# EDGAR Filing Document

**Accession Number:** 0000827060
**File Stem:** 0000827060-25-000067
**Filing Date:** 2025-8
**Character Count:** 432837
**Document Hash:** 037138b481851f3a5469492071323b36
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000827060-25-000067.hdr.sgml**: 20250825

**ACCESSION NUMBER**: 0000827060-25-000067

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 53

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250825

**DATE AS OF CHANGE**: 20250825

**EFFECTIVENESS DATE**: 20250825

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AMERICAN CENTURY QUANTITATIVE EQUITY FUNDS, INC.
- **CENTRAL INDEX KEY:** 0000827060

**ORGANIZATION NAME:**
- **EIN:** 431819235
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05447
- **FILM NUMBER:** 251249992

**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
- **STREET 2:** 9TH FLOOR
- **CITY:** KANSAS CITY
- **STATE:** MO
- **ZIP:** 64111

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AMERICAN CENTURY QUANTITATIVE EQUITY FUNDS
- **DATE OF NAME CHANGE:** 19970107

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BENHAM EQUITY FUNDS
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BENHAM EQUITIES INC
- **DATE OF NAME CHANGE:** 19880821

## Series and Classes Contracts Data

### DISCIPLINED GROWTH FUND (Series ID: S000005976)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000016462 | INVESTOR CLASS | ADSIX           |
| C000016463 | A CLASS        | ADCVX           |
| C000016464 | I CLASS        | ADCIX           |
| C000016465 | R CLASS        | ADRRX           |
| C000055501 | C CLASS        | ADCCX           |
| C000189758 | Y CLASS        | ADCYX           |
| C000189759 | R5 CLASS       | ADGGX           |

### EQUITY GROWTH FUND (Series ID: S000005977)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000016466 | INVESTOR CLASS | BEQGX           |
| C000016467 | A CLASS        | BEQAX           |
| C000016468 | I CLASS        | AMEIX           |
| C000016469 | C CLASS        | AEYCX           |
| C000016470 | R CLASS        | AEYRX           |
| C000189760 | R5 CLASS       | AEYGX           |

### GLOBAL GOLD FUND (Series ID: S000005978)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000016471 | INVESTOR CLASS | BGEIX           |
| C000016472 | A CLASS        | ACGGX           |
| C000055503 | I CLASS        | AGGNX           |
| C000055505 | C CLASS        | AGYCX           |
| C000055506 | R CLASS        | AGGWX           |

### DISCIPLINED CORE VALUE FUND (Series ID: S000005979)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000016473 | INVESTOR CLASS | BIGRX           |
| C000016474 | A CLASS        | AMADX           |
| C000016475 | I CLASS        | AMGIX           |
| C000016476 | C CLASS        | ACGCX           |
| C000016477 | R CLASS        | AICRX           |
| C000189761 | R5 CLASS       | AICGX           |

### SMALL COMPANY FUND (Series ID: S000005981)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000016484 | INVESTOR CLASS | ASQIX           |
| C000016485 | A CLASS        | ASQAX           |
| C000016486 | I CLASS        | ASCQX           |
| C000016487 | R CLASS        | ASCRX           |
| C000088007 | C CLASS        | ASQCX           |
| C000189764 | R5 CLASS       | ASQGX           |

### UTILITIES FUND (Series ID: S000005982)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000016488 | INVESTOR CLASS | BULIX           |

?xml version='1.0' encoding='ASCII'? ck0000827060-20250630

**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 | **811-05447** | **811-05447** | **811-05447** |
| **AMERICAN CENTURY QUANTITATIVE EQUITY FUNDS, INC.** | **AMERICAN CENTURY QUANTITATIVE EQUITY FUNDS, INC.** | **AMERICAN CENTURY QUANTITATIVE EQUITY FUNDS, INC.** | **AMERICAN CENTURY QUANTITATIVE EQUITY FUNDS, INC.** | **AMERICAN CENTURY QUANTITATIVE EQUITY 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: | **06-30** | **06-30** | **06-30** | **06-30** |
| Date of reporting period: | **06-30-2025** | **06-30-2025** | **06-30-2025** | **06-30-2025** |

---

------

**ITEM 1. REPORTS TO STOCKHOLDERS.**

(a) Provided under separate cover.

------

**ANNUAL SHAREHOLDER REPORT**

Disciplined Core Value Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![ACI logo.jpg](ck0000827060-20250630_g1.jpg)

---

| | |
|:---|:---|
| **Investor Class (BIGRX)**  | **June 30, 2025** |

---

This annual shareholder report contains important information about Disciplined Core Value Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021. **This report describes changes to the fund that occurred during the reporting period.**

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Investor Class | $68 | 0.65% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Disciplined Core Value Fund Investor Class returned 8.41% for the reporting period ended June 30, 2025. | Disciplined Core Value Fund Investor Class returned 8.41% for the reporting period ended June 30, 2025. |
| The fund seeks long-term capital growth by investing in common stocks. Income is a secondary objective. The commentary below refers to the fund's performance compared to the Russell 1000 Value Index. | The fund seeks long-term capital growth by investing in common stocks. Income is a secondary objective. The commentary below refers to the fund's performance compared to the Russell 1000 Value Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Positioning in the industrials sector detracted most from performance. Underweight allocations relative to the index and stock choices among aerospace and defense and electrical equipment stocks hurt relative results the most. The former stocks benefited from an increase in defense spending, and the latter stocks were beneficiaries of spending on data centers. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Information technology (IT) and consumer staples stocks were other sources of weakness. In IT, positioning in the software and computers and peripherals industries were the main sources of weakness. A lack of exposure to tobacco stocks detracted the most from performance compared with the index in consumer staples. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock selection in the health care sector contributed most to relative results. Tremendous innovation and new drug rollouts meant biotechnology stocks were key sources of strength. Gilead Sciences is a good example, producing strong returns supported by healthy financial results and a robust pipeline of new drugs. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Positioning in the materials sector was another source of strength. It was beneficial to underweight this poor performing sector, while the stocks we did hold outperformed. It was a difficult period for materials and resource-related stocks because commodity prices generally slumped amid uncertainty around global trade and economic growth. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *June 30, 2015 through June 30, 2025* |

---

![2199023255562](ck0000827060-20250630_g2.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | 10 Year |
| **Investor Class** | 8.41% | 10.30% | 8.78% |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;Russell 1000 | 15.66% | 16.30% | 13.35% |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;Russell 1000 Value | 13.70% | 13.93% | 9.19% |

---

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

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

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $1891276249 |
| Management Fees (dollars paid during the reporting period) | $12327243 |
| Portfolio Turnover Rate | 85% |
| Total Number of Portfolio Holdings | 192 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 99.5% | Banks | 9% |
| Short-Term Investments | 0.5% | Machinery | 6% |
| Other Assets and Liabilities | 0.0% | Financial Services | 6% |
|  |  | Consumer Staples Distribution & Retail | 5% |
|  |  | Pharmaceuticals | 5% |

---

---

| |
|:---|
| **Fund Changes** |
| Beginning October 2024, the total eligible investments required to qualify for a waiver of the annual account maintenance fee changed from $10,000 to $25,000. Such fee will also be waived for any accounts for which the shareholder has elected to receive electronic delivery of all fund/account documents. |

---

*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](ck0000827060-20250630_g3.jpg)

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

![ACI logo.jpg](ck0000827060-20250630_g1.jpg)

A-2507M303

------

**ANNUAL SHAREHOLDER REPORT**

Disciplined Core Value Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![ACI logo.jpg](ck0000827060-20250630_g1.jpg)

---

| | |
|:---|:---|
| **I Class (AMGIX)**  | **June 30, 2025** |

---

This annual shareholder report contains important information about Disciplined Core Value Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| I Class | $47 | 0.45% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Disciplined Core Value Fund I Class returned 8.60% for the reporting period ended June 30, 2025. | Disciplined Core Value Fund I Class returned 8.60% for the reporting period ended June 30, 2025. |
| The fund seeks long-term capital growth by investing in common stocks. Income is a secondary objective. The commentary below refers to the fund's performance compared to the Russell 1000 Value Index. | The fund seeks long-term capital growth by investing in common stocks. Income is a secondary objective. The commentary below refers to the fund's performance compared to the Russell 1000 Value Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Positioning in the industrials sector detracted most from performance. Underweight allocations relative to the index and stock choices among aerospace and defense and electrical equipment stocks hurt relative results the most. The former stocks benefited from an increase in defense spending, and the latter stocks were beneficiaries of spending on data centers. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Information technology (IT) and consumer staples stocks were other sources of weakness. In IT, positioning in the software and computers and peripherals industries were the main sources of weakness. A lack of exposure to tobacco stocks detracted the most from performance compared with the index in consumer staples. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock selection in the health care sector contributed most to relative results. Tremendous innovation and new drug rollouts meant biotechnology stocks were key sources of strength. Gilead Sciences is a good example, producing strong returns supported by healthy financial results and a robust pipeline of new drugs. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Positioning in the materials sector was another source of strength. It was beneficial to underweight this poor performing sector, while the stocks we did hold outperformed. It was a difficult period for materials and resource-related stocks because commodity prices generally slumped amid uncertainty around global trade and economic growth. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *June 30, 2015 through June 30, 2025* |

---

![10](ck0000827060-20250630_g4.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | 10 Year |
| **I Class** | 8.60% | 10.52% | 9.00% |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;Russell 1000 | 15.66% | 16.30% | 13.35% |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;Russell 1000 Value | 13.70% | 13.93% | 9.19% |

---

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

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

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $1891276249 |
| Management Fees (dollars paid during the reporting period) | $12327243 |
| Portfolio Turnover Rate | 85% |
| Total Number of Portfolio Holdings | 192 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 99.5% | Banks | 9% |
| Short-Term Investments | 0.5% | Machinery | 6% |
| Other Assets and Liabilities | 0.0% | Financial Services | 6% |
|  |  | Consumer Staples Distribution & Retail | 5% |
|  |  | Pharmaceuticals | 5% |

---

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

![QR ACI Docs.jpg](ck0000827060-20250630_g3.jpg)

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

![ACI logo.jpg](ck0000827060-20250630_g1.jpg)

A-2507M501

------

**ANNUAL SHAREHOLDER REPORT**

Disciplined Core Value Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![ACI logo.jpg](ck0000827060-20250630_g1.jpg)

---

| | |
|:---|:---|
| **A Class (AMADX)**  | **June 30, 2025** |

---

This annual shareholder report contains important information about Disciplined Core Value Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| A Class | $94 | 0.90% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Disciplined Core Value Fund A Class returned 8.15% for the reporting period ended June 30, 2025. | Disciplined Core Value Fund A Class returned 8.15% for the reporting period ended June 30, 2025. |
| The fund seeks long-term capital growth by investing in common stocks. Income is a secondary objective. The commentary below refers to the fund's performance compared to the Russell 1000 Value Index. | The fund seeks long-term capital growth by investing in common stocks. Income is a secondary objective. The commentary below refers to the fund's performance compared to the Russell 1000 Value Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Positioning in the industrials sector detracted most from performance. Underweight allocations relative to the index and stock choices among aerospace and defense and electrical equipment stocks hurt relative results the most. The former stocks benefited from an increase in defense spending, and the latter stocks were beneficiaries of spending on data centers. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Information technology (IT) and consumer staples stocks were other sources of weakness. In IT, positioning in the software and computers and peripherals industries were the main sources of weakness. A lack of exposure to tobacco stocks detracted the most from performance compared with the index in consumer staples. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock selection in the health care sector contributed most to relative results. Tremendous innovation and new drug rollouts meant biotechnology stocks were key sources of strength. Gilead Sciences is a good example, producing strong returns supported by healthy financial results and a robust pipeline of new drugs. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Positioning in the materials sector was another source of strength. It was beneficial to underweight this poor performing sector, while the stocks we did hold outperformed. It was a difficult period for materials and resource-related stocks because commodity prices generally slumped amid uncertainty around global trade and economic growth. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *June 30, 2015 through June 30, 2025* |
| *The initial investment is adjusted to reflect the maximum initial sales charge.* |

---

![10](ck0000827060-20250630_g5.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | 10 Year |
| **A Class** | 8.15% | 10.02% | 8.51% |
| **A Class - with sales charge** | 1.94% | 8.72% | 7.87% |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;Russell 1000 | 15.66% | 16.30% | 13.35% |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;Russell 1000 Value | 13.70% | 13.93% | 9.19% |

---

---

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

---

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

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $1891276249 |
| Management Fees (dollars paid during the reporting period) | $12327243 |
| Portfolio Turnover Rate | 85% |
| Total Number of Portfolio Holdings | 192 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 99.5% | Banks | 9% |
| Short-Term Investments | 0.5% | Machinery | 6% |
| Other Assets and Liabilities | 0.0% | Financial Services | 6% |
|  |  | Consumer Staples Distribution & Retail | 5% |
|  |  | Pharmaceuticals | 5% |

---

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

![QR ACI Docs.jpg](ck0000827060-20250630_g3.jpg)

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

![ACI logo.jpg](ck0000827060-20250630_g1.jpg)

A-2507M402

------

**ANNUAL SHAREHOLDER REPORT**

Disciplined Core Value Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![ACI logo.jpg](ck0000827060-20250630_g1.jpg)

---

| | |
|:---|:---|
| **C Class (ACGCX)**  | **June 30, 2025** |

---

This annual shareholder report contains important information about Disciplined Core Value Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| C Class | $171 | 1.65% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Disciplined Core Value Fund C Class returned 7.33% for the reporting period ended June 30, 2025. | Disciplined Core Value Fund C Class returned 7.33% for the reporting period ended June 30, 2025. |
| The fund seeks long-term capital growth by investing in common stocks. Income is a secondary objective. The commentary below refers to the fund's performance compared to the Russell 1000 Value Index. | The fund seeks long-term capital growth by investing in common stocks. Income is a secondary objective. The commentary below refers to the fund's performance compared to the Russell 1000 Value Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Positioning in the industrials sector detracted most from performance. Underweight allocations relative to the index and stock choices among aerospace and defense and electrical equipment stocks hurt relative results the most. The former stocks benefited from an increase in defense spending, and the latter stocks were beneficiaries of spending on data centers. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Information technology (IT) and consumer staples stocks were other sources of weakness. In IT, positioning in the software and computers and peripherals industries were the main sources of weakness. A lack of exposure to tobacco stocks detracted the most from performance compared with the index in consumer staples. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock selection in the health care sector contributed most to relative results. Tremendous innovation and new drug rollouts meant biotechnology stocks were key sources of strength. Gilead Sciences is a good example, producing strong returns supported by healthy financial results and a robust pipeline of new drugs. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Positioning in the materials sector was another source of strength. It was beneficial to underweight this poor performing sector, while the stocks we did hold outperformed. It was a difficult period for materials and resource-related stocks because commodity prices generally slumped amid uncertainty around global trade and economic growth. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *June 30, 2015 through June 30, 2025* |

---

![10](ck0000827060-20250630_g6.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | 10 Year |
| **C Class** | 7.33% | 9.20% | 7.70% |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;Russell 1000 | 15.66% | 16.30% | 13.35% |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;Russell 1000 Value | 13.70% | 13.93% | 9.19% |

---

---

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

---

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

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $1891276249 |
| Management Fees (dollars paid during the reporting period) | $12327243 |
| Portfolio Turnover Rate | 85% |
| Total Number of Portfolio Holdings | 192 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 99.5% | Banks | 9% |
| Short-Term Investments | 0.5% | Machinery | 6% |
| Other Assets and Liabilities | 0.0% | Financial Services | 6% |
|  |  | Consumer Staples Distribution & Retail | 5% |
|  |  | Pharmaceuticals | 5% |

---

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

![QR ACI Docs.jpg](ck0000827060-20250630_g3.jpg)

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

![ACI logo.jpg](ck0000827060-20250630_g1.jpg)

A-2507M816

------

**ANNUAL SHAREHOLDER REPORT**

Disciplined Core Value Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![ACI logo.jpg](ck0000827060-20250630_g1.jpg)

---

| | |
|:---|:---|
| **R Class (AICRX)**  | **June 30, 2025** |

---

This annual shareholder report contains important information about Disciplined Core Value Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R Class | $120 | 1.15% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Disciplined Core Value Fund R Class returned 7.86% for the reporting period ended June 30, 2025. | Disciplined Core Value Fund R Class returned 7.86% for the reporting period ended June 30, 2025. |
| The fund seeks long-term capital growth by investing in common stocks. Income is a secondary objective. The commentary below refers to the fund's performance compared to the Russell 1000 Value Index. | The fund seeks long-term capital growth by investing in common stocks. Income is a secondary objective. The commentary below refers to the fund's performance compared to the Russell 1000 Value Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Positioning in the industrials sector detracted most from performance. Underweight allocations relative to the index and stock choices among aerospace and defense and electrical equipment stocks hurt relative results the most. The former stocks benefited from an increase in defense spending, and the latter stocks were beneficiaries of spending on data centers. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Information technology (IT) and consumer staples stocks were other sources of weakness. In IT, positioning in the software and computers and peripherals industries were the main sources of weakness. A lack of exposure to tobacco stocks detracted the most from performance compared with the index in consumer staples. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock selection in the health care sector contributed most to relative results. Tremendous innovation and new drug rollouts meant biotechnology stocks were key sources of strength. Gilead Sciences is a good example, producing strong returns supported by healthy financial results and a robust pipeline of new drugs. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Positioning in the materials sector was another source of strength. It was beneficial to underweight this poor performing sector, while the stocks we did hold outperformed. It was a difficult period for materials and resource-related stocks because commodity prices generally slumped amid uncertainty around global trade and economic growth. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *June 30, 2015 through June 30, 2025* |

---

![10](ck0000827060-20250630_g7.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | 10 Year |
| **R Class** | 7.86% | 9.74% | 8.24% |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;Russell 1000 | 15.66% | 16.30% | 13.35% |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;Russell 1000 Value | 13.70% | 13.93% | 9.19% |

---

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

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

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $1891276249 |
| Management Fees (dollars paid during the reporting period) | $12327243 |
| Portfolio Turnover Rate | 85% |
| Total Number of Portfolio Holdings | 192 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 99.5% | Banks | 9% |
| Short-Term Investments | 0.5% | Machinery | 6% |
| Other Assets and Liabilities | 0.0% | Financial Services | 6% |
|  |  | Consumer Staples Distribution & Retail | 5% |
|  |  | Pharmaceuticals | 5% |

---

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

![QR ACI Docs.jpg](ck0000827060-20250630_g3.jpg)

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

![ACI logo.jpg](ck0000827060-20250630_g1.jpg)

A-2507M782

------

**ANNUAL SHAREHOLDER REPORT**

Disciplined Core Value Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![ACI logo.jpg](ck0000827060-20250630_g1.jpg)

---

| | |
|:---|:---|
| **R5 Class (AICGX)**  | **June 30, 2025** |

---

This annual shareholder report contains important information about Disciplined Core Value Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R5 Class | $47 | 0.45% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Disciplined Core Value Fund R5 Class returned 8.63% for the reporting period ended June 30, 2025. | Disciplined Core Value Fund R5 Class returned 8.63% for the reporting period ended June 30, 2025. |
| The fund seeks long-term capital growth by investing in common stocks. Income is a secondary objective. The commentary below refers to the fund's performance compared to the Russell 1000 Value Index. | The fund seeks long-term capital growth by investing in common stocks. Income is a secondary objective. The commentary below refers to the fund's performance compared to the Russell 1000 Value Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Positioning in the industrials sector detracted most from performance. Underweight allocations relative to the index and stock choices among aerospace and defense and electrical equipment stocks hurt relative results the most. The former stocks benefited from an increase in defense spending, and the latter stocks were beneficiaries of spending on data centers. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Information technology (IT) and consumer staples stocks were other sources of weakness. In IT, positioning in the software and computers and peripherals industries were the main sources of weakness. A lack of exposure to tobacco stocks detracted the most from performance compared with the index in consumer staples. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock selection in the health care sector contributed most to relative results. Tremendous innovation and new drug rollouts meant biotechnology stocks were key sources of strength. Gilead Sciences is a good example, producing strong returns supported by healthy financial results and a robust pipeline of new drugs. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Positioning in the materials sector was another source of strength. It was beneficial to underweight this poor performing sector, while the stocks we did hold outperformed. It was a difficult period for materials and resource-related stocks because commodity prices generally slumped amid uncertainty around global trade and economic growth. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *April 10, 2017 through June 30, 2025* |

---

![10](ck0000827060-20250630_g8.jpg)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | Since Inception | Inception Date |
| **R5 Class** | 8.63% | 10.52% | 9.10% | 4/10/17 |
| **Regulatory Index** |  |  |  |  |
| &nbsp;&nbsp;Russell 1000 | 15.66% | 16.30% | 14.17% |  |
| **Performance Index** |  |  |  |  |
| &nbsp;&nbsp;Russell 1000 Value | 13.70% | 13.93% | 9.16% |  |

---

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

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

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $1891276249 |
| Management Fees (dollars paid during the reporting period) | $12327243 |
| Portfolio Turnover Rate | 85% |
| Total Number of Portfolio Holdings | 192 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 99.5% | Banks | 9% |
| Short-Term Investments | 0.5% | Machinery | 6% |
| Other Assets and Liabilities | 0.0% | Financial Services | 6% |
|  |  | Consumer Staples Distribution & Retail | 5% |
|  |  | Pharmaceuticals | 5% |

---

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

![QR ACI Docs.jpg](ck0000827060-20250630_g3.jpg)

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

![ACI logo.jpg](ck0000827060-20250630_g1.jpg)

A-2508G842

------

**ANNUAL SHAREHOLDER REPORT**

Disciplined Growth Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![ACI logo.jpg](ck0000827060-20250630_g1.jpg)

---

| | |
|:---|:---|
| **Investor Class (ADSIX)**  | **June 30, 2025** |

---

This annual shareholder report contains important information about Disciplined Growth Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021. **This report describes changes to the fund that occurred during the reporting period.**

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Investor Class | $99 | 0.92% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Disciplined Growth Fund Investor Class returned 15.08% for the reporting period ended June 30, 2025. | Disciplined Growth Fund Investor Class returned 15.08% for the reporting period ended June 30, 2025. |
| The fund seeks long-term capital growth by investing in common stocks. The commentary below refers to the fund's performance compared to the Russell 1000 Growth Index. | The fund seeks long-term capital growth by investing in common stocks. The commentary below refers to the fund's performance compared to the Russell 1000 Growth Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | In information technology, stock choices in the semiconductors and semiconductor equipment industry detracted most from relative results. Many of the detractors were chipmakers in which we were overweight and that had performed well for much of 2023 and 2024, but sold off sharply beginning in mid-2024 due to concerns about export controls and geopolitical tensions with China. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Consumer discretionary stocks were another source of weakness. Here, automobiles stocks detracted most from results compared with the index, led by an underweight allocation to electric vehicle maker Tesla. The stock was very volatile overall but surged after the election on the presumption that the company would benefit from proposed trade restrictions on Chinese electric cars. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock selection and an underweight allocation to the lagging health care sector contributed most to relative results. Tremendous innovation and new drug rollouts meant biotechnology stocks were key sources of strength. Alnylam Pharmaceuticals is a good example, announcing positive clinical results for new drugs, validating its drug platform and pipeline. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock choices in the communication services sector were another source of strength. Entertainment stocks helped performance the most, led by a stake in Spotify Technology. The stock is benefiting from a secular trend toward more people streaming more content more often. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *June 30, 2015 through June 30, 2025* |

---

![10](ck0000827060-20250630_g9.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | 10 Year |
| **Investor Class** | 15.08% | 14.83% | 13.84% |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;Russell 1000 | 15.66% | 16.30% | 13.35% |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;Russell 1000 Growth | 17.22% | 18.15% | 17.01% |

---

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

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

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $454391924 |
| Management Fees (dollars paid during the reporting period) | $3845519 |
| Portfolio Turnover Rate | 57% |
| Total Number of Portfolio Holdings | 119 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 99.6% | Software | 22% |
| Short-Term Investments | 0.5% | Semiconductors and Semiconductor Equipment | 18% |
| Other Assets and Liabilities | (0.1)% | Interactive Media and Services | 10% |
|  |  | Technology Hardware, Storage and Peripherals | 10% |
|  |  | Broadline Retail | 6% |

---

---

| |
|:---|
| **Fund Changes** |
| Beginning October 2024, the total eligible investments required to qualify for a waiver of the annual account maintenance fee changed from $10,000 to $25,000. Such fee will also be waived for any accounts for which the shareholder has elected to receive electronic delivery of all fund/account documents. |

---

*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](ck0000827060-20250630_g3.jpg)

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

![ACI logo.jpg](ck0000827060-20250630_g1.jpg)

A-2507M675

------

**ANNUAL SHAREHOLDER REPORT**

Disciplined Growth Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![ACI logo.jpg](ck0000827060-20250630_g1.jpg)

---

| | |
|:---|:---|
| **I Class (ADCIX)**  | **June 30, 2025** |

---

This annual shareholder report contains important information about Disciplined Growth Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| I Class | $78 | 0.72% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Disciplined Growth Fund I Class returned 15.32% for the reporting period ended June 30, 2025. | Disciplined Growth Fund I Class returned 15.32% for the reporting period ended June 30, 2025. |
| The fund seeks long-term capital growth by investing in common stocks. The commentary below refers to the fund's performance compared to the Russell 1000 Growth Index. | The fund seeks long-term capital growth by investing in common stocks. The commentary below refers to the fund's performance compared to the Russell 1000 Growth Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | In information technology, stock choices in the semiconductors and semiconductor equipment industry detracted most from relative results. Many of the detractors were chipmakers in which we were overweight and that had performed well for much of 2023 and 2024, but sold off sharply beginning in mid-2024 due to concerns about export controls and geopolitical tensions with China. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Consumer discretionary stocks were another source of weakness. Here, automobiles stocks detracted most from results compared with the index, led by an underweight allocation to electric vehicle maker Tesla. The stock was very volatile overall but surged after the election on the presumption that the company would benefit from proposed trade restrictions on Chinese electric cars. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock selection and an underweight allocation to the lagging health care sector contributed most to relative results. Tremendous innovation and new drug rollouts meant biotechnology stocks were key sources of strength. Alnylam Pharmaceuticals is a good example, announcing positive clinical results for new drugs, validating its drug platform and pipeline. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock choices in the communication services sector were another source of strength. Entertainment stocks helped performance the most, led by a stake in Spotify Technology. The stock is benefiting from a secular trend toward more people streaming more content more often. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *June 30, 2015 through June 30, 2025* |

---

![10](ck0000827060-20250630_g10.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | 10 Year |
| **I Class** | 15.32% | 15.06% | 14.06% |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;Russell 1000 | 15.66% | 16.30% | 13.35% |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;Russell 1000 Growth | 17.22% | 18.15% | 17.01% |

---

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

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

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $454391924 |
| Management Fees (dollars paid during the reporting period) | $3845519 |
| Portfolio Turnover Rate | 57% |
| Total Number of Portfolio Holdings | 119 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 99.6% | Software | 22% |
| Short-Term Investments | 0.5% | Semiconductors and Semiconductor Equipment | 18% |
| Other Assets and Liabilities | (0.1)% | Interactive Media and Services | 10% |
|  |  | Technology Hardware, Storage and Peripherals | 10% |
|  |  | Broadline Retail | 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](ck0000827060-20250630_g3.jpg)

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

![ACI logo.jpg](ck0000827060-20250630_g1.jpg)

A-2507M667

------

**ANNUAL SHAREHOLDER REPORT**

Disciplined Growth Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![ACI logo.jpg](ck0000827060-20250630_g1.jpg)

---

| | |
|:---|:---|
| **Y Class (ADCYX)**  | **June 30, 2025** |

---

This annual shareholder report contains important information about Disciplined Growth Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Y Class | $72 | 0.67% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Disciplined Growth Fund Y Class returned 15.44% for the reporting period ended June 30, 2025. | Disciplined Growth Fund Y Class returned 15.44% for the reporting period ended June 30, 2025. |
| The fund seeks long-term capital growth by investing in common stocks. The commentary below refers to the fund's performance compared to the Russell 1000 Growth Index. | The fund seeks long-term capital growth by investing in common stocks. The commentary below refers to the fund's performance compared to the Russell 1000 Growth Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | In information technology, stock choices in the semiconductors and semiconductor equipment industry detracted most from relative results. Many of the detractors were chipmakers in which we were overweight and that had performed well for much of 2023 and 2024, but sold off sharply beginning in mid-2024 due to concerns about export controls and geopolitical tensions with China. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Consumer discretionary stocks were another source of weakness. Here, automobiles stocks detracted most from results compared with the index, led by an underweight allocation to electric vehicle maker Tesla. The stock was very volatile overall but surged after the election on the presumption that the company would benefit from proposed trade restrictions on Chinese electric cars. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock selection and an underweight allocation to the lagging health care sector contributed most to relative results. Tremendous innovation and new drug rollouts meant biotechnology stocks were key sources of strength. Alnylam Pharmaceuticals is a good example, announcing positive clinical results for new drugs, validating its drug platform and pipeline. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock choices in the communication services sector were another source of strength. Entertainment stocks helped performance the most, led by a stake in Spotify Technology. The stock is benefiting from a secular trend toward more people streaming more content more often. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *April 10, 2017 through June 30, 2025* |

---

![10](ck0000827060-20250630_g11.jpg)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | Since Inception | Inception Date |
| **Y Class** | 15.44% | 15.13% | 15.39% | 4/10/17 |
| **Regulatory Index** |  |  |  |  |
| &nbsp;&nbsp;Russell 1000 | 15.66% | 16.30% | 14.17% |  |
| **Performance Index** |  |  |  |  |
| &nbsp;&nbsp;Russell 1000 Growth | 17.22% | 18.15% | 18.60% |  |

---

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

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

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $454391924 |
| Management Fees (dollars paid during the reporting period) | $3845519 |
| Portfolio Turnover Rate | 57% |
| Total Number of Portfolio Holdings | 119 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 99.6% | Software | 22% |
| Short-Term Investments | 0.5% | Semiconductors and Semiconductor Equipment | 18% |
| Other Assets and Liabilities | (0.1)% | Interactive Media and Services | 10% |
|  |  | Technology Hardware, Storage and Peripherals | 10% |
|  |  | Broadline Retail | 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](ck0000827060-20250630_g3.jpg)

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

![ACI logo.jpg](ck0000827060-20250630_g1.jpg)

A-2508G875

------

**ANNUAL SHAREHOLDER REPORT**

Disciplined Growth Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![ACI logo.jpg](ck0000827060-20250630_g1.jpg)

---

| | |
|:---|:---|
| **A Class (ADCVX)**  | **June 30, 2025** |

---

This annual shareholder report contains important information about Disciplined Growth Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| A Class | $126 | 1.17% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Disciplined Growth Fund A Class returned 14.81% for the reporting period ended June 30, 2025. | Disciplined Growth Fund A Class returned 14.81% for the reporting period ended June 30, 2025. |
| The fund seeks long-term capital growth by investing in common stocks. The commentary below refers to the fund's performance compared to the Russell 1000 Growth Index. | The fund seeks long-term capital growth by investing in common stocks. The commentary below refers to the fund's performance compared to the Russell 1000 Growth Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | In information technology, stock choices in the semiconductors and semiconductor equipment industry detracted most from relative results. Many of the detractors were chipmakers in which we were overweight and that had performed well for much of 2023 and 2024, but sold off sharply beginning in mid-2024 due to concerns about export controls and geopolitical tensions with China. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Consumer discretionary stocks were another source of weakness. Here, automobiles stocks detracted most from results compared with the index, led by an underweight allocation to electric vehicle maker Tesla. The stock was very volatile overall but surged after the election on the presumption that the company would benefit from proposed trade restrictions on Chinese electric cars. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock selection and an underweight allocation to the lagging health care sector contributed most to relative results. Tremendous innovation and new drug rollouts meant biotechnology stocks were key sources of strength. Alnylam Pharmaceuticals is a good example, announcing positive clinical results for new drugs, validating its drug platform and pipeline. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock choices in the communication services sector were another source of strength. Entertainment stocks helped performance the most, led by a stake in Spotify Technology. The stock is benefiting from a secular trend toward more people streaming more content more often. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *June 30, 2015 through June 30, 2025* |
| *The initial investment is adjusted to reflect the maximum initial sales charge.* |

---

![10](ck0000827060-20250630_g12.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | 10 Year |
| **A Class** | 14.81% | 14.55% | 13.55% |
| **A Class - with sales charge** | 8.21% | 13.20% | 12.88% |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;Russell 1000 | 15.66% | 16.30% | 13.35% |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;Russell 1000 Growth | 17.22% | 18.15% | 17.01% |

---

---

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

---

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

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $454391924 |
| Management Fees (dollars paid during the reporting period) | $3845519 |
| Portfolio Turnover Rate | 57% |
| Total Number of Portfolio Holdings | 119 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 99.6% | Software | 22% |
| Short-Term Investments | 0.5% | Semiconductors and Semiconductor Equipment | 18% |
| Other Assets and Liabilities | (0.1)% | Interactive Media and Services | 10% |
|  |  | Technology Hardware, Storage and Peripherals | 10% |
|  |  | Broadline Retail | 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](ck0000827060-20250630_g3.jpg)

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

![ACI logo.jpg](ck0000827060-20250630_g1.jpg)

A-2507M642

------

**ANNUAL SHAREHOLDER REPORT**

Disciplined Growth Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![ACI logo.jpg](ck0000827060-20250630_g1.jpg)

---

| | |
|:---|:---|
| **C Class (ADCCX)**  | **June 30, 2025** |

---

This annual shareholder report contains important information about Disciplined Growth Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| C Class | $205 | 1.92% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Disciplined Growth Fund C Class returned 13.97% for the reporting period ended June 30, 2025. | Disciplined Growth Fund C Class returned 13.97% for the reporting period ended June 30, 2025. |
| The fund seeks long-term capital growth by investing in common stocks. The commentary below refers to the fund's performance compared to the Russell 1000 Growth Index. | The fund seeks long-term capital growth by investing in common stocks. The commentary below refers to the fund's performance compared to the Russell 1000 Growth Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | In information technology, stock choices in the semiconductors and semiconductor equipment industry detracted most from relative results. Many of the detractors were chipmakers in which we were overweight and that had performed well for much of 2023 and 2024, but sold off sharply beginning in mid-2024 due to concerns about export controls and geopolitical tensions with China. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Consumer discretionary stocks were another source of weakness. Here, automobiles stocks detracted most from results compared with the index, led by an underweight allocation to electric vehicle maker Tesla. The stock was very volatile overall but surged after the election on the presumption that the company would benefit from proposed trade restrictions on Chinese electric cars. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock selection and an underweight allocation to the lagging health care sector contributed most to relative results. Tremendous innovation and new drug rollouts meant biotechnology stocks were key sources of strength. Alnylam Pharmaceuticals is a good example, announcing positive clinical results for new drugs, validating its drug platform and pipeline. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock choices in the communication services sector were another source of strength. Entertainment stocks helped performance the most, led by a stake in Spotify Technology. The stock is benefiting from a secular trend toward more people streaming more content more often. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *June 30, 2015 through June 30, 2025* |

---

![10](ck0000827060-20250630_g13.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | 10 Year |
| **C Class** | 13.97% | 13.69% | 12.71% |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;Russell 1000 | 15.66% | 16.30% | 13.35% |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;Russell 1000 Growth | 17.22% | 18.15% | 17.01% |

---

---

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

---

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

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $454391924 |
| Management Fees (dollars paid during the reporting period) | $3845519 |
| Portfolio Turnover Rate | 57% |
| Total Number of Portfolio Holdings | 119 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 99.6% | Software | 22% |
| Short-Term Investments | 0.5% | Semiconductors and Semiconductor Equipment | 18% |
| Other Assets and Liabilities | (0.1)% | Interactive Media and Services | 10% |
|  |  | Technology Hardware, Storage and Peripherals | 10% |
|  |  | Broadline Retail | 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](ck0000827060-20250630_g3.jpg)

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

![ACI logo.jpg](ck0000827060-20250630_g1.jpg)

A-2507M527

------

**ANNUAL SHAREHOLDER REPORT**

Disciplined Growth Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![ACI logo.jpg](ck0000827060-20250630_g1.jpg)

---

| | |
|:---|:---|
| **R Class (ADRRX)**  | **June 30, 2025** |

---

This annual shareholder report contains important information about Disciplined Growth Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R Class | $152 | 1.42% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Disciplined Growth Fund R Class returned 14.52% for the reporting period ended June 30, 2025. | Disciplined Growth Fund R Class returned 14.52% for the reporting period ended June 30, 2025. |
| The fund seeks long-term capital growth by investing in common stocks. The commentary below refers to the fund's performance compared to the Russell 1000 Growth Index. | The fund seeks long-term capital growth by investing in common stocks. The commentary below refers to the fund's performance compared to the Russell 1000 Growth Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | In information technology, stock choices in the semiconductors and semiconductor equipment industry detracted most from relative results. Many of the detractors were chipmakers in which we were overweight and that had performed well for much of 2023 and 2024, but sold off sharply beginning in mid-2024 due to concerns about export controls and geopolitical tensions with China. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Consumer discretionary stocks were another source of weakness. Here, automobiles stocks detracted most from results compared with the index, led by an underweight allocation to electric vehicle maker Tesla. The stock was very volatile overall but surged after the election on the presumption that the company would benefit from proposed trade restrictions on Chinese electric cars. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock selection and an underweight allocation to the lagging health care sector contributed most to relative results. Tremendous innovation and new drug rollouts meant biotechnology stocks were key sources of strength. Alnylam Pharmaceuticals is a good example, announcing positive clinical results for new drugs, validating its drug platform and pipeline. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock choices in the communication services sector were another source of strength. Entertainment stocks helped performance the most, led by a stake in Spotify Technology. The stock is benefiting from a secular trend toward more people streaming more content more often. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *June 30, 2015 through June 30, 2025* |

