# EDGAR Filing Document

**Accession Number:** 0000872825
**File Stem:** 0000872825-25-000085
**Filing Date:** 2025-7
**Character Count:** 609064
**Document Hash:** 0328c837941c0c0011567fcacacfc6db
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000872825-25-000085.hdr.sgml**: 20250730

**ACCESSION NUMBER**: 0000872825-25-000085

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 20

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250730

**DATE AS OF CHANGE**: 20250730

**EFFECTIVENESS DATE**: 20250730

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AMERICAN CENTURY WORLD MUTUAL FUNDS INC
- **CENTRAL INDEX KEY:** 0000872825

**ORGANIZATION NAME:**
- **EIN:** 431567889
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1130

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06247
- **FILM NUMBER:** 251165064

**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:** TWENTIETH CENTURY WORLD INVESTORS INC
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### EMERGING MARKETS FUND (Series ID: S000006602)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000018021 | INVESTOR CLASS | TWMIX           |
| C000018022 | A CLASS        | AEMMX           |
| C000018023 | I CLASS        | AMKIX           |
| C000018024 | C CLASS        | ACECX           |
| C000055528 | R CLASS        | AEMRX           |
| C000131622 | R6 CLASS       | AEDMX           |
| C000189777 | Y CLASS        | AEYMX           |
| C000189779 | R5 CLASS       | AEGMX           |
| C000236495 | G CLASS        | ACADX           |

### FOCUSED GLOBAL GROWTH FUND (Series ID: S000006603)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000018025 | INVESTOR CLASS | TWGGX           |
| C000018026 | A CLASS        | AGGRX           |
| C000018027 | I CLASS        | AGGIX           |
| C000018030 | C CLASS        | AGLCX           |
| C000018031 | R CLASS        | AGORX           |
| C000131623 | R6 CLASS       | AGGDX           |
| C000189780 | Y CLASS        | AGYGX           |
| C000189781 | R5 CLASS       | AGFGX           |

### INTERNATIONAL GROWTH FUND (Series ID: S000006605)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000018035 | INVESTOR CLASS | TWIEX           |
| C000018036 | A CLASS        | TWGAX           |
| C000018037 | I CLASS        | TGRIX           |
| C000018040 | C CLASS        | AIWCX           |
| C000018041 | R CLASS        | ATGRX           |
| C000131624 | R6 CLASS       | ATGDX           |
| C000189783 | Y CLASS        | ATYGX           |
| C000189784 | R5 CLASS       | ATGGX           |
| C000236496 | G CLASS        | ACAEX           |

### INTERNATIONAL OPPORTUNITIES FUND (Series ID: S000006606)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000018042 | INVESTOR CLASS | AIOIX           |
| C000018043 | I CLASS        | ACIOX           |
| C000088079 | A CLASS        | AIVOX           |
| C000088080 | C CLASS        | AIOCX           |
| C000088081 | R CLASS        | AIORX           |

### INTERNATIONAL VALUE FUND (Series ID: S000006610)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000018052 | INVESTOR CLASS | ACEVX           |
| C000018053 | I CLASS        | ACVUX           |
| C000018054 | A CLASS        | MEQAX           |
| C000018056 | C CLASS        | ACCOX           |
| C000018057 | R CLASS        | ACVRX           |
| C000131625 | R6 CLASS       | ACVDX           |
| C000236497 | G CLASS        | ACAFX           |

### INTERNATIONAL SMALL-MID CAP FUND (Series ID: S000048405)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000152811 | INVESTOR CLASS | ANTSX           |
| C000152812 | G CLASS        | ANTMX           |

### FOCUSED INTERNATIONAL GROWTH FUND (Series ID: S000053101)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000167113 | INVESTOR CLASS | AFCNX           |
| C000167114 | I CLASS        | AFCSX           |
| C000167115 | A CLASS        | AFCLX           |
| C000167116 | C CLASS        | AFCHX           |
| C000167117 | R CLASS        | AFCWX           |
| C000167118 | R6 CLASS       | AFCMX           |
| C000212502 | G CLASS        | AFCGX           |

### GLOBAL SMALL CAP FUND (Series ID: S000053103)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000167125 | INVESTOR CLASS | AGCVX           |
| C000167126 | I CLASS        | AGCSX           |
| C000167127 | A CLASS        | AGCLX           |
| C000167128 | C CLASS        | AGCHX           |
| C000167129 | R CLASS        | AGCWX           |
| C000167130 | R6 CLASS       | AGCTX           |

### NON-U.S. INTRINSIC VALUE FUND (Series ID: S000063513)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000205778 | INVESTOR CLASS | ANTUX           |
| C000205779 | G CLASS        | ANTGX           |
| C000216230 | R6 CLASS       | ANVMX           |
| C000216231 | I CLASS        | ANVHX           |
| C000216232 | A CLASS        | ANVLX           |
| C000216233 | R CLASS        | ANVRX           |

?xml version='1.0' encoding='ASCII'? ck0000872825-20250531

**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 | **811-06247** | **811-06247** | **811-06247** |
| **AMERICAN CENTURY WORLD MUTUAL FUNDS, INC.** | **AMERICAN CENTURY WORLD MUTUAL FUNDS, INC.** | **AMERICAN CENTURY WORLD MUTUAL FUNDS, INC.** | **AMERICAN CENTURY WORLD MUTUAL FUNDS, INC.** | **AMERICAN CENTURY WORLD 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: | **11-30** | **11-30** | **11-30** | **11-30** |
| Date of reporting period: | **05-31-2025** | **05-31-2025** | **05-31-2025** | **05-31-2025** |

---

------

**ITEM 1. REPORTS TO STOCKHOLDERS.**

(a) ------

**SEMIANNUAL SHAREHOLDER REPORT**

Emerging Markets Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

---

| | |
|:---|:---|
| **Investor Class (TWMIX)**  | **May 31, 2025** |

---

This semi-annual shareholder report contains important information about Emerging Markets Fund for the period of December 1, 2024 to May 31, 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 | $65 | 1.26% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $1734106053 |
| Management Fees (dollars paid during the reporting period) | $5406394 |
| Portfolio Turnover Rate | 29% |
| Total Number of Portfolio Holdings | 79 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* |
| Common Stocks | 99.0% | China | 28% |
| Short-Term Investments | 1.6% | India | 19% |
| Other Assets and Liabilities | (0.6)% | Taiwan | 16% |
|  |  | South Korea | 8% |
|  |  | Brazil | 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](ck0000872825-20250531_g2.jpg)

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

![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

S-25086885

------

**SEMIANNUAL SHAREHOLDER REPORT**

Emerging Markets Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

---

| | |
|:---|:---|
| **I Class (AMKIX)**  | **May 31, 2025** |

---

This semi-annual shareholder report contains important information about Emerging Markets Fund for the period of December 1, 2024 to May 31, 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 | $54 | 1.06% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $1734106053 |
| Management Fees (dollars paid during the reporting period) | $5406394 |
| Portfolio Turnover Rate | 29% |
| Total Number of Portfolio Holdings | 79 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* |
| Common Stocks | 99.0% | China | 28% |
| Short-Term Investments | 1.6% | India | 19% |
| Other Assets and Liabilities | (0.6)% | Taiwan | 16% |
|  |  | South Korea | 8% |
|  |  | Brazil | 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](ck0000872825-20250531_g2.jpg)

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

![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

S-25086877

------

**SEMIANNUAL SHAREHOLDER REPORT**

Emerging Markets Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

---

| | |
|:---|:---|
| **Y Class (AEYMX)**  | **May 31, 2025** |

---

This semi-annual shareholder report contains important information about Emerging Markets Fund for the period of December 1, 2024 to May 31, 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 | $47 | 0.91% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $1734106053 |
| Management Fees (dollars paid during the reporting period) | $5406394 |
| Portfolio Turnover Rate | 29% |
| Total Number of Portfolio Holdings | 79 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* |
| Common Stocks | 99.0% | China | 28% |
| Short-Term Investments | 1.6% | India | 19% |
| Other Assets and Liabilities | (0.6)% | Taiwan | 16% |
|  |  | South Korea | 8% |
|  |  | Brazil | 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](ck0000872825-20250531_g2.jpg)

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

![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

S-2509A885

------

**SEMIANNUAL SHAREHOLDER REPORT**

Emerging Markets Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

---

| | |
|:---|:---|
| **A Class (AEMMX)**  | **May 31, 2025** |

---

This semi-annual shareholder report contains important information about Emerging Markets Fund for the period of December 1, 2024 to May 31, 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 | $77 | 1.51% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $1734106053 |
| Management Fees (dollars paid during the reporting period) | $5406394 |
| Portfolio Turnover Rate | 29% |
| Total Number of Portfolio Holdings | 79 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* |
| Common Stocks | 99.0% | China | 28% |
| Short-Term Investments | 1.6% | India | 19% |
| Other Assets and Liabilities | (0.6)% | Taiwan | 16% |
|  |  | South Korea | 8% |
|  |  | Brazil | 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](ck0000872825-20250531_g2.jpg)

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

![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

S-25086851

------

**SEMIANNUAL SHAREHOLDER REPORT**

Emerging Markets Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

---

| | |
|:---|:---|
| **C Class (ACECX)**  | **May 31, 2025** |

---

This semi-annual shareholder report contains important information about Emerging Markets Fund for the period of December 1, 2024 to May 31, 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 | $116 | 2.26% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $1734106053 |
| Management Fees (dollars paid during the reporting period) | $5406394 |
| Portfolio Turnover Rate | 29% |
| Total Number of Portfolio Holdings | 79 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* |
| Common Stocks | 99.0% | China | 28% |
| Short-Term Investments | 1.6% | India | 19% |
| Other Assets and Liabilities | (0.6)% | Taiwan | 16% |
|  |  | South Korea | 8% |
|  |  | Brazil | 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](ck0000872825-20250531_g2.jpg)

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

![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

S-25086679

------

**SEMIANNUAL SHAREHOLDER REPORT**

Emerging Markets Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

---

| | |
|:---|:---|
| **R Class (AEMRX)**  | **May 31, 2025** |

---

This semi-annual shareholder report contains important information about Emerging Markets Fund for the period of December 1, 2024 to May 31, 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 | $90 | 1.76% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $1734106053 |
| Management Fees (dollars paid during the reporting period) | $5406394 |
| Portfolio Turnover Rate | 29% |
| Total Number of Portfolio Holdings | 79 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* |
| Common Stocks | 99.0% | China | 28% |
| Short-Term Investments | 1.6% | India | 19% |
| Other Assets and Liabilities | (0.6)% | Taiwan | 16% |
|  |  | South Korea | 8% |
|  |  | Brazil | 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](ck0000872825-20250531_g2.jpg)

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

![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

S-25086489

------

**SEMIANNUAL SHAREHOLDER REPORT**

Emerging Markets Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

---

| | |
|:---|:---|
| **R5 Class (AEGMX)**  | **May 31, 2025** |

---

This semi-annual shareholder report contains important information about Emerging Markets Fund for the period of December 1, 2024 to May 31, 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 | $54 | 1.06% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $1734106053 |
| Management Fees (dollars paid during the reporting period) | $5406394 |
| Portfolio Turnover Rate | 29% |
| Total Number of Portfolio Holdings | 79 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* |
| Common Stocks | 99.0% | China | 28% |
| Short-Term Investments | 1.6% | India | 19% |
| Other Assets and Liabilities | (0.6)% | Taiwan | 16% |
|  |  | South Korea | 8% |
|  |  | Brazil | 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](ck0000872825-20250531_g2.jpg)

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

![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

S-2509A802

------

**SEMIANNUAL SHAREHOLDER REPORT**

Emerging Markets Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

---

| | |
|:---|:---|
| **R6 Class (AEDMX)**  | **May 31, 2025** |

---

This semi-annual shareholder report contains important information about Emerging Markets Fund for the period of December 1, 2024 to May 31, 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 | $47 | 0.91% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $1734106053 |
| Management Fees (dollars paid during the reporting period) | $5406394 |
| Portfolio Turnover Rate | 29% |
| Total Number of Portfolio Holdings | 79 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* |
| Common Stocks | 99.0% | China | 28% |
| Short-Term Investments | 1.6% | India | 19% |
| Other Assets and Liabilities | (0.6)% | Taiwan | 16% |
|  |  | South Korea | 8% |
|  |  | Brazil | 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](ck0000872825-20250531_g2.jpg)

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

![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

S-25086422

------

**SEMIANNUAL SHAREHOLDER REPORT**

Emerging Markets Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; ![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

---

| | |
|:---|:---|
| **G Class (ACADX)**  | **May 31, 2025** |

---

This semi-annual shareholder report contains important information about Emerging Markets Fund for the period of December 1, 2024 to May 31, 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 | $1 | 0.01% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $1734106053 |
| Management Fees (dollars paid during the reporting period) | $5406394 |
| Portfolio Turnover Rate | 29% |
| Total Number of Portfolio Holdings | 79 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* |
| Common Stocks | 99.0% | China | 28% |
| Short-Term Investments | 1.6% | India | 19% |
| Other Assets and Liabilities | (0.6)% | Taiwan | 16% |
|  |  | South Korea | 8% |
|  |  | Brazil | 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](ck0000872825-20250531_g2.jpg)

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

![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

S-2509A729

------

**SEMIANNUAL SHAREHOLDER REPORT**

Focused Global Growth Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; ![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

---

| | |
|:---|:---|
| **Investor Class (TWGGX)**  | **May 31, 2025** |

---

This semi-annual shareholder report contains important information about Focused Global Growth Fund for the period of December 1, 2024 to May 31, 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 | $56 | 1.10% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $642461617 |
| Management Fees (dollars paid during the reporting period) | $3093989 |
| Portfolio Turnover Rate | 17% |
| Total Number of Portfolio Holdings | 38 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* |
| Common Stocks | 98.6% | United States | 68% |
| Short-Term Investments | 1.6% | United Kingdom | 6% |
| Other Assets and Liabilities | (0.2)% | France | 5% |
|  |  | Japan | 5% |
|  |  | Germany | 3% |

---

*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](ck0000872825-20250531_g2.jpg)

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

![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

S-25086844

------

**SEMIANNUAL SHAREHOLDER REPORT**

Focused Global Growth Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; ![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

---

| | |
|:---|:---|
| **I Class (AGGIX)**  | **May 31, 2025** |

---

This semi-annual shareholder report contains important information about Focused Global Growth Fund for the period of December 1, 2024 to May 31, 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 | $46 | 0.90% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $642461617 |
| Management Fees (dollars paid during the reporting period) | $3093989 |
| Portfolio Turnover Rate | 17% |
| Total Number of Portfolio Holdings | 38 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* |
| Common Stocks | 98.6% | United States | 68% |
| Short-Term Investments | 1.6% | United Kingdom | 6% |
| Other Assets and Liabilities | (0.2)% | France | 5% |
|  |  | Japan | 5% |
|  |  | Germany | 3% |

---

*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](ck0000872825-20250531_g2.jpg)

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

![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

S-25086836

------

**SEMIANNUAL SHAREHOLDER REPORT**

Focused Global Growth Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; ![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

---

| | |
|:---|:---|
| **Y Class (AGYGX)**  | **May 31, 2025** |

---

This semi-annual shareholder report contains important information about Focused Global Growth Fund for the period of December 1, 2024 to May 31, 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 | $38 | 0.75% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $642461617 |
| Management Fees (dollars paid during the reporting period) | $3093989 |
| Portfolio Turnover Rate | 17% |
| Total Number of Portfolio Holdings | 38 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* |
| Common Stocks | 98.6% | United States | 68% |
| Short-Term Investments | 1.6% | United Kingdom | 6% |
| Other Assets and Liabilities | (0.2)% | France | 5% |
|  |  | Japan | 5% |
|  |  | Germany | 3% |

---

*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](ck0000872825-20250531_g2.jpg)

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

![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

S-2509A844

------

**SEMIANNUAL SHAREHOLDER REPORT**

Focused Global Growth Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; ![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

---

| | |
|:---|:---|
| **A Class (AGGRX)**  | **May 31, 2025** |

---

This semi-annual shareholder report contains important information about Focused Global Growth Fund for the period of December 1, 2024 to May 31, 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 | $69 | 1.35% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $642461617 |
| Management Fees (dollars paid during the reporting period) | $3093989 |
| Portfolio Turnover Rate | 17% |
| Total Number of Portfolio Holdings | 38 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* |
| Common Stocks | 98.6% | United States | 68% |
| Short-Term Investments | 1.6% | United Kingdom | 6% |
| Other Assets and Liabilities | (0.2)% | France | 5% |
|  |  | Japan | 5% |
|  |  | Germany | 3% |

---

*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](ck0000872825-20250531_g2.jpg)

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

![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

S-25086828

------

**SEMIANNUAL SHAREHOLDER REPORT**

Focused Global Growth Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; ![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

---

| | |
|:---|:---|
| **C Class (AGLCX)**  | **May 31, 2025** |

---

This semi-annual shareholder report contains important information about Focused Global Growth Fund for the period of December 1, 2024 to May 31, 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 | $107 | 2.10% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $642461617 |
| Management Fees (dollars paid during the reporting period) | $3093989 |
| Portfolio Turnover Rate | 17% |
| Total Number of Portfolio Holdings | 38 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* |
| Common Stocks | 98.6% | United States | 68% |
| Short-Term Investments | 1.6% | United Kingdom | 6% |
| Other Assets and Liabilities | (0.2)% | France | 5% |
|  |  | Japan | 5% |
|  |  | Germany | 3% |

---

*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](ck0000872825-20250531_g2.jpg)

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

![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

S-25086695

------

**SEMIANNUAL SHAREHOLDER REPORT**

Focused Global Growth Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; ![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

---

| | |
|:---|:---|
| **R Class (AGORX)**  | **May 31, 2025** |

---

This semi-annual shareholder report contains important information about Focused Global Growth Fund for the period of December 1, 2024 to May 31, 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 | $82 | 1.60% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $642461617 |
| Management Fees (dollars paid during the reporting period) | $3093989 |
| Portfolio Turnover Rate | 17% |
| Total Number of Portfolio Holdings | 38 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* |
| Common Stocks | 98.6% | United States | 68% |
| Short-Term Investments | 1.6% | United Kingdom | 6% |
| Other Assets and Liabilities | (0.2)% | France | 5% |
|  |  | Japan | 5% |
|  |  | Germany | 3% |

---

*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](ck0000872825-20250531_g2.jpg)

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

![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

S-25086620

------

**SEMIANNUAL SHAREHOLDER REPORT**

Focused Global Growth Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; ![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

---

| | |
|:---|:---|
| **R5 Class (AGFGX)**  | **May 31, 2025** |

---

This semi-annual shareholder report contains important information about Focused Global Growth Fund for the period of December 1, 2024 to May 31, 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 | $46 | 0.90% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $642461617 |
| Management Fees (dollars paid during the reporting period) | $3093989 |
| Portfolio Turnover Rate | 17% |
| Total Number of Portfolio Holdings | 38 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* |
| Common Stocks | 98.6% | United States | 68% |
| Short-Term Investments | 1.6% | United Kingdom | 6% |
| Other Assets and Liabilities | (0.2)% | France | 5% |
|  |  | Japan | 5% |
|  |  | Germany | 3% |

---

*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](ck0000872825-20250531_g2.jpg)

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

![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

S-2509A869

------

**SEMIANNUAL SHAREHOLDER REPORT**

Focused Global Growth Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; ![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

---

| | |
|:---|:---|
| **R6 Class (AGGDX)**  | **May 31, 2025** |

---

This semi-annual shareholder report contains important information about Focused Global Growth Fund for the period of December 1, 2024 to May 31, 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 | $38 | 0.75% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $642461617 |
| Management Fees (dollars paid during the reporting period) | $3093989 |
| Portfolio Turnover Rate | 17% |
| Total Number of Portfolio Holdings | 38 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* |
| Common Stocks | 98.6% | United States | 68% |
| Short-Term Investments | 1.6% | United Kingdom | 6% |
| Other Assets and Liabilities | (0.2)% | France | 5% |
|  |  | Japan | 5% |
|  |  | Germany | 3% |

---

*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](ck0000872825-20250531_g2.jpg)

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

![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

S-25086414

------

**SEMIANNUAL SHAREHOLDER REPORT**

Focused International Growth Fund &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; ![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

---

| | |
|:---|:---|
| **Investor Class (AFCNX)**  | **May 31, 2025** |

---

This semi-annual shareholder report contains important information about Focused International Growth Fund for the period of December 1, 2024 to May 31, 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 | $57 | 1.10% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $131240843 |
| Management Fees (dollars paid during the reporting period) | $217826 |
| Portfolio Turnover Rate | 45% |
| Total Number of Portfolio Holdings | 48 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* |
| Common Stocks | 98.4% | Japan | 15% |
| Short-Term Investments | 3.2% | Germany | 14% |
| Other Assets and Liabilities | (1.6)% | United Kingdom | 14% |
|  |  | France | 11% |
|  |  | Switzerland | 8% |

---

*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](ck0000872825-20250531_g2.jpg)

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

![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

S-25086224

------

**SEMIANNUAL SHAREHOLDER REPORT**

Focused International Growth Fund &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; ![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

---

| | |
|:---|:---|
| **I Class (AFCSX)**  | **May 31, 2025** |

---

This semi-annual shareholder report contains important information about Focused International Growth Fund for the period of December 1, 2024 to May 31, 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 | $47 | 0.90% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $131240843 |
| Management Fees (dollars paid during the reporting period) | $217826 |
| Portfolio Turnover Rate | 45% |
| Total Number of Portfolio Holdings | 48 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* |
| Common Stocks | 98.4% | Japan | 15% |
| Short-Term Investments | 3.2% | Germany | 14% |
| Other Assets and Liabilities | (1.6)% | United Kingdom | 14% |
|  |  | France | 11% |
|  |  | Switzerland | 8% |

---

*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](ck0000872825-20250531_g2.jpg)

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

![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

S-25086216

------

**SEMIANNUAL SHAREHOLDER REPORT**

Focused International Growth Fund &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; ![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

---

| | |
|:---|:---|
| **A Class (AFCLX)**  | **May 31, 2025** |

---

This semi-annual shareholder report contains important information about Focused International Growth Fund for the period of December 1, 2024 to May 31, 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 | $70 | 1.35% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $131240843 |
| Management Fees (dollars paid during the reporting period) | $217826 |
| Portfolio Turnover Rate | 45% |
| Total Number of Portfolio Holdings | 48 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* |
| Common Stocks | 98.4% | Japan | 15% |
| Short-Term Investments | 3.2% | Germany | 14% |
| Other Assets and Liabilities | (1.6)% | United Kingdom | 14% |
|  |  | France | 11% |
|  |  | Switzerland | 8% |

---

*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](ck0000872825-20250531_g2.jpg)

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

![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

S-25086190

------

**SEMIANNUAL SHAREHOLDER REPORT**

Focused International Growth Fund &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; ![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

---

| | |
|:---|:---|
| **C Class (AFCHX)**  | **May 31, 2025** |

---

This semi-annual shareholder report contains important information about Focused International Growth Fund for the period of December 1, 2024 to May 31, 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 | $109 | 2.10% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $131240843 |
| Management Fees (dollars paid during the reporting period) | $217826 |
| Portfolio Turnover Rate | 45% |
| Total Number of Portfolio Holdings | 48 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* |
| Common Stocks | 98.4% | Japan | 15% |
| Short-Term Investments | 3.2% | Germany | 14% |
| Other Assets and Liabilities | (1.6)% | United Kingdom | 14% |
|  |  | France | 11% |
|  |  | Switzerland | 8% |

---

*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](ck0000872825-20250531_g2.jpg)

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

![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

S-25086182

------

**SEMIANNUAL SHAREHOLDER REPORT**

Focused International Growth Fund &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; ![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

---

| | |
|:---|:---|
| **R Class (AFCWX)**  | **May 31, 2025** |

---

This semi-annual shareholder report contains important information about Focused International Growth Fund for the period of December 1, 2024 to May 31, 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 | $83 | 1.60% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $131240843 |
| Management Fees (dollars paid during the reporting period) | $217826 |
| Portfolio Turnover Rate | 45% |
| Total Number of Portfolio Holdings | 48 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* |
| Common Stocks | 98.4% | Japan | 15% |
| Short-Term Investments | 3.2% | Germany | 14% |
| Other Assets and Liabilities | (1.6)% | United Kingdom | 14% |
|  |  | France | 11% |
|  |  | Switzerland | 8% |

---

*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](ck0000872825-20250531_g2.jpg)

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

![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

S-25086174

------

**SEMIANNUAL SHAREHOLDER REPORT**

Focused International Growth Fund &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; ![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

---

| | |
|:---|:---|
| **R6 Class (AFCMX)**  | **May 31, 2025** |

---

This semi-annual shareholder report contains important information about Focused International Growth Fund for the period of December 1, 2024 to May 31, 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 | $39 | 0.75% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $131240843 |
| Management Fees (dollars paid during the reporting period) | $217826 |
| Portfolio Turnover Rate | 45% |
| Total Number of Portfolio Holdings | 48 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* |
| Common Stocks | 98.4% | Japan | 15% |
| Short-Term Investments | 3.2% | Germany | 14% |
| Other Assets and Liabilities | (1.6)% | United Kingdom | 14% |
|  |  | France | 11% |
|  |  | Switzerland | 8% |

---

*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](ck0000872825-20250531_g2.jpg)

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

![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

S-25086166

------

**SEMIANNUAL SHAREHOLDER REPORT**

Focused International Growth Fund &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; ![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

---

| | |
|:---|:---|
| **G Class (AFCGX)**  | **May 31, 2025** |

---

This semi-annual shareholder report contains important information about Focused International Growth Fund for the period of December 1, 2024 to May 31, 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 | $1 | 0.01% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $131240843 |
| Management Fees (dollars paid during the reporting period) | $217826 |
| Portfolio Turnover Rate | 45% |
| Total Number of Portfolio Holdings | 48 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* |
| Common Stocks | 98.4% | Japan | 15% |
| Short-Term Investments | 3.2% | Germany | 14% |
| Other Assets and Liabilities | (1.6)% | United Kingdom | 14% |
|  |  | France | 11% |
|  |  | Switzerland | 8% |

---

*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](ck0000872825-20250531_g2.jpg)

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

![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

S-2509A794

------

**SEMIANNUAL SHAREHOLDER REPORT**

Global Small Cap Fund &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; ![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

---

| | |
|:---|:---|
| **Investor Class (AGCVX)**  | **May 31, 2025** |

---

This semi-annual shareholder report contains important information about Global Small Cap Fund for the period of December 1, 2024 to May 31, 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 | 1.11% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $85073036 |
| Management Fees (dollars paid during the reporting period) | $386077 |
| Portfolio Turnover Rate | 71% |
| Total Number of Portfolio Holdings | 148 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* |
| Common Stocks | 100.8% | United States | 49% |
| Exchange-Traded Funds | 0.0% | Canada | 11% |
| Short-Term Investments | 2.2% | Japan | 8% |
| Other Assets and Liabilities | (3.0)% | Germany | 5% |
|  |  | United Kingdom | 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](ck0000872825-20250531_g2.jpg)

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

![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

S-2509A109

------

**SEMIANNUAL SHAREHOLDER REPORT**

Global Small Cap Fund &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; ![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

---

| | |
|:---|:---|
| **I Class (AGCSX)**  | **May 31, 2025** |

---

This semi-annual shareholder report contains important information about Global Small Cap Fund for the period of December 1, 2024 to May 31, 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 | $45 | 0.91% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $85073036 |
| Management Fees (dollars paid during the reporting period) | $386077 |
| Portfolio Turnover Rate | 71% |
| Total Number of Portfolio Holdings | 148 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* |
| Common Stocks | 100.8% | United States | 49% |
| Exchange-Traded Funds | 0.0% | Canada | 11% |
| Short-Term Investments | 2.2% | Japan | 8% |
| Other Assets and Liabilities | (3.0)% | Germany | 5% |
|  |  | United Kingdom | 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](ck0000872825-20250531_g2.jpg)

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

![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

S-2509A208

------

**SEMIANNUAL SHAREHOLDER REPORT**

Global Small Cap Fund &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; ![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

---

| | |
|:---|:---|
| **A Class (AGCLX)**  | **May 31, 2025** |

---

This semi-annual shareholder report contains important information about Global Small Cap Fund for the period of December 1, 2024 to May 31, 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 | $67 | 1.36% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $85073036 |
| Management Fees (dollars paid during the reporting period) | $386077 |
| Portfolio Turnover Rate | 71% |
| Total Number of Portfolio Holdings | 148 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* |
| Common Stocks | 100.8% | United States | 49% |
| Exchange-Traded Funds | 0.0% | Canada | 11% |
| Short-Term Investments | 2.2% | Japan | 8% |
| Other Assets and Liabilities | (3.0)% | Germany | 5% |
|  |  | United Kingdom | 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](ck0000872825-20250531_g2.jpg)

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

![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

S-2509A307

------

**SEMIANNUAL SHAREHOLDER REPORT**

Global Small Cap Fund &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; ![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

---

| | |
|:---|:---|
| **C Class (AGCHX)**  | **May 31, 2025** |

---

This semi-annual shareholder report contains important information about Global Small Cap Fund for the period of December 1, 2024 to May 31, 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 | $103 | 2.11% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $85073036 |
| Management Fees (dollars paid during the reporting period) | $386077 |
| Portfolio Turnover Rate | 71% |
| Total Number of Portfolio Holdings | 148 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* |
| Common Stocks | 100.8% | United States | 49% |
| Exchange-Traded Funds | 0.0% | Canada | 11% |
| Short-Term Investments | 2.2% | Japan | 8% |
| Other Assets and Liabilities | (3.0)% | Germany | 5% |
|  |  | United Kingdom | 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](ck0000872825-20250531_g2.jpg)

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

![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

S-2509A406

------

**SEMIANNUAL SHAREHOLDER REPORT**

Global Small Cap Fund &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; ![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

---

| | |
|:---|:---|
| **R Class (AGCWX)**  | **May 31, 2025** |

---

This semi-annual shareholder report contains important information about Global Small Cap Fund for the period of December 1, 2024 to May 31, 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 | $79 | 1.61% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $85073036 |
| Management Fees (dollars paid during the reporting period) | $386077 |
| Portfolio Turnover Rate | 71% |
| Total Number of Portfolio Holdings | 148 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* |
| Common Stocks | 100.8% | United States | 49% |
| Exchange-Traded Funds | 0.0% | Canada | 11% |
| Short-Term Investments | 2.2% | Japan | 8% |
| Other Assets and Liabilities | (3.0)% | Germany | 5% |
|  |  | United Kingdom | 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](ck0000872825-20250531_g2.jpg)

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

![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

S-2509A505

------

**SEMIANNUAL SHAREHOLDER REPORT**

Global Small Cap Fund &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; ![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

---

| | |
|:---|:---|
| **R6 Class (AGCTX)**  | **May 31, 2025** |

---

This semi-annual shareholder report contains important information about Global Small Cap Fund for the period of December 1, 2024 to May 31, 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 | 0.76% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | **Fund Statistics**  |
| Net Assets | $85073036 |
| Management Fees (dollars paid during the reporting period) | $386077 |
| Portfolio Turnover Rate | 71% |
| Total Number of Portfolio Holdings | 148 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* |
| Common Stocks | 100.8% | United States | 49% |
| Exchange-Traded Funds | 0.0% | Canada | 11% |
| Short-Term Investments | 2.2% | Japan | 8% |
| Other Assets and Liabilities | (3.0)% | Germany | 5% |
|  |  | United Kingdom | 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](ck0000872825-20250531_g2.jpg)

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

![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

S-2509A604

------

**SEMIANNUAL SHAREHOLDER REPORT**

International Growth Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

---

| | |
|:---|:---|
| **Investor Class (TWIEX)**  | **May 31, 2025** |

---

This semi-annual shareholder report contains important information about International Growth Fund for the period of December 1, 2024 to May 31, 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 | $64 | 1.23% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $2716754511 |
| Management Fees (dollars paid during the reporting period) | $7251375 |
| Portfolio Turnover Rate | 31% |
| Total Number of Portfolio Holdings | 96 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* |
| Common Stocks | 99.0% | Japan | 18% |
| Short-Term Investments | 1.1% | United Kingdom | 15% |
| Other Assets and Liabilities | (0.1)% | France | 15% |
|  |  | Germany | 14% |
|  |  | Switzerland | 8% |

---

*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](ck0000872825-20250531_g2.jpg)

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

![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

S-25086109

------

**SEMIANNUAL SHAREHOLDER REPORT**

International Growth Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

---

| | |
|:---|:---|
| **I Class (TGRIX)**  | **May 31, 2025** |

---

This semi-annual shareholder report contains important information about International Growth Fund for the period of December 1, 2024 to May 31, 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 | $54 | 1.03% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $2716754511 |
| Management Fees (dollars paid during the reporting period) | $7251375 |
| Portfolio Turnover Rate | 31% |
| Total Number of Portfolio Holdings | 96 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* |
| Common Stocks | 99.0% | Japan | 18% |
| Short-Term Investments | 1.1% | United Kingdom | 15% |
| Other Assets and Liabilities | (0.1)% | France | 15% |
|  |  | Germany | 14% |
|  |  | Switzerland | 8% |

---

*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](ck0000872825-20250531_g2.jpg)

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

![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

S-25086208

------

**SEMIANNUAL SHAREHOLDER REPORT**

International Growth Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

---

| | |
|:---|:---|
| **Y Class (ATYGX)**  | **May 31, 2025** |

---

This semi-annual shareholder report contains important information about International Growth Fund for the period of December 1, 2024 to May 31, 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 | $46 | 0.88% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $2716754511 |
| Management Fees (dollars paid during the reporting period) | $7251375 |
| Portfolio Turnover Rate | 31% |
| Total Number of Portfolio Holdings | 96 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* |
| Common Stocks | 99.0% | Japan | 18% |
| Short-Term Investments | 1.1% | United Kingdom | 15% |
| Other Assets and Liabilities | (0.1)% | France | 15% |
|  |  | Germany | 14% |
|  |  | Switzerland | 8% |

---

*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](ck0000872825-20250531_g2.jpg)

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

![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

S-2509A703

------

**SEMIANNUAL SHAREHOLDER REPORT**

International Growth Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

---

| | |
|:---|:---|
| **A Class (TWGAX)**  | **May 31, 2025** |

---

This semi-annual shareholder report contains important information about International Growth Fund for the period of December 1, 2024 to May 31, 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 | $77 | 1.48% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $2716754511 |
| Management Fees (dollars paid during the reporting period) | $7251375 |
| Portfolio Turnover Rate | 31% |
| Total Number of Portfolio Holdings | 96 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* |
| Common Stocks | 99.0% | Japan | 18% |
| Short-Term Investments | 1.1% | United Kingdom | 15% |
| Other Assets and Liabilities | (0.1)% | France | 15% |
|  |  | Germany | 14% |
|  |  | Switzerland | 8% |

---

*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](ck0000872825-20250531_g2.jpg)

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

![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

S-25086406

------

**SEMIANNUAL SHAREHOLDER REPORT**

International Growth Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

---

| | |
|:---|:---|
| **C Class (AIWCX)**  | **May 31, 2025** |

---

This semi-annual shareholder report contains important information about International Growth Fund for the period of December 1, 2024 to May 31, 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 | $116 | 2.23% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $2716754511 |
| Management Fees (dollars paid during the reporting period) | $7251375 |
| Portfolio Turnover Rate | 31% |
| Total Number of Portfolio Holdings | 96 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* |
| Common Stocks | 99.0% | Japan | 18% |
| Short-Term Investments | 1.1% | United Kingdom | 15% |
| Other Assets and Liabilities | (0.1)% | France | 15% |
|  |  | Germany | 14% |
|  |  | Switzerland | 8% |

---

*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](ck0000872825-20250531_g2.jpg)

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

![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

S-25086687

------

**SEMIANNUAL SHAREHOLDER REPORT**

International Growth Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

---

| | |
|:---|:---|
| **R Class (ATGRX)**  | **May 31, 2025** |

---

This semi-annual shareholder report contains important information about International Growth Fund for the period of December 1, 2024 to May 31, 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 | $90 | 1.73% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $2716754511 |
| Management Fees (dollars paid during the reporting period) | $7251375 |
| Portfolio Turnover Rate | 31% |
| Total Number of Portfolio Holdings | 96 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* |
| Common Stocks | 99.0% | Japan | 18% |
| Short-Term Investments | 1.1% | United Kingdom | 15% |
| Other Assets and Liabilities | (0.1)% | France | 15% |
|  |  | Germany | 14% |
|  |  | Switzerland | 8% |

---

*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](ck0000872825-20250531_g2.jpg)

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

![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

S-25086646

------

**SEMIANNUAL SHAREHOLDER REPORT**

International Growth Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

---

| | |
|:---|:---|
| **R5 Class (ATGGX)**  | **May 31, 2025** |

---

This semi-annual shareholder report contains important information about International Growth Fund for the period of December 1, 2024 to May 31, 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 | $54 | 1.03% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $2716754511 |
| Management Fees (dollars paid during the reporting period) | $7251375 |
| Portfolio Turnover Rate | 31% |
| Total Number of Portfolio Holdings | 96 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* |
| Common Stocks | 99.0% | Japan | 18% |
| Short-Term Investments | 1.1% | United Kingdom | 15% |
| Other Assets and Liabilities | (0.1)% | France | 15% |
|  |  | Germany | 14% |
|  |  | Switzerland | 8% |

---

*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](ck0000872825-20250531_g2.jpg)

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

![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

S-2509A810

------

**SEMIANNUAL SHAREHOLDER REPORT**

International Growth Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

---

| | |
|:---|:---|
| **R6 Class (ATGDX)**  | **May 31, 2025** |

---

This semi-annual shareholder report contains important information about International Growth Fund for the period of December 1, 2024 to May 31, 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 | $46 | 0.88% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $2716754511 |
| Management Fees (dollars paid during the reporting period) | $7251375 |
| Portfolio Turnover Rate | 31% |
| Total Number of Portfolio Holdings | 96 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* |
| Common Stocks | 99.0% | Japan | 18% |
| Short-Term Investments | 1.1% | United Kingdom | 15% |
| Other Assets and Liabilities | (0.1)% | France | 15% |
|  |  | Germany | 14% |
|  |  | Switzerland | 8% |

---

*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](ck0000872825-20250531_g2.jpg)

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

![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

S-25086398

------

**SEMIANNUAL SHAREHOLDER REPORT**

International Growth Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

---

| | |
|:---|:---|
| **G Class (ACAEX)**  | **May 31, 2025** |

---

This semi-annual shareholder report contains important information about International Growth Fund for the period of December 1, 2024 to May 31, 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 | $2 | 0.03% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $2716754511 |
| Management Fees (dollars paid during the reporting period) | $7251375 |
| Portfolio Turnover Rate | 31% |
| Total Number of Portfolio Holdings | 96 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* |
| Common Stocks | 99.0% | Japan | 18% |
| Short-Term Investments | 1.1% | United Kingdom | 15% |
| Other Assets and Liabilities | (0.1)% | France | 15% |
|  |  | Germany | 14% |
|  |  | Switzerland | 8% |

---

*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](ck0000872825-20250531_g2.jpg)

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

![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

S-2509A737

------

**SEMIANNUAL SHAREHOLDER REPORT**

International Opportunities Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

---

| | |
|:---|:---|
| **Investor Class (AIOIX)**  | **May 31, 2025** |

---

This semi-annual shareholder report contains important information about International Opportunities Fund for the period of December 1, 2024 to May 31, 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 | $76 | 1.46% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $479954347 |
| Management Fees (dollars paid during the reporting period) | $3136543 |
| Portfolio Turnover Rate | 55% |
| Total Number of Portfolio Holdings | 131 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* |
| Common Stocks | 99.6% | Japan | 22% |
| Exchange-Traded Funds | 0.3% | Canada | 11% |
| Short-Term Investments | 2.9% | Germany | 9% |
| Other Assets and Liabilities | (2.8)% | United Kingdom | 8% |
|  |  | India | 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](ck0000872825-20250531_g2.jpg)

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

![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

S-25086745

------

**SEMIANNUAL SHAREHOLDER REPORT**

International Opportunities Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

---

| | |
|:---|:---|
| **I Class (ACIOX)**  | **May 31, 2025** |

---

This semi-annual shareholder report contains important information about International Opportunities Fund for the period of December 1, 2024 to May 31, 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 | $65 | 1.26% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $479954347 |
| Management Fees (dollars paid during the reporting period) | $3136543 |
| Portfolio Turnover Rate | 55% |
| Total Number of Portfolio Holdings | 131 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* |
| Common Stocks | 99.6% | Japan | 22% |
| Exchange-Traded Funds | 0.3% | Canada | 11% |
| Short-Term Investments | 2.9% | Germany | 9% |
| Other Assets and Liabilities | (2.8)% | United Kingdom | 8% |
|  |  | India | 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](ck0000872825-20250531_g2.jpg)

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

![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

S-25086737

------

 **SEMIANNUAL SHAREHOLDER REPORT**

International Opportunities Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

---

| | |
|:---|:---|
| **A Class (AIVOX)**  | **May 31, 2025** |

---

This semi-annual shareholder report contains important information about International Opportunities Fund for the period of December 1, 2024 to May 31, 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 | $89 | 1.71% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $479954347 |
| Management Fees (dollars paid during the reporting period) | $3136543 |
| Portfolio Turnover Rate | 55% |
| Total Number of Portfolio Holdings | 131 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* |
| Common Stocks | 99.6% | Japan | 22% |
| Exchange-Traded Funds | 0.3% | Canada | 11% |
| Short-Term Investments | 2.9% | Germany | 9% |
| Other Assets and Liabilities | (2.8)% | United Kingdom | 8% |
|  |  | India | 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](ck0000872825-20250531_g2.jpg)

