# EDGAR Filing Document

**Accession Number:** 0000100334
**File Stem:** 0000100334-25-000090
**Filing Date:** 2025-12
**Character Count:** 714573
**Document Hash:** 87ce1bd7d1c87c01ffa49313cfc283a7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000100334-25-000090.hdr.sgml**: 20251223

**ACCESSION NUMBER**: 0000100334-25-000090

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 78

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251223

**DATE AS OF CHANGE**: 20251223

**EFFECTIVENESS DATE**: 20251223

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-00816
- **FILM NUMBER:** 251595787

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

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AMERICAN CENTURY MUTUAL FUNDS INC
- **DATE OF NAME CHANGE:** 19970107

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

## Series and Classes Contracts Data

### BALANCED FUND (Series ID: S000006192)

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

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

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

### SELECT FUND (Series ID: S000006194)

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

### ULTRA FUND (Series ID: S000006195)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000017060 | INVESTOR CLASS | TWCUX           |
| C000017061 | A CLASS        | TWUAX           |
| C000017062 | I CLASS        | TWUIX           |
| C000017063 | C CLASS        | TWCCX           |
| C000017064 | R CLASS        | AULRX           |
| C000131598 | R6 CLASS       | AULDX           |
| C000189739 | R5 CLASS       | AULGX           |
| C000189740 | Y CLASS        | AULYX           |
| C000214991 | G Class        | AULNX           |

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

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

### GROWTH FUND (Series ID: S000006205)

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

### HERITAGE FUND (Series ID: S000006206)

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

?xml version='1.0' encoding='ASCII'? ck0000100334-20251031

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Investment Company Act file number | Investment Company Act file number | **811-00816** | **811-00816** | **811-00816** |
| **AMERICAN CENTURY MUTUAL FUNDS, INC.** | **AMERICAN CENTURY MUTUAL FUNDS, INC.** | **AMERICAN CENTURY MUTUAL FUNDS, INC.** | **AMERICAN CENTURY MUTUAL FUNDS, INC.** | **AMERICAN CENTURY MUTUAL FUNDS, INC.** |
| (Exact name of registrant as specified in charter) | (Exact name of registrant as specified in charter) | (Exact name of registrant as specified in charter) | (Exact name of registrant as specified in charter) | (Exact name of registrant as specified in charter) |
| **4500 MAIN STREET, KANSAS CITY, MISSOURI** | **4500 MAIN STREET, KANSAS CITY, MISSOURI** | **4500 MAIN STREET, KANSAS CITY, MISSOURI** | **4500 MAIN STREET, KANSAS CITY, MISSOURI** | **64111** |
| (Address of principal executive offices) | (Address of principal executive offices) | (Address of principal executive offices) | (Address of principal executive offices) | (Zip Code) |
| **JOHN PAK<br>4500 MAIN STREET, KANSAS CITY, MISSOURI 64111** | **JOHN PAK<br>4500 MAIN STREET, KANSAS CITY, MISSOURI 64111** | **JOHN PAK<br>4500 MAIN STREET, KANSAS CITY, MISSOURI 64111** | **JOHN PAK<br>4500 MAIN STREET, KANSAS CITY, MISSOURI 64111** | **JOHN PAK<br>4500 MAIN STREET, KANSAS CITY, MISSOURI 64111** |
| (Name and address of agent for service) | (Name and address of agent for service) | (Name and address of agent for service) | (Name and address of agent for service) | (Name and address of agent for service) |
| Registrant's telephone number, including area code: | Registrant's telephone number, including area code: | Registrant's telephone number, including area code: | **816-531-5575** | **816-531-5575** |
| Date of fiscal year end: | **10-31** | **10-31** | **10-31** | **10-31** |
| Date of reporting period: | **10-31-2025** | **10-31-2025** | **10-31-2025** | **10-31-2025** |