---

![10](ck0000827060-20250630_g14.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | 10 Year |
| **R Class** | 14.52% | 14.26% | 13.27% |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;Russell 1000 | 15.66% | 16.30% | 13.35% |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;Russell 1000 Growth | 17.22% | 18.15% | 17.01% |

---

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

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

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $454391924 |
| Management Fees (dollars paid during the reporting period) | $3845519 |
| Portfolio Turnover Rate | 57% |
| Total Number of Portfolio Holdings | 119 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 99.6% | Software | 22% |
| Short-Term Investments | 0.5% | Semiconductors and Semiconductor Equipment | 18% |
| Other Assets and Liabilities | (0.1)% | Interactive Media and Services | 10% |
|  |  | Technology Hardware, Storage and Peripherals | 10% |
|  |  | Broadline Retail | 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](ck0000827060-20250630_g3.jpg)

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

![ACI logo.jpg](ck0000827060-20250630_g1.jpg)

A-2507M659

------

**ANNUAL SHAREHOLDER REPORT**

Disciplined Growth Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![ACI logo.jpg](ck0000827060-20250630_g1.jpg)

---

| | |
|:---|:---|
| **R5 Class (ADGGX)**  | **June 30, 2025** |

---

This annual shareholder report contains important information about Disciplined Growth Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R5 Class | $78 | 0.72% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Disciplined Growth Fund R5 Class returned 15.35% for the reporting period ended June 30, 2025. | Disciplined Growth Fund R5 Class returned 15.35% for the reporting period ended June 30, 2025. |
| The fund seeks long-term capital growth by investing in common stocks. The commentary below refers to the fund's performance compared to the Russell 1000 Growth Index. | The fund seeks long-term capital growth by investing in common stocks. The commentary below refers to the fund's performance compared to the Russell 1000 Growth Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | In information technology, stock choices in the semiconductors and semiconductor equipment industry detracted most from relative results. Many of the detractors were chipmakers in which we were overweight and that had performed well for much of 2023 and 2024, but sold off sharply beginning in mid-2024 due to concerns about export controls and geopolitical tensions with China. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Consumer discretionary stocks were another source of weakness. Here, automobiles stocks detracted most from results compared with the index, led by an underweight allocation to electric vehicle maker Tesla. The stock was very volatile overall but surged after the election on the presumption that the company would benefit from proposed trade restrictions on Chinese electric cars. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock selection and an underweight allocation to the lagging health care sector contributed most to relative results. Tremendous innovation and new drug rollouts meant biotechnology stocks were key sources of strength. Alnylam Pharmaceuticals is a good example, announcing positive clinical results for new drugs, validating its drug platform and pipeline. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock choices in the communication services sector were another source of strength. Entertainment stocks helped performance the most, led by a stake in Spotify Technology. The stock is benefiting from a secular trend toward more people streaming more content more often. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *April 10, 2017 through June 30, 2025* |

---

![10](ck0000827060-20250630_g15.jpg)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | Since Inception | Inception Date |
| **R5 Class** | 15.35% | 15.07% | 15.33% | 4/10/17 |
| **Regulatory Index** |  |  |  |  |
| &nbsp;&nbsp;Russell 1000 | 15.66% | 16.30% | 14.17% |  |
| **Performance Index** |  |  |  |  |
| &nbsp;&nbsp;Russell 1000 Growth | 17.22% | 18.15% | 18.60% |  |

---

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

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

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $454391924 |
| Management Fees (dollars paid during the reporting period) | $3845519 |
| Portfolio Turnover Rate | 57% |
| Total Number of Portfolio Holdings | 119 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 99.6% | Software | 22% |
| Short-Term Investments | 0.5% | Semiconductors and Semiconductor Equipment | 18% |
| Other Assets and Liabilities | (0.1)% | Interactive Media and Services | 10% |
|  |  | Technology Hardware, Storage and Peripherals | 10% |
|  |  | Broadline Retail | 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](ck0000827060-20250630_g3.jpg)

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

![ACI logo.jpg](ck0000827060-20250630_g1.jpg)

A-2508G883

------

**ANNUAL SHAREHOLDER REPORT**

Equity Growth Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![ACI logo.jpg](ck0000827060-20250630_g1.jpg)

---

| | |
|:---|:---|
| **Investor Class (BEQGX)**  | **June 30, 2025** |

---

This annual shareholder report contains important information about Equity Growth Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021. **This report describes changes to the fund that occurred during the reporting period.**

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Investor Class | $69 | 0.65% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Equity Growth Fund Investor Class returned 12.43% for the reporting period ended June 30, 2025. | Equity Growth Fund Investor Class returned 12.43% for the reporting period ended June 30, 2025. |
| The fund seeks long-term capital growth by investing in common stocks. The commentary below refers to the fund's performance compared to the S&P 500 Index. | The fund seeks long-term capital growth by investing in common stocks. The commentary below refers to the fund's performance compared to the S&P 500 Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Consumer discretionary detracted most as a result of stock selection, led by positioning among specialty retail companies. Home improvement retailers Lowe's Cos. and The Home Depot lagged along with the housing market. An underweight to electric vehicle maker Tesla also detracted, as the company benefited from the higher perceived likelihood of trade restrictions on competitors. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock choices in industrials hurt relative results, as did positioning among communication services companies. In industrials, our stakes in air freight and logistics companies were notable detractors. In communication services, it hurt to be underweight in leading entertainment companies, which benefited from increasing demand for high-quality streaming content. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Information technology stocks contributed most to relative results, led by software companies benefiting from demand for artificial intelligence (AI)-related data and business solutions. Similarly, communications equipment companies contributed as companies needed gear used in AI chips, data centers and networks. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock selection meant the health care sector was another source of strength. An underweight and stock picks among health care providers and services companies with exposure to Medicare Advantage (MA) helped most. In 2024, MA costs were higher than expected, while in 2025, these companies were hit by fears of impending cuts to government spending on key health care insurance programs. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *June 30, 2015 through June 30, 2025* |

---

![10](ck0000827060-20250630_g16.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | 10 Year |
| **Investor Class** | 12.43% | 13.05% | 10.77% |
| **S&P 500** | 15.16% | 16.64% | 13.65% |

---

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

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $1714156703 |
| Management Fees (dollars paid during the reporting period) | $10747657 |
| Portfolio Turnover Rate | 73% |
| Total Number of Portfolio Holdings | 166 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 99.4% | Semiconductors and Semiconductor Equipment | 14% |
| Short-Term Investments | 0.6% | Software | 13% |
| Other Assets and Liabilities | 0.0% | Interactive Media and Services | 7% |
|  |  | Technology Hardware, Storage and Peripherals | 6% |
|  |  | Broadline Retail | 5% |

---

---

| |
|:---|
| **Fund Changes** |
| Beginning October 2024, the total eligible investments required to qualify for a waiver of the annual account maintenance fee changed from $10,000 to $25,000. Such fee will also be waived for any accounts for which the shareholder has elected to receive electronic delivery of all fund/account documents. |

---

*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](ck0000827060-20250630_g3.jpg)

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

![ACI logo.jpg](ck0000827060-20250630_g1.jpg)

A-2507M600

------

**ANNUAL SHAREHOLDER REPORT**

Equity Growth Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![ACI logo.jpg](ck0000827060-20250630_g1.jpg)

---

| | |
|:---|:---|
| **I Class (AMEIX)**  | **June 30, 2025** |

---

This annual shareholder report contains important information about Equity Growth Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| I Class | $48 | 0.45% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Equity Growth Fund I Class returned 12.67% for the reporting period ended June 30, 2025. | Equity Growth Fund I Class returned 12.67% for the reporting period ended June 30, 2025. |
| The fund seeks long-term capital growth by investing in common stocks. The commentary below refers to the fund's performance compared to the S&P 500 Index. | The fund seeks long-term capital growth by investing in common stocks. The commentary below refers to the fund's performance compared to the S&P 500 Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Consumer discretionary detracted most as a result of stock selection, led by positioning among specialty retail companies. Home improvement retailers Lowe's Cos. and The Home Depot lagged along with the housing market. An underweight to electric vehicle maker Tesla also detracted, as the company benefited from the higher perceived likelihood of trade restrictions on competitors. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock choices in industrials hurt relative results, as did positioning among communication services companies. In industrials, our stakes in air freight and logistics companies were notable detractors. In communication services, it hurt to be underweight in leading entertainment companies, which benefited from increasing demand for high-quality streaming content. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Information technology stocks contributed most to relative results, led by software companies benefiting from demand for artificial intelligence (AI)-related data and business solutions. Similarly, communications equipment companies contributed as companies needed gear used in AI chips, data centers and networks. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock selection meant the health care sector was another source of strength. An underweight and stock picks among health care providers and services companies with exposure to Medicare Advantage (MA) helped most. In 2024, MA costs were higher than expected, while in 2025, these companies were hit by fears of impending cuts to government spending on key health care insurance programs. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *June 30, 2015 through June 30, 2025* |

---

![10](ck0000827060-20250630_g17.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | 10 Year |
| **I Class** | 12.67% | 13.27% | 10.99% |
| **S&P 500** | 15.16% | 16.64% | 13.65% |

---

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

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $1714156703 |
| Management Fees (dollars paid during the reporting period) | $10747657 |
| Portfolio Turnover Rate | 73% |
| Total Number of Portfolio Holdings | 166 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 99.4% | Semiconductors and Semiconductor Equipment | 14% |
| Short-Term Investments | 0.6% | Software | 13% |
| Other Assets and Liabilities | 0.0% | Interactive Media and Services | 7% |
|  |  | Technology Hardware, Storage and Peripherals | 6% |
|  |  | Broadline Retail | 5% |

---

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

![QR ACI Docs.jpg](ck0000827060-20250630_g3.jpg)

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

![ACI logo.jpg](ck0000827060-20250630_g1.jpg)

A-2507M808

------

**ANNUAL SHAREHOLDER REPORT**

Equity Growth Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![ACI logo.jpg](ck0000827060-20250630_g1.jpg)

---

| | |
|:---|:---|
| **A Class (BEQAX)**  | **June 30, 2025** |

---

This annual shareholder report contains important information about Equity Growth Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| A Class | $95 | 0.90% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Equity Growth Fund A Class returned 12.18% for the reporting period ended June 30, 2025. | Equity Growth Fund A Class returned 12.18% for the reporting period ended June 30, 2025. |
| The fund seeks long-term capital growth by investing in common stocks. The commentary below refers to the fund's performance compared to the S&P 500 Index. | The fund seeks long-term capital growth by investing in common stocks. The commentary below refers to the fund's performance compared to the S&P 500 Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Consumer discretionary detracted most as a result of stock selection, led by positioning among specialty retail companies. Home improvement retailers Lowe's Cos. and The Home Depot lagged along with the housing market. An underweight to electric vehicle maker Tesla also detracted, as the company benefited from the higher perceived likelihood of trade restrictions on competitors. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock choices in industrials hurt relative results, as did positioning among communication services companies. In industrials, our stakes in air freight and logistics companies were notable detractors. In communication services, it hurt to be underweight in leading entertainment companies, which benefited from increasing demand for high-quality streaming content. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Information technology stocks contributed most to relative results, led by software companies benefiting from demand for artificial intelligence (AI)-related data and business solutions. Similarly, communications equipment companies contributed as companies needed gear used in AI chips, data centers and networks. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock selection meant the health care sector was another source of strength. An underweight and stock picks among health care providers and services companies with exposure to Medicare Advantage (MA) helped most. In 2024, MA costs were higher than expected, while in 2025, these companies were hit by fears of impending cuts to government spending on key health care insurance programs. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *June 30, 2015 through June 30, 2025* |
| *The initial investment is adjusted to reflect the maximum initial sales charge.* |

---

![10](ck0000827060-20250630_g18.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | 10 Year |
| **A Class** | 12.18% | 12.78% | 10.49% |
| **A Class - with sales charge** | 5.73% | 11.45% | 9.84% |
| **S&P 500** | 15.16% | 16.64% | 13.65% |

---

A Class shares have a 5.75% maximum initial sales charge and may be subject to a maximum contingent deferred sales charge of 1.00%.<br>

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

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $1714156703 |
| Management Fees (dollars paid during the reporting period) | $10747657 |
| Portfolio Turnover Rate | 73% |
| Total Number of Portfolio Holdings | 166 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 99.4% | Semiconductors and Semiconductor Equipment | 14% |
| Short-Term Investments | 0.6% | Software | 13% |
| Other Assets and Liabilities | 0.0% | Interactive Media and Services | 7% |
|  |  | Technology Hardware, Storage and Peripherals | 6% |
|  |  | Broadline Retail | 5% |

---

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

![QR ACI Docs.jpg](ck0000827060-20250630_g3.jpg)

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

![ACI logo.jpg](ck0000827060-20250630_g1.jpg)

A-2507M709

------

**ANNUAL SHAREHOLDER REPORT**

Equity Growth Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![ACI logo.jpg](ck0000827060-20250630_g1.jpg)

---

| | |
|:---|:---|
| **C Class (AEYCX)**  | **June 30, 2025** |

---

This annual shareholder report contains important information about Equity Growth Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| C Class | $174 | 1.65% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Equity Growth Fund C Class returned 11.35% for the reporting period ended June 30, 2025. | Equity Growth Fund C Class returned 11.35% for the reporting period ended June 30, 2025. |
| The fund seeks long-term capital growth by investing in common stocks. The commentary below refers to the fund's performance compared to the S&P 500 Index. | The fund seeks long-term capital growth by investing in common stocks. The commentary below refers to the fund's performance compared to the S&P 500 Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Consumer discretionary detracted most as a result of stock selection, led by positioning among specialty retail companies. Home improvement retailers Lowe's Cos. and The Home Depot lagged along with the housing market. An underweight to electric vehicle maker Tesla also detracted, as the company benefited from the higher perceived likelihood of trade restrictions on competitors. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock choices in industrials hurt relative results, as did positioning among communication services companies. In industrials, our stakes in air freight and logistics companies were notable detractors. In communication services, it hurt to be underweight in leading entertainment companies, which benefited from increasing demand for high-quality streaming content. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Information technology stocks contributed most to relative results, led by software companies benefiting from demand for artificial intelligence (AI)-related data and business solutions. Similarly, communications equipment companies contributed as companies needed gear used in AI chips, data centers and networks. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock selection meant the health care sector was another source of strength. An underweight and stock picks among health care providers and services companies with exposure to Medicare Advantage (MA) helped most. In 2024, MA costs were higher than expected, while in 2025, these companies were hit by fears of impending cuts to government spending on key health care insurance programs. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *June 30, 2015 through June 30, 2025* |

---

![10](ck0000827060-20250630_g19.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | 10 Year |
| **C Class** | 11.35% | 11.93% | 9.66% |
| **S&P 500** | 15.16% | 16.64% | 13.65% |

---

C Class shares will automatically convert to A Class shares after being held for approximately eight years. C Class average annual returns do not reflect this conversion.

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

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $1714156703 |
| Management Fees (dollars paid during the reporting period) | $10747657 |
| Portfolio Turnover Rate | 73% |
| Total Number of Portfolio Holdings | 166 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 99.4% | Semiconductors and Semiconductor Equipment | 14% |
| Short-Term Investments | 0.6% | Software | 13% |
| Other Assets and Liabilities | 0.0% | Interactive Media and Services | 7% |
|  |  | Technology Hardware, Storage and Peripherals | 6% |
|  |  | Broadline Retail | 5% |

---

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

![QR ACI Docs.jpg](ck0000827060-20250630_g3.jpg)

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

![ACI logo.jpg](ck0000827060-20250630_g1.jpg)

A-2507M790

------

**ANNUAL SHAREHOLDER REPORT**

Equity Growth Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![ACI logo.jpg](ck0000827060-20250630_g1.jpg)

---

| | |
|:---|:---|
| **R Class (AEYRX)**  | **June 30, 2025** |

---

This annual shareholder report contains important information about Equity Growth Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R Class | $122 | 1.15% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Equity Growth Fund R Class returned 11.89% for the reporting period ended June 30, 2025. | Equity Growth Fund R Class returned 11.89% for the reporting period ended June 30, 2025. |
| The fund seeks long-term capital growth by investing in common stocks. The commentary below refers to the fund's performance compared to the S&P 500 Index. | The fund seeks long-term capital growth by investing in common stocks. The commentary below refers to the fund's performance compared to the S&P 500 Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Consumer discretionary detracted most as a result of stock selection, led by positioning among specialty retail companies. Home improvement retailers Lowe's Cos. and The Home Depot lagged along with the housing market. An underweight to electric vehicle maker Tesla also detracted, as the company benefited from the higher perceived likelihood of trade restrictions on competitors. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock choices in industrials hurt relative results, as did positioning among communication services companies. In industrials, our stakes in air freight and logistics companies were notable detractors. In communication services, it hurt to be underweight in leading entertainment companies, which benefited from increasing demand for high-quality streaming content. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Information technology stocks contributed most to relative results, led by software companies benefiting from demand for artificial intelligence (AI)-related data and business solutions. Similarly, communications equipment companies contributed as companies needed gear used in AI chips, data centers and networks. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock selection meant the health care sector was another source of strength. An underweight and stock picks among health care providers and services companies with exposure to Medicare Advantage (MA) helped most. In 2024, MA costs were higher than expected, while in 2025, these companies were hit by fears of impending cuts to government spending on key health care insurance programs. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *June 30, 2015 through June 30, 2025* |

---

![10](ck0000827060-20250630_g20.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | 10 Year |
| **R Class** | 11.89% | 12.49% | 10.22% |
| **S&P 500** | 15.16% | 16.64% | 13.65% |

---

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

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $1714156703 |
| Management Fees (dollars paid during the reporting period) | $10747657 |
| Portfolio Turnover Rate | 73% |
| Total Number of Portfolio Holdings | 166 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 99.4% | Semiconductors and Semiconductor Equipment | 14% |
| Short-Term Investments | 0.6% | Software | 13% |
| Other Assets and Liabilities | 0.0% | Interactive Media and Services | 7% |
|  |  | Technology Hardware, Storage and Peripherals | 6% |
|  |  | Broadline Retail | 5% |

---

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

![QR ACI Docs.jpg](ck0000827060-20250630_g3.jpg)

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

![ACI logo.jpg](ck0000827060-20250630_g1.jpg)

A-2507M766

------

**ANNUAL SHAREHOLDER REPORT**

Equity Growth Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![ACI logo.jpg](ck0000827060-20250630_g1.jpg)

---

| | |
|:---|:---|
| **R5 Class (AEYGX)**  | **June 30, 2025** |

---

This annual shareholder report contains important information about Equity Growth Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R5 Class | $48 | 0.45% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Equity Growth Fund R5 Class returned 12.66% for the reporting period ended June 30, 2025. | Equity Growth Fund R5 Class returned 12.66% for the reporting period ended June 30, 2025. |
| The fund seeks long-term capital growth by investing in common stocks. The commentary below refers to the fund's performance compared to the S&P 500 Index. | The fund seeks long-term capital growth by investing in common stocks. The commentary below refers to the fund's performance compared to the S&P 500 Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Consumer discretionary detracted most as a result of stock selection, led by positioning among specialty retail companies. Home improvement retailers Lowe's Cos. and The Home Depot lagged along with the housing market. An underweight to electric vehicle maker Tesla also detracted, as the company benefited from the higher perceived likelihood of trade restrictions on competitors. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock choices in industrials hurt relative results, as did positioning among communication services companies. In industrials, our stakes in air freight and logistics companies were notable detractors. In communication services, it hurt to be underweight in leading entertainment companies, which benefited from increasing demand for high-quality streaming content. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Information technology stocks contributed most to relative results, led by software companies benefiting from demand for artificial intelligence (AI)-related data and business solutions. Similarly, communications equipment companies contributed as companies needed gear used in AI chips, data centers and networks. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock selection meant the health care sector was another source of strength. An underweight and stock picks among health care providers and services companies with exposure to Medicare Advantage (MA) helped most. In 2024, MA costs were higher than expected, while in 2025, these companies were hit by fears of impending cuts to government spending on key health care insurance programs. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *April 10, 2017 through June 30, 2025* |

---

![10](ck0000827060-20250630_g21.jpg)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | Since Inception | Inception Date |
| **R5 Class** | 12.66% | 13.28% | 11.92% | 4/10/17 |
| **S&P 500** | 15.16% | 16.64% | 14.41% |  |

---

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

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $1714156703 |
| Management Fees (dollars paid during the reporting period) | $10747657 |
| Portfolio Turnover Rate | 73% |
| Total Number of Portfolio Holdings | 166 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 99.4% | Semiconductors and Semiconductor Equipment | 14% |
| Short-Term Investments | 0.6% | Software | 13% |
| Other Assets and Liabilities | 0.0% | Interactive Media and Services | 7% |
|  |  | Technology Hardware, Storage and Peripherals | 6% |
|  |  | Broadline Retail | 5% |

---

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

![QR ACI Docs.jpg](ck0000827060-20250630_g3.jpg)

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

![ACI logo.jpg](ck0000827060-20250630_g1.jpg)

A-2508G867

------

**ANNUAL SHAREHOLDER REPORT**

Global Gold Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![ACI logo.jpg](ck0000827060-20250630_g1.jpg)

---

| | |
|:---|:---|
| **Investor Class (BGEIX)**  | **June 30, 2025** |

---

This annual shareholder report contains important information about Global Gold Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021. **This report describes changes to the fund that occurred during the reporting period.**

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Investor Class | $86 | 0.66% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Global Gold Fund Investor Class returned 60.50% for the reporting period ended June 30, 2025. | Global Gold Fund Investor Class returned 60.50% for the reporting period ended June 30, 2025. |
| The fund seeks to realize a total return (capital growth and dividends) consistent with investment in securities of companies that are engaged in mining, processing, fabricating or distributing gold or other precious metals throughout the world. The commentary below refers to the fund's performance compared to the NYSE Arca Gold Miners Index. | The fund seeks to realize a total return (capital growth and dividends) consistent with investment in securities of companies that are engaged in mining, processing, fabricating or distributing gold or other precious metals throughout the world. The commentary below refers to the fund's performance compared to the NYSE Arca Gold Miners Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Gold's price in dollar terms surged. Gold reached a record high as a result of central bank buying and demand from investors worried about geopolitical instability, trade disruption, possible inflation and a weaker dollar. Gold is priced in dollars, so the greenback's decline makes gold more affordable for overseas buyers. Such historic gains are rare and unlikely to be repeated. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | In terms of gold mining stocks, a high or rising gold price directly benefits profitability and translates into higher valuations for deposits in the ground. Given that production costs for miners are relatively fixed in the short run, increases in gold prices typically result in proportionally larger gains in gold miners' operating profit. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The largest gold producers with more diversified production lagged the share price performance of smaller miners more closely levered to changes in gold's price. As a result, two of the leading individual contributors to relative performance were underweight positions in Barrick Mining and Newmont, the world's largest gold producer. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | In a period when gold and gold miners surged, a number of the leading detractors were stocks, which performed very well and in which we were underweight. A leading example is Canada-based Agnico Eagle Mines. It was the top detractor from relative performance, as the stock jumped on strong execution and expansion of global mining projects. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *June 30, 2015 through June 30, 2025* |

---

![10](ck0000827060-20250630_g22.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | 10 Year |
| **Investor Class** | 60.50% | 8.23% | 12.17% |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;MSCI World | 16.26% | 14.55% | 10.66% |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;NYSE Arca Gold Miners (Total Return) | 55.45% | 9.61% | 13.23% |

---

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

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

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $1059572513 |
| Management Fees (dollars paid during the reporting period) | $5118414 |
| Portfolio Turnover Rate | 20% |
| Total Number of Portfolio Holdings | 62 |

---

**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% | Canada | 51% |
| Short-Term Investments | 1.1% | Australia | 15% |
| Other Assets and Liabilities | (0.7)% | South Africa | 13% |
|  |  | United States | 9% |
|  |  | China | 7% |

---

---

| |
|:---|
| **Fund Changes** |
| Beginning October 2024, the total eligible investments required to qualify for a waiver of the annual account maintenance fee changed from $10,000 to $25,000. Such fee will also be waived for any accounts for which the shareholder has elected to receive electronic delivery of all fund/account documents. |

---

*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](ck0000827060-20250630_g3.jpg)

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

![ACI logo.jpg](ck0000827060-20250630_g1.jpg)

A-2507M105

------

**ANNUAL SHAREHOLDER REPORT**

Global Gold Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![ACI logo.jpg](ck0000827060-20250630_g1.jpg)

---

| | |
|:---|:---|
| **I Class (AGGNX)**  | **June 30, 2025** |

---

This annual shareholder report contains important information about Global Gold Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| I Class | $60 | 0.46% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Global Gold Fund I Class returned 60.82% for the reporting period ended June 30, 2025. | Global Gold Fund I Class returned 60.82% for the reporting period ended June 30, 2025. |
| The fund seeks to realize a total return (capital growth and dividends) consistent with investment in securities of companies that are engaged in mining, processing, fabricating or distributing gold or other precious metals throughout the world. The commentary below refers to the fund's performance compared to the NYSE Arca Gold Miners Index. | The fund seeks to realize a total return (capital growth and dividends) consistent with investment in securities of companies that are engaged in mining, processing, fabricating or distributing gold or other precious metals throughout the world. The commentary below refers to the fund's performance compared to the NYSE Arca Gold Miners Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Gold's price in dollar terms surged. Gold reached a record high as a result of central bank buying and demand from investors worried about geopolitical instability, trade disruption, possible inflation and a weaker dollar. Gold is priced in dollars, so the greenback's decline makes gold more affordable for overseas buyers. Such historic gains are rare and unlikely to be repeated. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | In terms of gold mining stocks, a high or rising gold price directly benefits profitability and translates into higher valuations for deposits in the ground. Given that production costs for miners are relatively fixed in the short run, increases in gold prices typically result in proportionally larger gains in gold miners' operating profit. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The largest gold producers with more diversified production lagged the share price performance of smaller miners more closely levered to changes in gold's price. As a result, two of the leading individual contributors to relative performance were underweight positions in Barrick Mining and Newmont, the world's largest gold producer. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | In a period when gold and gold miners surged, a number of the leading detractors were stocks, which performed very well and in which we were underweight. A leading example is Canada-based Agnico Eagle Mines. It was the top detractor from relative performance, as the stock jumped on strong execution and expansion of global mining projects. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *June 30, 2015 through June 30, 2025* |

---

![10](ck0000827060-20250630_g23.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | 10 Year |
| **I Class** | 60.82% | 8.46% | 12.40% |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;MSCI World | 16.26% | 14.55% | 10.66% |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;NYSE Arca Gold Miners (Total Return) | 55.45% | 9.61% | 13.23% |

---

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

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

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $1059572513 |
| Management Fees (dollars paid during the reporting period) | $5118414 |
| Portfolio Turnover Rate | 20% |
| Total Number of Portfolio Holdings | 62 |

---

**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% | Canada | 51% |
| Short-Term Investments | 1.1% | Australia | 15% |
| Other Assets and Liabilities | (0.7)% | South Africa | 13% |
|  |  | United States | 9% |
|  |  | China | 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](ck0000827060-20250630_g3.jpg)

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

![ACI logo.jpg](ck0000827060-20250630_g1.jpg)

A-2507M469

------

**ANNUAL SHAREHOLDER REPORT**

Global Gold Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![ACI logo.jpg](ck0000827060-20250630_g1.jpg)

---

| | |
|:---|:---|
| **A Class (ACGGX)**  | **June 30, 2025** |

---

This annual shareholder report contains important information about Global Gold Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| A Class | $118 | 0.91% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Global Gold Fund A Class returned 60.02% for the reporting period ended June 30, 2025. | Global Gold Fund A Class returned 60.02% for the reporting period ended June 30, 2025. |
| The fund seeks to realize a total return (capital growth and dividends) consistent with investment in securities of companies that are engaged in mining, processing, fabricating or distributing gold or other precious metals throughout the world. The commentary below refers to the fund's performance compared to the NYSE Arca Gold Miners Index. | The fund seeks to realize a total return (capital growth and dividends) consistent with investment in securities of companies that are engaged in mining, processing, fabricating or distributing gold or other precious metals throughout the world. The commentary below refers to the fund's performance compared to the NYSE Arca Gold Miners Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Gold's price in dollar terms surged. Gold reached a record high as a result of central bank buying and demand from investors worried about geopolitical instability, trade disruption, possible inflation and a weaker dollar. Gold is priced in dollars, so the greenback's decline makes gold more affordable for overseas buyers. Such historic gains are rare and unlikely to be repeated. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | In terms of gold mining stocks, a high or rising gold price directly benefits profitability and translates into higher valuations for deposits in the ground. Given that production costs for miners are relatively fixed in the short run, increases in gold prices typically result in proportionally larger gains in gold miners' operating profit. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The largest gold producers with more diversified production lagged the share price performance of smaller miners more closely levered to changes in gold's price. As a result, two of the leading individual contributors to relative performance were underweight positions in Barrick Mining and Newmont, the world's largest gold producer. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | In a period when gold and gold miners surged, a number of the leading detractors were stocks, which performed very well and in which we were underweight. A leading example is Canada-based Agnico Eagle Mines. It was the top detractor from relative performance, as the stock jumped on strong execution and expansion of global mining projects. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *June 30, 2015 through June 30, 2025* |
| *The initial investment is adjusted to reflect the maximum initial sales charge.* |

---

![10](ck0000827060-20250630_g24.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | 10 Year |
| **A Class** | 60.02% | 7.97% | 11.90% |
| **A Class - with sales charge** | 50.82% | 6.70% | 11.24% |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;MSCI World | 16.26% | 14.55% | 10.66% |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;NYSE Arca Gold Miners (Total Return) | 55.45% | 9.61% | 13.23% |

---

---

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

---

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

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $1059572513 |
| Management Fees (dollars paid during the reporting period) | $5118414 |
| Portfolio Turnover Rate | 20% |
| Total Number of Portfolio Holdings | 62 |

---

**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% | Canada | 51% |
| Short-Term Investments | 1.1% | Australia | 15% |
| Other Assets and Liabilities | (0.7)% | South Africa | 13% |
|  |  | United States | 9% |
|  |  | China | 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](ck0000827060-20250630_g3.jpg)

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

![ACI logo.jpg](ck0000827060-20250630_g1.jpg)

A-2507M204

------

**ANNUAL SHAREHOLDER REPORT**

Global Gold Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![ACI logo.jpg](ck0000827060-20250630_g1.jpg)

---

| | |
|:---|:---|
| **C Class (AGYCX)**  | **June 30, 2025** |

---

This annual shareholder report contains important information about Global Gold Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| C Class | $215 | 1.66% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Global Gold Fund C Class returned 58.81% for the reporting period ended June 30, 2025. | Global Gold Fund C Class returned 58.81% for the reporting period ended June 30, 2025. |
| The fund seeks to realize a total return (capital growth and dividends) consistent with investment in securities of companies that are engaged in mining, processing, fabricating or distributing gold or other precious metals throughout the world. The commentary below refers to the fund's performance compared to the NYSE Arca Gold Miners Index. | The fund seeks to realize a total return (capital growth and dividends) consistent with investment in securities of companies that are engaged in mining, processing, fabricating or distributing gold or other precious metals throughout the world. The commentary below refers to the fund's performance compared to the NYSE Arca Gold Miners Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Gold's price in dollar terms surged. Gold reached a record high as a result of central bank buying and demand from investors worried about geopolitical instability, trade disruption, possible inflation and a weaker dollar. Gold is priced in dollars, so the greenback's decline makes gold more affordable for overseas buyers. Such historic gains are rare and unlikely to be repeated. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | In terms of gold mining stocks, a high or rising gold price directly benefits profitability and translates into higher valuations for deposits in the ground. Given that production costs for miners are relatively fixed in the short run, increases in gold prices typically result in proportionally larger gains in gold miners' operating profit. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The largest gold producers with more diversified production lagged the share price performance of smaller miners more closely levered to changes in gold's price. As a result, two of the leading individual contributors to relative performance were underweight positions in Barrick Mining and Newmont, the world's largest gold producer. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | In a period when gold and gold miners surged, a number of the leading detractors were stocks, which performed very well and in which we were underweight. A leading example is Canada-based Agnico Eagle Mines. It was the top detractor from relative performance, as the stock jumped on strong execution and expansion of global mining projects. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *June 30, 2015 through June 30, 2025* |

---

![10](ck0000827060-20250630_g25.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | 10 Year |
| **C Class** | 58.81% | 7.16% | 11.07% |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;MSCI World | 16.26% | 14.55% | 10.66% |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;NYSE Arca Gold Miners (Total Return) | 55.45% | 9.61% | 13.23% |

---

---

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

---

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

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $1059572513 |
| Management Fees (dollars paid during the reporting period) | $5118414 |
| Portfolio Turnover Rate | 20% |
| Total Number of Portfolio Holdings | 62 |

---

**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% | Canada | 51% |
| Short-Term Investments | 1.1% | Australia | 15% |
| Other Assets and Liabilities | (0.7)% | South Africa | 13% |
|  |  | United States | 9% |
|  |  | China | 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](ck0000827060-20250630_g3.jpg)

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

![ACI logo.jpg](ck0000827060-20250630_g1.jpg)

A-2507M485

------

**ANNUAL SHAREHOLDER REPORT**

Global Gold Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![ACI logo.jpg](ck0000827060-20250630_g1.jpg)

---

| | |
|:---|:---|
| **R Class (AGGWX)**  | **June 30, 2025** |

---

This annual shareholder report contains important information about Global Gold Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R Class | $151 | 1.16% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Global Gold Fund R Class returned 59.68% for the reporting period ended June 30, 2025. | Global Gold Fund R Class returned 59.68% for the reporting period ended June 30, 2025. |
| The fund seeks to realize a total return (capital growth and dividends) consistent with investment in securities of companies that are engaged in mining, processing, fabricating or distributing gold or other precious metals throughout the world. The commentary below refers to the fund's performance compared to the NYSE Arca Gold Miners Index. | The fund seeks to realize a total return (capital growth and dividends) consistent with investment in securities of companies that are engaged in mining, processing, fabricating or distributing gold or other precious metals throughout the world. The commentary below refers to the fund's performance compared to the NYSE Arca Gold Miners Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Gold's price in dollar terms surged. Gold reached a record high as a result of central bank buying and demand from investors worried about geopolitical instability, trade disruption, possible inflation and a weaker dollar. Gold is priced in dollars, so the greenback's decline makes gold more affordable for overseas buyers. Such historic gains are rare and unlikely to be repeated. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | In terms of gold mining stocks, a high or rising gold price directly benefits profitability and translates into higher valuations for deposits in the ground. Given that production costs for miners are relatively fixed in the short run, increases in gold prices typically result in proportionally larger gains in gold miners' operating profit. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The largest gold producers with more diversified production lagged the share price performance of smaller miners more closely levered to changes in gold's price. As a result, two of the leading individual contributors to relative performance were underweight positions in Barrick Mining and Newmont, the world's largest gold producer. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | In a period when gold and gold miners surged, a number of the leading detractors were stocks, which performed very well and in which we were underweight. A leading example is Canada-based Agnico Eagle Mines. It was the top detractor from relative performance, as the stock jumped on strong execution and expansion of global mining projects. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *June 30, 2015 through June 30, 2025* |

---

![10](ck0000827060-20250630_g26.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | 10 Year |
| **R Class** | 59.68% | 7.70% | 11.62% |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;MSCI World | 16.26% | 14.55% | 10.66% |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;NYSE Arca Gold Miners (Total Return) | 55.45% | 9.61% | 13.23% |

---

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

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

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $1059572513 |
| Management Fees (dollars paid during the reporting period) | $5118414 |
| Portfolio Turnover Rate | 20% |
| Total Number of Portfolio Holdings | 62 |

---

**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% | Canada | 51% |
| Short-Term Investments | 1.1% | Australia | 15% |
| Other Assets and Liabilities | (0.7)% | South Africa | 13% |
|  |  | United States | 9% |
|  |  | China | 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](ck0000827060-20250630_g3.jpg)

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

![ACI logo.jpg](ck0000827060-20250630_g1.jpg)

A-2507M477

------

**ANNUAL SHAREHOLDER REPORT**

Small Company Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![ACI logo.jpg](ck0000827060-20250630_g1.jpg)

---

| | |
|:---|:---|
| **Investor Class (ASQIX)**  | **June 30, 2025** |

---

This annual shareholder report contains important information about Small Company Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021. **This report describes changes to the fund that occurred during the reporting period.**