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

![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

S-25086455

------

**SEMIANNUAL SHAREHOLDER REPORT**

International Opportunities Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

---

| | |
|:---|:---|
| **C Class (AIOCX)**  | **May 31, 2025** |

---

This semi-annual shareholder report contains important information about International Opportunities Fund for the period of December 1, 2024 to May 31, 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 | $127 | 2.46% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $479954347 |
| Management Fees (dollars paid during the reporting period) | $3136543 |
| Portfolio Turnover Rate | 55% |
| Total Number of Portfolio Holdings | 131 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* |
| Common Stocks | 99.6% | Japan | 22% |
| Exchange-Traded Funds | 0.3% | Canada | 11% |
| Short-Term Investments | 2.9% | Germany | 9% |
| Other Assets and Liabilities | (2.8)% | United Kingdom | 8% |
|  |  | India | 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](ck0000872825-20250531_g2.jpg)

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

![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

S-25086448

------

**SEMIANNUAL SHAREHOLDER REPORT**

International Opportunities Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

---

| | |
|:---|:---|
| **R Class (AIORX)**  | **May 31, 2025** |

---

This semi-annual shareholder report contains important information about International Opportunities Fund for the period of December 1, 2024 to May 31, 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 | $101 | 1.96% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $479954347 |
| Management Fees (dollars paid during the reporting period) | $3136543 |
| Portfolio Turnover Rate | 55% |
| Total Number of Portfolio Holdings | 131 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* |
| Common Stocks | 99.6% | Japan | 22% |
| Exchange-Traded Funds | 0.3% | Canada | 11% |
| Short-Term Investments | 2.9% | Germany | 9% |
| Other Assets and Liabilities | (2.8)% | United Kingdom | 8% |
|  |  | India | 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](ck0000872825-20250531_g2.jpg)

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

![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

S-25086430

------

**SEMIANNUAL SHAREHOLDER REPORT**

International Small-Mid Cap Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

---

| | |
|:---|:---|
| **Investor Class (ANTSX)**  | **May 31, 2025** |

---

This semi-annual shareholder report contains important information about International Small-Mid Cap Fund for the period of December 1, 2024 to May 31, 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 | $73 | 1.41% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $527511245 |
| Management Fees (dollars paid during the reporting period) | $593618 |
| Portfolio Turnover Rate | 66% |
| Total Number of Portfolio Holdings | 125 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* |
| Common Stocks | 99.0% | Japan | 32% |
| Exchange-Traded Funds | 1.8% | Australia | 10% |
| Short-Term Investments | 0.8% | Germany | 10% |
| Other Assets and Liabilities | (1.6)% | United Kingdom | 9% |
|  |  | Switzerland | 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](ck0000872825-20250531_g2.jpg)

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

![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

S-25086323

------

**SEMIANNUAL SHAREHOLDER REPORT**

International Small-Mid Cap Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

---

| | |
|:---|:---|
| **G Class (ANTMX)**  | **May 31, 2025** |

---

This semi-annual shareholder report contains important information about International Small-Mid Cap Fund for the period of December 1, 2024 to May 31, 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 | $1 | 0.01% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $527511245 |
| Management Fees (dollars paid during the reporting period) | $593618 |
| Portfolio Turnover Rate | 66% |
| Total Number of Portfolio Holdings | 125 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* |
| Common Stocks | 99.0% | Japan | 32% |
| Exchange-Traded Funds | 1.8% | Australia | 10% |
| Short-Term Investments | 0.8% | Germany | 10% |
| Other Assets and Liabilities | (1.6)% | United Kingdom | 9% |
|  |  | Switzerland | 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](ck0000872825-20250531_g2.jpg)

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

![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

S-25086315

------

**SEMIANNUAL SHAREHOLDER REPORT**

International Value Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

---

| | |
|:---|:---|
| **Investor Class (ACEVX)**  | **May 31, 2025** |

---

This semi-annual shareholder report contains important information about International Value Fund for the period of December 1, 2024 to May 31, 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 | $62 | 1.13% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $1401821274 |
| Management Fees (dollars paid during the reporting period) | $1266731 |
| Portfolio Turnover Rate | 40% |
| Total Number of Portfolio Holdings | 185 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* |
| Common Stocks | 98.6% | Japan | 20% |
| Short-Term Investments | 1.9% | United Kingdom | 18% |
| Other Assets and Liabilities | (0.5)% | France | 13% |
|  |  | Germany | 9% |
|  |  | Switzerland | 8% |

---

*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](ck0000872825-20250531_g2.jpg)

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

![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

S-25086588

------

**SEMIANNUAL SHAREHOLDER REPORT**

International Value Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

---

| | |
|:---|:---|
| **I Class (ACVUX)**  | **May 31, 2025** |

---

This semi-annual shareholder report contains important information about International Value Fund for the period of December 1, 2024 to May 31, 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 | $51 | 0.93% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $1401821274 |
| Management Fees (dollars paid during the reporting period) | $1266731 |
| Portfolio Turnover Rate | 40% |
| Total Number of Portfolio Holdings | 185 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* |
| Common Stocks | 98.6% | Japan | 20% |
| Short-Term Investments | 1.9% | United Kingdom | 18% |
| Other Assets and Liabilities | (0.5)% | France | 13% |
|  |  | Germany | 9% |
|  |  | Switzerland | 8% |

---

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

*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](ck0000872825-20250531_g2.jpg)

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

![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

S-25086570

------

**SEMIANNUAL SHAREHOLDER REPORT**

International Value Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

---

| | |
|:---|:---|
| **A Class (MEQAX)**  | **May 31, 2025** |

---

This semi-annual shareholder report contains important information about International Value Fund for the period of December 1, 2024 to May 31, 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 | $76 | 1.38% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $1401821274 |
| Management Fees (dollars paid during the reporting period) | $1266731 |
| Portfolio Turnover Rate | 40% |
| Total Number of Portfolio Holdings | 185 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* |
| Common Stocks | 98.6% | Japan | 20% |
| Short-Term Investments | 1.9% | United Kingdom | 18% |
| Other Assets and Liabilities | (0.5)% | France | 13% |
|  |  | Germany | 9% |
|  |  | Switzerland | 8% |

---

*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](ck0000872825-20250531_g2.jpg)

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

![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

S-25086562

------

**SEMIANNUAL SHAREHOLDER REPORT**

International Value Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

---

| | |
|:---|:---|
| **C Class (ACCOX)**  | **May 31, 2025** |

---

This semi-annual shareholder report contains important information about International Value Fund for the period of December 1, 2024 to May 31, 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 | $117 | 2.13% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $1401821274 |
| Management Fees (dollars paid during the reporting period) | $1266731 |
| Portfolio Turnover Rate | 40% |
| Total Number of Portfolio Holdings | 185 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* |
| Common Stocks | 98.6% | Japan | 20% |
| Short-Term Investments | 1.9% | United Kingdom | 18% |
| Other Assets and Liabilities | (0.5)% | France | 13% |
|  |  | Germany | 9% |
|  |  | Switzerland | 8% |

---

*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](ck0000872825-20250531_g2.jpg)

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

![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

S-25086547

------

**SEMIANNUAL SHAREHOLDER REPORT**

International Value Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

---

| | |
|:---|:---|
| **R Class (ACVRX)**  | **May 31, 2025** |

---

This semi-annual shareholder report contains important information about International Value Fund for the period of December 1, 2024 to May 31, 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 | $89 | 1.63% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $1401821274 |
| Management Fees (dollars paid during the reporting period) | $1266731 |
| Portfolio Turnover Rate | 40% |
| Total Number of Portfolio Holdings | 185 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* |
| Common Stocks | 98.6% | Japan | 20% |
| Short-Term Investments | 1.9% | United Kingdom | 18% |
| Other Assets and Liabilities | (0.5)% | France | 13% |
|  |  | Germany | 9% |
|  |  | Switzerland | 8% |

---

*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](ck0000872825-20250531_g2.jpg)

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

![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

S-25086539

------

**SEMIANNUAL SHAREHOLDER REPORT**

International Value Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

---

| | |
|:---|:---|
| **R6 Class (ACVDX)**  | **May 31, 2025** |

---

This semi-annual shareholder report contains important information about International Value Fund for the period of December 1, 2024 to May 31, 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 | $43 | 0.78% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $1401821274 |
| Management Fees (dollars paid during the reporting period) | $1266731 |
| Portfolio Turnover Rate | 40% |
| Total Number of Portfolio Holdings | 185 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* |
| Common Stocks | 98.6% | Japan | 20% |
| Short-Term Investments | 1.9% | United Kingdom | 18% |
| Other Assets and Liabilities | (0.5)% | France | 13% |
|  |  | Germany | 9% |
|  |  | Switzerland | 8% |

---

*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](ck0000872825-20250531_g2.jpg)

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

![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

S-25086380

------

**SEMIANNUAL SHAREHOLDER REPORT**

International Value Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

---

| | |
|:---|:---|
| **G Class (ACAFX)**  | **May 31, 2025** |

---

This semi-annual shareholder report contains important information about International Value Fund for the period of December 1, 2024 to May 31, 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 | $2 | 0.03% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $1401821274 |
| Management Fees (dollars paid during the reporting period) | $1266731 |
| Portfolio Turnover Rate | 40% |
| Total Number of Portfolio Holdings | 185 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* |
| Common Stocks | 98.6% | Japan | 20% |
| Short-Term Investments | 1.9% | United Kingdom | 18% |
| Other Assets and Liabilities | (0.5)% | France | 13% |
|  |  | Germany | 9% |
|  |  | Switzerland | 8% |

---

*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](ck0000872825-20250531_g2.jpg)

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

![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

S-2509A745

------

**SEMIANNUAL SHAREHOLDER REPORT**

Non-U.S. Intrinsic Value Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

---

| | |
|:---|:---|
| **Investor Class (ANTUX)**  | **May 31, 2025** |

---

This semi-annual shareholder report contains important information about Non-U.S. Intrinsic Value Fund for the period of December 1, 2024 to May 31, 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 | $65 | 1.20% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $568668032 |
| Management Fees (dollars paid during the reporting period) | $602905 |
| Portfolio Turnover Rate | 42% |
| 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 Countries** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* |
| Common Stocks | 97.8% | United Kingdom | 28% |
| Short-Term Investments | 2.2% | France | 19% |
| Other Assets and Liabilities | 0.0% | South Korea | 14% |
|  |  | Germany | 11% |
|  |  | Netherlands | 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](ck0000872825-20250531_g2.jpg)

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

![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

S-25086158

------

**SEMIANNUAL SHAREHOLDER REPORT**

Non-U.S. Intrinsic Value Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

---

| | |
|:---|:---|
| **I Class (ANVHX)**  | **May 31, 2025** |

---

This semi-annual shareholder report contains important information about Non-U.S. Intrinsic Value Fund for the period of December 1, 2024 to May 31, 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 | $54 | 1.00% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $568668032 |
| Management Fees (dollars paid during the reporting period) | $602905 |
| Portfolio Turnover Rate | 42% |
| 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 Countries** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* |
| Common Stocks | 97.8% | United Kingdom | 28% |
| Short-Term Investments | 2.2% | France | 19% |
| Other Assets and Liabilities | 0.0% | South Korea | 14% |
|  |  | Germany | 11% |
|  |  | Netherlands | 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](ck0000872825-20250531_g2.jpg)

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

![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

S-2509A786

------

**SEMIANNUAL SHAREHOLDER REPORT**

Non-U.S. Intrinsic Value Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

---

| | |
|:---|:---|
| **A Class (ANVLX)**  | **May 31, 2025** |

---

This semi-annual shareholder report contains important information about Non-U.S. Intrinsic Value Fund for the period of December 1, 2024 to May 31, 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 | $78 | 1.45% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $568668032 |
| Management Fees (dollars paid during the reporting period) | $602905 |
| Portfolio Turnover Rate | 42% |
| 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 Countries** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* |
| Common Stocks | 97.8% | United Kingdom | 28% |
| Short-Term Investments | 2.2% | France | 19% |
| Other Assets and Liabilities | 0.0% | South Korea | 14% |
|  |  | Germany | 11% |
|  |  | Netherlands | 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](ck0000872825-20250531_g2.jpg)

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

![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

S-2509A778

------

**SEMIANNUAL SHAREHOLDER REPORT**

Non-U.S. Intrinsic Value Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

---

| | |
|:---|:---|
| **R Class (ANVRX)**  | **May 31, 2025** |

---

This semi-annual shareholder report contains important information about Non-U.S. Intrinsic Value Fund for the period of December 1, 2024 to May 31, 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 | $92 | 1.70% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $568668032 |
| Management Fees (dollars paid during the reporting period) | $602905 |
| Portfolio Turnover Rate | 42% |
| 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 Countries** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* |
| Common Stocks | 97.8% | United Kingdom | 28% |
| Short-Term Investments | 2.2% | France | 19% |
| Other Assets and Liabilities | 0.0% | South Korea | 14% |
|  |  | Germany | 11% |
|  |  | Netherlands | 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](ck0000872825-20250531_g2.jpg)

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

![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

S-2509A760

------

**SEMIANNUAL SHAREHOLDER REPORT**

Non-U.S. Intrinsic Value Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

---

| | |
|:---|:---|
| **R6 Class (ANVMX)**  | **May 31, 2025** |

---

This semi-annual shareholder report contains important information about Non-U.S. Intrinsic Value Fund for the period of December 1, 2024 to May 31, 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 | $46 | 0.85% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $568668032 |
| Management Fees (dollars paid during the reporting period) | $602905 |
| Portfolio Turnover Rate | 42% |
| 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 Countries** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* |
| Common Stocks | 97.8% | United Kingdom | 28% |
| Short-Term Investments | 2.2% | France | 19% |
| Other Assets and Liabilities | 0.0% | South Korea | 14% |
|  |  | Germany | 11% |
|  |  | Netherlands | 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](ck0000872825-20250531_g2.jpg)

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

![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

S-2509A752

------

**SEMIANNUAL SHAREHOLDER REPORT**

Non-U.S. Intrinsic Value Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

---

| | |
|:---|:---|
| **G Class (ANTGX)**  | **May 31, 2025** |

---

This semi-annual shareholder report contains important information about Non-U.S. Intrinsic Value Fund for the period of December 1, 2024 to May 31, 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 | $3 | 0.05% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $568668032 |
| Management Fees (dollars paid during the reporting period) | $602905 |
| Portfolio Turnover Rate | 42% |
| 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 Countries** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* |
| Common Stocks | 97.8% | United Kingdom | 28% |
| Short-Term Investments | 2.2% | France | 19% |
| Other Assets and Liabilities | 0.0% | South Korea | 14% |
|  |  | Germany | 11% |
|  |  | Netherlands | 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](ck0000872825-20250531_g2.jpg)

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

![ACI logo.jpg](ck0000872825-20250531_g1.jpg)

S-25086141

------

(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;

![acihorizblkd50.jpg](ck0000872825-20250531_g3.jpg)

---

| |
|:---|
| Semiannual Financial Statements and Other Information |
| May 31, 2025 |
| Emerging Markets Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class (TWMIX) |
| &nbsp;&nbsp;&nbsp;&nbsp;I Class (AMKIX) |
| &nbsp;&nbsp;&nbsp;&nbsp;Y Class (AEYMX) |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class (AEMMX) |
| &nbsp;&nbsp;&nbsp;&nbsp;C Class (ACECX) |
| &nbsp;&nbsp;&nbsp;&nbsp;R Class (AEMRX) |
| &nbsp;&nbsp;&nbsp;&nbsp;R5 Class (AEGMX) |
| &nbsp;&nbsp;&nbsp;&nbsp;R6 Class (AEDMX) |
| &nbsp;&nbsp;&nbsp;&nbsp;G Class (ACADX) |

---

------

**Table of Contents**

---

| | |
|:---|:---|
| Schedule of Investments | [2](#iba8ebcbf125644f083983e7b3e673bc1_31) |
| Statement of Assets and Liabilities | [5](#iba8ebcbf125644f083983e7b3e673bc1_37) |
| Statement of Operations | [6](#iba8ebcbf125644f083983e7b3e673bc1_40) |
| Statement of Changes in Net Assets | [7](#iba8ebcbf125644f083983e7b3e673bc1_43) |
| Notes to Financial Statements | [8](#iba8ebcbf125644f083983e7b3e673bc1_46) |
| Financial Highlights | [13](#iba8ebcbf125644f083983e7b3e673bc1_49) |

---

------

Schedule of Investments

**MAY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| <br>**COMMON STOCKS — 99.0%** | **Shares**<br> | **Value**<br> |
| **Brazil — 5.9%** |  |  |
| Banco BTG Pactual SA | 2130500 | $14728555 |
| Cia de Saneamento Basico do Estado de Sao Paulo SABESP, ADR<sup>(1)</sup> | 1116084 | 22924365 |
| Embraer SA, ADR | 609561 | 28033711 |
| NU Holdings Ltd., Class A<sup>(2)</sup> | 1536133 | 18448957 |
| PRIO SA<sup>(2)</sup> | 1519500 | 10424894 |
| WEG SA | 1132800 | 8407616 |
|  |  | 102968098 |
| **Chile — 0.5%** |  |  |
| Falabella SA | 1749284 | 8430641 |
| **China — 28.1%** |  |  |
| Alibaba Group Holding Ltd., ADR | 380135 | 43274568 |
| BYD Co. Ltd., H Shares | 489000 | 24302327 |
| China Construction Bank Corp., H Shares | 52342000 | 46797757 |
| China State Construction International Holdings Ltd. | 13168000 | 18522441 |
| Contemporary Amperex Technology Co. Ltd., Class A | 443060 | 15279230 |
| Henan Pinggao Electric Co. Ltd., Class A | 4019320 | 8550650 |
| Industrial & Commercial Bank of China Ltd., H Shares | 30304740 | 21979229 |
| Kweichow Moutai Co. Ltd., A Shares | 63610 | 13373122 |
| Meituan, Class B<sup>(2)</sup> | 486740 | 8417994 |
| NetEase, Inc. | 1733600 | 41915403 |
| Ningbo Orient Wires & Cables Co. Ltd., Class A | 1465100 | 9671117 |
| Ping An Insurance Group Co. of China Ltd., H Shares | 4465000 | 26078196 |
| Tencent Holdings Ltd. | 1783200 | 112417604 |
| Trip.com Group Ltd. | 634100 | 39669401 |
| Xiaomi Corp., Class B<sup>(2)</sup> | 8852200 | 56981666 |
|  |  | 487230705 |
| **Greece — 0.7%** |  |  |
| Piraeus Financial Holdings SA | 1704027 | 11352004 |
| **Hungary — 1.3%** |  |  |
| OTP Bank Nyrt | 294968 | 22375183 |
| **India — 19.2%** |  |  |
| Apollo Hospitals Enterprise Ltd. | 323492 | 26051809 |
| Bharti Airtel Ltd. | 1806099 | 39236505 |
| DLF Ltd. | 2232183 | 20844731 |
| Godrej Consumer Products Ltd. | 710547 | 10235664 |
| HDFC Bank Ltd.<sup>(2)</sup> | 1912142 | 43635169 |
| ICICI Bank Ltd., ADR | 1556538 | 53295861 |
| Indian Hotels Co. Ltd. | 1008357 | 9084029 |
| Infosys Ltd., ADR<sup>(1)</sup> | 691323 | 12575165 |
| InterGlobe Aviation Ltd.<sup>(2)</sup> | 360497 | 22499870 |
| Mahindra & Mahindra Ltd. | 443444 | 15444632 |
| MakeMyTrip Ltd.<sup>(2)</sup> | 167738 | 17047213 |
| Reliance Industries Ltd. | 1888450 | 31408939 |
| Sun Pharmaceutical Industries Ltd. | 1109265 | 21776946 |
| Varun Beverages Ltd. | 1630640 | 9088020 |
|  |  | 332224553 |
| **Malaysia — 0.8%** |  |  |
| CIMB Group Holdings Bhd.<sup>(1)</sup> | 8811909 | 14354069 |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Mexico — 2.1%** |  |  |
| Cemex SAB de CV, ADR | 1575956 | $10795298 |
| Fomento Economico Mexicano SAB de CV, ADR | 138496 | 14753979 |
| Grupo Aeroportuario del Pacifico SAB de CV, ADR | 46853 | 10763540 |
|  |  | 36312817 |
| **Peru — 1.4%** |  |  |
| Credicorp Ltd. | 116764 | 24731783 |
| **Philippines — 0.8%** |  |  |
| BDO Unibank, Inc. | 4988063 | 14403159 |
| **Poland — 1.0%** |  |  |
| Powszechna Kasa Oszczednosci Bank Polski SA | 888174 | 17870244 |
| **Russia**<sup>(3)</sup> **— 0.0%** |  |  |
| Novatek PJSC | 1100400 | 1 |
| **Saudi Arabia — 3.0%** |  |  |
| Al Rajhi Bank | 1049257 | 25450891 |
| Alinma Bank | 1250701 | 8615673 |
| Elm Co. | 33621 | 9186836 |
| Saudi Arabian Oil Co. | 1197302 | 7970564 |
|  |  | 51223964 |
| **Singapore — 1.0%** |  |  |
| Sea Ltd., ADR<sup>(2)</sup> | 102415 | 16424294 |
| **South Africa — 2.9%** |  |  |
| Capitec Bank Holdings Ltd. | 141480 | 27110779 |
| Naspers Ltd., N Shares | 46266 | 13293944 |
| Shoprite Holdings Ltd. | 604712 | 9827314 |
|  |  | 50232037 |
| **South Korea — 8.1%** |  |  |
| HD Hyundai Electric Co. Ltd. | 37569 | 10286256 |
| HYBE Co. Ltd.<sup>(2)</sup> | 43153 | 8322626 |
| Hyundai Rotem Co. Ltd. | 197918 | 20948980 |
| KB Financial Group, Inc. | 353100 | 26568609 |
| Korea Aerospace Industries Ltd. | 218704 | 13249494 |
| Samsung Electronics Co. Ltd. | 958411 | 38890102 |
| SK Hynix, Inc. | 153495 | 22642216 |
|  |  | 140908283 |
| **Taiwan — 16.3%** |  |  |
| Airtac International Group | 287000 | 8806595 |
| Delta Electronics, Inc. | 1358000 | 16687621 |
| E.Sun Financial Holding Co. Ltd. | 22330286 | 22085382 |
| Elite Material Co. Ltd. | 590000 | 14492203 |
| Gold Circuit Electronics Ltd. | 1738000 | 14788736 |
| MediaTek, Inc. | 526000 | 21596818 |
| Quanta Computer, Inc.<sup>(1)(2)</sup> | 1081000 | 9562964 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 5487713 | 175025181 |
|  |  | 283045500 |
| **Thailand — 0.9%** |  |  |
| CP ALL PCL | 5004500 | 7152665 |
| Minor International PCL | 11646600 | 8873989 |
|  |  | 16026654 |
| **Turkey — 0.7%** |  |  |
| BIM Birlesik Magazalar AS<sup>(1)</sup> | 1008619 | 12251028 |
| **United Arab Emirates — 3.2%** |  |  |
| Abu Dhabi Islamic Bank PJSC | 3071336 | 16032804 |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Emaar Properties PJSC | 10763408 | $38543257 |
|  |  | 54576061 |
| **United States — 1.1%** |  |  |
| MercadoLibre, Inc.<sup>(2)</sup> | 7690 | 19711700 |
| **TOTAL COMMON STOCKS**<br>(Cost $1,102,620,717) |  | **1716652778** |
| **SHORT-TERM INVESTMENTS — 1.6%** |  |  |
| **Money Market Funds — 0.7%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 35294 | 35294 |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(4)</sup> | 13130707 | 13130707 |
|  |  | 13166001 |
| **Repurchase Agreements — 0.9%** |  |  |
| BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 4.25%, 1/31/30, valued at $1,832,515), in a joint trading account at 4.30%, dated 5/30/25, due 6/2/25 (Delivery value $1,797,748) |  | 1797104 |
| Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 2.75%, 7/31/27, valued at $13,385,542), at 4.32%, dated 5/30/25, due 6/2/25 (Delivery value $13,127,724) |  | 13123000 |
|  |  | 14920104 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $28,086,105) |  | **28086105** |
| **TOTAL INVESTMENT SECURITIES — 100.6%**<br>(Cost $1,130,706,822) |  | **1744738883** |
| **OTHER ASSETS AND LIABILITIES — (0.6)%** |  | **(10632830)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**1734106053** |

---

---

| | |
|:---|:---|
| **MARKET SECTOR DIVERSIFICATION** | **MARKET SECTOR DIVERSIFICATION** |
| **(as a % of net assets)** | |
| Financials | 26.3% |
| Information Technology | 22.6% |
| Communication Services | 12.6% |
| Consumer Discretionary | 12.0% |
| Industrials | 10.1% |
| Consumer Staples | 4.4% |
| Real Estate | 3.4% |
| Energy | 2.9% |
| Health Care | 2.8% |
| Utilities | 1.3% |
| Materials | 0.6% |
| Short-Term Investments | 1.6% |
| Other Assets and Liabilities | (0.6)% |

---

---

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

---

(1)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $37,686,078. 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.

(2)Non-income producing.

(3)Securities may be subject to resale, redemption or transferability restrictions.

(4)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $39,605,656, which includes securities collateral of $26,474,949.

See Notes to Financial Statements.

------

Statement of Assets and Liabilities

---

| | |
|:---|:---|
| **MAY 31, 2025 (UNAUDITED)** | |
| **Assets** | |
| Investment securities, at value (cost of $1,117,576,115) — including $37,686,078 of securities on loan | $1731608176 |
| Investment made with cash collateral received for securities on loan, at value (cost of $13,130,707) | 13130707 |
| Total investment securities, at value (cost of $1,130,706,822) | 1744738883 |
| Cash | 609398 |
| Foreign currency holdings, at value (cost of $1,131,067) | 1131162 |
| Receivable for investments sold | 23372573 |
| Receivable for capital shares sold  | 883597 |
| Dividends and interest receivable  | 3563351 |
| Securities lending receivable | 14462 |
| Other assets | 195311 |
|  | 1774508737 |
| **Liabilities** |  |
| Payable for collateral received for securities on loan | 13130707 |
| Payable for investments purchased | 13730314 |
| Payable for capital shares redeemed  | 6954423 |
| Accrued management fees  | 933845 |
| Distribution and service fees payable | 13622 |
| Accrued foreign taxes | 5639773 |
|  | 40402684 |
| **Net Assets** | $1734106053 |
| **Net Assets Consist of:** |  |
| Capital (par value and paid-in surplus) | $1875502261 |
| Distributable earnings (loss) | (141396208) |
|  | $1734106053 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Net Assets** | **Shares Outstanding** | **Net Asset Value Per Share\*** |
| Investor Class, $0.01 Par Value | $302962787 | 25894271 | $11.70 |
| I Class, $0.01 Par Value | $422549331 | 35157404 | $12.02 |
| Y Class, $0.01 Par Value | $51421011 | 4270360 | $12.04 |
| A Class, $0.01 Par Value | $35081595 | 3114243 | $11.26 |
| C Class, $0.01 Par Value | $4429444 | 437715 | $10.12 |
| R Class, $0.01 Par Value | $5919107 | 523115 | $11.32 |
| R5 Class, $0.01 Par Value | $936708 | 77873 | $12.03 |
| R6 Class, $0.01 Par Value | $187975255 | 15636399 | $12.02 |
| G Class, $0.01 Par Value | $722830815 | 59649015 | $12.12 |

---

\*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 $11.95 (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 MAY 31, 2025 (UNAUDITED)** | |
| **Investment Income (Loss)** | |
| **Income:** | |
| Dividends (net of foreign taxes withheld of $1,833,122) | $20838736 |
| Interest | 295615 |
| Securities lending, net | 74463 |
|  | 21208814 |
| **Expenses:** |  |
| Management fees | 8728952 |
| Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class | 43155 |
| &nbsp;&nbsp;&nbsp;&nbsp;C Class | 25425 |
| &nbsp;&nbsp;&nbsp;&nbsp;R Class | 13215 |
| Directors' fees and expenses  | 25155 |
| Other expenses | 74622 |
|  | 8910524 |
| Fees waived - G Class | (3322558) |
|  | 5587966 |
| **Net investment income (loss)** | 15620848 |
| **Realized and Unrealized Gain (Loss)** |  |
| **Net realized gain (loss) on:** |  |
| Investment transactions (net of foreign tax expenses paid (refunded) of $2,860,571)  | 41691918 |
| Foreign currency translation transactions  | (706314) |
|  | 40985604 |
| **Change in net unrealized appreciation (depreciation) on:** |  |
| Investments (includes (increase) decrease in accrued foreign taxes of $3,858,543) | 44354374 |
| Translation of assets and liabilities in foreign currencies | (17344) |
|  | 44337030 |
| **Net realized and unrealized gain (loss)** | 85322634 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $100943482 |

---

See Notes to Financial Statements.

------

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| **SIX MONTHS ENDED MAY 31, 2025 (UNAUDITED) AND YEAR ENDED NOVEMBER 30, 2024** | **SIX MONTHS ENDED MAY 31, 2025 (UNAUDITED) AND YEAR ENDED NOVEMBER 30, 2024** | **SIX MONTHS ENDED MAY 31, 2025 (UNAUDITED) AND YEAR ENDED NOVEMBER 30, 2024** |
| **Increase (Decrease) in Net Assets** | **May 31, 2025** | **November 30, 2024** |
| **Operations** | | |
| Net investment income (loss) | $15620848 | $27732246 |
| Net realized gain (loss) | 40985604 | 77722180 |
| Change in net unrealized appreciation (depreciation) | 44337030 | 203056348 |
| Net increase (decrease) in net assets resulting from operations | 100943482 | 308510774 |
| **Distributions to Shareholders** |  |  |
| From earnings: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (2132926) | (4361760) |
| &nbsp;&nbsp;&nbsp;&nbsp;I Class | (3774372) | (7257740) |
| &nbsp;&nbsp;&nbsp;&nbsp;Y Class | (408137) | (551472) |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class | (166637) | (430427) |
| &nbsp;&nbsp;&nbsp;&nbsp;C Class |  | (32481) |
| &nbsp;&nbsp;&nbsp;&nbsp;R Class | (11055) | (44517) |
| &nbsp;&nbsp;&nbsp;&nbsp;R5 Class | (7653) | (139050) |
| &nbsp;&nbsp;&nbsp;&nbsp;R6 Class | (2082642) | (7344369) |
| &nbsp;&nbsp;&nbsp;&nbsp;G Class | (15046799) | (18625613) |
| Decrease in net assets from distributions | (23630221) | (38787429) |
| **Capital Share Transactions** |  |  |
| Net increase (decrease) in net assets from capital share transactions (Note 5) | (128487464) | (619744143) |
| **Net increase (decrease) in net assets** | (51174203) | (350020798) |
| **Net Assets** |  |  |
| Beginning of period | 1785280256 | 2135301054 |
| End of period | $1734106053 | $1785280256 |

---

See Notes to Financial Statements.

------

Notes to Financial Statements

**MAY 31, 2025 (UNAUDITED)**

**1. Organization**

American Century World 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. Emerging Markets Fund (the fund) is one fund in a series issued by the corporation. The fund's investment objective is to seek 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.

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. Certain countries impose taxes on realized gains on the sale of securities registered in their country. The

------

fund records the foreign tax expense, if any, on an accrual basis. The foreign tax expense on realized gains and unrealized appreciation reduces the net realized gain (loss) on investment transactions and net unrealized appreciation (depreciation) on investments, respectively.

**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 make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code, in all events in a manner consistent with provisions of the 1940 Act.

**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 May 31, 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> |  |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | $13130707 |  |  |  | $13130707 |
| 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 | $13130707 |

---

(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, 26% 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 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** |
| 1.25% | 1.05% | 0.90% | 1.25% | 1.25% | 1.25% | 1.05% | 0.90% | &nbsp;&nbsp;0.00%<sup>(1)</sup> |

---

(1)Annual management fee before waiver was 0.90%.

**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 May 31, 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 May 31, 2025 were $506,039,086 and $651,278,830, respectively.

------

**5. Capital Share Transactions** 

Transactions in shares of the fund were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six months ended<br>May 31, 2025** | **Six months ended<br>May 31, 2025** | **Year ended<br>November 30, 2024** | **Year ended<br>November 30, 2024** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| **Investor Class/Shares Authorized** | 1000000000 |  | 1000000000 |  |
| Sold | 3194771 | $36201381 | 3660264 | $36838013 |
| Issued in reinvestment of distributions | 183120 | 2071087 | 432357 | 4258569 |
| Redeemed | (2335334) | (26551152) | (10460426) | (113479624) |
|  | 1042557 | 11721316 | (6367805) | (72383042) |
| **I Class/Shares Authorized** | 1400000000 |  | 1400000000 |  |
| Sold | 3340147 | 38793829 | 8130675 | 89099436 |
| Issued in reinvestment of distributions | 298079 | 3457720 | 653946 | 6611393 |
| Redeemed | (5906331) | (68290256) | (21694114) | (232804755) |
|  | (2268105) | (26038707) | (12909493) | (137093926) |
| **Y Class/Shares Authorized** | 40000000 |  | 40000000 |  |
| Sold | 1270771 | 14906014 | 1156322 | 12492861 |
| Issued in reinvestment of distributions | 33897 | 393882 | 53344 | 539843 |
| Redeemed | (521432) | (6037020) | (1009372) | (11456288) |
|  | 783236 | 9262876 | 200294 | 1576416 |
| **A Class/Shares Authorized** | 100000000 |  | 100000000 |  |
| Sold | 304140 | 3307710 | 688795 | 7079984 |
| Issued in reinvestment of distributions | 11559 | 125998 | 31114 | 295580 |
| Redeemed | (572083) | (6215212) | (1444371) | (14631829) |
|  | (256384) | (2781504) | (724462) | (7256265) |
| **C Class/Shares Authorized** | 45000000 |  | 45000000 |  |
| Sold | 11016 | 107027 | 60629 | 548210 |
| Issued in reinvestment of distributions |  |  | 3353 | 28771 |
| Redeemed | (170639) | (1667323) | (521969) | (4811270) |
|  | (159623) | (1560296) | (457987) | (4234289) |
| **R Class/Shares Authorized** | 25000000 |  | 25000000 |  |
| Sold | 106933 | 1192776 | 154960 | 1615180 |
| Issued in reinvestment of distributions | 1009 | 11055 | 4661 | 44514 |
| Redeemed | (99842) | (1085864) | (205872) | (2145508) |
|  | 8100 | 117967 | (46251) | (485814) |
| **R5 Class/Shares Authorized** | 25000000 |  | 25000000 |  |
| Sold | 10615 | 122391 | 60169 | 642294 |
| Issued in reinvestment of distributions | 603 | 7000 | 13723 | 138877 |
| Redeemed | (8006) | (91752) | (916584) | (9818615) |
|  | 3212 | 37639 | (842692) | (9037444) |
| **R6 Class/Shares Authorized** | 750000000 |  | 750000000 |  |
| Sold | 2043848 | 23492442 | 7573473 | 81687250 |
| Issued in reinvestment of distributions | 169716 | 1968700 | 709900 | 7177086 |
| Redeemed | (4487346) | (51898748) | (36075619) | (389770830) |
|  | (2273782) | (26437606) | (27792246) | (300906494) |
| **G Class/Shares Authorized** | 750000000 |  | 750000000 |  |
| Sold | 2707088 | 31666038 | 10683295 | 119196673 |
| Issued in reinvestment of distributions | 1292680 | 15046799 | 1836846 | 18625613 |
| Redeemed | (11915288) | (139521986) | (20061171) | (227745571) |
|  | (7915520) | (92809149) | (7541030) | (89923285) |
| Net increase (decrease) | (11036309) | $(128487464) | (56481672) | $(619744143) |

---

------

**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 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Brazil | $69407033 | $33561065 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;China | 43274568 | 443956137 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;India | 82918239 | 249306314 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mexico | 36312817 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Peru | 24731783 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Singapore | 16424294 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;United States | 19711700 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Countries |  | 697048828 |  |
| Short-Term Investments | 13166001 | 14920104 |  |
|  | $305946435 | $1438792448 |  |

---

**7. 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.

There are certain risks involved in investing in foreign securities. These risks include those resulting from political events (such as civil unrest, national elections and imposition of exchange controls), social and economic events (such as labor strikes and rising inflation), and natural disasters. Securities of foreign issuers may be less liquid and more volatile. Investing in emerging markets or a significant portion of assets in one country or region may accentuate these risks.