---

------

**ITEM 1. REPORTS TO STOCKHOLDERS.**

(a) ------

**ANNUAL SHAREHOLDER REPORT**

Balanced Fund ![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

---

| | |
|:---|:---|
| **Investor Class (TWBIX)**  | **October 31, 2025** |

---

This annual shareholder report contains important information about Balanced Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Investor Class | $93 | 0.88% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Balanced Fund Investor Class returned 11.13% for the reporting period ended October 31, 2025. | Balanced Fund Investor Class returned 11.13% for the reporting period ended October 31, 2025. |
| The fund seeks long-term capital growth and current income by investing approximately 60% of its assets in equity securities and the remainder in bonds and other fixed-income securities. | The fund seeks long-term capital growth and current income by investing approximately 60% of its assets in equity securities and the remainder in bonds and other fixed-income securities. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | In information technology, semiconductors and semiconductor equipment stocks hurt relative results. Several of the leading detractors are explained by their exposure to artificial intelligence (AI). A notable relative detractor was an underweight to AI chipmaker Advanced Micro Devices. It also hurt to have no expsoure to shares of AI software and consulting firm Palantir Technologies. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Positioning in the health care sector also detracted from performance. Health care provider and services giant UnitedHealth Group was the leading detractor in the sector. A stake in pharmaceuticals company Novo Nordisk, maker of popular weight-loss drug Ozempic, was another source of weakness. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock selection in the communication services sector contributed most to relative performance. It helped to avoid shares of poor-performing media companies. An overweight to internet search giant Alphabet, parent of Google and YouTube, was a leading contributor to relative results. The company's results benefited from AI-enhanced advertising placement and content creation. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The bond allocation produced positive results amid uncertainty around the health of the economy and job market. In those conditions, the Federal Reserve cut short-term interest rates four times during the period. In addition, it was beneficial to underweight Treasury bonds in favor of higher-yielding corporate and securitized debt. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *October 31, 2015 through October 31, 2025* |

---

![3298534883338](ck0000100334-20251031_g2.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | 10 Year |
| **Investor Class** | 11.13% | 8.13% | 7.81% |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;S&P 500 | 21.45% | 17.64% | 14.64% |
| &nbsp;&nbsp;Bloomberg U.S. Aggregate Bond | 6.16% | -0.24% | 1.90% |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;60% S&P 500/40% Bloomberg U.S. Aggregate Bond | 15.29% | 10.37% | 9.63% |

---

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

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

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $917046478 |
| Management Fees (dollars paid during the reporting period) | $7742067 |
| Portfolio Turnover Rate | 84% |
| Total Number of Portfolio Holdings | 569 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| Common Stocks | 60.3% |
| U.S. Government Agency Mortgage-Backed Securities | 11.3% |
| U.S. Treasury Securities | 9.1% |
| Corporate Bonds | 8.3% |
| Collateralized Mortgage Obligations | 4.5% |
| Asset-Backed Securities | 1.8% |
| Convertible Preferred Securities | 1.4% |
| Commercial Mortgage-Backed Securities | 0.8% |
| Collateralized Loan Obligations | 0.6% |
| U.S. Government Agency Securities | 0.5% |
| Preferred Securities | 0.5% |
| Municipal Securities | 0.3% |
| Exchange-Traded Funds | 0.2% |
| Sovereign Governments and Agencies | 0.1% |
| Short-Term Investments | 1.9% |
| Other Assets and Liabilities | (1.6)% |

---

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

![QR ACI Docs.jpg](ck0000100334-20251031_g3.jpg)

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

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

A-25083742

------

**ANNUAL SHAREHOLDER REPORT**

Balanced Fund ![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

---

| | |
|:---|:---|
| **I Class (ABINX)**  | **October 31, 2025** |

---

This annual shareholder report contains important information about Balanced Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| I Class | $72 | 0.68% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Balanced Fund I Class returned 11.34% for the reporting period ended October 31, 2025. | Balanced Fund I Class returned 11.34% for the reporting period ended October 31, 2025. |
| The fund seeks long-term capital growth and current income by investing approximately 60% of its assets in equity securities and the remainder in bonds and other fixed-income securities. | The fund seeks long-term capital growth and current income by investing approximately 60% of its assets in equity securities and the remainder in bonds and other fixed-income securities. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | In information technology, semiconductors and semiconductor equipment stocks hurt relative results. Several of the leading detractors are explained by their exposure to artificial intelligence (AI). A notable relative detractor was an underweight to AI chipmaker Advanced Micro Devices. It also hurt to have no expsoure to shares of AI software and consulting firm Palantir Technologies. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Positioning in the health care sector also detracted from performance. Health care provider and services giant UnitedHealth Group was the leading detractor in the sector. A stake in pharmaceuticals company Novo Nordisk, maker of popular weight-loss drug Ozempic, was another source of weakness. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock selection in the communication services sector contributed most to relative performance. It helped to avoid shares of poor-performing media companies. An overweight to internet search giant Alphabet, parent of Google and YouTube, was a leading contributor to relative results. The company's results benefited from AI-enhanced advertising placement and content creation. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The bond allocation produced positive results amid uncertainty around the health of the economy and job market. In those conditions, the Federal Reserve cut short-term interest rates four times during the period. In addition, it was beneficial to underweight Treasury bonds in favor of higher-yielding corporate and securitized debt. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *October 31, 2015 through October 31, 2025* |