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Investor Class | $87 | 0.85% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Small Company Fund Investor Class returned 4.77% for the reporting period ended June 30, 2025. | Small Company Fund Investor Class returned 4.77% for the reporting period ended June 30, 2025. |
| The fund seeks long-term capital growth by investing primarily in common stocks of small companies. The commentary below refers to the fund's performance compared to the Russell 2000 Index. | The fund seeks long-term capital growth by investing primarily in common stocks of small companies. The commentary below refers to the fund's performance compared to the Russell 2000 Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Small company stocks rose but lagged mid- and large-cap stocks during a period when larger growth stocks exposed to artifical intelligence led the market. Small-cap stocks lagged large caps amid uncertainty around tariffs, inflation, interest rates and economic growth. Nevertheless, small-cap returns were positive, amid solid earnings growth and attractive relative valuations. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Industrials stocks detracted most from performance compared with the index. It hurt to be underrepresented in aerospace and defense stocks. Financial results for these companies were driven by rising commitments to defense spending amid ongoing conflicts in Europe and the Middle East. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock choices in the information technology (IT) sector and an underweight allocation to materials stocks also hurt relative results. Positioning among semiconductors and semiconductor equipment stocks in IT and metals and mining stocks in materials detracted most. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The leading contribution to relative performance by far came from stock selection in the health care sector, led by biotechnology companies. Many companies in this space are benefiting from tremendous innovation—expressed in positive clinical trial results, new drug approvals and uptake of new, more effective treatments for disease. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *June 30, 2015 through June 30, 2025* |

---

![10](ck0000827060-20250630_g27.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | 10 Year |
| **Investor Class** | 4.77% | 10.00% | 5.52% |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;Russell 3000 | 15.30% | 15.96% | 12.96% |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;Russell 2000 | 7.68% | 10.04% | 7.12% |

---

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

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

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $145366871 |
| Management Fees (dollars paid during the reporting period) | $1282232 |
| Portfolio Turnover Rate | 82% |
| Total Number of Portfolio Holdings | 282 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 99.6% | Banks | 9% |
| Rights | 0.0% | Software | 8% |
| Short-Term Investments | 0.6% | Biotechnology | 6% |
| Other Assets and Liabilities | (0.2)% | Construction and Engineering | 5% |
|  |  | Capital Markets | 4% |

---

---

| |
|:---|
| **Fund Changes** |
| Beginning October 2024, the total eligible investments required to qualify for a waiver of the annual account maintenance fee changed from $10,000 to $25,000. Such fee will also be waived for any accounts for which the shareholder has elected to receive electronic delivery of all fund/account documents. |

---

*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](ck0000827060-20250630_g3.jpg)

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

![ACI logo.jpg](ck0000827060-20250630_g1.jpg)

A-2507M840

------

**ANNUAL SHAREHOLDER REPORT**

Small Company Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![ACI logo.jpg](ck0000827060-20250630_g1.jpg)

---

| | |
|:---|:---|
| **I Class (ASCQX)**  | **June 30, 2025** |

---

This annual shareholder report contains important information about Small Company Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| I Class | $67 | 0.65% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Small Company Fund I Class returned 5.02% for the reporting period ended June 30, 2025. | Small Company Fund I Class returned 5.02% for the reporting period ended June 30, 2025. |
| The fund seeks long-term capital growth by investing primarily in common stocks of small companies. The commentary below refers to the fund's performance compared to the Russell 2000 Index. | The fund seeks long-term capital growth by investing primarily in common stocks of small companies. The commentary below refers to the fund's performance compared to the Russell 2000 Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Small company stocks rose but lagged mid- and large-cap stocks during a period when larger growth stocks exposed to artifical intelligence led the market. Small-cap stocks lagged large caps amid uncertainty around tariffs, inflation, interest rates and economic growth. Nevertheless, small-cap returns were positive, amid solid earnings growth and attractive relative valuations. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Industrials stocks detracted most from performance compared with the index. It hurt to be underrepresented in aerospace and defense stocks. Financial results for these companies were driven by rising commitments to defense spending amid ongoing conflicts in Europe and the Middle East. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock choices in the information technology (IT) sector and an underweight allocation to materials stocks also hurt relative results. Positioning among semiconductors and semiconductor equipment stocks in IT and metals and mining stocks in materials detracted most. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The leading contribution to relative performance by far came from stock selection in the health care sector, led by biotechnology companies. Many companies in this space are benefiting from tremendous innovation—expressed in positive clinical trial results, new drug approvals and uptake of new, more effective treatments for disease. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *June 30, 2015 through June 30, 2025* |

---

![10](ck0000827060-20250630_g28.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | 10 Year |
| **I Class** | 5.02% | 10.22% | 5.72% |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;Russell 3000 | 15.30% | 15.96% | 12.96% |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;Russell 2000 | 7.68% | 10.04% | 7.12% |

---

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

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

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $145366871 |
| Management Fees (dollars paid during the reporting period) | $1282232 |
| Portfolio Turnover Rate | 82% |
| Total Number of Portfolio Holdings | 282 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 99.6% | Banks | 9% |
| Rights | 0.0% | Software | 8% |
| Short-Term Investments | 0.6% | Biotechnology | 6% |
| Other Assets and Liabilities | (0.2)% | Construction and Engineering | 5% |
|  |  | Capital Markets | 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](ck0000827060-20250630_g3.jpg)

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

![ACI logo.jpg](ck0000827060-20250630_g1.jpg)

A-2507M832

------

**ANNUAL SHAREHOLDER REPORT**

Small Company Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![ACI logo.jpg](ck0000827060-20250630_g1.jpg)

---

| | |
|:---|:---|
| **A Class (ASQAX)**  | **June 30, 2025** |

---

This annual shareholder report contains important information about Small Company Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

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

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Small Company Fund A Class returned 4.60% for the reporting period ended June 30, 2025. | Small Company Fund A Class returned 4.60% for the reporting period ended June 30, 2025. |
| The fund seeks long-term capital growth by investing primarily in common stocks of small companies. The commentary below refers to the fund's performance compared to the Russell 2000 Index. | The fund seeks long-term capital growth by investing primarily in common stocks of small companies. The commentary below refers to the fund's performance compared to the Russell 2000 Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Small company stocks rose but lagged mid- and large-cap stocks during a period when larger growth stocks exposed to artifical intelligence led the market. Small-cap stocks lagged large caps amid uncertainty around tariffs, inflation, interest rates and economic growth. Nevertheless, small-cap returns were positive, amid solid earnings growth and attractive relative valuations. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Industrials stocks detracted most from performance compared with the index. It hurt to be underrepresented in aerospace and defense stocks. Financial results for these companies were driven by rising commitments to defense spending amid ongoing conflicts in Europe and the Middle East. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock choices in the information technology (IT) sector and an underweight allocation to materials stocks also hurt relative results. Positioning among semiconductors and semiconductor equipment stocks in IT and metals and mining stocks in materials detracted most. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The leading contribution to relative performance by far came from stock selection in the health care sector, led by biotechnology companies. Many companies in this space are benefiting from tremendous innovation—expressed in positive clinical trial results, new drug approvals and uptake of new, more effective treatments for disease. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *June 30, 2015 through June 30, 2025* |
| *The initial investment is adjusted to reflect the maximum initial sales charge.* |

---

![10](ck0000827060-20250630_g29.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | 10 Year |
| **A Class** | 4.60% | 9.74% | 5.26% |
| **A Class - with sales charge** | -1.41% | 8.45% | 4.64% |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;Russell 3000 | 15.30% | 15.96% | 12.96% |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;Russell 2000 | 7.68% | 10.04% | 7.12% |

---

---

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

---

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

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $145366871 |
| Management Fees (dollars paid during the reporting period) | $1282232 |
| Portfolio Turnover Rate | 82% |
| Total Number of Portfolio Holdings | 282 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 99.6% | Banks | 9% |
| Rights | 0.0% | Software | 8% |
| Short-Term Investments | 0.6% | Biotechnology | 6% |
| Other Assets and Liabilities | (0.2)% | Construction and Engineering | 5% |
|  |  | Capital Markets | 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](ck0000827060-20250630_g3.jpg)

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

![ACI logo.jpg](ck0000827060-20250630_g1.jpg)

A-2507M824

------

**ANNUAL SHAREHOLDER REPORT**

Small Company Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![ACI logo.jpg](ck0000827060-20250630_g1.jpg)

---

| | |
|:---|:---|
| **C Class (ASQCX)**  | **June 30, 2025** |

---

This annual shareholder report contains important information about Small Company Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| C Class | $189 | 1.85% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Small Company Fund C Class returned 3.85% for the reporting period ended June 30, 2025. | Small Company Fund C Class returned 3.85% for the reporting period ended June 30, 2025. |
| The fund seeks long-term capital growth by investing primarily in common stocks of small companies. The commentary below refers to the fund's performance compared to the Russell 2000 Index. | The fund seeks long-term capital growth by investing primarily in common stocks of small companies. The commentary below refers to the fund's performance compared to the Russell 2000 Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Small company stocks rose but lagged mid- and large-cap stocks during a period when larger growth stocks exposed to artifical intelligence led the market. Small-cap stocks lagged large caps amid uncertainty around tariffs, inflation, interest rates and economic growth. Nevertheless, small-cap returns were positive, amid solid earnings growth and attractive relative valuations. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Industrials stocks detracted most from performance compared with the index. It hurt to be underrepresented in aerospace and defense stocks. Financial results for these companies were driven by rising commitments to defense spending amid ongoing conflicts in Europe and the Middle East. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock choices in the information technology (IT) sector and an underweight allocation to materials stocks also hurt relative results. Positioning among semiconductors and semiconductor equipment stocks in IT and metals and mining stocks in materials detracted most. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The leading contribution to relative performance by far came from stock selection in the health care sector, led by biotechnology companies. Many companies in this space are benefiting from tremendous innovation—expressed in positive clinical trial results, new drug approvals and uptake of new, more effective treatments for disease. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *June 30, 2015 through June 30, 2025* |

---

![10](ck0000827060-20250630_g30.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | 10 Year |
| **C Class** | 3.85% | 8.92% | 4.47% |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;Russell 3000 | 15.30% | 15.96% | 12.96% |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;Russell 2000 | 7.68% | 10.04% | 7.12% |

---

---

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

---

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

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $145366871 |
| Management Fees (dollars paid during the reporting period) | $1282232 |
| Portfolio Turnover Rate | 82% |
| Total Number of Portfolio Holdings | 282 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 99.6% | Banks | 9% |
| Rights | 0.0% | Software | 8% |
| Short-Term Investments | 0.6% | Biotechnology | 6% |
| Other Assets and Liabilities | (0.2)% | Construction and Engineering | 5% |
|  |  | Capital Markets | 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](ck0000827060-20250630_g3.jpg)

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

![ACI logo.jpg](ck0000827060-20250630_g1.jpg)

A-2507M329

------

**ANNUAL SHAREHOLDER REPORT**

Small Company Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![ACI logo.jpg](ck0000827060-20250630_g1.jpg)

---

| | |
|:---|:---|
| **R Class (ASCRX)**  | **June 30, 2025** |

---

This annual shareholder report contains important information about Small Company Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

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

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Small Company Fund R Class returned 4.34% for the reporting period ended June 30, 2025. | Small Company Fund R Class returned 4.34% for the reporting period ended June 30, 2025. |
| The fund seeks long-term capital growth by investing primarily in common stocks of small companies. The commentary below refers to the fund's performance compared to the Russell 2000 Index. | The fund seeks long-term capital growth by investing primarily in common stocks of small companies. The commentary below refers to the fund's performance compared to the Russell 2000 Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Small company stocks rose but lagged mid- and large-cap stocks during a period when larger growth stocks exposed to artifical intelligence led the market. Small-cap stocks lagged large caps amid uncertainty around tariffs, inflation, interest rates and economic growth. Nevertheless, small-cap returns were positive, amid solid earnings growth and attractive relative valuations. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Industrials stocks detracted most from performance compared with the index. It hurt to be underrepresented in aerospace and defense stocks. Financial results for these companies were driven by rising commitments to defense spending amid ongoing conflicts in Europe and the Middle East. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock choices in the information technology (IT) sector and an underweight allocation to materials stocks also hurt relative results. Positioning among semiconductors and semiconductor equipment stocks in IT and metals and mining stocks in materials detracted most. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The leading contribution to relative performance by far came from stock selection in the health care sector, led by biotechnology companies. Many companies in this space are benefiting from tremendous innovation—expressed in positive clinical trial results, new drug approvals and uptake of new, more effective treatments for disease. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *June 30, 2015 through June 30, 2025* |

---

![10](ck0000827060-20250630_g31.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | 10 Year |
| **R Class** | 4.34% | 9.46% | 5.00% |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;Russell 3000 | 15.30% | 15.96% | 12.96% |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;Russell 2000 | 7.68% | 10.04% | 7.12% |

---

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

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

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $145366871 |
| Management Fees (dollars paid during the reporting period) | $1282232 |
| Portfolio Turnover Rate | 82% |
| Total Number of Portfolio Holdings | 282 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 99.6% | Banks | 9% |
| Rights | 0.0% | Software | 8% |
| Short-Term Investments | 0.6% | Biotechnology | 6% |
| Other Assets and Liabilities | (0.2)% | Construction and Engineering | 5% |
|  |  | Capital Markets | 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](ck0000827060-20250630_g3.jpg)

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

![ACI logo.jpg](ck0000827060-20250630_g1.jpg)

A-2507M774

------

**ANNUAL SHAREHOLDER REPORT**

Small Company Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![ACI logo.jpg](ck0000827060-20250630_g1.jpg)

---

| | |
|:---|:---|
| **R5 Class (ASQGX)**  | **June 30, 2025** |

---

This annual shareholder report contains important information about Small Company Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R5 Class | $67 | 0.65% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Small Company Fund R5 Class returned 5.01% for the reporting period ended June 30, 2025. | Small Company Fund R5 Class returned 5.01% for the reporting period ended June 30, 2025. |
| The fund seeks long-term capital growth by investing primarily in common stocks of small companies. The commentary below refers to the fund's performance compared to the Russell 2000 Index. | The fund seeks long-term capital growth by investing primarily in common stocks of small companies. The commentary below refers to the fund's performance compared to the Russell 2000 Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Small company stocks rose but lagged mid- and large-cap stocks during a period when larger growth stocks exposed to artifical intelligence led the market. Small-cap stocks lagged large caps amid uncertainty around tariffs, inflation, interest rates and economic growth. Nevertheless, small-cap returns were positive, amid solid earnings growth and attractive relative valuations. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Industrials stocks detracted most from performance compared with the index. It hurt to be underrepresented in aerospace and defense stocks. Financial results for these companies were driven by rising commitments to defense spending amid ongoing conflicts in Europe and the Middle East. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock choices in the information technology (IT) sector and an underweight allocation to materials stocks also hurt relative results. Positioning among semiconductors and semiconductor equipment stocks in IT and metals and mining stocks in materials detracted most. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The leading contribution to relative performance by far came from stock selection in the health care sector, led by biotechnology companies. Many companies in this space are benefiting from tremendous innovation—expressed in positive clinical trial results, new drug approvals and uptake of new, more effective treatments for disease. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *April 10, 2017 through June 30, 2025* |

---

![10](ck0000827060-20250630_g32.jpg)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | Since Inception | Inception Date |
| **R5 Class** | 5.01% | 10.22% | 5.82% | 4/10/17 |
| **Regulatory Index** |  |  |  |  |
| &nbsp;&nbsp;Russell 3000 | 15.30% | 15.96% | 13.75% |  |
| **Performance Index** |  |  |  |  |
| &nbsp;&nbsp;Russell 2000 | 7.68% | 10.04% | 7.25% |  |

---

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

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

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $145366871 |
| Management Fees (dollars paid during the reporting period) | $1282232 |
| Portfolio Turnover Rate | 82% |
| Total Number of Portfolio Holdings | 282 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 99.6% | Banks | 9% |
| Rights | 0.0% | Software | 8% |
| Short-Term Investments | 0.6% | Biotechnology | 6% |
| Other Assets and Liabilities | (0.2)% | Construction and Engineering | 5% |
|  |  | Capital Markets | 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](ck0000827060-20250630_g3.jpg)

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

![ACI logo.jpg](ck0000827060-20250630_g1.jpg)

A-2508G826

------

**ANNUAL SHAREHOLDER REPORT**

Utilities Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![ACI logo.jpg](ck0000827060-20250630_g1.jpg)

---

| | |
|:---|:---|
| **Investor Class (BULIX)**  | **June 30, 2025** |

---

This annual shareholder report contains important information about Utilities Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021. **This report describes changes to the fund that occurred during the reporting period.**

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Investor Class | $73 | 0.65% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Utilities Fund Investor Class returned 24.04% for the reporting period ended June 30, 2025. | Utilities Fund Investor Class returned 24.04% for the reporting period ended June 30, 2025. |
| The fund seeks current income and long-term growth of capital and income. The fund invests at least 80% of its assets in equity securities of companies engaged in the utilities sector. The commentary below refers to the fund's performance compared to the S&P 500 Utilities Index. | The fund seeks current income and long-term growth of capital and income. The fund invests at least 80% of its assets in equity securities of companies engaged in the utilities sector. The commentary below refers to the fund's performance compared to the S&P 500 Utilities Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Utilities stocks performed very well and outperformed the broader market. These stocks benefited from several trends, including increased demand for power from data centers required for artificial intelligence. Many of these stocks were also attractive for their traditional defensive nature in a period of sharp market volatility. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The leading contributions to the portfolio's relative performance came from stock choices among electric utilities and positioning in the multi-utilities industry. The key source of strength was electric utility NRG Energy. The company benefited from very strong profit growth and completed a key acquisition during the period, which essentially doubles the company's electric output. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Independent power and renewable electricity producer Vistra was once again a leading individual contributor to performance. The company has been attractive because its nuclear power portfolio offers a reliable, clean source of electricity and benefits from a strong secular demand trend. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The leading detractor from performance was independent power provider AES. The stock declined amid missed revenue and earnings expectations, while it continued to accumulate debt to build out its portfolio of renewable energy resources. Edison International lagged because of worry about potential costs and liabilities related to wildfire risks. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *June 30, 2015 through June 30, 2025* |

---

![10](ck0000827060-20250630_g33.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | 10 Year |
| **Investor Class** | 24.04% | 9.54% | 7.45% |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;S&P 500 | 15.16% | 16.64% | 13.65% |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;S&P 500 Utilities | 23.40% | 11.14% | 10.66% |

---

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

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

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $277191490 |
| Management Fees (dollars paid during the reporting period) | $1730428 |
| Portfolio Turnover Rate | 77% |
| Total Number of Portfolio Holdings | 42 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Sub-Industries** *(as a % of net assets)* | **Top Five Sub-Industries** *(as a % of net assets)* |
| Common Stocks | 99.2% | Electric Utilities | 52% |
| Short-Term Investments | 0.8% | Multi-Utilities | 20% |
| Other Assets and Liabilities | 0.0% | Independent Power Producers and Energy Traders | 9% |
|  |  | Gas Utilities | 9% |
|  |  | Water Utilities | 4% |

---

---

| |
|:---|
| **Fund Changes** |
| Beginning October 2024, the total eligible investments required to qualify for a waiver of the annual account maintenance fee changed from $10,000 to $25,000. Such fee will also be waived for any accounts for which the shareholder has elected to receive electronic delivery of all fund/account documents. |

---

*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](ck0000827060-20250630_g3.jpg)

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

![ACI logo.jpg](ck0000827060-20250630_g1.jpg)

A-2507M881

------

(b) Not applicable.

**ITEM 2. CODE OF ETHICS.**

(a) The registrant has adopted a Code of Ethics for Senior Financial Officers that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer, and persons performing similar functions.

(b) No response required.

(c) None.

(d) None.

(e) Not applicable.

(f) The registrant's Code of Ethics for Senior Financial Officers was filed as Exhibit 12 (a)(1) to American Century Asset Allocation Portfolios, Inc.'s Annual Certified Shareholder Report on Form N-CSR, File No. 811-21591, on September 29, 2005, and is incorporated herein by reference.

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

(a)(1) The registrant's board has determined that the registrant has at least one audit committee financial expert serving on its audit committee.

(a)(2) Tanya S. Beder, Jennifer Cabalquinto, Anne Casscells and John Loder are the registrant's designated audit committee financial experts. They are "independent" as defined in Item 3 of Form N-CSR.

(a)(3) Not applicable.

(b) No response required.

(c) No response required.

(d) No response required.

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

(a) Audit Fees.

The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal

accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were as follows:

---

| | |
|:---|:---|
| FY 2024: | $115200 |
| FY 2025: | $111300 |

---

(b) Audit-Related Fees.

The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item were as follows:

------

For services rendered to the registrant:

---

| | |
|:---|:---|
| FY 2024: | $0 |
| FY 2025: | $0 |

---

Fees required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X (relating to certain engagements for non-audit services with the registrant's investment adviser and its affiliates):&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| FY 2024: | $0 |
| FY 2025: | $0 |

---

(c) Tax Fees.

The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning were as follows:

For services rendered to the registrant:

---

| | |
|:---|:---|
| FY 2024: | $0 |
| FY 2025: | $0 |

---

Fees required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X (relating to certain engagements for non-audit services with the registrant's investment adviser and its affiliates):

---

| | |
|:---|:---|
| FY 2024: | $0 |
| FY 2025: | $0 |

---

(d) All Other Fees.

The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item were as follows:

For services rendered to the registrant:

---

| | |
|:---|:---|
| FY 2024: | $0 |
| FY 2025: | $0 |

---

Fees required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X (relating to certain &nbsp;&nbsp;&nbsp;&nbsp;engagements for non-audit services with the registrant's investment adviser and its affiliates):

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

---

| | |
|:---|:---|
| FY 2024: | $0 |
| FY 2025: | $0 |

---

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

(e)(1) In accordance with paragraph (c)(7)(i)(A) of Rule 2-01 of Regulation S-X, before the accountant is engaged by the registrant to render audit or non-audit services, the engagement is approved by the registrant's audit committee. Pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, the registrant's audit committee also pre-approves its accountant's engagements for non-audit services with the registrant's investment adviser, its parent company, and any entity controlled by, or under common control with the investment adviser that provides ongoing services to the registrant, if the engagement relates directly to the operations and financial reporting of the registrant.

(e)(2) All services described in each of paragraphs (b) through (d) of this Item were pre-approved before the engagement by the registrant's audit committee pursuant to paragraph (c)(7)(i)(A) of Rule 2-01 of Regulation S-X. Consequently, none of such services were required to be approved by the audit committee pursuant to paragraph (c)(7)(i)(C).

------

(f) The percentage of hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's full-time, permanent employees was less than 50%.

(g) The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant were as follows:

---

| | |
|:---|:---|
| FY 2024: | $223325 |
| FY 2025: | $98325 |

---

(h) The registrant's investment adviser and accountant have notified the registrant's audit committee of all non-audit services that were rendered by the registrant's accountant to the registrant's investment adviser, its parent company, and any entity controlled by, or under common control with the investment adviser that provides services to the registrant, which services were not required to be pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X. The notification provided to the registrant's audit committee included sufficient details regarding such services to allow the registrant's audit committee to consider the continuing independence of its principal accountant.

(i) Not applicable.

(j) Not applicable.

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

Not applicable.

**ITEM 6. INVESTMENTS.**

(a) The schedule of investments is included as part of the financial statements and other information filed under Item 7 of this Form.

(b) Not applicable.

**ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

(a) ------

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

![Image23.jpg](ck0000827060-20250630_g34.jpg)

---

| | |
|:---|:---|
| Annual Financial Statements and Other Information | Annual Financial Statements and Other Information |
| June 30, 2025 |  |
| Disciplined Core Value Fund | Global Gold Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class (BIGRX) | &nbsp;&nbsp;&nbsp;&nbsp;Investor Class (BGEIX) |
| &nbsp;&nbsp;&nbsp;&nbsp;I Class (AMGIX) | &nbsp;&nbsp;&nbsp;&nbsp;I Class (AGGNX) |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class (AMADX) | &nbsp;&nbsp;&nbsp;&nbsp;A Class (ACGGX) |
| &nbsp;&nbsp;&nbsp;&nbsp;C Class (ACGCX) | &nbsp;&nbsp;&nbsp;&nbsp;C Class (AGYCX) |
| &nbsp;&nbsp;&nbsp;&nbsp;R Class (AICRX) | &nbsp;&nbsp;&nbsp;&nbsp;R Class (AGGWX) |
| &nbsp;&nbsp;&nbsp;&nbsp;R5 Class (AICGX) | Small Company Fund |
| Disciplined Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;Investor Class (ASQIX) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class (ADSIX) | &nbsp;&nbsp;&nbsp;&nbsp;I Class (ASCQX) |
| &nbsp;&nbsp;&nbsp;&nbsp;I Class (ADCIX) | &nbsp;&nbsp;&nbsp;&nbsp;A Class (ASQAX) |
| &nbsp;&nbsp;&nbsp;&nbsp;Y Class (ADCYX) | &nbsp;&nbsp;&nbsp;&nbsp;C Class (ASQCX) |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class (ADCVX) | &nbsp;&nbsp;&nbsp;&nbsp;R Class (ASCRX) |
| &nbsp;&nbsp;&nbsp;&nbsp;C Class (ADCCX) | &nbsp;&nbsp;&nbsp;&nbsp;R5 Class (ASQGX) |
| &nbsp;&nbsp;&nbsp;&nbsp;R Class (ADRRX) | Utilities Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;R5 Class (ADGGX) | &nbsp;&nbsp;&nbsp;&nbsp;Investor Class (BULIX) |
| Equity Growth Fund |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class (BEQGX) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;I Class (AMEIX) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class (BEQAX) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;C Class (AEYCX) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;R Class (AEYRX) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;R5 Class (AEYGX) |  |

---

***Investors should carefully consider a fund's investment objectives, risks, charges and expenses. For this and additional information about a fund, including the Annual Shareholder Report, Semiannual Shareholder Report, Prospectus and Statement of Additional Information, visit americancentury.com/docs.***

------

**Table of Contents**

---

| | |
|:---|:---|
| Schedules of Investments | [2](#if9fc9c022785433989b219c22d27adff_31) |
| Statements of Assets and Liabilities | [33](#if9fc9c022785433989b219c22d27adff_37) |
| Statements of Operations | [36](#if9fc9c022785433989b219c22d27adff_40) |
| Statements of Changes in Net Assets | [39](#if9fc9c022785433989b219c22d27adff_43) |
| Notes to Financial Statements | [42](#if9fc9c022785433989b219c22d27adff_46) |
| Financial Highlights | [53](#if9fc9c022785433989b219c22d27adff_49) |
| Report of Independent Registered Public Accounting Firm | [64](#if9fc9c022785433989b219c22d27adff_52) |
| Approval of Management Agreement | [65](#if9fc9c022785433989b219c22d27adff_58) |
| Other Tax Information | [69](#if9fc9c022785433989b219c22d27adff_7207) |

---

------

Schedule of Investments - Disciplined Core Value Fund

**JUNE 30, 2025**

---

| | | |
|:---|:---|:---|
|<br>**COMMON STOCKS — 99.5%** | **Shares**<br> | **Value**<br> |
| **Aerospace and Defense — 1.4%** |  |  |
| General Electric Co. | 9794 | $2520878 |
| Lockheed Martin Corp. | 46983 | 21759706 |
| RTX Corp. | 14410 | 2104148 |
| Textron, Inc. | 5016 | 402735 |
|  |  | 26787467 |
| **Air Freight and Logistics — 0.6%** |  |  |
| FedEx Corp. | 47706 | 10844051 |
| **Automobile Components — 0.5%** |  |  |
| Aptiv PLC<sup>(1)</sup> | 71899 | 4904950 |
| BorgWarner, Inc. | 135801 | 4546617 |
|  |  | 9451567 |
| **Banks — 8.6%** |  |  |
| Bank of America Corp. | 457950 | 21670194 |
| JPMorgan Chase & Co. | 325333 | 94317290 |
| Truist Financial Corp. | 36174 | 1555120 |
| U.S. Bancorp | 538683 | 24375406 |
| Wells Fargo & Co. | 248943 | 19945313 |
|  |  | 161863323 |
| **Beverages — 0.6%** |  |  |
| Coca-Cola Co. | 64971 | 4596698 |
| PepsiCo, Inc. | 45800 | 6047432 |
|  |  | 10644130 |
| **Biotechnology — 4.6%** |  |  |
| AbbVie, Inc. | 82150 | 15248683 |
| ACADIA Pharmaceuticals, Inc.<sup>(1)</sup> | 110549 | 2384542 |
| Alnylam Pharmaceuticals, Inc.<sup>(1)</sup> | 10317 | 3364271 |
| Amgen, Inc. | 17185 | 4798224 |
| BioMarin Pharmaceutical, Inc.<sup>(1)</sup> | 32151 | 1767340 |
| Exelixis, Inc.<sup>(1)</sup> | 64467 | 2841383 |
| Gilead Sciences, Inc. | 366883 | 40676318 |
| Incyte Corp.<sup>(1)</sup> | 34979 | 2382070 |
| Neurocrine Biosciences, Inc.<sup>(1)</sup> | 68281 | 8582239 |
| United Therapeutics Corp.<sup>(1)</sup> | 6535 | 1877832 |
| Vertex Pharmaceuticals, Inc.<sup>(1)</sup> | 5559 | 2474867 |
|  |  | 86397769 |
| **Broadline Retail — 0.3%** |  |  |
| Amazon.com, Inc.<sup>(1)</sup> | 22295 | 4891300 |
| **Building Products — 0.6%** |  |  |
| Allegion PLC | 38181 | 5502646 |
| Masco Corp. | 90398 | 5818015 |
|  |  | 11320661 |
| **Capital Markets — 2.7%** |  |  |
| Cboe Global Markets, Inc. | 77511 | 18076340 |
| Goldman Sachs Group, Inc. | 3182 | 2252061 |
| Interactive Brokers Group, Inc., Class A | 235208 | 13032875 |
| Morgan Stanley | 37031 | 5216187 |
| MSCI, Inc. | 20252 | 11680138 |
|  |  | 50257601 |

---

------

Schedule of Investments - Disciplined Core Value Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Chemicals — 1.3%** |  |  |
| Axalta Coating Systems Ltd.<sup>(1)</sup> | 153600 | $4560384 |
| PPG Industries, Inc. | 155190 | 17652863 |
| Scotts Miracle-Gro Co. | 35568 | 2346065 |
|  |  | 24559312 |
| **Commercial Services and Supplies — 0.4%** |  |  |
| MSA Safety, Inc. | 15038 | 2519316 |
| Veralto Corp. | 44660 | 4508427 |
|  |  | 7027743 |
| **Communications Equipment — 1.8%** |  |  |
| Cisco Systems, Inc. | 299833 | 20802413 |
| F5, Inc.<sup>(1)</sup> | 45858 | 13496927 |
|  |  | 34299340 |
| **Construction and Engineering — 1.6%** |  |  |
| API Group Corp.<sup>(1)</sup> | 33852 | 1728145 |
| Dycom Industries, Inc.<sup>(1)</sup> | 13334 | 3258696 |
| EMCOR Group, Inc. | 22218 | 11884186 |
| Granite Construction, Inc. | 32254 | 3016071 |
| MasTec, Inc.<sup>(1)</sup> | 20906 | 3563010 |
| Primoris Services Corp. | 12850 | 1001529 |
| Valmont Industries, Inc. | 16006 | 5227079 |
|  |  | 29678716 |
| **Consumer Finance — 0.2%** |  |  |
| American Express Co. | 10902 | 3477520 |
| **Consumer Staples Distribution & Retail — 4.9%** |  |  |
| Dollar General Corp. | 10003 | 1144143 |
| Dollar Tree, Inc.<sup>(1)</sup> | 88433 | 8758404 |
| Kroger Co. | 38369 | 2752208 |
| Maplebear, Inc.<sup>(1)</sup> | 89677 | 4056988 |
| Sysco Corp. | 85813 | 6499477 |
| Target Corp. | 221157 | 21817138 |
| U.S. Foods Holding Corp.<sup>(1)</sup> | 164586 | 12674768 |
| Walmart, Inc. | 355709 | 34781226 |
|  |  | 92484352 |
| **Containers and Packaging — 0.4%** |  |  |
| Crown Holdings, Inc. | 73272 | 7545550 |
| **Distributors — 0.3%** |  |  |
| LKQ Corp. | 137970 | 5106270 |
| **Diversified Consumer Services — 0.2%** |  |  |
| ADT, Inc. | 236290 | 2001376 |
| H&R Block, Inc. | 27602 | 1515074 |
|  |  | 3516450 |
| **Diversified Telecommunication Services — 2.6%** |  |  |
| AT&T, Inc. | 149790 | 4334922 |
| Verizon Communications, Inc. | 1039532 | 44980550 |
|  |  | 49315472 |
| **Electric Utilities — 1.3%** |  |  |
| Evergy, Inc. | 149640 | 10314685 |
| NextEra Energy, Inc. | 83840 | 5820173 |
| NRG Energy, Inc. | 54843 | 8806689 |
|  |  | 24941547 |
| **Electrical Equipment — 1.0%** |  |  |
| Acuity, Inc. | 18397 | 5488561 |

---

------

Schedule of Investments - Disciplined Core Value Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Hubbell, Inc. | 22968 | $9380361 |
| NEXTracker, Inc., Class A<sup>(1)</sup> | 30166 | 1640125 |
| Powell Industries, Inc. | 9542 | 2008114 |
|  |  | 18517161 |
| **Electronic Equipment, Instruments and Components — 1.1%** |  |  |
| TE Connectivity PLC | 123616 | 20850311 |
| **Energy Equipment and Services — 1.2%** |  |  |
| Schlumberger NV | 446437 | 15089570 |
| TechnipFMC PLC | 238279 | 8206329 |
|  |  | 23295899 |
| **Entertainment — 1.1%** |  |  |
| Electronic Arts, Inc. | 123679 | 19751536 |
| Roku, Inc.<sup>(1)</sup> | 16601 | 1459062 |
|  |  | 21210598 |
| **Financial Services — 5.6%** |  |  |
| Affirm Holdings, Inc.<sup>(1)</sup> | 32479 | 2245598 |
| Berkshire Hathaway, Inc., Class B<sup>(1)</sup> | 92148 | 44762734 |
| Global Payments, Inc. | 91929 | 7357997 |
| Jack Henry & Associates, Inc. | 5685 | 1024267 |
| Mastercard, Inc., Class A | 32657 | 18351275 |
| PayPal Holdings, Inc.<sup>(1)</sup> | 432117 | 32114935 |
|  |  | 105856806 |
| **Food Products — 0.7%** |  |  |
| Cal-Maine Foods, Inc. | 13253 | 1320396 |
| Ingredion, Inc. | 68640 | 9308957 |
| Pilgrim's Pride Corp. | 60521 | 2722235 |
|  |  | 13351588 |
| **Ground Transportation — 0.6%** |  |  |
| Uber Technologies, Inc.<sup>(1)</sup> | 125082 | 11670151 |
| **Health Care Equipment and Supplies — 3.3%** |  |  |
| Align Technology, Inc.<sup>(1)</sup> | 10442 | 1976984 |
| Hologic, Inc.<sup>(1)</sup> | 132957 | 8663478 |
| Lantheus Holdings, Inc.<sup>(1)</sup> | 30547 | 2500578 |
| Medtronic PLC | 276749 | 24124210 |
| ResMed, Inc. | 71360 | 18410880 |
| Solventum Corp.<sup>(1)</sup> | 92342 | 7003217 |
|  |  | 62679347 |
| **Health Care Providers and Services — 2.5%** |  |  |
| Cigna Group | 18044 | 5964986 |
| DaVita, Inc.<sup>(1)</sup> | 21063 | 3000424 |
| Henry Schein, Inc.<sup>(1)</sup> | 27429 | 2003688 |
| Labcorp Holdings, Inc. | 12046 | 3162195 |
| Quest Diagnostics, Inc. | 15810 | 2839950 |
| UnitedHealth Group, Inc. | 99284 | 30973630 |
|  |  | 47944873 |
| **Health Care Technology — 0.8%** |  |  |
| Veeva Systems, Inc., Class A<sup>(1)</sup> | 55942 | 16110177 |
| **Hotels, Restaurants and Leisure — 1.4%** |  |  |
| Booking Holdings, Inc. | 1208 | 6993402 |
| Brinker International, Inc.<sup>(1)</sup> | 21082 | 3801717 |
| DoorDash, Inc., Class A<sup>(1)</sup> | 7387 | 1820969 |
| Expedia Group, Inc. | 56042 | 9453165 |
| Yum! Brands, Inc. | 30206 | 4475925 |
|  |  | 26545178 |