**8. 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 | $1134158643 |
| Gross tax appreciation of investments | $634867954 |
| Gross tax depreciation of investments | (24287714) |
| Net tax appreciation (depreciation) of investments | $610580240 |

---

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 November 30, 2024, the fund had accumulated short-term capital losses of $(683,198,842) and accumulated long-term capital losses of $(107,561,863), 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 November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | | | |
| **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** | | |
| | | **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>**:** | | |
| | **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<br>Net<br>Investment<br>Income** | **Net Asset<br>Value,<br>End<br>of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating<br>Expenses<br>(before<br>expense<br>waiver)** | **Net<br>Investment<br>Income<br>(Loss)<br>(before<br>expense<br>waiver)** | **Portfolio<br>Turnover<br>Rate** | **Net<br>Assets,<br>End of<br>Period<br>(in thousands)** |
| **Investor Class** | **Investor Class** | **Investor Class** | | | | | | | | | |
| 2025<sup>(3)</sup> | $11.15 | 0.07 | 0.56 | 0.63 | (0.08) | $11.70 | 5.75% | 1.26% | 1.18% | 29% | $302963 |
| 2024 | $9.80 | 0.09 | 1.39 | 1.48 | (0.13) | $11.15 | 15.29% | 1.27% | 0.79% | 29% | $277170 |
| 2023 | $10.04 | 0.10 | (0.13) | (0.03) | (0.21) | $9.80 | (0.22)% | 1.27% | 1.05% | 29% | $305994 |
| 2022 | $13.67 | 0.09 | (3.61) | (3.52) | (0.11) | $10.04 | (25.84)% | 1.26% | 0.84% | 52% | $368506 |
| 2021 | $13.62 | 0.05 | 0.08 | 0.13 | (0.08) | $13.67 | 0.91% | 1.25% | 0.36% | 35% | $554001 |
| 2020 | $11.25 | 0.04 | 2.48 | 2.52 | (0.15) | $13.62 | 22.79% | 1.26% | 0.33% | 30% | $582036 |
| **I Class** | **I Class** | **I Class** |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $11.47 | 0.08 | 0.57 | 0.65 | (0.10) | $12.02 | 5.71% | 1.06% | 1.38% | 29% | $422549 |
| 2024 | $10.07 | 0.11 | 1.44 | 1.55 | (0.15) | $11.47 | 15.60% | 1.07% | 0.99% | 29% | $429153 |
| 2023 | $10.30 | 0.13 | (0.13) |  | (0.23) | $10.07 | 0.02% | 1.07% | 1.25% | 29% | $507013 |
| 2022 | $14.02 | 0.11 | (3.70) | (3.59) | (0.13) | $10.30 | (25.69)% | 1.06% | 1.04% | 52% | $828883 |
| 2021 | $13.97 | 0.09 | 0.07 | 0.16 | (0.11) | $14.02 | 1.09% | 1.05% | 0.56% | 35% | $1661545 |
| 2020 | $11.56 | 0.06 | 2.54 | 2.60 | (0.19) | $13.97 | 22.94% | 1.06% | 0.53% | 30% | $1534445 |
| **Y Class** | **Y Class** | **Y Class** |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $11.50 | 0.09 | 0.57 | 0.66 | (0.12) | $12.04 | 5.85% | 0.91% | 1.53% | 29% | $51421 |
| 2024 | $10.10 | 0.13 | 1.44 | 1.57 | (0.17) | $11.50 | 15.72% | 0.92% | 1.14% | 29% | $40090 |
| 2023 | $10.32 | 0.13 | (0.11) | 0.02 | (0.24) | $10.10 | 0.23% | 0.92% | 1.40% | 29% | $33189 |
| 2022 | $14.05 | 0.13 | (3.71) | (3.58) | (0.15) | $10.32 | (25.60)% | 0.91% | 1.19% | 52% | $37909 |
| 2021 | $14.00 | 0.10 | 0.08 | 0.18 | (0.13) | $14.05 | 1.24% | 0.90% | 0.71% | 35% | $39377 |
| 2020 | $11.60 | 0.08 | 2.54 | 2.62 | (0.22) | $14.00 | 23.09% | 0.91% | 0.68% | 30% | $30169 |
| **A Class** | **A Class** | **A Class** |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $10.73 | 0.05 | 0.53 | 0.58 | (0.05) | $11.26 | 5.52% | 1.51% | 0.93% | 29% | $35082 |
| 2024 | $9.43 | 0.06 | 1.35 | 1.41 | (0.11) | $10.73 | 15.06% | 1.52% | 0.54% | 29% | $36158 |
| 2023 | $9.67 | 0.08 | (0.12) | (0.04) | (0.20) | $9.43 | (0.41)% | 1.52% | 0.80% | 29% | $38620 |
| 2022 | $13.17 | 0.06 | (3.48) | (3.42) | (0.08) | $9.67 | (26.03)% | 1.51% | 0.59% | 52% | $51434 |
| 2021 | $13.13 | 0.01 | 0.07 | 0.08 | (0.04) | $13.17 | 0.60% | 1.50% | 0.11% | 35% | $94363 |
| 2020 | $10.84 | 0.01 | 2.40 | 2.41 | (0.12) | $13.13 | 22.50% | 1.51% | 0.08% | 30% | $88485 |

---

------

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | | | |
| **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** | | |
| | | **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>**:** | | |
| | **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<br>Net<br>Investment<br>Income** | **Net Asset<br>Value,<br>End<br>of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating<br>Expenses<br>(before<br>expense<br>waiver)** | **Net<br>Investment<br>Income<br>(Loss)<br>(before<br>expense<br>waiver)** | **Portfolio<br>Turnover<br>Rate** | **Net<br>Assets,<br>End of<br>Period<br>(in thousands)** |
| **C Class** | **C Class** | **C Class** | **C Class** | | | | | | | | |
| 2025<sup>(3)</sup> | $9.63 | 0.01 | 0.48 | 0.49 |  | $10.12 | 5.09% | 2.26% | 0.18% | 29% | $4429 |
| 2024 | $8.46 | (0.02) | 1.22 | 1.20 | (0.03) | $9.63 | 14.25% | 2.27% | (0.21)% | 29% | $5750 |
| 2023 | $8.71 | 0.01 | (0.11) | (0.10) | (0.15) | $8.46 | (1.18)% | 2.27% | 0.05% | 29% | $8932 |
| 2022 | $11.87 | (0.02) | (3.14) | (3.16) |  | $8.71 | (26.56)% | 2.26% | (0.16)% | 52% | $13231 |
| 2021 | $11.88 | (0.08) | 0.07 | (0.01) |  | $11.87 | (0.17)% | 2.25% | (0.64)% | 35% | $25448 |
| 2020 | $9.82 | (0.07) | 2.17 | 2.10 | (0.04) | $11.88 | 21.48% | 2.26% | (0.67)% | 30% | $27101 |
| **R Class** | **R Class** | **R Class** |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $10.76 | 0.04 | 0.54 | 0.58 | (0.02) | $11.32 | 5.41% | 1.76% | 0.68% | 29% | $5919 |
| 2024 | $9.46 | 0.03 | 1.35 | 1.38 | (0.08) | $10.76 | 14.71% | 1.77% | 0.29% | 29% | $5542 |
| 2023 | $9.71 | 0.05 | (0.12) | (0.07) | (0.18) | $9.46 | (0.69)% | 1.77% | 0.55% | 29% | $5309 |
| 2022 | $13.22 | 0.03 | (3.49) | (3.46) | (0.05) | $9.71 | (26.20)% | 1.76% | 0.34% | 52% | $6075 |
| 2021 | $13.17 | (0.02) | 0.08 | 0.06 | (0.01) | $13.22 | 0.41% | 1.75% | (0.14)% | 35% | $7687 |
| 2020 | $10.88 | (0.02) | 2.40 | 2.38 | (0.09) | $13.17 | 22.11% | 1.76% | (0.17)% | 30% | $7466 |
| **R5 Class** | **R5 Class** | **R5 Class** |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $11.47 | 0.08 | 0.58 | 0.66 | (0.10) | $12.03 | 5.80% | 1.06% | 1.38% | 29% | $937 |
| 2024 | $10.08 | 0.11 | 1.43 | 1.54 | (0.15) | $11.47 | 15.48% | 1.07% | 0.99% | 29% | $857 |
| 2023 | $10.31 | 0.12 | (0.12) |  | (0.23) | $10.08 | 0.02% | 1.07% | 1.25% | 29% | $9249 |
| 2022 | $14.04 | 0.11 | (3.71) | (3.60) | (0.13) | $10.31 | (25.67)% | 1.06% | 1.04% | 52% | $10725 |
| 2021 | $13.98 | 0.06 | 0.11 | 0.17 | (0.11) | $14.04 | 1.09% | 1.05% | 0.56% | 35% | $12172 |
| 2020 | $11.57 | 0.06 | 2.54 | 2.60 | (0.19) | $13.98 | 22.92% | 1.06% | 0.53% | 30% | $3863 |
| **R6 Class** | **R6 Class** | **R6 Class** |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $11.48 | 0.09 | 0.57 | 0.66 | (0.12) | $12.02 | 5.86% | 0.91% | 1.53% | 29% | $187975 |
| 2024 | $10.08 | 0.11 | 1.46 | 1.57 | (0.17) | $11.48 | 15.75% | 0.92% | 1.14% | 29% | $205572 |
| 2023 | $10.31 | 0.14 | (0.13) | 0.01 | (0.24) | $10.08 | 0.13% | 0.92% | 1.40% | 29% | $460847 |
| 2022 | $14.03 | 0.13 | (3.70) | (3.57) | (0.15) | $10.31 | (25.56)% | 0.91% | 1.19% | 52% | $687720 |
| 2021 | $13.98 | 0.11 | 0.07 | 0.18 | (0.13) | $14.03 | 1.24% | 0.90% | 0.71% | 35% | $851240 |
| 2020 | $11.58 | 0.08 | 2.54 | 2.62 | (0.22) | $13.98 | 23.13% | 0.91% | 0.68% | 30% | $570868 |

---

------

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | | | | |
| **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\*:** | | | | **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<br>Net<br>Investment<br>Income** | **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** | **G Class** | | | | | | | | | | | |
| 2025<sup>(3)</sup> | $11.62 | 0.14 | 0.58 | 0.72 | (0.22) | $12.12 | 6.29% | 0.01% | 0.91% | 2.43% | 1.53% | 29% | $722831 |
| 2024 | $10.20 | 0.23 | 1.44 | 1.67 | (0.25) | $11.62 | 16.79% | 0.02% | 0.92% | 2.04% | 1.14% | 29% | $784988 |
| 2023 | $10.40 | 0.23 | (0.13) | 0.10 | (0.30) | $10.20 | 1.04% | 0.02% | 0.92% | 2.30% | 1.40% | 29% | $766148 |
| 2022<sup>(4)</sup> | $12.44 | 0.16 | (2.08) | (1.92) | (0.12) | $10.40 | (15.56)% | 0.01% | 0.91% | 2.42% | 1.52% | 52%<sup>(5)</sup> | $731719 |

---

**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 May 31, 2025 (unaudited).

(4)April 1, 2022 (commencement of sale) through November 30, 2022.

(5)Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended November 30, 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-92633 2507** | **©2025 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-SAN-92633 2507** |

---

------

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

![Image9.jpg](ck0000872825-20250531_g3.jpg)

---

| |
|:---|
| Semiannual Financial Statements and Other Information |
| May 31, 2025 |
| Focused Global Growth Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class (TWGGX) |
| &nbsp;&nbsp;&nbsp;&nbsp;I Class (AGGIX) |
| &nbsp;&nbsp;&nbsp;&nbsp;Y Class (AGYGX) |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class (AGGRX) |
| &nbsp;&nbsp;&nbsp;&nbsp;C Class (AGLCX) |
| &nbsp;&nbsp;&nbsp;&nbsp;R Class (AGORX) |
| &nbsp;&nbsp;&nbsp;&nbsp;R5 Class (AGFGX) |
| &nbsp;&nbsp;&nbsp;&nbsp;R6 Class (AGGDX) |

---

------

**Table of Contents**

---

| | |
|:---|:---|
| Schedule of Investments | [2](#iba8ebcbf125644f083983e7b3e673bc1_163) |
| Statement of Assets and Liabilities | [4](#iba8ebcbf125644f083983e7b3e673bc1_169) |
| Statement of Operations | [5](#iba8ebcbf125644f083983e7b3e673bc1_172) |
| Statement of Changes in Net Assets | [6](#iba8ebcbf125644f083983e7b3e673bc1_175) |
| Notes to Financial Statements | [7](#iba8ebcbf125644f083983e7b3e673bc1_178) |
| Financial Highlights | [12](#iba8ebcbf125644f083983e7b3e673bc1_181) |

---

------

Schedule of Investments

**MAY 31, 2025 (UNAUDITED)** 

---

| | | |
|:---|:---|:---|
|<br>**COMMON STOCKS — 98.6%** | **Shares**<br> | **Value**<br> |
| **Australia — 1.8%** |  |  |
| CSL Ltd. | 73050 | $11656589 |
| **Canada — 2.7%** |  |  |
| Canadian Pacific Kansas City Ltd. | 214000 | 17473100 |
| **France — 5.3%** |  |  |
| Schneider Electric SE | 59500 | 15012539 |
| Societe Generale SA | 352180 | 19122548 |
|  |  | 34135087 |
| **Germany — 3.3%** |  |  |
| SAP SE | 70260 | 21255057 |
| **Hong Kong — 2.1%** |  |  |
| Techtronic Industries Co. Ltd. | 1230000 | 13700135 |
| **Indonesia — 2.2%** |  |  |
| Bank Central Asia Tbk. PT | 24690900 | 14243989 |
| **Japan — 4.8%** |  |  |
| Hitachi Ltd. | 516400 | 14387063 |
| Keyence Corp. | 38900 | 16282378 |
|  |  | 30669441 |
| **Spain — 2.8%** |  |  |
| Cellnex Telecom SA<sup>(1)</sup> | 466340 | 17879611 |
| **United Kingdom — 5.6%** |  |  |
| Barclays PLC, ADR | 573960 | 10233707 |
| Lloyds Banking Group PLC | 9160130 | 9541260 |
| London Stock Exchange Group PLC | 106070 | 16139261 |
|  |  | 35914228 |
| **United States — 68.0%** |  |  |
| AbbVie, Inc. | 88380 | 16448402 |
| Amazon.com, Inc.<sup>(1)</sup> | 160540 | 32912305 |
| Ares Management Corp., Class A | 97249 | 16094710 |
| Boston Scientific Corp.<sup>(1)</sup> | 174450 | 18362607 |
| Broadcom, Inc. | 77700 | 18808839 |
| CenterPoint Energy, Inc. | 412120 | 15347349 |
| Dominion Energy, Inc. | 273430 | 15495278 |
| Eli Lilly & Co. | 16670 | 12296959 |
| Howmet Aerospace, Inc. | 120470 | 20466648 |
| Mastercard, Inc., Class A | 34307 | 20090179 |
| MercadoLibre, Inc.<sup>(1)</sup> | 8690 | 22274990 |
| Meta Platforms, Inc., Class A | 43830 | 28379487 |
| Microsoft Corp. | 91720 | 42224219 |
| Nasdaq, Inc. | 180590 | 15086489 |
| NVIDIA Corp. | 218520 | 29528608 |
| Oracle Corp. | 70590 | 11684763 |
| Progressive Corp. | 61200 | 17437716 |
| Roper Technologies, Inc. | 27160 | 15488533 |
| S&P Global, Inc. | 33190 | 17021823 |
| Stryker Corp. | 41820 | 16002005 |
| Uber Technologies, Inc.<sup>(1)</sup> | 217170 | 18277027 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Williams Cos., Inc. | 282310 | $17082578 |
|  |  | 436811514 |
| **TOTAL COMMON STOCKS**<br>(Cost $494,580,396) |  | **633738751** |
| **SHORT-TERM INVESTMENTS — 1.6%** |  |  |
| **Money Market Funds — 0.0%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 24463 | 24463 |
| **Repurchase Agreements — 1.6%** |  |  |
| BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 4.25%, 1/31/30, valued at $1,224,720), in a joint trading account at 4.30%, dated 5/30/25, due 6/2/25 (Delivery value $1,201,484) |  | 1201054 |
| Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 2.75%, 7/31/27, valued at $8,945,446), at 4.32%, dated 5/30/25, due 6/2/25 (Delivery value $8,773,157) |  | 8770000 |
|  |  | 9971054 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $9,995,517) |  | **9995517** |
| **TOTAL INVESTMENT SECURITIES — 100.2%**<br>(Cost $504,575,913) |  | **643734268** |
| **OTHER ASSETS AND LIABILITIES — (0.2)%** |  | **(1272651)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**642461617** |

---

---

| | |
|:---|:---|
| **MARKET SECTOR DIVERSIFICATION** | **MARKET SECTOR DIVERSIFICATION** |
| **(as a % of net assets)** | |
| Information Technology | 24.2% |
| Financials | 24.1% |
| Industrials | 15.4% |
| Health Care | 11.6% |
| Consumer Discretionary | 8.6% |
| Communication Services | 7.2% |
| Utilities | 4.8% |
| Energy | 2.7% |
| Short-Term Investments | 1.6% |
| Other Assets and Liabilities | (0.2)% |

---

---

| | | |
|:---|:---|:---|
| **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

---

| | |
|:---|:---|
| **MAY 31, 2025 (UNAUDITED)** | **MAY 31, 2025 (UNAUDITED)** |
| **Assets** | |
| Investment securities, at value (cost of $504,575,913) | $643734268 |
| Receivable for capital shares sold | 66472 |
| Dividends and interest receivable | 1051702 |
| Other assets | 1025 |
|  | 644853467 |
| **Liabilities** |  |
| Payable for capital shares redeemed | 1780596 |
| Accrued management fees | 545590 |
| Distribution and service fees payable | 9001 |
| Accrued other expenses | 56663 |
|  | 2391850 |
| **Net Assets** | $642461617 |
| **Net Assets Consist of:** |  |
| Capital (par value and paid-in surplus) | $500981964 |
| Distributable earnings (loss) | 141479653 |
|  | $642461617 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Net Assets** | **Shares Outstanding** | **Net Asset Value Per Share\*** |
| Investor Class, $0.01 Par Value | $430780780 | 37114406 | $11.61 |
| I Class, $0.01 Par Value | $84772250 | 6990674 | $12.13 |
| Y Class, $0.01 Par Value | $381723 | 31043 | $12.30 |
| A Class, $0.01 Par Value | $25266403 | 2350264 | $10.75 |
| C Class, $0.01 Par Value | $1420245 | 206342 | $6.88 |
| R Class, $0.01 Par Value | $6109780 | 601952 | $10.15 |
| R5 Class, $0.01 Par Value | $12459 | 1027 | $12.13 |
| R6 Class, $0.01 Par Value | $93717977 | 7638424 | $12.27 |

---

\*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 $11.41 (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 MAY 31, 2025 (UNAUDITED)** | **FOR THE SIX MONTHS ENDED MAY 31, 2025 (UNAUDITED)** |
| **Investment Income (Loss)** | |
| **Income:** | |
| Dividends (net of foreign taxes withheld of $205,096) | $4853259 |
| Interest | 119695 |
|  | 4972954 |
| **Expenses:** |  |
| Management fees | 3093989 |
| Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;A Class | 31999 |
| &nbsp;&nbsp;&nbsp;C Class | 7697 |
| &nbsp;&nbsp;&nbsp;R Class | 14586 |
| Directors' fees and expenses | 8953 |
| Other expenses | 70250 |
|  | 3227474 |
| **Net investment income (loss)** | 1745480 |
| **Realized and Unrealized Gain (Loss)** |  |
| **Net realized gain (loss) on:** |  |
| Investment transactions | 1112960 |
| Foreign currency translation transactions | (8027) |
|  | 1104933 |
| **Change in net unrealized appreciation (depreciation) on:** |  |
| Investments | 29755043 |
| Translation of assets and liabilities in foreign currencies | 24839 |
|  | 29779882 |
| **Net realized and unrealized gain (loss)** | 30884815 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $32630295 |

---

See Notes to Financial Statements.

------

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| **SIX MONTHS ENDED MAY 31, 2025 (UNAUDITED) AND YEAR ENDED NOVEMBER 30, 2024** | **SIX MONTHS ENDED MAY 31, 2025 (UNAUDITED) AND YEAR ENDED NOVEMBER 30, 2024** | **SIX MONTHS ENDED MAY 31, 2025 (UNAUDITED) AND YEAR ENDED NOVEMBER 30, 2024** |
| **Increase (Decrease) in Net Assets** | **May 31, 2025** | **November 30, 2024** |
| **Operations** | | |
| Net investment income (loss) | $1745480 | $1630372 |
| Net realized gain (loss) | 1104933 | 87016253 |
| Change in net unrealized appreciation (depreciation) | 29779882 | 35315183 |
| Net increase (decrease) in net assets resulting from operations | 32630295 | 123961808 |
| **Distributions to Shareholders** |  |  |
| From earnings: |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (54247832) | (14740592) |
| &nbsp;&nbsp;&nbsp;I Class | (8931696) | (2922662) |
| &nbsp;&nbsp;&nbsp;Y Class | (48571) | (12763) |
| &nbsp;&nbsp;&nbsp;A Class | (3932593) | (939440) |
| &nbsp;&nbsp;&nbsp;C Class | (352786) | (106841) |
| &nbsp;&nbsp;&nbsp;R Class | (843368) | (204720) |
| &nbsp;&nbsp;&nbsp;R5 Class | (1453) | (372) |
| &nbsp;&nbsp;&nbsp;R6 Class | (11691469) | (3508992) |
| Decrease in net assets from distributions | (80049768) | (22436382) |
| **Capital Share Transactions** |  |  |
| Net increase (decrease) in net assets from capital share transactions (Note 5) | 50121817 | (51849796) |
| **Net increase (decrease) in net assets** | 2702344 | 49675630 |
| **Net Assets** |  |  |
| Beginning of period | 639759273 | 590083643 |
| End of period | $642461617 | $639759273 |

---

See Notes to Financial Statements.

------

Notes to Financial Statements

**MAY 31, 2025 (UNAUDITED)** 

**1. Organization**

American Century World 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. Focused Global Growth Fund (the fund) is one fund in a series issued by the corporation. The fund's investment objective is to seek 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 and R6 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.

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 make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code, in all events in a manner consistent with provisions of the 1940 Act. 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.

**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 management fee schedule range and the effective annual management fee for each class for the period ended May 31, 2025 are as follows:

---

| | | |
|:---|:---|:---|
|  | **Management Fee**<br>**Schedule Range** | **Effective Annual**<br>**Management Fee** |
| Investor Class | 1.050% to 1.300% | 1.08% |
| I Class | 0.850% to 1.100% | 0.88% |
| Y Class | 0.700% to 0.950% | 0.73% |
| A Class | 1.050% to 1.300% | 1.08% |
| C Class | 1.050% to 1.300% | 1.08% |
| R Class | 1.050% to 1.300% | 1.08% |
| R5 Class | 0.850% to 1.100% | 0.88% |
| R6 Class | 0.700% to 0.950% | 0.73% |

---

**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 May 31, 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 May 31, 2025 were $102,433,225 and $136,850,230, respectively.

------

**5. Capital Share Transactions** 

Transactions in shares of the fund were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six months ended<br>May 31, 2025** | **Six months ended<br>May 31, 2025** | **Year ended<br>November 30, 2024** | **Year ended<br>November 30, 2024** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| **Investor Class/Shares Authorized** | 450000000 |  | 450000000 |  |
| Sold | 998631 | $10743486 | 1204615 | $14038725 |
| Issued in reinvestment of distributions | 4717854 | 51943570 | 1331834 | 14130756 |
| Redeemed | (2889321) | (31646146) | (4678448) | (54546504) |
|  | 2827164 | 31040910 | (2141999) | (26377023) |
| **I Class/Shares Authorized** | 100000000 |  | 100000000 |  |
| Sold | 1324769 | 14800000 | 391554 | 4690552 |
| Issued in reinvestment of distributions | 777066 | 8928482 | 265136 | 2921805 |
| Redeemed | (752310) | (8794335) | (1935551) | (23008103) |
|  | 1349525 | 14934147 | (1278861) | (15395746) |
| **Y Class/Shares Authorized** | 20000000 |  | 20000000 |  |
| Sold | 94 | 1074 | 1724 | 21647 |
| Issued in reinvestment of distributions | 4173 | 48571 | 1145 | 12763 |
| Redeemed | (2970) | (35263) | (2622) | (30661) |
|  | 1297 | 14382 | 247 | 3749 |
| **A Class/Shares Authorized** | 40000000 |  | 40000000 |  |
| Sold | 103043 | 1066307 | 332420 | 3654739 |
| Issued in reinvestment of distributions | 377260 | 3851820 | 92542 | 920792 |
| Redeemed | (623768) | (6312144) | (465510) | (5043132) |
|  | (143465) | (1394017) | (40548) | (467601) |
| **C Class/Shares Authorized** | 25000000 |  | 25000000 |  |
| Sold | 15304 | 101353 | 21575 | 166732 |
| Issued in reinvestment of distributions | 53749 | 352597 | 15433 | 106798 |
| Redeemed | (97785) | (666393) | (110059) | (837935) |
|  | (28732) | (212443) | (73051) | (564405) |
| **R Class/Shares Authorized** | 25000000 |  | 25000000 |  |
| Sold | 45178 | 436642 | 89475 | 934839 |
| Issued in reinvestment of distributions | 87396 | 843368 | 21549 | 204720 |
| Redeemed | (67897) | (656145) | (148603) | (1580369) |
|  | 64677 | 623865 | (37579) | (440810) |
| **R5 Class/Shares Authorized** | 20000000 |  | 20000000 |  |
| Issued in reinvestment of distributions | 126 | 1453 | 34 | 372 |
| **R6 Class/Shares Authorized** | 75000000 |  | 75000000 |  |
| Sold | 1342714 | 15726441 | 1602752 | 19824781 |
| Issued in reinvestment of distributions | 912587 | 10604264 | 285757 | 3177617 |
| Redeemed | (1819278) | (21217185) | (2560029) | (31610730) |
|  | 436023 | 5113520 | (671520) | (8608332) |
| Net increase (decrease) | 4506615 | $50121817 | (4243277) | $(51849796) |

---

------

**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 |  |  |  |
| &nbsp;&nbsp;&nbsp;Australia |  | $11656589 |  |
| &nbsp;&nbsp;&nbsp;France |  | 34135087 |  |
| &nbsp;&nbsp;&nbsp;Germany |  | 21255057 |  |
| &nbsp;&nbsp;&nbsp;Hong Kong |  | 13700135 |  |
| &nbsp;&nbsp;&nbsp;Indonesia |  | 14243989 |  |
| &nbsp;&nbsp;&nbsp;Japan |  | 30669441 |  |
| &nbsp;&nbsp;&nbsp;Spain |  | 17879611 |  |
| &nbsp;&nbsp;&nbsp;United Kingdom | $10233707 | 25680521 |  |
| &nbsp;&nbsp;&nbsp;Other Countries | 454284614 |  |  |
| Short-Term Investments | 24463 | 9971054 |  |
|  | $464542784 | $179191484 |  |

---

**7. 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.

There are certain risks involved in investing in foreign securities. These risks include those resulting from political events (such as civil unrest, national elections and imposition of exchange controls), social and economic events (such as labor strikes and rising inflation), and natural disasters. Securities of foreign issuers may be less liquid and more volatile. Investing in emerging markets or a significant portion of assets in one country or region may accentuate these risks.

**8. 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 | $505157926 |
| Gross tax appreciation of investments | $148757697 |
| Gross tax depreciation of investments | (10181355) |
| Net tax appreciation (depreciation) of investments | $138576342 |

---

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 November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | | | | | | | |
| **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** | |
| | | **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** | **Net<br>Investment<br>Income<br>(Loss)** | **Portfolio<br>Turnover<br>Rate** | **Net<br>Assets,<br>End of<br>Period<br>(in thousands)** |
| **Investor Class** | **Investor Class** | **Investor Class** | | | | | | | | | | | |
| 2025<sup>(3)</sup> | $12.61 | 0.03 | 0.56 | 0.59 | (0.01) | (1.58) | (1.59) | $11.61 | 5.35% | 1.10% | 0.50% | 17% | $430781 |
| 2024 | $10.73 | 0.02 | 2.27 | 2.29 | (0.05) | (0.36) | (0.41) | $12.61 | 22.03% | 1.08% | 0.21% | 72% | $432423 |
| 2023 | $11.10 | 0.05 | 0.77 | 0.82 | (0.06) | (1.13) | (1.19) | $10.73 | 8.84% | 1.09% | 0.50% | 79% | $390767 |
| 2022 | $15.00 | 0.06 | (2.16) | (2.10) | (0.03) | (1.77) | (1.80) | $11.10 | (16.07)% | 1.10% | 0.54% | 45% | $388619 |
| 2021 | $14.56 | 0.04 | 1.84 | 1.88 |  | (1.44) | (1.44) | $15.00 | 14.18% | 1.07% | 0.26% | 40% | $495712 |
| 2020 | $13.54 | (0.02) | 3.16 | 3.14 | —<sup>(4)</sup> | (2.12) | (2.12) | $14.56 | 27.02% | 1.07% | (0.14)% | 73% | $462781 |
| **I Class** | **I Class** | **I Class** |  |  |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $13.12 | 0.04 | 0.59 | 0.63 | (0.04) | (1.58) | (1.62) | $12.13 | 5.44% | 0.90% | 0.70% | 17% | $84772 |
| 2024 | $11.14 | 0.05 | 2.36 | 2.41 | (0.07) | (0.36) | (0.43) | $13.12 | 22.36% | 0.88% | 0.41% | 72% | $74007 |
| 2023 | $11.48 | 0.07 | 0.80 | 0.87 | (0.08) | (1.13) | (1.21) | $11.14 | 9.03% | 0.89% | 0.70% | 79% | $77104 |
| 2022 | $15.46 | 0.09 | (2.24) | (2.15) | (0.06) | (1.77) | (1.83) | $11.48 | (15.93)% | 0.90% | 0.74% | 45% | $81949 |
| 2021 | $14.93 | 0.07 | 1.90 | 1.97 |  | (1.44) | (1.44) | $15.46 | 14.45% | 0.87% | 0.46% | 40% | $103394 |
| 2020 | $13.84 | —<sup>(4)</sup> | 3.24 | 3.24 | (0.03) | (2.12) | (2.15) | $14.93 | 27.21% | 0.87% | 0.06% | 73% | $94888 |
| **Y Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $13.29 | 0.05 | 0.60 | 0.65 | (0.06) | (1.58) | (1.64) | $12.30 | 5.53% | 0.75% | 0.85% | 17% | $382 |
| 2024 | $11.28 | 0.07 | 2.39 | 2.46 | (0.09) | (0.36) | (0.45) | $13.29 | 22.53% | 0.73% | 0.56% | 72% | $395 |
| 2023 | $11.61 | 0.09 | 0.81 | 0.90 | (0.10) | (1.13) | (1.23) | $11.28 | 9.18% | 0.74% | 0.85% | 79% | $333 |
| 2022 | $15.62 | 0.11 | (2.27) | (2.16) | (0.08) | (1.77) | (1.85) | $11.61 | (15.82)% | 0.75% | 0.89% | 45% | $330 |
| 2021 | $15.05 | 0.08 | 1.93 | 2.01 |  | (1.44) | (1.44) | $15.62 | 14.62% | 0.72% | 0.61% | 40% | $311 |
| 2020 | $13.93 | 0.03 | 3.26 | 3.29 | (0.05) | (2.12) | (2.17) | $15.05 | 27.48% | 0.72% | 0.21% | 73% | $167 |
| **A Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $11.80 | 0.01 | 0.52 | 0.53 |  | (1.58) | (1.58) | $10.75 | 5.17% | 1.35% | 0.25% | 17% | $25266 |
| 2024 | $10.06 | —<sup>(4)</sup> | 2.12 | 2.12 | (0.02) | (0.36) | (0.38) | $11.80 | 21.77% | 1.33% | (0.04)% | 72% | $29427 |
| 2023 | $10.48 | 0.02 | 0.72 | 0.74 | (0.03) | (1.13) | (1.16) | $10.06 | 8.56% | 1.34% | 0.25% | 79% | $25494 |
| 2022 | $14.27 | 0.03 | (2.05) | (2.02) |  | (1.77) | (1.77) | $10.48 | (16.32)% | 1.35% | 0.29% | 45% | $26064 |
| 2021 | $13.94 | —<sup>(4)</sup> | 1.77 | 1.77 |  | (1.44) | (1.44) | $14.27 | 13.99% | 1.32% | 0.01% | 40% | $34059 |
| 2020 | $13.08 | (0.05) | 3.03 | 2.98 |  | (2.12) | (2.12) | $13.94 | 26.66% | 1.32% | (0.39)% | 73% | $30537 |

---

------

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | | | | | | | |
| **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** | |
| | | **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** | **Net<br>Investment<br>Income<br>(Loss)** | **Portfolio<br>Turnover<br>Rate** | **Net<br>Assets,<br>End of<br>Period<br>(in thousands)** |
| **C Class** | | | | | | | | | | | | | |
| 2025<sup>(3)</sup> | $8.15 | (0.02) | 0.33 | 0.31 |  | (1.58) | (1.58) | $6.88 | 4.71% | 2.10% | (0.50)% | 17% | $1420 |
| 2024 | $7.09 | (0.06) | 1.48 | 1.42 |  | (0.36) | (0.36) | $8.15 | 20.88% | 2.08% | (0.79)% | 72% | $1915 |
| 2023 | $7.76 | (0.03) | 0.49 | 0.46 |  | (1.13) | (1.13) | $7.09 | 7.72% | 2.09% | (0.50)% | 79% | $2184 |
| 2022 | $11.08 | (0.04) | (1.51) | (1.55) |  | (1.77) | (1.77) | $7.76 | (16.87)% | 2.10% | (0.46)% | 45% | $2822 |
| 2021 | $11.23 | (0.08) | 1.37 | 1.29 |  | (1.44) | (1.44) | $11.08 | 12.99% | 2.07% | (0.74)% | 40% | $5426 |
| 2020 | $11.00 | (0.11) | 2.46 | 2.35 |  | (2.12) | (2.12) | $11.23 | 25.84% | 2.07% | (1.14)% | 73% | $5302 |
| **R Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $11.24 | —<sup>(4)</sup> | 0.49 | 0.49 |  | (1.58) | (1.58) | $10.15 | 5.06% | 1.60% | —% | 17% | $6110 |
| 2024 | $9.60 | (0.03) | 2.03 | 2.00 |  | (0.36) | (0.36) | $11.24 | 21.48% | 1.58% | (0.29)% | 72% | $6040 |
| 2023 | $10.06 | —<sup>(4)</sup> | 0.68 | 0.68 | (0.01) | (1.13) | (1.14) | $9.60 | 8.20% | 1.59% | —% | 79% | $5520 |
| 2022 | $13.79 | —<sup>(4)</sup> | (1.96) | (1.96) |  | (1.77) | (1.77) | $10.06 | (16.48)% | 1.60% | 0.04% | 45% | $6033 |
| 2021 | $13.55 | (0.03) | 1.71 | 1.68 |  | (1.44) | (1.44) | $13.79 | 13.71% | 1.57% | (0.24)% | 40% | $8411 |
| 2020 | $12.80 | (0.07) | 2.94 | 2.87 |  | (2.12) | (2.12) | $13.55 | 26.34% | 1.57% | (0.64)% | 73% | $8931 |
| **R5 Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $13.12 | 0.04 | 0.59 | 0.63 | (0.04) | (1.58) | (1.62) | $12.13 | 5.44% | 0.90% | 0.70% | 17% | $12 |
| 2024 | $11.15 | 0.05 | 2.35 | 2.40 | (0.07) | (0.36) | (0.43) | $13.12 | 22.25% | 0.88% | 0.41% | 72% | $12 |
| 2023 | $11.49 | 0.07 | 0.80 | 0.87 | (0.08) | (1.13) | (1.21) | $11.15 | 9.03% | 0.89% | 0.70% | 79% | $10 |
| 2022 | $15.46 | 0.09 | (2.23) | (2.14) | (0.06) | (1.77) | (1.83) | $11.49 | (15.86)% | 0.90% | 0.74% | 45% | $9 |
| 2021 | $14.93 | 0.07 | 1.90 | 1.97 |  | (1.44) | (1.44) | $15.46 | 14.45% | 0.87% | 0.46% | 40% | $11 |
| 2020 | $13.84 | 0.01 | 3.23 | 3.24 | (0.03) | (2.12) | (2.15) | $14.93 | 27.21% | 0.87% | 0.06% | 73% | $9 |
| **R6 Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $13.26 | 0.05 | 0.60 | 0.65 | (0.06) | (1.58) | (1.64) | $12.27 | 5.53% | 0.75% | 0.85% | 17% | $93718 |
| 2024 | $11.26 | 0.07 | 2.38 | 2.45 | (0.09) | (0.36) | (0.45) | $13.26 | 22.48% | 0.73% | 0.56% | 72% | $95539 |
| 2023 | $11.59 | 0.09 | 0.81 | 0.90 | (0.10) | (1.13) | (1.23) | $11.26 | 9.20% | 0.74% | 0.85% | 79% | $88671 |
| 2022 | $15.59 | 0.11 | (2.26) | (2.15) | (0.08) | (1.77) | (1.85) | $11.59 | (15.79)% | 0.75% | 0.89% | 45% | $79749 |
| 2021 | $15.03 | 0.09 | 1.91 | 2.00 |  | (1.44) | (1.44) | $15.59 | 14.57% | 0.72% | 0.61% | 40% | $98318 |
| 2020 | $13.92 | 0.03 | 3.25 | 3.28 | (0.05) | (2.12) | (2.17) | $15.03 | 27.44% | 0.72% | 0.21% | 73% | $90433 |

---

------

**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 May 31, 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-92631 2507** | **©2025 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-SAN-92631 2507** |

---

------

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

![Image13.jpg](ck0000872825-20250531_g3.jpg)

---

| |
|:---|
| Semiannual Financial Statements and Other Information |
| May 31, 2025 |
| Focused International Growth Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class (AFCNX) |
| &nbsp;&nbsp;&nbsp;&nbsp;I Class (AFCSX) |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class (AFCLX) |
| &nbsp;&nbsp;&nbsp;&nbsp;C Class (AFCHX) |
| &nbsp;&nbsp;&nbsp;&nbsp;R Class (AFCWX) |
| &nbsp;&nbsp;&nbsp;&nbsp;R6 Class (AFCMX) |
| &nbsp;&nbsp;&nbsp;&nbsp;G Class (AFCGX) |

---

------

**Table of Contents**

---

| | |
|:---|:---|
| Schedule of Investments | [2](#iba8ebcbf125644f083983e7b3e673bc1_229) |
| Statement of Assets and Liabilities | [5](#iba8ebcbf125644f083983e7b3e673bc1_235) |
| Statement of Operations | [6](#iba8ebcbf125644f083983e7b3e673bc1_238) |
| Statement of Changes in Net Assets | [7](#iba8ebcbf125644f083983e7b3e673bc1_241) |
| Notes to Financial Statements | [8](#iba8ebcbf125644f083983e7b3e673bc1_244) |
| Financial Highlights | [13](#iba8ebcbf125644f083983e7b3e673bc1_247) |

---

------

Schedule of Investments

**MAY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|<br>**COMMON STOCKS — 98.4%** | **Shares** | **Value** |
| **Australia — 1.6%** | | |
| CSL Ltd.<sup>(1)</sup> | 13200 | $2106324 |
| **Canada — 2.3%** |  |  |
| GFL Environmental, Inc. | 60120 | 3031852 |
| **China — 6.9%** |  |  |
| Alibaba Group Holding Ltd., ADR | 22590 | 2571645 |
| Tencent Holdings Ltd. | 61300 | 3864513 |
| Trip.com Group Ltd., ADR | 41820 | 2620023 |
|  |  | 9056181 |
| **Denmark — 1.0%** |  |  |
| Pandora AS | 7300 | 1334391 |
| **France — 11.1%** |  |  |
| Air Liquide SA | 17169 | 3557568 |
| Airbus SE | 11890 | 2186862 |
| Cie de Saint-Gobain SA | 18630 | 2097438 |
| Schneider Electric SE | 10426 | 2630600 |
| Societe Generale SA | 74690 | 4055492 |
|  |  | 14527960 |
| **Germany — 13.8%** |  |  |
| Commerzbank AG | 67680 | 2061466 |
| Infineon Technologies AG | 39350 | 1529917 |
| Rheinmetall AG | 1110 | 2379026 |
| SAP SE | 18770 | 5678301 |
| Siemens Energy AG<sup>(2)</sup> | 39380 | 3848430 |
| Zalando SE<sup>(2)</sup> | 73970 | 2642922 |
|  |  | 18140062 |
| **India — 1.8%** |  |  |
| MakeMyTrip Ltd.<sup>(2)</sup> | 23710 | 2409647 |
| **Indonesia — 2.0%** |  |  |
| Bank Central Asia Tbk. PT | 4561900 | 2631725 |
| **Ireland — 2.4%** |  |  |
| Kerry Group PLC, A Shares | 28900 | 3159190 |
| **Italy — 2.6%** |  |  |
| Ferrari NV | 7080 | 3388740 |
| **Japan — 14.8%** |  |  |
| Hitachi Ltd. | 40300 | 1122771 |
| Keyence Corp. | 8300 | 3474132 |
| MonotaRO Co. Ltd.<sup>(1)</sup> | 128200 | 2644596 |
| NEC Corp. | 156000 | 4072120 |
| Rakuten Bank Ltd.<sup>(2)</sup> | 51700 | 2703382 |
| Ryohin Keikaku Co. Ltd. | 64900 | 2477211 |
| Terumo Corp.<sup>(1)</sup> | 159000 | 2918732 |
|  |  | 19412944 |
| **Netherlands — 6.4%** |  |  |
| Adyen NV<sup>(2)</sup> | 1760 | 3373002 |
| ASML Holding NV | 3820 | 2814346 |
| DSM-Firmenich AG | 20090 | 2236398 |
|  |  | 8423746 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Spain — 2.5%** | | |
| Iberdrola SA<sup>(1)</sup> | 179740 | $3294590 |
| **Switzerland — 8.1%** |  |  |
| Cie Financiere Richemont SA, Class A | 9880 | 1864425 |
| Galderma Group AG | 16936 | 2225109 |
| Lonza Group AG | 5190 | 3601369 |
| On Holding AG, Class A<sup>(2)</sup> | 48270 | 2866755 |
|  |  | 10557658 |
| **Taiwan — 5.2%** |  |  |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 214000 | 6825319 |
| **United Kingdom — 13.7%** |  |  |
| AstraZeneca PLC | 19930 | 2919425 |
| Barclays PLC | 443190 | 1962647 |
| Experian PLC | 65520 | 3263242 |
| Haleon PLC | 451527 | 2520569 |
| London Stock Exchange Group PLC | 23576 | 3587246 |
| RELX PLC | 68260 | 3673354 |
|  |  | 17926483 |
| **United States — 2.2%** |  |  |
| CRH PLC | 32200 | 2935352 |
| **TOTAL COMMON STOCKS**<br>(Cost $102,600,457) |  | **129162164** |
| **SHORT-TERM INVESTMENTS — 3.2%** |  |  |
| **Money Market Funds — 1.9%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 4798 | 4798 |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(3)</sup> | 2410635 | 2410635 |
|  |  | 2415433 |
| **Repurchase Agreements — 1.3%** |  |  |
| BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 4.25%, 1/31/30, valued at $213,736), in a joint trading account at 4.30%, dated 5/30/25, due 6/2/25 (Delivery value $209,681) |  | 209606 |
| Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 2.75%, 7/31/27, valued at $1,560,636), at 4.32%, dated 5/30/25, due 6/2/25 (Delivery value $1,530,551) |  | 1530000 |
|  |  | 1739606 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $4,155,039) |  | **4155039** |
| **TOTAL INVESTMENT SECURITIES — 101.6%**<br>(Cost $106,755,496) |  | **133317203** |
| **OTHER ASSETS AND LIABILITIES — (1.6)%** |  | **(2076360)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**131240843** |

---

---

| | |
|:---|:---|
| **MARKET SECTOR DIVERSIFICATION** | **MARKET SECTOR DIVERSIFICATION** |
| **(as a % of net assets)** | |
| Industrials | 20.5% |
| Information Technology | 18.6% |
| Consumer Discretionary | 16.9% |
| Financials | 15.5% |
| Health Care | 12.4% |
| Materials | 6.7% |
| Communication Services | 2.9% |
| Utilities | 2.5% |
| Consumer Staples | 2.4% |
| Short-Term Investments | 3.2% |
| Other Assets and Liabilities | (1.6)% |

---

------

---

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

---

(1)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $9,292,595. 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.

(2)Non-income producing.

(3)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $9,773,855, which includes securities collateral of $7,363,220.

See Notes to Financial Statements.

------

Statement of Assets and Liabilities

---

| | |
|:---|:---|
| **MAY 31, 2025 (UNAUDITED)** | |
| **Assets** | |
| Investment securities, at value (cost of $104,344,861) — including $9,292,595 of securities on loan | $130906568 |
| Investment made with cash collateral received for securities on loan, at value (cost of $2,410,635) | 2410635 |
| Total investment securities, at value (cost of $106,755,496) | 133317203 |
| Foreign currency holdings, at value (cost of $36,061) | 36066 |
| Receivable for capital shares sold | 137747 |
| Dividends and interest receivable | 258638 |
| Securities lending receivable | 1732 |
|  | 133751386 |
| **Liabilities** |  |
| Payable for collateral received for securities on loan | 2410635 |
| Payable for capital shares redeemed | 61482 |
| Accrued management fees | 37843 |
| Distribution and service fees payable | 583 |
|  | 2510543 |
| **Net Assets** | $131240843 |
| **Net Assets Consist of:** |  |
| Capital (par value and paid-in surplus) | $119388253 |
| Distributable earnings (loss) | 11852590 |
|  | $131240843 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Net Assets** | **Shares Outstanding** | **Net Asset Value Per Share\*** |
| Investor Class, $0.01 Par Value | $12126121 | 661309 | $18.34 |
| I Class, $0.01 Par Value | $29877162 | 1612306 | $18.53 |
| A Class, $0.01 Par Value | $943785 | 52192 | $18.08 |
| C Class, $0.01 Par Value | $55826 | 3276 | $17.04 |
| R Class, $0.01 Par Value | $854193 | 47994 | $17.80 |
| R6 Class, $0.01 Par Value | $5008327 | 268633 | $18.64 |
| G Class, $0.01 Par Value | $82375429 | 4325620 | $19.04 |

---

\*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 $19.18 (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 MAY 31, 2025 (UNAUDITED)** | **FOR THE SIX MONTHS ENDED MAY 31, 2025 (UNAUDITED)** |
| **Investment Income (Loss)** | |
| **Income:** | |
| Dividends (net of foreign taxes withheld of $95,418) | $1026067 |
| Interest | 42603 |
| Securities lending, net | 8416 |
|  | 1077086 |
| **Expenses:** |  |
| Management fees | 508772 |
| Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;A Class | 1069 |
| &nbsp;&nbsp;&nbsp;C Class | 253 |
| &nbsp;&nbsp;&nbsp;R Class | 1655 |
| Directors' fees and expenses | 1784 |
| Other expenses | 1832 |
|  | 515365 |
| Fees waived - G Class | (290946) |
|  | 224419 |
| **Net investment income (loss)** | 852667 |
| **Realized and Unrealized Gain (Loss)** |  |
| **Net realized gain (loss) on:** |  |
| Investment transactions | (1807) |
| Foreign currency translation transactions | 2806 |
|  | 999 |
| **Change in net unrealized appreciation (depreciation) on:** |  |
| Investments | 9080796 |
| Translation of assets and liabilities in foreign currencies | 11338 |
|  | 9092134 |
| **Net realized and unrealized gain (loss)** | 9093133 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $9945800 |

---

See Notes to Financial Statements.