---

![9](ck0000100334-20251031_g4.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | 10 Year |
| **I Class** | 11.34% | 8.35% | 8.03% |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;S&P 500 | 21.45% | 17.64% | 14.64% |
| &nbsp;&nbsp;Bloomberg U.S. Aggregate Bond | 6.16% | -0.24% | 1.90% |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;60% S&P 500/40% Bloomberg U.S. Aggregate Bond | 15.29% | 10.37% | 9.63% |

---

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

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

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $917046478 |
| Management Fees (dollars paid during the reporting period) | $7742067 |
| Portfolio Turnover Rate | 84% |
| Total Number of Portfolio Holdings | 569 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| Common Stocks | 60.3% |
| U.S. Government Agency Mortgage-Backed Securities | 11.3% |
| U.S. Treasury Securities | 9.1% |
| Corporate Bonds | 8.3% |
| Collateralized Mortgage Obligations | 4.5% |
| Asset-Backed Securities | 1.8% |
| Convertible Preferred Securities | 1.4% |
| Commercial Mortgage-Backed Securities | 0.8% |
| Collateralized Loan Obligations | 0.6% |
| U.S. Government Agency Securities | 0.5% |
| Preferred Securities | 0.5% |
| Municipal Securities | 0.3% |
| Exchange-Traded Funds | 0.2% |
| Sovereign Governments and Agencies | 0.1% |
| Short-Term Investments | 1.9% |
| Other Assets and Liabilities | (1.6)% |

---

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

![QR ACI Docs.jpg](ck0000100334-20251031_g3.jpg)

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

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

A-25083734

------

**ANNUAL SHAREHOLDER REPORT**

Balanced Fund ![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

---

| | |
|:---|:---|
| **R5 Class (ABGNX)**  | **October 31, 2025** |

---

This annual shareholder report contains important information about Balanced Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R5 Class | $72 | 0.68% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Balanced Fund R5 Class returned 11.35% for the reporting period ended October 31, 2025. | Balanced Fund R5 Class returned 11.35% for the reporting period ended October 31, 2025. |
| The fund seeks long-term capital growth and current income by investing approximately 60% of its assets in equity securities and the remainder in bonds and other fixed-income securities. | The fund seeks long-term capital growth and current income by investing approximately 60% of its assets in equity securities and the remainder in bonds and other fixed-income securities. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | In information technology, semiconductors and semiconductor equipment stocks hurt relative results. Several of the leading detractors are explained by their exposure to artificial intelligence (AI). A notable relative detractor was an underweight to AI chipmaker Advanced Micro Devices. It also hurt to have no expsoure to shares of AI software and consulting firm Palantir Technologies. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Positioning in the health care sector also detracted from performance. Health care provider and services giant UnitedHealth Group was the leading detractor in the sector. A stake in pharmaceuticals company Novo Nordisk, maker of popular weight-loss drug Ozempic, was another source of weakness. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock selection in the communication services sector contributed most to relative performance. It helped to avoid shares of poor-performing media companies. An overweight to internet search giant Alphabet, parent of Google and YouTube, was a leading contributor to relative results. The company's results benefited from AI-enhanced advertising placement and content creation. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The bond allocation produced positive results amid uncertainty around the health of the economy and job market. In those conditions, the Federal Reserve cut short-term interest rates four times during the period. In addition, it was beneficial to underweight Treasury bonds in favor of higher-yielding corporate and securitized debt. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *April 10, 2017 through October 31, 2025* |

