.00% | 1.45% | 1.45% | (0.97)% | (0.97)% | 8% | $41561 |
| 2020 | $46.31 | (0.46) | 17.00 | 16.54 | (2.23) | $60.62 | 37.08% | 1.47% | 1.47% | (0.86)% | (0.86)% | 6% | $26729 |
| **R5 Class** | **R5 Class** |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $96.36 | (0.13) | (3.60) | (3.73) | (3.34) | $89.29 | (4.34)% | 0.69% | 0.70% | (0.28)% | (0.29)% | 5% | $50494 |
| 2024 | $71.49 | (0.21) | 29.62 | 29.41 | (4.54) | $96.36 | 42.50% | 0.71% | 0.72% | (0.24)% | (0.25)% | 7% | $57498 |
| 2023 | $65.79 | (0.11) | 9.90 | 9.79 | (4.09) | $71.49 | 16.13% | 0.73% | 0.75% | (0.17)% | (0.19)% | 20% | $36771 |
| 2022 | $97.78 | (0.12) | (25.93) | (26.05) | (5.94) | $65.79 | (28.35)% | 0.74% | 0.75% | (0.22)% | (0.23)% | 13% | $32996 |
| 2021 | $69.29 | (0.23) | 30.84 | 30.61 | (2.12) | $97.78 | 45.00% | 0.75% | 0.75% | (0.27)% | (0.27)% | 8% | $371 |
| 2020 | $52.28 | (0.12) | 19.36 | 19.24 | (2.23) | $69.29 | 38.05% | 0.77% | 0.77% | (0.16)% | (0.16)% | 6% | $258 |
| **R6 Class** | **R6 Class** |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $97.37 | (0.06) | (3.64) | (3.70) | (3.34) | $90.33 | (4.26)% | 0.54% | 0.55% | (0.13)% | (0.14)% | 5% | $2185852 |
| 2024 | $72.10 | (0.08) | 29.89 | 29.81 | (4.54) | $97.37 | 42.70% | 0.56% | 0.57% | (0.09)% | (0.10)% | 7% | $2412082 |
| 2023 | $66.21 | (0.02) | 10.00 | 9.98 | (4.09) | $72.10 | 16.32% | 0.58% | 0.60% | (0.02)% | (0.04)% | 20% | $1549990 |
| 2022 | $98.25 | (0.05) | (26.05) | (26.10) | (5.94) | $66.21 | (28.26)% | 0.59% | 0.60% | (0.07)% | (0.08)% | 13% | $881007 |
| 2021 | $69.51 | (0.11) | 30.97 | 30.86 | (2.12) | $98.25 | 45.22% | 0.60% | 0.60% | (0.12)% | (0.12)% | 8% | $800782 |
| 2020 | $52.36 | —<sup>(4)</sup> | 19.38 | 19.38 | (2.23) | $69.51 | 38.26% | 0.62% | 0.62% | (0.01)% | (0.01)% | 6% | $509484 |
| **G Class** | **G Class** |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $100.83 | 0.20 | (3.80) | (3.60) | (3.34) | $93.89 | (4.01)% | 0.00% | 0.55% | 0.41% | (0.14)% | 5% | $12521 |
| 2024 | $74.13 | 0.44 | 30.80 | 31.24 | (4.54) | $100.83 | 43.50% | 0.00% | 0.57% | 0.47% | (0.10)% | 7% | $12152 |
| 2023 | $67.60 | 0.36 | 10.26 | 10.62 | (4.09) | $74.13 | 16.98% | 0.00% | 0.60% | 0.56% | (0.04)% | 20% | $9750 |
| 2022 | $99.61 | 0.23 | (26.30) | (26.07) | (5.94) | $67.60 | (27.84)% | 0.00% | 0.60% | 0.52% | (0.08)% | 13% | $232 |
| 2021 | $70.04 | 0.42 | 31.27 | 31.69 | (2.12) | $99.61 | 46.08% | 0.00% | 0.60% | 0.48% | (0.12)% | 8% | $10 |
| 2020 | $52.44 | 0.37 | 19.46 | 19.83 | (2.23) | $70.04 | 39.09% | 0.01% | 0.62% | 0.60% | (0.01)% | 6% | $7 |

---

------

**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)Six months ended April 30, 2025 (unaudited).

(4)Per-share amount was less than $0.005.

\*The amount shown for a share outstanding throughout the period may not correlate with the Statement(s) 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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| | |
|:---|:---|
| 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.* |
| **©2025 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-SAN-92363 2506** | **©2025 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-SAN-92363 2506** |

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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) Th

------

e 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) Not applicable for semiannual report filings.

(a)(2) Not applicable for semiannual report filings.

(a)(3) <u>[Separate certifications by the registrant's principal executive officer and principal financial officer](acmfex-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](acmfex-99906cert.htm)</u>, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, is furnished and attached hereto as EX- 99.906CERT.

------

**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.

---

| | | |
|:---|:---|:---|
| Registrant: | American Century Mutual Funds, Inc. | American Century Mutual Funds, Inc. |
| By: | /s/ Patrick Bannigan | /s/ Patrick Bannigan |
|  | Name: | Patrick Bannigan |
|  | Title: | President |
| Date: | June 27, 2025 | June 27, 2025 |

---

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: | June 27, 2025 | June 27, 2025 |

---

---

| | | |
|:---|:---|:---|
| By: | /s/ R. Wes Campbell | /s/ R. Wes Campbell |
|  | Name: | R. Wes Campbell |
|  | Title: | Treasurer and |
|  |  | Chief Financial Officer |
|  |  | (principal financial officer) |
| Date: | June 27, 2025 | June 27, 2025 |

---

## Ex-99

EX-99.CERT

CERTIFICATIONS

I, Patrick Bannigan, certify that:

1. I have reviewed this report on Form N-CSR of American Century Mutual Funds, 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: | June 27, 2025 |
| /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 Mutual Funds, 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: | June 27, 2025 |
| /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) |

---

## 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 Mutual Funds, Inc. (the "Registrant") on Form N-CSR for the period ending April 30, 2025 (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.

---

| | | | |
|:---|:---|:---|:---|
| Date: | June 27, 2025 |  |  |
|  |  | 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) |

---

<br>