------

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| **SIX MONTHS ENDED MAY 31, 2025 (UNAUDITED) AND YEAR ENDED NOVEMBER 30, 2024** | **SIX MONTHS ENDED MAY 31, 2025 (UNAUDITED) AND YEAR ENDED NOVEMBER 30, 2024** | **SIX MONTHS ENDED MAY 31, 2025 (UNAUDITED) AND YEAR ENDED NOVEMBER 30, 2024** |
| **Increase (Decrease) in Net Assets** | **May 31, 2025** | **November 30, 2024** |
| **Operations** | | |
| Net investment income (loss) | $852667 | $687268 |
| Net realized gain (loss) | 999 | (347379) |
| Change in net unrealized appreciation (depreciation) | 9092134 | 10796896 |
| Net increase (decrease) in net assets resulting from operations | 9945800 | 11136785 |
| **Distributions to Shareholders** |  |  |
| From earnings: |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class |  | (49886) |
| &nbsp;&nbsp;&nbsp;I Class |  | (156977) |
| &nbsp;&nbsp;&nbsp;A Class |  | (662) |
| &nbsp;&nbsp;&nbsp;R6 Class | (5291) | (56368) |
| &nbsp;&nbsp;&nbsp;G Class | (663050) | (528074) |
| Decrease in net assets from distributions | (668341) | (791967) |
| **Capital Share Transactions** |  |  |
| Net increase (decrease) in net assets from capital share transactions (Note 5) | 13381432 | 11242164 |
| **Net increase (decrease) in net assets** | 22658891 | 21586982 |
| **Net Assets** |  |  |
| Beginning of period | 108581952 | 86994970 |
| End of period | $131240843 | $108581952 |

---

See Notes to Financial Statements.

------

Notes to Financial Statements

**MAY 31, 2025 (UNAUDITED)** 

**1. Organization**

American Century World 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. Focused International Growth Fund (the fund) is one fund in a series issued by the corporation. The fund's investment objective is to seek 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, A Class, C Class, R 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.

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 make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code, in all events in a manner consistent with provisions of the 1940 Act.

**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 May 31, 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> | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $2410635 |  |  |  | $2410635 |
| 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 | $2410635 |

---

(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** | **A Class** | **C Class** | **R Class** | **R6 Class** | **G Class** |
| 1.09% | 0.89% | 1.09% | 1.09% | 1.09% | 0.74% | 0.00%<sup>(1)</sup> |

---

(1)Annual management fee before waiver was 0.74%.

**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 May 31, 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 May 31, 2025 were $69,746,616 and $54,773,396, respectively.

------

**5. Capital Share Transactions** 

Transactions in shares of the fund were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six months ended**<br>**May 31, 2025** | **Six months ended**<br>**May 31, 2025** | **Year ended**<br>**November 30, 2024** | **Year ended**<br>**November 30, 2024** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| **Investor Class/Shares Authorized** | 50000000 |  | 50000000 |  |
| Sold | 113854 | $1964215 | 144362 | $2393269 |
| Issued in reinvestment of distributions |  |  | 3154 | 49306 |
| Redeemed | (219849) | (3675639) | (281554) | (4652641) |
|  | (105995) | (1711424) | (134038) | (2210066) |
| **I Class/Shares Authorized** | 25000000 |  | 25000000 |  |
| Sold | 221944 | 3841002 | 701832 | 11435612 |
| Issued in reinvestment of distributions |  |  | 9967 | 156977 |
| Redeemed | (228558) | (3897144) | (861617) | (14089560) |
|  | (6614) | (56142) | (149818) | (2496971) |
| **A Class/Shares Authorized** | 20000000 |  | 20000000 |  |
| Sold | 11717 | 195369 | 19492 | 318443 |
| Issued in reinvestment of distributions |  |  | 43 | 662 |
| Redeemed | (9257) | (153652) | (9124) | (147153) |
|  | 2460 | 41717 | 10411 | 171952 |
| **C Class/Shares Authorized** | 20000000 |  | 20000000 |  |
| Sold | 107 | 1688 | 659 | 10335 |
| **R Class/Shares Authorized** | 20000000 |  | 20000000 |  |
| Sold | 14875 | 249239 | 18689 | 302680 |
| Redeemed | (3921) | (63922) | (33543) | (544916) |
|  | 10954 | 185317 | (14854) | (242236) |
| **R6 Class/Shares Authorized** | 20000000 |  | 20000000 |  |
| Sold | 35776 | 607606 | 101216 | 1700914 |
| Issued in reinvestment of distributions | 308 | 5291 | 3561 | 56368 |
| Redeemed | (111846) | (1969589) | (267514) | (4560228) |
|  | (75762) | (1356692) | (162737) | (2802946) |
| **G Class/Shares Authorized** | 30000000 |  | 30000000 |  |
| Sold | 1632974 | 29211491 | 1613677 | 28552733 |
| Issued in reinvestment of distributions | 37845 | 663050 | 32779 | 528074 |
| Redeemed | (760866) | (13597573) | (587299) | (10268711) |
|  | 909953 | 16276968 | 1059157 | 18812096 |
| Net increase (decrease) | 735103 | $13381432 | 608780 | $11242164 |

---

**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 |  |  |  |
| &nbsp;&nbsp;&nbsp;Canada | $3031852 |  |  |
| &nbsp;&nbsp;&nbsp;China | 5191668 | $3864513 |  |
| &nbsp;&nbsp;&nbsp;India | 2409647 |  |  |
| &nbsp;&nbsp;&nbsp;Switzerland | 2866755 | 7690903 |  |
| &nbsp;&nbsp;&nbsp;United States | 2935352 |  |  |
| &nbsp;&nbsp;&nbsp;Other Countries |  | 101171474 |  |
| Short-Term Investments | 2415433 | 1739606 |  |
|  | $18850707 | $114466496 |  |

---

**7. 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.

There are certain risks involved in investing in foreign securities. These risks include those resulting from political events (such as civil unrest, national elections and imposition of exchange controls), social and economic events (such as labor strikes and rising inflation), and natural disasters. Securities of foreign issuers may be less liquid and more volatile. Investing in emerging markets or a significant portion of assets in one country or region may accentuate these risks.

**8. 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 | $107416035 |
| Gross tax appreciation of investments | $27703360 |
| Gross tax depreciation of investments | (1802192) |
| Net tax appreciation (depreciation) of investments | $25901168 |

---

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 November 30, 2024, the fund had accumulated short-term capital losses of $(11,425,314) and accumulated long-term capital losses of $(3,719,844), 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 November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net Asset**<br>**Value,**<br>**Beginning**<br>**of Period** | **Net**<br>**Investment**<br>**Income**<br>**(Loss)**<sup>(1)</sup> | **Net**<br>**Realized**<br>**and**<br>**Unrealized**<br>**Gain (Loss)** | **Total From**<br>**Investment**<br>**Operations** | **Net<br>Investment<br>Income** | **Net<br>Realized<br>Gains** | **Total<br>Distributions** | **Net Asset**<br>**Value,**<br>**End**<br>**of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating<br>Expenses<br>(before<br>expense<br>waiver)** | **Net<br>Investment<br>Income<br>(Loss)<br>(before<br>expense<br>waiver)** | **Portfolio<br>Turnover<br>Rate** | **Net**<br>**Assets,**<br>**End of**<br>**Period**<br>**(in 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> | $16.98 | 0.05 | 1.31 | 1.36 |  |  |  | $18.34 | 8.07% | 1.10% | 0.61% | 45% | $12126 |
| 2024 | $15.14 | 0.02 | 1.88 | 1.90 | (0.06) |  | (0.06) | $16.98 | 12.49% | 1.09% | 0.14% | 82% | $13025 |
| 2023 | $15.10 | 0.08 | 0.02 | 0.10 | (0.06) |  | (0.06) | $15.14 | 0.65% | 1.09% | 0.47% | 61% | $13645 |
| 2022 | $20.04 | 0.12 | (4.56) | (4.44) |  | (0.50) | (0.50) | $15.10 | (22.71)% | 1.10% | 0.59% | 51% | $15028 |
| 2021 | $18.20 | (0.03) | 1.87 | 1.84 |  |  |  | $20.04 | 10.11% | 1.10% | (0.12)% | 71% | $22250 |
| 2020 | $14.34 | (0.01) | 4.33 | 4.32 |  | (0.46) | (0.46) | $18.20 | 31.15% | 1.18% | (0.09)% | 92% | $9749 |
| **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> | $17.14 | 0.07 | 1.32 | 1.39 |  |  |  | $18.53 | 8.11% | 0.90% | 0.81% | 45% | $29877 |
| 2024 | $15.28 | 0.06 | 1.89 | 1.95 | (0.09) |  | (0.09) | $17.14 | 12.72% | 0.89% | 0.34% | 82% | $27746 |
| 2023 | $15.25 | 0.11 | 0.01 | 0.12 | (0.09) |  | (0.09) | $15.28 | 0.91% | 0.89% | 0.67% | 61% | $27034 |
| 2022 | $20.19 | 0.11 | (4.55) | (4.44) |  | (0.50) | (0.50) | $15.25 | (22.59)% | 0.90% | 0.79% | 51% | $33731 |
| 2021 | $18.30 | 0.01 | 1.88 | 1.89 |  |  |  | $20.19 | 10.33% | 0.90% | 0.08% | 71% | $19111 |
| 2020 | $14.39 | 0.01 | 4.36 | 4.37 |  | (0.46) | (0.46) | $18.30 | 31.39% | 0.98% | 0.11% | 92% | $5585 |
| **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** |
| 2025<sup>(3)</sup> | $16.76 | 0.03 | 1.29 | 1.32 |  |  |  | $18.08 | 7.88% | 1.35% | 0.36% | 45% | $944 |
| 2024 | $14.95 | (0.02) | 1.85 | 1.83 | (0.02) |  | (0.02) | $16.76 | 12.23% | 1.34% | (0.11)% | 82% | $834 |
| 2023 | $14.91 | (0.01) | 0.07 | 0.06 | (0.02) |  | (0.02) | $14.95 | 0.41% | 1.34% | 0.22% | 61% | $588 |
| 2022 | $19.85 | 0.07 | (4.51) | (4.44) |  | (0.50) | (0.50) | $14.91 | (22.94)% | 1.35% | 0.34% | 51% | $98 |
| 2021 | $18.07 | (0.07) | 1.85 | 1.78 |  |  |  | $19.85 | 9.85% | 1.35% | (0.37)% | 71% | $99 |
| 2020 | $14.28 | (0.04) | 4.29 | 4.25 |  | (0.46) | (0.46) | $18.07 | 30.78% | 1.43% | (0.34)% | 92% | $85 |
| **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> | $15.86 | (0.03) | 1.21 | 1.18 |  |  |  | $17.04 | 7.51% | 2.10% | (0.39)% | 45% | $56 |
| 2024 | $14.23 | (0.13) | 1.76 | 1.63 |  |  |  | $15.86 | 11.38% | 2.09% | (0.86)% | 82% | $50 |
| 2023 | $14.29 | (0.08) | 0.02 | (0.06) |  |  |  | $14.23 | (0.35)% | 2.09% | (0.53)% | 61% | $36 |
| 2022 | $19.17 | (0.04) | (4.34) | (4.38) |  | (0.50) | (0.50) | $14.29 | (23.54)% | 2.10% | (0.41)% | 51% | $48 |
| 2021 | $17.59 | (0.22) | 1.80 | 1.58 |  |  |  | $19.17 | 9.04% | 2.10% | (1.12)% | 71% | $58 |
| 2020 | $14.01 | (0.14) | 4.18 | 4.04 |  | (0.46) | (0.46) | $17.59 | 29.84% | 2.18% | (1.09)% | 92% | $49 |

---

------

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net Asset**<br>**Value,**<br>**Beginning**<br>**of Period** | **Net**<br>**Investment**<br>**Income**<br>**(Loss)**<sup>(1)</sup> | **Net**<br>**Realized**<br>**and**<br>**Unrealized**<br>**Gain (Loss)** | **Total From**<br>**Investment**<br>**Operations** | **Net<br>Investment<br>Income** | **Net<br>Realized<br>Gains** | **Total<br>Distributions** | **Net Asset**<br>**Value,**<br>**End**<br>**of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Operating<br>Expenses<br>(before<br>expense<br>waiver)** | **Net<br>Investment<br>Income<br>(Loss)** | **Net<br>Investment<br>Income<br>(Loss)<br>(before<br>expense<br>waiver)** | **Portfolio<br>Turnover<br>Rate** | **Net**<br>**Assets,**<br>**End of**<br>**Period**<br>**(in thousands)** |
| **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> | $16.52 | 0.02 | 1.26 | 1.28 |  |  |  | $17.80 | 7.75% | 1.60% | 1.60% | 0.11% | 0.11% | 45% | $854 |
| 2024 | $14.75 | (0.06) | 1.83 | 1.77 |  |  |  | $16.52 | 11.92% | 1.59% | 1.59% | (0.36)% | (0.36)% | 82% | $612 |
| 2023 | $14.74 | —<sup>(4)</sup> | 0.01 | 0.01 |  |  |  | $14.75 | 0.20% | 1.59% | 1.59% | (0.03)% | (0.03)% | 61% | $766 |
| 2022 | $19.67 | 0.03 | (4.46) | (4.43) |  | (0.50) | (0.50) | $14.74 | (23.15)% | 1.60% | 1.60% | 0.09% | 0.09% | 51% | $1104 |
| 2021 | $17.95 | (0.12) | 1.84 | 1.72 |  |  |  | $19.67 | 9.58% | 1.60% | 1.60% | (0.62)% | (0.62)% | 71% | $1148 |
| 2020 | $14.22 | (0.08) | 4.27 | 4.19 |  | (0.46) | (0.46) | $17.95 | 30.47% | 1.68% | 1.68% | (0.59)% | (0.59)% | 92% | $683 |
| **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> | $17.25 | 0.08 | 1.33 | 1.41 | (0.02) |  | (0.02) | $18.64 | 8.15% | 0.75% | 0.75% | 0.96% | 0.96% | 45% | $5008 |
| 2024 | $15.38 | 0.09 | 1.89 | 1.98 | (0.11) |  | (0.11) | $17.25 | 12.94% | 0.74% | 0.74% | 0.49% | 0.49% | 82% | $5939 |
| 2023 | $15.34 | 0.13 | 0.02 | 0.15 | (0.11) |  | (0.11) | $15.38 | 0.99% | 0.74% | 0.74% | 0.82% | 0.82% | 61% | $7799 |
| 2022 | $20.30 | 0.05 | (4.49) | (4.44) | (0.02) | (0.50) | (0.52) | $15.34 | (22.44)% | 0.75% | 0.75% | 0.94% | 0.94% | 51% | $5927 |
| 2021 | $18.37 | 0.02 | 1.91 | 1.93 |  |  |  | $20.30 | 10.51% | 0.75% | 0.75% | 0.23% | 0.23% | 71% | $674 |
| 2020 | $14.42 | 0.05 | 4.36 | 4.41 |  | (0.46) | (0.46) | $18.37 | 31.61% | 0.83% | 0.83% | 0.26% | 0.26% | 92% | $190 |
| **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> | $17.68 | 0.15 | 1.35 | 1.50 | (0.14) |  | (0.14) | $19.04 | 8.56% | 0.01% | 0.75% | 1.70% | 0.96% | 45% | $82375 |
| 2024 | $15.76 | 0.21 | 1.94 | 2.15 | (0.23) |  | (0.23) | $17.68 | 13.75% | 0.00% | 0.74% | 1.23% | 0.49% | 82% | $60376 |
| 2023 | $15.71 | 0.24 | 0.03 | 0.27 | (0.22) |  | (0.22) | $15.76 | 1.81% | 0.00% | 0.74% | 1.56% | 0.82% | 61% | $37128 |
| 2022 | $20.74 | 0.27 | (4.67) | (4.40) | (0.13) | (0.50) | (0.63) | $15.71 | (21.92)% | 0.01% | 0.75% | 1.68% | 0.94% | 51% | $26828 |
| 2021 | $18.65 | 0.21 | 1.89 | 2.10 | (0.01) |  | (0.01) | $20.74 | 11.28% | 0.01% | 0.75% | 0.97% | 0.23% | 71% | $16684 |
| 2020 | $14.51 | 0.17 | 4.43 | 4.60 |  | (0.46) | (0.46) | $18.65 | 32.75% | 0.00% | 0.83% | 1.09% | 0.26% | 92% | $4356 |

---

**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 May 31, 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-92637 2507** | **©2025 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-SAN-92637 2507** |

---

------

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

![Image17.jpg](ck0000872825-20250531_g3.jpg)

---

| |
|:---|
| Semiannual Financial Statements and Other Information |
| May 31, 2025 |
| Global Small Cap Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class (AGCVX) |
| &nbsp;&nbsp;&nbsp;&nbsp;I Class (AGCSX) |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class (AGCLX) |
| &nbsp;&nbsp;&nbsp;&nbsp;C Class (AGCHX) |
| &nbsp;&nbsp;&nbsp;&nbsp;R Class (AGCWX) |
| &nbsp;&nbsp;&nbsp;&nbsp;R6 Class (AGCTX) |

---

------

**Table of Contents**

---

| | |
|:---|:---|
| Schedule of Investments | [2](#iba8ebcbf125644f083983e7b3e673bc1_295) |
| Statement of Assets and Liabilities | [7](#iba8ebcbf125644f083983e7b3e673bc1_301) |
| Statement of Operations | [8](#iba8ebcbf125644f083983e7b3e673bc1_304) |
| Statement of Changes in Net Assets | [9](#iba8ebcbf125644f083983e7b3e673bc1_307) |
| Notes to Financial Statements | [10](#iba8ebcbf125644f083983e7b3e673bc1_310) |
| Financial Highlights | [15](#iba8ebcbf125644f083983e7b3e673bc1_313) |

---

------

Schedule of Investments

**MAY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| <br>**COMMON STOCKS — 100.9%** | **Shares**<br> | **Value**<br> |
| **Australia — 3.2%** |  |  |
| CAR Group Ltd. | 27742 | $635770 |
| JB Hi-Fi Ltd. | 11276 | 783361 |
| Ventia Services Group Pty. Ltd. | 282216 | 860259 |
| Zip Co. Ltd.<sup>(1)(2)</sup> | 362418 | 462989 |
|  |  | 2742379 |
| **Belgium — 1.0%** |  |  |
| D'ieteren Group | 4285 | 879918 |
| **Brazil — 0.9%** |  |  |
| Direcional Engenharia SA | 108000 | 761920 |
| **Canada — 11.2%** |  |  |
| Aritzia, Inc.<sup>(1)</sup> | 24366 | 1182479 |
| AtkinsRealis Group, Inc. | 21937 | 1438649 |
| Boardwalk Real Estate Investment Trust | 15983 | 816067 |
| Brookfield Infrastructure Corp., Class A | 4485 | 177471 |
| Capstone Copper Corp.<sup>(1)</sup> | 86527 | 469094 |
| Chartwell Retirement Residences | 51627 | 700097 |
| Docebo, Inc.<sup>(1)</sup> | 8139 | 222401 |
| Element Fleet Management Corp. | 36281 | 864494 |
| Finning International, Inc. | 6049 | 223298 |
| FirstService Corp. (Toronto) | 3562 | 624359 |
| Lundin Gold, Inc. | 28835 | 1393266 |
| MDA Space Ltd.<sup>(1)</sup> | 47204 | 976516 |
| Torex Gold Resources, Inc.<sup>(1)</sup> | 13302 | 427068 |
|  |  | 9515259 |
| **China — 2.0%** |  |  |
| Bosideng International Holdings Ltd. | 1010000 | 564109 |
| GDS Holdings Ltd., ADR<sup>(1)(2)</sup> | 19189 | 454587 |
| Tongcheng Travel Holdings Ltd. | 246400 | 692376 |
|  |  | 1711072 |
| **France — 4.0%** |  |  |
| Gaztransport Et Technigaz SA | 4927 | 915576 |
| SPIE SA | 18340 | 932275 |
| Technip Energies NV | 25813 | 977052 |
| VusionGroup<sup>(2)</sup> | 2332 | 602710 |
|  |  | 3427613 |
| **Germany — 4.6%** |  |  |
| Auto1 Group SE<sup>(1)</sup> | 45135 | 1210246 |
| CTS Eventim AG & Co. KGaA | 5465 | 662885 |
| Hypoport SE<sup>(1)</sup> | 2029 | 451761 |
| Redcare Pharmacy NV<sup>(1)</sup> | 4416 | 573754 |
| RENK Group AG | 11565 | 1030922 |
|  |  | 3929568 |
| **India — 3.4%** |  |  |
| Amber Enterprises India Ltd.<sup>(1)</sup> | 5698 | 432675 |
| Kalyan Jewellers India Ltd. | 79681 | 522600 |
| Max Healthcare Institute Ltd. | 52020 | 684362 |
| Nippon Life India Asset Management Ltd. | 67904 | 588779 |
| Oberoi Realty Ltd. | 10930 | 223413 |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Prestige Estates Projects Ltd. | 27441 | $471171 |
|  |  | 2923000 |
| **Israel — 1.5%** |  |  |
| CyberArk Software Ltd.<sup>(1)</sup> | 2112 | 808432 |
| Nova Ltd.<sup>(1)</sup> | 1978 | 422540 |
|  |  | 1230972 |
| **Italy — 2.1%** |  |  |
| BPER Banca SpA<sup>(2)</sup> | 147826 | 1313089 |
| Hera SpA | 86820 | 431477 |
|  |  | 1744566 |
| **Japan — 8.2%** |  |  |
| Asics Corp. | 52600 | 1267717 |
| CyberAgent, Inc. | 71800 | 726679 |
| Japan Metropolitan Fund Invest | 766 | 524378 |
| Keio Corp. | 12500 | 303384 |
| Maruwa Co. Ltd. | 2300 | 557108 |
| Mebuki Financial Group, Inc. | 170600 | 840551 |
| Ryohin Keikaku Co. Ltd. | 35400 | 1351206 |
| Sanrio Co. Ltd. | 9000 | 395789 |
| SWCC Corp. | 12200 | 588821 |
| Tsuruha Holdings, Inc.<sup>(2)</sup> | 5100 | 400258 |
|  |  | 6955891 |
| **Mexico — 1.5%** |  |  |
| Genomma Lab Internacional SAB de CV, Class B | 372147 | 430168 |
| Gentera SAB de CV | 248332 | 487292 |
| Gruma SAB de CV, B Shares | 16258 | 305906 |
|  |  | 1223366 |
| **Netherlands — 0.8%** |  |  |
| SBM Offshore NV<sup>(2)</sup> | 28528 | 654553 |
| **Norway — 0.8%** |  |  |
| Subsea 7 SA | 41198 | 701527 |
| **Spain — 0.5%** |  |  |
| Acerinox SA | 35246 | 416337 |
| **Switzerland — 1.8%** |  |  |
| Aryzta AG<sup>(1)</sup> | 5998 | 619805 |
| PSP Swiss Property AG | 1930 | 339699 |
| Sulzer AG | 3054 | 576161 |
|  |  | 1535665 |
| **United Kingdom — 4.2%** |  |  |
| Beazley PLC | 49829 | 634976 |
| Intermediate Capital Group PLC | 16041 | 434232 |
| Marex Group PLC | 23845 | 1029150 |
| Tritax Big Box REIT PLC | 443970 | 879692 |
| Weir Group PLC | 18740 | 613431 |
|  |  | 3591481 |
| **United States — 49.2%** |  |  |
| ADMA Biologics, Inc.<sup>(1)</sup> | 56681 | 1124551 |
| Adtalem Global Education, Inc.<sup>(1)</sup> | 5551 | 732899 |
| ATI, Inc.<sup>(1)</sup> | 14208 | 1131525 |
| Bancorp, Inc.<sup>(1)</sup> | 16350 | 835485 |
| BJ's Wholesale Club Holdings, Inc.<sup>(1)</sup> | 7471 | 845792 |
| Bowhead Specialty Holdings, Inc.<sup>(1)</sup> | 28860 | 1076478 |
| Cargurus, Inc.<sup>(1)</sup> | 14754 | 462390 |
| Carpenter Technology Corp. | 4225 | 992875 |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Chefs' Warehouse, Inc.<sup>(1)</sup> | 13146 | $838452 |
| Clean Harbors, Inc.<sup>(1)</sup> | 2003 | 454260 |
| Coastal Financial Corp.<sup>(1)</sup> | 4559 | 400690 |
| Commerce Bancshares, Inc. | 3101 | 195394 |
| Construction Partners, Inc., Class A<sup>(1)</sup> | 8176 | 855945 |
| Credo Technology Group Holding Ltd.<sup>(1)</sup> | 9154 | 558028 |
| Dave, Inc.<sup>(1)</sup> | 3216 | 645837 |
| Duolingo, Inc.<sup>(1)</sup> | 1226 | 637042 |
| Elastic NV<sup>(1)</sup> | 4748 | 383971 |
| Element Solutions, Inc. | 21130 | 451759 |
| elf Beauty, Inc.<sup>(1)</sup> | 8579 | 965052 |
| Encompass Health Corp. | 7645 | 924280 |
| ExlService Holdings, Inc.<sup>(1)</sup> | 12113 | 557077 |
| Extreme Networks, Inc.<sup>(1)</sup> | 40703 | 637816 |
| Freshpet, Inc.<sup>(1)</sup> | 5160 | 413626 |
| Globus Medical, Inc., Class A<sup>(1)</sup> | 7271 | 430298 |
| Goosehead Insurance, Inc., Class A | 4877 | 527984 |
| Graphic Packaging Holding Co. | 9215 | 204757 |
| Guidewire Software, Inc.<sup>(1)</sup> | 2566 | 551741 |
| H2O America | 7438 | 390346 |
| Hamilton Lane, Inc., Class A | 2529 | 376821 |
| Hayward Holdings, Inc.<sup>(1)</sup> | 28076 | 391660 |
| HCI Group, Inc. | 1276 | 215351 |
| HealthEquity, Inc.<sup>(1)</sup> | 9113 | 916859 |
| Hexcel Corp. | 4114 | 217589 |
| Hinge Health, Inc., Class A<sup>(1)</sup> | 4978 | 193346 |
| Huron Consulting Group, Inc.<sup>(1)</sup> | 7460 | 1065512 |
| Ichor Holdings Ltd.<sup>(1)</sup> | 4619 | 72888 |
| Integer Holdings Corp.<sup>(1)</sup> | 3521 | 418154 |
| Klaviyo, Inc., Class A<sup>(1)</sup> | 14250 | 484500 |
| Knife River Corp.<sup>(1)</sup> | 6426 | 604687 |
| Korn Ferry | 4881 | 331957 |
| Lattice Semiconductor Corp.<sup>(1)</sup> | 7862 | 353318 |
| Life Time Group Holdings, Inc.<sup>(1)</sup> | 18761 | 536565 |
| Littelfuse, Inc. | 2325 | 476764 |
| MACOM Technology Solutions Holdings, Inc.<sup>(1)</sup> | 4836 | 588106 |
| Magnite, Inc.<sup>(1)</sup> | 39256 | 642228 |
| Mirion Technologies, Inc.<sup>(1)</sup> | 41960 | 801436 |
| Modine Manufacturing Co.<sup>(1)</sup> | 3025 | 274670 |
| Mueller Water Products, Inc., Class A | 41795 | 1025231 |
| Natera, Inc.<sup>(1)</sup> | 2590 | 408521 |
| National Storage Affiliates Trust | 10322 | 355077 |
| National Vision Holdings, Inc.<sup>(1)</sup> | 22305 | 441862 |
| Ollie's Bargain Outlet Holdings, Inc.<sup>(1)</sup> | 6789 | 756634 |
| Onestream, Inc.<sup>(1)</sup> | 16766 | 470454 |
| Palomar Holdings, Inc.<sup>(1)</sup> | 3967 | 680221 |
| Patrick Industries, Inc. | 4885 | 419426 |
| Paylocity Holding Corp.<sup>(1)</sup> | 2938 | 560864 |
| Planet Fitness, Inc., Class A<sup>(1)</sup> | 6010 | 618008 |
| Power Integrations, Inc. | 8035 | 399581 |
| Q2 Holdings, Inc.<sup>(1)</sup> | 2628 | 230003 |
| RadNet, Inc.<sup>(1)</sup> | 8061 | 463427 |
| RH<sup>(1)</sup> | 1103 | 199764 |
| Sensient Technologies Corp. | 1074 | 101525 |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Shift4 Payments, Inc., Class A<sup>(1)(2)</sup> | 4906 | $465040 |
| Silicon Laboratories, Inc.<sup>(1)</sup> | 3269 | 394013 |
| Skyward Specialty Insurance Group, Inc.<sup>(1)</sup> | 6852 | 434074 |
| Sterling Infrastructure, Inc.<sup>(1)</sup> | 3578 | 672700 |
| StoneX Group, Inc.<sup>(1)</sup> | 9733 | 823947 |
| Terreno Realty Corp. | 8349 | 471051 |
| Titan America SA<sup>(1)</sup> | 31822 | 455055 |
| Toll Brothers, Inc. | 1589 | 165653 |
| Triumph Financial, Inc.<sup>(1)</sup> | 7979 | 460947 |
| TWFG, Inc.<sup>(1)</sup> | 8831 | 309173 |
| UFP Technologies, Inc.<sup>(1)</sup> | 2080 | 487136 |
| Verra Mobility Corp.<sup>(1)</sup> | 17262 | 408246 |
| Vital Farms, Inc.<sup>(1)</sup> | 13587 | 432610 |
| Warby Parker, Inc., Class A<sup>(1)</sup> | 24981 | 528848 |
| Wintrust Financial Corp. | 8461 | 1010328 |
|  |  | 41838180 |
| **TOTAL COMMON STOCKS**<br>(Cost $64,336,187) |  | **85783267** |
| **EXCHANGE-TRADED FUNDS — 0.0%** |  |  |
| Schwab International Small-Cap Equity ETF | 277 | 11138 |
| Schwab U.S. Small-Cap ETF | 331 | 7997 |
| **TOTAL EXCHANGE-TRADED FUNDS**<br>(Cost $14,667) |  | **19135** |
| **SHORT-TERM INVESTMENTS — 2.2%** |  |  |
| **Money Market Funds — 1.7%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 1569 | 1569 |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(3)</sup> | 1439572 | 1439572 |
|  |  | 1441141 |
| **Repurchase Agreements — 0.5%** |  |  |
| BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 4.25%, 1/31/30, valued at $56,201), in a joint trading account at 4.30%, dated 5/30/25, due 6/2/25 (Delivery value $55,135) |  | 55115 |
| Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 2.75%, 7/31/27, valued at $410,188), at 4.32%, dated 5/30/25, due 6/2/25 (Delivery value $402,145) |  | 402000 |
|  |  | 457115 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $1,898,256) |  | **1898256** |
| **TOTAL INVESTMENT SECURITIES — 103.1%**<br>(Cost $66,249,110) |  | **87700658** |
| **OTHER ASSETS AND LIABILITIES — (3.1)%** |  | **(2627622)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**85073036** |

---

------

---

| | |
|:---|:---|
| **MARKET SECTOR DIVERSIFICATION** | **MARKET SECTOR DIVERSIFICATION** |
| **(as a % of net assets)** | |
| Industrials | 18.9% |
| Consumer Discretionary | 18.1% |
| Financials | 17.3% |
| Information Technology | 11.1% |
| Health Care | 8.4% |
| Materials | 6.5% |
| Consumer Staples | 6.4% |
| Real Estate | 5.5% |
| Energy | 3.8% |
| Communication Services | 3.7% |
| Utilities | 1.2% |
| Exchange-Traded Funds | 0.0% |
| Short-Term Investments | 2.2% |
| Other Assets and Liabilities | (3.1)% |

---

---

| | | |
|:---|:---|:---|
| **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 $2,632,858. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(3)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $2,741,610, which includes securities collateral of $1,302,038.

See Notes to Financial Statements.

------

Statement of Assets and Liabilities

---

| | |
|:---|:---|
| **MAY 31, 2025 (UNAUDITED)** | |
| **Assets** | |
| Investment securities, at value (cost of $64,809,538) — including $2,632,858 of securities on loan | $86261086 |
| Investment made with cash collateral received for securities on loan, at value (cost of $1,439,572) | 1439572 |
| Total investment securities, at value (cost of $66,249,110) | 87700658 |
| Foreign currency holdings, at value (cost of $5,912) | 5904 |
| Receivable for investments sold | 209207 |
| Receivable for capital shares sold | 28488 |
| Dividends and interest receivable | 86109 |
| Securities lending receivable | 1807 |
| Other assets | 1375 |
|  | 88033548 |
| **Liabilities** |  |
| Payable for collateral received for securities on loan | 1439572 |
| Payable for investments purchased | 511506 |
| Payable for capital shares redeemed | 843485 |
| Accrued management fees | 68124 |
| Distribution and service fees payable | 1814 |
| Accrued foreign taxes | 96011 |
|  | 2960512 |
| **Net Assets** | $85073036 |
| **Net Assets Consist of:** |  |
| Capital (par value and paid-in surplus) | $76990210 |
| Distributable earnings (loss) | 8082826 |
|  | $85073036 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Net Assets** | **Shares Outstanding** | **Net Asset Value Per Share\*** |
| Investor Class, $0.01 Par Value | $36440243 | 1917917 | $19.00 |
| I Class, $0.01 Par Value | $19736805 | 1023441 | $19.28 |
| A Class, $0.01 Par Value | $4816303 | 258215 | $18.65 |
| C Class, $0.01 Par Value | $261396 | 15102 | $17.31 |
| R Class, $0.01 Par Value | $1539460 | 84446 | $18.23 |
| R6 Class, $0.01 Par Value | $22278829 | 1142905 | $19.49 |

---

\*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 $19.79 (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 MAY 31, 2025 (UNAUDITED)** | **FOR THE SIX MONTHS ENDED MAY 31, 2025 (UNAUDITED)** |
| **Investment Income (Loss)** | |
| **Income:** | |
| Dividends (net of foreign taxes withheld of $63,379) | $596121 |
| Securities lending, net | 14580 |
| Interest | 12573 |
|  | 623274 |
| **Expenses:** |  |
| Management fees | 386077 |
| Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;A Class | 5662 |
| &nbsp;&nbsp;&nbsp;C Class | 1113 |
| &nbsp;&nbsp;&nbsp;R Class | 3991 |
| Directors' fees and expenses | 1140 |
| Other expenses | 2521 |
|  | 400504 |
| **Net investment income (loss)** | 222770 |
| **Realized and Unrealized Gain (Loss)** |  |
| **Net realized gain (loss) on:** |  |
| Investment transactions (net of foreign tax expenses paid (refunded) of $19,725) | 257261 |
| Foreign currency translation transactions | (9423) |
|  | 247838 |
| **Change in net unrealized appreciation (depreciation) on:** |  |
| Investments (includes (increase) decrease in accrued foreign taxes of $148,739) | (2842082) |
| Translation of assets and liabilities in foreign currencies | 5016 |
|  | (2837066) |
| **Net realized and unrealized gain (loss)** | (2589228) |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $(2366458) |

---

See Notes to Financial Statements.

------

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| **SIX MONTHS ENDED MAY 31, 2025 (UNAUDITED) AND YEAR ENDED NOVEMBER 30, 2024** | **SIX MONTHS ENDED MAY 31, 2025 (UNAUDITED) AND YEAR ENDED NOVEMBER 30, 2024** | **SIX MONTHS ENDED MAY 31, 2025 (UNAUDITED) AND YEAR ENDED NOVEMBER 30, 2024** |
| **Increase (Decrease) in Net Assets** | **May 31, 2025** | **November 30, 2024** |
| **Operations** | | |
| Net investment income (loss) | $222770 | $135868 |
| Net realized gain (loss) | 247838 | 7854545 |
| Change in net unrealized appreciation (depreciation) | (2837066) | 12833112 |
| Net increase (decrease) in net assets resulting from operations | (2366458) | 20823525 |
| **Distributions to Shareholders** |  |  |
| From earnings: |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (627555) | (179269) |
| &nbsp;&nbsp;&nbsp;I Class | (373437) | (155028) |
| &nbsp;&nbsp;&nbsp;A Class | (69609) | (11127) |
| &nbsp;&nbsp;&nbsp;C Class | (878) |  |
| &nbsp;&nbsp;&nbsp;R Class | (22043) |  |
| &nbsp;&nbsp;&nbsp;R6 Class | (277569) | (185410) |
| Decrease in net assets from distributions | (1371091) | (530834) |
| **Capital Share Transactions** |  |  |
| Net increase (decrease) in net assets from capital share transactions (Note 5) | 5210015 | (14796000) |
| **Net increase (decrease) in net assets** | 1472466 | 5496691 |
| **Net Assets** |  |  |
| Beginning of period | 83600570 | 78103879 |
| End of period | $85073036 | $83600570 |

---

See Notes to Financial Statements.

------

Notes to Financial Statements

**MAY 31, 2025 (UNAUDITED)** 

**1. Organization**

American Century World 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. Global Small Cap Fund (the fund) is one fund in a series issued by the corporation. The fund's investment objective is to seek 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, A Class, C Class, R Class and R6 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.

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. Certain countries impose taxes on realized gains on the sale of securities registered in their country. The

------

fund records the foreign tax expense, if any, on an accrual basis. The foreign tax expense on realized gains and unrealized appreciation reduces the net realized gain (loss) on investment transactions and net unrealized appreciation (depreciation) on investments, respectively.

**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 make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code, in all events in a manner consistent with provisions of the 1940 Act.

**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 May 31, 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 | $1439572 |  |  |  | $1439572 |
| 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 | $1439572 |

---

(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.

**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 annual management fee for each class is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investor Class** | **I Class** | **A Class** | **C Class** | **R Class** | **R6 Class** |
| 1.10% | 0.90% | 1.10% | 1.10% | 1.10% | 0.75% |

---

**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 May 31, 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 May 31, 2025 were $61,411,779 and $56,586,008, respectively.