---

![9](ck0000100334-20251031_g5.jpg)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | Since Inception | Inception Date |
| **R5 Class** | 11.35% | 8.34% | 8.23% | 4/10/17 |
| **Regulatory Index** |  |  |  |  |
| &nbsp;&nbsp;S&P 500 | 21.45% | 17.64% | 15.16% |  |
| &nbsp;&nbsp;Bloomberg U.S. Aggregate Bond | 6.16% | -0.24% | 1.85% |  |
| **Performance Index** |  |  |  |  |
| &nbsp;&nbsp;60% S&P 500/40% Bloomberg U.S. Aggregate Bond | 15.29% | 10.37% | 9.93% |  |

---

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

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

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $917046478 |
| Management Fees (dollars paid during the reporting period) | $7742067 |
| Portfolio Turnover Rate | 84% |
| Total Number of Portfolio Holdings | 569 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| Common Stocks | 60.3% |
| U.S. Government Agency Mortgage-Backed Securities | 11.3% |
| U.S. Treasury Securities | 9.1% |
| Corporate Bonds | 8.3% |
| Collateralized Mortgage Obligations | 4.5% |
| Asset-Backed Securities | 1.8% |
| Convertible Preferred Securities | 1.4% |
| Commercial Mortgage-Backed Securities | 0.8% |
| Collateralized Loan Obligations | 0.6% |
| U.S. Government Agency Securities | 0.5% |
| Preferred Securities | 0.5% |
| Municipal Securities | 0.3% |
| Exchange-Traded Funds | 0.2% |
| Sovereign Governments and Agencies | 0.1% |
| Short-Term Investments | 1.9% |
| Other Assets and Liabilities | (1.6)% |

---

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

![QR ACI Docs.jpg](ck0000100334-20251031_g3.jpg)

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

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

A-2508H394

------

**ANNUAL SHAREHOLDER REPORT**

Growth Fund ![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

---

| | |
|:---|:---|
| **Investor Class (TWCGX)**  | **October 31, 2025** |

---

This annual shareholder report contains important information about Growth Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Investor Class | $98 | 0.87% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Growth Fund Investor Class returned 25.81% for the reporting period ended October 31, 2025. | Growth Fund Investor Class returned 25.81% for the reporting period ended October 31, 2025. |
| The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell 1000 Growth Index. | The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell 1000 Growth Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The leading contributions to relative performance at the sector level came from positioning among materials, energy and real estate stocks. These sectors lagged in a market that was largely driven by enthusiasm for artificial intelligence (AI)-related stocks. We had little or no exposure to each of these sectors. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Among individual contributors, a notable source of strength was positioning among specific software stocks. For example, the leading contributor to relative results was a lack of exposure to digital publishing and marketing firm Adobe, whose business was perceived as being under threat from AI. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Positioning in the health care sector detracted most from performance. Pharmaceuticals company Novo Nordisk, maker of popular weight-loss drug Ozempic, and health care provider and services giant UnitedHealth Group were notable detractors in health care. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock selection in the consumer discretionary sector detracted from relative performance. Positioning among specialty retail and automobiles stocks hurt relative results in the sector the most. In general, specialty retail stocks suffered from weaker spending by lower-income and price-sensitive consumers. In automobiles, it detracted to be underweight in shares of Tesla. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *October 31, 2015 through October 31, 2025* |

---

![9](ck0000100334-20251031_g6.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | 10 Year |
| **Investor Class** | 25.81% | 16.51% | 16.21% |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;Russell 1000 | 21.14% | 17.05% | 14.39% |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;Russell 1000 Growth | 30.52% | 19.24% | 18.28% |

---

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

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

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $16598141727 |
| Management Fees (dollars paid during the reporting period) | $112726833 |
| Portfolio Turnover Rate | 38% |
| Total Number of Portfolio Holdings | 77 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 99.8% | Semiconductors and Semiconductor Equipment | 21% |
| Short-Term Investments | 0.2% | Software | 20% |
| Other Assets and Liabilities | 0.0% | Interactive Media and Services | 10% |
|  |  | Technology Hardware, Storage and Peripherals | 9% |
|  |  | Broadline Retail | 5% |

---

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

![QR ACI Docs.jpg](ck0000100334-20251031_g3.jpg)

