# EDGAR Filing Document

**Accession Number:** 0000872825
**File Stem:** 0000872825-23-000002
**Filing Date:** 2023-1
**Character Count:** 1096941
**Document Hash:** 57af383710380563b45f659e4bd762ae
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000872825-23-000002.hdr.sgml**: 20230126

**ACCESSION NUMBER**: 0000872825-23-000002

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230126

**DATE AS OF CHANGE**: 20230126

**EFFECTIVENESS DATE**: 20230126

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AMERICAN CENTURY WORLD MUTUAL FUNDS INC
- **CENTRAL INDEX KEY:** 0000872825
- **IRS NUMBER:** 431567889
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1130

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06247
- **FILM NUMBER:** 23557065

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

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

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

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

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

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

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

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

### EMERGING MARKETS SMALL CAP FUND (Series ID: S000053102)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000167119 | C CLASS        | AECHX           |
| C000167120 | R CLASS        | AECMX           |
| C000167121 | R6 CLASS       | AECTX           |
| C000167122 | INVESTOR CLASS | AECVX           |
| C000167123 | I CLASS        | AECSX           |
| C000167124 | A CLASS        | AECLX           |

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

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

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

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

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Investment Company Act file number | Investment Company Act file number | **811-06247** | **811-06247** | **811-06247** |
| **AMERICAN CENTURY WORLD MUTUAL FUNDS, INC.** | **AMERICAN CENTURY WORLD MUTUAL FUNDS, INC.** | **AMERICAN CENTURY WORLD MUTUAL FUNDS, INC.** | **AMERICAN CENTURY WORLD MUTUAL FUNDS, INC.** | **AMERICAN CENTURY WORLD MUTUAL FUNDS, INC.** |
| (Exact name of registrant as specified in charter) | (Exact name of registrant as specified in charter) | (Exact name of registrant as specified in charter) | (Exact name of registrant as specified in charter) | (Exact name of registrant as specified in charter) |
| **4500 MAIN STREET, KANSAS CITY, MISSOURI** | **4500 MAIN STREET, KANSAS CITY, MISSOURI** | **4500 MAIN STREET, KANSAS CITY, MISSOURI** | **4500 MAIN STREET, KANSAS CITY, MISSOURI** | **64111** |
| (Address of principal executive offices) | (Address of principal executive offices) | (Address of principal executive offices) | (Address of principal executive offices) | (Zip Code) |
| **JOHN PAK<br>4500 MAIN STREET, KANSAS CITY, MISSOURI 64111** | **JOHN PAK<br>4500 MAIN STREET, KANSAS CITY, MISSOURI 64111** | **JOHN PAK<br>4500 MAIN STREET, KANSAS CITY, MISSOURI 64111** | **JOHN PAK<br>4500 MAIN STREET, KANSAS CITY, MISSOURI 64111** | **JOHN PAK<br>4500 MAIN STREET, KANSAS CITY, MISSOURI 64111** |
| (Name and address of agent for service) | (Name and address of agent for service) | (Name and address of agent for service) | (Name and address of agent for service) | (Name and address of agent for service) |
| Registrant's telephone number, including area code: | Registrant's telephone number, including area code: | Registrant's telephone number, including area code: | **816-531-5575** | **816-531-5575** |
| Date of fiscal year end: | **11-30** | **11-30** | **11-30** | **11-30** |
| Date of reporting period: | **11-30-2022** | **11-30-2022** | **11-30-2022** | **11-30-2022** |

---

------

**ITEM 1. REPORTS TO STOCKHOLDERS.**

(a) Provided under separate cover.

------

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

![image12.jpg](image12.jpg)

---

| |
|:---|
| Annual Report |
| November 30, 2022 |
| Emerging Markets Fund |
| &nbsp;&nbsp;&nbsp;Investor Class (TWMIX) |
| &nbsp;&nbsp;&nbsp;I Class (AMKIX) |
| &nbsp;&nbsp;&nbsp;Y Class (AEYMX) |
| &nbsp;&nbsp;&nbsp;A Class (AEMMX) |
| &nbsp;&nbsp;&nbsp;C Class (ACECX) |
| &nbsp;&nbsp;&nbsp;R Class (AEMRX) |
| &nbsp;&nbsp;&nbsp;R5 Class (AEGMX) |
| &nbsp;&nbsp;&nbsp;R6 Class (AEDMX) |
| &nbsp;&nbsp;&nbsp;G Class (ACADX) |

---

------

------

**Table of Contents**

---

| | |
|:---|:---|
| President's Letter | [2](#icac732f9dea047f6825ef6d9a4af07ac_16) |
| Performance | [3](#icac732f9dea047f6825ef6d9a4af07ac_19) |
| Portfolio Commentary | [5](#icac732f9dea047f6825ef6d9a4af07ac_22) |
| Fund Characteristics | [7](#icac732f9dea047f6825ef6d9a4af07ac_25) |
| Shareholder Fee Example | [8](#icac732f9dea047f6825ef6d9a4af07ac_28) |
| Schedule of Investments | [10](#icac732f9dea047f6825ef6d9a4af07ac_31) |
| Statement of Assets and Liabilities | [14](#icac732f9dea047f6825ef6d9a4af07ac_37) |
| Statement of Operations | [15](#icac732f9dea047f6825ef6d9a4af07ac_40) |
| Statement of Changes in Net Assets | [16](#icac732f9dea047f6825ef6d9a4af07ac_43) |
| Notes to Financial Statements | [17](#icac732f9dea047f6825ef6d9a4af07ac_46) |
| Financial Highlights | [25](#icac732f9dea047f6825ef6d9a4af07ac_49) |
| Report of Independent Registered Public Accounting Firm | [29](#icac732f9dea047f6825ef6d9a4af07ac_52) |
| Management | [30](#icac732f9dea047f6825ef6d9a4af07ac_55) |
| Approval of Management Agreement | [33](#icac732f9dea047f6825ef6d9a4af07ac_58) |
| Proxy Voting Results | [37](#icac732f9dea047f6825ef6d9a4af07ac_64) |
| Additional Information | [38](#icac732f9dea047f6825ef6d9a4af07ac_67) |

---

Any opinions expressed in this report reflect those of the author as of the date of the report, and do not necessarily represent the opinions of American Century Investments<sup>®</sup> or any other person in the American Century Investments organization. Any such opinions are subject to change at any time based upon market or other conditions and American Century Investments disclaims any responsibility to update such opinions. These opinions may not be relied upon as investment advice and, because investment decisions made by American Century Investments funds are based on numerous factors, may not be relied upon as an indication of trading intent on behalf of any American Century Investments fund. Security examples are used for representational purposes only and are not intended as recommendations to purchase or sell securities. Performance information for comparative indices and securities is provided to American Century Investments by third party vendors. To the best of American Century Investments' knowledge, such information is accurate at the time of printing.

------

President's Letter

![image14.jpg](image14.jpg) **Jonathan Thomas**

Dear Investor:

Thank you for reviewing this annual report for the period ending November 30, 2022. Annual reports help convey important information about fund returns, including market factors that affected performance. For additional investment insights, please visit americancentury.com.

**High Inflation, Rising Rates Fueled Volatility**

The global economic and investment backdrops faced several challenges during the 12-month period. Concerns began to surface early in the fiscal year, as central banks finally admitted inflation was entrenched rather than transitory. Investors grew more cautious amid growing expectations for less accommodative monetary policy in the new year.

By early 2022, inflation soared to levels last seen in the early 1980s. Massive fiscal and monetary support unleashed during the pandemic was partly to blame. In addition, escalating energy prices, supply chain breakdowns, labor market shortages and Russia's invasion of Ukraine further aggravated the inflation backdrop, particularly in Europe.

The Bank of England responded to surging inflation in late 2021 with a 0.15 percentage point rate hike. Policymakers raised rates another 2.75 percentage points through the end of November. The Federal Reserve waited until March 2022 to launch its inflation-fighting campaign, hiking rates 3.75 percentage points by period-end. Meanwhile, the European Central Bank (ECB) held off until July. Facing record-high inflation, the ECB raised rates 2 percentage points through November.

In addition to advancing recession risk, the combination of elevated inflation and hawkish central banks led to losses for most developed and emerging markets stock indices. A late-period rally, triggered by expectations for central banks to slow their pace of tightening, helped stocks recover some earlier losses. Overall, developed markets stocks generally fared better than emerging markets stocks, and the value style generally outpaced the growth style.

**Staying Disciplined in Uncertain Times**

We expect market volatility to linger as investors navigate a complex environment of high inflation, rising interest rates and economic uncertainty. In addition, Russia's invasion of Ukraine complicates an increasingly tense geopolitical backdrop and threatens global energy markets. We will continue to monitor this evolving situation and what it broadly means for investors across asset classes.

We appreciate your confidence in us during these extraordinary times. Our firm has a long history of helping clients weather unpredictable markets, and we're confident we will continue to meet today's challenges.

Sincerely,

![image48a30.jpg](image48a30.jpg)

Jonathan Thomas

President and Chief Executive Officer

American Century Investments

------

Performance

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Total Returns as of November 30, 2022** | **Total Returns as of November 30, 2022** | **Total Returns as of November 30, 2022** | **Total Returns as of November 30, 2022** | | | |
| | | | **Average Annual Returns** | **Average Annual Returns** | **Average Annual Returns** | |
| | **Ticker<br>Symbol** | **1 year** | **5 years** | **10 years** | **Since<br>Inception** | **Inception<br>Date** |
| **Investor Class** | TWMIX | -25.84% | -2.72% | 2.39% |  | 9/30/97 |
| **MSCI Emerging Markets Index** |  | -17.43% | -0.42% | 2.06% |  |  |
| I Class | AMKIX | -25.69% | -2.53% | 2.60% |  | 1/28/99 |
| Y Class | AEYMX | -25.60% | -2.39% |  | 1.98% | 4/10/17 |
| A Class | AEMMX |  |  |  |  | 5/12/99 |
| &nbsp;&nbsp;No sales charge |  | -26.03% | -2.97% | 2.14% |  |  |
| &nbsp;&nbsp;With sales charge |  | -30.28% | -4.12% | 1.54% |  |  |
| C Class | ACECX | -26.56% | -3.69% | 1.38% |  | 12/18/01 |
| R Class | AEMRX | -26.20% | -3.20% | 1.88% |  | 9/28/07 |
| R5 Class | AEGMX | -25.67% | -2.53% |  | 1.84% | 4/10/17 |
| R6 Class | AEDMX | -25.56% | -2.38% |  | 3.00% | 7/26/13 |
| G Class | ACADX |  |  |  | -15.56% | 4/1/22 |

---

Average annual returns since inception are presented when ten years of performance history is not available. Fund returns would have been lower if a portion of the fees had not been waived.

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.

Sales charges include initial sales charges and contingent deferred sales charges (CDSCs), as applicable. A Class shares have a 5.75% maximum initial sales charge and may be subject to a maximum CDSC of 1.00%. C Class shares redeemed within 12 months of purchase are subject to a maximum CDSC of 1.00%. The SEC requires that mutual funds provide performance information net of maximum sales charges in all cases where charges could be applied.

**Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-800-345-2021 or visit americancentury.com. For additional information about the fund, please consult the prospectus.** 

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---

| |
|:---|
| **Growth of $10,000 Over 10 Years** |
| **$10,000 investment made November 30, 2012** |
| Performance for other share classes will vary due to differences in fee structure. |

---

![chart-5509fb272d984fa3893a.jpg](chart-5509fb272d984fa3893a.jpg)

---

| |
|:---|
| Value on November 30, 2022 |
| Investor Class — $12,664 |
| Investor Class — $12,664 |
| MSCI Emerging Markets Index — $12,269 |
| MSCI Emerging Markets Index — $12,269 |

---

Ending value of Investor Class would have been lower if a portion of the fees had not been waived.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total Annual Fund Operating Expenses**  | **Total Annual Fund Operating Expenses**  | **Total Annual Fund Operating Expenses**  | **Total Annual Fund Operating Expenses**  | | | | | |
| **Investor Class** | **I Class** | **Y Class** | **A Class** | **C Class** | **R Class** | **R5 Class** | **R6 Class** | **G Class** |
| 1.25% | 1.05% | 0.90% | 1.50% | 2.25% | 1.75% | 1.05% | 0.90% | 0.90% |

---

The total annual fund operating expenses shown is as stated in the fund's prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.

**Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-800-345-2021 or visit americancentury.com. For additional information about the fund, please consult the prospectus.** 

------

Portfolio Commentary

**Portfolio Managers: Patricia Ribeiro and Sherwin Soo**

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

**Performance Summary**

Emerging Markets returned -25.84%\* for the 12 months ended November 30, 2022. The fund's benchmark, the MSCI Emerging Markets Index, returned -17.43% for the same period.

The fund underperformed its benchmark during the period as investors rotated toward value stocks, which sharply outperformed growth names. Factor returns were dominated by rising interest rates, and the rise in yields weighed on relative performance as value stocks outperformed growth names. Soaring inflation and tighter central bank policy ignited recession fears in many countries, roiling global assets. Macroeconomic and geopolitical uncertainty weighed on emerging markets (EM) stocks as the Russia-Ukraine conflict pressured supply chains and drove high energy and commodities prices. In China, regulatory pressures and COVID-19-induced restrictions weighed on corporate earnings and snarled supply chains.

The continuing rise in value was challenging for our investment approach as a growth manager. From a sector perspective, materials was the largest detractor from relative performance, owing largely to stock selection. Stock selection and an overweight in consumer discretionary also weighed on relative returns, as did stock choices in industrials. Conversely, stock selection in energy added value, aided by currency effect. Regionally, China, India and Taiwan were the key drivers of relative underperformance, owing primarily to stock selection, while Thailand was a notable contributor, due to an overweight allocation and stock choices. An overweight to Mexico and security selection in Malaysia also aided relative performance.

**Materials, Consumer Discretionary and Industrials Drove Relative Underperformance**

Metals and mining stocks, along with chemicals names, drove detraction within the materials sector. An underweight to mining company Vale, whose shares rose during a period of strong prices for iron ore and other metals, weighed on returns. Ganfeng Lithium Group's shares declined despite high lithium prices, amid concerns that prices could drop, as well as higher input costs for materials such as spodumene, a mineral source of lithium. In chemicals, shares of the electric vehicle (EV) battery component maker Yunnan Energy New Material declined amid growing concerns over an EV demand slowdown in Europe.

Within consumer discretionary, an overweight to clothing manufacturer Shenzhou International Group Holdings was a notable detractor, weighed down by macroeconomic uncertainty, rising costs and production issues relating to COVID-19 outbreaks and restrictions. Turning to industrials, EV battery maker Contemporary Amperex Technology Co. was a key source of relative weakness, with shares declining amid concerns around potentially slowing demand and the impact of elevated raw materials cost on margins.

Several of the largest individual detractors were based in or heavily exposed to Russia, including natural gas producer and distributor Novatek, search engine/internet services provider Yandex and online banking firm TCS Group Holding. We exited our position in TCS Group Holding. Russian stocks declined sharply as diplomacy weakened, Russia invaded Ukraine and touched off the ongoing war and sanctions from the U.S., European Union and others grew harsher. Lack of exposure to Brazil-based Petroleo Brasileiro also weighed on relative results.

**Energy Sector Led Contributors**

Stock choices in energy helped relative performance, led by two holdings, petroleum exploration and production company PTT Exploration & Production (PTTEP) and independent oil and gas company Petro Rio. Lack of exposure to Russia-based energy companies Gazprom and LUKOIL

\*All fund returns referenced in this commentary are for Investor Class shares. Performance for other share classes will vary due to differences in fee structure; when Investor Class performance exceeds that of the fund's benchmark, other share classes may not. See page 3 for returns for all share classes.

------

also contributed as share prices declined sharply. PTTEP benefited from higher global crude oil prices, sanctions on Russia, relatively low inventory levels and post-COVID-19 demand. Petro Rio's shares advanced sharply amid strong results on the back of higher production, sales growth and lower costs.

Elsewhere, key individual contributors included multiple holdings in the financials sector, particularly overweights to Grupo Financiero Banorte, Bank Rakyat Indonesia Persero and ICICI Bank. Analysts raised earnings estimates and reiterated positive views toward Mexico-based Banorte, whose earnings growth is supported by net interest margin expansion and an improving efficiency ratio. New guidance for 2022, as well as an improved growth outlook for 2023, bolstered by tailwinds from higher interest rates, also supported the stock. Shares of Indonesia-based Bank Rakyat advanced as net interest margins, a key measure of profitability, improved, supported by resilient asset yields, lower funding costs and better asset quality, leading to lower credit costs. India-based ICICI's earnings were strong amid continued acceleration in loan growth and continued market share gains in retail and small to medium-size business banking. Management said rising interest rates are cyclically beneficial for margins and that they expect higher rates to support margin expansion.

**Outlook**

After a challenging 2022, EM equities appear ready to turn the corner toward recovery, in our view. Key macroeconomic conditions that weighed heavily on the asset class in 2022 are evolving. The U.S. dollar and U.S. bond yields may have rolled over from cyclical peaks. Also, inflation is at or near peaks in many EM economies. Finally, global supply chain disruptions continue to improve.

Interest rate increases, driven by central banks' response to surging inflation, weighed heavily on EM stocks in 2022. Led by inflation fears and a determinedly hawkish Federal Reserve (Fed) (with global central banks following suit), elevated yields drove a rotation to value at the expense of growth-oriented, long-duration equities.

On the earnings side, EM earnings-per-share expectations have been cut significantly. It appears much of the recession worries have been priced in. After a sharp cut to consensus estimates, 2022 could mark a bottom for EM earnings, setting the stage for recovery in 2023. This is particularly likely as China reopens. A rebound in Chinese equities, which has already begun due to reopening optimism, is a large driver of the headline EM index upside expected in 2023.

In our view, China's reopening may occur in fits and starts. China has taken a decisive step toward reopening. The economic and social impact of reopening will likely be volatile over the next few months, but we believe it will likely support a risk recovery over the course of 2023.

Likewise, China's pro-growth policies align with our expectations. We believe policy will likely support stronger economic growth in 2023. Near-term growth may face some headwinds, but we expect consumption to become a key driver, along with continued support from infrastructure growth and further property market stabilization.

In this environment, we continue to favor stocks that benefit from government policy focus (such as names tied to the green economy and electric vehicles), reopening of the economy and an improving consumer. As COVID-19 restrictions ease—combined with a further uptick of booster vaccinations—we believe services activity and consumption will likely rebound. This should be driven by pent-up consumer demand, employment and income growth and increasing consumer and business confidence.

As we look ahead to 2023, macroeconomic headwinds should begin to fade, in our view. We believe much of the Fed's heavy lifting is likely done, while China's recovery will likely continue.

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Fund Characteristics

---

| | |
|:---|:---|
| **NOVEMBER 30, 2022** | |
| **Types of Investments in Portfolio** | **% of net assets** |
| Common Stocks | 100.4% |
| Short-Term Investments | 1.2% |
| Other Assets and Liabilities | (1.6)% |
| **Top Five Countries** | **% of net assets** |
| China | 30.3% |
| Taiwan | 13.5% |
| India | 11.4% |
| South Korea | 9.2% |
| Brazil | 7.6% |

---

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Shareholder Fee Example

Fund shareholders may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and redemption/exchange fees; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in your fund and to compare these costs with the ongoing cost of investing in other mutual funds.

The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from June 1, 2022 to November 30, 2022.

**Actual Expenses**

The table provides information about actual account values and actual expenses for each class. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. First, identify the share class you own. Then simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

If you hold Investor Class shares of any American Century Investments mutual fund, or I Class shares of the American Century Diversified Bond Fund, in an American Century Investments account (i.e., not through a financial intermediary or employer-sponsored retirement plan account), American Century Investments may charge you a $25 annual account maintenance fee if the value of those shares is less than $10,000. We will redeem shares automatically in one of your accounts to pay the $25 fee. In determining your total eligible investment amount, we will include your investments in all personal accounts (including American Century Investments brokerage accounts) registered under your Social Security number. Personal accounts include individual accounts, joint accounts, UGMA/UTMA accounts, personal trusts, Coverdell Education Savings Accounts and IRAs (including traditional, Roth, Rollover, SEP-, SARSEP- and SIMPLE-IRAs), and certain other retirement accounts. If you have only business, business retirement, employer-sponsored or American Century Investments brokerage accounts, you are currently not subject to this fee. If you are subject to the account maintenance fee, your account value could be reduced by the fee amount.

**Hypothetical Example for Comparison Purposes**

The table also provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio of each class of your fund and an assumed rate of return of 5% per year before expenses, which is not the actual return of a fund's share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or redemption/exchange fees. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

------

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Beginning**<br>**Account Value**<br>**6/1/22** | **Ending**<br>**Account Value**<br>**11/30/22** | **Expenses Paid**<br>**During Period**<sup>(1)</sup><br>**6/1/22 - 11/30/22** | **Annualized**<br>**Expense Ratio**<sup>(1)</sup> |
| **Actual** | | | | |
| Investor Class | $1000 | $920.30 | $6.07 | 1.26% |
| I Class | $1000 | $920.50 | $5.10 | 1.06% |
| Y Class | $1000 | $920.60 | $4.38 | 0.91% |
| A Class | $1000 | $918.30 | $7.26 | 1.51% |
| C Class | $1000 | $914.90 | $10.85 | 2.26% |
| R Class | $1000 | $917.80 | $8.46 | 1.76% |
| R5 Class | $1000 | $920.50 | $5.10 | 1.06% |
| R6 Class | $1000 | $921.40 | $4.38 | 0.91% |
| G Class | $1000 | $926.10 | $0.05 | 0.01% |
| **Hypothetical** |  |  |  |  |
| Investor Class | $1000 | $1018.75 | $6.38 | 1.26% |
| I Class | $1000 | $1019.75 | $5.37 | 1.06% |
| Y Class | $1000 | $1020.51 | $4.61 | 0.91% |
| A Class | $1000 | $1017.50 | $7.64 | 1.51% |
| C Class | $1000 | $1013.74 | $11.41 | 2.26% |
| R Class | $1000 | $1016.24 | $8.90 | 1.76% |
| R5 Class | $1000 | $1019.75 | $5.37 | 1.06% |
| R6 Class | $1000 | $1020.51 | $4.61 | 0.91% |
| G Class | $1000 | $1025.02 | $0.05 | 0.01% |

---

(1)Expenses are equal to the class's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 183, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses.

------

Schedule of Investments

**NOVEMBER 30, 2022**

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| | | |
|:---|:---|:---|
|<br>**COMMON STOCKS — 100.4%** | **Shares** | **Value** |
| **Brazil — 7.6%** | | |
| Banco BTG Pactual SA | 5580400 | $26991442 |
| Embraer SA, ADR<sup>(1)</sup> | 1545562 | 16413868 |
| Hapvida Participacoes e Investimentos SA | 22565700 | 22394588 |
| Itau Unibanco Holding SA, ADR | 3339087 | 16628653 |
| Petro Rio SA<sup>(1)</sup> | 7518100 | 51937889 |
| Sendas Distribuidora SA | 3810300 | 14457458 |
| Suzano SA | 1619200 | 16487330 |
| Vale SA, ADR | 830073 | 13696205 |
| WEG SA | 3737500 | 28009553 |
|  |  | 207016986 |
| **China — 30.3%** |  |  |
| Alibaba Group Holding Ltd., ADR<sup>(1)</sup> | 947889 | 82997161 |
| BYD Co. Ltd., H Shares | 992500 | 25268834 |
| China Construction Bank Corp., H Shares | 70629000 | 42744662 |
| China Education Group Holdings Ltd. | 22865000 | 24460537 |
| China State Construction International Holdings Ltd. | 21134000 | 25519978 |
| Chinasoft International Ltd.<sup>(1)</sup> | 22036000 | 19039708 |
| Contemporary Amperex Technology Co. Ltd., A Shares | 215013 | 11940424 |
| Country Garden Services Holdings Co. Ltd. | 4131000 | 10329449 |
| ENN Energy Holdings Ltd. | 2046800 | 29005312 |
| Ganfeng Lithium Group Co. Ltd., H Shares<sup>(2)</sup> | 1967839 | 17413378 |
| H World Group Ltd., ADR | 409415 | 15672406 |
| Industrial & Commercial Bank of China Ltd., H Shares | 33521740 | 16801044 |
| JD.com, Inc., Class A | 1889892 | 53952203 |
| Kweichow Moutai Co. Ltd., A Shares | 193110 | 44114878 |
| Li Ning Co. Ltd. | 2037500 | 16374362 |
| Meituan, Class B<sup>(1)</sup> | 3508400 | 75630757 |
| NIO, Inc., ADR<sup>(1)</sup> | 982228 | 12552874 |
| Ping An Insurance Group Co. of China Ltd., H Shares | 3155000 | 19478978 |
| Shanghai International Airport Co. Ltd., Class A<sup>(1)</sup> | 941400 | 7481586 |
| Shenzhou International Group Holdings Ltd. | 1365600 | 12328787 |
| Sungrow Power Supply Co. Ltd., A Shares | 1774699 | 29511508 |
| Tencent Holdings Ltd. | 3658800 | 138362255 |
| Trip.com Group Ltd.<sup>(1)</sup> | 881300 | 27891489 |
| Wuxi Biologics Cayman, Inc.<sup>(1)</sup> | 5500500 | 36048796 |
| Yantai Jereh Oilfield Services Group Co. Ltd., A Shares | 5172929 | 23154463 |
| Yunnan Energy New Material Co. Ltd., A Shares | 568434 | 10160491 |
|  |  | 828236320 |
| **India — 11.4%** |  |  |
| Bata India Ltd. | 864794 | 18313796 |
| HDFC Bank Ltd. | 3465493 | 68731188 |
| Hindalco Industries Ltd. | 2844614 | 15958493 |
| ICICI Bank Ltd., ADR | 2492524 | 59122669 |
| Infosys Ltd., ADR<sup>(2)</sup> | 1302082 | 26497369 |
| Reliance Industries Ltd. | 2093229 | 70410991 |
| Sun Pharmaceutical Industries Ltd. | 3164837 | 40810848 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Tata Consultancy Services Ltd. | 292382 | $12278721 |
|  |  | 312124075 |
| **Indonesia — 2.7%** |  |  |
| Bank Rakyat Indonesia Persero Tbk PT | 152825200 | 48615657 |
| Telkom Indonesia Persero Tbk PT | 103053400 | 26585173 |
|  |  | 75200830 |
| **Malaysia — 2.0%** |  |  |
| CIMB Group Holdings Bhd | 42081909 | 55042863 |
| **Mexico — 5.1%** |  |  |
| America Movil SAB de CV, Class L, ADR | 1835069 | 35710443 |
| Arca Continental SAB de CV | 1980354 | 16484132 |
| Grupo Financiero Banorte SAB de CV, Class O | 6484983 | 52047249 |
| Sitios Latinoamerica SAB de CV<sup>(1)</sup> | 1835069 | 817953 |
| Wal-Mart de Mexico SAB de CV | 8378293 | 33111063 |
|  |  | 138170840 |
| **Peru — 1.0%** |  |  |
| Credicorp Ltd. | 177378 | 27236392 |
| **Philippines — 0.6%** |  |  |
| Ayala Land, Inc. | 31019980 | 17542962 |
| **Russia**<sup>(3)†</sup> |  |  |
| Magnit PJSC | 267484 |  |
| Novatek PJSC, GDR | 1100400 | 2 |
| Yandex NV, A Shares<sup>(1)</sup> | 456739 | 46 |
|  |  | 48 |
| **Saudi Arabia — 3.7%** |  |  |
| Al Rajhi Bank<sup>(1)</sup> | 2726031 | 58698262 |
| Alinma Bank | 4664138 | 43174830 |
|  |  | 101873092 |
| **South Africa — 5.2%** |  |  |
| Capitec Bank Holdings Ltd. | 415554 | 49336672 |
| Exxaro Resources Ltd. | 2140170 | 27993594 |
| Naspers Ltd., N Shares | 236082 | 36182897 |
| Shoprite Holdings Ltd. | 1962927 | 28893454 |
|  |  | 142406617 |
| **South Korea — 9.2%** |  |  |
| Ecopro BM Co. Ltd.<sup>(2)</sup> | 490604 | 43472028 |
| Hyundai Motor Co. | 138029 | 17982523 |
| Iljin Materials Co. Ltd. | 36796 | 1764660 |
| Samsung Biologics Co. Ltd.<sup>(1)</sup> | 93707 | 63733694 |
| Samsung Electronics Co. Ltd. | 1536349 | 73819959 |
| Samsung SDI Co. Ltd. | 88988 | 50236214 |
|  |  | 251009078 |
| **Taiwan — 13.5%** |  |  |
| Chailease Holding Co. Ltd. | 8449836 | 55772150 |
| Delta Electronics, Inc. | 2771000 | 27401617 |
| E Ink Holdings, Inc. | 5435000 | 32588937 |
| E.Sun Financial Holding Co. Ltd. | 17662617 | 14269777 |
| Far EasTone Telecommunications Co. Ltd. | 7120000 | 15721512 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 13928713 | 223693026 |
|  |  | 369447019 |
| **Thailand — 5.1%** |  |  |
| Central Pattana PCL | 8316900 | 17205492 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| CP ALL PCL | 22424200 | $41517044 |
| Kasikornbank PCL | 7382900 | 30403463 |
| PTT Exploration & Production PCL | 9499900 | 49749859 |
|  |  | 138875858 |
| **Turkey — 0.9%** |  |  |
| BIM Birlesik Magazalar AS | 3408403 | 24715803 |
| **United Arab Emirates — 1.3%** |  |  |
| Emaar Properties PJSC | 21311883 | 35433322 |
| **United States — 0.8%** |  |  |
| MercadoLibre, Inc.<sup>(1)</sup> | 24130 | 22464668 |
| **TOTAL COMMON STOCKS**<br>(Cost $2,625,753,160) |  | **2746796773** |
| **SHORT-TERM INVESTMENTS — 1.2%** |  |  |
| **Money Market Funds — 1.2%** |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(4)</sup> | 33975400 | 33975400 |
| **Repurchase Agreements**<sup>†</sup> |  |  |
| BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 2.00% - 3.375%, 2/15/25 - 5/15/51, valued at $39,852), in a joint trading account at 3.74%, dated 11/30/22, due 12/1/22 (Delivery value $39,111) |  | 39107 |
| Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 1.125%, 2/15/31, valued at $114,272), at 3.77%, dated 11/30/22, due 12/1/22 (Delivery value $112,012) |  | 112000 |
|  |  | 151107 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $34,126,507) |  | **34126507** |
| **TOTAL INVESTMENT SECURITIES—101.6%**<br>(Cost $2,659,879,667**)** |  | **2780923280** |
| **OTHER ASSETS AND LIABILITIES — (1.6)%** |  | **(44720776)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**2736202504** |

---

---

| | |
|:---|:---|
| **MARKET SECTOR DIVERSIFICATION** | **MARKET SECTOR DIVERSIFICATION** |
| **(as a % of net assets)** | |
| Financials | 24.9% |
| Information Technology | 17.1% |
| Consumer Discretionary | 16.2% |
| Energy | 8.1% |
| Communication Services | 8.0% |
| Consumer Staples | 7.5% |
| Industrials | 5.9% |
| Health Care | 5.9% |
| Real Estate | 3.0% |
| Materials | 2.7% |
| Utilities | 1.1% |
| Short-Term Investments | 1.2% |
| Other Assets and Liabilities | (1.6)% |

---

------

---

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

---

†Category is less than 0.05% of total net assets.

(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 $42,844,492. 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)Securities may be subject to resale, redemption or transferability restrictions.

(4)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $44,105,978, which includes security collateral of $10,130,578.

See Notes to Financial Statements.

------

Statement of Assets and Liabilities

---

| | |
|:---|:---|
| **NOVEMBER 30, 2022** | |
| **Assets** | |
| Investment securities, at value (cost of $2,625,904,267) — including $42,844,492 of securities on loan | $2746947880 |
| Investment made with cash collateral received for securities on loan, at value (cost of $33,975,400) | 33975400 |
| Total investment securities, at value (cost of $2,659,879,667) | 2780923280 |
| Foreign currency holdings, at value (cost of $429,010) | 428132 |
| Receivable for investments sold | 2979901 |
| Receivable for capital shares sold | 1126160 |
| Dividends and interest receivable | 92650 |
| Securities lending receivable | 36555 |
| Other assets | 55986 |
|  | 2785642664 |
| **Liabilities** |  |
| Disbursements in excess of demand deposit cash | 838 |
| Payable for collateral received for securities on loan | 33975400 |
| Payable for capital shares redeemed | 10507317 |
| Accrued management fees | 1630672 |
| Distribution and service fees payable | 23490 |
| Accrued foreign taxes | 3284383 |
| Accrued other expenses | 18060 |
|  | 49440160 |
| **Net Assets** | $2736202504 |
| **Net Assets Consist of:** |  |
| Capital (par value and paid-in surplus) | $3166315902 |
| Distributable earnings | (430113398) |
|  | $2736202504 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Net Assets** | **Shares Outstanding** | **Net Asset Value Per Share\*** |
| Investor Class, $0.01 Par Value | $368506244 | 36712475 | $10.04 |
| I Class, $0.01 Par Value | $828882907 | 80453566 | $10.30 |
| Y Class, $0.01 Par Value | $37908710 | 3671649 | $10.32 |
| A Class, $0.01 Par Value | $51434366 | 5317530 | $9.67 |
| C Class, $0.01 Par Value | $13231484 | 1518756 | $8.71 |
| R Class, $0.01 Par Value | $6074587 | 625782 | $9.71 |
| R5 Class, $0.01 Par Value | $10725190 | 1040118 | $10.31 |
| R6 Class, $0.01 Par Value | $687720305 | 66713719 | $10.31 |
| G Class, $0.01 Par Value | $731718711 | 70378479 | $10.40 |

---

\*Maximum offering price per share was equal to the net asset value per share for all share classes, except Class A, for which the maximum offering price per share was $10.26 (net asset value divided by 0.9425). A contingent deferred sales charge may be imposed on redemptions of Class A and Class C.

See Notes to Financial Statements.

------

Statement of Operations

---

| | |
|:---|:---|
| **YEAR ENDED NOVEMBER 30, 2022** | |
| **Investment Income (Loss)** | |
| **Income:** | |
| Dividends (net of foreign taxes withheld of $7,355,806) | $61758048 |
| Securities lending, net | 475902 |
| Interest | 181706 |
|  | 62415656 |
| **Expenses:** |  |
| Management fees | 30515648 |
| Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class | 175255 |
| &nbsp;&nbsp;&nbsp;&nbsp;C Class | 179137 |
| &nbsp;&nbsp;&nbsp;&nbsp;R Class | 32001 |
| Directors' fees and expenses | 81818 |
| Other expenses | 107625 |
|  | 31091484 |
| Fees waived - G Class | (3923100) |
|  | 27168384 |
| **Net investment income (loss)** | 35247272 |
| **Realized and Unrealized Gain (Loss)** |  |
| **Net realized gain (loss) on:** |  |
| Investment transactions (net of foreign tax expenses paid (refunded) of $45,875) | (306233330) |
| Foreign currency translation transactions | (3718077) |
|  | (309951407) |
| **Change in net unrealized appreciation (depreciation) on:** |  |
| Investments (includes (increase) decrease in accrued foreign taxes of $2,226,687) | (625389031) |
| Translation of assets and liabilities in foreign currencies | 108869 |
|  | (625280162) |
| **Net realized and unrealized gain (loss)** | (935231569) |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $(899984297) |

---

See Notes to Financial Statements.

------

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| **YEARS ENDED NOVEMBER 30, 2022 AND NOVEMBER 30, 2021** | **YEARS ENDED NOVEMBER 30, 2022 AND NOVEMBER 30, 2021** | **YEARS ENDED NOVEMBER 30, 2022 AND NOVEMBER 30, 2021** |
| **Increase (Decrease) in Net Assets** | **November 30, 2022** | **November 30, 2021** |
| **Operations** | | |
| Net investment income (loss) | $35247272 | $17543192 |
| Net realized gain (loss) | (309951407) | 143688790 |
| Change in net unrealized appreciation (depreciation) | (625280162) | (167631110) |
| Net increase (decrease) in net assets resulting from operations | (899984297) | (6399128) |
| **Distributions to Shareholders** |  |  |
| From earnings: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (4433245) | (3436076) |
| &nbsp;&nbsp;&nbsp;&nbsp;I Class | (15057238) | (12395337) |
| &nbsp;&nbsp;&nbsp;&nbsp;Y Class | (535793) | (317596) |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class | (538424) | (298238) |
| &nbsp;&nbsp;&nbsp;&nbsp;R Class | (31292) | (3177) |
| &nbsp;&nbsp;&nbsp;&nbsp;R5 Class | (121944) | (30070) |
| &nbsp;&nbsp;&nbsp;&nbsp;R6 Class | (9852306) | (6236864) |
| &nbsp;&nbsp;&nbsp;&nbsp;G Class | (24) |  |
| Decrease in net assets from distributions | (30570266) | (22717358) |
| **Capital Share Transactions** |  |  |
| Net increase (decrease) in net assets from capital share transactions (Note 5) | 420922848 | 430517881 |
| **Net increase (decrease) in net assets** | (509631715) | 401401395 |
| **Net Assets** |  |  |
| Beginning of period | 3245834219 | 2844432824 |
| End of period | $2736202504 | $3245834219 |

---

See Notes to Financial Statements.

------

Notes to Financial Statements

**NOVEMBER 30, 2022**

**1. Organization**

American Century World Mutual Funds, Inc. (the corporation) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company and is organized as a Maryland corporation. Emerging Markets Fund (the fund) is one fund in a series issued by the corporation. The fund's investment objective is to seek capital growth.

The fund offers the Investor Class, I Class, Y Class, A Class, C Class, R Class, R5 Class, R6 Class and G Class. The A Class may incur an initial sales charge. The A Class and C Class may be subject to a contingent deferred sales charge. Sale of the G Class commenced on April 1, 2022.

**2. Significant Accounting Policies**

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

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

Equity securities that are listed or traded on a domestic securities exchange are valued at the last reported sales price or at the official closing price as provided by the exchange. Equity securities traded on foreign securities exchanges are generally valued at the closing price of such securities on the exchange where primarily traded or at the close of the NYSE, if that is earlier. If no last sales price is reported, or if local convention or regulation so provides, the mean of the latest bid and asked prices may be used. Securities traded over-the-counter are valued at the mean of the latest bid and asked prices, the last sales price, or the official closing price. Equity securities initially expressed in local currencies are translated into U.S. dollars at the mean of the appropriate currency exchange rate at the close of the NYSE as provided by an independent pricing service.

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

If the valuation designee determines that the market price for a portfolio security is not readily available or is believed by the valuation designee to be unreliable, such security is valued at fair value as determined in good faith by the valuation designee, in accordance with its policies and procedures. Circumstances that may cause the fund to determine that market quotations are not available or reliable include, but are not limited to: when there is a significant event subsequent to the market quotation; trading in a security has been halted during the trading day; or trading in a security is insufficient or did not take place due to a closure or holiday.

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

------

**Security Transactions —** Security transactions are accounted for as of the trade date. Net realized gains and losses are determined on the identified cost basis, which is also used for federal income tax purposes. Certain countries impose taxes on realized gains on the sale of securities registered in their country. The fund records the foreign tax expense, if any, on an accrual basis. The foreign tax expense on realized gains and unrealized appreciation reduces the net realized gain (loss) on investment transactions and net unrealized appreciation (depreciation) on investments, respectively.

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

**Foreign Currency Translations —** All assets and liabilities initially expressed in foreign currencies are translated into U.S. dollars at prevailing exchange rates at period end. The fund may enter into spot foreign currency exchange contracts to facilitate transactions denominated in a foreign currency. Purchases and sales of investment securities, dividend and interest income, spot foreign currency exchange contracts, and expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. Net realized and unrealized foreign currency exchange gains or losses related to investment securities are a component of net realized gain (loss) on investment transactions and change in net unrealized appreciation (depreciation) on investments, respectively.

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

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

**Segregated Assets —** In accordance with the 1940 Act, the fund segregates assets on its books and records to cover certain types of investment securities and other financial instruments. ACIM monitors, on a daily basis, the securities segregated to ensure the fund designates a sufficient amount of liquid assets, marked-to-market daily. The fund may also receive assets or be required to pledge assets at the custodian bank or with a broker for collateral requirements.

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

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

------

**Distributions to Shareholders —** Distributions from net investment income and net realized gains, if any, are generally declared and paid annually. The fund may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code, in all events in a manner consistent with provisions of the 1940 Act.

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

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

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged, and the remaining contractual maturity of those transactions as of November 30, 2022.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Remaining Contractual Maturity of Agreements** | **Remaining Contractual Maturity of Agreements** | **Remaining Contractual Maturity of Agreements** | **Remaining Contractual Maturity of Agreements** | **Remaining Contractual Maturity of Agreements** | **Remaining Contractual Maturity of Agreements** |
|  | **Overnight and** **Continuous** | **<30 days** | **Between** **30 & 90 days** | **>90 days** | **Total** |
| **Securities Lending Transactions**<sup>(1)</sup> | **Securities Lending Transactions**<sup>(1)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $33975400 |  |  |  | $33975400 |
| Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | $33975400 |

---

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

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

Certain officers and directors of the corporation are also officers and/or directors of American Century Companies, Inc. (ACC). The corporation's investment advisor, ACIM, the corporation's distributor, American Century Investment Services, Inc. (ACIS), and the corporation's transfer agent, American Century Services, LLC, are wholly owned, directly or indirectly, by ACC. Various funds issued by American Century Asset Allocation Portfolios, Inc. own, in aggregate, 17% of the shares of the fund.

**Management Fees —** The corporation has entered into a management agreement with ACIM, under which ACIM provides the fund with investment advisory and management services in exchange for a single, unified management fee (the fee) per class. The agreement provides that ACIM will pay all expenses of managing and operating the fund, except brokerage expenses, taxes, interest, fees and expenses of the independent directors (including legal counsel fees), extraordinary expenses, and expenses incurred in connection with the provision of shareholder services and distribution services under a plan adopted pursuant to Rule 12b-1 under the 1940 Act. The fee is computed and accrued daily based on each class's daily net assets and paid monthly in arrears. The difference in the fee among the classes is a result of their separate arrangements for non-Rule 12b-1 shareholder services. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class. The investment advisor agreed to waive the G Class's management fee in its entirety. The investment advisor expects this waiver to remain in effect permanently and cannot terminate it without the approval of the Board of Directors.

------

The annual management fee for each class is as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investor Class** | **I Class** | **Y Class** | **A Class** | **C Class** | **R Class** | **R5 Class** | **R6 Class** | **G Class**<sup>(1)</sup> |
| 1.25% | 1.05% | 0.90% | 1.25% | 1.25% | 1.25% | 1.05% | 0.90% | 0.00% |

---

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

**Distribution and Service Fees —** The Board of Directors has adopted a separate Master Distribution and Individual Shareholder Services Plan for each of the A Class, C Class and R Class (collectively the plans), pursuant to Rule 12b-1 of the 1940 Act. The plans provide that the A Class will pay ACIS an annual distribution and service fee of 0.25%. The plans provide that the C Class will pay ACIS an annual distribution and service fee of 1.00%, of which 0.25% is paid for individual shareholder services and 0.75% is paid for distribution services. The plans provide that the R Class will pay ACIS an annual distribution and service fee of 0.50%. The fees are computed and accrued daily based on each class's daily net assets and paid monthly in arrears. The fees are used to pay financial intermediaries for distribution and individual shareholder services. Fees incurred under the plans during the period ended November 30, 2022 are detailed in the Statement of Operations.

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

**Interfund Transactions —** The fund may enter into security transactions with other American Century Investments funds and other client accounts of the investment advisor, in accordance with the 1940 Act rules and procedures adopted by the Board of Directors. The rules and procedures require, among other things, that these transactions be effected at the independent current market price of the security. During the period, the interfund sales were $4,187,035 and there were no interfund purchases. The effect of interfund transactions on the Statement of Operations was $3,414,121 in net realized gain (loss) on investment transactions.

**4. Investment Transactions**

Purchases and sales of investment securities, excluding short-term investments, for the period ended November 30, 2022 were $1,642,960,239 and $1,553,214,297, respectively.

------

**5. Capital Share Transactions** 

Transactions in shares of the fund were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year ended**<br>**November 30, 2022**<sup>(1)</sup> | **Year ended**<br>**November 30, 2022**<sup>(1)</sup> | **Year ended<br>November 30, 2021** | **Year ended<br>November 30, 2021** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| **Investor Class/Shares Authorized** | 1100000000 |  | 1100000000 |  |
| Sold | 6048510 | $73081025 | 10257205 | $154967241 |
| Issued in reinvestment of distributions | 379470 | 4322163 | 222670 | 3290668 |
| Redeemed | (10249865) | (115441774) | (12682038) | (189334522) |
|  | (3821885) | (38038586) | (2202163) | (31076613) |
| **I Class/Shares Authorized** | 1520000000 |  | 1520000000 |  |
| Sold | 38584764 | 446185226 | 37994838 | 585982225 |
| Issued in reinvestment of distributions | 1181788 | 13791471 | 763688 | 11554604 |
| Redeemed | (77797712) | (853066174) | (30097172) | (462700286) |
|  | (38031160) | (393089477) | 8661354 | 134836543 |
| **Y Class/Shares Authorized** | 30000000 |  | 30000000 |  |
| Sold | 3903441 | 46950678 | 1671573 | 25772225 |
| Issued in reinvestment of distributions | 43474 | 508209 | 19691 | 298311 |
| Redeemed | (3077023) | (32540149) | (1043781) | (16151806) |
|  | 869892 | 14918738 | 647483 | 9918730 |
| **A Class/Shares Authorized** | 100000000 |  | 100000000 |  |
| Sold | 2304400 | 24907653 | 2330248 | 33680130 |
| Issued in reinvestment of distributions | 27169 | 298592 | 12777 | 182204 |
| Redeemed | (4177258) | (44494688) | (1919955) | (27758871) |
|  | (1845689) | (19288443) | 423070 | 6103463 |
| **C Class/Shares Authorized** | 45000000 |  | 45000000 |  |
| Sold | 100840 | 933394 | 372548 | 4958377 |
| Redeemed | (726732) | (6922219) | (509367) | (6661355) |
|  | (625892) | (5988825) | (136819) | (1702978) |
| **R Class/Shares Authorized** | 25000000 |  | 30000000 |  |
| Sold | 206455 | 2241994 | 316845 | 4636023 |
| Issued in reinvestment of distributions | 2832 | 31290 |  |  |
| Redeemed | (165026) | (1819630) | (302174) | (4388338) |
|  | 44261 | 453654 | 14671 | 247685 |
| **R5 Class/Shares Authorized** | 25000000 |  | 30000000 |  |
| Sold | 297124 | 3359435 | 685046 | 10352533 |
| Issued in reinvestment of distributions | 10433 | 121852 | 1934 | 29285 |
| Redeemed | (134705) | (1575297) | (95988) | (1453583) |
|  | 172852 | 1905990 | 590992 | 8928235 |
| **R6 Class/Shares Authorized** | 450000000 |  | 450000000 |  |
| Sold | 22145809 | 254818438 | 32070850 | 490325641 |
| Issued in reinvestment of distributions | 821931 | 9591938 | 399613 | 6042152 |
| Redeemed | (16919603) | (189415923) | (12638202) | (193104977) |
|  | 6048137 | 74994453 | 19832261 | 303262816 |
| **G Class/Shares Authorized** | 510000000 |  | N/A |  |
| Sold | 7000209 | 70836355 |  |  |
| Issued in connection with reorganization (Note 9) | 69959409 | 781612283 |  |  |
| Issued in reinvestment of distributions | 2 | 24 |  |  |
| Redeemed | (6581141) | (67393318) |  |  |
|  | 70378479 | 785055344 |  |  |
| Net increase (decrease) | 33188995 | $420922848 | 27830849 | $430517881 |

---

(1)April 1, 2022 (commencement of sale) through November 30, 2022 for the G Class.

------

**6. Fair Value Measurements**

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

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

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

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

The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not necessarily an indication of the risks associated with investing in these securities or other financial instruments.

The following is a summary of the level classifications as of period end. The Schedule of Investments provides additional information on the fund's portfolio holdings.

---

| | | | |
|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** |
| **Assets** | | | |
| **Investment Securities** | | | |
| Common Stocks |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Brazil | $46738726 | $160278260 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;China | 111222441 | 717013879 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;India | 85620038 | 226504037 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mexico | 35710443 | 102460397 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Peru | 27236392 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Russia | 46 | 2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;United States | 22464668 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Countries |  | 1211547444 |  |
| Short-Term Investments | 33975400 | 151107 |  |
|  | $362968154 | $2417955126 |  |

---

**7. Risk Factors**

The value of the fund's shares will go up and down, sometimes rapidly or unpredictably, based on the performance of the securities owned by the fund and other factors generally affecting the securities market. Market risks, including political, regulatory, economic and social developments, can affect the value of the fund's investments. Natural disasters, public health emergencies, war, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.

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

------

**8. Federal Tax Information**

On December 21, 2022, the fund declared and paid the following per-share distributions from net investment

income to shareholders of record on December 20, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investor Class** | **I Class** | **Y Class** | **A Class** | **C Class** | **R Class** | **R5 Class** | **R6 Class** | **G Class** |
| $0.2144 | $0.2280 | $0.2383 | $0.1973 | $0.1461 | $0.1803 | $0.2280 | $0.2383 | $0.2997 |

---

The tax character of distributions paid during the years ended November 30, 2022 and November 30, 2021 were as follows:

---

| | | |
|:---|:---|:---|
| | **2022** | **2021** |
| **Distributions Paid From** |  |  |
| Ordinary income | $30570266 | $22717358 |
| Long-term capital gains |  |  |

---

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:

---

| | |
|:---|:---|
| Federal tax cost of investments | $2712532550 |
| Gross tax appreciation of investments | $443344592 |
| Gross tax depreciation of investments | (374953862) |
| Net tax appreciation (depreciation) of investments | 68390730 |
| Net tax appreciation (depreciation) on translation of assets and liabilities in <br>foreign currencies | (3284862) |
| Net tax appreciation (depreciation) | $65105868 |
| Undistributed ordinary income | $64771831 |
| Accumulated short-term capital losses | $(559991097) |

---

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

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.

------

**9. Reorganization**

On December 2, 2021, the Board of Directors approved an agreement and plan of reorganization (the reorganization), whereby the net assets of NT Emerging Markets Fund, one fund in a series issued by the corporation, were transferred to Emerging Markets Fund in exchange for shares of Emerging Markets Fund. The purpose of the transaction was to combine two funds with substantially similar investment objectives and strategies. The financial statements and performance history of Emerging Markets Fund survived after the reorganization. The reorganization was effective at the close of the NYSE on April 22, 2022.

The reorganization was accomplished by a tax-free exchange of shares. On April 22, 2022, NT Emerging Markets Fund exchanged its shares for shares of Emerging Markets Fund as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Original Fund/Class** | **Shares Exchanged** | **New Fund/Class** | **Shares Received** |
| NT Emerging Markets Fund – G Class | 75,795,014 | Emerging Markets <br>Fund – G Class | 69,959,409 |

---

The net assets of NT Emerging Markets Fund and Emerging Markets Fund immediately before the reorganization were $781,612,283 and $2,574,757,849, respectively. NT Emerging Markets Fund's unrealized appreciation of $(21,227,170) was combined with that of Emerging Markets Fund. Immediately after the reorganization, the combined net assets were $3,356,370,132.

Assuming the reorganization had been completed on December 1, 2021, the beginning of the annual reporting period, the pro forma results of operations for the period ended November 30, 2022 are as follows:

---

| | |
|:---|:---|
| Net investment income (loss) | $40561064 |
| Net realized and unrealized gain (loss) | (1115140186) |
| Net increase (decrease) in net assets resulting from operations | $(1074579122) |

---

Because the combined investment portfolios have been managed as a single integrated portfolio since the reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of NT Emerging Markets Fund that have been included in the fund's Statement of Operations since April 22, 2022.

------

Financial Highlights

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | | | | |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | | |
| | | **Income From Investment Operations:** | **Income From Investment Operations:** | **Income From Investment Operations:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | | |
| | **Net Asset <br>Value, <br>Beginning<br>of Period** | **Net**<br>**Investment** <br>**Income**<br>**(Loss)**<sup>(1)</sup> | **Net<br>Realized <br>and <br>Unrealized <br>Gain (Loss)** | **Total From <br>Investment <br>Operations** | **Net <br>Investment<br>Income** | **Net <br>Realized <br>Gains** | **Total <br>Distributions** | **Net Asset <br>Value,<br>End <br>of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating <br>Expenses** | **Operating <br>Expenses <br>(before <br>expense <br>waiver)** | **Net <br>Investment <br>Income <br>(Loss)** | **Net <br>Investment <br>Income <br>(Loss) <br>(before <br>expense <br>waiver)** | **Portfolio <br>Turnover<br>Rate** | **Net <br>Assets, <br>End of <br>Period <br>(in <br>thousands)** |
| **Investor Class** | **Investor Class** | **Investor Class** | | | | | | | | | | | | | |
| 2022 | $13.67 | 0.09 | (3.61) | (3.52) | (0.11) |  | (0.11) | $10.04 | (25.84)% | 1.26% | 1.26% | 0.84% | 0.84% | 52% | $368506 |
| 2021 | $13.62 | 0.05 | 0.08 | 0.13 | (0.08) |  | (0.08) | $13.67 | 0.91% | 1.25% | 1.25% | 0.36% | 0.36% | 35% | $554001 |
| 2020 | $11.25 | 0.04 | 2.48 | 2.52 | (0.15) |  | (0.15) | $13.62 | 22.79% | 1.26% | 1.26% | 0.33% | 0.33% | 30% | $582036 |
| 2019 | $10.19 | 0.17 | 0.94 | 1.11 | (0.05) |  | (0.05) | $11.25 | 10.99% | 1.25% | 1.25% | 1.59% | 1.59% | 39% | $606668 |
| 2018 | $12.00 | 0.08 | (1.80) | (1.72) | (0.03) | (0.06) | (0.09) | $10.19 | (14.57)% | 1.18% | 1.29% | 0.71% | 0.60% | 36% | $980765 |
| **I Class** | **I Class** | **I Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2022 | $14.02 | 0.11 | (3.70) | (3.59) | (0.13) |  | (0.13) | $10.30 | (25.69)% | 1.06% | 1.06% | 1.04% | 1.04% | 52% | $828883 |
| 2021 | $13.97 | 0.09 | 0.07 | 0.16 | (0.11) |  | (0.11) | $14.02 | 1.09% | 1.05% | 1.05% | 0.56% | 0.56% | 35% | $1661545 |
| 2020 | $11.56 | 0.06 | 2.54 | 2.60 | (0.19) |  | (0.19) | $13.97 | 22.94% | 1.06% | 1.06% | 0.53% | 0.53% | 30% | $1534445 |
| 2019 | $10.46 | 0.20 | 0.97 | 1.17 | (0.07) |  | (0.07) | $11.56 | 11.20% | 1.05% | 1.05% | 1.79% | 1.79% | 39% | $1325801 |
| 2018 | $12.32 | 0.11 | (1.85) | (1.74) | (0.06) | (0.06) | (0.12) | $10.46 | (14.35)% | 0.98% | 1.09% | 0.91% | 0.80% | 36% | $897336 |

---

------

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | | | | |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | **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:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | | |
| | **Net Asset <br>Value, <br>Beginning<br>of Period** | **Net**<br>**Investment** <br>**Income**<br>**(Loss)**<sup>(1)</sup> | **Net<br>Realized <br>and <br>Unrealized <br>Gain (Loss)** | **Total From <br>Investment <br>Operations** | **Net <br>Investment<br>Income** | **Net <br>Realized <br>Gains** | **Total <br>Distributions** | **Net Asset <br>Value,<br>End <br>of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating <br>Expenses** | **Operating <br>Expenses <br>(before <br>expense <br>waiver)** | **Net <br>Investment <br>Income <br>(Loss)** | **Net <br>Investment <br>Income <br>(Loss) <br>(before <br>expense <br>waiver)** | **Portfolio <br>Turnover<br>Rate** | **Net <br>Assets, <br>End of <br>Period <br>(in <br>thousands)** |
| **Y Class** | **Y Class** | **Y Class** | | | | | | | | | | | | | |
| 2022 | $14.05 | 0.13 | (3.71) | (3.58) | (0.15) |  | (0.15) | $10.32 | (25.60)% | 0.91% | 0.91% | 1.19% | 1.19% | 52% | $37909 |
| 2021 | $14.00 | 0.10 | 0.08 | 0.18 | (0.13) |  | (0.13) | $14.05 | 1.24% | 0.90% | 0.90% | 0.71% | 0.71% | 35% | $39377 |
| 2020 | $11.60 | 0.08 | 2.54 | 2.62 | (0.22) |  | (0.22) | $14.00 | 23.09% | 0.91% | 0.91% | 0.68% | 0.68% | 30% | $30169 |
| 2019 | $10.49 | 0.26 | 0.94 | 1.20 | (0.09) |  | (0.09) | $11.60 | 11.43% | 0.90% | 0.90% | 1.94% | 1.94% | 39% | $14638 |
| 2018 | $12.34 | 0.08 | (1.81) | (1.73) | (0.06) | (0.06) | (0.12) | $10.49 | (14.23)% | 0.83% | 0.94% | 1.06% | 0.95% | 36% | $4724 |
| **A Class** | **A Class** | **A Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2022 | $13.17 | 0.06 | (3.48) | (3.42) | (0.08) |  | (0.08) | $9.67 | (26.03)% | 1.51% | 1.51% | 0.59% | 0.59% | 52% | $51434 |
| 2021 | $13.13 | 0.01 | 0.07 | 0.08 | (0.04) |  | (0.04) | $13.17 | 0.60% | 1.50% | 1.50% | 0.11% | 0.11% | 35% | $94363 |
| 2020 | $10.84 | 0.01 | 2.40 | 2.41 | (0.12) |  | (0.12) | $13.13 | 22.50% | 1.51% | 1.51% | 0.08% | 0.08% | 30% | $88485 |
| 2019 | $9.81 | 0.14 | 0.91 | 1.05 | (0.02) |  | (0.02) | $10.84 | 10.71% | 1.50% | 1.50% | 1.34% | 1.34% | 39% | $78704 |
| 2018 | $11.57 | 0.05 | (1.75) | (1.70) |  | (0.06) | (0.06) | $9.81 | (14.80)% | 1.43% | 1.54% | 0.46% | 0.35% | 36% | $72711 |
| **C Class** | **C Class** | **C Class** | **C Class** |  |  |  |  |  |  |  |  |  |  |  |  |
| 2022 | $11.87 | (0.02) | (3.14) | (3.16) |  |  |  | $8.71 | (26.56)% | 2.26% | 2.26% | (0.16)% | (0.16)% | 52% | $13231 |
| 2021 | $11.88 | (0.08) | 0.07 | (0.01) |  |  |  | $11.87 | (0.17)% | 2.25% | 2.25% | (0.64)% | (0.64)% | 35% | $25448 |
| 2020 | $9.82 | (0.07) | 2.17 | 2.10 | (0.04) |  | (0.04) | $11.88 | 21.48% | 2.26% | 2.26% | (0.67)% | (0.67)% | 30% | $27101 |
| 2019 | $8.93 | 0.05 | 0.84 | 0.89 |  |  |  | $9.82 | 9.97% | 2.25% | 2.25% | 0.59% | 0.59% | 39% | $30004 |
| 2018 | $10.61 | (0.03) | (1.59) | (1.62) |  | (0.06) | (0.06) | $8.93 | (15.39)% | 2.18% | 2.29% | (0.29)% | (0.40)% | 36% | $31871 |

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| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | | | | |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | | |
| | | **Income From Investment Operations:** | **Income From Investment Operations:** | **Income From Investment Operations:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | | |
| | **Net Asset <br>Value, <br>Beginning<br>of Period** | **Net**<br>**Investment** <br>**Income**<br>**(Loss)**<sup>(1)</sup> | **Net<br>Realized <br>and <br>Unrealized <br>Gain (Loss)** | **Total From <br>Investment <br>Operations** | **Net <br>Investment<br>Income** | **Net <br>Realized <br>Gains** | **Total <br>Distributions** | **Net Asset <br>Value,<br>End <br>of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating <br>Expenses** | **Operating <br>Expenses <br>(before <br>expense <br>waiver)** | **Net <br>Investment <br>Income <br>(Loss)** | **Net <br>Investment <br>Income <br>(Loss) <br>(before <br>expense <br>waiver)** | **Portfolio <br>Turnover<br>Rate** | **Net <br>Assets, <br>End of <br>Period <br>(in <br>thousands)** |
| **R Class** | **R Class** | **R Class** | | | | | | | | | | | | | |
| 2022 | $13.22 | 0.03 | (3.49) | (3.46) | (0.05) |  | (0.05) | $9.71 | (26.20)% | 1.76% | 1.76% | 0.34% | 0.34% | 52% | $6075 |
| 2021 | $13.17 | (0.02) | 0.08 | 0.06 | (0.01) |  | (0.01) | $13.22 | 0.41% | 1.75% | 1.75% | (0.14)% | (0.14)% | 35% | $7687 |
| 2020 | $10.88 | (0.02) | 2.40 | 2.38 | (0.09) |  | (0.09) | $13.17 | 22.11% | 1.76% | 1.76% | (0.17)% | (0.17)% | 30% | $7466 |
| 2019 | $9.85 | 0.12 | 0.91 | 1.03 |  |  |  | $10.88 | 10.46% | 1.75% | 1.75% | 1.09% | 1.09% | 39% | $6825 |
| 2018 | $11.64 | 0.02 | (1.75) | (1.73) |  | (0.06) | (0.06) | $9.85 | (14.97)% | 1.68% | 1.79% | 0.21% | 0.10% | 36% | $5825 |
| **R5 Class** | **R5 Class** | **R5 Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2022 | $14.04 | 0.11 | (3.71) | (3.60) | (0.13) |  | (0.13) | $10.31 | (25.67)% | 1.06% | 1.06% | 1.04% | 1.04% | 52% | $10725 |
| 2021 | $13.98 | 0.06 | 0.11 | 0.17 | (0.11) |  | (0.11) | $14.04 | 1.09% | 1.05% | 1.05% | 0.56% | 0.56% | 35% | $12172 |
| 2020 | $11.57 | 0.06 | 2.54 | 2.60 | (0.19) |  | (0.19) | $13.98 | 22.92% | 1.06% | 1.06% | 0.53% | 0.53% | 30% | $3863 |
| 2019 | $10.47 | 0.20 | 0.97 | 1.17 | (0.07) |  | (0.07) | $11.57 | 11.19% | 1.05% | 1.05% | 1.79% | 1.79% | 39% | $2444 |
| 2018 | $12.32 | 0.12 | (1.86) | (1.74) | (0.05) | (0.06) | (0.11) | $10.47 | (14.33)% | 0.98% | 1.09% | 0.91% | 0.80% | 36% | $4521 |
| **R6 Class** | **R6 Class** | **R6 Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2022 | $14.03 | 0.13 | (3.70) | (3.57) | (0.15) |  | (0.15) | $10.31 | (25.56)% | 0.91% | 0.91% | 1.19% | 1.19% | 52% | $687720 |
| 2021 | $13.98 | 0.11 | 0.07 | 0.18 | (0.13) |  | (0.13) | $14.03 | 1.24% | 0.90% | 0.90% | 0.71% | 0.71% | 35% | $851240 |
| 2020 | $11.58 | 0.08 | 2.54 | 2.62 | (0.22) |  | (0.22) | $13.98 | 23.13% | 0.91% | 0.91% | 0.68% | 0.68% | 30% | $570868 |
| 2019 | $10.48 | 0.23 | 0.96 | 1.19 | (0.09) |  | (0.09) | $11.58 | 11.45% | 0.90% | 0.90% | 1.94% | 1.94% | 39% | $405776 |
| 2018 | $12.34 | 0.12 | (1.84) | (1.72) | (0.08) | (0.06) | (0.14) | $10.48 | (14.28)% | 0.83% | 0.94% | 1.06% | 0.95% | 36% | $239031 |

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| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | | | | |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | | |
| | | **Income From Investment Operations:** | **Income From Investment Operations:** | **Income From Investment Operations:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | | |
| | **Net Asset <br>Value, <br>Beginning<br>of Period** | **Net**<br>**Investment** <br>**Income**<br>**(Loss)**<sup>(1)</sup> | **Net<br>Realized <br>and <br>Unrealized <br>Gain (Loss)** | **Total From <br>Investment <br>Operations** | **Net <br>Investment<br>Income** | **Net <br>Realized <br>Gains** | **Total <br>Distributions** | **Net Asset <br>Value,<br>End <br>of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating <br>Expenses** | **Operating <br>Expenses <br>(before <br>expense <br>waiver)** | **Net <br>Investment <br>Income <br>(Loss)** | **Net <br>Investment <br>Income <br>(Loss) <br>(before <br>expense <br>waiver)** | **Portfolio <br>Turnover<br>Rate** | **Net <br>Assets, <br>End of <br>Period <br>(in <br>thousands)** |
| **G Class** | **G Class** | **G Class** | | | | | | | | | | | | | |
| 2022<sup>(3)</sup> | $12.44 | 0.16 | (2.08) | (1.92) | (0.12) |  | (0.12) | $10.40 | (15.56)% | 0.01%<sup>(4)</sup> | 0.91%<sup>(4)</sup> | 2.42%<sup>(4)</sup> | 1.52%<sup>(4)</sup> | 52%<sup>(5)</sup> | $731719 |

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**Notes to Financial Highlights**

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

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

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

(4)Annualized.

(5)Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended November 30, 2022.

See Notes to Financial Statements.

------

Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Directors of American Century World Mutual Funds, Inc.:

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

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Emerging Markets Fund (the "Fund"), one of the funds constituting the American Century World Mutual Funds, Inc., as of November 30, 2022, the related statement 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 five 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 Emerging Markets Fund of the American Century World Mutual Funds, Inc. as of November 30, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's 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 Fund 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 Fund is not required to have, nor were we engaged to perform, an audit of its 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 Fund's 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 November 30, 2022, 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

January 17, 2023

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

------

Management

**The Board of Directors** 

The individuals listed below serve as directors of the funds. Each director will continue to serve in this capacity until death, retirement, resignation or removal from office. The board has adopted a mandatory retirement age for directors who are not "interested persons," as that term is defined in the Investment Company Act (independent directors). Independent directors shall retire on December 31 of the year in which they reach their 75<sup>th</sup> birthday.

Jonathan S. Thomas is an "interested person" because he currently serves as President and Chief Executive Officer of American Century Companies, Inc. (ACC), the parent company of American Century Investment Management, Inc. (ACIM or the advisor). The other directors (more than three-fourths of the total number) are independent. They are not employees, directors or officers of, and have no financial interest in, ACC or any of its wholly owned, direct or indirect, subsidiaries, including ACIM, American Century Investment Services, Inc. (ACIS) and American Century Services, LLC (ACS), and they do not have any other affiliations, positions or relationships that would cause them to be considered "interested persons" under the Investment Company Act. The directors serve in this capacity for seven (in the case of Jonathan S. Thomas, 16; and Stephen E. Yates, 8) registered investment companies in the American Century Investments family of funds.

The following table presents additional information about the directors. The mailing address for each director is 4500 Main Street, Kansas City, Missouri 64111.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name<br>(Year of Birth)** | **Position(s) Held with Funds** | **Length of Time Served** | **Principal Occupation(s) During Past 5 Years** | **Number of American Century Portfolios Overseen by Director** | **Other Directorships Held During Past 5 Years** |
| **Independent Directors** | **Independent Directors** | **Independent Directors** | **Independent Directors** | | |
| Thomas W. Bunn (1953) | Director | Since 2017 | Retired | 64 |  |
| Chris H. Cheesman <br>(1962) | Director | Since 2019 | Retired. Senior Vice President & Chief Audit Executive, AllianceBernstein (1999 to 2018) | 64 | Alleghany Corporation (2021 to 2022) |
| Barry Fink<br>(1955) | Director | Since 2012 (independent since 2016) | Retired | 64 |  |
| Rajesh K. Gupta <br>(1960) | Director | Since 2019 | Partner Emeritus, SeaCrest Investment Management and SeaCrest Wealth Management (2019 to present); Chief Executive Officer and Chief Investment Officer, SeaCrest Investment Management (2006 to 2019); Chief Executive Officer and Chief Investment Officer, SeaCrest Wealth Management (2008 to 2019) | 64 |  |

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------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name<br>(Year of Birth)** | **Position(s) Held with Funds** | **Length of Time Served** | **Principal Occupation(s) During Past 5 Years** | **Number of American Century Portfolios Overseen by Director** | **Other Directorships Held During Past 5 Years** |
| **Independent Directors** | **Independent Directors** | **Independent Directors** | **Independent Directors** | | |
| Lynn Jenkins <br>(1963) | Director | Since 2019 | Consultant, LJ Strategies (2019 to present); United States Representative, U.S. House of Representatives (2009 to 2018) | 64 | MGP Ingredients, Inc. (2019 to 2021) |
| Jan M. Lewis<br>(1957) | Director and Board Chair | Since 2011 (Board Chair since 2022) | Retired | 64 |  |
| Stephen E. Yates<br>(1948) | Director | Since 2012 | Retired | 108 |  |
| **Interested Director** | **Interested Director** | **Interested Director** | **Interested Director** | **Interested Director** |  |
| Jonathan S. Thomas<br>(1963) | Director | Since 2007 | President and Chief Executive Officer, ACC (2007 to present). Also serves as Chief Executive Officer, ACS; Director, ACC and other ACC subsidiaries | 142 |  |

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The Statement of Additional Information has additional information about the fund's directors and is available without charge, upon request, by calling 1-800-345-2021.

------

**Officers** 

The following table presents certain information about the executive officers of the funds. Each officer serves as an officer for each of the 16 (in the case of Robert J. Leach, 15) investment companies in the American Century family of funds. No officer is compensated for his or her service as an officer of the funds. The listed officers are interested persons of the funds and are appointed or re-appointed on an annual basis. The mailing address for each officer listed below is 4500 Main Street, Kansas City, Missouri 64111.

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| | | |
|:---|:---|:---|
| **Name <br>(Year of Birth)** | **Offices with the Funds** | **Principal Occupation(s) During the Past Five Years** |
| Patrick Bannigan<br>(1965) | President since 2019 | Executive Vice President and Director, ACC (2012 to present); Chief Financial Officer, Chief Accounting Officer and Treasurer, ACC (2015 to present). Also serves as President, ACS; Vice President, ACIM; Chief Financial Officer, Chief Accounting Officer and/or Director, ACIM, ACS and other ACC subsidiaries |
| R. Wes Campbell<br>(1974) | Chief Financial Officer and Treasurer since 2018 | Vice President, ACS, (2020 to present); Investment Operations and Investment Accounting, ACS (2000 to present) |
| Amy D. Shelton<br>(1964) | Chief Compliance Officer and Vice President since 2014 | Chief Compliance Officer, American Century funds, (2014 to present); Chief Compliance Officer, ACIM (2014 to present); Chief Compliance Officer, ACIS (2009 to present). Also serves as Vice President, ACIS |
| John Pak<br>(1968) | General Counsel and Senior Vice President since 2021 | General Counsel and Senior Vice President, ACC (2021 to present). Also serves as General Counsel and Senior Vice President, ACIM, ACS and ACIS. Chief Legal Officer of Investment and Wealth Management, The Bank of New York Mellon (2014 to 2021) |
| C. Jean Wade<br>(1964) | Vice President since 2012 | Senior Vice President, ACS (2017 to present); Vice President, ACS (2000 to 2017) |
| Robert J. Leach<br>(1966) | Vice President since 2006 | Vice President, ACS (2000 to present) |
| David H. Reinmiller<br>(1963) | Vice President since 2000 | Attorney, ACC (1994 to present). Also serves as Vice President, ACIM and ACS |
| Ward D. Stauffer<br>(1960) | Secretary since 2005 | Attorney, ACC (2003 to present) |

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------

Approval of Management Agreement

At a meeting held on June 29, 2022, the Fund's 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 the Fund. Under Section 15(c) of 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, each year.

Prior to its consideration of the renewal of the management agreement, the Directors requested and reviewed data and information compiled by the Advisor and certain independent data providers concerning the Fund. This review was in addition to the oversight and evaluation undertaken by the Board and its committees on a continual basis and the information received was supplemental to the information that the Board and its committees receive and consider throughout the year.

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, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the nature, extent, and quality of investment management, shareholder services, and other services provided and to be provided to the Fund including without limitation portfolio management and trading services, shareholder and intermediary services, compliance and legal services, fund accounting and financial reporting, and fund share distribution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the wide range of other programs and services provided to the Fund and its shareholders on a routine and non-routine basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Fund's investment performance, including data comparing the Fund's performance to an appropriate benchmark(s) and peer group of other mutual funds with similar investment objectives and strategies;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Advisor's strategic plans, generally, and with respect to the ongoing impact of the COVID-19 pandemic response, heightened areas of interest in the mutual fund industry and recent geopolitical issues;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• financial data showing the cost of services provided to the Fund, the profitability of the Fund to the Advisor, and the overall profitability of the Advisor;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• acquired fund fees and expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• payments and practices in connection with financial intermediaries holding shares of the Fund and the services provided by intermediaries in connection therewith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• possible collateral benefits to the Advisor from the management of the Fund.

The Board held four meetings to consider the renewal. The independent Directors also met in private session multiple times to review and discuss the information provided in response to their request. The independent Directors held active discussions with the Advisor regarding the renewal of the management agreement, requesting supplemental information, and reviewing information provided by the Advisor in response thereto. 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 independent counsel in connection with the approval. They determined that the information was sufficient for them to evaluate the management agreement for the Fund. 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 without limitation the following:

**Nature, Extent and Quality of Services — Generally.** Under the management agreement, the Advisor is responsible for providing or arranging for all services necessary for the operation of the Fund. The Board noted that the Advisor provides or arranges at its own expense a wide variety of services which include, without limitation, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• constructing and designing the 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 the 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 cyber 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 the 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 the Fund is quite complex and allows Fund shareholders access to professional money management, instant diversification of their investments within an asset class, 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 the Fund in accordance with its investment objectives and principal investment strategies. Further, the Directors recognize that the Advisor has an obligation to monitor trading activities, and in particular to seek the best execution of Fund trades, and to evaluate the use of and payment for research. In providing these services, the Advisor utilizes teams of investment professionals (portfolio managers, analysts, research assistants, and securities traders) who require extensive information technology, research, training, compliance, and other systems to conduct their business. The Board, directly and through its Fund Performance Review Committee, provides oversight of the investment performance process. It regularly reviews investment performance information for the 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, the Board discusses with the Advisor the reasons for such results (e.g., market conditions, security selection) and any actions being taken to improve performance, and may conduct special reviews until performance improves. The Fund's performance was above its benchmark for the three-, five-, and ten-year periods and below its benchmark for the one-year period reviewed by the Board. The Board found the investment

------

management services provided by the Advisor to the Fund to be satisfactory and consistent with the management agreement.

**Shareholder and Other Services.** Under the management agreement, the Advisor provides the 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 cyber security), new products and services offered to Fund shareholders, securities trading activities, portfolio valuation services, auditing services, and legal and operational compliance activities. The Board found the services provided by the Advisor to the 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 Fund, its profitability in managing the Fund (pre- and post-distribution), its overall profitability, and its financial condition. 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 current management fee. The Board concluded that the Advisor's profits were reasonable in light of the services provided to the Fund.

**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 the 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 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 content and services.

**Comparison to Other Funds' Fees.** The management agreement provides that the Fund pays the Advisor a single, all-inclusive (or unified) management fee for providing all services necessary for the management and operation of the Fund, other than securities transaction expenses, taxes, interest, extraordinary expenses, fees and expenses of the Fund's 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 the unified fee structure, the Advisor is responsible for providing all 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, distribution charges, 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 Fund 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 the Fund's unified fee to the total expense ratios of its peers. 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. In addition, the Board reviewed the Fund's position relative to the narrower set of its expense group peers. The Board concluded that the management fee paid

------

by the 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 Fund. They observed that these varying types of client accounts require different services and involve different regulatory and entrepreneurial risks than the management of the Fund. The Board analyzed this information and concluded that the fees charged and services provided to the Fund were reasonable by comparison.

**Payments to Intermediaries.** The Directors also requested and received a description of payments made to intermediaries by the Fund and the Advisor and services provided in response thereto. These payments include various payments made by the Fund or the Advisor to different types of intermediaries and recordkeepers for distribution and service activities provided for the Fund. The Directors reviewed such information and received representations from the Advisor that all such payments by the 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 Fund. They concluded 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. To the extent there are potential collateral benefits, the Board has been advised and has taken this into consideration in its review of the management contract with the Fund. The Board noted that additional assets from other clients may offer the Advisor some benefit from increased leverage with service providers and counterparties. Additionally, the Advisor may receive proprietary research from broker-dealers that execute fund portfolio transactions, which the Board concluded is likely to benefit other clients of the Advisor, as well as Fund shareholders. The Board also determined that the Advisor is able to provide investment management services to certain clients other than the Fund, at least in part, due to its existing infrastructure built to serve the fund complex. The Board concluded that appropriate allocation methodologies had been employed to assign resources and the cost of those resources to these other clients.

**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 the 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 Fund 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 Fund.

**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 throughout the year, determined that the terms of the management agreement are fair and reasonable and that the management fee charged to the Fund is reasonable in light of the services provided and that the management agreement between the Fund and the Advisor should be renewed for an additional one-year period.

------

Proxy Voting Results

A special meeting of shareholders was held on October 13, 2022, to vote on the following proposal. The proposal received the required votes and was adopted. A summary of voting results is listed below.

To elect five directors to the Board of Directors of American Century World Mutual Funds, Inc.:

---

| | | |
|:---|:---|:---|
| | **Affirmative** | **Withhold** |
| Brian Bulatao | $5038086505 | $96122848 |
| Chris H. Cheesman | $5044845654 | $89363699 |
| Rajesh K. Gupta | $5040147195 | $94062158 |
| Lynn M. Jenkins | $5034492760 | $99716593 |
| Gary C. Meltzer | $5042384480 | $91824873 |

---

The other directors whose term of office continued after the meeting include Jonathan S. Thomas, Thomas W. Bunn, Barry Fink, Jan M. Lewis, and Stephen E. Yates.

------

Additional Information

**Retirement Account Information** 

As required by law, distributions you receive from certain retirement accounts are subject to federal income tax withholding at the IRS default rate of 10%.\* Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.

You may elect a different withholding rate, or request zero withholding, by submitting an acceptable IRS Form W-4R election with your distribution request. You may notify us of your W-4R election by telephone, on our distribution forms, on IRS Form W-4R, or through other acceptable electronic means. If your withholding election is for an automatic withdrawal plan, you have the right to revoke your election at any time and any election you make will remain in effect until revoked by filing a new election.

Remember, even if you elect not to have income tax withheld, you are liable for paying income tax on the taxable portion of your withdrawal. If you elect not to have income tax withheld or you don't have enough income tax withheld, you may be responsible for payment of estimated tax. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are not sufficient. You can reduce or defer the income tax on a distribution by directly or indirectly rolling such distribution over to another IRA or eligible plan. You should consult your tax advisor for additional information.

State tax will be withheld according to state regulations if, at the time of your distribution, your tax residency is within one of the mandatory withholding states.

\*Some 403(b), 457 and qualified retirement plan distributions may be subject to 20% mandatory withholding, as they are subject to special tax and withholding rules. Your plan administrator or plan sponsor is required to provide you with a special tax notice explaining those rules at the time you request a distribution. If applicable, federal and/or state taxes may be withheld from your distribution amount.

**Proxy Voting Policies** 

A description of the policies that the fund's investment advisor uses in exercising the voting rights associated with the securities purchased and/or held by the fund is available without charge, upon request, by calling 1-800-345-2021. It is also available on American Century Investments' website at americancentury.com/proxy and on the Securities and Exchange Commission's website at sec.gov. Information regarding how the investment advisor voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on americancentury.com/proxy. It is also available at sec.gov.

**Quarterly Portfolio Disclosure** 

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. These portfolio holdings are available on the fund's website at americancentury.com and, upon request, by calling 1-800-345-2021. The fund's Form N-PORT reports are available on the SEC's website at sec.gov.

------

**Other Tax Information**

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

The fund hereby designates up to the maximum amount allowable as qualified dividend income for

the fiscal year ended November 30, 2022.

For the fiscal year ended November 30, 2022, the fund intends to pass through to shareholders

foreign source income of $63,667,618 and foreign taxes paid of $6,572,496, or up to the maximum

amount allowable, as a foreign tax credit. Foreign source income and foreign tax expense per

outstanding share on November 30, 2022 are $0.2390 and $0.0247, respectively.

------

Notes

------

------

---

| | |
|:---|:---|
| ![image12.jpg](image12.jpg) | ![image12.jpg](image12.jpg) |
| Contact Us | americancentury.com |
| Automated Information Line | 1-800-345-8765 |
| Investor Services Representative | 1-800-345-2021<br>or 816-531-5575 |
| Investors Using Advisors | 1-800-378-9878 |
| Business, Not-For-Profit, Employer-Sponsored Retirement Plans | 1-800-345-3533 |
| Banks and Trust Companies, Broker-Dealers, Financial Professionals, Insurance Companies | 1-800-345-6488 |
| Telecommunications Relay Service for the Deaf | 711 |
| **American Century World Mutual Funds, Inc.** | **American Century World Mutual Funds, Inc.** |
| **Investment Advisor:**<br>American Century Investment Management, Inc.<br>Kansas City, Missouri | **Investment Advisor:**<br>American Century Investment Management, Inc.<br>Kansas City, Missouri |
| *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.* |
| **©2023 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-ANN-91030 2301** | **©2023 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-ANN-91030 2301** |

---

------

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

![image12.jpg](image12.jpg)

---

| |
|:---|
| Annual Report |
| November 30, 2022 |
| Emerging Markets Small Cap Fund |
| &nbsp;&nbsp;&nbsp;Investor Class (AECVX) |
| &nbsp;&nbsp;&nbsp;I Class (AECSX) |
| &nbsp;&nbsp;&nbsp;A Class (AECLX) |
| &nbsp;&nbsp;&nbsp;C Class (AECHX) |
| &nbsp;&nbsp;&nbsp;R Class (AECMX) |
| &nbsp;&nbsp;&nbsp;R6 Class (AECTX) |

---

------

------

**Table of Contents**

---

| | |
|:---|:---|
| President's Letter | &nbsp;&nbsp;[2](#icac732f9dea047f6825ef6d9a4af07ac_82) |
| Performance | &nbsp;&nbsp;[3](#icac732f9dea047f6825ef6d9a4af07ac_85) |
| Portfolio Commentary | &nbsp;&nbsp;[5](#icac732f9dea047f6825ef6d9a4af07ac_88) |
| Fund Characteristics | &nbsp;&nbsp;[8](#icac732f9dea047f6825ef6d9a4af07ac_91) |
| Shareholder Fee Example | &nbsp;&nbsp;[9](#icac732f9dea047f6825ef6d9a4af07ac_94) |
| Schedule of Investments | &nbsp;&nbsp;[11](#icac732f9dea047f6825ef6d9a4af07ac_97) |
| Statement of Assets and Liabilities | &nbsp;&nbsp;[15](#icac732f9dea047f6825ef6d9a4af07ac_103) |
| Statement of Operations | &nbsp;&nbsp;[16](#icac732f9dea047f6825ef6d9a4af07ac_106) |
| Statement of Changes in Net Assets | &nbsp;&nbsp;[17](#icac732f9dea047f6825ef6d9a4af07ac_109) |
| Notes to Financial Statements | &nbsp;&nbsp;[18](#icac732f9dea047f6825ef6d9a4af07ac_112) |
| Financial Highlights | &nbsp;&nbsp;[25](#icac732f9dea047f6825ef6d9a4af07ac_115) |
| Report of Independent Registered Public Accounting Firm | &nbsp;&nbsp;[28](#icac732f9dea047f6825ef6d9a4af07ac_118) |
| Management | &nbsp;&nbsp;[29](#icac732f9dea047f6825ef6d9a4af07ac_121) |
| Approval of Management Agreement | &nbsp;&nbsp;[32](#icac732f9dea047f6825ef6d9a4af07ac_124) |
| Proxy Voting Results | &nbsp;&nbsp;[36](#icac732f9dea047f6825ef6d9a4af07ac_130) |
| Additional Information | &nbsp;&nbsp;[37](#icac732f9dea047f6825ef6d9a4af07ac_133) |

---

Any opinions expressed in this report reflect those of the author as of the date of the report, and do not necessarily represent the opinions of American Century Investments<sup>®</sup> or any other person in the American Century Investments organization. Any such opinions are subject to change at any time based upon market or other conditions and American Century Investments disclaims any responsibility to update such opinions. These opinions may not be relied upon as investment advice and, because investment decisions made by American Century Investments funds are based on numerous factors, may not be relied upon as an indication of trading intent on behalf of any American Century Investments fund. Security examples are used for representational purposes only and are not intended as recommendations to purchase or sell securities. Performance information for comparative indices and securities is provided to American Century Investments by third party vendors. To the best of American Century Investments' knowledge, such information is accurate at the time of printing.

------

President's Letter

![image14.jpg](image14.jpg) **Jonathan Thomas**

Dear Investor:

Thank you for reviewing this annual report for the period ending November 30, 2022. Annual reports help convey important information about fund returns, including market factors that affected performance. For additional investment insights, please visit americancentury.com.

**High Inflation, Rising Rates Fueled Volatility**

The global economic and investment backdrops faced several challenges during the 12-month period. Concerns began to surface early in the fiscal year, as central banks finally admitted inflation was entrenched rather than transitory. Investors grew more cautious amid growing expectations for less accommodative monetary policy in the new year.

By early 2022, inflation soared to levels last seen in the early 1980s. Massive fiscal and monetary support unleashed during the pandemic was partly to blame. In addition, escalating energy prices, supply chain breakdowns, labor market shortages and Russia's invasion of Ukraine further aggravated the inflation backdrop, particularly in Europe.

The Bank of England responded to surging inflation in late 2021 with a 0.15 percentage point rate hike. Policymakers raised rates another 2.75 percentage points through the end of November. The Federal Reserve waited until March 2022 to launch its inflation-fighting campaign, hiking rates 3.75 percentage points by period-end. Meanwhile, the European Central Bank (ECB) held off until July. Facing record-high inflation, the ECB raised rates 2 percentage points through November.