---

------

Schedule of Investments - Disciplined Core Value Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Household Durables — 0.3%** |  |  |
| TopBuild Corp.<sup>(1)</sup> | 18122 | $5866816 |
| **Household Products — 3.5%** |  |  |
| Colgate-Palmolive Co. | 211296 | 19206807 |
| Kimberly-Clark Corp. | 99149 | 12782289 |
| Procter & Gamble Co. | 218991 | 34889646 |
|  |  | 66878742 |
| **Industrial REITs — 0.1%** |  |  |
| Prologis, Inc. | 25450 | 2675304 |
| **Insurance — 3.5%** |  |  |
| Allstate Corp. | 27186 | 5472814 |
| CNA Financial Corp. | 113741 | 5292369 |
| Everest Group Ltd. | 11924 | 4052371 |
| Hartford Insurance Group, Inc. | 133535 | 16941585 |
| Progressive Corp. | 21000 | 5604060 |
| Travelers Cos., Inc. | 48083 | 12864126 |
| W.R. Berkley Corp. | 210410 | 15458823 |
|  |  | 65686148 |
| **IT Services — 4.2%** |  |  |
| Accenture PLC, Class A | 70608 | 21104025 |
| Akamai Technologies, Inc.<sup>(1)</sup> | 24305 | 1938567 |
| Cognizant Technology Solutions Corp., Class A | 287105 | 22402803 |
| International Business Machines Corp. | 89021 | 26241610 |
| Twilio, Inc., Class A<sup>(1)</sup> | 59893 | 7448294 |
|  |  | 79135299 |
| **Leisure Products — 0.2%** |  |  |
| Mattel, Inc.<sup>(1)</sup> | 217948 | 4297934 |
| **Life Sciences Tools and Services — 0.5%** |  |  |
| Illumina, Inc.<sup>(1)</sup> | 108856 | 10385951 |
| **Machinery — 5.7%** |  |  |
| Caterpillar, Inc. | 82498 | 32026549 |
| Cummins, Inc. | 82617 | 27057067 |
| Donaldson Co., Inc. | 69787 | 4839728 |
| Flowserve Corp. | 19036 | 996535 |
| Lincoln Electric Holdings, Inc. | 12539 | 2599585 |
| Middleby Corp.<sup>(1)</sup> | 38386 | 5527584 |
| Mueller Industries, Inc. | 11744 | 933296 |
| Parker-Hannifin Corp. | 33204 | 23191998 |
| Snap-on, Inc. | 21611 | 6724911 |
| Toro Co. | 14609 | 1032564 |
| Watts Water Technologies, Inc., Class A | 12665 | 3114197 |
|  |  | 108044014 |
| **Media — 2.2%** |  |  |
| Comcast Corp., Class A | 932894 | 33294987 |
| Fox Corp., Class A | 147784 | 8281815 |
|  |  | 41576802 |
| **Metals and Mining — 0.8%** |  |  |
| Commercial Metals Co. | 58325 | 2852676 |
| Newmont Corp. | 204442 | 11910791 |
|  |  | 14763467 |
| **Multi-Utilities — 0.9%** |  |  |
| Consolidated Edison, Inc. | 33223 | 3333928 |

---

------

Schedule of Investments - Disciplined Core Value Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| WEC Energy Group, Inc. | 135455 | $14114411 |
|  |  | 17448339 |
| **Oil, Gas and Consumable Fuels — 2.6%** |  |  |
| Chevron Corp. | 38861 | 5564506 |
| Crescent Energy Co., Class A | 305927 | 2630972 |
| Devon Energy Corp. | 71295 | 2267894 |
| Diamondback Energy, Inc. | 66294 | 9108796 |
| Exxon Mobil Corp. | 233837 | 25207629 |
| Permian Resources Corp. | 345416 | 4704566 |
|  |  | 49484363 |
| **Personal Care Products — 0.7%** |  |  |
| Kenvue, Inc. | 602288 | 12605888 |
| **Pharmaceuticals — 4.6%** |  |  |
| Bristol-Myers Squibb Co. | 89954 | 4163971 |
| Jazz Pharmaceuticals PLC<sup>(1)</sup> | 39001 | 4138786 |
| Johnson & Johnson | 336157 | 51347982 |
| Merck & Co., Inc. | 354476 | 28060320 |
|  |  | 87711059 |
| **Professional Services — 2.1%** |  |  |
| Amentum Holdings, Inc.<sup>(1)</sup> | 2472 | 58364 |
| Booz Allen Hamilton Holding Corp. | 54087 | 5632079 |
| CACI International, Inc., Class A<sup>(1)</sup> | 7708 | 3674404 |
| Genpact Ltd. | 114648 | 5045658 |
| Jacobs Solutions, Inc. | 40650 | 5343443 |
| KBR, Inc. | 19932 | 955540 |
| Leidos Holdings, Inc. | 89196 | 14071561 |
| Parsons Corp.<sup>(1)</sup> | 30067 | 2157909 |
| Science Applications International Corp. | 24261 | 2732031 |
|  |  | 39670989 |
| **Real Estate Management and Development — 0.3%** |  |  |
| Jones Lang LaSalle, Inc.<sup>(1)</sup> | 20324 | 5198473 |
| **Semiconductors and Semiconductor Equipment — 3.5%** |  |  |
| Amkor Technology, Inc. | 44200 | 927758 |
| Applied Materials, Inc. | 43112 | 7892514 |
| Broadcom, Inc. | 25962 | 7156425 |
| KLA Corp. | 33300 | 29828142 |
| Marvell Technology, Inc. | 162152 | 12550565 |
| Micron Technology, Inc. | 11259 | 1387672 |
| Qorvo, Inc.<sup>(1)</sup> | 37695 | 3200682 |
| QUALCOMM, Inc. | 18641 | 2968766 |
|  |  | 65912524 |
| **Software — 2.0%** |  |  |
| AppLovin Corp., Class A<sup>(1)</sup> | 18135 | 6348701 |
| Microsoft Corp. | 21445 | 10666957 |
| Salesforce, Inc. | 32301 | 8808160 |
| Zoom Communications, Inc., Class A<sup>(1)</sup> | 156315 | 12189444 |
|  |  | 38013262 |
| **Specialized REITs — 1.3%** |  |  |
| Lamar Advertising Co., Class A | 14583 | 1769793 |
| Public Storage | 49924 | 14648700 |
| SBA Communications Corp. | 37571 | 8823174 |
|  |  | 25241667 |

---

------

Schedule of Investments - Disciplined Core Value Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Specialty Retail — 2.3%** |  |  |
| Bath & Body Works, Inc. | 137407 | $4116714 |
| Gap, Inc. | 144666 | 3155165 |
| Home Depot, Inc. | 63821 | 23399331 |
| Lowe's Cos., Inc. | 43209 | 9586781 |
| Ulta Beauty, Inc.<sup>(1)</sup> | 7246 | 3389824 |
|  |  | 43647815 |
| **Technology Hardware, Storage and Peripherals — 1.8%** |  |  |
| Apple, Inc. | 86514 | 17750077 |
| Hewlett Packard Enterprise Co. | 603230 | 12336054 |
| NetApp, Inc. | 29680 | 3162404 |
|  |  | 33248535 |
| **Textiles, Apparel and Luxury Goods — 0.4%** |  |  |
| Ralph Lauren Corp. | 26797 | 7349881 |
| **Trading Companies and Distributors — 1.8%** |  |  |
| Core & Main, Inc., Class A<sup>(1)</sup> | 64118 | 3869521 |
| Ferguson Enterprises, Inc. | 82755 | 18019901 |
| MSC Industrial Direct Co., Inc., Class A | 40154 | 3413893 |
| Rush Enterprises, Inc., Class A | 25089 | 1292334 |
| Watsco, Inc. | 6800 | 3003016 |
| WESCO International, Inc. | 24987 | 4627593 |
|  |  | 34226258 |
| **TOTAL COMMON STOCKS**<br>(Cost $1,571,605,379) |  | **1881511760** |
| **SHORT-TERM INVESTMENTS — 0.5%** |  |  |
| **Money Market Funds — 0.0%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 46235 | 46235 |
| **Repurchase Agreements — 0.5%** |  |  |
| BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 3.75%, 12/31/28, valued at $1,172,785), in a joint trading account at 4.35%, dated 6/30/25, due 7/1/25 (Delivery value $1,149,749) |  | 1149610 |
| Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 4.00%, 12/15/27, valued at $9,085,288), at 4.39%, dated 6/30/25, due 7/1/25 (Delivery value $8,908,086) |  | 8907000 |
|  |  | 10056610 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $10,102,845) |  | **10102845** |
| **TOTAL INVESTMENT SECURITIES — 100.0%**<br>(Cost $1,581,708,224) |  | **1891614605** |
| **OTHER ASSETS AND LIABILITIES — 0.0%** |  | **(338356)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**1891276249** |

---

**NOTES TO SCHEDULE OF INVESTMENTS**

(1)Non-income producing.

------

Schedule of Investments - Disciplined Core Value Fund

**FAIR VALUE MEASUREMENTS**

The following is a summary of the fund's valuation inputs as of period end.

---

| | | | |
|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** |
| **Assets** | | | |
| **Investment Securities** | | | |
| Common Stocks | $1881511760 |  |  |
| Short-Term Investments | 46235 | $10056610 |  |
|  | $1881557995 | $10056610 |  |

---

See Notes to Financial Statements.

------

Schedule of Investments - Disciplined Growth Fund

**JUNE 30, 2025**

---

| | | |
|:---|:---|:---|
|<br>**COMMON STOCKS — 99.6%** | **Shares**<br> | **Value**<br> |
| **Aerospace and Defense — 0.1%** |  |  |
| General Electric Co. | 1900 | $489041 |
| **Automobiles — 2.3%** |  |  |
| Tesla, Inc.<sup>(1)</sup> | 32816 | 10424330 |
| **Beverages — 0.6%** |  |  |
| Coca-Cola Co. | 12241 | 866051 |
| Monster Beverage Corp.<sup>(1)</sup> | 31625 | 1980990 |
|  |  | 2847041 |
| **Biotechnology — 2.8%** |  |  |
| AbbVie, Inc. | 25842 | 4796792 |
| Alnylam Pharmaceuticals, Inc.<sup>(1)</sup> | 5861 | 1911213 |
| Exelixis, Inc.<sup>(1)</sup> | 10367 | 456926 |
| Gilead Sciences, Inc. | 38717 | 4292554 |
| Natera, Inc.<sup>(1)</sup> | 4430 | 748404 |
| Neurocrine Biosciences, Inc.<sup>(1)</sup> | 3545 | 445571 |
|  |  | 12651460 |
| **Broadline Retail — 6.0%** |  |  |
| Amazon.com, Inc.<sup>(1)</sup> | 121687 | 26696911 |
| Coupang, Inc.<sup>(1)</sup> | 16320 | 488947 |
| eBay, Inc. | 1221 | 90916 |
|  |  | 27276774 |
| **Building Products — 0.8%** |  |  |
| Builders FirstSource, Inc.<sup>(1)</sup> | 1006 | 117390 |
| Griffon Corp. | 2260 | 163556 |
| Lennox International, Inc. | 2152 | 1233613 |
| Masco Corp. | 2469 | 158905 |
| Trane Technologies PLC | 4295 | 1878676 |
|  |  | 3552140 |
| **Capital Markets — 0.9%** |  |  |
| Cboe Global Markets, Inc. | 974 | 227146 |
| Evercore, Inc., Class A | 887 | 239508 |
| Goldman Sachs Group, Inc. | 1054 | 745968 |
| Lazard, Inc. | 9118 | 437482 |
| MSCI, Inc. | 3923 | 2262551 |
|  |  | 3912655 |
| **Chemicals — 0.1%** |  |  |
| Scotts Miracle-Gro Co. | 3628 | 239303 |
| **Commercial Services and Supplies — 1.4%** |  |  |
| Cintas Corp. | 25329 | 5645074 |
| Rollins, Inc. | 8963 | 505693 |
|  |  | 6150767 |
| **Communications Equipment — 1.5%** |  |  |
| Arista Networks, Inc.<sup>(1)</sup> | 57389 | 5871469 |
| Motorola Solutions, Inc. | 1994 | 838397 |
|  |  | 6709866 |
| **Construction and Engineering — 0.6%** |  |  |
| EMCOR Group, Inc. | 2898 | 1550111 |
| Primoris Services Corp. | 1694 | 132030 |
| Sterling Infrastructure, Inc.<sup>(1)</sup> | 2397 | 553060 |

---

------

Schedule of Investments - Disciplined Growth Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Valmont Industries, Inc. | 1173 | $383067 |
|  |  | 2618268 |
| **Consumer Staples Distribution & Retail — 2.0%** |  |  |
| Costco Wholesale Corp. | 5925 | 5865394 |
| Dollar Tree, Inc.<sup>(1)</sup> | 10995 | 1088945 |
| Maplebear, Inc.<sup>(1)</sup> | 6900 | 312156 |
| Performance Food Group Co.<sup>(1)</sup> | 4865 | 425541 |
| Sysco Corp. | 12344 | 934935 |
| U.S. Foods Holding Corp.<sup>(1)</sup> | 8501 | 654662 |
|  |  | 9281633 |
| **Electric Utilities — 0.1%** |  |  |
| NRG Energy, Inc. | 3503 | 562512 |
| **Electrical Equipment — 0.3%** |  |  |
| Vertiv Holdings Co., Class A | 10382 | 1333153 |
| **Electronic Equipment, Instruments and Components — 0.4%** |  |  |
| TE Connectivity PLC | 11735 | 1979342 |
| **Energy Equipment and Services — 0.0%** |  |  |
| Weatherford International PLC | 2560 | 128794 |
| **Entertainment — 2.8%** |  |  |
| Electronic Arts, Inc. | 2823 | 450833 |
| Netflix, Inc.<sup>(1)</sup> | 5459 | 7310311 |
| Roku, Inc.<sup>(1)</sup> | 1794 | 157675 |
| Spotify Technology SA<sup>(1)</sup> | 6122 | 4697655 |
|  |  | 12616474 |
| **Financial Services — 4.7%** |  |  |
| Mastercard, Inc., Class A | 20883 | 11734993 |
| Toast, Inc., Class A<sup>(1)</sup> | 23948 | 1060657 |
| Visa, Inc., Class A | 23830 | 8460841 |
|  |  | 21256491 |
| **Food Products — 0.1%** |  |  |
| Cal-Maine Foods, Inc. | 2233 | 222474 |
| **Health Care Equipment and Supplies — 0.2%** |  |  |
| Dexcom, Inc.<sup>(1)</sup> | 2818 | 245983 |
| ResMed, Inc. | 3410 | 879780 |
|  |  | 1125763 |
| **Health Care Providers and Services — 0.1%** |  |  |
| DaVita, Inc.<sup>(1)</sup> | 3618 | 515384 |
| **Health Care Technology — 0.8%** |  |  |
| Veeva Systems, Inc., Class A<sup>(1)</sup> | 12962 | 3732797 |
| **Hotels, Restaurants and Leisure — 3.4%** |  |  |
| Airbnb, Inc., Class A<sup>(1)</sup> | 3081 | 407740 |
| Booking Holdings, Inc. | 1359 | 7867577 |
| Brinker International, Inc.<sup>(1)</sup> | 5613 | 1012192 |
| DoorDash, Inc., Class A<sup>(1)</sup> | 14329 | 3532242 |
| DraftKings, Inc., Class A<sup>(1)</sup> | 22214 | 952758 |
| Expedia Group, Inc. | 11191 | 1887698 |
|  |  | 15660207 |
| **Household Products — 0.6%** |  |  |
| Colgate-Palmolive Co. | 27699 | 2517839 |
| **Insurance — 0.6%** |  |  |
| Progressive Corp. | 10720 | 2860739 |
| **Interactive Media and Services — 10.0%** |  |  |
| Alphabet, Inc., Class A | 89448 | 15763421 |

---

------

Schedule of Investments - Disciplined Growth Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Alphabet, Inc., Class C | 47494 | $8424961 |
| Cargurus, Inc.<sup>(1)</sup> | 6365 | 213037 |
| Meta Platforms, Inc., Class A | 28661 | 21154397 |
|  |  | 45555816 |
| **IT Services — 1.1%** |  |  |
| Accenture PLC, Class A | 1406 | 420240 |
| Cloudflare, Inc., Class A<sup>(1)</sup> | 10857 | 2126126 |
| MongoDB, Inc.<sup>(1)</sup> | 795 | 166942 |
| Snowflake, Inc., Class A<sup>(1)</sup> | 9730 | 2177282 |
|  |  | 4890590 |
| **Leisure Products — 0.2%** |  |  |
| Hasbro, Inc. | 10923 | 806336 |
| **Pharmaceuticals — 1.9%** |  |  |
| Bristol-Myers Squibb Co. | 68724 | 3181234 |
| Eli Lilly & Co. | 7145 | 5569742 |
|  |  | 8750976 |
| **Real Estate Management and Development — 0.0%** |  |  |
| Compass, Inc., Class A<sup>(1)</sup> | 23770 | 149276 |
| **Semiconductors and Semiconductor Equipment — 18.4%** |  |  |
| Applied Materials, Inc. | 4945 | 905281 |
| Broadcom, Inc. | 69085 | 19043280 |
| Cirrus Logic, Inc.<sup>(1)</sup> | 1972 | 205591 |
| KLA Corp. | 6201 | 5554484 |
| Lam Research Corp. | 7034 | 684689 |
| NVIDIA Corp. | 322038 | 50878784 |
| QUALCOMM, Inc. | 32895 | 5238858 |
| Teradyne, Inc. | 10436 | 938405 |
|  |  | 83449372 |
| **Software — 21.6%** |  |  |
| AppLovin Corp., Class A<sup>(1)</sup> | 5512 | 1929641 |
| Atlassian Corp., Class A<sup>(1)</sup> | 10324 | 2096701 |
| Autodesk, Inc.<sup>(1)</sup> | 10274 | 3180522 |
| Cadence Design Systems, Inc.<sup>(1)</sup> | 9245 | 2848847 |
| Clear Secure, Inc., Class A | 5012 | 139133 |
| Crowdstrike Holdings, Inc., Class A<sup>(1)</sup> | 6455 | 3287596 |
| Datadog, Inc., Class A<sup>(1)</sup> | 23852 | 3204039 |
| Fair Isaac Corp.<sup>(1)</sup> | 1284 | 2347101 |
| Fortinet, Inc.<sup>(1)</sup> | 23957 | 2532734 |
| HubSpot, Inc.<sup>(1)</sup> | 3423 | 1905344 |
| Intuit, Inc. | 9283 | 7311569 |
| Microsoft Corp. | 84763 | 42161964 |
| Nutanix, Inc., Class A<sup>(1)</sup> | 3797 | 290243 |
| Palantir Technologies, Inc., Class A<sup>(1)</sup> | 32780 | 4468570 |
| Palo Alto Networks, Inc.<sup>(1)</sup> | 20896 | 4276157 |
| Salesforce, Inc. | 13495 | 3679952 |
| ServiceNow, Inc.<sup>(1)</sup> | 7417 | 7625269 |
| Tenable Holdings, Inc.<sup>(1)</sup> | 5010 | 169238 |
| UiPath, Inc., Class A<sup>(1)</sup> | 19056 | 243917 |
| Workday, Inc., Class A<sup>(1)</sup> | 10746 | 2579040 |
| Zscaler, Inc.<sup>(1)</sup> | 6497 | 2039668 |
|  |  | 98317245 |
| **Specialty Retail — 2.1%** |  |  |
| Bath & Body Works, Inc. | 8770 | 262749 |

---

------

Schedule of Investments - Disciplined Growth Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Carvana Co.<sup>(1)</sup> | 271 | $91316 |
| Gap, Inc. | 25192 | 549438 |
| Home Depot, Inc. | 16433 | 6024995 |
| Lowe's Cos., Inc. | 11720 | 2600316 |
|  |  | 9528814 |
| **Technology Hardware, Storage and Peripherals — 9.7%** |  |  |
| Apple, Inc. | 215400 | 44193618 |
| **Textiles, Apparel and Luxury Goods — 0.5%** |  |  |
| Deckers Outdoor Corp.<sup>(1)</sup> | 5969 | 615225 |
| Kontoor Brands, Inc. | 2278 | 150280 |
| Lululemon Athletica, Inc.<sup>(1)</sup> | 3840 | 912307 |
| NIKE, Inc., Class B | 6484 | 460623 |
|  |  | 2138435 |
| **Trading Companies and Distributors — 0.9%** |  |  |
| Fastenal Co. | 25346 | 1064532 |
| Rush Enterprises, Inc., Class A | 3256 | 167716 |
| WW Grainger, Inc. | 2725 | 2834654 |
|  |  | 4066902 |
| **TOTAL COMMON STOCKS**<br>(Cost $192,895,501) |  | **452512627** |
| **SHORT-TERM INVESTMENTS — 0.5%** |  |  |
| **Money Market Funds — 0.0%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 10395 | 10395 |
| **Repurchase Agreements — 0.5%** |  |  |
| BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 3.75%, 12/31/28, valued at $258,397), in a joint trading account at 4.35%, dated 6/30/25, due 7/1/25 (Delivery value $253,322) |  | 253291 |
| Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 4.00%, 12/15/27, valued at $2,001,399), at 4.39%, dated 6/30/25, due 7/1/25 (Delivery value $1,962,239) |  | 1962000 |
|  |  | 2215291 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $2,225,686) |  | **2225686** |
| **TOTAL INVESTMENT SECURITIES — 100.1%**<br>(Cost $195,121,187) |  | **454738313** |
| **OTHER ASSETS AND LIABILITIES — (0.1)%** |  | **(346389)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**454391924** |

---

**NOTES TO SCHEDULE OF INVESTMENTS**

(1)Non-income producing.

**FAIR VALUE MEASUREMENTS**

The following is a summary of the fund's valuation inputs as of period end.

---

| | | | |
|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** |
| **Assets** | | | |
| **Investment Securities** | | | |
| Common Stocks | $452512627 |  |  |
| Short-Term Investments | 10395 | $2215291 |  |
|  | $452523022 | $2215291 |  |

---

------

Schedule of Investments - Disciplined Growth Fund

**DERIVATIVE INSTRUMENTS**

As of period end, the fund did not have any derivative instruments disclosed on the Statement of Assets and Liabilities. The following is a summary of the effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025.

---

| | |
|:---|:---|
| | **Type of Risk Exposure** |
| | **Equity Risk** |
| **Net realized gain (loss) on:** | **Net realized gain (loss) on:** |
| &nbsp;&nbsp;Futures contract transactions | $79425 |

---

See Notes to Financial Statements.

------

Schedule of Investments - Equity Growth Fund

**JUNE 30, 2025**

---

| | | |
|:---|:---|:---|
|<br>**COMMON STOCKS — 99.4%** | **Shares**<br> | **Value**<br> |
| **Aerospace and Defense — 0.6%** |  |  |
| Lockheed Martin Corp. | 21494 | $9954731 |
| **Air Freight and Logistics — 1.1%** |  |  |
| FedEx Corp. | 25262 | 5742305 |
| United Parcel Service, Inc., Class B | 131636 | 13287338 |
|  |  | 19029643 |
| **Automobile Components — 0.1%** |  |  |
| BorgWarner, Inc. | 75181 | 2517060 |
| **Automobiles — 0.9%** |  |  |
| Tesla, Inc.<sup>(1)</sup> | 49775 | 15811526 |
| **Banks — 3.9%** |  |  |
| Bank of America Corp. | 57510 | 2721373 |
| JPMorgan Chase & Co. | 158085 | 45830422 |
| PNC Financial Services Group, Inc. | 9512 | 1773227 |
| U.S. Bancorp | 304554 | 13781069 |
| Wells Fargo & Co. | 32362 | 2592844 |
|  |  | 66698935 |
| **Beverages — 0.1%** |  |  |
| Constellation Brands, Inc., Class A | 8667 | 1409948 |
| **Biotechnology — 4.4%** |  |  |
| AbbVie, Inc. | 127166 | 23604553 |
| Alnylam Pharmaceuticals, Inc.<sup>(1)</sup> | 17536 | 5718314 |
| Amgen, Inc. | 61275 | 17108593 |
| Gilead Sciences, Inc. | 182874 | 20275240 |
| Halozyme Therapeutics, Inc.<sup>(1)</sup> | 17326 | 901299 |
| Natera, Inc.<sup>(1)</sup> | 15344 | 2592215 |
| Neurocrine Biosciences, Inc.<sup>(1)</sup> | 33246 | 4178690 |
| PTC Therapeutics, Inc.<sup>(1)</sup> | 29894 | 1460023 |
|  |  | 75838927 |
| **Broadline Retail — 5.3%** |  |  |
| Amazon.com, Inc.<sup>(1)</sup> | 371658 | 81538048 |
| eBay, Inc. | 121808 | 9069824 |
|  |  | 90607872 |
| **Building Products — 0.6%** |  |  |
| Lennox International, Inc. | 3018 | 1730038 |
| Masco Corp. | 35688 | 2296880 |
| Trane Technologies PLC | 16142 | 7060672 |
|  |  | 11087590 |
| **Capital Markets — 1.1%** |  |  |
| Cboe Global Markets, Inc. | 27658 | 6450122 |
| Evercore, Inc., Class A | 4402 | 1188628 |
| Goldman Sachs Group, Inc. | 4193 | 2967596 |
| Morgan Stanley | 19290 | 2717190 |
| MSCI, Inc. | 8876 | 5119144 |
|  |  | 18442680 |
| **Chemicals — 0.3%** |  |  |
| International Flavors & Fragrances, Inc. | 8967 | 659523 |
| PPG Industries, Inc. | 39873 | 4535554 |
|  |  | 5195077 |

---

------

Schedule of Investments - Equity Growth Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Commercial Services and Supplies — 0.4%** |  |  |
| Rollins, Inc. | 33623 | $1897010 |
| Veralto Corp. | 53874 | 5438580 |
|  |  | 7335590 |
| **Communications Equipment — 2.0%** |  |  |
| Arista Networks, Inc.<sup>(1)</sup> | 26678 | 2729426 |
| Cisco Systems, Inc. | 397392 | 27571057 |
| F5, Inc.<sup>(1)</sup> | 14224 | 4186408 |
|  |  | 34486891 |
| **Construction and Engineering — 0.5%** |  |  |
| EMCOR Group, Inc. | 10425 | 5576228 |
| Granite Construction, Inc. | 22908 | 2142127 |
| Valmont Industries, Inc. | 5044 | 1647219 |
|  |  | 9365574 |
| **Consumer Finance — 0.5%** |  |  |
| Enova International, Inc.<sup>(1)</sup> | 19718 | 2198951 |
| Synchrony Financial | 87114 | 5813989 |
|  |  | 8012940 |
| **Consumer Staples Distribution & Retail — 3.7%** |  |  |
| Costco Wholesale Corp. | 3943 | 3903333 |
| Dollar General Corp. | 49899 | 5707448 |
| Dollar Tree, Inc.<sup>(1)</sup> | 74077 | 7336586 |
| Kroger Co. | 175739 | 12605758 |
| Maplebear, Inc.<sup>(1)</sup> | 54420 | 2461961 |
| Sysco Corp. | 123018 | 9317383 |
| Target Corp. | 38177 | 3766161 |
| Walmart, Inc. | 183247 | 17917892 |
|  |  | 63016522 |
| **Electrical Equipment — 0.5%** |  |  |
| Acuity, Inc. | 6009 | 1792725 |
| Generac Holdings, Inc.<sup>(1)</sup> | 20314 | 2909168 |
| Vertiv Holdings Co., Class A | 25386 | 3259816 |
|  |  | 7961709 |
| **Electronic Equipment, Instruments and Components — 0.7%** |  |  |
| Ralliant Corp.<sup>(1)</sup> | 7751 | 375814 |
| TE Connectivity PLC | 68477 | 11550015 |
|  |  | 11925829 |
| **Energy Equipment and Services — 0.3%** |  |  |
| Baker Hughes Co. | 34303 | 1315177 |
| Schlumberger NV | 113062 | 3821496 |
|  |  | 5136673 |
| **Entertainment — 1.2%** |  |  |
| Electronic Arts, Inc. | 46011 | 7347957 |
| Netflix, Inc.<sup>(1)</sup> | 7596 | 10172031 |
| Spotify Technology SA<sup>(1)</sup> | 3650 | 2800791 |
|  |  | 20320779 |
| **Financial Services — 4.3%** |  |  |
| Affirm Holdings, Inc.<sup>(1)</sup> | 30353 | 2098606 |
| Berkshire Hathaway, Inc., Class B<sup>(1)</sup> | 20028 | 9729002 |
| Mastercard, Inc., Class A | 46184 | 25952637 |
| PayPal Holdings, Inc.<sup>(1)</sup> | 239725 | 17816362 |
| Toast, Inc., Class A<sup>(1)</sup> | 66516 | 2945994 |
| Visa, Inc., Class A | 43545 | 15460652 |
|  |  | 74003253 |

---

------

Schedule of Investments - Equity Growth Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Food Products — 0.6%** |  |  |
| Ingredion, Inc. | 34360 | $4659903 |
| Pilgrim's Pride Corp. | 108542 | 4882219 |
|  |  | 9542122 |
| **Ground Transportation — 0.3%** |  |  |
| Uber Technologies, Inc.<sup>(1)</sup> | 50108 | 4675076 |
| **Health Care Equipment and Supplies — 1.4%** |  |  |
| Dexcom, Inc.<sup>(1)</sup> | 14853 | 1296518 |
| Lantheus Holdings, Inc.<sup>(1)</sup> | 27353 | 2239117 |
| Medtronic PLC | 114530 | 9983580 |
| ResMed, Inc. | 42290 | 10910820 |
|  |  | 24430035 |
| **Health Care Providers and Services — 1.6%** |  |  |
| DaVita, Inc.<sup>(1)</sup> | 9511 | 1354842 |
| HCA Healthcare, Inc. | 32587 | 12484080 |
| UnitedHealth Group, Inc. | 43289 | 13504869 |
|  |  | 27343791 |
| **Health Care Technology — 0.2%** |  |  |
| Veeva Systems, Inc., Class A<sup>(1)</sup> | 11357 | 3270589 |
| **Hotels, Restaurants and Leisure — 3.1%** |  |  |
| Airbnb, Inc., Class A<sup>(1)</sup> | 54600 | 7225764 |
| Booking Holdings, Inc. | 4190 | 24256916 |
| DoorDash, Inc., Class A<sup>(1)</sup> | 38995 | 9612657 |
| DraftKings, Inc., Class A<sup>(1)</sup> | 51507 | 2209135 |
| Expedia Group, Inc. | 32695 | 5514993 |
| Yum! Brands, Inc. | 31650 | 4689897 |
|  |  | 53509362 |
| **Household Products — 2.2%** |  |  |
| Clorox Co. | 29845 | 3583489 |
| Colgate-Palmolive Co. | 169223 | 15382371 |
| Kimberly-Clark Corp. | 51330 | 6617464 |
| Procter & Gamble Co. | 78789 | 12552663 |
|  |  | 38135987 |
| **Insurance — 2.6%** |  |  |
| Allstate Corp. | 19547 | 3935007 |
| Arch Capital Group Ltd. | 36868 | 3356831 |
| Chubb Ltd. | 5434 | 1574338 |
| Everest Group Ltd. | 2566 | 872055 |
| Hartford Insurance Group, Inc. | 38764 | 4917989 |
| Progressive Corp. | 81002 | 21616194 |
| Travelers Cos., Inc. | 18635 | 4985608 |
| W.R. Berkley Corp. | 47625 | 3499009 |
|  |  | 44757031 |
| **Interactive Media and Services — 7.1%** |  |  |
| Alphabet, Inc., Class A | 184476 | 32510206 |
| Alphabet, Inc., Class C | 205224 | 36404685 |
| Meta Platforms, Inc., Class A | 71182 | 52538722 |
|  |  | 121453613 |
| **IT Services — 2.6%** |  |  |
| Accenture PLC, Class A | 71864 | 21479431 |
| Cognizant Technology Solutions Corp., Class A | 38024 | 2967013 |
| GoDaddy, Inc., Class A<sup>(1)</sup> | 15568 | 2803174 |
| International Business Machines Corp. | 36000 | 10612080 |

---

------

Schedule of Investments - Equity Growth Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Twilio, Inc., Class A<sup>(1)</sup> | 21936 | $2727961 |
| VeriSign, Inc. | 11146 | 3218965 |
|  |  | 43808624 |
| **Life Sciences Tools and Services — 0.5%** |  |  |
| Agilent Technologies, Inc. | 42357 | 4998549 |
| Illumina, Inc.<sup>(1)</sup> | 26132 | 2493254 |
| IQVIA Holdings, Inc.<sup>(1)</sup> | 8725 | 1374973 |
|  |  | 8866776 |
| **Machinery — 1.9%** |  |  |
| AGCO Corp. | 9565 | 986725 |
| Caterpillar, Inc. | 54130 | 21013807 |
| Cummins, Inc. | 13809 | 4522448 |
| Donaldson Co., Inc. | 20160 | 1398096 |
| Fortive Corp. | 23251 | 1212075 |
| Otis Worldwide Corp. | 12515 | 1239235 |
| Parker-Hannifin Corp. | 3602 | 2515889 |
|  |  | 32888275 |
| **Oil, Gas and Consumable Fuels — 1.0%** |  |  |
| Exxon Mobil Corp. | 123186 | 13279451 |
| Valero Energy Corp. | 32150 | 4321603 |
|  |  | 17601054 |
| **Personal Care Products — 0.1%** |  |  |
| Estee Lauder Cos., Inc., Class A | 17910 | 1447128 |
| **Pharmaceuticals — 3.0%** |  |  |
| Bristol-Myers Squibb Co. | 420545 | 19467028 |
| Eli Lilly & Co. | 10714 | 8351885 |
| Johnson & Johnson | 150855 | 23043101 |
|  |  | 50862014 |
| **Professional Services — 0.9%** |  |  |
| Broadridge Financial Solutions, Inc. | 26874 | 6531188 |
| Genpact Ltd. | 18746 | 825012 |
| Leidos Holdings, Inc. | 30673 | 4838973 |
| SS&C Technologies Holdings, Inc. | 33028 | 2734718 |
|  |  | 14929891 |
| **Retail REITs — 0.2%** |  |  |
| Simon Property Group, Inc. | 23866 | 3836698 |
| **Semiconductors and Semiconductor Equipment — 13.5%** |  |  |
| Applied Materials, Inc. | 133509 | 24441493 |
| Broadcom, Inc. | 121814 | 33578029 |
| KLA Corp. | 10588 | 9484095 |
| Lam Research Corp. | 126026 | 12267371 |
| Monolithic Power Systems, Inc. | 2190 | 1601722 |
| NVIDIA Corp. | 836460 | 132152315 |
| QUALCOMM, Inc. | 113771 | 18119170 |
|  |  | 231644195 |
| **Software — 13.0%** |  |  |
| AppLovin Corp., Class A<sup>(1)</sup> | 6216 | 2176097 |
| Atlassian Corp., Class A<sup>(1)</sup> | 15812 | 3211259 |
| Autodesk, Inc.<sup>(1)</sup> | 13169 | 4076727 |
| Crowdstrike Holdings, Inc., Class A<sup>(1)</sup> | 19168 | 9762454 |
| Datadog, Inc., Class A<sup>(1)</sup> | 20604 | 2767735 |
| Fortinet, Inc.<sup>(1)</sup> | 132379 | 13995108 |
| Gen Digital, Inc. | 71765 | 2109891 |

---

------

Schedule of Investments - Equity Growth Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Intuit, Inc. | 33256 | $26193423 |
| Microsoft Corp. | 208562 | 103740825 |
| Nutanix, Inc., Class A<sup>(1)</sup> | 37702 | 2881941 |
| Palantir Technologies, Inc., Class A<sup>(1)</sup> | 57852 | 7886385 |
| Salesforce, Inc. | 82973 | 22625907 |
| ServiceNow, Inc.<sup>(1)</sup> | 14197 | 14595652 |
| Workday, Inc., Class A<sup>(1)</sup> | 30677 | 7362480 |
|  |  | 223385884 |
| **Specialized REITs — 0.1%** |  |  |
| Millrose Properties, Inc. | 4704 | 134111 |
| Public Storage | 8134 | 2386678 |
|  |  | 2520789 |
| **Specialty Retail — 3.3%** |  |  |
| Abercrombie & Fitch Co., Class A<sup>(1)</sup> | 20410 | 1690968 |
| Gap, Inc. | 101323 | 2209855 |
| Home Depot, Inc. | 65963 | 24184674 |
| Lowe's Cos., Inc. | 85402 | 18948142 |
| TJX Cos., Inc. | 27133 | 3350654 |
| Ulta Beauty, Inc.<sup>(1)</sup> | 2423 | 1133528 |
| Williams-Sonoma, Inc. | 26794 | 4377336 |
|  |  | 55895157 |
| **Technology Hardware, Storage and Peripherals — 5.8%** |  |  |
| Apple, Inc. | 465200 | 95445084 |
| Hewlett Packard Enterprise Co. | 132524 | 2710116 |
| Pure Storage, Inc., Class A<sup>(1)</sup> | 23231 | 1337641 |
|  |  | 99492841 |
| **Textiles, Apparel and Luxury Goods — 1.0%** |  |  |
| Lululemon Athletica, Inc.<sup>(1)</sup> | 8974 | 2132043 |
| NIKE, Inc., Class B | 203681 | 14469498 |
|  |  | 16601541 |
| **Trading Companies and Distributors — 0.9%** |  |  |
| Core & Main, Inc., Class A<sup>(1)</sup> | 49405 | 2981592 |
| Ferguson Enterprises, Inc. | 13901 | 3026943 |
| United Rentals, Inc. | 8513 | 6413694 |
| WESCO International, Inc. | 15522 | 2874674 |
|  |  | 15296903 |
| **TOTAL COMMON STOCKS**<br>(Cost $1,089,049,600) |  | **1704355125** |
| **SHORT-TERM INVESTMENTS — 0.7%** |  |  |
| **Money Market Funds — 0.0%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 43795 | 43795 |
| **Repurchase Agreements — 0.7%** |  |  |
| BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 3.75%, 12/31/28, valued at $1,275,818), in a joint trading account at 4.35%, dated 6/30/25, due 7/1/25 (Delivery value $1,250,758) |  | 1250607 |
| Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 4.00%, 12/15/27, valued at $9,883,853), at 4.39%, dated 6/30/25, due 7/1/25 (Delivery value $9,691,182) |  | 9690000 |
|  |  | 10940607 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $10,984,402) |  | **10984402** |
| **TOTAL INVESTMENT SECURITIES — 100.1%**<br>(Cost $1,100,034,002) |  | **1715339527** |
| **OTHER ASSETS AND LIABILITIES — (0.1)%** |  | **(1182824)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**1714156703** |

---

------

Schedule of Investments - Equity Growth Fund

**NOTES TO SCHEDULE OF INVESTMENTS**

(1)Non-income producing.