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

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

A-25083106

------

**ANNUAL SHAREHOLDER REPORT**

Growth Fund ![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

---

| | |
|:---|:---|
| **I Class (TWGIX)**  | **October 31, 2025** |

---

This annual shareholder report contains important information about Growth Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| I Class | $76 | 0.67% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Growth Fund I Class returned 26.07% for the reporting period ended October 31, 2025. | Growth Fund I Class returned 26.07% for the reporting period ended October 31, 2025. |
| The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell 1000 Growth Index. | The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell 1000 Growth Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The leading contributions to relative performance at the sector level came from positioning among materials, energy and real estate stocks. These sectors lagged in a market that was largely driven by enthusiasm for artificial intelligence (AI)-related stocks. We had little or no exposure to each of these sectors. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Among individual contributors, a notable source of strength was positioning among specific software stocks. For example, the leading contributor to relative results was a lack of exposure to digital publishing and marketing firm Adobe, whose business was perceived as being under threat from AI. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Positioning in the health care sector detracted most from performance. Pharmaceuticals company Novo Nordisk, maker of popular weight-loss drug Ozempic, and health care provider and services giant UnitedHealth Group were notable detractors in health care. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock selection in the consumer discretionary sector detracted from relative performance. Positioning among specialty retail and automobiles stocks hurt relative results in the sector the most. In general, specialty retail stocks suffered from weaker spending by lower-income and price-sensitive consumers. In automobiles, it detracted to be underweight in shares of Tesla. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *October 31, 2015 through October 31, 2025* |

---

![9](ck0000100334-20251031_g7.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | 10 Year |
| **I Class** | 26.07% | 16.74% | 16.44% |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;Russell 1000 | 21.14% | 17.05% | 14.39% |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;Russell 1000 Growth | 30.52% | 19.24% | 18.28% |

---

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

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

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $16598141727 |
| Management Fees (dollars paid during the reporting period) | $112726833 |
| Portfolio Turnover Rate | 38% |
| Total Number of Portfolio Holdings | 77 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 99.8% | Semiconductors and Semiconductor Equipment | 21% |
| Short-Term Investments | 0.2% | Software | 20% |
| Other Assets and Liabilities | 0.0% | Interactive Media and Services | 10% |
|  |  | Technology Hardware, Storage and Peripherals | 9% |
|  |  | Broadline Retail | 5% |

---

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

![QR ACI Docs.jpg](ck0000100334-20251031_g3.jpg)

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

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

A-25083205

------

**ANNUAL SHAREHOLDER REPORT**

Growth Fund ![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

---

| | |
|:---|:---|
| **Y Class (AGYWX)**  | **October 31, 2025** |

---

This annual shareholder report contains important information about Growth Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Y Class | $59 | 0.52% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Growth Fund Y Class returned 26.25% for the reporting period ended October 31, 2025. | Growth Fund Y Class returned 26.25% for the reporting period ended October 31, 2025. |
| The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell 1000 Growth Index. | The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell 1000 Growth Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The leading contributions to relative performance at the sector level came from positioning among materials, energy and real estate stocks. These sectors lagged in a market that was largely driven by enthusiasm for artificial intelligence (AI)-related stocks. We had little or no exposure to each of these sectors. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Among individual contributors, a notable source of strength was positioning among specific software stocks. For example, the leading contributor to relative results was a lack of exposure to digital publishing and marketing firm Adobe, whose business was perceived as being under threat from AI. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Positioning in the health care sector detracted most from performance. Pharmaceuticals company Novo Nordisk, maker of popular weight-loss drug Ozempic, and health care provider and services giant UnitedHealth Group were notable detractors in health care. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock selection in the consumer discretionary sector detracted from relative performance. Positioning among specialty retail and automobiles stocks hurt relative results in the sector the most. In general, specialty retail stocks suffered from weaker spending by lower-income and price-sensitive consumers. In automobiles, it detracted to be underweight in shares of Tesla. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *April 10, 2017 through October 31, 2025* |

---

![9](ck0000100334-20251031_g8.jpg)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | Since Inception | Inception Date |
| **Y Class** | 26.25% | 16.91% | 17.98% | 4/10/17 |
| **Regulatory Index** |  |  |  |  |
| &nbsp;&nbsp;Russell 1000 | 21.14% | 17.05% | 14.89% |  |
| **Performance Index** |  |  |  |  |
| &nbsp;&nbsp;Russell 1000 Growth | 30.52% | 19.24% | 19.68% |  |