In addition to advancing recession risk, the combination of elevated inflation and hawkish central banks led to losses for most developed and emerging markets stock indices. A late-period rally, triggered by expectations for central banks to slow their pace of tightening, helped stocks recover some earlier losses. Overall, developed markets stocks generally fared better than emerging markets stocks, and the value style generally outpaced the growth style.

**Staying Disciplined in Uncertain Times**

We expect market volatility to linger as investors navigate a complex environment of high inflation, rising interest rates and economic uncertainty. In addition, Russia's invasion of Ukraine complicates an increasingly tense geopolitical backdrop and threatens global energy markets. We will continue to monitor this evolving situation and what it broadly means for investors across asset classes.

We appreciate your confidence in us during these extraordinary times. Our firm has a long history of helping clients weather unpredictable markets, and we're confident we will continue to meet today's challenges.

Sincerely,

![image48a30.jpg](image48a30.jpg)

Jonathan Thomas

President and Chief Executive Officer

American Century Investments

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Performance

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Total Returns as of November 30, 2022** | **Total Returns as of November 30, 2022** | **Total Returns as of November 30, 2022** | | | |
| | | | **Average Annual Returns** | **Average Annual Returns** | |
| | **Ticker<br>Symbol** | **1 year** | **5 years** | **Since<br>Inception** | **Inception<br>Date** |
| **Investor Class** | AECVX | -19.90% | 1.19% | 5.88% | 4/7/16 |
| **MSCI Emerging Markets Small Cap Index** |  | -13.68% | 2.01% | 5.82% |  |
| I Class | AECSX | -19.80% | 1.39% | 6.08% | 4/7/16 |
| A Class | AECLX |  |  |  | 4/7/16 |
| &nbsp;&nbsp;No sales charge |  | -20.13% | 0.93% | 5.61% |  |
| &nbsp;&nbsp;With sales charge |  | -24.72% | -0.25% | 4.67% |  |
| C Class | AECHX | -20.75% | 0.19% | 4.82% | 4/7/16 |
| R Class | AECMX | -20.37% | 0.68% | 5.34% | 4/7/16 |
| R6 Class | AECTX | -19.66% | 1.54% | 6.24% | 4/7/16 |

---

Sales charges include initial sales charges and contingent deferred sales charges (CDSCs), as applicable. A Class shares have a 5.75% maximum initial sales charge and may be subject to a maximum CDSC of 1.00%. C Class shares redeemed within 12 months of purchase are subject to a maximum CDSC of 1.00%. The SEC requires that mutual funds provide performance information net of maximum sales charges in all cases where charges could be applied.

**Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-800-345-2021 or visit americancentury.com. For additional information about the fund, please consult the prospectus.** 

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---

| |
|:---|
| **Growth of $10,000 Over Life of Class** |
| **$10,000 investment made April 7, 2016** |
| Performance for other share classes will vary due to differences in fee structure. |

---

![chart-c7551995f0d6423382ba.jpg](chart-c7551995f0d6423382ba.jpg)

---

| |
|:---|
| Value on November 30, 2022 |
| Investor Class — $14,620 |
| Investor Class — $14,620 |
| MSCI Emerging Markets Small Cap Index — $14,571 |
| MSCI Emerging Markets Small Cap Index — $14,571 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Total Annual Fund Operating Expenses**  | **Total Annual Fund Operating Expenses**  | **Total Annual Fund Operating Expenses**  | **Total Annual Fund Operating Expenses**  | **Total Annual Fund Operating Expenses**  | **Total Annual Fund Operating Expenses**  |
| **Investor Class** | **I Class** | **A Class** | **C Class** | **R Class** | **R6 Class** |
| 1.40% | 1.20% | 1.65% | 2.40% | 1.90% | 1.05% |

---

The total annual fund operating expenses shown is as stated in the fund's prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.

**Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-800-345-2021 or visit americancentury.com. For additional information about the fund, please consult the prospectus.** 

------

Portfolio Commentary

**Portfolio Managers: Patricia Ribeiro and Sherwin Soo**

**Performance Summary**

Emerging Markets Small Cap returned -19.90%\* for the 12 months ended November 30, 2022. The fund's benchmark, the MSCI Emerging Markets Small Cap Index, returned -13.68% for the same period.

The fund underperformed its benchmark during the period as investors rotated toward value stocks, which sharply outperformed growth names. Factor returns were dominated by rising interest rates, and the rise in yields weighed on relative performance as value stocks outperformed growth names. Soaring inflation and tighter central bank policy ignited recession fears in many countries, roiling global assets. Macroeconomic and geopolitical uncertainty weighed on emerging markets (EM) stocks as the Russia-Ukraine conflict pressured supply chains and drove high energy and commodities prices. In China, regulatory pressures and COVID-19-induced restrictions weighed on corporate earnings and snarled supply chains.

The continuing rise in value was challenging for our investment approach as a growth manager. From a sector perspective, stock selection in the industrials sector was the key driver of underperformance. Stock choices in information technology (IT), consumer discretionary and materials also weighed substantially on relative returns. Conversely, stock choices and an overweight allocation in consumer staples made the sector a top contributor, while security selection and an underweight to health care bolstered relative performance, as did an overweight to energy. Regionally, stock selection in Taiwan was a key detractor from relative performance. Stock choices and overweight allocations in Brazil and Russia also weighed on returns. Those relative losses were partially offset by an overweight and stock selection in Mexico. Stock selection in Thailand was also a contributor.

**Industrials and IT Drove Underperformance**

The professional services and electrical equipment industries drove relative detraction in the industrials sector. Shares of engineering services company L&T Technology Services declined amid the uncertainty surrounding geopolitical tensions and the impact of inflation on discretionary research and development spending. We exited the position in the third quarter of 2022. Battery materials maker Ecopro BM was a detractor, despite strong earnings and top-line growth. A fire in early 2022 halted its production, leading to near-term business uncertainty, and later, shares declined amid concerns surrounding the U.S. Inflation Reduction Act of 2022, pricing pressure from customers and volatile metal prices.

Within IT, the semiconductors and semiconductor equipment industry was a source of relative weakness. Shares of the fabless integrated circuit design company ASPEED Technology declined amid rising inventory risk as component shortages ease. Investors worried that the server upcycle may begin to slow, given weaker demand in China, higher inflation and rising input costs. Analysts revised sales and earnings projections lower as customers' inventory adjustments and order reductions raised concerns about a decline in revenue. We no longer hold the position. Elsewhere within the sector, battery foil maker Iljin Materials was among the largest overall detractors, with weakness driven by concerns surrounding growth stocks and rising interest rates. Battery copper foil demand weakness from prolonged chip shortage issues weighed on investor sentiment.

Elsewhere, several positions based in or heavily exposed to Russia weighed on relative returns, including online banking firm TCS Group Holding, online recruitment platform HeadHunter Group and children's retailer Detsky Mir. Russian stocks declined sharply as diplomacy weakened,

\*All fund returns referenced in this commentary are for Investor Class shares. Performance for other share classes will vary due to differences in fee structure; when Investor Class performance exceeds that of the fund's benchmark, other share classes may not. See page 3 for returns for all share classes.

------

Russia invaded Ukraine and touched off the ongoing war and sanctions from the U.S., European Union and others grew harsher. We exited TCS as we reduced our Russian exposure. Other notable detractors included Brazil-based travel platform CVC Brasil Operadora e Agencia de Viagens and pet products retailer Pet Center Comercio e Participacoes. CVC Brasil's shares declined amid weak bookings, mainly due to the challenging macroeconomic environment and the impact of COVID-19. We exited the position. Pet Center was weak as supply chain cost inflation combined with pressure on disposable incomes raised concerns about margin pressures.

**Consumer Staples, Health Care and Energy Were Key Contributors**

An overweight to Varun Beverages, which makes carbonated drinks, juices and packaged drinking water, drove the majority of contribution from consumer staples. Shares advanced sharply during the period as reopening drove robust volume and sales growth as well as margin expansion. Varun's expansion of its distribution network into underpenetrated areas, which could drive net sales growth and higher realization, also supported the stock. Food and staples retailers also helped drive sector contribution, led by South Korea-based convenience store operator BGF Retail, which benefited from the relaxation of COVID-19 mobility measures.

In health care, lack of exposure to several index constituents bolstered relative returns, especially in the biotechnology, pharmaceuticals and health care providers and services industries. Bumrungrad Hospital, added to the portfolio in June, was also a notable contributor, as patient volumes and utilization rates improved post-COVID-19. Management expects revenues to continue to grow with strong foreign patient inflows as Bumrungrad scaled back pandemic discounts.

An overweight allocation to the energy sector helped relative performance, led by an overweight to independent oil and gas company Petro Rio. Petro Rio's shares advanced sharply amid strong results on the back of higher production, sales growth and lower costs. An overweight to South Africa-based Thungela Resources also added value, as the stock benefited from higher thermal coal prices, which we expect to remain elevated.

Elsewhere, key individual contributors included Mexico-based bank Gentera. Early in the period, Gentera's earnings returned to pre-pandemic levels. More recent results repeatedly pointed toward an ongoing recovery across Gentera's main financial indicators, including strong margins and solid operating trends in the third quarter of 2022. Given positive recovery trends in Mexico, weakened competition and a large addressable market, we believe Gentera has ample room for margin improvement.

**Outlook**

After a challenging 2022, EM equities appear ready to turn the corner toward recovery, in our view. Key macroeconomic conditions that weighed heavily on the asset class in 2022 are evolving. The U.S. dollar and U.S. bond yields may have rolled over from cyclical peaks. Also, inflation is at or near peaks in many EM economies. Finally, global supply chain disruptions continue to improve.

Interest rate increases, driven by central banks' response to surging inflation, weighed heavily on EM stocks in 2022. Led by inflation fears and a determinedly hawkish Federal Reserve (Fed) (with global central banks following suit), elevated yields drove a rotation to value at the expense of growth-oriented, long-duration equities.

On the earnings side, EM earnings-per-share expectations have been cut significantly. It appears much of the recession worries have been priced in. After a sharp cut to consensus estimates, 2022 could mark a bottom for EM earnings, setting the stage for recovery in 2023. This is particularly likely as China reopens. A rebound in Chinese equities, which has already begun due to reopening optimism, is a large driver of the headline EM index upside expected in 2023.

In our view, China's reopening may occur in fits and starts. China has taken a decisive step toward reopening. The economic and social impact of reopening will likely be volatile over the next few months, but we believe it will likely support a risk recovery over the course of 2023.

Likewise, China's pro-growth policies align with our expectations. We believe policy will likely support stronger economic growth in 2023. Near-term growth may face some headwinds, but we expect consumption to become a key driver, along with continued support from infrastructure growth and further property market stabilization.

------

In this environment, we continue to favor stocks that benefit from government policy focus (such as names tied to the green economy and electric vehicles), reopening of the economy and an improving consumer. As COVID-19 restrictions ease—combined with a further uptick of booster vaccinations—we believe services activity and consumption will likely rebound. This should be driven by pent-up consumer demand, employment and income growth and increasing consumer and business confidence.

As we look ahead to 2023, macroeconomic headwinds should begin to fade, in our view. We believe much of the Fed's heavy lifting is likely done, while China's recovery will likely continue.

------

Fund Characteristics

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| | |
|:---|:---|
| **NOVEMBER 30, 2022** | |
| **Types of Investments in Portfolio** | **% of net assets** |
| Common Stocks | 97.4% |
| Exchange-Traded Funds | 1.0% |
| Short-Term Investments | 2.5% |
| Other Assets and Liabilities | (0.9)% |
| **Top Five Countries\*** | **% of net assets** |
| India | 22.3% |
| South Korea | 12.3% |
| Taiwan | 11.5% |
| China | 10.3% |
| Brazil | 8.9% |

---

\*Exposure indicated excludes Exchange-Traded Funds. The Schedule of Investments provides additional information on the fund's portfolio holdings.

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Shareholder Fee Example

Fund shareholders may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and redemption/exchange fees; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in your fund and to compare these costs with the ongoing cost of investing in other mutual funds.

The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from June 1, 2022 to November 30, 2022.

**Actual Expenses**

The table provides information about actual account values and actual expenses for each class. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. First, identify the share class you own. Then simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

If you hold Investor Class shares of any American Century Investments mutual fund, or I Class shares of the American Century Diversified Bond Fund, in an American Century Investments account (i.e., not through a financial intermediary or employer-sponsored retirement plan account), American Century Investments may charge you a $25 annual account maintenance fee if the value of those shares is less than $10,000. We will redeem shares automatically in one of your accounts to pay the $25 fee. In determining your total eligible investment amount, we will include your investments in all personal accounts (including American Century Investments brokerage accounts) registered under your Social Security number. Personal accounts include individual accounts, joint accounts, UGMA/UTMA accounts, personal trusts, Coverdell Education Savings Accounts and IRAs (including traditional, Roth, Rollover, SEP-, SARSEP- and SIMPLE-IRAs), and certain other retirement accounts. If you have only business, business retirement, employer-sponsored or American Century Investments brokerage accounts, you are currently not subject to this fee. If you are subject to the account maintenance fee, your account value could be reduced by the fee amount.

**Hypothetical Example for Comparison Purposes**

The table also provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio of each class of your fund and an assumed rate of return of 5% per year before expenses, which is not the actual return of a fund's share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or redemption/exchange fees. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Beginning**<br>**Account Value**<br>**6/1/22** | **Ending**<br>**Account Value**<br>**11/30/22** | **Expenses Paid**<br>**During Period**<sup>(1)</sup><br>**6/1/22 - 11/30/22** | **Annualized**<br>**Expense Ratio**<sup>(1)</sup> |
| **Actual** | | | | |
| Investor Class | $1000 | $945.00 | $6.92 | 1.42% |
| I Class | $1000 | $945.30 | $5.95 | 1.22% |
| A Class | $1000 | $943.80 | $8.14 | 1.67% |
| C Class | $1000 | $940.20 | $11.77 | 2.42% |
| R Class | $1000 | $942.50 | $9.35 | 1.92% |
| R6 Class | $1000 | $946.30 | $5.22 | 1.07% |
| **Hypothetical** |  |  |  |  |
| Investor Class | $1000 | $1017.95 | $7.18 | 1.42% |
| I Class | $1000 | $1018.95 | $6.17 | 1.22% |
| A Class | $1000 | $1016.70 | $8.44 | 1.67% |
| C Class | $1000 | $1012.94 | $12.21 | 2.42% |
| R Class | $1000 | $1015.44 | $9.70 | 1.92% |
| R6 Class | $1000 | $1019.70 | $5.42 | 1.07% |

---

(1)Expenses are equal to the class's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 183, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses.

------

Schedule of Investments

**NOVEMBER 30, 2022**

---

| | | |
|:---|:---|:---|
|<br>**COMMON STOCKS — 97.4%** | **Shares** | **Value** |
| **Brazil — 8.9%** | | |
| Embraer SA, ADR<sup>(1)</sup> | 5280 | $56075 |
| Pet Center Comercio e Participacoes SA | 31200 | 44311 |
| Petro Rio SA<sup>(1)</sup> | 40900 | 282553 |
| Santos Brasil Participacoes SA | 63100 | 92047 |
| Sendas Distribuidora SA | 56400 | 213999 |
| SLC Agricola SA | 18200 | 157122 |
| TOTVS SA | 7800 | 45979 |
| YDUQS Participacoes SA | 26000 | 58069 |
|  |  | 950155 |
| **China — 10.3%** |  |  |
| China Education Group Holdings Ltd. | 138000 | 147630 |
| China Overseas Property Holdings Ltd. | 110000 | 122629 |
| Chinasoft International Ltd.<sup>(1)</sup> | 50000 | 43201 |
| Far East Horizon Ltd. | 252000 | 191766 |
| Hainan Meilan International Airport Co. Ltd., H Shares<sup>(1)</sup> | 34000 | 93871 |
| JL Mag Rare-Earth Co. Ltd., H Shares | 11000 | 33997 |
| Li Ning Co. Ltd. | 7500 | 60274 |
| Tongcheng Travel Holdings Ltd.<sup>(1)</sup> | 73600 | 160251 |
| TravelSky Technology Ltd., H Shares | 48000 | 97525 |
| Xinte Energy Co. Ltd., H Shares<sup>(2)</sup> | 22800 | 54404 |
| Xtep International Holdings Ltd. | 79000 | 90805 |
|  |  | 1096353 |
| **Greece — 1.7%** |  |  |
| OPAP SA | 12775 | 176889 |
| **India — 22.3%** |  |  |
| AU Small Finance Bank Ltd. | 28964 | 229504 |
| Bata India Ltd. | 4564 | 96652 |
| Central Depository Services India Ltd. | 3244 | 49660 |
| Crompton Greaves Consumer Electricals Ltd. | 19873 | 88883 |
| Indian Hotels Co. Ltd. | 60853 | 242521 |
| MakeMyTrip Ltd.<sup>(1)</sup> | 5328 | 158188 |
| Persistent Systems Ltd. | 1826 | 94338 |
| Phoenix Mills Ltd. | 13201 | 237371 |
| Prestige Estates Projects Ltd. | 38431 | 224753 |
| Shriram Transport Finance Co. Ltd. | 4983 | 82942 |
| Torrent Pharmaceuticals Ltd. | 5695 | 116344 |
| Varun Beverages Ltd. | 18628 | 286496 |
| VIP Industries Ltd. | 27261 | 241565 |
| WNS Holdings Ltd., ADR<sup>(1)</sup> | 2668 | 224966 |
|  |  | 2374183 |
| **Indonesia — 4.8%** |  |  |
| Aneka Tambang Tbk | 369000 | 46994 |
| Bank BTPN Syariah Tbk PT | 333600 | 68086 |
| Jasa Marga Persero Tbk PT<sup>(1)</sup> | 229800 | 45538 |
| Mitra Adiperkasa Tbk PT<sup>(1)</sup> | 3296400 | 304760 |
| Tower Bersama Infrastructure Tbk PT | 271300 | 40111 |
|  |  | 505489 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Malaysia — 1.9%** | | |
| Carlsberg Brewery Malaysia Bhd | 38800 | $199406 |
| **Mexico — 4.6%** |  |  |
| Gentera SAB de CV | 350787 | 372350 |
| Grupo Aeroportuario del Centro Norte SAB de CV, ADR | 1699 | 118114 |
|  |  | 490464 |
| **Peru — 1.4%** |  |  |
| Intercorp Financial Services, Inc. | 6144 | 151142 |
| **Philippines — 3.6%** |  |  |
| International Container Terminal Services, Inc. | 17560 | 63936 |
| Puregold Price Club, Inc. | 89600 | 56480 |
| Security Bank Corp. | 43150 | 73607 |
| Wilcon Depot, Inc. | 328700 | 187543 |
|  |  | 381566 |
| **Russia**<sup>†(3)</sup> |  |  |
| Detsky Mir PJSC | 23844 |  |
| HeadHunter Group PLC, ADR | 776 |  |
| **Saudi Arabia — 1.0%** |  |  |
| Leejam Sports Co. JSC | 4565 | 103506 |
| **South Africa — 5.7%** |  |  |
| Capitec Bank Holdings Ltd. | 702 | 83345 |
| Clicks Group Ltd. | 14463 | 248814 |
| Exxaro Resources Ltd. | 11494 | 150342 |
| Thungela Resources Ltd. | 6831 | 124688 |
|  |  | 607189 |
| **South Korea — 12.3%** |  |  |
| BGF retail Co. Ltd. | 2125 | 333492 |
| Dentium Co. Ltd. | 735 | 49843 |
| Ecopro BM Co. Ltd. | 2931 | 259714 |
| Han Kuk Carbon Co. Ltd. | 8482 | 77684 |
| Hite Jinro Co. Ltd. | 3461 | 69340 |
| Hotel Shilla Co. Ltd. | 3259 | 183143 |
| Iljin Materials Co. Ltd. | 318 | 15251 |
| Jeisys Medical, Inc.<sup>(1)</sup> | 17909 | 107201 |
| LG Innotek Co. Ltd. | 876 | 211201 |
|  |  | 1306869 |
| **Taiwan — 11.5%** |  |  |
| Accton Technology Corp. | 16000 | 142372 |
| Airtac International Group | 3000 | 93053 |
| Alchip Technologies Ltd. | 5000 | 153617 |
| Bizlink Holding, Inc. | 9000 | 73981 |
| Chailease Holding Co. Ltd. | 37074 | 244703 |
| Great Tree Pharmacy Co. Ltd. | 20000 | 196271 |
| Pegavision Corp. | 7000 | 78887 |
| Sercomm Corp. | 73000 | 199802 |
| Universal Vision Biotechnology Co. Ltd. | 5250 | 45610 |
|  |  | 1228296 |
| **Thailand — 6.5%** |  |  |
| Bumrungrad Hospital PCL | 42800 | 276848 |
| Erawan Group PCL, NVDR<sup>(1)</sup> | 1724800 | 218337 |
| Minor International PCL<sup>(1)</sup> | 71200 | 62679 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Plan B Media Pcl, F Shares<sup>(1)</sup> | 230500 | $52944 |
| Thai Oil PCL | 49000 | 77445 |
|  |  | 688253 |
| **Turkey — 0.9%** |  |  |
| Sok Marketler Ticaret AS<sup>(1)(2)</sup> | 70538 | 94213 |
| **TOTAL COMMON STOCKS**<br>(Cost $9,239,251) |  | **10353973** |
| **EXCHANGE-TRADED FUNDS — 1.0%** |  |  |
| Fubon Taiwan Small-Mid Cap Alpha Momentum 50 ETF<br>(Cost $138,977) | 93000 | **108002** |
| **SHORT-TERM INVESTMENTS — 2.5%** |  |  |
| **Money Market Funds — 0.5%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 138 | 138 |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(4)</sup> | 54150 | 54150 |
|  |  | 54288 |
| **Repurchase Agreements — 2.0%** |  |  |
| BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 2.00% - 3.375%, 2/15/25 - 5/15/51, valued at $55,862), in a joint trading account at 3.74%, dated 11/30/22, due 12/1/22 (Delivery value $54,823) |  | 54817 |
| Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 3.875%, 11/30/29, valued at $161,251), at 3.77%, dated 11/30/22, due 12/1/22 (Delivery value $158,017) |  | 158000 |
|  |  | 212817 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $267,105) |  | **267105** |
| **TOTAL INVESTMENT SECURITIES—100.9%**<br>(Cost $9,645,333) |  | **10729080** |
| **OTHER ASSETS AND LIABILITIES — (0.9)%** |  | **(92411)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**10636669** |

---

---

| | |
|:---|:---|
| **MARKET SECTOR DIVERSIFICATION** | |
| **(as a % of net assets)** | |
| Consumer Discretionary | 24.9% |
| Consumer Staples | 17.5% |
| Financials | 14.5% |
| Information Technology | 11.5% |
| Industrials | 9.2% |
| Health Care | 6.3% |
| Energy | 6.0% |
| Real Estate | 5.4% |
| Materials | 1.2% |
| Communication Services | 0.9% |
| Exchange-Traded Funds | 1.0% |
| Short-Term Investments | 2.5% |
| Other Assets and Liabilities | (0.9)% |

---

------

---

| | | |
|:---|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** |
| ADR | - | American Depositary Receipt |
| NVDR | - | Non-Voting Depositary Receipt |

---

†Category is less than 0.05% of total net assets.

(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 $118,465. 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)Securities may be subject to resale, redemption or transferability restrictions.

(4)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $123,904, which includes securities collateral of $69,754.

See Notes to Financial Statements.

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Statement of Assets and Liabilities

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| | |
|:---|:---|
| **NOVEMBER 30, 2022** | |
| **Assets** | |
| Investment securities, at value (cost of $9,591,183) — including $118,465 of securities on loan | $10674930 |
| Investment made with cash collateral received for securities on loan, at value (cost of $54,150) | 54150 |
| Total investment securities, at value (cost of $9,645,333) | 10729080 |
| Foreign currency holdings, at value (cost of $2,204) | 2204 |
| Receivable for investments sold | 25576 |
| Receivable for capital shares sold | 237 |
| Dividends and interest receivable | 1819 |
| Securities lending receivable | 60 |
| Other assets | 526 |
|  | 10759502 |
| **Liabilities** |  |
| Payable for collateral received for securities on loan | 54150 |
| Payable for capital shares redeemed | 710 |
| Accrued management fees | 10177 |
| Distribution and service fees payable | 258 |
| Accrued foreign taxes | 56577 |
| Accrued other expenses | 961 |
|  | 122833 |
| **Net Assets** | $10636669 |
| **Net Assets Consist of:** |  |
| Capital (par value and paid-in surplus) | $10132101 |
| Distributable earnings | 504568 |
|  | $10636669 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Net Assets** | **Shares Outstanding** | **Net Asset Value Per Share\*** |
| Investor Class, $0.01 Par Value | $2427781 | 198878 | $12.21 |
| I Class, $0.01 Par Value | $6309378 | 513751 | $12.28 |
| A Class, $0.01 Par Value | $243561 | 20131 | $12.10 |
| C Class, $0.01 Par Value | $12196 | 1048 | $11.64 |
| R Class, $0.01 Par Value | $523443 | 43756 | $11.96 |
| R6 Class, $0.01 Par Value | $1120310 | 90834 | $12.33 |

---

\*Maximum offering price per share was equal to the net asset value per share for all share classes, except Class A, for which the maximum offering price per share was $12.84 (net asset value divided by 0.9425). A contingent deferred sales charge may be imposed on redemptions of Class A and Class C.

See Notes to Financial Statements.

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Statement of Operations

---

| | |
|:---|:---|
| **YEAR ENDED NOVEMBER 30, 2022** | |
| **Investment Income (Loss)** | |
| **Income:** | |
| Dividends (net of foreign taxes withheld of $24,527) | $253467 |
| Securities lending, net | 2283 |
| Interest | 2124 |
|  | 257874 |
| **Expenses:** |  |
| Management fees | 123638 |
| Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class | 643 |
| &nbsp;&nbsp;&nbsp;&nbsp;C Class | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;R Class | 2467 |
| Directors' fees and expenses | 268 |
| Other expenses | 1330 |
|  | 128461 |
| **Net investment income (loss)** | 129413 |
| **Realized and Unrealized Gain (Loss)** |  |
| **Net realized gain (loss) on:** |  |
| Investment transactions (net of foreign tax expenses paid (refunded) of $31,838) | (603070) |
| Foreign currency translation transactions | (13111) |
|  | (616181) |
| **Change in net unrealized appreciation (depreciation) on:** |  |
| Investments (includes (increase) decrease in accrued foreign taxes of $31,658) | (1649381) |
| Translation of assets and liabilities in foreign currencies | 311 |
|  | (1649070) |
| **Net realized and unrealized gain (loss)** | (2265251) |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $(2135838) |

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See Notes to Financial Statements.

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Statement of Changes in Net Assets

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| | | |
|:---|:---|:---|
| **YEARS ENDED NOVEMBER 30, 2022 AND NOVEMBER 30, 2021** | **YEARS ENDED NOVEMBER 30, 2022 AND NOVEMBER 30, 2021** | **YEARS ENDED NOVEMBER 30, 2022 AND NOVEMBER 30, 2021** |
| **Increase (Decrease) in Net Assets** | **November 30, 2022** | **November 30, 2021** |
| **Operations** | | |
| Net investment income (loss) | $129413 | $31468 |
| Net realized gain (loss) | (616181) | 807548 |
| Change in net unrealized appreciation (depreciation) | (1649070) | 744765 |
| Net increase (decrease) in net assets resulting from operations | (2135838) | 1583781 |
| **Distributions to Shareholders** |  |  |
| From earnings: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (243371) | (125868) |
| &nbsp;&nbsp;&nbsp;&nbsp;I Class | (455863) | (175627) |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class | (22401) | (8853) |
| &nbsp;&nbsp;&nbsp;&nbsp;C Class | (754) | (365) |
| &nbsp;&nbsp;&nbsp;&nbsp;R Class | (39365) | (11882) |
| &nbsp;&nbsp;&nbsp;&nbsp;R6 Class | (1395) | (638) |
| Decrease in net assets from distributions | (763149) | (323233) |
| **Capital Share Transactions** |  |  |
| Net increase (decrease) in net assets from capital share transactions (Note 5) | 3141480 | 1720240 |
| **Net increase (decrease) in net assets** | 242493 | 2980788 |
| **Net Assets** |  |  |
| Beginning of period | 10394176 | 7413388 |
| End of period | $10636669 | $10394176 |

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See Notes to Financial Statements.

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Notes to Financial Statements

**NOVEMBER 30, 2022**

**1. Organization**

American Century World Mutual Funds, Inc. (the corporation) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company and is organized as a Maryland corporation. Emerging Markets Small Cap Fund (the fund) is one fund in a series issued by the corporation. The fund's investment objective is to seek capital growth.

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

**2. Significant Accounting Policies**

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

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

Equity securities that are listed or traded on a domestic securities exchange are valued at the last reported sales price or at the official closing price as provided by the exchange. Equity securities traded on foreign securities exchanges are generally valued at the closing price of such securities on the exchange where primarily traded or at the close of the NYSE, if that is earlier. If no last sales price is reported, or if local convention or regulation so provides, the mean of the latest bid and asked prices may be used. Securities traded over-the-counter are valued at the mean of the latest bid and asked prices, the last sales price, or the official closing price. Equity securities initially expressed in local currencies are translated into U.S. dollars at the mean of the appropriate currency exchange rate at the close of the NYSE as provided by an independent pricing service.

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

If the valuation designee determines that the market price for a portfolio security is not readily available or is believed by the valuation designee to be unreliable, such security is valued at fair value as determined in good faith by the valuation designee, in accordance with its policies and procedures. Circumstances that may cause the fund to determine that market quotations are not available or reliable include, but are not limited to: when there is a significant event subsequent to the market quotation; trading in a security has been halted during the trading day; or trading in a security is insufficient or did not take place due to a closure or holiday.

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

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**Security Transactions —** Security transactions are accounted for as of the trade date. Net realized gains and losses are determined on the identified cost basis, which is also used for federal income tax purposes. Certain countries impose taxes on realized gains on the sale of securities registered in their country. The fund records the foreign tax expense, if any, on an accrual basis. The foreign tax expense on realized gains and unrealized appreciation reduces the net realized gain (loss) on investment transactions and net unrealized appreciation (depreciation) on investments, respectively.

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

**Foreign Currency Translations —** All assets and liabilities initially expressed in foreign currencies are translated into U.S. dollars at prevailing exchange rates at period end. The fund may enter into spot foreign currency exchange contracts to facilitate transactions denominated in a foreign currency. Purchases and sales of investment securities, dividend and interest income, spot foreign currency exchange contracts, and expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. Net realized and unrealized foreign currency exchange gains or losses related to investment securities are a component of net realized gain (loss) on investment transactions and change in net unrealized appreciation (depreciation) on investments, respectively.

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

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

**Segregated Assets —** In accordance with the 1940 Act, the fund segregates assets on its books and records to cover certain types of investment securities and other financial instruments. ACIM monitors, on a daily basis, the securities segregated to ensure the fund designates a sufficient amount of liquid assets, marked-to-market daily. The fund may also receive assets or be required to pledge assets at the custodian bank or with a broker for collateral requirements.

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

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

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**Distributions to Shareholders —** Distributions from net investment income and net realized gains, if any, are generally declared and paid annually. The fund may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code, in all events in a manner consistent with provisions of the 1940 Act.

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

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

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged, and the remaining contractual maturity of those transactions as of November 30, 2022.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Remaining Contractual Maturity of Agreements** | **Remaining Contractual Maturity of Agreements** | **Remaining Contractual Maturity of Agreements** | **Remaining Contractual Maturity of Agreements** | **Remaining Contractual Maturity of Agreements** | **Remaining Contractual Maturity of Agreements** |
|  | **Overnight and**<br>**Continuous** | **<30 days** | **Between**<br>**30 & 90 days** | **>90 days** | **Total** |
| **Securities Lending Transactions**<sup>(1)</sup> | **Securities Lending Transactions**<sup>(1)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $54150 |  |  |  | $54150 |
| Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | $54150 |

---

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

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

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

**Management Fees —** The corporation has entered into a management agreement with ACIM, under which ACIM provides the fund with investment advisory and management services in exchange for a single, unified management fee (the fee) per class. The agreement provides that ACIM will pay all expenses of managing and operating the fund, except brokerage expenses, taxes, interest, fees and expenses of the independent directors (including legal counsel fees), extraordinary expenses, and expenses incurred in connection with the provision of shareholder services and distribution services under a plan adopted pursuant to Rule 12b-1 under the 1940 Act. The fee is computed and accrued daily based on each class's daily net assets and paid monthly in arrears. The difference in the fee among the classes is a result of their separate arrangements for non-Rule 12b-1 shareholder services. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class.

------

The annual management fee for each class is as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investor Class** | **I Class** | **A Class** | **C Class** | **R Class** | **R6 Class** |
| 1.39% | 1.19% | 1.39% | 1.39% | 1.39% | 1.04% |

---

**Distribution and Service Fees —** The Board of Directors has adopted a separate Master Distribution and Individual Shareholder Services Plan for each of the A Class, C Class and R Class (collectively the plans), pursuant to Rule 12b-1 of the 1940 Act. The plans provide that the A Class will pay ACIS an annual distribution and service fee of 0.25%. The plans provide that the C Class will pay ACIS an annual distribution and service fee of 1.00%, of which 0.25% is paid for individual shareholder services and 0.75% is paid for distribution services. The plans provide that the R Class will pay ACIS an annual distribution and service fee of 0.50%. The fees are computed and accrued daily based on each class's daily net assets and paid monthly in arrears. The fees are used to pay financial intermediaries for distribution and individual shareholder services. Fees incurred under the plans during the period ended November 30, 2022 are detailed in the Statement of Operations.

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

**Interfund Transactions —** The fund may enter into security transactions with other American Century Investments funds and other client accounts of the investment advisor, in accordance with the 1940 Act rules and procedures adopted by the Board of Directors. The rules and procedures require, among other things, that these transactions be effected at the independent current market price of the security. During the period, the interfund sales were $16,179 and there were no interfund purchases. The effect of interfund transactions on the Statement of Operations was $14,501 in net realized gain (loss) on investment transactions.

**4. Investment Transactions**

Purchases and sales of investment securities, excluding short-term investments, for the period ended November 30, 2022 were $8,653,974 and $6,272,287, respectively.

------

**5. Capital Share Transactions** 

Transactions in shares of the fund were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year ended**<br>**November 30, 2022** | **Year ended**<br>**November 30, 2022** | **Year ended**<br>**November 30, 2021** | **Year ended**<br>**November 30, 2021** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| **Investor Class/Shares Authorized** | 40000000 |  | 40000000 |  |
| Sold | 23898 | $328218 | 54500 | $873126 |
| Issued in reinvestment of distributions | 15784 | 239280 | 8815 | 125349 |
| Redeemed | (50201) | (689117) | (63653) | (992701) |
|  | (10519) | (121619) | (338) | 5774 |
| **I Class/Shares Authorized** | 30000000 |  | 30000000 |  |
| Sold | 208766 | 2797130 | 125816 | 2006203 |
| Issued in reinvestment of distributions | 29930 | 455532 | 12299 | 175627 |
| Redeemed | (92476) | (1234590) | (46058) | (742943) |
|  | 146220 | 2018072 | 92057 | 1438887 |
| **A Class/Shares Authorized** | 25000000 |  | 30000000 |  |
| Sold | 46 | 547 | 3415 | 57000 |
| Issued in reinvestment of distributions | 1488 | 22401 | 626 | 8853 |
| Redeemed | (11) | (140) |  |  |
|  | 1523 | 22808 | 4041 | 65853 |
| **C Class/Shares Authorized** | 25000000 |  | 30000000 |  |
| Sold | 370 | 4607 | 235 | 3788 |
| Issued in reinvestment of distributions | 52 | 754 | 26 | 365 |
| Redeemed |  |  | (235) | (3812) |
|  | 422 | 5361 | 26 | 341 |
| **R Class/Shares Authorized** | 20000000 |  | 20000000 |  |
| Sold | 20048 | 254182 | 28321 | 453888 |
| Issued in reinvestment of distributions | 2633 | 39304 | 845 | 11882 |
| Redeemed | (11001) | (138933) | (16093) | (257023) |
|  | 11680 | 154553 | 13073 | 208747 |
| **R6 Class/Shares Authorized** | 20000000 |  | 20000000 |  |
| Sold | 92243 | 1091341 |  |  |
| Issued in reinvestment of distributions | 91 | 1395 | 44 | 638 |
| Redeemed | (2594) | (30431) |  |  |
|  | 89740 | 1062305 | 44 | 638 |
| Net increase (decrease) | 239066 | $3141480 | 108903 | $1720240 |

---

**6. Fair Value Measurements**

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

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

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

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

------

The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not necessarily an indication of the risks associated with investing in these securities or other financial instruments.

The following is a summary of the level classifications as of period end. The Schedule of Investments provides additional information on the fund's portfolio holdings.

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| | | | |
|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** |
| **Assets** | | | |
| **Investment Securities** | | | |
| Common Stocks |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Brazil | $56075 | $894080 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;India | 383154 | 1991029 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mexico | 118114 | 372350 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Peru | 151142 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Countries |  | 6388029 |  |
| Exchange-Traded Funds |  | 108002 |  |
| Short-Term Investments | 54288 | 212817 |  |
|  | $762773 | $9966307 |  |

---

**7. Risk Factors**

The value of the fund's shares will go up and down, sometimes rapidly or unpredictably, based on the performance of the securities owned by the fund and other factors generally affecting the securities market. Market risks, including political, regulatory, economic and social developments, can affect the value of the fund's investments. Natural disasters, public health emergencies, war, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.

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

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

**8. Federal Tax Information**

On December 21, 2022, the fund declared and paid the following per-share distributions from net investment

income to shareholders of record on December 20, 2022:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investor Class** | **I Class** | **A Class** | **C Class** | **R Class** | **R6 Class** |
| $0.2487 | $0.2726 | $0.2188 | $0.1290 | $0.1888 | $0.2906 |

---

The tax character of distributions paid during the years ended November 30, 2022 and November 30, 2021 were as follows:

---

| | | |
|:---|:---|:---|
| | **2022** | **2021** |
| **Distributions Paid From** |  |  |
| Ordinary income | $20428 |  |
| Long-term capital gains | $742721 | $323233 |

---

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.

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

---

| | |
|:---|:---|
| Federal tax cost of investments | $9831168 |
| Gross tax appreciation of investments | $1640343 |
| Gross tax depreciation of investments | (742431) |
| Net tax appreciation (depreciation) of investments | 897912 |
| Net tax appreciation (depreciation) on translation of assets and liabilities in <br>foreign currencies | (56589) |
| Net tax appreciation (depreciation) | $841323 |
| Undistributed ordinary income | $227022 |
| Accumulated short-term capital losses | $(563777) |

---

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

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

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | | |
| | | **Income From Investment Operations:** | **Income From Investment Operations:** | **Income From Investment Operations:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | | |
| | **Net Asset <br>Value, <br>Beginning<br>of Period** | **Net** <br>**Investment Income** <br>**(Loss)**<sup>(1)</sup> | **Net<br>Realized 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 Value,<br>End of<br>Period** | **Total** <br>**Return**<sup>(2)</sup> | **Operating Expenses** | **Net <br>Investment <br>Income <br>(Loss)** | **Portfolio Turnover<br>Rate** | **Net Assets, <br>End of <br>Period <br>(in thousands)** |
| **Investor Class** | **Investor Class** | | | | | | | | | | | | |
| 2022 | $16.48 | 0.15 | (3.20) | (3.05) | (0.02) | (1.20) | (1.22) | $12.21 | (19.90)% | 1.41% | 1.21% | 64% | $2428 |
| 2021 | $14.23 | 0.04 | 2.82 | 2.86 |  | (0.61) | (0.61) | $16.48 | 20.69% | 1.39% | 0.25% | 52% | $3451 |
| 2020 | $12.52 | 0.04 | 1.72 | 1.76 | (0.05) |  | (0.05) | $14.23 | 14.07% | 1.54% | 0.37% | 60% | $2984 |
| 2019 | $11.68 | 0.05 | 1.20 | 1.25 |  | (0.41) | (0.41) | $12.52 | 11.36% | 1.61% | 0.43% | 67% | $4764 |
| 2018 | $13.66 | 0.04 | (1.86) | (1.82) | (0.14) | (0.02) | (0.16) | $11.68 | (13.59)% | 1.60% | 0.31% | 75% | $5924 |
| **I Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2022 | $16.57 | 0.18 | (3.22) | (3.04) | (0.05) | (1.20) | (1.25) | $12.28 | (19.80)% | 1.21% | 1.41% | 64% | $6309 |
| 2021 | $14.27 | 0.07 | 2.84 | 2.91 |  | (0.61) | (0.61) | $16.57 | 21.06% | 1.19% | 0.45% | 52% | $6090 |
| 2020 | $12.56 | 0.07 | 1.71 | 1.78 | (0.07) |  | (0.07) | $14.27 | 14.25% | 1.34% | 0.57% | 60% | $3932 |
| 2019 | $11.69 | 0.07 | 1.21 | 1.28 |  | (0.41) | (0.41) | $12.56 | 11.52% | 1.41% | 0.63% | 67% | $2386 |
| 2018 | $13.68 | 0.06 | (1.86) | (1.80) | (0.17) | (0.02) | (0.19) | $11.69 | (13.39)% | 1.40% | 0.51% | 75% | $1304 |
| **A Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2022 | $16.36 | 0.12 | (3.18) | (3.06) |  | (1.20) | (1.20) | $12.10 | (20.13)% | 1.66% | 0.96% | 64% | $244 |
| 2021 | $14.17 | (0.01) | 2.81 | 2.80 |  | (0.61) | (0.61) | $16.36 | 20.41% | 1.64% | 0.00%<sup>(3)</sup> | 52% | $305 |
| 2020 | $12.47 | 0.02 | 1.69 | 1.71 | (0.01) |  | (0.01) | $14.17 | 13.76% | 1.79% | 0.12% | 60% | $206 |
| 2019 | $11.66 | 0.02 | 1.20 | 1.22 |  | (0.41) | (0.41) | $12.47 | 11.11% | 1.86% | 0.18% | 67% | $853 |
| 2018 | $13.64 | 0.01 | (1.86) | (1.85) | (0.11) | (0.02) | (0.13) | $11.66 | (13.82)% | 1.85% | 0.06% | 75% | $1209 |

---

------

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | **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:** | **Ratio to Average Net Assets of:** | | |
| | **Net Asset <br>Value, <br>Beginning<br>of Period** | **Net** <br>**Investment Income** <br>**(Loss)**<sup>(1)</sup> | **Net<br>Realized 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 Value,<br>End of<br>Period** | **Total** <br>**Return**<sup>(2)</sup> | **Operating Expenses** | **Net <br>Investment <br>Income <br>(Loss)** | **Portfolio Turnover<br>Rate** | **Net Assets, <br>End of <br>Period <br>(in thousands)** |
| **C Class** | | | | | | | | | | | | | |
| 2022 | $15.90 | 0.04 | (3.10) | (3.06) |  | (1.20) | (1.20) | $11.64 | (20.75)% | 2.41% | 0.21% | 64% | $12 |
| 2021 | $13.88 | (0.12) | 2.75 | 2.63 |  | (0.61) | (0.61) | $15.90 | 19.58% | 2.39% | (0.75)% | 52% | $10 |
| 2020 | $12.29 | (0.07) | 1.66 | 1.59 |  |  |  | $13.88 | 12.94% | 2.54% | (0.63)% | 60% | $8 |
| 2019 | $11.58 | (0.07) | 1.19 | 1.12 |  | (0.41) | (0.41) | $12.29 | 10.20% | 2.61% | (0.57)% | 67% | $684 |
| 2018 | $13.55 | (0.10) | (1.85) | (1.95) | —<sup>(4)</sup> | (0.02) | (0.02) | $11.58 | (14.41)% | 2.60% | (0.69)% | 75% | $1160 |
| **R Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2022 | $16.23 | 0.09 | (3.16) | (3.07) |  | (1.20) | (1.20) | $11.96 | (20.37)% | 1.91% | 0.71% | 64% | $523 |
| 2021 | $14.09 | (0.04) | 2.79 | 2.75 |  | (0.61) | (0.61) | $16.23 | 20.16% | 1.89% | (0.25)% | 52% | $521 |
| 2020 | $12.42 | (0.01) | 1.68 | 1.67 |  |  |  | $14.09 | 13.54% | 2.04% | (0.13)% | 60% | $268 |
| 2019 | $11.64 | (0.01) | 1.20 | 1.19 |  | (0.41) | (0.41) | $12.42 | 10.68% | 2.11% | (0.07)% | 67% | $336 |
| 2018 | $13.62 | (0.03) | (1.86) | (1.89) | (0.07) | (0.02) | (0.09) | $11.64 | (13.98)% | 2.10% | (0.19)% | 75% | $375 |
| **R6 Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2022 | $16.64 | 0.20 | (3.24) | (3.04) | (0.07) | (1.20) | (1.27) | $12.33 | (19.66)% | 1.06% | 1.56% | 64% | $1120 |
| 2021 | $14.31 | 0.10 | 2.84 | 2.94 |  | (0.61) | (0.61) | $16.64 | 21.15% | 1.04% | 0.60% | 52% | $18 |
| 2020 | $12.59 | 0.10 | 1.71 | 1.81 | (0.09) |  | (0.09) | $14.31 | 14.47% | 1.19% | 0.72% | 60% | $15 |
| 2019 | $11.70 | 0.09 | 1.21 | 1.30 |  | (0.41) | (0.41) | $12.59 | 11.68% | 1.26% | 0.78% | 67% | $144 |
| 2018 | $13.69 | 0.08 | (1.86) | (1.78) | (0.19) | (0.02) | (0.21) | $11.70 | (13.25)% | 1.25% | 0.66% | 75% | $240 |

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**Notes to Financial Highlights**

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

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

(3)Ratio was less than 0.005%.

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

See Notes to Financial Statements.

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Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Directors of American Century World Mutual Funds, Inc.:

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

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Emerging Markets Small Cap Fund (the "Fund"), one of the funds constituting the American Century World Mutual Funds, Inc., as of November 30, 2022, the related statement 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 five 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 Emerging Markets Small Cap Fund of the American Century World Mutual Funds, Inc. as of November 30, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's 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 Fund 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 Fund is not required to have, nor were we engaged to perform, an audit of its 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 Fund's 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 November 30, 2022, 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

January 17, 2023

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

------

Management

**The Board of Directors** 

The individuals listed below serve as directors of the funds. Each director will continue to serve in this capacity until death, retirement, resignation or removal from office. The board has adopted a mandatory retirement age for directors who are not "interested persons," as that term is defined in the Investment Company Act (independent directors). Independent directors shall retire on December 31 of the year in which they reach their 75<sup>th</sup> birthday.

Jonathan S. Thomas is an "interested person" because he currently serves as President and Chief Executive Officer of American Century Companies, Inc. (ACC), the parent company of American Century Investment Management, Inc. (ACIM or the advisor). The other directors (more than three-fourths of the total number) are independent. They are not employees, directors or officers of, and have no financial interest in, ACC or any of its wholly owned, direct or indirect, subsidiaries, including ACIM, American Century Investment Services, Inc. (ACIS) and American Century Services, LLC (ACS), and they do not have any other affiliations, positions or relationships that would cause them to be considered "interested persons" under the Investment Company Act. The directors serve in this capacity for seven (in the case of Jonathan S. Thomas, 16; and Stephen E. Yates, 8) registered investment companies in the American Century Investments family of funds.

The following table presents additional information about the directors. The mailing address for each director is 4500 Main Street, Kansas City, Missouri 64111.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name<br>(Year of Birth)** | **Position(s) Held with Funds** | **Length of Time Served** | **Principal Occupation(s) During Past 5 Years** | **Number of American Century Portfolios Overseen by Director** | **Other Directorships Held During Past 5 Years** |
| **Independent Directors** | **Independent Directors** | **Independent Directors** | **Independent Directors** | | |
| Thomas W. Bunn (1953) | Director | Since 2017 | Retired | 64 |  |
| Chris H. Cheesman <br>(1962) | Director | Since 2019 | Retired. Senior Vice President & Chief Audit Executive, AllianceBernstein (1999 to 2018) | 64 | Alleghany Corporation (2021 to 2022) |
| Barry Fink<br>(1955) | Director | Since 2012 (independent since 2016) | Retired | 64 |  |
| Rajesh K. Gupta <br>(1960) | Director | Since 2019 | Partner Emeritus, SeaCrest Investment Management and SeaCrest Wealth Management (2019 to present); Chief Executive Officer and Chief Investment Officer, SeaCrest Investment Management (2006 to 2019); Chief Executive Officer and Chief Investment Officer, SeaCrest Wealth Management (2008 to 2019) | 64 |  |

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------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name<br>(Year of Birth)** | **Position(s) Held with Funds** | **Length of Time Served** | **Principal Occupation(s) During Past 5 Years** | **Number of American Century Portfolios Overseen by Director** | **Other Directorships Held During Past 5 Years** |
| **Independent Directors** | **Independent Directors** | **Independent Directors** | **Independent Directors** | | |
| Lynn Jenkins <br>(1963) | Director | Since 2019 | Consultant, LJ Strategies (2019 to present); United States Representative, U.S. House of Representatives (2009 to 2018) | 64 | MGP Ingredients, Inc. (2019 to 2021) |
| Jan M. Lewis<br>(1957) | Director and Board Chair | Since 2011 (Board Chair since 2022) | Retired | 64 |  |
| Stephen E. Yates<br>(1948) | Director | Since 2012 | Retired | 108 |  |
| **Interested Director** | **Interested Director** | **Interested Director** | **Interested Director** | **Interested Director** |  |
| Jonathan S. Thomas<br>(1963) | Director | Since 2007 | President and Chief Executive Officer, ACC (2007 to present). Also serves as Chief Executive Officer, ACS; Director, ACC and other ACC subsidiaries | 142 |  |

---

The Statement of Additional Information has additional information about the fund's directors and is available without charge, upon request, by calling 1-800-345-2021.

------

**Officers** 

The following table presents certain information about the executive officers of the funds. Each officer serves as an officer for each of the 16 (in the case of Robert J. Leach, 15) investment companies in the American Century family of funds. No officer is compensated for his or her service as an officer of the funds. The listed officers are interested persons of the funds and are appointed or re-appointed on an annual basis. The mailing address for each officer listed below is 4500 Main Street, Kansas City, Missouri 64111.

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| | | |
|:---|:---|:---|
| **Name <br>(Year of Birth)** | **Offices with the Funds** | **Principal Occupation(s) During the Past Five Years** |
| Patrick Bannigan<br>(1965) | President since 2019 | Executive Vice President and Director, ACC (2012 to present); Chief Financial Officer, Chief Accounting Officer and Treasurer, ACC (2015 to present). Also serves as President, ACS; Vice President, ACIM; Chief Financial Officer, Chief Accounting Officer and/or Director, ACIM, ACS and other ACC subsidiaries |
| R. Wes Campbell<br>(1974) | Chief Financial Officer and Treasurer since 2018 | Vice President, ACS, (2020 to present); Investment Operations and Investment Accounting, ACS (2000 to present) |
| Amy D. Shelton<br>(1964) | Chief Compliance Officer and Vice President since 2014 | Chief Compliance Officer, American Century funds, (2014 to present); Chief Compliance Officer, ACIM (2014 to present); Chief Compliance Officer, ACIS (2009 to present). Also serves as Vice President, ACIS |
| John Pak<br>(1968) | General Counsel and Senior Vice President since 2021 | General Counsel and Senior Vice President, ACC (2021 to present). Also serves as General Counsel and Senior Vice President, ACIM, ACS and ACIS. Chief Legal Officer of Investment and Wealth Management, The Bank of New York Mellon (2014 to 2021) |
| C. Jean Wade<br>(1964) | Vice President since 2012 | Senior Vice President, ACS (2017 to present); Vice President, ACS (2000 to 2017) |
| Robert J. Leach<br>(1966) | Vice President since 2006 | Vice President, ACS (2000 to present) |
| David H. Reinmiller<br>(1963) | Vice President since 2000 | Attorney, ACC (1994 to present). Also serves as Vice President, ACIM and ACS |
| Ward D. Stauffer<br>(1960) | Secretary since 2005 | Attorney, ACC (2003 to present) |

---

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Approval of Management Agreement

At a meeting held on June 29, 2022, the Fund's 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 the Fund. Under Section 15(c) of 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, each year.

Prior to its consideration of the renewal of the management agreement, the Directors requested and reviewed data and information compiled by the Advisor and certain independent data providers concerning the Fund. This review was in addition to the oversight and evaluation undertaken by the Board and its committees on a continual basis and the information received was supplemental to the information that the Board and its committees receive and consider throughout the year.

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, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the nature, extent, and quality of investment management, shareholder services, and other services provided and to be provided to the Fund including without limitation portfolio management and trading services, shareholder and intermediary services, compliance and legal services, fund accounting and financial reporting, and fund share distribution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the wide range of other programs and services provided to the Fund and its shareholders on a routine and non-routine basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Fund's investment performance, including data comparing the Fund's performance to an appropriate benchmark(s) and peer group of other mutual funds with similar investment objectives and strategies;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Advisor's strategic plans, generally, and with respect to the ongoing impact of the COVID-19 pandemic response, heightened areas of interest in the mutual fund industry and recent geopolitical issues;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• financial data showing the cost of services provided to the Fund, the profitability of the Fund to the Advisor, and the overall profitability of the Advisor;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• acquired fund fees and expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• payments and practices in connection with financial intermediaries holding shares of the Fund and the services provided by intermediaries in connection therewith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• possible collateral benefits to the Advisor from the management of the Fund.

The Board held four meetings to consider the renewal. The independent Directors also met in private session multiple times to review and discuss the information provided in response to their request. The independent Directors held active discussions with the Advisor regarding the renewal of the management agreement, requesting supplemental information, and reviewing information provided by the Advisor in response thereto. The independent Directors had the benefit of the advice of their independent counsel throughout the process.

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**Factors Considered** 

The Directors considered all of the information provided by the Advisor, the independent data providers, and independent counsel in connection with the approval. They determined that the information was sufficient for them to evaluate the management agreement for the Fund. 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 without limitation the following:

**Nature, Extent and Quality of Services — Generally.** Under the management agreement, the Advisor is responsible for providing or arranging for all services necessary for the operation of the Fund. The Board noted that the Advisor provides or arranges at its own expense a wide variety of services which include, without limitation, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• constructing and designing the 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 the 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 cyber 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 the 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 the Fund is quite complex and allows Fund shareholders access to professional money management, instant diversification of their investments within an asset class, 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 the Fund in accordance with its investment objectives and principal investment strategies. Further, the Directors recognize that the Advisor has an obligation to monitor trading activities, and in particular to seek the best execution of Fund trades, and to evaluate the use of and payment for research. In providing these services, the Advisor utilizes teams of investment professionals (portfolio managers, analysts, research assistants, and securities traders) who require extensive information technology, research, training, compliance, and other systems to conduct their business. The Board, directly and through its Fund Performance Review Committee, provides oversight of the investment performance process. It regularly reviews investment performance information for the 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, the Board discusses with the Advisor the reasons for such results (e.g., market conditions, security selection) and any actions being taken to improve performance, and may conduct special reviews until performance improves. The Fund's performance was above its benchmark for the three- and five-year periods and below its benchmark for the one-year period reviewed by the Board. The Board found the investment

------

management services provided by the Advisor to the Fund to be satisfactory and consistent with the management agreement.

**Shareholder and Other Services.** Under the management agreement, the Advisor provides the 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 cyber security), new products and services offered to Fund shareholders, securities trading activities, portfolio valuation services, auditing services, and legal and operational compliance activities. The Board found the services provided by the Advisor to the 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 Fund, its profitability in managing the Fund (pre- and post-distribution), its overall profitability, and its financial condition. 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 current management fee. The Board concluded that the Advisor's profits were reasonable in light of the services provided to the Fund.

**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 the 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 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 content and services.

**Comparison to Other Funds' Fees.** The management agreement provides that the Fund pays the Advisor a single, all-inclusive (or unified) management fee for providing all services necessary for the management and operation of the Fund, other than securities transaction expenses, taxes, interest, extraordinary expenses, fees and expenses of the Fund's 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 the unified fee structure, the Advisor is responsible for providing all 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, distribution charges, 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 Fund 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 the Fund's unified fee to the total expense ratios of its peers. The unified fee charged to shareholders of the Fund was above the median of the total expense ratios of the Fund's peer expense universe. In addition, the Board reviewed the Fund's position relative to the narrower set of its expense group peers. The Board concluded that the management fee paid

------

by the 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 Fund. They observed that these varying types of client accounts require different services and involve different regulatory and entrepreneurial risks than the management of the Fund. The Board analyzed this information and concluded that the fees charged and services provided to the Fund were reasonable by comparison.

**Payments to Intermediaries.** The Directors also requested and received a description of payments made to intermediaries by the Fund and the Advisor and services provided in response thereto. These payments include various payments made by the Fund or the Advisor to different types of intermediaries and recordkeepers for distribution and service activities provided for the Fund. The Directors reviewed such information and received representations from the Advisor that all such payments by the 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 Fund. They concluded 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. To the extent there are potential collateral benefits, the Board has been advised and has taken this into consideration in its review of the management contract with the Fund. The Board noted that additional assets from other clients may offer the Advisor some benefit from increased leverage with service providers and counterparties. Additionally, the Advisor may receive proprietary research from broker-dealers that execute fund portfolio transactions, which the Board concluded is likely to benefit other clients of the Advisor, as well as Fund shareholders. The Board also determined that the Advisor is able to provide investment management services to certain clients other than the Fund, at least in part, due to its existing infrastructure built to serve the fund complex. The Board concluded that appropriate allocation methodologies had been employed to assign resources and the cost of those resources to these other clients.

**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 the 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 Fund 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 Fund.

**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 throughout the year, determined that the terms of the management agreement are fair and reasonable and that the management fee charged to the Fund is reasonable in light of the services provided and that the management agreement between the Fund and the Advisor should be renewed for an additional one-year period.

------

Proxy Voting Results

A special meeting of shareholders was held on October 13, 2022, to vote on the following proposal. The proposal received the required votes and was adopted. A summary of voting results is listed below.

To elect five directors to the Board of Directors of American Century World Mutual Funds, Inc.:

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| | | |
|:---|:---|:---|
| | **Affirmative** | **Withhold** |
| Brian Bulatao | $5038086505 | $96122848 |
| Chris H. Cheesman | $5044845654 | $89363699 |
| Rajesh K. Gupta | $5040147195 | $94062158 |
| Lynn M. Jenkins | $5034492760 | $99716593 |
| Gary C. Meltzer | $5042384480 | $91824873 |

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The other directors whose term of office continued after the meeting include Jonathan S. Thomas, Thomas W. Bunn, Barry Fink, Jan M. Lewis, and Stephen E. Yates.

------

Additional Information

**Retirement Account Information** 

As required by law, distributions you receive from certain retirement accounts are subject to federal income tax withholding at the IRS default rate of 10%.\* Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.

You may elect a different withholding rate, or request zero withholding, by submitting an acceptable IRS Form W-4R election with your distribution request. You may notify us of your W-4R election by telephone, on our distribution forms, on IRS Form W-4R, or through other acceptable electronic means. If your withholding election is for an automatic withdrawal plan, you have the right to revoke your election at any time and any election you make will remain in effect until revoked by filing a new election.

Remember, even if you elect not to have income tax withheld, you are liable for paying income tax on the taxable portion of your withdrawal. If you elect not to have income tax withheld or you don't have enough income tax withheld, you may be responsible for payment of estimated tax. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are not sufficient. You can reduce or defer the income tax on a distribution by directly or indirectly rolling such distribution over to another IRA or eligible plan. You should consult your tax advisor for additional information.

State tax will be withheld according to state regulations if, at the time of your distribution, your tax residency is within one of the mandatory withholding states.

\*Some 403(b), 457 and qualified retirement plan distributions may be subject to 20% mandatory withholding, as they are subject to special tax and withholding rules. Your plan administrator or plan sponsor is required to provide you with a special tax notice explaining those rules at the time you request a distribution. If applicable, federal and/or state taxes may be withheld from your distribution amount.

**Proxy Voting Policies** 

A description of the policies that the fund's investment advisor uses in exercising the voting rights associated with the securities purchased and/or held by the fund is available without charge, upon request, by calling 1-800-345-2021. It is also available on American Century Investments' website at americancentury.com/proxy and on the Securities and Exchange Commission's website at sec.gov. Information regarding how the investment advisor voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on americancentury.com/proxy. It is also available at sec.gov.

**Quarterly Portfolio Disclosure** 

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. These portfolio holdings are available on the fund's website at americancentury.com and, upon request, by calling 1-800-345-2021. The fund's Form N-PORT reports are available on the SEC's website at sec.gov.

------

**Other Tax Information**

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

The fund hereby designates up to the maximum amount allowable as qualified dividend income for

the fiscal year ended November 30, 2022.

The fund hereby designates $742,721, or up to the maximum amount allowable, as long-term

capital gain distributions (20% rate gain distributions) for the fiscal year ended November 30, 2022.

For the fiscal year ended November 30, 2022, the fund intends to pass through to shareholders

foreign source income of $277,994 and foreign taxes paid of $17,082, or up to the maximum

amount allowable, as a foreign tax credit. Foreign source income and foreign tax expense per

outstanding share on November 30, 2022 are $0.3201 and $0.0197, respectively.

------

Notes

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Notes

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| | |
|:---|:---|
| ![image12.jpg](image12.jpg) | ![image12.jpg](image12.jpg) |
| Contact Us | americancentury.com |
| Automated Information Line | 1-800-345-8765 |
| Investor Services Representative | 1-800-345-2021<br>or 816-531-5575 |
| Investors Using Advisors | 1-800-378-9878 |
| Business, Not-For-Profit, Employer-Sponsored Retirement Plans | 1-800-345-3533 |
| Banks and Trust Companies, Broker-Dealers, Financial Professionals, Insurance Companies | 1-800-345-6488 |
| Telecommunications Relay Service for the Deaf | 711 |
| **American Century World Mutual Funds, Inc.** | **American Century World Mutual Funds, Inc.** |
| **Investment Advisor:**<br>American Century Investment Management, Inc.<br>Kansas City, Missouri | **Investment Advisor:**<br>American Century Investment Management, Inc.<br>Kansas City, Missouri |
| *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.* |
| **©2023 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-ANN-91033 2301** | **©2023 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-ANN-91033 2301** |

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

![image12.jpg](image12.jpg)

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| |
|:---|
| Annual Report |
| November 30, 2022 |
| Focused Global Growth Fund |
| &nbsp;&nbsp;&nbsp;Investor Class (TWGGX) |
| &nbsp;&nbsp;&nbsp;I Class (AGGIX) |
| &nbsp;&nbsp;&nbsp;Y Class (AGYGX) |
| &nbsp;&nbsp;&nbsp;A Class (AGGRX) |
| &nbsp;&nbsp;&nbsp;C Class (AGLCX) |
| &nbsp;&nbsp;&nbsp;R Class (AGORX) |
| &nbsp;&nbsp;&nbsp;R5 Class (AGFGX) |
| &nbsp;&nbsp;&nbsp;R6 Class (AGGDX) |

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**Table of Contents**

---

| | |
|:---|:---|
| President's Letter | [2](#icac732f9dea047f6825ef6d9a4af07ac_148) |
| Performance | [3](#icac732f9dea047f6825ef6d9a4af07ac_151) |
| Portfolio Commentary | [5](#icac732f9dea047f6825ef6d9a4af07ac_154) |
| Fund Characteristics | [7](#icac732f9dea047f6825ef6d9a4af07ac_157) |
| Shareholder Fee Example | [8](#icac732f9dea047f6825ef6d9a4af07ac_160) |
| Schedule of Investments | [10](#icac732f9dea047f6825ef6d9a4af07ac_163) |
| Statement of Assets and Liabilities | [12](#icac732f9dea047f6825ef6d9a4af07ac_169) |
| Statement of Operations | [13](#icac732f9dea047f6825ef6d9a4af07ac_172) |
| Statement of Changes in Net Assets | [14](#icac732f9dea047f6825ef6d9a4af07ac_175) |
| Notes to Financial Statements | [15](#icac732f9dea047f6825ef6d9a4af07ac_178) |
| Financial Highlights | [22](#icac732f9dea047f6825ef6d9a4af07ac_181) |
| Report of Independent Registered Public Accounting Firm | [25](#icac732f9dea047f6825ef6d9a4af07ac_184) |
| Management | [26](#icac732f9dea047f6825ef6d9a4af07ac_187) |
| Approval of Management Agreement | [29](#icac732f9dea047f6825ef6d9a4af07ac_190) |
| Proxy Voting Results | [33](#icac732f9dea047f6825ef6d9a4af07ac_196) |
| Additional Information | [34](#icac732f9dea047f6825ef6d9a4af07ac_199) |

---

Any opinions expressed in this report reflect those of the author as of the date of the report, and do not necessarily represent the opinions of American Century Investments<sup>®</sup> or any other person in the American Century Investments organization. Any such opinions are subject to change at any time based upon market or other conditions and American Century Investments disclaims any responsibility to update such opinions. These opinions may not be relied upon as investment advice and, because investment decisions made by American Century Investments funds are based on numerous factors, may not be relied upon as an indication of trading intent on behalf of any American Century Investments fund. Security examples are used for representational purposes only and are not intended as recommendations to purchase or sell securities. Performance information for comparative indices and securities is provided to American Century Investments by third party vendors. To the best of American Century Investments' knowledge, such information is accurate at the time of printing.

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President's Letter

![image14.jpg](image14.jpg) **Jonathan Thomas**

Dear Investor:

Thank you for reviewing this annual report for the period ending November 30, 2022. Annual reports help convey important information about fund returns, including market factors that affected performance. For additional investment insights, please visit americancentury.com.

**High Inflation, Rising Rates Fueled Volatility**

The global economic and investment backdrops faced several challenges during the 12-month period. Concerns began to surface early in the fiscal year, as central banks finally admitted inflation was entrenched rather than transitory. Investors grew more cautious amid growing expectations for less accommodative monetary policy in the new year.

By early 2022, inflation soared to levels last seen in the early 1980s. Massive fiscal and monetary support unleashed during the pandemic was partly to blame. In addition, escalating energy prices, supply chain breakdowns, labor market shortages and Russia's invasion of Ukraine further aggravated the inflation backdrop, particularly in Europe.

The Bank of England responded to surging inflation in late 2021 with a 0.15 percentage point rate hike. Policymakers raised rates another 2.75 percentage points through the end of November. The Federal Reserve waited until March 2022 to launch its inflation-fighting campaign, hiking rates 3.75 percentage points by period-end. Meanwhile, the European Central Bank (ECB) held off until July. Facing record-high inflation, the ECB raised rates 2 percentage points through November.

In addition to advancing recession risk, the combination of elevated inflation and hawkish central banks led to losses for most developed and emerging markets stock indices. A late-period rally, triggered by expectations for central banks to slow their pace of tightening, helped stocks recover some earlier losses. Overall, developed markets stocks generally fared better than emerging markets stocks, and the value style generally outpaced the growth style.

**Staying Disciplined in Uncertain Times**

We expect market volatility to linger as investors navigate a complex environment of high inflation, rising interest rates and economic uncertainty. In addition, Russia's invasion of Ukraine complicates an increasingly tense geopolitical backdrop and threatens global energy markets. We will continue to monitor this evolving situation and what it broadly means for investors across asset classes.

We appreciate your confidence in us during these extraordinary times. Our firm has a long history of helping clients weather unpredictable markets, and we're confident we will continue to meet today's challenges.

Sincerely,

![image48a30.jpg](image48a30.jpg)

Jonathan Thomas

President and Chief Executive Officer

American Century Investments

------

Performance

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Total Returns as of November 30, 2022** | **Total Returns as of November 30, 2022** | **Total Returns as of November 30, 2022** | **Total Returns as of November 30, 2022** | | | |
| | | | **Average Annual Returns**  | **Average Annual Returns**  | **Average Annual Returns**  | |
| | **Ticker**<br>**Symbol**  | **1 year**  | **5 years**  | **10 years**  | **Since<br>Inception** | **Inception**<br>**Date**  |
| **Investor Class** | TWGGX | -16.07% | 8.47% | 10.10% |  | 12/1/98 |
| **MSCI ACWI Index** |  | -11.62% | 6.41% | 8.65% |  |  |
| I Class | AGGIX | -15.93% | 8.69% | 10.32% |  | 8/1/00 |
| Y Class | AGYGX | -15.82% | 8.84% |  | 10.83% | 4/10/17 |
| A Class | AGGRX |  |  |  |  | 2/5/99 |
| &nbsp;&nbsp;No sales charge |  | -16.32% | 8.21% | 9.82% |  |  |
| &nbsp;&nbsp;With sales charge |  | -21.13% | 6.93% | 9.18% |  |  |
| C Class | AGLCX | -16.87% | 7.39% | 9.02% |  | 3/1/02 |
| R Class | AGORX | -16.48% | 7.94% | 9.56% |  | 7/29/05 |
| R5 Class | AGFGX | -15.86% | 8.71% |  | 10.68% | 4/10/17 |
| R6 Class | AGGDX | -15.79% | 8.84% |  | 9.48% | 7/26/13 |

---

Average annual returns since inception are presented when ten years of performance history is not available.

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.

Sales charges include initial sales charges and contingent deferred sales charges (CDSCs), as applicable. A Class shares have a 5.75% maximum initial sales charge and may be subject to a maximum CDSC of 1.00%. C Class shares redeemed within 12 months of purchase are subject to a maximum CDSC of 1.00%. The SEC requires that mutual funds provide performance information net of maximum sales charges in all cases where charges could be applied.

**Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-800-345-2021 or visit americancentury.com. For additional information about the fund, please consult the prospectus.** 

------

---

| |
|:---|
| **Growth of $10,000 Over 10 Years** |
| **$10,000 investment made November 30, 2012** |
| Performance for other share classes will vary due to differences in fee structure. |

---

![chart-4f3561aa6ca74388ab4a.jpg](chart-4f3561aa6ca74388ab4a.jpg)

---

| |
|:---|
| Value on November 30, 2022 |
| Investor Class — $26,181 |
| Investor Class — $26,181 |
| MSCI ACWI Index — $22,936 |
| MSCI ACWI Index — $22,936 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total Annual Fund Operating Expenses**  | **Total Annual Fund Operating Expenses**  | **Total Annual Fund Operating Expenses**  | **Total Annual Fund Operating Expenses**  | **Total Annual Fund Operating Expenses**  | **Total Annual Fund Operating Expenses**  | **Total Annual Fund Operating Expenses**  | **Total Annual Fund Operating Expenses**  |
| **Investor Class** | **I Class** | **Y Class** | **A Class** | **C Class** | **R Class** | **R5 Class** | **R6 Class** |
| 1.07% | 0.87% | 0.72% | 1.32% | 2.07% | 1.57% | 0.87% | 0.72% |

---

The total annual fund operating expenses shown is as stated in the fund's prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.

**Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-800-345-2021 or visit americancentury.com. For additional information about the fund, please consult the prospectus.** 

------

Portfolio Commentary

**Portfolio Managers: Keith Creveling, Brent Puff and Ted Harlan**

**Performance Summary**

Focused Global Growth returned -16.07%\* for the fiscal year ended November 30, 2022, compared with the -11.62% return of its benchmark, the MSCI ACWI Index.

Stock selection and underweight exposure relative to the benchmark in health care and underweight and selection in consumer staples were among the largest shares of the fund's underperformance. An overweight and stock selection in the energy sector buoyed relative results. An underweight in information technology also had a positive impact. Geographically, relative performance was hindered by stock selection in the U.S. and Spain. Conversely, positioning in Brazil and avoiding several underperformers in China lifted relative returns.

**Investment Selections in Pharmaceuticals and Life Sciences Held Back Results** 

Notable individual detractors came from the health care sector, where U.S.-based holdings Catalent and Avantor pressured results. Shares of pharmaceutical firm Catalent declined as investors grappled with disappointing earnings for the two most recent fiscal quarters. The maker of drug delivery technologies has experienced lower demand for COVID-19-related products and has not yet replaced the decreased revenue through growth in its other segments. Management also cited inflation and unfavorable foreign exchange rates as factors contributing to disappointing earnings. Avantor's stock underwent a protracted decline beginning at the end of July, when the chemical agents manufacturer's quarterly earnings reporting was slightly lower than expected.

GXO Logistics hurt relative returns for the period. The logistics and fulfillment company's stock dipped amid higher metal prices, supply chain concerns and weaker consumer spending. The company is a leading logistics provider, and its growth profile is supported by secular tailwinds such as supply chain outsourcing, warehouse automation and e-commerce growth.

A position in Amazon.com also curbed the fund's relative gains. The online retailer reported its first quarterly loss in seven years in the first quarter of 2022. A reversal of pandemic-related shopping trends that saw an increase in in-store purchases and a decrease in online purchases resulted in the slowest revenue increase in two decades. Later in the period, the company disclosed financial results showing a slowdown in the sales growth of its cloud computing unit.

**Energy Holdings Benefited from Higher Prices on Crude Oil and Natural Gas** 

Soaring prices for oil and natural gas boosted the energy sector, where Pioneer Natural Resources, one of the largest U.S.-based oil producers, and liquefied natural gas company Cheniere Energy led contributors. Following Russia's invasion of Ukraine, European countries began cutting ties with Russian oil and gas companies, which positioned Pioneer and Cheniere to supply those economies. Further supporting stock gains for Cheniere were second-quarter earnings that surpassed analysts' consensus estimates and management's decision to raise the full-year earnings guidance.

Health care stock AstraZeneca also bolstered the fund's relative results. The drugmaker benefited from a robust pipeline of blockbuster drugs and pandemic-driven gains. In March, it received Food and Drug Administration approval for expanded use of its breast cancer drug developed in

\*All fund returns referenced in this commentary are for Investor Class shares. Performance for other share classes will vary due to differences in fee structure; when Investor Class performance exceeds that of the fund's benchmark, other share classes may not. See page 3 for returns for all share classes.

------

partnership with Merck & Co. AstraZeneca has also distributed its COVID-19 vaccine more broadly

and provided COVID-19 treatments.

Another material contributor was B3 - Brasil Bolsa Balcao. Shares of the Brazilian stock exchange operator experienced significant volatility but gained during the reporting period. The company's fundamentals remain strong, in our view.

**Portfolio Positioning**

The fund continues to invest in companies where we believe business fundamentals are improving and where we have high conviction that improvement is sustainable. Though the outbreak of COVID-19 has been disruptive, the portfolio's major themes highlighted below are structurally unchanged.

Companies with highly resilient business models, such as those with recurring and predictable revenue profiles, are well represented in the portfolio. We are also biased toward businesses with financial strength and low leverage. We expect these businesses to remain profitable in a global economy where growth will remain under pressure.

As economic growth slows in reaction to tighter monetary policies and rising costs, our bias moves toward businesses tied to structural drivers rather than growth that relies on a cyclical tailwind. We prefer business models with a higher degree of earnings sustainability and predictability. The portfolio continues to have exposure to many secular trends, such as digitization, cloud computing, 5G network rollout, data center expansion and vehicle electrification.

As the relative weakness in many growth stocks continues, we will seek to take advantage of the correction in market multiples and add to existing positions or establish new positions in names where we believe the risk/reward ratio appears more favorable.

The fund's exposure to businesses with a cyclical element to growth is focused on a handful of opportunities. For example, we continue to hold investments tied to the automobiles industry, specifically those companies benefiting from trends such as vehicle electrification. We expect global automobile demand to remain strong despite the risk of slowing macroeconomic growth.

The fund has exposure to businesses within the financials sector (e.g., lenders and insurers) that would benefit from higher interest rates. We have assessed the impact of higher rates on other areas, such as real estate investment trusts, and we remain confident that those companies will be able to offset inflationary headwinds via sustained revenue and earnings growth. The fund retains a neutral exposure to the leverage factor.

------

Fund Characteristics

---

| | |
|:---|:---|
| **NOVEMBER 30, 2022** | |
| **Types of Investments in Portfolio** | **% of net assets** |
| Common Stocks | 98.8% |
| Short-Term Investments | 1.2% |
| Other Assets and Liabilities | —\* |
| \*Category is less than 0.05% of total net assets. |  |
| **Top Five Countries** | **% of net assets**  |
| United States | 65.3% |
| Hong Kong | 6.4% |
| France | 6.1% |
| United Kingdom | 3.3% |
| Italy | 3.2% |

---

------

Shareholder Fee Example

Fund shareholders may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and redemption/exchange fees; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in your fund and to compare these costs with the ongoing cost of investing in other mutual funds.

The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from June 1, 2022 to November 30, 2022.

**Actual Expenses**

The table provides information about actual account values and actual expenses for each class. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. First, identify the share class you own. Then simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

If you hold Investor Class shares of any American Century Investments mutual fund, or I Class shares of the American Century Diversified Bond Fund, in an American Century Investments account (i.e., not through a financial intermediary or employer-sponsored retirement plan account), American Century Investments may charge you a $25 annual account maintenance fee if the value of those shares is less than $10,000. We will redeem shares automatically in one of your accounts to pay the $25 fee. In determining your total eligible investment amount, we will include your investments in all personal accounts (including American Century Investments brokerage accounts) registered under your Social Security number. Personal accounts include individual accounts, joint accounts, UGMA/UTMA accounts, personal trusts, Coverdell Education Savings Accounts and IRAs (including traditional, Roth, Rollover, SEP-, SARSEP- and SIMPLE-IRAs), and certain other retirement accounts. If you have only business, business retirement, employer-sponsored or American Century Investments brokerage accounts, you are currently not subject to this fee. If you are subject to the account maintenance fee, your account value could be reduced by the fee amount.

**Hypothetical Example for Comparison Purposes**

The table also provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio of each class of your fund and an assumed rate of return of 5% per year before expenses, which is not the actual return of a fund's share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or redemption/exchange fees. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Beginning**<br>**Account Value**<br>**6/1/22** | **Ending** <br>**Account Value**<br>**11/30/22** | **Expenses Paid**<br>**During Period**<sup>(1)</sup><br>**6/1/22 - 11/30/22** | **Annualized**<br>**Expense Ratio**<sup>(1)</sup> |
| **Actual** | | | | |
| Investor Class | $1000 | $947.10 | $5.27 | 1.08% |
| I Class | $1000 | $948.00 | $4.30 | 0.88% |
| Y Class | $1000 | $948.50 | $3.57 | 0.73% |
| A Class | $1000 | $945.80 | $6.49 | 1.33% |
| C Class | $1000 | $942.90 | $10.13 | 2.08% |
| R Class | $1000 | $944.60 | $7.70 | 1.58% |
| R5 Class | $1000 | $948.00 | $4.30 | 0.88% |
| R6 Class | $1000 | $948.40 | $3.57 | 0.73% |
| **Hypothetical** |  |  |  |  |
| Investor Class | $1000 | $1019.65 | $5.47 | 1.08% |
| I Class | $1000 | $1020.66 | $4.46 | 0.88% |
| Y Class | $1000 | $1021.41 | $3.70 | 0.73% |
| A Class | $1000 | $1018.40 | $6.73 | 1.33% |
| C Class | $1000 | $1014.64 | $10.50 | 2.08% |
| R Class | $1000 | $1017.15 | $7.99 | 1.58% |
| R5 Class | $1000 | $1020.66 | $4.46 | 0.88% |
| R6 Class | $1000 | $1021.41 | $3.70 | 0.73% |

---

(1)Expenses are equal to the class's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 183, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses.

------

Schedule of Investments

**NOVEMBER 30, 2022** 

---

| | | |
|:---|:---|:---|
|<br>**COMMON STOCKS — 98.8%** | **Shares** | **Value** |
| **Brazil — 2.7%** | | |
| B3 SA - Brasil Bolsa Balcao | 6428400 | $15806678 |
| **Canada — 3.0%** |  |  |
| Canadian Pacific Railway Ltd. | 215580 | 17658158 |
| **France — 6.1%** |  |  |
| Pernod Ricard SA | 87180 | 17295262 |
| Schneider Electric SE | 123120 | 18181639 |
|  |  | 35476901 |
| **Hong Kong — 6.4%** |  |  |
| AIA Group Ltd. | 1820200 | 18483411 |
| Hong Kong Exchanges & Clearing Ltd. | 475483 | 18904012 |
|  |  | 37387423 |
| **India — 3.1%** |  |  |
| HDFC Bank Ltd. | 924420 | 18334039 |
| **Ireland — 2.7%** |  |  |
| ICON PLC<sup>(1)</sup> | 74950 | 16147228 |
| **Italy — 3.2%** |  |  |
| Stellantis NV | 1193594 | 18786215 |
| **Spain — 3.0%** |  |  |
| Cellnex Telecom SA | 508070 | 17471774 |
| **United Kingdom — 3.3%** |  |  |
| AstraZeneca PLC | 142630 | 19303639 |
| **United States — 65.3%** |  |  |
| Air Products and Chemicals, Inc. | 57320 | 17778371 |
| Alphabet, Inc., Class A | 270400 | 27307696 |
| Amazon.com, Inc.<sup>(1)</sup> | 221920 | 21424157 |
| Aptiv PLC<sup>(1)</sup> | 159620 | 17026665 |
| Avantor, Inc.<sup>(1)</sup> | 695320 | 15491730 |
| Catalent, Inc.<sup>(1)</sup> | 205670 | 10310237 |
| Cheniere Energy, Inc. | 96870 | 16987123 |
| CoStar Group, Inc.<sup>(1)</sup> | 209890 | 17009486 |
| Equinix, Inc. | 27326 | 18872702 |
| GXO Logistics, Inc.<sup>(1)</sup> | 377127 | 17672171 |
| HEICO Corp. | 109300 | 17740483 |
| Lowe's Cos., Inc. | 77880 | 16553394 |
| Marvell Technology, Inc. | 403570 | 18774076 |
| Mastercard, Inc., Class A | 49800 | 17748720 |
| Microsoft Corp. | 131060 | 33438649 |
| NXP Semiconductors NV | 97650 | 17170776 |
| Pioneer Natural Resources Co. | 60798 | 14347720 |
| S&P Global, Inc. | 46420 | 16376976 |
| SBA Communications Corp. | 56650 | 16955345 |
| Truist Financial Corp. | 345220 | 16159748 |
| Workday, Inc., Class A<sup>(1)</sup> | 102800 | 17260120 |
|  |  | 382406345 |
| **TOTAL COMMON STOCKS**<br>(Cost $528,678,644) |  | **578778400** |

---

------

---

| | | |
|:---|:---|:---|
|<br>**SHORT-TERM INVESTMENTS — 1.2%** | **Shares** | **Value** |
| **Money Market Funds**<sup>†</sup> | | |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 3407 | $3407 |
| **Repurchase Agreements — 1.2%** |  |  |
| BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 2.00% - 3.375%, 2/15/25 - 5/15/51, valued at $1,769,917), in a joint trading account at 3.74%, dated 11/30/22, due 12/1/22 (Delivery value $1,737,003) |  | 1736823 |
| Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 1.125%, 2/15/31, valued at $5,107,171), at 3.77%, dated 11/30/22, due 12/1/22 (Delivery value $5,007,524) |  | 5007000 |
|  |  | 6743823 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $6,747,230) |  | **6747230** |
| **TOTAL INVESTMENT SECURITIES—100.0%**<br>(Cost $535,425,874) |  | **585525630** |
| **OTHER ASSETS AND LIABILITIES**<sup>†</sup> |  | **51071** |
| **TOTAL NET ASSETS — 100.0%** |  | $**585576701** |

---

---

| | |
|:---|:---|
| **MARKET SECTOR DIVERSIFICATION** | **MARKET SECTOR DIVERSIFICATION** |
| **(as a % of net assets)** | |
| Financials | 17.8% |
| Information Technology | 17.8% |
| Industrials | 15.0% |
| Consumer Discretionary | 12.6% |
| Health Care | 10.4% |
| Communication Services | 7.7% |
| Real Estate | 6.1% |
| Energy | 5.4% |
| Consumer Staples | 3.0% |
| Materials | 3.0% |
| Short-Term Investments | 1.2% |
| Other Assets and Liabilities | —\* |

---

\*Category is less than 0.05% of total net assets.

**NOTES TO SCHEDULE OF INVESTMENTS**

†Category is less than 0.05% of total net assets.

(1)Non-income producing.

See Notes to Financial Statements.

------

Statement of Assets and Liabilities

---

| | |
|:---|:---|
| **NOVEMBER 30, 2022** | **NOVEMBER 30, 2022** |
| **Assets** | |
| Investment securities, at value (cost of $535,425,874) | $585525630 |
| Foreign currency holdings, at value (cost of $545) | 570 |
| Receivable for capital shares sold | 81277 |
| Dividends and interest receivable | 1214001 |
| Other assets | 1073 |
|  | 586822551 |
| **Liabilities** |  |
| Payable for capital shares redeemed | 214102 |
| Accrued management fees | 450895 |
| Distribution and service fees payable | 9572 |
| Accrued foreign taxes | 538934 |
| Accrued other expenses | 32347 |
|  | 1245850 |
| **Net Assets** | $585576701 |
| **Net Assets Consist of:** |  |
| Capital (par value and paid-in surplus) | $481625477 |
| Distributable earnings | 103951224 |
|  | $585576701 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Net Assets** | **Shares Outstanding** | **Net Asset Value Per Share\*** |
| Investor Class, $0.01 Par Value | $388619083 | 35008330 | $11.10 |
| I Class, $0.01 Par Value | $81949187 | 7136105 | $11.48 |
| Y Class, $0.01 Par Value | $330185 | 28431 | $11.61 |
| A Class, $0.01 Par Value | $26064338 | 2486474 | $10.48 |
| C Class, $0.01 Par Value | $2822447 | 363750 | $7.76 |
| R Class, $0.01 Par Value | $6033222 | 599883 | $10.06 |
| R5 Class, $0.01 Par Value | $8867 | 772 | $11.49 |
| R6 Class, $0.01 Par Value | $79749372 | 6878590 | $11.59 |

---

\*Maximum offering price per share was equal to the net asset value per share for all share classes, except Class A, for which the maximum offering price per share was $11.12 (net asset value divided by 0.9425). A contingent deferred sales charge may be imposed on redemptions of Class A and Class C.

See Notes to Financial Statements.