**FAIR VALUE MEASUREMENTS**

The following is a summary of the fund's valuation inputs as of period end.

---

| | | | |
|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** |
| **Assets** | | | |
| **Investment Securities** | | | |
| Common Stocks | $1704355125 |  |  |
| Short-Term Investments | 43795 | $10940607 |  |
|  | $1704398920 | $10940607 |  |

---

See Notes to Financial Statements.

------

Schedule of Investments - Global Gold Fund

**JUNE 30, 2025**

---

| | | |
|:---|:---|:---|
|<br>**COMMON STOCKS — 99.6%** | **Shares**<br> | **Value**<br> |
| **Australia — 15.0%** | | |
| Capricorn Metals Ltd.<sup>(1)</sup> | 2951100 | $18797053 |
| Evolution Mining Ltd. | 4455697 | 23197668 |
| Genesis Minerals Ltd.<sup>(1)</sup> | 819300 | 2355397 |
| Gold Road Resources Ltd. | 4630900 | 10060188 |
| Northern Star Resources Ltd. | 3438717 | 42475507 |
| Perseus Mining Ltd. | 8519300 | 19348939 |
| Ramelius Resources Ltd. | 3851800 | 6485958 |
| Regis Resources Ltd.<sup>(1)</sup> | 5592200 | 16413474 |
| Resolute Mining Ltd.<sup>(1)</sup> | 10272400 | 4184911 |
| West African Resources Ltd.<sup>(1)</sup> | 6196700 | 9412768 |
| Westgold Resources Ltd. | 3167900 | 6061103 |
|  |  | 158792966 |
| **Canada — 50.8%** |  |  |
| Agnico Eagle Mines Ltd. | 526573 | 62625327 |
| Alamos Gold, Inc., Class A | 1403300 | 37271648 |
| Allied Gold Corp.<sup>(1)</sup> | 188500 | 2530406 |
| Aya Gold & Silver, Inc.<sup>(1)(2)</sup> | 247600 | 2227354 |
| B2Gold Corp. | 6083700 | 21962157 |
| Barrick Mining Corp. | 2106120 | 43849418 |
| Centerra Gold, Inc. | 576900 | 4155968 |
| Dundee Precious Metals, Inc.<sup>(2)</sup> | 1260700 | 20256373 |
| Eldorado Gold Corp.<sup>(1)</sup> | 190200 | 3868668 |
| Endeavour Silver Corp.<sup>(1)(2)</sup> | 2740200 | 13481784 |
| Equinox Gold Corp.<sup>(1)</sup> | 985145 | 5686242 |
| Fortuna Mining Corp.<sup>(1)(2)</sup> | 952700 | 6230658 |
| Franco-Nevada Corp. | 245300 | 40209576 |
| G Mining Ventures Corp.<sup>(1)</sup> | 181100 | 2364574 |
| IAMGOLD Corp.<sup>(1)</sup> | 3302300 | 24271905 |
| K92 Mining, Inc.<sup>(1)</sup> | 1771600 | 19982945 |
| Kinross Gold Corp. | 3644857 | 56969115 |
| Lundin Gold, Inc. | 123600 | 6526044 |
| Mandalay Resources Corp.<sup>(1)</sup> | 746200 | 2630263 |
| New Gold, Inc.<sup>(1)</sup> | 1100000 | 5445000 |
| Novagold Resources, Inc.<sup>(1)</sup> | 579200 | 2381876 |
| OceanaGold Corp. | 1606866 | 22679614 |
| OR Royalties, Inc. | 565200 | 14531292 |
| Orla Mining Ltd.<sup>(1)(2)</sup> | 394500 | 3963106 |
| Pan American Silver Corp. | 967963 | 27490149 |
| Rupert Resources Ltd.<sup>(1)</sup> | 413300 | 1450761 |
| SSR Mining, Inc.<sup>(1)</sup> | 343300 | 4373642 |
| Torex Gold Resources, Inc.<sup>(1)</sup> | 586264 | 19123809 |
| Triple Flag Precious Metals Corp. | 244100 | 5788132 |
| Victoria Gold Corp./Vancouver<sup>(1)(2)</sup> | 473000 | 41682 |
| Wheaton Precious Metals Corp. | 602800 | 54131440 |
|  |  | 538500928 |
| **China — 7.1%** |  |  |
| Zhaojin Mining Industry Co. Ltd., H Shares | 5766000 | 15156385 |
| Zijin Mining Group Co. Ltd., H Shares | 23514000 | 60473556 |
|  |  | 75629941 |

---

------

Schedule of Investments - Global Gold Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Japan — 0.2%** |  |  |
| ARE Holdings, Inc. | 160600 | $2007777 |
| **Peru — 0.4%** |  |  |
| Cia de Minas Buenaventura SAA, ADR | 250200 | 4108284 |
| **South Africa — 13.3%** |  |  |
| Anglogold Ashanti PLC (New York) | 955122 | 43524909 |
| DRDGOLD Ltd., ADR | 923000 | 12303590 |
| Gold Fields Ltd., ADR | 1897800 | 44920926 |
| Harmony Gold Mining Co. Ltd., ADR | 2277200 | 31812484 |
| Impala Platinum Holdings Ltd.<sup>(1)</sup> | 391800 | 3520420 |
| Northam Platinum Holdings Ltd.<sup>(2)</sup> | 404500 | 4397574 |
|  |  | 140479903 |
| **United Kingdom — 3.7%** |  |  |
| Endeavour Mining PLC | 1128004 | 34782367 |
| Hochschild Mining PLC | 1328600 | 4682974 |
|  |  | 39465341 |
| **United States — 9.1%** |  |  |
| Coeur Mining, Inc.<sup>(1)</sup> | 755900 | 6697274 |
| Hecla Mining Co. | 1087400 | 6513526 |
| Newmont Corp. | 786480 | 45820325 |
| Royal Gold, Inc. | 211021 | 37527974 |
|  |  | 96559099 |
| **TOTAL COMMON STOCKS**<br>(Cost $475,881,428) |  | **1055544239** |
| **SHORT-TERM INVESTMENTS — 1.1%** |  |  |
| **Money Market Funds — 0.6%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 13092 | 13092 |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(3)</sup> | 6410577 | 6410577 |
|  |  | 6423669 |
| **Repurchase Agreements — 0.5%** |  |  |
| BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 3.75%, 12/31/28, valued at $556,358), in a joint trading account at 4.35%, dated 6/30/25, due 7/1/25 (Delivery value $545,429) |  | 545363 |
| Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 2.125%, 1/15/35, valued at $4,309,571), at 4.39%, dated 6/30/25, due 7/1/25 (Delivery value $4,225,515) |  | 4225000 |
|  |  | 4770363 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $11,194,032) |  | **11194032** |
| **TOTAL INVESTMENT SECURITIES — 100.7%**<br>(Cost $487,075,460) |  | **1066738271** |
| **OTHER ASSETS AND LIABILITIES — (0.7)%** |  | **(7165758)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**1059572513** |

---

---

| | | |
|:---|:---|:---|
| **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 $18,481,269. 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 $19,299,915, which includes securities collateral of $12,889,338.

------

Schedule of Investments - Global Gold Fund

**FAIR VALUE MEASUREMENTS**

The following is a summary of the fund's valuation inputs as of period end.

---

| | | | |
|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** |
| **Assets** | | | |
| **Investment Securities** | | | |
| Common Stocks |  |  |  |
| &nbsp;&nbsp;&nbsp;Australia |  | $158792966 |  |
| &nbsp;&nbsp;&nbsp;Canada | $416711779 | 121789149 |  |
| &nbsp;&nbsp;&nbsp;China |  | 75629941 |  |
| &nbsp;&nbsp;&nbsp;Japan |  | 2007777 |  |
| &nbsp;&nbsp;&nbsp;South Africa | 132561909 | 7917994 |  |
| &nbsp;&nbsp;&nbsp;United Kingdom |  | 39465341 |  |
| &nbsp;&nbsp;&nbsp;Other Countries | 100667383 |  |  |
| Short-Term Investments | 6423669 | 4770363 |  |
|  | $656364740 | $410373531 |  |

---

See Notes to Financial Statements.

------

Schedule of Investments - Small Company Fund

**JUNE 30, 2025** 

---

| | | |
|:---|:---|:---|
|<br>**COMMON STOCKS — 99.7%** | **Shares** | **Value** |
| **Aerospace and Defense — 0.3%** | | |
| Ducommun, Inc.<sup>(1)</sup> | 2272 | $187736 |
| V2X, Inc.<sup>(1)</sup> | 4375 | 212406 |
|  |  | 400142 |
| **Automobile Components — 0.5%** |  |  |
| American Axle & Manufacturing Holdings, Inc.<sup>(1)</sup> | 61089 | 249243 |
| Visteon Corp.<sup>(1)</sup> | 4795 | 447374 |
|  |  | 696617 |
| **Banks — 8.7%** |  |  |
| Bank of NT Butterfield & Son Ltd. | 20491 | 907341 |
| BankUnited, Inc. | 25314 | 900925 |
| Brookline Bancorp, Inc. | 58785 | 620182 |
| Byline Bancorp, Inc. | 13498 | 360802 |
| Cadence Bank | 14067 | 449863 |
| First BanCorp | 22321 | 464946 |
| First Financial Bancorp | 31827 | 772123 |
| First Financial Corp. | 4949 | 268186 |
| Fulton Financial Corp. | 40623 | 732839 |
| Hanmi Financial Corp. | 21574 | 532446 |
| Heritage Financial Corp. | 2776 | 66180 |
| Home BancShares, Inc. | 12871 | 366309 |
| Hope Bancorp, Inc. | 31362 | 336514 |
| Horizon Bancorp, Inc. | 14262 | 219350 |
| International Bancshares Corp. | 6049 | 402621 |
| Mercantile Bank Corp. | 4125 | 191441 |
| Metropolitan Bank Holding Corp.<sup>(1)</sup> | 7577 | 530390 |
| National Bank Holdings Corp., Class A | 7672 | 288544 |
| Northwest Bancshares, Inc. | 31079 | 397190 |
| OFG Bancorp | 16141 | 690835 |
| Old Second Bancorp, Inc. | 14803 | 262605 |
| Pathward Financial, Inc. | 7909 | 625760 |
| Peoples Bancorp, Inc. | 17328 | 529197 |
| Popular, Inc. | 3739 | 412075 |
| QCR Holdings, Inc. | 6509 | 441961 |
| Tompkins Financial Corp. | 4331 | 271684 |
| TriCo Bancshares | 6583 | 266546 |
| Veritex Holdings, Inc. | 10690 | 279009 |
| WaFd, Inc. | 1504 | 44037 |
|  |  | 12631901 |
| **Beverages — 0.3%** |  |  |
| Celsius Holdings, Inc.<sup>(1)</sup> | 9279 | 430453 |
| Coca-Cola Consolidated, Inc. | 595 | 66431 |
|  |  | 496884 |
| **Biotechnology — 5.7%** |  |  |
| ACADIA Pharmaceuticals, Inc.<sup>(1)</sup> | 72605 | 1566090 |
| Alkermes PLC<sup>(1)</sup> | 40012 | 1144743 |
| Anavex Life Sciences Corp.<sup>(1)(2)</sup> | 14667 | 135230 |
| Aurinia Pharmaceuticals, Inc.<sup>(1)</sup> | 68381 | 579187 |
| BioCryst Pharmaceuticals, Inc.<sup>(1)</sup> | 12081 | 108246 |
| Catalyst Pharmaceuticals, Inc.<sup>(1)</sup> | 38438 | 834105 |
| Dynavax Technologies Corp.<sup>(1)</sup> | 55926 | 554786 |

---

------

Schedule of Investments - Small Company Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Halozyme Therapeutics, Inc.<sup>(1)</sup> | 6583 | $342448 |
| Intellia Therapeutics, Inc.<sup>(1)(2)</sup> | 11533 | 108179 |
| Kiniksa Pharmaceuticals International PLC<sup>(1)</sup> | 20333 | 562614 |
| MiMedx Group, Inc.<sup>(1)</sup> | 43932 | 268424 |
| Protagonist Therapeutics, Inc.<sup>(1)</sup> | 4934 | 272702 |
| PTC Therapeutics, Inc.<sup>(1)</sup> | 13176 | 643516 |
| SpringWorks Therapeutics, Inc.<sup>(1)</sup> | 3324 | 156195 |
| Ultragenyx Pharmaceutical, Inc.<sup>(1)</sup> | 10042 | 365127 |
| Veracyte, Inc.<sup>(1)</sup> | 10572 | 285761 |
| Zymeworks, Inc.<sup>(1)</sup> | 27205 | 341423 |
|  |  | 8268776 |
| **Building Products — 1.6%** |  |  |
| American Woodmark Corp.<sup>(1)</sup> | 3660 | 195334 |
| Apogee Enterprises, Inc. | 7753 | 314772 |
| Griffon Corp. | 1037 | 75048 |
| Janus International Group, Inc.<sup>(1)</sup> | 65795 | 535571 |
| Resideo Technologies, Inc.<sup>(1)</sup> | 21668 | 477996 |
| UFP Industries, Inc. | 7808 | 775803 |
|  |  | 2374524 |
| **Capital Markets — 4.5%** |  |  |
| Acadian Asset Management, Inc. | 13830 | 487369 |
| Artisan Partners Asset Management, Inc., Class A | 32732 | 1451009 |
| Cohen & Steers, Inc. | 13852 | 1043748 |
| Hamilton Lane, Inc., Class A | 9100 | 1293292 |
| Perella Weinberg Partners | 3918 | 76088 |
| PJT Partners, Inc., Class A | 11981 | 1976985 |
| Stifel Financial Corp. | 129 | 13388 |
| Victory Capital Holdings, Inc., Class A | 2030 | 129250 |
|  |  | 6471129 |
| **Chemicals — 1.3%** |  |  |
| Ecovyst, Inc.<sup>(1)</sup> | 42275 | 347923 |
| Ingevity Corp.<sup>(1)</sup> | 5163 | 222474 |
| Perimeter Solutions, Inc.<sup>(1)</sup> | 4649 | 64714 |
| Scotts Miracle-Gro Co. | 18433 | 1215841 |
|  |  | 1850952 |
| **Commercial Services and Supplies — 1.1%** |  |  |
| ABM Industries, Inc. | 6828 | 322350 |
| BrightView Holdings, Inc.<sup>(1)</sup> | 9280 | 154512 |
| Brink's Co. | 1708 | 152507 |
| CoreCivic, Inc.<sup>(1)</sup> | 16543 | 348561 |
| Deluxe Corp. | 12617 | 200736 |
| Steelcase, Inc., Class A | 33261 | 346912 |
| Vestis Corp. | 15931 | 91285 |
|  |  | 1616863 |
| **Communications Equipment — 2.7%** |  |  |
| ADTRAN Holdings, Inc.<sup>(1)</sup> | 38904 | 348969 |
| Calix, Inc.<sup>(1)</sup> | 30067 | 1599264 |
| CommScope Holding Co., Inc.<sup>(1)</sup> | 13666 | 113154 |
| Extreme Networks, Inc.<sup>(1)</sup> | 23694 | 425307 |
| NetScout Systems, Inc.<sup>(1)</sup> | 34969 | 867581 |
| Viavi Solutions, Inc.<sup>(1)</sup> | 55657 | 560466 |
|  |  | 3914741 |

---

------

Schedule of Investments - Small Company Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Construction and Engineering — 4.8%** | | |
| Argan, Inc. | 1075 | $237016 |
| EMCOR Group, Inc. | 2210 | 1182107 |
| Granite Construction, Inc. | 14534 | 1359074 |
| IES Holdings, Inc.<sup>(1)</sup> | 394 | 116715 |
| Primoris Services Corp. | 11782 | 918289 |
| Sterling Infrastructure, Inc.<sup>(1)</sup> | 10243 | 2363367 |
| Tutor Perini Corp.<sup>(1)</sup> | 13388 | 626291 |
| Valmont Industries, Inc. | 685 | 223700 |
|  |  | 7026559 |
| **Consumer Finance — 2.0%** |  |  |
| Dave, Inc.<sup>(1)</sup> | 608 | 163193 |
| Enova International, Inc.<sup>(1)</sup> | 14208 | 1584476 |
| FirstCash Holdings, Inc. | 3947 | 533398 |
| OneMain Holdings, Inc. | 4646 | 264822 |
| World Acceptance Corp.<sup>(1)</sup> | 1726 | 284997 |
|  |  | 2830886 |
| **Consumer Staples Distribution & Retail — 1.1%** |  |  |
| Sprouts Farmers Market, Inc.<sup>(1)</sup> | 7072 | 1164334 |
| United Natural Foods, Inc.<sup>(1)</sup> | 13704 | 319440 |
| Weis Markets, Inc. | 1692 | 122653 |
|  |  | 1606427 |
| **Diversified Consumer Services — 2.3%** |  |  |
| Coursera, Inc.<sup>(1)</sup> | 65155 | 570758 |
| Frontdoor, Inc.<sup>(1)</sup> | 31005 | 1827435 |
| Graham Holdings Co., Class B | 339 | 320751 |
| Perdoceo Education Corp. | 10304 | 336838 |
| Udemy, Inc.<sup>(1)</sup> | 47458 | 333630 |
|  |  | 3389412 |
| **Diversified REITs — 0.3%** |  |  |
| American Assets Trust, Inc. | 25100 | 495725 |
| **Diversified Telecommunication Services — 0.4%** |  |  |
| IDT Corp., Class B | 7337 | 501264 |
| Liberty Latin America Ltd., Class C<sup>(1)</sup> | 22802 | 141828 |
|  |  | 643092 |
| **Electric Utilities — 0.2%** |  |  |
| ALLETE, Inc. | 1730 | 110841 |
| MGE Energy, Inc. | 1277 | 112938 |
|  |  | 223779 |
| **Electrical Equipment — 2.5%** |  |  |
| American Superconductor Corp.<sup>(1)</sup> | 5053 | 185395 |
| Array Technologies, Inc.<sup>(1)</sup> | 76792 | 453073 |
| Atkore, Inc. | 17931 | 1265032 |
| EnerSys | 2475 | 212281 |
| NEXTracker, Inc., Class A<sup>(1)</sup> | 8293 | 450890 |
| Powell Industries, Inc.<sup>(2)</sup> | 4765 | 1002794 |
| Vicor Corp.<sup>(1)</sup> | 1518 | 68856 |
|  |  | 3638321 |
| **Electronic Equipment, Instruments and Components — 2.4%** |  |  |
| Arlo Technologies, Inc.<sup>(1)</sup> | 49039 | 831701 |
| Benchmark Electronics, Inc. | 12959 | 503198 |
| Daktronics, Inc.<sup>(1)(2)</sup> | 10573 | 159864 |
| FARO Technologies, Inc.<sup>(1)</sup> | 10393 | 456461 |

---

------

Schedule of Investments - Small Company Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Ouster, Inc.<sup>(1)</sup> | 4512 | $109416 |
| PC Connection, Inc. | 3659 | 240689 |
| ScanSource, Inc.<sup>(1)</sup> | 4476 | 187142 |
| TTM Technologies, Inc.<sup>(1)</sup> | 24147 | 985680 |
|  |  | 3474151 |
| **Energy Equipment and Services — 0.9%** |  |  |
| Liberty Energy, Inc. | 58547 | 672120 |
| Weatherford International PLC | 12955 | 651766 |
|  |  | 1323886 |
| **Entertainment — 0.3%** |  |  |
| Playtika Holding Corp. | 82111 | 388385 |
| **Financial Services — 2.3%** |  |  |
| Essent Group Ltd. | 12184 | 739934 |
| Flywire Corp.<sup>(1)</sup> | 33516 | 392137 |
| NMI Holdings, Inc., Class A<sup>(1)</sup> | 11100 | 468309 |
| Radian Group, Inc. | 20728 | 746623 |
| Remitly Global, Inc.<sup>(1)</sup> | 54784 | 1028296 |
|  |  | 3375299 |
| **Food Products — 0.3%** |  |  |
| Dole PLC | 16976 | 237494 |
| Fresh Del Monte Produce, Inc. | 7864 | 254951 |
|  |  | 492445 |
| **Gas Utilities — 0.3%** |  |  |
| UGI Corp. | 12499 | 455214 |
| **Ground Transportation — 0.3%** |  |  |
| Ryder System, Inc. | 2889 | 459351 |
| **Health Care Equipment and Supplies — 2.3%** |  |  |
| AtriCure, Inc.<sup>(1)</sup> | 16872 | 552895 |
| Avanos Medical, Inc.<sup>(1)</sup> | 23387 | 286257 |
| Dentsply Sirona, Inc. | 25085 | 398350 |
| Inmode Ltd.<sup>(1)</sup> | 17450 | 251978 |
| Lantheus Holdings, Inc.<sup>(1)</sup> | 7287 | 596514 |
| LivaNova PLC<sup>(1)</sup> | 8175 | 368038 |
| Merit Medical Systems, Inc.<sup>(1)</sup> | 3094 | 289227 |
| Omnicell, Inc.<sup>(1)</sup> | 15142 | 445175 |
| Tandem Diabetes Care, Inc.<sup>(1)</sup> | 4193 | 78158 |
|  |  | 3266592 |
| **Health Care Providers and Services — 4.0%** |  |  |
| AdaptHealth Corp.<sup>(1)</sup> | 46450 | 438024 |
| Addus HomeCare Corp.<sup>(1)</sup> | 4786 | 551299 |
| Hims & Hers Health, Inc.<sup>(1)(2)</sup> | 41234 | 2055515 |
| Option Care Health, Inc.<sup>(1)</sup> | 49693 | 1614029 |
| Owens & Minor, Inc.<sup>(1)</sup> | 37123 | 337819 |
| Progyny, Inc.<sup>(1)</sup> | 34431 | 757482 |
|  |  | 5754168 |
| **Health Care REITs — 0.6%** |  |  |
| CareTrust REIT, Inc. | 18637 | 570292 |
| Diversified Healthcare Trust | 83979 | 300645 |
|  |  | 870937 |
| **Health Care Technology — 1.1%** |  |  |
| Phreesia, Inc.<sup>(1)</sup> | 28191 | 802316 |
| Schrodinger, Inc.<sup>(1)</sup> | 14902 | 299828 |

---

------

Schedule of Investments - Small Company Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Teladoc Health, Inc.<sup>(1)</sup> | 54612 | $475671 |
|  |  | 1577815 |
| **Hotel & Resort REITs — 0.8%** |  |  |
| DiamondRock Hospitality Co. | 107316 | 822041 |
| Ryman Hospitality Properties, Inc. | 2996 | 295615 |
|  |  | 1117656 |
| **Hotels, Restaurants and Leisure — 1.7%** |  |  |
| Everi Holdings, Inc.<sup>(1)</sup> | 20983 | 298798 |
| Global Business Travel Group I<sup>(1)</sup> | 62687 | 394928 |
| Monarch Casino & Resort, Inc. | 2573 | 222410 |
| Rush Street Interactive, Inc.<sup>(1)</sup> | 27933 | 416202 |
| Sabre Corp.<sup>(1)</sup> | 126422 | 399493 |
| Super Group SGHC Ltd. | 56073 | 615121 |
| Texas Roadhouse, Inc. | 727 | 136247 |
|  |  | 2483199 |
| **Household Durables — 2.9%** |  |  |
| Cavco Industries, Inc.<sup>(1)</sup> | 3805 | 1653006 |
| Champion Homes, Inc.<sup>(1)</sup> | 5676 | 355374 |
| KB Home | 4531 | 240007 |
| La-Z-Boy, Inc. | 7585 | 281934 |
| Leggett & Platt, Inc. | 13039 | 116308 |
| M/I Homes, Inc.<sup>(1)</sup> | 3716 | 416638 |
| Sonos, Inc.<sup>(1)</sup> | 29354 | 317317 |
| Taylor Morrison Home Corp.<sup>(1)</sup> | 12602 | 774015 |
|  |  | 4154599 |
| **Insurance — 4.3%** |  |  |
| CNO Financial Group, Inc. | 13793 | 532134 |
| Employers Holdings, Inc. | 10569 | 498645 |
| Goosehead Insurance, Inc., Class A | 9070 | 956976 |
| Horace Mann Educators Corp. | 15708 | 674973 |
| Kinsale Capital Group, Inc. | 3723 | 1801559 |
| Palomar Holdings, Inc.<sup>(1)</sup> | 10575 | 1631194 |
| Stewart Information Services Corp. | 2290 | 149079 |
|  |  | 6244560 |
| **Interactive Media and Services — 1.2%** |  |  |
| Cargurus, Inc.<sup>(1)</sup> | 24350 | 814995 |
| Match Group, Inc. | 5652 | 174590 |
| Vimeo, Inc.<sup>(1)</sup> | 43751 | 176754 |
| Yelp, Inc.<sup>(1)</sup> | 17823 | 610794 |
|  |  | 1777133 |
| **Leisure Products — 0.1%** |  |  |
| Peloton Interactive, Inc., Class A<sup>(1)</sup> | 29074 | 201774 |
| **Life Sciences Tools and Services — 0.8%** |  |  |
| 10X Genomics, Inc., Class A<sup>(1)</sup> | 46831 | 542303 |
| Charles River Laboratories International, Inc.<sup>(1)</sup> | 1574 | 238823 |
| Mesa Laboratories, Inc. | 2657 | 250343 |
| Niagen Bioscience, Inc.<sup>(1)</sup> | 12444 | 179318 |
|  |  | 1210787 |
| **Machinery — 2.3%** |  |  |
| Blue Bird Corp.<sup>(1)</sup> | 20409 | 880852 |
| Hillenbrand, Inc. | 5935 | 119116 |
| Kennametal, Inc. | 6159 | 141411 |
| Mueller Industries, Inc. | 20639 | 1640181 |

---

------

Schedule of Investments - Small Company Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Proto Labs, Inc.<sup>(1)</sup> | 13147 | $526406 |
|  |  | 3307966 |
| **Marine Transportation — 0.4%** |  |  |
| Matson, Inc. | 5489 | 611200 |
| **Media — 0.7%** |  |  |
| Magnite, Inc.<sup>(1)</sup> | 36189 | 872878 |
| TEGNA, Inc. | 4284 | 71800 |
|  |  | 944678 |
| **Metals and Mining — 1.2%** |  |  |
| Commercial Metals Co. | 19488 | 953158 |
| Compass Minerals International, Inc.<sup>(1)</sup> | 3695 | 74233 |
| Constellium SE<sup>(1)</sup> | 46408 | 617226 |
| SunCoke Energy, Inc. | 11196 | 96174 |
|  |  | 1740791 |
| **Multi-Utilities — 0.5%** |  |  |
| Avista Corp. | 20859 | 791599 |
| **Office REITs — 0.5%** |  |  |
| Brandywine Realty Trust | 88406 | 379261 |
| Easterly Government Properties, Inc. | 3634 | 80675 |
| Paramount Group, Inc.<sup>(1)</sup> | 49749 | 303469 |
|  |  | 763405 |
| **Oil, Gas and Consumable Fuels — 2.7%** |  |  |
| Civitas Resources, Inc. | 9469 | 260587 |
| DHT Holdings, Inc. | 51104 | 552434 |
| HF Sinclair Corp. | 7833 | 321780 |
| Ovintiv, Inc. | 30156 | 1147436 |
| Par Pacific Holdings, Inc.<sup>(1)</sup> | 6348 | 168413 |
| REX American Resources Corp.<sup>(1)</sup> | 5030 | 245011 |
| Scorpio Tankers, Inc. | 22248 | 870564 |
| World Kinect Corp. | 10075 | 285626 |
|  |  | 3851851 |
| **Pharmaceuticals — 1.3%** |  |  |
| Amneal Pharmaceuticals, Inc.<sup>(1)</sup> | 67709 | 547766 |
| Collegium Pharmaceutical, Inc.<sup>(1)</sup> | 4348 | 128570 |
| Harmony Biosciences Holdings, Inc.<sup>(1)</sup> | 19467 | 615157 |
| Pacira BioSciences, Inc.<sup>(1)</sup> | 22769 | 544179 |
| Supernus Pharmaceuticals, Inc.<sup>(1)</sup> | 1778 | 56043 |
|  |  | 1891715 |
| **Professional Services — 3.8%** |  |  |
| CRA International, Inc. | 1191 | 223158 |
| Heidrick & Struggles International, Inc. | 8199 | 375186 |
| Legalzoom.com, Inc.<sup>(1)</sup> | 65569 | 584220 |
| Maximus, Inc. | 17548 | 1231870 |
| Planet Labs PBC<sup>(1)</sup> | 75575 | 461007 |
| Upwork, Inc.<sup>(1)</sup> | 51786 | 696004 |
| Verra Mobility Corp.<sup>(1)</sup> | 34727 | 881718 |
| WNS Holdings Ltd.<sup>(1)</sup> | 16322 | 1032203 |
|  |  | 5485366 |
| **Real Estate Management and Development — 0.5%** |  |  |
| Compass, Inc., Class A<sup>(1)</sup> | 92919 | 583531 |
| Cushman & Wakefield PLC<sup>(1)</sup> | 15029 | 166371 |
|  |  | 749902 |

---

------

Schedule of Investments - Small Company Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Retail REITs — 0.5%** | | |
| CBL & Associates Properties, Inc. | 11202 | $284419 |
| Macerich Co. | 7955 | 128712 |
| Tanger, Inc. | 11465 | 350599 |
|  |  | 763730 |
| **Semiconductors and Semiconductor Equipment — 2.7%** |  |  |
| Amkor Technology, Inc. | 18074 | 379373 |
| Cirrus Logic, Inc.<sup>(1)</sup> | 13681 | 1426313 |
| FormFactor, Inc.<sup>(1)</sup> | 5240 | 180308 |
| Impinj, Inc.<sup>(1)</sup> | 2260 | 251018 |
| Onto Innovation, Inc.<sup>(1)</sup> | 2294 | 231534 |
| Penguin Solutions, Inc.<sup>(1)</sup> | 25983 | 514723 |
| Rambus, Inc.<sup>(1)</sup> | 6647 | 425541 |
| Semtech Corp.<sup>(1)</sup> | 10698 | 482908 |
|  |  | 3891718 |
| **Software — 8.2%** |  |  |
| Adeia, Inc. | 29944 | 423408 |
| Alarm.com Holdings, Inc.<sup>(1)</sup> | 5849 | 330878 |
| Appfolio, Inc., Class A<sup>(1)</sup> | 2834 | 652614 |
| Appian Corp., Class A<sup>(1)</sup> | 4664 | 139267 |
| Asana, Inc., Class A<sup>(1)</sup> | 11707 | 158044 |
| BlackLine, Inc.<sup>(1)</sup> | 5421 | 306937 |
| Blend Labs, Inc., Class A<sup>(1)</sup> | 128385 | 423670 |
| Box, Inc., Class A<sup>(1)</sup> | 47938 | 1638041 |
| Clear Secure, Inc., Class A | 18727 | 519862 |
| Commvault Systems, Inc.<sup>(1)</sup> | 3861 | 673088 |
| LiveRamp Holdings, Inc.<sup>(1)</sup> | 32396 | 1070364 |
| PagerDuty, Inc.<sup>(1)</sup> | 33482 | 511605 |
| Pegasystems, Inc. | 14290 | 773518 |
| PROS Holdings, Inc.<sup>(1)</sup> | 3661 | 57331 |
| Q2 Holdings, Inc.<sup>(1)</sup> | 15284 | 1430430 |
| Rapid7, Inc.<sup>(1)</sup> | 14466 | 334599 |
| RingCentral, Inc., Class A<sup>(1)</sup> | 30440 | 862974 |
| SPS Commerce, Inc.<sup>(1)</sup> | 4228 | 575389 |
| Tenable Holdings, Inc.<sup>(1)</sup> | 15512 | 523995 |
| UiPath, Inc., Class A<sup>(1)</sup> | 6114 | 78259 |
| Yext, Inc.<sup>(1)</sup> | 53942 | 458507 |
|  |  | 11942780 |
| **Specialized REITs — 0.2%** |  |  |
| Outfront Media, Inc. | 14164 | 231157 |
| Uniti Group, Inc.<sup>(1)</sup> | 12882 | 55650 |
|  |  | 286807 |
| **Specialty Retail — 2.8%** |  |  |
| Abercrombie & Fitch Co., Class A<sup>(1)</sup> | 9837 | 814996 |
| American Eagle Outfitters, Inc. | 57092 | 549225 |
| Group 1 Automotive, Inc. | 1168 | 510077 |
| RealReal, Inc.<sup>(1)</sup> | 51414 | 246273 |
| Signet Jewelers Ltd. | 13395 | 1065572 |
| Warby Parker, Inc., Class A<sup>(1)</sup> | 40735 | 893319 |
|  |  | 4079462 |
| **Textiles, Apparel and Luxury Goods — 1.0%** |  |  |
| Crocs, Inc.<sup>(1)</sup> | 9086 | 920230 |
| G-III Apparel Group Ltd.<sup>(1)</sup> | 19629 | 439690 |

---

------

Schedule of Investments - Small Company Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Kontoor Brands, Inc. | 1099 | $72501 |
|  |  | 1432421 |
| **Trading Companies and Distributors — 3.0%** |  |  |
| Core & Main, Inc., Class A<sup>(1)</sup> | 19671 | 1187145 |
| DNOW, Inc.<sup>(1)</sup> | 53804 | 797913 |
| DXP Enterprises, Inc.<sup>(1)</sup> | 3548 | 310982 |
| MRC Global, Inc.<sup>(1)</sup> | 43441 | 595576 |
| WESCO International, Inc. | 8159 | 1511047 |
|  |  | 4402663 |
| **Wireless Telecommunication Services — 0.5%** |  |  |
| Telephone & Data Systems, Inc. | 19860 | 706619 |
| **TOTAL COMMON STOCKS**<br>(Cost $117,588,448) |  | **144849354** |
| **RIGHTS — 0.0%** |  |  |
| **Biotechnology — 0.0%** |  |  |
| Poseida Therapeutics, Inc.<sup>(1)(2)</sup><br>(Cost $15,546) | 31092 | **15546** |
| **SHORT-TERM INVESTMENTS — 0.6%** |  |  |
| **Money Market Funds — 0.2%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 1846 | 1846 |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(3)</sup> | 331111 | 331111 |
|  |  | 332957 |
| **Repurchase Agreements — 0.4%** |  |  |
| BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 3.75%, 12/31/28, valued at $64,567), in a joint trading account at 4.35%, dated 6/30/25, due 7/1/25 (Delivery value $63,300) |  | 63292 |
| Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 4.00%, 12/15/27, valued at $499,902), at 4.39%, dated 6/30/25, due 7/1/25 (Delivery value $490,060) |  | 490000 |
|  |  | 553292 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $886,249) |  | **886249** |
| **TOTAL INVESTMENT SECURITIES — 100.3%**<br>(Cost $118,490,243) |  | **145751149** |
| **OTHER ASSETS AND LIABILITIES — (0.3)%** |  | **(384278)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**145366871** |

---

**NOTES TO SCHEDULE OF INVESTMENTS**

(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 $2,379,305. 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 $2,448,473, which includes securities collateral of $2,117,362.

**FAIR VALUE MEASUREMENTS**

The following is a summary of the fund's valuation inputs as of period end.

---

| | | | |
|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** |
| **Assets** | | | |
| **Investment Securities** | | | |
| Common Stocks | $144849354 |  |  |
| Rights | 15546 |  |  |
| Short-Term Investments | 332957 | $553292 |  |
|  | $145197857 | $553292 |  |

---

See Notes to Financial Statements.