------

**5. Capital Share Transactions** 

Transactions in shares of the fund were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six months ended**<br>**May 31, 2025** | **Six months ended**<br>**May 31, 2025** | **Year ended**<br>**November 30, 2024** | **Year ended**<br>**November 30, 2024** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| **Investor Class/Shares Authorized** | 40000000 |  | 40000000 |  |
| Sold | 204642 | $3668983 | 306590 | $5507307 |
| Issued in reinvestment of distributions | 32528 | 621283 | 10007 | 176821 |
| Redeemed | (274624) | (4954039) | (562205) | (9932679) |
|  | (37454) | (663773) | (245608) | (4248551) |
| **I Class/Shares Authorized** | 25000000 |  | 25000000 |  |
| Sold | 115865 | 2184806 | 393138 | 7081405 |
| Issued in reinvestment of distributions | 19279 | 373437 | 8651 | 155028 |
| Redeemed | (205572) | (3805785) | (533253) | (9779529) |
|  | (70428) | (1247542) | (131464) | (2543096) |
| **A Class/Shares Authorized** | 20000000 |  | 20000000 |  |
| Sold | 23697 | 429265 | 41109 | 713946 |
| Issued in reinvestment of distributions | 3709 | 69609 | 641 | 11127 |
| Redeemed | (18630) | (336945) | (36932) | (642522) |
|  | 8776 | 161929 | 4818 | 82551 |
| **C Class/Shares Authorized** | 20000000 |  | 20000000 |  |
| Sold | 9720 | 164807 | 465 | 7376 |
| Issued in reinvestment of distributions | 50 | 878 |  |  |
| Redeemed | (7) | (128) | (22766) | (368495) |
|  | 9763 | 165557 | (22301) | (361119) |
| **R Class/Shares Authorized** | 20000000 |  | 20000000 |  |
| Sold | 13104 | 226285 | 45971 | 797548 |
| Issued in reinvestment of distributions | 1200 | 22043 |  |  |
| Redeemed | (21661) | (361740) | (35394) | (622463) |
|  | (7357) | (113412) | 10577 | 175085 |
| **R6 Class/Shares Authorized** | 20000000 |  | 20000000 |  |
| Sold | 660784 | 11768935 | 377694 | 6889028 |
| Issued in reinvestment of distributions | 14183 | 277569 | 10244 | 185410 |
| Redeemed | (279358) | (5139248) | (772715) | (14975308) |
|  | 395609 | 6907256 | (384777) | (7900870) |
| Net increase (decrease) | 298909 | $5210015 | (768755) | $(14796000) |

---

**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 |  |  |  |
| &nbsp;&nbsp;&nbsp;Australia |  | $2742379 |  |
| &nbsp;&nbsp;&nbsp;Belgium |  | 879918 |  |
| &nbsp;&nbsp;&nbsp;Brazil |  | 761920 |  |
| &nbsp;&nbsp;&nbsp;Canada | $177471 | 9337788 |  |
| &nbsp;&nbsp;&nbsp;China | 454587 | 1256485 |  |
| &nbsp;&nbsp;&nbsp;France |  | 3427613 |  |
| &nbsp;&nbsp;&nbsp;Germany |  | 3929568 |  |
| &nbsp;&nbsp;&nbsp;India |  | 2923000 |  |
| &nbsp;&nbsp;&nbsp;Italy |  | 1744566 |  |
| &nbsp;&nbsp;&nbsp;Japan |  | 6955891 |  |
| &nbsp;&nbsp;&nbsp;Mexico |  | 1223366 |  |
| &nbsp;&nbsp;&nbsp;Netherlands |  | 654553 |  |
| &nbsp;&nbsp;&nbsp;Norway |  | 701527 |  |
| &nbsp;&nbsp;&nbsp;Spain |  | 416337 |  |
| &nbsp;&nbsp;&nbsp;Switzerland |  | 1535665 |  |
| &nbsp;&nbsp;&nbsp;United Kingdom | 1029150 | 2562331 |  |
| &nbsp;&nbsp;&nbsp;Other Countries | 43069152 |  |  |
| Exchange-Traded Funds | 19135 |  |  |
| Short-Term Investments | 1441141 | 457115 |  |
|  | $46190636 | $41510022 |  |

---

**7. 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.

There are certain risks involved in investing in foreign securities. These risks include those resulting from political events (such as civil unrest, national elections and imposition of exchange controls), social and economic events (such as labor strikes and rising inflation), and natural disasters. Securities of foreign issuers may be less liquid and more volatile. Investing in emerging markets or a significant portion of assets in one country or region may accentuate these risks.

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.

The fund's investment process may result in high portfolio turnover, which could mean high transaction costs, affecting both performance and capital gains tax liabilities to investors.

**8. 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 | $68904251 |
| Gross tax appreciation of investments | $20032789 |
| Gross tax depreciation of investments | (1236382) |
| Net tax appreciation (depreciation) of investments | $18796407 |

---

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the realization to ordinary income for tax purposes of unrealized gains on investments in passive foreign investment companies.

As of November 30, 2024, the fund had accumulated short-term capital losses of $(11,767,570), 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 November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net Asset**<br>**Value,**<br>**Beginning**<br>**of Period** | **Net**<br>**Investment**<br>**Income**<br>**(Loss)**<sup>(1)</sup> | **Net**<br>**Realized**<br>**and**<br>**Unrealized**<br>**Gain (Loss)** | **Total From**<br>**Investment**<br>**Operations** | **Net<br>Investment<br>Income** | **Net<br>Realized<br>Gains** | **Total<br>Distributions** | **Net Asset**<br>**Value,**<br>**End**<br>**of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Net<br>Investment<br>Income<br>(Loss)** | **Portfolio<br>Turnover<br>Rate** | **Net**<br>**Assets,**<br>**End of**<br>**Period**<br>**(in**<br>**thousands)** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | | | | | | | | | | |
| 2025<sup>(3)</sup> | $20.04 | 0.04 | (0.76) | (0.72) | (0.32) |  | (0.32) | $19.00 | (3.61)% | 1.11% | 0.46% | 71% | $36440 |
| 2024 | $15.78 | 0.01 | 4.34 | 4.35 | (0.09) |  | (0.09) | $20.04 | 27.64% | 1.11% | 0.04% | 109% | $39193 |
| 2023 | $16.17 | 0.01 | (0.36) | (0.35) | (0.04) |  | (0.04) | $15.78 | (2.18)% | 1.11% | 0.03% | 130% | $34727 |
| 2022 | $24.94 | 0.03 | (5.23) | (5.20) | (0.04) | (3.53) | (3.57) | $16.17 | (24.11)% | 1.11% | 0.17% | 115% | $39261 |
| 2021 | $21.11 | (0.10) | 5.29 | 5.19 |  | (1.36) | (1.36) | $24.94 | 25.57% | 1.11% | (0.40)% | 136% | $41838 |
| 2020 | $15.81 | (0.11) | 6.19 | 6.08 |  | (0.78) | (0.78) | $21.11 | 40.28% | 1.39% | (0.63)% | 204% | $21562 |
| **I Class** | **I Class** | **I Class** | **I Class** |  |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $20.35 | 0.06 | (0.78) | (0.72) | (0.35) |  | (0.35) | $19.28 | (3.50)% | 0.91% | 0.66% | 71% | $19737 |
| 2024 | $16.02 | 0.04 | 4.41 | 4.45 | (0.12) |  | (0.12) | $20.35 | 27.91% | 0.91% | 0.24% | 109% | $22262 |
| 2023 | $16.41 | 0.04 | (0.36) | (0.32) | (0.07) |  | (0.07) | $16.02 | (1.96)% | 0.91% | 0.23% | 130% | $19628 |
| 2022 | $25.27 | 0.06 | (5.30) | (5.24) | (0.09) | (3.53) | (3.62) | $16.41 | (23.98)% | 0.91% | 0.37% | 115% | $25641 |
| 2021 | $21.33 | (0.04) | 5.34 | 5.30 |  | (1.36) | (1.36) | $25.27 | 25.84% | 0.91% | (0.20)% | 136% | $11067 |
| 2020 | $15.94 | (0.08) | 6.25 | 6.17 |  | (0.78) | (0.78) | $21.33 | 40.62% | 1.19% | (0.43)% | 204% | $587 |
| **A Class** | **A Class** | **A Class** | **A Class** |  |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $19.67 | 0.02 | (0.76) | (0.74) | (0.28) |  | (0.28) | $18.65 | (3.77)% | 1.36% | 0.21% | 71% | $4816 |
| 2024 | $15.48 | (0.04) | 4.28 | 4.24 | (0.05) |  | (0.05) | $19.67 | 27.40% | 1.36% | (0.21)% | 109% | $4906 |
| 2023 | $15.87 | (0.04) | (0.35) | (0.39) |  |  |  | $15.48 | (2.46)% | 1.36% | (0.22)% | 130% | $3787 |
| 2022 | $24.55 | (0.01) | (5.14) | (5.15) |  | (3.53) | (3.53) | $15.87 | (24.28)% | 1.36% | (0.08)% | 115% | $379 |
| 2021 | $20.85 | (0.16) | 5.22 | 5.06 |  | (1.36) | (1.36) | $24.55 | 25.25% | 1.36% | (0.65)% | 136% | $317 |
| 2020 | $15.66 | (0.15) | 6.12 | 5.97 |  | (0.78) | (0.78) | $20.85 | 39.95% | 1.64% | (0.88)% | 204% | $63 |
| **C Class** | **C Class** | **C Class** | **C Class** |  |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $18.22 | (0.05) | (0.70) | (0.75) | (0.16) |  | (0.16) | $17.31 | (4.10)% | 2.11% | (0.54)% | 71% | $261 |
| 2024 | $14.41 | (0.16) | 3.97 | 3.81 |  |  |  | $18.22 | 26.44% | 2.11% | (0.96)% | 109% | $97 |
| 2023 | $14.88 | (0.14) | (0.33) | (0.47) |  |  |  | $14.41 | (3.16)% | 2.11% | (0.97)% | 130% | $398 |
| 2022 | $23.41 | (0.13) | (4.87) | (5.00) |  | (3.53) | (3.53) | $14.88 | (24.91)% | 2.11% | (0.83)% | 115% | $392 |
| 2021 | $20.08 | (0.33) | 5.02 | 4.69 |  | (1.36) | (1.36) | $23.41 | 24.32% | 2.11% | (1.40)% | 136% | $178 |
| 2020 | $15.22 | (0.26) | 5.90 | 5.64 |  | (0.78) | (0.78) | $20.08 | 38.88% | 2.39% | (1.63)% | 204% | $45 |

---

------

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net Asset**<br>**Value,**<br>**Beginning**<br>**of Period** | **Net**<br>**Investment**<br>**Income**<br>**(Loss)**<sup>(1)</sup> | **Net**<br>**Realized**<br>**and**<br>**Unrealized**<br>**Gain (Loss)** | **Total From**<br>**Investment**<br>**Operations** | **Net<br>Investment<br>Income** | **Net<br>Realized<br>Gains** | **Total<br>Distributions** | **Net Asset**<br>**Value,**<br>**End**<br>**of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Net<br>Investment<br>Income<br>(Loss)** | **Portfolio<br>Turnover<br>Rate** | **Net**<br>**Assets,**<br>**End of**<br>**Period**<br>**(in**<br>**thousands)** |
| **R Class** | **R Class** | **R Class** | **R Class** | | | | | | | | | | |
| 2025<sup>(3)</sup> | $19.21 | (0.01) | (0.73) | (0.74) | (0.24) |  | (0.24) | $18.23 | (3.86)% | 1.61% | (0.04)% | 71% | $1539 |
| 2024 | $15.12 | (0.08) | 4.17 | 4.09 |  |  |  | $19.21 | 27.05% | 1.61% | (0.46)% | 109% | $1764 |
| 2023 | $15.54 | (0.07) | (0.35) | (0.42) |  |  |  | $15.12 | (2.70)% | 1.61% | (0.47)% | 130% | $1228 |
| 2022 | $24.17 | (0.06) | (5.04) | (5.10) |  | (3.53) | (3.53) | $15.54 | (24.49)% | 1.61% | (0.33)% | 115% | $1792 |
| 2021 | $20.59 | (0.21) | 5.15 | 4.94 |  | (1.36) | (1.36) | $24.17 | 24.97% | 1.61% | (0.90)% | 136% | $1937 |
| 2020 | $15.52 | (0.18) | 6.03 | 5.85 |  | (0.78) | (0.78) | $20.59 | 39.52% | 1.89% | (1.13)% | 204% | $839 |
| **R6 Class** | **R6 Class** | **R6 Class** | **R6 Class** |  |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $20.58 | 0.08 | (0.80) | (0.72) | (0.37) |  | (0.37) | $19.49 | (3.50)% | 0.76% | 0.81% | 71% | $22279 |
| 2024 | $16.20 | 0.07 | 4.46 | 4.53 | (0.15) |  | (0.15) | $20.58 | 28.10% | 0.76% | 0.39% | 109% | $15378 |
| 2023 | $16.59 | 0.06 | (0.36) | (0.30) | (0.09) |  | (0.09) | $16.20 | (1.80)% | 0.76% | 0.38% | 130% | $18335 |
| 2022 | $25.51 | 0.09 | (5.35) | (5.26) | (0.13) | (3.53) | (3.66) | $16.59 | (23.87)% | 0.76% | 0.52% | 115% | $14092 |
| 2021 | $21.49 | (0.01) | 5.39 | 5.38 |  | (1.36) | (1.36) | $25.51 | 26.03% | 0.76% | (0.05)% | 136% | $15878 |
| 2020 | $16.03 | (0.03) | 6.27 | 6.24 |  | (0.78) | (0.78) | $21.49 | 40.75% | 1.04% | (0.28)% | 204% | $24743 |

---

**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 May 31, 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-92638 2507** | **©2025 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-SAN-92638 2507** |

---

------

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

![Image21.jpg](ck0000872825-20250531_g3.jpg)

---

| |
|:---|
| Semiannual Financial Statements and Other Information |
| May 31, 2025 |
| International Growth Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class (TWIEX) |
| &nbsp;&nbsp;&nbsp;&nbsp;I Class (TGRIX) |
| &nbsp;&nbsp;&nbsp;&nbsp;Y Class (ATYGX) |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class (TWGAX) |
| &nbsp;&nbsp;&nbsp;&nbsp;C Class (AIWCX) |
| &nbsp;&nbsp;&nbsp;&nbsp;R Class (ATGRX) |
| &nbsp;&nbsp;&nbsp;&nbsp;R5 Class (ATGGX) |
| &nbsp;&nbsp;&nbsp;&nbsp;R6 Class (ATGDX) |
| &nbsp;&nbsp;&nbsp;&nbsp;G Class (ACAEX) |

---

------

**Table of Contents**

---

| | |
|:---|:---|
| Schedule of Investments | [2](#iba8ebcbf125644f083983e7b3e673bc1_361) |
| Statement of Assets and Liabilities | [6](#iba8ebcbf125644f083983e7b3e673bc1_367) |
| Statement of Operations | [7](#iba8ebcbf125644f083983e7b3e673bc1_370) |
| Statement of Changes in Net Assets | [8](#iba8ebcbf125644f083983e7b3e673bc1_373) |
| Notes to Financial Statements | [9](#iba8ebcbf125644f083983e7b3e673bc1_376) |
| Financial Highlights | [14](#iba8ebcbf125644f083983e7b3e673bc1_379) |

---

------

Schedule of Investments

**MAY 31, 2025 (UNAUDITED)** 

---

| | | |
|:---|:---|:---|
|<br>**COMMON STOCKS — 99.0%** | **Shares** | **Value** |
| **Australia — 1.5%** | | |
| CSL Ltd. | 159720 | $25486522 |
| Xero Ltd.<sup>(1)</sup> | 118890 | 14122758 |
|  |  | 39609280 |
| **Austria — 0.6%** |  |  |
| Erste Group Bank AG | 209140 | 16841940 |
| **Belgium — 0.5%** |  |  |
| UCB SA<sup>(2)</sup> | 70170 | 12765298 |
| **Canada — 3.5%** |  |  |
| Canadian Pacific Kansas City Ltd. | 202300 | 16523341 |
| Capstone Copper Corp.<sup>(1)</sup> | 1182090 | 6408532 |
| GFL Environmental, Inc. | 512260 | 25833272 |
| Intact Financial Corp. | 107500 | 24388913 |
| Shopify, Inc., Class A<sup>(1)</sup> | 211110 | 22557781 |
|  |  | 95711839 |
| **China — 0.5%** |  |  |
| Trip.com Group Ltd., ADR | 229070 | 14351235 |
| **Denmark — 2.4%** |  |  |
| Novo Nordisk AS, Class B | 605036 | 42986479 |
| Pandora AS | 118780 | 21712192 |
|  |  | 64698671 |
| **France — 14.8%** |  |  |
| Accor SA | 306960 | 16307877 |
| Air Liquide SA | 285045 | 59063840 |
| Airbus SE | 238180 | 43807123 |
| BNP Paribas SA | 152680 | 13370864 |
| Bureau Veritas SA | 901010 | 30789588 |
| Cie de Saint-Gobain SA | 216380 | 24360899 |
| EssilorLuxottica SA | 115580 | 32114279 |
| Hermes International SCA | 11120 | 30663539 |
| L'Oreal SA | 54860 | 23220335 |
| LVMH Moet Hennessy Louis Vuitton SE | 29231 | 15855090 |
| Safran SA | 77990 | 23066077 |
| Schneider Electric SE | 159237 | 40177338 |
| Societe Generale SA | 926170 | 50288860 |
|  |  | 403085709 |
| **Germany — 14.3%** |  |  |
| adidas AG | 65550 | 16349038 |
| Commerzbank AG | 954310 | 29067340 |
| Deutsche Boerse AG | 75450 | 24306113 |
| Infineon Technologies AG | 987001 | 38374326 |
| Rheinmetall AG | 16380 | 35106704 |
| SAP SE | 358730 | 108523006 |
| Siemens AG | 123550 | 29716642 |
| Siemens Energy AG<sup>(1)</sup> | 513260 | 50158593 |
| Symrise AG | 312550 | 37371105 |
| Zalando SE<sup>(1)</sup> | 510550 | 18241774 |
|  |  | 387214641 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Hong Kong — 1.7%** | | |
| AIA Group Ltd. | 2711400 | $22570027 |
| Hong Kong Exchanges & Clearing Ltd. | 336600 | 16838187 |
| Techtronic Industries Co. Ltd. | 676000 | 7529505 |
|  |  | 46937719 |
| **India — 0.5%** |  |  |
| MakeMyTrip Ltd.<sup>(1)</sup> | 131200 | 13333856 |
| **Indonesia — 0.6%** |  |  |
| Bank Central Asia Tbk. PT | 28746500 | 16583633 |
| **Ireland — 1.3%** |  |  |
| Kerry Group PLC, A Shares | 333920 | 36502304 |
| **Israel — 0.2%** |  |  |
| Global-e Online Ltd.<sup>(1)</sup> | 207660 | 6618124 |
| **Italy — 2.4%** |  |  |
| Ferrari NV | 103790 | 49677591 |
| Saipem SpA<sup>(2)</sup> | 5960740 | 14782460 |
|  |  | 64460051 |
| **Japan — 18.5%** |  |  |
| Asics Corp. | 634800 | 15299373 |
| BayCurrent, Inc. | 416700 | 22146270 |
| Fast Retailing Co. Ltd. | 65700 | 21883968 |
| Hitachi Ltd. | 1328700 | 37017990 |
| Hoya Corp. | 206500 | 24381039 |
| Keyence Corp. | 136600 | 57176679 |
| Kobe Bussan Co. Ltd.<sup>(2)</sup> | 736200 | 23263369 |
| Mitsubishi Heavy Industries Ltd. | 2045500 | 47100470 |
| MonotaRO Co. Ltd.<sup>(2)</sup> | 1339300 | 27627986 |
| NEC Corp. | 1417200 | 36993646 |
| Panasonic Holdings Corp. | 641100 | 7347941 |
| Rakuten Bank Ltd.<sup>(1)</sup> | 479000 | 25046809 |
| Recruit Holdings Co. Ltd. | 224500 | 13371261 |
| Ryohin Keikaku Co. Ltd. | 747900 | 28547085 |
| Sony Group Corp. | 1567200 | 41947563 |
| Sumitomo Mitsui Financial Group, Inc. | 1647800 | 42333508 |
| Terumo Corp.<sup>(2)</sup> | 1646800 | 30229985 |
|  |  | 501714942 |
| **Netherlands — 5.5%** |  |  |
| Adyen NV<sup>(1)</sup> | 21140 | 40514357 |
| ASML Holding NV | 91500 | 67411682 |
| DSM-Firmenich AG | 217999 | 24267424 |
| Heineken NV | 187440 | 16721994 |
|  |  | 148915457 |
| **Spain — 2.4%** |  |  |
| Cellnex Telecom SA<sup>(1)</sup> | 612920 | 23499531 |
| Iberdrola SA<sup>(2)</sup> | 2197852 | 40286089 |
|  |  | 63785620 |
| **Sweden — 2.2%** |  |  |
| Atlas Copco AB, A Shares | 956710 | 15367472 |
| Hexagon AB, B Shares | 1989510 | 20057180 |
| Spotify Technology SA<sup>(1)</sup> | 34820 | 23160175 |
|  |  | 58584827 |
| **Switzerland — 7.8%** |  |  |
| Alcon AG | 186210 | 16035827 |
| Cie Financiere Richemont SA, Class A | 164330 | 31010225 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Galderma Group AG | 268887 | $35327288 |
| Lonza Group AG | 62660 | 43480105 |
| On Holding AG, Class A<sup>(1)</sup> | 562140 | 33385495 |
| Partners Group Holding AG | 8010 | 10752372 |
| UBS Group AG | 484150 | 15444643 |
| Zurich Insurance Group AG | 39030 | 27377108 |
|  |  | 212813063 |
| **Taiwan — 0.8%** |  |  |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 718000 | 22899900 |
| **United Kingdom — 15.4%** |  |  |
| AstraZeneca PLC | 507930 | 74403594 |
| BAE Systems PLC | 1287990 | 33023879 |
| Barclays PLC | 3744490 | 16582303 |
| BP PLC | 2090730 | 10165327 |
| Compass Group PLC | 958110 | 33689850 |
| Experian PLC | 571740 | 28475670 |
| Haleon PLC | 7119661 | 39744238 |
| Kingfisher PLC | 3480610 | 13029348 |
| Lloyds Banking Group PLC | 15643150 | 16294022 |
| London Stock Exchange Group PLC | 385245 | 58617609 |
| Marex Group PLC | 316471 | 13658888 |
| National Grid PLC<sup>(2)</sup> | 1245170 | 17632527 |
| RELX PLC | 866900 | 46651491 |
| Unilever PLC | 249500 | 15878510 |
|  |  | 417847256 |
| **United States — 1.6%** |  |  |
| Birkenstock Holding PLC<sup>(1)</sup> | 259840 | 13974195 |
| CRH PLC | 326710 | 29782884 |
|  |  | 43757079 |
| **TOTAL COMMON STOCKS**<br>(Cost $1,833,780,033) |  | **2689032444** |
| **SHORT-TERM INVESTMENTS — 1.1%** |  |  |
| **Money Market Funds — 1.1%** |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(3)</sup><br>(Cost $29,183,129) | 29183129 | **29183129** |
| **TOTAL INVESTMENT SECURITIES — 100.1%**<br>(Cost $1,862,963,162) |  | **2718215573** |
| **OTHER ASSETS AND LIABILITIES — (0.1)%** |  | **(1461062)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**2716754511** |

---

---

| | |
|:---|:---|
| **MARKET SECTOR DIVERSIFICATION** | |
| **(as a % of net assets)** | |
| Industrials | 22.0% |
| Financials | 17.7% |
| Consumer Discretionary | 16.3% |
| Information Technology | 14.3% |
| Health Care | 13.9% |
| Materials | 5.8% |
| Consumer Staples | 4.3% |
| Utilities | 2.1% |
| Communication Services | 1.7% |
| Energy | 0.9% |
| Short-Term Investments | 1.1% |
| Other Assets and Liabilities | (0.1)% |

---

------

---

| | | |
|:---|:---|:---|
| **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 $51,496,648. 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 $53,794,943, which includes securities collateral of $24,611,814.

See Notes to Financial Statements.

------

Statement of Assets and Liabilities

---

| | |
|:---|:---|
| **MAY 31, 2025 (UNAUDITED)** | |
| **Assets** | |
| Investment securities, at value (cost of $1,833,780,033) — including $51,496,648 of securities on loan | $2689032444 |
| Investment made with cash collateral received for securities on loan, at value (cost of $29,183,129) | 29183129 |
| Total investment securities, at value (cost of $1,862,963,162) | 2718215573 |
| Receivable for investments sold | 37108817 |
| Receivable for capital shares sold | 122851 |
| Dividends and interest receivable | 14397196 |
| Securities lending receivable | 23466 |
| Other assets | 65814 |
|  | 2769933717 |
| **Liabilities** |  |
| Disbursements in excess of demand deposit cash | 9810878 |
| Payable for collateral received for securities on loan | 29183129 |
| Payable for investments purchased | 24029 |
| Payable for capital shares redeemed | 9113869 |
| Accrued management fees | 1275134 |
| Distribution and service fees payable | 15103 |
| Accrued IRS compliance fees | 3651031 |
| Accrued other expenses | 106033 |
|  | 53179206 |
| **Net Assets** | $2716754511 |
| **Net Assets Consist of:** |  |
| Capital (par value and paid-in surplus) | $1910180706 |
| Distributable earnings (loss) | 806573805 |
|  | $2716754511 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Net Assets** | **Shares Outstanding** | **Net Asset Value Per Share\*** |
| Investor Class, $0.01 Par Value | $874844751 | 63200915 | $13.84 |
| I Class, $0.01 Par Value | $325054606 | 23660204 | $13.74 |
| Y Class, $0.01 Par Value | $61221232 | 4447533 | $13.77 |
| A Class, $0.01 Par Value | $56438650 | 4060328 | $13.90 |
| C Class, $0.01 Par Value | $203365 | 15833 | $12.84 |
| R Class, $0.01 Par Value | $7813210 | 559185 | $13.97 |
| R5 Class, $0.01 Par Value | $8825 | 642 | $13.75 |
| R6 Class, $0.01 Par Value | $24103311 | 1752993 | $13.75 |
| G Class, $0.01 Par Value | $1367066561 | 98083346 | $13.94 |

---

\*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 $14.75 (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 MAY 31, 2025 (UNAUDITED)** | |
| **Investment Income (Loss)** | |
| **Income:** | |
| Dividends (net of foreign taxes withheld of $3,053,544) | $28622039 |
| Interest | 444551 |
| Securities lending, net | 52436 |
|  | 29119026 |
| **Expenses:** |  |
| Management fees | 13153431 |
| Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;A Class | 66871 |
| &nbsp;&nbsp;&nbsp;C Class | 1213 |
| &nbsp;&nbsp;&nbsp;R Class | 18031 |
| Directors' fees and expenses | 38808 |
| Other expenses | 380995 |
|  | 13659349 |
| Fees waived - G Class | (5902056) |
|  | 7757293 |
| **Net investment income (loss)** | 21361733 |
| **Realized and Unrealized Gain (Loss)** |  |
| **Net realized gain (loss) on:** |  |
| Investment transactions | 110663170 |
| Foreign currency translation transactions | 574561 |
|  | 111237731 |
| **Change in net unrealized appreciation (depreciation) on:** |  |
| Investments | 106888876 |
| Translation of assets and liabilities in foreign currencies | 708358 |
|  | 107597234 |
| **Net realized and unrealized gain (loss)** | 218834965 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $240196698 |

---

See Notes to Financial Statements.

------

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| **SIX MONTHS ENDED MAY 31, 2025 (UNAUDITED) AND YEAR ENDED NOVEMBER 30, 2024** | **SIX MONTHS ENDED MAY 31, 2025 (UNAUDITED) AND YEAR ENDED NOVEMBER 30, 2024** | **SIX MONTHS ENDED MAY 31, 2025 (UNAUDITED) AND YEAR ENDED NOVEMBER 30, 2024** |
| **Increase (Decrease) in Net Assets** | **May 31, 2025** | **November 30, 2024** |
| **Operations** | | |
| Net investment income (loss) | $21361733 | $29241999 |
| Net realized gain (loss) | 111237731 | 69331840 |
| Change in net unrealized appreciation (depreciation) | 107597234 | 226933215 |
| Net increase (decrease) in net assets resulting from operations | 240196698 | 325507054 |
| **Distributions to Shareholders** |  |  |
| From earnings: |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (4208688) | (4397930) |
| &nbsp;&nbsp;&nbsp;I Class | (2035519) | (2048613) |
| &nbsp;&nbsp;&nbsp;Y Class | (422599) | (466755) |
| &nbsp;&nbsp;&nbsp;A Class | (158972) | (161260) |
| &nbsp;&nbsp;&nbsp;R Class | (7023) |  |
| &nbsp;&nbsp;&nbsp;R5 Class | (53) | (55) |
| &nbsp;&nbsp;&nbsp;R6 Class | (212431) | (199461) |
| &nbsp;&nbsp;&nbsp;G Class | (21586078) | (26731358) |
| Decrease in net assets from distributions | (28631363) | (34005432) |
| **Capital Share Transactions** |  |  |
| Net increase (decrease) in net assets from capital share transactions (Note 5) | (322597383) | (228792849) |
| **Net increase (decrease) in net assets** | (111032048) | 62708773 |
| **Net Assets** |  |  |
| Beginning of period | 2827786559 | 2765077786 |
| End of period | $2716754511 | $2827786559 |

---

See Notes to Financial Statements.

------

Notes to Financial Statements

**MAY 31, 2025 (UNAUDITED)** 

**1. Organization**

American Century World 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. International Growth Fund (the fund) is one fund in a series issued by the corporation. The fund's investment objective is to seek 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.

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 make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code, in all events in a manner consistent with provisions of the 1940 Act.

**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 May 31, 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> | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $29183129 |  |  |  | $29183129 |
| 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 | $29183129 |

---

(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, 33% 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 May 31, 2025 are as follows:

---

| | | |
|:---|:---|:---|
|  | **Management Fee<br>Schedule Range** | **Effective Annual**<br>**Management Fee** |
| Investor Class | 1.050% to 1.400% | 1.20% |
| I Class | 0.850% to 1.200% | 1.00% |
| Y Class | 0.700% to 1.050% | 0.85% |
| A Class | 1.050% to 1.400% | 1.20% |
| C Class | 1.050% to 1.400% | 1.20% |
| R Class | 1.050% to 1.400% | 1.20% |
| R5 Class | 0.850% to 1.200% | 1.00% |
| R6 Class | 0.700% to 1.050% | 0.85% |
| G Class | 0.700% to 1.050% | 0.00%<sup>(1)</sup> |

---

(1)Effective annual management fee before waiver was 0.85%.

**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 May 31, 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 May 31, 2025 were $839,359,790 and $1,133,725,485, respectively.

------

**5. Capital Share Transactions** 

Transactions in shares of the fund were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six months ended**<br>**May 31, 2025** | **Six months ended**<br>**May 31, 2025** | **Year ended**<br>**November 30, 2024** | **Year ended**<br>**November 30, 2024** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| **Investor Class/Shares Authorized** | 1250000000 |  | 1250000000 |  |
| Sold | 2071095 | $26765289 | 993273 | $12400565 |
| Issued in reinvestment of distributions | 319284 | 4054911 | 330978 | 4233210 |
| Redeemed | (5061691) | (64865009) | (9907077) | (124406068) |
|  | (2671312) | (34044809) | (8582826) | (107772293) |
| **I Class/Shares Authorized** | 300000000 |  | 300000000 |  |
| Sold | 1516116 | 18868529 | 2227113 | 27787944 |
| Issued in reinvestment of distributions | 160744 | 2023762 | 160661 | 2038788 |
| Redeemed | (2214297) | (29231459) | (1891670) | (23741631) |
|  | (537437) | (8339168) | 496104 | 6085101 |
| **Y Class/Shares Authorized** | 40000000 |  | 40000000 |  |
| Sold | 2295246 | 28316665 | 2196873 | 28462476 |
| Issued in reinvestment of distributions | 33489 | 422291 | 36752 | 466755 |
| Redeemed | (2180195) | (28095007) | (2246298) | (28158363) |
|  | 148540 | 643949 | (12673) | 770868 |
| **A Class/Shares Authorized** | 80000000 |  | 80000000 |  |
| Sold | 242871 | 3065727 | 269029 | 3373466 |
| Issued in reinvestment of distributions | 12310 | 157203 | 12422 | 159746 |
| Redeemed | (408862) | (5231738) | (1676176) | (21177794) |
|  | (153681) | (2008808) | (1394725) | (17644582) |
| **C Class/Shares Authorized** | 20000000 |  | 20000000 |  |
| Sold | 320 | 3847 | 1019 | 11877 |
| Redeemed | (11141) | (131962) | (11159) | (133066) |
|  | (10821) | (128115) | (10140) | (121189) |
| **R Class/Shares Authorized** | 25000000 |  | 25000000 |  |
| Sold | 50252 | 646150 | 86450 | 1087938 |
| Issued in reinvestment of distributions | 547 | 7023 |  |  |
| Redeemed | (48074) | (620269) | (130294) | (1634442) |
|  | 2725 | 32904 | (43844) | (546504) |
| **R5 Class/Shares Authorized** | 20000000 |  | 20000000 |  |
| Issued in reinvestment of distributions | 5 | 53 | 4 | 55 |
| **R6 Class/Shares Authorized** | 45000000 |  | 45000000 |  |
| Sold | 250937 | 3190913 | 818397 | 10238232 |
| Issued in reinvestment of distributions | 16716 | 210617 | 15560 | 197451 |
| Redeemed | (665750) | (8734666) | (660849) | (8252709) |
|  | (398097) | (5333136) | 173108 | 2182974 |
| **G Class/Shares Authorized** | 1500000000 |  | 1500000000 |  |
| Sold | 1466955 | 18292189 | 14228789 | 179231906 |
| Issued in reinvestment of distributions | 1697004 | 21585885 | 2085129 | 26731354 |
| Redeemed | (24222477) | (313298327) | (24977429) | (317710539) |
|  | (21058518) | (273420253) | (8663511) | (111747279) |
| Net increase (decrease) | (24678596) | $(322597383) | (18038503) | $(228792849) |

---

**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.

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• 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 |  |  |  |
| &nbsp;&nbsp;&nbsp;Canada | $25833272 | $69878567 |  |
| &nbsp;&nbsp;&nbsp;China | 14351235 |  |  |
| &nbsp;&nbsp;&nbsp;India | 13333856 |  |  |
| &nbsp;&nbsp;&nbsp;Israel | 6618124 |  |  |
| &nbsp;&nbsp;&nbsp;Sweden | 23160175 | 35424652 |  |
| &nbsp;&nbsp;&nbsp;Switzerland | 33385495 | 179427568 |  |
| &nbsp;&nbsp;&nbsp;United Kingdom | 13658888 | 404188368 |  |
| &nbsp;&nbsp;&nbsp;United States | 43757079 |  |  |
| &nbsp;&nbsp;&nbsp;Other Countries |  | 1826015165 |  |
| Short-Term Investments | 29183129 |  |  |
|  | $203281253 | $2514934320 |  |

---

**7. 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.

There are certain risks involved in investing in foreign securities. These risks include those resulting from political events (such as civil unrest, national elections and imposition of exchange controls), social and economic events (such as labor strikes and rising inflation), and natural disasters. Securities of foreign issuers may be less liquid and more volatile. Investing in emerging markets or a significant portion of assets in one country or region may accentuate these risks.

**8. 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 | $1870174903 |
| Gross tax appreciation of investments | $862572164 |
| Gross tax depreciation of investments | (14531494) |
| Net tax appreciation (depreciation) of investments | $848040670 |

---

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 November 30, 2024, the fund had accumulated short-term capital losses of $(176,962,044), 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.

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Financial Highlights

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| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** |
| **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** | |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Distributions From:** | **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** | **Tax<br>Return<br>of<br>Capital** | **Total<br>Distributions** | **Net Asset<br>Value,<br>End<br>of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating<br>Expenses<br>(before<br>expense<br>waiver)** | **Net<br>Investment<br>Income<br>(Loss)<br>(before<br>expense<br>waiver)** | **Portfolio<br>Turnover<br>Rate** | **Net<br>Assets,<br>End of<br>Period<br>(in<br>thousands)** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | | | | | | | | | | | |
| 2025<sup>(3)</sup> | $12.77 | 0.06 | 1.07 | 1.13 | (0.06) |  |  | (0.06) | $13.84 | 8.92% | 1.23% | 0.95% | 31% | $874845 |
| 2024 | $11.54 | 0.04 | 1.25 | 1.29 | (0.06) |  |  | (0.06) | $12.77 | 11.19% | 1.24% | 0.34% | 56% | $840891 |
| 2023 | $11.13 | 0.06 | 0.35 | 0.41 |  |  |  |  | $11.54 | 3.68% | 1.26% | 0.48% | 54% | $859014 |
| 2022 | $16.24 | 0.14 | (3.17) | (3.03) | (0.38) | (1.67) | (0.03) | (2.08) | $11.13 | (20.99)% | 1.36% | 1.09% | 38% | $888748 |
| 2021 | $15.32 | 0.09 | 1.51 | 1.60 | —<sup>(4)</sup> | (0.68) |  | (0.68) | $16.24 | 10.83% | 1.21% | 0.56% | 51% | $1163803 |
| 2020 | $12.35 | 0.01 | 3.01 | 3.02 | (0.01) | (0.04) |  | (0.05) | $15.32 | 24.57% | 1.18% | 0.06% | 51% | $1243217 |
| **I Class** | **I Class** | **I Class** | **I Class** |  |  |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $12.68 | 0.08 | 1.06 | 1.14 | (0.08) |  |  | (0.08) | $13.74 | 9.07% | 1.03% | 1.15% | 31% | $325055 |
| 2024 | $11.46 | 0.07 | 1.24 | 1.31 | (0.09) |  |  | (0.09) | $12.68 | 11.41% | 1.04% | 0.54% | 56% | $306768 |
| 2023 | $11.03 | 0.08 | 0.35 | 0.43 |  |  |  |  | $11.46 | 3.90% | 1.06% | 0.68% | 54% | $271586 |
| 2022 | $16.13 | 0.16 | (3.14) | (2.98) | (0.42) | (1.67) | (0.03) | (2.12) | $11.03 | (20.86)% | 1.16% | 1.29% | 38% | $271018 |
| 2021 | $15.22 | 0.14 | 1.48 | 1.62 | (0.03) | (0.68) |  | (0.71) | $16.13 | 11.07% | 1.01% | 0.76% | 51% | $265248 |
| 2020 | $12.27 | 0.03 | 3.00 | 3.03 | (0.04) | (0.04) |  | (0.08) | $15.22 | 24.82% | 0.98% | 0.26% | 51% | $82222 |
| **Y Class** | **Y Class** | **Y Class** | **Y Class** |  |  |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $12.71 | 0.08 | 1.08 | 1.16 | (0.10) |  |  | (0.10) | $13.77 | 9.18% | 0.88% | 1.30% | 31% | $61221 |
| 2024 | $11.49 | 0.09 | 1.24 | 1.33 | (0.11) |  |  | (0.11) | $12.71 | 11.54% | 0.89% | 0.69% | 56% | $54627 |
| 2023 | $11.04 | 0.10 | 0.35 | 0.45 |  |  |  |  | $11.49 | 4.08% | 0.91% | 0.83% | 54% | $49523 |
| 2022 | $16.15 | 0.16 | (3.12) | (2.96) | (0.45) | (1.67) | (0.03) | (2.15) | $11.04 | (20.73)% | 1.01% | 1.44% | 38% | $50967 |
| 2021 | $15.24 | 0.16 | 1.49 | 1.65 | (0.06) | (0.68) |  | (0.74) | $16.15 | 11.23% | 0.86% | 0.91% | 51% | $47542 |
| 2020 | $12.29 | 0.05 | 2.99 | 3.04 | (0.05) | (0.04) |  | (0.09) | $15.24 | 24.97% | 0.83% | 0.41% | 51% | $29299 |
| **A Class** | **A Class** | **A Class** |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $12.81 | 0.05 | 1.08 | 1.13 | (0.04) |  |  | (0.04) | $13.90 | 8.83% | 1.48% | 0.70% | 31% | $56439 |
| 2024 | $11.58 | 0.01 | 1.25 | 1.26 | (0.03) |  |  | (0.03) | $12.81 | 10.87% | 1.49% | 0.09% | 56% | $53978 |
| 2023 | $11.19 | 0.03 | 0.36 | 0.39 |  |  |  |  | $11.58 | 3.49% | 1.51% | 0.23% | 54% | $64930 |
| 2022 | $16.31 | 0.11 | (3.19) | (3.08) | (0.34) | (1.67) | (0.03) | (2.04) | $11.19 | (21.24)% | 1.61% | 0.84% | 38% | $66993 |
| 2021 | $15.42 | 0.05 | 1.52 | 1.57 |  | (0.68) |  | (0.68) | $16.31 | 10.53% | 1.46% | 0.31% | 51% | $87967 |
| 2020 | $12.45 | (0.02) | 3.03 | 3.01 |  | (0.04) |  | (0.04) | $15.42 | 24.27% | 1.43% | (0.19)% | 51% | $81088 |

---

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| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Distributions From:** | **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** | **Tax<br>Return<br>of<br>Capital** | **Total<br>Distributions** | **Net Asset<br>Value,<br>End<br>of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Operating<br>Expenses<br>(before<br>expense<br>waiver)** | **Net<br>Investment<br>Income<br>(Loss)** | **Net<br>Investment<br>Income<br>(Loss)<br>(before<br>expense<br>waiver)** | **Portfolio<br>Turnover<br>Rate** | **Net<br>Assets,<br>End of<br>Period<br>(in<br>thousands)** |
| **C Class** | **C Class** | **C Class** | | | | | | | | | | | | | | |
| 2025<sup>(3)</sup> | $11.85 | (0.01) | 1.00 | 0.99 |  |  |  |  | $12.84 | 8.35% | 2.23% | 2.23% | (0.05)% | (0.05)% | 31% | $203 |
| 2024 | $10.76 | (0.08) | 1.17 | 1.09 |  |  |  |  | $11.85 | 10.13% | 2.24% | 2.24% | (0.66)% | (0.66)% | 56% | $316 |
| 2023 | $10.48 | (0.05) | 0.33 | 0.28 |  |  |  |  | $10.76 | 2.67% | 2.26% | 2.26% | (0.52)% | (0.52)% | 54% | $396 |
| 2022 | $15.41 | 0.03 | (3.02) | (2.99) | (0.24) | (1.67) | (0.03) | (1.94) | $10.48 | (21.81)% | 2.36% | 2.36% | 0.09% | 0.09% | 38% | $751 |
| 2021 | $14.71 | (0.08) | 1.46 | 1.38 |  | (0.68) |  | (0.68) | $15.41 | 9.72% | 2.21% | 2.21% | (0.44)% | (0.44)% | 51% | $1462 |
| 2020 | $11.97 | (0.11) | 2.89 | 2.78 |  | (0.04) |  | (0.04) | $14.71 | 23.32% | 2.18% | 2.18% | (0.94)% | (0.94)% | 51% | $1855 |
| **R Class** | **R Class** | **R Class** | **R Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $12.87 | 0.03 | 1.08 | 1.11 | (0.01) |  |  | (0.01) | $13.97 | 8.65% | 1.73% | 1.73% | 0.45% | 0.45% | 31% | $7813 |
| 2024 | $11.63 | (0.02) | 1.26 | 1.24 |  |  |  |  | $12.87 | 10.66% | 1.74% | 1.74% | (0.16)% | (0.16)% | 56% | $7160 |
| 2023 | $11.27 | —<sup>(4)</sup> | 0.36 | 0.36 |  |  |  |  | $11.63 | 3.19% | 1.76% | 1.76% | (0.02)% | (0.02)% | 54% | $6982 |
| 2022 | $16.40 | 0.07 | (3.21) | (3.14) | (0.29) | (1.67) | (0.03) | (1.99) | $11.27 | (21.45)% | 1.86% | 1.86% | 0.59% | 0.59% | 38% | $6498 |
| 2021 | $15.54 | 0.01 | 1.53 | 1.54 |  | (0.68) |  | (0.68) | $16.40 | 10.25% | 1.71% | 1.71% | 0.06% | 0.06% | 51% | $7589 |
| 2020 | $12.58 | (0.06) | 3.06 | 3.00 |  | (0.04) |  | (0.04) | $15.54 | 24.04% | 1.68% | 1.68% | (0.44)% | (0.44)% | 51% | $6701 |
| **R5 Class** | **R5 Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $12.69 | 0.07 | 1.07 | 1.14 | (0.08) |  |  | (0.08) | $13.75 | 9.07% | 1.03% | 1.03% | 1.15% | 1.15% | 31% | $9 |
| 2024 | $11.47 | 0.06 | 1.25 | 1.31 | (0.09) |  |  | (0.09) | $12.69 | 11.40% | 1.04% | 1.04% | 0.54% | 0.54% | 56% | $8 |
| 2023 | $11.04 | 0.08 | 0.35 | 0.43 |  |  |  |  | $11.47 | 3.99% | 1.06% | 1.06% | 0.68% | 0.68% | 54% | $7 |
| 2022 | $16.14 | 0.16 | (3.14) | (2.98) | (0.42) | (1.67) | (0.03) | (2.12) | $11.04 | (20.92)% | 1.16% | 1.16% | 1.29% | 1.29% | 38% | $7 |
| 2021 | $15.23 | 0.11 | 1.51 | 1.62 | (0.03) | (0.68) |  | (0.71) | $16.14 | 11.06% | 1.01% | 1.01% | 0.76% | 0.76% | 51% | $9 |
| 2020 | $12.28 | 0.03 | 3.00 | 3.03 | (0.04) | (0.04) |  | (0.08) | $15.23 | 24.80% | 0.98% | 0.98% | 0.26% | 0.26% | 51% | $11 |
| **R6 Class** | **R6 Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $12.69 | 0.08 | 1.08 | 1.16 | (0.10) |  |  | (0.10) | $13.75 | 9.20% | 0.88% | 0.88% | 1.30% | 1.30% | 31% | $24103 |
| 2024 | $11.47 | 0.08 | 1.25 | 1.33 | (0.11) |  |  | (0.11) | $12.69 | 11.56% | 0.89% | 0.89% | 0.69% | 0.69% | 56% | $27306 |
| 2023 | $11.03 | 0.09 | 0.35 | 0.44 |  |  |  |  | $11.47 | 3.99% | 0.91% | 0.91% | 0.83% | 0.83% | 54% | $22695 |
| 2022 | $16.14 | 0.18 | (3.14) | (2.96) | (0.45) | (1.67) | (0.03) | (2.15) | $11.03 | (20.75)% | 1.01% | 1.01% | 1.44% | 1.44% | 38% | $27243 |
| 2021 | $15.23 | 0.14 | 1.51 | 1.65 | (0.06) | (0.68) |  | (0.74) | $16.14 | 11.23% | 0.86% | 0.86% | 0.91% | 0.91% | 51% | $31350 |
| 2020 | $12.28 | 0.05 | 2.99 | 3.04 | (0.05) | (0.04) |  | (0.09) | $15.23 | 24.99% | 0.83% | 0.83% | 0.41% | 0.41% | 51% | $55137 |
| **G Class** | **G Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $12.90 | 0.14 | 1.08 | 1.22 | (0.18) |  |  | (0.18) | $13.94 | 9.63% | 0.03% | 0.88% | 2.15% | 1.30% | 31% | $1367067 |
| 2024 | $11.66 | 0.20 | 1.26 | 1.46 | (0.22) |  |  | (0.22) | $12.90 | 12.54% | 0.02% | 0.89% | 1.56% | 0.69% | 56% | $1536733 |
| 2023 | $11.10 | 0.20 | 0.36 | 0.56 |  |  |  |  | $11.66 | 5.05% | 0.02% | 0.91% | 1.72% | 0.83% | 54% | $1489943 |
| 2022<sup>(5)</sup> | $12.81 | 0.15 | (1.54) | (1.39) | (0.29) |  | (0.03) | (0.32) | $11.10 | (11.03)% | 0.07% | 0.95% | 2.20% | 1.32% | 38%<sup>(6)</sup> | $1354224 |

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**Notes to Financial Highlights**

(1)Computed using average shares outstanding throughout the period.