------

Statement of Operations

---

| | |
|:---|:---|
| **YEAR ENDED NOVEMBER 30, 2022** | **YEAR ENDED NOVEMBER 30, 2022** |
| **Investment Income (Loss)** | |
| **Income:** | |
| Dividends (net of foreign taxes withheld of $521,431) | $9484461 |
| Foreign withholding tax recoveries | 771066 |
| Interest | 239737 |
|  | 10495264 |
| **Expenses:** |  |
| Management fees | 6363421 |
| Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class | 71857 |
| &nbsp;&nbsp;&nbsp;&nbsp;C Class | 39407 |
| &nbsp;&nbsp;&nbsp;&nbsp;R Class | 33933 |
| Directors' fees and expenses | 17439 |
| Other expenses | 234559 |
|  | 6760616 |
| **Net investment income (loss)** | 3734648 |
| **Realized and Unrealized Gain (Loss)** |  |
| **Net realized gain (loss) on:** |  |
| Investment transactions (net of foreign tax expenses paid (refunded) of $32,226) | 54133519 |
| Foreign currency translation transactions | (250095) |
|  | 53883424 |
| **Change in net unrealized appreciation (depreciation) on:** |  |
| Investments (includes (increase) decrease in accrued foreign taxes of $(70999)) | (173461728) |
| Translation of assets and liabilities in foreign currencies | (15187) |
|  | (173476915) |
| **Net realized and unrealized gain (loss)** | (119593491) |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $(115858843) |

---

See Notes to Financial Statements.

------

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| **YEARS ENDED NOVEMBER 30, 2022 AND NOVEMBER 30, 2021** | **YEARS ENDED NOVEMBER 30, 2022 AND NOVEMBER 30, 2021** | **YEARS ENDED NOVEMBER 30, 2022 AND NOVEMBER 30, 2021** |
| **Increase (Decrease) in Net Assets** | **November 30, 2022** | **November 30, 2021** |
| **Operations** | | |
| Net investment income (loss) | $3734648 | $2347878 |
| Net realized gain (loss) | 53883424 | 94402210 |
| Change in net unrealized appreciation (depreciation) | (173476915) | 2228651 |
| Net increase (decrease) in net assets resulting from operations | (115858843) | 98978739 |
| **Distributions to Shareholders** |  |  |
| From earnings: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (59295371) | (45815568) |
| &nbsp;&nbsp;&nbsp;&nbsp;I Class | (12265976) | (9140352) |
| &nbsp;&nbsp;&nbsp;&nbsp;Y Class | (36897) | (16008) |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class | (4217225) | (3095249) |
| &nbsp;&nbsp;&nbsp;&nbsp;C Class | (855686) | (729583) |
| &nbsp;&nbsp;&nbsp;&nbsp;R Class | (1075356) | (964647) |
| &nbsp;&nbsp;&nbsp;&nbsp;R5 Class | (1247) | (890) |
| &nbsp;&nbsp;&nbsp;&nbsp;R6 Class | (11450826) | (8866888) |
| Decrease in net assets from distributions | (89198584) | (68629185) |
| **Capital Share Transactions** |  |  |
| Net increase (decrease) in net assets from capital share transactions (Note 5) | 44991325 | 22244775 |
| **Net increase (decrease) in net assets** | (160066102) | 52594329 |
| **Net Assets** |  |  |
| Beginning of period | 745642803 | 693048474 |
| End of period | $585576701 | $745642803 |

---

See Notes to Financial Statements.

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Notes to Financial Statements

**NOVEMBER 30, 2022** 

**1. Organization**

American Century World Mutual Funds, Inc. (the corporation) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company and is organized as a Maryland corporation. Focused Global Growth Fund (the fund) is one fund in a series issued by the corporation. The fund's investment objective is to seek capital growth.

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

**2. Significant Accounting Policies**

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

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

Equity securities that are listed or traded on a domestic securities exchange are valued at the last reported sales price or at the official closing price as provided by the exchange. Equity securities traded on foreign securities exchanges are generally valued at the closing price of such securities on the exchange where primarily traded or at the close of the NYSE, if that is earlier. If no last sales price is reported, or if local convention or regulation so provides, the mean of the latest bid and asked prices may be used. Securities traded over-the-counter are valued at the mean of the latest bid and asked prices, the last sales price, or the official closing price. Equity securities initially expressed in local currencies are translated into U.S. dollars at the mean of the appropriate currency exchange rate at the close of the NYSE as provided by an independent pricing service.

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

If the valuation designee determines that the market price for a portfolio security is not readily available or is believed by the valuation designee to be unreliable, such security is valued at fair value as determined in good faith by the valuation designee, in accordance with its policies and procedures. Circumstances that may cause the fund to determine that market quotations are not available or reliable include, but are not limited to: when there is a significant event subsequent to the market quotation; trading in a security has been halted during the trading day; or trading in a security is insufficient or did not take place due to a closure or holiday.

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

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**Security Transactions —** Security transactions are accounted for as of the trade date. Net realized gains and losses are determined on the identified cost basis, which is also used for federal income tax purposes. Certain countries impose taxes on realized gains on the sale of securities registered in their country. The fund records the foreign tax expense, if any, on an accrual basis. The foreign tax expense on realized gains and unrealized appreciation reduces the net realized gain (loss) on investment transactions and net unrealized appreciation (depreciation) on investments, respectively.

**Investment Income —** Dividend income less foreign taxes withheld, if any, is recorded as of the ex-dividend date. Distributions received on securities that represent a return of capital or long-term capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The fund may estimate the components of distributions received that may be considered nontaxable distributions or long-term capital gain distributions for income tax purposes. Interest income is recorded on the accrual basis and includes accretion of discounts and amortization of premiums. Foreign withholding tax recoveries represent the receipt of certain European Union (EU) withholding taxes previously withheld. The fund will record any EU reclaims only when certainty exists as to the likelihood of receipt.

**Foreign Currency Translations —** All assets and liabilities initially expressed in foreign currencies are translated into U.S. dollars at prevailing exchange rates at period end. The fund may enter into spot foreign currency exchange contracts to facilitate transactions denominated in a foreign currency. Purchases and sales of investment securities, dividend and interest income, spot foreign currency exchange contracts, and expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. Net realized and unrealized foreign currency exchange gains or losses related to investment securities are a component of net realized gain (loss) on investment transactions and change in net unrealized appreciation (depreciation) on investments, respectively.

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

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

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

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

**Distributions to Shareholders —** Distributions from net investment income and net realized gains, if any, are generally declared and paid annually. The fund may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code, in all events in a manner consistent with provisions of the 1940 Act.

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

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

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

**Management Fees —** The corporation has entered into a management agreement with ACIM, under which ACIM provides the fund with investment advisory and management services in exchange for a single, unified management fee (the fee) per class. The agreement provides that ACIM will pay all expenses of managing and operating the fund, except brokerage expenses, taxes, interest, fees and expenses of the independent directors (including legal counsel fees), extraordinary expenses, and expenses incurred in connection with the provision of shareholder services and distribution services under a plan adopted pursuant to Rule 12b-1 under the 1940 Act. The fee is computed and accrued daily based on each class's daily net assets and paid monthly in arrears. The difference in the fee among the classes is a result of their separate arrangements for non-Rule 12b-1 shareholder services. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class. The rate of the fee is determined by applying a fee rate calculation formula. This formula takes into account the fund's assets as well as certain assets, if any, of other clients of the investment advisor outside the American Century Investments family of funds (such as subadvised funds and separate accounts), as well as exchange-traded funds managed by the investment advisor, that use very similar investment teams and strategies (strategy assets).

The management fee schedule range and the effective annual management fee for each class for the period ended November 30, 2022 are as follows:

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| | | |
|:---|:---|:---|
| | **Management Fee<br>Schedule Range** | **Effective Annual<br>Management Fee** |
| Investor Class | 1.050% to 1.300% | 1.06% |
| I Class | 0.850% to 1.100% | 0.86% |
| Y Class | 0.700% to 0.950% | 0.71% |
| A Class | 1.050% to 1.300% | 1.06% |
| C Class | 1.050% to 1.300% | 1.06% |
| R Class | 1.050% to 1.300% | 1.06% |
| R5 Class | 0.850% to 1.100% | 0.86% |
| R6 Class | 0.700% to 0.950% | 0.71% |

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**Distribution and Service Fees —** The Board of Directors has adopted a separate Master Distribution and Individual Shareholder Services Plan for each of the A Class, C Class and R Class (collectively the plans), pursuant to Rule 12b-1 of the 1940 Act. The plans provide that the A Class will pay ACIS an annual distribution and service fee of 0.25%. The plans provide that the C Class will pay ACIS an annual distribution and service fee of 1.00%, of which 0.25% is paid for individual shareholder services and 0.75% is paid for distribution services. The plans provide that the R Class will pay ACIS an annual distribution and service fee of 0.50%. The fees are computed and accrued daily based on each class's daily net assets and paid monthly in arrears. The fees are used to pay financial intermediaries for distribution and individual shareholder services. Fees incurred under the plans during the period ended November 30, 2022 are detailed in the Statement of Operations.

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

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**Other Expenses —** The 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. The impact of other expenses to the ratio of operating expenses to average net assets was 0.04% for the period ended November 30, 2022.

**Interfund Transactions —** The fund may enter into security transactions with other American Century Investments funds and other client accounts of the investment advisor, in accordance with the 1940 Act rules and procedures adopted by the Board of Directors. The rules and procedures require, among other things, that these transactions be effected at the independent current market price of the security. There were no interfund transactions during the period.

**4. Investment Transactions**

Purchases and sales of investment securities, excluding short-term investments, for the period ended November 30, 2022 were $284,758,675 and $331,195,909, respectively.

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**5. Capital Share Transactions**

Transactions in shares of the fund were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Year ended <br>November 30, 2022** | **Year ended <br>November 30, 2022** | **Year ended<br>November 30, 2021** | **Year ended<br>November 30, 2021** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| **Investor Class/Shares Authorized** | 450000000 |  | 450000000 |  |
| Sold | 1932663 | $22830018 | 1945842 | $28544017 |
| Issued in reinvestment of distributions | 4250591 | 57000417 | 3325188 | 44324787 |
| Redeemed | (4218375) | (49360350) | (4017264) | (59355560) |
|  | 1964879 | 30470085 | 1253766 | 13513244 |
| **I Class/Shares Authorized** | 45000000 |  | 40000000 |  |
| Sold | 1832844 | 22512912 | 1052526 | 15912069 |
| Issued in reinvestment of distributions | 885350 | 12262099 | 666184 | 9133407 |
| Redeemed | (2270173) | (27276465) | (1385607) | (21102181) |
|  | 448021 | 7498546 | 333103 | 3943295 |
| **Y Class/Shares Authorized** | 20000000 |  | 20000000 |  |
| Sold | 9940 | 135647 | 10282 | 163455 |
| Issued in reinvestment of distributions | 2640 | 36897 | 1158 | 16008 |
| Redeemed | (4067) | (49932) | (2611) | (38508) |
|  | 8513 | 122612 | 8829 | 140955 |
| **A Class/Shares Authorized** | 40000000 |  | 40000000 |  |
| Sold | 339523 | 3783093 | 396873 | 5527341 |
| Issued in reinvestment of distributions | 326486 | 4143104 | 238150 | 3026909 |
| Redeemed | (566995) | (6486681) | (437494) | (6205899) |
|  | 99014 | 1439516 | 197529 | 2348351 |
| **C Class/Shares Authorized** | 25000000 |  | 30000000 |  |
| Sold | 32854 | 261919 | 172859 | 1883121 |
| Issued in reinvestment of distributions | 89588 | 847510 | 72540 | 721044 |
| Redeemed | (248279) | (2050541) | (228104) | (2455660) |
|  | (125837) | (941112) | 17295 | 148505 |
| **R Class/Shares Authorized** | 25000000 |  | 30000000 |  |
| Sold | 93331 | 1019297 | 98966 | 1348277 |
| Issued in reinvestment of distributions | 88071 | 1075356 | 78345 | 964421 |
| Redeemed | (191599) | (2163704) | (226169) | (3046609) |
|  | (10197) | (69051) | (48858) | (733911) |
| **R5 Class/Shares Authorized** | 20000000 |  | 20000000 |  |
| Issued in reinvestment of distributions | 90 | 1247 | 65 | 890 |
| **R6 Class/Shares Authorized** | 60000000 |  | 65000000 |  |
| Sold | 1996810 | 23558711 | 1837852 | 27779007 |
| Issued in reinvestment of distributions | 736785 | 10285523 | 583293 | 8055272 |
| Redeemed | (2160503) | (27374752) | (2133776) | (32950833) |
|  | 573092 | 6469482 | 287369 | 2883446 |
| Net increase (decrease) | 2957575 | $44991325 | 2049098 | $22244775 |

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**6. Fair Value Measurements**

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

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

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

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

The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not necessarily an indication of the risks associated with investing in these securities or other financial instruments.

The following is a summary of the level classifications as of period end. The Schedule of Investments provides additional information on the fund's portfolio holdings.

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| | | | |
|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** |
| **Assets** | | | |
| **Investment Securities** | | | |
| Common Stocks |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Brazil |  | $15806678 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;France |  | 35476901 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Hong Kong |  | 37387423 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;India |  | 18334039 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Italy |  | 18786215 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Spain |  | 17471774 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;United Kingdom |  | 19303639 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Countries | $416211731 |  |  |
| Short-Term Investments | 3407 | 6743823 |  |
|  | $416215138 | $169310492 |  |

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**7. Risk Factors**

The value of the fund's shares will go up and down, sometimes rapidly or unpredictably, based on the performance of the securities owned by the fund and other factors generally affecting the securities market. Market risks, including political, regulatory, economic and social developments, can affect the value of the fund's investments. Natural disasters, public health emergencies, war, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.

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

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**8. Federal Tax Information**

On December 21, 2022, the fund declared and paid a per-share distribution from net realized gains to shareholders of record on December 20, 2022 of $1.1260 for the Investor Class, I Class, Y Class, A Class, C Class, R Class, R5 Class and R6 Class.

On December 21, 2022, the fund declared and paid the following per-share distributions from net investment income to shareholders of record on December 20, 2022:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investor Class** | **I Class** | **Y Class** | **A Class** | **C Class** | **R Class** | **R5 Class** | **R6 Class** |
| $0.0611 | $0.0821 | $0.0978 | $0.0349 |  | $0.0087 | $0.0821 | $0.0978 |

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The tax character of distributions paid during the years ended November 30, 2022 and November 30, 2021 were as follows:

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| | | |
|:---|:---|:---|
| | **2022** | **2021** |
| **Distributions Paid From** |  |  |
| Ordinary income | $9640234 | $19030387 |
| Long-term capital gains | $79558350 | $49598798 |

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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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| | |
|:---|:---|
| Federal tax cost of investments | $537253727 |
| Gross tax appreciation of investments | $101874237 |
| Gross tax depreciation of investments | (53602334) |
| Net tax appreciation (depreciation) of investments | 48271903 |
| Net tax appreciation (depreciation) on translation of assets and liabilities in foreign currencies | (543917) |
| Net tax appreciation (depreciation) | $47727986 |
| Undistributed ordinary income | $3449845 |
| Accumulated long-term gains | $58426751 |
| Post-October capital loss deferral | $(5653358) |

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

Loss deferrals represent certain qualified losses that the fund has elected to treat as having been incurred in the following fiscal year for federal income tax purposes.

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Financial Highlights

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | | | | | | | |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | |
| | | **Income From Investment Operations:** | **Income From Investment Operations:** | **Income From Investment Operations:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | | |
| | **Net Asset Value, Beginning**<br>**of Period**  | **Net**<br>**Investment Income**<br>**(Loss)**<sup>(1)</sup>  | **Net**<br>**Realized and Unrealized**<br>**Gain (Loss)**  | **Total From Investment Operations** | **Net**<br>**Investment Income**  | **Net**<br>**Realized**<br>**Gains**  | **Total Distributions** | **Net Asset Value,**<br>**End of Period**  | **Total**<br>**Return**<sup>(2)</sup>  | **Operating Expenses** | **Net**<br>**Investment Income**<br>**(Loss)**  | **Portfolio**<br>**Turnover**<br>**Rate**  | **Net Assets,**<br>**End of Period (in thousands)**  |
| **Investor Class** | **Investor Class** | **Investor Class** | | | | | | | | | | | |
| 2022 | $15.00 | 0.06 | (2.16) | (2.10) | (0.03) | (1.77) | (1.80) | $11.10 | (16.07)% | 1.10% | 0.54% | 45% | $388619 |
| 2021 | $14.56 | 0.04 | 1.84 | 1.88 |  | (1.44) | (1.44) | $15.00 | 14.18% | 1.07% | 0.26% | 40% | $495712 |
| 2020 | $13.54 | (0.02) | 3.16 | 3.14 | —<sup>(3)</sup> | (2.12) | (2.12) | $14.56 | 27.02% | 1.07% | (0.14)% | 73% | $462781 |
| 2019 | $12.32 | 0.01 | 2.33 | 2.34 | (0.01) | (1.11) | (1.12) | $13.54 | 21.82% | 1.07% | 0.07% | 68% | $450413 |
| 2018 | $13.67 | 0.04 | 0.11 | 0.15 | (0.03) | (1.47) | (1.50) | $12.32 | 1.27% | 1.07% | 0.29% | 42% | $408562 |
| **I Class** | **I Class** | **I Class** |  |  |  |  |  |  |  |  |  |  |  |
| 2022 | $15.46 | 0.09 | (2.24) | (2.15) | (0.06) | (1.77) | (1.83) | $11.48 | (15.93)% | 0.90% | 0.74% | 45% | $81949 |
| 2021 | $14.93 | 0.07 | 1.90 | 1.97 |  | (1.44) | (1.44) | $15.46 | 14.45% | 0.87% | 0.46% | 40% | $103394 |
| 2020 | $13.84 | —<sup>(3)</sup> | 3.24 | 3.24 | (0.03) | (2.12) | (2.15) | $14.93 | 27.21% | 0.87% | 0.06% | 73% | $94888 |
| 2019 | $12.57 | 0.03 | 2.39 | 2.42 | (0.04) | (1.11) | (1.15) | $13.84 | 22.04% | 0.87% | 0.27% | 68% | $28238 |
| 2018 | $13.91 | 0.06 | 0.12 | 0.18 | (0.05) | (1.47) | (1.52) | $12.57 | 1.52% | 0.87% | 0.49% | 42% | $16210 |
| **Y Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2022 | $15.62 | 0.11 | (2.27) | (2.16) | (0.08) | (1.77) | (1.85) | $11.61 | (15.82)% | 0.75% | 0.89% | 45% | $330 |
| 2021 | $15.05 | 0.08 | 1.93 | 2.01 |  | (1.44) | (1.44) | $15.62 | 14.62% | 0.72% | 0.61% | 40% | $311 |
| 2020 | $13.93 | 0.03 | 3.26 | 3.29 | (0.05) | (2.12) | (2.17) | $15.05 | 27.48% | 0.72% | 0.21% | 73% | $167 |
| 2019 | $12.65 | 0.01 | 2.43 | 2.44 | (0.05) | (1.11) | (1.16) | $13.93 | 22.18% | 0.72% | 0.42% | 68% | $299 |
| 2018 | $13.98 | 0.08 | 0.12 | 0.20 | (0.06) | (1.47) | (1.53) | $12.65 | 1.62% | 0.72% | 0.64% | 42% | $7 |

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | | | | | | | |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | |
| | | **Income From Investment Operations:** | **Income From Investment Operations:** | **Income From Investment Operations:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | | |
| | **Net Asset Value, Beginning**<br>**of Period**  | **Net**<br>**Investment Income**<br>**(Loss)**<sup>(1)</sup>  | **Net**<br>**Realized and Unrealized**<br>**Gain (Loss)**  | **Total From Investment Operations** | **Net**<br>**Investment Income**  | **Net**<br>**Realized**<br>**Gains**  | **Total Distributions** | **Net Asset Value,**<br>**End of Period**  | **Total**<br>**Return**<sup>(2)</sup>  | **Operating Expenses** | **Net**<br>**Investment Income**<br>**(Loss)**  | **Portfolio**<br>**Turnover**<br>**Rate**  | **Net Assets,**<br>**End of Period (in thousands)**  |
| **A Class** | | | | | | | | | | | | | |
| 2022 | $14.27 | 0.03 | (2.05) | (2.02) |  | (1.77) | (1.77) | $10.48 | (16.32)% | 1.35% | 0.29% | 45% | $26064 |
| 2021 | $13.94 | —<sup>(3)</sup> | 1.77 | 1.77 |  | (1.44) | (1.44) | $14.27 | 13.99% | 1.32% | 0.01% | 40% | $34059 |
| 2020 | $13.08 | (0.05) | 3.03 | 2.98 |  | (2.12) | (2.12) | $13.94 | 26.66% | 1.32% | (0.39)% | 73% | $30537 |
| 2019 | $11.96 | (0.02) | 2.25 | 2.23 |  | (1.11) | (1.11) | $13.08 | 21.48% | 1.32% | (0.18)% | 68% | $26932 |
| 2018 | $13.31 | —<sup>(3)</sup> | 0.12 | 0.12 |  | (1.47) | (1.47) | $11.96 | 1.08% | 1.32% | 0.04% | 42% | $26256 |
| **C Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2022 | $11.08 | (0.04) | (1.51) | (1.55) |  | (1.77) | (1.77) | $7.76 | (16.87)% | 2.10% | (0.46)% | 45% | $2822 |
| 2021 | $11.23 | (0.08) | 1.37 | 1.29 |  | (1.44) | (1.44) | $11.08 | 12.99% | 2.07% | (0.74)% | 40% | $5426 |
| 2020 | $11.00 | (0.11) | 2.46 | 2.35 |  | (2.12) | (2.12) | $11.23 | 25.84% | 2.07% | (1.14)% | 73% | $5302 |
| 2019 | $10.32 | (0.09) | 1.88 | 1.79 |  | (1.11) | (1.11) | $11.00 | 20.53% | 2.07% | (0.93)% | 68% | $4960 |
| 2018 | $11.77 | (0.08) | 0.10 | 0.02 |  | (1.47) | (1.47) | $10.32 | 0.27% | 2.07% | (0.71)% | 42% | $4662 |
| **R Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2022 | $13.79 | —<sup>(3)</sup> | (1.96) | (1.96) |  | (1.77) | (1.77) | $10.06 | (16.48)% | 1.60% | 0.04% | 45% | $6033 |
| 2021 | $13.55 | (0.03) | 1.71 | 1.68 |  | (1.44) | (1.44) | $13.79 | 13.71% | 1.57% | (0.24)% | 40% | $8411 |
| 2020 | $12.80 | (0.07) | 2.94 | 2.87 |  | (2.12) | (2.12) | $13.55 | 26.34% | 1.57% | (0.64)% | 73% | $8931 |
| 2019 | $11.75 | (0.05) | 2.21 | 2.16 |  | (1.11) | (1.11) | $12.80 | 21.24% | 1.57% | (0.43)% | 68% | $7448 |
| 2018 | $13.14 | (0.03) | 0.11 | 0.08 |  | (1.47) | (1.47) | $11.75 | 0.75% | 1.57% | (0.21)% | 42% | $6995 |

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | | | | | | | |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | |
| | | **Income From Investment Operations:** | **Income From Investment Operations:** | **Income From Investment Operations:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | | |
| | **Net Asset Value, Beginning**<br>**of Period**  | **Net**<br>**Investment Income**<br>**(Loss)**<sup>(1)</sup>  | **Net**<br>**Realized and Unrealized**<br>**Gain (Loss)**  | **Total From Investment Operations** | **Net**<br>**Investment Income**  | **Net**<br>**Realized**<br>**Gains**  | **Total Distributions** | **Net Asset Value,**<br>**End of Period**  | **Total**<br>**Return**<sup>(2)</sup>  | **Operating Expenses** | **Net**<br>**Investment Income**<br>**(Loss)**  | **Portfolio**<br>**Turnover**<br>**Rate**  | **Net Assets,**<br>**End of Period (in thousands)**  |
| **R5 Class** | | | | | | | | | | | | | |
| 2022 | $15.46 | 0.09 | (2.23) | (2.14) | (0.06) | (1.77) | (1.83) | $11.49 | (15.86)% | 0.90% | 0.74% | 45% | $9 |
| 2021 | $14.93 | 0.07 | 1.90 | 1.97 |  | (1.44) | (1.44) | $15.46 | 14.45% | 0.87% | 0.46% | 40% | $11 |
| 2020 | $13.84 | 0.01 | 3.23 | 3.24 | (0.03) | (2.12) | (2.15) | $14.93 | 27.21% | 0.87% | 0.06% | 73% | $9 |
| 2019 | $12.57 | 0.03 | 2.39 | 2.42 | (0.04) | (1.11) | (1.15) | $13.84 | 22.04% | 0.87% | 0.27% | 68% | $7 |
| 2018 | $13.90 | 0.06 | 0.12 | 0.18 | (0.04) | (1.47) | (1.51) | $12.57 | 1.52% | 0.87% | 0.49% | 42% | $6 |
| **R6 Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2022 | $15.59 | 0.11 | (2.26) | (2.15) | (0.08) | (1.77) | (1.85) | $11.59 | (15.79)% | 0.75% | 0.89% | 45% | $79749 |
| 2021 | $15.03 | 0.09 | 1.91 | 2.00 |  | (1.44) | (1.44) | $15.59 | 14.57% | 0.72% | 0.61% | 40% | $98318 |
| 2020 | $13.92 | 0.03 | 3.25 | 3.28 | (0.05) | (2.12) | (2.17) | $15.03 | 27.44% | 0.72% | 0.21% | 73% | $90433 |
| 2019 | $12.63 | 0.05 | 2.40 | 2.45 | (0.05) | (1.11) | (1.16) | $13.92 | 22.30% | 0.72% | 0.42% | 68% | $65850 |
| 2018 | $13.98 | 0.09 | 0.10 | 0.19 | (0.07) | (1.47) | (1.54) | $12.63 | 1.58% | 0.72% | 0.64% | 42% | $48147 |

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**Notes to Financial Highlights**

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

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

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

See Notes to Financial Statements.

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Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Directors of American Century World Mutual Funds, Inc.:

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

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Focused Global Growth Fund (the "Fund"), one of the funds constituting the American Century World Mutual Funds, Inc., as of November 30, 2022, the related statement 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 five 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 Focused Global Growth Fund of the American Century World Mutual Funds, Inc. as of November 30, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's 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 Fund 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 Fund is not required to have, nor were we engaged to perform, an audit of its 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 Fund's 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 November 30, 2022, 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

January 17, 2023

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

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Management

**The Board of Directors** 

The individuals listed below serve as directors of the funds. Each director will continue to serve in this capacity until death, retirement, resignation or removal from office. The board has adopted a mandatory retirement age for directors who are not "interested persons," as that term is defined in the Investment Company Act (independent directors). Independent directors shall retire on December 31 of the year in which they reach their 75<sup>th</sup> birthday.

Jonathan S. Thomas is an "interested person" because he currently serves as President and Chief Executive Officer of American Century Companies, Inc. (ACC), the parent company of American Century Investment Management, Inc. (ACIM or the advisor). The other directors (more than three-fourths of the total number) are independent. They are not employees, directors or officers of, and have no financial interest in, ACC or any of its wholly owned, direct or indirect, subsidiaries, including ACIM, American Century Investment Services, Inc. (ACIS) and American Century Services, LLC (ACS), and they do not have any other affiliations, positions or relationships that would cause them to be considered "interested persons" under the Investment Company Act. The directors serve in this capacity for seven (in the case of Jonathan S. Thomas, 16; and Stephen E. Yates, 8) registered investment companies in the American Century Investments family of funds.

The following table presents additional information about the directors. The mailing address for each director is 4500 Main Street, Kansas City, Missouri 64111.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name<br>(Year of Birth)** | **Position(s) Held with Funds** | **Length of Time Served** | **Principal Occupation(s) During Past 5 Years** | **Number of American Century Portfolios Overseen by Director** | **Other Directorships Held During Past 5 Years** |
| **Independent Directors** | **Independent Directors** | **Independent Directors** | **Independent Directors** | | |
| Thomas W. Bunn (1953) | Director | Since 2017 | Retired | 64 |  |
| Chris H. Cheesman <br>(1962) | Director | Since 2019 | Retired. Senior Vice President & Chief Audit Executive, AllianceBernstein (1999 to 2018) | 64 | Alleghany Corporation (2021 to 2022) |
| Barry Fink<br>(1955) | Director | Since 2012 (independent since 2016) | Retired | 64 |  |
| Rajesh K. Gupta <br>(1960) | Director | Since 2019 | Partner Emeritus, SeaCrest Investment Management and SeaCrest Wealth Management (2019 to present); Chief Executive Officer and Chief Investment Officer, SeaCrest Investment Management (2006 to 2019); Chief Executive Officer and Chief Investment Officer, SeaCrest Wealth Management (2008 to 2019) | 64 |  |

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------

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name<br>(Year of Birth)** | **Position(s) Held with Funds** | **Length of Time Served** | **Principal Occupation(s) During Past 5 Years** | **Number of American Century Portfolios Overseen by Director** | **Other Directorships Held During Past 5 Years** |
| **Independent Directors** | **Independent Directors** | **Independent Directors** | **Independent Directors** | | |
| Lynn Jenkins <br>(1963) | Director | Since 2019 | Consultant, LJ Strategies (2019 to present); United States Representative, U.S. House of Representatives (2009 to 2018) | 64 | MGP Ingredients, Inc. (2019 to 2021) |
| Jan M. Lewis<br>(1957) | Director and Board Chair | Since 2011 (Board Chair since 2022) | Retired | 64 |  |
| Stephen E. Yates<br>(1948) | Director | Since 2012 | Retired | 108 |  |
| **Interested Director** | **Interested Director** | **Interested Director** | **Interested Director** | **Interested Director** |  |
| Jonathan S. Thomas<br>(1963) | Director | Since 2007 | President and Chief Executive Officer, ACC (2007 to present). Also serves as Chief Executive Officer, ACS; Director, ACC and other ACC subsidiaries | 142 |  |

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The Statement of Additional Information has additional information about the fund's directors and is available without charge, upon request, by calling 1-800-345-2021.

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**Officers** 

The following table presents certain information about the executive officers of the funds. Each officer serves as an officer for each of the 16 (in the case of Robert J. Leach, 15) investment companies in the American Century family of funds. No officer is compensated for his or her service as an officer of the funds. The listed officers are interested persons of the funds and are appointed or re-appointed on an annual basis. The mailing address for each officer listed below is 4500 Main Street, Kansas City, Missouri 64111.

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| | | |
|:---|:---|:---|
| **Name <br>(Year of Birth)** | **Offices with the Funds** | **Principal Occupation(s) During the Past Five Years** |
| Patrick Bannigan<br>(1965) | President since 2019 | Executive Vice President and Director, ACC (2012 to present); Chief Financial Officer, Chief Accounting Officer and Treasurer, ACC (2015 to present). Also serves as President, ACS; Vice President, ACIM; Chief Financial Officer, Chief Accounting Officer and/or Director, ACIM, ACS and other ACC subsidiaries |
| R. Wes Campbell<br>(1974) | Chief Financial Officer and Treasurer since 2018 | Vice President, ACS, (2020 to present); Investment Operations and Investment Accounting, ACS (2000 to present) |
| Amy D. Shelton<br>(1964) | Chief Compliance Officer and Vice President since 2014 | Chief Compliance Officer, American Century funds, (2014 to present); Chief Compliance Officer, ACIM (2014 to present); Chief Compliance Officer, ACIS (2009 to present). Also serves as Vice President, ACIS |
| John Pak<br>(1968) | General Counsel and Senior Vice President since 2021 | General Counsel and Senior Vice President, ACC (2021 to present). Also serves as General Counsel and Senior Vice President, ACIM, ACS and ACIS. Chief Legal Officer of Investment and Wealth Management, The Bank of New York Mellon (2014 to 2021) |
| C. Jean Wade<br>(1964) | Vice President since 2012 | Senior Vice President, ACS (2017 to present); Vice President, ACS (2000 to 2017) |
| Robert J. Leach<br>(1966) | Vice President since 2006 | Vice President, ACS (2000 to present) |
| David H. Reinmiller<br>(1963) | Vice President since 2000 | Attorney, ACC (1994 to present). Also serves as Vice President, ACIM and ACS |
| Ward D. Stauffer<br>(1960) | Secretary since 2005 | Attorney, ACC (2003 to present) |

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Approval of Management Agreement

At a meeting held on June 29, 2022, the Fund's 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 the Fund. Under Section 15(c) of 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, each year.

Prior to its consideration of the renewal of the management agreement, the Directors requested and reviewed data and information compiled by the Advisor and certain independent data providers concerning the Fund. This review was in addition to the oversight and evaluation undertaken by the Board and its committees on a continual basis and the information received was supplemental to the information that the Board and its committees receive and consider throughout the year.

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, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the nature, extent, and quality of investment management, shareholder services, and other services provided and to be provided to the Fund including without limitation portfolio management and trading services, shareholder and intermediary services, compliance and legal services, fund accounting and financial reporting, and fund share distribution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the wide range of other programs and services provided to the Fund and its shareholders on a routine and non-routine basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Fund's investment performance, including data comparing the Fund's performance to an appropriate benchmark(s) and peer group of other mutual funds with similar investment objectives and strategies;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Advisor's strategic plans, generally, and with respect to the ongoing impact of the COVID-19 pandemic response, heightened areas of interest in the mutual fund industry and recent geopolitical issues;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• financial data showing the cost of services provided to the Fund, the profitability of the Fund to the Advisor, and the overall profitability of the Advisor;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• acquired fund fees and expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• payments and practices in connection with financial intermediaries holding shares of the Fund and the services provided by intermediaries in connection therewith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• possible collateral benefits to the Advisor from the management of the Fund.

The Board held four meetings to consider the renewal. The independent Directors also met in private session multiple times to review and discuss the information provided in response to their request. The independent Directors held active discussions with the Advisor regarding the renewal of the management agreement, requesting supplemental information, and reviewing information provided by the Advisor in response thereto. The independent Directors had the benefit of the advice of their independent counsel throughout the process.

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**Factors Considered** 

The Directors considered all of the information provided by the Advisor, the independent data providers, and independent counsel in connection with the approval. They determined that the information was sufficient for them to evaluate the management agreement for the Fund. 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 without limitation the following:

**Nature, Extent and Quality of Services — Generally.** Under the management agreement, the Advisor is responsible for providing or arranging for all services necessary for the operation of the Fund. The Board noted that the Advisor provides or arranges at its own expense a wide variety of services which include, without limitation, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• constructing and designing the 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 the 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 cyber 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 the 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 the Fund is quite complex and allows Fund shareholders access to professional money management, instant diversification of their investments within an asset class, 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 the Fund in accordance with its investment objectives and principal investment strategies. Further, the Directors recognize that the Advisor has an obligation to monitor trading activities, and in particular to seek the best execution of Fund trades, and to evaluate the use of and payment for research. In providing these services, the Advisor utilizes teams of investment professionals (portfolio managers, analysts, research assistants, and securities traders) who require extensive information technology, research, training, compliance, and other systems to conduct their business. The Board, directly and through its Fund Performance Review Committee, provides oversight of the investment performance process. It regularly reviews investment performance information for the 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, the Board discusses with the Advisor the reasons for such results (e.g., market conditions, security selection) and any actions being taken to improve performance, and may conduct special reviews until performance improves. The Fund's performance was above its benchmark for the three-, five-, and ten-year periods and below its benchmark for the one-year period reviewed by the Board. The Board found the investment

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management services provided by the Advisor to the Fund to be satisfactory and consistent with the management agreement.

**Shareholder and Other Services.** Under the management agreement, the Advisor provides the 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 cyber security), new products and services offered to Fund shareholders, securities trading activities, portfolio valuation services, auditing services, and legal and operational compliance activities. The Board found the services provided by the Advisor to the 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 Fund, its profitability in managing the Fund (pre- and post-distribution), its overall profitability, and its financial condition. 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 current management fee. The Board concluded that the Advisor's profits were reasonable in light of the services provided to the Fund.

**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 the 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 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 content and services. The Board also noted that economies of scale are shared with the Fund and its shareholders through management fee breakpoints that serve to reduce the effective management fee as the assets of the Fund grow. Assets of various classes of the same Fund or similarly-managed products are combined with the assets of the Fund to help achieve those breakpoints.

**Comparison to Other Funds' Fees.** The management agreement provides that the Fund pays the Advisor a single, all-inclusive (or unified) management fee for providing all services necessary for the management and operation of the Fund, other than securities transaction expenses, taxes, interest, extraordinary expenses, fees and expenses of the Fund's 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 the unified fee structure, the Advisor is responsible for providing all 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, distribution charges, 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 Fund 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 the Fund's unified fee to the total expense ratios of its peers. The

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unified fee charged to shareholders of the Fund was below the median of the total expense ratios of the Fund's peer expense universe. In addition, the Board reviewed the Fund's position relative to the narrower set of its expense group peers. The Board concluded that the management fee paid by the 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 Fund. They observed that these varying types of client accounts require different services and involve different regulatory and entrepreneurial risks than the management of the Fund. The Board analyzed this information and concluded that the fees charged and services provided to the Fund were reasonable by comparison.

**Payments to Intermediaries.** The Directors also requested and received a description of payments made to intermediaries by the Fund and the Advisor and services provided in response thereto. These payments include various payments made by the Fund or the Advisor to different types of intermediaries and recordkeepers for distribution and service activities provided for the Fund. The Directors reviewed such information and received representations from the Advisor that all such payments by the 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 Fund. They concluded 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. To the extent there are potential collateral benefits, the Board has been advised and has taken this into consideration in its review of the management contract with the Fund. The Board noted that additional assets from other clients may offer the Advisor some benefit from increased leverage with service providers and counterparties. Additionally, the Advisor may receive proprietary research from broker-dealers that execute fund portfolio transactions, which the Board concluded is likely to benefit other clients of the Advisor, as well as Fund shareholders. The Board also determined that the Advisor is able to provide investment management services to certain clients other than the Fund, at least in part, due to its existing infrastructure built to serve the fund complex. The Board concluded that appropriate allocation methodologies had been employed to assign resources and the cost of those resources to these other clients and, where expressly provided, these other client assets may be included with the assets of the Fund to determine breakpoints in the 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 the 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 Fund 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 Fund.

**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 throughout the year, determined that the terms of the management agreement are fair and reasonable and that the management fee charged to the Fund is reasonable in light of the services provided and that the management agreement between the Fund and the Advisor should be renewed for an additional one-year period.

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Proxy Voting Results

A special meeting of shareholders was held on October 13, 2022, to vote on the following proposal. The proposal received the required votes and was adopted. A summary of voting results is listed below.

To elect five directors to the Board of Directors of American Century World Mutual Funds, Inc.:

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| | | |
|:---|:---|:---|
| | **Affirmative** | **Withhold** |
| Brian Bulatao | $5038086505 | $96122848 |
| Chris H. Cheesman | $5044845654 | $89363699 |
| Rajesh K. Gupta | $5040147195 | $94062158 |
| Lynn M. Jenkins | $5034492760 | $99716593 |
| Gary C. Meltzer | $5042384480 | $91824873 |

---

The other directors whose term of office continued after the meeting include Jonathan S. Thomas, Thomas W. Bunn, Barry Fink, Jan M. Lewis, and Stephen E. Yates.

------

Additional Information

**Retirement Account Information** 

As required by law, distributions you receive from certain retirement accounts are subject to federal income tax withholding at the IRS default rate of 10%.\* Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.

You may elect a different withholding rate, or request zero withholding, by submitting an acceptable IRS Form W-4R election with your distribution request. You may notify us of your W-4R election by telephone, on our distribution forms, on IRS Form W-4R, or through other acceptable electronic means. If your withholding election is for an automatic withdrawal plan, you have the right to revoke your election at any time and any election you make will remain in effect until revoked by filing a new election.

Remember, even if you elect not to have income tax withheld, you are liable for paying income tax on the taxable portion of your withdrawal. If you elect not to have income tax withheld or you don't have enough income tax withheld, you may be responsible for payment of estimated tax. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are not sufficient. You can reduce or defer the income tax on a distribution by directly or indirectly rolling such distribution over to another IRA or eligible plan. You should consult your tax advisor for additional information.

State tax will be withheld according to state regulations if, at the time of your distribution, your tax residency is within one of the mandatory withholding states.

\*Some 403(b), 457 and qualified retirement plan distributions may be subject to 20% mandatory withholding, as they are subject to special tax and withholding rules. Your plan administrator or plan sponsor is required to provide you with a special tax notice explaining those rules at the time you request a distribution. If applicable, federal and/or state taxes may be withheld from your distribution amount.

**Proxy Voting Policies** 

A description of the policies that the fund's investment advisor uses in exercising the voting rights associated with the securities purchased and/or held by the fund is available without charge, upon request, by calling 1-800-345-2021. It is also available on American Century Investments' website at americancentury.com/proxy and on the Securities and Exchange Commission's website at sec.gov. Information regarding how the investment advisor voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on americancentury.com/proxy. It is also available at sec.gov.

**Quarterly Portfolio Disclosure** 

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. These portfolio holdings are available on the fund's website at americancentury.com and, upon request, by calling 1-800-345-2021. The fund's Form N-PORT reports are available on the SEC's website at sec.gov.

------

**Other Tax Information**

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

The fund hereby designates up to the maximum amount allowable as qualified dividend income for the fiscal year ended November 30, 2022.

For corporate taxpayers, the fund hereby designates $3,396,811, or up to the maximum amount allowable, of ordinary income distributions paid during the fiscal year ended November 30, 2022 as qualified for the corporate dividends received deduction.

The fund hereby designates $79,558,350, or up to the maximum amount allowable, as long-term capital gain distributions (20% rate gain distributions) for the fiscal year ended November 30, 2022.

The fund hereby designates $7,668,490 as qualified short-term capital gain distributions for purposes of Internal Revenue Code Section 871 for the fiscal year ended November 30, 2022.

------

Notes

------

------

---

| | |
|:---|:---|
| ![image12.jpg](image12.jpg) | ![image12.jpg](image12.jpg) |
| Contact Us | americancentury.com |
| Automated Information Line | 1-800-345-8765 |
| Investor Services Representative | 1-800-345-2021<br>or 816-531-5575 |
| Investors Using Advisors | 1-800-378-9878 |
| Business, Not-For-Profit, Employer-Sponsored Retirement Plans | 1-800-345-3533 |
| Banks and Trust Companies, Broker-Dealers, Financial Professionals, Insurance Companies | 1-800-345-6488 |
| Telecommunications Relay Service for the Deaf | 711 |
| **American Century World Mutual Funds, Inc.** | **American Century World Mutual Funds, Inc.** |
| **Investment Advisor:**<br>American Century Investment Management, Inc.<br>Kansas City, Missouri | **Investment Advisor:**<br>American Century Investment Management, Inc.<br>Kansas City, Missouri |
| *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.* |
| **©2023 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-ANN-91028 2301** | **©2023 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-ANN-91028 2301** |

---

------

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

![image12.jpg](image12.jpg)

---

| |
|:---|
| Annual Report |
| November 30, 2022 |
| Focused International Growth Fund |
| &nbsp;&nbsp;&nbsp;Investor Class (AFCNX) |
| &nbsp;&nbsp;&nbsp;I Class (AFCSX) |
| &nbsp;&nbsp;&nbsp;A Class (AFCLX) |
| &nbsp;&nbsp;&nbsp;C Class (AFCHX) |
| &nbsp;&nbsp;&nbsp;R Class (AFCWX) |
| &nbsp;&nbsp;&nbsp;R6 Class (AFCMX) |
| &nbsp;&nbsp;&nbsp;G Class (AFCGX) |

---

------

------

**Table of Contents**

---

| | |
|:---|:---|
| President's Letter | [2](#icac732f9dea047f6825ef6d9a4af07ac_214) |
| Performance | [3](#icac732f9dea047f6825ef6d9a4af07ac_217) |
| Portfolio Commentary | [5](#icac732f9dea047f6825ef6d9a4af07ac_220) |
| Fund Characteristics | [7](#icac732f9dea047f6825ef6d9a4af07ac_223) |
| Shareholder Fee Example | [8](#icac732f9dea047f6825ef6d9a4af07ac_226) |
| Schedule of Investments | [10](#icac732f9dea047f6825ef6d9a4af07ac_229) |
| Statement of Assets and Liabilities | [13](#icac732f9dea047f6825ef6d9a4af07ac_235) |
| Statement of Operations | [14](#icac732f9dea047f6825ef6d9a4af07ac_238) |
| Statement of Changes in Net Assets | [15](#icac732f9dea047f6825ef6d9a4af07ac_241) |
| Notes to Financial Statements | [16](#icac732f9dea047f6825ef6d9a4af07ac_244) |
| Financial Highlights | [23](#icac732f9dea047f6825ef6d9a4af07ac_247) |
| Report of Independent Registered Public Accounting Firm | [27](#icac732f9dea047f6825ef6d9a4af07ac_250) |
| Management | [28](#icac732f9dea047f6825ef6d9a4af07ac_253) |
| Approval of Management Agreement | [31](#icac732f9dea047f6825ef6d9a4af07ac_256) |
| Proxy Voting Results | [35](#icac732f9dea047f6825ef6d9a4af07ac_262) |
| Additional Information | [36](#icac732f9dea047f6825ef6d9a4af07ac_265) |

---

Any opinions expressed in this report reflect those of the author as of the date of the report, and do not necessarily represent the opinions of American Century Investments<sup>®</sup> or any other person in the American Century Investments organization. Any such opinions are subject to change at any time based upon market or other conditions and American Century Investments disclaims any responsibility to update such opinions. These opinions may not be relied upon as investment advice and, because investment decisions made by American Century Investments funds are based on numerous factors, may not be relied upon as an indication of trading intent on behalf of any American Century Investments fund. Security examples are used for representational purposes only and are not intended as recommendations to purchase or sell securities. Performance information for comparative indices and securities is provided to American Century Investments by third party vendors. To the best of American Century Investments' knowledge, such information is accurate at the time of printing.

------

President's Letter

![image14.jpg](image14.jpg) **Jonathan Thomas**

Dear Investor:

Thank you for reviewing this annual report for the period ending November 30, 2022. Annual reports help convey important information about fund returns, including market factors that affected performance. For additional investment insights, please visit americancentury.com.

**High Inflation, Rising Rates Fueled Volatility**

The global economic and investment backdrops faced several challenges during the 12-month period. Concerns began to surface early in the fiscal year, as central banks finally admitted inflation was entrenched rather than transitory. Investors grew more cautious amid growing expectations for less accommodative monetary policy in the new year.

By early 2022, inflation soared to levels last seen in the early 1980s. Massive fiscal and monetary support unleashed during the pandemic was partly to blame. In addition, escalating energy prices, supply chain breakdowns, labor market shortages and Russia's invasion of Ukraine further aggravated the inflation backdrop, particularly in Europe.

The Bank of England responded to surging inflation in late 2021 with a 0.15 percentage point rate hike. Policymakers raised rates another 2.75 percentage points through the end of November. The Federal Reserve waited until March 2022 to launch its inflation-fighting campaign, hiking rates 3.75 percentage points by period-end. Meanwhile, the European Central Bank (ECB) held off until July. Facing record-high inflation, the ECB raised rates 2 percentage points through November.

In addition to advancing recession risk, the combination of elevated inflation and hawkish central banks led to losses for most developed and emerging markets stock indices. A late-period rally, triggered by expectations for central banks to slow their pace of tightening, helped stocks recover some earlier losses. Overall, developed markets stocks generally fared better than emerging markets stocks, and the value style generally outpaced the growth style.

**Staying Disciplined in Uncertain Times**

We expect market volatility to linger as investors navigate a complex environment of high inflation, rising interest rates and economic uncertainty. In addition, Russia's invasion of Ukraine complicates an increasingly tense geopolitical backdrop and threatens global energy markets. We will continue to monitor this evolving situation and what it broadly means for investors across asset classes.

We appreciate your confidence in us during these extraordinary times. Our firm has a long history of helping clients weather unpredictable markets, and we're confident we will continue to meet today's challenges.

Sincerely,

![image48a30.jpg](image48a30.jpg)

Jonathan Thomas

President and Chief Executive Officer

American Century Investments

------

Performance

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Total Returns as of November 30, 2022** | **Total Returns as of November 30, 2022** | **Total Returns as of November 30, 2022** | **Total Returns as of November 30, 2022** | | |
| | | | **Average Annual Returns** | **Average Annual Returns** | |
| | **Ticker<br>Symbol** | **1 year** | **5 years** | **Since<br>Inception** | **Inception**<br>**Date**  |
| **Investor Class** | AFCNX | -22.71% | 4.67% | 7.51% | 3/29/16 |
| **MSCI ACWI ex-U.S. Index** |  | -11.87% | 1.48% | 5.49% |  |
| I Class | AFCSX | -22.59% | 4.86% | 7.72% | 3/29/16 |
| A Class | AFCLX |  |  |  | 3/29/16 |
| &nbsp;&nbsp;No sales charge |  | -22.94% | 4.39% | 7.23% |  |
| &nbsp;&nbsp;With sales charge |  | -27.37% | 3.16% | 6.28% |  |
| C Class | AFCHX | -23.54% | 3.61% | 6.44% | 3/29/16 |
| R Class | AFCWX | -23.15% | 4.13% | 6.96% | 3/29/16 |
| R6 Class | AFCMX | -22.44% | 5.03% | 7.88% | 3/29/16 |
| G Class | AFCGX | -21.92% |  | 7.27% | 4/1/19 |

---

G Class returns would have been lower if a portion of the fees had not been waived.

Sales charges include initial sales charges and contingent deferred sales charges (CDSCs), as applicable. A Class shares have a 5.75% maximum initial sales charge and may be subject to a maximum CDSC of 1.00%. C Class shares redeemed within 12 months of purchase are subject to a maximum CDSC of 1.00%. The SEC requires that mutual funds provide performance information net of maximum sales charges in all cases where charges could be applied.

**Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-800-345-2021 or visit americancentury.com. For additional information about the fund, please consult the prospectus.**

------

---

| |
|:---|
| **Growth of $10,000 Over Life of Class** |
| **$10,000 investment made March 29, 2016** |
| Performance for other share classes will vary due to differences in fee structure. |

---

![chart-2e5fad1d792a4265845a.jpg](chart-2e5fad1d792a4265845a.jpg)

---

| |
|:---|
| Value on November 30, 2022 |
| Investor Class — $16,216 |
| Investor Class — $16,216 |
| MSCI ACWI ex-U.S. Index — $14,288 |
| MSCI ACWI ex-U.S. Index — $14,288 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Total Annual Fund Operating Expenses**  | **Total Annual Fund Operating Expenses**  | **Total Annual Fund Operating Expenses**  | **Total Annual Fund Operating Expenses**  | | | |
| **Investor Class** | **I Class** | **A Class** | **C Class**  | **R Class** | **R6 Class** | **G Class** |
| 1.10% | 0.90% | 1.35% | 2.10% | 1.60% | 0.75% | 0.75% |

---

The total annual fund operating expenses shown is as stated in the fund's prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.

**Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-800-345-2021 or visit americancentury.com. For additional information about the fund, please consult the prospectus.**

------

Portfolio Commentary

**Portfolio Managers: Raj Gandhi and Jim Zhao**

**Performance Summary**

Focused International Growth returned -22.71%\* for the fiscal year ended November 30, 2022, underperforming its benchmark, the MSCI ACWI ex-U.S. Index, which returned -11.87%.

Portfolio holdings across a broad range of sectors, including information technology, materials, industrials and financials detracted from the fund's relative performance, as did a lack of exposure to the energy sector. Conversely, overweight positioning in the health care sector and stock selection within utilities contributed to relative returns. From a country perspective, Switzerland, Japan and France ranked among the top detractors, while a lack of exposure to Russia and an underweight to China proved beneficial.

Rising inflation and aggressive central bank policy responses led investors to turn away from higher-multiple growth stocks early in 2022, which created a considerable headwind for the portfolio. Russia's invasion of Ukraine exacerbated supply chain disruptions, accelerated energy price increases and raised geopolitical tensions—all of which weighed heavily on non-U.S. equities. Although supply chain issues and energy prices moderated somewhat in the second half of the period, persistent inflation and hawkish monetary policy enacted by central banks to combat it increased investor concerns about the possibility of a recession and a more difficult environment for earnings growth.

**Macroeconomic Concerns Weighed on Earnings Expectations** 

Among information technology holdings, IT services companies detracted the most. Shopify declined amid lowered earnings estimates as the company faced an extremely tough consumer environment due to higher inflation and increased competition from Amazon's new Buy with Prime service. We sold the stock. A softening consumer backdrop also weighed on payment processor Adyen's near-term estimates. The stock weakened along with much of the sector as higher interest rates hurt high-growth, high-multiple stocks.

Within the materials sector, chemicals firms such as Koninklijke DSM and Sika hindered performance. DSM's stock weakened on disappointing reported results for the first half of 2022. Although the firm achieved organic growth in the low double digits, the numbers implied a slowdown. Consensus earnings estimates for Sika declined amid higher interest rates and concerns about high input costs potentially weighing on profitability. A lack of exposure to metals and mining stocks, which rose on higher commodities prices, also proved a drag on the portfolio's relative performance.

Industrials holdings also declined, particularly professional services companies such as Teleperformance and Recruit Holdings. The stock of Teleperformance fell following news that Colombia's Ministry of Labor is investigating the company for alleged union busting, poor working conditions and low pay. However, management has strongly argued that the allegations are extremely misleading. Human resources technology company Recruit Holdings, which owns Indeed and Glassdoor, saw its stock weaken amid fears about the potential risk to profits from a normalizing job market. We sold the stock.

Among financials, our positions in Partners Group Holding and Erste Group Bank detracted notably. Partners Group declined on concerns that lower stock market valuations would depress performance fees tied to the realized value of private equity investments and rising interest rates would pressure business operations. We sold the stock. Erste Group Bank weakened amid risks

\*All fund returns referenced in this commentary are for Investor Class shares. Performance for other share classes will vary due to differences in fee structure; when Investor Class performance exceeds that of the fund's benchmark, other share classes may not. See page 3 for returns for all share classes.

------

from rising energy prices, high inflation and slowing growth. We exited our position as macroeconomic deterioration put downward pressure on earnings forecasts, and we believed

slowing economic growth in central and Eastern Europe would likely impact loan demand.

On the upside, overweight positioning in health care contributed. Pharmaceutical companies AstraZeneca and Novo Nordisk showed particular strength. Successful clinical trials and emerging pipeline assets supported AstraZeneca's strategic direction in oncology, while Novo Nordisk's continued success with obesity and diabetes drugs propelled investor optimism for positive earnings results.

**Portfolio Positioning**

We remain committed to our disciplined, bottom-up process of identifying companies exhibiting accelerating, sustainable growth. During the year, we reduced exposure to more cyclical-related companies as the broader cyclical recovery wound down, but we retained our focus on names with company-specific growth drivers. We continue to see opportunities in companies positioned to benefit from secular growth trends such as digitalization, automation, energy transition, health care innovation and healthy lifestyle choices. Demand for premium brands remains strong despite rising inflation, supporting names in apparel, spirits and automobiles. Digitalization benefits technology holdings exposed to IT services growth, artificial intelligence, cloud computing, automation, digital payments and software. Health care holdings include innovative companies using technology, equipment and outsourcing to provide improved cost and delivery efficiencies.

As a result of our bottom-up stock selection process, we are notably overweight to health care and underweight to financials. Geographically, we retain a large exposure to European stocks. We are underweight to Asia in general, especially China and Japan.

------

Fund Characteristics

---

| | |
|:---|:---|
| **NOVEMBER 30, 2022** | |
| **Types of Investments in Portfolio**  | **% of net assets** |
| Common Stocks | 96.8% |
| Short-Term Investments | 3.6% |
| Other Assets and Liabilities | (0.4)% |
| **Top Five Countries** | **% of net assets** |
| France | 21.0% |
| United Kingdom | 11.2% |
| Japan | 7.8% |
| Germany | 6.8% |
| Netherlands | 6.7% |

---

------

Shareholder Fee Example

Fund shareholders may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and redemption/exchange fees; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in your fund and to compare these costs with the ongoing cost of investing in other mutual funds.

The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from June 1, 2022 to November 30, 2022.

**Actual Expenses**

The table provides information about actual account values and actual expenses for each class. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. First, identify the share class you own. Then simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

If you hold Investor Class shares of any American Century Investments mutual fund, or I Class shares of the American Century Diversified Bond Fund, in an American Century Investments account (i.e., not through a financial intermediary or employer-sponsored retirement plan account), American Century Investments may charge you a $25 annual account maintenance fee if the value of those shares is less than $10,000. We will redeem shares automatically in one of your accounts to pay the $25 fee. In determining your total eligible investment amount, we will include your investments in all personal accounts (including American Century Investments brokerage accounts) registered under your Social Security number. Personal accounts include individual accounts, joint accounts, UGMA/UTMA accounts, personal trusts, Coverdell Education Savings Accounts and IRAs (including traditional, Roth, Rollover, SEP-, SARSEP- and SIMPLE-IRAs), and certain other retirement accounts. If you have only business, business retirement, employer-sponsored or American Century Investments brokerage accounts, you are currently not subject to this fee. If you are subject to the account maintenance fee, your account value could be reduced by the fee amount.

**Hypothetical Example for Comparison Purposes**

The table also provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio of each class of your fund and an assumed rate of return of 5% per year before expenses, which is not the actual return of a fund's share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or redemption/exchange fees. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Beginning<br>Account Value<br>6/1/22** | **Ending <br>Account Value<br>11/30/22** | **Expenses Paid**<br>**During Period**<sup>(1)</sup><br>**6/1/22 - 11/30/22** | **Annualized**<br>**Expense Ratio**<sup>(1)</sup> |
| **Actual**  | | | | |
| Investor Class | $1000 | $992.10 | $5.54 | 1.11% |
| I Class | $1000 | $992.80 | $4.55 | 0.91% |
| A Class | $1000 | $990.70 | $6.79 | 1.36% |
| C Class | $1000 | $986.90 | $10.51 | 2.11% |
| R Class | $1000 | $989.30 | $8.03 | 1.61% |
| R6 Class | $1000 | $993.50 | $3.80 | 0.76% |
| G Class | $1000 | $996.80 | $0.10 | 0.02% |
| **Hypothetical** |  |  |  |  |
| Investor Class | $1000 | $1019.50 | $5.62 | 1.11% |
| I Class | $1000 | $1020.51 | $4.61 | 0.91% |
| A Class | $1000 | $1018.25 | $6.88 | 1.36% |
| C Class | $1000 | $1014.49 | $10.66 | 2.11% |
| R Class | $1000 | $1017.00 | $8.14 | 1.61% |
| R6 Class | $1000 | $1021.26 | $3.85 | 0.76% |
| G Class | $1000 | $1024.97 | $0.10 | 0.02% |

---

(1)Expenses are equal to the class's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 183, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses.

------

Schedule of Investments

**NOVEMBER 30, 2022**

---

| | | |
|:---|:---|:---|
|<br>**COMMON STOCKS — 96.8%** | **Shares** | **Value** |
| **Australia — 3.4%** | | |
| CSL Ltd. | 13500 | $2773690 |
| **Brazil — 0.8%** |  |  |
| Sendas Distribuidora SA | 166800 | 632891 |
| **Canada — 5.9%** |  |  |
| Canadian Pacific Railway Ltd. | 38940 | 3188092 |
| GFL Environmental, Inc. | 59219 | 1715575 |
|  |  | 4903667 |
| **China — 2.6%** |  |  |
| Li Ning Co. Ltd. | 262500 | 2109581 |
| **Denmark — 4.3%** |  |  |
| Novo Nordisk A/S, B Shares | 28417 | 3564573 |
| **France — 21.0%** |  |  |
| Air Liquide SA | 11491 | 1672987 |
| Bureau Veritas SA | 79090 | 2074188 |
| Capgemini SE | 11780 | 2129793 |
| Dassault Systemes SE | 31850 | 1187600 |
| EssilorLuxottica SA | 10560 | 1971934 |
| LVMH Moet Hennessy Louis Vuitton SE | 3260 | 2529853 |
| Pernod Ricard SA | 4840 | 960187 |
| Schneider Electric SE | 17860 | 2637460 |
| Teleperformance | 2340 | 534179 |
| Thales SA | 13340 | 1706520 |
|  |  | 17404701 |
| **Germany — 6.8%** |  |  |
| Infineon Technologies AG | 47455 | 1594035 |
| Mercedes-Benz Group AG | 16990 | 1154355 |
| Puma SE | 18330 | 948644 |
| Symrise AG | 16680 | 1913008 |
|  |  | 5610042 |
| **Hong Kong — 2.3%** |  |  |
| AIA Group Ltd. | 191000 | 1939529 |
| **India — 2.4%** |  |  |
| HDFC Bank Ltd., ADR | 27710 | 1955495 |
| **Indonesia — 2.8%** |  |  |
| Bank Central Asia Tbk PT | 3905900 | 2320411 |
| **Ireland — 2.5%** |  |  |
| ICON PLC<sup>(1)</sup> | 9420 | 2029445 |
| **Italy — 2.1%** |  |  |
| Ferrari NV | 7890 | 1761063 |
| **Japan — 7.8%** |  |  |
| Keyence Corp. | 5300 | 2242599 |
| Kose Corp. | 10900 | 1164110 |
| MonotaRO Co. Ltd. | 85000 | 1470523 |
| Nintendo Co. Ltd. | 37600 | 1612178 |
|  |  | 6489410 |
| **Netherlands — 6.7%** |  |  |
| Adyen NV<sup>(1)</sup> | 1069 | 1684016 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Koninklijke DSM NV | 13740 | $1782123 |
| Universal Music Group NV | 87000 | 2068926 |
|  |  | 5535065 |
| **Spain — 4.1%** |  |  |
| Cellnex Telecom SA | 35870 | 1233516 |
| Iberdrola SA | 191244 | 2160563 |
|  |  | 3394079 |
| **Sweden — 1.5%** |  |  |
| Hexagon AB, B Shares | 110110 | 1259145 |
| **Switzerland — 6.1%** |  |  |
| Alcon, Inc. | 24213 | 1669720 |
| Lonza Group AG | 4080 | 2146456 |
| Sika AG | 4800 | 1226690 |
|  |  | 5042866 |
| **Taiwan — 2.5%** |  |  |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 130000 | 2087780 |
| **United Kingdom — 11.2%** |  |  |
| Ashtead Group PLC | 25350 | 1547228 |
| AstraZeneca PLC | 20140 | 2725761 |
| Compass Group PLC | 73700 | 1680208 |
| HSBC Holdings PLC | 360400 | 2197226 |
| Segro PLC | 118860 | 1150247 |
|  |  | 9300670 |
| **TOTAL COMMON STOCKS**<br>(Cost $80,427,870) |  | **80114103** |
| **SHORT-TERM INVESTMENTS — 3.6%** |  |  |
| **Money Market Funds**<sup>†</sup> |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 1922 | 1922 |
| **Repurchase Agreements — 3.6%** |  |  |
| BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 2.00% - 3.375%, 2/15/25 - 5/15/51, valued at $778,885), in a joint trading account at 3.74%, dated 11/30/22, due 12/1/22 (Delivery value $764,400) |  | 764321 |
| Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 3.875%, 11/30/29, valued at $2,247,104), at 3.77%, dated 11/30/22, due 12/1/22 (Delivery value $2,203,231) |  | 2203000 |
|  |  | 2967321 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $2,969,243) |  | **2969243** |
| **TOTAL INVESTMENT SECURITIES—100.4%**<br>(Cost $83,397,113) |  | **83083346** |
| **OTHER ASSETS AND LIABILITIES — (0.4)%** |  | **(319686)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**82763660** |

---

------

---

| | |
|:---|:---|
| **MARKET SECTOR DIVERSIFICATION** | **MARKET SECTOR DIVERSIFICATION** |
| **(as a % of net assets)**  | |
| Health Care | 20.5% |
| Industrials | 18.0% |
| Information Technology | 14.6% |
| Consumer Discretionary | 12.3% |
| Financials | 10.1% |
| Materials | 8.0% |
| Communication Services | 5.9% |
| Consumer Staples | 3.4% |
| Utilities | 2.6% |
| Real Estate | 1.4% |
| Short-Term Investments | 3.6% |
| Other Assets and Liabilities | (0.4)% |

---

---

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

---

†Category is less than 0.05% of total net assets.

(1)Non-income producing.

See Notes to Financial Statements.

------

Statement of Assets and Liabilities

---

| | |
|:---|:---|
| **NOVEMBER 30, 2022** | |
| **Assets** | |
| Investment securities, at value (cost of $83,397,113) | $83083346 |
| Foreign currency holdings, at value (cost of $11) | 12 |
| Receivable for investments sold | 1614 |
| Receivable for capital shares sold | 292614 |
| Dividends and interest receivable | 86254 |
| Securities lending receivable | 874 |
|  | 83464714 |
| **Liabilities** |  |
| Payable for investments purchased | 610712 |
| Payable for capital shares redeemed | 47384 |
| Accrued management fees | 39869 |
| Distribution and service fees payable | 481 |
| Accrued other expenses | 2608 |
|  | 701054 |
| **Net Assets** | $82763660 |
| **Net Assets Consist of:** |  |
| Capital (par value and paid-in surplus) | $90617400 |
| Distributable earnings | (7853740) |
|  | $82763660 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Net Assets** | **Shares Outstanding** | **Net Asset Value Per Share\*** |
| Investor Class, $0.01 Par Value | $15027914 | 994976 | $15.10 |
| I Class, $0.01 Par Value | $33730886 | 2212364 | $15.25 |
| A Class, $0.01 Par Value | $97766 | 6555 | $14.91 |
| C Class, $0.01 Par Value | $48353 | 3384 | $14.29 |
| R Class, $0.01 Par Value | $1103772 | 74898 | $14.74 |
| R6 Class, $0.01 Par Value | $5926914 | 386344 | $15.34 |
| G Class, $0.01 Par Value | $26828055 | 1707782 | $15.71 |

---

\*Maximum offering price per share was equal to the net asset value per share for all share classes, except Class A, for which the maximum offering price per share was $15.82 (net asset value divided by 0.9425). A contingent deferred sales charge may be imposed on redemptions of Class A and Class C.

See Notes to Financial Statements.

------

Statement of Operations

---

| | |
|:---|:---|
| **YEAR ENDED NOVEMBER 30, 2022** | **YEAR ENDED NOVEMBER 30, 2022** |
| **Investment Income (Loss)** | |
| **Income:** | |
| Dividends (net of foreign taxes withheld of $91,961) | $1060206 |
| Interest | 25980 |
| Securities lending, net | 6999 |
|  | 1093185 |
| **Expenses:** |  |
| Management fees | 576093 |
| Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class | 217 |
| &nbsp;&nbsp;&nbsp;&nbsp;C Class | 484 |
| &nbsp;&nbsp;&nbsp;&nbsp;R Class | 5198 |
| Directors' fees and expenses | 1739 |
| Other expenses | 5076 |
|  | 588807 |
| Fees waived - G Class | (157103) |
|  | 431704 |
| **Net investment income (loss)** | 661481 |
| **Realized and Unrealized Gain (Loss)** |  |
| **Net realized gain (loss) on:** |  |
| Investment transactions | (8078323) |
| Foreign currency translation transactions | (11270) |
|  | (8089593) |
| **Change in net unrealized appreciation (depreciation) on:** |  |
| Investments | (8203628) |
| Translation of assets and liabilities in foreign currencies | (7832) |
|  | (8211460) |
| **Net realized and unrealized gain (loss)** | (16301053) |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $(15639572) |

---

See Notes to Financial Statements.

------

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| **YEARS ENDED NOVEMBER 30, 2022 AND NOVEMBER 30, 2021** | **YEARS ENDED NOVEMBER 30, 2022 AND NOVEMBER 30, 2021** | **YEARS ENDED NOVEMBER 30, 2022 AND NOVEMBER 30, 2021** |
| **Increase (Decrease) in Net Assets** | **November 30, 2022** | **November 30, 2021** |
| **Operations** | | |
| Net investment income (loss) | $661481 | $105240 |
| Net realized gain (loss) | (8089593) | 1481312 |
| Change in net unrealized appreciation (depreciation) | (8211460) | 755241 |
| Net increase (decrease) in net assets resulting from operations | (15639572) | 2341793 |
| **Distributions to Shareholders** |  |  |
| From earnings: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (557832) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;I Class | (488383) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class | (2055) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;C Class | (1520) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;R Class | (29816) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;R6 Class | (17151) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;G Class | (511608) | (8055) |
| Decrease in net assets from distributions | (1608365) | (8055) |
| **Capital Share Transactions** |  |  |
| Net increase (decrease) in net assets from capital share transactions (Note 5) | 39987628 | 36992889 |
| **Net increase (decrease) in net assets** | 22739691 | 39326627 |
| **Net Assets** |  |  |
| Beginning of period | 60023969 | 20697342 |
| End of period | $82763660 | $60023969 |

---

See Notes to Financial Statements.

------

Notes to Financial Statements

**NOVEMBER 30, 2022** 

**1. Organization**

American Century World Mutual Funds, Inc. (the corporation) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company and is organized as a Maryland corporation. Focused International Growth Fund (the fund) is one fund in a series issued by the corporation. The fund's investment objective is to seek capital growth.

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

**2. Significant Accounting Policies**

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

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

Equity securities that are listed or traded on a domestic securities exchange are valued at the last reported sales price or at the official closing price as provided by the exchange. Equity securities traded on foreign securities exchanges are generally valued at the closing price of such securities on the exchange where primarily traded or at the close of the NYSE, if that is earlier. If no last sales price is reported, or if local convention or regulation so provides, the mean of the latest bid and asked prices may be used. Securities traded over-the-counter are valued at the mean of the latest bid and asked prices, the last sales price, or the official closing price. Equity securities initially expressed in local currencies are translated into U.S. dollars at the mean of the appropriate currency exchange rate at the close of the NYSE as provided by an independent pricing service.

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

If the valuation designee determines that the market price for a portfolio security is not readily available or is believed by the valuation designee to be unreliable, such security is valued at fair value as determined in good faith by the valuation designee, in accordance with its policies and procedures. Circumstances that may cause the fund to determine that market quotations are not available or reliable include, but are not limited to: when there is a significant event subsequent to the market quotation; trading in a security has been halted during the trading day; or trading in a security is insufficient or did not take place due to a closure or holiday.

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

------

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

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

**Foreign Currency Translations —** All assets and liabilities initially expressed in foreign currencies are translated into U.S. dollars at prevailing exchange rates at period end. The fund may enter into spot foreign currency exchange contracts to facilitate transactions denominated in a foreign currency. Purchases and sales of investment securities, dividend and interest income, spot foreign currency exchange contracts, and expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. Net realized and unrealized foreign currency exchange gains or losses related to investment securities are a component of net realized gain (loss) on investment transactions and change in net unrealized appreciation (depreciation) on investments, respectively.

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

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

**Segregated Assets —** In accordance with the 1940 Act, the fund segregates assets on its books and records to cover certain types of investment securities and other financial instruments. ACIM monitors, on a daily basis, the securities segregated to ensure the fund designates a sufficient amount of liquid assets, marked-to-market daily. The fund may also receive assets or be required to pledge assets at the custodian bank or with a broker for collateral requirements.

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

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

**Distributions to Shareholders —** Distributions from net investment income and net realized gains, if any, are generally declared and paid annually. The fund may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code, in all events in a manner consistent with provisions of the 1940 Act.

------

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

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

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

Certain officers and directors of the corporation are also officers and/or directors of American Century Companies, Inc. (ACC). The corporation's investment advisor, ACIM, the corporation's distributor, American Century Investment Services, Inc. (ACIS), and the corporation's transfer agent, American Century Services, LLC, are wholly owned, directly or indirectly, by ACC. Various funds issued by American Century Asset Allocation Portfolios, Inc. own, in aggregate, 7% of the shares of the fund.

**Management Fees —** The corporation has entered into a management agreement with ACIM, under which ACIM provides the fund with investment advisory and management services in exchange for a single, unified management fee (the fee) per class. The agreement provides that ACIM will pay all expenses of managing and operating the fund, except brokerage expenses, taxes, interest, fees and expenses of the independent directors (including legal counsel fees), extraordinary expenses, and expenses incurred in connection with the provision of shareholder services and distribution services under a plan adopted pursuant to Rule 12b-1 under the 1940 Act. The fee is computed and accrued daily based on each class's daily net assets and paid monthly in arrears. The difference in the fee among the classes is a result of their separate arrangements for non-Rule 12b-1 shareholder services. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class. The investment advisor agreed to waive the G Class's management fee in its entirety. The investment advisor expects this waiver to remain in effect permanently and cannot terminate it without the approval of the Board of Directors.

The annual management fee for each class is as follows:

---

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

---

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

**Distribution and Service Fees —** The Board of Directors has adopted a separate Master Distribution and Individual Shareholder Services Plan for each of the A Class, C Class and R Class (collectively the plans), pursuant to Rule 12b-1 of the 1940 Act. The plans provide that the A Class will pay ACIS an annual distribution and service fee of 0.25%. The plans provide that the C Class will pay ACIS an annual distribution and service fee of 1.00%, of which 0.25% is paid for individual shareholder services and 0.75% is paid for distribution services. The plans provide that the R Class will pay ACIS an annual distribution and service fee of 0.50%. The fees are computed and accrued daily based on each class's daily net assets and paid monthly in arrears. The fees are used to pay financial intermediaries for distribution and individual shareholder services. Fees incurred under the plans during the period ended November 30, 2022 are detailed in the Statement of Operations.

------

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

**Interfund Transactions —** The fund may enter into security transactions with other American Century Investments funds and other client accounts of the investment advisor, in accordance with the 1940 Act rules and procedures adopted by the Board of Directors. The rules and procedures require, among other things, that these transactions be effected at the independent current market price of the security. During the period, the interfund purchases were $64,715 and there were no interfund sales.

**4. Investment Transactions**

Purchases and sales of investment securities, excluding short-term investments, for the period ended November 30, 2022 were $70,792,411 and $32,305,086, respectively.

------

**5. Capital Share Transactions** 

Transactions in shares of the fund were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year ended <br>November 30, 2022** | **Year ended <br>November 30, 2022** | **Year ended <br>November 30, 2021** | **Year ended <br>November 30, 2021** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| **Investor Class/Shares Authorized** | 50000000 |  | 50000000 |  |
| Sold | 497299 | $8113623 | 857589 | $17115465 |
| Issued in reinvestment of distributions | 28000 | 542364 |  |  |
| Redeemed | (640573) | (10180740) | (282928) | (5620204) |
|  | (115274) | (1524753) | 574661 | 11495261 |
| **I Class/Shares Authorized** | 25000000 |  | 30000000 |  |
| Sold | 1955399 | 30447471 | 807288 | 16390886 |
| Issued in reinvestment of distributions | 25020 | 488383 |  |  |
| Redeemed | (714654) | (10372273) | (165920) | (3429687) |
|  | 1265765 | 20563581 | 641368 | 12961199 |
| **A Class/Shares Authorized** | 20000000 |  | 30000000 |  |
| Sold | 3033 | 51768 | 517 | 10148 |
| Issued in reinvestment of distributions | 107 | 2055 |  |  |
| Redeemed | (1570) | (30039) | (241) | (4730) |
|  | 1570 | 23784 | 276 | 5418 |
| **C Class/Shares Authorized** | 20000000 |  | 30000000 |  |
| Sold | 415 | 6221 | 438 | 8519 |
| Issued in reinvestment of distributions | 82 | 1520 |  |  |
| Redeemed | (151) | (2345) | (208) | (3915) |
|  | 346 | 5396 | 230 | 4604 |
| **R Class/Shares Authorized** | 20000000 |  | 20000000 |  |
| Sold | 34143 | 527632 | 32272 | 629630 |
| Issued in reinvestment of distributions | 1566 | 29742 |  |  |
| Redeemed | (19203) | (299833) | (11945) | (241001) |
|  | 16506 | 257541 | 20327 | 388629 |
| **R6 Class/Shares Authorized** | 20000000 |  | 20000000 |  |
| Sold | 380511 | 5632494 | 41763 | 879551 |
| Issued in reinvestment of distributions | 875 | 17151 |  |  |
| Redeemed | (28226) | (422548) | (18901) | (383494) |
|  | 353160 | 5227097 | 22862 | 496057 |
| **G Class/Shares Authorized** | 30000000 |  | 40000000 |  |
| Sold | 1045499 | 17456648 | 638105 | 13047998 |
| Issued in reinvestment of distributions | 25645 | 511608 | 414 | 8055 |
| Redeemed | (167811) | (2533274) | (67687) | (1414332) |
|  | 903333 | 15434982 | 570832 | 11641721 |
| Net increase (decrease) | 2425406 | $39987628 | 1830556 | $36992889 |

---

------

**6. Fair Value Measurements**

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

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

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

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

The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not necessarily an indication of the risks associated with investing in these securities or other financial instruments.

The following is a summary of the level classifications as of period end. The Schedule of Investments provides additional information on the fund's portfolio holdings.

---

| | | | |
|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** |
| **Assets** | | | |
| **Investment Securities** | | | |
| Common Stocks |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Canada | $1715575 | $3188092 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;India | 1955495 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ireland | 2029445 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Countries |  | 71225496 |  |
| Short-Term Investments | 1922 | 2967321 |  |
|  | $5702437 | $77380909 |  |

---

**7. Risk Factors**

The value of the fund's shares will go up and down, sometimes rapidly or unpredictably, based on the performance of the securities owned by the fund and other factors generally affecting the securities market. Market risks, including political, regulatory, economic and social developments, can affect the value of the fund's investments. Natural disasters, public health emergencies, war, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.

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

**8. Federal Tax Information**

On December 21, 2022, the fund declared and paid the following per-share distributions from net investment income to shareholders of record on December 20, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investor Class** | **I Class** | **A Class** | **C Class** | **R Class** | **R6 Class** | **G Class** |
| $0.0566 | $0.0857 | $0.0202 |  |  | $0.1075 | $0.2153 |

---

------

The tax character of distributions paid during the years ended November 30, 2022 and November 30, 2021 were as follows:

---

| | | |
|:---|:---|:---|
| | **2022** | **2021** |
| **Distributions Paid From** |  |  |
| Ordinary income | $107275 | $8055 |
| Long-term capital gains | $1501090 |  |

---

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:

---

| | |
|:---|:---|
| Federal tax cost of investments | $84436028 |
| Gross tax appreciation of investments | $4234378 |
| Gross tax depreciation of investments | (5587060) |
| Net tax appreciation (depreciation) of investments | (1352682) |
| Net tax appreciation (depreciation) on translation of assets and liabilities in foreign currencies | (1234) |
| Net tax appreciation (depreciation) | $(1353916) |
| Undistributed ordinary income | $649838 |
| Accumulated long-term capital losses | $(7149662) |

---

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

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 November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations:** | **Income From Investment Operations:** | **Income From Investment Operations:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | | |
| | **Net Asset<br>Value,<br>Beginning<br>of Period** | **Net**<br>**Investment Income**<br>**(Loss)**<sup>(1)</sup> | **Net<br>Realized and Unrealized<br>Gain (Loss)** | **Total From Investment Operations** | **Net <br>Investment <br>Income** | **Net <br>Realized <br>Gains** | **Total <br>Distributions** | **Net<br>Asset Value,<br>End of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating<br>Expenses<br>(before<br>expense<br>waiver)** | **Net<br>Investment<br>Income<br>(Loss)<br>(before<br>expense<br>waiver)** | **Portfolio<br>Turnover<br>Rate** | **Net Assets,<br>End of Period<br>(in thousands)** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| 2022 | $20.04 | 0.12 | (4.56) | (4.44) |  | (0.50) | (0.50) | $15.10 | (22.71)% | 1.10% | 0.59% | 51% | $15028 |
| 2021 | $18.20 | (0.03) | 1.87 | 1.84 |  |  |  | $20.04 | 10.11% | 1.10% | (0.12)% | 71% | $22250 |
| 2020 | $14.34 | (0.01) | 4.33 | 4.32 |  | (0.46) | (0.46) | $18.20 | 31.15% | 1.18% | (0.09)% | 92% | $9749 |
| 2019 | $11.92 | 0.02 | 2.46 | 2.48 | (0.06) |  | (0.06) | $14.34 | 20.96% | 1.24% | 0.13% | 96% | $6677 |
| 2018 | $12.81 | 0.08 | (0.97) | (0.89) |  |  |  | $11.92 | (6.95)% | 1.23% | 0.59% | 82% | $6180 |
| **I Class** | **I Class** | **I Class** | **I Class** | **I Class** | **I Class** | **I Class** | **I Class** | **I Class** | **I Class** | **I Class** | **I Class** | **I Class** | **I Class** |
| 2022 | $20.19 | 0.11 | (4.55) | (4.44) |  | (0.50) | (0.50) | $15.25 | (22.59)% | 0.90% | 0.79% | 51% | $33731 |
| 2021 | $18.30 | 0.01 | 1.88 | 1.89 |  |  |  | $20.19 | 10.33% | 0.90% | 0.08% | 71% | $19111 |
| 2020 | $14.39 | 0.01 | 4.36 | 4.37 |  | (0.46) | (0.46) | $18.30 | 31.39% | 0.98% | 0.11% | 92% | $5585 |
| 2019 | $11.96 | 0.02 | 2.49 | 2.51 | (0.08) |  | (0.08) | $14.39 | 21.21% | 1.04% | 0.33% | 96% | $2605 |
| 2018 | $12.83 | 0.09 | (0.96) | (0.87) |  |  |  | $11.96 | (6.78)% | 1.03% | 0.79% | 82% | $776 |

---

------

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations:** | **Income From Investment Operations:** | **Income From Investment Operations:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | | |
| | **Net Asset<br>Value,<br>Beginning<br>of Period** | **Net**<br>**Investment Income**<br>**(Loss)**<sup>(1)</sup> | **Net<br>Realized and Unrealized<br>Gain (Loss)** | **Total From Investment Operations** | **Net <br>Investment <br>Income** | **Net <br>Realized <br>Gains** | **Total <br>Distributions** | **Net<br>Asset Value,<br>End of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating<br>Expenses<br>(before<br>expense<br>waiver)** | **Net<br>Investment<br>Income<br>(Loss)<br>(before<br>expense<br>waiver)** | **Portfolio<br>Turnover<br>Rate** | **Net Assets,<br>End of Period<br>(in thousands)** |
| **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** |
| 2022 | $19.85 | 0.07 | (4.51) | (4.44) |  | (0.50) | (0.50) | $14.91 | (22.94)% | 1.35% | 0.34% | 51% | $98 |
| 2021 | $18.07 | (0.07) | 1.85 | 1.78 |  |  |  | $19.85 | 9.85% | 1.35% | (0.37)% | 71% | $99 |
| 2020 | $14.28 | (0.04) | 4.29 | 4.25 |  | (0.46) | (0.46) | $18.07 | 30.78% | 1.43% | (0.34)% | 92% | $85 |
| 2019 | $11.87 | —<sup>(3)</sup> | 2.44 | 2.44 | (0.03) |  | (0.03) | $14.28 | 20.66% | 1.49% | (0.12)% | 96% | $822 |
| 2018 | $12.79 | 0.03 | (0.95) | (0.92) |  |  |  | $11.87 | (7.19)% | 1.48% | 0.34% | 82% | $1217 |
| **C Class** | **C Class** | **C Class** | **C Class** | **C Class** | **C Class** | **C Class** | **C Class** | **C Class** | **C Class** | **C Class** | **C Class** | **C Class** | **C Class** |
| 2022 | $19.17 | (0.04) | (4.34) | (4.38) |  | (0.50) | (0.50) | $14.29 | (23.54)% | 2.10% | (0.41)% | 51% | $48 |
| 2021 | $17.59 | (0.22) | 1.80 | 1.58 |  |  |  | $19.17 | 9.04% | 2.10% | (1.12)% | 71% | $58 |
| 2020 | $14.01 | (0.14) | 4.18 | 4.04 |  | (0.46) | (0.46) | $17.59 | 29.84% | 2.18% | (1.09)% | 92% | $49 |
| 2019 | $11.70 | (0.09) | 2.40 | 2.31 |  |  |  | $14.01 | 19.85% | 2.24% | (0.87)% | 96% | $787 |
| 2018 | $12.70 | (0.07) | (0.93) | (1.00) |  |  |  | $11.70 | (7.95)% | 2.23% | (0.41)% | 82% | $1170 |
| **R Class** | **R Class** | **R Class** | **R Class** | **R Class** | **R Class** | **R Class** | **R Class** | **R Class** | **R Class** | **R Class** | **R Class** | **R Class** | **R Class** |
| 2022 | $19.67 | 0.03 | (4.46) | (4.43) |  | (0.50) | (0.50) | $14.74 | (23.15)% | 1.60% | 0.09% | 51% | $1104 |
| 2021 | $17.95 | (0.12) | 1.84 | 1.72 |  |  |  | $19.67 | 9.58% | 1.60% | (0.62)% | 71% | $1148 |
| 2020 | $14.22 | (0.08) | 4.27 | 4.19 |  | (0.46) | (0.46) | $17.95 | 30.47% | 1.68% | (0.59)% | 92% | $683 |
| 2019 | $11.82 | (0.04) | 2.44 | 2.40 | —<sup>(3)</sup> |  | —<sup>(3)</sup> | $14.22 | 20.36% | 1.74% | (0.37)% | 96% | $468 |
| 2018 | $12.77 | —<sup>(3)</sup> | (0.95) | (0.95) |  |  |  | $11.82 | (7.44)% | 1.73% | 0.09% | 82% | $406 |

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| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations:** | **Income From Investment Operations:** | **Income From Investment Operations:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | | |
| | **Net Asset<br>Value,<br>Beginning<br>of Period** | **Net**<br>**Investment Income**<br>**(Loss)**<sup>(1)</sup> | **Net<br>Realized and Unrealized<br>Gain (Loss)** | **Total From Investment Operations** | **Net <br>Investment <br>Income** | **Net <br>Realized <br>Gains** | **Total <br>Distributions** | **Net<br>Asset Value,<br>End 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 Assets,<br>End of Period<br>(in thousands)** |
| **R6 Class** | **R6 Class** | **R6 Class** | **R6 Class** | **R6 Class** | **R6 Class** | **R6 Class** | **R6 Class** | **R6 Class** | **R6 Class** | **R6 Class** | **R6 Class** | **R6 Class** | **R6 Class** | **R6 Class** | **R6 Class** |
| 2022 | $20.30 | 0.05 | (4.49) | (4.44) | (0.02) | (0.50) | (0.52) | $15.34 | (22.44)% | 0.75% | 0.75% | 0.94% | 0.94% | 51% | $5927 |
| 2021 | $18.37 | 0.02 | 1.91 | 1.93 |  |  |  | $20.30 | 10.51% | 0.75% | 0.75% | 0.23% | 0.23% | 71% | $674 |
| 2020 | $14.42 | 0.05 | 4.36 | 4.41 |  | (0.46) | (0.46) | $18.37 | 31.61% | 0.83% | 0.83% | 0.26% | 0.26% | 92% | $190 |
| 2019 | $11.99 | 0.08 | 2.45 | 2.53 | (0.10) |  | (0.10) | $14.42 | 21.34% | 0.89% | 0.89% | 0.48% | 0.48% | 96% | $182 |
| 2018 | $12.84 | 0.11 | (0.96) | (0.85) |  |  |  | $11.99 | (6.62)% | 0.88% | 0.88% | 0.94% | 0.94% | 82% | $242 |
| **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** |
| 2022 | $20.74 | 0.27 | (4.67) | (4.40) | (0.13) | (0.50) | (0.63) | $15.71 | (21.92)% | 0.01% | 0.75% | 1.68% | 0.94% | 51% | $26828 |
| 2021 | $18.65 | 0.21 | 1.89 | 2.10 | (0.01) |  | (0.01) | $20.74 | 11.28% | 0.01% | 0.75% | 0.97% | 0.23% | 71% | $16684 |
| 2020 | $14.51 | 0.17 | 4.43 | 4.60 |  | (0.46) | (0.46) | $18.65 | 32.75% | 0.00% | 0.83% | 1.09% | 0.26% | 92% | $4356 |
| 2019<sup>(4)</sup> | $12.94 | 0.12 | 1.45 | 1.57 |  |  |  | $14.51 | 12.13% | 0.01%<sup>(5)</sup> | 0.89%<sup>(5)</sup> | 1.29%<sup>(5)</sup> | 0.41%<sup>(5)</sup> | 96%<sup>(6)</sup> | $1163 |

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------

**Notes to Financial Highlights**

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

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

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

(4)April 1, 2019 (commencement of sale) through November 30, 2019.