------

Schedule of Investments - Utilities Fund

**JUNE 30, 2025**

---

| | | |
|:---|:---|:---|
|<br>**COMMON STOCKS — 99.2%** | **Shares** | **Value** |
| **Construction and Engineering — 1.7%** | | |
| MDU Resources Group, Inc. | 291044 | $4851704 |
| **Electric Utilities — 51.7%** |  |  |
| American Electric Power Co., Inc. | 106057 | 11004474 |
| Constellation Energy Corp. | 43073 | 13902241 |
| Duke Energy Corp. | 197688 | 23327184 |
| Edison International | 83548 | 4311077 |
| Entergy Corp. | 38455 | 3196380 |
| Evergy, Inc. | 121132 | 8349629 |
| Eversource Energy | 69226 | 4404158 |
| Exelon Corp. | 306989 | 13329462 |
| FirstEnergy Corp. | 26906 | 1083236 |
| NextEra Energy, Inc. | 339595 | 23574685 |
| NRG Energy, Inc. | 41005 | 6584583 |
| PG&E Corp. | 478857 | 6675267 |
| Portland General Electric Co. | 118250 | 4804497 |
| PPL Corp. | 35236 | 1194148 |
| Southern Co. | 147943 | 13585606 |
| Xcel Energy, Inc. | 58402 | 3977176 |
|  |  | 143303803 |
| **Gas Utilities — 8.8%** |  |  |
| Atmos Energy Corp. | 31744 | 4892068 |
| New Jersey Resources Corp. | 106893 | 4790944 |
| Northwest Natural Holding Co. | 122411 | 4862165 |
| ONE Gas, Inc. | 66381 | 4770139 |
| Southwest Gas Holdings, Inc. | 68344 | 5084110 |
|  |  | 24399426 |
| **Independent Power Producers and Energy Traders — 9.3%** |  |  |
| AES Corp. | 630482 | 6632670 |
| Vistra Corp. | 98170 | 19026328 |
|  |  | 25658998 |
| **Multi-Utilities — 19.7%** |  |  |
| Ameren Corp. | 53922 | 5178669 |
| Avista Corp. | 129946 | 4931451 |
| CenterPoint Energy, Inc. | 128498 | 4721016 |
| CMS Energy Corp. | 15757 | 1091645 |
| Consolidated Edison, Inc. | 31082 | 3119079 |
| Dominion Energy, Inc. | 232775 | 13156443 |
| DTE Energy Co. | 78051 | 10338635 |
| Public Service Enterprise Group, Inc. | 52888 | 4452112 |
| Sempra | 62292 | 4719865 |
| WEC Energy Group, Inc. | 28217 | 2940211 |
|  |  | 54649126 |
| **Renewable Electricity — 3.9%** |  |  |
| Brookfield Renewable Corp. | 166250 | 5449675 |
| Clearway Energy, Inc., Class C | 167745 | 5367840 |
|  |  | 10817515 |
| **Water Utilities — 4.1%** |  |  |
| American Water Works Co., Inc. | 11570 | 1609503 |
| Essential Utilities, Inc. | 124168 | 4611599 |

---

------

Schedule of Investments - Utilities Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| H2O America | 96408 | $5010324 |
|  |  | 11231426 |
| **TOTAL COMMON STOCKS**<br>(Cost $211,784,559) |  | **274911998** |
| **SHORT-TERM INVESTMENTS — 0.7%** |  |  |
| **Money Market Funds — 0.0%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 6118 | 6118 |
| **Repurchase Agreements — 0.7%** |  |  |
| BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 3.75%, 12/31/28, valued at $242,088), in a joint trading account at 4.35%, dated 6/30/25, due 7/1/25 (Delivery value $237,333) |  | 237304 |
| Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 4.00%, 12/15/27, valued at $1,874,879), at 4.39%, dated 6/30/25, due 7/1/25 (Delivery value $1,838,224) |  | 1838000 |
|  |  | 2075304 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $2,081,422) |  | **2081422** |
| **TOTAL INVESTMENT SECURITIES — 99.9%**<br>(Cost $213,865,981) |  | **276993420** |
| **OTHER ASSETS AND LIABILITIES — 0.1%** |  | **198070** |
| **TOTAL NET ASSETS — 100.0%** |  | $**277191490** |

---

**NOTES TO SCHEDULE OF INVESTMENTS**

**FAIR VALUE MEASUREMENTS**

The following is a summary of the fund's valuation inputs as of period end.

---

| | | | |
|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** |
| **Assets** | | | |
| **Investment Securities** | | | |
| Common Stocks | $274911998 |  |  |
| Short-Term Investments | 6118 | $2075304 |  |
|  | $274918116 | $2075304 |  |

---

See Notes to Financial Statements.

------

Statements of Assets and Liabilities

---

| | | |
|:---|:---|:---|
| **JUNE 30, 2025** | | |
| | **Disciplined Core Value Fund** | **Disciplined Growth Fund** |
| **Assets** | | |
| Investment securities, at value | $1891614605 | $454738313 |
| Receivable for capital shares sold | 302316 | 355601 |
| Dividends and interest receivable | 1768006 | 34193 |
|  | 1893684927 | 455128107 |
| **Liabilities** |  |  |
| Disbursements in excess of demand deposit cash | 117844 |  |
| Payable for capital shares redeemed | 1291407 | 400283 |
| Accrued management fees | 964330 | 315410 |
| Distribution and service fees payable | 35097 | 20490 |
|  | 2408678 | 736183 |
| **Net Assets** | $1891276249 | $454391924 |
| **Net Assets Consist of:** |  |  |
| Capital (par value and paid-in surplus) | $1526262897 | $155735236 |
| Distributable earnings (loss) | 365013352 | 298656688 |
|  | $1891276249 | $454391924 |
| Investment securities, at cost | $1581708224 | $195121187 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Class** | **Net Assets** | **Shares Outstanding** | **Net Asset Value Per Share** |
| **Disciplined Core Value Fund** | **Disciplined Core Value Fund** | **Disciplined Core Value Fund** | **Disciplined Core Value Fund** |
| Investor Class, $0.01 Par Value | $1553358194 | 41658409 | $37.29 |
| I Class, $0.01 Par Value | $158451146 | 4238705 | $37.38 |
| A Class, $0.01 Par Value | $135913159 | 3654772 | $37.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;Maximum Offering Price Per Share (net asset value divide by 0.9425) | &nbsp;&nbsp;&nbsp;&nbsp;Maximum Offering Price Per Share (net asset value divide by 0.9425) |  | $39.46 |
| C Class, $0.01 Par Value | $3682405 | 99364 | $37.06 |
| R Class, $0.01 Par Value | $10841859 | 290958 | $37.26 |
| R5 Class, $0.01 Par Value | $29029486 | 776207 | $37.40 |
| **Disciplined Growth Fund** | **Disciplined Growth Fund** | **Disciplined Growth Fund** | **Disciplined Growth Fund** |
| Investor Class, $0.01 Par Value | $290740229 | 12370319 | $23.50 |
| I Class, $0.01 Par Value | $81349872 | 3376412 | $24.09 |
| Y Class, $0.01 Par Value | $401409 | 16576 | $24.22 |
| A Class, $0.01 Par Value | $60911796 | 2718940 | $22.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;Maximum Offering Price Per Share (net asset value divide by 0.9425) | &nbsp;&nbsp;&nbsp;&nbsp;Maximum Offering Price Per Share (net asset value divide by 0.9425) |  | $23.77 |
| C Class, $0.01 Par Value | $1647179 | 95605 | $17.23 |
| R Class, $0.01 Par Value | $17910643 | 863027 | $20.75 |
| R5 Class, $0.01 Par Value | $1430796 | 59308 | $24.12 |

---

Maximum offering price per share was equal to the net asset value per share for all share classes, except A Class. The A Class may incur an initial sales charge and the A Class and C Class may be subject to a contingent deferred sales charge.

See Notes to Financial Statements.

------

Statements of Assets and Liabilities

---

| | | |
|:---|:---|:---|
| **JUNE 30, 2025** | | |
| | **Equity Growth Fund** | **Global Gold Fund** |
| **Assets** | | |
| Investment securities, at value | $1715339527 | $1060327694 |
| Investment made with cash collateral received for securities on loan, at value |  | 6410577 |
| Foreign currency holdings, at value |  | 36029 |
| Receivable for capital shares sold | 161129 | 3123798 |
| Dividends and interest receivable | 893570 | 84470 |
| Securities lending receivable |  | 4789 |
|  | 1716394226 | 1069987357 |
| **Liabilities** |  |  |
| Disbursements in excess of demand deposit cash | 23812 |  |
| Payable for collateral received for securities on loan |  | 6410577 |
| Payable for capital shares redeemed | 1316071 | 3429900 |
| Accrued management fees | 878521 | 562236 |
| Distribution and service fees payable | 19119 | 12131 |
|  | 2237523 | 10414844 |
| **Net Assets** | $1714156703 | $1059572513 |
| **Net Assets Consist of:** |  |  |
| Capital (par value and paid-in surplus) | $985105465 | $588076942 |
| Distributable earnings (loss) | 729051238 | 471495571 |
|  | $1714156703 | $1059572513 |
| Investment securities, at cost | $1100034002 | $480664883 |
| Investment securities on loan, at value |  | $18481269 |
| Investment made with cash collateral received for securities on loan, at cost |  | $6410577 |
| Foreign currency holdings, at cost |  | $36029 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Class** | **Net Assets** | **Shares Outstanding** | **Net Asset Value Per Share** |
| **Equity Growth Fund** | **Equity Growth Fund** | **Equity Growth Fund** | **Equity Growth Fund** |
| Investor Class, $0.01 Par Value | $1570392880 | 45084930 | $34.83 |
| I Class, $0.01 Par Value | $70110062 | 2009214 | $34.89 |
| A Class, $0.01 Par Value | $46961906 | 1351561 | $34.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;Maximum Offering Price Per Share (net asset value divide by 0.9425) | &nbsp;&nbsp;&nbsp;&nbsp;Maximum Offering Price Per Share (net asset value divide by 0.9425) |  | $36.87 |
| C Class, $0.01 Par Value | $995931 | 29678 | $33.56 |
| R Class, $0.01 Par Value | $22440727 | 645637 | $34.76 |
| R5 Class, $0.01 Par Value | $3255197 | 93267 | $34.90 |
| **Global Gold Fund** | **Global Gold Fund** | **Global Gold Fund** | **Global Gold Fund** |
| Investor Class, $0.01 Par Value | $940250267 | 49983653 | $18.81 |
| I Class, $0.01 Par Value | $82329982 | 4322587 | $19.05 |
| A Class, $0.01 Par Value | $24096183 | 1311944 | $18.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;Maximum Offering Price Per Share (net asset value divide by 0.9425) | &nbsp;&nbsp;&nbsp;&nbsp;Maximum Offering Price Per Share (net asset value divide by 0.9425) |  | $19.49 |
| C Class, $0.01 Par Value | $3348527 | 192877 | $17.36 |
| R Class, $0.01 Par Value | $9547554 | 526424 | $18.14 |

---

Maximum offering price per share was equal to the net asset value per share for all share classes, except A Class. The A Class may incur an initial sales charge and the A Class and C Class may be subject to a contingent deferred sales charge.

See Notes to Financial Statements.

------

Statements of Assets and Liabilities

---

| | | |
|:---|:---|:---|
| **JUNE 30, 2025** | **JUNE 30, 2025** | |
| | **Small Company Fund** | **Utilities Fund** |
| **Assets** | | |
| Investment securities, at value | $145420038 | $276993420 |
| Investment made with cash collateral received for securities on loan, at value | 331111 |  |
| Foreign currency holdings, at value |  | 13 |
| Receivable for capital shares sold | 7462 | 51915 |
| Dividends and interest receivable | 69478 | 336911 |
| Securities lending receivable | 1891 | 51 |
|  | 145829980 | 277382310 |
| **Liabilities** |  |  |
| Payable for collateral received for securities on loan | 331111 |  |
| Payable for capital shares redeemed | 31111 | 44063 |
| Accrued management fees | 98592 | 146757 |
| Distribution and service fees payable | 2295 |  |
|  | 463109 | 190820 |
| **Net Assets** | $145366871 | $277191490 |
| **Net Assets Consist of:** |  |  |
| Capital (par value and paid-in surplus) | $125438504 | $193667318 |
| Distributable earnings (loss) | 19928367 | 83524172 |
|  | $145366871 | $277191490 |
| Investment securities, at cost | $118159132 | $213865981 |
| Investment securities on loan, at value | $2379305 |  |
| Investment made with cash collateral received for securities on loan, at cost | $331111 |  |
| Foreign currency holdings, at cost |  | $12 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Class** | **Net Assets** | **Shares Outstanding** | **Net Asset Value Per Share** |
| **Small Company Fund** | **Small Company Fund** | **Small Company Fund** | **Small Company Fund** |
| Investor Class, $0.01 Par Value | $129669786 | 8062171 | $16.08 |
| I Class, $0.01 Par Value | $6760107 | 417451 | $16.19 |
| A Class, $0.01 Par Value | $6323204 | 406994 | $15.54 |
| &nbsp;&nbsp;&nbsp;&nbsp;Maximum Offering Price Per Share (net asset value divide by 0.9425) | &nbsp;&nbsp;&nbsp;&nbsp;Maximum Offering Price Per Share (net asset value divide by 0.9425) |  | $16.49 |
| C Class, $0.01 Par Value | $106731 | 7615 | $14.02 |
| R Class, $0.01 Par Value | $2104149 | 141153 | $14.91 |
| R5 Class, $0.01 Par Value | $402894 | 24848 | $16.21 |
| **Utilities Fund** | **Utilities Fund** | **Utilities Fund** | **Utilities Fund** |
| Investor Class, $0.01 Par Value | $277191490 | 14484591 | $19.14 |

---

Maximum offering price per share was equal to the net asset value per share for all share classes, except A Class. The A Class may incur an initial sales charge and the A Class and C Class may be subject to a contingent deferred sales charge.

See Notes to Financial Statements.

------

Statements of Operations

---

| | | |
|:---|:---|:---|
| **YEAR ENDED JUNE 30, 2025** | | |
| | **Disciplined Core Value Fund** | **Disciplined Growth Fund** |
| **Investment Income (Loss)** | | |
| **Income:** | | |
| Dividends | $38921284 | $2430117 |
| Interest | 499606 | 143311 |
| Less foreign taxes withheld | (6897) | (640) |
|  | 39413993 | 2572788 |
| **Expenses:** |  |  |
| Management fees | 12327243 | 4209532 |
| Distribution and service fees: |  |  |
| &nbsp;&nbsp;&nbsp;A Class | 367077 | 144340 |
| &nbsp;&nbsp;&nbsp;C Class | 41804 | 24918 |
| &nbsp;&nbsp;&nbsp;R Class | 58740 | 82936 |
| Directors' fees and expenses | 121784 | 26861 |
| Other expenses | 922 | 922 |
|  | 12917570 | 4489509 |
| Fees waived |  | (364013) |
|  | 12917570 | 4125496 |
| **Net investment income (loss)** | 26496423 | (1552708) |
| **Realized and Unrealized Gain (Loss)** |  |  |
| **Net realized gain (loss) on:** |  |  |
| Investment transactions | 180622892 | 57318399 |
| Futures contract transactions |  | 79425 |
|  | 180622892 | 57397824 |
| **Change in net unrealized appreciation (depreciation) on:** |  |  |
| Investments | (46998467) | 7332018 |
| Translation of assets and liabilities in foreign currencies | 18332 |  |
|  | (46980135) | 7332018 |
| **Net realized and unrealized gain (loss)** | 133642757 | 64729842 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $160139180 | $63177134 |

---

See Notes to Financial Statements.

------

Statements of Operations

---

| | | |
|:---|:---|:---|
| **YEAR ENDED JUNE 30, 2025** | | |
| | **Equity Growth Fund** | **Global Gold Fund** |
| **Investment Income (Loss)** | | |
| **Income:** | | |
| Dividends | $21811386 | $13663691 |
| Interest | 462938 | 278918 |
| Securities lending, net |  | 70195 |
| Less foreign taxes withheld | (15893) | (1294614) |
|  | 22258431 | 12718190 |
| **Expenses:** |  |  |
| Management fees | 10747657 | 5118414 |
| Distribution and service fees: |  |  |
| &nbsp;&nbsp;&nbsp;A Class | 122529 | 52068 |
| &nbsp;&nbsp;&nbsp;C Class | 10919 | 26257 |
| &nbsp;&nbsp;&nbsp;R Class | 105136 | 37137 |
| Directors' fees and expenses | 103373 | 48441 |
| Other expenses | 167 | 4990 |
|  | 11089781 | 5287307 |
| **Net investment income (loss)** | 11168650 | 7430883 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| **Net realized gain (loss) on:** |  |  |
| Investment transactions | 200560745 | 42028624 |
| Foreign currency translation transactions |  | (62126) |
|  | 200560745 | 41966498 |
| **Change in net unrealized appreciation (depreciation) on:** |  |  |
| Investments | (14305429) | 344301587 |
| Translation of assets and liabilities in foreign currencies | 26159 | (9) |
|  | (14279270) | 344301578 |
| **Net realized and unrealized gain (loss)** | 186281475 | 386268076 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $197450125 | $393698959 |

---

See Notes to Financial Statements.

------

Statements of Operations

---

| | | |
|:---|:---|:---|
| **YEAR ENDED JUNE 30, 2025** | **YEAR ENDED JUNE 30, 2025** | |
| | **Small Company Fund** | **Utilities Fund** |
| **Investment Income (Loss)** | | |
| **Income:** | | |
| Dividends | $1715410 | $8425660 |
| Interest | 39951 | 79912 |
| Securities lending, net | 53858 | 581 |
| Less foreign taxes withheld | (4949) | (9165) |
|  | 1804270 | 8496988 |
| **Expenses:** |  |  |
| Management fees | 1282232 | 1730428 |
| Distribution and service fees: |  |  |
| &nbsp;&nbsp;&nbsp;A Class | 16820 |  |
| &nbsp;&nbsp;&nbsp;C Class | 1887 |  |
| &nbsp;&nbsp;&nbsp;R Class | 11995 |  |
| Directors' fees and expenses | 9480 | 16357 |
| Other expenses |  | 596 |
|  | 1322414 | 1747381 |
| **Net investment income (loss)** | 481856 | 6749607 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| **Net realized gain (loss) on investment transactions** | 6271589 | 31558824 |
| **Change in net unrealized appreciation (depreciation) on:** |  |  |
| Investments | 665278 | 18282319 |
| Translation of assets and liabilities in foreign currencies |  | 772 |
|  | 665278 | 18283091 |
| **Net realized and unrealized gain (loss)** | 6936867 | 49841915 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $7418723 | $56591522 |

---

See Notes to Financial Statements.

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
| **YEARS ENDED JUNE 30, 2025 AND JUNE 30, 2024** | **YEARS ENDED JUNE 30, 2025 AND JUNE 30, 2024** | **YEARS ENDED JUNE 30, 2025 AND JUNE 30, 2024** | | |
| | **Disciplined Core Value Fund** | **Disciplined Core Value Fund** | **Disciplined Growth Fund** | **Disciplined Growth Fund** |
| **Increase (Decrease) in Net Assets** | **June 30, 2025** | **June 30, 2024** | **June 30, 2025** | **June 30, 2024** |
| **Operations** | | | | |
| Net investment income (loss) | $26496423 | $30096092 | $(1552708) | $194138 |
| Net realized gain (loss) | 180622892 | 124079285 | 57397824 | 275820541 |
| Change in net unrealized appreciation (depreciation) | (46980135) | 117372244 | 7332018 | (123555805) |
| Net increase (decrease) in net assets resulting from operations | 160139180 | 271547621 | 63177134 | 152458874 |
| **Distributions to Shareholders** |  |  |  |  |
| From earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (22539846) | (24810893) | (93358386) | (99698) |
| &nbsp;&nbsp;&nbsp;I Class | (2880538) | (3703645) | (29983980) | (39707) |
| &nbsp;&nbsp;&nbsp;Y Class |  |  | (170220) | (390) |
| &nbsp;&nbsp;&nbsp;A Class | (1692103) | (2125672) | (19891592) | (10054) |
| &nbsp;&nbsp;&nbsp;C Class | (16580) | (29992) | (1164007) |  |
| &nbsp;&nbsp;&nbsp;R Class | (106311) | (150608) | (5680778) |  |
| &nbsp;&nbsp;&nbsp;R5 Class | (504868) | (712572) | (393269) | (689) |
| &nbsp;&nbsp;&nbsp;G Class |  |  |  | (1726883) |
| Decrease in net assets from distributions | (27740246) | (31533382) | (150642232) | (1877421) |
| **Capital Share Transactions** |  |  |  |  |
| Net increase (decrease) in net assets from capital share transactions (Note 5) | (231044139) | (403218097) | 94564663 | (599184003) |
| **Net increase (decrease) in net assets** | (98645205) | (163203858) | 7099565 | (448602550) |
| **Net Assets** |  |  |  |  |
| Beginning of period | 1989921454 | 2153125312 | 447292359 | 895894909 |
| End of period | $1891276249 | $1989921454 | $454391924 | $447292359 |

---

See Notes to Financial Statements.

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
| **YEARS ENDED JUNE 30, 2025 AND JUNE 30, 2024** | **YEARS ENDED JUNE 30, 2025 AND JUNE 30, 2024** | **YEARS ENDED JUNE 30, 2025 AND JUNE 30, 2024** | | |
| | **Equity Growth Fund** | **Equity Growth Fund** | **Global Gold Fund** | **Global Gold Fund** |
| **Increase (Decrease) in Net Assets** | **June 30, 2025** | **June 30, 2024** | **June 30, 2025** | **June 30, 2024** |
| **Operations** | | | | |
| Net investment income (loss) | $11168650 | $11825946 | $7430883 | $7679169 |
| Net realized gain (loss) | 200560745 | 174473643 | 41966498 | 1425655 |
| Change in net unrealized appreciation (depreciation) | (14279270) | 177965738 | 344301578 | 90183465 |
| Net increase (decrease) in net assets resulting from operations | 197450125 | 364265327 | 393698959 | 99288289 |
| **Distributions to Shareholders** |  |  |  |  |
| From earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (10452449) | (10749978) | (11064269) | (7389337) |
| &nbsp;&nbsp;&nbsp;I Class | (638776) | (806062) | (1064095) | (732693) |
| &nbsp;&nbsp;&nbsp;A Class | (208018) | (266137) | (270032) | (192229) |
| &nbsp;&nbsp;&nbsp;C Class |  | (81) | (12407) | (12594) |
| &nbsp;&nbsp;&nbsp;R Class | (36142) | (48187) | (73101) | (57129) |
| &nbsp;&nbsp;&nbsp;R5 Class | (32926) | (49080) |  |  |
| Decrease in net assets from distributions | (11368311) | (11919525) | (12483904) | (8383982) |
| **Capital Share Transactions** |  |  |  |  |
| Net increase (decrease) in net assets from capital share transactions (Note 5) | (155359234) | (416447420) | 45073580 | (24531032) |
| **Net increase (decrease) in net assets** | 30722580 | (64101618) | 426288635 | 66373275 |
| **Net Assets** |  |  |  |  |
| Beginning of period | 1683434123 | 1747535741 | 633283878 | 566910603 |
| End of period | $1714156703 | $1683434123 | $1059572513 | $633283878 |

---

See Notes to Financial Statements.

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
| **YEARS ENDED JUNE 30, 2025 AND JUNE 30, 2024** | **YEARS ENDED JUNE 30, 2025 AND JUNE 30, 2024** | **YEARS ENDED JUNE 30, 2025 AND JUNE 30, 2024** | | |
| | **Small Company Fund** | **Small Company Fund** | **Utilities Fund** | **Utilities Fund** |
| **Increase (Decrease) in Net Assets** | **June 30, 2025** | **June 30, 2024** | **June 30, 2025** | **June 30, 2024** |
| **Operations** | | | | |
| Net investment income (loss) | $481856 | $635307 | $6749607 | $6840137 |
| Net realized gain (loss) | 6271589 | 10296373 | 31558824 | (580438) |
| Change in net unrealized appreciation (depreciation) | 665278 | 5380913 | 18283091 | 14283174 |
| Net increase (decrease) in net assets resulting from operations | 7418723 | 16312593 | 56591522 | 20542873 |
| **Distributions to Shareholders** |  |  |  |  |
| From earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (460589) | (551565) | (6845643) | (7049850) |
| &nbsp;&nbsp;&nbsp;I Class | (39606) | (40595) |  |  |
| &nbsp;&nbsp;&nbsp;A Class | (5833) | (14726) |  |  |
| &nbsp;&nbsp;&nbsp;R Class |  | (218) |  |  |
| &nbsp;&nbsp;&nbsp;R5 Class | (2129) | (2562) |  |  |
| Decrease in net assets from distributions | (508157) | (609666) | (6845643) | (7049850) |
| **Capital Share Transactions** |  |  |  |  |
| Net increase (decrease) in net assets from capital share transactions (Note 5) | (16844435) | (15754935) | (14943750) | (35981817) |
| **Net increase (decrease) in net assets** | (9933869) | (52008) | 34802129 | (22488794) |
| **Net Assets** |  |  |  |  |
| Beginning of period | 155300740 | 155352748 | 242389361 | 264878155 |
| End of period | $145366871 | $155300740 | $277191490 | $242389361 |

---

See Notes to Financial Statements.

------

Notes to Financial Statements

**JUNE 30, 2025** 

**1. Organization**

American Century Quantitative Equity 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. The financial statements herein relate to the following funds and the respective share classes offered by the corporation.

---

| | |
|:---|:---|
| Disciplined Core Value Fund | Investor, I, A, C, R, R5 |
| Disciplined Growth Fund | Investor, I, Y, A, C, R, R5 |
| Equity Growth Fund | Investor, I, A, C, R, R5 |
| Global Gold Fund | Investor, I, A, C, R |
| Small Company Fund | Investor, I, A, C, R, R5 |
| Utilities Fund | Investor |

---

On December 15, 2023, Disciplined Growth Fund discontinued offering G Class.

Each fund represents a single operating segment as its operating results are monitored as a whole and the long-term asset allocation is determined in accordance with its prospectus, based on defined investment objectives executed by the fund's portfolio management team. The President of the funds serves as the chief operating decision maker (CODM). A fund's income, expenses, assets, and performance are regularly monitored and assessed by the CODM, using the information consistent with that presented in the financial statements and financial highlights.

**2. Significant Accounting Policies**

The following is a summary of significant accounting policies consistently followed by the funds in preparation of their financial statements. Each fund is an investment company and follows accounting and reporting guidance in accordance with accounting principles generally accepted in the United States of America. This may require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from these estimates. Management evaluated the impact of events or transactions occurring through the date the financial statements were issued that would merit recognition or disclosure.

**Investment Valuations —** Each fund determines the fair value of its investments and computes its net asset value (NAV) per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. The value of a fund's investments is determined by American Century Investment Management, Inc. (ACIM) (the investment advisor), as the valuation designee, pursuant to its valuation policies and procedures. The Board of Directors oversees the valuation designee and reviews its valuation policies and procedures at least annually.

Equity securities that are listed or traded on a domestic securities exchange are valued at the last reported sales price or at the official closing price as provided by the exchange. Equity securities traded on foreign securities exchanges are generally valued at the closing price of such securities on the exchange where primarily traded or at the close of the NYSE, if that is earlier. If no last sales price is reported, or if local convention or regulation so provides, the mean of the latest bid and asked prices may be used. Securities traded over-the-counter are valued at the mean of the latest bid and asked prices, the last sales price, or the official closing price.

Fixed income securities are valued at the evaluated mean as provided by independent pricing services or at the mean of the most recent bid and asked prices as provided by investment dealers. U.S. Treasury and Government Agency securities are valued using market models that consider trade data, quotations from dealers and active market makers, relevant yield curve and spread data, creditworthiness, trade data or market information on comparable securities, and other relevant security specific information.

Open-end management investment companies are valued at the reported NAV per share. Repurchase agreements are valued at cost, which approximates fair value. 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 a fund to determine that market quotations are not available or reliable include, but are not limited to: when there is a significant event subsequent to the market quotation; trading in a security has been halted during the trading day; or trading in a security is insufficient or did not take place due to a closure or holiday.

The valuation designee monitors for significant events occurring after the close of an investment's primary exchange but before the NAV per share is determined. Significant events may include, but are not limited to: corporate announcements and transactions; regulatory news, governmental action and political unrest that could impact a specific investment or an investment sector; or armed conflicts, natural disasters and similar events that could affect investments in a specific country or region. The valuation designee also monitors for significant fluctuations between domestic and foreign markets, as evidenced by the U.S. market or such other indicators that it deems appropriate. The valuation designee may apply a model-derived factor to the closing price of equity securities traded on foreign securities exchanges. The factor is based on observable market data as provided by an independent pricing service.

------

**Fair Value Measurements —** The investments valuation process is based on several considerations and may use multiple inputs to determine the fair value of the investments held by a fund. In conformity with accounting principles generally accepted in the United States of America, the inputs used to determine a valuation are classified into three broad levels.

• Level 1 valuation inputs consist of unadjusted quoted prices in an active market for identical investments.

• Level 2 valuation inputs consist of direct or indirect observable market data (including quoted prices for comparable investments, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.). These inputs also consist of quoted prices for identical investments initially expressed in local currencies that are adjusted through translation into U.S. dollars.

• Level 3 valuation inputs consist of unobservable data (including a fund's own assumptions).

The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not necessarily an indication of the risks associated with investing in these securities or other financial instruments. The Schedule of Investments provides additional information on a fund's level classifications.

**Foreign Currency Translations —** All assets and liabilities, including investment securities and other financial instruments, initially expressed in foreign currencies are translated into U.S. dollars each day at the mean of the appropriate currency exchange rate at the close of the NYSE as provided by an independent pricing service. A fund may enter into spot foreign currency exchange contracts to facilitate transactions denominated in a foreign currency. Purchases and sales of investment securities, dividend and interest income, spot foreign currency exchange contracts, and expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. Net realized and unrealized foreign currency exchange gains or losses related to investment securities are a component of net realized gain (loss) on investment transactions and change in net unrealized appreciation (depreciation) on investments, respectively.

**Security Transactions —** Security transactions are accounted for as of the trade date. Net realized gains and losses are determined on the identified cost basis, which is also used for federal income tax purposes.

**Investment Income —** Dividend income less foreign taxes withheld, if any, is recorded as of the ex-dividend date. Distributions received on securities that represent a return of capital or long-term capital gain are recorded as a reduction of cost of investments and/or as a realized gain. A fund may estimate the components of distributions received that may be considered nontaxable distributions or long-term capital gain distributions for income tax purposes. Interest income less foreign taxes withheld, if any, is recorded on the accrual basis and includes paydown gain (loss) and accretion of discounts and amortization of premiums. Securities lending income is net of fees and rebates earned by the lending agent for its services.

**Repurchase Agreements —** A fund may enter into repurchase agreements with institutions that ACIM has determined are creditworthy pursuant to criteria adopted by the Board of Directors. A fund requires that the collateral, represented by securities, received in a repurchase transaction be transferred to the custodian in a manner sufficient to enable the fund to obtain those securities in the event of a default under the repurchase agreement. ACIM monitors, on a daily basis, the securities transferred to ensure the value, including accrued interest, of the securities under each repurchase agreement is equal to or greater than amounts owed to a fund under each repurchase agreement.

**Joint Trading Account —** Pursuant to an Exemptive Order issued by the Securities and Exchange Commission, a fund may transfer uninvested cash balances into a joint trading account with certain other funds in the American Century Investments family of funds. These balances are invested in one or more repurchase agreements that are collateralized by U.S. Treasury or Agency obligations.

**Income Tax Status —** It is each fund's policy to distribute substantially all net investment income and net realized gains to shareholders and to otherwise qualify as a regulated investment company under provisions of the Internal Revenue Code. Accordingly, no provision has been made for income taxes. A fund files U.S. federal, state, local and non-U.S. tax returns as applicable. A fund's tax returns are subject to examination by the relevant taxing authority until expiration of the applicable statute of limitations, which is generally three years from the date of filing but can be longer in certain jurisdictions. At this time, management believes there are no uncertain tax positions which, based on their technical merit, would not be sustained upon examination and for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

**Multiple Class —** All shares of a fund represent an equal pro rata interest in the net assets of the class to which such shares belong, and have identical voting, dividend, liquidation and other rights and the same terms and conditions, except for class specific expenses and exclusive rights to vote on matters affecting only individual classes. Income, non-class specific expenses, and realized and unrealized capital gains and losses of a fund are allocated to each class of shares based on their relative net assets.

**Distributions to Shareholders —** Distributions to shareholders are recorded on the ex-dividend date in a manner consistent with provisions of the 1940 Act. A fund may elect to treat a portion of its payment to a redeeming shareholder, which represents the pro rata share of undistributed net investment income and net realized gains, as a distribution for federal income tax purposes (tax equalization). Distributions from net realized gains, if any, are generally declared and paid annually. Distributions from net investment income, if any, are generally declared and paid as follows:

---

| | |
|:---|:---|
| Disciplined Core Value Fund | Quarterly |
| Disciplined Growth Fund | Semiannually |
| Equity Growth Fund | Quarterly |
| Global Gold Fund | Semiannually |
| Small Company Fund | Quarterly |
| Utilities Fund | Quarterly |

---

------

**Indemnifications —** Under the corporation's organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to a fund. In addition, in the normal course of business, a fund may enter into contracts that provide general indemnifications. The maximum exposure under these arrangements is unknown as this would involve future claims that may be made against a fund. The risk of material loss from such claims is considered by management to be remote.

**Securities Lending —** Securities are lent to qualified financial institutions and brokers. State Street Bank & Trust Co. serves as securities lending agent to the funds pursuant to a Securities Lending Agreement. The lending of securities exposes a fund to risks such as: the borrowers may fail to return the loaned securities, the borrowers may not be able to provide additional collateral, a fund may experience delays in recovery of the loaned securities or delays in access to collateral, or a fund may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge collateral in the form of cash and/or securities. The lending agent has agreed to indemnify the funds in the case of default of any securities borrowed. Cash collateral received is invested in the State Street Navigator Securities Lending Government Money Market Portfolio, a money market mutual fund registered under the 1940 Act. The loans may also be secured by U.S. government securities in an amount at least equal to the market value of the securities loaned, plus accrued interest and dividends, determined on a daily basis and adjusted accordingly. By lending securities, a fund seeks to increase its net investment income through the receipt of interest and fees. Such income is reflected separately within the Statement of Operations. The value of loaned securities and related collateral outstanding at period end, if any, are shown on a gross basis within the Schedule of Investments and Statement of Assets and Liabilities, and the remaining contractual maturities of any securities lending transactions are considered overnight and continuous.

**3. Fees and Transactions with Related Parties**

Certain officers and directors of the corporation are also officers and/or directors of American Century Companies, Inc. (ACC). The corporation's investment advisor, ACIM, the corporation's distributor, American Century Investment Services, Inc. (ACIS), and the corporation's transfer agent, American Century Services, LLC, are wholly owned, directly or indirectly, by ACC.

**Management Fees —** The corporation has entered into a management agreement with ACIM, under which ACIM provides each fund with investment advisory and management services in exchange for a single, unified management fee (the fee) per class. The agreement provides that ACIM will pay all expenses of managing and operating a fund, except brokerage expenses, taxes, interest, fees and expenses of the independent directors (including legal counsel fees), extraordinary expenses, and expenses incurred in connection with the provision of shareholder services and distribution services under a plan adopted pursuant to Rule 12b-1 under the 1940 Act. The fee is computed and accrued daily based on 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 a fund's assets, which do not vary by class. The fee consists of (1) an Investment Category Fee based on the daily net assets of the fund and certain other accounts managed by the investment advisor that are in the same broad investment category as the fund and (2) a Complex Fee based on the assets of all funds in the American Century Investments family of funds that have the same investment advisor and distributor as the fund. For purposes of determining the Investment Category Fee and Complex Fee, the assets of funds managed by the investment advisor that invest exclusively in the shares of other funds (funds of funds) are not included.

The Investment Category Fee range, the Complex Fee range and the effective annual management fee including any waiver impacts, if applicable, for each class for the period ended June 30, 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Disciplined Core Value Fund** | **Investment Category**<br>**Fee Range** | **Complex**<br>**Fee Range** | **Effective Annual Management Fee** |
| Investor Class | 0.3380%<br> to 0.5200% | 0.2500% to 0.3100% | 0.65% |
| I Class | 0.3380%<br> to 0.5200% | 0.0500% to 0.1100% | 0.45% |
| A Class | 0.3380%<br> to 0.5200% | 0.2500% to 0.3100% | 0.65% |
| C Class | 0.3380%<br> to 0.5200% | 0.2500% to 0.3100% | 0.65% |
| R Class | 0.3380%<br> to 0.5200% | 0.2500% to 0.3100% | 0.65% |
| R5 Class | 0.3380%<br> to 0.5200% | 0.0500% to 0.1100% | 0.45% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Disciplined Growth Fund** | **Investment Category<br>Fee Range** | **Complex Fee Range** | **Effective Annual Management Fee** | **Effective Annual Management Fee** | **Management Fee Waived** |
| **Disciplined Growth Fund** | **Investment Category<br>Fee Range** | **Complex Fee Range** | **Before Waiver** | **After Waiver** | **Management Fee Waived** |
| Investor Class | 0.6880%<br> to 0.8700% | 0.2500% to 0.3100% | 1.00% | 0.92% | $231618 |
| I Class | 0.6880%<br> to 0.8700% | 0.0500% to 0.1100% | 0.80% | 0.72% | $67002 |
| Y Class | 0.6880%<br> to 0.8700% | 0.0000% to 0.0600% | 0.75% | 0.67% | $383 |
| A Class | 0.6880%<br> to 0.8700% | 0.2500% to 0.3100% | 1.00% | 0.92% | $48100 |
| C Class | 0.6880%<br> to 0.8700% | 0.2500% to 0.3100% | 1.00% | 0.92% | $2034 |
| R Class | 0.6880%<br> to 0.8700% | 0.2500% to 0.3100% | 1.00% | 0.92% | $13801 |
| R5 Class | 0.6880%<br> to 0.8700% | 0.0500% to 0.1100% | 0.80% | 0.72% | $1075 |

---

From July 1, 2024 through July 31, 2024, the investment advisor agreed to waive 0.01% of the fund's management fee. Effective August 1, 2024, the investment advisor agreed to waive 0.09% of the fund's management fee. The investment advisor expects this waiver to continue until July 31, 2026 and cannot terminate it prior to such date without the approval of the Board of Directors.