(2)Total returns are calculated based on the net asset value of the last business day and do not reflect applicable sales charges, if any. Total returns for periods less than one year are not annualized.

(3)Six months ended May 31, 2025 (unaudited).

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

(5)April 1, 2022 (commencement of sale) through November 30, 2022.

(6)Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended November 30, 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.

------

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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-92630 2507** | **©2025 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-SAN-92630 2507** |

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

![Image25.jpg](ck0000872825-20250531_g3.jpg)

---

| |
|:---|
| Semiannual Financial Statements and Other Information |
| May 31, 2025 |
| International Opportunities Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class (AIOIX) |
| &nbsp;&nbsp;&nbsp;&nbsp;I Class (ACIOX) |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class (AIVOX) |
| &nbsp;&nbsp;&nbsp;&nbsp;C Class (AIOCX) |
| &nbsp;&nbsp;&nbsp;&nbsp;R Class (AIORX) |

---

------

**Table of Contents**

---

| | |
|:---|:---|
| Schedule of Investments | [2](#iba8ebcbf125644f083983e7b3e673bc1_427) |
| Statement of Assets and Liabilities | [7](#iba8ebcbf125644f083983e7b3e673bc1_433) |
| Statement of Operations | [8](#iba8ebcbf125644f083983e7b3e673bc1_436) |
| Statement of Changes in Net Assets | [9](#iba8ebcbf125644f083983e7b3e673bc1_439) |
| Notes to Financial Statements | [10](#iba8ebcbf125644f083983e7b3e673bc1_442) |
| Financial Highlights | [15](#iba8ebcbf125644f083983e7b3e673bc1_445) |

---

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Schedule of Investments

**MAY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|<br>**COMMON STOCKS — 99.6%** | **Shares**<br> | **Value**<br> |
| **Argentina — 1.2%** |  |  |
| Vista Energy SAB de CV, ADR<sup>(1)(2)</sup> | 115092 | $5700507 |
| **Australia — 5.5%** |  |  |
| ALS Ltd. | 599634 | 6210322 |
| CAR Group Ltd. | 107778 | 2469973 |
| JB Hi-Fi Ltd. | 34559 | 2400869 |
| Pro Medicus Ltd. | 14025 | 2542703 |
| SGH Ltd. | 138304 | 4522721 |
| Telix Pharmaceuticals Ltd.<sup>(1)</sup> | 300520 | 5063190 |
| Zip Co. Ltd.<sup>(1)(2)</sup> | 2532717 | 3235545 |
|  |  | 26445323 |
| **Austria — 0.3%** |  |  |
| Wienerberger AG | 37773 | 1399925 |
| **Brazil — 3.4%** |  |  |
| Direcional Engenharia SA | 508300 | 3585961 |
| Embraer SA, ADR | 185063 | 8511048 |
| Inter & Co., Inc., Class A | 590293 | 4202886 |
|  |  | 16299895 |
| **Canada — 10.8%** |  |  |
| Alamos Gold, Inc., Class A | 186176 | 4821434 |
| Aritzia, Inc.<sup>(1)</sup> | 135477 | 6574685 |
| AtkinsRealis Group, Inc. | 110594 | 7252858 |
| Capstone Copper Corp.<sup>(1)</sup> | 448985 | 2434108 |
| Celestica, Inc.<sup>(1)</sup> | 29021 | 3348443 |
| Chartwell Retirement Residences | 376699 | 5108295 |
| Descartes Systems Group, Inc.<sup>(1)</sup> | 43231 | 5012509 |
| FirstService Corp. | 19498 | 3419852 |
| Hudbay Minerals, Inc. | 368977 | 3288220 |
| Kinaxis, Inc.<sup>(1)</sup> | 27171 | 3869296 |
| Lundin Gold, Inc. | 142695 | 6894819 |
|  |  | 52024519 |
| **China — 3.4%** |  |  |
| AAC Technologies Holdings, Inc. | 727500 | 3364437 |
| Bosideng International Holdings Ltd. | 8608000 | 4807770 |
| GDS Holdings Ltd., ADR<sup>(1)(2)</sup> | 103738 | 2457553 |
| Tongcheng Travel Holdings Ltd. | 2036000 | 5721091 |
|  |  | 16350851 |
| **Denmark — 0.5%** |  |  |
| Ambu AS, Class B | 155193 | 2397166 |
| **Finland — 1.1%** |  |  |
| Hiab OYJ, B Shares | 56983 | 3068776 |
| Konecranes OYJ | 30906 | 2414777 |
|  |  | 5483553 |
| **France — 1.7%** |  |  |
| SPIE SA | 80266 | 4080154 |
| VusionGroup<sup>(2)</sup> | 14961 | 3866700 |
|  |  | 7946854 |
| **Germany — 8.8%** |  |  |
| Auto1 Group SE<sup>(1)</sup> | 292668 | 7847572 |

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| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Carl Zeiss Meditec AG, Bearer Shares | 49834 | $3223372 |
| CTS Eventim AG & Co. KGaA | 26851 | 3256931 |
| flatexDEGIRO AG | 197687 | 5494380 |
| IONOS Group SE<sup>(1)</sup> | 101760 | 4716586 |
| Redcare Pharmacy NV<sup>(1)</sup> | 27067 | 3516715 |
| RENK Group AG | 64337 | 5735100 |
| Scout24 SE | 45502 | 6199849 |
| TAG Immobilien AG | 143470 | 2425260 |
|  |  | 42415765 |
| **Greece — 1.5%** |  |  |
| National Bank of Greece SA | 606183 | 7218168 |
| **India — 6.5%** |  |  |
| Afcons Infrastructure Ltd.<sup>(1)</sup> | 543109 | 2688378 |
| Amber Enterprises India Ltd.<sup>(1)</sup> | 38450 | 2919685 |
| Anant Raj Ltd. | 399488 | 2625867 |
| Coforge Ltd. | 23777 | 2380687 |
| ITC Hotels Ltd.<sup>(1)</sup> | 494477 | 1250826 |
| Kalyan Jewellers India Ltd. | 446295 | 2927095 |
| Kaynes Technology India Ltd.<sup>(1)</sup> | 19959 | 1396371 |
| Max Healthcare Institute Ltd. | 413199 | 5435936 |
| Oberoi Realty Ltd. | 209517 | 4282605 |
| Radico Khaitan Ltd. | 32370 | 958069 |
| Rainbow Children's Medicare Ltd. | 264178 | 4329328 |
|  |  | 31194847 |
| **Israel — 2.5%** |  |  |
| Cellebrite DI Ltd.<sup>(1)</sup> | 25971 | 433196 |
| CyberArk Software Ltd.<sup>(1)</sup> | 10226 | 3914308 |
| Nova Ltd.<sup>(1)</sup> | 14960 | 3195754 |
| Tower Semiconductor Ltd.<sup>(1)</sup> | 109794 | 4330276 |
|  |  | 11873534 |
| **Italy — 0.8%** |  |  |
| Brunello Cucinelli SpA | 20176 | 2486514 |
| Technogym SpA | 99420 | 1347019 |
|  |  | 3833533 |
| **Japan — 22.0%** |  |  |
| Anritsu Corp. | 230000 | 2613331 |
| Appier Group, Inc. | 119800 | 1288790 |
| Asics Corp. | 308900 | 7444827 |
| BayCurrent, Inc. | 107800 | 5729225 |
| CyberAgent, Inc. | 441700 | 4470390 |
| Furukawa Electric Co. Ltd. | 87000 | 4132097 |
| GENDA, Inc.<sup>(1)(2)</sup> | 351300 | 2292182 |
| Internet Initiative Japan, Inc. | 129400 | 2494799 |
| Japan Elevator Service Holdings Co. Ltd. | 162000 | 4038194 |
| Kinden Corp. | 218300 | 5904366 |
| Lifedrink Co., Inc. | 184200 | 2585789 |
| Maruwa Co. Ltd. | 20100 | 4868639 |
| PeptiDream, Inc.<sup>(1)</sup> | 120600 | 1465134 |
| Rakuten Bank Ltd.<sup>(1)</sup> | 121200 | 6337522 |
| Resonac Holdings Corp. | 160300 | 3513244 |
| Ryohin Keikaku Co. Ltd. | 198300 | 7569043 |
| Sanrio Co. Ltd. | 92900 | 4085420 |
| Sanwa Holdings Corp. | 115500 | 3976349 |
| Sinfonia Technology Co. Ltd. | 36900 | 1991527 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Sojitz Corp. | 189400 | $4671356 |
| SWCC Corp. | 116300 | 5613101 |
| TechnoPro Holdings, Inc.<sup>(2)</sup> | 175300 | 4757602 |
| Tokyo Ohka Kogyo Co. Ltd. | 204400 | 5269302 |
| Toyo Suisan Kaisha Ltd. | 60900 | 4040393 |
| Tsuruha Holdings, Inc.<sup>(2)</sup> | 56300 | 4418535 |
|  |  | 105571157 |
| **Malaysia — 0.9%** |  |  |
| Gamuda Bhd. | 2177900 | 2338393 |
| KPJ Healthcare Bhd. | 3280900 | 2094416 |
|  |  | 4432809 |
| **Mexico — 0.8%** |  |  |
| BBB Foods, Inc., Class A<sup>(1)</sup> | 52477 | 1514486 |
| Gruma SAB de CV, B Shares | 117063 | 2202627 |
|  |  | 3717113 |
| **Netherlands — 0.9%** |  |  |
| SBM Offshore NV | 180431 | 4139849 |
| **Norway — 1.4%** |  |  |
| DOF Group ASA | 406628 | 3545885 |
| Kitron ASA | 537679 | 3105232 |
|  |  | 6651117 |
| **Peru — 0.7%** |  |  |
| Intercorp Financial Services, Inc. | 99194 | 3433104 |
| **South Korea — 5.0%** |  |  |
| Coway Co. Ltd. | 59865 | 3849625 |
| Douzone Bizon Co. Ltd. | 24918 | 1002886 |
| Hugel, Inc.<sup>(1)</sup> | 15712 | 3768746 |
| HYBE Co. Ltd.<sup>(1)</sup> | 13672 | 2636826 |
| Hyundai Rotem Co. Ltd. | 49187 | 5206285 |
| PharmaResearch Co. Ltd. | 11485 | 3745436 |
| Samyang Foods Co. Ltd. | 4513 | 3625607 |
|  |  | 23835411 |
| **Spain — 0.5%** |  |  |
| Fluidra SA<sup>(2)</sup> | 106364 | 2610577 |
| **Sweden — 2.0%** |  |  |
| Beijer Ref AB<sup>(2)</sup> | 102509 | 1511656 |
| BoneSupport Holding AB<sup>(1)(2)</sup> | 62698 | 1662910 |
| Camurus AB<sup>(1)(2)</sup> | 31222 | 1666873 |
| Hemnet Group AB | 73912 | 2344273 |
| Sweco AB, B Shares | 127401 | 2213610 |
|  |  | 9399322 |
| **Switzerland — 4.0%** |  |  |
| Belimo Holding AG | 5056 | 4892207 |
| Georg Fischer AG<sup>(2)</sup> | 19570 | 1566086 |
| Siegfried Holding AG<sup>(1)</sup> | 32084 | 3770762 |
| Sulzer AG | 24185 | 4562689 |
| Swissquote Group Holding SA | 7378 | 4423082 |
|  |  | 19214826 |
| **Taiwan — 5.1%** |  |  |
| Airtac International Group | 121000 | 3712885 |
| ASPEED Technology, Inc. | 28000 | 3627254 |
| Elite Material Co. Ltd. | 226000 | 5551251 |
| King Yuan Electronics Co. Ltd. | 987000 | 3127062 |
| Lai Yih Footwear Co. Ltd.<sup>(2)</sup> | 136000 | 1355036 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Lotes Co. Ltd. | 85000 | $3629964 |
| Tong Yang Industry Co. Ltd.<sup>(2)</sup> | 867000 | 3739944 |
|  |  | 24743396 |
| **United Kingdom — 7.8%** |  |  |
| Balfour Beatty PLC | 746723 | 5029859 |
| Beazley PLC | 277129 | 3531484 |
| Diploma PLC | 92628 | 5856177 |
| Intermediate Capital Group PLC | 98617 | 2669575 |
| Marex Group PLC | 159092 | 6866411 |
| Marks & Spencer Group PLC | 489251 | 2469616 |
| St. James's Place PLC | 341908 | 5138084 |
| Weir Group PLC | 179853 | 5887271 |
|  |  | 37448477 |
| **United States — 0.5%** |  |  |
| TechnipFMC PLC | 75356 | 2347339 |
| **TOTAL COMMON STOCKS**<br>(Cost $356,915,449) |  | **478128937** |
| **EXCHANGE-TRADED FUNDS — 0.3%** |  |  |
| Schwab International Small-Cap Equity ETF<sup>(2)</sup><br>(Cost $1,193,921) | 30522 | **1227290** |
| **SHORT-TERM INVESTMENTS — 2.9%** |  |  |
| **Money Market Funds — 2.7%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 2742 | 2742 |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(3)</sup> | 12723785 | 12723785 |
|  |  | 12726527 |
| **Repurchase Agreements — 0.2%** |  |  |
| BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 4.25%, 1/31/30, valued at $138,946), in a joint trading account at 4.30%, dated 5/30/25, due 6/2/25 (Delivery value $136,310) |  | 136261 |
| Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 2.75%, 7/31/27, valued at $1,014,996), at 4.32%, dated 5/30/25, due 6/2/25 (Delivery value $995,358) |  | 995000 |
|  |  | 1131261 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $13,857,788) |  | **13857788** |
| **TOTAL INVESTMENT SECURITIES — 102.8%**<br>(Cost $371,967,158) |  | **493214015** |
| **OTHER ASSETS AND LIABILITIES — (2.8)%** |  | **(13259668)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**479954347** |

---

---

| | |
|:---|:---|
| **MARKET SECTOR DIVERSIFICATION** | **MARKET SECTOR DIVERSIFICATION** |
| **(as a % of net assets)**  | |
| Industrials | 27.2% |
| Consumer Discretionary | 15.0% |
| Information Technology | 14.8% |
| Financials | 10.9% |
| Health Care | 9.6% |
| Materials | 5.8% |
| Consumer Staples | 5.3% |
| Communication Services | 5.0% |
| Energy | 3.3% |
| Real Estate | 2.7% |
| Exchange-Traded Funds | 0.3% |
| Short-Term Investments | 2.9% |
| Other Assets and Liabilities | (2.8)% |

---

------

---

| | | |
|:---|:---|:---|
| **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 $27,110,529. 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 $28,401,530, which includes securities collateral of $15,677,745.

See Notes to Financial Statements.

------

Statement of Assets and Liabilities

---

| | |
|:---|:---|
| **MAY 31, 2025 (UNAUDITED)** | |
| **Assets** | |
| Investment securities, at value (cost of $359,243,373) — including $27,110,529 of securities on loan | $480490230 |
| Investment made with cash collateral received for securities on loan, at value (cost of $12,723,785) | 12723785 |
| Total investment securities, at value (cost of $371,967,158) | 493214015 |
| Foreign currency holdings, at value (cost of $72,666) | 72531 |
| Receivable for investments sold | 6822112 |
| Receivable for capital shares sold | 24707 |
| Dividends and interest receivable | 1271996 |
| Securities lending receivable | 41080 |
| Other assets | 126240 |
|  | 501572681 |
| **Liabilities** |  |
| Payable for collateral received for securities on loan | 12723785 |
| Payable for investments purchased | 7607880 |
| Payable for capital shares redeemed | 75484 |
| Accrued management fees | 548686 |
| Distribution and service fees payable | 1442 |
| Accrued foreign taxes | 403841 |
| Accrued IRS compliance fees | 257216 |
|  | 21618334 |
| **Net Assets** | $479954347 |
| **Net Assets Consist of:** |  |
| Capital (par value and paid-in surplus) | $477069395 |
| Distributable earnings (loss) | 2884952 |
|  | $479954347 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Net Assets** | **Shares Outstanding** | **Net Asset Value Per Share\*** |
| Investor Class, $0.01 Par Value | $335598673 | 32811125 | $10.23 |
| I Class, $0.01 Par Value | $138511968 | 13322977 | $10.40 |
| A Class, $0.01 Par Value | $4833853 | 479838 | $10.07 |
| C Class, $0.01 Par Value | $99897 | 10872 | $9.19 |
| R Class, $0.01 Par Value | $909956 | 92515 | $9.84 |

---

\*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 $10.68 (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 MAY 31, 2025 (UNAUDITED)** | |
| **Investment Income (Loss)** | |
| **Income:** | |
| Dividends (net of foreign taxes withheld of $329,753) | $2773846 |
| Securities lending, net | 167691 |
| Interest | 51970 |
|  | 2993507 |
| **Expenses:** |  |
| Management fees | 3249220 |
| Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;A Class | 5691 |
| &nbsp;&nbsp;&nbsp;C Class | 512 |
| &nbsp;&nbsp;&nbsp;R Class | 2198 |
| Directors' fees and expenses | 6515 |
| Other expenses | 6412 |
|  | 3270548 |
| Fees waived<sup>(1)</sup> | (112677) |
|  | 3157871 |
| **Net investment income (loss)** | (164364) |
| **Realized and Unrealized Gain (Loss)** |  |
| **Net realized gain (loss) on:** |  |
| Investment transactions (net of foreign tax expenses paid (refunded) of $733,347) | (920606) |
| Foreign currency translation transactions | (67077) |
|  | (987683) |
| **Change in net unrealized appreciation (depreciation) on:** |  |
| Investments (includes (increase) decrease in accrued foreign taxes of $1,927,248) | 36046453 |
| Translation of assets and liabilities in foreign currencies | 55329 |
|  | 36101782 |
| **Net realized and unrealized gain (loss)** | 35114099 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $34949735 |

---

(1)Amount consists of $78,529, $32,764, $1,138, $26 and $220 for Investor Class, I Class, A Class, C Class and R Class, respectively.

See Notes to Financial Statements.

------

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| **SIX MONTHS ENDED MAY 31, 2025 (UNAUDITED) AND YEAR ENDED NOVEMBER 30, 2024** | **SIX MONTHS ENDED MAY 31, 2025 (UNAUDITED) AND YEAR ENDED NOVEMBER 30, 2024** | **SIX MONTHS ENDED MAY 31, 2025 (UNAUDITED) AND YEAR ENDED NOVEMBER 30, 2024** |
| **Increase (Decrease) in Net Assets** | **May 31, 2025** | **November 30, 2024** |
| **Operations** | | |
| Net investment income (loss) | $(164364) | $(346344) |
| Net realized gain (loss) | (987683) | 13437349 |
| Change in net unrealized appreciation (depreciation) | 36101782 | 35317265 |
| Net increase (decrease) in net assets resulting from operations | 34949735 | 48408270 |
| **Distributions to Shareholders** |  |  |
| From earnings: |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (339756) | (749060) |
| &nbsp;&nbsp;&nbsp;I Class | (337071) | (354084) |
| Decrease in net assets from distributions | (676827) | (1103144) |
| **Capital Share Transactions** |  |  |
| Net increase (decrease) in net assets from capital share transactions (Note 5) | (25641850) | 1205750 |
| **Net increase (decrease) in net assets** | 8631058 | 48510876 |
| **Net Assets** |  |  |
| Beginning of period | 471323289 | 422812413 |
| End of period | $479954347 | $471323289 |

---

See Notes to Financial Statements.

------

Notes to Financial Statements

**MAY 31, 2025 (UNAUDITED)** 

**1. Organization**

American Century World 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. International Opportunities Fund (the fund) is one fund in a series issued by the corporation. The fund's investment objective is to seek 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, A Class, C Class and R 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.

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. Certain countries impose taxes on realized gains on the sale of securities registered in their country. The

------

fund records the foreign tax expense, if any, on an accrual basis. The foreign tax expense on realized gains and unrealized appreciation reduces the net realized gain (loss) on investment transactions and net unrealized appreciation (depreciation) on investments, respectively.

**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 make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code, in all events in a manner consistent with provisions of the 1940 Act.

**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 May 31, 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 | $12673937 |  |  |  | $12673937 |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Funds | 49848 |  |  |  | 49848 |
| **Total Borrowings** | $12723785 |  |  |  | $12723785 |
| 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 | $12723785 |

---

(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.

**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 May 31, 2025, the investment advisor agreed to waive 0.05% of the fund's management fee. The investment advisor expects this waiver to continue until March 31, 2026 and cannot terminate it prior to such date 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 May 31, 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Effective Annual Management Fee** | &nbsp;&nbsp;**Effective Annual Management Fee** |
| | &nbsp;&nbsp;**Management Fee**<br>**Schedule Range** | &nbsp;&nbsp;**Before Waiver** | &nbsp;&nbsp;**After Waiver** |
| Investor Class | 1.200% to 1.500% | 1.50% | 1.45% |
| I Class | 1.000% to 1.300% | 1.30% | 1.25% |
| A Class | 1.200% to 1.500% | 1.50% | 1.45% |
| C Class | 1.200% to 1.500% | 1.50% | 1.45% |
| R Class | 1.200% to 1.500% | 1.50% | 1.45% |

---

**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 May 31, 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 May 31, 2025 were $247,988,556 and $273,447,582, respectively.

------

**5. Capital Share Transactions**

Transactions in shares of the fund were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six months ended**<br>**May 31, 2025** | **Six months ended**<br>**May 31, 2025** | **Year ended**<br>**November 30, 2024** | **Year ended**<br>**November 30, 2024** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| **Investor Class/Shares Authorized** | 670000000 |  | 670000000 |  |
| Sold | 314096 | $2938132 | 782044 | $7199798 |
| Issued in reinvestment of distributions | 34291 | 319935 | 75554 | 706427 |
| Redeemed | (2582613) | (24084165) | (5852458) | (53895839) |
|  | (2234226) | (20826098) | (4994860) | (45989614) |
| **I Class/Shares Authorized** | 120000000 |  | 120000000 |  |
| Sold | 917809 | 8652859 | 7407107 | 71910522 |
| Issued in reinvestment of distributions | 35447 | 336035 | 37272 | 354083 |
| Redeemed | (1406375) | (13432290) | (2541960) | (23984174) |
|  | (453119) | (4443396) | 4902419 | 48280431 |
| **A Class/Shares Authorized** | 35000000 |  | 35000000 |  |
| Sold | 23205 | 215857 | 49470 | 449428 |
| Redeemed | (54839) | (506950) | (124046) | (1120962) |
|  | (31634) | (291093) | (74576) | (671534) |
| **C Class/Shares Authorized** | 25000000 |  | 25000000 |  |
| Sold | 100 | 829 | 339 | 2886 |
| Redeemed | (3304) | (26642) | (13952) | (116262) |
|  | (3204) | (25813) | (13613) | (113376) |
| **R Class/Shares Authorized** | 25000000 |  | 25000000 |  |
| Sold | 20080 | 181172 | 33028 | 296518 |
| Redeemed | (26526) | (236622) | (66882) | (596675) |
|  | (6446) | (55450) | (33854) | (300157) |
| Net increase (decrease) | (2728629) | $(25641850) | (214484) | $1205750 |

---

**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 |  |  |  |
| &nbsp;&nbsp;&nbsp;Argentina | $5700507 |  |  |
| &nbsp;&nbsp;&nbsp;Brazil | 12713934 | $3585961 |  |
| &nbsp;&nbsp;&nbsp;Canada | 6768295 | 45256224 |  |
| &nbsp;&nbsp;&nbsp;China | 2457553 | 13893298 |  |
| &nbsp;&nbsp;&nbsp;Israel | 11873534 |  |  |
| &nbsp;&nbsp;&nbsp;Mexico | 1514486 | 2202627 |  |
| &nbsp;&nbsp;&nbsp;Peru | 3433104 |  |  |
| &nbsp;&nbsp;&nbsp;United Kingdom | 6866411 | 30582066 |  |
| &nbsp;&nbsp;&nbsp;United States | 2347339 |  |  |
| &nbsp;&nbsp;&nbsp;Other Countries |  | 328933598 |  |
| Exchange-Traded Funds | 1227290 |  |  |
| Short-Term Investments | 12726527 | 1131261 |  |
|  | $67628980 | $425585035 |  |

---

**7. 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.

There are certain risks involved in investing in foreign securities. These risks include those resulting from political events (such as civil unrest, national elections and imposition of exchange controls), social and economic events (such as labor strikes and rising inflation), and natural disasters. Securities of foreign issuers may be less liquid and more volatile. Investing in emerging markets or a significant portion of assets in one country or region may accentuate these risks.

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.

The fund's investment process may result in high portfolio turnover, which could mean high transaction costs, affecting both performance and capital gains tax liabilities to investors.

**8. 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 | $376712319 |
| Gross tax appreciation of investments | $122564142 |
| Gross tax depreciation of investments | (6062446) |
| Net tax appreciation (depreciation) of investments | $116501696 |

---

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 November 30, 2024, the fund had accumulated short-term capital losses of $(110,701,326), 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 November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | |
| | | **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>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 (in thousands)** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | | | | | | | | | | | | |
| 2025<sup>(3)</sup> | $9.49 | (0.01) | 0.76 | 0.75 | (0.01) |  | (0.01) | $10.23 | 7.91% | 1.46% | 1.51% | (0.13)% | (0.18)% | 55% | $335599 |
| 2024 | $8.49 | (0.01) | 1.03 | 1.02 | (0.02) |  | (0.02) | $9.49 | 12.01% | 1.53% | 1.54% | (0.12)% | (0.13)% | 135% | $332565 |
| 2023 | $8.66 | —<sup>(4)</sup> | (0.15) | (0.15) | (0.02) |  | (0.02) | $8.49 | (1.73)% | 1.53% | 1.53% | 0.03% | 0.03% | 110% | $339990 |
| 2022 | $13.79 | 0.01 | (3.00) | (2.99) | (0.05) | (2.09) | (2.14) | $8.66 | (25.53)% | 1.48% | 1.48% | 0.15% | 0.15% | 108% | $382973 |
| 2021 | $12.95 | (0.04) | 1.31 | 1.27 |  | (0.43) | (0.43) | $13.79 | 10.01% | 1.37% | 1.37% | (0.30)% | (0.30)% | 127% | $576312 |
| 2020 | $10.17 | (0.01) | 2.89 | 2.88 | (0.10) |  | (0.10) | $12.95 | 28.52% | 1.40% | 1.40% | (0.12)% | (0.12)% | 131% | $565150 |
| **I Class** | **I Class** | **I Class** | **I Class** | **I Class** |  |  |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $9.65 | —<sup>(4)</sup> | 0.77 | 0.77 | (0.02) |  | (0.02) | $10.40 | 8.05% | 1.26% | 1.31% | 0.07% | 0.02% | 55% | $138512 |
| 2024 | $8.63 | 0.01 | 1.05 | 1.06 | (0.04) |  | (0.04) | $9.65 | 12.27% | 1.33% | 1.34% | 0.08% | 0.07% | 135% | $132952 |
| 2023 | $8.81 | 0.02 | (0.16) | (0.14) | (0.04) |  | (0.04) | $8.63 | (1.62)% | 1.33% | 1.33% | 0.23% | 0.23% | 110% | $76614 |
| 2022 | $13.98 | 0.04 | (3.05) | (3.01) | (0.07) | (2.09) | (2.16) | $8.81 | (25.29)% | 1.28% | 1.28% | 0.35% | 0.35% | 108% | $87392 |
| 2021 | $13.10 | (0.01) | 1.32 | 1.31 |  | (0.43) | (0.43) | $13.98 | 10.12% | 1.17% | 1.17% | (0.10)% | (0.10)% | 127% | $141573 |
| 2020 | $10.29 | 0.01 | 2.92 | 2.93 | (0.12) |  | (0.12) | $13.10 | 28.84% | 1.20% | 1.20% | 0.08% | 0.08% | 131% | $94818 |
| **A Class** | **A Class** | **A Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $9.35 | (0.02) | 0.74 | 0.72 |  |  |  | $10.07 | 7.81% | 1.71% | 1.76% | (0.38)% | (0.43)% | 55% | $4834 |
| 2024 | $8.37 | (0.03) | 1.01 | 0.98 |  |  |  | $9.35 | 11.71% | 1.78% | 1.79% | (0.37)% | (0.38)% | 135% | $4781 |
| 2023 | $8.54 | (0.02) | (0.15) | (0.17) |  |  |  | $8.37 | (1.99)% | 1.78% | 1.78% | (0.22)% | (0.22)% | 110% | $4905 |
| 2022 | $13.62 | (0.01) | (2.97) | (2.98) | (0.01) | (2.09) | (2.10) | $8.54 | (25.68)% | 1.73% | 1.73% | (0.10)% | (0.10)% | 108% | $5073 |
| 2021 | $12.83 | (0.08) | 1.30 | 1.22 |  | (0.43) | (0.43) | $13.62 | 9.70% | 1.62% | 1.62% | (0.55)% | (0.55)% | 127% | $8220 |
| 2020 | $10.07 | (0.04) | 2.87 | 2.83 | (0.07) |  | (0.07) | $12.83 | 28.28% | 1.65% | 1.65% | (0.37)% | (0.37)% | 131% | $7214 |
| **C Class** | **C Class** | **C Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $8.56 | (0.05) | 0.68 | 0.63 |  |  |  | $9.19 | 7.36% | 2.46% | 2.51% | (1.13)% | (1.18)% | 55% | $100 |
| 2024 | $7.72 | (0.10) | 0.94 | 0.84 |  |  |  | $8.56 | 10.88% | 2.53% | 2.54% | (1.12)% | (1.13)% | 135% | $120 |
| 2023 | $7.93 | (0.08) | (0.13) | (0.21) |  |  |  | $7.72 | (2.65)% | 2.53% | 2.53% | (0.97)% | (0.97)% | 110% | $214 |
| 2022 | $12.87 | (0.09) | (2.76) | (2.85) |  | (2.09) | (2.09) | $7.93 | (26.27)% | 2.48% | 2.48% | (0.85)% | (0.85)% | 108% | $264 |
| 2021 | $12.23 | (0.17) | 1.24 | 1.07 |  | (0.43) | (0.43) | $12.87 | 8.93% | 2.37% | 2.37% | (1.30)% | (1.30)% | 127% | $667 |
| 2020 | $9.61 | (0.11) | 2.73 | 2.62 |  |  |  | $12.23 | 27.26% | 2.40% | 2.40% | (1.12)% | (1.12)% | 131% | $981 |

---

------

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | |
| | | **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>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 (in thousands)** |
| **R Class** | **R Class** | **R Class** | | | | | | | | | | | | | |
| 2025<sup>(3)</sup> | $9.14 | (0.03) | 0.73 | 0.70 |  |  |  | $9.84 | 7.66% | 1.96% | 2.01% | (0.63)% | (0.68)% | 55% | $910 |
| 2024 | $8.20 | (0.05) | 0.99 | 0.94 |  |  |  | $9.14 | 11.46% | 2.03% | 2.04% | (0.62)% | (0.63)% | 135% | $904 |
| 2023 | $8.39 | (0.04) | (0.15) | (0.19) |  |  |  | $8.20 | (2.26)% | 2.03% | 2.03% | (0.47)% | (0.47)% | 110% | $1089 |
| 2022 | $13.43 | (0.03) | (2.92) | (2.95) |  | (2.09) | (2.09) | $8.39 | (25.85)% | 1.98% | 1.98% | (0.35)% | (0.35)% | 108% | $1734 |
| 2021 | $12.69 | (0.11) | 1.28 | 1.17 |  | (0.43) | (0.43) | $13.43 | 9.41% | 1.87% | 1.87% | (0.80)% | (0.80)% | 127% | $1954 |
| 2020 | $9.96 | (0.07) | 2.84 | 2.77 | (0.04) |  | (0.04) | $12.69 | 27.96% | 1.90% | 1.90% | (0.62)% | (0.62)% | 131% | $1398 |

---

**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 May 31, 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-92635 2507** | **©2025 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-SAN-92635 2507** |

---

------

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

![Image41.jpg](ck0000872825-20250531_g3.jpg)

---

| |
|:---|
| Semiannual Financial Statements and Other Information |
| May 31, 2025 |
| International Small-Mid Cap Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class (ANTSX) |
| &nbsp;&nbsp;&nbsp;&nbsp;G Class (ANTMX) |

---

------

**Table of Contents**

---

| | |
|:---|:---|
| Schedule of Investments | [2](#iba8ebcbf125644f083983e7b3e673bc1_493) |
| Statement of Assets and Liabilities | [6](#iba8ebcbf125644f083983e7b3e673bc1_499) |
| Statement of Operations | [7](#iba8ebcbf125644f083983e7b3e673bc1_502) |
| Statement of Changes in Net Assets | [8](#iba8ebcbf125644f083983e7b3e673bc1_505) |
| Notes to Financial Statements | [9](#iba8ebcbf125644f083983e7b3e673bc1_508) |
| Financial Highlights | [14](#iba8ebcbf125644f083983e7b3e673bc1_511) |