(5)Annualized.

(6)Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended November 30, 2019.

See Notes to Financial Statements.

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Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Directors of American Century World Mutual Funds, Inc.:

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

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Focused International Growth Fund (the "Fund"), one of the funds constituting the American Century World Mutual Funds, Inc., as of November 30, 2022, the related statement 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 five 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 Focused International Growth Fund of the American Century World Mutual Funds, Inc. as of November 30, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's 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 Fund 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 Fund is not required to have, nor were we engaged to perform, an audit of its 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 Fund's 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 November 30, 2022, 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

January 17, 2023

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

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Management

**The Board of Directors** 

The individuals listed below serve as directors of the funds. Each director will continue to serve in this capacity until death, retirement, resignation or removal from office. The board has adopted a mandatory retirement age for directors who are not "interested persons," as that term is defined in the Investment Company Act (independent directors). Independent directors shall retire on December 31 of the year in which they reach their 75<sup>th</sup> birthday.

Jonathan S. Thomas is an "interested person" because he currently serves as President and Chief Executive Officer of American Century Companies, Inc. (ACC), the parent company of American Century Investment Management, Inc. (ACIM or the advisor). The other directors (more than three-fourths of the total number) are independent. They are not employees, directors or officers of, and have no financial interest in, ACC or any of its wholly owned, direct or indirect, subsidiaries, including ACIM, American Century Investment Services, Inc. (ACIS) and American Century Services, LLC (ACS), and they do not have any other affiliations, positions or relationships that would cause them to be considered "interested persons" under the Investment Company Act. The directors serve in this capacity for seven (in the case of Jonathan S. Thomas, 16; and Stephen E. Yates, 8) registered investment companies in the American Century Investments family of funds.

The following table presents additional information about the directors. The mailing address for each director is 4500 Main Street, Kansas City, Missouri 64111.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name<br>(Year of Birth)** | **Position(s) Held with Funds** | **Length of Time Served** | **Principal Occupation(s) During Past 5 Years** | **Number of American Century Portfolios Overseen by Director** | **Other Directorships Held During Past 5 Years** |
| **Independent Directors** | **Independent Directors** | **Independent Directors** | **Independent Directors** | | |
| Thomas W. Bunn (1953) | Director | Since 2017 | Retired | 64 |  |
| Chris H. Cheesman <br>(1962) | Director | Since 2019 | Retired. Senior Vice President & Chief Audit Executive, AllianceBernstein (1999 to 2018) | 64 | Alleghany Corporation (2021 to 2022) |
| Barry Fink<br>(1955) | Director | Since 2012 (independent since 2016) | Retired | 64 |  |
| Rajesh K. Gupta <br>(1960) | Director | Since 2019 | Partner Emeritus, SeaCrest Investment Management and SeaCrest Wealth Management (2019 to present); Chief Executive Officer and Chief Investment Officer, SeaCrest Investment Management (2006 to 2019); Chief Executive Officer and Chief Investment Officer, SeaCrest Wealth Management (2008 to 2019) | 64 |  |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name<br>(Year of Birth)** | **Position(s) Held with Funds** | **Length of Time Served** | **Principal Occupation(s) During Past 5 Years** | **Number of American Century Portfolios Overseen by Director** | **Other Directorships Held During Past 5 Years** |
| **Independent Directors** | **Independent Directors** | **Independent Directors** | **Independent Directors** | | |
| Lynn Jenkins <br>(1963) | Director | Since 2019 | Consultant, LJ Strategies (2019 to present); United States Representative, U.S. House of Representatives (2009 to 2018) | 64 | MGP Ingredients, Inc. (2019 to 2021) |
| Jan M. Lewis<br>(1957) | Director and Board Chair | Since 2011 (Board Chair since 2022) | Retired | 64 |  |
| Stephen E. Yates<br>(1948) | Director | Since 2012 | Retired | 108 |  |
| **Interested Director** | **Interested Director** | **Interested Director** | **Interested Director** | **Interested Director** |  |
| Jonathan S. Thomas<br>(1963) | Director | Since 2007 | President and Chief Executive Officer, ACC (2007 to present). Also serves as Chief Executive Officer, ACS; Director, ACC and other ACC subsidiaries | 142 |  |

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The Statement of Additional Information has additional information about the fund's directors and is available without charge, upon request, by calling 1-800-345-2021.

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**Officers** 

The following table presents certain information about the executive officers of the funds. Each officer serves as an officer for each of the 16 (in the case of Robert J. Leach, 15) investment companies in the American Century family of funds. No officer is compensated for his or her service as an officer of the funds. The listed officers are interested persons of the funds and are appointed or re-appointed on an annual basis. The mailing address for each officer listed below is 4500 Main Street, Kansas City, Missouri 64111.

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| | | |
|:---|:---|:---|
| **Name <br>(Year of Birth)** | **Offices with the Funds** | **Principal Occupation(s) During the Past Five Years** |
| Patrick Bannigan<br>(1965) | President since 2019 | Executive Vice President and Director, ACC (2012 to present); Chief Financial Officer, Chief Accounting Officer and Treasurer, ACC (2015 to present). Also serves as President, ACS; Vice President, ACIM; Chief Financial Officer, Chief Accounting Officer and/or Director, ACIM, ACS and other ACC subsidiaries |
| R. Wes Campbell<br>(1974) | Chief Financial Officer and Treasurer since 2018 | Vice President, ACS, (2020 to present); Investment Operations and Investment Accounting, ACS (2000 to present) |
| Amy D. Shelton<br>(1964) | Chief Compliance Officer and Vice President since 2014 | Chief Compliance Officer, American Century funds, (2014 to present); Chief Compliance Officer, ACIM (2014 to present); Chief Compliance Officer, ACIS (2009 to present). Also serves as Vice President, ACIS |
| John Pak<br>(1968) | General Counsel and Senior Vice President since 2021 | General Counsel and Senior Vice President, ACC (2021 to present). Also serves as General Counsel and Senior Vice President, ACIM, ACS and ACIS. Chief Legal Officer of Investment and Wealth Management, The Bank of New York Mellon (2014 to 2021) |
| C. Jean Wade<br>(1964) | Vice President since 2012 | Senior Vice President, ACS (2017 to present); Vice President, ACS (2000 to 2017) |
| Robert J. Leach<br>(1966) | Vice President since 2006 | Vice President, ACS (2000 to present) |
| David H. Reinmiller<br>(1963) | Vice President since 2000 | Attorney, ACC (1994 to present). Also serves as Vice President, ACIM and ACS |
| Ward D. Stauffer<br>(1960) | Secretary since 2005 | Attorney, ACC (2003 to present) |

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Approval of Management Agreement

At a meeting held on June 29, 2022, the Fund's 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 the Fund. Under Section 15(c) of 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, each year.

Prior to its consideration of the renewal of the management agreement, the Directors requested and reviewed data and information compiled by the Advisor and certain independent data providers concerning the Fund. This review was in addition to the oversight and evaluation undertaken by the Board and its committees on a continual basis and the information received was supplemental to the information that the Board and its committees receive and consider throughout the year.

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, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the nature, extent, and quality of investment management, shareholder services, and other services provided and to be provided to the Fund including without limitation portfolio management and trading services, shareholder and intermediary services, compliance and legal services, fund accounting and financial reporting, and fund share distribution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the wide range of other programs and services provided to the Fund and its shareholders on a routine and non-routine basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Fund's investment performance, including data comparing the Fund's performance to an appropriate benchmark(s) and peer group of other mutual funds with similar investment objectives and strategies;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Advisor's strategic plans, generally, and with respect to the ongoing impact of the COVID-19 pandemic response, heightened areas of interest in the mutual fund industry and recent geopolitical issues;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• financial data showing the cost of services provided to the Fund, the profitability of the Fund to the Advisor, and the overall profitability of the Advisor;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• acquired fund fees and expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• payments and practices in connection with financial intermediaries holding shares of the Fund and the services provided by intermediaries in connection therewith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• possible collateral benefits to the Advisor from the management of the Fund.

The Board held four meetings to consider the renewal. The independent Directors also met in private session multiple times to review and discuss the information provided in response to their request. The independent Directors held active discussions with the Advisor regarding the renewal of the management agreement, requesting supplemental information, and reviewing information provided by the Advisor in response thereto. 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 independent counsel in connection with the approval. They determined that the information was sufficient for them to evaluate the management agreement for the Fund. 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 without limitation the following:

**Nature, Extent and Quality of Services — Generally.** Under the management agreement, the Advisor is responsible for providing or arranging for all services necessary for the operation of the Fund. The Board noted that the Advisor provides or arranges at its own expense a wide variety of services which include, without limitation, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• constructing and designing the 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 the 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 cyber 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 the 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 the Fund is quite complex and allows Fund shareholders access to professional money management, instant diversification of their investments within an asset class, 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 the Fund in accordance with its investment objectives and principal investment strategies. Further, the Directors recognize that the Advisor has an obligation to monitor trading activities, and in particular to seek the best execution of Fund trades, and to evaluate the use of and payment for research. In providing these services, the Advisor utilizes teams of investment professionals (portfolio managers, analysts, research assistants, and securities traders) who require extensive information technology, research, training, compliance, and other systems to conduct their business. The Board, directly and through its Fund Performance Review Committee, provides oversight of the investment performance process. It regularly reviews investment performance information for the 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, the Board discusses with the Advisor the reasons for such results (e.g., market conditions, security selection) and any actions being taken to improve performance, and may conduct special reviews until performance improves. The Fund's performance was above its benchmark for the one-, three-, and five-year periods reviewed by the Board. The Board found the investment management services provided by the Advisor to the Fund to be satisfactory and consistent with the management agreement.

------

**Shareholder and Other Services.** Under the management agreement, the Advisor provides the 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 cyber security), new products and services offered to Fund shareholders, securities trading activities, portfolio valuation services, auditing services, and legal and operational compliance activities. The Board found the services provided by the Advisor to the 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 Fund, its profitability in managing the Fund (pre- and post-distribution), its overall profitability, and its financial condition. 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 current management fee. The Board concluded that the Advisor's profits were reasonable in light of the services provided to the Fund.

**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 the 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 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 content and services.

**Comparison to Other Funds' Fees.** The management agreement provides that the Fund pays the Advisor a single, all-inclusive (or unified) management fee for providing all services necessary for the management and operation of the Fund, other than securities transaction expenses, taxes, interest, extraordinary expenses, fees and expenses of the Fund's 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 the unified fee structure, the Advisor is responsible for providing all 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, distribution charges, 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 Fund 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 the Fund's unified fee to the total expense ratios of its peers. 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. In addition, the Board reviewed the Fund's position relative to the narrower set of its expense group peers. The Board concluded that the management fee paid by the 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 Fund. They observed that these varying types of client accounts require different services and involve different regulatory and entrepreneurial risks than the management of the Fund. The Board analyzed this information and concluded that the fees charged and services provided to the Fund were reasonable by comparison.

**Payments to Intermediaries.** The Directors also requested and received a description of payments made to intermediaries by the Fund and the Advisor and services provided in response thereto. These payments include various payments made by the Fund or the Advisor to different types of intermediaries and recordkeepers for distribution and service activities provided for the Fund. The Directors reviewed such information and received representations from the Advisor that all such payments by the 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 Fund. They concluded 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. To the extent there are potential collateral benefits, the Board has been advised and has taken this into consideration in its review of the management contract with the Fund. The Board noted that additional assets from other clients may offer the Advisor some benefit from increased leverage with service providers and counterparties. Additionally, the Advisor may receive proprietary research from broker-dealers that execute fund portfolio transactions, which the Board concluded is likely to benefit other clients of the Advisor, as well as Fund shareholders. The Board also determined that the Advisor is able to provide investment management services to certain clients other than the Fund, at least in part, due to its existing infrastructure built to serve the fund complex. The Board concluded that appropriate allocation methodologies had been employed to assign resources and the cost of those resources to these other clients.

**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 the 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 Fund 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 Fund.

**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 throughout the year, determined that the terms of the management agreement are fair and reasonable and that the management fee charged to the Fund is reasonable in light of the services provided and that the management agreement between the Fund and the Advisor should be renewed for an additional one-year period.

------

Proxy Voting Results

A special meeting of shareholders was held on October 13, 2022, to vote on the following proposal. The proposal received the required votes and was adopted. A summary of voting results is listed below.

To elect five directors to the Board of Directors of American Century World Mutual Funds, Inc.:

---

| | | |
|:---|:---|:---|
| | **Affirmative** | **Withhold** |
| Brian Bulatao | $5038086505 | $96122848 |
| Chris H. Cheesman | $5044845654 | $89363699 |
| Rajesh K. Gupta | $5040147195 | $94062158 |
| Lynn M. Jenkins | $5034492760 | $99716593 |
| Gary C. Meltzer | $5042384480 | $91824873 |

---

The other directors whose term of office continued after the meeting include Jonathan S. Thomas, Thomas W. Bunn, Barry Fink, Jan M. Lewis, and Stephen E. Yates.

------

Additional Information

**Retirement Account Information** 

As required by law, distributions you receive from certain retirement accounts are subject to federal income tax withholding at the IRS default rate of 10%.\* Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.

You may elect a different withholding rate, or request zero withholding, by submitting an acceptable IRS Form W-4R election with your distribution request. You may notify us of your W-4R election by telephone, on our distribution forms, on IRS Form W-4R, or through other acceptable electronic means. If your withholding election is for an automatic withdrawal plan, you have the right to revoke your election at any time and any election you make will remain in effect until revoked by filing a new election.

Remember, even if you elect not to have income tax withheld, you are liable for paying income tax on the taxable portion of your withdrawal. If you elect not to have income tax withheld or you don't have enough income tax withheld, you may be responsible for payment of estimated tax. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are not sufficient. You can reduce or defer the income tax on a distribution by directly or indirectly rolling such distribution over to another IRA or eligible plan. You should consult your tax advisor for additional information.

State tax will be withheld according to state regulations if, at the time of your distribution, your tax residency is within one of the mandatory withholding states.

\*Some 403(b), 457 and qualified retirement plan distributions may be subject to 20% mandatory withholding, as they are subject to special tax and withholding rules. Your plan administrator or plan sponsor is required to provide you with a special tax notice explaining those rules at the time you request a distribution. If applicable, federal and/or state taxes may be withheld from your distribution amount.

**Proxy Voting Policies** 

A description of the policies that the fund's investment advisor uses in exercising the voting rights associated with the securities purchased and/or held by the fund is available without charge, upon request, by calling 1-800-345-2021. It is also available on American Century Investments' website at americancentury.com/proxy and on the Securities and Exchange Commission's website at sec.gov. Information regarding how the investment advisor voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on americancentury.com/proxy. It is also available at sec.gov.

**Quarterly Portfolio Disclosure** 

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. These portfolio holdings are available on the fund's website at americancentury.com and, upon request, by calling 1-800-345-2021. The fund's Form N-PORT reports are available on the SEC's website at sec.gov.

------

**Other Tax Information**

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

The fund hereby designates up to the maximum amount allowable as qualified dividend income for the fiscal year ended November 30, 2022.

The fund hereby designates $1,501,090, or up to the maximum amount allowable, as long-term capital gain distributions (20% rate gain distributions) for the fiscal year ended November 30, 2022.

For the fiscal year ended November 30, 2022, the fund intends to pass through to shareholders foreign source income of $1,013,327, and foreign taxes paid of $68,526,or up to the maximum amount allowable, as a foreign tax credit. Foreign source income and foreign tax expense per outstanding share on November 30, 2022 are $0.1881 and $0.0127, respectively.

------

Notes

------

Notes

------

Notes

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---

| | |
|:---|:---|
| ![image12.jpg](image12.jpg) | ![image12.jpg](image12.jpg) |
| Contact Us | americancentury.com |
| Automated Information Line | 1-800-345-8765 |
| Investor Services Representative | 1-800-345-2021<br>or 816-531-5575 |
| Investors Using Advisors | 1-800-378-9878 |
| Business, Not-For-Profit, Employer-Sponsored Retirement Plans | 1-800-345-3533 |
| Banks and Trust Companies, Broker-Dealers, Financial Professionals, Insurance Companies | 1-800-345-6488 |
| Telecommunications Relay Service for the Deaf | 711 |
| **American Century World Mutual Funds, Inc.** | **American Century World Mutual Funds, Inc.** |
| **Investment Advisor:**<br>American Century Investment Management, Inc.<br>Kansas City, Missouri | **Investment Advisor:**<br>American Century Investment Management, Inc.<br>Kansas City, Missouri |
| *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.* |
| **©2023 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-ANN-91034 2301** | **©2023 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-ANN-91034 2301** |

---

------

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

![image12.jpg](image12.jpg)

---

| |
|:---|
| Annual Report |
| November 30, 2022 |
| Global Small Cap Fund |
| &nbsp;&nbsp;&nbsp;Investor Class (AGCVX) |
| &nbsp;&nbsp;&nbsp;I Class (AGCSX) |
| &nbsp;&nbsp;&nbsp;A Class (AGCLX) |
| &nbsp;&nbsp;&nbsp;C Class (AGCHX) |
| &nbsp;&nbsp;&nbsp;R Class (AGCWX) |
| &nbsp;&nbsp;&nbsp;R6 Class (AGCTX) |

---

------

------

**Table of Contents**

---

| | |
|:---|:---|
| President's Letter | [2](#icac732f9dea047f6825ef6d9a4af07ac_280) |
| Performance | [3](#icac732f9dea047f6825ef6d9a4af07ac_283) |
| Portfolio Commentary | [5](#icac732f9dea047f6825ef6d9a4af07ac_286) |
| Fund Characteristics | [7](#icac732f9dea047f6825ef6d9a4af07ac_289) |
| Shareholder Fee Example | [8](#icac732f9dea047f6825ef6d9a4af07ac_292) |
| Schedule of Investments | [10](#icac732f9dea047f6825ef6d9a4af07ac_295) |
| Statement of Assets and Liabilities | [15](#icac732f9dea047f6825ef6d9a4af07ac_301) |
| Statement of Operations | [16](#icac732f9dea047f6825ef6d9a4af07ac_304) |
| Statement of Changes in Net Assets | [17](#icac732f9dea047f6825ef6d9a4af07ac_307) |
| Notes to Financial Statements | [18](#icac732f9dea047f6825ef6d9a4af07ac_310) |
| Financial Highlights | [25](#icac732f9dea047f6825ef6d9a4af07ac_313) |
| Report of Independent Registered Public Accounting Firm | [28](#icac732f9dea047f6825ef6d9a4af07ac_316) |
| Management | [29](#icac732f9dea047f6825ef6d9a4af07ac_319) |
| Approval of Management Agreement | [32](#icac732f9dea047f6825ef6d9a4af07ac_322) |
| Proxy Voting Results | [36](#icac732f9dea047f6825ef6d9a4af07ac_328) |
| Additional Information | [37](#icac732f9dea047f6825ef6d9a4af07ac_331) |

---

Any opinions expressed in this report reflect those of the author as of the date of the report, and do not necessarily represent the opinions of American Century Investments<sup>®</sup> or any other person in the American Century Investments organization. Any such opinions are subject to change at any time based upon market or other conditions and American Century Investments disclaims any responsibility to update such opinions. These opinions may not be relied upon as investment advice and, because investment decisions made by American Century Investments funds are based on numerous factors, may not be relied upon as an indication of trading intent on behalf of any American Century Investments fund. Security examples are used for representational purposes only and are not intended as recommendations to purchase or sell securities. Performance information for comparative indices and securities is provided to American Century Investments by third party vendors. To the best of American Century Investments' knowledge, such information is accurate at the time of printing.

------

President's Letter

![image14.jpg](image14.jpg) **Jonathan Thomas**

Dear Investor:

Thank you for reviewing this annual report for the period ending November 30, 2022. Annual reports help convey important information about fund returns, including market factors that affected performance. For additional investment insights, please visit americancentury.com.

**High Inflation, Rising Rates Fueled Volatility**

The global economic and investment backdrops faced several challenges during the 12-month period. Concerns began to surface early in the fiscal year, as central banks finally admitted inflation was entrenched rather than transitory. Investors grew more cautious amid growing expectations for less accommodative monetary policy in the new year.

By early 2022, inflation soared to levels last seen in the early 1980s. Massive fiscal and monetary support unleashed during the pandemic was partly to blame. In addition, escalating energy prices, supply chain breakdowns, labor market shortages and Russia's invasion of Ukraine further aggravated the inflation backdrop, particularly in Europe.

The Bank of England responded to surging inflation in late 2021 with a 0.15 percentage point rate hike. Policymakers raised rates another 2.75 percentage points through the end of November. The Federal Reserve waited until March 2022 to launch its inflation-fighting campaign, hiking rates 3.75 percentage points by period-end. Meanwhile, the European Central Bank (ECB) held off until July. Facing record-high inflation, the ECB raised rates 2 percentage points through November.

In addition to advancing recession risk, the combination of elevated inflation and hawkish central banks led to losses for most developed and emerging markets stock indices. A late-period rally, triggered by expectations for central banks to slow their pace of tightening, helped stocks recover some earlier losses. Overall, developed markets stocks generally fared better than emerging markets stocks, and the value style generally outpaced the growth style.

**Staying Disciplined in Uncertain Times**

We expect market volatility to linger as investors navigate a complex environment of high inflation, rising interest rates and economic uncertainty. In addition, Russia's invasion of Ukraine complicates an increasingly tense geopolitical backdrop and threatens global energy markets. We will continue to monitor this evolving situation and what it broadly means for investors across asset classes.

We appreciate your confidence in us during these extraordinary times. Our firm has a long history of helping clients weather unpredictable markets, and we're confident we will continue to meet today's challenges.

Sincerely,

![image48a30.jpg](image48a30.jpg)

Jonathan Thomas

President and Chief Executive Officer

American Century Investments

------

Performance

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Total Returns as of November 30, 2022** | **Total Returns as of November 30, 2022** | **Total Returns as of November 30, 2022** | **Total Returns as of November 30, 2022** | | |
| | | | **Average Annual Returns**  | **Average Annual Returns**  | |
| | **Ticker<br>Symbol** | **1 year** | **5 years** | **Since**<br>**Inception**  | **Inception**<br>**Date**  |
| **Investor Class** | AGCVX | -24.11% | 8.93% | 13.06% | 3/29/16 |
| **MSCI ACWI Small Cap Index** |  | -12.88% | 4.25% | 8.07% |  |
| I Class | AGCSX | -23.98% | 9.15% | 13.29% | 3/29/16 |
| A Class | AGCLX |  |  |  | 3/29/16 |
| &nbsp;&nbsp;&nbsp;No sales charge |  | -24.28% | 8.66% | 12.78% |  |
| &nbsp;&nbsp;&nbsp;With sales charge |  | -28.64% | 7.38% | 11.79% |  |
| C Class | AGCHX | -24.91% | 7.83% | 11.93% | 3/29/16 |
| R Class | AGCWX | -24.49% | 8.39% | 12.50% | 3/29/16 |
| R6 Class | AGCTX | -23.87% | 9.31% | 13.46% | 3/29/16 |

---

Sales charges include initial sales charges and contingent deferred sales charges (CDSCs), as applicable. A Class shares have a 5.75% maximum initial sales charge and may be subject to a maximum CDSC of 1.00%. C Class shares redeemed within 12 months of purchase are subject to a maximum CDSC of 1.00%. The SEC requires that mutual funds provide performance information net of maximum sales charges in all cases where charges could be applied.

**Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-800-345-2021 or visit americancentury.com. For additional information about the fund, please consult the prospectus.** 

------

---

| |
|:---|
| **Growth of $10,000 Over Life of Class** |
| **$10,000 investment made March 29, 2016** |
| Performance for other share classes will vary due to differences in fee structure. |

---

![chart-378134cc5fbd4d92a7da.jpg](chart-378134cc5fbd4d92a7da.jpg)

---

| |
|:---|
| Value on November 30, 2022 |
| Investor Class — $22,698 |
| Investor Class — $22,698 |
| MSCI ACWI Small Cap Index — $16,788 |
| MSCI ACWI Small Cap Index — $16,788 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Total Annual Fund Operating Expenses**  | **Total Annual Fund Operating Expenses**  | **Total Annual Fund Operating Expenses**  | **Total Annual Fund Operating Expenses**  | | |
| **Investor Class**  | **I Class**  | **A Class**  | **C Class**  | **R Class**  | **R6 Class** |
| 1.12% | 0.92% | 1.37% | 2.12% | 1.62% | 0.77% |

---

The total annual fund operating expenses shown is as stated in the fund's prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.

**Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-800-345-2021 or visit americancentury.com. For additional information about the fund, please consult the prospectus.**

------

Portfolio Commentary

**Portfolio Managers: Trevor Gurwich and Federico Laffan** 

**Performance Summary** 

Global Small Cap returned -24.11%\* for the 12-month period ended November 30, 2022, underperforming its benchmark, the MSCI ACWI Small Cap Index, which returned -12.88%.

Equity markets faced headwinds early in the performance period due to virus concerns and supply chain disruptions. This market volatility increased sharply late in the first quarter of 2022 after Russia's assault on Ukraine fueled global geopolitical uncertainty, exacerbated supply chain challenges and threatened the availability of fuel and other raw materials. This led to a sharp spike in the prices of oil and other critical commodities, as global consumers scrambled to find non-Russian sources of supply. These developments, along with renewed COVID-19 lockdowns in China, added to inflation pressures. Soaring inflation led most central banks to tighten monetary policy. Rising interest rates and inflation pressures weakened economic growth, and recession fears contributed to downward market volatility in the third quarter. Stocks in most markets regained some ground in October and November, spurred by hopes that inflation and interest rates may have peaked. However, the broader market still ended the 12-month period with notable declines. This environment was especially challenging for small-capitalization (small-cap) stocks, as investors worried that smaller companies would have more trouble accessing capital and expanding operations. As a result, the MSCI ACWI Small Cap Index underperformed the broader MSCI ACWI. Concerns around higher interest rates and inflation also translated to a period of sharp factor rotation out of growth stocks and into value stocks.

Against this challenging backdrop, the fund had a negative return and underperformed its benchmark index. The sharp rotation out of growth stocks and into value stocks, driven in part by higher interest rates, weighed on relative performance. The fund's stock selection also detracted from relative performance, especially in the financials and information technology sectors. Stock selection in the consumer staples sector aided relative performance. From a geographic standpoint, stock selection and an underweight in the U.S. detracted from relative performance, while stock selection and an underweight in Germany contributed.

**Financials Was an Area of Weakness**

Stock selection in financials weighed on the fund's relative performance. This was due in part to several more growth-oriented U.S.-based bank holdings that sold off sharply as investor's rotated into slower growth, more interest rate-sensitive banks. Live Oak Bancshares was a notable detractor. The stock of this branchless bank, which has invested heavily in technology, declined even though it reported better-than-expected revenue growth in early 2022. We exited the position.

We also sold our position in Codexis, a notable detractor in the health care sector. Codexis supplies the active enzyme used in Pfizer's COVID-19 antiviral drug Paxlovid. The company faced concerns that easing COVID-19 fears could reduce demand for Paxlovid, potentially slowing future orders for the enzyme.

Rising interest rates triggered a value rotation that dampened performance for a number of fund holdings. These detractors included Kornit Digital, a supplier of on-demand digital printing solutions to the textiles industry. Despite its strong product portfolio, Kornit Digital saw its business slow in the second quarter of 2022 as many e-commerce clients warned of decreasing online clothing orders. Given near-term uncertainty for the business, we exited the position.

\*All fund returns referenced in this commentary are for Investor Class shares. Performance for other share classes will vary due to differences in fee structure; when Investor Class performance exceeds that of the fund's benchmark, other share classes may not. See page 3 for returns for all share classes.

------

**Energy-Related Investments Contributed**

Relative performance was assisted by several energy-related holdings that benefited from an

upsurge in oil and gas prices in the aftermath of the Ukraine invasion. Whitecap Resources was a

standout performer, as the Canada-based energy exploration company was recognized for its global leadership in carbon capture, strong balance sheet and solid inventory levels and field-level returns. Increased oil patch activity also supported strong revenue and earnings performance for NOW, a distributor of energy products for industrial applications. The company has benefited from a strong balance sheet and new business prospects in petrochemicals and solar power.

Elsewhere in the portfolio, Harmony Biosciences Holdings was a notable contributor. This pharmaceutical company reported strong sales trends for Wakix, its treatment of excessive daytime sleepiness. It also initiated phase 3 trials for the treatment of idiopathic hypersomnia, excessive daytime sleepiness that typically involves deep sleep inertia and brain fog.

**Outlook** 

We recognize near-term uncertainty for economic growth and small-cap company earnings. At the same time, we continue to see positive long-term potential for smaller companies in a broad array of sectors that we believe will deliver accelerating and sustainable earnings growth. We remain committed to our active, bottom-up approach that seeks to differentiate between future winners and losers. We remain invested in companies with strong secular drivers and defensive business models. We have also selectively invested in companies that may benefit from reopening and improved economic activity.

We have identified bottom-up opportunities in the consumer discretionary sector, where the fund is overweight. In addition to travel-related names that may benefit from improved consumer mobility, we also have exposure to apparel companies and retailers that we believe are positioned to deliver accelerating and sustainable growth. We also continue to find opportunities in information technology with companies looking to capitalize on long-term secular trends such as digitalization, cloud computing, data centers and software as a service. Our bottom-up process led to underweights in real estate and materials. An uncertain economic environment and a more challenged commodity pricing outlook may weigh on earnings growth prospects for many materials companies.

From a regional standpoint, stock selection led to an overweight in North America, although it is underweight in the U.S. The fund has small overweights in Europe and Asia. It has a notable underweight in the emerging markets, where we have found fewer companies that we believe offer the potential for accelerating earnings growth.

------

Fund Characteristics

---

| | |
|:---|:---|
| **NOVEMBER 30, 2022** | |
| **Types of Investments in Portfolio** | **% of net assets**  |
| Common Stocks | 93.9% |
| Exchange-Traded Funds | 3.3% |
| Short-Term Investments | 5.1% |
| Other Assets and Liabilities | (2.3)% |
| **Top Five Countries\*** | **% of net assets**  |
| United States | 48.2% |
| Japan | 9.9% |
| Canada | 9.0% |
| Australia | 3.6% |
| United Kingdom | 2.9% |

---

\*Exposure indicated excludes Exchange-Traded Funds. The Schedule of Investments provides additional information on the fund's portfolio holdings.

------

Shareholder Fee Example

Fund shareholders may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and redemption/exchange fees; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in your fund and to compare these costs with the ongoing cost of investing in other mutual funds.

The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from June 1, 2022 to November 30, 2022.

**Actual Expenses**

The table provides information about actual account values and actual expenses for each class. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. First, identify the share class you own. Then simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

If you hold Investor Class shares of any American Century Investments mutual fund, or I Class shares of the American Century Diversified Bond Fund, in an American Century Investments account (i.e., not through a financial intermediary or employer-sponsored retirement plan account), American Century Investments may charge you a $25 annual account maintenance fee if the value of those shares is less than $10,000. We will redeem shares automatically in one of your accounts to pay the $25 fee. In determining your total eligible investment amount, we will include your investments in all personal accounts (including American Century Investments brokerage accounts) registered under your Social Security number. Personal accounts include individual accounts, joint accounts, UGMA/UTMA accounts, personal trusts, Coverdell Education Savings Accounts and IRAs (including traditional, Roth, Rollover, SEP-, SARSEP- and SIMPLE-IRAs), and certain other retirement accounts. If you have only business, business retirement, employer-sponsored or American Century Investments brokerage accounts, you are currently not subject to this fee. If you are subject to the account maintenance fee, your account value could be reduced by the fee amount.

**Hypothetical Example for Comparison Purposes**

The table also provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio of each class of your fund and an assumed rate of return of 5% per year before expenses, which is not the actual return of a fund's share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or redemption/exchange fees. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Beginning**<br>**Account Value**<br>**6/1/22** | **Ending**<br>**Account Value**<br>**11/30/22** | **Expenses Paid**<br>**During Period**<sup>(1)</sup><br>**6/1/22 - 11/30/22** | **Annualized**<br>**Expense Ratio**<sup>(1)</sup> |
| **Actual** | | | | |
| Investor Class | $1000 | $969.40 | $5.48 | 1.11% |
| I Class | $1000 | $970.40 | $4.49 | 0.91% |
| A Class | $1000 | $968.30 | $6.71 | 1.36% |
| C Class | $1000 | $964.40 | $10.39 | 2.11% |
| R Class | $1000 | $967.00 | $7.94 | 1.61% |
| R6 Class | $1000 | $971.30 | $3.76 | 0.76% |
| **Hypothetical** |  |  |  |  |
| Investor Class | $1000 | $1019.50 | $5.62 | 1.11% |
| I Class | $1000 | $1020.51 | $4.61 | 0.91% |
| A Class | $1000 | $1018.25 | $6.88 | 1.36% |
| C Class | $1000 | $1014.49 | $10.66 | 2.11% |
| R Class | $1000 | $1017.00 | $8.14 | 1.61% |
| R6 Class | $1000 | $1021.26 | $3.85 | 0.76% |

---

(1)Expenses are equal to the class's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 183, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses.

------

Schedule of Investments

**NOVEMBER 30, 2022**

---

| | | |
|:---|:---|:---|
|<br>**COMMON STOCKS — 93.9%** | **Shares** | **Value** |
| **Australia — 3.6%** | | |
| carsales.com Ltd. | 46852 | $739975 |
| IDP Education Ltd.<sup>(1)</sup> | 45549 | 937781 |
| IGO Ltd. | 77963 | 832621 |
| Pinnacle Investment Management Group Ltd.<sup>(1)</sup> | 72019 | 434193 |
|  |  | 2944570 |
| **Belgium — 1.5%** |  |  |
| D'ieteren Group | 6455 | 1229366 |
| **Brazil — 1.8%** |  |  |
| Locaweb Servicos de Internet SA<sup>(2)</sup> | 170100 | 276324 |
| Multiplan Empreendimentos Imobiliarios SA | 174700 | 771941 |
| Santos Brasil Participacoes SA | 304800 | 444629 |
|  |  | 1492894 |
| **Canada — 9.0%** |  |  |
| Boardwalk Real Estate Investment Trust | 18511 | 685863 |
| Brookfield Infrastructure Corp., Class A<sup>(1)</sup> | 13557 | 635552 |
| Capstone Mining Corp.<sup>(1)(2)</sup> | 166233 | 580824 |
| Colliers International Group, Inc. | 3920 | 370158 |
| Definity Financial Corp. | 24130 | 714850 |
| Element Fleet Management Corp. | 58196 | 824604 |
| Gibson Energy, Inc.<sup>(1)</sup> | 21481 | 389809 |
| Kinaxis, Inc.<sup>(2)</sup> | 6162 | 697213 |
| Stantec, Inc. | 15697 | 776594 |
| Vermilion Energy, Inc.<sup>(1)</sup> | 44292 | 875534 |
| Whitecap Resources, Inc.<sup>(1)</sup> | 95349 | 760580 |
|  |  | 7311581 |
| **China — 0.9%** |  |  |
| Tongcheng Travel Holdings Ltd.<sup>(2)</sup> | 326400 | 710676 |
| **Finland — 0.8%** |  |  |
| Metso Outotec Oyj | 66517 | 626327 |
| **France — 2.1%** |  |  |
| Euroapi SA<sup>(2)</sup> | 25301 | 451655 |
| Nexans SA | 8762 | 774767 |
| SPIE SA | 20867 | 516065 |
|  |  | 1742487 |
| **Germany — 0.7%** |  |  |
| AIXTRON SE | 17914 | 590577 |
| **Hong Kong — 1.2%** |  |  |
| Samsonite International SA<sup>(2)</sup> | 345300 | 935973 |
| **India — 1.2%** |  |  |
| WNS Holdings Ltd., ADR<sup>(2)</sup> | 11934 | 1006275 |
| **Israel — 1.8%** |  |  |
| Inmode Ltd.<sup>(2)</sup> | 27858 | 1069469 |
| Nova Ltd.<sup>(2)</sup> | 4490 | 384209 |
|  |  | 1453678 |
| **Japan — 9.9%** |  |  |
| Asics Corp. | 42100 | 919320 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| BayCurrent Consulting, Inc. | 20500 | $681316 |
| Invincible Investment Corp. | 1829 | 636101 |
| Isetan Mitsukoshi Holdings Ltd. | 66000 | 638680 |
| Jeol Ltd. | 8300 | 281172 |
| JMDC, Inc. | 10700 | 410515 |
| MatsukiyoCocokara & Co. | 17400 | 726954 |
| Nagoya Railroad Co. Ltd. | 24100 | 397319 |
| Nextage Co. Ltd.<sup>(1)</sup> | 18000 | 407194 |
| Nippon Gas Co. Ltd. | 52600 | 809027 |
| Taiyo Yuden Co. Ltd. | 16200 | 523288 |
| Toyo Suisan Kaisha Ltd. | 15700 | 660018 |
| Visional, Inc.<sup>(2)</sup> | 5200 | 397228 |
| West Holdings Corp.<sup>(1)</sup> | 17700 | 573481 |
|  |  | 8061613 |
| **Mexico — 0.5%** |  |  |
| Gentera SAB de CV | 377649 | 400863 |
| **Netherlands — 1.2%** |  |  |
| ASR Nederland NV | 13480 | 616962 |
| Basic-Fit NV<sup>(1)(2)</sup> | 12755 | 346912 |
|  |  | 963874 |
| **Norway — 1.4%** |  |  |
| Aker Solutions ASA | 162591 | 586502 |
| Storebrand ASA | 59562 | 535949 |
|  |  | 1122451 |
| **Spain — 1.5%** |  |  |
| Acciona SA | 4177 | 817043 |
| CIE Automotive SA | 15383 | 392032 |
|  |  | 1209075 |
| **Sweden — 2.5%** |  |  |
| Fortnox AB | 77518 | 353754 |
| Hexatronic Group AB | 73182 | 1037752 |
| Trelleborg AB, B Shares | 27615 | 675983 |
|  |  | 2067489 |
| **Taiwan — 1.2%** |  |  |
| Airtac International Group | 12464 | 386603 |
| ASPEED Technology, Inc. | 5600 | 389378 |
| E Ink Holdings, Inc. | 40000 | 239845 |
|  |  | 1015826 |
| **United Kingdom — 2.9%** |  |  |
| Golar LNG Ltd.<sup>(2)</sup> | 26063 | 653399 |
| QinetiQ Group PLC | 140893 | 595991 |
| Rotork PLC | 28336 | 102114 |
| RS GROUP PLC | 50513 | 561782 |
| Tritax Big Box REIT PLC | 275358 | 481259 |
|  |  | 2394545 |
| **United States — 48.2%** |  |  |
| ATI, Inc.<sup>(2)</sup> | 23341 | 712134 |
| Bancorp, Inc.<sup>(2)</sup> | 22236 | 666413 |
| BJ's Wholesale Club Holdings, Inc.<sup>(2)</sup> | 10747 | 808604 |
| Bloomin' Brands, Inc. | 30084 | 677492 |
| Bowlero Corp.<sup>(2)</sup> | 39914 | 557199 |
| BRP Group, Inc., Class A<sup>(2)</sup> | 18470 | 554839 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Chegg, Inc.<sup>(2)</sup> | 18736 | $559082 |
| Clean Harbors, Inc.<sup>(2)</sup> | 10113 | 1213560 |
| Commerce Bancshares, Inc. | 7554 | 565946 |
| Commercial Metals Co. | 13792 | 678842 |
| Construction Partners, Inc., Class A<sup>(2)</sup> | 13894 | 397368 |
| Crocs, Inc.<sup>(2)</sup> | 11354 | 1146754 |
| Dave & Buster's Entertainment, Inc.<sup>(2)</sup> | 16527 | 655461 |
| Driven Brands Holdings, Inc.<sup>(2)</sup> | 29457 | 895787 |
| elf Beauty, Inc.<sup>(2)</sup> | 14257 | 783565 |
| Ensign Group, Inc. | 6487 | 616265 |
| European Wax Center, Inc., Class A | 7883 | 114304 |
| Evolent Health, Inc., Class A<sup>(2)</sup> | 23345 | 672103 |
| Evoqua Water Technologies Corp.<sup>(2)</sup> | 17053 | 741635 |
| Five9, Inc.<sup>(2)</sup> | 4576 | 293367 |
| Gentherm, Inc.<sup>(2)</sup> | 5498 | 393602 |
| Glacier Bancorp, Inc. | 21540 | 1247166 |
| Graphic Packaging Holding Co. | 23283 | 535043 |
| H&E Equipment Services, Inc. | 18460 | 774028 |
| Hamilton Lane, Inc., Class A | 2980 | 220162 |
| Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 15131 | 490850 |
| Harmony Biosciences Holdings, Inc.<sup>(2)</sup> | 17608 | 1052430 |
| Hostess Brands, Inc.<sup>(2)</sup> | 23018 | 607675 |
| Jabil, Inc. | 9234 | 666602 |
| Kinsale Capital Group, Inc. | 3174 | 978259 |
| Lantheus Holdings, Inc.<sup>(2)</sup> | 5056 | 313877 |
| Lattice Semiconductor Corp.<sup>(2)</sup> | 8921 | 649716 |
| Lindsay Corp. | 4669 | 824032 |
| Manhattan Associates, Inc.<sup>(2)</sup> | 4290 | 540283 |
| MGP Ingredients, Inc. | 6685 | 836026 |
| ModivCare, Inc.<sup>(2)</sup> | 4394 | 338338 |
| MRC Global, Inc.<sup>(2)</sup> | 64398 | 757321 |
| Natera, Inc.<sup>(2)</sup> | 8761 | 360252 |
| National Instruments Corp. | 9197 | 377261 |
| NOW, Inc.<sup>(2)</sup> | 101999 | 1272948 |
| Ollie's Bargain Outlet Holdings, Inc.<sup>(2)</sup> | 17628 | 1073545 |
| Onto Innovation, Inc.<sup>(2)</sup> | 4979 | 398071 |
| Option Care Health, Inc.<sup>(2)</sup> | 2894 | 87138 |
| Paycor HCM, Inc.<sup>(1)(2)</sup> | 23090 | 667763 |
| Planet Fitness, Inc., Class A<sup>(2)</sup> | 7770 | 608857 |
| Progyny, Inc.<sup>(2)</sup> | 12808 | 469157 |
| Pure Storage, Inc., Class A<sup>(2)</sup> | 24618 | 718599 |
| R1 RCM, Inc.<sup>(2)</sup> | 29914 | 270722 |
| RadNet, Inc.<sup>(2)</sup> | 24858 | 491443 |
| RLI Corp. | 2812 | 365757 |
| Ryman Hospitality Properties, Inc. | 8287 | 758509 |
| Saia, Inc. | 2492 | 607026 |
| Schrodinger, Inc.<sup>(2)</sup> | 11283 | 203094 |
| Silk Road Medical, Inc.<sup>(2)</sup> | 7979 | 424882 |
| SouthState Corp. | 7702 | 676621 |
| Sovos Brands, Inc.<sup>(2)</sup> | 42780 | 615604 |
| SPS Commerce, Inc.<sup>(2)</sup> | 4144 | 589525 |
| StepStone Group, Inc., Class A | 20388 | 611232 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Summit Materials, Inc., Class A<sup>(2)</sup> | 16616 | $503299 |
| Tenable Holdings, Inc.<sup>(2)</sup> | 19607 | 748595 |
| Tenet Healthcare Corp.<sup>(2)</sup> | 6647 | 306958 |
| Trex Co., Inc.<sup>(2)</sup> | 8529 | 391396 |
| Wintrust Financial Corp. | 12879 | 1177527 |
|  |  | 39311911 |
| **TOTAL COMMON STOCKS**<br>(Cost $69,747,357) |  | **76592051** |
| **EXCHANGE-TRADED FUNDS — 3.3%** |  |  |
| Schwab International Small-Cap Equity ETF<sup>(1)</sup> | 41587 | 1355320 |
| Schwab US Small-Cap ETF | 31154 | 1350838 |
| **TOTAL EXCHANGE-TRADED FUNDS**<br>(Cost $2,634,464) |  | **2706158** |
| **SHORT-TERM INVESTMENTS — 5.1%** |  |  |
| **Money Market Funds — 3.9%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 1155 | 1155 |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(3)</sup> | 3149297 | 3149297 |
|  |  | 3150452 |
| **Repurchase Agreements — 1.2%** |  |  |
| BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 2.00% - 3.375%, 2/15/25 - 5/15/51, valued at $267,110), in a joint trading account at 3.74%, dated 11/30/22, due 12/1/22 (Delivery value $262,143) |  | 262116 |
| Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 1.125%, 2/15/31, valued at $770,119), at 3.77%, dated 11/30/22, due 12/1/22 (Delivery value $755,079) |  | 755000 |
|  |  | 1017116 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $4,167,568) |  | **4167568** |
| **TOTAL INVESTMENT SECURITIES—102.3%**<br>(Cost $76,549,389) |  | **83465777** |
| **OTHER ASSETS AND LIABILITIES — (2.3)%** |  | **(1908288)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**81557489** |

---

---

| | |
|:---|:---|
| **MARKET SECTOR DIVERSIFICATION** | **MARKET SECTOR DIVERSIFICATION** |
| **(as a % of net assets)** | |
| Industrials | 19.2% |
| Consumer Discretionary | 15.1% |
| Financials | 13.6% |
| Information Technology | 12.4% |
| Health Care | 9.7% |
| Consumer Staples | 6.2% |
| Materials | 4.7% |
| Real Estate | 4.6% |
| Energy | 4.0% |
| Utilities | 3.5% |
| Communication Services | 0.9% |
| Exchange-Traded Funds | 3.3% |
| Short-Term Investments | 5.1% |
| Other Assets and Liabilities | (2.3)% |

---

------

---

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

---

(1)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $5,176,809. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(2)Non-income producing.

(3)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $5,392,074, which includes security collateral of $2,242,777.

See Notes to Financial Statements.

------

Statement of Assets and Liabilities

---

| | |
|:---|:---|
| **NOVEMBER 30, 2022** | |
| **Assets** | |
| Investment securities, at value (cost of $73,400,092) — including $5,176,809 of securities on loan | $80316480 |
| Investment made with cash collateral received for securities on loan, at value <br>(cost of $3,149,297) | 3149297 |
| Total investment securities, at value (cost of $76,549,389) | 83465777 |
| Foreign currency holdings, at value (cost of $9,220) | 9228 |
| Receivable for investments sold | 583474 |
| Receivable for capital shares sold  | 1459943 |
| Dividends and interest receivable  | 88379 |
| Securities lending receivable | 1668 |
| Other assets | 1440 |
|  | 85609909 |
| **Liabilities** |  |
| Payable for collateral received for securities on loan | 3149297 |
| Payable for investments purchased | 813787 |
| Payable for capital shares redeemed  | 23967 |
| Accrued management fees  | 61588 |
| Distribution and service fees payable | 1119 |
| Accrued other expenses  | 2662 |
|  | 4052420 |
| **Net Assets** | $81557489 |
| **Net Assets Consist of:** |  |
| Capital (par value and paid-in surplus) | $88186632 |
| Distributable earnings | (6629143) |
|  | $81557489 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Net Assets** | **Shares Outstanding** | **Net Asset Value Per Share\*** |
| Investor Class, $0.01 Par Value | $39260873 | 2428321 | $16.17 |
| I Class, $0.01 Par Value | $25641028 | 1562575 | $16.41 |
| A Class, $0.01 Par Value | $379368 | 23909 | $15.87 |
| C Class, $0.01 Par Value | $391547 | 26311 | $14.88 |
| R Class, $0.01 Par Value | $1792304 | 115356 | $15.54 |
| R6 Class, $0.01 Par Value | $14092369 | 849463 | $16.59 |

---

\*Maximum offering price per share was equal to the net asset value per share for all share classes, except Class A, for which the maximum offering price per share was $16.84 (net asset value divided by 0.9425). A contingent deferred sales charge may be imposed on redemptions of Class A and Class C.

See Notes to Financial Statements.

------

Statement of Operations

---

| | |
|:---|:---|
| **YEAR ENDED NOVEMBER 30, 2022** | **YEAR ENDED NOVEMBER 30, 2022** |
| **Investment Income (Loss)** | |
| **Income:** | |
| Dividends (net of foreign taxes withheld of $71,862) | $880987 |
| Securities lending, net | 18500 |
| Interest | 15456 |
|  | 914943 |
| **Expenses:** |  |
| Management fees | 705822 |
| Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class | 694 |
| &nbsp;&nbsp;&nbsp;&nbsp;C Class | 2412 |
| &nbsp;&nbsp;&nbsp;&nbsp;R Class | 8544 |
| Directors' fees and expenses | 1938 |
| Other expenses | 4128 |
|  | 723538 |
| **Net investment income (loss)** | 191405 |
| **Realized and Unrealized Gain (Loss)** |  |
| **Net realized gain (loss) on:** |  |
| Investment transactions | (12798658) |
| Foreign currency translation transactions | (19237) |
|  | (12817895) |
| **Change in net unrealized appreciation (depreciation) on:** |  |
| Investments | (6762030) |
| Translation of assets and liabilities in foreign currencies | 1932 |
|  | (6760098) |
| **Net realized and unrealized gain (loss)** | (19577993) |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $(19386588) |

---

See Notes to Financial Statements.

------

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| **YEARS ENDED NOVEMBER 30, 2022 AND NOVEMBER 30, 2021** | **YEARS ENDED NOVEMBER 30, 2022 AND NOVEMBER 30, 2021** | **YEARS ENDED NOVEMBER 30, 2022 AND NOVEMBER 30, 2021** |
| **Increase (Decrease) in Net Assets** | **November 30, 2022** | **November 30, 2021** |
| **Operations** | | |
| Net investment income (loss) | $191405 | $(164228) |
| Net realized gain (loss) | (12817895) | 12819057 |
| Change in net unrealized appreciation (depreciation) | (6760098) | (709277) |
| Net increase (decrease) in net assets resulting from operations | (19386588) | 11945552 |
| **Distributions to Shareholders** |  |  |
| From earnings: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (6164341) | (1491067) |
| &nbsp;&nbsp;&nbsp;&nbsp;I Class | (1703359) | (85407) |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class | (45507) | (4280) |
| &nbsp;&nbsp;&nbsp;&nbsp;C Class | (26824) | (3236) |
| &nbsp;&nbsp;&nbsp;&nbsp;R Class | (284541) | (60372) |
| &nbsp;&nbsp;&nbsp;&nbsp;R6 Class | (2350107) | (1339898) |
| Decrease in net assets from distributions | (10574679) | (2984260) |
| **Capital Share Transactions** |  |  |
| Net increase (decrease) in net assets from capital share transactions (Note 5) | 40304064 | 14414232 |
| **Net increase (decrease) in net assets** | 10342797 | 23375524 |
| **Net Assets** |  |  |
| Beginning of period | 71214692 | 47839168 |
| End of period | $81557489 | $71214692 |

---

See Notes to Financial Statements.

------

Notes to Financial Statements

**NOVEMBER 30, 2022** 

**1. Organization**

American Century World Mutual Funds, Inc. (the corporation) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company and is organized as a Maryland corporation. Global Small Cap Fund (the fund) is one fund in a series issued by the corporation. The fund's investment objective is to seek capital growth.

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

**2. Significant Accounting Policies**

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

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

Equity securities that are listed or traded on a domestic securities exchange are valued at the last reported sales price or at the official closing price as provided by the exchange. Equity securities traded on foreign securities exchanges are generally valued at the closing price of such securities on the exchange where primarily traded or at the close of the NYSE, if that is earlier. If no last sales price is reported, or if local convention or regulation so provides, the mean of the latest bid and asked prices may be used. Securities traded over-the-counter are valued at the mean of the latest bid and asked prices, the last sales price, or the official closing price. Equity securities initially expressed in local currencies are translated into U.S. dollars at the mean of the appropriate currency exchange rate at the close of the NYSE as provided by an independent pricing service.

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

If the valuation designee determines that the market price for a portfolio security is not readily available or is believed by the valuation designee to be unreliable, such security is valued at fair value as determined in good faith by the valuation designee, in accordance with its policies and procedures. Circumstances that may cause the fund to determine that market quotations are not available or reliable include, but are not limited to: when there is a significant event subsequent to the market quotation; trading in a security has been halted during the trading day; or trading in a security is insufficient or did not take place due to a closure or holiday.

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

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

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

**Foreign Currency Translations —** All assets and liabilities initially expressed in foreign currencies are translated into U.S. dollars at prevailing exchange rates at period end. The fund may enter into spot foreign currency exchange contracts to facilitate transactions denominated in a foreign currency. Purchases and sales of investment securities, dividend and interest income, spot foreign currency exchange contracts, and expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. Net realized and unrealized foreign currency exchange gains or losses related to investment securities are a component of net realized gain (loss) on investment transactions and change in net unrealized appreciation (depreciation) on investments, respectively.

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

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

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

**Segregated Assets —** In accordance with the 1940 Act, the fund segregates assets on its books and records to cover certain types of investment securities and other financial instruments. ACIM monitors, on a daily basis, the securities segregated to ensure the fund designates a sufficient amount of liquid assets, marked-to-market daily. The fund may also receive assets or be required to pledge assets at the custodian bank or with a broker for collateral requirements.

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

**Distributions to Shareholders —** Distributions from net investment income and net realized gains, if any, are generally declared and paid annually. The fund may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code, in all events in a manner consistent with provisions of the 1940 Act.

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

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

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged, and the remaining contractual maturity of those transactions as of November 30, 2022.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Remaining Contractual Maturity of Agreements** | **Remaining Contractual Maturity of Agreements** | **Remaining Contractual Maturity of Agreements** | **Remaining Contractual Maturity of Agreements** | **Remaining Contractual Maturity of Agreements** | **Remaining Contractual Maturity of Agreements** |
| | **Overnight and**<br>**Continuous** | **<30 days** | **Between**<br>**30 & 90 days** | **>90 days** | **Total** |
| **Securities Lending Transactions**<sup>(1)</sup> | **Securities Lending Transactions**<sup>(1)</sup> | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $3092740 |  |  |  | $3092740 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange-Traded Funds | 56557 |  |  |  | 56557 |
| **Total Borrowings** | $3149297 |  |  |  | $3149297 |
| Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | $3149297 |

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

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

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

**Management Fees —** The corporation has entered into a management agreement with ACIM, under which ACIM provides the fund with investment advisory and management services in exchange for a single, unified management fee (the fee) per class. The agreement provides that ACIM will pay all expenses of managing and operating the fund, except brokerage expenses, taxes, interest, fees and expenses of the independent directors (including legal counsel fees), extraordinary expenses, and expenses incurred in connection with the provision of shareholder services and distribution services under a plan adopted pursuant to Rule 12b-1 under the 1940 Act. The fee is computed and accrued daily based on each class's daily net assets and paid monthly in arrears. The difference in the fee among the classes is a result of their separate arrangements for non-Rule 12b-1 shareholder services. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class.

The annual management fee for each class is as follows:

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

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**Distribution and Service Fees —** The Board of Directors has adopted a separate Master Distribution and Individual Shareholder Services Plan for each of the A Class, C Class and R Class (collectively the plans), pursuant to Rule 12b-1 of the 1940 Act. The plans provide that the A Class will pay ACIS an annual distribution and service fee of 0.25%. The plans provide that the C Class will pay ACIS an annual distribution and service fee of 1.00%, of which 0.25% is paid for individual shareholder services and 0.75% is paid for distribution services. The plans provide that the R Class will pay ACIS an annual distribution and service fee of 0.50%. The fees are computed and accrued daily based on each class's daily net assets and paid monthly in arrears. The fees are used to pay financial intermediaries for distribution and individual shareholder services. Fees incurred under the plans during the period ended November 30, 2022 are detailed in the Statement of Operations.

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

**Interfund Transactions —** The fund may enter into security transactions with other American Century Investments funds and other client accounts of the investment advisor, in accordance with the 1940 Act rules and procedures adopted by the Board of Directors. The rules and procedures require, among other things, that these transactions be effected at the independent current market price of the security. During the period, the interfund purchases and sales were $112,131 and $171,087, respectively. The effect of interfund transactions on the Statement of Operations was $(12,227) in net realized gain (loss) on investment transactions.

**4. Investment Transactions**

Purchases and sales of investment securities, excluding short-term investments, for the period ended November 30, 2022 were $110,949,984 and $81,958,949, respectively.

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**5. Capital Share Transactions**

Transactions in shares of the fund were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Year ended<br>November 30, 2022** | **Year ended<br>November 30, 2022** | **Year ended<br>November 30, 2021** | **Year ended<br>November 30, 2021** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| **Investor Class/Shares Authorized** | 40000000 |  | 40000000 |  |
| Sold | 1143311 | $20740907 | 809165 | $19787083 |
| Issued in reinvestment of distributions | 290679 | 6086815 | 66964 | 1466380 |
| Redeemed | (683057) | (11937507) | (220131) | (5285238) |
|  | 750933 | 14890215 | 655998 | 15968225 |
| **I Class/Shares Authorized** | 25000000 |  | 25000000 |  |
| Sold | 1327532 | 23040596 | 505427 | 12351326 |
| Issued in reinvestment of distributions | 80309 | 1703359 | 3813 | 85407 |
| Redeemed | (283305) | (4921367) | (98729) | (2406901) |
|  | 1124536 | 19822588 | 410511 | 10029832 |
| **A Class/Shares Authorized** | 20000000 |  | 30000000 |  |
| Sold | 9891 | 152577 | 10731 | 257844 |
| Issued in reinvestment of distributions | 2209 | 45507 | 198 | 4280 |
| Redeemed | (1086) | (22533) | (1036) | (24970) |
|  | 11014 | 175551 | 9893 | 237154 |
| **C Class/Shares Authorized** | 20000000 |  | 30000000 |  |
| Sold | 30786 | 466443 | 5182 | 120261 |
| Issued in reinvestment of distributions | 1378 | 26824 | 156 | 3236 |
| Redeemed | (13445) | (200836) |  |  |
|  | 18719 | 292431 | 5338 | 123497 |
| **R Class/Shares Authorized** | 20000000 |  | 20000000 |  |
| Sold | 47236 | 800325 | 51432 | 1211805 |
| Issued in reinvestment of distributions | 14060 | 284298 | 2528 | 53905 |
| Redeemed | (26072) | (459635) | (14582) | (342974) |
|  | 35224 | 624988 | 39378 | 922736 |
| **R6 Class/Shares Authorized** | 20000000 |  | 20000000 |  |
| Sold | 330061 | 5851718 | 93864 | 2263711 |
| Issued in reinvestment of distributions | 109716 | 2350107 | 60208 | 1339898 |
| Redeemed | (212858) | (3703534) | (683052) | (16470821) |
|  | 226919 | 4498291 | (528980) | (12867212) |
| Net increase (decrease) | 2167345 | $40304064 | 592138 | $14414232 |

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**6. Fair Value Measurements**

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

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

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

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

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The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not necessarily an indication of the risks associated with investing in these securities or other financial instruments.

The following is a summary of the level classifications as of period end. The Schedule of Investments provides additional information on the fund's portfolio holdings.

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| | | | |
|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** |
| **Assets** | | | |
| **Investment Securities** | | | |
| Common Stocks |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Australia |  | $2944570 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Belgium |  | 1229366 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Brazil |  | 1492894 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Canada | $635552 | 6676029 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;China |  | 710676 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Finland |  | 626327 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;France |  | 1742487 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Germany |  | 590577 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Hong Kong |  | 935973 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Japan |  | 8061613 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mexico |  | 400863 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Netherlands |  | 963874 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Norway |  | 1122451 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Spain |  | 1209075 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sweden |  | 2067489 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan |  | 1015826 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | 653399 | 1741146 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Countries | 41771864 |  |  |
| Exchange-Traded Funds | 2706158 |  |  |
| Short-Term Investments | 3150452 | 1017116 |  |
|  | $48917425 | $34548352 |  |

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**7. Risk Factors**

The value of the fund's shares will go up and down, sometimes rapidly or unpredictably, based on the performance of the securities owned by the fund and other factors generally affecting the securities market. Market risks, including political, regulatory, economic and social developments, can affect the value of the fund's investments. Natural disasters, public health emergencies, war, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.

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

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

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

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**8. Federal Tax Information**

The tax character of distributions paid during the years ended November 30, 2022 and November 30, 2021 were as follows:

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| | | |
|:---|:---|:---|
| | **2022** | **2021** |
| **Distributions Paid From** |  |  |
| Ordinary income | $4916344 | $685713 |
| Long-term capital gains | $5658335 | $2298547 |

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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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| | |
|:---|:---|
| Federal tax cost of investments | $77560468 |
| Gross tax appreciation of investments | $8847908 |
| Gross tax depreciation of investments | (2942599) |
| Net tax appreciation (depreciation) of investments | 5905309 |
| Net tax appreciation (depreciation) on translation of assets and liabilities in <br>foreign currencies | 1623 |
| Net tax appreciation (depreciation) | $5906932 |
| Undistributed ordinary income | $278871 |
| Accumulated short-term capital losses | $(12814946) |

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

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.

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Financial Highlights

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations:** | **Income From Investment Operations:** | **Income From Investment Operations:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | | |
| | **Net Asset<br>Value,<br>Beginning<br>of Period** | **Net**<br>**Investment**<br>**Income**<br>**(Loss)**<sup>(1)</sup> | **Net<br>Realized and Unrealized<br>Gain (Loss)** | **Total From Investment Operations** | **Net <br>Investment <br>Income** | **Net <br>Realized <br>Gains** | **Total <br>Distributions** | **Net<br>Asset Value,<br>End of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Net<br>Investment<br>Income<br>(Loss)** | **Portfolio<br>Turnover<br>Rate** | **Net Assets,<br>End of Period<br>(in thousands)** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | | | | | | | | | | |
| 2022 | $24.94 | 0.03 | (5.23) | (5.20) | (0.04) | (3.53) | (3.57) | $16.17 | (24.11)% | 1.11% | 0.17% | 115% | $39261 |
| 2021 | $21.11 | (0.10) | 5.29 | 5.19 |  | (1.36) | (1.36) | $24.94 | 25.57% | 1.11% | (0.40)% | 136% | $41838 |
| 2020 | $15.81 | (0.11) | 6.19 | 6.08 |  | (0.78) | (0.78) | $21.11 | 40.28% | 1.39% | (0.63)% | 204% | $21562 |
| 2019 | $13.66 | (0.06) | 2.44 | 2.38 |  | (0.23) | (0.23) | $15.81 | 17.93% | 1.51% | (0.39)% | 161% | $15005 |
| 2018 | $14.80 | (0.13) | (0.24) | (0.37) |  | (0.77) | (0.77) | $13.66 | (2.73)% | 1.50% | (0.86)% | 147% | $15159 |
| **I Class** | **I Class** | **I Class** | **I Class** |  |  |  |  |  |  |  |  |  |  |
| 2022 | $25.27 | 0.06 | (5.30) | (5.24) | (0.09) | (3.53) | (3.62) | $16.41 | (23.98)% | 0.91% | 0.37% | 115% | $25641 |
| 2021 | $21.33 | (0.04) | 5.34 | 5.30 |  | (1.36) | (1.36) | $25.27 | 25.84% | 0.91% | (0.20)% | 136% | $11067 |
| 2020 | $15.94 | (0.08) | 6.25 | 6.17 |  | (0.78) | (0.78) | $21.33 | 40.62% | 1.19% | (0.43)% | 204% | $587 |
| 2019 | $13.74 | (0.02) | 2.45 | 2.43 |  | (0.23) | (0.23) | $15.94 | 18.12% | 1.31% | (0.19)% | 161% | $557 |
| 2018 | $14.85 | (0.10) | (0.24) | (0.34) |  | (0.77) | (0.77) | $13.74 | (2.50)% | 1.30% | (0.66)% | 147% | $1424 |

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations:** | **Income From Investment Operations:** | **Income From Investment Operations:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | | |
| | **Net Asset<br>Value,<br>Beginning<br>of Period** | **Net**<br>**Investment**<br>**Income**<br>**(Loss)**<sup>(1)</sup> | **Net<br>Realized and Unrealized<br>Gain (Loss)** | **Total From Investment Operations** | **Net <br>Investment <br>Income** | **Net <br>Realized <br>Gains** | **Total <br>Distributions** | **Net<br>Asset Value,<br>End 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)** |
| **A Class** | **A Class** | **A Class** | **A Class** | | | | | | | | | | |
| 2022 | $24.55 | (0.01) | (5.14) | (5.15) |  | (3.53) | (3.53) | $15.87 | (24.28)% | 1.36% | (0.08)% | 115% | $379 |
| 2021 | $20.85 | (0.16) | 5.22 | 5.06 |  | (1.36) | (1.36) | $24.55 | 25.25% | 1.36% | (0.65)% | 136% | $317 |
| 2020 | $15.66 | (0.15) | 6.12 | 5.97 |  | (0.78) | (0.78) | $20.85 | 39.95% | 1.64% | (0.88)% | 204% | $63 |
| 2019 | $13.57 | (0.08) | 2.40 | 2.32 |  | (0.23) | (0.23) | $15.66 | 17.60% | 1.76% | (0.64)% | 161% | $671 |
| 2018 | $14.74 | (0.17) | (0.23) | (0.40) |  | (0.77) | (0.77) | $13.57 | (2.95)% | 1.75% | (1.11)% | 147% | $1477 |
| **C Class** | **C Class** | **C Class** | **C Class** |  |  |  |  |  |  |  |  |  |  |
| 2022 | $23.41 | (0.13) | (4.87) | (5.00) |  | (3.53) | (3.53) | $14.88 | (24.91)% | 2.11% | (0.83)% | 115% | $392 |
| 2021 | $20.08 | (0.33) | 5.02 | 4.69 |  | (1.36) | (1.36) | $23.41 | 24.32% | 2.11% | (1.40)% | 136% | $178 |
| 2020 | $15.22 | (0.26) | 5.90 | 5.64 |  | (0.78) | (0.78) | $20.08 | 38.88% | 2.39% | (1.63)% | 204% | $45 |
| 2019 | $13.29 | (0.18) | 2.34 | 2.16 |  | (0.23) | (0.23) | $15.22 | 16.75% | 2.51% | (1.39)% | 161% | $595 |
| 2018 | $14.56 | (0.28) | (0.22) | (0.50) |  | (0.77) | (0.77) | $13.29 | (3.71)% | 2.50% | (1.86)% | 147% | $1407 |
| **R Class** | **R Class** | **R Class** | **R Class** |  |  |  |  |  |  |  |  |  |  |
| 2022 | $24.17 | (0.06) | (5.04) | (5.10) |  | (3.53) | (3.53) | $15.54 | (24.49)% | 1.61% | (0.33)% | 115% | $1792 |
| 2021 | $20.59 | (0.21) | 5.15 | 4.94 |  | (1.36) | (1.36) | $24.17 | 24.97% | 1.61% | (0.90)% | 136% | $1937 |
| 2020 | $15.52 | (0.18) | 6.03 | 5.85 |  | (0.78) | (0.78) | $20.59 | 39.52% | 1.89% | (1.13)% | 204% | $839 |
| 2019 | $13.48 | (0.12) | 2.39 | 2.27 |  | (0.23) | (0.23) | $15.52 | 17.34% | 2.01% | (0.89)% | 161% | $523 |
| 2018 | $14.68 | (0.21) | (0.22) | (0.43) |  | (0.77) | (0.77) | $13.48 | (3.18)% | 2.00% | (1.36)% | 147% | $493 |

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations:** | **Income From Investment Operations:** | **Income From Investment Operations:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | | |
| | **Net Asset<br>Value,<br>Beginning<br>of Period** | **Net**<br>**Investment**<br>**Income**<br>**(Loss)**<sup>(1)</sup> | **Net<br>Realized and Unrealized<br>Gain (Loss)** | **Total From Investment Operations** | **Net <br>Investment <br>Income** | **Net <br>Realized <br>Gains** | **Total <br>Distributions** | **Net<br>Asset Value,<br>End 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)** |
| **R6 Class** | **R6 Class** | **R6 Class** | **R6 Class** | | | | | | | | | | |
| 2022 | $25.51 | 0.09 | (5.35) | (5.26) | (0.13) | (3.53) | (3.66) | $16.59 | (23.87)% | 0.76% | 0.52% | 115% | $14092 |
| 2021 | $21.49 | (0.01) | 5.39 | 5.38 |  | (1.36) | (1.36) | $25.51 | 26.03% | 0.76% | (0.05)% | 136% | $15878 |
| 2020 | $16.03 | (0.03) | 6.27 | 6.24 |  | (0.78) | (0.78) | $21.49 | 40.75% | 1.04% | (0.28)% | 204% | $24743 |
| 2019 | $13.79 | —<sup>(3)</sup> | 2.47 | 2.47 |  | (0.23) | (0.23) | $16.03 | 18.34% | 1.16% | (0.04)% | 161% | $207 |
| 2018 | $14.89 | (0.08) | (0.25) | (0.33) |  | (0.77) | (0.77) | $13.79 | (2.36)% | 1.15% | (0.51)% | 147% | $361 |

---

**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.

See Notes to Financial Statements.

------

Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Directors of American Century World Mutual Funds, Inc.:

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

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Global Small Cap Fund (the "Fund"), one of the funds constituting the American Century World Mutual Funds, Inc., as of November 30, 2022, the related statement 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 five 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 Global Small Cap Fund the American Century World Mutual Funds, Inc. as of November 30, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's 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 Fund 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 Fund is not required to have, nor were we engaged to perform, an audit of its 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 Fund's 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 November 30, 2022, 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

January 17, 2023

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

------

Management

**The Board of Directors** 

The individuals listed below serve as directors of the funds. Each director will continue to serve in this capacity until death, retirement, resignation or removal from office. The board has adopted a mandatory retirement age for directors who are not "interested persons," as that term is defined in the Investment Company Act (independent directors). Independent directors shall retire on December 31 of the year in which they reach their 75<sup>th</sup> birthday.

Jonathan S. Thomas is an "interested person" because he currently serves as President and Chief Executive Officer of American Century Companies, Inc. (ACC), the parent company of American Century Investment Management, Inc. (ACIM or the advisor). The other directors (more than three-fourths of the total number) are independent. They are not employees, directors or officers of, and have no financial interest in, ACC or any of its wholly owned, direct or indirect, subsidiaries, including ACIM, American Century Investment Services, Inc. (ACIS) and American Century Services, LLC (ACS), and they do not have any other affiliations, positions or relationships that would cause them to be considered "interested persons" under the Investment Company Act. The directors serve in this capacity for seven (in the case of Jonathan S. Thomas, 16; and Stephen E. Yates, 8) registered investment companies in the American Century Investments family of funds.

The following table presents additional information about the directors. The mailing address for each director is 4500 Main Street, Kansas City, Missouri 64111.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name<br>(Year of Birth)** | **Position(s) Held with Funds** | **Length of Time Served** | **Principal Occupation(s) During Past 5 Years** | **Number of American Century Portfolios Overseen by Director** | **Other Directorships Held During Past 5 Years** |
| **Independent Directors** | **Independent Directors** | **Independent Directors** | **Independent Directors** | | |
| Thomas W. Bunn (1953) | Director | Since 2017 | Retired | 64 |  |
| Chris H. Cheesman <br>(1962) | Director | Since 2019 | Retired. Senior Vice President & Chief Audit Executive, AllianceBernstein (1999 to 2018) | 64 | Alleghany Corporation (2021 to 2022) |
| Barry Fink<br>(1955) | Director | Since 2012 (independent since 2016) | Retired | 64 |  |
| Rajesh K. Gupta <br>(1960) | Director | Since 2019 | Partner Emeritus, SeaCrest Investment Management and SeaCrest Wealth Management (2019 to present); Chief Executive Officer and Chief Investment Officer, SeaCrest Investment Management (2006 to 2019); Chief Executive Officer and Chief Investment Officer, SeaCrest Wealth Management (2008 to 2019) | 64 |  |

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------

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name<br>(Year of Birth)** | **Position(s) Held with Funds** | **Length of Time Served** | **Principal Occupation(s) During Past 5 Years** | **Number of American Century Portfolios Overseen by Director** | **Other Directorships Held During Past 5 Years** |
| **Independent Directors** | **Independent Directors** | **Independent Directors** | **Independent Directors** | | |
| Lynn Jenkins <br>(1963) | Director | Since 2019 | Consultant, LJ Strategies (2019 to present); United States Representative, U.S. House of Representatives (2009 to 2018) | 64 | MGP Ingredients, Inc. (2019 to 2021) |
| Jan M. Lewis<br>(1957) | Director and Board Chair | Since 2011 (Board Chair since 2022) | Retired | 64 |  |
| Stephen E. Yates<br>(1948) | Director | Since 2012 | Retired | 108 |  |
| **Interested Director** | **Interested Director** | **Interested Director** | **Interested Director** | **Interested Director** |  |
| Jonathan S. Thomas<br>(1963) | Director | Since 2007 | President and Chief Executive Officer, ACC (2007 to present). Also serves as Chief Executive Officer, ACS; Director, ACC and other ACC subsidiaries | 142 |  |

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The Statement of Additional Information has additional information about the fund's directors and is available without charge, upon request, by calling 1-800-345-2021.

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**Officers** 

The following table presents certain information about the executive officers of the funds. Each officer serves as an officer for each of the 16 (in the case of Robert J. Leach, 15) investment companies in the American Century family of funds. No officer is compensated for his or her service as an officer of the funds. The listed officers are interested persons of the funds and are appointed or re-appointed on an annual basis. The mailing address for each officer listed below is 4500 Main Street, Kansas City, Missouri 64111.

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| | | |
|:---|:---|:---|
| **Name <br>(Year of Birth)** | **Offices with the Funds** | **Principal Occupation(s) During the Past Five Years** |
| Patrick Bannigan<br>(1965) | President since 2019 | Executive Vice President and Director, ACC (2012 to present); Chief Financial Officer, Chief Accounting Officer and Treasurer, ACC (2015 to present). Also serves as President, ACS; Vice President, ACIM; Chief Financial Officer, Chief Accounting Officer and/or Director, ACIM, ACS and other ACC subsidiaries |
| R. Wes Campbell<br>(1974) | Chief Financial Officer and Treasurer since 2018 | Vice President, ACS, (2020 to present); Investment Operations and Investment Accounting, ACS (2000 to present) |
| Amy D. Shelton<br>(1964) | Chief Compliance Officer and Vice President since 2014 | Chief Compliance Officer, American Century funds, (2014 to present); Chief Compliance Officer, ACIM (2014 to present); Chief Compliance Officer, ACIS (2009 to present). Also serves as Vice President, ACIS |
| John Pak<br>(1968) | General Counsel and Senior Vice President since 2021 | General Counsel and Senior Vice President, ACC (2021 to present). Also serves as General Counsel and Senior Vice President, ACIM, ACS and ACIS. Chief Legal Officer of Investment and Wealth Management, The Bank of New York Mellon (2014 to 2021) |
| C. Jean Wade<br>(1964) | Vice President since 2012 | Senior Vice President, ACS (2017 to present); Vice President, ACS (2000 to 2017) |
| Robert J. Leach<br>(1966) | Vice President since 2006 | Vice President, ACS (2000 to present) |
| David H. Reinmiller<br>(1963) | Vice President since 2000 | Attorney, ACC (1994 to present). Also serves as Vice President, ACIM and ACS |
| Ward D. Stauffer<br>(1960) | Secretary since 2005 | Attorney, ACC (2003 to present) |

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Approval of Management Agreement

At a meeting held on June 29, 2022, the Fund's 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 the Fund. Under Section 15(c) of 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, each year.

Prior to its consideration of the renewal of the management agreement, the Directors requested and reviewed data and information compiled by the Advisor and certain independent data providers concerning the Fund. This review was in addition to the oversight and evaluation undertaken by the Board and its committees on a continual basis and the information received was supplemental to the information that the Board and its committees receive and consider throughout the year.

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, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the nature, extent, and quality of investment management, shareholder services, and other services provided and to be provided to the Fund including without limitation portfolio management and trading services, shareholder and intermediary services, compliance and legal services, fund accounting and financial reporting, and fund share distribution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the wide range of other programs and services provided to the Fund and its shareholders on a routine and non-routine basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Fund's investment performance, including data comparing the Fund's performance to an appropriate benchmark(s) and peer group of other mutual funds with similar investment objectives and strategies;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Advisor's strategic plans, generally, and with respect to the ongoing impact of the COVID-19 pandemic response, heightened areas of interest in the mutual fund industry and recent geopolitical issues;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• financial data showing the cost of services provided to the Fund, the profitability of the Fund to the Advisor, and the overall profitability of the Advisor;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• acquired fund fees and expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• payments and practices in connection with financial intermediaries holding shares of the Fund and the services provided by intermediaries in connection therewith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• possible collateral benefits to the Advisor from the management of the Fund.

The Board held four meetings to consider the renewal. The independent Directors also met in private session multiple times to review and discuss the information provided in response to their request. The independent Directors held active discussions with the Advisor regarding the renewal of the management agreement, requesting supplemental information, and reviewing information provided by the Advisor in response thereto. The independent Directors had the benefit of the advice of their independent counsel throughout the process.

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**Factors Considered** 

The Directors considered all of the information provided by the Advisor, the independent data providers, and independent counsel in connection with the approval. They determined that the information was sufficient for them to evaluate the management agreement for the Fund. 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 without limitation the following:

**Nature, Extent and Quality of Services — Generally.** Under the management agreement, the Advisor is responsible for providing or arranging for all services necessary for the operation of the Fund. The Board noted that the Advisor provides or arranges at its own expense a wide variety of services which include, without limitation, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• constructing and designing the 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 the 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 cyber 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 the 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 the Fund is quite complex and allows Fund shareholders access to professional money management, instant diversification of their investments within an asset class, 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 the Fund in accordance with its investment objectives and principal investment strategies. Further, the Directors recognize that the Advisor has an obligation to monitor trading activities, and in particular to seek the best execution of Fund trades, and to evaluate the use of and payment for research. In providing these services, the Advisor utilizes teams of investment professionals (portfolio managers, analysts, research assistants, and securities traders) who require extensive information technology, research, training, compliance, and other systems to conduct their business. The Board, directly and through its Fund Performance Review Committee, provides oversight of the investment performance process. It regularly reviews investment performance information for the 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, the Board discusses with the Advisor the reasons for such results (e.g., market conditions, security selection) and any actions being taken to improve performance, and may conduct special reviews until performance improves. The Fund's performance was above its benchmark for the one-, three-, and five-year periods reviewed by the Board. The Board found the investment management services provided by the Advisor to the Fund to be satisfactory and consistent with the management agreement.

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**Shareholder and Other Services.** Under the management agreement, the Advisor provides the 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 cyber security), new products and services offered to Fund shareholders, securities trading activities, portfolio valuation services, auditing services, and legal and operational compliance activities. The Board found the services provided by the Advisor to the 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 Fund, its profitability in managing the Fund (pre- and post-distribution), its overall profitability, and its financial condition. 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 current management fee. The Board concluded that the Advisor's profits were reasonable in light of the services provided to the Fund.

**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 the 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 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 content and services.

**Comparison to Other Funds' Fees.** The management agreement provides that the Fund pays the Advisor a single, all-inclusive (or unified) management fee for providing all services necessary for the management and operation of the Fund, other than securities transaction expenses, taxes, interest, extraordinary expenses, fees and expenses of the Fund's 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 the unified fee structure, the Advisor is responsible for providing all 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, distribution charges, 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 Fund 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 the Fund's unified fee to the total expense ratios of its peers. 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. In addition, the Board reviewed the Fund's position relative to the narrower set of its expense group peers. The Board concluded that the management fee paid by the 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 Fund. They observed that these varying types of client accounts require different services and involve different regulatory and entrepreneurial risks than the management of the Fund. The Board analyzed this information and concluded that the fees charged and services provided to the Fund were reasonable by comparison.

**Payments to Intermediaries.** The Directors also requested and received a description of payments made to intermediaries by the Fund and the Advisor and services provided in response thereto. These payments include various payments made by the Fund or the Advisor to different types of intermediaries and recordkeepers for distribution and service activities provided for the Fund. The Directors reviewed such information and received representations from the Advisor that all such payments by the 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 Fund. They concluded 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. To the extent there are potential collateral benefits, the Board has been advised and has taken this into consideration in its review of the management contract with the Fund. The Board noted that additional assets from other clients may offer the Advisor some benefit from increased leverage with service providers and counterparties. Additionally, the Advisor may receive proprietary research from broker-dealers that execute fund portfolio transactions, which the Board concluded is likely to benefit other clients of the Advisor, as well as Fund shareholders. The Board also determined that the Advisor is able to provide investment management services to certain clients other than the Fund, at least in part, due to its existing infrastructure built to serve the fund complex. The Board concluded that appropriate allocation methodologies had been employed to assign resources and the cost of those resources to these other clients.

**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 the 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 Fund 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 Fund.

**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 throughout the year, determined that the terms of the management agreement are fair and reasonable and that the management fee charged to the Fund is reasonable in light of the services provided and that the management agreement between the Fund and the Advisor should be renewed for an additional one-year period.

------

Proxy Voting Results

A special meeting of shareholders was held on October 13, 2022, to vote on the following proposal. The proposal received the required votes and was adopted. A summary of voting results is listed below.

To elect five directors to the Board of Directors of American Century World Mutual Funds, Inc.:

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| | | |
|:---|:---|:---|
| | **Affirmative** | **Withhold** |
| Brian Bulatao | $5038086505 | $96122848 |
| Chris H. Cheesman | $5044845654 | $89363699 |
| Rajesh K. Gupta | $5040147195 | $94062158 |
| Lynn M. Jenkins | $5034492760 | $99716593 |
| Gary C. Meltzer | $5042384480 | $91824873 |

---

The other directors whose term of office continued after the meeting include Jonathan S. Thomas, Thomas W. Bunn, Barry Fink, Jan M. Lewis, and Stephen E. Yates.

------

Additional Information

**Retirement Account Information** 

As required by law, distributions you receive from certain retirement accounts are subject to federal income tax withholding at the IRS default rate of 10%.\* Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.

You may elect a different withholding rate, or request zero withholding, by submitting an acceptable IRS Form W-4R election with your distribution request. You may notify us of your W-4R election by telephone, on our distribution forms, on IRS Form W-4R, or through other acceptable electronic means. If your withholding election is for an automatic withdrawal plan, you have the right to revoke your election at any time and any election you make will remain in effect until revoked by filing a new election.

Remember, even if you elect not to have income tax withheld, you are liable for paying income tax on the taxable portion of your withdrawal. If you elect not to have income tax withheld or you don't have enough income tax withheld, you may be responsible for payment of estimated tax. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are not sufficient. You can reduce or defer the income tax on a distribution by directly or indirectly rolling such distribution over to another IRA or eligible plan. You should consult your tax advisor for additional information.

State tax will be withheld according to state regulations if, at the time of your distribution, your tax residency is within one of the mandatory withholding states.

\*Some 403(b), 457 and qualified retirement plan distributions may be subject to 20% mandatory withholding, as they are subject to special tax and withholding rules. Your plan administrator or plan sponsor is required to provide you with a special tax notice explaining those rules at the time you request a distribution. If applicable, federal and/or state taxes may be withheld from your distribution amount.

**Proxy Voting Policies** 

A description of the policies that the fund's investment advisor uses in exercising the voting rights associated with the securities purchased and/or held by the fund is available without charge, upon request, by calling 1-800-345-2021. It is also available on American Century Investments' website at americancentury.com/proxy and on the Securities and Exchange Commission's website at sec.gov. Information regarding how the investment advisor voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on americancentury.com/proxy. It is also available at sec.gov.

**Quarterly Portfolio Disclosure** 

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. These portfolio holdings are available on the fund's website at americancentury.com and, upon request, by calling 1-800-345-2021. The fund's Form N-PORT reports are available on the SEC's website at sec.gov.

------

**Other Tax Information**

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

The fund hereby designates up to the maximum amount allowable as qualified dividend income for the fiscal year ended November 30, 2022.

For corporate taxpayers, the fund hereby designates $152,922, or up to the maximum amount allowable, of ordinary income distributions paid during the fiscal year ended November 30, 2022 as qualified for the corporate dividends received deduction.

The fund hereby designates $5,658,335, or up to the maximum amount allowable, as long-term capital gain distributions (20% rate gain distributions) for the fiscal year ended November 30, 2022.