------

---

| | | | |
|:---|:---|:---|:---|
| **Equity Growth Fund** | **Investment Category<br>Fee Range** | **Complex Fee Range** | **Effective Annual Management Fee** |
| Investor Class | 0.3380%<br> to 0.5200% | 0.2500% to 0.3100% | 0.65% |
| I Class | 0.3380%<br> to 0.5200% | 0.0500% to 0.1100% | 0.45% |
| A Class | 0.3380%<br> to 0.5200% | 0.2500% to 0.3100% | 0.65% |
| C Class | 0.3380%<br> to 0.5200% | 0.2500% to 0.3100% | 0.65% |
| R Class | 0.3380%<br> to 0.5200% | 0.2500% to 0.3100% | 0.65% |
| R5 Class | 0.3380%<br> to 0.5200% | 0.0500% to 0.1100% | 0.45% |

---

---

| | | | |
|:---|:---|:---|:---|
| **Global Gold Fund** | **Investment Category<br> Fee Range** | **Complex Fee Range** | **Effective Annual Management Fee** |
| Investor Class | 0.3380%<br> to 0.5200% | 0.2500% to 0.3100% | 0.65% |
| I Class | 0.3380%<br> to 0.5200% | 0.0500% to 0.1100% | 0.45% |
| A Class | 0.3380%<br> to 0.5200% | 0.2500% to 0.3100% | 0.65% |
| C Class | 0.3380%<br> to 0.5200% | 0.2500% to 0.3100% | 0.65% |
| R Class | 0.3380%<br> to 0.5200% | 0.2500% to 0.3100% | 0.65% |

---

---

| | | | |
|:---|:---|:---|:---|
| **Small Company Fund** | **Investment Category<br>Fee Range** | **Complex Fee Range** | **Effective Annual Management Fee** |
| Investor Class | 0.5380%<br> to 0.7200% | 0.2500% to 0.3100% | 0.85% |
| I Class | 0.5380%<br> to 0.7200% | 0.0500% to 0.1100% | 0.65% |
| A Class | 0.5380%<br> to 0.7200% | 0.2500% to 0.3100% | 0.85% |
| C Class | 0.5380%<br> to 0.7200% | 0.2500% to 0.3100% | 0.85% |
| R Class | 0.5380%<br> to 0.7200% | 0.2500% to 0.3100% | 0.85% |
| R5 Class | 0.5380%<br> to 0.7200% | 0.0500% to 0.1100% | 0.65% |

---

---

| | | | |
|:---|:---|:---|:---|
| **Utilities Fund** | **Investment Category<br>Fee Range** | **Complex Fee Range** | **Effective Annual Management Fee** |
| Investor Class | 0.3380% to 0.5200% | 0.2500% to 0.3100% | 0.65% |

---

**Distribution and Service Fees —** The Board of Directors has adopted a separate Master Distribution and Individual Shareholder Services Plan for each of the A Class, C Class and R Class (collectively the plans), pursuant to Rule 12b-1 of the 1940 Act. The plans provide that the A Class will pay ACIS an annual distribution and service fee of 0.25%. The plans provide that the C Class will pay ACIS an annual distribution and service fee of 1.00%, of which 0.25% is paid for individual shareholder services and 0.75% is paid for distribution services. The plans provide that the R Class will pay ACIS an annual distribution and service fee of 0.50%. The fees are computed and accrued daily based on each class's daily net assets and paid monthly in arrears. These fees are used to pay financial intermediaries for distribution and individual shareholder services. Fees incurred under the plans during the period ended June 30, 2025 are detailed in the Statement of Operations.

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

**Other Expenses —** A fund's other expenses may include interest charges, clearing exchange fees, proxy solicitation expenses, fees associated with the recovery of foreign tax reclaims and other miscellaneous expenses.

**Interfund Transactions —** A fund may enter into security transactions with other American Century Investments funds and other client accounts of the investment advisor, in accordance with the 1940 Act rules and procedures adopted by the Board of Directors. The rules and procedures require, among other things, that these transactions be effected at the independent current market price of the security. 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 June 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Disciplined Core Value Fund** | **Disciplined Growth Fund** | **Equity Growth Fund** |
| Purchases | $1675489843 | $248593159 | $1225861685 |
| Sales | $1905149648 | $304178568 | $1383531374 |

---

------

---

| | | | |
|:---|:---|:---|:---|
| | **Global Gold Fund** | **Small Company Fund** | **Utilities Fund** |
| Purchases | $197064466 | $125671405 | $203826625 |
| Sales | $156232126 | $140676015 | $219004528 |

---

**5. Capital Share Transactions** 

Transactions in shares of the funds were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year ended<br>June 30, 2025** | **Year ended<br>June 30, 2025** | **Year ended<br>June 30, 2024** | **Year ended<br>June 30, 2024** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
|<br>**Disciplined Core Value Fund** | | | | |
| **Investor Class/Shares Authorized** | 700000000 |  | 700000000 |  |
| Sold | 1051771 | $38679109 | 1198892 | $39180065 |
| Issued in reinvestment of distributions | 581498 | 21426447 | 717682 | 23626223 |
| Redeemed | (5590108) | (204618964) | (8283708) | (267528829) |
|  | (3956839) | (144513408) | (6367134) | (204722541) |
| **I Class/Shares Authorized** | 210000000 |  | 210000000 |  |
| Sold | 393206 | 14543778 | 900539 | 29499964 |
| Issued in reinvestment of distributions | 76482 | 2825690 | 107335 | 3532548 |
| Redeemed | (1734279) | (63212207) | (5501863) | (174476600) |
|  | (1264591) | (45842739) | (4493989) | (141444088) |
| **A Class/Shares Authorized** | 50000000 |  | 50000000 |  |
| Sold | 374532 | 13708112 | 548408 | 17641789 |
| Issued in reinvestment of distributions | 43005 | 1580448 | 57411 | 1880758 |
| Redeemed | (1189190) | (44152665) | (1534009) | (49823253) |
|  | (771653) | (28864105) | (928190) | (30300706) |
| **C Class/Shares Authorized** | 20000000 |  | 20000000 |  |
| Sold | 3490 | 129017 | 4522 | 149047 |
| Issued in reinvestment of distributions | 414 | 15140 | 865 | 27677 |
| Redeemed | (32223) | (1171692) | (69559) | (2234449) |
|  | (28319) | (1027535) | (64172) | (2057725) |
| **R Class/Shares Authorized** | 20000000 |  | 20000000 |  |
| Sold | 51689 | 1891956 | 89554 | 2925028 |
| Issued in reinvestment of distributions | 2842 | 104609 | 4543 | 148024 |
| Redeemed | (125186) | (4565361) | (232647) | (7319070) |
|  | (70655) | (2568796) | (138550) | (4246018) |
| **R5 Class/Shares Authorized** | 40000000 |  | 40000000 |  |
| Sold | 122152 | 4506757 | 154347 | 5051102 |
| Issued in reinvestment of distributions | 13076 | 483250 | 20476 | 674960 |
| Redeemed | (358295) | (13217563) | (804527) | (26173081) |
|  | (223067) | (8227556) | (629704) | (20447019) |
| Net increase (decrease) | (6315124) | $(231044139) | (12621739) | $(403218097) |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year ended<br>June 30, 2025** | **Year ended<br>June 30, 2025** | **Year ended<br>June 30, 2024** | **Year ended<br>June 30, 2024** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
|<br>**Disciplined Growth Fund** | | | | |
| **Investor Class/Shares Authorized** | 480000000 |  | 480000000 |  |
| Sold | 1910464 | $48552294 | 1988114 | $48146076 |
| Issued in reinvestment of distributions | 3821675 | 88853959 | 3999 | 96746 |
| Redeemed | (3198043) | (79228438) | (4937104) | (117024384) |
|  | 2534096 | 58177815 | (2944991) | (68781562) |
| **I Class/Shares Authorized** | 100000000 |  | 100000000 |  |
| Sold | 857067 | 24280185 | 481180 | 12009048 |
| Issued in reinvestment of distributions | 1258916 | 29974784 | 1617 | 39693 |
| Redeemed | (1559664) | (37470820) | (678571) | (16190061) |
|  | 556319 | 16784149 | (195774) | (4141320) |
| **Y Class/Shares Authorized** | 40000000 |  | 40000000 |  |
| Sold | 311 | 9594 | 6539 | 157355 |
| Issued in reinvestment of distributions | 7116 | 170220 | 16 | 390 |
| Redeemed | (8847) | (213920) | (11957) | (303829) |
|  | (1420) | (34106) | (5402) | (146084) |
| **A Class/Shares Authorized** | 50000000 |  | 50000000 |  |
| Sold | 348161 | 8355133 | 378220 | 8682073 |
| Issued in reinvestment of distributions | 879715 | 19520873 | 420 | 9861 |
| Redeemed | (544471) | (12462444) | (380876) | (9015114) |
|  | 683405 | 15413562 | (2236) | (323180) |
| **C Class/Shares Authorized** | 20000000 |  | 20000000 |  |
| Sold | 7162 | 142210 | 14938 | 314193 |
| Issued in reinvestment of distributions | 67869 | 1162591 |  |  |
| Redeemed | (109308) | (1873242) | (93373) | (1795977) |
|  | (34277) | (568441) | (78435) | (1481784) |
| **R Class/Shares Authorized** | 20000000 |  | 20000000 |  |
| Sold | 172139 | 3852699 | 174254 | 3909738 |
| Issued in reinvestment of distributions | 276034 | 5680778 |  |  |
| Redeemed | (206716) | (4927685) | (215428) | (4550760) |
|  | 241457 | 4605792 | (41174) | (641022) |
| **R5 Class/Shares Authorized** | 40000000 |  | 40000000 |  |
| Sold | 5235 | 124775 | 27757 | 669476 |
| Issued in reinvestment of distributions | 16496 | 393269 | 28 | 689 |
| Redeemed | (11700) | (332152) | (1666) | (44244) |
|  | 10031 | 185892 | 26119 | 625921 |
| **G Class/Shares Authorized** | 550000000 |  | 550000000 |  |
| Sold |  |  | 247767 | 5449116 |
| Issued in reinvestment of distributions |  |  | 73610 | 1726883 |
| Redeemed |  |  | (22635694) | (531470971) |
|  |  |  | (22314317) | (524294972) |
| Net increase (decrease) | 3989611 | $94564663 | (25556210) | $(599184003) |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year ended<br>June 30, 2025** | **Year ended<br>June 30, 2025** | **Year ended<br>June 30, 2024** | **Year ended<br>June 30, 2024** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
|<br>**Equity Growth Fund** | | | | |
| **Investor Class/Shares Authorized** | 850000000 |  | 850000000 |  |
| Sold | 1608768 | $52540839 | 2088450 | $57073357 |
| Issued in reinvestment of distributions | 305508 | 10132959 | 377823 | 10422914 |
| Redeemed | (5722524) | (186423398) | (8470256) | (228934010) |
|  | (3808248) | (123749600) | (6003983) | (161437739) |
| **I Class/Shares Authorized** | 140000000 |  | 140000000 |  |
| Sold | 195969 | 6391166 | 381269 | 10677457 |
| Issued in reinvestment of distributions | 18760 | 623561 | 28410 | 775028 |
| Redeemed | (608306) | (19966703) | (10282789) | (257911816) |
|  | (393577) | (12951976) | (9873110) | (246459331) |
| **A Class/Shares Authorized** | 40000000 |  | 40000000 |  |
| Sold | 182060 | 5928998 | 270964 | 7056990 |
| Issued in reinvestment of distributions | 5899 | 194345 | 9169 | 250229 |
| Redeemed | (639309) | (20980836) | (463434) | (12536274) |
|  | (451350) | (14857493) | (183301) | (5229055) |
| **C Class/Shares Authorized** | 20000000 |  | 20000000 |  |
| Sold | 2339 | 75870 | 12452 | 327922 |
| Issued in reinvestment of distributions |  |  | 3 | 69 |
| Redeemed | (20530) | (641491) | (49185) | (1253316) |
|  | (18191) | (565621) | (36730) | (925325) |
| **R Class/Shares Authorized** | 20000000 |  | 20000000 |  |
| Sold | 163390 | 5274997 | 165308 | 4480833 |
| Issued in reinvestment of distributions | 1102 | 36111 | 1819 | 48169 |
| Redeemed | (161592) | (5247577) | (276292) | (7137484) |
|  | 2900 | 63531 | (109165) | (2608482) |
| **R5 Class/Shares Authorized** | 40000000 |  | 40000000 |  |
| Sold | 11444 | 358782 | 30390 | 875320 |
| Issued in reinvestment of distributions | 872 | 28988 | 1245 | 34695 |
| Redeemed | (114329) | (3685845) | (26558) | (697503) |
|  | (102013) | (3298075) | 5077 | 212512 |
| Net increase (decrease) | (4770479) | $(155359234) | (16201212) | $(416447420) |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year ended<br>June 30, 2025** | **Year ended<br>June 30, 2025** | **Year ended<br>June 30, 2024** | **Year ended<br>June 30, 2024** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
|<br>**Global Gold Fund** | | | | |
| **Investor Class/Shares Authorized** | 800000000 |  | 800000000 |  |
| Sold | 16189439 | $246426238 | 7660646 | $79465037 |
| Issued in reinvestment of distributions | 721429 | 10728542 | 649361 | 7150239 |
| Redeemed | (13915341) | (215346266) | (9900081) | (104333788) |
|  | 2995527 | 41808514 | (1590074) | (17718512) |
| **I Class/Shares Authorized** | 100000000 |  | 100000000 |  |
| Sold | 2313819 | 35737604 | 884065 | 9234862 |
| Issued in reinvestment of distributions | 69898 | 1063886 | 65563 | 731778 |
| Redeemed | (1979787) | (29526729) | (1458209) | (15566742) |
|  | 403930 | 7274761 | (508581) | (5600102) |
| **A Class/Shares Authorized** | 30000000 |  | 30000000 |  |
| Sold | 1252794 | 18844564 | 627659 | 6553756 |
| Issued in reinvestment of distributions | 18666 | 264571 | 17488 | 187375 |
| Redeemed | (1497954) | (22411920) | (684023) | (6873283) |
|  | (226494) | (3302785) | (38876) | (132152) |
| **C Class/Shares Authorized** | 20000000 |  | 20000000 |  |
| Sold | 30843 | 495876 | 22519 | 229900 |
| Issued in reinvestment of distributions | 1015 | 12407 | 1260 | 12594 |
| Redeemed | (45983) | (652455) | (58416) | (548698) |
|  | (14125) | (144172) | (34637) | (306204) |
| **R Class/Shares Authorized** | 20000000 |  | 20000000 |  |
| Sold | 260748 | 3741801 | 193266 | 1998079 |
| Issued in reinvestment of distributions | 5193 | 72810 | 5433 | 57129 |
| Redeemed | (312073) | (4377349) | (286084) | (2829270) |
|  | (46132) | (562738) | (87385) | (774062) |
| Net increase (decrease) | 3112706 | $45073580 | (2259553) | $(24531032) |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year ended<br>June 30, 2025** | **Year ended<br>June 30, 2025** | **Year ended<br>June 30, 2024** | **Year ended<br>June 30, 2024** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
|<br>**Small Company Fund** | | | | |
| **Investor Class/Shares Authorized** | 400000000 |  | 400000000 |  |
| Sold | 332516 | $5332140 | 389165 | $5803830 |
| Issued in reinvestment of distributions | 28033 | 451359 | 35366 | 529442 |
| Redeemed | (1260379) | (20170559) | (1348446) | (20030179) |
|  | (899830) | (14387060) | (923915) | (13696907) |
| **I Class/Shares Authorized** | 40000000 |  | 40000000 |  |
| Sold | 71777 | 1169680 | 92996 | 1387737 |
| Issued in reinvestment of distributions | 2435 | 39551 | 2680 | 40540 |
| Redeemed | (129256) | (2149781) | (78533) | (1156407) |
|  | (55044) | (940550) | 17143 | 271870 |
| **A Class/Shares Authorized** | 30000000 |  | 30000000 |  |
| Sold | 43460 | 666809 | 71975 | 996425 |
| Issued in reinvestment of distributions | 374 | 5720 | 988 | 14186 |
| Redeemed | (114580) | (1804742) | (190689) | (2745004) |
|  | (70746) | (1132213) | (117726) | (1734393) |
| **C Class/Shares Authorized** | 20000000 |  | 20000000 |  |
| Sold | 344 | 4800 | 3616 | 46624 |
| Redeemed | (7115) | (96065) | (19586) | (250855) |
|  | (6771) | (91265) | (15970) | (204231) |
| **R Class/Shares Authorized** | 20000000 |  | 20000000 |  |
| Sold | 48971 | 731152 | 53151 | 725722 |
| Issued in reinvestment of distributions |  |  | 17 | 218 |
| Redeemed | (71299) | (1043336) | (76258) | (1013564) |
|  | (22328) | (312184) | (23090) | (287624) |
| **R5 Class/Shares Authorized** | 40000000 |  | 40000000 |  |
| Sold | 2767 | 43716 | 3715 | 56924 |
| Issued in reinvestment of distributions | 131 | 2129 | 169 | 2562 |
| Redeemed | (1776) | (27008) | (10400) | (163136) |
|  | 1122 | 18837 | (6516) | (103650) |
| Net increase (decrease) | (1053597) | $(16844435) | (1070074) | $(15754935) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year ended<br>June 30, 2025** | **Year ended<br>June 30, 2025** | **Year ended<br>June 30, 2024** | **Year ended<br>June 30, 2024** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
|<br>**Utilities Fund** | | | | |
| **Investor Class/Shares Authorized** | 300000000 |  | 300000000 |  |
| Sold | 1691370 | $30626461 | 650367 | $9708526 |
| Issued in reinvestment of distributions | 355739 | 6476038 | 446897 | 6657323 |
| Redeemed | (2874114) | (52046249) | (3583050) | (52347666) |
| Net increase (decrease) | (827005) | $(14943750) | (2485786) | $(35981817) |

---

**6. Derivative Instruments** 

A fund may invest in various types of derivative instruments as permitted by its investment objectives and policies. The following is a summary of the primary underlying risks and derivative strategies used during the period. The Schedule of Investments provides additional information on the value and effect of a fund's derivative instruments activity.

**Equity Price Risk —** The funds may be subject to equity price risk in the normal course of pursuing their 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.

The funds' average notional exposure to equity price risk derivative instruments held during the period were as follows:

---

| | |
|:---|:---|
| | **Futures Contracts Purchased** |
| Disciplined Growth Fund | $12091379 |

---

**7. Risk Factors**

The overall risk profile of a fund will be impacted by the fund's investment strategy, including the investment vehicles and techniques utilized to manage a portfolio. The net asset value of a fund will go up and down, sometimes rapidly or unpredictably, based on the performance of the securities owned by the fund and other factors generally affecting the securities market. Market risks, including political, regulatory, economic and social developments, can affect the value of a fund's investments. Natural disasters, public health emergencies, war, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.

**8. Federal Tax Information**

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| | | | | |
|:---|:---|:---|:---|:---|
| The tax character of distributions paid during the years ended June 30, 2025 and June 30, 2024 were as follows: | The tax character of distributions paid during the years ended June 30, 2025 and June 30, 2024 were as follows: | The tax character of distributions paid during the years ended June 30, 2025 and June 30, 2024 were as follows: |  |  |
|  | **2025** | **2025** | **2024** | **2024** |
|  | **Distributions Paid From:** | **Distributions Paid From:** | **Distributions Paid From:** | **Distributions Paid From:** |
|  | **Ordinary<br>Income** | **Long-term<br>Capital Gains** | **Ordinary<br>Income** | **Long-term<br>Capital Gains** |
| Disciplined Core Value Fund | $27740246 |  | $31533382 |  |
| Disciplined Growth Fund |  | $150642232 | $194980 | $1682441 |
| Equity Growth Fund | $11368311 |  | $11919525 |  |
| Global Gold Fund | $12483904 |  | $8383982 |  |
| Small Company Fund | $508157 |  | $609666 |  |
| Utilities Fund | $6845643 |  | $7049850 |  |

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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 federal tax cost of investments and the components of distributable earnings on a tax-basis were as follows:

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| | | | |
|:---|:---|:---|:---|
| | **Disciplined Core Value Fund** | **Disciplined Growth Fund** | **Equity Growth Fund** |
| Federal tax cost of investments | $1587320285 | $196203169 | $1107376323 |
| Gross tax appreciation of investments | $360544568 | $262221705 | $628197493 |
| Gross tax depreciation of investments | (56250248) | (3686561) | (20234289) |
| Net tax appreciation (depreciation) of investments | 304294320 | 258535144 | 607963204 |
| Net tax appreciation (depreciation) on derivatives and translation of assets and liabilities in foreign currencies | 18064 |  | 29500 |
| Net tax appreciation (depreciation) | $304312384 | $258535144 | $607992704 |
| Undistributed ordinary income | $511642 | $308472 |  |
| Accumulated long-term gains | $60189326 | $39813072 | $121058534 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Global Gold Fund** | **Small Company Fund** | **Utilities Fund** |
| Federal tax cost of investments | $490919249 | $119507373 | $214397598 |
| Gross tax appreciation of investments | $579647742 | $31647453 | $70403116 |
| Gross tax depreciation of investments | (3828720) | (5403677) | (7807294) |
| Net tax appreciation (depreciation) of investments | 575819022 | 26243776 | 62595822 |
| Net tax appreciation (depreciation) on derivatives and translation of assets and liabilities in foreign currencies | (4) |  | (298) |
| Net tax appreciation (depreciation) | $575819018 | $26243776 | $62595524 |
| Undistributed ordinary income | $1110 | $3325 |  |
| Accumulated short-term capital losses | $(104324557) | $(6318734) |  |
| Accumulated long-term gains |  |  | $20928648 |

---

------

The difference between book-basis and tax-basis unrealized appreciation (depreciation), if any, is attributable primarily to the tax deferral of losses on wash sales, the realization to ordinary income for tax purposes of unrealized gains on investments in passive foreign investment companies and return of capital dividends received.

Accumulated capital losses represent net capital loss carryovers that may be used to offset future realized capital gains for federal income tax purposes. The capital loss carryovers may be carried forward for an unlimited period. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations.

------

Financial Highlights

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 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\*:** | **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)** |
| **Disciplined Core Value Fund** | **Disciplined Core Value Fund** | **Disciplined Core Value Fund** | **Disciplined Core Value Fund** | **Disciplined Core Value Fund** | | | | | | | | | |
| **Investor Class** | **Investor Class** | **Investor Class** | | | | | | | | | | | |
| 2025 | $34.89 | 0.49 | 2.43 | 2.92 | (0.52) |  | (0.52) | $37.29 | 8.41% | 0.65% | 1.35% | 85% | $1553358 |
| 2024 | $30.91 | 0.49 | 4.01 | 4.50 | (0.52) |  | (0.52) | $34.89 | 14.70% | 0.66% | 1.49% | 67% | $1591426 |
| 2023 | $30.12 | 0.57 | 0.76 | 1.33 | (0.54) |  | (0.54) | $30.91 | 4.45% | 0.66% | 1.86% | 179% | $1606519 |
| 2022 | $43.20 | 0.50 | (3.51) | (3.01) | (0.50) | (9.57) | (10.07) | $30.12 | (9.84)% | 0.65% | 1.31% | 234% | $1739617 |
| 2021 | $35.99 | 0.58 | 12.52 | 13.10 | (0.58) | (5.31) | (5.89) | $43.20 | 39.42% | 0.66% | 1.44% | 240% | $2076714 |
| **I Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $34.98 | 0.57 | 2.43 | 3.00 | (0.60) |  | (0.60) | $37.38 | 8.60% | 0.45% | 1.55% | 85% | $158451 |
| 2024 | $30.98 | 0.55 | 4.03 | 4.58 | (0.58) |  | (0.58) | $34.98 | 14.92% | 0.46% | 1.69% | 67% | $192481 |
| 2023 | $30.19 | 0.64 | 0.75 | 1.39 | (0.60) |  | (0.60) | $30.98 | 4.68% | 0.46% | 2.06% | 179% | $309724 |
| 2022 | $43.28 | 0.58 | (3.53) | (2.95) | (0.57) | (9.57) | (10.14) | $30.19 | (9.67)% | 0.45% | 1.51% | 234% | $466890 |
| 2021 | $36.05 | 0.65 | 12.55 | 13.20 | (0.66) | (5.31) | (5.97) | $43.28 | 39.70% | 0.46% | 1.64% | 240% | $584160 |
| **A Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $34.79 | 0.40 | 2.43 | 2.83 | (0.43) |  | (0.43) | $37.19 | 8.15% | 0.90% | 1.10% | 85% | $135913 |
| 2024 | $30.82 | 0.40 | 4.01 | 4.41 | (0.44) |  | (0.44) | $34.79 | 14.39% | 0.91% | 1.24% | 67% | $154015 |
| 2023 | $30.04 | 0.49 | 0.76 | 1.25 | (0.47) |  | (0.47) | $30.82 | 4.20% | 0.91% | 1.61% | 179% | $165051 |
| 2022 | $43.11 | 0.40 | (3.50) | (3.10) | (0.40) | (9.57) | (9.97) | $30.04 | (10.07)% | 0.90% | 1.06% | 234% | $171905 |
| 2021 | $35.93 | 0.48 | 12.49 | 12.97 | (0.48) | (5.31) | (5.79) | $43.11 | 39.04% | 0.91% | 1.19% | 240% | $180616 |
| **C Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $34.67 | 0.13 | 2.41 | 2.54 | (0.15) |  | (0.15) | $37.06 | 7.33% | 1.65% | 0.35% | 85% | $3682 |
| 2024 | $30.71 | 0.16 | 3.99 | 4.15 | (0.19) |  | (0.19) | $34.67 | 13.55% | 1.66% | 0.49% | 67% | $4427 |
| 2023 | $29.93 | 0.26 | 0.76 | 1.02 | (0.24) |  | (0.24) | $30.71 | 3.43% | 1.66% | 0.86% | 179% | $5892 |
| 2022 | $43.00 | 0.10 | (3.48) | (3.38) | (0.12) | (9.57) | (9.69) | $29.93 | (10.76)% | 1.65% | 0.31% | 234% | $8455 |
| 2021 | $35.84 | 0.17 | 12.48 | 12.65 | (0.18) | (5.31) | (5.49) | $43.00 | 38.05% | 1.66% | 0.44% | 240% | $12987 |
| **R Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $34.86 | 0.31 | 2.43 | 2.74 | (0.34) |  | (0.34) | $37.26 | 7.86% | 1.15% | 0.85% | 85% | $10842 |
| 2024 | $30.88 | 0.32 | 4.01 | 4.33 | (0.35) |  | (0.35) | $34.86 | 14.11% | 1.16% | 0.99% | 67% | $12606 |
| 2023 | $30.10 | 0.41 | 0.76 | 1.17 | (0.39) |  | (0.39) | $30.88 | 3.93% | 1.16% | 1.36% | 179% | $15447 |
| 2022 | $43.18 | 0.31 | (3.51) | (3.20) | (0.31) | (9.57) | (9.88) | $30.10 | (10.30)% | 1.15% | 0.81% | 234% | $15265 |
| 2021 | $35.97 | 0.38 | 12.51 | 12.89 | (0.37) | (5.31) | (5.68) | $43.18 | 38.73% | 1.16% | 0.94% | 240% | $18245 |

---

------

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 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\*:** | **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)** |
| **Disciplined Core Value Fund** | **Disciplined Core Value Fund** | **Disciplined Core Value Fund** | **Disciplined Core Value Fund** | **Disciplined Core Value Fund** | | | | | | | | | |
| **R5 Class** | | | | | | | | | | | | | |
| 2025 | $34.99 | 0.57 | 2.44 | 3.01 | (0.60) |  | (0.60) | $37.40 | 8.63% | 0.45% | 1.55% | 85% | $29029 |
| 2024 | $31.00 | 0.56 | 4.01 | 4.57 | (0.58) |  | (0.58) | $34.99 | 14.91% | 0.46% | 1.69% | 67% | $34966 |
| 2023 | $30.21 | 0.63 | 0.76 | 1.39 | (0.60) |  | (0.60) | $31.00 | 4.64% | 0.46% | 2.06% | 179% | $50491 |
| 2022 | $43.29 | 0.58 | (3.52) | (2.94) | (0.57) | (9.57) | (10.14) | $30.21 | (9.64)% | 0.45% | 1.51% | 234% | $49707 |
| 2021 | $36.06 | 0.63 | 12.57 | 13.20 | (0.66) | (5.31) | (5.97) | $43.29 | 39.68% | 0.46% | 1.64% | 240% | $38493 |

---

**Notes to Financial Highlights**

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

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

\*The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations or precisely reflect the class expense differentials due to the timing of transactions in shares of a fund in relation to income earned and/or fluctuations in the fair value of a fund's investments.

†Ratios for periods less than one year are annualized. Zero balances may reflect amounts less than 0.005%.

See Notes to Financial Statements.

------

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 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 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)** |
| **Disciplined Growth Fund** | **Disciplined Growth Fund** | **Disciplined Growth Fund** | **Disciplined Growth Fund** | **Disciplined Growth Fund** | | | | | | | | | | | |
| **Investor Class** | **Investor Class** | | | | | | | | | | | | | | |
| 2025 | $29.01 | (0.08) | 4.35 | 4.27 |  | (9.78) | (9.78) | $23.50 | 15.08% | 0.92% | 1.00% | (0.33)% | (0.41)% | 57% | $290740 |
| 2024 | $21.70 | (0.07) | 7.39 | 7.32 | (0.01) |  | (0.01) | $29.01 | 33.74% | 1.00% | 1.01% | (0.29)% | (0.30)% | 40% | $285301 |
| 2023 | $17.68 | 0.01 | 4.01 | 4.02 |  |  |  | $21.70 | 22.74% | 1.00% | 1.01% | 0.06% | 0.05% | 142% | $277357 |
| 2022 | $26.83 | (0.06) | (3.76) | (3.82) |  | (5.33) | (5.33) | $17.68 | (19.47)% | 0.99% | 1.00% | (0.14)% | (0.15)% | 205% | $248369 |
| 2021 | $24.39 | (0.07) | 7.17 | 7.10 |  | (4.66) | (4.66) | $26.83 | 31.26% | 1.00% | 1.01% | (0.28)% | (0.29)% | 189% | $273391 |
| **I Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $29.47 | (0.03) | 4.43 | 4.40 |  | (9.78) | (9.78) | $24.09 | 15.32% | 0.72% | 0.80% | (0.13)% | (0.21)% | 57% | $81350 |
| 2024 | $22.00 | (0.03) | 7.51 | 7.48 | (0.01) |  | (0.01) | $29.47 | 34.03% | 0.80% | 0.81% | (0.09)% | (0.10)% | 40% | $83098 |
| 2023 | $17.92 | 0.05 | 4.06 | 4.11 | (0.03) |  | (0.03) | $22.00 | 22.96% | 0.80% | 0.81% | 0.26% | 0.25% | 142% | $66363 |
| 2022 | $27.08 | (0.02) | (3.81) | (3.83) |  | (5.33) | (5.33) | $17.92 | (19.31)% | 0.79% | 0.80% | 0.06% | 0.05% | 205% | $97606 |
| 2021 | $24.54 | (0.02) | 7.22 | 7.20 |  | (4.66) | (4.66) | $27.08 | 31.50% | 0.80% | 0.81% | (0.08)% | (0.09)% | 189% | $149388 |
| **Y Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $29.56 | (0.02) | 4.46 | 4.44 |  | (9.78) | (9.78) | $24.22 | 15.44% | 0.67% | 0.75% | (0.08)% | (0.16)% | 57% | $401 |
| 2024 | $22.06 | (0.01) | 7.53 | 7.52 | (0.02) |  | (0.02) | $29.56 | 34.08% | 0.75% | 0.76% | (0.04)% | (0.05)% | 40% | $532 |
| 2023 | $17.97 | 0.02 | 4.11 | 4.13 | (0.04) |  | (0.04) | $22.06 | 23.02% | 0.75% | 0.76% | 0.31% | 0.30% | 142% | $516 |
| 2022 | $27.13 | (0.01) | (3.82) | (3.83) |  | (5.33) | (5.33) | $17.97 | (19.27)% | 0.74% | 0.75% | 0.11% | 0.10% | 205% | $95 |
| 2021 | $24.56 | (0.01) | 7.24 | 7.23 |  | (4.66) | (4.66) | $27.13 | 31.61% | 0.75% | 0.76% | (0.03)% | (0.04)% | 189% | $159 |
| **A Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $28.11 | (0.14) | 4.21 | 4.07 |  | (9.78) | (9.78) | $22.40 | 14.81% | 1.17% | 1.25% | (0.58)% | (0.66)% | 57% | $60912 |
| 2024 | $21.08 | (0.13) | 7.16 | 7.03 | —<sup>(3)</sup> |  | —<sup>(3)</sup> | $28.11 | 33.44% | 1.25% | 1.26% | (0.54)% | (0.55)% | 40% | $57212 |
| 2023 | $17.22 | (0.04) | 3.90 | 3.86 |  |  |  | $21.08 | 22.43% | 1.25% | 1.26% | (0.19)% | (0.20)% | 142% | $42947 |
| 2022 | $26.31 | (0.12) | (3.64) | (3.76) |  | (5.33) | (5.33) | $17.22 | (19.69)% | 1.24% | 1.25% | (0.39)% | (0.40)% | 205% | $36573 |
| 2021 | $24.05 | (0.13) | 7.05 | 6.92 |  | (4.66) | (4.66) | $26.31 | 30.93% | 1.25% | 1.26% | (0.53)% | (0.54)% | 189% | $47150 |
| **C Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $23.75 | (0.27) | 3.53 | 3.26 |  | (9.78) | (9.78) | $17.23 | 13.97% | 1.92% | 2.00% | (1.33)% | (1.41)% | 57% | $1647 |
| 2024 | $17.94 | (0.26) | 6.07 | 5.81 |  |  |  | $23.75 | 32.46% | 2.00% | 2.01% | (1.29)% | (1.30)% | 40% | $3084 |
| 2023 | $14.76 | (0.14) | 3.32 | 3.18 |  |  |  | $17.94 | 21.48% | 2.00% | 2.01% | (0.94)% | (0.95)% | 142% | $3737 |
| 2022 | $23.41 | (0.27) | (3.05) | (3.32) |  | (5.33) | (5.33) | $14.76 | (20.27)% | 1.99% | 2.00% | (1.14)% | (1.15)% | 205% | $7820 |
| 2021 | $21.99 | (0.29) | 6.37 | 6.08 |  | (4.66) | (4.66) | $23.41 | 29.92% | 2.00% | 2.01% | (1.28)% | (1.29)% | 189% | $16775 |

---

------

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 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 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)** |
| **Disciplined Growth Fund** | **Disciplined Growth Fund** | **Disciplined Growth Fund** | **Disciplined Growth Fund** | **Disciplined Growth Fund** | | | | | | | | | | | |
| **R Class** | **R Class** | | | | | | | | | | | | | | |
| 2025 | $26.73 | (0.19) | 3.99 | 3.80 |  | (9.78) | (9.78) | $20.75 | 14.52% | 1.42% | 1.50% | (0.83)% | (0.91)% | 57% | $17911 |
| 2024 | $20.09 | (0.18) | 6.82 | 6.64 |  |  |  | $26.73 | 33.12% | 1.50% | 1.51% | (0.79)% | (0.80)% | 40% | $16612 |
| 2023 | $16.45 | (0.08) | 3.72 | 3.64 |  |  |  | $20.09 | 22.14% | 1.50% | 1.51% | (0.44)% | (0.45)% | 142% | $13312 |
| 2022 | $25.42 | (0.17) | (3.47) | (3.64) |  | (5.33) | (5.33) | $16.45 | (19.93)% | 1.49% | 1.50% | (0.64)% | (0.65)% | 205% | $10481 |
| 2021 | $23.42 | (0.19) | 6.85 | 6.66 |  | (4.66) | (4.66) | $25.42 | 30.63% | 1.50% | 1.51% | (0.78)% | (0.79)% | 189% | $12958 |
| **R5 Class** | **R5 Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $29.49 | (0.03) | 4.44 | 4.41 |  | (9.78) | (9.78) | $24.12 | 15.35% | 0.72% | 0.80% | (0.13)% | (0.21)% | 57% | $1431 |
| 2024 | $22.02 | (0.03) | 7.51 | 7.48 | (0.01) |  | (0.01) | $29.49 | 34.00% | 0.80% | 0.81% | (0.09)% | (0.10)% | 40% | $1453 |
| 2023 | $17.94 | 0.07 | 4.04 | 4.11 | (0.03) |  | (0.03) | $22.02 | 23.01% | 0.80% | 0.81% | 0.26% | 0.25% | 142% | $510 |
| 2022 | $27.10 | (0.01) | (3.82) | (3.83) |  | (5.33) | (5.33) | $17.94 | (19.34)% | 0.79% | 0.80% | 0.06% | 0.05% | 205% | $1390 |
| 2021 | $24.55 | (0.02) | 7.23 | 7.21 |  | (4.66) | (4.66) | $27.10 | 31.53% | 0.80% | 0.81% | (0.08)% | (0.09)% | 189% | $1528 |

---

**Notes to Financial Highlights**

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

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

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

\*The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations or precisely reflect the class expense differentials due to the timing of transactions in shares of a fund in relation to income earned and/or fluctuations in the fair value of a fund's investments.

†Ratios for periods less than one year are annualized. Zero balances may reflect amounts less than 0.005%.

See Notes to Financial Statements.