---

------

Schedule of Investments

**MAY 31, 2025 (UNAUDITED)** 

---

| | | |
|:---|:---|:---|
|<br>**COMMON STOCKS — 99.0%** | **Shares**<br> | **Value**<br> |
| **Australia — 10.3%** |  |  |
| ALS Ltd. | 667901 | $6917354 |
| Breville Group Ltd.<sup>(1)</sup> | 144263 | 2717157 |
| CAR Group Ltd. | 114576 | 2625764 |
| Charter Hall Retail REIT | 2156472 | 5476925 |
| Guzman y Gomez Ltd.<sup>(1)(2)</sup> | 67056 | 1313153 |
| JB Hi-Fi Ltd. | 75237 | 5226834 |
| NEXTDC Ltd.<sup>(2)</sup> | 502232 | 4248967 |
| Pro Medicus Ltd. | 14619 | 2650394 |
| Sandfire Resources Ltd.<sup>(2)</sup> | 387780 | 2887269 |
| SGH Ltd. | 161042 | 5266284 |
| Telix Pharmaceuticals Ltd.<sup>(2)</sup> | 340605 | 5738546 |
| Ventia Services Group Pty. Ltd. | 1757236 | 5356456 |
| Zip Co. Ltd.<sup>(2)</sup> | 2870126 | 3666585 |
|  |  | 54091688 |
| **Austria — 1.4%** |  |  |
| BAWAG Group AG<sup>(2)</sup> | 45189 | 5630110 |
| Wienerberger AG | 42130 | 1561402 |
|  |  | 7191512 |
| **Belgium — 2.3%** |  |  |
| Aedifica SA | 59935 | 4530656 |
| D'ieteren Group<sup>(1)</sup> | 25695 | 5276424 |
| Melexis NV<sup>(1)</sup> | 35937 | 2415965 |
|  |  | 12223045 |
| **Canada — 7.0%** |  |  |
| Alamos Gold, Inc., Class A | 164832 | 4268685 |
| Aritzia, Inc.<sup>(2)</sup> | 144109 | 6993595 |
| AtkinsRealis Group, Inc. | 88910 | 5830801 |
| Capstone Copper Corp.<sup>(2)</sup> | 509212 | 2760620 |
| Descartes Systems Group, Inc.<sup>(2)</sup> | 48650 | 5640827 |
| FirstService Corp. | 10502 | 1841998 |
| Kinaxis, Inc.<sup>(2)</sup> | 27840 | 3964565 |
| Torex Gold Resources, Inc.<sup>(2)</sup> | 165934 | 5327396 |
|  |  | 36628487 |
| **Denmark — 1.1%** |  |  |
| ALK-Abello AS<sup>(2)</sup> | 208749 | 5658255 |
| **Finland — 1.3%** |  |  |
| Konecranes OYJ | 89698 | 7008369 |
| **France — 3.0%** |  |  |
| Exosens SAS | 78993 | 3887879 |
| Gaztransport Et Technigaz SA | 40995 | 7618027 |
| SPIE SA | 86272 | 4385457 |
|  |  | 15891363 |
| **Germany — 10.0%** |  |  |
| Auto1 Group SE<sup>(2)</sup> | 324092 | 8690173 |
| Carl Zeiss Meditec AG, Bearer Shares | 48416 | 3131653 |
| CTS Eventim AG & Co. KGaA | 30722 | 3726470 |
| Eckert & Ziegler SE | 51159 | 3593789 |
| flatexDEGIRO AG | 214948 | 5974120 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| FUCHS SE, Preference Shares | 57898 | $2924116 |
| Redcare Pharmacy NV<sup>(2)</sup> | 19824 | 2575659 |
| RENK Group AG | 70963 | 6325752 |
| Scout24 SE | 54035 | 7362507 |
| TAG Immobilien AG | 144575 | 2443939 |
| Zalando SE<sup>(2)</sup> | 165290 | 5905754 |
|  |  | 52653932 |
| **Israel — 3.4%** |  |  |
| CyberArk Software Ltd.<sup>(2)</sup> | 12350 | 4727333 |
| Nova Ltd.<sup>(2)</sup> | 19673 | 4202546 |
| Phoenix Financial Ltd. | 163381 | 3938925 |
| SimilarWeb Ltd.<sup>(2)</sup> | 32073 | 237982 |
| Tower Semiconductor Ltd.<sup>(2)</sup> | 124916 | 4926687 |
|  |  | 18033473 |
| **Italy — 3.3%** |  |  |
| BPER Banca SpA<sup>(1)</sup> | 879896 | 7815825 |
| De' Longhi SpA | 122362 | 4000486 |
| Hera SpA | 673442 | 3346863 |
| Technogym SpA | 167010 | 2262782 |
|  |  | 17425956 |
| **Japan — 31.8%** |  |  |
| ABC-Mart, Inc. | 136000 | 2652405 |
| Anritsu Corp. | 240900 | 2737180 |
| Asics Corp. | 291700 | 7030288 |
| BayCurrent, Inc. | 129300 | 6871881 |
| BIPROGY, Inc. | 93500 | 3787031 |
| CyberAgent, Inc. | 481600 | 4874213 |
| Daiei Kankyo Co. Ltd. | 267000 | 5617722 |
| Furukawa Electric Co. Ltd. | 91400 | 4341076 |
| GENDA, Inc.<sup>(1)(2)</sup> | 388700 | 2536212 |
| Japan Metropolitan Fund Invest | 7150 | 4894648 |
| Katitas Co. Ltd. | 262100 | 3998744 |
| Kinden Corp. | 211600 | 5723151 |
| Kobe Bussan Co. Ltd. | 88400 | 2793374 |
| Kyushu Railway Co. | 186800 | 5015101 |
| Lifedrink Co., Inc. | 295000 | 4141193 |
| Maruwa Co. Ltd. | 22800 | 5522636 |
| Mebuki Financial Group, Inc. | 1449200 | 7140251 |
| MonotaRO Co. Ltd.<sup>(1)</sup> | 78200 | 1613163 |
| Nippon Gas Co. Ltd. | 133400 | 2386167 |
| Organo Corp. | 53400 | 2854565 |
| Resonac Holdings Corp. | 178300 | 3907744 |
| Round One Corp. | 670900 | 5154606 |
| Ryohin Keikaku Co. Ltd. | 219700 | 8385873 |
| Sanrio Co. Ltd. | 100600 | 4424039 |
| Sanwa Holdings Corp. | 125900 | 4334393 |
| SCSK Corp. | 154500 | 4689434 |
| Sinfonia Technology Co. Ltd. | 40100 | 2164234 |
| Sojitz Corp. | 217500 | 5364413 |
| Suruga Bank Ltd.<sup>(1)</sup> | 526000 | 4853833 |
| SWCC Corp. | 131600 | 6351539 |
| TechnoPro Holdings, Inc. | 177900 | 4828166 |
| Tokyo Ohka Kogyo Co. Ltd. | 230400 | 5939565 |
| Tokyo Tatemono Co. Ltd. | 324000 | 5738585 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Toyo Suisan Kaisha Ltd. | 80500 | $5340749 |
| Tsuruha Holdings, Inc.<sup>(1)</sup> | 74500 | 5846907 |
| Yonex Co. Ltd. | 198600 | 3924931 |
|  |  | 167780012 |
| **Netherlands — 0.9%** |  |  |
| SBM Offshore NV | 200588 | 4602336 |
| **Norway — 2.9%** |  |  |
| DOF Group ASA | 391759 | 3416224 |
| Storebrand ASA | 452348 | 5926317 |
| Subsea 7 SA | 338438 | 5762987 |
|  |  | 15105528 |
| **Spain — 2.3%** |  |  |
| Acerinox SA | 221283 | 2613865 |
| Bankinter SA | 524822 | 6752183 |
| Fluidra SA | 119684 | 2937500 |
|  |  | 12303548 |
| **Sweden — 2.1%** |  |  |
| Beijer Ref AB | 99048 | 1460618 |
| Camurus AB<sup>(1)(2)</sup> | 34353 | 1834030 |
| Hemnet Group AB | 82105 | 2604131 |
| MIPS AB<sup>(1)</sup> | 65795 | 2823353 |
| Thule Group AB<sup>(1)</sup> | 96959 | 2558350 |
|  |  | 11280482 |
| **Switzerland — 7.0%** |  |  |
| Aryzta AG<sup>(2)</sup> | 38094 | 3936452 |
| Cembra Money Bank AG | 47499 | 5840837 |
| Flughafen Zurich AG | 16720 | 4639403 |
| Galenica AG | 15233 | 1577768 |
| Georg Fischer AG<sup>(1)</sup> | 24415 | 1953806 |
| PSP Swiss Property AG | 21109 | 3715400 |
| Siegfried Holding AG<sup>(2)</sup> | 25631 | 3012355 |
| Sulzer AG | 24603 | 4641548 |
| Swissquote Group Holding SA | 8229 | 4933253 |
| Ypsomed Holding AG<sup>(1)</sup> | 5766 | 2852258 |
|  |  | 37103080 |
| **United Kingdom — 8.5%** |  |  |
| Babcock International Group PLC | 428312 | 5420699 |
| Beazley PLC | 298185 | 3799803 |
| Diploma PLC | 92090 | 5822163 |
| Gamma Communications PLC | 150420 | 2404461 |
| Intermediate Capital Group PLC | 99358 | 2689634 |
| Marex Group PLC | 167663 | 7236335 |
| Marks & Spencer Group PLC | 569029 | 2872315 |
| St. James's Place PLC | 369383 | 5550970 |
| Tritax Big Box REIT PLC | 1820028 | 3606242 |
| Weir Group PLC | 172972 | 5662030 |
|  |  | 45064652 |
| **United States — 0.4%** |  |  |
| TechnipFMC PLC | 70230 | 2187664 |
| **TOTAL COMMON STOCKS**<br>(Cost $397,485,359) |  | **522233382** |
| **EXCHANGE-TRADED FUNDS — 1.7%** |  |  |
| iShares MSCI EAFE Small-Cap ETF<br>(Cost $9,267,396) | 131773 | **9307127** |

---

------

---

| | | |
|:---|:---|:---|
|<br>**SHORT-TERM INVESTMENTS — 0.8%** | **Shares**<br> | **Value**<br> |
| **Money Market Funds — 0.6%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 2202 | $2202 |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(3)</sup> | 3175854 | 3175854 |
|  |  | 3178056 |
| **Repurchase Agreements — 0.2%** |  |  |
| BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 4.25%, 1/31/30, valued at $109,069), in a joint trading account at 4.30%, dated 5/30/25, due 6/2/25 (Delivery value $106,999) |  | 106961 |
| Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 2.75%, 7/31/27, valued at $796,780), at 4.32%, dated 5/30/25, due 6/2/25 (Delivery value $781,281) |  | 781000 |
|  |  | 887961 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $4,066,017) |  | **4066017** |
| **TOTAL INVESTMENT SECURITIES — 101.5%**<br>(Cost $410,818,772) |  | **535606526** |
| **OTHER ASSETS AND LIABILITIES — (1.5)%** |  | **(8095281)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**527511245** |

---

---

| | |
|:---|:---|
| **MARKET SECTOR DIVERSIFICATION** | **MARKET SECTOR DIVERSIFICATION** |
| **(as a % of net assets)** | |
| Industrials | 25.1% |
| Consumer Discretionary | 15.5% |
| Financials | 15.5% |
| Information Technology | 8.9% |
| Real Estate | 6.9% |
| Materials | 6.1% |
| Health Care | 5.7% |
| Consumer Staples | 5.2% |
| Communication Services | 4.5% |
| Energy | 4.5% |
| Utilities | 1.1% |
| Exchange-Traded Funds | 1.7% |
| Short-Term Investments | 0.8% |
| Other Assets and Liabilities | (1.5)% |

---

**NOTES TO SCHEDULE OF INVESTMENTS**

(1)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $19,643,058. 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.

(2)Non-income producing.

(3)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $20,667,090, which includes securities collateral of $17,491,236.

See Notes to Financial Statements.

------

Statement of Assets and Liabilities

---

| | |
|:---|:---|
| **MAY 31, 2025 (UNAUDITED)** | **MAY 31, 2025 (UNAUDITED)** |
| **Assets** | **Assets** |
| Investment securities, at value (cost of $407,642,918) — including $19,643,058 of securities on loan | $532430672 |
| Investment made with cash collateral received for securities on loan, at value (cost of $3,175,854) | 3175854 |
| Total investment securities, at value (cost of $410,818,772) | 535606526 |
| Foreign currency holdings, at value (cost of $68,266) | 68213 |
| Receivable for investments sold | 16069390 |
| Receivable for capital shares sold | 10085 |
| Dividends and interest receivable | 2355871 |
| Securities lending receivable | 24706 |
|  | 554134791 |
| **Liabilities** |  |
| Payable for collateral received for securities on loan | 3175854 |
| Payable for investments purchased | 16374070 |
| Payable for capital shares redeemed | 6967482 |
| Accrued management fees | 106140 |
|  | 26623546 |
| **Net Assets** | $527511245 |
| **Net Assets Consist of:** |  |
| Capital (par value and paid-in surplus) | $493321218 |
| Distributable earnings (loss) | 34190027 |
|  | $527511245 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Net Assets** | **Shares Outstanding** | **Net Asset Value Per Share** |
| Investor Class, $0.01 Par Value | $91518592 | 8659852 | $10.57 |
| G Class, $0.01 Par Value | $435992653 | 40096492 | $10.87 |

---

See Notes to Financial Statements.

------

Statement of Operations

---

| | |
|:---|:---|
| **FOR THE SIX MONTHS ENDED MAY 31, 2025 (UNAUDITED)** | **FOR THE SIX MONTHS ENDED MAY 31, 2025 (UNAUDITED)** |
| **Investment Income (Loss)** | **Investment Income (Loss)** |
| **Income:** | |
| Dividends (net of foreign taxes withheld of $950,248) | $6913682 |
| Securities lending, net | 175640 |
| Interest | 63508 |
|  | 7152830 |
| **Expenses:** |  |
| Management fees | 2887853 |
| Directors' fees and expenses | 7388 |
| Other expenses | 25044 |
|  | 2920285 |
| Fees waived<sup>(1)</sup> | (2294235) |
|  | 626050 |
| **Net investment income (loss)** | 6526780 |
| **Realized and Unrealized Gain (Loss)** |  |
| **Net realized gain (loss) on:** |  |
| Investment transactions | (2888803) |
| Foreign currency translation transactions | 5422 |
|  | (2883381) |
| **Change in net unrealized appreciation (depreciation) on:** |  |
| Investments | 31646186 |
| Translation of assets and liabilities in foreign currencies | 123663 |
|  | 31769849 |
| **Net realized and unrealized gain (loss)** | 28886468 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $35413248 |

---

(1)Amount consists of $12,720 and $2,281,515 for Investor Class and G Class, respectively.

See Notes to Financial Statements.

------

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| **SIX MONTHS ENDED MAY 31, 2025 (UNAUDITED) AND YEAR ENDED NOVEMBER 30, 2024** | **SIX MONTHS ENDED MAY 31, 2025 (UNAUDITED) AND YEAR ENDED NOVEMBER 30, 2024** | **SIX MONTHS ENDED MAY 31, 2025 (UNAUDITED) AND YEAR ENDED NOVEMBER 30, 2024** |
| **Increase (Decrease) in Net Assets** | **May 31, 2025** | **November 30, 2024** |
| **Operations** | | |
| Net investment income (loss) | $6526780 | $9289424 |
| Net realized gain (loss) | (2883381) | 34518958 |
| Change in net unrealized appreciation (depreciation) | 31769849 | 40801131 |
| Net increase (decrease) in net assets resulting from operations | 35413248 | 84609513 |
| **Distributions to Shareholders** |  |  |
| From earnings: |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (1320167) | (954896) |
| &nbsp;&nbsp;&nbsp;G Class | (12771431) | (9336856) |
| Decrease in net assets from distributions | (14091598) | (10291752) |
| **Capital Share Transactions** |  |  |
| Net increase (decrease) in net assets from capital share transactions (Note 5) | (42395141) | (39745326) |
| **Net increase (decrease) in net assets** | (21073491) | 34572435 |
| **Net Assets** |  |  |
| Beginning of period | 548584736 | 514012301 |
| End of period | $527511245 | $548584736 |

---

See Notes to Financial Statements.

------

Notes to Financial Statements

**MAY 31, 2025 (UNAUDITED)** 

**1. Organization**

American Century World 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. International Small-Mid Cap Fund (the fund) is one fund in a series issued by the corporation. The fund's investment objective is to seek capital growth. The fund offers the Investor Class and G 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.

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

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 make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code, in all events in a manner consistent with provisions of the 1940 Act.

**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 May 31, 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;&nbsp;Common Stocks | $3175854 |  |  |  | $3175854 |
| 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 | $3175854 |

---

(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., 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, 53% of the shares of the fund. Related parties do not invest in the fund for the purpose of exercising management or control.

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**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. During the period ended May 31, 2025, the investment advisor agreed to waive 0.03% of the fund's management fee. The investment advisor expects this waiver to continue until March 31, 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 annual management fee and the effective annual management fee after waiver for each class for the period ended May 31, 2025 are as follows:

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| | | |
|:---|:---|:---|
| | **Annual Management Fee** | **Effective Annual Management Fee** <br>**After Waiver** |
| Investor Class | 1.43% | 1.40% |
| G Class | 1.08% | 0.00% |

---

**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 May 31, 2025 were $335,932,738 and $376,733,741, respectively.

**5. Capital Share Transactions** 

Transactions in shares of the fund were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Six months ended<br>May 31, 2025** | **Six months ended<br>May 31, 2025** | **Year ended<br>November 30, 2024** | **Year ended<br>November 30, 2024** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| **Investor Class/Shares Authorized** | 120000000 |  | 120000000 |  |
| Sold | 7324 | $70272 | 113436 | $1012985 |
| Issued in reinvestment of distributions | 137661 | 1320167 | 105165 | 954896 |
| Redeemed | (885903) | (9052844) | (142208) | (1328450) |
|  | (740918) | (7662405) | 76393 | 639431 |
| **G Class/Shares Authorized** | 500000000 |  | 500000000 |  |
| Sold | 1303569 | 13365542 | 4102796 | 41720151 |
| Issued in reinvestment of distributions | 1303207 | 12771431 | 1006127 | 9336856 |
| Redeemed | (6021273) | (60869709) | (9035852) | (91441764) |
|  | (3414497) | (34732736) | (3926929) | (40384757) |
| Net increase (decrease) | (4155415) | $(42395141) | (3850536) | $(39745326) |

---

------

**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 |  |  |  |
| &nbsp;&nbsp;&nbsp;Canada | $1841998 | $34786489 |  |
| &nbsp;&nbsp;&nbsp;Israel | 14094548 | 3938925 |  |
| &nbsp;&nbsp;&nbsp;United Kingdom | 7236335 | 37828317 |  |
| &nbsp;&nbsp;&nbsp;United States | 2187664 |  |  |
| &nbsp;&nbsp;&nbsp;Other Countries |  | 420319106 |  |
| Exchange-Traded Funds | 9307127 |  |  |
| Short-Term Investments | 3178056 | 887961 |  |
|  | $37845728 | $497760798 |  |

---

**7. 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 majority of the fund is owned by a relatively small number of shareholders. To the extent that a large shareholder (including a fund of funds) invests in the fund, the fund may experience relatively large redemptions as such shareholder reallocates its assets. In the event of a large shareholder redemption, the ongoing operations of the fund may be at risk.

There are certain risks involved in investing in foreign securities. These risks include those resulting from political events (such as civil unrest, national elections and imposition of exchange controls), social and economic events (such as labor strikes and rising inflation), and natural disasters. Securities of foreign issuers may be less liquid and more volatile. Investing a significant portion of assets in one country or region may accentuate these risks.

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.

The fund's investment process may result in high portfolio turnover, which could mean high transaction costs, affecting both performance and capital gains tax liabilities to investors.

**8. 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 | $415569928 |
| Gross tax appreciation of investments | $124874206 |
| Gross tax depreciation of investments | (4837608) |
| Net tax appreciation (depreciation) of investments | $120036598 |

---

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 November 30, 2024, the fund had accumulated short-term capital losses of $(87,511,777), 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 November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | |
| **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>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net Asset <br>Value, <br>Beginning <br>of Period** | **Net** <br>**Investment <br>Income** <br>**(Loss)**<sup>(1)</sup> | **Net <br>Realized <br>and <br>Unrealized <br>Gain (Loss)** | **Total From <br>Investment <br>Operations** | **Net <br>Investment <br>Income** | **Net <br>Realized <br>Gains** | **Total <br>Distributions** | **Net <br>Asset <br>Value, <br>End <br>of Period** | **Total** <br>**Return**<sup>(2</sup><sup>)</sup> | **Operating <br>Expenses** | **Operating <br>Expenses <br>(before <br>expense <br>waiver)** | **Net <br>Investment <br>Income <br>(Loss)** | **Net <br>Investment <br>Income (Loss) <br>(before 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> | $10.07 | 0.07 | 0.58 | 0.65 | (0.15) |  | (0.15) | $10.57 | 6.63% | 1.41% | 1.44% | 1.41% | 1.38% | 66% | $91519 |
| 2024 | $8.82 | 0.05 | 1.30 | 1.35 | (0.10) |  | (0.10) | $10.07 | 15.45% | 1.43% | 1.44% | 0.52% | 0.51% | 109% | $94686 |
| 2023 | $9.21 | 0.04 | (0.43) | (0.39) |  |  |  | $8.82 | (4.23)% | 1.43% | 1.46% | 0.45% | 0.42% | 123% | $82247 |
| 2022 | $15.01 | 0.02 | (3.12) | (3.10) | (0.10) | (2.60) | (2.70) | $9.21 | (24.94)% | 1.44% | 1.48% | 0.20% | 0.16% | 107% | $78762 |
| 2021 | $13.16 | (0.06) | 2.34 | 2.28 |  | (0.43) | (0.43) | $15.01 | 17.70% | 1.44% | 1.48% | (0.39)% | (0.43)% | 113% | $105938 |
| 2020 | $10.61 | (0.03) | 2.76 | 2.73 | (0.18) |  | (0.18) | $13.16 | 26.24% | 1.47% | 1.48% | (0.25)% | (0.26)% | 131% | $97901 |
| **G Class** | **G Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $10.43 | 0.14 | 0.59 | 0.73 | (0.29) |  | (0.29) | $10.87 | 7.32% | 0.01% | 1.09% | 2.81% | 1.73% | 66% | $435993 |
| 2024 | $9.10 | 0.20 | 1.33 | 1.53 | (0.20) |  | (0.20) | $10.43 | 17.12% | 0.01% | 1.09% | 1.94% | 0.86% | 109% | $453899 |
| 2023 | $9.44 | 0.18 | (0.45) | (0.27) | (0.07) |  | (0.07) | $9.10 | (2.92)% | 0.00% | 1.11% | 1.88% | 0.77% | 123% | $431766 |
| 2022 | $15.34 | 0.17 | (3.16) | (2.99) | (0.31) | (2.60) | (2.91) | $9.44 | (23.82)% | 0.01% | 1.13% | 1.63% | 0.51% | 107% | $390227 |
| 2021 | $13.36 | 0.16 | 2.35 | 2.51 | (0.10) | (0.43) | (0.53) | $15.34 | 19.45% | 0.01% | 1.13% | 1.04% | (0.08)% | 113% | $430778 |
| 2020 | $10.77 | 0.13 | 2.80 | 2.93 | (0.34) |  | (0.34) | $13.36 | 28.03% | 0.01% | 1.13% | 1.21% | 0.09% | 131% | $397066 |

---

**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 May 31, 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-92628 2507** | **©2025 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-SAN-92628 2507** |

---

------

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

![Image29.jpg](ck0000872825-20250531_g3.jpg)

---

| |
|:---|
| Semiannual Financial Statements and Other Information |
| May 31, 2025 |
| International Value Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class (ACEVX) |
| &nbsp;&nbsp;&nbsp;&nbsp;I Class (ACVUX) |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class (MEQAX) |
| &nbsp;&nbsp;&nbsp;&nbsp;C Class (ACCOX) |
| &nbsp;&nbsp;&nbsp;&nbsp;R Class (ACVRX) |
| &nbsp;&nbsp;&nbsp;&nbsp;R6 Class (ACVDX) |
| &nbsp;&nbsp;&nbsp;&nbsp;G Class (ACAFX) |

---

------

**Table of Contents**

---

| | |
|:---|:---|
| Schedule of Investments | [2](#iba8ebcbf125644f083983e7b3e673bc1_559) |
| Statement of Assets and Liabilities | [7](#iba8ebcbf125644f083983e7b3e673bc1_565) |
| Statement of Operations | [8](#iba8ebcbf125644f083983e7b3e673bc1_568) |
| Statement of Changes in Net Assets | [9](#iba8ebcbf125644f083983e7b3e673bc1_571) |
| Notes to Financial Statements | [10](#iba8ebcbf125644f083983e7b3e673bc1_574) |
| Financial Highlights | [16](#iba8ebcbf125644f083983e7b3e673bc1_577) |

---

------

Schedule of Investments

**MAY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| <br>**COMMON STOCKS — 98.6%** | **Shares**<br> | **Value**<br> |
| **Australia — 2.6%** |  |  |
| ANZ Group Holdings Ltd. | 331471 | $6202892 |
| Aristocrat Leisure Ltd. | 163724 | 6578837 |
| BHP Group Ltd. | 194181 | 4770054 |
| GPT Group | 303343 | 939251 |
| James Hardie Industries PLC<sup>(1)</sup> | 22483 | 517265 |
| Origin Energy Ltd. | 699636 | 4881530 |
| Pro Medicus Ltd. | 4376 | 793360 |
| Rio Tinto Ltd. | 10711 | 778914 |
| Scentre Group | 1838749 | 4353613 |
| Vicinity Ltd. | 2845545 | 4519313 |
| Westpac Banking Corp. | 78799 | 1653271 |
|  |  | 35988300 |
| **Austria — 1.4%** |  |  |
| Erste Group Bank AG | 249902 | 20124483 |
| **Belgium — 0.6%** |  |  |
| Ageas SA | 138781 | 9062223 |
| **Canada — 3.0%** |  |  |
| AltaGas Ltd. | 46213 | 1291075 |
| ARC Resources Ltd. | 38906 | 813075 |
| Brookfield Asset Management Ltd., Class A<sup>(2)</sup> | 12382 | 696626 |
| Dollarama, Inc. | 6800 | 874558 |
| Empire Co. Ltd., Class A | 49317 | 1903539 |
| Great-West Lifeco, Inc.<sup>(2)</sup> | 51454 | 1953029 |
| iA Financial Corp., Inc. | 31270 | 3183623 |
| IGM Financial, Inc. | 9429 | 301005 |
| Kinross Gold Corp. | 109659 | 1618896 |
| Magna International, Inc. | 56357 | 2045911 |
| Manulife Financial Corp. | 145401 | 4630031 |
| Nutrien Ltd. | 115332 | 6813946 |
| Power Corp. of Canada | 279076 | 10800252 |
| Suncor Energy, Inc.<sup>(2)</sup> | 127680 | 4539299 |
| WSP Global, Inc. | 3977 | 814932 |
|  |  | 42279797 |
| **Denmark — 0.6%** |  |  |
| AP Moller - Maersk AS, B Shares | 4024 | 7290059 |
| DSV AS | 3515 | 827728 |
|  |  | 8117787 |
| **Finland — 1.6%** |  |  |
| Nokia OYJ | 4118686 | 21434874 |
| UPM-Kymmene OYJ<sup>(2)</sup> | 45117 | 1248714 |
|  |  | 22683588 |
| **France — 12.6%** |  |  |
| Aeroports de Paris SA<sup>(2)</sup> | 6773 | 907922 |
| BNP Paribas SA | 247736 | 21695339 |
| Bouygues SA | 142088 | 6195551 |
| Carrefour SA<sup>(2)</sup> | 63334 | 947119 |
| Cie de Saint-Gobain SA | 246033 | 27699349 |
| Credit Agricole SA | 409435 | 7496416 |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Danone SA | 49534 | $4235023 |
| Engie SA | 1203635 | 25978070 |
| Gecina SA | 9596 | 1056239 |
| Getlink SE<sup>(1)</sup> | 42413 | 811267 |
| Orange SA | 424512 | 6336017 |
| Renault SA | 83802 | 4308647 |
| Rexel SA | 171847 | 4826943 |
| Safran SA | 3170 | 937549 |
| Sanofi SA | 293494 | 29067908 |
| Schneider Electric SE | 2971 | 749618 |
| Societe Generale SA | 228246 | 12393223 |
| TotalEnergies SE | 207223 | 12198838 |
| Veolia Environnement SA | 214604 | 7385940 |
| Vinci SA | 8172 | 1167662 |
|  |  | 176394640 |
| **Germany — 8.6%** |  |  |
| Allianz SE | 79572 | 31559309 |
| BASF SE | 128414 | 6192379 |
| Commerzbank AG | 187285 | 5704516 |
| Deutsche Post AG | 78480 | 3508266 |
| Deutsche Telekom AG | 486738 | 18431998 |
| Evonik Industries AG | 64300 | 1391560 |
| Fresenius SE & Co. KGaA | 111397 | 5459458 |
| Hannover Rueck SE | 5529 | 1748305 |
| Heidelberg Materials AG | 88594 | 17365419 |
| Henkel AG & Co. KGaA, Preference Shares | 67769 | 5429994 |
| Mercedes-Benz Group AG | 42210 | 2524061 |
| MTU Aero Engines AG | 1980 | 791939 |
| Rheinmetall AG | 750 | 1607450 |
| RWE AG | 218871 | 8240962 |
| SAP SE | 15008 | 4540220 |
| Siemens AG | 24071 | 5789634 |
|  |  | 120285470 |
| **Hong Kong — 2.3%** |  |  |
| BOC Hong Kong Holdings Ltd. | 2466000 | 10370793 |
| CK Infrastructure Holdings Ltd. | 298500 | 1928909 |
| CLP Holdings Ltd. | 561000 | 4750774 |
| Link REIT | 1085400 | 5744191 |
| Power Assets Holdings Ltd. | 515000 | 3256663 |
| WH Group Ltd. | 6403500 | 5889665 |
|  |  | 31940995 |
| **Ireland — 0.5%** |  |  |
| Bank of Ireland Group PLC | 468828 | 6436459 |
| **Israel — 0.0%** |  |  |
| Global-e Online Ltd.<sup>(1)</sup> | 16637 | 530221 |
| **Italy — 6.6%** |  |  |
| Banco BPM SpA | 681857 | 7837806 |
| Enel SpA | 2087607 | 19189289 |
| Generali<sup>(2)</sup> | 616238 | 22431232 |
| Intesa Sanpaolo SpA | 5175343 | 28892519 |
| Mediobanca Banca di Credito Finanziario SpA | 216151 | 5141941 |
| UniCredit SpA | 72193 | 4642477 |
| Unipol Assicurazioni SpA | 195539 | 3827036 |
|  |  | 91962300 |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Japan — 20.3%** |  |  |
| Asahi Kasei Corp. | 567200 | $3985668 |
| Asics Corp. | 31100 | 749544 |
| Astellas Pharma, Inc. | 212900 | 2114278 |
| Bandai Namco Holdings, Inc. | 20800 | 660847 |
| Brother Industries Ltd. | 199800 | 3409838 |
| Canon, Inc.<sup>(2)</sup> | 234000 | 7148466 |
| Chubu Electric Power Co., Inc. | 73800 | 903987 |
| Dai-ichi Life Holdings, Inc. | 722200 | 5663871 |
| ENEOS Holdings, Inc.<sup>(2)</sup> | 1338500 | 6341944 |
| Fast Retailing Co. Ltd. | 2200 | 732796 |
| Fujikura Ltd. | 17200 | 798379 |
| Hitachi Construction Machinery Co. Ltd. | 74000 | 2249008 |
| Idemitsu Kosan Co. Ltd. | 505800 | 3080851 |
| Isuzu Motors Ltd. | 171000 | 2311382 |
| ITOCHU Corp. | 353600 | 18767741 |
| Japan Post Bank Co. Ltd. | 431200 | 4650322 |
| Kansai Electric Power Co., Inc. | 247300 | 2820246 |
| Kawasaki Kisen Kaisha Ltd.<sup>(2)</sup> | 322900 | 4855940 |
| Keyence Corp. | 1700 | 711569 |
| Kirin Holdings Co. Ltd. | 440600 | 6320966 |
| Komatsu Ltd. | 652800 | 19839374 |
| LY Corp. | 948700 | 3441547 |
| Mitsubishi Chemical Group Corp. | 337600 | 1797054 |
| Mitsubishi Corp.<sup>(2)</sup> | 996700 | 20161688 |
| Mitsubishi Electric Corp. | 857900 | 17121098 |
| Mitsubishi UFJ Financial Group, Inc. | 230600 | 3225702 |
| Mitsui Fudosan Co. Ltd. | 80500 | 770987 |
| Mizuho Financial Group, Inc. | 378400 | 10522641 |
| MS&AD Insurance Group Holdings, Inc. | 355100 | 8457934 |
| Nippon Sanso Holdings Corp. | 23000 | 821978 |
| Nippon Steel Corp.<sup>(2)</sup> | 618400 | 12439257 |
| Nippon Yusen KK | 202600 | 7387351 |
| ORIX Corp. | 547900 | 11611012 |
| Osaka Gas Co. Ltd. | 48700 | 1239921 |
| Otsuka Holdings Co. Ltd. | 116500 | 5922856 |
| Panasonic Holdings Corp. | 56100 | 642988 |
| Seiko Epson Corp. | 17100 | 221249 |
| Sekisui Chemical Co. Ltd. | 219000 | 3804434 |
| Shionogi & Co. Ltd. | 603300 | 10073617 |
| SoftBank Group Corp. | 20300 | 1060439 |
| Sompo Holdings, Inc. | 185800 | 5622559 |
| Sony Group Corp. | 119300 | 3193175 |
| Subaru Corp. | 110000 | 2047952 |
| Sumitomo Mitsui Financial Group, Inc. | 502400 | 12907121 |
| Sumitomo Realty & Development Co. Ltd. | 20400 | 781460 |
| T&D Holdings, Inc. | 90900 | 2079576 |
| Takeda Pharmaceutical Co. Ltd. | 714600 | 21455918 |
| Tokyo Electron Ltd. | 29300 | 4610793 |
| Tokyo Gas Co. Ltd. | 22300 | 747777 |
| Toyota Motor Corp. | 484600 | 9225912 |
| Toyota Tsusho Corp. | 154800 | 3271445 |
|  |  | 284784458 |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Netherlands — 5.0%** |  |  |
| ABN AMRO Bank NV, CVA | 240865 | $6226226 |
| ASR Nederland NV<sup>(2)</sup> | 126555 | 8115115 |
| ING Groep NV | 607213 | 12898510 |
| Koninklijke Ahold Delhaize NV | 622863 | 26287312 |
| Koninklijke Philips NV | 151746 | 3499194 |
| NN Group NV | 202489 | 12740934 |
|  |  | 69767291 |
| **Norway — 0.2%** |  |  |
| Telenor ASA | 170004 | 2610248 |
| **Singapore — 0.0%** |  |  |
| Grab Holdings Ltd., Class A<sup>(1)</sup> | 142935 | 696093 |
| **Spain — 5.0%** |  |  |
| Banco Bilbao Vizcaya Argentaria SA | 1976326 | 29668517 |
| Banco Santander SA | 2477568 | 19765167 |
| Endesa SA | 190598 | 5824465 |
| Iberdrola SA | 263838 | 4836086 |
| Telefonica SA<sup>(2)</sup> | 1933488 | 10356097 |
|  |  | 70450332 |
| **Sweden — 1.8%** |  |  |
| Epiroc AB, A Shares<sup>(2)</sup> | 36334 | 812060 |
| Investor AB, B Shares | 269423 | 7933938 |
| Lifco AB, B Shares<sup>(2)</sup> | 20519 | 835582 |
| Securitas AB, B Shares | 425226 | 6288488 |
| SKF AB, B Shares | 126491 | 2781312 |
| Spotify Technology SA<sup>(1)</sup> | 1165 | 774888 |
| Svenska Handelsbanken AB, A Shares | 422217 | 5641128 |
|  |  | 25067396 |
| **Switzerland — 8.4%** |  |  |
| Chocoladefabriken Lindt & Spruengli AG, Participation Certificate<sup>(2)</sup> | 56 | 901690 |
| Logitech International SA | 7126 | 593778 |
| Nestle SA | 104254 | 11106915 |
| Novartis AG | 267993 | 30934185 |
| Roche Holding AG | 81986 | 26559127 |
| Straumann Holding AG | 5161 | 663850 |
| Swiss Re AG | 96812 | 17106072 |
| Zurich Insurance Group AG | 41607 | 29184713 |
|  |  | 117050330 |
| **United Kingdom — 17.5%** |  |  |
| 3i Group PLC | 166914 | 9167773 |
| Associated British Foods PLC | 145668 | 4095029 |
| Aviva PLC | 767001 | 6319630 |
| Barclays PLC | 6128132 | 27138153 |
| DCC PLC | 72791 | 4550604 |
| HSBC Holdings PLC | 2790097 | 32870187 |
| J Sainsbury PLC | 393008 | 1511510 |
| Kingfisher PLC | 876334 | 3280477 |
| Land Securities Group PLC | 327945 | 2800366 |
| Lloyds Banking Group PLC | 8941752 | 9313796 |
| M&G PLC | 1661720 | 5308955 |
| National Grid PLC<sup>(2)</sup> | 84572 | 1197602 |
| NatWest Group PLC | 3573910 | 25377796 |
| Next PLC | 5547 | 962665 |
| Rio Tinto PLC | 219603 | 12996538 |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Shell PLC | 1345427 | $44392237 |
| Standard Chartered PLC | 1013885 | 15817867 |
| Tesco PLC | 3990674 | 20881696 |
| Vodafone Group PLC | 17079899 | 17712929 |
|  |  | 245695810 |
| **TOTAL COMMON STOCKS**<br>(Cost $979,493,562) |  | **1381928221** |
| **SHORT-TERM INVESTMENTS — 1.9%** |  |  |
| **Money Market Funds — 1.5%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 16047 | 16047 |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(3)</sup> | 20780319 | 20780319 |
|  |  | 20796366 |
| **Repurchase Agreements — 0.4%** |  |  |
| BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 4.25%, 1/31/30, valued at $770,813), in a joint trading account at 4.30%, dated 5/30/25, due 6/2/25 (Delivery value $756,189) |  | 755918 |
| Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 2.75%, 7/31/27, valued at $5,629,554), at 4.32%, dated 5/30/25, due 6/2/25 (Delivery value $5,520,987) |  | 5519000 |
|  |  | 6274918 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $27,071,284) |  | **27071284** |
| **TOTAL INVESTMENT SECURITIES — 100.5%**<br>(Cost $1,006,564,846) |  | **1408999505** |
| **OTHER ASSETS AND LIABILITIES — (0.5)%** |  | **(7178231)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**1401821274** |

---

---

| | |
|:---|:---|
| **MARKET SECTOR DIVERSIFICATION** | **MARKET SECTOR DIVERSIFICATION** |
| **(as a % of net assets)** | |
| Financials | 41.0% |
| Industrials | 12.7% |
| Health Care | 9.7% |
| Utilities | 6.7% |
| Consumer Staples | 6.4% |
| Materials | 5.2% |
| Energy | 5.1% |
| Communication Services | 4.3% |
| Information Technology | 3.1% |
| Consumer Discretionary | 2.9% |
| Real Estate | 1.5% |
| Short-Term Investments | 1.9% |
| Other Assets and Liabilities | (0.5)% |

---

---

| | | |
|:---|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** |
| CVA | – | Certificaten Van Aandelen |

---

(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 $40,790,091. 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 $42,947,449, which includes securities collateral of $22,167,130.

See Notes to Financial Statements.

------

Statement of Assets and Liabilities

---

| | |
|:---|:---|
| **MAY 31, 2025 (UNAUDITED)** | |
| **Assets** | |
| Investment securities, at value (cost of $985,784,527) — including $40,790,091 of securities on loan | $1388219186 |
| Investment made with cash collateral received for securities on loan, at value (cost of $20,780,319) | 20780319 |
| Total investment securities, at value (cost of $1,006,564,846) | 1408999505 |
| Foreign currency holdings, at value (cost of $50,837) | 50924 |
| Receivable for investments sold | 52050873 |
| Receivable for capital shares sold  | 65074 |
| Dividends and interest receivable  | 14665490 |
| Securities lending receivable | 35655 |
|  | 1475867521 |
| **Liabilities** |  |
| Payable for collateral received for securities on loan | 20780319 |
| Payable for investments purchased | 45544354 |
| Payable for capital shares redeemed  | 7340980 |
| Accrued management fees  | 224175 |
| Distribution and service fees payable | 1994 |
| Accrued foreign withholding tax reclaim expenses | 154425 |
|  | 74046247 |
| **Net Assets** | $1401821274 |
| **Net Assets Consist of:** |  |
| Capital (par value and paid-in surplus) | $1075733728 |
| Distributable earnings (loss) | 326087546 |
|  | $1401821274 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Net Assets** | **Shares Outstanding** | **Net Asset Value Per Share\*** |
| Investor Class, $0.01 Par Value | $187610734 | 18371189 | $10.21 |
| I Class, $0.01 Par Value | $61472007 | 6035298 | $10.19 |
| A Class, $0.01 Par Value | $7065068 | 686694 | $10.29 |
| C Class, $0.01 Par Value | $243220 | 23723 | $10.25 |
| R Class, $0.01 Par Value | $854494 | 83458 | $10.24 |
| R6 Class, $0.01 Par Value | $719879 | 70710 | $10.18 |
| G Class, $0.01 Par Value | $1143855872 | 111821257 | $10.23 |

---

\*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 $10.92 (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 MAY 31, 2025 (UNAUDITED)** | |
| **Investment Income (Loss)** | |
| **Income:** | |
| Dividends (net of foreign taxes withheld of $4,696,337) | $37777967 |
| Interest | 276065 |
| Securities lending, net | 124049 |
|  | 38178081 |
| **Expenses:** |  |
| Management fees | 5642755 |
| Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class | 8181 |
| &nbsp;&nbsp;&nbsp;&nbsp;C Class | 1113 |
| &nbsp;&nbsp;&nbsp;&nbsp;R Class | 1480 |
| Directors' fees and expenses  | 20556 |
| Foreign withholding tax reclaim expenses | 163254 |
| Other expenses | 34172 |
|  | 5871511 |
| Fees waived - G Class | (4376024) |
|  | 1495487 |
| **Net investment income (loss)** | 36682594 |
| **Realized and Unrealized Gain (Loss)** |  |
| **Net realized gain (loss) on:** |  |
| Investment transactions  | 26671145 |
| Futures contract transactions | (571950) |
| Foreign currency translation transactions  | (305588) |
|  | 25793607 |
| **Change in net unrealized appreciation (depreciation) on:** |  |
| Investments | 199993271 |
| Translation of assets and liabilities in foreign currencies | 769058 |
|  | 200762329 |
| **Net realized and unrealized gain (loss)** | 226555936 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $263238530 |

---

See Notes to Financial Statements.

------

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| **SIX MONTHS ENDED MAY 31, 2025 (UNAUDITED) AND YEAR ENDED NOVEMBER 30, 2024** | **SIX MONTHS ENDED MAY 31, 2025 (UNAUDITED) AND YEAR ENDED NOVEMBER 30, 2024** | **SIX MONTHS ENDED MAY 31, 2025 (UNAUDITED) AND YEAR ENDED NOVEMBER 30, 2024** |
| **Increase (Decrease) in Net Assets** | **May 31, 2025** | **November 30, 2024** |
| **Operations** | | |
| Net investment income (loss) | $36682594 | $62691575 |
| Net realized gain (loss) | 25793607 | 79350835 |
| Change in net unrealized appreciation (depreciation) | 200762329 | 39012762 |
| Net increase (decrease) in net assets resulting from operations | 263238530 | 181055172 |
| **Distributions to Shareholders** |  |  |
| From earnings: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (6925131) | (8156532) |
| &nbsp;&nbsp;&nbsp;&nbsp;I Class | (2194373) | (2664629) |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class | (220984) | (272135) |
| &nbsp;&nbsp;&nbsp;&nbsp;C Class | (5636) | (10921) |
| &nbsp;&nbsp;&nbsp;&nbsp;R Class | (16888) | (17081) |
| &nbsp;&nbsp;&nbsp;&nbsp;R6 Class | (10829) | (37427) |
| &nbsp;&nbsp;&nbsp;&nbsp;G Class | (60534760) | (66665893) |
| Decrease in net assets from distributions | (69908601) | (77824618) |
| **Capital Share Transactions** |  |  |
| Net increase (decrease) in net assets from capital share transactions (Note 5) | (266825406) | (73080724) |
| **Net increase (decrease) in net assets** | (73495477) | 30149830 |
| **Net Assets** |  |  |
| Beginning of period | 1475316751 | 1445166921 |
| End of period | $1401821274 | $1475316751 |

---

See Notes to Financial Statements.

------

Notes to Financial Statements

**MAY 31, 2025 (UNAUDITED)**

**1. Organization**

American Century World 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. International Value 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, A Class, C Class, R 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. Exchange-traded futures contracts are valued at the settlement price as provided by the appropriate exchange.