The fund hereby designates $4,717,133 as qualified short-term capital gain distributions for purposes of Internal Revenue Code Section 871 for the fiscal year ended November 30, 2022.

------

Notes

------

Notes

------

------

---

| | |
|:---|:---|
| ![image12.jpg](image12.jpg) | ![image12.jpg](image12.jpg) |
| Contact Us | americancentury.com |
| Automated Information Line | 1-800-345-8765 |
| Investor Services Representative | 1-800-345-2021<br>or 816-531-5575 |
| Investors Using Advisors | 1-800-378-9878 |
| Business, Not-For-Profit, Employer-Sponsored Retirement Plans | 1-800-345-3533 |
| Banks and Trust Companies, Broker-Dealers, Financial Professionals, Insurance Companies | 1-800-345-6488 |
| Telecommunications Relay Service for the Deaf | 711 |
| **American Century World Mutual Funds, Inc.** | **American Century World Mutual Funds, Inc.** |
| **Investment Advisor:**<br>American Century Investment Management, Inc.<br>Kansas City, Missouri | **Investment Advisor:**<br>American Century Investment Management, Inc.<br>Kansas City, Missouri |
| *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.* |
| **©2023 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-ANN-91035 2301** | **©2023 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-ANN-91035 2301** |

---

------

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

![image12.jpg](image12.jpg)

---

| |
|:---|
| Annual Report |
| November 30, 2022 |
| International Growth Fund |
| &nbsp;&nbsp;&nbsp;Investor Class (TWIEX) |
| &nbsp;&nbsp;&nbsp;I Class (TGRIX) |
| &nbsp;&nbsp;&nbsp;Y Class (ATYGX) |
| &nbsp;&nbsp;&nbsp;A Class (TWGAX) |
| &nbsp;&nbsp;&nbsp;C Class (AIWCX) |
| &nbsp;&nbsp;&nbsp;R Class (ATGRX) |
| &nbsp;&nbsp;&nbsp;R5 Class (ATGGX) |
| &nbsp;&nbsp;&nbsp;R6 Class (ATGDX) |
| &nbsp;&nbsp;&nbsp;G Class (ACAEX) |

---

------

------

**Table of Contents**

---

| | |
|:---|:---|
| President's Letter | [2](#icac732f9dea047f6825ef6d9a4af07ac_346) |
| Performance | [3](#icac732f9dea047f6825ef6d9a4af07ac_349) |
| Portfolio Commentary | [5](#icac732f9dea047f6825ef6d9a4af07ac_352) |
| Fund Characteristics | [7](#icac732f9dea047f6825ef6d9a4af07ac_355) |
| Shareholder Fee Example | [8](#icac732f9dea047f6825ef6d9a4af07ac_358) |
| Schedule of Investments | [10](#icac732f9dea047f6825ef6d9a4af07ac_361) |
| Statement of Assets and Liabilities | [14](#icac732f9dea047f6825ef6d9a4af07ac_367) |
| Statement of Operations | [15](#icac732f9dea047f6825ef6d9a4af07ac_370) |
| Statement of Changes in Net Assets | [16](#icac732f9dea047f6825ef6d9a4af07ac_373) |
| Notes to Financial Statements | [17](#icac732f9dea047f6825ef6d9a4af07ac_376) |
| Financial Highlights | [25](#icac732f9dea047f6825ef6d9a4af07ac_379) |
| Report of Independent Registered Public Accounting Firm | [29](#icac732f9dea047f6825ef6d9a4af07ac_382) |
| Management | [30](#icac732f9dea047f6825ef6d9a4af07ac_385) |
| Approval of Management Agreement | [33](#icac732f9dea047f6825ef6d9a4af07ac_388) |
| Proxy Voting Results | [37](#icac732f9dea047f6825ef6d9a4af07ac_394) |
| Additional Information | [38](#icac732f9dea047f6825ef6d9a4af07ac_397) |

---

Any opinions expressed in this report reflect those of the author as of the date of the report, and do not necessarily represent the opinions of American Century Investments<sup>®</sup> or any other person in the American Century Investments organization. Any such opinions are subject to change at any time based upon market or other conditions and American Century Investments disclaims any responsibility to update such opinions. These opinions may not be relied upon as investment advice and, because investment decisions made by American Century Investments funds are based on numerous factors, may not be relied upon as an indication of trading intent on behalf of any American Century Investments fund. Security examples are used for representational purposes only and are not intended as recommendations to purchase or sell securities. Performance information for comparative indices and securities is provided to American Century Investments by third party vendors. To the best of American Century Investments' knowledge, such information is accurate at the time of printing.

------

President's Letter

![image14.jpg](image14.jpg) **Jonathan Thomas**

Dear Investor:

Thank you for reviewing this annual report for the period ending November 30, 2022. Annual reports help convey important information about fund returns, including market factors that affected performance. For additional investment insights, please visit americancentury.com.

**High Inflation, Rising Rates Fueled Volatility**

The global economic and investment backdrops faced several challenges during the 12-month period. Concerns began to surface early in the fiscal year, as central banks finally admitted inflation was entrenched rather than transitory. Investors grew more cautious amid growing expectations for less accommodative monetary policy in the new year.

By early 2022, inflation soared to levels last seen in the early 1980s. Massive fiscal and monetary support unleashed during the pandemic was partly to blame. In addition, escalating energy prices, supply chain breakdowns, labor market shortages and Russia's invasion of Ukraine further aggravated the inflation backdrop, particularly in Europe.

The Bank of England responded to surging inflation in late 2021 with a 0.15 percentage point rate hike. Policymakers raised rates another 2.75 percentage points through the end of November. The Federal Reserve waited until March 2022 to launch its inflation-fighting campaign, hiking rates 3.75 percentage points by period-end. Meanwhile, the European Central Bank (ECB) held off until July. Facing record-high inflation, the ECB raised rates 2 percentage points through November.

In addition to advancing recession risk, the combination of elevated inflation and hawkish central banks led to losses for most developed and emerging markets stock indices. A late-period rally, triggered by expectations for central banks to slow their pace of tightening, helped stocks recover some earlier losses. Overall, developed markets stocks generally fared better than emerging markets stocks, and the value style generally outpaced the growth style.

**Staying Disciplined in Uncertain Times**

We expect market volatility to linger as investors navigate a complex environment of high inflation, rising interest rates and economic uncertainty. In addition, Russia's invasion of Ukraine complicates an increasingly tense geopolitical backdrop and threatens global energy markets. We will continue to monitor this evolving situation and what it broadly means for investors across asset classes.

We appreciate your confidence in us during these extraordinary times. Our firm has a long history of helping clients weather unpredictable markets, and we're confident we will continue to meet today's challenges.

Sincerely,

![image48a30.jpg](image48a30.jpg)

Jonathan Thomas

President and Chief Executive Officer

American Century Investments

------

Performance

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Total Returns as of November 30, 2022** | **Total Returns as of November 30, 2022** | **Total Returns as of November 30, 2022** | **Total Returns as of November 30, 2022** | **Total Returns as of November 30, 2022** | **Total Returns as of November 30, 2022** | |
| | | | **Average Annual Returns**  | **Average Annual Returns**  | **Average Annual Returns**  | |
| | **Ticker**<br>**Symbol**  | **1 year** | **5 years**  | **10 years**  | **Since<br>Inception** | **Inception**<br>**Date**  |
| **Investor Class** | TWIEX | -20.99% | 2.95% | 5.49% |  | 5/9/91 |
| **MSCI EAFE Index** |  | -10.14% | 1.85% | 4.99% |  |  |
| **MSCI EAFE Growth Index** |  | -18.70% | 3.06% | 5.95% |  |  |
| I Class | TGRIX | -20.86% | 3.15% | 5.70% |  | 11/20/97 |
| Y Class | ATYGX | -20.73% | 3.30% |  | 6.26% | 4/10/17 |
| A Class | TWGAX |  |  |  |  | 10/2/96 |
| &nbsp;&nbsp;&nbsp;No sales charge |  | -21.24% | 2.69% | 5.22% |  |  |
| &nbsp;&nbsp;&nbsp;With sales charge |  | -25.77% | 1.48% | 4.60% |  |  |
| C Class | AIWCX | -21.81% | 1.92% | 4.43% |  | 6/4/01 |
| R Class | ATGRX | -21.45% | 2.42% | 4.95% |  | 8/29/03 |
| R5 Class | ATGGX | -20.92% | 3.15% |  | 6.09% | 4/10/17 |
| R6 Class | ATGDX | -20.75% | 3.31% |  | 4.80% | 7/26/13 |
| G Class | ACAEX |  |  |  | -11.03% | 4/1/22 |

---

Average annual returns since inception are presented when ten years of performance history is not available.

G Class returns would have been lower if a portion of the fees had not been waived.

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.

Sales charges include initial sales charges and contingent deferred sales charges (CDSCs), as applicable. A Class shares have a 5.75% maximum initial sales charge and may be subject to a maximum CDSC of 1.00%. C Class shares redeemed within 12 months of purchase are subject to a maximum CDSC of 1.00%. The SEC requires that mutual funds provide performance information net of maximum sales charges in all cases where charges could be applied.

**Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-800-345-2021 or visit americancentury.com. For additional information about the fund, please consult the prospectus.** 

------

---

| |
|:---|
| **Growth of $10,000 Over 10 Years** |
| **$10,000 investment made November 30, 2012** |
| Performance for other share classes will vary due to differences in fee structure. |

---

![chart-f808cbc18d2f4f9e806a.jpg](chart-f808cbc18d2f4f9e806a.jpg)

---

| |
|:---|
| Value on November 30, 2022 |
| Investor Class — $17,062 |
| Investor Class — $17,062 |
| MSCI EAFE Index — $16,279 |
| MSCI EAFE Index — $16,279 |
| MSCI EAFE Growth Index — $17,832 |
| MSCI EAFE Growth Index — $17,832 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total Annual Fund Operating Expenses**  | **Total Annual Fund Operating Expenses**  | **Total Annual Fund Operating Expenses**  | **Total Annual Fund Operating Expenses**  | **Total Annual Fund Operating Expenses**  | **Total Annual Fund Operating Expenses**  | | | |
| **Investor Class** | **I Class** | **Y Class** | **A Class** | **C Class** | **R Class** | **R5 Class** | **R6 Class** | **G Class** |
| 1.21% | 1.01% | 0.86% | 1.46% | 2.21% | 1.71% | 1.01% | 0.86% | 0.86% |

---

The total annual fund operating expenses shown is as stated in the fund's prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.

**Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-800-345-2021 or visit americancentury.com. For additional information about the fund, please consult the prospectus.** 

------

Portfolio Commentary

**Portfolio Managers: Raj Gandhi and Jim Zhao**

**Performance Summary**

International Growth returned -20.99%\* for the fiscal year ended November 30, 2022, underperforming its benchmark, the MSCI EAFE Index, which returned -10.14%.

Stock selection across a broad range of sectors drove the fund's underperformance. Most notably, positioning in information technology and selection in materials and industrials detracted. Underweight positioning in the energy sector further constrained returns, as did selection in consumer staples. Utilities was the only sector to contribute materially to relative returns. From a geographic perspective, stock selection in Japan detracted from relative performance, as did holdings in Switzerland, Australia, France and the Netherlands. Stock selection in Denmark modestly aided performance.

Rising inflation and aggressive central bank policy responses led investors to turn away from higher-multiple growth stocks early in 2022, which created a considerable headwind for the portfolio. Russia's invasion of Ukraine exacerbated supply chain disruptions, accelerated energy price increases and raised geopolitical tensions—all of which weighed heavily on non-U.S. equities. Although supply chain issues and energy prices moderated somewhat in the second half of the period, persistent inflation and hawkish monetary policy enacted by central banks to combat it increased investor concerns about the possibility of a recession and a more difficult environment for earnings growth.

**Macroeconomic Concerns Weighed on Earnings Expectations**

Among information technology holdings, IT services companies detracted the most. Shopify declined amid lowered earnings estimates as the company faced an extremely tough consumer environment due to higher inflation and increased competition from Amazon's new Buy with Prime service. We sold the stock. A softening consumer backdrop also weighed on payment processor Adyen's near-term earnings estimates. The stock weakened along with much of the sector as higher interest rates hurt high-growth, high-multiple stocks.

Within the materials sector, chemicals firms such as Sika and Koninklijke DSM hindered performance. Consensus earnings estimates for Sika declined amid higher interest rates and concerns about high input costs potentially weighing on profitability. DSM's stock weakened on disappointing reported results for the first half of 2022. Although the firm achieved organic growth in the low double digits, the numbers implied a slowdown. Not owning a number of metals and mining stocks, which rose on higher commodities prices, also proved a drag on the portfolio's relative performance.

Among industrials, stock of human resources technology company Recruit Holdings declined. The firm, which owns Indeed and Glassdoor, saw its stock weaken amid fears about the potential risk to profits from a normalizing job market. Kornit Digital, which specializes in digital printing technologies for the garment industry, ranked among the largest individual detractors from performance. Shares declined as consumers, pressured by macroeconomic headwinds, delayed orders, which impacted near-term growth expectations. Concerns surrounding a competing printing system also weighed on Kornit, and we sold the stock.

Underweight positioning in the energy sector also weighed on performance. Not owning a number of large oil companies such as Shell, TotalEnergies and BP hurt relative returns as the stocks advanced on higher oil prices.

\*All fund returns referenced in this commentary are for Investor Class shares. Performance for other share classes will vary due to differences in fee structure; when Investor Class performance exceeds that of the fund's benchmark, other share classes may not. See page 3 for returns for all share classes.

------

On the upside, top individual contributors to performance included pharmaceutical companies AstraZeneca and Novo Nordisk. Successful clinical trials and emerging pipeline assets supported AstraZeneca's strategic direction in oncology. Novo Nordisk's continued success with obesity and diabetes drugs propelled investor optimism for positive earnings results.

**Portfolio Positioning**

We remain committed to our disciplined, bottom-up process of identifying companies exhibiting accelerating, sustainable growth. During the year, we reduced exposure to more cyclical-related companies as the broader cyclical recovery wound down, but we retained our focus on names with company-specific growth drivers. We continue to see opportunities in companies positioned to benefit from secular growth trends such as digitalization, automation, energy transition, health care innovation and healthy lifestyle choices. Demand for premium brands remains strong despite rising inflation, supporting names in apparel, spirits and automobiles. Digitalization benefits technology holdings exposed to IT services growth, artificial intelligence, cloud computing, automation, digital payments and software. Health care holdings include innovative companies using technology, equipment and outsourcing to provide improved cost and delivery efficiencies.

As a result of our bottom-up stock selection process, we are notably overweight to information technology and health care and underweight to financials and energy. Geographically, we retain a large exposure to European stocks. We remain underweight to Japan and Asia in general.

------

Fund Characteristics

---

| | |
|:---|:---|
| **NOVEMBER 30, 2022** | |
| **Types of Investments in Portfolio** | **% of net assets** |
| Common Stocks | 100.1% |
| Short-Term Investments | 0.3% |
| Other Assets and Liabilities | (0.4)% |
| **Top Five Countries** | **% of net assets** |
| France | 20.7% |
| United Kingdom | 13.8% |
| Japan | 11.7% |
| Netherlands | 7.1% |
| Switzerland | 6.9% |

---

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Shareholder Fee Example

Fund shareholders may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and redemption/exchange fees; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in your fund and to compare these costs with the ongoing cost of investing in other mutual funds.

The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from June 1, 2022 to November 30, 2022.

**Actual Expenses**

The table provides information about actual account values and actual expenses for each class. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. First, identify the share class you own. Then simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

If you hold Investor Class shares of any American Century Investments mutual fund, or I Class shares of the American Century Diversified Bond Fund, in an American Century Investments account (i.e., not through a financial intermediary or employer-sponsored retirement plan account), American Century Investments may charge you a $25 annual account maintenance fee if the value of those shares is less than $10,000. We will redeem shares automatically in one of your accounts to pay the $25 fee. In determining your total eligible investment amount, we will include your investments in all personal accounts (including American Century Investments brokerage accounts) registered under your Social Security number. Personal accounts include individual accounts, joint accounts, UGMA/UTMA accounts, personal trusts, Coverdell Education Savings Accounts and IRAs (including traditional, Roth, Rollover, SEP-, SARSEP- and SIMPLE-IRAs), and certain other retirement accounts. If you have only business, business retirement, employer-sponsored or American Century Investments brokerage accounts, you are currently not subject to this fee. If you are subject to the account maintenance fee, your account value could be reduced by the fee amount.

**Hypothetical Example for Comparison Purposes**

The table also provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio of each class of your fund and an assumed rate of return of 5% per year before expenses, which is not the actual return of a fund's share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or redemption/exchange fees. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Beginning<br>Account Value<br>6/1/22** | **Ending<br>Account Value<br>11/30/22** | **Expenses Paid**<br>**During Period**<sup>(1)</sup><br>**6/1/22 - 11/30/22** | **Annualized**<br>**Expense Ratio**<sup>(1)</sup> |
| **Actual**  | | | | |
| Investor Class | $1000 | $978.90 | $6.35 | 1.28% |
| I Class | $1000 | $979.60 | $5.36 | 1.08% |
| Y Class | $1000 | $980.50 | $4.62 | 0.93% |
| A Class | $1000 | $977.30 | $7.58 | 1.53% |
| C Class | $1000 | $973.10 | $11.28 | 2.28% |
| R Class | $1000 | $975.80 | $8.82 | 1.78% |
| R5 Class | $1000 | $978.70 | $5.36 | 1.08% |
| R6 Class | $1000 | $980.40 | $4.62 | 0.93% |
| G Class | $1000 | $984.00 | $0.20 | 0.04% |
| **Hypothetical** |  |  |  |  |
| Investor Class | $1000 | $1018.65 | $6.48 | 1.28% |
| I Class | $1000 | $1019.65 | $5.47 | 1.08% |
| Y Class | $1000 | $1020.41 | $4.71 | 0.93% |
| A Class | $1000 | $1017.40 | $7.74 | 1.53% |
| C Class | $1000 | $1013.64 | $11.51 | 2.28% |
| R Class | $1000 | $1016.14 | $9.00 | 1.78% |
| R5 Class | $1000 | $1019.65 | $5.47 | 1.08% |
| R6 Class | $1000 | $1020.41 | $4.71 | 0.93% |
| G Class | $1000 | $1024.87 | $0.20 | 0.04% |

---

(1)Expenses are equal to the class's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 183, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses.

------

Schedule of Investments

**NOVEMBER 30, 2022** 

---

| | | |
|:---|:---|:---|
|<br>**COMMON STOCKS — 100.1%** | **Shares** | **Value** |
| **Australia — 3.4%** | | |
| CSL Ltd. | 350460 | $72004999 |
| NEXTDC Ltd.<sup>(1)</sup> | 2746488 | 18844041 |
|  |  | 90849040 |
| **Belgium — 0.9%** |  |  |
| KBC Group NV | 441320 | 24446336 |
| **Brazil — 0.4%** |  |  |
| Sendas Distribuidora SA | 3042700 | 11544945 |
| **Canada — 5.3%** |  |  |
| Canadian Pacific Railway Ltd. | 608040 | 49781396 |
| Element Fleet Management Corp. | 1700350 | 24092979 |
| First Quantum Minerals Ltd. | 759720 | 18061811 |
| GFL Environmental, Inc.<sup>(2)</sup> | 977469 | 28317277 |
| Toronto-Dominion Bank | 313440 | 20861825 |
|  |  | 141115288 |
| **China — 1.5%** |  |  |
| H World Group Ltd., ADR | 346930 | 13280481 |
| Li Ning Co. Ltd. | 3335500 | 26805735 |
|  |  | 40086216 |
| **Denmark — 4.3%** |  |  |
| Novo Nordisk A/S, B Shares | 905058 | 113528705 |
| **Finland — 0.2%** |  |  |
| Neste Oyj | 108190 | 5584395 |
| **France — 20.7%** |  |  |
| Air Liquide SA | 339372 | 49409539 |
| Airbus SE | 231210 | 26541877 |
| Arkema SA | 114250 | 10158159 |
| Bureau Veritas SA | 760539 | 19945641 |
| Capgemini SE | 195360 | 35320569 |
| Dassault Systemes SE | 684540 | 25524639 |
| Edenred | 582817 | 32019357 |
| EssilorLuxottica SA | 148870 | 27799414 |
| Hermes International | 10690 | 17374221 |
| L'Oreal SA | 88740 | 33326836 |
| LVMH Moet Hennessy Louis Vuitton SE | 118850 | 92230982 |
| Pernod Ricard SA | 183970 | 36497010 |
| Safran SA | 103410 | 12779996 |
| Sartorius Stedim Biotech | 58940 | 20116409 |
| Schneider Electric SE | 367430 | 54259905 |
| Teleperformance | 53740 | 12267855 |
| Thales SA | 253460 | 32423892 |
| Valeo | 725360 | 13560307 |
|  |  | 551556608 |
| **Germany — 5.3%** |  |  |
| Brenntag SE | 201570 | 12816006 |
| Infineon Technologies AG | 969091 | 32552202 |
| Mercedes-Benz Group AG | 385810 | 26213165 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Puma SE | 371210 | $19211475 |
| Symrise AG | 432880 | 49646458 |
|  |  | 140439306 |
| **Hong Kong — 2.9%** |  |  |
| AIA Group Ltd. | 6204600 | 63005258 |
| Techtronic Industries Co. Ltd. | 1080000 | 13165368 |
|  |  | 76170626 |
| **India — 0.7%** |  |  |
| HDFC Bank Ltd. | 962310 | 19085512 |
| **Indonesia — 0.8%** |  |  |
| Bank Central Asia Tbk PT | 33602700 | 19962643 |
| **Ireland — 3.1%** |  |  |
| CRH PLC | 525930 | 21143166 |
| ICON PLC<sup>(1)</sup> | 130790 | 28177398 |
| Kerry Group PLC, A Shares | 360410 | 34259593 |
|  |  | 83580157 |
| **Italy — 4.5%** |  |  |
| Ferrari NV | 256290 | 57204412 |
| Prysmian SpA | 742660 | 26171920 |
| Tenaris SA | 2157710 | 37456361 |
|  |  | 120832693 |
| **Japan — 11.7%** |  |  |
| BayCurrent Consulting, Inc. | 852000 | 28316168 |
| Hoya Corp. | 276200 | 28581213 |
| JMDC, Inc. | 466700 | 17905361 |
| Keyence Corp. | 125000 | 52891482 |
| Kobe Bussan Co. Ltd. | 1229200 | 32336524 |
| Kose Corp. | 222600 | 23773488 |
| MonotaRO Co. Ltd. | 2485100 | 42992905 |
| Nintendo Co. Ltd. | 920700 | 39476917 |
| Obic Co. Ltd. | 168600 | 26983892 |
| Recruit Holdings Co. Ltd. | 599900 | 19409908 |
|  |  | 312667858 |
| **Netherlands — 7.1%** |  |  |
| Adyen NV<sup>(1)</sup> | 23542 | 37086154 |
| ASML Holding NV | 137850 | 84160135 |
| Koninklijke DSM NV | 180479 | 23408719 |
| Universal Music Group NV | 1832420 | 43576350 |
|  |  | 188231358 |
| **Spain — 3.9%** |  |  |
| Amadeus IT Group SA<sup>(1)</sup> | 275840 | 14913981 |
| Cellnex Telecom SA | 1079226 | 37112982 |
| Iberdrola SA | 4662422 | 52673316 |
|  |  | 104700279 |
| **Sweden — 1.6%** |  |  |
| Epiroc AB, A Shares | 1031030 | 19853496 |
| Hexagon AB, B Shares | 1932350 | 22097065 |
|  |  | 41950561 |
| **Switzerland — 6.9%** |  |  |
| Alcon, Inc. | 549079 | 37864286 |
| Lonza Group AG | 90040 | 47369344 |
| On Holding AG, Class A<sup>(1)(2)</sup> | 520330 | 10104808 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Partners Group Holding AG | 8350 | $8319685 |
| Sika AG | 137759 | 35205761 |
| Zurich Insurance Group AG | 90710 | 43580422 |
|  |  | 182444306 |
| **Taiwan — 0.5%** |  |  |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 897000 | 14405684 |
| **Thailand — 0.6%** |  |  |
| Kasikornbank PCL | 4083200 | 16814994 |
| **United Kingdom — 13.8%** |  |  |
| Ashtead Group PLC | 512460 | 31277812 |
| AstraZeneca PLC | 647100 | 87578942 |
| Compass Group PLC | 1886820 | 43015591 |
| Halma PLC | 620200 | 16451620 |
| HSBC Holdings PLC<sup>(2)</sup> | 8040400 | 49019359 |
| London Stock Exchange Group PLC | 412776 | 41333509 |
| NatWest Group PLC | 7713058 | 24529918 |
| Reckitt Benckiser Group PLC | 483561 | 34702031 |
| Segro PLC | 2210230 | 21389120 |
| Whitbread PLC | 587756 | 18560948 |
|  |  | 367858850 |
| **TOTAL COMMON STOCKS**<br>(Cost $2,334,313,883) |  | **2667856360** |
| **SHORT-TERM INVESTMENTS — 0.3%** |  |  |
| **Money Market Funds — 0.3%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 409 | 409 |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(3)</sup> | 8382900 | 8382900 |
|  |  | 8383309 |
| **Repurchase Agreements**<sup>†</sup> |  |  |
| BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 2.00% - 3.375%, 2/15/25 - 5/15/51, valued at $186,296), in a joint trading account at 3.74%, dated 11/30/22, due 12/1/22 (Delivery value $182,832) |  | 182813 |
| Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 1.125%, 2/15/31, valued at $537,614), at 3.77%, dated 11/30/22, due 12/1/22 (Delivery value $527,055) |  | 527000 |
|  |  | 709813 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $9,093,122) |  | **9093122** |
| **TOTAL INVESTMENT SECURITIES—100.4%**<br>(Cost $2,343,407,005) |  | **2676949482** |
| **OTHER ASSETS AND LIABILITIES — (0.4)%** |  | **(10502481)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**2666447001** |

---

------

---

| | |
|:---|:---|
| **MARKET SECTOR DIVERSIFICATION** | |
| **(as a % of net assets)** | |
| Health Care | 18.1% |
| Industrials | 16.1% |
| Information Technology | 15.4% |
| Financials | 13.4% |
| Consumer Discretionary | 12.6% |
| Materials | 7.9% |
| Consumer Staples | 7.7% |
| Communication Services | 4.5% |
| Utilities | 2.0% |
| Energy | 1.6% |
| Real Estate | 0.8% |
| Short-Term Investments | 0.3% |
| Other Assets and Liabilities | (0.4)% |

---

---

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

---

†Category is less than 0.05% of total net assets.

(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 $23,248,742. 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 $24,230,440, which includes securities collateral of $15,847,540.

See Notes to Financial Statements.

------

Statement of Assets and Liabilities

---

| | |
|:---|:---|
| **NOVEMBER 30, 2022** | |
| **Assets** | |
| Investment securities, at value (cost of $2,335,024,105) — including $23,248,742 of securities on loan | $2668566582 |
| Investment made with cash collateral received for securities on loan, at value <br>(cost of $8,382,900) | 8382900 |
| Total investment securities, at value (cost of $2,343,407,005) | 2676949482 |
| Foreign currency holdings, at value (cost of $153,254) | 154031 |
| Receivable for investments sold | 10305585 |
| Receivable for capital shares sold  | 1060021 |
| Dividends and interest receivable  | 6819627 |
| Securities lending receivable | 11375 |
| Other assets | 68744 |
|  | 2695368865 |
| **Liabilities** |  |
| Payable for collateral received for securities on loan | 8382900 |
| Payable for investments purchased | 6878217 |
| Payable for capital shares redeemed  | 8184691 |
| Accrued management fees  | 1211835 |
| Distribution and service fees payable | 16200 |
| Accrued foreign taxes | 780629 |
| Accrued foreign withholding tax reclaim expenses | 220852 |
| Accrued IRS compliance fees | 3201600 |
| Accrued other expenses  | 44940 |
|  | 28921864 |
| **Net Assets** | $2666447001 |
| **Net Assets Consist of:** |  |
| Capital (par value and paid-in surplus) | $2483779887 |
| Distributable earnings | 182667114 |
|  | $2666447001 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Net Assets** | **Shares Outstanding** | **Net Asset Value Per Share\*** |
| Investor Class, $0.01 Par Value | $888747839 | 79874360 | $11.13 |
| I Class, $0.01 Par Value | $271017552 | 24574039 | $11.03 |
| Y Class, $0.01 Par Value | $50966706 | 4617144 | $11.04 |
| A Class, $0.01 Par Value | $66992758 | 5985476 | $11.19 |
| C Class, $0.01 Par Value | $750823 | 71628 | $10.48 |
| R Class, $0.01 Par Value | $6497571 | 576349 | $11.27 |
| R5 Class, $0.01 Par Value | $6988 | 633 | $11.04 |
| R6 Class, $0.01 Par Value | $27242676 | 2470379 | $11.03 |
| G Class, $0.01 Par Value | $1354224088 | 121953632 | $11.10 |

---

\*Maximum offering price per share was equal to the net asset value per share for all share classes, except Class A, for which the maximum offering price per share was $11.87 (net asset value divided by 0.9425). A contingent deferred sales charge may be imposed on redemptions of Class A and Class C.

See Notes to Financial Statements.

------

Statement of Operations

---

| | |
|:---|:---|
| **YEAR ENDED NOVEMBER 30, 2022** | |
| **Investment Income (Loss)** | |
| **Income:** | |
| Dividends (net of foreign taxes withheld of $4,041,200) | $42880832 |
| Foreign withholding tax recoveries (net of IRS compliance fees of $3,201,600) | 6393505 |
| Interest (net of foreign taxes withheld of $13) | 2608704 |
| Securities lending, net | 155945 |
|  | 52038986 |
| **Expenses:** |  |
| Management fees | 22812214 |
| Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class | 177284 |
| &nbsp;&nbsp;&nbsp;&nbsp;C Class | 9666 |
| &nbsp;&nbsp;&nbsp;&nbsp;R Class | 32184 |
| Directors' fees and expenses | 60373 |
| Foreign withholding tax reclaim expenses | 2536559 |
| Other expenses | 70311 |
|  | 25698591 |
| Fees waived - G Class | (6818681) |
|  | 18879910 |
| **Net investment income (loss)** | 33159076 |
| **Realized and Unrealized Gain (Loss)** |  |
| **Net realized gain (loss) on:** |  |
| Investment transactions (net of foreign tax expenses paid (refunded) of $18,591) | (144280325) |
| Foreign currency translation transactions | (1835467) |
|  | (146115792) |
| **Change in net unrealized appreciation (depreciation) on:** |  |
| Investments (includes (increase) decrease in accrued foreign taxes of $(88384)) | (291679893) |
| Translation of assets and liabilities in foreign currencies | (73291) |
|  | (291753184) |
| **Net realized and unrealized gain (loss)** | (437868976) |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $(404709900) |

---

See Notes to Financial Statements.

------

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| **YEARS ENDED NOVEMBER 30, 2022 AND NOVEMBER 30, 2021** | **YEARS ENDED NOVEMBER 30, 2022 AND NOVEMBER 30, 2021** | **YEARS ENDED NOVEMBER 30, 2022 AND NOVEMBER 30, 2021** |
| **Increase (Decrease) in Net Assets** | **November 30, 2022** | **November 30, 2021** |
| **Operations** | | |
| Net investment income (loss) | $33159076 | $9514135 |
| Net realized gain (loss) | (146115792) | 189752425 |
| Change in net unrealized appreciation (depreciation) | (291753184) | (38014755) |
| Net increase (decrease) in net assets resulting from operations | (404709900) | 161251805 |
| **Distributions to Shareholders** |  |  |
| From earnings: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (152383930) | (54887728) |
| &nbsp;&nbsp;&nbsp;&nbsp;I Class | (37122850) | (3793173) |
| &nbsp;&nbsp;&nbsp;&nbsp;Y Class | (6430224) | (1442300) |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class | (10949169) | (3664774) |
| &nbsp;&nbsp;&nbsp;&nbsp;C Class | (177433) | (85443) |
| &nbsp;&nbsp;&nbsp;&nbsp;R Class | (924985) | (292738) |
| &nbsp;&nbsp;&nbsp;&nbsp;R5 Class | (1164) | (508) |
| &nbsp;&nbsp;&nbsp;&nbsp;R6 Class | (4383615) | (2636516) |
| &nbsp;&nbsp;&nbsp;&nbsp;G Class | (56) |  |
| From tax return of capital: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (2588556) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;I Class | (766952) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Y Class | (117440) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class | (191094) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;C Class | (2892) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;R Class | (17102) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;R5 Class | (20) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;R6 Class | (76634) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;G Class | (6) |  |
| Decrease in net assets from distributions | (216134122) | (66803180) |
| **Capital Share Transactions** |  |  |
| Net increase (decrease) in net assets from capital share transactions (Note 5) | 1682322148 | 10990793 |
| **Net increase (decrease) in net assets** | 1061478126 | 105439418 |
| **Net Assets** |  |  |
| Beginning of period | 1604968875 | 1499529457 |
| End of period | $2666447001 | $1604968875 |

---

See Notes to Financial Statements.

------

Notes to Financial Statements

**NOVEMBER 30, 2022** 

**1. Organization**

American Century World Mutual Funds, Inc. (the corporation) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company and is organized as a Maryland corporation. International Growth Fund (the fund) is one fund in a series issued by the corporation. The fund's investment objective is to seek capital growth.

The fund offers the Investor Class, I Class, Y Class, A Class, C Class, R Class, R5 Class, R6 Class and G Class. The A Class may incur an initial sales charge. The A Class and C Class may be subject to a contingent deferred sales charge. Sale of the G Class commenced on April 1, 2022.

**2. Significant Accounting Policies**

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

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

Equity securities that are listed or traded on a domestic securities exchange are valued at the last reported sales price or at the official closing price as provided by the exchange. Equity securities traded on foreign securities exchanges are generally valued at the closing price of such securities on the exchange where primarily traded or at the close of the NYSE, if that is earlier. If no last sales price is reported, or if local convention or regulation so provides, the mean of the latest bid and asked prices may be used. Securities traded over-the-counter are valued at the mean of the latest bid and asked prices, the last sales price, or the official closing price. Equity securities initially expressed in local currencies are translated into U.S. dollars at the mean of the appropriate currency exchange rate at the close of the NYSE as provided by an independent pricing service.

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

If the valuation designee determines that the market price for a portfolio security is not readily available or is believed by the valuation designee to be unreliable, such security is valued at fair value as determined in good faith by the valuation designee, in accordance with its policies and procedures. Circumstances that may cause the fund to determine that market quotations are not available or reliable include, but are not limited to: when there is a significant event subsequent to the market quotation; trading in a security has been halted during the trading day; or trading in a security is insufficient or did not take place due to a closure or holiday.

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

------

**Security Transactions —** Security transactions are accounted for as of the trade date. Net realized gains and losses are determined on the identified cost basis, which is also used for federal income tax purposes. Certain countries impose taxes on realized gains on the sale of securities registered in their country. The fund records the foreign tax expense, if any, on an accrual basis. The foreign tax expense on realized gains and unrealized appreciation reduces the net realized gain (loss) on investment transactions and net unrealized appreciation (depreciation) on investments, respectively.

**Investment Income —** Dividend income less foreign taxes withheld, if any, is recorded as of the ex-dividend date. Distributions received on securities that represent a return of capital or long-term capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The fund may estimate the components of distributions received that may be considered nontaxable distributions or long-term capital gain distributions for income tax purposes. Interest income less foreign taxes withheld, if any, is recorded on the accrual basis and includes accretion of discounts and amortization of premiums. Securities lending income is net of fees and rebates earned by the lending agent for its services. Foreign withholding tax recoveries less IRS compliance fees, if any, represent the receipt of certain European Union (EU) withholding taxes previously withheld. The fund will record any EU reclaims only when certainty exists as to the likelihood of receipt. The fund may estimate IRS compliance fees when EU reclaims recovered exceed any foreign taxes withheld during the current fiscal period. The IRS compliance fees reduce the foreign withholding tax recoveries.

**Foreign Currency Translations —** All assets and liabilities initially expressed in foreign currencies are translated into U.S. dollars at prevailing exchange rates at period end. The fund may enter into spot foreign currency exchange contracts to facilitate transactions denominated in a foreign currency. Purchases and sales of investment securities, dividend and interest income, spot foreign currency exchange contracts, and expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. Net realized and unrealized foreign currency exchange gains or losses related to investment securities are a component of net realized gain (loss) on investment transactions and change in net unrealized appreciation (depreciation) on investments, respectively.

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

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

**Segregated Assets —** In accordance with the 1940 Act, the fund segregates assets on its books and records to cover certain types of investment securities and other financial instruments. ACIM monitors, on a daily basis, the securities segregated to ensure the fund designates a sufficient amount of liquid assets, marked-to-market daily. The fund may also receive assets or be required to pledge assets at the custodian bank or with a broker for collateral requirements.

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

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

------

**Distributions to Shareholders —** Distributions from net investment income and net realized gains, if any, are generally declared and paid annually. The fund may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code, in all events in a manner consistent with provisions of the 1940 Act.

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

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

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged, and the remaining contractual maturity of those transactions as of November 30, 2022.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Remaining Contractual Maturity of Agreements** | **Remaining Contractual Maturity of Agreements** | **Remaining Contractual Maturity of Agreements** | **Remaining Contractual Maturity of Agreements** | **Remaining Contractual Maturity of Agreements** | **Remaining Contractual Maturity of Agreements** |
| | **Overnight and** <br>**Continuous** | **<30 days** | **Between** <br>**30 & 90 days** | **>90 days** | **Total** |
| **Securities Lending Transactions**<sup>(1)</sup> | **Securities Lending Transactions**<sup>(1)</sup> | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $8382900 |  |  |  | $8382900 |
| Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | $8382900 |

---

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

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

Certain officers and directors of the corporation are also officers and/or directors of American Century Companies, Inc. (ACC). The corporation's investment advisor, ACIM, the corporation's distributor, American Century Investment Services, Inc. (ACIS), and the corporation's transfer agent, American Century Services, LLC, are wholly owned, directly or indirectly, by ACC. Various funds issued by American Century Asset Allocation Portfolios, Inc. own, in aggregate, 35% of the shares of the fund. Related parties do not invest in the fund for the purpose of exercising management or control.

------

**Management Fees —** The corporation has entered into a management agreement with ACIM, under which ACIM provides the fund with investment advisory and management services in exchange for a single, unified management fee (the fee) per class. The agreement provides that ACIM will pay all expenses of managing and operating the fund, except brokerage expenses, taxes, interest, fees and expenses of the independent directors (including legal counsel fees), extraordinary expenses, and expenses incurred in connection with the provision of shareholder services and distribution services under a plan adopted pursuant to Rule 12b-1 under the 1940 Act. The fee is computed and accrued daily based on each class's daily net assets and paid monthly in arrears. The difference in the fee among the classes is a result of their separate arrangements for non-Rule 12b-1 shareholder services. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class. The rate of the fee is determined by applying a fee rate calculation formula. This formula takes into account the fund's assets as well as certain assets, if any, of other clients of the investment advisor outside the American Century Investments family of funds (such as subadvised funds and separate accounts), as well as exchange-traded funds managed by the investment advisor, that use very similar investment teams and strategies (strategy assets). Prior to the fund's acquisition of NT International Growth Fund, the strategy assets of the fund also included the assets of NT International Growth Fund. The investment advisor agreed to waive the G Class's management fee in its entirety. The investment advisor expects this waiver to remain in effect permanently and cannot terminate it without the approval of the Board of Directors.

The management fee schedule range and the effective annual management fee for each class for the period ended November 30, 2022 are as follows:

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Management Fee** <br>**Schedule Range** | &nbsp;&nbsp;**Effective Annual** <br>**Management Fee** |
| Investor Class | 1.050% to 1.500% | 1.23% |
| I Class | 0.850% to 1.300% | 1.03% |
| Y Class | 0.700% to 1.150% | 0.88% |
| A Class | 1.050% to 1.500% | 1.23% |
| C Class | 1.050% to 1.500% | 1.23% |
| R Class | 1.050% to 1.500% | 1.23% |
| R5 Class | 0.850% to 1.300% | 1.03% |
| R6 Class | 0.700% to 1.150% | 0.88% |
| G Class | 0.700% to 1.150% | 0.00%<sup>(1)</sup> |

---

(1)Effective annual management fee before waiver was 0.88%.

**Distribution and Service Fees —** The Board of Directors has adopted a separate Master Distribution and Individual Shareholder Services Plan for each of the A Class, C Class and R Class (collectively the plans), pursuant to Rule 12b-1 of the 1940 Act. The plans provide that the A Class will pay ACIS an annual distribution and service fee of 0.25%. The plans provide that the C Class will pay ACIS an annual distribution and service fee of 1.00%, of which 0.25% is paid for individual shareholder services and 0.75% is paid for distribution services. The plans provide that the R Class will pay ACIS an annual distribution and service fee of 0.50%. The fees are computed and accrued daily based on each class's daily net assets and paid monthly in arrears. The fees are used to pay financial intermediaries for distribution and individual shareholder services. Fees incurred under the plans during the period ended November 30, 2022 are detailed in the Statement of Operations.

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

**Foreign Withholding Tax Reclaim Expenses —** The fund may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The fund may incur expenses in association with recovery of such taxes. The impact of foreign withholding tax reclaim expenses to the ratio of operating expenses to average net assets was 0.12% for the Investor Class, I Class, Y Class, A Class, C Class, R Class, R5 Class and R6 Class, and 0.06% for the G Class, for the period ended November 30, 2022.

------

**Interfund Transactions —** The fund may enter into security transactions with other American Century Investments funds and other client accounts of the investment advisor, in accordance with the 1940 Act rules and procedures adopted by the Board of Directors. The rules and procedures require, among other things, that these transactions be effected at the independent current market price of the security. During the period, the interfund purchases and sales were $3,931,413 and $11,301,667, respectively. The effect of interfund transactions on the Statement of Operations was $(5,618,366) in net realized gain (loss) on investment transactions.

**4. Investment Transactions**

Purchases and sales of investment securities, excluding short-term investments, for the period ended November 30, 2022 were $986,403,260 and $799,133,613, respectively.

------

**5. Capital Share Transactions**

Transactions in shares of the fund were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year ended** <br>**November 30, 2022**<sup>(1)</sup> | **Year ended** <br>**November 30, 2022**<sup>(1)</sup> | **Year ended <br>November 30, 2021** | **Year ended <br>November 30, 2021** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| **Investor Class/Shares Authorized** | 1250000000 |  | 1250000000 |  |
| Sold | 4323073 | $57881495 | 3665315 | $58740896 |
| Issued in reinvestment of distributions | 10709215 | 148931979 | 3482032 | 52071101 |
| Redeemed | (6827221) | (80462415) | (16617751) | (272378978) |
|  | 8205067 | 126351059 | (9470404) | (161566981) |
| **I Class/Shares Authorized** | 100000000 |  | 90000000 |  |
| Sold | 10278633 | 114915896 | 12662682 | 207549688 |
| Issued in reinvestment of distributions | 2767046 | 37841100 | 255045 | 3782314 |
| Redeemed | (4919973) | (53061124) | (1870098) | (30347473) |
|  | 8125706 | 99695872 | 11047629 | 180984529 |
| **Y Class/Shares Authorized** | 30000000 |  | 30000000 |  |
| Sold | 1952496 | 21490959 | 1176218 | 19132223 |
| Issued in reinvestment of distributions | 475952 | 6532062 | 96900 | 1437024 |
| Redeemed | (755783) | (8682704) | (251076) | (4054144) |
|  | 1672665 | 19340317 | 1022042 | 16515103 |
| **A Class/Shares Authorized** | 80000000 |  | 80000000 |  |
| Sold | 659237 | 7734678 | 729932 | 11666426 |
| Issued in reinvestment of distributions | 786226 | 11019766 | 238591 | 3593178 |
| Redeemed | (854500) | (10085631) | (833309) | (13500921) |
|  | 590963 | 8668813 | 135214 | 1758683 |
| **C Class/Shares Authorized** | 20000000 |  | 30000000 |  |
| Sold | 2514 | 27038 | 4351 | 66796 |
| Issued in reinvestment of distributions | 13035 | 172810 | 5736 | 82198 |
| Redeemed | (38812) | (433059) | (41265) | (633724) |
|  | (23263) | (233211) | (31178) | (484730) |
| **R Class/Shares Authorized** | 25000000 |  | 30000000 |  |
| Sold | 101947 | 1215287 | 89795 | 1458492 |
| Issued in reinvestment of distributions | 66701 | 942087 | 19165 | 290918 |
| Redeemed | (55154) | (687335) | (77433) | (1265365) |
|  | 113494 | 1470039 | 31527 | 484045 |
| **R5 Class/Shares Authorized** | 20000000 |  | 20000000 |  |
| Sold |  |  | 21 | 313 |
| Issued in reinvestment of distributions | 86 | 1184 | 25 | 372 |
| Redeemed |  |  | (210) | (3192) |
|  | 86 | 1184 | (164) | (2507) |
| **R6 Class/Shares Authorized** | 45000000 |  | 50000000 |  |
| Sold | 1567955 | 17866224 | 1485610 | 23290435 |
| Issued in reinvestment of distributions | 319036 | 4381413 | 176481 | 2615452 |
| Redeemed | (1359516) | (14884276) | (3339362) | (52603236) |
|  | 527475 | 7363361 | (1677271) | (26697349) |
| **G Class/Shares Authorized** | 1000000000 |  | N/A |  |
| Sold | 10156494 | 105511869 |  |  |
| Issued in connection with reorganization (Note 9) | 117485888 | 1376170527 |  |  |
| Issued in reinvestment of distributions | 5 | 62 |  |  |
| Redeemed | (5688755) | (62017744) |  |  |
|  | 121953632 | 1419664714 |  |  |
| Net increase (decrease) | 141165825 | $1682322148 | 1057395 | $10990793 |

---

(1)April 1, 2022 (commencement of sale) through November 30, 2022 for the G Class.

------

**6. Fair Value Measurements**

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

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

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

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

The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not necessarily an indication of the risks associated with investing in these securities or other financial instruments.

The following is a summary of the level classifications as of period end. The Schedule of Investments provides additional information on the fund's portfolio holdings.

---

| | | | |
|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** |
| **Assets** | | | |
| **Investment Securities** | | | |
| Common Stocks | $79879964 | $2587976396 |  |
| Short-Term Investments | 8383309 | 709813 |  |
|  | $88263273 | $2588686209 |  |

---

**7. Risk Factors**

The value of the fund's shares will go up and down, sometimes rapidly or unpredictably, based on the performance of the securities owned by the fund and other factors generally affecting the securities market. Market risks, including political, regulatory, economic and social developments, can affect the value of the fund's investments. Natural disasters, public health emergencies, war, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.

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

**8. Federal Tax Information**

The tax character of distributions paid during the years ended November 30, 2022 and November 30, 2021 were as follows:

---

| | | |
|:---|:---|:---|
| | **2022** | **2021** |
| **Distributions Paid From** |  |  |
| Ordinary income | $50775903 | $708165 |
| Long-term capital gains | $165358219 | $66095015 |

---

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:

---

| | |
|:---|:---|
| Federal tax cost of investments | $2349973973 |
| Gross tax appreciation of investments | $487277599 |
| Gross tax depreciation of investments | (160302090) |
| Net tax appreciation (depreciation) of investments | 326975509 |
| Net tax appreciation (depreciation) on translation of assets and liabilities in <br>foreign currencies | (960094) |
| Net tax appreciation (depreciation) | $326015415 |
| Undistributed ordinary income |  |
| Accumulated short-term capital losses | $(143348301) |

---

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

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.

**9. Reorganization**

On December 2, 2021, the Board of Directors approved an agreement and plan of reorganization (the reorganization), whereby the net assets of NT International Growth Fund, one fund in a series issued by the corporation, were transferred to International Growth Fund in exchange for shares of International Growth Fund. The purpose of the transaction was to combine two funds with substantially similar investment objectives and strategies. The financial statements and performance history of International Growth Fund survived after the reorganization. The reorganization was effective at the close of the NYSE on April 22, 2022.

The reorganization was accomplished by a tax-free exchange of shares. On April 22, 2022, NT International Growth Fund exchanged its shares for shares of International Growth Fund as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Original Fund/Class** | **Shares Exchanged** | **New Fund/Class** | **Shares Received** |
| NT International Growth Fund – G Class | 121,105,612 | International Growth Fund – G Class | 117,485,888 |

---

The net assets of NT International Growth Fund and International Growth Fund immediately before the reorganization were $1,376,170,527 and $1,410,203,074, respectively. NT International Growth Fund's unrealized appreciation of $121,255,453 was combined with that of International Growth Fund. Immediately after the reorganization, the combined net assets were $2,786,373,601.

Assuming the reorganization had been completed on December 1, 2021, the beginning of the annual reporting period, the pro forma results of operations for the period ended November 30, 2022 are as follows:

---

| | |
|:---|:---|
| Net investment income (loss) | $43648196 |
| Net realized and unrealized gain (loss) | (695559055) |
| Net increase (decrease) in net assets resulting from operations | $(651910859) |

---

Because the combined investment portfolios have been managed as a single integrated portfolio since the reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of NT International Growth Fund that have been included in the fund's Statement of Operations since April 22, 2022.

------

Financial Highlights

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | |
| | | **Income From Investment Operations:** | **Income From Investment Operations:** | **Income From Investment Operations:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | | |
| | **Net Asset<br>Value,<br>Beginning<br>of Period** | **Net**<br>**Investment**<br>**Income**<br>**(Loss)**<sup>(1)</sup> | **Net<br>Realized<br>and<br>Unrealized<br>Gain (Loss)** | **Total From<br>Investment<br>Operations** | **Net<br>Investment<br>Income** | **Net<br>Realized<br>Gains** | **Tax<br>Return<br>of<br>Capital** | **Total<br>Distributions** | **Net Asset<br>Value,<br>End<br>of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating<br>Expenses<br>(before<br>expense<br>waiver)** | **Net<br>Investment<br>Income<br>(Loss)<br>(before<br>expense<br>waiver)** | **Portfolio<br>Turnover<br>Rate** | **Net<br>Assets,<br>End of<br>Period<br>(in thousands)** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | | | | | | | | | | | |
| 2022 | $16.24 | 0.14 | (3.17) | (3.03) | (0.38) | (1.67) | (0.03) | (2.08) | $11.13 | (20.99)% | 1.36% | 1.09% | 38% | $888748 |
| 2021 | $15.32 | 0.09 | 1.51 | 1.60 | —<sup>(3)</sup> | (0.68) |  | (0.68) | $16.24 | 10.83% | 1.21% | 0.56% | 51% | $1163803 |
| 2020 | $12.35 | 0.01 | 3.01 | 3.02 | (0.01) | (0.04) |  | (0.05) | $15.32 | 24.57% | 1.18% | 0.06% | 51% | $1243217 |
| 2019 | $11.83 | 0.05 | 1.66 | 1.71 | (0.12) | (1.07) |  | (1.19) | $12.35 | 16.82% | 1.18% | 0.43% | 68% | $1162998 |
| 2018 | $13.80 | 0.08 | (1.28) | (1.20) | (0.13) | (0.64) |  | (0.77) | $11.83 | (9.23)% | 1.17% | 0.62% | 69% | $1173094 |
| **I Class** | **I Class** | **I Class** | **I Class** |  |  |  |  |  |  |  |  |  |  |  |
| 2022 | $16.13 | 0.16 | (3.14) | (2.98) | (0.42) | (1.67) | (0.03) | (2.12) | $11.03 | (20.86)% | 1.16% | 1.29% | 38% | $271018 |
| 2021 | $15.22 | 0.14 | 1.48 | 1.62 | (0.03) | (0.68) |  | (0.71) | $16.13 | 11.07% | 1.01% | 0.76% | 51% | $265248 |
| 2020 | $12.27 | 0.03 | 3.00 | 3.03 | (0.04) | (0.04) |  | (0.08) | $15.22 | 24.82% | 0.98% | 0.26% | 51% | $82222 |
| 2019 | $11.76 | 0.07 | 1.66 | 1.73 | (0.15) | (1.07) |  | (1.22) | $12.27 | 17.09% | 0.98% | 0.63% | 68% | $74688 |
| 2018 | $13.74 | 0.10 | (1.28) | (1.18) | (0.16) | (0.64) |  | (0.80) | $11.76 | (9.12)% | 0.97% | 0.82% | 69% | $67677 |

---

------

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | |
| | | **Income From Investment Operations:** | **Income From Investment Operations:** | **Income From Investment Operations:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | | |
| | **Net Asset<br>Value,<br>Beginning<br>of Period** | **Net**<br>**Investment**<br>**Income**<br>**(Loss)**<sup>(1)</sup> | **Net<br>Realized<br>and<br>Unrealized<br>Gain (Loss)** | **Total From<br>Investment<br>Operations** | **Net<br>Investment<br>Income** | **Net<br>Realized<br>Gains** | **Tax<br>Return<br>of<br>Capital** | **Total<br>Distributions** | **Net Asset<br>Value,<br>End<br>of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating<br>Expenses<br>(before<br>expense<br>waiver)** | **Net<br>Investment<br>Income<br>(Loss)<br>(before<br>expense<br>waiver)** | **Portfolio<br>Turnover<br>Rate** | **Net<br>Assets,<br>End of<br>Period<br>(in thousands)** |
| **Y Class** | **Y Class** | **Y Class** | **Y Class** | | | | | | | | | | | |
| 2022 | $16.15 | 0.16 | (3.12) | (2.96) | (0.45) | (1.67) | (0.03) | (2.15) | $11.04 | (20.73)% | 1.01% | 1.44% | 38% | $50967 |
| 2021 | $15.24 | 0.16 | 1.49 | 1.65 | (0.06) | (0.68) |  | (0.74) | $16.15 | 11.23% | 0.86% | 0.91% | 51% | $47542 |
| 2020 | $12.29 | 0.05 | 2.99 | 3.04 | (0.05) | (0.04) |  | (0.09) | $15.24 | 24.97% | 0.83% | 0.41% | 51% | $29299 |
| 2019 | $11.78 | 0.08 | 1.66 | 1.74 | (0.16) | (1.07) |  | (1.23) | $12.29 | 17.27% | 0.83% | 0.78% | 68% | $18691 |
| 2018 | $13.75 | 0.15 | (1.30) | (1.15) | (0.18) | (0.64) |  | (0.82) | $11.78 | (8.95)% | 0.82% | 0.97% | 69% | $6177 |
| **A Class** | **A Class** | **A Class** |  |  |  |  |  |  |  |  |  |  |  |  |
| 2022 | $16.31 | 0.11 | (3.19) | (3.08) | (0.34) | (1.67) | (0.03) | (2.04) | $11.19 | (21.24)% | 1.61% | 0.84% | 38% | $66993 |
| 2021 | $15.42 | 0.05 | 1.52 | 1.57 |  | (0.68) |  | (0.68) | $16.31 | 10.53% | 1.46% | 0.31% | 51% | $87967 |
| 2020 | $12.45 | (0.02) | 3.03 | 3.01 |  | (0.04) |  | (0.04) | $15.42 | 24.27% | 1.43% | (0.19)% | 51% | $81088 |
| 2019 | $11.91 | 0.02 | 1.69 | 1.71 | (0.10) | (1.07) |  | (1.17) | $12.45 | 16.56% | 1.43% | 0.18% | 68% | $67857 |
| 2018 | $13.88 | 0.05 | (1.29) | (1.24) | (0.09) | (0.64) |  | (0.73) | $11.91 | (9.45)% | 1.42% | 0.37% | 69% | $64784 |
| **C Class** | **C Class** | **C Class** |  |  |  |  |  |  |  |  |  |  |  |  |
| 2022 | $15.41 | 0.03 | (3.02) | (2.99) | (0.24) | (1.67) | (0.03) | (1.94) | $10.48 | (21.81)% | 2.36% | 0.09% | 38% | $751 |
| 2021 | $14.71 | (0.08) | 1.46 | 1.38 |  | (0.68) |  | (0.68) | $15.41 | 9.72% | 2.21% | (0.44)% | 51% | $1462 |
| 2020 | $11.97 | (0.11) | 2.89 | 2.78 |  | (0.04) |  | (0.04) | $14.71 | 23.32% | 2.18% | (0.94)% | 51% | $1855 |
| 2019 | $11.49 | (0.06) | 1.62 | 1.56 | (0.01) | (1.07) |  | (1.08) | $11.97 | 15.66% | 2.18% | (0.57)% | 68% | $2694 |
| 2018 | $13.42 | (0.04) | (1.25) | (1.29) |  | (0.64) |  | (0.64) | $11.49 | (10.12)% | 2.17% | (0.38)% | 69% | $4268 |

---

------

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | |
| | | **Income From Investment Operations:** | **Income From Investment Operations:** | **Income From Investment Operations:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | | |
| | **Net Asset<br>Value,<br>Beginning<br>of Period** | **Net**<br>**Investment**<br>**Income**<br>**(Loss)**<sup>(1)</sup> | **Net<br>Realized<br>and<br>Unrealized<br>Gain (Loss)** | **Total From<br>Investment<br>Operations** | **Net<br>Investment<br>Income** | **Net<br>Realized<br>Gains** | **Tax<br>Return<br>of<br>Capital** | **Total<br>Distributions** | **Net Asset<br>Value,<br>End<br>of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating<br>Expenses<br>(before<br>expense<br>waiver)** | **Net<br>Investment<br>Income<br>(Loss)<br>(before<br>expense<br>waiver)** | **Portfolio<br>Turnover<br>Rate** | **Net<br>Assets,<br>End of<br>Period<br>(in thousands)** |
| **R Class** | **R Class** | **R Class** | **R Class** | | | | | | | | | | | |
| 2022 | $16.40 | 0.07 | (3.21) | (3.14) | (0.29) | (1.67) | (0.03) | (1.99) | $11.27 | (21.45)% | 1.86% | 0.59% | 38% | $6498 |
| 2021 | $15.54 | 0.01 | 1.53 | 1.54 |  | (0.68) |  | (0.68) | $16.40 | 10.25% | 1.71% | 0.06% | 51% | $7589 |
| 2020 | $12.58 | (0.06) | 3.06 | 3.00 |  | (0.04) |  | (0.04) | $15.54 | 24.04% | 1.68% | (0.44)% | 51% | $6701 |
| 2019 | $12.02 | (0.01) | 1.71 | 1.70 | (0.07) | (1.07) |  | (1.14) | $12.58 | 16.17% | 1.68% | (0.07)% | 68% | $6069 |
| 2018 | $14.00 | 0.02 | (1.30) | (1.28) | (0.06) | (0.64) |  | (0.70) | $12.02 | (9.68)% | 1.67% | 0.12% | 69% | $3226 |
| **R5 Class** | **R5 Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2022 | $16.14 | 0.16 | (3.14) | (2.98) | (0.42) | (1.67) | (0.03) | (2.12) | $11.04 | (20.92)% | 1.16% | 1.29% | 38% | $7 |
| 2021 | $15.23 | 0.11 | 1.51 | 1.62 | (0.03) | (0.68) |  | (0.71) | $16.14 | 11.06% | 1.01% | 0.76% | 51% | $9 |
| 2020 | $12.28 | 0.03 | 3.00 | 3.03 | (0.04) | (0.04) |  | (0.08) | $15.23 | 24.80% | 0.98% | 0.26% | 51% | $11 |
| 2019 | $11.77 | 0.07 | 1.66 | 1.73 | (0.15) | (1.07) |  | (1.22) | $12.28 | 17.09% | 0.98% | 0.63% | 68% | $6 |
| 2018 | $13.73 | 0.11 | (1.27) | (1.16) | (0.16) | (0.64) |  | (0.80) | $11.77 | (9.03)% | 0.97% | 0.82% | 69% | $5 |
| **R6 Class** | **R6 Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2022 | $16.14 | 0.18 | (3.14) | (2.96) | (0.45) | (1.67) | (0.03) | (2.15) | $11.03 | (20.75)% | 1.01% | 1.44% | 38% | $27243 |
| 2021 | $15.23 | 0.14 | 1.51 | 1.65 | (0.06) | (0.68) |  | (0.74) | $16.14 | 11.23% | 0.86% | 0.91% | 51% | $31350 |
| 2020 | $12.28 | 0.05 | 2.99 | 3.04 | (0.05) | (0.04) |  | (0.09) | $15.23 | 24.99% | 0.83% | 0.41% | 51% | $55137 |
| 2019 | $11.77 | 0.09 | 1.65 | 1.74 | (0.16) | (1.07) |  | (1.23) | $12.28 | 17.28% | 0.83% | 0.78% | 68% | $37088 |
| 2018 | $13.75 | 0.14 | (1.29) | (1.15) | (0.19) | (0.64) |  | (0.83) | $11.77 | (8.93)% | 0.82% | 0.97% | 69% | $38315 |

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| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | |
| | | **Income From Investment Operations:** | **Income From Investment Operations:** | **Income From Investment Operations:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | | |
| | **Net Asset<br>Value,<br>Beginning<br>of Period** | **Net**<br>**Investment**<br>**Income**<br>**(Loss)**<sup>(1)</sup> | **Net<br>Realized<br>and<br>Unrealized<br>Gain (Loss)** | **Total From<br>Investment<br>Operations** | **Net<br>Investment<br>Income** | **Net<br>Realized<br>Gains** | **Tax<br>Return<br>of<br>Capital** | **Total<br>Distributions** | **Net Asset<br>Value,<br>End<br>of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Operating<br>Expenses<br>(before<br>expense<br>waiver)** | **Net<br>Investment<br>Income<br>(Loss)** | **Net<br>Investment<br>Income<br>(Loss)<br>(before<br>expense<br>waiver)** | **Portfolio<br>Turnover<br>Rate** | **Net<br>Assets,<br>End of<br>Period<br>(in thousands)** |
| **G Class** | **G Class** | | | | | | | | | | | | | | | |
| 2022<sup>(4)</sup> | $12.81 | 0.15 | (1.54) | (1.39) | (0.29) |  | (0.03) | (0.32) | $11.10 | (11.03)% | 0.07%<sup>(5)</sup> | 0.95%<sup>(5)</sup> | 2.20%<sup>(5)</sup> | 1.32%<sup>(5)</sup> | 38%<sup>(6)</sup> | $1354224 |

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**Notes to Financial Highlights**

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

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

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

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

(5)Annualized.

(6)Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended November 30, 2022.

See Notes to Financial Statements.

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Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Directors of American Century World Mutual Funds, Inc.:

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

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of International Growth Fund (the "Fund"), one of the funds constituting the American Century World Mutual Funds, Inc., as of November 30, 2022, the related statement 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 five 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 International Growth Fund of the American Century World Mutual Funds, Inc. as of November 30, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's 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 Fund 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 Fund is not required to have, nor were we engaged to perform, an audit of its 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 Fund's 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 November 30, 2022, 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

January 17, 2023

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

------

Management

**The Board of Directors** 

The individuals listed below serve as directors of the funds. Each director will continue to serve in this capacity until death, retirement, resignation or removal from office. The board has adopted a mandatory retirement age for directors who are not "interested persons," as that term is defined in the Investment Company Act (independent directors). Independent directors shall retire on December 31 of the year in which they reach their 75<sup>th</sup> birthday.

Jonathan S. Thomas is an "interested person" because he currently serves as President and Chief Executive Officer of American Century Companies, Inc. (ACC), the parent company of American Century Investment Management, Inc. (ACIM or the advisor). The other directors (more than three-fourths of the total number) are independent. They are not employees, directors or officers of, and have no financial interest in, ACC or any of its wholly owned, direct or indirect, subsidiaries, including ACIM, American Century Investment Services, Inc. (ACIS) and American Century Services, LLC (ACS), and they do not have any other affiliations, positions or relationships that would cause them to be considered "interested persons" under the Investment Company Act. The directors serve in this capacity for seven (in the case of Jonathan S. Thomas, 16; and Stephen E. Yates, 8) registered investment companies in the American Century Investments family of funds.

The following table presents additional information about the directors. The mailing address for each director is 4500 Main Street, Kansas City, Missouri 64111.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name<br>(Year of Birth)** | **Position(s) Held with Funds** | **Length of Time Served** | **Principal Occupation(s) During Past 5 Years** | **Number of American Century Portfolios Overseen by Director** | **Other Directorships Held During Past 5 Years** |
| **Independent Directors** | **Independent Directors** | **Independent Directors** | **Independent Directors** | | |
| Thomas W. Bunn (1953) | Director | Since 2017 | Retired | 64 |  |
| Chris H. Cheesman <br>(1962) | Director | Since 2019 | Retired. Senior Vice President & Chief Audit Executive, AllianceBernstein (1999 to 2018) | 64 | Alleghany Corporation (2021 to 2022) |
| Barry Fink<br>(1955) | Director | Since 2012 (independent since 2016) | Retired | 64 |  |
| Rajesh K. Gupta <br>(1960) | Director | Since 2019 | Partner Emeritus, SeaCrest Investment Management and SeaCrest Wealth Management (2019 to present); Chief Executive Officer and Chief Investment Officer, SeaCrest Investment Management (2006 to 2019); Chief Executive Officer and Chief Investment Officer, SeaCrest Wealth Management (2008 to 2019) | 64 |  |

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------

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name<br>(Year of Birth)** | **Position(s) Held with Funds** | **Length of Time Served** | **Principal Occupation(s) During Past 5 Years** | **Number of American Century Portfolios Overseen by Director** | **Other Directorships Held During Past 5 Years** |
| **Independent Directors** | **Independent Directors** | **Independent Directors** | **Independent Directors** | | |
| Lynn Jenkins <br>(1963) | Director | Since 2019 | Consultant, LJ Strategies (2019 to present); United States Representative, U.S. House of Representatives (2009 to 2018) | 64 | MGP Ingredients, Inc. (2019 to 2021) |
| Jan M. Lewis<br>(1957) | Director and Board Chair | Since 2011 (Board Chair since 2022) | Retired | 64 |  |
| Stephen E. Yates<br>(1948) | Director | Since 2012 | Retired | 108 |  |
| **Interested Director** | **Interested Director** | **Interested Director** | **Interested Director** | **Interested Director** |  |
| Jonathan S. Thomas<br>(1963) | Director | Since 2007 | President and Chief Executive Officer, ACC (2007 to present). Also serves as Chief Executive Officer, ACS; Director, ACC and other ACC subsidiaries | 142 |  |

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The Statement of Additional Information has additional information about the fund's directors and is available without charge, upon request, by calling 1-800-345-2021.

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**Officers** 

The following table presents certain information about the executive officers of the funds. Each officer serves as an officer for each of the 16 (in the case of Robert J. Leach, 15) investment companies in the American Century family of funds. No officer is compensated for his or her service as an officer of the funds. The listed officers are interested persons of the funds and are appointed or re-appointed on an annual basis. The mailing address for each officer listed below is 4500 Main Street, Kansas City, Missouri 64111.

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| | | |
|:---|:---|:---|
| **Name <br>(Year of Birth)** | **Offices with the Funds** | **Principal Occupation(s) During the Past Five Years** |
| Patrick Bannigan<br>(1965) | President since 2019 | Executive Vice President and Director, ACC (2012 to present); Chief Financial Officer, Chief Accounting Officer and Treasurer, ACC (2015 to present). Also serves as President, ACS; Vice President, ACIM; Chief Financial Officer, Chief Accounting Officer and/or Director, ACIM, ACS and other ACC subsidiaries |
| R. Wes Campbell<br>(1974) | Chief Financial Officer and Treasurer since 2018 | Vice President, ACS, (2020 to present); Investment Operations and Investment Accounting, ACS (2000 to present) |
| Amy D. Shelton<br>(1964) | Chief Compliance Officer and Vice President since 2014 | Chief Compliance Officer, American Century funds, (2014 to present); Chief Compliance Officer, ACIM (2014 to present); Chief Compliance Officer, ACIS (2009 to present). Also serves as Vice President, ACIS |
| John Pak<br>(1968) | General Counsel and Senior Vice President since 2021 | General Counsel and Senior Vice President, ACC (2021 to present). Also serves as General Counsel and Senior Vice President, ACIM, ACS and ACIS. Chief Legal Officer of Investment and Wealth Management, The Bank of New York Mellon (2014 to 2021) |
| C. Jean Wade<br>(1964) | Vice President since 2012 | Senior Vice President, ACS (2017 to present); Vice President, ACS (2000 to 2017) |
| Robert J. Leach<br>(1966) | Vice President since 2006 | Vice President, ACS (2000 to present) |
| David H. Reinmiller<br>(1963) | Vice President since 2000 | Attorney, ACC (1994 to present). Also serves as Vice President, ACIM and ACS |
| Ward D. Stauffer<br>(1960) | Secretary since 2005 | Attorney, ACC (2003 to present) |

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Approval of Management Agreement

At a meeting held on June 29, 2022, the Fund's 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 the Fund. Under Section 15(c) of 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, each year.

Prior to its consideration of the renewal of the management agreement, the Directors requested and reviewed data and information compiled by the Advisor and certain independent data providers concerning the Fund. This review was in addition to the oversight and evaluation undertaken by the Board and its committees on a continual basis and the information received was supplemental to the information that the Board and its committees receive and consider throughout the year.

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, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the nature, extent, and quality of investment management, shareholder services, and other services provided and to be provided to the Fund including without limitation portfolio management and trading services, shareholder and intermediary services, compliance and legal services, fund accounting and financial reporting, and fund share distribution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the wide range of other programs and services provided to the Fund and its shareholders on a routine and non-routine basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Fund's investment performance, including data comparing the Fund's performance to an appropriate benchmark(s) and peer group of other mutual funds with similar investment objectives and strategies;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Advisor's strategic plans, generally, and with respect to the ongoing impact of the COVID-19 pandemic response, heightened areas of interest in the mutual fund industry and recent geopolitical issues;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• financial data showing the cost of services provided to the Fund, the profitability of the Fund to the Advisor, and the overall profitability of the Advisor;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• acquired fund fees and expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• payments and practices in connection with financial intermediaries holding shares of the Fund and the services provided by intermediaries in connection therewith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• possible collateral benefits to the Advisor from the management of the Fund.

The Board held four meetings to consider the renewal. The independent Directors also met in private session multiple times to review and discuss the information provided in response to their request. The independent Directors held active discussions with the Advisor regarding the renewal of the management agreement, requesting supplemental information, and reviewing information provided by the Advisor in response thereto. The independent Directors had the benefit of the advice of their independent counsel throughout the process.

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**Factors Considered** 

The Directors considered all of the information provided by the Advisor, the independent data providers, and independent counsel in connection with the approval. They determined that the information was sufficient for them to evaluate the management agreement for the Fund. 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 without limitation the following:

**Nature, Extent and Quality of Services — Generally.** Under the management agreement, the Advisor is responsible for providing or arranging for all services necessary for the operation of the Fund. The Board noted that the Advisor provides or arranges at its own expense a wide variety of services which include, without limitation, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• constructing and designing the 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 the 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 cyber 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 the 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 the Fund is quite complex and allows Fund shareholders access to professional money management, instant diversification of their investments within an asset class, 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 the Fund in accordance with its investment objectives and principal investment strategies. Further, the Directors recognize that the Advisor has an obligation to monitor trading activities, and in particular to seek the best execution of Fund trades, and to evaluate the use of and payment for research. In providing these services, the Advisor utilizes teams of investment professionals (portfolio managers, analysts, research assistants, and securities traders) who require extensive information technology, research, training, compliance, and other systems to conduct their business. The Board, directly and through its Fund Performance Review Committee, provides oversight of the investment performance process. It regularly reviews investment performance information for the 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, the Board discusses with the Advisor the reasons for such results (e.g., market conditions, security selection) and any actions being taken to improve performance, and may conduct special reviews until performance improves. The Fund's performance was above its benchmark for the three-, five-, and ten-year periods and below its benchmark for the one-year period reviewed by the Board. The Board found the investment

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management services provided by the Advisor to the Fund to be satisfactory and consistent with the management agreement.

**Shareholder and Other Services.** Under the management agreement, the Advisor provides the 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 cyber security), new products and services offered to Fund shareholders, securities trading activities, portfolio valuation services, auditing services, and legal and operational compliance activities. The Board found the services provided by the Advisor to the 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 Fund, its profitability in managing the Fund (pre- and post-distribution), its overall profitability, and its financial condition. 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 current management fee. The Board concluded that the Advisor's profits were reasonable in light of the services provided to the Fund.

**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 the 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 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 content and services. The Board also noted that economies of scale are shared with the Fund and its shareholders through management fee breakpoints that serve to reduce the effective management fee as the assets of the Fund grow. Assets of various classes of the same Fund or similarly-managed products are combined with the assets of the Fund to help achieve those breakpoints.

**Comparison to Other Funds' Fees.** The management agreement provides that the Fund pays the Advisor a single, all-inclusive (or unified) management fee for providing all services necessary for the management and operation of the Fund, other than securities transaction expenses, taxes, interest, extraordinary expenses, fees and expenses of the Fund's 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 the unified fee structure, the Advisor is responsible for providing all 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, distribution charges, 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 Fund 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 the Fund's unified fee to the total expense ratios of its peers. The

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unified fee charged to shareholders of the Fund was above the median of the total expense ratios of the Fund's peer expense universe. In addition, the Board reviewed the Fund's position relative to the narrower set of its expense group peers. The Board concluded that the management fee paid by the 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 Fund. They observed that these varying types of client accounts require different services and involve different regulatory and entrepreneurial risks than the management of the Fund. The Board analyzed this information and concluded that the fees charged and services provided to the Fund were reasonable by comparison.

**Payments to Intermediaries.** The Directors also requested and received a description of payments made to intermediaries by the Fund and the Advisor and services provided in response thereto. These payments include various payments made by the Fund or the Advisor to different types of intermediaries and recordkeepers for distribution and service activities provided for the Fund. The Directors reviewed such information and received representations from the Advisor that all such payments by the 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 Fund. They concluded 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. To the extent there are potential collateral benefits, the Board has been advised and has taken this into consideration in its review of the management contract with the Fund. The Board noted that additional assets from other clients may offer the Advisor some benefit from increased leverage with service providers and counterparties. Additionally, the Advisor may receive proprietary research from broker-dealers that execute fund portfolio transactions, which the Board concluded is likely to benefit other clients of the Advisor, as well as Fund shareholders. The Board also determined that the Advisor is able to provide investment management services to certain clients other than the Fund, at least in part, due to its existing infrastructure built to serve the fund complex. The Board concluded that appropriate allocation methodologies had been employed to assign resources and the cost of those resources to these other clients and, where expressly provided, these other client assets may be included with the assets of the Fund to determine breakpoints in the 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 the 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 Fund 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 Fund.

**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 throughout the year, determined that the terms of the management agreement are fair and reasonable and that the management fee charged to the Fund is reasonable in light of the services provided and that the management agreement between the Fund and the Advisor should be renewed for an additional one-year period.

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Proxy Voting Results

A special meeting of shareholders was held on October 13, 2022, to vote on the following proposal. The proposal received the required votes and was adopted. A summary of voting results is listed below.

To elect five directors to the Board of Directors of American Century World Mutual Funds, Inc.:

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| | | |
|:---|:---|:---|
| | **Affirmative** | **Withhold** |
| Brian Bulatao | $5038086505 | $96122848 |
| Chris H. Cheesman | $5044845654 | $89363699 |
| Rajesh K. Gupta | $5040147195 | $94062158 |
| Lynn M. Jenkins | $5034492760 | $99716593 |
| Gary C. Meltzer | $5042384480 | $91824873 |

---

The other directors whose term of office continued after the meeting include Jonathan S. Thomas, Thomas W. Bunn, Barry Fink, Jan M. Lewis, and Stephen E. Yates.

------

Additional Information

**Retirement Account Information** 

As required by law, distributions you receive from certain retirement accounts are subject to federal income tax withholding at the IRS default rate of 10%.\* Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.

You may elect a different withholding rate, or request zero withholding, by submitting an acceptable IRS Form W-4R election with your distribution request. You may notify us of your W-4R election by telephone, on our distribution forms, on IRS Form W-4R, or through other acceptable electronic means. If your withholding election is for an automatic withdrawal plan, you have the right to revoke your election at any time and any election you make will remain in effect until revoked by filing a new election.

Remember, even if you elect not to have income tax withheld, you are liable for paying income tax on the taxable portion of your withdrawal. If you elect not to have income tax withheld or you don't have enough income tax withheld, you may be responsible for payment of estimated tax. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are not sufficient. You can reduce or defer the income tax on a distribution by directly or indirectly rolling such distribution over to another IRA or eligible plan. You should consult your tax advisor for additional information.

State tax will be withheld according to state regulations if, at the time of your distribution, your tax residency is within one of the mandatory withholding states.

\*Some 403(b), 457 and qualified retirement plan distributions may be subject to 20% mandatory withholding, as they are subject to special tax and withholding rules. Your plan administrator or plan sponsor is required to provide you with a special tax notice explaining those rules at the time you request a distribution. If applicable, federal and/or state taxes may be withheld from your distribution amount.

**Proxy Voting Policies** 

A description of the policies that the fund's investment advisor uses in exercising the voting rights associated with the securities purchased and/or held by the fund is available without charge, upon request, by calling 1-800-345-2021. It is also available on American Century Investments' website at americancentury.com/proxy and on the Securities and Exchange Commission's website at sec.gov. Information regarding how the investment advisor voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on americancentury.com/proxy. It is also available at sec.gov.

**Quarterly Portfolio Disclosure** 

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. These portfolio holdings are available on the fund's website at americancentury.com and, upon request, by calling 1-800-345-2021. The fund's Form N-PORT reports are available on the SEC's website at sec.gov.

------

**Other Tax Information**

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

The fund hereby designates up to the maximum amount allowable as qualified dividend income for the fiscal year ended November 30, 2022.

The fund hereby designates $165,358,219, or up to the maximum amount allowable, as long-term capital gain distributions (20% rate gain distributions) for the fiscal year ended November 30, 2022.

The fund hereby designates $6,765,275 as qualified short-term capital gain distributions for purposes of Internal Revenue Code Section 871 for the fiscal year ended November 30, 2022.

------

Notes

------

------

---

| | |
|:---|:---|
| ![image12.jpg](image12.jpg) | ![image12.jpg](image12.jpg) |
| Contact Us | americancentury.com |
| Automated Information Line | 1-800-345-8765 |
| Investor Services Representative | 1-800-345-2021<br>or 816-531-5575 |
| Investors Using Advisors | 1-800-378-9878 |
| Business, Not-For-Profit, Employer-Sponsored Retirement Plans | 1-800-345-3533 |
| Banks and Trust Companies, Broker-Dealers, Financial Professionals, Insurance Companies | 1-800-345-6488 |
| Telecommunications Relay Service for the Deaf | 711 |
| **American Century World Mutual Funds, Inc.** | **American Century World Mutual Funds, Inc.** |
| **Investment Advisor:**<br>American Century Investment Management, Inc.<br>Kansas City, Missouri | **Investment Advisor:**<br>American Century Investment Management, Inc.<br>Kansas City, Missouri |
| *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.* |
| **©2023 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-ANN-91027 2301** | **©2023 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-ANN-91027 2301** |

---

------

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

![image12.jpg](image12.jpg)

---

| |
|:---|
| Annual Report |
| November 30, 2022 |
| International Opportunities Fund |
| &nbsp;&nbsp;&nbsp;Investor Class (AIOIX) |
| &nbsp;&nbsp;&nbsp;I Class (ACIOX) |
| &nbsp;&nbsp;&nbsp;A Class (AIVOX) |
| &nbsp;&nbsp;&nbsp;C Class (AIOCX) |
| &nbsp;&nbsp;&nbsp;R Class (AIORX) |

---

------

------

**Table of Contents**

---

| | |
|:---|:---|
| President's Letter | [2](#icac732f9dea047f6825ef6d9a4af07ac_412) |
| Performance | [3](#icac732f9dea047f6825ef6d9a4af07ac_415) |
| Portfolio Commentary | [5](#icac732f9dea047f6825ef6d9a4af07ac_418) |
| Fund Characteristics | [7](#icac732f9dea047f6825ef6d9a4af07ac_421) |
| Shareholder Fee Example | [8](#icac732f9dea047f6825ef6d9a4af07ac_424) |
| Schedule of Investments | [10](#icac732f9dea047f6825ef6d9a4af07ac_427) |
| Statement of Assets and Liabilities | [15](#icac732f9dea047f6825ef6d9a4af07ac_433) |
| Statement of Operations | [16](#icac732f9dea047f6825ef6d9a4af07ac_436) |
| Statement of Changes in Net Assets | [17](#icac732f9dea047f6825ef6d9a4af07ac_439) |
| Notes to Financial Statements | [18](#icac732f9dea047f6825ef6d9a4af07ac_442) |
| Financial Highlights | [25](#icac732f9dea047f6825ef6d9a4af07ac_445) |
| Report of Independent Registered Public Accounting Firm | [28](#icac732f9dea047f6825ef6d9a4af07ac_448) |
| Management | [29](#icac732f9dea047f6825ef6d9a4af07ac_451) |
| Approval of Management Agreement | [32](#icac732f9dea047f6825ef6d9a4af07ac_454) |
| Proxy Voting Results | [36](#icac732f9dea047f6825ef6d9a4af07ac_460) |
| Additional Information | [37](#icac732f9dea047f6825ef6d9a4af07ac_463) |

---

Any opinions expressed in this report reflect those of the author as of the date of the report, and do not necessarily represent the opinions of American Century Investments<sup>®</sup> or any other person in the American Century Investments organization. Any such opinions are subject to change at any time based upon market or other conditions and American Century Investments disclaims any responsibility to update such opinions. These opinions may not be relied upon as investment advice and, because investment decisions made by American Century Investments funds are based on numerous factors, may not be relied upon as an indication of trading intent on behalf of any American Century Investments fund. Security examples are used for representational purposes only and are not intended as recommendations to purchase or sell securities. Performance information for comparative indices and securities is provided to American Century Investments by third party vendors. To the best of American Century Investments' knowledge, such information is accurate at the time of printing.

------

President's Letter

![image14.jpg](image14.jpg) **Jonathan Thomas**

Dear Investor:

Thank you for reviewing this annual report for the period ending November 30, 2022. Annual reports help convey important information about fund returns, including market factors that affected performance. For additional investment insights, please visit americancentury.com.

**High Inflation, Rising Rates Fueled Volatility**

The global economic and investment backdrops faced several challenges during the 12-month period. Concerns began to surface early in the fiscal year, as central banks finally admitted inflation was entrenched rather than transitory. Investors grew more cautious amid growing expectations for less accommodative monetary policy in the new year.

By early 2022, inflation soared to levels last seen in the early 1980s. Massive fiscal and monetary support unleashed during the pandemic was partly to blame. In addition, escalating energy prices, supply chain breakdowns, labor market shortages and Russia's invasion of Ukraine further aggravated the inflation backdrop, particularly in Europe.

The Bank of England responded to surging inflation in late 2021 with a 0.15 percentage point rate hike. Policymakers raised rates another 2.75 percentage points through the end of November. The Federal Reserve waited until March 2022 to launch its inflation-fighting campaign, hiking rates 3.75 percentage points by period-end. Meanwhile, the European Central Bank (ECB) held off until July. Facing record-high inflation, the ECB raised rates 2 percentage points through November.

In addition to advancing recession risk, the combination of elevated inflation and hawkish central banks led to losses for most developed and emerging markets stock indices. A late-period rally, triggered by expectations for central banks to slow their pace of tightening, helped stocks recover some earlier losses. Overall, developed markets stocks generally fared better than emerging markets stocks, and the value style generally outpaced the growth style.

**Staying Disciplined in Uncertain Times**

We expect market volatility to linger as investors navigate a complex environment of high inflation, rising interest rates and economic uncertainty. In addition, Russia's invasion of Ukraine complicates an increasingly tense geopolitical backdrop and threatens global energy markets. We will continue to monitor this evolving situation and what it broadly means for investors across asset classes.

We appreciate your confidence in us during these extraordinary times. Our firm has a long history of helping clients weather unpredictable markets, and we're confident we will continue to meet today's challenges.

Sincerely,

![image48a30.jpg](image48a30.jpg)

Jonathan Thomas

President and Chief Executive Officer

American Century Investments

------

Performance

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Total Returns as of November 30, 2022** | **Total Returns as of November 30, 2022** | **Total Returns as of November 30, 2022** | **Total Returns as of November 30, 2022** | **Total Returns as of November 30, 2022** | |
| | | | **Average Annual Returns** | **Average Annual Returns** | |
| | **Ticker<br>Symbol** | **1 year**  | **5 years** | **10 years**  | **Inception**<br>**Date**  |
| **Investor Class** | AIOIX | -25.53% | 0.44% | 6.41% | 6/1/01 |
| **MSCI ACWI ex-U.S. Small Cap Growth Index** |  | -23.04% | 1.46% | 5.72% |  |
| I Class | ACIOX | -25.29% | 0.65% | 6.61% | 1/9/03 |
| A Class | AIVOX |  |  |  | 3/1/10 |
| &nbsp;&nbsp;&nbsp;No sales charge |  | -25.68% | 0.20% | 6.15% |  |
| &nbsp;&nbsp;&nbsp;With sales charge |  | -29.95% | -0.98% | 5.52% |  |
| C Class | AIOCX | -26.27% | -0.57% | 5.36% | 3/1/10 |
| R Class | AIORX | -25.85% | -0.05% | 5.88% | 3/1/10 |

---

Fund returns would have been lower if a portion of the fees had not been waived.

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.

Sales charges include initial sales charges and contingent deferred sales charges (CDSCs), as applicable. A Class shares have a 5.75% maximum initial sales charge and may be subject to a maximum CDSC of 1.00%. C Class shares redeemed within 12 months of purchase are subject to a maximum CDSC of 1.00%. The SEC requires that mutual funds provide performance information net of maximum sales charges in all cases where charges could be applied.

**Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-800-345-2021 or visit americancentury.com. For additional information about the fund, please consult the prospectus.**

------

---

| |
|:---|
| **Growth of $10,000 Over 10 Years** |
| **$10,000 investment made November 30, 2012** |
| Performance for other share classes will vary due to differences in fee structure. |

---

![chart-9d1957570b3d480d8c5a.jpg](chart-9d1957570b3d480d8c5a.jpg)

---

| |
|:---|
| Value on November 30, 2022 |
| Investor Class — $18,611 |
| Investor Class — $18,611 |
| MSCI ACWI ex-U.S. Small Cap Growth Index — $17,448 |
| MSCI ACWI ex-U.S. Small Cap Growth Index — $17,448 |

---

Ending value of Investor Class would have been lower if a portion of the fees had not been waived.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Total Annual Fund Operating Expenses**  | **Total Annual Fund Operating Expenses**  | **Total Annual Fund Operating Expenses**  | **Total Annual Fund Operating Expenses**  | |
| **Investor Class** | **I Class** | **A Class** | **C Class** | **R Class** |
| 1.37% | 1.17% | 1.62% | 2.37% | 1.87% |

---

The total annual fund operating expenses shown is as stated in the fund's prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.

**Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-800-345-2021 or visit americancentury.com. For additional information about the fund, please consult the prospectus.** 

------

Portfolio Commentary

**Portfolio Managers: Trevor Gurwich, Federico Laffan and Pratik Patel**

**Performance Summary** 

International Opportunities returned -25.53%\* for the fiscal year ended November 30, 2022. The MSCI ACWI ex-U.S. Small Cap Growth Index (the fund's benchmark) returned -23.04%.

**Portfolio Review** 

Equity markets faced headwinds early in the performance period due to virus concerns and supply chain disruptions. This market volatility increased sharply late in the first quarter of 2022 after Russia's assault on Ukraine fueled global geopolitical uncertainty, exacerbated supply chain challenges and threatened the availability of fuel and other raw materials. This led to a sharp spike in the prices of oil and other critical commodities, as global consumers scrambled to find non-Russian sources of supply. These developments, along with renewed COVID-19 lockdowns in China, added to inflation pressures. Soaring inflation led most central banks to tighten monetary policy. Rising interest rates and inflation pressures weakened economic growth, and recession fears contributed to downward market volatility in the third quarter. Stocks in most markets regained some ground in October and November, spurred by hopes that inflation and interest rates may have peaked. However, the broader market still ended the 12-month period with notable declines. This environment was especially challenging for small-capitalization (small-cap) stocks, as investors worried that smaller companies would have more trouble accessing capital and expanding operations. As a result, small caps underperformed large caps for the period. Concerns around higher interest rates and inflation also translated to a period of sharp factor rotation out of growth stocks and into value stocks.

Against this challenging backdrop, the fund had a negative return and underperformed its benchmark index. Stock selection weighed on relative performance, especially in the information technology and industrials sectors. On a positive note, an overweight and stock selection in the energy sector lifted relative performance. Stock selection in financials was also beneficial. From a geographic standpoint, stock selection in Japan detracted from relative performance, while stock selection in India contributed.

**Detractors Included Digital Printing Solutions Company**

Rising interest rates triggered a value rotation that dampened performance for a number of fund holdings. These detractors included Kornit Digital, a supplier of on-demand digital printing solutions to the textiles industry. Despite its strong product portfolio, Kornit Digital saw its business slow in the second quarter of 2022 as many e-commerce clients warned of decreasing online clothing orders. Its shares also retreated as investors rotated out of growth-oriented companies and into value. Given near-term uncertainty for the business, we exited the position.

The market's value rotation also pressured several growth-oriented investments in Japan, where the persistence of COVID-19 restrictions dampened economic growth through the first half of 2022. Against this backdrop, both telecommunications tower company JTOWER and medical billing and logistics services provider JMDC were prominent detractors. We sold our holdings in JTOWER as we found other companies with more attractive risk/reward potential. We were more constructive on the outlook for JMDC, which we believe may benefit from its large and expanding addressable market.

\*All fund returns referenced in this commentary are for Investor Class shares. Performance for other share classes will vary due to differences in fee structure; when Investor Class performance exceeds that of the fund's benchmark, other share classes may not. See page 3 for returns for all share classes.

------

**Energy Exploration Company Was a Top Contributor** 

Relative performance was assisted by several energy-related holdings that benefited from an

upsurge in oil and gas prices in the aftermath of the Ukraine invasion. Whitecap Resources was a standout performer, as the Canada-based energy exploration company was recognized for its global leadership in carbon capture, strong balance sheet and solid inventory levels and field-level returns. Higher commodities prices in the first half of 2022 also benefited OCI, a Netherlands-based producer and distributor of natural gas-based fertilizers and industrial chemicals. Additionally, OCI saw increased business due to the sanctions on its Russian competitors.

As COVID-19 concerns eased, reopening led to stronger economic growth in emerging markets such as India. Improved consumer mobility led to higher volume beverage sales for India-based Varun Beverages, one of the world's leading distributors of Pepsi products. The stock was another top contributor, and we see continued potential for Varun Beverages given its plans to add production capacity, launch new products and expand into other geographic markets.

**Outlook** 

We recognize near-term uncertainty for economic growth and small-cap company earnings. At the same time, we continue to see positive long-term potential for smaller companies in a broad array of sectors that we believe will deliver accelerating and sustainable earnings growth. We remain committed to our active, bottom-up approach that seeks to differentiate between future winners and losers. Investments include companies positioned to benefit from a pickup in economic activity in countries, such as Japan, that have only recently relaxed their COVID-19 restrictions. At the same time, we remain invested in companies with strong secular drivers and defensive business models.

We ended the period with a notable position in the energy sector, as we have identified companies benefiting from spending on renewable energy and natural gas. We also see potential as government incentives and disruptions in the global energy market drive investments in renewables. Additionally, we continue to find opportunities in information technology with companies looking to capitalize on long-term secular trends such as digitalization, cloud computing, data centers and software as a service.

Materials was the largest sector underweight, driven by our bottom-up process. An uncertain economic environment and a more challenged commodity pricing outlook may also weigh on earnings growth prospects for many materials companies.

From a regional standpoint, stock selection led to an overweight in North America, with underweights in the emerging markets and Europe. The fund ended the period with a modest overweight in Asia, although it is slightly underweight in Japan.

------

Fund Characteristics

---

| | |
|:---|:---|
| **NOVEMBER 30, 2022** | |
| **Types of Investments in Portfolio**  | **% of net assets** |
| Common Stocks | 99.3% |
| Exchange-Traded Funds | —\* |
| Short-Term Investments | 5.0% |
| Other Assets and Liabilities | (4.3)% |
| \*Category is less than 0.05% of total net assets. |  |
| **Top Five Countries\*** | **% of net assets** |
| Japan | 20.2% |
| Canada | 13.7% |
| Australia | 9.7% |
| United Kingdom | 7.8% |
| India | 7.6% |

---

\*Exposure indicated excludes Exchange-Traded Funds. The Schedule of Investments provides additional information on the fund's portfolio holdings.

------

Shareholder Fee Example

Fund shareholders may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and redemption/exchange fees; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in your fund and to compare these costs with the ongoing cost of investing in other mutual funds.

The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from June 1, 2022 to November 30, 2022.

**Actual Expenses**

The table provides information about actual account values and actual expenses for each class. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. First, identify the share class you own. Then simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

If you hold Investor Class shares of any American Century Investments mutual fund, or I Class shares of the American Century Diversified Bond Fund, in an American Century Investments account (i.e., not through a financial intermediary or employer-sponsored retirement plan account), American Century Investments may charge you a $25 annual account maintenance fee if the value of those shares is less than $10,000. We will redeem shares automatically in one of your accounts to pay the $25 fee. In determining your total eligible investment amount, we will include your investments in all personal accounts (including American Century Investments brokerage accounts) registered under your Social Security number. Personal accounts include individual accounts, joint accounts, UGMA/UTMA accounts, personal trusts, Coverdell Education Savings Accounts and IRAs (including traditional, Roth, Rollover, SEP-, SARSEP- and SIMPLE-IRAs), and certain other retirement accounts. If you have only business, business retirement, employer-sponsored or American Century Investments brokerage accounts, you are currently not subject to this fee. If you are subject to the account maintenance fee, your account value could be reduced by the fee amount.

**Hypothetical Example for Comparison Purposes**

The table also provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio of each class of your fund and an assumed rate of return of 5% per year before expenses, which is not the actual return of a fund's share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or redemption/exchange fees. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Beginning**<br>**Account Value**<br>**6/1/22** | **Ending**<br>**Account Value**<br>**11/30/22** | **Expenses Paid**<br>**During Period**<sup>(1)</sup><br>**6/1/22 - 11/30/22** | **Annualized**<br>**Expense Ratio**<sup>(1)</sup> |
| **Actual** | | | | |
| Investor Class | $1000 | $939.30 | $7.10 | 1.46% |
| I Class | $1000 | $940.20 | $6.13 | 1.26% |
| A Class | $1000 | $938.50 | $8.31 | 1.71% |
| C Class | $1000 | $934.00 | $11.93 | 2.46% |
| R Class | $1000 | $937.40 | $9.52 | 1.96% |
| **Hypothetical** |  |  |  |  |
| Investor Class | $1000 | $1017.75 | $7.39 | 1.46% |
| I Class | $1000 | $1018.75 | $6.38 | 1.26% |
| A Class | $1000 | $1016.50 | $8.64 | 1.71% |
| C Class | $1000 | $1012.74 | $12.41 | 2.46% |
| R Class | $1000 | $1015.24 | $9.90 | 1.96% |

---

(1)Expenses are equal to the class's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 183, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses.

------

Schedule of Investments

**NOVEMBER 30, 2022**

---

| | | |
|:---|:---|:---|
|<br>**COMMON STOCKS — 99.3%** | **Shares** | **Value** |
| **Australia — 9.7%** | | |
| Allkem Ltd.<sup>(1)</sup> | 232955 | $2203901 |
| ALS Ltd. | 577802 | 4808994 |
| Altium Ltd. | 31943 | 823673 |
| carsales.com Ltd. | 207031 | 3269822 |
| Corporate Travel Management Ltd. | 77325 | 885402 |
| IDP Education Ltd. | 258293 | 5317841 |
| IGO Ltd. | 319020 | 3407037 |
| Johns Lyng Group Ltd.<sup>(2)</sup> | 607523 | 3043387 |
| Lynas Rare Earths Ltd.<sup>(1)</sup> | 570662 | 3385178 |
| NEXTDC Ltd.<sup>(1)</sup> | 768792 | 5274790 |
| OZ Minerals Ltd. | 161605 | 3036622 |
| Pinnacle Investment Management Group Ltd.<sup>(2)</sup> | 429253 | 2587909 |
| Steadfast Group Ltd. | 1472263 | 5340175 |
| Worley Ltd. | 307535 | 3119165 |
|  |  | 46503896 |
| **Belgium — 0.7%** |  |  |
| Euronav NV<sup>(1)</sup> | 177859 | 3476848 |
| **Brazil — 4.1%** |  |  |
| Cia Brasileira de Aluminio | 1048400 | 2460715 |
| Locaweb Servicos de Internet SA<sup>(1)</sup> | 2274000 | 3694070 |
| Multiplan Empreendimentos Imobiliarios SA | 1030400 | 4552993 |
| Santos Brasil Participacoes SA | 1904600 | 2778348 |
| TOTVS SA | 924600 | 5450300 |
| YDUQS Participacoes SA | 229900 | 513463 |
|  |  | 19449889 |
| **Canada — 13.7%** |  |  |
| Altus Group Ltd. | 60879 | 2409091 |
| Aritzia, Inc.<sup>(1)(2)</sup> | 187514 | 7133101 |
| ATS Corp.<sup>(1)</sup> | 75749 | 2523934 |
| Boralex, Inc., A Shares<sup>(2)</sup> | 161235 | 4532056 |
| Boyd Group Services, Inc. | 28039 | 4554527 |
| Brookfield Infrastructure Corp., Class A<sup>(2)</sup> | 141148 | 6617018 |
| Capstone Mining Corp.<sup>(1)(2)</sup> | 969230 | 3386523 |
| Colliers International Group, Inc. | 18232 | 1721614 |
| Descartes Systems Group, Inc.<sup>(1)</sup> | 60667 | 4211940 |
| Finning International, Inc. | 205329 | 5200579 |
| Kinaxis, Inc.<sup>(1)</sup> | 48719 | 5512420 |
| Stantec, Inc. | 129688 | 6416189 |
| SunOpta, Inc.<sup>(1)</sup> | 420585 | 3932470 |
| Vermilion Energy, Inc.<sup>(2)</sup> | 170285 | 3366077 |
| Whitecap Resources, Inc.<sup>(2)</sup> | 483744 | 3858732 |
|  |  | 65376271 |
| **China — 1.5%** |  |  |
| Tongcheng Travel Holdings Ltd.<sup>(1)</sup> | 2092000 | 4554946 |
| Xtep International Holdings Ltd. | 2193000 | 2520709 |
|  |  | 7075655 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Denmark — 2.5%** | | |
| ALK-Abello A/S<sup>(1)</sup> | 100100 | $1453595 |
| ISS A/S<sup>(1)</sup> | 54930 | 1184733 |
| Jyske Bank A/S<sup>(1)</sup> | 85323 | 5222522 |
| NKT A/S<sup>(1)</sup> | 71811 | 3866911 |
|  |  | 11727761 |
| **Finland — 2.0%** |  |  |
| Huhtamaki Oyj | 135781 | 4963220 |
| Metso Outotec Oyj | 513277 | 4833038 |
|  |  | 9796258 |
| **France — 3.1%** |  |  |
| Alten SA | 30648 | 3873447 |
| Elis SA | 375439 | 4917561 |
| Gaztransport Et Technigaz SA | 23416 | 2919077 |
| OVH Groupe SAS<sup>(1)(2)</sup> | 213848 | 3034168 |
|  |  | 14744253 |
| **Germany — 0.8%** |  |  |
| AIXTRON SE | 108987 | 3593014 |
| **Hong Kong — 1.3%** |  |  |
| Samsonite International SA<sup>(1)</sup> | 2355000 | 6383482 |
| **India — 7.6%** |  |  |
| Max Healthcare Institute Ltd.<sup>(1)</sup> | 1177469 | 6526933 |
| Persistent Systems Ltd. | 87005 | 4495019 |
| Prestige Estates Projects Ltd. | 774522 | 4529570 |
| PVR Ltd.<sup>(1)</sup> | 204194 | 4669468 |
| Varun Beverages Ltd. | 399459 | 6143612 |
| WNS Holdings Ltd., ADR<sup>(1)</sup> | 116479 | 9821509 |
|  |  | 36186111 |
| **Israel — 2.9%** |  |  |
| CyberArk Software Ltd.<sup>(1)</sup> | 24384 | 3634923 |
| Inmode Ltd.<sup>(1)</sup> | 172373 | 6617399 |
| Nova Ltd.<sup>(1)(2)</sup> | 42510 | 3637581 |
|  |  | 13889903 |
| **Italy — 0.7%** |  |  |
| Brembo SpA | 274282 | 3211062 |
| **Japan — 20.2%** |  |  |
| Asics Corp. | 291600 | 6367544 |
| BayCurrent Consulting, Inc. | 193000 | 6414343 |
| GMO Financial Gate, Inc.<sup>(2)</sup> | 29400 | 3496299 |
| IHI Corp. | 92000 | 2538876 |
| Insource Co. Ltd. | 166300 | 4157667 |
| Internet Initiative Japan, Inc. | 300500 | 5440964 |
| Invincible Investment Corp. | 12932 | 4497569 |
| Japan Airport Terminal Co. Ltd.<sup>(1)</sup> | 77900 | 3554945 |
| Jeol Ltd. | 49300 | 1670094 |
| JMDC, Inc. | 74600 | 2862095 |
| MatsukiyoCocokara & Co. | 137700 | 5752961 |
| Menicon Co. Ltd. | 155800 | 3346057 |
| m-up Holdings, Inc. | 391200 | 3936645 |
| Nagoya Railroad Co. Ltd. | 191000 | 3148874 |
| Nextage Co. Ltd.<sup>(2)</sup> | 196700 | 4449728 |
| Nippon Gas Co. Ltd. | 338900 | 5212534 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Rohto Pharmaceutical Co. Ltd. | 112100 | $3672366 |
| SHO-BOND Holdings Co. Ltd. | 56800 | 2514822 |
| Taiyo Yuden Co. Ltd. | 113200 | 3656556 |
| Tokyo Ohka Kogyo Co. Ltd. | 67300 | 3401093 |
| Toyo Suisan Kaisha Ltd. | 149500 | 6284890 |
| Ushio, Inc. | 57500 | 754557 |
| Visional, Inc.<sup>(1)</sup> | 64900 | 4957707 |
| West Holdings Corp.<sup>(2)</sup> | 135000 | 4374011 |
|  |  | 96463197 |
| **Mexico — 1.9%** |  |  |
| Controladora Vuela Cia de Aviacion SAB de CV, ADR<sup>(1)(2)</sup> | 126227 | 1259745 |
| Grupo Aeroportuario del Centro Norte SAB de CV | 328844 | 2854674 |
| Regional SAB de CV | 663660 | 4845537 |
|  |  | 8959956 |
| **Netherlands — 3.7%** |  |  |
| Alfen Beheer BV<sup>(1)</sup> | 24070 | 2356531 |
| AMG Advanced Metallurgical Group NV | 137979 | 5545615 |
| ASR Nederland NV | 81382 | 3724749 |
| Basic-Fit NV<sup>(1)(2)</sup> | 100855 | 2743061 |
| OCI NV<sup>(1)</sup> | 73744 | 3121879 |
|  |  | 17491835 |
| **New Zealand — 0.6%** |  |  |
| a2 Milk Co. Ltd.<sup>(1)</sup> | 721228 | 3059688 |
| **Norway — 0.9%** |  |  |
| Bakkafrost P/F<sup>(2)</sup> | 12930 | 711161 |
| TGS ASA | 246159 | 3367798 |
|  |  | 4078959 |
| **South Africa — 1.1%** |  |  |
| Bidvest Group Ltd. | 381728 | 5133587 |
| **South Korea — 1.3%** |  |  |
| AfreecaTV Co. Ltd. | 38076 | 2547626 |
| Hite Jinro Co. Ltd. | 68248 | 1367322 |
| L&F Co. Ltd.<sup>(1)</sup> | 13810 | 2381334 |
|  |  | 6296282 |
| **Sweden — 4.8%** |  |  |
| AddTech AB, B Shares | 75346 | 1121380 |
| Avanza Bank Holding AB<sup>(2)</sup> | 168786 | 3436029 |
| Axfood AB | 62171 | 1676932 |
| Fortnox AB | 583456 | 2662610 |
| Saab AB, B Shares | 181934 | 6768002 |
| Trelleborg AB, B Shares | 178596 | 4371821 |
| Vitrolife AB | 159812 | 2874097 |
|  |  | 22910871 |
| **Switzerland — 1.3%** |  |  |
| Tecan Group AG<sup>(1)</sup> | 14842 | 6253282 |
| **Taiwan — 3.4%** |  |  |
| Airtac International Group | 79131 | 2454454 |
| ASPEED Technology, Inc. | 34700 | 2412752 |
| Chailease Holding Co. Ltd. | 130224 | 859528 |
| E Ink Holdings, Inc. | 241000 | 1445066 |
| Pegavision Corp. | 361000 | 4068327 |
| Sinbon Electronics Co. Ltd. | 583000 | 5149870 |
|  |  | 16389997 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Thailand — 1.7%** | | |
| Bangkok Bank PCL, NVDR | 984000 | $4042987 |
| Central Retail Corp. PCL, NVDR | 3336100 | 4100889 |
|  |  | 8143876 |
| **United Kingdom — 7.8%** |  |  |
| Auction Technology Group PLC<sup>(1)</sup> | 172308 | 1811705 |
| Britvic PLC | 268633 | 2606430 |
| ConvaTec Group PLC | 1408958 | 3942015 |
| Diploma PLC | 112537 | 3848773 |
| Endava PLC, ADR<sup>(1)</sup> | 53001 | 4065707 |
| Golar LNG Ltd.<sup>(1)</sup> | 151864 | 3807230 |
| Greggs PLC | 118901 | 3330386 |
| RS GROUP PLC | 385329 | 4285449 |
| Tate & Lyle PLC | 274161 | 2435246 |
| Watches of Switzerland Group PLC<sup>(1)</sup> | 443071 | 5474877 |
| Wise PLC, Class A<sup>(1)</sup> | 194085 | 1533737 |
|  |  | 37141555 |
| **TOTAL COMMON STOCKS**<br>(Cost $460,717,748) |  | **473737488** |
| **EXCHANGE-TRADED FUNDS**<sup>†</sup> |  |  |
| Schwab International Small-Cap Equity ETF<sup>(2)</sup><br>(Cost $74,862) | 2726 | 88840 |
| **SHORT-TERM INVESTMENTS — 5.0%** |  |  |
| **Money Market Funds — 4.0%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 2693 | 2693 |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(3)</sup> | 19029693 | 19029693 |
|  |  | 19032386 |
| **Repurchase Agreements — 1.0%** |  |  |
| BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 2.00% - 3.375%, 2/15/25 - 5/15/51, valued at $1,324,219), in a joint trading account at 3.74%, dated 11/30/22, due 12/1/22 (Delivery value $1,299,593) |  | 1299458 |
| Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 1.125%, 2/15/31, valued at $3,820,973), at 3.77%, dated 11/30/22, due 12/1/22 (Delivery value $3,746,392) |  | 3746000 |
|  |  | 5045458 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $24,077,844) |  | **24077844** |
| **TOTAL INVESTMENT SECURITIES—104.3%**<br>(Cost $484,870,454) |  | **497904172** |
| **OTHER ASSETS AND LIABILITIES — (4.3)%** |  | **(20468581)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**477435591** |

---

------

---

| | |
|:---|:---|
| **MARKET SECTOR DIVERSIFICATION** | **MARKET SECTOR DIVERSIFICATION** |
| **(as a % of net assets)**  | |
| Industrials | 22.4% |
| Information Technology | 18.6% |
| Consumer Discretionary | 12.4% |
| Health Care | 8.3% |
| Consumer Staples | 7.9% |
| Materials | 7.2% |
| Financials | 6.2% |
| Energy | 5.0% |
| Utilities | 4.3% |
| Real Estate | 3.7% |
| Communication Services | 3.3% |
| Exchange-Traded Funds | —\* |
| Short-Term Investments | 5.0% |
| Other Assets and Liabilities | (4.3)% |

---

\*Category is less than 0.05% of total net assets.

---

| | | |
|:---|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** |
| ADR | - | American Depositary Receipt |
| NVDR | - | Non-Voting Depositary Receipt |

---

† Category is less than 0.05% of total net assets.

(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 $29,253,401. 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 $30,720,250, which includes securities collateral of $11,690,557.

See Notes to Financial Statements.

------

Statement of Assets and Liabilities

---

| | |
|:---|:---|
| **NOVEMBER 30, 2022** | |
| **Assets** | |
| Investment securities, at value (cost of $465,840,761) — including $29,253,401 of securities on loan | $478874479 |
| Investment made with cash collateral received for securities on loan, at value (cost of $19,029,693) | 19029693 |
| Total investment securities, at value (cost of $484,870,454) | 497904172 |
| Foreign currency holdings, at value (cost of $65,474) | 65568 |
| Receivable for investments sold | 3410194 |
| Receivable for capital shares sold | 57926 |
| Dividends and interest receivable | 1614859 |
| Securities lending receivable | 16435 |
| Other assets | 118813 |
|  | 503187967 |
| **Liabilities** |  |
| Payable for collateral received for securities on loan | 19029693 |
| Payable for investments purchased | 3892094 |
| Payable for capital shares redeemed | 1370570 |
| Accrued management fees | 536539 |
| Distribution and service fees payable | 1885 |
| Accrued foreign taxes | 414366 |
| Accrued IRS compliance fees | 483400 |
| Accrued other expenses | 23829 |
|  | 25752376 |
| **Net Assets** | $477435591 |
| **Net Assets Consist of:** |  |
| Capital (par value and paid-in surplus) | $547460288 |
| Distributable earnings | (70024697) |
|  | $477435591 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Net Assets** | **Shares Outstanding** | **Net Asset Value Per Share\*** |
| Investor Class, $0.01 Par Value | $382972634 | 44208796 | $8.66 |
| I Class, $0.01 Par Value | $87391835 | 9921673 | $8.81 |
| A Class, $0.01 Par Value | $5073493 | 594118 | $8.54 |
| C Class, $0.01 Par Value | $263569 | 33221 | $7.93 |
| R Class, $0.01 Par Value | $1734060 | 206699 | $8.39 |

---

\*Maximum offering price per share was equal to the net asset value per share for all share classes, except Class A, for which the maximum offering price per share was $9.06 (net asset value divided by 0.9425). A contingent deferred sales charge may be imposed on redemptions of Class A and Class C.

See Notes to Financial Statements.

------

Statement of Operations

---

| | |
|:---|:---|
| **YEAR ENDED NOVEMBER 30, 2022** | |
| **Investment Income (Loss)** | |
| **Income:** | |
| Dividends (net of foreign taxes withheld of $875,080) | $7711104 |
| Foreign withholding tax recoveries (net of IRS compliance fees of $483,400) | 752141 |
| Interest | 296631 |
| Securities lending, net | 224470 |
|  | 8984346 |
| **Expenses:** |  |
| Management fees | 7562363 |
| Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class | 14881 |
| &nbsp;&nbsp;&nbsp;&nbsp;C Class | 3801 |
| &nbsp;&nbsp;&nbsp;&nbsp;R Class | 8809 |
| Directors' fees and expenses | 14930 |
| Other expenses | 361517 |
|  | 7966301 |
| **Net investment income (loss)** | 1018045 |
| **Realized and Unrealized Gain (Loss)** |  |
| **Net realized gain (loss) on:** |  |
| Investment transactions (net of foreign tax expenses paid (refunded) of $7,531) | (70108264) |
| Foreign currency translation transactions | (797751) |
|  | (70906015) |
| **Change in net unrealized appreciation (depreciation) on:** |  |
| Investments (includes (increase) decrease in accrued foreign taxes of $(414366)) | (110215014) |
| Translation of assets and liabilities in foreign currencies | (13928) |
|  | (110228942) |
| **Net realized and unrealized gain (loss)** | (181134957) |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $(180116912) |

---

See Notes to Financial Statements.

------

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| **YEARS ENDED NOVEMBER 30, 2022 AND NOVEMBER 30, 2021** | **YEARS ENDED NOVEMBER 30, 2022 AND NOVEMBER 30, 2021** | **YEARS ENDED NOVEMBER 30, 2022 AND NOVEMBER 30, 2021** |
| **Increase (Decrease) in Net Assets** | **November 30, 2022** | **November 30, 2021** |
| **Operations** | | |
| Net investment income (loss) | $1018045 | $(2034683) |
| Net realized gain (loss) | (70906015) | 120074126 |
| Change in net unrealized appreciation (depreciation) | (110228942) | (51958001) |
| Net increase (decrease) in net assets resulting from operations | (180116912) | 66081442 |
| **Distributions to Shareholders** |  |  |
| From earnings: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (88794481) | (18706813) |
| &nbsp;&nbsp;&nbsp;&nbsp;I Class | (21915086) | (3151509) |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class | (1277370) | (240368) |
| &nbsp;&nbsp;&nbsp;&nbsp;C Class | (107888) | (34163) |
| &nbsp;&nbsp;&nbsp;&nbsp;R Class | (310275) | (47944) |
| Decrease in net assets from distributions | (112405100) | (22180797) |
| **Capital Share Transactions** |  |  |
| Net increase (decrease) in net assets from capital share transactions (Note 5) | 41232662 | 15262600 |
| **Net increase (decrease) in net assets** | (251289350) | 59163245 |
| **Net Assets** |  |  |
| Beginning of period | 728724941 | 669561696 |
| End of period | $477435591 | $728724941 |

---

See Notes to Financial Statements.

------

Notes to Financial Statements

**NOVEMBER 30, 2022** 

**1. Organization**

American Century World Mutual Funds, Inc. (the corporation) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company and is organized as a Maryland corporation. International Opportunities Fund (the fund) is one fund in a series issued by the corporation. The fund's investment objective is to seek capital growth.

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

**2. Significant Accounting Policies**

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

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

Equity securities that are listed or traded on a domestic securities exchange are valued at the last reported sales price or at the official closing price as provided by the exchange. Equity securities traded on foreign securities exchanges are generally valued at the closing price of such securities on the exchange where primarily traded or at the close of the NYSE, if that is earlier. If no last sales price is reported, or if local convention or regulation so provides, the mean of the latest bid and asked prices may be used. Securities traded over-the-counter are valued at the mean of the latest bid and asked prices, the last sales price, or the official closing price. Equity securities initially expressed in local currencies are translated into U.S. dollars at the mean of the appropriate currency exchange rate at the close of the NYSE as provided by an independent pricing service.

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

If the valuation designee determines that the market price for a portfolio security is not readily available or is believed by the valuation designee to be unreliable, such security is valued at fair value as determined in good faith by the valuation designee, in accordance with its policies and procedures. Circumstances that may cause the fund to determine that market quotations are not available or reliable include, but are not limited to: when there is a significant event subsequent to the market quotation; trading in a security has been halted during the trading day; or trading in a security is insufficient or did not take place due to a closure or holiday.

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

------

**Security Transactions —** Security transactions are accounted for as of the trade date. Net realized gains and losses are determined on the identified cost basis, which is also used for federal income tax purposes. Certain countries impose taxes on realized gains on the sale of securities registered in their country. The fund records the foreign tax expense, if any, on an accrual basis. The foreign tax expense on realized gains and unrealized appreciation reduces the net realized gain (loss) on investment transactions and net unrealized appreciation (depreciation) on investments, respectively.

**Investment Income —** Dividend income less foreign taxes withheld, if any, is recorded as of the ex-dividend date. Distributions received on securities that represent a return of capital or long-term capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The fund may estimate the components of distributions received that may be considered nontaxable distributions or long-term capital gain distributions for income tax purposes. Interest income is recorded on the accrual basis and includes accretion of discounts and amortization of premiums. Securities lending income is net of fees and rebates earned by the lending agent for its services. Foreign withholding tax recoveries less IRS compliance fees, if any, represent the receipt of certain European Union (EU) withholding taxes previously withheld. The fund will record any EU reclaims only when certainty exists as to the likelihood of receipt. The fund may estimate IRS compliance fees when EU reclaims recovered exceed any foreign taxes withheld during the current fiscal period. The IRS compliance fees reduce the foreign withholding tax recoveries.

**Foreign Currency Translations —** All assets and liabilities initially expressed in foreign currencies are translated into U.S. dollars at prevailing exchange rates at period end. The fund may enter into spot foreign currency exchange contracts to facilitate transactions denominated in a foreign currency. Purchases and sales of investment securities, dividend and interest income, spot foreign currency exchange contracts, and expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. Net realized and unrealized foreign currency exchange gains or losses related to investment securities are a component of net realized gain (loss) on investment transactions and change in net unrealized appreciation (depreciation) on investments, respectively.

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

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

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

**Segregated Assets —** In accordance with the 1940 Act, the fund segregates assets on its books and records to cover certain types of investment securities and other financial instruments. ACIM monitors, on a daily basis, the securities segregated to ensure the fund designates a sufficient amount of liquid assets, marked-to-market daily. The fund may also receive assets or be required to pledge assets at the custodian bank or with a broker for collateral requirements.

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

------

**Distributions to Shareholders —** Distributions from net investment income and net realized gains, if any, are generally declared and paid annually. The fund may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code, in all events in a manner consistent with provisions of the 1940 Act.

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

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

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged, and the remaining contractual maturity of those transactions as of November 30, 2022.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Remaining Contractual Maturity of Agreements** | **Remaining Contractual Maturity of Agreements** | **Remaining Contractual Maturity of Agreements** | **Remaining Contractual Maturity of Agreements** | **Remaining Contractual Maturity of Agreements** | **Remaining Contractual Maturity of Agreements** |
| | **Overnight and <br>Continuous** | **<30 days** | **Between <br>30 & 90 days** | **>90 days** | **Total** |
| **Securities Lending Transactions**<sup>(1)</sup> | **Securities Lending Transactions**<sup>(1)</sup> | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $18937291 |  |  |  | $18937291 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange-Traded Funds | 92402 |  |  |  | 92402 |
| **Total Borrowings** | $19029693 |  |  |  | $19029693 |
| Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | $19029693 |

---

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

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

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

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**Management Fees —** The corporation has entered into a management agreement with ACIM, under which ACIM provides the fund with investment advisory and management services in exchange for a single, unified management fee (the fee) per class. The agreement provides that ACIM will pay all expenses of managing and operating the fund, except brokerage expenses, taxes, interest, fees and expenses of the independent directors (including legal counsel fees), extraordinary expenses, and expenses incurred in connection with the provision of shareholder services and distribution services under a plan adopted pursuant to Rule 12b-1 under the 1940 Act. The fee is computed and accrued daily based on each class's daily net assets and paid monthly in arrears. The difference in the fee among the classes is a result of their separate arrangements for non-Rule 12b-1 shareholder services. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class. The rate of the fee is determined by applying a fee rate calculation formula. This formula takes into account the fund's assets as well as certain assets, if any, of other clients of the investment advisor outside the American Century Investments family of funds (such as subadvised funds and separate accounts), as well as exchange-traded funds managed by the investment advisor, that use very similar investment teams and strategies (strategy assets).

The management fee schedule range and the effective annual management fee for each class for the period ended November 30, 2022 are as follows:

---

| | | |
|:---|:---|:---|
|  | **Management Fee**<br>**Schedule Range** | **Effective Annual**<br>**Management Fee** |
| Investor Class | 1.200% to 1.550% | 1.41% |
| I Class | 1.000% to 1.350% | 1.21% |
| A Class | 1.200% to 1.550% | 1.41% |
| C Class | 1.200% to 1.550% | 1.41% |
| R Class | 1.200% to 1.550% | 1.41% |

---

**Distribution and Service Fees —** The Board of Directors has adopted a separate Master Distribution and Individual Shareholder Services Plan for each of the A Class, C Class and R Class (collectively the plans), pursuant to Rule 12b-1 of the 1940 Act. The plans provide that the A Class will pay ACIS an annual distribution and service fee of 0.25%. The plans provide that the C Class will pay ACIS an annual distribution and service fee of 1.00%, of which 0.25% is paid for individual shareholder services and 0.75% is paid for distribution services. The plans provide that the R Class will pay ACIS an annual distribution and service fee of 0.50%. The fees are computed and accrued daily based on each class's daily net assets and paid monthly in arrears. The fees are used to pay financial intermediaries for distribution and individual shareholder services. Fees incurred under the plans during the period ended November 30, 2022 are detailed in the Statement of Operations.

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

**Other Expenses —** The 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. The impact of other expenses to the ratio of operating expenses to average net assets was 0.07% for the period ended November 30, 2022.

**Interfund Transactions —** The fund may enter into security transactions with other American Century Investments funds and other client accounts of the investment advisor, in accordance with the 1940 Act rules and procedures adopted by the Board of Directors. The rules and procedures require, among other things, that these transactions be effected at the independent current market price of the security. During the period, the interfund purchases and sales were $4,035 and $271,359, respectively. The effect of interfund transactions on the Statement of Operations was $134,906 in net realized gain (loss) on investment transactions.

**4. Investment Transactions**

Purchases and sales of investment securities, excluding short-term investments, for the period ended November 30, 2022 were $593,817,340 and $665,947,589, respectively.

------

**5. Capital Share Transactions**

Transactions in shares of the fund were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year ended <br>November 30, 2022** | **Year ended <br>November 30, 2022** | **Year ended <br>November 30, 2021** | **Year ended <br>November 30, 2021** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| **Investor Class/Shares Authorized** | 670000000 |  | 670000000 |  |
| Sold | 1336202 | $12903382 | 2437144 | $34367124 |
| Issued in reinvestment of distributions | 7261013 | 83356434 | 1354945 | 17560086 |
| Redeemed | (6192671) | (59589548) | (5628705) | (78750887) |
|  | 2404544 | 36670268 | (1836616) | (26823677) |
| **I Class/Shares Authorized** | 95000000 |  | 95000000 |  |
| Sold | 3162278 | 30949800 | 4218085 | 60805209 |
| Issued in reinvestment of distributions | 1879082 | 21891303 | 239554 | 3142942 |
| Redeemed | (5243125) | (48895084) | (1569667) | (22513217) |
|  | (201765) | 3946019 | 2887972 | 41434934 |
| **A Class/Shares Authorized** | 35000000 |  | 40000000 |  |
| Sold | 67004 | 644416 | 92719 | 1297041 |
| Issued in reinvestment of distributions | 108812 | 1233933 | 18060 | 231711 |
| Redeemed | (185414) | (1757896) | (69487) | (962100) |
|  | (9598) | 120453 | 41292 | 566652 |
| **C Class/Shares Authorized** | 25000000 |  | 30000000 |  |
| Sold | 248 | 2471 | 2433 | 32156 |
| Issued in reinvestment of distributions | 10159 | 107888 | 2798 | 34163 |
| Redeemed | (28973) | (263636) | (33621) | (447317) |
|  | (18566) | (153277) | (28390) | (380998) |
| **R Class/Shares Authorized** | 25000000 |  | 30000000 |  |
| Sold | 60800 | 589982 | 77494 | 1049015 |
| Issued in reinvestment of distributions | 27778 | 310275 | 3781 | 47944 |
| Redeemed | (27345) | (251058) | (46026) | (631270) |
|  | 61233 | 649199 | 35249 | 465689 |
| Net increase (decrease) | 2235848 | $41232662 | 1099507 | $15262600 |

---

**6. Fair Value Measurements**

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

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

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

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

The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not necessarily an indication of the risks associated with investing in these securities or other financial instruments.

------

The following is a summary of the level classifications as of period end. The Schedule of Investments provides additional information on the fund's portfolio holdings.

---

| | | | |
|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** |
| **Assets** | | | |
| **Investment Securities** | | | |
| Common Stocks |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Canada | $10549488 | $54826783 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;India | 9821509 | 26364602 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Israel | 13889903 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mexico | 1259745 | 7700211 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | 7872937 | 29268618 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Countries |  | 312183692 |  |
| Exchange-Traded Funds | 88840 |  |  |
| Short-Term Investments | 19032386 | 5045458 |  |
|  | $62514808 | $435389364 |  |

---

**7. Risk Factors**

The value of the fund's shares will go up and down, sometimes rapidly or unpredictably, based on the performance of the securities owned by the fund and other factors generally affecting the securities market. Market risks, including political, regulatory, economic and social developments, can affect the value of the fund's investments. Natural disasters, public health emergencies, war, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.

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

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

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

**8. Federal Tax Information**

The tax character of distributions paid during the years ended November 30, 2022 and November 30, 2021 were as follows:

---

| | | |
|:---|:---|:---|
| | **2022** | **2021** |
| **Distributions Paid From** |  |  |
| Ordinary income | $18487273 |  |
| Long-term capital gains | $93917827 | $22180797 |

---

------

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:

---

| | |
|:---|:---|
| Federal tax cost of investments | $491893096 |
| Gross tax appreciation of investments | $40695122 |
| Gross tax depreciation of investments | (34684046) |
| Net tax appreciation (depreciation) of investments | 6011076 |
| Net tax appreciation (depreciation) on translation of assets and liabilities in foreign currencies | (536890) |
| Net tax appreciation (depreciation) | $5474186 |
| Undistributed ordinary income | $1274938 |
| Accumulated short-term capital losses | $(76773821) |

---

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

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

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| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **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:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | | |
| | **Net Asset<br>Value,<br>Beginning<br>of Period** | **Net**<br>**Investment**<br>**Income**<br>**(Loss)**<sup>(1)</sup> | **Net<br>Realized<br>and<br>Unrealized<br>Gain (Loss)** | **Total From<br>Investment<br>Operations** | **Net<br>Investment<br>Income** | **Net<br>Realized<br>Gains** | **Total<br>Distributions** | **Net Asset<br>Value,<br>End<br>of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating<br>Expenses<br>(before<br>expense<br>waiver)** | **Net<br>Investment<br>Income<br>(Loss)** | **Net<br>Investment<br>Income<br>(Loss)<br>(before<br>expense<br>waiver)** | **Portfolio<br>Turnover<br>Rate** | **Net<br>Assets,<br>End of<br>Period<br>(in thousands)** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | | | | | | | | | | | |
| 2022 | $13.79 | 0.01 | (3.00) | (2.99) | (0.05) | (2.09) | (2.14) | $8.66 | (25.53)% | 1.48% | 0.15% | 0.15% | 108% | $382973 |
| 2021 | $12.95 | (0.04) | 1.31 | 1.27 |  | (0.43) | (0.43) | $13.79 | 10.01% | 1.37% | (0.30)% | (0.30)% | 127% | $576312 |
| 2020 | $10.17 | (0.01) | 2.89 | 2.88 | (0.10) |  | (0.10) | $12.95 | 28.52% | 1.40% | (0.12)% | (0.12)% | 131% | $565150 |
| 2019 | $9.33 | 0.01 | 1.13 | 1.14 | (0.05) | (0.25) | (0.30) | $10.17 | 12.88% | 1.46% | 0.23% | 0.23% | 124% | $499296 |
| 2018 | $11.94 | 0.01 | (1.51) | (1.50) | (0.06) | (1.05) | (1.11) | $9.33 | (13.98)% | 1.62% | 0.07% | (0.07)% | 140% | $131043 |
| **I Class** | **I Class** | **I Class** | **I Class** | **I Class** |  |  |  |  |  |  |  |  |  |  |
| 2022 | $13.98 | 0.04 | (3.05) | (3.01) | (0.07) | (2.09) | (2.16) | $8.81 | (25.29)% | 1.28% | 0.35% | 0.35% | 108% | $87392 |
| 2021 | $13.10 | (0.01) | 1.32 | 1.31 |  | (0.43) | (0.43) | $13.98 | 10.12% | 1.17% | (0.10)% | (0.10)% | 127% | $141573 |
| 2020 | $10.29 | 0.01 | 2.92 | 2.93 | (0.12) |  | (0.12) | $13.10 | 28.84% | 1.20% | 0.08% | 0.08% | 131% | $94818 |
| 2019 | $9.44 | 0.03 | 1.14 | 1.17 | (0.07) | (0.25) | (0.32) | $10.29 | 13.06% | 1.26% | 0.43% | 0.43% | 124% | $78575 |
| 2018 | $12.07 | 0.04 | (1.54) | (1.50) | (0.08) | (1.05) | (1.13) | $9.44 | (13.81)% | 1.42% | 0.27% | 0.13% | 140% | $53224 |

---

------

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | |
| | | **Income From Investment Operations:** | **Income From Investment Operations:** | **Income From Investment Operations:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | | |
| | **Net Asset<br>Value,<br>Beginning<br>of Period** | **Net**<br>**Investment**<br>**Income**<br>**(Loss)**<sup>(1)</sup> | **Net<br>Realized<br>and<br>Unrealized<br>Gain (Loss)** | **Total From<br>Investment<br>Operations** | **Net<br>Investment<br>Income** | **Net<br>Realized<br>Gains** | **Total<br>Distributions** | **Net Asset<br>Value,<br>End<br>of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating<br>Expenses<br>(before<br>expense<br>waiver)** | **Net<br>Investment<br>Income<br>(Loss)** | **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)** |
| **A Class** | **A Class** | **A Class** | | | | | | | | | | | | |
| 2022 | $13.62 | (0.01) | (2.97) | (2.98) | (0.01) | (2.09) | (2.10) | $8.54 | (25.68)% | 1.73% | (0.10)% | (0.10)% | 108% | $5073 |
| 2021 | $12.83 | (0.08) | 1.30 | 1.22 |  | (0.43) | (0.43) | $13.62 | 9.70% | 1.62% | (0.55)% | (0.55)% | 127% | $8220 |
| 2020 | $10.07 | (0.04) | 2.87 | 2.83 | (0.07) |  | (0.07) | $12.83 | 28.28% | 1.65% | (0.37)% | (0.37)% | 131% | $7214 |
| 2019 | $9.24 | (0.02) | 1.13 | 1.11 | (0.03) | (0.25) | (0.28) | $10.07 | 12.60% | 1.71% | (0.02)% | (0.02)% | 124% | $6067 |
| 2018 | $11.84 | (0.02) | (1.50) | (1.52) | (0.03) | (1.05) | (1.08) | $9.24 | (14.25)% | 1.87% | (0.18)% | (0.32)% | 140% | $8131 |
| **C Class** | **C Class** | **C Class** |  |  |  |  |  |  |  |  |  |  |  |  |
| 2022 | $12.87 | (0.09) | (2.76) | (2.85) |  | (2.09) | (2.09) | $7.93 | (26.27)% | 2.48% | (0.85)% | (0.85)% | 108% | $264 |
| 2021 | $12.23 | (0.17) | 1.24 | 1.07 |  | (0.43) | (0.43) | $12.87 | 8.93% | 2.37% | (1.30)% | (1.30)% | 127% | $667 |
| 2020 | $9.61 | (0.11) | 2.73 | 2.62 |  |  |  | $12.23 | 27.26% | 2.40% | (1.12)% | (1.12)% | 131% | $981 |
| 2019 | $8.86 | (0.07) | 1.07 | 1.00 |  | (0.25) | (0.25) | $9.61 | 11.77% | 2.46% | (0.77)% | (0.77)% | 124% | $1044 |
| 2018 | $11.44 | (0.10) | (1.43) | (1.53) |  | (1.05) | (1.05) | $8.86 | (14.93)% | 2.62% | (0.93)% | (1.07)% | 140% | $1411 |
| **R Class** | **R Class** | **R Class** |  |  |  |  |  |  |  |  |  |  |  |  |
| 2022 | $13.43 | (0.03) | (2.92) | (2.95) |  | (2.09) | (2.09) | $8.39 | (25.85)% | 1.98% | (0.35)% | (0.35)% | 108% | $1734 |
| 2021 | $12.69 | (0.11) | 1.28 | 1.17 |  | (0.43) | (0.43) | $13.43 | 9.41% | 1.87% | (0.80)% | (0.80)% | 127% | $1954 |
| 2020 | $9.96 | (0.07) | 2.84 | 2.77 | (0.04) |  | (0.04) | $12.69 | 27.96% | 1.90% | (0.62)% | (0.62)% | 131% | $1398 |
| 2019 | $9.14 | (0.04) | 1.12 | 1.08 | (0.01) | (0.25) | (0.26) | $9.96 | 12.33% | 1.96% | (0.27)% | (0.27)% | 124% | $1962 |
| 2018 | $11.72 | (0.05) | (1.48) | (1.53) | —<sup>(3)</sup> | (1.05) | (1.05) | $9.14 | (14.46)% | 2.12% | (0.43)% | (0.57)% | 140% | $1300 |

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------

**Notes to Financial Highlights**

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

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

(3)Per-share amount was 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 World Mutual Funds, Inc.:

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

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of International Opportunities Fund (the "Fund"), one of the funds constituting the American Century World Mutual Funds, Inc., as of November 30, 2022, the related statement 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 five 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 International Opportunities Fund of the American Century World Mutual Funds, Inc. as of November 30, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's 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 Fund 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 Fund is not required to have, nor were we engaged to perform, an audit of its 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 Fund's 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 November 30, 2022, 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

January 17, 2023

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

------

Management

**The Board of Directors** 

The individuals listed below serve as directors of the funds. Each director will continue to serve in this capacity until death, retirement, resignation or removal from office. The board has adopted a mandatory retirement age for directors who are not "interested persons," as that term is defined in the Investment Company Act (independent directors). Independent directors shall retire on December 31 of the year in which they reach their 75<sup>th</sup> birthday.

Jonathan S. Thomas is an "interested person" because he currently serves as President and Chief Executive Officer of American Century Companies, Inc. (ACC), the parent company of American Century Investment Management, Inc. (ACIM or the advisor). The other directors (more than three-fourths of the total number) are independent. They are not employees, directors or officers of, and have no financial interest in, ACC or any of its wholly owned, direct or indirect, subsidiaries, including ACIM, American Century Investment Services, Inc. (ACIS) and American Century Services, LLC (ACS), and they do not have any other affiliations, positions or relationships that would cause them to be considered "interested persons" under the Investment Company Act. The directors serve in this capacity for seven (in the case of Jonathan S. Thomas, 16; and Stephen E. Yates, 8) registered investment companies in the American Century Investments family of funds.

The following table presents additional information about the directors. The mailing address for each director is 4500 Main Street, Kansas City, Missouri 64111.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name<br>(Year of Birth)** | **Position(s) Held with Funds** | **Length of Time Served** | **Principal Occupation(s) During Past 5 Years** | **Number of American Century Portfolios Overseen by Director** | **Other Directorships Held During Past 5 Years** |
| **Independent Directors** | **Independent Directors** | **Independent Directors** | **Independent Directors** | | |
| Thomas W. Bunn (1953) | Director | Since 2017 | Retired | 64 |  |
| Chris H. Cheesman <br>(1962) | Director | Since 2019 | Retired. Senior Vice President & Chief Audit Executive, AllianceBernstein (1999 to 2018) | 64 | Alleghany Corporation (2021 to 2022) |
| Barry Fink<br>(1955) | Director | Since 2012 (independent since 2016) | Retired | 64 |  |
| Rajesh K. Gupta <br>(1960) | Director | Since 2019 | Partner Emeritus, SeaCrest Investment Management and SeaCrest Wealth Management (2019 to present); Chief Executive Officer and Chief Investment Officer, SeaCrest Investment Management (2006 to 2019); Chief Executive Officer and Chief Investment Officer, SeaCrest Wealth Management (2008 to 2019) | 64 |  |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name<br>(Year of Birth)** | **Position(s) Held with Funds** | **Length of Time Served** | **Principal Occupation(s) During Past 5 Years** | **Number of American Century Portfolios Overseen by Director** | **Other Directorships Held During Past 5 Years** |
| **Independent Directors** | **Independent Directors** | **Independent Directors** | **Independent Directors** | | |
| Lynn Jenkins <br>(1963) | Director | Since 2019 | Consultant, LJ Strategies (2019 to present); United States Representative, U.S. House of Representatives (2009 to 2018) | 64 | MGP Ingredients, Inc. (2019 to 2021) |
| Jan M. Lewis<br>(1957) | Director and Board Chair | Since 2011 (Board Chair since 2022) | Retired | 64 |  |
| Stephen E. Yates<br>(1948) | Director | Since 2012 | Retired | 108 |  |
| **Interested Director** | **Interested Director** | **Interested Director** | **Interested Director** | **Interested Director** |  |
| Jonathan S. Thomas<br>(1963) | Director | Since 2007 | President and Chief Executive Officer, ACC (2007 to present). Also serves as Chief Executive Officer, ACS; Director, ACC and other ACC subsidiaries | 142 |  |

---

The Statement of Additional Information has additional information about the fund's directors and is available without charge, upon request, by calling 1-800-345-2021.

------

**Officers** 

The following table presents certain information about the executive officers of the funds. Each officer serves as an officer for each of the 16 (in the case of Robert J. Leach, 15) investment companies in the American Century family of funds. No officer is compensated for his or her service as an officer of the funds. The listed officers are interested persons of the funds and are appointed or re-appointed on an annual basis. The mailing address for each officer listed below is 4500 Main Street, Kansas City, Missouri 64111.

---

| | | |
|:---|:---|:---|
| **Name <br>(Year of Birth)** | **Offices with the Funds** | **Principal Occupation(s) During the Past Five Years** |
| Patrick Bannigan<br>(1965) | President since 2019 | Executive Vice President and Director, ACC (2012 to present); Chief Financial Officer, Chief Accounting Officer and Treasurer, ACC (2015 to present). Also serves as President, ACS; Vice President, ACIM; Chief Financial Officer, Chief Accounting Officer and/or Director, ACIM, ACS and other ACC subsidiaries |
| R. Wes Campbell<br>(1974) | Chief Financial Officer and Treasurer since 2018 | Vice President, ACS, (2020 to present); Investment Operations and Investment Accounting, ACS (2000 to present) |
| Amy D. Shelton<br>(1964) | Chief Compliance Officer and Vice President since 2014 | Chief Compliance Officer, American Century funds, (2014 to present); Chief Compliance Officer, ACIM (2014 to present); Chief Compliance Officer, ACIS (2009 to present). Also serves as Vice President, ACIS |
| John Pak<br>(1968) | General Counsel and Senior Vice President since 2021 | General Counsel and Senior Vice President, ACC (2021 to present). Also serves as General Counsel and Senior Vice President, ACIM, ACS and ACIS. Chief Legal Officer of Investment and Wealth Management, The Bank of New York Mellon (2014 to 2021) |
| C. Jean Wade<br>(1964) | Vice President since 2012 | Senior Vice President, ACS (2017 to present); Vice President, ACS (2000 to 2017) |
| Robert J. Leach<br>(1966) | Vice President since 2006 | Vice President, ACS (2000 to present) |
| David H. Reinmiller<br>(1963) | Vice President since 2000 | Attorney, ACC (1994 to present). Also serves as Vice President, ACIM and ACS |
| Ward D. Stauffer<br>(1960) | Secretary since 2005 | Attorney, ACC (2003 to present) |

---

------

Approval of Management Agreement

At a meeting held on June 29, 2022, the Fund's 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 the Fund. Under Section 15(c) of 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, each year.

Prior to its consideration of the renewal of the management agreement, the Directors requested and reviewed data and information compiled by the Advisor and certain independent data providers concerning the Fund. This review was in addition to the oversight and evaluation undertaken by the Board and its committees on a continual basis and the information received was supplemental to the information that the Board and its committees receive and consider throughout the year.

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, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the nature, extent, and quality of investment management, shareholder services, and other services provided and to be provided to the Fund including without limitation portfolio management and trading services, shareholder and intermediary services, compliance and legal services, fund accounting and financial reporting, and fund share distribution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the wide range of other programs and services provided to the Fund and its shareholders on a routine and non-routine basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Fund's investment performance, including data comparing the Fund's performance to an appropriate benchmark(s) and peer group of other mutual funds with similar investment objectives and strategies;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Advisor's strategic plans, generally, and with respect to the ongoing impact of the COVID-19 pandemic response, heightened areas of interest in the mutual fund industry and recent geopolitical issues;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• financial data showing the cost of services provided to the Fund, the profitability of the Fund to the Advisor, and the overall profitability of the Advisor;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• acquired fund fees and expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• payments and practices in connection with financial intermediaries holding shares of the Fund and the services provided by intermediaries in connection therewith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• possible collateral benefits to the Advisor from the management of the Fund.

The Board held four meetings to consider the renewal. The independent Directors also met in private session multiple times to review and discuss the information provided in response to their request. The independent Directors held active discussions with the Advisor regarding the renewal of the management agreement, requesting supplemental information, and reviewing information provided by the Advisor in response thereto. 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 independent counsel in connection with the approval. They determined that the information was sufficient for them to evaluate the management agreement for the Fund. 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 without limitation the following:

**Nature, Extent and Quality of Services — Generally.** Under the management agreement, the Advisor is responsible for providing or arranging for all services necessary for the operation of the Fund. The Board noted that the Advisor provides or arranges at its own expense a wide variety of services which include, without limitation, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• constructing and designing the 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 the 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 cyber 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 the 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 the Fund is quite complex and allows Fund shareholders access to professional money management, instant diversification of their investments within an asset class, 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 the Fund in accordance with its investment objectives and principal investment strategies. Further, the Directors recognize that the Advisor has an obligation to monitor trading activities, and in particular to seek the best execution of Fund trades, and to evaluate the use of and payment for research. In providing these services, the Advisor utilizes teams of investment professionals (portfolio managers, analysts, research assistants, and securities traders) who require extensive information technology, research, training, compliance, and other systems to conduct their business. The Board, directly and through its Fund Performance Review Committee, provides oversight of the investment performance process. It regularly reviews investment performance information for the 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, the Board discusses with the Advisor the reasons for such results (e.g., market conditions, security selection) and any actions being taken to improve performance, and may conduct special reviews until performance improves. The Fund's performance was above its benchmark for the three-, five-, and ten-year periods and below its benchmark for the one-year period reviewed by the Board. The Board found the investment

------

management services provided by the Advisor to the Fund to be satisfactory and consistent with the management agreement.

**Shareholder and Other Services.** Under the management agreement, the Advisor provides the 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 cyber security), new products and services offered to Fund shareholders, securities trading activities, portfolio valuation services, auditing services, and legal and operational compliance activities. The Board found the services provided by the Advisor to the 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 Fund, its profitability in managing the Fund (pre- and post-distribution), its overall profitability, and its financial condition. 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 current management fee. The Board concluded that the Advisor's profits were reasonable in light of the services provided to the Fund.

**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 the 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 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 content and services. The Board also noted that economies of scale are shared with the Fund and its shareholders through management fee breakpoints that serve to reduce the effective management fee as the assets of the Fund grow. Assets of various classes of the same Fund or similarly-managed products are combined with the assets of the Fund to help achieve those breakpoints.

**Comparison to Other Funds' Fees.** The management agreement provides that the Fund pays the Advisor a single, all-inclusive (or unified) management fee for providing all services necessary for the management and operation of the Fund, other than securities transaction expenses, taxes, interest, extraordinary expenses, fees and expenses of the Fund's 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 the unified fee structure, the Advisor is responsible for providing all 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, distribution charges, 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 Fund 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 the Fund's unified fee to the total expense ratios of its peers. The

------

unified fee charged to shareholders of the Fund was near the median of the total expense ratios of the Fund's peer expense universe. In addition, the Board reviewed the Fund's position relative to the narrower set of its expense group peers. The Board concluded that the management fee paid by the 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 Fund. They observed that these varying types of client accounts require different services and involve different regulatory and entrepreneurial risks than the management of the Fund. The Board analyzed this information and concluded that the fees charged and services provided to the Fund were reasonable by comparison.

**Payments to Intermediaries.** The Directors also requested and received a description of payments made to intermediaries by the Fund and the Advisor and services provided in response thereto. These payments include various payments made by the Fund or the Advisor to different types of intermediaries and recordkeepers for distribution and service activities provided for the Fund. The Directors reviewed such information and received representations from the Advisor that all such payments by the 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 Fund. They concluded 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. To the extent there are potential collateral benefits, the Board has been advised and has taken this into consideration in its review of the management contract with the Fund. The Board noted that additional assets from other clients may offer the Advisor some benefit from increased leverage with service providers and counterparties. Additionally, the Advisor may receive proprietary research from broker-dealers that execute fund portfolio transactions, which the Board concluded is likely to benefit other clients of the Advisor, as well as Fund shareholders. The Board also determined that the Advisor is able to provide investment management services to certain clients other than the Fund, at least in part, due to its existing infrastructure built to serve the fund complex. The Board concluded that appropriate allocation methodologies had been employed to assign resources and the cost of those resources to these other clients and, where expressly provided, these other client assets may be included with the assets of the Fund to determine breakpoints in the 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 the 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 Fund 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 Fund.

**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 throughout the year, determined that the terms of the management agreement are fair and reasonable and that the management fee charged to the Fund is reasonable in light of the services provided and that the management agreement between the Fund and the Advisor should be renewed for an additional one-year period.

------

Proxy Voting Results

A special meeting of shareholders was held on October 13, 2022, to vote on the following proposal. The proposal received the required votes and was adopted. A summary of voting results is listed below.

To elect five directors to the Board of Directors of American Century World Mutual Funds, Inc.:

---

| | | |
|:---|:---|:---|
| | **Affirmative** | **Withhold** |
| Brian Bulatao | $5038086505 | $96122848 |
| Chris H. Cheesman | $5044845654 | $89363699 |
| Rajesh K. Gupta | $5040147195 | $94062158 |
| Lynn M. Jenkins | $5034492760 | $99716593 |
| Gary C. Meltzer | $5042384480 | $91824873 |

---

The other directors whose term of office continued after the meeting include Jonathan S. Thomas, Thomas W. Bunn, Barry Fink, Jan M. Lewis, and Stephen E. Yates.

------

Additional Information

**Retirement Account Information** 

As required by law, distributions you receive from certain retirement accounts are subject to federal income tax withholding at the IRS default rate of 10%.\* Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.

You may elect a different withholding rate, or request zero withholding, by submitting an acceptable IRS Form W-4R election with your distribution request. You may notify us of your W-4R election by telephone, on our distribution forms, on IRS Form W-4R, or through other acceptable electronic means. If your withholding election is for an automatic withdrawal plan, you have the right to revoke your election at any time and any election you make will remain in effect until revoked by filing a new election.

Remember, even if you elect not to have income tax withheld, you are liable for paying income tax on the taxable portion of your withdrawal. If you elect not to have income tax withheld or you don't have enough income tax withheld, you may be responsible for payment of estimated tax. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are not sufficient. You can reduce or defer the income tax on a distribution by directly or indirectly rolling such distribution over to another IRA or eligible plan. You should consult your tax advisor for additional information.

State tax will be withheld according to state regulations if, at the time of your distribution, your tax residency is within one of the mandatory withholding states.

\*Some 403(b), 457 and qualified retirement plan distributions may be subject to 20% mandatory withholding, as they are subject to special tax and withholding rules. Your plan administrator or plan sponsor is required to provide you with a special tax notice explaining those rules at the time you request a distribution. If applicable, federal and/or state taxes may be withheld from your distribution amount.

**Proxy Voting Policies** 

A description of the policies that the fund's investment advisor uses in exercising the voting rights associated with the securities purchased and/or held by the fund is available without charge, upon request, by calling 1-800-345-2021. It is also available on American Century Investments' website at americancentury.com/proxy and on the Securities and Exchange Commission's website at sec.gov. Information regarding how the investment advisor voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on americancentury.com/proxy. It is also available at sec.gov.

**Quarterly Portfolio Disclosure** 

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. These portfolio holdings are available on the fund's website at americancentury.com and, upon request, by calling 1-800-345-2021. The fund's Form N-PORT reports are available on the SEC's website at sec.gov.

------

**Other Tax Information**

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

The fund hereby designates up to the maximum amount allowable as qualified dividend income for the fiscal year ended November 30, 2022.

The fund hereby designates $93,917,827, or up to the maximum amount allowable, as long-term capital gain distributions (20% rate gain distributions) for the fiscal year ended November 30, 2022.

The fund hereby designates $15,825,134 as qualified short-term capital gain distributions for purposes of Internal Revenue Code Section 871 for the fiscal year ended November 30, 2022.

------

Notes

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Notes

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---

| | |
|:---|:---|
| ![image12.jpg](image12.jpg) | ![image12.jpg](image12.jpg) |
| Contact Us | americancentury.com |
| Automated Information Line | 1-800-345-8765 |
| Investor Services Representative | 1-800-345-2021<br>or 816-531-5575 |
| Investors Using Advisors | 1-800-378-9878 |
| Business, Not-For-Profit, Employer-Sponsored Retirement Plans | 1-800-345-3533 |
| Banks and Trust Companies, Broker-Dealers, Financial Professionals, Insurance Companies | 1-800-345-6488 |
| Telecommunications Relay Service for the Deaf | 711 |
| **American Century World Mutual Funds, Inc.** | **American Century World Mutual Funds, Inc.** |
| **Investment Advisor:**<br>American Century Investment Management, Inc.<br>Kansas City, Missouri | **Investment Advisor:**<br>American Century Investment Management, Inc.<br>Kansas City, Missouri |
| *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.* |
| **©2023 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-ANN-91032 2301** | **©2023 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-ANN-91032 2301** |

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

![image12.jpg](image12.jpg)

---

| |
|:---|
| Annual Report |
| November 30, 2022 |
| International Small-Mid Cap Fund |
| &nbsp;&nbsp;&nbsp;Investor Class (ANTSX) |
| &nbsp;&nbsp;&nbsp;G Class (ANTMX) |

---

------

------

**Table of Contents**

---

| | |
|:---|:---|
| Presidents Letter | [2](#icac732f9dea047f6825ef6d9a4af07ac_478) |
| Performance | [3](#icac732f9dea047f6825ef6d9a4af07ac_481) |
| Portfolio Commentary | [4](#icac732f9dea047f6825ef6d9a4af07ac_484) |
| Fund Characteristics | [6](#icac732f9dea047f6825ef6d9a4af07ac_487) |
| Shareholder Fee Example | [7](#icac732f9dea047f6825ef6d9a4af07ac_490) |
| Schedule of Investments | [8](#icac732f9dea047f6825ef6d9a4af07ac_493) |
| Statement of Assets and Liabilities | [12](#icac732f9dea047f6825ef6d9a4af07ac_499) |
| Statement of Operations | [13](#icac732f9dea047f6825ef6d9a4af07ac_502) |
| Statement of Changes in Net Assets | [14](#icac732f9dea047f6825ef6d9a4af07ac_505) |
| Notes to Financial Statements | [15](#icac732f9dea047f6825ef6d9a4af07ac_508) |
| Financial Highlights | [21](#icac732f9dea047f6825ef6d9a4af07ac_511) |
| Report of Independent Registered Public Accounting Firm | [23](#icac732f9dea047f6825ef6d9a4af07ac_514) |
| Management | [24](#icac732f9dea047f6825ef6d9a4af07ac_517) |
| Approval of Management Agreement | [27](#icac732f9dea047f6825ef6d9a4af07ac_520) |
| Proxy Voting Results | [31](#icac732f9dea047f6825ef6d9a4af07ac_526) |
| Additional Information | [32](#icac732f9dea047f6825ef6d9a4af07ac_529) |

---

Any opinions expressed in this report reflect those of the author as of the date of the report, and do not necessarily represent the opinions of American Century Investments<sup>®</sup> or any other person in the American Century Investments organization. Any such opinions are subject to change at any time based upon market or other conditions and American Century Investments disclaims any responsibility to update such opinions. These opinions may not be relied upon as investment advice and, because investment decisions made by American Century Investments funds are based on numerous factors, may not be relied upon as an indication of trading intent on behalf of any American Century Investments fund. Security examples are used for representational purposes only and are not intended as recommendations to purchase or sell securities. Performance information for comparative indices and securities is provided to American Century Investments by third party vendors. To the best of American Century Investments' knowledge, such information is accurate at the time of printing.

------

President's Letter

![image14.jpg](image14.jpg) **Jonathan Thomas**

Dear Investor:

Thank you for reviewing this annual report for the period ending November 30, 2022. Annual reports help convey important information about fund returns, including market factors that affected performance. For additional investment insights, please visit americancentury.com.

**High Inflation, Rising Rates Fueled Volatility**

The global economic and investment backdrops faced several challenges during the 12-month period. Concerns began to surface early in the fiscal year, as central banks finally admitted inflation was entrenched rather than transitory. Investors grew more cautious amid growing expectations for less accommodative monetary policy in the new year.

By early 2022, inflation soared to levels last seen in the early 1980s. Massive fiscal and monetary support unleashed during the pandemic was partly to blame. In addition, escalating energy prices, supply chain breakdowns, labor market shortages and Russia's invasion of Ukraine further aggravated the inflation backdrop, particularly in Europe.

The Bank of England responded to surging inflation in late 2021 with a 0.15 percentage point rate hike. Policymakers raised rates another 2.75 percentage points through the end of November. The Federal Reserve waited until March 2022 to launch its inflation-fighting campaign, hiking rates 3.75 percentage points by period-end. Meanwhile, the European Central Bank (ECB) held off until July. Facing record-high inflation, the ECB raised rates 2 percentage points through November.

In addition to advancing recession risk, the combination of elevated inflation and hawkish central banks led to losses for most developed and emerging markets stock indices. A late-period rally, triggered by expectations for central banks to slow their pace of tightening, helped stocks recover some earlier losses. Overall, developed markets stocks generally fared better than emerging markets stocks, and the value style generally outpaced the growth style.

**Staying Disciplined in Uncertain Times**

We expect market volatility to linger as investors navigate a complex environment of high inflation, rising interest rates and economic uncertainty. In addition, Russia's invasion of Ukraine complicates an increasingly tense geopolitical backdrop and threatens global energy markets. We will continue to monitor this evolving situation and what it broadly means for investors across asset classes.

We appreciate your confidence in us during these extraordinary times. Our firm has a long history of helping clients weather unpredictable markets, and we're confident we will continue to meet today's challenges.

Sincerely,

![image48a30.jpg](image48a30.jpg)

Jonathan Thomas

President and Chief Executive Officer

American Century Investments

------

Performance

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Total Returns as of November 30, 2022** | **Total Returns as of November 30, 2022** | **Total Returns as of November 30, 2022** | **Total Returns as of November 30, 2022** | **Total Returns as of November 30, 2022** | |
| | | | **Average Annual Returns**  | **Average Annual Returns**  | |
| | **Ticker**<br>**Symbol**  | **1 year** | **5 years** | **Since<br>Inception** | **Inception**<br>**Date**  |
| **Investor Class** | ANTSX | -24.94% | 1.60% | 4.79% | 3/19/15 |
| **MSCI EAFE Small Cap Index** |  | -18.83% | 0.27% | 4.51% |  |
| G Class | ANTMX | -23.82% | 3.08% | 5.92% | 3/19/15 |

---

Fund returns would have been lower if a portion of the fees had not been waived.

---

| |
|:---|
| **Growth of $10,000 Over Life of Class** |
| **$10,000 investment made March 19, 2015** |
| Performance for other share classes will vary due to differences in fee structure. |

---

![chart-8f96d8beb07b4c64a67a.jpg](chart-8f96d8beb07b4c64a67a.jpg)

---

| |
|:---|
| Value on November 30, 2022 |
| Investor Class — $14,346 |
| Investor Class — $14,346 |
| MSCI EAFE Small Cap Index — $14,053 |
| MSCI EAFE Small Cap Index — $14,053 |

---

Ending value of Investor Class would have been lower if a portion of the fees had not been waived.

---

| | |
|:---|:---|
| **Total Annual Fund Operating Expenses**  | **Total Annual Fund Operating Expenses**  |
| **Investor Class** | **G Class** |
| 1.48% | 1.13% |

---

The total annual fund operating expenses shown is as stated in the fund's prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.

**Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-800-345-2021 or visit americancentury.com. For additional information about the fund, please consult the prospectus.** 

------

Portfolio Commentary

**Portfolio Managers: Trevor Gurwich, Federico Laffan and Pratik Patel**

**Performance Summary** 

International Small-Mid Cap returned -24.94%\* for the 12-month period ended November 30, 2022, underperforming its benchmark, the MSCI EAFE Small Cap Index, which returned -18.83% for the same period.

Equity markets faced headwinds early in the performance period due to virus concerns and supply chain disruptions. This market volatility increased sharply late in the first quarter of 2022 after Russia's assault on Ukraine fueled global geopolitical uncertainty, exacerbated supply chain challenges and threatened the availability of fuel and other raw materials. This led to a sharp spike in the prices of oil and other critical commodities, as global consumers scrambled to find non-Russian sources of supply. These developments, along with renewed COVID-19 lockdowns in China, added to inflation pressures. Soaring inflation led most central banks to tighten monetary policy. Rising interest rates and inflation pressures weakened economic growth, and recession fears contributed to downward market volatility in the third quarter. Stocks in most markets regained some ground in October and November of 2022, spurred by hopes that inflation and interest rates may have peaked. However, the broader market still ended the 12-month period with notable declines. This environment was especially challenging for small-capitalization (small-cap) stocks, as investors worried that smaller companies would have more trouble accessing capital and expanding operations. As a result, the MSCI EAFE Small Cap Index underperformed the broader MSCI EAFE Index for the 12-month period. Concerns around higher interest rates and inflation also translated to a period of sharp factor rotation out of growth stocks and into value stocks.

Against this challenging backdrop, the fund had a negative return and underperformed its benchmark index. The sharp rotation out of growth stocks and into value stocks, driven in part by higher interest rates, weighed on relative performance. Stock selection also hindered relative performance, especially in the information technology and industrials sectors. Stock selection in materials aided relative performance. An overweight in the energy sector also contributed. From a geographic standpoint, stock selection in Japan hurt relative performance. Stock selection in Belgium contributed.

**Information Technology Stocks Detracted**

Rising interest rates fueled a rotation away from growth stocks, dampening the performance by several of our information technology holdings. Detractors included digitally focused software development and technology services company Endava. The stock declined on concerns over how a difficult funding environment might impact enterprise information technology investment. However, we continue to see long-term potential for Endava given its foothold in structurally growing end markets such as electronic payments.

The rotation away from growth stocks also weighed on stock performance of Kornit Digital, a supplier of on-demand digital printing solutions to the textiles industry. Despite its strong product portfolio, Kornit Digital saw its business slow in the second quarter of 2022 as many e-commerce clients warned of decreasing online clothing orders. Given near-term uncertainty for the business, we exited the position.

The market's value rotation also pressured several of our growth-oriented investments in Japan, where the persistence of COVID-19 restrictions dampened economic growth through the first half of 2022. The resulting economic uncertainty weighed on stock performance for Japan-based

\*All fund returns referenced in this commentary are for Investor Class shares. Fund returns would have been lower if a portion of the fees had not been waived. Performance for other share classes will vary due to differences in fee structure; when Investor Class performance exceeds that of the fund's benchmark, other share classes may not. See page 3 for returns for all share classes.

------

telecommunications tower company JTOWER. We sold our holdings in JTOWER as we found other companies with more attractive risk/reward potential.

**Energy Exploration Company Was a Top Contributor** 

Relative performance was assisted by several energy-related holdings that benefited from an upsurge in oil and gas prices in the aftermath of the Ukraine invasion. Whitecap Resources was a standout performer, as the Canada-based energy exploration company was recognized for its global leadership in carbon capture, strong balance sheet and solid inventory levels and field-level returns. Higher commodities prices in the first half of 2022 also benefited OCI, a Netherlands-based producer and distributor of natural gas-based fertilizers and industrial chemicals. Additionally, OCI saw increased business due to the sanctions on its Russian competitors.

Elsewhere in the portfolio, Hexatronic Group was a standout performer. This provider of fiber communications infrastructure and services reported strong earnings, supported by an accelerating fiber build-out. Hexatronic's efforts to increase capacity and strong demand in the U.S., the U.K. and Germany also contributed to better-than-expected revenues.

**Outlook** 

We recognize near-term uncertainty for economic growth and small-cap company earnings. At the same time, we continue to see positive long-term potential for smaller companies in a broad array of sectors that we believe will deliver accelerating and sustainable earnings growth. We remain committed to our active, bottom-up approach that seeks to differentiate between future winners and losers. We remain invested in companies with strong secular drivers and defensive business models. We have also selectively invested in companies that may benefit from reopening and improved economic activity.

We have identified bottom-up opportunities in the consumer discretionary sector, where the fund is overweight. In addition to travel-related names that may benefit from improved consumer mobility, we also have exposure to apparel companies and retailers that we believe are positioned to deliver accelerating and sustainable growth.

We also ended the period with a notable position in the energy sector, as we have identified companies benefiting from spending on renewable energy and natural gas. We also see potential as government incentives and disruptions in the global energy market drive investments in renewables. We also continue to find opportunities in information technology with companies looking to capitalize on long-term secular trends such as digitalization, cloud computing, data centers and software as a service. Our bottom-up process led to underweights in real estate and materials. An uncertain economic environment and a more challenged commodity pricing outlook may weigh on earnings growth prospects for many materials companies.

From a country standpoint, stock selection led to an overweight in Canada. Our bottom-up process also led to underweights in Europe and Asia, including in Japan.

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Fund Characteristics

---

| | |
|:---|:---|
| **NOVEMBER 30, 2022** | |
| **Types of Investments in Portfolio** | **% of net assets** |
| Common Stocks | 97.4% |
| Exchange-Traded Funds | 0.7% |
| Short-Term Investments | 4.9% |
| Other Assets and Liabilities | (3.0)% |
| **Top Five Countries\*** | **% of net assets** |
| Japan | 27.2% |
| United Kingdom | 12.1% |
| Australia | 12.0% |
| Canada | 8.9% |
| France | 4.9% |

---

\*Exposure indicated excludes Exchange-Traded Funds. The Schedule of Investments provides additional information on the fund's portfolio holdings.

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Shareholder Fee Example

Fund shareholders may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and redemption/exchange fees; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in your fund and to compare these costs with the ongoing cost of investing in other mutual funds.

The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from June 1, 2022 to November 30, 2022.

**Actual Expenses**

The table provides information about actual account values and actual expenses for each class. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. First, identify the share class you own. Then simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical Example for Comparison Purposes**

The table also provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio of each class of your fund and an assumed rate of return of 5% per year before expenses, which is not the actual return of a fund's share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or redemption/exchange fees. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Beginning<br>Account Value <br>6/1/22** | **Ending<br>Account Value <br>11/30/22** | **Expenses Paid**<br>**During Period**<sup>(1)</sup><br>**6/1/22 - 11/30/22** | **Annualized** <br>**Expense Ratio**<sup>(1)</sup> |
| **Actual** | | | | |
| Investor Class | $1000 | $948.50 | $7.03 | 1.44% |
| G Class | $1000 | $956.40 | $0.05 | 0.01% |
| **Hypothetical** |  |  |  |  |
| Investor Class | $1000 | $1017.85 | $7.28 | 1.44% |
| G Class | $1000 | $1025.02 | $0.05 | 0.01% |

---

(1)Expenses are equal to the class's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 183, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses.

------

Schedule of Investments

**NOVEMBER 30, 2022** 

---

| | | |
|:---|:---|:---|
|<br>**COMMON STOCKS — 97.4%** | **Shares** | **Value** |
| **Australia — 12.0%** | | |
| Allkem Ltd.<sup>(1)</sup> | 216432 | $2047582 |
| ALS Ltd. | 780659 | 6497355 |
| Bapcor Ltd. | 867266 | 4121279 |
| carsales.com Ltd. | 281829 | 4451173 |
| Corporate Travel Management Ltd. | 74121 | 848715 |
| IDP Education Ltd.<sup>(2)</sup> | 267955 | 5516766 |
| IGO Ltd. | 308103 | 3290446 |
| IPH Ltd. | 665741 | 4152495 |
| Lynas Rare Earths Ltd.<sup>(1)</sup> | 635728 | 3771151 |
| NEXTDC Ltd.<sup>(1)</sup> | 828838 | 5686774 |
| OZ Minerals Ltd. | 185839 | 3491989 |
| Region RE Ltd. | 606119 | 1150311 |
| Steadfast Group Ltd. | 1844690 | 6691037 |
| Worley Ltd.<sup>(2)</sup> | 460405 | 4669645 |
|  |  | 56386718 |
| **Belgium — 2.8%** |  |  |
| D'ieteren Group | 51354 | 9780460 |
| Euronav NV<sup>(1)</sup> | 174442 | 3410051 |
|  |  | 13190511 |
| **Canada — 8.9%** |  |  |
| Aritzia, Inc.<sup>(1)</sup> | 135403 | 5150780 |
| Brookfield Infrastructure Corp., Class A | 138169 | 6477363 |
| Colliers International Group, Inc. | 22655 | 2139269 |
| Descartes Systems Group, Inc.<sup>(1)(2)</sup> | 58466 | 4059131 |
| ECN Capital Corp. | 502821 | 1143837 |
| Finning International, Inc. | 198039 | 5015938 |
| Kinaxis, Inc.<sup>(1)</sup> | 53427 | 6045117 |
| SunOpta, Inc.<sup>(1)</sup> | 423880 | 3963278 |
| Vermilion Energy, Inc. | 129032 | 2550616 |
| Whitecap Resources, Inc.<sup>(2)</sup> | 623669 | 4974886 |
|  |  | 41520215 |
| **Denmark — 1.6%** |  |  |
| ALK-Abello A/S<sup>(1)</sup> | 96777 | 1405341 |
| Jyske Bank A/S<sup>(1)</sup> | 103542 | 6337686 |
|  |  | 7743027 |
| **Finland — 2.3%** |  |  |
| Huhtamaki Oyj | 150822 | 5513016 |
| Metso Outotec Oyj | 544288 | 5125038 |
|  |  | 10638054 |
| **France — 4.9%** |  |  |
| Alten SA | 36243 | 4580571 |
| Elis SA | 412605 | 5404368 |
| Euroapi SA<sup>(1)</sup> | 242846 | 4335110 |
| Nexans SA | 36320 | 3211544 |
| SPIE SA | 220783 | 5460217 |
|  |  | 22991810 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Germany — 1.8%** | | |
| AIXTRON SE | 86587 | $2854545 |
| Hensoldt AG | 190662 | 4455578 |
| TeamViewer AG<sup>(1)</sup> | 90805 | 1161775 |
|  |  | 8471898 |
| **Ireland — 1.5%** |  |  |
| AIB Group PLC | 2218318 | 7203483 |
| **Israel — 3.1%** |  |  |
| CyberArk Software Ltd.<sup>(1)</sup> | 29551 | 4405168 |
| Inmode Ltd.<sup>(1)</sup> | 168332 | 6462265 |
| Nova Ltd.<sup>(1)</sup> | 42470 | 3634158 |
|  |  | 14501591 |
| **Italy — 0.7%** |  |  |
| MARR SpA | 96123 | 1144922 |
| Sesa SpA | 16337 | 2052086 |
|  |  | 3197008 |
| **Japan — 27.2%** |  |  |
| Amvis Holdings, Inc.<sup>(2)</sup> | 192000 | 4540095 |
| Asics Corp. | 280600 | 6127342 |
| BayCurrent Consulting, Inc. | 201000 | 6680223 |
| Fukuoka Financial Group, Inc. | 128400 | 2515720 |
| IHI Corp. | 91500 | 2525078 |
| Internet Initiative Japan, Inc. | 336300 | 6089171 |
| Invincible Investment Corp. | 14861 | 5168448 |
| Isetan Mitsukoshi Holdings Ltd. | 489600 | 4737846 |
| Japan Airport Terminal Co. Ltd.<sup>(1)</sup> | 122200 | 5576564 |
| Japan Hotel REIT Investment Corp. | 13231 | 7214438 |
| Jeol Ltd. | 49300 | 1670094 |
| MatsukiyoCocokara & Co. | 167000 | 6977084 |
| Menicon Co. Ltd. | 164200 | 3526460 |
| m-up Holdings, Inc. | 255000 | 2566064 |
| Nagoya Railroad Co. Ltd. | 346800 | 5717432 |
| Nextage Co. Ltd.<sup>(2)</sup> | 225800 | 5108026 |
| Nifco, Inc. | 194600 | 5139364 |
| Nippon Gas Co. Ltd. | 370300 | 5695489 |
| Rohto Pharmaceutical Co. Ltd. | 184800 | 6053999 |
| Sanwa Holdings Corp. | 613700 | 5815887 |
| SHO-BOND Holdings Co. Ltd.<sup>(2)</sup> | 54700 | 2421845 |
| Taiyo Yuden Co. Ltd. | 109300 | 3530579 |
| Tokyo Ohka Kogyo Co. Ltd. | 77200 | 3901402 |
| Toyo Suisan Kaisha Ltd. | 147100 | 6183995 |
| Ushio, Inc. | 96200 | 1262406 |
| Visional, Inc.<sup>(1)</sup> | 87300 | 6668842 |
| West Holdings Corp.<sup>(2)</sup> | 129400 | 4192571 |
|  |  | 127606464 |
| **Netherlands — 4.8%** |  |  |
| Alfen Beheer BV<sup>(1)</sup> | 27665 | 2708493 |
| AMG Advanced Metallurgical Group NV | 168568 | 6775040 |
| ASR Nederland NV | 136487 | 6246835 |
| Basic-Fit NV<sup>(1)(2)</sup> | 138506 | 3767095 |
| OCI NV<sup>(1)</sup> | 68873 | 2915670 |
|  |  | 22413133 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **New Zealand — 0.6%** | | |
| a2 Milk Co. Ltd.<sup>(1)</sup> | 695683 | $2951317 |
| **Norway — 2.8%** |  |  |
| Aker Solutions ASA | 1121662 | 4046084 |
| Bakkafrost P/F | 32635 | 1794952 |
| Storebrand ASA | 788494 | 7094997 |
|  |  | 12936033 |
| **Singapore — 0.4%** |  |  |
| TDCX, Inc., ADR<sup>(1)</sup> | 151089 | 1961135 |
| **Spain — 2.0%** |  |  |
| Acciona SA | 26519 | 5187258 |
| CIE Automotive SA | 158644 | 4043003 |
|  |  | 9230261 |
| **Sweden — 4.5%** |  |  |
| AddTech AB, B Shares | 68545 | 1020160 |
| Avanza Bank Holding AB<sup>(2)</sup> | 170000 | 3460743 |
| Axfood AB | 86802 | 2341302 |
| Hexatronic Group AB | 471761 | 6689771 |
| Trelleborg AB, B Shares | 203291 | 4976325 |
| Vitrolife AB | 149440 | 2687564 |
|  |  | 21175865 |
| **Switzerland — 3.4%** |  |  |
| DKSH Holding AG | 57654 | 4347160 |
| PSP Swiss Property AG | 44981 | 4983306 |
| Tecan Group AG<sup>(1)</sup> | 15495 | 6528406 |
|  |  | 15858872 |
| **United Kingdom — 12.1%** |  |  |
| ConvaTec Group PLC | 1787961 | 5002398 |
| Diploma PLC | 133015 | 4549122 |
| Endava PLC, ADR<sup>(1)</sup> | 54319 | 4166811 |
| Golar LNG Ltd.<sup>(1)</sup> | 166154 | 4165481 |
| Greggs PLC | 138300 | 3873747 |
| Man Group PLC | 1513455 | 3837715 |
| Pets at Home Group PLC | 656789 | 2091089 |
| QinetiQ Group PLC | 1094625 | 4630367 |
| RS GROUP PLC | 364021 | 4048472 |
| Tate & Lyle PLC | 265746 | 2360499 |
| Trainline PLC<sup>(1)</sup> | 1227051 | 5006100 |
| Tritax Big Box REIT PLC | 2740354 | 4789469 |
| Watches of Switzerland Group PLC<sup>(1)</sup> | 502950 | 6214781 |
| Wise PLC, Class A<sup>(1)</sup> | 279888 | 2211786 |
|  |  | 56947837 |
| **TOTAL COMMON STOCKS**<br>(Cost $427,633,650) |  | **456925232** |
| **EXCHANGE-TRADED FUNDS — 0.7%** |  |  |
| iShares MSCI EAFE Small-Cap ETF<sup>(2)</sup><br>(Cost $3,072,109) | 56636 | 3228252 |
| **SHORT-TERM INVESTMENTS — 4.9%** |  |  |
| **Money Market Funds — 3.3%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 3985 | 3985 |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(3)</sup> | 15291525 | 15291525 |
|  |  | 15295510 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Repurchase Agreements — 1.6%** | | |
| BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 2.00% - 3.375%, 2/15/25 - 5/15/51, valued at $2,011,036), in a joint trading account at 3.74%, dated 11/30/22, due 12/1/22 (Delivery value $1,973,638) |  | $1973433 |
| Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 3.875%, 11/30/29, valued at $5,802,850), at 3.77%, dated 11/30/22, due 12/1/22 (Delivery value $5,689,596) |  | 5689000 |
|  |  | 7662433 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $22,957,943) |  | **22957943** |
| **TOTAL INVESTMENT SECURITIES—103.0%**<br>(Cost $453,663,702) |  | **483111427** |
| **OTHER ASSETS AND LIABILITIES — (3.0)%** |  | **(14122329)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**468989098** |

---

---

| | |
|:---|:---|
| **MARKET SECTOR DIVERSIFICATION** | **MARKET SECTOR DIVERSIFICATION** |
| **(as a % of net assets)**  | |
| Industrials | 23.2% |
| Consumer Discretionary | 15.3% |
| Information Technology | 10.5% |
| Financials | 9.2% |
| Health Care | 7.9% |
| Consumer Staples | 7.2% |
| Materials | 6.7% |
| Real Estate | 5.4% |
| Energy | 5.1% |
| Utilities | 4.6% |
| Communication Services | 2.3% |
| Exchange-Traded Funds | 0.7% |
| Short-Term Investments | 4.9% |
| Other Assets and Liabilities | (3.0)% |

---

---

| | | |
|:---|:---|:---|
| **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 $34,030,440. 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 $35,983,975, which includes securities collateral of $20,692,450.