------

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 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>**:** | | |
| | **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)** |
| **Equity Growth Fund** | **Equity Growth Fund** | **Equity Growth Fund** | **Equity Growth Fund** | **Equity Growth Fund** | | | | | | | | | |
| **Investor Class** | **Investor Class** | | | | | | | | | | | | |
| 2025 | $31.19 | 0.22 | 3.64 | 3.86 | (0.22) |  | (0.22) | $34.83 | 12.43% | 0.65% | 0.67% | 73% | $1570393 |
| 2024 | $24.89 | 0.20 | 6.31 | 6.51 | (0.21) |  | (0.21) | $31.19 | 26.26% | 0.66% | 0.74% | 53% | $1524738 |
| 2023 | $24.15 | 0.36 | 2.47 | 2.83 | (0.37) | (1.72) | (2.09) | $24.89 | 12.34% | 0.66% | 1.60% | 169% | $1366594 |
| 2022 | $36.56 | 0.24 | (3.83) | (3.59) | (0.22) | (8.60) | (8.82) | $24.15 | (14.48)% | 0.65% | 0.80% | 238% | $1556896 |
| 2021 | $30.41 | 0.29 | 9.82 | 10.11 | (0.29) | (3.67) | (3.96) | $36.56 | 35.42% | 0.66% | 0.84% | 186% | $1998353 |
| **I Class** | **I Class** |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $31.24 | 0.28 | 3.66 | 3.94 | (0.29) |  | (0.29) | $34.89 | 12.67% | 0.45% | 0.87% | 73% | $70110 |
| 2024 | $24.94 | 0.25 | 6.32 | 6.57 | (0.27) |  | (0.27) | $31.24 | 26.46% | 0.46% | 0.94% | 53% | $75066 |
| 2023 | $24.19 | 0.39 | 2.50 | 2.89 | (0.42) | (1.72) | (2.14) | $24.94 | 12.59% | 0.46% | 1.80% | 169% | $306157 |
| 2022 | $36.61 | 0.30 | (3.84) | (3.54) | (0.28) | (8.60) | (8.88) | $24.19 | (14.32)% | 0.45% | 1.00% | 238% | $372948 |
| 2021 | $30.45 | 0.34 | 9.85 | 10.19 | (0.36) | (3.67) | (4.03) | $36.61 | 35.68% | 0.46% | 1.04% | 186% | $548632 |
| **A Class** | **A Class** |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $31.11 | 0.14 | 3.64 | 3.78 | (0.14) |  | (0.14) | $34.75 | 12.18% | 0.90% | 0.42% | 73% | $46962 |
| 2024 | $24.83 | 0.13 | 6.29 | 6.42 | (0.14) |  | (0.14) | $31.11 | 25.93% | 0.91% | 0.49% | 53% | $56084 |
| 2023 | $24.10 | 0.29 | 2.47 | 2.76 | (0.31) | (1.72) | (2.03) | $24.83 | 12.09% | 0.91% | 1.35% | 169% | $49323 |
| 2022 | $36.50 | 0.15 | (3.81) | (3.66) | (0.14) | (8.60) | (8.74) | $24.10 | (14.73)% | 0.90% | 0.55% | 238% | $51847 |
| 2021 | $30.36 | 0.20 | 9.81 | 10.01 | (0.20) | (3.67) | (3.87) | $36.50 | 35.10% | 0.91% | 0.59% | 186% | $75252 |
| **C Class** | **C Class** |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $30.14 | (0.11) | 3.53 | 3.42 |  |  |  | $33.56 | 11.35% | 1.65% | (0.33)% | 73% | $996 |
| 2024 | $24.12 | (0.07) | 6.09 | 6.02 | —<sup>(3)</sup> |  | —<sup>(3)</sup> | $30.14 | 24.96% | 1.66% | (0.26)% | 53% | $1443 |
| 2023 | $23.48 | 0.12 | 2.39 | 2.51 | (0.15) | (1.72) | (1.87) | $24.12 | 11.23% | 1.66% | 0.60% | 169% | $2041 |
| 2022 | $35.92 | (0.09) | (3.71) | (3.80) | (0.04) | (8.60) | (8.64) | $23.48 | (15.34)% | 1.65% | (0.20)% | 238% | $3397 |
| 2021 | $29.98 | (0.05) | 9.66 | 9.61 | —<sup>(3)</sup> | (3.67) | (3.67) | $35.92 | 34.07% | 1.66% | (0.16)% | 186% | $4950 |
| **R Class** | **R Class** |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $31.12 | 0.06 | 3.64 | 3.70 | (0.06) |  | (0.06) | $34.76 | 11.89% | 1.15% | 0.17% | 73% | $22441 |
| 2024 | $24.84 | 0.06 | 6.29 | 6.35 | (0.07) |  | (0.07) | $31.12 | 25.61% | 1.16% | 0.24% | 53% | $20000 |
| 2023 | $24.10 | 0.23 | 2.48 | 2.71 | (0.25) | (1.72) | (1.97) | $24.84 | 11.80% | 1.16% | 1.10% | 169% | $18677 |
| 2022 | $36.53 | 0.07 | (3.82) | (3.75) | (0.08) | (8.60) | (8.68) | $24.10 | (14.92)% | 1.15% | 0.30% | 238% | $19602 |
| 2021 | $30.38 | 0.12 | 9.81 | 9.93 | (0.11) | (3.67) | (3.78) | $36.53 | 34.77% | 1.16% | 0.34% | 186% | $24891 |

---

------

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 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>**:** | | |
| | **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)** |
| **Equity Growth Fund** | **Equity Growth Fund** | **Equity Growth Fund** | **Equity Growth Fund** | **Equity Growth Fund** | | | | | | | | | |
| **R5 Class** | **R5 Class** | | | | | | | | | | | | |
| 2025 | $31.25 | 0.28 | 3.66 | 3.94 | (0.29) |  | (0.29) | $34.90 | 12.66% | 0.45% | 0.87% | 73% | $3255 |
| 2024 | $24.95 | 0.26 | 6.31 | 6.57 | (0.27) |  | (0.27) | $31.25 | 26.50% | 0.46% | 0.94% | 53% | $6103 |
| 2023 | $24.20 | 0.40 | 2.49 | 2.89 | (0.42) | (1.72) | (2.14) | $24.95 | 12.59% | 0.46% | 1.80% | 169% | $4745 |
| 2022 | $36.62 | 0.30 | (3.84) | (3.54) | (0.28) | (8.60) | (8.88) | $24.20 | (14.34)% | 0.45% | 1.00% | 238% | $4553 |
| 2021 | $30.45 | 0.34 | 9.86 | 10.20 | (0.36) | (3.67) | (4.03) | $36.62 | 35.72% | 0.46% | 1.04% | 186% | $6096 |

---

**Notes to Financial Highlights**

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

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

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

\*The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations or precisely reflect the class expense differentials due to the timing of transactions in shares of a fund in relation to income earned and/or fluctuations in the fair value of a fund's investments.

†Ratios for periods less than one year are annualized. Zero balances may reflect amounts less than 0.005%.

See Notes to Financial Statements.

------

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 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\*:** | | | | **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 Income**<br>**(Loss)**<sup>(1)</sup> | **Net<br>Realized<br>and<br>Unrealized<br>Gain (Loss)** | **Total From Investment Operations** | **Distributions From Net Investment Income** | **Net Asset<br>Value,<br>End of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Net<br>Investment<br>Income<br>(Loss)** | **Portfolio<br>Turnover<br>Rate** | **Net Assets,<br>End of Period<br>(in thousands)** |
| **Global Gold Fund** | **Global Gold Fund** | **Global Gold Fund** | **Global Gold Fund** | **Global Gold Fund** | | | | | | | |
| **Investor Class** | | | | | | | | | | | |
| 2025 | $11.90 | 0.14 | 7.00 | 7.14 | (0.23) | $18.81 | 60.50% | 0.66% | 0.91% | 20% | $940250 |
| 2024 | $10.22 | 0.14 | 1.69 | 1.83 | (0.15) | $11.90 | 18.07% | 0.66% | 1.34% | 54% | $559328 |
| 2023 | $9.78 | 0.15 | 0.43 | 0.58 | (0.14) | $10.22 | 5.94% | 0.66% | 1.51% | 59% | $496571 |
| 2022 | $12.37 | 0.17 | (2.54) | (2.37) | (0.22) | $9.78 | (19.33)% | 0.65% | 1.46% | 57% | $461236 |
| 2021 | $13.64 | 0.13 | (1.26) | (1.13) | (0.14) | $12.37 | (8.30)% | 0.66% | 0.96% | 105% | $590853 |
| **I Class** |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $12.05 | 0.17 | 7.09 | 7.26 | (0.26) | $19.05 | 60.82% | 0.46% | 1.11% | 20% | $82330 |
| 2024 | $10.34 | 0.16 | 1.73 | 1.89 | (0.18) | $12.05 | 18.38% | 0.46% | 1.54% | 54% | $47223 |
| 2023 | $9.89 | 0.17 | 0.44 | 0.61 | (0.16) | $10.34 | 6.18% | 0.46% | 1.71% | 59% | $45797 |
| 2022 | $12.51 | 0.20 | (2.57) | (2.37) | (0.25) | $9.89 | (19.20)% | 0.45% | 1.66% | 57% | $40601 |
| 2021 | $13.79 | 0.16 | (1.27) | (1.11) | (0.17) | $12.51 | (8.10)% | 0.46% | 1.16% | 105% | $68014 |
| **A Class** |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $11.63 | 0.09 | 6.84 | 6.93 | (0.19) | $18.37 | 60.02% | 0.91% | 0.66% | 20% | $24096 |
| 2024 | $9.99 | 0.11 | 1.66 | 1.77 | (0.13) | $11.63 | 17.79% | 0.91% | 1.09% | 54% | $17885 |
| 2023 | $9.55 | 0.12 | 0.44 | 0.56 | (0.12) | $9.99 | 5.81% | 0.91% | 1.26% | 59% | $15750 |
| 2022 | $12.09 | 0.14 | (2.48) | (2.34) | (0.20) | $9.55 | (19.57)% | 0.90% | 1.21% | 57% | $17423 |
| 2021 | $13.33 | 0.10 | (1.23) | (1.13) | (0.11) | $12.09 | (8.51)% | 0.91% | 0.71% | 105% | $22022 |
| **C Class** |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $10.99 | (0.01) | 6.45 | 6.44 | (0.07) | $17.36 | 58.81% | 1.66% | (0.09)% | 20% | $3349 |
| 2024 | $9.45 | 0.03 | 1.57 | 1.60 | (0.06) | $10.99 | 16.99% | 1.66% | 0.34% | 54% | $2274 |
| 2023 | $9.05 | 0.05 | 0.39 | 0.44 | (0.04) | $9.45 | 4.84% | 1.66% | 0.51% | 59% | $2284 |
| 2022 | $11.46 | 0.05 | (2.34) | (2.29) | (0.12) | $9.05 | (20.13)% | 1.65% | 0.46% | 57% | $2875 |
| 2021 | $12.63 | (0.01) | (1.15) | (1.16) | (0.01) | $11.46 | (9.18)% | 1.66% | (0.04)% | 105% | $3838 |
| **R Class** |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $11.48 | 0.06 | 6.75 | 6.81 | (0.15) | $18.14 | 59.68% | 1.16% | 0.41% | 20% | $9548 |
| 2024 | $9.86 | 0.09 | 1.63 | 1.72 | (0.10) | $11.48 | 17.52% | 1.16% | 0.84% | 54% | $6573 |
| 2023 | $9.44 | 0.10 | 0.41 | 0.51 | (0.09) | $9.86 | 5.39% | 1.16% | 1.01% | 59% | $6508 |
| 2022 | $11.94 | 0.11 | (2.44) | (2.33) | (0.17) | $9.44 | (19.69)% | 1.15% | 0.96% | 57% | $7904 |
| 2021 | $13.17 | 0.06 | (1.22) | (1.16) | (0.07) | $11.94 | (8.79)% | 1.16% | 0.46% | 105% | $8868 |

---

------

**Notes to Financial Highlights**

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

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

\*The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations or precisely reflect the class expense differentials due to the timing of transactions in shares of a fund in relation to income earned and/or fluctuations in the fair value of a fund's investments.

†Ratios for periods less than one year are annualized. Zero balances may reflect amounts less than 0.005%.

See Notes to Financial Statements.

------

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 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\*:** | **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)** |
| **Small Company Fund** | **Small Company Fund** | **Small Company Fund** | **Small Company Fund** | **Small Company Fund** | | | | | | | | | |
| **Investor Class** | **Investor Class** | **Investor Class** | | | | | | | | | | | |
| 2025 | $15.40 | 0.05 | 0.68 | 0.73 | (0.05) |  | (0.05) | $16.08 | 4.77% | 0.85% | 0.33% | 82% | $129670 |
| 2024 | $13.93 | 0.06 | 1.47 | 1.53 | (0.06) |  | (0.06) | $15.40 | 10.99% | 0.86% | 0.42% | 67% | $137973 |
| 2023 | $12.41 | 0.07 | 1.51 | 1.58 | (0.06) |  | (0.06) | $13.93 | 12.72% | 0.86% | 0.50% | 119% | $137735 |
| 2022 | $19.38 | 0.06 | (3.92) | (3.86) | (0.05) | (3.06) | (3.11) | $12.41 | (23.44)% | 0.85% | 0.35% | 205% | $134507 |
| 2021 | $12.10 | 0.02 | 7.29 | 7.31 | (0.03) |  | (0.03) | $19.38 | 60.46% | 0.86% | 0.13% | 142% | $196473 |
| **I Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $15.50 | 0.08 | 0.70 | 0.78 | (0.09) |  | (0.09) | $16.19 | 5.02% | 0.65% | 0.53% | 82% | $6760 |
| 2024 | $14.03 | 0.09 | 1.47 | 1.56 | (0.09) |  | (0.09) | $15.50 | 11.12% | 0.66% | 0.62% | 67% | $7324 |
| 2023 | $12.50 | 0.09 | 1.52 | 1.61 | (0.08) |  | (0.08) | $14.03 | 12.93% | 0.66% | 0.70% | 119% | $6387 |
| 2022 | $19.49 | 0.09 | (3.94) | (3.85) | (0.08) | (3.06) | (3.14) | $12.50 | (23.27)% | 0.65% | 0.55% | 205% | $6007 |
| 2021 | $12.16 | 0.05 | 7.33 | 7.38 | (0.05) |  | (0.05) | $19.49 | 60.82% | 0.66% | 0.33% | 142% | $9315 |
| **A Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $14.87 | 0.01 | 0.67 | 0.68 | (0.01) |  | (0.01) | $15.54 | 4.60% | 1.10% | 0.08% | 82% | $6323 |
| 2024 | $13.46 | 0.03 | 1.41 | 1.44 | (0.03) |  | (0.03) | $14.87 | 10.68% | 1.11% | 0.17% | 67% | $7105 |
| 2023 | $12.00 | 0.03 | 1.45 | 1.48 | (0.02) |  | (0.02) | $13.46 | 12.37% | 1.11% | 0.25% | 119% | $8017 |
| 2022 | $18.83 | 0.02 | (3.78) | (3.76) | (0.01) | (3.06) | (3.07) | $12.00 | (23.61)% | 1.10% | 0.10% | 205% | $8693 |
| 2021 | $11.77 | (0.02) | 7.09 | 7.07 | (0.01) |  | (0.01) | $18.83 | 60.14% | 1.11% | (0.12)% | 142% | $13031 |
| **C Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $13.50 | (0.10) | 0.62 | 0.52 |  |  |  | $14.02 | 3.85% | 1.85% | (0.67)% | 82% | $107 |
| 2024 | $12.29 | (0.08) | 1.29 | 1.21 |  |  |  | $13.50 | 9.85% | 1.86% | (0.58)% | 67% | $194 |
| 2023 | $11.02 | (0.06) | 1.33 | 1.27 |  |  |  | $12.29 | 11.52% | 1.86% | (0.50)% | 119% | $373 |
| 2022 | $17.66 | (0.11) | (3.47) | (3.58) |  | (3.06) | (3.06) | $11.02 | (24.14)% | 1.85% | (0.65)% | 205% | $426 |
| 2021 | $11.11 | (0.13) | 6.68 | 6.55 |  |  |  | $17.66 | 58.87% | 1.86% | (0.87)% | 142% | $939 |
| **R Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $14.29 | (0.03) | 0.65 | 0.62 |  |  |  | $14.91 | 4.34% | 1.35% | (0.17)% | 82% | $2104 |
| 2024 | $12.95 | (0.01) | 1.35 | 1.34 | —<sup>(3)</sup> |  | —<sup>(3)</sup> | $14.29 | 10.36% | 1.36% | (0.08)% | 67% | $2336 |
| 2023 | $11.56 | —<sup>(3)</sup> | 1.40 | 1.40 | (0.01) |  | (0.01) | $12.95 | 12.14% | 1.36% | —% | 119% | $2416 |
| 2022 | $18.29 | (0.02) | (3.65) | (3.67) |  | (3.06) | (3.06) | $11.56 | (23.81)% | 1.35% | (0.15)% | 205% | $2306 |
| 2021 | $11.45 | (0.05) | 6.89 | 6.84 |  |  |  | $18.29 | 59.74% | 1.36% | (0.37)% | 142% | $3497 |

---

------

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 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\*:** | **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)** |
| **Small Company Fund** | **Small Company Fund** | **Small Company Fund** | **Small Company Fund** | **Small Company Fund** | | | | | | | | | |
| **R5 Class** | **R5 Class** | | | | | | | | | | | | |
| 2025 | $15.52 | 0.09 | 0.69 | 0.78 | (0.09) |  | (0.09) | $16.21 | 5.01% | 0.65% | 0.53% | 82% | $403 |
| 2024 | $14.04 | 0.09 | 1.48 | 1.57 | (0.09) |  | (0.09) | $15.52 | 11.19% | 0.66% | 0.62% | 67% | $368 |
| 2023 | $12.51 | 0.09 | 1.52 | 1.61 | (0.08) |  | (0.08) | $14.04 | 12.92% | 0.66% | 0.70% | 119% | $425 |
| 2022 | $19.51 | 0.09 | (3.95) | (3.86) | (0.08) | (3.06) | (3.14) | $12.51 | (23.26)% | 0.65% | 0.55% | 205% | $285 |
| 2021 | $12.17 | 0.05 | 7.34 | 7.39 | (0.05) |  | (0.05) | $19.51 | 60.77% | 0.66% | 0.33% | 142% | $404 |

---

**Notes to Financial Highlights**

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

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

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

\*The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations or precisely reflect the class expense differentials due to the timing of transactions in shares of a fund in relation to income earned and/or fluctuations in the fair value of a fund's investments.

†Ratios for periods less than one year are annualized. Zero balances may reflect amounts less than 0.005%.

See Notes to Financial Statements.

------

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 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** | |
| | | **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)** |
| **Utilities Fund** | **Utilities Fund** | **Utilities Fund** | **Utilities Fund** | **Utilities Fund** | | | | | | | | | |
| **Investor Class** | **Investor Class** | | | | | | | | | | | | |
| 2025 | $15.83 | 0.46 | 3.32 | 3.78 | (0.47) |  | (0.47) | $19.14 | 24.04% | 0.65% | 2.53% | 77% | $277191 |
| 2024 | $14.88 | 0.42 | 0.96 | 1.38 | (0.43) |  | (0.43) | $15.83 | 9.52% | 0.66% | 2.84% | 70% | $242389 |
| 2023 | $16.73 | 0.38 | (1.08) | (0.70) | (0.34) | (0.81) | (1.15) | $14.88 | (4.65)% | 0.66% | 2.32% | 113% | $264878 |
| 2022 | $17.17 | 0.33 | 0.56 | 0.89 | (0.31) | (1.02) | (1.33) | $16.73 | 4.98% | 0.65% | 1.86% | 140% | $309887 |
| 2021 | $15.91 | 0.41 | 2.08 | 2.49 | (0.39) | (0.84) | (1.23) | $17.17 | 15.95% | 0.66% | 2.34% | 108% | $314100 |

---

**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.

\*The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations due to the timing of transactions in shares of a fund in relation to income earned and/or fluctuations in the fair value of a fund's investments.

†Ratios for periods less than one year are annualized. Zero balances may reflect amounts less than 0.005%.

See Notes to Financial Statements.

------

Report of Independent Registered Public Accounting Firm

To the shareholders and the Board of Directors of American Century Quantitative Equity Funds, Inc.:

**Opinion on the Financial Statements and Financial Highlights** 

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Disciplined Core Value Fund, Disciplined Growth Fund, Equity Growth Fund, Global Gold Fund, Small Company Fund, and Utilities Fund (the "Funds"), each a series of American Century Quantitative Equity Funds, Inc., as of June 30, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the four years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds as of June 30, 2025, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the four years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. The financial highlights for the year ended June 30, 2021, were audited by other auditors, whose reports, dated August 17, 2021, expressed unqualified opinions on such financial highlights.

**Basis for Opinion** 

These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of June 30, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Kansas City, Missouri

August 19, 2025

We have served as the auditor of one or more American Century investment companies since 1997.

------

Approval of Management Agreement

At a meeting held on June 17, 2025, the Funds' Board of Directors (the "Board") unanimously approved the renewal of the management agreement pursuant to which American Century Investment Management, Inc. (the "Advisor") acts as the investment advisor for each Fund. Under the Investment Company Act of 1940 (the "Investment Company Act"), contracts for investment advisory services are required to be reviewed, evaluated, and approved by a majority of a fund's Directors, including a majority of the independent Directors. The Board regards this annual evaluation and renewal as one of its most important responsibilities.

The independent Directors have memorialized a statement regarding the relationship between their ongoing obligations to oversee and evaluate the performance of the Advisor and their annual consideration of renewal of the management agreement. In that statement, the independent Directors noted that their assessment of the Advisor's performance is an ongoing process that takes place over the entire year and is informed by all of the extensive information that the Board and its committees receive and consider over time. This information, together with the additional materials provided specifically in connection with the review, are central to the Board's assessment of the Advisor's performance and its determination whether to renew the Funds' management agreement.

Prior to its consideration of the renewal of the management agreement, the Board requested and reviewed data and analysis relating to the proposed renewal. This information and analysis was compiled by the Advisor and certain independent data providers concerning the Funds.

In connection with its consideration of the renewal of the management agreement, the Board's review and evaluation of the services provided by the Advisor and its affiliates included, but was not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the nature, extent, and quality of investment management, shareholder services, distribution services, and other services provided to each Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the wide range of programs and services the Advisor and other service providers provide to each Fund and its shareholders on a routine and non-routine basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each Fund's investment performance compared to appropriate benchmarks and/or peer groups of other mutual funds with similar investment objectives and strategies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the cost of owning each Fund compared to the cost of owning similarly-managed funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Advisor's compliance policies, procedures, and regulatory experience and those of certain other service providers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Advisor's strategic plans, generally, and with respect to the Advisor's response to investment management industry challenges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Advisor's business continuity plans, vendor management practices, and information security practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the cost of services provided to each Fund, the profitability of each Fund to the Advisor, and the Advisor's financial results of operation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• possible economies of scale associated with the Advisor's management of each Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any collateral benefits derived by the Advisor from the management of each Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fees and expenses associated with any investment by each Fund in other funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• payments to intermediaries by each Fund and the Advisor and services provided by intermediaries in connection therewith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• services provided and charges to the Advisor's other investment management clients.

In keeping with its practice, the Board held two meetings and the independent Directors met in private sessions to discuss the renewal and to review and discuss the information provided in response to their request. The Board held active discussions with the Advisor regarding the renewal of the management agreement. The independent Directors had the benefit of the advice of their independent counsel throughout the process.

**Factors Considered** 

The Directors considered all of the information provided by the Advisor, the independent data providers, and the independent Directors' independent counsel in connection with the approval. They determined that the information was sufficient for them to evaluate the management agreement for the Funds. In connection with their review, the Directors did not identify any single factor as being all-important or controlling and each Director may have attributed different levels of importance to different factors. In deciding to renew the management agreement, the Board based its decision on a number of factors, including the following:

**Nature, Extent and Quality of Services — Generally.** Under the Funds' management agreement, the Advisor is responsible for providing or arranging for all services necessary for the operation of each Fund. The Board noted that the Advisor provides or arranges at its own expense a wide variety of services including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• constructing and designing each Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• portfolio research and security selection

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• initial capitalization/funding

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• securities trading

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fund administration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• custody of Fund assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• daily valuation of each Fund's portfolio

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• liquidity monitoring and management

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risk management, including information security

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shareholder servicing and transfer agency, including shareholder confirmations, recordkeeping, and communications

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• legal services (except the independent Directors' counsel)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• regulatory and portfolio compliance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• financial reporting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• marketing and distribution (except amounts paid by each Fund under Rule 12b-1 plans)

The Board noted that many of these services have expanded over time in terms of both quantity and complexity in response to shareholder demands, competition in the industry, changing distribution channels, and the changing regulatory environment.

**Investment Management Services.** The nature of the investment management services provided to each Fund is quite complex and allows Fund shareholders access to professional money management, instant diversification of their investments, the opportunity to easily diversify among asset classes by investing in or exchanging among various American Century Investments funds, and liquidity. In evaluating investment performance, the Board expects the Advisor to manage each Fund in accordance with its investment objectives and principal investment strategies. Further, the Directors recognize that the Advisor has an obligation to seek the best execution of fund trades. In providing these services, the Advisor utilizes teams of investment professionals who require extensive information technology, research, training, compliance, and other systems to conduct their business. The Board, directly and through its Portfolio Committee, regularly reviews investment performance information for each Fund, together with comparative information for appropriate benchmarks and/or peer groups of similarly-managed funds, over different time horizons. The Directors also review investment performance information during the management agreement renewal process. If performance concerns are identified, a Fund receives special reviews until performance improves, during which the Board discusses with the Advisor the reasons for such results and any actions being taken to improve performance. The Board found the investment management services provided by the Advisor to each Fund to be satisfactory and consistent with the management agreement.

**Shareholder and Other Services.** Under the management agreement, the Advisor, either directly or through affiliates or third parties, provides each Fund with a comprehensive package of transfer agency, shareholder, and other services. The Board, directly and through its various committees, regularly reviews reports and evaluations of such services at its regular meetings. These reports include, but are not limited to, information regarding the operational efficiency and accuracy of the shareholder and transfer agency services provided, staffing levels, shareholder satisfaction, technology support (including information security), new products and services offered to Fund shareholders, securities trading activities, portfolio valuation services, risk management, auditing services, and legal and operational compliance activities. The Board found the services provided by the Advisor to each Fund under the management agreement to be competitive and of high quality.

**Costs of Services and Profitability.** The Advisor provides detailed information concerning its cost of providing various services to the Funds, its profitability in managing each Fund, and its financial results of operation. The Directors have reviewed with the Advisor the methodology used to prepare this financial information. This information is considered in evaluating the Advisor's financial condition, its ability to continue to provide services under the management agreement, and the reasonableness of the terms of the current management agreement. The Board concluded that the Advisor's profits were reasonable in light of the services provided to the Funds.

**Ethics.** The Board generally considers the Advisor's commitment to providing quality services to shareholders and to conducting its business ethically. They noted that the Advisor's practices generally meet or exceed industry best practices.

**Economies of Scale.** The Board also reviewed information provided by the Advisor regarding the possible existence of economies of scale in connection with the management of each Fund. The Board concluded that economies of scale are difficult to measure and predict with precision, especially on a fund-by-fund basis. The Board concluded that the Advisor is appropriately sharing economies of scale, to the extent they exist, through its fee structure and through reinvestment in its business, infrastructure, investment capabilities and initiatives to provide shareholders enhanced and expanded services.

**Comparison to Other Funds' Fees.** The management agreement provides that each Fund pays the Advisor a single, all-inclusive (or unified) management fee for providing all services necessary for the management and operation of each Fund, other than brokerage and other transaction fees and expenses relating to acquisition and disposition of portfolio securities, acquired fund fees and expenses, taxes, interest, extraordinary expenses, fund litigation expenses, fees and expenses of the Funds' independent Directors (including their independent legal counsel), and expenses incurred in connection with the provision of shareholder services and distribution services under a plan adopted pursuant to Investment Company Act Rule 12b-1. Under this unified fee structure, the Advisor is responsible for providing investment advisory, custody, audit, administrative, compliance, recordkeeping, marketing, and shareholder services, or arranging and supervising third parties to provide such services. By contrast, most other funds are charged a variety of fees, including an investment advisory fee, a transfer agency fee, an administrative fee, and other expenses. Other than their investment advisory fees and any applicable Rule 12b-1 distribution fees, all other components of the total fees charged by these other funds may be increased without shareholder approval. The Board believes the unified fee

------

structure is a benefit to Fund shareholders because it clearly discloses to shareholders the cost of owning Fund shares, and, since the unified fee cannot be increased without a vote of Fund shareholders, it shifts to the Advisor the risk of increased costs of operating the Funds and provides a direct incentive to minimize administrative inefficiencies. Part of the Board's analysis of fee levels involves reviewing certain evaluative data compiled by an independent provider comparing each Fund's unified fee to the total expense ratio of peer funds. The Board concluded that the management fee paid by each Fund to the Advisor under the management agreement is reasonable in light of the services provided to the Fund.

**Comparison to Fees and Services Provided to Other Clients of the Advisor.** The Board also requested and received information from the Advisor concerning the nature of the services, fees, costs, and profitability of its advisory services to advisory clients other than the Funds. They observed that these varying types of client accounts require different services and involve different regulatory and entrepreneurial risks than the management of each Fund. The Board analyzed this information and concluded that the fees charged and services provided to each Fund were reasonable by comparison.

**Payments to Intermediaries.** The Directors also requested and received a description of payments made to intermediaries by each Fund and the Advisor and services provided by intermediaries. These payments include various payments made by each Fund or the Advisor to different types of intermediaries and recordkeepers for distribution and service activities provided with respect to each Fund. The Directors reviewed such information and received representations from the Advisor that all such payments by each Fund were made pursuant to the Fund's Rule 12b-1 Plan and that all such payments by the Advisor were made from the Advisor's resources and reasonable profits.

**Collateral or "Fall-Out" Benefits Derived by the Advisor.** The Board considered the possible existence of collateral benefits the Advisor may receive as a result of its relationship with the Funds. The Board noted that the Advisor's primary business is managing funds and it generally does not use fund or shareholder information to generate profits in other lines of business, and therefore does not derive any significant collateral benefits from them. The Board noted that the Advisor may receive proprietary research from broker-dealers that execute fund portfolio transactions. The Board also determined that the Advisor is able to provide investment management services to certain clients other than the Funds, at least in part, due to its existing infrastructure built to serve the fund complex. Where applicable, assets of other client accounts are included with the assets of certain Funds to determine breakpoints in each such Fund's management fee schedule.

**Existing Relationship.** The Board also considered whether there was any reason for not continuing the existing arrangement with the Advisor. In this regard, the Board was mindful of the potential disruptions of each Fund's operations and various risks, uncertainties, and other effects that could occur as a result of a decision not to continue such relationship. In particular, the Board recognized that most shareholders have invested in the Funds on the strength of the Advisor's industry standing and reputation and in the expectation that the Advisor will have a continuing role in providing advisory services to the Funds.

Set forth below are certain of the Fund-specific factors that the Board considered in addition to the other factors described herein:

**Disciplined Core Value** - The Fund's performance was below its benchmark for the one-, three-, five-, and ten-year periods reviewed by the Board. The Board discussed the Fund's performance with the Advisor and was satisfied with the efforts being undertaken by the Advisor.

The unified fee charged to shareholders of the Fund was below the median of the total expense ratios of the Fund's peer expense group.

**Disciplined Growth** - The Fund's performance was below its benchmark for the one-, three-, five-, and ten-year periods reviewed by the Board. The Board discussed the Fund's performance with the Advisor and was satisfied with the efforts being undertaken by the Advisor.

The unified fee charged to shareholders of the Fund was above the median of the total expense ratios of the Fund's peer expense group. The Board and the Advisor agreed to an extension of the current temporary reduction of the Fund's annual unified management fee of 0.09% (e.g., the Investor Class unified fee will be reduced from 1.00% to 0.91%) for at least one year, beginning August 1, 2025.

**Equity Growth** - The Fund's performance was above its benchmark for the one-year period and below its benchmark for the three-, five-, and ten-year periods reviewed by the Board. The Board discussed the Fund's performance with the Advisor and was satisfied with the efforts being undertaken by the Advisor. The unified fee charged to shareholders of the Fund was the lowest of the total expense ratios of the Fund's peer expense group.

**Global Gold** - The Fund's performance was above its benchmark for the one-year period and below its benchmark for the three-, five-, and ten-year periods reviewed by the Board. The unified fee charged to shareholders of the Fund was the lowest of the total expense ratios of the Fund's peer expense group.

**Small Company** - The Fund's performance was above its benchmark for the five-year period and below its benchmark for the one-, three-, and ten-year periods reviewed by the Board. The unified fee charged to shareholders of the Fund was below the median of the total expense ratios of the Fund's peer expense universe.

**Utilities** - The Fund's performance was above its benchmark for the one-year period and below its benchmark for the three-, five-, and ten-year periods reviewed by the Board. The Board discussed the Fund's performance with the Advisor and was satisfied with the efforts being undertaken by the Advisor. The unified fee charged to shareholders of the Fund was the lowest of the Fund's peer expense universe.

------

**Conclusion of the Directors.** As a result of this process, the Board, including all of the independent Directors, taking into account all of the factors discussed above and the information provided by the Advisor and others in connection with its review and received over time, concluded that the terms of the management agreement are fair and reasonable and that the management fees charged to each Fund are reasonable in light of the services provided and that the management agreement between the Funds and the Advisor should be renewed for an additional one-year period.

------

**Other Tax Information**

The following information is provided pursuant to provisions of the Internal Revenue Code (IRC).

The funds hereby designate up to the maximum amount allowable as qualified dividend income for the fiscal year ended June 30, 2025.

The funds hereby designate the following, or up to the maximum amount allowable, for the fiscal year ended June 30, 2025.

---

| | | | |
|:---|:---|:---|:---|
| | **Corporate Dividends Received Deduction** | **Qualified Short-Term Capital Gain Distributions (IRC Section 871)** | **Long-Term Capital Gain Distributions <br>(20% Rate)** |
| Disciplined Core Value Fund | $27740246 |  |  |
| Disciplined Growth Fund |  | $22634 | $154452399 |
| Equity Growth Fund | $11368311 |  | $5346248 |
| Global Gold Fund | $1104470 |  |  |
| Small Company Fund | $508157 |  |  |
| Utilities Fund | $6845643 |  | $511713 |

---

For the fiscal year ended June 30, 2025, the funds intend to pass through to shareholders the following foreign source income and foreign taxes paid, or up to the maximum amount allowable, as a foreign tax credit.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Foreign Tax Credit** | **Foreign Tax Credit** | **Foreign Source Income** | **Foreign Source Income** |
| | **Amount** | **Per Outstanding Share** | **Amount** | **Per Outstanding Share** |
| Global Gold Fund | $1212796 | $0.0215 | $11899450 | $0.2112 |

---

The funds utilized the following earnings and profits distributed to shareholders on redemptions of shares as part of the dividends paid deduction (tax equalization).

---

| | |
|:---|:---|
| | **Dividends Paid Deduction (Tax Equalization)** |
| Disciplined Growth Fund | $3832801 |
| Equity Growth Fund | $5452098 |
| Utilities Fund | $587226 |

---

------

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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,<br>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-ANN-92991 2508** | **©2025 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-ANN-92991 2508** |

---

------

(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.**

A statement regarding the basis for the board of directors' approval of the investment advisory contract is included as part of the financial statements and other information filed under Item 7 of this Form.<br>

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

**ITEM 16. CONTROLS AND PROCEDURES.**

------

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

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

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

Not applicable.

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

(a) Not applicable.

(b) Not applicable.

**ITEM 19. EXHIBITS.** 

(a)(1) <u>[Registrant's Code of Ethics](https://www.sec.gov/Archives/edgar/data/1293210/000129321005000017/ex-coe.htm)</u> for Senior Financial Officers, which is the subject of the disclosure required by Item 2 of Form N-CSR, was filed as Exhibit 12(a)(1) to American Century Asset Allocation Portfolios, Inc.'s Certified Shareholder Report on Form N-CSR, File No. 811-21591, on September 29, 2005.

(a)(2) Not applicable.

(a)(3) <u>[Separate certifications by the registrant's principal executive officer and principal financial officer](acqefex-99cert.htm)</u>, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(a) under the Investment Company Act of 1940, are filed and attached hereto as EX-99.CERT.

(a)(4) Not applicable.

(a)(5) Not applicable.

(b) <u>[A certification by the registrant's chief executive officer and chief financial officer](acqefex-99906cert.htm)</u>, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, is furnished and attached hereto as EX-99.906CERT.

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
| Registrant: | American Century Quantitative Equity Funds, Inc. | American Century Quantitative Equity Funds, Inc. |
| By: | /s/ Patrick Bannigan | /s/ Patrick Bannigan |
|  | Name: | Patrick Bannigan |
|  | Title: | President |
| Date: | August 25, 2025 | August 25, 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: | August 25, 2025 | August 25, 2025 |

---

---

| | | |
|:---|:---|:---|
| By: | /s/ R. Wes Campbell | /s/ R. Wes Campbell |
|  | Name: | R. Wes Campbell |
|  | Title: | Treasurer and |
|  |  | Chief Financial Officer |
|  |  | (principal financial officer) |
| Date: | August 25, 2025 | August 25, 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 Quantitative Equity 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: | August 25, 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 Quantitative Equity 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: | August 25, 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>**

In connection with the shareholder report of American Century Quantitative Equity Funds, Inc. (the "Registrant") on Form N-CSR for the period ending June 30, 2025 (the "Report"), we, the undersigned, certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Report fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | | | |
|:---|:---|:---|:---|
| Date: | August 25, 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>