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 make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code, in all events in a manner consistent with provisions of the 1940 Act.

**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 May 31, 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;&nbsp;Common Stocks | $20780319 |  |  |  | $20780319 |
| 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 | $20780319 |

---

(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, 49% 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 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** | **A Class** | **C Class** | **R Class** | **R6 Class** | **G Class** |
| 1.10% | 0.90% | 1.10% | 1.10% | 1.10% | 0.75% | 0.00%<sup>(1)</sup> |

---

(1)Annual management fee before waiver was 0.75%.

**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 May 31, 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.

**Foreign Withholding Tax Reclaim Expenses –** The fund may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The fund may incur expenses in association with recovery of such taxes. The impact of foreign withholding tax reclaim expenses to the annualized ratio of operating expenses to average net assets was 0.02% for the period ended May 31, 2025.

**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. During the period, the interfund sales were $817,949 and there were no interfund purchases. The effect of interfund transactions on the Statement of Operations was $(288,303) in net realized gain (loss) on investment transactions.

**4. Investment Transactions**

Purchases and sales of investment securities, excluding short-term investments, for the period ended May 31, 2025 were $562,135,156 and $848,368,794, respectively.

------

**5. Capital Share Transactions** 

Transactions in shares of the fund were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six months ended<br>May 31, 2025** | **Six months ended<br>May 31, 2025** | **Year ended<br>November 30, 2024** | **Year ended<br>November 30, 2024** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| **Investor Class/Shares Authorized** | 500000000 |  | 500000000 |  |
| Sold | 3823791 | $35075073 | 343887 | $3009793 |
| Issued in reinvestment of distributions | 823087 | 6913927 | 991651 | 8141458 |
| Redeemed | (5217433) | (47526235) | (4884595) | (42709546) |
|  | (570555) | (5537235) | (3549057) | (31558295) |
| **I Class/Shares Authorized** | 100000000 |  | 100000000 |  |
| Sold | 3683038 | 33212124 | 2298223 | 20536979 |
| Issued in reinvestment of distributions | 261598 | 2189574 | 325749 | 2664629 |
| Redeemed | (3688812) | (35008946) | (3546913) | (30364565) |
|  | 255824 | 392752 | (922941) | (7162957) |
| **A Class/Shares Authorized** | 25000000 |  | 25000000 |  |
| Sold | 51041 | 488822 | 43122 | 372804 |
| Issued in reinvestment of distributions | 26011 | 220315 | 32645 | 270299 |
| Redeemed | (117752) | (1068376) | (109982) | (970570) |
|  | (40700) | (359239) | (34215) | (327467) |
| **C Class/Shares Authorized** | 25000000 |  | 25000000 |  |
| Sold | 1437 | 12300 | 1849 | 15942 |
| Issued in reinvestment of distributions | 665 | 5636 | 1321 | 10921 |
| Redeemed | (1497) | (13735) | (19713) | (165682) |
|  | 605 | 4201 | (16543) | (138819) |
| **R Class/Shares Authorized** | 25000000 |  | 25000000 |  |
| Sold | 32657 | 308291 | 26253 | 224417 |
| Issued in reinvestment of distributions | 1994 | 16829 | 2062 | 17011 |
| Redeemed | (12586) | (109925) | (16629) | (145580) |
|  | 22065 | 215195 | 11686 | 95848 |
| **R6 Class/Shares Authorized** | 30000000 |  | 30000000 |  |
| Sold | 41107 | 369584 | 24209 | 209443 |
| Issued in reinvestment of distributions | 1295 | 10829 | 4581 | 37427 |
| Redeemed | (1988) | (18690) | (109328) | (953071) |
|  | 40414 | 361723 | (80538) | (706201) |
| **G Class/Shares Authorized** | 1750000000 |  | 1750000000 |  |
| Sold | 4405159 | 38999119 | 19195075 | 164928438 |
| Issued in reinvestment of distributions | 7232349 | 60534760 | 8149865 | 66665893 |
| Redeemed | (39975108) | (361436682) | (30007635) | (264877164) |
|  | (28337600) | (261902803) | (2662695) | (33282833) |
| Net increase (decrease) | (28629947) | $(266825406) | (7254303) | $(73080724) |

---

**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 | $2001202 | $1379927019 |  |
| Short-Term Investments | 20796366 | 6274918 |  |
|  | $22797568 | $1386201937 |  |

---

**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 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 equity price risk derivative instruments for temporary investment purposes.

At period end, the fund did not have any derivative instruments disclosed on the Statement of Assets and Liabilities. For the six months ended May 31, 2025, the effect of equity price risk derivative instruments on the Statement of Operations was $(571,950) in net realized gain (loss) on futures contract transactions.

**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.

The majority of the fund is owned by a relatively small number of shareholders. To the extent that a large shareholder (including a fund of funds) invests in the fund, the fund may experience relatively large redemptions as such shareholder reallocates its assets. In the event of a large shareholder redemption, the ongoing operations of the fund may be at risk.

There are certain risks involved in investing in foreign securities. These risks include those resulting from political events (such as civil unrest, national elections and imposition of exchange controls), social and economic events (such as labor strikes and rising inflation), and natural disasters. Securities of foreign issuers may be less liquid and more volatile. Investing in emerging markets or a significant portion of assets in one country or region may accentuate these risks.

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.

**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 | $1010806483 |
| Gross tax appreciation of investments | $404284246 |
| Gross tax depreciation of investments | (6091224) |
| Net tax appreciation (depreciation) of investments | $398193022 |

---

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 November 30, 2024, the fund had accumulated short-term capital losses of $(115,350,294) and accumulated long-term capital losses of $(9,212,989), 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 November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | | |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | | | | **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<br>Net<br>Investment<br>Income** | **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> | $8.85 | 0.20 | 1.49 | 1.69 | (0.33) | $10.21 | 19.90% | 1.13% | 1.13% | 4.29% | 4.29% | 40% | $187611 |
| 2024 | $8.30 | 0.29 | 0.64 | 0.93 | (0.38) | $8.85 | 11.57% | 1.11% | 1.11% | 3.25% | 3.25% | 68% | $167588 |
| 2023 | $7.49 | 0.32 | 0.68 | 1.00 | (0.19) | $8.30 | 13.64% | 1.11% | 1.11% | 3.96% | 3.96% | 77% | $186766 |
| 2022 | $8.37 | 0.35 | (0.84) | (0.49) | (0.39) | $7.49 | (6.24)% | 1.14% | 1.14% | 4.89% | 4.89% | 151% | $209685 |
| 2021 | $7.82 | 0.23 | 0.50 | 0.73 | (0.18) | $8.37 | 9.30% | 1.10% | 1.10% | 2.57% | 2.57% | 124% | $14827 |
| 2020 | $7.57 | 0.15 | 0.33 | 0.48 | (0.23) | $7.82 | 6.69% | 1.21% | 1.22% | 2.16% | 2.15% | 91% | $12633 |
| **I Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $8.84 | 0.20 | 1.50 | 1.70 | (0.35) | $10.19 | 20.19% | 0.93% | 0.93% | 4.49% | 4.49% | 40% | $61472 |
| 2024 | $8.29 | 0.31 | 0.64 | 0.95 | (0.40) | $8.84 | 11.69% | 0.91% | 0.91% | 3.45% | 3.45% | 68% | $51062 |
| 2023 | $7.48 | 0.33 | 0.68 | 1.01 | (0.20) | $8.29 | 13.82% | 0.91% | 0.91% | 4.16% | 4.16% | 77% | $55583 |
| 2022 | $8.36 | 0.33 | (0.80) | (0.47) | (0.41) | $7.48 | (6.04)% | 0.94% | 0.94% | 5.09% | 5.09% | 151% | $51756 |
| 2021 | $7.81 | 0.24 | 0.51 | 0.75 | (0.20) | $8.36 | 9.54% | 0.90% | 0.90% | 2.77% | 2.77% | 124% | $46842 |
| 2020 | $7.57 | 0.16 | 0.33 | 0.49 | (0.25) | $7.81 | 6.93% | 1.01% | 1.02% | 2.36% | 2.35% | 91% | $29898 |
| **A Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $8.90 | 0.20 | 1.50 | 1.70 | (0.31) | $10.29 | 19.82% | 1.38% | 1.38% | 4.04% | 4.04% | 40% | $7065 |
| 2024 | $8.35 | 0.26 | 0.65 | 0.91 | (0.36) | $8.90 | 11.21% | 1.36% | 1.36% | 3.00% | 3.00% | 68% | $6473 |
| 2023 | $7.54 | 0.30 | 0.68 | 0.98 | (0.17) | $8.35 | 13.35% | 1.36% | 1.36% | 3.71% | 3.71% | 77% | $6359 |
| 2022 | $8.42 | 0.30 | (0.81) | (0.51) | (0.37) | $7.54 | (6.46)% | 1.39% | 1.39% | 4.64% | 4.64% | 151% | $5527 |
| 2021 | $7.86 | 0.20 | 0.52 | 0.72 | (0.16) | $8.42 | 9.10% | 1.35% | 1.35% | 2.32% | 2.32% | 124% | $6407 |
| 2020 | $7.60 | 0.13 | 0.33 | 0.46 | (0.20) | $7.86 | 6.32% | 1.46% | 1.47% | 1.91% | 1.90% | 91% | $6176 |
| **C Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $8.83 | 0.17 | 1.49 | 1.66 | (0.24) | $10.25 | 19.40% | 2.13% | 2.13% | 3.29% | 3.29% | 40% | $243 |
| 2024 | $8.29 | 0.18 | 0.66 | 0.84 | (0.30) | $8.83 | 10.32% | 2.11% | 2.11% | 2.25% | 2.25% | 68% | $204 |
| 2023 | $7.50 | 0.23 | 0.69 | 0.92 | (0.13) | $8.29 | 12.55% | 2.11% | 2.11% | 2.96% | 2.96% | 77% | $329 |
| 2022 | $8.37 | 0.23 | (0.80) | (0.57) | (0.30) | $7.50 | (7.13)% | 2.14% | 2.14% | 3.89% | 3.89% | 151% | $379 |
| 2021 | $7.82 | 0.12 | 0.52 | 0.64 | (0.09) | $8.37 | 8.19% | 2.10% | 2.10% | 1.57% | 1.57% | 124% | $734 |
| 2020 | $7.51 | 0.07 | 0.34 | 0.41 | (0.10) | $7.82 | 5.65% | 2.21% | 2.22% | 1.16% | 1.15% | 91% | $926 |

---

------

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | | |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | | | | **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<br>Net<br>Investment<br>Income** | **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)** |
| **R Class** | | | | | | | | | | | | | |
| 2025<sup>(3)</sup> | $8.85 | 0.21 | 1.47 | 1.68 | (0.29) | $10.24 | 19.62% | 1.63% | 1.63% | 3.79% | 3.79% | 40% | $854 |
| 2024 | $8.30 | 0.24 | 0.65 | 0.89 | (0.34) | $8.85 | 11.00% | 1.61% | 1.61% | 2.75% | 2.75% | 68% | $543 |
| 2023 | $7.50 | 0.28 | 0.68 | 0.96 | (0.16) | $8.30 | 13.09% | 1.61% | 1.61% | 3.46% | 3.46% | 77% | $413 |
| 2022 | $8.38 | 0.27 | (0.81) | (0.54) | (0.34) | $7.50 | (6.74)% | 1.64% | 1.64% | 4.39% | 4.39% | 151% | $775 |
| 2021 | $7.83 | 0.18 | 0.51 | 0.69 | (0.14) | $8.38 | 8.73% | 1.60% | 1.60% | 2.07% | 2.07% | 124% | $893 |
| 2020 | $7.55 | 0.12 | 0.33 | 0.45 | (0.17) | $7.83 | 6.16% | 1.71% | 1.72% | 1.66% | 1.65% | 91% | $848 |
| **R6 Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $8.84 | 0.27 | 1.43 | 1.70 | (0.36) | $10.18 | 20.12% | 0.78% | 0.78% | 4.64% | 4.64% | 40% | $720 |
| 2024 | $8.30 | 0.30 | 0.65 | 0.95 | (0.41) | $8.84 | 11.86% | 0.76% | 0.76% | 3.60% | 3.60% | 68% | $268 |
| 2023 | $7.48 | 0.35 | 0.67 | 1.02 | (0.20) | $8.30 | 14.08% | 0.76% | 0.76% | 4.31% | 4.31% | 77% | $919 |
| 2022 | $8.36 | 0.34 | (0.80) | (0.46) | (0.42) | $7.48 | (5.89)% | 0.79% | 0.79% | 5.24% | 5.24% | 151% | $776 |
| 2021 | $7.81 | 0.27 | 0.49 | 0.76 | (0.21) | $8.36 | 9.71% | 0.75% | 0.75% | 2.92% | 2.92% | 124% | $786 |
| 2020 | $7.58 | 0.18 | 0.32 | 0.50 | (0.27) | $7.81 | 7.08% | 0.86% | 0.87% | 2.51% | 2.50% | 91% | $1027 |
| **G Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $8.91 | 0.24 | 1.51 | 1.75 | (0.43) | $10.23 | 20.66% | 0.03% | 0.78% | 5.39% | 4.64% | 40% | $1143856 |
| 2024 | $8.37 | 0.38 | 0.63 | 1.01 | (0.47) | $8.91 | 12.63% | 0.01% | 0.76% | 4.35% | 3.60% | 68% | $1249178 |
| 2023 | $7.52 | 0.40 | 0.69 | 1.09 | (0.24) | $8.37 | 15.02% | 0.01% | 0.76% | 5.06% | 4.31% | 77% | $1194798 |
| 2022<sup>(4)</sup> | $8.18 | 0.28 | (0.83) | (0.55) | (0.11) | $7.52 | (6.80)% | 0.03% | 0.78% | 6.05% | 5.30% | 151%<sup>(5)</sup> | $1054615 |

---

**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 May 31, 2025 (unaudited).

(4)April 1, 2022 (commencement of sale) through November 30, 2022.

(5)Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended November 30, 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-92632 2507** | **©2025 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-SAN-92632 2507** |

---

------

![Image33.jpg](ck0000872825-20250531_g3.jpg)

---

| |
|:---|
| Semiannual Financial Statements and Other Information |
| May 31, 2025 |
| Non-U.S. Intrinsic Value Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class (ANTUX) |
| &nbsp;&nbsp;&nbsp;&nbsp;I Class (ANVHX) |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class (ANVLX) |
| &nbsp;&nbsp;&nbsp;&nbsp;R Class (ANVRX) |
| &nbsp;&nbsp;&nbsp;&nbsp;R6 Class (ANVMX) |
| &nbsp;&nbsp;&nbsp;&nbsp;G Class (ANTGX) |

---

------

**Table of Contents**

---

| | |
|:---|:---|
| Schedule of Investments | [2](#iba8ebcbf125644f083983e7b3e673bc1_625) |
| Statement of Assets and Liabilities | [5](#iba8ebcbf125644f083983e7b3e673bc1_631) |
| Statement of Operations | [6](#iba8ebcbf125644f083983e7b3e673bc1_634) |
| Statement of Changes in Net Assets | [7](#iba8ebcbf125644f083983e7b3e673bc1_637) |
| Notes to Financial Statements | [8](#iba8ebcbf125644f083983e7b3e673bc1_640) |
| Financial Highlights | [12](#iba8ebcbf125644f083983e7b3e673bc1_643) |

---

------

Schedule of Investments

**MAY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| <br>**COMMON STOCKS — 97.7%** | **Shares**<br> | **Value**<br> |
| **Brazil — 2.9%** |  |  |
| Vale SA | 378400 | $3455518 |
| XP, Inc., Class A | 676584 | 13098666 |
|  |  | 16554184 |
| **Canada — 2.6%** |  |  |
| Linamar Corp. | 112330 | 5135413 |
| Open Text Corp. | 100869 | 2856246 |
| Parkland Corp. | 253826 | 7165242 |
|  |  | 15156901 |
| **China — 0.5%** |  |  |
| Alibaba Group Holding Ltd. | 193900 | 2760712 |
| **France — 19.5%** |  |  |
| Alstom SA<sup>(1)</sup> | 771051 | 17429972 |
| Arkema SA | 100702 | 7195721 |
| BNP Paribas SA | 75241 | 6589188 |
| Eiffage SA | 20476 | 2816387 |
| Orange SA | 247412 | 3692726 |
| Rexel SA | 318617 | 8949509 |
| Sanofi SA | 198863 | 19695569 |
| Societe Generale SA | 290996 | 15800401 |
| Teleperformance SE | 156405 | 15808177 |
| Verallia SA | 404059 | 12827582 |
|  |  | 110805232 |
| **Germany — 10.9%** |  |  |
| Bayerische Motoren Werke AG | 171716 | 15234822 |
| Continental AG | 175851 | 15422378 |
| Daimler Truck Holding AG | 171491 | 7448438 |
| Deutsche Post AG | 241092 | 10818486 |
| Mercedes-Benz Group AG | 217694 | 13017599 |
|  |  | 61941723 |
| **Italy — 0.7%** |  |  |
| Eni SpA | 261016 | 3849214 |
| **Japan — 3.5%** |  |  |
| SUMCO Corp. | 913200 | 6172616 |
| Sumitomo Corp. | 545700 | 13897099 |
|  |  | 20069715 |
| **Netherlands — 6.7%** |  |  |
| Aegon Ltd. | 1223164 | 8757518 |
| ING Groep NV | 528092 | 11217810 |
| NN Group NV | 45256 | 2847580 |
| Randstad NV | 359870 | 15085580 |
|  |  | 37908488 |
| **Panama — 0.2%** |  |  |
| Banco Latinoamericano de Comercio Exterior SA | 35090 | 1439392 |
| **Russia**<sup>(2)</sup> **— 0.0%** |  |  |
| GMK Norilskiy Nickel PAO<sup>(1)</sup> | 7693300 | 99 |
| **South Korea — 14.0%** |  |  |
| BGF retail Co. Ltd. | 75327 | 5584617 |
| Doosan Bobcat, Inc. | 175268 | 5957334 |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Hana Financial Group, Inc. | 243512 | $12807264 |
| Hyundai Mobis Co. Ltd. | 73731 | 13516084 |
| Kia Corp. | 89298 | 5775158 |
| KT&G Corp. | 35203 | 3060560 |
| Samsung Electronics Co. Ltd. | 619264 | 25128301 |
| Woori Financial Group, Inc. | 562076 | 7843104 |
|  |  | 79672422 |
| **Spain — 2.4%** |  |  |
| Repsol SA | 999455 | 13465600 |
| **Sweden — 0.6%** |  |  |
| Volvo Car AB, Class B<sup>(1)</sup> | 1874819 | 3393644 |
| **Switzerland — 5.1%** |  |  |
| Adecco Group AG | 658610 | 18395562 |
| Roche Holding AG | 32959 | 10676972 |
|  |  | 29072534 |
| **United Kingdom — 27.7%** |  |  |
| Barclays PLC | 3501589 | 15506627 |
| Barratt Redrow PLC | 1203278 | 7478969 |
| British American Tobacco PLC | 364284 | 16399473 |
| GSK PLC | 1247673 | 25345148 |
| Hikma Pharmaceuticals PLC | 145924 | 4212154 |
| Mondi PLC | 493252 | 8023218 |
| Prudential PLC | 1711861 | 19470271 |
| Reckitt Benckiser Group PLC | 242114 | 16458314 |
| Shell PLC | 151794 | 5008429 |
| Taylor Wimpey PLC | 9665445 | 15581594 |
| Whitbread PLC | 359915 | 14060939 |
| WPP PLC | 1240732 | 10020195 |
|  |  | 157565331 |
| **United States — 0.4%** |  |  |
| CNH Industrial NV | 181452 | 2269965 |
| **TOTAL COMMON STOCKS**<br>(Cost $506,517,989) |  | **555925156** |
| **SHORT-TERM INVESTMENTS — 2.2%** |  |  |
| **Money Market Funds — 0.0%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 29759 | 29759 |
| **Repurchase Agreements — 2.2%** |  |  |
| BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 4.25%, 1/31/30, valued at $1,522,639), in a joint trading account at 4.30%, dated 5/30/25, due 6/2/25 (Delivery value $1,493,751) |  | 1493216 |
| Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 2.75%, 7/31/27, valued at $11,122,116), at 4.32%, dated 5/30/25, due 6/2/25 (Delivery value $10,907,925) |  | 10904000 |
|  |  | 12397216 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $12,426,975) |  | **12426975** |
| **TOTAL INVESTMENT SECURITIES — 99.9%**<br>(Cost $518,944,964) |  | **568352131** |
| **OTHER ASSETS AND LIABILITIES — 0.1%** |  | **315901** |
| **TOTAL NET ASSETS — 100.0%** |  | $**568668032** |

---

------

---

| | |
|:---|:---|
| **MARKET SECTOR DIVERSIFICATION** | **MARKET SECTOR DIVERSIFICATION** |
| **(as a % of net assets)** | |
| Industrials | 20.9% |
| Financials | 20.3% |
| Consumer Discretionary | 19.6% |
| Health Care | 10.5% |
| Consumer Staples | 7.3% |
| Information Technology | 6.0% |
| Materials | 5.5% |
| Energy | 5.2% |
| Communication Services | 2.4% |
| Short-Term Investments | 2.2% |
| Other Assets and Liabilities | 0.1% |

---

**NOTES TO SCHEDULE OF INVESTMENTS**

(1)Non-income producing.

(2)Securities may be subject to resale, redemption or transferability restrictions.

See Notes to Financial Statements.

------

Statement of Assets and Liabilities

---

| | |
|:---|:---|
| **MAY 31, 2025 (UNAUDITED)** | |
| **Assets** | |
| Investment securities, at value (cost of $518,944,964) | $568352131 |
| Foreign currency holdings, at value (cost of $1,594,874) | 208424 |
| Receivable for investments sold | 21086372 |
| Receivable for capital shares sold | 35662 |
| Dividends and interest receivable | 4610353 |
|  | 594292942 |
| **Liabilities** |  |
| Payable for investments purchased | 17813921 |
| Payable for capital shares redeemed | 7599308 |
| Accrued management fees | 108220 |
| Distribution and service fees payable | 82 |
| Accrued foreign withholding tax reclaim expenses | 103379 |
|  | 25624910 |
| **Net Assets** | $568668032 |
| **Net Assets Consist of:** |  |
| Capital (par value and paid-in surplus) | $518535257 |
| Distributable earnings (loss) | 50132775 |
|  | $568668032 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Net Assets** | **Shares Outstanding** | **Net Asset Value Per Share\*** |
| Investor Class, $0.01 Par Value | $96435759 | 9923137 | $9.72 |
| I Class, $0.01 Par Value | $19316956 | 1987853 | $9.72 |
| A Class, $0.01 Par Value | $163859 | 16888 | $9.70 |
| R Class, $0.01 Par Value | $138432 | 14309 | $9.67 |
| R6 Class, $0.01 Par Value | $6955 | 700 | $9.94 |
| G Class, $0.01 Par Value | $452606071 | 46147347 | $9.81 |

---

\*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 $10.29 (net asset value divided by 0.9425). A contingent deferred sales charge may be imposed on redemptions of A Class.

See Notes to Financial Statements.

------

Statement of Operations

---

| | |
|:---|:---|
| **FOR THE SIX MONTHS ENDED MAY 31, 2025 (UNAUDITED)** | |
| **Investment Income (Loss)** | |
| **Income:** | |
| Dividends (net of foreign taxes withheld of $2,086,446) | $16755156 |
| Interest | 109789 |
|  | 16864945 |
| **Expenses:** |  |
| Management fees | 2422301 |
| Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;A Class | 196 |
| &nbsp;&nbsp;&nbsp;R Class | 156 |
| Directors' fees and expenses | 8203 |
| Foreign withholding tax reclaim expenses | 120596 |
| Other expenses | 16731 |
|  | 2568183 |
| Fees waived - G Class | (1819396) |
|  | 748787 |
| **Net investment income (loss)** | 16116158 |
| **Realized and Unrealized Gain (Loss)** |  |
| **Net realized gain (loss) on:** |  |
| Investment transactions | 26114 |
| Foreign currency translation transactions | (77759) |
|  | (51645) |
| **Change in net unrealized appreciation (depreciation) on:** |  |
| Investments | 74561118 |
| Translation of assets and liabilities in foreign currencies | 198387 |
|  | 74759505 |
| **Net realized and unrealized gain (loss)** | 74707860 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $90824018 |

---

See Notes to Financial Statements.

------

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| **SIX MONTHS ENDED MAY 31, 2025 (UNAUDITED) AND YEAR ENDED NOVEMBER 30, 2024** | **SIX MONTHS ENDED MAY 31, 2025 (UNAUDITED) AND YEAR ENDED NOVEMBER 30, 2024** | **SIX MONTHS ENDED MAY 31, 2025 (UNAUDITED) AND YEAR ENDED NOVEMBER 30, 2024** |
| **Increase (Decrease) in Net Assets** | **May 31, 2025** | **November 30, 2024** |
| **Operations** | | |
| Net investment income (loss) | $16116158 | $23751455 |
| Net realized gain (loss) | (51645) | 49436958 |
| Change in net unrealized appreciation (depreciation) | 74759505 | (23955359) |
| Net increase (decrease) in net assets resulting from operations | 90824018 | 49233054 |
| **Distributions to Shareholders** |  |  |
| From earnings: |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (9422256) | (12641256) |
| &nbsp;&nbsp;&nbsp;I Class | (1893657) | (56925) |
| &nbsp;&nbsp;&nbsp;A Class | (13180) | (14422) |
| &nbsp;&nbsp;&nbsp;R Class | (5532) | (11877) |
| &nbsp;&nbsp;&nbsp;R6 Class | (640) | (663) |
| &nbsp;&nbsp;&nbsp;G Class | (57561800) | (57386258) |
| Decrease in net assets from distributions | (68897065) | (70111401) |
| **Capital Share Transactions** |  |  |
| Net increase (decrease) in net assets from capital share transactions (Note 5) | (27503328) | 11123807 |
| **Net increase (decrease) in net assets** | (5576375) | (9754540) |
| **Net Assets** |  |  |
| Beginning of period | 574244407 | 583998947 |
| End of period | $568668032 | $574244407 |

---

See Notes to Financial Statements.

------

Notes to Financial Statements

**MAY 31, 2025 (UNAUDITED)**

**1. Organization**

American Century World 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. Non-U.S. Intrinsic Value Fund (the fund) is one fund in a series issued by the corporation. The fund's investment objective is to seek capital appreciation.

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, A Class, R Class, R6 Class and G Class. The A Class may incur an initial sales charge and 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.

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 make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code, in all events in a manner consistent with provisions of the 1940 Act. 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, 50% 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 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** | **A Class** | **R Class** | **R6 Class** | **G Class** |
| 1.15% | 0.95% | 1.15% | 1.15% | 0.80% | 0.00%<sup>(1)</sup> |

---

(1)Annual management fee before waiver was 0.80%.

**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 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 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 May 31, 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.

**Foreign Withholding Tax Reclaim Expenses —** The fund may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The fund may incur expenses in association with recovery of such taxes. The impact of foreign withholding tax reclaim expenses to the annualized ratio of operating expenses to average net assets was 0.04% for the period ended May 31, 2025.

**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 May 31, 2025 were $233,721,961 and $318,001,613, respectively.

**5. Capital Share Transactions** 

Transactions in shares of the fund were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six months ended<br>May 31, 2025** | **Six months ended<br>May 31, 2025** | **Year ended<br>November 30, 2024** | **Year ended<br>November 30, 2024** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| **Investor Class/Shares Authorized** | 150000000 |  | 150000000 |  |
| Sold | 485972 | $4438454 | 149033 | $1393891 |
| Issued in reinvestment of distributions | 1159951 | 9418796 | 1383983 | 12635761 |
| Redeemed | (1047949) | (9448302) | (3843704) | (35605759) |
|  | 597974 | 4408948 | (2310688) | (21576107) |
| **I Class/Shares Authorized** | 40000000 |  | 40000000 |  |
| Sold | 156457 | 1314995 | 2380197 | 21529456 |
| Issued in reinvestment of distributions | 232630 | 1886631 | 4875 | 44464 |
| Redeemed | (262846) | (2259301) | (570780) | (5447057) |
|  | 126241 | 942325 | 1814292 | 16126863 |
| **A Class/Shares Authorized** | 35000000 |  | 35000000 |  |
| Sold | 8093 | 69166 | 3523 | 32926 |
| Issued in reinvestment of distributions | 1623 | 13180 | 1581 | 14422 |
| Redeemed | (7001) | (63802) | (5180) | (50966) |
|  | 2715 | 18544 | (76) | (3618) |
| **R Class/Shares Authorized** | 35000000 |  | 35000000 |  |
| Sold | 9045 | 84183 | 6576 | 61861 |
| Issued in reinvestment of distributions | 682 | 5532 | 1302 | 11877 |
| Redeemed | (1337) | (11524) | (12228) | (113869) |
|  | 8390 | 78191 | (4350) | (40131) |
| **R6 Class/Shares Authorized** | 35000000 |  | 35000000 |  |
| Sold | 2 | 9 |  |  |
| Issued in reinvestment of distributions | 77 | 640 | 71 | 663 |
|  | 79 | 649 | 71 | 663 |
| **G Class/Shares Authorized** | 600000000 |  | 600000000 |  |
| Sold | 3765661 | 34858678 | 7631079 | 72743003 |
| Issued in reinvestment of distributions | 7062798 | 57561800 | 6264875 | 57386258 |
| Redeemed | (14293972) | (125372463) | (11475672) | (113513124) |
|  | (3465513) | (32951985) | 2420282 | 16616137 |
| Net increase (decrease) | (2730114) | $(27503328) | 1919531 | $11123807 |

---

------

**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 | $16808023 | $539117133 |  |
| Short-Term Investments | 29759 | 12397216 |  |
|  | $16837782 | $551514349 |  |

---

**7. 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.

There are certain risks involved in investing in foreign securities. These risks include those resulting from political events (such as civil unrest, national elections and imposition of exchange controls), social and economic events (such as labor strikes and rising inflation), and natural disasters. Securities of foreign issuers may be less liquid and more volatile. Investing in emerging markets or a significant portion of assets in one country or region may accentuate these risks.

The majority of the fund is owned by a relatively small number of shareholders. To the extent that a large shareholder (including a fund of funds) invests in the fund, the fund may experience relatively large redemptions as such shareholder reallocates its assets. In the event of a large shareholder redemption, the ongoing operations of the fund may be at risk.

**8. 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 | $531083335 |
| Gross tax appreciation of investments | $81186525 |
| Gross tax depreciation of investments | (43917729) |
| Net tax appreciation (depreciation) of investments | $37268796 |

---

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 November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | | | | |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **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>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 Investment Income (Loss) (before expense waiver)** | **Portfolio<br>Turnover<br>Rate** | **Net Assets,<br>End of<br>Period<br>(in<br>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** | **Investor Class** |
| 2025<sup>(3)</sup> | $9.33 | 0.22 | 1.16 | 1.38 | (0.25) | (0.74) | (0.99) | $9.72 | 16.99% | 1.20% | 1.20% | 4.79% | 42% | $96436 |
| 2024 | $9.81 | 0.28 | 0.41 | 0.69 | (0.28) | (0.89) | (1.17) | $9.33 | 7.28% | 1.17% | 1.17% | 3.07% | 64% | $87009 |
| 2023 | $8.88 | 0.28 | 1.05 | 1.33 | (0.34) | (0.06) | (0.40) | $9.81 | 15.84% | 1.19% | 1.19% | 2.84% | 62% | $114111 |
| 2022 | $9.76 | 0.32 | (0.76) | (0.44) | (0.16) | (0.28) | (0.44) | $8.88 | (5.03)% | 1.16% | 1.16% | 3.59% | 67% | $138382 |
| 2021 | $8.98 | 0.18 | 0.72 | 0.90 | (0.12) |  | (0.12) | $9.76 | 10.15% | 1.25% | 1.25% | 1.76% | 54% | $152993 |
| 2020 | $10.61 | 0.13 | (1.31) | (1.18) | (0.32) | (0.13) | (0.45) | $8.98 | (11.75)% | 1.31% | 1.31% | 1.60% | 68% | $107655 |
| **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** | **I Class** |
| 2025<sup>(3)</sup> | $9.34 | 0.23 | 1.16 | 1.39 | (0.27) | (0.74) | (1.01) | $9.72 | 17.11% | 1.00% | 1.00% | 4.99% | 42% | $19317 |
| 2024 | $9.82 | 0.37 | 0.34 | 0.71 | (0.30) | (0.89) | (1.19) | $9.34 | 7.51% | 0.97% | 0.97% | 3.27% | 64% | $17389 |
| 2023 | $8.89 | 0.38 | 0.97 | 1.35 | (0.36) | (0.06) | (0.42) | $9.82 | 15.93% | 0.99% | 0.99% | 3.04% | 62% | $464 |
| 2022 | $9.78 | 0.33 | (0.76) | (0.43) | (0.18) | (0.28) | (0.46) | $8.89 | (4.81)% | 0.96% | 0.96% | 3.79% | 67% | $1377 |
| 2021 | $8.99 | 0.19 | 0.74 | 0.93 | (0.14) |  | (0.14) | $9.78 | 10.47% | 1.05% | 1.05% | 1.96% | 54% | $194 |
| 2020<sup>(4)</sup> | $10.45 | 0.15 | (1.16) | (1.01) | (0.32) | (0.13) | (0.45) | $8.99 | (10.29)% | 1.11% | 1.11% | 1.80% | 68%<sup>(5)</sup> | $4 |
| **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** |
| 2025<sup>(3)</sup> | $9.30 | 0.23 | 1.14 | 1.37 | (0.23) | (0.74) | (0.97) | $9.70 | 16.83% | 1.45% | 1.45% | 4.54% | 42% | $164 |
| 2024 | $9.78 | 0.28 | 0.39 | 0.67 | (0.26) | (0.89) | (1.15) | $9.30 | 7.01% | 1.42% | 1.42% | 2.82% | 64% | $132 |
| 2023 | $8.85 | 0.16 | 1.15 | 1.31 | (0.32) | (0.06) | (0.38) | $9.78 | 15.46% | 1.44% | 1.44% | 2.59% | 62% | $139 |
| 2022 | $9.73 | 0.29 | (0.76) | (0.47) | (0.13) | (0.28) | (0.41) | $8.85 | (5.28)% | 1.41% | 1.41% | 3.34% | 67% | $14 |
| 2021 | $8.96 | 0.16 | 0.71 | 0.87 | (0.10) |  | (0.10) | $9.73 | 9.89% | 1.50% | 1.50% | 1.51% | 54% | $13 |
| 2020<sup>(4)</sup> | $10.45 | 0.11 | (1.15) | (1.04) | (0.32) | (0.13) | (0.45) | $8.96 | (10.62)% | 1.56% | 1.56% | 1.35% | 68%<sup>(5)</sup> | $4 |
| **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> | $9.28 | 0.24 | 1.10 | 1.34 | (0.21) | (0.74) | (0.95) | $9.67 | 16.56% | 1.70% | 1.70% | 4.29% | 42% | $138 |
| 2024 | $9.75 | 0.24 | 0.41 | 0.65 | (0.23) | (0.89) | (1.12) | $9.28 | 6.85% | 1.67% | 1.67% | 2.57% | 64% | $55 |
| 2023 | $8.83 | 0.25 | 1.03 | 1.28 | (0.30) | (0.06) | (0.36) | $9.75 | 15.09% | 1.69% | 1.69% | 2.34% | 62% | $100 |
| 2022 | $9.71 | 0.26 | (0.75) | (0.49) | (0.11) | (0.28) | (0.39) | $8.83 | (5.43)% | 1.66% | 1.66% | 3.09% | 67% | $76 |
| 2021 | $8.93 | 0.15 | 0.71 | 0.86 | (0.08) |  | (0.08) | $9.71 | 9.65% | 1.75% | 1.75% | 1.26% | 54% | $31 |
| 2020<sup>(4)</sup> | $10.45 | 0.09 | (1.16) | (1.07) | (0.32) | (0.13) | (0.45) | $8.93 | (10.93)% | 1.81% | 1.81% | 1.10% | 68%<sup>(5)</sup> | $6 |

---

------

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | | | | | |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net Asset<br>Value,<br>Beginning<br>of Period** | **Net**<br>**Investment**<br>**Income**<br>**(Loss)**<sup>(1)</sup> | **Net<br>Realized<br>and<br>Unrealized<br>Gain (Loss)** | **Total From<br>Investment<br>Operations** | **Net<br>Investment<br>Income** | **Net<br>Realized<br>Gains** | **Total<br>Distributions** | **Net Asset<br>Value,<br>End<br>of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Operating<br>Expenses<br>(before<br>expense<br>waiver)** | **Net<br>Investment<br>Income<br>(Loss)** | **Net Investment Income (Loss) (before expense waiver)** | **Portfolio<br>Turnover<br>Rate** | **Net Assets,<br>End of<br>Period<br>(in<br>thousands)** |
| **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> | $9.54 | 0.24 | 1.19 | 1.43 | (0.29) | (0.74) | (1.03) | $9.94 | 17.14% | 0.85% | 0.85% | 5.14% | 5.14% | 42% | $7 |
| 2024 | $10.00 | 0.33 | 0.42 | 0.75 | (0.32) | (0.89) | (1.21) | $9.54 | 7.75% | 0.82% | 0.82% | 3.42% | 3.42% | 64% | $6 |
| 2023 | $9.04 | 0.32 | 1.07 | 1.39 | (0.37) | (0.06) | (0.43) | $10.00 | 16.17% | 0.84% | 0.84% | 3.19% | 3.19% | 62% | $6 |
| 2022 | $9.94 | 0.35 | (0.78) | (0.43) | (0.19) | (0.28) | (0.47) | $9.04 | (4.70)% | 0.81% | 0.81% | 3.94% | 3.94% | 67% | $5 |
| 2021 | $9.14 | 0.22 | 0.73 | 0.95 | (0.15) |  | (0.15) | $9.94 | 10.57% | 0.90% | 0.90% | 2.11% | 2.11% | 54% | $5 |
| 2020<sup>(4)</sup> | $10.60 | 0.16 | (1.16) | (1.00) | (0.33) | (0.13) | (0.46) | $9.14 | (10.12)% | 0.96% | 0.96% | 1.95% | 1.95% | 68%<sup>(5)</sup> | $4 |
| **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> | $9.47 | 0.26 | 1.18 | 1.44 | (0.36) | (0.74) | (1.10) | $9.81 | 17.62% | 0.05% | 0.85% | 5.94% | 5.14% | 42% | $452606 |
| 2024 | $9.94 | 0.41 | 0.41 | 0.82 | (0.40) | (0.89) | (1.29) | $9.47 | 8.65% | 0.02% | 0.82% | 4.22% | 3.42% | 64% | $469654 |
| 2023 | $8.99 | 0.38 | 1.07 | 1.45 | (0.44) | (0.06) | (0.50) | $9.94 | 17.10% | 0.04% | 0.84% | 3.99% | 3.19% | 62% | $469178 |
| 2022 | $9.90 | 0.42 | (0.77) | (0.35) | (0.28) | (0.28) | (0.56) | $8.99 | (3.94)% | 0.01% | 0.81% | 4.74% | 3.94% | 67% | $465848 |
| 2021 | $9.11 | 0.31 | 0.72 | 1.03 | (0.24) |  | (0.24) | $9.90 | 11.56% | 0.00% | 0.90% | 3.01% | 2.11% | 54% | $497745 |
| 2020 | $10.76 | 0.24 | (1.29) | (1.05) | (0.47) | (0.13) | (0.60) | $9.11 | (10.58)% | 0.01% | 0.96% | 2.90% | 1.95% | 68% | $463081 |

---

**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 May 31, 2025 (unaudited).

(4)December 3, 2019 (commencement of sale) through November 30, 2020.

(5)Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended November 30, 2020.

\*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-95206 2507** | **©2025 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-SAN-95206 2507** |

---

------

(b) The information required by Item 13 of Form N-1A is included as part of the financial statements filed under Item 7(a) of this Form.

**ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

None.

**ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

None.

**ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

The remuneration paid to directors, officers and others is included as part of the financial statements and other information filed under Item 7 of this Form.

**ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.**

None. <br>

**ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.**

Not applicable.

**ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.**

Not applicable.

**ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.**

Not applicable.

**ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.**

During the reporting period, there were no material changes to the procedures by which shareholders may recommend nominees to the registrant's board.

**ITEM 16. CONTROLS AND PROCEDURES.**

------

(a) The registrant's principal executive officer and principal financial officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are effective based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

**ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.**

Not applicable.

**ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.**

(a) Not applicable.

(b) Not applicable.

**ITEM 19. EXHIBITS.** 

(a)(1) 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](acwmfn-csrexx99cert.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,](acwmfn-csrexx99906cert.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 World Mutual Funds, Inc. | American Century World Mutual Funds, Inc. |
| By: | /s/ Patrick Bannigan | /s/ Patrick Bannigan |
|  | Name: | Patrick Bannigan |
|  | Title: | President |
| Date: | July 30, 2025 | July 30, 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: | July 30, 2025 | July 30, 2025 |

---

---

| | | |
|:---|:---|:---|
| By: | /s/ R. Wes Campbell | /s/ R. Wes Campbell |
|  | Name: | R. Wes Campbell |
|  | Title: | Treasurer and |
|  |  | Chief Financial Officer |
|  |  | (principal financial officer) |
| Date: | July 30, 2025 | July 30, 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 World 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: | July 30, 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 World 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: | July 30, 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 World Mutual Funds, Inc. (the "Registrant") on Form N-CSR for the period ending May 31, 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: | July 30, 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>