See Notes to Financial Statements.

------

Statement of Assets and Liabilities

---

| | |
|:---|:---|
| **NOVEMBER 30, 2022** | **NOVEMBER 30, 2022** |
| **Assets** | **Assets** |
| Investment securities, at value (cost of $438,372,177) — including $34,030,440 of securities on loan | $467819902 |
| Investment made with cash collateral received for securities on loan, at value (cost of $15,291,525) | 15291525 |
| Total investment securities, at value (cost of $453,663,702) | 483111427 |
| Foreign currency holdings, at value (cost of $18,247) | 18340 |
| Receivable for investments sold | 2188979 |
| Receivable for capital shares sold | 259518 |
| Dividends and interest receivable | 1425837 |
| Securities lending receivable | 4651 |
|  | 487008752 |
| **Liabilities** |  |
| Payable for collateral received for securities on loan | 15291525 |
| Payable for investments purchased | 2621889 |
| Accrued management fees | 88333 |
| Accrued other expenses | 17907 |
|  | 18019654 |
| **Net Assets** | $468989098 |
| **Net Assets Consist of:** |  |
| Capital (par value and paid-in surplus) | $513232266 |
| Distributable earnings | (44243168) |
|  | $468989098 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Net Assets** | **Shares Outstanding** | **Net Asset Value Per Share** |
| Investor Class, $0.01 Par Value | $78762280 | 8550402 | $9.21 |
| G Class, $0.01 Par Value | $390226818 | 41353504 | $9.44 |

---

See Notes to Financial Statements.

------

Statement of Operations

---

| | |
|:---|:---|
| **YEAR ENDED NOVEMBER 30, 2022** | **YEAR ENDED NOVEMBER 30, 2022** |
| **Investment Income (Loss)** | **Investment Income (Loss)** |
| **Income:** | |
| Dividends (net of foreign taxes withheld of $901,213) | $7554461 |
| Securities lending, net | 128444 |
| Interest | 67328 |
|  | 7750233 |
| **Expenses:** |  |
| Management fees | 5572706 |
| Directors' fees and expenses | 12763 |
| Other expenses | 24091 |
|  | 5609560 |
| Fees waived<sup>(1)</sup> | (4366436) |
|  | 1243124 |
| **Net investment income (loss)** | 6507109 |
| **Realized and Unrealized Gain (Loss)** |  |
| **Net realized gain (loss) on:** |  |
| Investment transactions | (70355012) |
| Foreign currency translation transactions | (264834) |
|  | (70619846) |
| **Change in net unrealized appreciation (depreciation) on:** |  |
| Investments | (70485713) |
| Translation of assets and liabilities in foreign currencies | (16409) |
|  | (70502122) |
| **Net realized and unrealized gain (loss)** | (141121968) |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $(134614859) |

---

(1)Amount consists of $33,742 and $4,332,694 for Investor Class and G Class, respectively.

See Notes to Financial Statements.

------

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| **YEARS ENDED NOVEMBER 30, 2022 AND NOVEMBER 30, 2021** | **YEARS ENDED NOVEMBER 30, 2022 AND NOVEMBER 30, 2021** | **YEARS ENDED NOVEMBER 30, 2022 AND NOVEMBER 30, 2021** |
| **Increase (Decrease) in Net Assets** | **November 30, 2022** | **November 30, 2021** |
| **Operations** | | |
| Net investment income (loss) | $6507109 | $4186134 |
| Net realized gain (loss) | (70619846) | 108682878 |
| Change in net unrealized appreciation (depreciation) | (70502122) | (19599855) |
| Net increase (decrease) in net assets resulting from operations | (134614859) | 93269157 |
| **Distributions to Shareholders** |  |  |
| From earnings: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (18910988) | (3058614) |
| &nbsp;&nbsp;&nbsp;&nbsp;G Class | (85753857) | (15557885) |
| Decrease in net assets from distributions | (104664845) | (18616499) |
| **Capital Share Transactions** |  |  |
| Net increase (decrease) in net assets from capital share transactions (Note 5) | 171552738 | (32903513) |
| **Net increase (decrease) in net assets** | (67726966) | 41749145 |
| **Net Assets** |  |  |
| Beginning of period | 536716064 | 494966919 |
| End of period | $468989098 | $536716064 |

---

See Notes to Financial Statements.

------

Notes to Financial Statements

**NOVEMBER 30, 2022** 

**1. Organization**

American Century World Mutual Funds, Inc. (the corporation) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company and is organized as a Maryland corporation. International Small-Mid Cap Fund (formerly NT International Small-Mid Cap Fund) (the fund) is one fund in a series issued by the corporation. The fund's investment objective is to seek capital growth. The fund offers the Investor Class and G Class.

**2. Significant Accounting Policies**

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

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

Equity securities that are listed or traded on a domestic securities exchange are valued at the last reported sales price or at the official closing price as provided by the exchange. Equity securities traded on foreign securities exchanges are generally valued at the closing price of such securities on the exchange where primarily traded or at the close of the NYSE, if that is earlier. If no last sales price is reported, or if local convention or regulation so provides, the mean of the latest bid and asked prices may be used. Securities traded over-the-counter are valued at the mean of the latest bid and asked prices, the last sales price, or the official closing price. Equity securities initially expressed in local currencies are translated into U.S. dollars at the mean of the appropriate currency exchange rate at the close of the NYSE as provided by an independent pricing service.

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

If the valuation designee determines that the market price for a portfolio security is not readily available or is believed by the valuation designee to be unreliable, such security is valued at fair value as determined in good faith by the valuation designee, in accordance with its policies and procedures. Circumstances that may cause the fund to determine that market quotations are not available or reliable include, but are not limited to: when there is a significant event subsequent to the market quotation; trading in a security has been halted during the trading day; or trading in a security is insufficient or did not take place due to a closure or holiday.

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

**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.

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

**Foreign Currency Translations —** All assets and liabilities initially expressed in foreign currencies are translated into U.S. dollars at prevailing exchange rates at period end. The fund may enter into spot foreign currency exchange contracts to facilitate transactions denominated in a foreign currency. Purchases and sales of investment securities, dividend and interest income, spot foreign currency exchange contracts, and expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. Net realized and unrealized foreign currency exchange gains or losses related to investment securities are a component of net realized gain (loss) on investment transactions and change in net unrealized appreciation (depreciation) on investments, respectively.

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

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

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

**Segregated Assets —** In accordance with the 1940 Act, the fund segregates assets on its books and records to cover certain types of investment securities and other financial instruments. ACIM monitors, on a daily basis, the securities segregated to ensure the fund designates a sufficient amount of liquid assets, marked-to-market daily. The fund may also receive assets or be required to pledge assets at the custodian bank or with a broker for collateral requirements.

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

**Distributions to Shareholders —** Distributions from net investment income and net realized gains, if any, are generally declared and paid annually. The fund may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code, in all events in a manner consistent with provisions of the 1940 Act.

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

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

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged, and the remaining contractual maturity of those transactions as of November 30, 2022.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Remaining Contractual Maturity of Agreements** | **Remaining Contractual Maturity of Agreements** | **Remaining Contractual Maturity of Agreements** | **Remaining Contractual Maturity of Agreements** | **Remaining Contractual Maturity of Agreements** | **Remaining Contractual Maturity of Agreements** |
|  | **Overnight and** <br>**Continuous** | **<30 days** | **Between** <br>**30 & 90 days** | **>90 days** | **Total** |
| **Securities Lending Transactions**<sup>(1)</sup> | **Securities Lending Transactions**<sup>(1)</sup> | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $11938715 |  |  |  | $11938715 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange-Traded Funds | 3352810 |  |  |  | 3352810 |
| **Total Borrowings** | $15291525 |  |  |  | $15291525 |
| Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | $15291525 |

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

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

Certain officers and directors of the corporation are also officers and/or directors of American Century Companies, Inc. (ACC). The corporation's investment advisor, ACIM, the corporation's distributor, American Century Investment Services, Inc., and the corporation's transfer agent, American Century Services, LLC, are wholly owned, directly or indirectly, by ACC. Various funds issued by American Century Asset Allocation Portfolios, Inc. own, in aggregate, 56% of the shares of the fund. Related parties do not invest in the fund for the purpose of exercising management or control.

**Management Fees —** The corporation has entered into a management agreement with ACIM, under which ACIM provides the fund with investment advisory and management services in exchange for a single, unified management fee (the fee) per class. The agreement provides that ACIM will pay all expenses of managing and operating the fund, except brokerage expenses, taxes, interest, fees and expenses of the independent directors (including legal counsel fees), and extraordinary expenses. The fee is computed and accrued daily based on each class's daily net assets and paid monthly in arrears. The difference in the fee among the classes is a result of their separate arrangements for non-Rule 12b-1 shareholder services. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class. During the period ended November 30, 2022, the investment advisor agreed to waive 0.04% of the fund's management fee. The investment advisor expects this waiver to continue until July 31, 2023 and cannot terminate it prior to such date without the approval of the Board of Directors. The investment advisor agreed to waive the G Class's management fee in its entirety. The investment advisor expects this waiver to remain in effect permanently and cannot terminate it without the approval of the Board of Directors.

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The annual management fee and the effective annual management fee after waiver for each class for the period ended November 30, 2022 are as follows:

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| | | |
|:---|:---|:---|
| | **Annual Management Fee** | **Effective Annual Management Fee <br>After Waiver** |
| Investor Class | 1.47% | 1.43% |
| G Class | 1.12% | 0.00% |

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

**Interfund Transactions —** The fund may enter into security transactions with other American Century Investments funds and other client accounts of the investment advisor, in accordance with the 1940 Act rules and procedures adopted by the Board of Directors. The rules and procedures require, among other things, that these transactions be effected at the independent current market price of the security. During the period, the interfund purchases were $86,443 and there were no interfund sales.

**4. Investment Transactions**

Purchases and sales of investment securities, excluding short-term investments, for the period ended November 30, 2022 were $574,514,708 and $500,253,183, respectively.

**5. Capital Share Transactions** 

Transactions in shares of the fund were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Year ended<br>November 30, 2022** | **Year ended<br>November 30, 2022** | **Year ended<br>November 30, 2021** | **Year ended<br>November 30, 2021** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| **Investor Class/Shares Authorized** | 120000000 |  | 120000000 |  |
| Sold | 48640 | $724732 | 5229 | $74661 |
| Issued in reinvestment of distributions | 1560313 | 18910988 | 232594 | 3058614 |
| Redeemed | (118130) | (1760125) | (615068) | (8513390) |
|  | 1490823 | 17875595 | (377245) | (5380115) |
| **G Class/Shares Authorized** | 300000000 |  | 300000000 |  |
| Sold | 6809526 | 73340355 | 1792308 | 26639764 |
| Issued in reinvestment of distributions | 7000315 | 85753857 | 1173295 | 15557885 |
| Redeemed | (545593) | (5417069) | (4597000) | (69721047) |
|  | 13264248 | 153677143 | (1631397) | (27523398) |
| Net increase (decrease) | 14755071 | $171552738 | (2008642) | $(32903513) |

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**6. Fair Value Measurements**

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

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

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

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

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The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not necessarily an indication of the risks associated with investing in these securities or other financial instruments.

The following is a summary of the level classifications as of period end. The Schedule of Investments provides additional information on the fund's portfolio holdings.

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| | | | |
|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** |
| **Assets** | | | |
| **Investment Securities** | | | |
| Common Stocks |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Canada | $10440641 | $31079574 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Israel | 14501591 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Singapore | 1961135 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | 8332292 | 48615545 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Countries |  | 341994454 |  |
| Exchange-Traded Funds | 3228252 |  |  |
| Short-Term Investments | 15295510 | 7662433 |  |
|  | $53759421 | $429352006 |  |

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**7. Risk Factors**

The value of the fund's shares will go up and down, sometimes rapidly or unpredictably, based on the performance of the securities owned by the fund and other factors generally affecting the securities market. Market risks, including political, regulatory, economic and social developments, can affect the value of the fund's investments. Natural disasters, public health emergencies, war, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.

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

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

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

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

**8. Federal Tax Information**

The tax character of distributions paid during the years ended November 30, 2022 and November 30, 2021 were as follows:

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| | | |
|:---|:---|:---|
| | **2022** | **2021** |
| **Distributions Paid From** |  |  |
| Ordinary income | $42562714 | $3023124 |
| Long-term capital gains | $62102131 | $15593375 |

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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.

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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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| | |
|:---|:---|
| Federal tax cost of investments | $459260823 |
| Gross tax appreciation of investments | $47005124 |
| Gross tax depreciation of investments | (23154520) |
| Net tax appreciation (depreciation) of investments | 23850604 |
| Net tax appreciation (depreciation) on translation of assets and liabilities in foreign currencies | (26698) |
| Net tax appreciation (depreciation) | $23823906 |
| Undistributed ordinary income | $2817788 |
| Accumulated short-term capital losses | $(70884862) |

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

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.

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Financial Highlights

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| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **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:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | | |
| | **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><sup>)</sup> | **Operating <br>Expenses** | **Operating <br>Expenses <br>(before <br>expense <br>waiver)** | **Net <br>Investment <br>Income <br>(Loss)** | **Net <br>Investment <br>Income (Loss) <br>(before expense waiver)** | **Portfolio <br>Turnover <br>Rate** | **Net <br>Assets, <br>End of <br>Period <br>(in thousands)** |
| **Investor Class** | **Investor Class** | | | | | | | | | | | | | | |
| 2022 | $15.01 | 0.02 | (3.12) | (3.10) | (0.10) | (2.60) | (2.70) | $9.21 | (24.94)% | 1.44% | 1.48% | 0.20% | 0.16% | 107% | $78762 |
| 2021 | $13.16 | (0.06) | 2.34 | 2.28 |  | (0.43) | (0.43) | $15.01 | 17.70% | 1.44% | 1.48% | (0.39)% | (0.43)% | 113% | $105938 |
| 2020 | $10.61 | (0.03) | 2.76 | 2.73 | (0.18) |  | (0.18) | $13.16 | 26.24% | 1.47% | 1.48% | (0.25)% | (0.26)% | 131% | $97901 |
| 2019 | $10.56 | 0.01 | 1.14 | 1.15 | (0.04) | (1.06) | (1.10) | $10.61 | 13.13% | 1.48% | 1.48% | 0.14% | 0.14% | 133% | $93941 |
| 2018 | $13.16 | 0.01 | (1.73) | (1.72) | (0.11) | (0.77) | (0.88) | $10.56 | (14.20)% | 1.47% | 1.47% | 0.09% | 0.09% | 140% | $66042 |
| **G Class** | **G Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2022 | $15.34 | 0.17 | (3.16) | (2.99) | (0.31) | (2.60) | (2.91) | $9.44 | (23.82)% | 0.01% | 1.13% | 1.63% | 0.51% | 107% | $390227 |
| 2021 | $13.36 | 0.16 | 2.35 | 2.51 | (0.10) | (0.43) | (0.53) | $15.34 | 19.45% | 0.01% | 1.13% | 1.04% | (0.08)% | 113% | $430778 |
| 2020 | $10.77 | 0.13 | 2.80 | 2.93 | (0.34) |  | (0.34) | $13.36 | 28.03% | 0.01% | 1.13% | 1.21% | 0.09% | 131% | $397066 |
| 2019 | $10.72 | 0.16 | 1.13 | 1.29 | (0.18) | (1.06) | (1.24) | $10.77 | 14.77% | 0.01% | 1.13% | 1.61% | 0.49% | 133% | $239174 |
| 2018 | $13.25 | 0.20 | (1.76) | (1.56) | (0.20) | (0.77) | (0.97) | $10.72 | (12.95)% | 0.00%<sup>(3)</sup> | 1.12% | 1.56% | 0.44% | 140% | $140057 |

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**Notes to Financial Highlights**

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

(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.

(3)Ratio was less than 0.005%.

See Notes to Financial Statements.

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Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Directors of American Century World Mutual Funds, Inc.:

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

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of International Small-Mid Cap Fund (formerly NT International Small-Mid Cap Fund) (the "Fund"), one of the funds constituting the American Century World Mutual Funds, Inc., as of November 30, 2022, the related statement 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 five 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 International Small-Mid Cap Fund of the American Century World Mutual Funds, Inc. as of November 30, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's 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 Fund 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 Fund is not required to have, nor were we engaged to perform, an audit of its 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 Fund's 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 November 30, 2022, 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

January 17, 2023

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

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Management

**The Board of Directors** 

The individuals listed below serve as directors of the funds. Each director will continue to serve in this capacity until death, retirement, resignation or removal from office. The board has adopted a mandatory retirement age for directors who are not "interested persons," as that term is defined in the Investment Company Act (independent directors). Independent directors shall retire on December 31 of the year in which they reach their 75<sup>th</sup> birthday.

Jonathan S. Thomas is an "interested person" because he currently serves as President and Chief Executive Officer of American Century Companies, Inc. (ACC), the parent company of American Century Investment Management, Inc. (ACIM or the advisor). The other directors (more than three-fourths of the total number) are independent. They are not employees, directors or officers of, and have no financial interest in, ACC or any of its wholly owned, direct or indirect, subsidiaries, including ACIM, American Century Investment Services, Inc. (ACIS) and American Century Services, LLC (ACS), and they do not have any other affiliations, positions or relationships that would cause them to be considered "interested persons" under the Investment Company Act. The directors serve in this capacity for seven (in the case of Jonathan S. Thomas, 16; and Stephen E. Yates, 8) registered investment companies in the American Century Investments family of funds.

The following table presents additional information about the directors. The mailing address for each director is 4500 Main Street, Kansas City, Missouri 64111.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name<br>(Year of Birth)** | **Position(s) Held with Funds** | **Length of Time Served** | **Principal Occupation(s) During Past 5 Years** | **Number of American Century Portfolios Overseen by Director** | **Other Directorships Held During Past 5 Years** |
| **Independent Directors** | **Independent Directors** | **Independent Directors** | **Independent Directors** | | |
| Thomas W. Bunn (1953) | Director | Since 2017 | Retired | 64 |  |
| Chris H. Cheesman <br>(1962) | Director | Since 2019 | Retired. Senior Vice President & Chief Audit Executive, AllianceBernstein (1999 to 2018) | 64 | Alleghany Corporation (2021 to 2022) |
| Barry Fink<br>(1955) | Director | Since 2012 (independent since 2016) | Retired | 64 |  |
| Rajesh K. Gupta <br>(1960) | Director | Since 2019 | Partner Emeritus, SeaCrest Investment Management and SeaCrest Wealth Management (2019 to present); Chief Executive Officer and Chief Investment Officer, SeaCrest Investment Management (2006 to 2019); Chief Executive Officer and Chief Investment Officer, SeaCrest Wealth Management (2008 to 2019) | 64 |  |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name<br>(Year of Birth)** | **Position(s) Held with Funds** | **Length of Time Served** | **Principal Occupation(s) During Past 5 Years** | **Number of American Century Portfolios Overseen by Director** | **Other Directorships Held During Past 5 Years** |
| **Independent Directors** | **Independent Directors** | **Independent Directors** | **Independent Directors** | | |
| Lynn Jenkins <br>(1963) | Director | Since 2019 | Consultant, LJ Strategies (2019 to present); United States Representative, U.S. House of Representatives (2009 to 2018) | 64 | MGP Ingredients, Inc. (2019 to 2021) |
| Jan M. Lewis<br>(1957) | Director and Board Chair | Since 2011 (Board Chair since 2022) | Retired | 64 |  |
| Stephen E. Yates<br>(1948) | Director | Since 2012 | Retired | 108 |  |
| **Interested Director** | **Interested Director** | **Interested Director** | **Interested Director** | **Interested Director** |  |
| Jonathan S. Thomas<br>(1963) | Director | Since 2007 | President and Chief Executive Officer, ACC (2007 to present). Also serves as Chief Executive Officer, ACS; Director, ACC and other ACC subsidiaries | 142 |  |

---

The Statement of Additional Information has additional information about the fund's directors and is available without charge, upon request, by calling 1-800-345-2021.

------

**Officers** 

The following table presents certain information about the executive officers of the funds. Each officer serves as an officer for each of the 16 (in the case of Robert J. Leach, 15) investment companies in the American Century family of funds. No officer is compensated for his or her service as an officer of the funds. The listed officers are interested persons of the funds and are appointed or re-appointed on an annual basis. The mailing address for each officer listed below is 4500 Main Street, Kansas City, Missouri 64111.

---

| | | |
|:---|:---|:---|
| **Name <br>(Year of Birth)** | **Offices with the Funds** | **Principal Occupation(s) During the Past Five Years** |
| Patrick Bannigan<br>(1965) | President since 2019 | Executive Vice President and Director, ACC (2012 to present); Chief Financial Officer, Chief Accounting Officer and Treasurer, ACC (2015 to present). Also serves as President, ACS; Vice President, ACIM; Chief Financial Officer, Chief Accounting Officer and/or Director, ACIM, ACS and other ACC subsidiaries |
| R. Wes Campbell<br>(1974) | Chief Financial Officer and Treasurer since 2018 | Vice President, ACS, (2020 to present); Investment Operations and Investment Accounting, ACS (2000 to present) |
| Amy D. Shelton<br>(1964) | Chief Compliance Officer and Vice President since 2014 | Chief Compliance Officer, American Century funds, (2014 to present); Chief Compliance Officer, ACIM (2014 to present); Chief Compliance Officer, ACIS (2009 to present). Also serves as Vice President, ACIS |
| John Pak<br>(1968) | General Counsel and Senior Vice President since 2021 | General Counsel and Senior Vice President, ACC (2021 to present). Also serves as General Counsel and Senior Vice President, ACIM, ACS and ACIS. Chief Legal Officer of Investment and Wealth Management, The Bank of New York Mellon (2014 to 2021) |
| C. Jean Wade<br>(1964) | Vice President since 2012 | Senior Vice President, ACS (2017 to present); Vice President, ACS (2000 to 2017) |
| Robert J. Leach<br>(1966) | Vice President since 2006 | Vice President, ACS (2000 to present) |
| David H. Reinmiller<br>(1963) | Vice President since 2000 | Attorney, ACC (1994 to present). Also serves as Vice President, ACIM and ACS |
| Ward D. Stauffer<br>(1960) | Secretary since 2005 | Attorney, ACC (2003 to present) |

---

------

Approval of Management Agreement

At a meeting held on June 29, 2022, the Fund's 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 the Fund. Under Section 15(c) of 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, each year.

Prior to its consideration of the renewal of the management agreement, the Directors requested and reviewed data and information compiled by the Advisor and certain independent data providers concerning the Fund. This review was in addition to the oversight and evaluation undertaken by the Board and its committees on a continual basis and the information received was supplemental to the information that the Board and its committees receive and consider throughout the year.

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, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the nature, extent, and quality of investment management, shareholder services, and other services provided and to be provided to the Fund including without limitation portfolio management and trading services, shareholder and intermediary services, compliance and legal services, fund accounting and financial reporting, and fund share distribution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the wide range of other programs and services provided to the Fund and its shareholders on a routine and non-routine basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Fund's investment performance, including data comparing the Fund's performance to an appropriate benchmark(s) and peer group of other mutual funds with similar investment objectives and strategies;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Advisor's strategic plans, generally, and with respect to the ongoing impact of the COVID-19 pandemic response, heightened areas of interest in the mutual fund industry and recent geopolitical issues;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• financial data showing the cost of services provided to the Fund, the profitability of the Fund to the Advisor, and the overall profitability of the Advisor;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• acquired fund fees and expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• payments and practices in connection with financial intermediaries holding shares of the Fund and the services provided by intermediaries in connection therewith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• possible collateral benefits to the Advisor from the management of the Fund.

The Board held four meetings to consider the renewal. The independent Directors also met in private session multiple times to review and discuss the information provided in response to their request. The independent Directors held active discussions with the Advisor regarding the renewal of the management agreement, requesting supplemental information, and reviewing information provided by the Advisor in response thereto. 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 independent counsel in connection with the approval. They determined that the information was sufficient for them to evaluate the management agreement for the Fund. 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 without limitation the following:

**Nature, Extent and Quality of Services — Generally.** Under the management agreement, the Advisor is responsible for providing or arranging for all services necessary for the operation of the Fund. The Board noted that the Advisor provides or arranges at its own expense a wide variety of services which include, without limitation, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• constructing and designing the 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 the 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 cyber 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 the 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 the Fund is quite complex and allows Fund shareholders access to professional money management, instant diversification of their investments within an asset class, 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 the Fund in accordance with its investment objectives and principal investment strategies. Further, the Directors recognize that the Advisor has an obligation to monitor trading activities, and in particular to seek the best execution of Fund trades, and to evaluate the use of and payment for research. In providing these services, the Advisor utilizes teams of investment professionals (portfolio managers, analysts, research assistants, and securities traders) who require extensive information technology, research, training, compliance, and other systems to conduct their business. The Board, directly and through its Fund Performance Review Committee, provides oversight of the investment performance process. It regularly reviews investment performance information for the 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, the Board discusses with the Advisor the reasons for such results (e.g., market conditions, security selection) and any actions being taken to improve performance, and may conduct special reviews until performance improves. The Fund's performance was above its benchmark for the one-, three-, and five-year periods reviewed by the Board. The Board found the investment management services provided by the Advisor to the Fund to be satisfactory and consistent with the management agreement.

------

**Shareholder and Other Services.** Under the management agreement, the Advisor provides the 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 cyber security), new products and services offered to Fund shareholders, securities trading activities, portfolio valuation services, auditing services, and legal and operational compliance activities. The Board found the services provided by the Advisor to the 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 Fund, its profitability in managing the Fund (pre- and post-distribution), its overall profitability, and its financial condition. 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 current management fee. The Board concluded that the Advisor's profits were reasonable in light of the services provided to the Fund.

**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 the 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 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 content and services.

**Comparison to Other Funds' Fees.** The management agreement provides that the Fund pays the Advisor a single, all-inclusive (or unified) management fee for providing all services necessary for the management and operation of the Fund, other than securities transaction expenses, taxes, interest, extraordinary expenses, fees and expenses of the Fund's 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 the unified fee structure, the Advisor is responsible for providing all 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, distribution charges, 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 Fund 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 the Fund's unified fee to the total expense ratios of its peers. The unified fee charged to shareholders of the Fund was above the median of the total expense ratios of the Fund's peer expense universe. In addition, the Board reviewed the Fund's position relative to the narrower set of its expense group peers. The Board and the Advisor agreed to an extension of the current temporary reduction of the Fund's annual unified management fee of 0.04% (e.g., the Investor Class unified fee will be reduced from 1.47% to 1.43%) for at least one year, beginning

------

August 1, 2022. The Board concluded that the management fee paid by the 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 Fund. They observed that these varying types of client accounts require different services and involve different regulatory and entrepreneurial risks than the management of the Fund. The Board analyzed this information and concluded that the fees charged and services provided to the Fund were reasonable by comparison.

**Payments to Intermediaries.** The Directors also requested and received a description of payments made to intermediaries by the Fund and the Advisor and services provided in response thereto. These payments include various payments made by the Fund or the Advisor to different types of intermediaries and recordkeepers for distribution and service activities provided for the Fund. The Directors reviewed such information and received representations from the Advisor that all such payments by the 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 Fund. They concluded 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. To the extent there are potential collateral benefits, the Board has been advised and has taken this into consideration in its review of the management contract with the Fund. The Board noted that additional assets from other clients may offer the Advisor some benefit from increased leverage with service providers and counterparties. Additionally, the Advisor may receive proprietary research from broker-dealers that execute fund portfolio transactions, which the Board concluded is likely to benefit other clients of the Advisor, as well as Fund shareholders. The Board also determined that the Advisor is able to provide investment management services to certain clients other than the Fund, at least in part, due to its existing infrastructure built to serve the fund complex. The Board concluded that appropriate allocation methodologies had been employed to assign resources and the cost of those resources to these other clients.

**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 the 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 Fund 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 Fund.

**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 throughout the year, determined that the terms of the management agreement are fair and reasonable and that the management fee charged to the Fund is reasonable in light of the services provided and that the management agreement between the Fund and the Advisor should be renewed for an additional one-year period.

------

Proxy Voting Results

A special meeting of shareholders was held on October 13, 2022, to vote on the following proposal. The proposal received the required votes and was adopted. A summary of voting results is listed below.

To elect five directors to the Board of Directors of American Century World Mutual Funds, Inc.:

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| | | |
|:---|:---|:---|
| | **Affirmative** | **Withhold** |
| Brian Bulatao | $5038086505 | $96122848 |
| Chris H. Cheesman | $5044845654 | $89363699 |
| Rajesh K. Gupta | $5040147195 | $94062158 |
| Lynn M. Jenkins | $5034492760 | $99716593 |
| Gary C. Meltzer | $5042384480 | $91824873 |

---

The other directors whose term of office continued after the meeting include Jonathan S. Thomas, Thomas W. Bunn, Barry Fink, Jan M. Lewis, and Stephen E. Yates.

------

Additional Information

**Retirement Account Information** 

As required by law, distributions you receive from certain retirement accounts are subject to federal income tax withholding at the IRS default rate of 10%.\* Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.

You may elect a different withholding rate, or request zero withholding, by submitting an acceptable IRS Form W-4R election with your distribution request. You may notify us of your W-4R election by telephone, on our distribution forms, on IRS Form W-4R, or through other acceptable electronic means. If your withholding election is for an automatic withdrawal plan, you have the right to revoke your election at any time and any election you make will remain in effect until revoked by filing a new election.

Remember, even if you elect not to have income tax withheld, you are liable for paying income tax on the taxable portion of your withdrawal. If you elect not to have income tax withheld or you don't have enough income tax withheld, you may be responsible for payment of estimated tax. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are not sufficient. You can reduce or defer the income tax on a distribution by directly or indirectly rolling such distribution over to another IRA or eligible plan. You should consult your tax advisor for additional information.

State tax will be withheld according to state regulations if, at the time of your distribution, your tax residency is within one of the mandatory withholding states.

\*Some 403(b), 457 and qualified retirement plan distributions may be subject to 20% mandatory withholding, as they are subject to special tax and withholding rules. Your plan administrator or plan sponsor is required to provide you with a special tax notice explaining those rules at the time you request a distribution. If applicable, federal and/or state taxes may be withheld from your distribution amount.

**Proxy Voting Policies** 

A description of the policies that the fund's investment advisor uses in exercising the voting rights associated with the securities purchased and/or held by the fund is available without charge, upon request, by calling 1-800-345-2021. It is also available on American Century Investments' website at americancentury.com/proxy and on the Securities and Exchange Commission's website at sec.gov. Information regarding how the investment advisor voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on americancentury.com/proxy. It is also available at sec.gov.

**Quarterly Portfolio Disclosure** 

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. These portfolio holdings are available on the fund's website at americancentury.com and, upon request, by calling 1-800-345-2021. The fund's Form N-PORT reports are available on the SEC's website at sec.gov.

------

**Other Tax Information**

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

The fund hereby designates up to the maximum amount allowable as qualified dividend income for

the fiscal year ended November 30, 2022.

The fund hereby designates $62,102,131, or up to the maximum amount allowable, as long-term capital gain distributions (20% rate gain distributions) for the fiscal year ended November 30, 2022.

The fund hereby designates $31,504,487 as qualified short-term capital gain distributions for purposes of Internal Revenue Code Section 871 for the fiscal year ended November 30, 2022.

For the fiscal year ended November 30, 2022, the fund intends to pass through to shareholders foreign source income of $6,805,141 and foreign taxes paid of $536,075, or up to the maximum amount allowable, as a foreign tax credit. Foreign source income and foreign tax expense per outstanding share on November 30, 2022 are $0.1364 and $0.0107 respectively.

------

Notes

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Notes

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Notes

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| | |
|:---|:---|
| ![image12.jpg](image12.jpg) | ![image12.jpg](image12.jpg) |
| Contact Us | americancentury.com |
| Automated Information Line | 1-800-345-8765 |
| Investor Services Representative | 1-800-345-2021<br>or 816-531-5575 |
| Investors Using Advisors | 1-800-378-9878 |
| Business, Not-For-Profit, Employer-Sponsored Retirement Plans | 1-800-345-3533 |
| Banks and Trust Companies, Broker-Dealers, Financial Professionals, Insurance Companies | 1-800-345-6488 |
| Telecommunications Relay Service for the Deaf | 711 |
| **American Century World Mutual Funds, Inc.** | **American Century World Mutual Funds, Inc.** |
| **Investment Advisor:**<br>American Century Investment Management, Inc.<br>Kansas City, Missouri | **Investment Advisor:**<br>American Century Investment Management, Inc.<br>Kansas City, Missouri |
| *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.* |
| **©2023 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-ANN-91025 2301** | **©2023 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-ANN-91025 2301** |

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

![image12.jpg](image12.jpg)

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| |
|:---|
| Annual Report |
| November 30, 2022 |
| International Value Fund |
| &nbsp;&nbsp;&nbsp;Investor Class (ACEVX) |
| &nbsp;&nbsp;&nbsp;I Class (ACVUX) |
| &nbsp;&nbsp;&nbsp;A Class (MEQAX) |
| &nbsp;&nbsp;&nbsp;C Class (ACCOX) |
| &nbsp;&nbsp;&nbsp;R Class (ACVRX) |
| &nbsp;&nbsp;&nbsp;R6 Class (ACVDX) |
| &nbsp;&nbsp;&nbsp;G Class (ACAFX) |

---

------

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**Table of Contents**

---

| | |
|:---|:---|
| President's Letter | [2](#icac732f9dea047f6825ef6d9a4af07ac_544) |
| Performance | [3](#icac732f9dea047f6825ef6d9a4af07ac_547) |
| Portfolio Commentary | [5](#icac732f9dea047f6825ef6d9a4af07ac_550) |
| Fund Characteristics | [7](#icac732f9dea047f6825ef6d9a4af07ac_553) |
| Shareholder Fee Example | [8](#icac732f9dea047f6825ef6d9a4af07ac_556) |
| Schedule of Investments | [10](#icac732f9dea047f6825ef6d9a4af07ac_559) |
| Statement of Assets and Liabilities | [15](#icac732f9dea047f6825ef6d9a4af07ac_565) |
| Statement of Operations | [16](#icac732f9dea047f6825ef6d9a4af07ac_568) |
| Statement of Changes in Net Assets | [17](#icac732f9dea047f6825ef6d9a4af07ac_571) |
| Notes to Financial Statements | [18](#icac732f9dea047f6825ef6d9a4af07ac_574) |
| Financial Highlights | [26](#icac732f9dea047f6825ef6d9a4af07ac_577) |
| Report of Independent Registered Public Accounting Firm | [29](#icac732f9dea047f6825ef6d9a4af07ac_580) |
| Management | [30](#icac732f9dea047f6825ef6d9a4af07ac_583) |
| Approval of Management Agreement | [33](#icac732f9dea047f6825ef6d9a4af07ac_586) |
| Proxy Voting Results | [37](#icac732f9dea047f6825ef6d9a4af07ac_592) |
| Additional Information | [38](#icac732f9dea047f6825ef6d9a4af07ac_595) |

---

Any opinions expressed in this report reflect those of the author as of the date of the report, and do not necessarily represent the opinions of American Century Investments<sup>®</sup> or any other person in the American Century Investments organization. Any such opinions are subject to change at any time based upon market or other conditions and American Century Investments disclaims any responsibility to update such opinions. These opinions may not be relied upon as investment advice and, because investment decisions made by American Century Investments funds are based on numerous factors, may not be relied upon as an indication of trading intent on behalf of any American Century Investments fund. Security examples are used for representational purposes only and are not intended as recommendations to purchase or sell securities. Performance information for comparative indices and securities is provided to American Century Investments by third party vendors. To the best of American Century Investments' knowledge, such information is accurate at the time of printing.

------

President's Letter

![image14.jpg](image14.jpg) **Jonathan Thomas**

Dear Investor:

Thank you for reviewing this annual report for the period ending November 30, 2022. Annual reports help convey important information about fund returns, including market factors that affected performance. For additional investment insights, please visit americancentury.com.

**High Inflation, Rising Rates Fueled Volatility**

The global economic and investment backdrops faced several challenges during the 12-month period. Concerns began to surface early in the fiscal year, as central banks finally admitted inflation was entrenched rather than transitory. Investors grew more cautious amid growing expectations for less accommodative monetary policy in the new year.

By early 2022, inflation soared to levels last seen in the early 1980s. Massive fiscal and monetary support unleashed during the pandemic was partly to blame. In addition, escalating energy prices, supply chain breakdowns, labor market shortages and Russia's invasion of Ukraine further aggravated the inflation backdrop, particularly in Europe.

The Bank of England responded to surging inflation in late 2021 with a 0.15 percentage point rate hike. Policymakers raised rates another 2.75 percentage points through the end of November. The Federal Reserve waited until March 2022 to launch its inflation-fighting campaign, hiking rates 3.75 percentage points by period-end. Meanwhile, the European Central Bank (ECB) held off until July. Facing record-high inflation, the ECB raised rates 2 percentage points through November.

In addition to advancing recession risk, the combination of elevated inflation and hawkish central banks led to losses for most developed and emerging markets stock indices. A late-period rally, triggered by expectations for central banks to slow their pace of tightening, helped stocks recover some earlier losses. Overall, developed markets stocks generally fared better than emerging markets stocks, and the value style generally outpaced the growth style.

**Staying Disciplined in Uncertain Times**

We expect market volatility to linger as investors navigate a complex environment of high inflation, rising interest rates and economic uncertainty. In addition, Russia's invasion of Ukraine complicates an increasingly tense geopolitical backdrop and threatens global energy markets. We will continue to monitor this evolving situation and what it broadly means for investors across asset classes.

We appreciate your confidence in us during these extraordinary times. Our firm has a long history of helping clients weather unpredictable markets, and we're confident we will continue to meet today's challenges.

Sincerely,

![image48a30.jpg](image48a30.jpg)

Jonathan Thomas

President and Chief Executive Officer

American Century Investments

------

Performance

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Total Returns as of November 30, 2022** | **Total Returns as of November 30, 2022** | **Total Returns as of November 30, 2022** | **Total Returns as of November 30, 2022** | **Total Returns as of November 30, 2022** | | |
| | | | **Average Annual Returns**  | **Average Annual Returns**  | **Average Annual Returns**  | |
| | **Ticker**<br>**Symbol**  | **1 year** | **5 years**  | **10 years**  | **Since**<br>**Inception**  | **Inception**<br>**Date**  |
| **Investor Class** | ACEVX | -6.24% | -0.16% | 3.24% |  | 4/3/06 |
| **MSCI EAFE Value Index** |  | -1.21% | 0.22% | 3.78% |  |  |
| I Class | ACVUX | -6.04% | 0.04% | 3.46% |  | 4/3/06 |
| A Class | MEQAX |  |  |  |  | 3/31/97 |
| &nbsp;&nbsp;&nbsp;No sales charge |  | -6.46% | -0.41% | 2.98% |  |  |
| &nbsp;&nbsp;&nbsp;With sales charge |  | -11.83% | -1.59% | 2.38% |  |  |
| C Class | ACCOX | -7.13% | -1.14% | 2.22% |  | 4/3/06 |
| R Class | ACVRX | -6.74% | -0.67% | 2.72% |  | 4/3/06 |
| R6 Class | ACVDX | -5.89% | 0.20% |  | 2.34% | 7/26/13 |
| G Class | ACAFX |  |  |  | -6.80% | 4/1/22 |

---

Average annual returns since inception are presented when ten years of performance history is not available.

Fund returns would have been lower if a portion of the fees had not been waived.

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.

Sales charges include initial sales charges and contingent deferred sales charges (CDSCs), as applicable. A Class shares have a 5.75% maximum initial sales charge and may be subject to a maximum CDSC of 1.00%. C Class shares redeemed within 12 months of purchase are subject to a maximum CDSC of 1.00%. The SEC requires that mutual funds provide performance information net of maximum sales charges in all cases where charges could be applied.

**Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-800-345-2021 or visit americancentury.com. For additional information about the fund, please consult the prospectus.** 

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---

| |
|:---|
| **Growth of $10,000 Over 10 Years** |
| **$10,000 investment made November 30, 2012** |
| Performance for other share classes will vary due to differences in fee structure. |

---

![chart-d76a10e90fe94dbf8fea.jpg](chart-d76a10e90fe94dbf8fea.jpg)

---

| |
|:---|
| Value on November 30, 2022 |
| Investor Class — $13,757 |
| Investor Class — $13,757 |
| MSCI EAFE Value Index — $14,499 |
| MSCI EAFE Value Index — $14,499 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Total Annual Fund Operating Expenses**  | **Total Annual Fund Operating Expenses**  | **Total Annual Fund Operating Expenses**  | **Total Annual Fund Operating Expenses**  | | | |
| **Investor Class** | **I Class** | **A Class** | **C Class** | **R Class** | **R6 Class** | **G Class** |
| 1.10% | 0.90% | 1.35% | 2.10% | 1.60% | 0.75% | 0.75% |

---

The total annual fund operating expenses shown is as stated in the fund's prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.

**Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-800-345-2021 or visit americancentury.com. For additional information about the fund, please consult the prospectus.** 

------

Portfolio Commentary

**Portfolio Managers: Yulin Long and Arun Daniel**

**In April 2022, Arun Daniel joined the fund's management team. In May 2022, Tsuyoshi Ozaki left the firm.** 

**Performance Summary**

International Value declined -6.24%\* for the fiscal year ended November 30, 2022, compared with the -1.21% return of its benchmark, the MSCI EAFE Value Index. Fund results reflect operating expenses, while benchmark returns do not.

Global equities rose early in the period, supported by positive corporate earnings and easing fears around the impact of the omicron variant of COVID-19 on global economic growth. But markets downshifted early in 2022 as higher inflation, rising interest rates and mounting geopolitical tensions weighed on investor confidence. Russia's late-February invasion of Ukraine in particular heightened fears about inflation and the potential for an economic slowdown. As inflation continued to soar, rising interest rates and tighter central bank policy ignited recession fears in many countries. Central banks continued to tighten monetary policy, while data confirmed that rising interest rates were starting to slow economic and earnings growth. Economic data in non-U.S. developed markets generally pointed to growing economic weakness. Late in the period, global stocks rose on hopes that moderating inflation and slowing economic growth would allow central banks to scale back their planned monetary tightening. Value stocks outperformed growth stocks for the period.

Our stock selection process incorporates factors of valuation, quality, growth and sentiment, while seeking to reduce unintended risks among industries and other risk characteristics. Positioning in the financials, industrials and health care sectors detracted most from the fund's relative returns. Selection and allocation decisions made in the energy and real estate sectors contributed most to relative performance.

Geographically, security selection in the U.K., France and Switzerland detracted most from the fund's results. Allocation decisions in Canada and Austria added most to relative returns, while selection and allocation in Norway also contributed.

**Financials, Industrials and Health Care Detracted from Performance**

In the financials sector, stock selection in the banking and capital markets industries was a top detractor from performance. Two primary drivers of results were underweight positions in HSBC Holdings and National Australia Bank relative to the benchmark. Shares of HSBC rebounded late in the reporting period as the company continued to make progress in a restructuring program that will enable it to focus on its stronger markets, especially the U.K. and Asia. In addition to benefiting from the rising interest rate environment, National Australia Bank performed well on strong loan volume growth, and we exited this position. In the capital markets industry, positions in Partners Group Holding and Blackstone, neither of which are in the benchmark, also hampered returns, as higher-yielding stocks were pressured by rising Treasury yields. We sold out of both of these positions.

\*All fund returns referenced in this commentary are for Investor Class shares. Performance for other share classes will vary due to differences in fee structure; when Investor Class performance exceeds that of the fund's benchmark, other share classes may not. See page 3 for returns for all share classes.

------

In the industrials sector, positioning in the marine and building products industries was the primary driver of relative underperformance. In the marine industry, shares of AP Moller-Maersk were the main detractor. Although the Danish shipping company posted healthy results, shares came under pressure as investors became wary of a potential global recession. In the building products industry, the fund's overweight position, which consisted largely of a position in Cie de Saint-Gobain, a French manufacturer of a variety of building materials, was the leading detractor.

Stock selection in the health care sector also detracted from relative returns. In the health care equipment and supplies industry, the fund's position in Straumann Holding, which is not in the benchmark, was the leading detractor. The Swiss dental implant maker maintained its conservative guidance for full-year 2022, citing the likely impact of rising inflation and a potential recession. We exited this position. Another position not in the benchmark, Carl Zeiss Meditec, a Germany-based manufacturer of ophthalmic devices, posted strong year-over-year results, but its valuation suffered as interest rates continued to rise during the reporting period. We have sold out of this position. In the pharmaceuticals industry, an underweight position in AstraZeneca also hampered performance compared with the benchmark. The company reported stronger-than-expected earnings due to healthy revenues, especially in its oncology and biopharmaceuticals businesses.

**Energy and Real Estate Contributed to Relative Results**

Positioning in the energy sector, particularly in the oil, gas and consumable fuels industry, added to the fund's relative returns. A position in Canadian Natural Resources, which is not in the benchmark, was particularly beneficial. Like many others in this industry, the company benefited from a surge in demand for oil and gas when Russia was sanctioned for the invasion of Ukraine early in 2022. This enabled the company to report better-than-expected earnings in each of its last four quarters. We have since exited this position.

In the real estate sector, the fund benefited primarily from its underweight positioning. In the real estate management and development industry, a decision to avoid shares of Vonovia was the main contributor to performance compared with the benchmark. The stock of this German residential manager and developer declined through the reporting period as inflation hindered demand and raised construction costs. The fund's decision to underweight the equity real estate investment trust industry was also beneficial. In the utilities sector, an underweight position benefited relative performance as well.

**Portfolio Positioning**

We anticipate that the market volatility seen in 2022 may persist into the new year as investors continue to process an environment of high inflation, rising interest rates and economic uncertainty. In addition, the war in Ukraine further complicates a tense geopolitical backdrop and threatens global energy markets.

Nevertheless, we believe our disciplined investment approach can be particularly beneficial during periods of volatility, and we adhere to our process regardless of the market environment. We believe this allows us to take advantage of opportunities presented by market inefficiencies.

We seek to maintain balanced exposure to our fundamentally based, multidimensional drivers of stock returns, applying bottom-up research and analysis on individual stocks to determine positioning. We also seek to limit active risk at the country, sector and industry level, and we typically allow only modest overweights and underweights.

As of November 30, 2022, the fund's largest overweight positions are in the financials and industrials sectors. The fund's largest underweights are in the real estate and utilities sectors. Geographically, the fund is overweight North America, especially Canada. While we are underweight Europe, we are overweight in the Netherlands, Austria, Italy and France. In Asia, we are underweight, but our largest overweight in this region is Japan. Our largest underweights are the U.K., Switzerland, Germany and Singapore.

------

Fund Characteristics

---

| | |
|:---|:---|
| **NOVEMBER 30, 2022** | |
| **Types of Investments in Portfolio** | **% of net assets** |
| Common Stocks | 99.8% |
| Short-Term Investments | 5.4% |
| Other Assets and Liabilities | (5.2)% |
| **Top Five Countries** | **% of net assets** |
| Japan | 23.0% |
| United Kingdom | 19.3% |
| France | 10.4% |
| Germany | 9.2% |
| Australia | 7.2% |

---

------

Shareholder Fee Example

Fund shareholders may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and redemption/exchange fees; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in your fund and to compare these costs with the ongoing cost of investing in other mutual funds.

The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from June 1, 2022 to November 30, 2022.

**Actual Expenses**

The table provides information about actual account values and actual expenses for each class. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. First, identify the share class you own. Then simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

If you hold Investor Class shares of any American Century Investments mutual fund, or I Class shares of the American Century Diversified Bond Fund, in an American Century Investments account (i.e., not through a financial intermediary or employer-sponsored retirement plan account), American Century Investments may charge you a $25 annual account maintenance fee if the value of those shares is less than $10,000. We will redeem shares automatically in one of your accounts to pay the $25 fee. In determining your total eligible investment amount, we will include your investments in all personal accounts (including American Century Investments brokerage accounts) registered under your Social Security number. Personal accounts include individual accounts, joint accounts, UGMA/UTMA accounts, personal trusts, Coverdell Education Savings Accounts and IRAs (including traditional, Roth, Rollover, SEP-, SARSEP- and SIMPLE-IRAs), and certain other retirement accounts. If you have only business, business retirement, employer-sponsored or American Century Investments brokerage accounts, you are currently not subject to this fee. If you are subject to the account maintenance fee, your account value could be reduced by the fee amount.

**Hypothetical Example for Comparison Purposes**

The table also provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio of each class of your fund and an assumed rate of return of 5% per year before expenses, which is not the actual return of a fund's share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or redemption/exchange fees. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Beginning**<br>**Account Value**<br>**6/1/22** | **Ending**<br>**Account Value**<br>**11/30/22** | **Expenses Paid**<br>**During Period**<sup>(1)</sup><br>**6/1/22 - 11/30/22** | **Annualized**<br>**Expense Ratio**<sup>(1)</sup> |
| **Actual** | | | | |
| Investor Class | $1000 | $956.60 | $5.49 | 1.12% |
| I Class | $1000 | $957.70 | $4.52 | 0.92% |
| A Class | $1000 | $955.60 | $6.72 | 1.37% |
| C Class | $1000 | $951.80 | $10.37 | 2.12% |
| R Class | $1000 | $954.20 | $7.94 | 1.62% |
| R6 Class | $1000 | $959.00 | $3.78 | 0.77% |
| G Class | $1000 | $961.60 | $0.10 | 0.02% |
| **Hypothetical** |  |  |  |  |
| Investor Class | $1000 | $1019.45 | $5.67 | 1.12% |
| I Class | $1000 | $1020.46 | $4.66 | 0.92% |
| A Class | $1000 | $1018.20 | $6.93 | 1.37% |
| C Class | $1000 | $1014.44 | $10.71 | 2.12% |
| R Class | $1000 | $1016.95 | $8.19 | 1.62% |
| R6 Class | $1000 | $1021.21 | $3.90 | 0.77% |
| G Class | $1000 | $1024.97 | $0.10 | 0.02% |

---

(1)Expenses are equal to the class's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 183, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses.

------

Schedule of Investments

**NOVEMBER 30, 2022**

---

| | | |
|:---|:---|:---|
|<br>**COMMON STOCKS — 99.8%** | **Shares** | **Value** |
| **Australia — 7.2%** | | |
| Aurizon Holdings Ltd. | 2467334 | $6412787 |
| Australia & New Zealand Banking Group Ltd. | 841667 | 14211303 |
| BHP Group Ltd. | 1038772 | 32259422 |
| BlueScope Steel Ltd. | 305446 | 3681518 |
| Commonwealth Bank of Australia | 54839 | 4041479 |
| Fortescue Metals Group Ltd. | 531874 | 7079065 |
| Origin Energy Ltd. | 1370467 | 7371139 |
| Sonic Healthcare Ltd. | 437949 | 9673895 |
| South32 Ltd. | 2411993 | 6699382 |
| Westpac Banking Corp. | 272138 | 4419497 |
|  |  | 95849487 |
| **Austria — 2.3%** |  |  |
| Erste Group Bank AG | 490189 | 15348492 |
| OMV AG | 277150 | 14708815 |
|  |  | 30057307 |
| **Belgium — 0.2%** |  |  |
| UCB SA | 36779 | 2968674 |
| **Canada — 2.5%** |  |  |
| Cenovus Energy, Inc. | 246470 | 4901366 |
| Nutrien Ltd. | 34808 | 2798563 |
| Restaurant Brands International, Inc. | 241923 | 16065853 |
| Suncor Energy, Inc.<sup>(1)</sup> | 106914 | 3515449 |
| Teck Resources Ltd., Class B<sup>(2)</sup> | 148143 | 5491142 |
|  |  | 32772373 |
| **Denmark — 1.2%** |  |  |
| AP Moller - Maersk A/S, B Shares | 7104 | 15401157 |
| **France — 10.4%** |  |  |
| AXA SA | 232501 | 6572469 |
| BNP Paribas SA | 409314 | 23000174 |
| Carrefour SA | 118284 | 2024839 |
| Cie de Saint-Gobain | 306308 | 14124336 |
| Credit Agricole SA | 817841 | 8271912 |
| Engie SA | 1308377 | 19889667 |
| Euroapi SA<sup>(2)</sup> | 1165 | 20797 |
| L'Oreal SA | 13142 | 4935556 |
| Safran SA | 29324 | 3624027 |
| Sanofi | 65381 | 5905818 |
| Societe Generale SA | 396019 | 9967412 |
| Sodexo SA | 96866 | 9277197 |
| TotalEnergies SE<sup>(1)</sup> | 479433 | 29964604 |
|  |  | 137578808 |
| **Germany — 9.2%** |  |  |
| Allianz SE | 129395 | 27620848 |
| BASF SE | 60968 | 3104210 |
| Commerzbank AG<sup>(2)</sup> | 225564 | 1889348 |
| Covestro AG | 133621 | 5369987 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Deutsche Boerse AG | 55047 | $10116232 |
| Deutsche Post AG | 326530 | 13044299 |
| Deutsche Telekom AG | 482241 | 9810100 |
| HeidelbergCement AG | 63322 | 3471864 |
| Hensoldt AG | 224290 | 5241430 |
| Mercedes-Benz Group AG | 47278 | 3212219 |
| RWE AG | 151325 | 6661474 |
| Siemens AG | 76026 | 10543649 |
| Telefonica Deutschland Holding AG | 1393999 | 3334096 |
| Volkswagen AG, Preference Shares | 122956 | 18161911 |
|  |  | 121581667 |
| **Hong Kong — 2.0%** |  |  |
| CK Asset Holdings Ltd. | 1008500 | 6036372 |
| Power Assets Holdings Ltd. | 1262500 | 6512773 |
| Sun Hung Kai Properties Ltd. | 759500 | 9162050 |
| WH Group Ltd. | 8968500 | 5254789 |
|  |  | 26965984 |
| **Ireland — 0.2%** |  |  |
| CRH PLC | 62590 | 2516211 |
| **Israel — 0.8%** |  |  |
| Bank Leumi Le-Israel BM | 1219325 | 11177555 |
| **Italy — 5.0%** |  |  |
| Assicurazioni Generali SpA | 894864 | 15874352 |
| Eni SpA | 1344099 | 20040511 |
| Intesa Sanpaolo SpA<sup>(1)</sup> | 7053878 | 15661463 |
| Stellantis NV | 902938 | 14244263 |
|  |  | 65820589 |
| **Japan — 23.0%** |  |  |
| AGC, Inc.<sup>(1)</sup> | 163300 | 5514817 |
| Astellas Pharma, Inc. | 470100 | 7291073 |
| Brother Industries Ltd. | 615100 | 9989949 |
| Canon, Inc.<sup>(1)</sup> | 767900 | 17949434 |
| Daiwa House Industry Co. Ltd. | 219100 | 5045657 |
| Dentsu Group, Inc.<sup>(1)</sup> | 301200 | 9753654 |
| Honda Motor Co. Ltd. | 210500 | 5130221 |
| INPEX Corp. | 1504600 | 16580130 |
| ITOCHU Corp. | 662800 | 20816612 |
| Japan Post Bank Co. Ltd.<sup>(1)</sup> | 465300 | 3556737 |
| Japan Post Insurance Co. Ltd. | 237200 | 3944816 |
| KDDI Corp. | 283000 | 8417713 |
| Kirin Holdings Co. Ltd. | 398200 | 6285823 |
| Marubeni Corp. | 1177100 | 13315794 |
| Mitsubishi Corp. | 280700 | 9453740 |
| Mitsubishi Electric Corp. | 396800 | 3976640 |
| Mitsubishi UFJ Financial Group, Inc. | 3120100 | 17015591 |
| Mitsui & Co. Ltd. | 294200 | 8538779 |
| Mizuho Financial Group, Inc. | 466400 | 5821066 |
| MS&AD Insurance Group Holdings, Inc. | 372900 | 11068149 |
| Nintendo Co. Ltd. | 196000 | 8403905 |
| Nippon Telegraph & Telephone Corp. | 276200 | 7658745 |
| Nippon Yusen KK<sup>(1)</sup> | 479100 | 10664495 |
| Otsuka Holdings Co. Ltd. | 142200 | 4873099 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Seven & i Holdings Co. Ltd. | 220600 | $8976004 |
| Sompo Holdings, Inc. | 367500 | 16210036 |
| Sumitomo Chemical Co. Ltd. | 1471200 | 5363750 |
| Sumitomo Mitsui Financial Group, Inc. | 637900 | 21650786 |
| Takeda Pharmaceutical Co. Ltd. | 648000 | 19053288 |
| Toyota Motor Corp. | 823100 | 12117429 |
|  |  | 304437932 |
| **Netherlands — 6.1%** |  |  |
| Aegon NV | 897995 | 4402388 |
| Coca-Cola Europacific Partners PLC | 181390 | 9629995 |
| ING Groep NV | 1628565 | 19749306 |
| Koninklijke Ahold Delhaize NV | 748211 | 21804436 |
| NN Group NV | 213323 | 9116670 |
| OCI NV<sup>(2)</sup> | 175266 | 7419712 |
| Randstad NV<sup>(1)</sup> | 158224 | 9164873 |
|  |  | 81287380 |
| **Norway — 0.5%** |  |  |
| Aker BP ASA | 82057 | 2854784 |
| Kongsberg Gruppen ASA | 73498 | 3048166 |
|  |  | 5902950 |
| **Singapore — 0.3%** |  |  |
| Singapore Telecommunications Ltd. | 1848200 | 3715660 |
| **Spain — 2.8%** |  |  |
| Banco Bilbao Vizcaya Argentaria SA | 957577 | 5643042 |
| Banco Santander SA | 1798786 | 5367279 |
| CaixaBank SA | 582107 | 2164168 |
| Endesa SA | 534302 | 9887132 |
| Iberdrola SA | 499240 | 5640122 |
| Industria de Diseno Textil SA<sup>(1)</sup> | 327277 | 8543172 |
|  |  | 37244915 |
| **Sweden — 1.9%** |  |  |
| H & M Hennes & Mauritz AB, B Shares<sup>(1)</sup> | 794030 | 8902987 |
| Securitas AB, B Shares<sup>(1)</sup> | 435980 | 3576285 |
| Skandinaviska Enskilda Banken AB, A Shares | 814635 | 9393352 |
| Swedbank AB, A Shares | 235577 | 3833623 |
|  |  | 25706247 |
| **Switzerland — 4.4%** |  |  |
| Holcim AG<sup>(2)</sup> | 205239 | 10721645 |
| Novartis AG | 309453 | 27527248 |
| Roche Holding AG | 29377 | 9595229 |
| Swiss Re AG | 29540 | 2647579 |
| Zurich Insurance Group AG | 15550 | 7470792 |
|  |  | 57962493 |
| **United Kingdom — 19.3%** |  |  |
| Anglo American PLC | 523971 | 21784161 |
| Associated British Foods PLC | 220201 | 4223177 |
| AstraZeneca PLC | 166440 | 22526100 |
| Aviva PLC | 1778113 | 9600507 |
| BAE Systems PLC | 786369 | 7787989 |
| Barclays PLC | 3962337 | 7750617 |
| BP PLC | 3816217 | 22789434 |
| Glencore PLC<sup>(2)</sup> | 713658 | 4870086 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| GSK PLC | 467128 | $7943072 |
| HSBC Holdings PLC | 4175010 | 25579203 |
| Legal & General Group PLC | 3204738 | 9830839 |
| NatWest Group PLC | 1533588 | 4877286 |
| Reckitt Benckiser Group PLC | 103326 | 7415036 |
| Rio Tinto PLC | 319301 | 21494926 |
| Shell PLC | 943989 | 27626593 |
| Tesco PLC | 5342819 | 14720794 |
| Unilever PLC | 501627 | 25081913 |
| Vodafone Group PLC | 8831128 | 9781900 |
|  |  | 255683633 |
| **United States — 0.5%** |  |  |
| CF Industries Holdings, Inc. | 27711 | 2998053 |
| NXP Semiconductors NV | 19663 | 3457542 |
|  |  | 6455595 |
| **TOTAL COMMON STOCKS**<br>(Cost $1,267,071,628) |  | **1321086617** |
| **SHORT-TERM INVESTMENTS — 5.4%** |  |  |
| **Money Market Funds — 5.0%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 2731 | 2731 |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(3)</sup> | 65904779 | 65904779 |
|  |  | 65907510 |
| **Repurchase Agreements — 0.4%** |  |  |
| BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 2.00% - 3.375%, 2/15/25 - 5/15/51, valued at $1,535,474), in a joint trading account at 3.74%, dated 11/30/22, due 12/1/22 (Delivery value $1,506,921) |  | 1506764 |
| Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 1.125%, 2/15/31, valued at $4,430,946), at 3.77%, dated 11/30/22, due 12/1/22 (Delivery value $4,344,455) |  | 4344000 |
|  |  | 5850764 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $71,758,274) |  | **71758274** |
| **TOTAL INVESTMENT SECURITIES—105.2%**<br>(Cost $1,338,829,902) |  | **1392844891** |
| **OTHER ASSETS AND LIABILITIES — (5.2)%** |  | **(69331375)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**1323513516** |

---

------

---

| | |
|:---|:---|
| **MARKET SECTOR DIVERSIFICATION** | **MARKET SECTOR DIVERSIFICATION** |
| **(as a % of net assets)** | |
| Financials | 28.2% |
| Industrials | 12.5% |
| Materials | 11.1% |
| Energy | 10.9% |
| Health Care | 8.8% |
| Consumer Staples | 8.3% |
| Consumer Discretionary | 7.2% |
| Communication Services | 4.5% |
| Utilities | 4.3% |
| Information Technology | 2.5% |
| Real Estate | 1.5% |
| Short-Term Investments | 5.4% |
| Other Assets and Liabilities | (5.2)% |

---

**NOTES TO SCHEDULE OF INVESTMENTS**

(1)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $88,727,290. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(2)Non-income producing.

(3)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $93,813,728, which includes securities collateral of $27,908,949.

See Notes to Financial Statements.

------

Statement of Assets and Liabilities

---

| | |
|:---|:---|
| **NOVEMBER 30, 2022** | |
| **Assets** | |
| Investment securities, at value (cost of $1,272,925,123) — including $88,727,290 of securities on loan | $1326940112 |
| Investment made with cash collateral received for securities on loan, at value (cost of $65,904,779) | 65904779 |
| Total investment securities, at value (cost of $1,338,829,902) | 1392844891 |
| Foreign currency holdings, at value (cost of $233,338) | 234886 |
| Receivable for capital shares sold | 326851 |
| Dividends and interest receivable | 10331290 |
| Securities lending receivable | 55893 |
|  | 1403793811 |
| **Liabilities** |  |
| Payable for collateral received for securities on loan | 65904779 |
| Payable for capital shares redeemed | 14034955 |
| Accrued management fees | 221482 |
| Distribution and service fees payable | 1700 |
| Accrued foreign withholding tax reclaim expenses | 114335 |
| Accrued other expenses | 3044 |
|  | 80280295 |
| **Net Assets** | $1323513516 |
| **Net Assets Consist of:** |  |
| Capital (par value and paid-in surplus) | $1447392991 |
| Distributable earnings | (123879475) |
|  | $1323513516 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Net Assets** | **Shares Outstanding** | **Net Asset Value Per Share\*** |
| Investor Class, $0.01 Par Value | $209685149 | 27992938 | $7.49 |
| I Class, $0.01 Par Value | $51756389 | 6922311 | $7.48 |
| A Class, $0.01 Par Value | $5527302 | 733430 | $7.54 |
| C Class, $0.01 Par Value | $379477 | 50607 | $7.50 |
| R Class, $0.01 Par Value | $774739 | 103268 | $7.50 |
| R6 Class, $0.01 Par Value | $775575 | 103745 | $7.48 |
| G Class, $0.01 Par Value | $1054614885 | 140215995 | $7.52 |

---

\*Maximum offering price per share was equal to the net asset value per share for all share classes, except Class A, for which the maximum offering price per share was $8.00 (net asset value divided by 0.9425). A contingent deferred sales charge may be imposed on redemptions of Class A and Class C.

See Notes to Financial Statements.

------

Statement of Operations

---

| | |
|:---|:---|
| **YEAR ENDED NOVEMBER 30, 2022** | |
| **Investment Income (Loss)** | |
| **Income:** | |
| Dividends (net of foreign taxes withheld of $3,649,497) | $46559595 |
| Interest | 296980 |
| Securities lending, net | 279093 |
|  | 47135668 |
| **Expenses:** |  |
| Management fees | 6403070 |
| Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class | 14365 |
| &nbsp;&nbsp;&nbsp;&nbsp;C Class | 5351 |
| &nbsp;&nbsp;&nbsp;&nbsp;R Class | 3733 |
| Directors' fees and expenses | 23756 |
| Foreign withholding tax reclaim expenses | 267889 |
| Other expenses | 8356 |
|  | 6726520 |
| Fees waived - G Class | (4506373) |
|  | 2220147 |
| **Net investment income (loss)** | 44915521 |
| **Realized and Unrealized Gain (Loss)** |  |
| **Net realized gain (loss) on:** |  |
| Investment transactions | (107873496) |
| Futures contract transactions | (947776) |
| Foreign currency translation transactions | (1216453) |
|  | (110037725) |
| **Change in net unrealized appreciation (depreciation) on:** |  |
| Investments | 21464398 |
| Translation of assets and liabilities in foreign currencies | 457576 |
|  | 21921974 |
| **Net realized and unrealized gain (loss)** | (88115751) |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $(43200230) |

---

See Notes to Financial Statements.

------

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| **YEARS ENDED NOVEMBER 30, 2022 AND NOVEMBER 30, 2021** | **YEARS ENDED NOVEMBER 30, 2022 AND NOVEMBER 30, 2021** | **YEARS ENDED NOVEMBER 30, 2022 AND NOVEMBER 30, 2021** |
| **Increase (Decrease) in Net Assets** | **November 30, 2022** | **November 30, 2021** |
| **Operations** | | |
| Net investment income (loss) | $44915521 | $1730915 |
| Net realized gain (loss) | (110037725) | 4241108 |
| Change in net unrealized appreciation (depreciation) | 21921974 | (1842188) |
| Net increase (decrease) in net assets resulting from operations | (43200230) | 4129835 |
| **Distributions to Shareholders** |  |  |
| From earnings: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (699499) | (310577) |
| &nbsp;&nbsp;&nbsp;&nbsp;I Class | (2345967) | (835020) |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class | (279208) | (125340) |
| &nbsp;&nbsp;&nbsp;&nbsp;C Class | (24071) | (8358) |
| &nbsp;&nbsp;&nbsp;&nbsp;R Class | (35572) | (14024) |
| &nbsp;&nbsp;&nbsp;&nbsp;R6 Class | (40515) | (25537) |
| &nbsp;&nbsp;&nbsp;&nbsp;G Class | (34) |  |
| Decrease in net assets from distributions | (3424866) | (1318856) |
| **Capital Share Transactions** |  |  |
| Net increase (decrease) in net assets from capital share transactions (Note 5) | 1299648521 | 16171205 |
| **Net increase (decrease) in net assets** | 1253023425 | 18982184 |
| **Net Assets** |  |  |
| Beginning of period | 70490091 | 51507907 |
| End of period | $1323513516 | $70490091 |

---

See Notes to Financial Statements.

------

Notes to Financial Statements

**NOVEMBER 30, 2022** 

**1. Organization**

American Century World Mutual Funds, Inc. (the corporation) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company and is organized as a Maryland corporation. International Value Fund (the fund) is one fund in a series issued by the corporation. The fund's investment objective is to seek long-term capital growth.

The fund offers the Investor Class, I Class, A Class, C Class, R Class, R6 Class and G Class. The A Class may incur an initial sales charge. The A Class and C Class may be subject to a contingent deferred sales charge. Sale of the G Class commenced on April 1, 2022.

**2. Significant Accounting Policies**

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

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

Equity securities that are listed or traded on a domestic securities exchange are valued at the last reported sales price or at the official closing price as provided by the exchange. Equity securities traded on foreign securities exchanges are generally valued at the closing price of such securities on the exchange where primarily traded or at the close of the NYSE, if that is earlier. If no last sales price is reported, or if local convention or regulation so provides, the mean of the latest bid and asked prices may be used. Securities traded over-the-counter are valued at the mean of the latest bid and asked prices, the last sales price, or the official closing price. Equity securities initially expressed in local currencies are translated into U.S. dollars at the mean of the appropriate currency exchange rate at the close of the NYSE as provided by an independent pricing service.

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

If the valuation designee determines that the market price for a portfolio security is not readily available or is believed by the valuation designee to be unreliable, such security is valued at fair value as determined in good faith by the valuation designee, in accordance with its policies and procedures. Circumstances that may cause the fund to determine that market quotations are not available or reliable include, but are not limited to: when there is a significant event subsequent to the market quotation; trading in a security has been halted during the trading day; or trading in a security is insufficient or did not take place due to a closure or holiday.

------

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

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

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

**Foreign Currency Translations —** All assets and liabilities initially expressed in foreign currencies are translated into U.S. dollars at prevailing exchange rates at period end. The fund may enter into spot foreign currency exchange contracts to facilitate transactions denominated in a foreign currency. Purchases and sales of investment securities, dividend and interest income, spot foreign currency exchange contracts, and expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. Net realized and unrealized foreign currency exchange gains or losses related to investment securities are a component of net realized gain (loss) on investment transactions and change in net unrealized appreciation (depreciation) on investments, respectively.

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

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

**Segregated Assets —** In accordance with the 1940 Act, the fund segregates assets on its books and records to cover certain types of investment securities and other financial instruments. ACIM monitors, on a daily basis, the securities segregated to ensure the fund designates a sufficient amount of liquid assets, marked-to-market daily. The fund may also receive assets or be required to pledge assets at the custodian bank or with a broker for collateral requirements.

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

------

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

**Distributions to Shareholders —** Distributions from net investment income and net realized gains, if any, are generally declared and paid annually. The fund may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code, in all events in a manner consistent with provisions of the 1940 Act.

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

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

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged, and the remaining contractual maturity of those transactions as of November 30, 2022.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Remaining Contractual Maturity of Agreements** | **Remaining Contractual Maturity of Agreements** | **Remaining Contractual Maturity of Agreements** | **Remaining Contractual Maturity of Agreements** | **Remaining Contractual Maturity of Agreements** | **Remaining Contractual Maturity of Agreements** |
| | **Overnight and <br>Continuous** | **<30 days** | **Between** <br>**30 & 90 days** | **>90 days** | **Total** |
| **Securities Lending Transactions**<sup>(1)</sup> | **Securities Lending Transactions**<sup>(1)</sup> | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $65904779 |  |  |  | $65904779 |
| Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | $65904779 |

---

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

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

Certain officers and directors of the corporation are also officers and/or directors of American Century Companies, Inc. (ACC). The corporation's investment advisor, ACIM, the corporation's distributor, American Century Investment Services, Inc. (ACIS), and the corporation's transfer agent, American Century Services, LLC, are wholly owned, directly or indirectly, by ACC. Various funds issued by American Century Asset Allocation Portfolios, Inc. own, in aggregate, 55% of the shares of the fund. Related parties do not invest in the fund for the purpose of exercising management or control.

------

**Management Fees —** The corporation has entered into a management agreement with ACIM, under which ACIM provides the fund with investment advisory and management services in exchange for a single, unified management fee (the fee) per class. The agreement provides that ACIM will pay all expenses of managing and operating the fund, except brokerage expenses, taxes, interest, fees and expenses of the independent directors (including legal counsel fees), extraordinary expenses, and expenses incurred in connection with the provision of shareholder services and distribution services under a plan adopted pursuant to Rule 12b-1 under the 1940 Act. The fee is computed and accrued daily based on each class's daily net assets and paid monthly in arrears. The difference in the fee among the classes is a result of their separate arrangements for non-Rule 12b-1 shareholder services. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class. The investment advisor agreed to waive the G Class's management fee in its entirety. The investment advisor expects this waiver to remain in effect permanently and cannot terminate it without the approval of the Board of Directors.

The annual management fee for each class is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investor Class** | **I Class** | **A Class** | **C Class** | **R Class** | **R6 Class** | **G Class** |
| 1.10% | 0.90% | 1.10% | 1.10% | 1.10% | 0.75% | 0.00%<sup>(1)</sup> |

---

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

**Distribution and Service Fees —** The Board of Directors has adopted a separate Master Distribution and Individual Shareholder Services Plan for each of the A Class, C Class and R Class (collectively the plans), pursuant to Rule 12b-1 of the 1940 Act. The plans provide that the A Class will pay ACIS an annual distribution and service fee of 0.25%. The plans provide that the C Class will pay ACIS an annual distribution and service fee of 1.00%, of which 0.25% is paid for individual shareholder services and 0.75% is paid for distribution services. The plans provide that the R Class will pay ACIS an annual distribution and service fee of 0.50%. The fees are computed and accrued daily based on each class's daily net assets and paid monthly in arrears. The fees are used to pay financial intermediaries for distribution and individual shareholder services. Fees incurred under the plans during the period ended November 30, 2022 are detailed in the Statement of Operations.

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

**Foreign Withholding Tax Reclaim Expenses —** The fund may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The fund may incur expenses in association with recovery of such taxes. The impact of foreign withholding tax reclaim expenses to the ratio of operating expenses to average net assets was 0.03% for the period ended November 30, 2022.

**Interfund Transactions —** The fund may enter into security transactions with other American Century Investments funds and other client accounts of the investment advisor, in accordance with the 1940 Act rules and procedures adopted by the Board of Directors. The rules and procedures require, among other things, that these transactions be effected at the independent current market price of the security. During the period, the interfund purchases and sales were $3,601,615 and $1,603,823, respectively. The effect of interfund transactions on the Statement of Operations was $(647,590) in net realized gain (loss) on investment transactions.

**4. Investment Transactions**

Purchases and sales of investment securities, excluding short-term investments, for the period ended November 30, 2022 were $1,277,165,795 and $1,177,184,510, respectively.

------

**5. Capital Share Transactions**

Transactions in shares of the fund were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year ended**<br>**November 30, 2022**<sup>(1)</sup> | **Year ended**<br>**November 30, 2022**<sup>(1)</sup> | **Year ended**<br>**November 30, 2021** | **Year ended**<br>**November 30, 2021** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| **Investor Class/Shares Authorized** | 280000000 |  | 40000000 |  |
| Sold | 527783 | $4205239 | 557197 | $4873094 |
| Issued in connection with reorganization (Note 10) | 26602023 | 207432134 |  |  |
| Issued in reinvestment of distributions | 82397 | 677909 | 35319 | 300929 |
| Redeemed | (990344) | (7470698) | (436726) | (3831229) |
|  | 26221859 | 204844584 | 155790 | 1342794 |
| **I Class/Shares Authorized** | 40000000 |  | 40000000 |  |
| Sold | 2201111 | 16118089 | 2185152 | 19237408 |
| Issued in reinvestment of distributions | 285829 | 2345524 | 98238 | 835020 |
| Redeemed | (1169113) | (8828294) | (507317) | (4453793) |
|  | 1317827 | 9635319 | 1776073 | 15618635 |
| **A Class/Shares Authorized** | 30000000 |  | 30000000 |  |
| Sold | 40645 | 296546 | 70665 | 618269 |
| Issued in reinvestment of distributions | 33420 | 277341 | 14498 | 124535 |
| Redeemed | (101701) | (774855) | (109426) | (962671) |
|  | (27636) | (200968) | (24263) | (219867) |
| **C Class/Shares Authorized** | 25000000 |  | 30000000 |  |
| Sold | 1457 | 11252 | 11368 | 97302 |
| Issued in reinvestment of distributions | 2898 | 24071 | 974 | 8358 |
| Redeemed | (41469) | (322106) | (43057) | (372648) |
|  | (37114) | (286783) | (30715) | (266988) |
| **R Class/Shares Authorized** | 25000000 |  | 30000000 |  |
| Sold | 26779 | 207175 | 26160 | 231046 |
| Issued in reinvestment of distributions | 4288 | 35501 | 1328 | 11483 |
| Redeemed | (34390) | (283856) | (29232) | (254388) |
|  | (3323) | (41180) | (1744) | (11859) |
| **R6 Class/Shares Authorized** | 40000000 |  | 45000000 |  |
| Sold | 27230 | 211421 | 164202 | 1458253 |
| Issued in reinvestment of distributions | 4941 | 40515 | 3008 | 25537 |
| Redeemed | (22473) | (181360) | (204652) | (1775300) |
|  | 9698 | 70576 | (37442) | (291510) |
| **G Class/Shares Authorized** | 925000000 |  | N/A |  |
| Sold | 11949751 | 83412748 |  |  |
| Issued in connection with reorganization (Note 10) | 138420662 | 1077211960 |  |  |
| Issued in reinvestment of distributions | 4 | 34 |  |  |
| Redeemed | (10154422) | (74997769) |  |  |
|  | 140215995 | 1085626973 |  |  |
| Net increase (decrease) | 167697306 | $1299648521 | 1837699 | $16171205 |

---

(1)April 1, 2022 (commencement of sale) through November 30, 2022 for the G Class.

------

**6. Fair Value Measurements**

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

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

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

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

The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not necessarily an indication of the risks associated with investing in these securities or other financial instruments.

The following is a summary of the level classifications as of period end. The Schedule of Investments provides additional information on the fund's portfolio holdings.

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| | | | |
|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** |
| **Assets** | | | |
| **Investment Securities** | | | |
| Common Stocks | $18884153 | $1302202464 |  |
| Short-Term Investments | 65907510 | 5850764 |  |
|  | $84791663 | $1308053228 |  |

---

**7. Derivative Instruments**

**Equity Price Risk —** The fund is subject to equity price risk in the normal course of pursuing its investment objectives. A fund may enter into futures contracts based on an equity index in order to manage its exposure to changes in market conditions. A fund may purchase futures contracts to gain exposure to increases in market value or sell futures contracts to protect against a decline in market value. Upon entering into a futures contract, a fund is required to deposit either cash or securities in an amount equal to a certain percentage of the contract value (initial margin). 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 fund's average notional exposure to equity price risk derivative instruments held during the period was $2,089,620 futures contracts purchased and $15,189,221 futures contracts sold.

At period end, the fund did not have any derivative instruments disclosed on the Statement of Assets and Liabilities. For the year ended November 30, 2022, the effect of equity price risk derivative instruments on the Statement of Operations was $(947,776) in net realized gain (loss) on futures contract transactions.

**8. Risk Factors**

The value of the fund's shares will go up and down, sometimes rapidly or unpredictably, based on the performance of the securities owned by the fund and other factors generally affecting the securities market. Market risks, including political, regulatory, economic and social developments, can affect the value of the fund's investments. Natural disasters, public health emergencies, war, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.

------

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

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

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

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

**9. Federal Tax Information**

On December 21, 2022, the fund declared and paid the following per-share distributions from net investment income to shareholders of record on December 20, 2022:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investor Class** | **I Class** | **A Class** | **C Class** | **R Class** | **R6 Class** | **G Class** |
| $0.1860 | $0.1964 | $0.1731 | $0.1343 | $0.1602 | $0.2042 | $0.2430 |

---

The tax character of distributions paid during the years ended November 30, 2022 and November 30, 2021 were as follows:

---

| | | |
|:---|:---|:---|
| | **2022** | **2021** |
| **Distributions Paid From** |  |  |
| Ordinary income | $3424866 | $1318856 |
| Long-term capital gains |  |  |

---

The book-basis character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts on the financial statements.

The reclassifications, which are primarily due to merger adjustments, were made to capital $106,296,933 and distributable earnings $(106,296,933).

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

---

| | |
|:---|:---|
| Federal tax cost of investments | $1348302893 |
| Gross tax appreciation of investments | $97835289 |
| Gross tax depreciation of investments | (53293291) |
| Net tax appreciation (depreciation) of investments | 44541998 |
| Net tax appreciation (depreciation) on derivatives and translation of assets and liabilities in foreign currencies | (21742) |
| Net tax appreciation (depreciation) | $44520256 |
| Undistributed ordinary income | $43911545 |
| Accumulated short-term capital losses | $(195385665) |
| Accumulated long-term capital losses | $(16925611) |

---

------

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

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. As a result of a shift in ownership, the utilization of these capital losses in any given year are limited. Any remaining accumulated gains after application of this limitation will be distributed to shareholders.

**10. Reorganization**

On December 2, 2021, the Board of Directors approved an agreement and plan of reorganization (the reorganization), whereby the net assets of NT International Value Fund, one fund in a series issued by the corporation, were transferred to International Value Fund in exchange for shares of International Value Fund. The purpose of the transaction was to combine two funds with substantially similar investment objectives and strategies. The financial statements and performance history of International Value Fund survived after the reorganization. The reorganization was effective at the close of the NYSE on April 22, 2022.

The reorganization was accomplished by a tax-free exchange of shares. On April 22, 2022, NT International Value Fund exchanged its shares for shares of International Value Fund as follows:

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| | | | |
|:---|:---|:---|:---|
| **Original Fund/Class** | **Shares Exchanged** | **New Fund/Class** | **Shares Received** |
| NT International Value Fund – Investor Class | 23686733 | International Value Fund –Investor Class | 26602023 |
| NT International Value Fund – G Class | 122935246 | International Value Fund – G Class | 138420662 |

---

The net assets of NT International Value Fund and International Value Fund immediately before the reorganization were $1,284,644,094 and $71,057,510, respectively. NT International Value Fund's unrealized appreciation of $29,633,766 was combined with that of International Value Fund. Immediately after the reorganization, the combined net assets were $1,355,701,604.

Assuming the reorganization had been completed on December 1, 2021, the beginning of the annual reporting period, the pro forma results of operations for the period ended November 30, 2022 are as follows:

---

| | |
|:---|:---|
| Net investment income (loss) | $66220228 |
| Net realized and unrealized gain (loss) | (133494908) |
| Net increase (decrease) in net assets resulting from operations | $(67274680) |

---

Because the combined investment portfolios have been managed as a single integrated portfolio since the reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of NT International Value Fund that have been included in the fund's Statement of Operations since April 22, 2022.

------

Financial Highlights

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** |
| **Per-Share Data**  | **Per-Share Data**  | **Per-Share Data**  | **Per-Share Data**  | | | | | **Ratios and Supplemental Data**  | **Ratios and Supplemental Data**  | **Ratios and Supplemental Data**  | **Ratios and Supplemental Data**  | | |
| | | **Income From Investment Operations:**  | **Income From Investment Operations:**  | **Income From Investment Operations:**  | | | | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | | |
| | **Net Asset Value, Beginning**<br>**of Period**  | **Net Investment Income (Loss)**<sup>(1)</sup>  | **Net<br>Realized and Unrealized<br>Gain (Loss)** | **Total From Investment Operations** | **Distributions From Net <br>Investment <br>Income** | **Net Asset<br>Value,<br>End<br>of Period** | **Total** <br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Operating<br>Expenses (before expense waiver)** | **Net<br>Investment<br>Income<br>(Loss)** | **Net<br>Investment<br>Income (Loss)<br>(before expense<br>waiver)** | **Portfolio<br>Turnover<br>Rate** | **Net Assets,<br>End of <br>Period<br>(in thousands)** |
| **Investor Class** | **Investor Class** | | | | | | | | | | | | |
| 2022 | $8.37 | 0.35 | (0.84) | (0.49) | (0.39) | $7.49 | (6.24)% | 1.14% | 1.14% | 4.89% | 4.89% | 151% | $209685 |
| 2021 | $7.82 | 0.23 | 0.50 | 0.73 | (0.18) | $8.37 | 9.30% | 1.10% | 1.10% | 2.57% | 2.57% | 124% | $14827 |
| 2020 | $7.57 | 0.15 | 0.33 | 0.48 | (0.23) | $7.82 | 6.69% | 1.21% | 1.22% | 2.16% | 2.15% | 91% | $12633 |
| 2019 | $7.61 | 0.23 | 0.02 | 0.25 | (0.29) | $7.57 | 3.41% | 1.34% | 1.34% | 3.13% | 3.13% | 87% | $9136 |
| 2018 | $8.96 | 0.21 | (1.27) | (1.06) | (0.29) | $7.61 | (12.25)% | 1.30% | 1.30% | 2.56% | 2.56% | 80% | $11008 |
| **I Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2022 | $8.36 | 0.33 | (0.80) | (0.47) | (0.41) | $7.48 | (6.04)% | 0.94% | 0.94% | 5.09% | 5.09% | 151% | $51756 |
| 2021 | $7.81 | 0.24 | 0.51 | 0.75 | (0.20) | $8.36 | 9.54% | 0.90% | 0.90% | 2.77% | 2.77% | 124% | $46842 |
| 2020 | $7.57 | 0.16 | 0.33 | 0.49 | (0.25) | $7.81 | 6.93% | 1.01% | 1.02% | 2.36% | 2.35% | 91% | $29898 |
| 2019 | $7.62 | 0.25 | 0.01 | 0.26 | (0.31) | $7.57 | 3.53% | 1.14% | 1.14% | 3.33% | 3.33% | 87% | $18981 |
| 2018 | $8.97 | 0.22 | (1.26) | (1.04) | (0.31) | $7.62 | (12.05)% | 1.10% | 1.10% | 2.76% | 2.76% | 80% | $7434 |
| **A Class**  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2022 | $8.42 | 0.30 | (0.81) | (0.51) | (0.37) | $7.54 | (6.46)% | 1.39% | 1.39% | 4.64% | 4.64% | 151% | $5527 |
| 2021 | $7.86 | 0.20 | 0.52 | 0.72 | (0.16) | $8.42 | 9.10% | 1.35% | 1.35% | 2.32% | 2.32% | 124% | $6407 |
| 2020 | $7.60 | 0.13 | 0.33 | 0.46 | (0.20) | $7.86 | 6.32% | 1.46% | 1.47% | 1.91% | 1.90% | 91% | $6176 |
| 2019 | $7.64 | 0.22 | 0.01 | 0.23 | (0.27) | $7.60 | 3.08% | 1.59% | 1.59% | 2.88% | 2.88% | 87% | $6532 |
| 2018 | $8.99 | 0.19 | (1.27) | (1.08) | (0.27) | $7.64 | (12.43)% | 1.55% | 1.55% | 2.31% | 2.31% | 80% | $7651 |

---

------

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** |
| **Per-Share Data**  | **Per-Share Data**  | **Per-Share Data**  | **Per-Share Data**  | | | | | **Ratios and Supplemental Data**  | **Ratios and Supplemental Data**  | **Ratios and Supplemental Data**  | **Ratios and Supplemental Data**  | | |
| | | **Income From Investment Operations:**  | **Income From Investment Operations:**  | **Income From Investment Operations:**  | | | | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | | |
| | **Net Asset Value, Beginning**<br>**of Period**  | **Net Investment Income (Loss)**<sup>(1)</sup>  | **Net<br>Realized and Unrealized<br>Gain (Loss)** | **Total From Investment Operations** | **Distributions From Net <br>Investment <br>Income** | **Net Asset<br>Value,<br>End<br>of Period** | **Total** <br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Operating<br>Expenses (before expense waiver)** | **Net<br>Investment<br>Income<br>(Loss)** | **Net<br>Investment<br>Income (Loss)<br>(before expense<br>waiver)** | **Portfolio<br>Turnover<br>Rate** | **Net Assets,<br>End of <br>Period<br>(in thousands)** |
| **C Class**  | | | | | | | | | | | | | |
| 2022 | $8.37 | 0.23 | (0.80) | (0.57) | (0.30) | $7.50 | (7.13)% | 2.14% | 2.14% | 3.89% | 3.89% | 151% | $379 |
| 2021 | $7.82 | 0.12 | 0.52 | 0.64 | (0.09) | $8.37 | 8.19% | 2.10% | 2.10% | 1.57% | 1.57% | 124% | $734 |
| 2020 | $7.51 | 0.07 | 0.34 | 0.41 | (0.10) | $7.82 | 5.65% | 2.21% | 2.22% | 1.16% | 1.15% | 91% | $926 |
| 2019 | $7.54 | 0.16 | 0.01 | 0.17 | (0.20) | $7.51 | 2.29% | 2.34% | 2.34% | 2.13% | 2.13% | 87% | $1400 |
| 2018 | $8.87 | 0.13 | (1.26) | (1.13) | (0.20) | $7.54 | (13.04)% | 2.30% | 2.30% | 1.56% | 1.56% | 80% | $2224 |
| **R Class**  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2022 | $8.38 | 0.27 | (0.81) | (0.54) | (0.34) | $7.50 | (6.74)% | 1.64% | 1.64% | 4.39% | 4.39% | 151% | $775 |
| 2021 | $7.83 | 0.18 | 0.51 | 0.69 | (0.14) | $8.38 | 8.73% | 1.60% | 1.60% | 2.07% | 2.07% | 124% | $893 |
| 2020 | $7.55 | 0.12 | 0.33 | 0.45 | (0.17) | $7.83 | 6.16% | 1.71% | 1.72% | 1.66% | 1.65% | 91% | $848 |
| 2019 | $7.58 | 0.19 | 0.02 | 0.21 | (0.24) | $7.55 | 2.91% | 1.84% | 1.84% | 2.63% | 2.63% | 87% | $575 |
| 2018 | $8.93 | 0.18 | (1.29) | (1.11) | (0.24) | $7.58 | (12.74)% | 1.80% | 1.80% | 2.06% | 2.06% | 80% | $672 |
| **R6 Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2022 | $8.36 | 0.34 | (0.80) | (0.46) | (0.42) | $7.48 | (5.89)% | 0.79% | 0.79% | 5.24% | 5.24% | 151% | $776 |
| 2021 | $7.81 | 0.27 | 0.49 | 0.76 | (0.21) | $8.36 | 9.71% | 0.75% | 0.75% | 2.92% | 2.92% | 124% | $786 |
| 2020 | $7.58 | 0.18 | 0.32 | 0.50 | (0.27) | $7.81 | 7.08% | 0.86% | 0.87% | 2.51% | 2.50% | 91% | $1027 |
| 2019 | $7.63 | 0.26 | 0.01 | 0.27 | (0.32) | $7.58 | 3.72% | 0.99% | 0.99% | 3.48% | 3.48% | 87% | $6513 |
| 2018 | $8.98 | 0.26 | (1.29) | (1.03) | (0.32) | $7.63 | (11.91)% | 0.95% | 0.95% | 2.91% | 2.91% | 80% | $16485 |
| **G Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2022<sup>(3)</sup> | $8.18 | 0.28 | (0.83) | (0.55) | (0.11) | $7.52 | (6.80)% | 0.03%<sup>(4)</sup> | 0.78%<sup>(4)</sup> | 6.05%<sup>(4)</sup> | 5.30%<sup>(4)</sup> | 151%<sup>(5)</sup> | $1054615 |

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------

**Notes to Financial Highlights**

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

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

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

(4)Annualized.

(5)Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended November 30, 2022.

See Notes to Financial Statements.

------

Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Directors of American Century World Mutual Funds, Inc.:

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

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of International Value Fund (the "Fund"), one of the funds constituting the American Century World Mutual Funds, Inc., as of November 30, 2022, the related statement 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 five 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 International Value Fund of the American Century World Mutual Funds, Inc. as of November 30, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's 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 Fund 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 Fund is not required to have, nor were we engaged to perform, an audit of its 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 Fund's 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 November 30, 2022, 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

January 17, 2023

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

------

Management

**The Board of Directors** 

The individuals listed below serve as directors of the funds. Each director will continue to serve in this capacity until death, retirement, resignation or removal from office. The board has adopted a mandatory retirement age for directors who are not "interested persons," as that term is defined in the Investment Company Act (independent directors). Independent directors shall retire on December 31 of the year in which they reach their 75<sup>th</sup> birthday.

Jonathan S. Thomas is an "interested person" because he currently serves as President and Chief Executive Officer of American Century Companies, Inc. (ACC), the parent company of American Century Investment Management, Inc. (ACIM or the advisor). The other directors (more than three-fourths of the total number) are independent. They are not employees, directors or officers of, and have no financial interest in, ACC or any of its wholly owned, direct or indirect, subsidiaries, including ACIM, American Century Investment Services, Inc. (ACIS) and American Century Services, LLC (ACS), and they do not have any other affiliations, positions or relationships that would cause them to be considered "interested persons" under the Investment Company Act. The directors serve in this capacity for seven (in the case of Jonathan S. Thomas, 16; and Stephen E. Yates, 8) registered investment companies in the American Century Investments family of funds.

The following table presents additional information about the directors. The mailing address for each director is 4500 Main Street, Kansas City, Missouri 64111.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name<br>(Year of Birth)** | **Position(s) Held with Funds** | **Length of Time Served** | **Principal Occupation(s) During Past 5 Years** | **Number of American Century Portfolios Overseen by Director** | **Other Directorships Held During Past 5 Years** |
| **Independent Directors** | **Independent Directors** | **Independent Directors** | **Independent Directors** | | |
| Thomas W. Bunn (1953) | Director | Since 2017 | Retired | 64 |  |
| Chris H. Cheesman <br>(1962) | Director | Since 2019 | Retired. Senior Vice President & Chief Audit Executive, AllianceBernstein (1999 to 2018) | 64 | Alleghany Corporation (2021 to 2022) |
| Barry Fink<br>(1955) | Director | Since 2012 (independent since 2016) | Retired | 64 |  |
| Rajesh K. Gupta <br>(1960) | Director | Since 2019 | Partner Emeritus, SeaCrest Investment Management and SeaCrest Wealth Management (2019 to present); Chief Executive Officer and Chief Investment Officer, SeaCrest Investment Management (2006 to 2019); Chief Executive Officer and Chief Investment Officer, SeaCrest Wealth Management (2008 to 2019) | 64 |  |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name<br>(Year of Birth)** | **Position(s) Held with Funds** | **Length of Time Served** | **Principal Occupation(s) During Past 5 Years** | **Number of American Century Portfolios Overseen by Director** | **Other Directorships Held During Past 5 Years** |
| **Independent Directors** | **Independent Directors** | **Independent Directors** | **Independent Directors** | | |
| Lynn Jenkins <br>(1963) | Director | Since 2019 | Consultant, LJ Strategies (2019 to present); United States Representative, U.S. House of Representatives (2009 to 2018) | 64 | MGP Ingredients, Inc. (2019 to 2021) |
| Jan M. Lewis<br>(1957) | Director and Board Chair | Since 2011 (Board Chair since 2022) | Retired | 64 |  |
| Stephen E. Yates<br>(1948) | Director | Since 2012 | Retired | 108 |  |
| **Interested Director** | **Interested Director** | **Interested Director** | **Interested Director** | **Interested Director** |  |
| Jonathan S. Thomas<br>(1963) | Director | Since 2007 | President and Chief Executive Officer, ACC (2007 to present). Also serves as Chief Executive Officer, ACS; Director, ACC and other ACC subsidiaries | 142 |  |

---

The Statement of Additional Information has additional information about the fund's directors and is available without charge, upon request, by calling 1-800-345-2021.

------

**Officers** 

The following table presents certain information about the executive officers of the funds. Each officer serves as an officer for each of the 16 (in the case of Robert J. Leach, 15) investment companies in the American Century family of funds. No officer is compensated for his or her service as an officer of the funds. The listed officers are interested persons of the funds and are appointed or re-appointed on an annual basis. The mailing address for each officer listed below is 4500 Main Street, Kansas City, Missouri 64111.

---

| | | |
|:---|:---|:---|
| **Name <br>(Year of Birth)** | **Offices with the Funds** | **Principal Occupation(s) During the Past Five Years** |
| Patrick Bannigan<br>(1965) | President since 2019 | Executive Vice President and Director, ACC (2012 to present); Chief Financial Officer, Chief Accounting Officer and Treasurer, ACC (2015 to present). Also serves as President, ACS; Vice President, ACIM; Chief Financial Officer, Chief Accounting Officer and/or Director, ACIM, ACS and other ACC subsidiaries |
| R. Wes Campbell<br>(1974) | Chief Financial Officer and Treasurer since 2018 | Vice President, ACS, (2020 to present); Investment Operations and Investment Accounting, ACS (2000 to present) |
| Amy D. Shelton<br>(1964) | Chief Compliance Officer and Vice President since 2014 | Chief Compliance Officer, American Century funds, (2014 to present); Chief Compliance Officer, ACIM (2014 to present); Chief Compliance Officer, ACIS (2009 to present). Also serves as Vice President, ACIS |
| John Pak<br>(1968) | General Counsel and Senior Vice President since 2021 | General Counsel and Senior Vice President, ACC (2021 to present). Also serves as General Counsel and Senior Vice President, ACIM, ACS and ACIS. Chief Legal Officer of Investment and Wealth Management, The Bank of New York Mellon (2014 to 2021) |
| C. Jean Wade<br>(1964) | Vice President since 2012 | Senior Vice President, ACS (2017 to present); Vice President, ACS (2000 to 2017) |
| Robert J. Leach<br>(1966) | Vice President since 2006 | Vice President, ACS (2000 to present) |
| David H. Reinmiller<br>(1963) | Vice President since 2000 | Attorney, ACC (1994 to present). Also serves as Vice President, ACIM and ACS |
| Ward D. Stauffer<br>(1960) | Secretary since 2005 | Attorney, ACC (2003 to present) |

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------

Approval of Management Agreement

At a meeting held on June 29, 2022, the Fund's 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 the Fund. Under Section 15(c) of 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, each year.

Prior to its consideration of the renewal of the management agreement, the Directors requested and reviewed data and information compiled by the Advisor and certain independent data providers concerning the Fund. This review was in addition to the oversight and evaluation undertaken by the Board and its committees on a continual basis and the information received was supplemental to the information that the Board and its committees receive and consider throughout the year.

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, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the nature, extent, and quality of investment management, shareholder services, and other services provided and to be provided to the Fund including without limitation portfolio management and trading services, shareholder and intermediary services, compliance and legal services, fund accounting and financial reporting, and fund share distribution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the wide range of other programs and services provided to the Fund and its shareholders on a routine and non-routine basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Fund's investment performance, including data comparing the Fund's performance to an appropriate benchmark(s) and peer group of other mutual funds with similar investment objectives and strategies;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Advisor's strategic plans, generally, and with respect to the ongoing impact of the COVID-19 pandemic response, heightened areas of interest in the mutual fund industry and recent geopolitical issues;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• financial data showing the cost of services provided to the Fund, the profitability of the Fund to the Advisor, and the overall profitability of the Advisor;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• acquired fund fees and expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• payments and practices in connection with financial intermediaries holding shares of the Fund and the services provided by intermediaries in connection therewith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• possible collateral benefits to the Advisor from the management of the Fund.

The Board held four meetings to consider the renewal. The independent Directors also met in private session multiple times to review and discuss the information provided in response to their request. The independent Directors held active discussions with the Advisor regarding the renewal of the management agreement, requesting supplemental information, and reviewing information provided by the Advisor in response thereto. 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 independent counsel in connection with the approval. They determined that the information was sufficient for them to evaluate the management agreement for the Fund. 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 without limitation the following:

**Nature, Extent and Quality of Services — Generally.** Under the management agreement, the Advisor is responsible for providing or arranging for all services necessary for the operation of the Fund. The Board noted that the Advisor provides or arranges at its own expense a wide variety of services which include, without limitation, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• constructing and designing the 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 the 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 cyber 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 the 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 the Fund is quite complex and allows Fund shareholders access to professional money management, instant diversification of their investments within an asset class, 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 the Fund in accordance with its investment objectives and principal investment strategies. Further, the Directors recognize that the Advisor has an obligation to monitor trading activities, and in particular to seek the best execution of Fund trades, and to evaluate the use of and payment for research. In providing these services, the Advisor utilizes teams of investment professionals (portfolio managers, analysts, research assistants, and securities traders) who require extensive information technology, research, training, compliance, and other systems to conduct their business. The Board, directly and through its Fund Performance Review Committee, provides oversight of the investment performance process. It regularly reviews investment performance information for the 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, the Board discusses with the Advisor the reasons for such results (e.g., market conditions, security selection) and any actions being taken to improve performance, and may conduct special reviews until performance improves. The Fund's performance was above its benchmark for the three-, five-, and ten-year periods and below its benchmark for the one-year period reviewed by the Board. The Board found the investment

------

management services provided by the Advisor to the Fund to be satisfactory and consistent with the management agreement.

**Shareholder and Other Services.** Under the management agreement, the Advisor provides the 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 cyber security), new products and services offered to Fund shareholders, securities trading activities, portfolio valuation services, auditing services, and legal and operational compliance activities. The Board found the services provided by the Advisor to the 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 Fund, its profitability in managing the Fund (pre- and post-distribution), its overall profitability, and its financial condition. 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 current management fee. The Board concluded that the Advisor's profits were reasonable in light of the services provided to the Fund.

**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 the 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 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 content and services.

**Comparison to Other Funds' Fees.** The management agreement provides that the Fund pays the Advisor a single, all-inclusive (or unified) management fee for providing all services necessary for the management and operation of the Fund, other than securities transaction expenses, taxes, interest, extraordinary expenses, fees and expenses of the Fund's 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 the unified fee structure, the Advisor is responsible for providing all 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, distribution charges, 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 Fund 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 the Fund's unified fee to the total expense ratios of its peers. 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. In addition, the Board reviewed the Fund's position relative to the narrower set of its expense group peers. The Board concluded that the management fee paid

------

by the 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 Fund. They observed that these varying types of client accounts require different services and involve different regulatory and entrepreneurial risks than the management of the Fund. The Board analyzed this information and concluded that the fees charged and services provided to the Fund were reasonable by comparison.

**Payments to Intermediaries.** The Directors also requested and received a description of payments made to intermediaries by the Fund and the Advisor and services provided in response thereto. These payments include various payments made by the Fund or the Advisor to different types of intermediaries and recordkeepers for distribution and service activities provided for the Fund. The Directors reviewed such information and received representations from the Advisor that all such payments by the 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 Fund. They concluded 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. To the extent there are potential collateral benefits, the Board has been advised and has taken this into consideration in its review of the management contract with the Fund. The Board noted that additional assets from other clients may offer the Advisor some benefit from increased leverage with service providers and counterparties. Additionally, the Advisor may receive proprietary research from broker-dealers that execute fund portfolio transactions, which the Board concluded is likely to benefit other clients of the Advisor, as well as Fund shareholders. The Board also determined that the Advisor is able to provide investment management services to certain clients other than the Fund, at least in part, due to its existing infrastructure built to serve the fund complex. The Board concluded that appropriate allocation methodologies had been employed to assign resources and the cost of those resources to these other clients.

**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 the 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 Fund 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 Fund.

**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 throughout the year, determined that the terms of the management agreement are fair and reasonable and that the management fee charged to the Fund is reasonable in light of the services provided and that the management agreement between the Fund and the Advisor should be renewed for an additional one-year period.

------

Proxy Voting Results

A special meeting of shareholders was held on October 13, 2022, to vote on the following proposal. The proposal received the required votes and was adopted. A summary of voting results is listed below.

To elect five directors to the Board of Directors of American Century World Mutual Funds, Inc.:

---

| | | |
|:---|:---|:---|
| | **Affirmative** | **Withhold** |
| Brian Bulatao | $5038086505 | $96122848 |
| Chris H. Cheesman | $5044845654 | $89363699 |
| Rajesh K. Gupta | $5040147195 | $94062158 |
| Lynn M. Jenkins | $5034492760 | $99716593 |
| Gary C. Meltzer | $5042384480 | $91824873 |

---

The other directors whose term of office continued after the meeting include Jonathan S. Thomas, Thomas W. Bunn, Barry Fink, Jan M. Lewis, and Stephen E. Yates.

------

Additional Information

**Retirement Account Information** 

As required by law, distributions you receive from certain retirement accounts are subject to federal income tax withholding at the IRS default rate of 10%.\* Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.

You may elect a different withholding rate, or request zero withholding, by submitting an acceptable IRS Form W-4R election with your distribution request. You may notify us of your W-4R election by telephone, on our distribution forms, on IRS Form W-4R, or through other acceptable electronic means. If your withholding election is for an automatic withdrawal plan, you have the right to revoke your election at any time and any election you make will remain in effect until revoked by filing a new election.

Remember, even if you elect not to have income tax withheld, you are liable for paying income tax on the taxable portion of your withdrawal. If you elect not to have income tax withheld or you don't have enough income tax withheld, you may be responsible for payment of estimated tax. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are not sufficient. You can reduce or defer the income tax on a distribution by directly or indirectly rolling such distribution over to another IRA or eligible plan. You should consult your tax advisor for additional information.

State tax will be withheld according to state regulations if, at the time of your distribution, your tax residency is within one of the mandatory withholding states.

\*Some 403(b), 457 and qualified retirement plan distributions may be subject to 20% mandatory withholding, as they are subject to special tax and withholding rules. Your plan administrator or plan sponsor is required to provide you with a special tax notice explaining those rules at the time you request a distribution. If applicable, federal and/or state taxes may be withheld from your distribution amount.

**Proxy Voting Policies** 

A description of the policies that the fund's investment advisor uses in exercising the voting rights associated with the securities purchased and/or held by the fund is available without charge, upon request, by calling 1-800-345-2021. It is also available on American Century Investments' website at americancentury.com/proxy and on the Securities and Exchange Commission's website at sec.gov. Information regarding how the investment advisor voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on americancentury.com/proxy. It is also available at sec.gov.

**Quarterly Portfolio Disclosure** 

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. These portfolio holdings are available on the fund's website at americancentury.com and, upon request, by calling 1-800-345-2021. The fund's Form N-PORT reports are available on the SEC's website at sec.gov.

------

**Other Tax Information**

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

The fund hereby designates up to the maximum amount allowable as qualified dividend income for the fiscal year ended November 30, 2022.

For corporate taxpayers, the fund hereby designates $777,981, or up to the maximum amount allowable, of ordinary income distributions paid during the fiscal year ended November 30, 2022 as qualified for the corporate dividends received deduction.

For the fiscal year ended November 30, 2022, the fund intends to pass through to shareholders

foreign source income of $41,345,429 and foreign taxes paid of $1,411,585, or up to the maximum

amount allowable, as a foreign tax credit. Foreign source income and foreign tax expense per

outstanding share on November 30, 2022 are $0.2348 and $0.0080, respectively.

------

Notes

------

------

---

| | |
|:---|:---|
| ![image12.jpg](image12.jpg) | ![image12.jpg](image12.jpg) |
| Contact Us | americancentury.com |
| Automated Information Line | 1-800-345-8765 |
| Investor Services Representative | 1-800-345-2021<br>or 816-531-5575 |
| Investors Using Advisors | 1-800-378-9878 |
| Business, Not-For-Profit, Employer-Sponsored Retirement Plans | 1-800-345-3533 |
| Banks and Trust Companies, Broker-Dealers, Financial Professionals, Insurance Companies | 1-800-345-6488 |
| Telecommunications Relay Service for the Deaf | 711 |
| **American Century World Mutual Funds, Inc.** | **American Century World Mutual Funds, Inc.** |
| **Investment Advisor:**<br>American Century Investment Management, Inc.<br>Kansas City, Missouri | **Investment Advisor:**<br>American Century Investment Management, Inc.<br>Kansas City, Missouri |
| *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.* |
| **©2023 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-ANN-91029 2301** | **©2023 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-ANN-91029 2301** |

---

------

![image12.jpg](image12.jpg)

---

| |
|:---|
| Annual Report |
| November 30, 2022 |
| Non-U.S. Intrinsic Value Fund |
| &nbsp;&nbsp;&nbsp;Investor Class (ANTUX) |
| &nbsp;&nbsp;&nbsp;I Class (ANVHX) |
| &nbsp;&nbsp;&nbsp;A Class (ANVLX) |
| &nbsp;&nbsp;&nbsp;R Class (ANVRX) |
| &nbsp;&nbsp;&nbsp;R6 Class (ANVMX) |
| &nbsp;&nbsp;&nbsp;G Class (ANTGX) |

---

------

------

**Table of Contents**

---

| | |
|:---|:---|
| President's Letter | [2](#icac732f9dea047f6825ef6d9a4af07ac_610) |
| Performance | [3](#icac732f9dea047f6825ef6d9a4af07ac_613) |
| Portfolio Commentary | [5](#icac732f9dea047f6825ef6d9a4af07ac_616) |
| Fund Characteristics | [7](#icac732f9dea047f6825ef6d9a4af07ac_619) |
| Shareholder Fee Example | [8](#icac732f9dea047f6825ef6d9a4af07ac_622) |
| Schedule of Investments | [10](#icac732f9dea047f6825ef6d9a4af07ac_625) |
| Statement of Assets and Liabilities | [13](#icac732f9dea047f6825ef6d9a4af07ac_631) |
| Statement of Operations | [14](#icac732f9dea047f6825ef6d9a4af07ac_634) |
| Statement of Changes in Net Assets | [15](#icac732f9dea047f6825ef6d9a4af07ac_637) |
| Notes to Financial Statements | [16](#icac732f9dea047f6825ef6d9a4af07ac_640) |
| Financial Highlights | [22](#icac732f9dea047f6825ef6d9a4af07ac_643) |
| Report of Independent Registered Public Accounting Firm | [24](#icac732f9dea047f6825ef6d9a4af07ac_646) |
| Management | [25](#icac732f9dea047f6825ef6d9a4af07ac_649) |
| Approval of Management Agreement | [28](#icac732f9dea047f6825ef6d9a4af07ac_652) |
| Proxy Voting Results | [32](#icac732f9dea047f6825ef6d9a4af07ac_658) |
| Additional Information | [33](#icac732f9dea047f6825ef6d9a4af07ac_661) |

---

Any opinions expressed in this report reflect those of the author as of the date of the report, and do not necessarily represent the opinions of American Century Investments<sup>®</sup> or any other person in the American Century Investments organization. Any such opinions are subject to change at any time based upon market or other conditions and American Century Investments disclaims any responsibility to update such opinions. These opinions may not be relied upon as investment advice and, because investment decisions made by American Century Investments funds are based on numerous factors, may not be relied upon as an indication of trading intent on behalf of any American Century Investments fund. Security examples are used for representational purposes only and are not intended as recommendations to purchase or sell securities. Performance information for comparative indices and securities is provided to American Century Investments by third party vendors. To the best of American Century Investments' knowledge, such information is accurate at the time of printing.

------

President's Letter

![image14.jpg](image14.jpg) **Jonathan Thomas**

Dear Investor:

Thank you for reviewing this annual report for the period ending November 30, 2022. Annual reports help convey important information about fund returns, including market factors that affected performance. For additional investment insights, please visit americancentury.com.

**High Inflation, Rising Rates Fueled Volatility**

The global economic and investment backdrops faced several challenges during the 12-month period. Concerns began to surface early in the fiscal year, as central banks finally admitted inflation was entrenched rather than transitory. Investors grew more cautious amid growing expectations for less accommodative monetary policy in the new year.

By early 2022, inflation soared to levels last seen in the early 1980s. Massive fiscal and monetary support unleashed during the pandemic was partly to blame. In addition, escalating energy prices, supply chain breakdowns, labor market shortages and Russia's invasion of Ukraine further aggravated the inflation backdrop, particularly in Europe.

The Bank of England responded to surging inflation in late 2021 with a 0.15 percentage point rate hike. Policymakers raised rates another 2.75 percentage points through the end of November. The Federal Reserve waited until March 2022 to launch its inflation-fighting campaign, hiking rates 3.75 percentage points by period-end. Meanwhile, the European Central Bank (ECB) held off until July. Facing record-high inflation, the ECB raised rates 2 percentage points through November.

In addition to advancing recession risk, the combination of elevated inflation and hawkish central banks led to losses for most developed and emerging markets stock indices. A late-period rally, triggered by expectations for central banks to slow their pace of tightening, helped stocks recover some earlier losses. Overall, developed markets stocks generally fared better than emerging markets stocks, and the value style generally outpaced the growth style.

**Staying Disciplined in Uncertain Times**

We expect market volatility to linger as investors navigate a complex environment of high inflation, rising interest rates and economic uncertainty. In addition, Russia's invasion of Ukraine complicates an increasingly tense geopolitical backdrop and threatens global energy markets. We will continue to monitor this evolving situation and what it broadly means for investors across asset classes.

We appreciate your confidence in us during these extraordinary times. Our firm has a long history of helping clients weather unpredictable markets, and we're confident we will continue to meet today's challenges.

Sincerely,

![image48a30.jpg](image48a30.jpg)

Jonathan Thomas

President and Chief Executive Officer

American Century Investments

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Performance

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Total Returns as of November 30, 2022** | **Total Returns as of November 30, 2022** | | | |
| | | | **Average Annual Returns**  | |
| | **Ticker**<br>**Symbol**  | **1 year** | **Since**<br>**Inception**  | **Inception**<br>**Date**  |
| **Investor Class** | ANTUX | -5.03% | -0.40% | 12/6/18 |
| **MSCI ACWI ex-U.S. Index** |  | -11.87% | 4.71% |  |
| I Class | ANVHX | -4.81% | -1.93% | 12/3/19 |
| A Class | ANVLX |  |  | 12/3/19 |
| &nbsp;&nbsp;&nbsp;No sales charge |  | -5.28% | -2.38% |  |
| &nbsp;&nbsp;&nbsp;With sales charge |  | -10.72% | -4.29% |  |
| R Class | ANVRX | -5.43% | -2.62% | 12/3/19 |
| R6 Class | ANVMX | -4.70% | -1.80% | 12/3/19 |
| G Class | ANTGX | -3.94% | 0.86% | 12/6/18 |

---

G Class returns would have been lower if a portion of the fees had not been waived.

Sales charges include initial sales charges and contingent deferred sales charges (CDSCs), as applicable. A Class shares have a 5.75% maximum initial sales charge and may be subject to a maximum CDSC of 1.00%. The SEC requires that mutual funds provide performance information net of maximum sales charges in all cases where charges could be applied.

**Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-800-345-2021 or visit americancentury.com. For additional information about the fund, please consult the prospectus.**

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---

| |
|:---|
| **Growth of $10,000 Over Life of Class** |
| **$10,000 investment made December 6, 2018** |
| Performance for other share classes will vary due to differences in fee structure. |

---

![chart-c1874f32f90f4e9eb65a.jpg](chart-c1874f32f90f4e9eb65a.jpg)

---

| |
|:---|
| Value on November 30, 2022 |
| Investor Class — $9,840 |
| Investor Class — $9,840 |
| MSCI ACWI ex-U.S. Index — $12,014 |
| MSCI ACWI ex-U.S. Index — $12,014 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Total Annual Fund Operating Expenses**  | **Total Annual Fund Operating Expenses**  | **Total Annual Fund Operating Expenses**  | **Total Annual Fund Operating Expenses**  | | |
| **Investor Class** | **I Class** | **A Class** | **R Class** | **R6 Class** | **G Class** |
| 1.16% | 0.96% | 1.41% | 1.66% | 0.81% | 0.81% |

---

The total annual fund operating expenses shown is as stated in the fund's prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.

**Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-800-345-2021 or visit americancentury.com. For additional information about the fund, please consult the prospectus.** 

------

Portfolio Commentary

**Portfolio Managers: Alvin Polit and Jonathan Veiga**

**Performance Summary**

Non-U.S. Intrinsic Value declined -5.03%\* for the 12 months ended November 30, 2022. The fund's benchmark, the MSCI ACWI ex-U.S. Index, declined -11.87% for the same time period. The fund's return reflects operating expenses, while the index's return does not.

Several of our positions in the health care, financials and industrials sectors contributed to the fund's outperformance relative to the benchmark. Our overweights to the health care and financials sectors relative to the benchmark were also beneficial. On the other hand, stock selection in the materials sector weighed on performance. The fund's underweight to the energy sector also pressured relative results, as the energy sector was buoyed by higher oil prices.

**Health Care, Financials and Industrials Were Areas of Strength**

Within the health care sector, holdings in the pharmaceuticals industry positively impacted relative performance. U.K.-based AstraZeneca was a key contributor, due in part to Britain's approval of AstraZeneca's antibody-based COVID-19 treatment called Evusheld. The company also reported solid financial results, driven by strength in its oncology segment. Takeda Pharmaceutical was another notable contributor. This Japan-based multinational pharmaceutical company also reported strong financial results, driven by notable growth for several of its products. Furthermore, Takeda stated that it expects to meet its full-year guidance.

As interest rates moved higher, several holdings in the financials sector contributed to the portfolio's outperformance relative to the benchmark, particularly in the banking industry. Banco do Brasil outperformed after this Brazil-based bank announced better-than-expected quarterly results and a higher full-year earnings forecast, driven by a rise in net interest income and cost control measures. Standard Chartered and Banco Bilbao Vizcaya Argentaria were other key contributors. Standard Chartered, a U.K.-based bank with a focus on emerging markets, reported a jump in profits, driven by higher interest rates. Spain-based Banco Bilbao Vizcaya Argentaria also reported strong financial results due to growth in loans, new customers, net interest income and fees.

In addition, our choice of investments in the industrials sector buoyed the fund's results. Turkiye Sise ve Cam Fabrikalari, a glass producer based in Turkey, was a key contributor. Its shares were buoyed by the company's strong growth. We exited this position as it approached our intrinsic value estimate and due to our increased concerns about challenges facing its operations in Russia. We also anticipate demand headwinds in Turkey as consumers and businesses face inflationary pressures.

**Materials and Energy Detracted**

Security selection in the materials sector negatively impacted performance, due primarily to our position in MMC Norilsk Nickel, a nickel and palladium mining company based in Russia. Following Russia's invasion of Ukraine, the company's shares were unable to be traded, and it is uncertain at this time whether we will realize any value from our interest. We still hold the position, but it is priced at close to zero in light of the uncertainty around trading.

It has been difficult for us to find energy holdings that meet our valuation criteria, resulting in an underweight to the energy sector relative to the benchmark. Many energy companies delivered

\*All fund returns referenced in this commentary are for Investor Class shares. Performance for other share classes will vary due to differences in fee structure; when Investor Class performance exceeds that of the fund's benchmark, other share classes may not. See page 3 for returns for all share classes.

------

strong returns during the reporting period as the price of oil rose, so our underweight in the sector weighed on relative results.

Furthermore, Continental, ASOS and Taylor Wimpey were key individual detractors during the quarter. Continental, a Germany-based automotive parts supplier, was pressured by supply chain issues, fears of recession and concerns about energy shortages in the European Union. Shares of ASOS, a U.K.-based online fashion retailer, plunged after the company cut its outlook for the remainder of the year as it anticipated a downturn in sales due to inflationary pressure. In addition, Taylor Wimpey, a U.K.-based homebuilder, was negatively impacted by concerns about falling demand for new homes in the U.K. in the face of rising interest rates, inflation and threats of a recession.

**Portfolio Positioning**

The portfolio continues to invest in companies where we believe the fundamentals are not being fully reflected by the market. Our process is conducted purely on a bottom-up basis, but broad themes have emerged.

As of November 30, 2022, the portfolio's notable sector overweights include consumer discretionary and health care. Within the consumer discretionary sector, we own several stocks in the automobiles industry that we believe are undervalued. According to our analysis, the automobile manufacturers we own offer stronger balance sheets, better brands and more favorable technology relative to their peers, putting them in a position to thrive as the industry transitions to electric and autonomous vehicles. In addition to automobiles, we hold positions in a variety of other industries in consumer discretionary, including the auto components and household durables industries. We have also identified opportunities in the health care sector. More specifically, we hold positions in the pharmaceuticals industry that we believe offer diversified revenue streams, durable business models and solid pipelines accompanied by compelling valuations.

On the other hand, we see limited opportunities in the information technology sector. Our investment process focuses on earnings sustainability over long time periods, but technology is prone to obsolescence risk and short product life cycles. However, we have exposure to select companies commonly referred to as technology companies by the media but classified by the Global Industry Classification Standard as consumer discretionary or communication services. While some of these companies, including those based in China, have been pressured by regulatory risk, we believe they offer attractive valuations and durable businesses. In addition, we ended the period with no exposure to the consumer staples sector. Investors have flocked to consumer staples stocks due to the more durable revenue streams offered by many of these businesses, driving valuations up to levels that do not meet our valuation criteria. The portfolio also ended the period with no exposure to the energy, utilities and real estate sectors.

On a regional basis, we ended the period with an overweight in Europe and underweights in Asia and emerging markets relative to the benchmark. Within Europe, some of our largest country overweights include the U.K., France and Germany, where we have identified opportunities across sectors that we believe offer compelling value opportunities, partly due to the strong U.S. dollar. While we are underweight in emerging markets overall, our bottom-up, value-oriented investment approach has led us to holdings in a few emerging markets countries, including China, Brazil and South Korea.

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Fund Characteristics

---

| | |
|:---|:---|
| **NOVEMBER 30, 2022** | |
| **Types of Investments in Portfolio** | **% of net assets** |
| Common Stocks | 99.3% |
| Short-Term Investments | 0.4% |
| Other Assets and Liabilities | 0.3% |
| **Top Five Countries** | **% of net assets** |
| United Kingdom | 28.0% |
| France | 16.9% |
| Germany | 13.6% |
| China | 11.0% |
| Canada | 5.0% |

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Shareholder Fee Example

Fund shareholders may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and redemption/exchange fees; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in your fund and to compare these costs with the ongoing cost of investing in other mutual funds.

The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from June 1, 2022 to November 30, 2022.

**Actual Expenses**

The table provides information about actual account values and actual expenses for each class. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. First, identify the share class you own. Then simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

If you hold Investor Class shares of any American Century Investments mutual fund, or I Class shares of the American Century Diversified Bond Fund, in an American Century Investments account (i.e., not through a financial intermediary or employer-sponsored retirement plan account), American Century Investments may charge you a $25 annual account maintenance fee if the value of those shares is less than $10,000. We will redeem shares automatically in one of your accounts to pay the $25 fee. In determining your total eligible investment amount, we will include your investments in all personal accounts (including American Century Investments brokerage accounts) registered under your Social Security number. Personal accounts include individual accounts, joint accounts, UGMA/UTMA accounts, personal trusts, Coverdell Education Savings Accounts and IRAs (including traditional, Roth, Rollover, SEP-, SARSEP- and SIMPLE-IRAs), and certain other retirement accounts. If you have only business, business retirement, employer-sponsored or American Century Investments brokerage accounts, you are currently not subject to this fee. If you are subject to the account maintenance fee, your account value could be reduced by the fee amount.

**Hypothetical Example for Comparison Purposes**

The table also provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio of each class of your fund and an assumed rate of return of 5% per year before expenses, which is not the actual return of a fund's share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or redemption/exchange fees. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Beginning<br>Account Value<br>6/1/22** | **Ending<br>Account Value<br>11/30/22** | **Expenses Paid**<br>**During Period**<sup>(1)</sup><br>**6/1/22 - 11/30/22** | **Annualized**<br>**Expense Ratio**<sup>(1)</sup> |
| **Actual** | | | | |
| Investor Class | $1000 | $954.80 | $5.73 | 1.17% |
| I Class | $1000 | $956.90 | $4.76 | 0.97% |
| A Class | $1000 | $954.70 | $6.96 | 1.42% |
| R Class | $1000 | $953.60 | $8.18 | 1.67% |
| R6 Class | $1000 | $956.60 | $4.02 | 0.82% |
| G Class | $1000 | $960.50 | $0.10 | 0.02% |
| **Hypothetical** |  |  |  |  |
| Investor Class | $1000 | $1019.20 | $5.92 | 1.17% |
| I Class | $1000 | $1020.21 | $4.91 | 0.97% |
| A Class | $1000 | $1017.95 | $7.18 | 1.42% |
| R Class | $1000 | $1016.70 | $8.44 | 1.67% |
| R6 Class | $1000 | $1020.96 | $4.15 | 0.82% |
| G Class | $1000 | $1024.97 | $0.10 | 0.02% |

---

(1)Expenses are equal to the class's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 183, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses.

------

Schedule of Investments

**NOVEMBER 30, 2022**

---

| | | |
|:---|:---|:---|
|<br>**COMMON STOCKS — 99.3%** | **Shares** | **Value** |
| **Belgium — 1.9%** | | |
| UCB SA | 140112 | $11309356 |
| **Brazil — 4.0%** |  |  |
| Banco Bradesco SA | 4696926 | 12182763 |
| Banco do Brasil SA | 1756500 | 11992407 |
|  |  | 24175170 |
| **Canada — 5.0%** |  |  |
| ERO Copper Corp.<sup>(1)</sup> | 1092413 | 13830274 |
| Linamar Corp. | 337310 | 16557692 |
|  |  | 30387966 |
| **China — 11.0%** |  |  |
| Alibaba Group Holding Ltd.<sup>(1)</sup> | 1401200 | 15249475 |
| Autohome, Inc., ADR | 353368 | 10565703 |
| Baidu, Inc., Class A<sup>(1)</sup> | 968450 | 13069826 |
| JD.com, Inc., Class A | 341114 | 9738044 |
| Tencent Holdings Ltd. | 468800 | 17728278 |
|  |  | 66351326 |
| **France — 16.9%** |  |  |
| BNP Paribas SA | 289915 | 16290905 |
| Cie de Saint-Gobain | 368001 | 16969096 |
| Eiffage SA | 122965 | 12107608 |
| Publicis Groupe SA<sup>(1)</sup> | 227007 | 14940786 |
| Rexel SA<sup>(1)</sup> | 611575 | 11238496 |
| Sanofi | 251736 | 22739131 |
| Sanofi, ADR | 183985 | 8343720 |
|  |  | 102629742 |
| **Germany — 13.6%** |  |  |
| Bayerische Motoren Werke AG | 369086 | 33512508 |
| Continental AG | 326988 | 19789385 |
| Mercedes-Benz Group AG | 428412 | 29107681 |
|  |  | 82409574 |
| **Italy — 2.7%** |  |  |
| UniCredit SpA | 1210827 | 16537375 |
| **Japan — 4.7%** |  |  |
| SUMCO Corp. | 812400 | 12154733 |
| Takeda Pharmaceutical Co. Ltd. | 503800 | 14813344 |
| Yamazen Corp. | 209600 | 1533748 |
|  |  | 28501825 |
| **Netherlands — 1.5%** |  |  |
| Aegon NV | 1835707 | 8999489 |
| **Russia**<sup>(2)†</sup> |  |  |
| MMC Norilsk Nickel PJSC | 76933 |  |
| **South Korea — 3.3%** |  |  |
| Hyundai Mobis Co. Ltd. | 56454 | 9240307 |
| Samsung Electronics Co. Ltd. | 229469 | 10822286 |
|  |  | 20062593 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Spain — 4.1%** | | |
| Banco Bilbao Vizcaya Argentaria SA | 3165928 | $18656946 |
| Indra Sistemas SA | 595633 | 6126257 |
|  |  | 24783203 |
| **Sweden — 0.5%** |  |  |
| Electrolux AB, B Shares | 203236 | 2906625 |
| **Switzerland — 2.1%** |  |  |
| Novartis AG | 145876 | 12976332 |
| **United Kingdom — 28.0%** |  |  |
| ASOS PLC<sup>(1)</sup> | 927059 | 7238953 |
| AstraZeneca PLC, ADR | 439899 | 29899935 |
| Barclays PLC | 10377640 | 20299413 |
| Barratt Developments PLC | 2525512 | 12212805 |
| GSK PLC | 1740297 | 29592111 |
| Hikma Pharmaceuticals PLC | 699887 | 12826316 |
| Kingfisher PLC | 3037025 | 8881471 |
| Standard Chartered PLC | 1819671 | 13554796 |
| Taylor Wimpey PLC | 11315110 | 14261896 |
| WPP PLC | 2007344 | 21096548 |
|  |  | 169864244 |
| **TOTAL COMMON STOCKS**<br>(Cost $621,906,493) |  | **601894820** |
| **SHORT-TERM INVESTMENTS — 0.4%** |  |  |
| **Money Market Funds**<sup>†</sup> |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 1940 | 1940 |
| **Repurchase Agreements — 0.4%** |  |  |
| BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 2.00% - 3.375%, 2/15/25 - 5/15/51, valued at $596,968), in a joint trading account at 3.74%, dated 11/30/22, due 12/1/22 (Delivery value $585,867) |  | 585806 |
| Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 3.875%, 11/30/29, valued at $1,721,785), at 3.77%, dated 11/30/22, due 12/1/22 (Delivery value $1,688,177) |  | 1688000 |
|  |  | 2273806 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $2,275,746) |  | **2275746** |
| **TOTAL INVESTMENT SECURITIES—99.7%**<br>(Cost $624,182,239) |  | **604170566** |
| **OTHER ASSETS AND LIABILITIES — 0.3%** |  | **1531058** |
| **TOTAL NET ASSETS — 100.0%** |  | $**605701624** |

---

------

---

| | |
|:---|:---|
| **MARKET SECTOR DIVERSIFICATION** | **MARKET SECTOR DIVERSIFICATION** |
| **(as a % of net assets)** | |
| Consumer Discretionary | 29.5% |
| Health Care | 23.4% |
| Financials | 19.5% |
| Communication Services | 12.9% |
| Industrials | 6.9% |
| Information Technology | 4.8% |
| Materials | 2.3% |
| Short-Term Investments | 0.4% |
| Other Assets and Liabilities | 0.3% |

---

---

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

---

†Category is less than 0.05% of total net assets.

(1)Non-income producing.

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

See Notes to Financial Statements.

------

Statement of Assets and Liabilities

---

| | |
|:---|:---|
| **NOVEMBER 30, 2022** | |
| **Assets** | |
| Investment securities, at value (cost of $624,182,239) | $604170566 |
| Foreign currency holdings, at value (cost of $1,386,600) | 769 |
| Receivable for investments sold | 13669933 |
| Receivable for capital shares sold | 74018 |
| Dividends and interest receivable | 2740588 |
|  | 620655874 |
| **Liabilities** |  |
| Payable for investments purchased | 10692341 |
| Payable for capital shares redeemed | 4073339 |
| Accrued management fees | 129169 |
| Accrued other expenses | 59401 |
|  | 14954250 |
| **Net Assets** | $605701624 |
| **Net Assets Consist of:** |  |
| Capital (par value and paid-in surplus) | $608064765 |
| Distributable earnings | (2363141) |
|  | $605701624 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Net Assets** | **Shares Outstanding** | **Net Asset Value Per Share\*** |
| Investor Class, $0.01 Par Value | $138382466 | 15589224 | $8.88 |
| I Class, $0.01 Par Value | $1376913 | 154918 | $8.89 |
| A Class, $0.01 Par Value | $13731 | 1551 | &nbsp;&nbsp;$8.85 |
| R Class, $0.01 Par Value | $75899 | 8598 | $8.83 |
| R6 Class, $0.01 Par Value | $4738 | 524 | $9.04 |
| G Class, $0.01 Par Value | $465847877 | 51800703 | $8.99 |

---

\*Maximum offering price per share was equal to the net asset value per share for all share classes, except Class A, for which the maximum offering price per share was $9.39 (net asset value divided by 0.9425). A contingent deferred sales charge may be imposed on redemptions of Class A.

See Notes to Financial Statements.

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Statement of Operations

---

| | |
|:---|:---|
| **YEAR ENDED NOVEMBER 30, 2022** | |
| **Investment Income (Loss)** | |
| **Income:** | |
| Dividends (net of foreign taxes withheld of $2,678,924) | $28813165 |
| Interest | 80043 |
|  | 28893208 |
| **Expenses:** |  |
| Management fees | 5387785 |
| Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;R Class | 239 |
| Directors' fees and expenses | 16380 |
| Other expenses | 68116 |
|  | 5472551 |
| Fees waived - G Class | (3677083) |
|  | 1795468 |
| **Net investment income (loss)** | 27097740 |
| **Realized and Unrealized Gain (Loss)** |  |
| **Net realized gain (loss) on:** |  |
| Investment transactions | (1242349) |
| Foreign currency translation transactions | (556151) |
|  | (1798500) |
| **Change in net unrealized appreciation (depreciation) on:** |  |
| Investments | (42642627) |
| Translation of assets and liabilities in foreign currencies | (1431863) |
|  | (44074490) |
| **Net realized and unrealized gain (loss)** | (45872990) |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $(18775250) |

---

See Notes to Financial Statements.

------

Statement of Changes in Net Assets

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| | | |
|:---|:---|:---|
| **YEARS ENDED NOVEMBER 30, 2022 AND NOVEMBER 30, 2021** | **YEARS ENDED NOVEMBER 30, 2022 AND NOVEMBER 30, 2021** | **YEARS ENDED NOVEMBER 30, 2022 AND NOVEMBER 30, 2021** |
| **Increase (Decrease) in Net Assets** | **November 30, 2022** | **November 30, 2021** |
| **Operations** | | |
| Net investment income (loss) | $27097740 | $17849281 |
| Net realized gain (loss) | (1798500) | 40119497 |
| Change in net unrealized appreciation (depreciation) | (44074490) | 3287730 |
| Net increase (decrease) in net assets resulting from operations | (18775250) | 61256508 |
| **Distributions to Shareholders** |  |  |
| From earnings: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (7073080) | (1430575) |
| &nbsp;&nbsp;&nbsp;&nbsp;I Class | (9012) | (70) |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class | (534) | (49) |
| &nbsp;&nbsp;&nbsp;&nbsp;R Class | (1406) | (56) |
| &nbsp;&nbsp;&nbsp;&nbsp;R6 Class | (234) | (75) |
| &nbsp;&nbsp;&nbsp;&nbsp;G Class | (28796193) | (11626760) |
| Decrease in net assets from distributions | (35880459) | (13057585) |
| **Capital Share Transactions** |  |  |
| Net increase (decrease) in net assets from capital share transactions (Note 5) | 9376069 | 32025752 |
| **Net increase (decrease) in net assets** | (45279640) | 80224675 |
| **Net Assets** |  |  |
| Beginning of period | 650981264 | 570756589 |
| End of period | $605701624 | $650981264 |

---

See Notes to Financial Statements.

------

Notes to Financial Statements

**NOVEMBER 30, 2022**

**1. Organization**

American Century World Mutual Funds, Inc. (the corporation) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company and is organized as a Maryland corporation. Non-U.S. Intrinsic Value Fund (the fund) is one fund in a series issued by the corporation. The fund's investment objective is to seek capital appreciation.

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

**2. Significant Accounting Policies**

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

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

Equity securities that are listed or traded on a domestic securities exchange are valued at the last reported sales price or at the official closing price as provided by the exchange. Equity securities traded on foreign securities exchanges are generally valued at the closing price of such securities on the exchange where primarily traded or at the close of the NYSE, if that is earlier. If no last sales price is reported, or if local convention or regulation so provides, the mean of the latest bid and asked prices may be used. Securities traded over-the-counter are valued at the mean of the latest bid and asked prices, the last sales price, or the official closing price. Equity securities initially expressed in local currencies are translated into U.S. dollars at the mean of the appropriate currency exchange rate at the close of the NYSE as provided by an independent pricing service.

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

If the valuation designee determines that the market price for a portfolio security is not readily available or is believed by the valuation designee to be unreliable, such security is valued at fair value as determined in good faith by the valuation designee, in accordance with its policies and procedures. Circumstances that may cause the fund to determine that market quotations are not available or reliable include, but are not limited to: when there is a significant event subsequent to the market quotation; trading in a security has been halted during the trading day; or trading in a security is insufficient or did not take place due to a closure or holiday.

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

------

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

**Investment Income —** Dividend income less foreign taxes withheld, if any, is recorded as of the ex-dividend date. Distributions received on securities that represent a return of capital or long-term capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The fund may estimate the components of distributions received that may be considered nontaxable distributions or long-term capital gain distributions for income tax purposes. Interest income is recorded on the accrual basis and includes accretion of discounts and amortization of premiums.

**Foreign Currency Translations —** All assets and liabilities initially expressed in foreign currencies are translated into U.S. dollars at prevailing exchange rates at period end. The fund may enter into spot foreign currency exchange contracts to facilitate transactions denominated in a foreign currency. Purchases and sales of investment securities, dividend and interest income, spot foreign currency exchange contracts, and expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. Net realized and unrealized foreign currency exchange gains or losses related to investment securities are a component of net realized gain (loss) on investment transactions and change in net unrealized appreciation (depreciation) on investments, respectively.

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

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

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

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

**Distributions to Shareholders —** Distributions from net investment income and net realized gains, if any, are generally declared and paid annually. The fund may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code, in all events in a manner consistent with provisions of the 1940 Act.

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

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

Certain officers and directors of the corporation are also officers and/or directors of American Century Companies, Inc. (ACC). The corporation's investment advisor, ACIM, the corporation's distributor, American Century Investment Services, Inc. (ACIS), and the corporation's transfer agent, American Century Services, LLC, are wholly owned, directly or indirectly, by ACC. Various funds issued by American Century Asset Allocation Portfolios, Inc. own, in aggregate, 54% of the shares of the fund. Related parties do not invest in the fund for the purpose of exercising management or control.

**Management Fees —** The corporation has entered into a management agreement with ACIM, under which ACIM provides the fund with investment advisory and management services in exchange for a single, unified management fee (the fee) per class. The agreement provides that ACIM will pay all expenses of managing and operating the fund, except brokerage expenses, taxes, interest, fees and expenses of the independent directors (including legal counsel fees), extraordinary expenses, and expenses incurred in connection with the provision of shareholder services and distribution services under a plan adopted pursuant to Rule 12b-1 under the 1940 Act. The fee is computed and accrued daily based on each class's daily net assets and paid monthly in arrears. The difference in the fee among the classes is a result of their separate arrangements for non-Rule 12b-1 shareholder services. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class. The investment advisor agreed to waive the G Class's management fee in its entirety. The investment advisor expects this waiver to remain in effect permanently and cannot terminate it without the approval of the Board of Directors.

The annual management fee for each class is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investor Class** | **I Class** | **A Class** | **R Class** | **R6 Class** | **G Class** |
| 1.15% | 0.95% | 1.15% | 1.15% | 0.80% | 0.00%<sup>(1)</sup> |

---

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

**Distribution and Service Fees —** The Board of Directors has adopted a separate Master Distribution and Individual Shareholder Services Plan for each of the A Class and R Class (collectively the plans), pursuant to Rule 12b-1 of the 1940 Act. The plans provide that the A Class will pay ACIS an annual distribution and service fee of 0.25%. The plans provide that the R Class will pay ACIS an annual distribution and service fee of 0.50%. The fees are computed and accrued daily based on each class's daily net assets and paid monthly in arrears. The fees are used to pay financial intermediaries for distribution and individual shareholder services. Fees incurred under the plans during the period ended November 30, 2022 are detailed in the Statement of Operations.

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

**Interfund Transactions —** The fund may enter into security transactions with other American Century Investments funds and other client accounts of the investment advisor, in accordance with the 1940 Act rules and procedures adopted by the Board of Directors. The rules and procedures require, among other things, that these transactions be effected at the independent current market price of the security. There were no interfund transactions during the period.

**4. Investment Transactions**

Purchases and sales of investment securities, excluding short-term investments, for the period ended November 30, 2022 were $414,454,948 and $401,455,181, respectively.

------

**5. Capital Share Transactions**

Transactions in shares of the fund were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year ended**<br>**November 30, 2022** | **Year ended**<br>**November 30, 2022** | **Year ended**<br>**November 30, 2021** | **Year ended**<br>**November 30, 2021** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| **Investor Class/Shares Authorized** | 130000000 |  | 130000000 |  |
| Sold | 1519386 | $14748158 | 4534364 | $46710028 |
| Issued in reinvestment of distributions | 735130 | 7071954 | 158244 | 1430521 |
| Redeemed | (2336943) | (20948979) | (1008137) | (10047396) |
|  | (82427) | 871133 | 3684471 | 38093153 |
| **I Class/Shares Authorized** | 40000000 |  | 50000000 |  |
| Sold | 148660 | 1470079 | 19679 | 201790 |
| Issued in reinvestment of distributions | 920 | 8837 | 8 | 70 |
| Redeemed | (14552) | (120996) | (296) | (3012) |
|  | 135028 | 1357920 | 19391 | 198848 |
| **A Class/Shares Authorized** | 40000000 |  | 50000000 |  |
| Sold | 188 | 1500 | 804 | 8716 |
| Issued in reinvestment of distributions | 55 | 534 | 5 | 49 |
|  | 243 | 2034 | 809 | 8765 |
| **R Class/Shares Authorized** | 40000000 |  | 50000000 |  |
| Sold | 12901 | 113679 | 4277 | 43464 |
| Issued in reinvestment of distributions | 146 | 1406 | 6 | 56 |
| Redeemed | (7656) | (69811) | (1801) | (18211) |
|  | 5391 | 45274 | 2482 | 25309 |
| **R6 Class/Shares Authorized** | 40000000 |  | 60000000 |  |
| Issued in reinvestment of distributions | 24 | 234 | 8 | 75 |
| **G Class/Shares Authorized** | 340000000 |  | 340000000 |  |
| Sold | 8004444 | 72183755 | 6193840 | 62730403 |
| Issued in reinvestment of distributions | 2987157 | 28796193 | 1284725 | 11626760 |
| Redeemed | (9486129) | (93880474) | (8027946) | (80657561) |
|  | 1505472 | 7099474 | (549381) | (6300398) |
| Net increase (decrease) | 1563731 | $9376069 | 3157780 | $32025752 |

---

**6. Fair Value Measurements**

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

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

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

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

The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not necessarily an indication of the risks associated with investing in these securities or other financial instruments.

------

The following is a summary of the level classifications as of period end. The Schedule of Investments provides additional information on the fund's portfolio holdings.

---

| | | | |
|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** |
| **Assets** | | | |
| **Investment Securities** | | | |
| Common Stocks |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;China | $10565703 | $55785623 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;France | 8343720 | 94286022 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | 29899935 | 139964309 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Countries |  | 263049508 |  |
| Short-Term Investments | 1940 | 2273806 |  |
|  | $48811298 | $555359268 |  |

---

**7. Risk Factors**

The value of the fund's shares will go up and down, sometimes rapidly or unpredictably, based on the performance of the securities owned by the fund and other factors generally affecting the securities market. Market risks, including political, regulatory, economic and social developments, can affect the value of the fund's investments. Natural disasters, public health emergencies, war, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.

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

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

**8. Federal Tax Information**

On December 21, 2022, the fund declared and paid a per-share distribution from net realized gains to shareholders of record on December 20, 2022 of $0.0622 for the Investor Class, I Class, A Class, R Class, R6 Class and G Class.

On December 21, 2022, the fund declared and paid the following per-share distributions from net investment income to shareholders of record on December 20, 2022:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investor Class** | **I Class** | **A Class** | **R Class** | **R6 Class** | **G Class** |
| $0.3424 | $0.3600 | $0.3203 | $0.2983 | $0.3732 | $0.4438 |

---

The tax character of distributions paid during the years ended November 30, 2022 and November 30, 2021 were as follows:

---

| | | |
|:---|:---|:---|
| | **2022** | **2021** |
| **Distributions Paid From** |  |  |
| Ordinary income | $35880459 | $13057585 |
| Long-term capital gains |  |  |

---

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:

---

| | |
|:---|:---|
| Federal tax cost of investments | $634235105 |
| Gross tax appreciation of investments | $59082510 |
| Gross tax depreciation of investments | (89147049) |
| Net tax appreciation (depreciation) of investments | (30064539) |
| Net tax appreciation (depreciation) on translation of assets and liabilities in <br>foreign currencies | (1474572) |
| Net tax appreciation (depreciation) | $(31539111) |
| Undistributed ordinary income | $29175970 |

---

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

------

Financial Highlights

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| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | | | | |
| **Per-Share Data**  | **Per-Share Data**  | **Per-Share Data**  | **Per-Share Data**  | | | | | | | **Ratios and Supplemental Data**  | **Ratios and Supplemental Data**  | **Ratios and Supplemental Data**  | **Ratios and Supplemental Data**  | **Ratios and Supplemental Data**  |
| | | **Income From Investment Operations:** | **Income From Investment Operations:** | **Income From Investment Operations:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | | |
| | **Net Asset Value, Beginning**<br>**of Period**  | **Net Investment Income** <br>**(Loss)**<sup>(1)</sup>  | **Net<br>Realized<br>and Unrealized Gain (Loss)** | **Total From Investment Operations** | **Net Investment Income** | **Net Realized Gains** | **Total Distributions** | **Net Asset Value, End of Period** | **Total Return**<sup>(2)</sup> | **Operating Expenses** | **Operating <br>Expenses <br>(before <br>expense <br>waiver)** | **Net <br>Investment <br>Income <br>(Loss) <br>(before <br>expense <br>waiver)** | **Portfolio Turnover <br>Rate** | **Net Assets, <br>End of Period (in <br>thousands)** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| 2022 | $9.76 | 0.32 | (0.76) | (0.44) | (0.16) | (0.28) | (0.44) | $8.88 | (5.03)% | 1.16% | 1.16% | 3.59% | 67% | $138382 |
| 2021 | $8.98 | 0.18 | 0.72 | 0.90 | (0.12) |  | (0.12) | $9.76 | 10.15% | 1.25% | 1.25% | 1.76% | 54% | $152993 |
| 2020 | $10.61 | 0.13 | (1.31) | (1.18) | (0.32) | (0.13) | (0.45) | $8.98 | (11.75)% | 1.31% | 1.31% | 1.60% | 68% | $107655 |
| 2019<sup>(3)</sup> | $10.00 | 0.31 | 0.34 | 0.65 | (0.04) |  | (0.04) | $10.61 | 6.59% | 1.31%<sup>(4)</sup> | 1.31%<sup>(4)</sup> | 3.04%<sup>(4)</sup> | 85% | $101934 |
| **I Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2022 | $9.78 | 0.33 | (0.76) | (0.43) | (0.18) | (0.28) | (0.46) | $8.89 | (4.81)% | 0.96% | 0.96% | 3.79% | 67% | $1377 |
| 2021 | $8.99 | 0.19 | 0.74 | 0.93 | (0.14) |  | (0.14) | $9.78 | 10.47% | 1.05% | 1.05% | 1.96% | 54% | $194 |
| 2020<sup>(5)</sup> | $10.45 | 0.15 | (1.16) | (1.01) | (0.32) | (0.13) | (0.45) | $8.99 | (10.29)% | 1.11%<sup>(4)</sup> | 1.11%<sup>(4)</sup> | 1.80%<sup>(4)</sup> | 68%<sup>(6)</sup> | $4 |
| **A Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2022 | $9.73 | 0.29 | (0.76) | (0.47) | (0.13) | (0.28) | (0.41) | $8.85 | (5.28)% | 1.41% | 1.41% | 3.34% | 67% | $14 |
| 2021 | $8.96 | 0.16 | 0.71 | 0.87 | (0.10) |  | (0.10) | $9.73 | 9.89% | 1.50% | 1.50% | 1.51% | 54% | $13 |
| 2020<sup>(5)</sup> | $10.45 | 0.11 | (1.15) | (1.04) | (0.32) | (0.13) | (0.45) | $8.96 | (10.62)% | 1.56%<sup>(4)</sup> | 1.56%<sup>(4)</sup> | 1.35%<sup>(4)</sup> | 68%<sup>(6)</sup> | $4 |
| **R Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2022 | $9.71 | 0.26 | (0.75) | (0.49) | (0.11) | (0.28) | (0.39) | $8.83 | (5.43)% | 1.66% | 1.66% | 3.09% | 67% | $76 |
| 2021 | $8.93 | 0.15 | 0.71 | 0.86 | (0.08) |  | (0.08) | $9.71 | 9.65% | 1.75% | 1.75% | 1.26% | 54% | $31 |
| 2020<sup>(5)</sup> | $10.45 | 0.09 | (1.16) | (1.07) | (0.32) | (0.13) | (0.45) | $8.93 | (10.93)% | 1.81%<sup>(4)</sup> | 1.81%<sup>(4)</sup> | 1.10%<sup>(4)</sup> | 68%<sup>(6)</sup> | $6 |

---

------

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended November 30 (except as noted)** | | | | | |
| **Per-Share Data**  | **Per-Share Data**  | **Per-Share Data**  | **Per-Share Data**  | | | | | | | **Ratios and Supplemental Data**  | **Ratios and Supplemental Data**  | **Ratios and Supplemental Data**  | **Ratios and Supplemental Data**  | **Ratios and Supplemental Data**  | **Ratios and Supplemental Data**  |
| | | **Income From Investment Operations:** | **Income From Investment Operations:** | **Income From Investment Operations:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | | |
| | **Net Asset Value, Beginning**<br>**of Period**  | **Net Investment Income** <br>**(Loss)**<sup>(1)</sup>  | **Net<br>Realized<br>and Unrealized Gain (Loss)** | **Total From Investment Operations** | **Net Investment Income** | **Net Realized Gains** | **Total Distributions** | **Net Asset Value, End of Period** | **Total Return**<sup>(2)</sup> | **Operating Expenses** | **Operating <br>Expenses <br>(before <br>expense <br>waiver)** | **Net Investment Income (Loss)** | **Net <br>Investment <br>Income <br>(Loss) <br>(before <br>expense <br>waiver)** | **Portfolio Turnover <br>Rate** | **Net Assets, <br>End of Period (in <br>thousands)** |
| **R6 Class** | **R6 Class** | **R6 Class** | **R6 Class** | **R6 Class** | **R6 Class** | **R6 Class** | **R6 Class** | **R6 Class** | **R6 Class** | **R6 Class** | **R6 Class** | **R6 Class** | **R6 Class** | **R6 Class** | **R6 Class** |
| 2022 | $9.94 | 0.35 | (0.78) | (0.43) | (0.19) | (0.28) | (0.47) | $9.04 | (4.70)% | 0.81% | 0.81% | 3.94% | 3.94% | 67% | $5 |
| 2021 | $9.14 | 0.22 | 0.73 | 0.95 | (0.15) |  | (0.15) | $9.94 | 10.57% | 0.90% | 0.90% | 2.11% | 2.11% | 54% | $5 |
| 2020<sup>(5)</sup> | $10.60 | 0.16 | (1.16) | (1.00) | (0.33) | (0.13) | (0.46) | $9.14 | (10.12)% | 0.96%<sup>(4)</sup> | 0.96%<sup>(4)</sup> | 1.95%<sup>(4)</sup> | 1.95%<sup>(4)</sup> | 68%<sup>(6)</sup> | $4 |
| **G Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2022 | $9.90 | 0.42 | (0.77) | (0.35) | (0.28) | (0.28) | (0.56) | $8.99 | (3.94)% | 0.01% | 0.81% | 4.74% | 3.94% | 67% | $465848 |
| 2021 | $9.11 | 0.31 | 0.72 | 1.03 | (0.24) |  | (0.24) | $9.90 | 11.56% | 0.00%<sup>(7)</sup> | 0.90% | 3.01% | 2.11% | 54% | $497745 |
| 2020 | $10.76 | 0.24 | (1.29) | (1.05) | (0.47) | (0.13) | (0.60) | $9.11 | (10.58)% | 0.01% | 0.96% | 2.90% | 1.95% | 68% | $463081 |
| 2019<sup>(3)</sup> | $10.00 | 0.43 | 0.37 | 0.80 | (0.04) |  | (0.04) | $10.76 | 8.00% | 0.01%<sup>(4)</sup> | 0.96%<sup>(4)</sup> | 4.34%<sup>(4)</sup> | 3.39%<sup>(4)</sup> | 85% | $264529 |

---

**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)December 6, 2018 (fund inception) through November 30, 2019.

(4)Annualized.

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

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

(7)Ratio was 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 World Mutual Funds, Inc.:

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

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Non-U.S. Intrinsic Value Fund (the "Fund"), one of the funds constituting the American Century World Mutual Funds, Inc., as of November 30, 2022, the related statement 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 the years ended November 30, 2022, 2021, and 2020 and for the period December 6, 2018 (fund inception) through November 30, 2019, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of Non-U.S. Intrinsic Value Fund of the American Century World Mutual Funds, Inc. as of November 30, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the years ended November 30, 2022, 2021, and 2020 and for the period December 6, 2018 (fund inception) through November 30, 2019, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's 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 Fund 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 Fund is not required to have, nor were we engaged to perform, an audit of its 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 Fund's 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 November 30, 2022, 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

January 17, 2023

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

------

Management

**The Board of Directors** 

The individuals listed below serve as directors of the funds. Each director will continue to serve in this capacity until death, retirement, resignation or removal from office. The board has adopted a mandatory retirement age for directors who are not "interested persons," as that term is defined in the Investment Company Act (independent directors). Independent directors shall retire on December 31 of the year in which they reach their 75<sup>th</sup> birthday.

Jonathan S. Thomas is an "interested person" because he currently serves as President and Chief Executive Officer of American Century Companies, Inc. (ACC), the parent company of American Century Investment Management, Inc. (ACIM or the advisor). The other directors (more than three-fourths of the total number) are independent. They are not employees, directors or officers of, and have no financial interest in, ACC or any of its wholly owned, direct or indirect, subsidiaries, including ACIM, American Century Investment Services, Inc. (ACIS) and American Century Services, LLC (ACS), and they do not have any other affiliations, positions or relationships that would cause them to be considered "interested persons" under the Investment Company Act. The directors serve in this capacity for seven (in the case of Jonathan S. Thomas, 16; and Stephen E. Yates, 8) registered investment companies in the American Century Investments family of funds.

The following table presents additional information about the directors. The mailing address for each director is 4500 Main Street, Kansas City, Missouri 64111.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name<br>(Year of Birth)** | **Position(s) Held with Funds** | **Length of Time Served** | **Principal Occupation(s) During Past 5 Years** | **Number of American Century Portfolios Overseen by Director** | **Other Directorships Held During Past 5 Years** |
| **Independent Directors** | **Independent Directors** | **Independent Directors** | **Independent Directors** | | |
| Thomas W. Bunn (1953) | Director | Since 2017 | Retired | 64 |  |
| Chris H. Cheesman <br>(1962) | Director | Since 2019 | Retired. Senior Vice President & Chief Audit Executive, AllianceBernstein (1999 to 2018) | 64 | Alleghany Corporation (2021 to 2022) |
| Barry Fink<br>(1955) | Director | Since 2012 (independent since 2016) | Retired | 64 |  |
| Rajesh K. Gupta <br>(1960) | Director | Since 2019 | Partner Emeritus, SeaCrest Investment Management and SeaCrest Wealth Management (2019 to present); Chief Executive Officer and Chief Investment Officer, SeaCrest Investment Management (2006 to 2019); Chief Executive Officer and Chief Investment Officer, SeaCrest Wealth Management (2008 to 2019) | 64 |  |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name<br>(Year of Birth)** | **Position(s) Held with Funds** | **Length of Time Served** | **Principal Occupation(s) During Past 5 Years** | **Number of American Century Portfolios Overseen by Director** | **Other Directorships Held During Past 5 Years** |
| **Independent Directors** | **Independent Directors** | **Independent Directors** | **Independent Directors** | | |
| Lynn Jenkins <br>(1963) | Director | Since 2019 | Consultant, LJ Strategies (2019 to present); United States Representative, U.S. House of Representatives (2009 to 2018) | 64 | MGP Ingredients, Inc. (2019 to 2021) |
| Jan M. Lewis<br>(1957) | Director and Board Chair | Since 2011 (Board Chair since 2022) | Retired | 64 |  |
| Stephen E. Yates<br>(1948) | Director | Since 2012 | Retired | 108 |  |
| **Interested Director** | **Interested Director** | **Interested Director** | **Interested Director** | **Interested Director** |  |
| Jonathan S. Thomas<br>(1963) | Director | Since 2007 | President and Chief Executive Officer, ACC (2007 to present). Also serves as Chief Executive Officer, ACS; Director, ACC and other ACC subsidiaries | 142 |  |

---

The Statement of Additional Information has additional information about the fund's directors and is available without charge, upon request, by calling 1-800-345-2021.

------

**Officers** 

The following table presents certain information about the executive officers of the funds. Each officer serves as an officer for each of the 16 (in the case of Robert J. Leach, 15) investment companies in the American Century family of funds. No officer is compensated for his or her service as an officer of the funds. The listed officers are interested persons of the funds and are appointed or re-appointed on an annual basis. The mailing address for each officer listed below is 4500 Main Street, Kansas City, Missouri 64111.

---

| | | |
|:---|:---|:---|
| **Name <br>(Year of Birth)** | **Offices with the Funds** | **Principal Occupation(s) During the Past Five Years** |
| Patrick Bannigan<br>(1965) | President since 2019 | Executive Vice President and Director, ACC (2012 to present); Chief Financial Officer, Chief Accounting Officer and Treasurer, ACC (2015 to present). Also serves as President, ACS; Vice President, ACIM; Chief Financial Officer, Chief Accounting Officer and/or Director, ACIM, ACS and other ACC subsidiaries |
| R. Wes Campbell<br>(1974) | Chief Financial Officer and Treasurer since 2018 | Vice President, ACS, (2020 to present); Investment Operations and Investment Accounting, ACS (2000 to present) |
| Amy D. Shelton<br>(1964) | Chief Compliance Officer and Vice President since 2014 | Chief Compliance Officer, American Century funds, (2014 to present); Chief Compliance Officer, ACIM (2014 to present); Chief Compliance Officer, ACIS (2009 to present). Also serves as Vice President, ACIS |
| John Pak<br>(1968) | General Counsel and Senior Vice President since 2021 | General Counsel and Senior Vice President, ACC (2021 to present). Also serves as General Counsel and Senior Vice President, ACIM, ACS and ACIS. Chief Legal Officer of Investment and Wealth Management, The Bank of New York Mellon (2014 to 2021) |
| C. Jean Wade<br>(1964) | Vice President since 2012 | Senior Vice President, ACS (2017 to present); Vice President, ACS (2000 to 2017) |
| Robert J. Leach<br>(1966) | Vice President since 2006 | Vice President, ACS (2000 to present) |
| David H. Reinmiller<br>(1963) | Vice President since 2000 | Attorney, ACC (1994 to present). Also serves as Vice President, ACIM and ACS |
| Ward D. Stauffer<br>(1960) | Secretary since 2005 | Attorney, ACC (2003 to present) |

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Approval of Management Agreement

At a meeting held on June 29, 2022, the Fund's 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 the Fund. Under Section 15(c) of 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, each year.

Prior to its consideration of the renewal of the management agreement, the Directors requested and reviewed data and information compiled by the Advisor and certain independent data providers concerning the Fund. This review was in addition to the oversight and evaluation undertaken by the Board and its committees on a continual basis and the information received was supplemental to the information that the Board and its committees receive and consider throughout the year.

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, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the nature, extent, and quality of investment management, shareholder services, and other services provided and to be provided to the Fund including without limitation portfolio management and trading services, shareholder and intermediary services, compliance and legal services, fund accounting and financial reporting, and fund share distribution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the wide range of other programs and services provided to the Fund and its shareholders on a routine and non-routine basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Fund's investment performance, including data comparing the Fund's performance to an appropriate benchmark(s) and peer group of other mutual funds with similar investment objectives and strategies;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Advisor's strategic plans, generally, and with respect to the ongoing impact of the COVID-19 pandemic response, heightened areas of interest in the mutual fund industry and recent geopolitical issues;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• financial data showing the cost of services provided to the Fund, the profitability of the Fund to the Advisor, and the overall profitability of the Advisor;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• acquired fund fees and expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• payments and practices in connection with financial intermediaries holding shares of the Fund and the services provided by intermediaries in connection therewith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• possible collateral benefits to the Advisor from the management of the Fund.

The Board held four meetings to consider the renewal. The independent Directors also met in private session multiple times to review and discuss the information provided in response to their request. The independent Directors held active discussions with the Advisor regarding the renewal of the management agreement, requesting supplemental information, and reviewing information provided by the Advisor in response thereto. The independent Directors had the benefit of the advice of their independent counsel throughout the process.

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**Factors Considered** 

The Directors considered all of the information provided by the Advisor, the independent data providers, and independent counsel in connection with the approval. They determined that the information was sufficient for them to evaluate the management agreement for the Fund. 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 without limitation the following:

**Nature, Extent and Quality of Services — Generally.** Under the management agreement, the Advisor is responsible for providing or arranging for all services necessary for the operation of the Fund. The Board noted that the Advisor provides or arranges at its own expense a wide variety of services which include, without limitation, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• constructing and designing the 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 the 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 cyber 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 the 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 the Fund is quite complex and allows Fund shareholders access to professional money management, instant diversification of their investments within an asset class, 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 the Fund in accordance with its investment objectives and principal investment strategies. Further, the Directors recognize that the Advisor has an obligation to monitor trading activities, and in particular to seek the best execution of Fund trades, and to evaluate the use of and payment for research. In providing these services, the Advisor utilizes teams of investment professionals (portfolio managers, analysts, research assistants, and securities traders) who require extensive information technology, research, training, compliance, and other systems to conduct their business. The Board, directly and through its Fund Performance Review Committee, provides oversight of the investment performance process. It regularly reviews investment performance information for the 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, the Board discusses with the Advisor the reasons for such results (e.g., market conditions, security selection) and any actions being taken to improve performance, and may conduct special reviews until performance improves. The Fund's performance was above its benchmark for the one-year period and below its benchmark for the three-year period reviewed by the Board. The Board found the investment management services

------

provided by the Advisor to the Fund to be satisfactory and consistent with the management agreement.

**Shareholder and Other Services.** Under the management agreement, the Advisor provides the 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 cyber security), new products and services offered to Fund shareholders, securities trading activities, portfolio valuation services, auditing services, and legal and operational compliance activities. The Board found the services provided by the Advisor to the 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 Fund, its profitability in managing the Fund (pre- and post-distribution), its overall profitability, and its financial condition. 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 current management fee. The Board concluded that the Advisor's profits were reasonable in light of the services provided to the Fund.

**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 the 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 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 content and services.

**Comparison to Other Funds' Fees.** The management agreement provides that the Fund pays the Advisor a single, all-inclusive (or unified) management fee for providing all services necessary for the management and operation of the Fund, other than securities transaction expenses, taxes, interest, extraordinary expenses, fees and expenses of the Fund's 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 the unified fee structure, the Advisor is responsible for providing all 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, distribution charges, 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 Fund 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 the Fund's unified fee to the total expense ratios of its peers. The unified fee charged to shareholders of the Fund was above the median of the total expense ratios of the Fund's peer expense universe. In addition, the Board reviewed the Fund's position relative to the narrower set of its expense group peers. The Board concluded that the management fee paid

------

by the 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 Fund. They observed that these varying types of client accounts require different services and involve different regulatory and entrepreneurial risks than the management of the Fund. The Board analyzed this information and concluded that the fees charged and services provided to the Fund were reasonable by comparison.

**Payments to Intermediaries.** The Directors also requested and received a description of payments made to intermediaries by the Fund and the Advisor and services provided in response thereto. These payments include various payments made by the Fund or the Advisor to different types of intermediaries and recordkeepers for distribution and service activities provided for the Fund. The Directors reviewed such information and received representations from the Advisor that all such payments by the 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 Fund. They concluded 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. To the extent there are potential collateral benefits, the Board has been advised and has taken this into consideration in its review of the management contract with the Fund. The Board noted that additional assets from other clients may offer the Advisor some benefit from increased leverage with service providers and counterparties. Additionally, the Advisor may receive proprietary research from broker-dealers that execute fund portfolio transactions, which the Board concluded is likely to benefit other clients of the Advisor, as well as Fund shareholders. The Board also determined that the Advisor is able to provide investment management services to certain clients other than the Fund, at least in part, due to its existing infrastructure built to serve the fund complex. The Board concluded that appropriate allocation methodologies had been employed to assign resources and the cost of those resources to these other clients.

**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 the 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 Fund 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 Fund.

**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 throughout the year, determined that the terms of the management agreement are fair and reasonable and that the management fee charged to the Fund is reasonable in light of the services provided and that the management agreement between the Fund and the Advisor should be renewed for an additional one-year period.

------

Proxy Voting Results

A special meeting of shareholders was held on October 13, 2022, to vote on the following proposal. The proposal received the required votes and was adopted. A summary of voting results is listed below.

To elect five directors to the Board of Directors of American Century World Mutual Funds, Inc.:

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| | | |
|:---|:---|:---|
| | **Affirmative** | **Withhold** |
| Brian Bulatao | $5038086505 | $96122848 |
| Chris H. Cheesman | $5044845654 | $89363699 |
| Rajesh K. Gupta | $5040147195 | $94062158 |
| Lynn M. Jenkins | $5034492760 | $99716593 |
| Gary C. Meltzer | $5042384480 | $91824873 |

---

The other directors whose term of office continued after the meeting include Jonathan S. Thomas, Thomas W. Bunn, Barry Fink, Jan M. Lewis, and Stephen E. Yates.

------

Additional Information

**Retirement Account Information** 

As required by law, distributions you receive from certain retirement accounts are subject to federal income tax withholding at the IRS default rate of 10%.\* Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.

You may elect a different withholding rate, or request zero withholding, by submitting an acceptable IRS Form W-4R election with your distribution request. You may notify us of your W-4R election by telephone, on our distribution forms, on IRS Form W-4R, or through other acceptable electronic means. If your withholding election is for an automatic withdrawal plan, you have the right to revoke your election at any time and any election you make will remain in effect until revoked by filing a new election.

Remember, even if you elect not to have income tax withheld, you are liable for paying income tax on the taxable portion of your withdrawal. If you elect not to have income tax withheld or you don't have enough income tax withheld, you may be responsible for payment of estimated tax. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are not sufficient. You can reduce or defer the income tax on a distribution by directly or indirectly rolling such distribution over to another IRA or eligible plan. You should consult your tax advisor for additional information.

State tax will be withheld according to state regulations if, at the time of your distribution, your tax residency is within one of the mandatory withholding states.

\*Some 403(b), 457 and qualified retirement plan distributions may be subject to 20% mandatory withholding, as they are subject to special tax and withholding rules. Your plan administrator or plan sponsor is required to provide you with a special tax notice explaining those rules at the time you request a distribution. If applicable, federal and/or state taxes may be withheld from your distribution amount.

**Proxy Voting Policies** 

A description of the policies that the fund's investment advisor uses in exercising the voting rights associated with the securities purchased and/or held by the fund is available without charge, upon request, by calling 1-800-345-2021. It is also available on American Century Investments' website at americancentury.com/proxy and on the Securities and Exchange Commission's website at sec.gov. Information regarding how the investment advisor voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on americancentury.com/proxy. It is also available at sec.gov.

**Quarterly Portfolio Disclosure** 

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. These portfolio holdings are available on the fund's website at americancentury.com and, upon request, by calling 1-800-345-2021. The fund's Form N-PORT reports are available on the SEC's website at sec.gov.

------

**Other Tax Information**

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

The fund hereby designates up to the maximum amount allowable as qualified dividend income for the fiscal year ended November 30, 2022.

The fund hereby designates $18,922,571 as qualified short-term capital gain distributions for purposes of Internal Revenue Code Section 871 for the fiscal year ended November 30, 2022.

For the fiscal year ended November 30, 2022, the fund intends to pass through to shareholders foreign source income of $30,778,383 and foreign taxes paid of $2,411,915, or up to the maximum amount allowable, as a foreign tax credit. Foreign source income and foreign tax expense per outstanding share on November 30, 2022 are $0.4556 and $0.0357, respectively.

------

Notes

------

Notes

------

------

---

| | |
|:---|:---|
| ![image12.jpg](image12.jpg) | ![image12.jpg](image12.jpg) |
| Contact Us | americancentury.com |
| Automated Information Line | 1-800-345-8765 |
| Investor Services Representative | 1-800-345-2021<br>or 816-531-5575 |
| Investors Using Advisors | 1-800-378-9878 |
| Business, Not-For-Profit, Employer-Sponsored Retirement Plans | 1-800-345-3533 |
| Banks and Trust Companies, Broker-Dealers, Financial Professionals, Insurance Companies | 1-800-345-6488 |
| Telecommunications Relay Service for the Deaf | 711 |
| **American Century World Mutual Funds, Inc.** | **American Century World Mutual Funds, Inc.** |
| **Investment Advisor:**<br>American Century Investment Management, Inc.<br>Kansas City, Missouri | **Investment Advisor:**<br>American Century Investment Management, Inc.<br>Kansas City, Missouri |
| *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.* |
| **©2023 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-ANN-95207 2301** | **©2023 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-ANN-95207 2301** |

---

------

(b) None.

**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) <u>[The registrant's Code of Ethics](http://www.sec.gov/Archives/edgar/data/1293210/000129321005000017/ex-coe.htm)</u> 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) Chris H. Cheesman, Lynn M. Jenkins and Barry Fink 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 2021: $273,800

FY 2022: $221,120

------

(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 2021: $0

FY 2022: $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 2021: $0

FY 2022: $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 2021: $0

FY 2022: $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 2021: $0

FY 2022: $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 2021: $0

FY 2022: $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 2021: $0

FY 2022: $0

------

(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 2021: $2,832,126

FY 2022: $50,000

(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.

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

Not applicable.

**ITEM 6. INVESTMENTS.**

(a) The schedule of investments is included as part of the report to stockholders filed under Item 1 of this Form.

(b) Not applicable.

**ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.**

Not applicable.

**ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.**

Not applicable.

------

**ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.**

Not applicable.

**ITEM 10. 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 11. 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 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.**

Not applicable.

**ITEM 13. EXHIBITS.**

(a)(1) Registrant's Code of Ethics 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) <u>[Separate certifications by the registrant's principal executive officer and principal financial officer](acwmf113022n-csrexx99cert.htm)</u>, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(a) under the Investment Company Act of 1940, are filed and attached hereto as EX-99.CERT.

(a)(3) Not applicable.

(a)(4) Not applicable.

(b) <u>[A certification by the registrant's chief executive officer and chief financial officer](acwmf113022n-csrexx99906ce.htm)</u>, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, is furnished and attached hereto as EX-99.906CERT.

------

**SIGNATURES**

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

---

| | | |
|:---|:---|:---|
| Registrant: | American Century World Mutual Funds, Inc. | American Century World Mutual Funds, Inc. |
| By: | /s/ Patrick Bannigan | /s/ Patrick Bannigan |
|  | Name: | Patrick Bannigan |
|  | Title: | President |
| Date: | January 26, 2023 | January 26, 2023 |

---

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.

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| | | |
|:---|:---|:---|
| By: | /s/ Patrick Bannigan | /s/ Patrick Bannigan |
|  | Name: | Patrick Bannigan |
|  | Title: | President |
|  |  | (principal executive officer) |
| Date: | January 26, 2023 | January 26, 2023 |

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---

| | | |
|:---|:---|:---|
| By: | /s/ R. Wes Campbell | /s/ R. Wes Campbell |
|  | Name: | R. Wes Campbell |
|  | Title: | Treasurer and |
|  |  | Chief Financial Officer |
|  |  | (principal financial officer) |
| Date: | January 26, 2023 | January 26, 2023 |

---

## Ex-99

EX-99.CERT

**CERTIFICATIONS**

I, Patrick Bannigan, certify that:

1. I have reviewed this report on Form N-CSR of American Century World Mutual Funds, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: | January 26, 2023 |
| /s/ Patrick Bannigan | /s/ Patrick Bannigan |
| Patrick Bannigan | Patrick Bannigan |
| President | President |
| (principal executive officer) | (principal executive officer) |

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------

I, R. Wes Campbell, certify that:

1. I have reviewed this report on Form N-CSR of American Century World Mutual Funds, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: | January 26, 2023 |
| /s/ R. Wes Campbell | /s/ R. Wes Campbell |
| R. Wes Campbell | R. Wes Campbell |
| Treasurer and Chief Financial Officer | Treasurer and Chief Financial Officer |
| (principal financial officer) | (principal financial officer) |

---

## Exhibit 99.906

EX-99.906CERT

**CERTIFICATION** 

**<u>PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</u>**

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

In connection with the shareholder report of American Century World Mutual Funds, Inc. (the "Registrant") on Form N-CSR for the period ending November 30, 2022 (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: | January 26, 2023 |  |  |
|  |  | 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>