---

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

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

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $16598141727 |
| Management Fees (dollars paid during the reporting period) | $112726833 |
| Portfolio Turnover Rate | 38% |
| Total Number of Portfolio Holdings | 77 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 99.8% | Semiconductors and Semiconductor Equipment | 21% |
| Short-Term Investments | 0.2% | Software | 20% |
| Other Assets and Liabilities | 0.0% | Interactive Media and Services | 10% |
|  |  | Technology Hardware, Storage and Peripherals | 9% |
|  |  | Broadline Retail | 5% |

---

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

![QR ACI Docs.jpg](ck0000100334-20251031_g3.jpg)

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

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

A-2508H378

------

**ANNUAL SHAREHOLDER REPORT**

Growth Fund ![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

---

| | |
|:---|:---|
| **A Class (TCRAX)**  | **October 31, 2025** |

---

This annual shareholder report contains important information about Growth Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| A Class | $126 | 1.12% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Growth Fund A Class returned 25.50% for the reporting period ended October 31, 2025. | Growth Fund A Class returned 25.50% for the reporting period ended October 31, 2025. |
| The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell 1000 Growth Index. | The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell 1000 Growth Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The leading contributions to relative performance at the sector level came from positioning among materials, energy and real estate stocks. These sectors lagged in a market that was largely driven by enthusiasm for artificial intelligence (AI)-related stocks. We had little or no exposure to each of these sectors. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Among individual contributors, a notable source of strength was positioning among specific software stocks. For example, the leading contributor to relative results was a lack of exposure to digital publishing and marketing firm Adobe, whose business was perceived as being under threat from AI. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Positioning in the health care sector detracted most from performance. Pharmaceuticals company Novo Nordisk, maker of popular weight-loss drug Ozempic, and health care provider and services giant UnitedHealth Group were notable detractors in health care. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock selection in the consumer discretionary sector detracted from relative performance. Positioning among specialty retail and automobiles stocks hurt relative results in the sector the most. In general, specialty retail stocks suffered from weaker spending by lower-income and price-sensitive consumers. In automobiles, it detracted to be underweight in shares of Tesla. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *October 31, 2015 through October 31, 2025* |
| *The initial investment is adjusted to reflect the maximum initial sales charge.* |

---

![9](ck0000100334-20251031_g9.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | 10 Year |
| **A Class** | 25.50% | 16.22% | 15.92% |
| **A Class - with sales charge** | 18.29% | 14.85% | 15.24% |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;Russell 1000 | 21.14% | 17.05% | 14.39% |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;Russell 1000 Growth | 30.52% | 19.24% | 18.28% |

---

---

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

---

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

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $16598141727 |
| Management Fees (dollars paid during the reporting period) | $112726833 |
| Portfolio Turnover Rate | 38% |
| Total Number of Portfolio Holdings | 77 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 99.8% | Semiconductors and Semiconductor Equipment | 21% |
| Short-Term Investments | 0.2% | Software | 20% |
| Other Assets and Liabilities | 0.0% | Interactive Media and Services | 10% |
|  |  | Technology Hardware, Storage and Peripherals | 9% |
|  |  | Broadline Retail | 5% |

---

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

![QR ACI Docs.jpg](ck0000100334-20251031_g3.jpg)

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

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

A-25083403

------

**ANNUAL SHAREHOLDER REPORT**

Growth Fund ![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

---

| | |
|:---|:---|
| **C Class (TWRCX)**  | **October 31, 2025** |

---

This annual shareholder report contains important information about Growth Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| C Class | $210 | 1.87% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Growth Fund C Class returned 24.57% for the reporting period ended October 31, 2025. | Growth Fund C Class returned 24.57% for the reporting period ended October 31, 2025. |
| The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell 1000 Growth Index. | The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell 1000 Growth Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The leading contributions to relative performance at the sector level came from positioning among materials, energy and real estate stocks. These sectors lagged in a market that was largely driven by enthusiasm for artificial intelligence (AI)-related stocks. We had little or no exposure to each of these sectors. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Among individual contributors, a notable source of strength was positioning among specific software stocks. For example, the leading contributor to relative results was a lack of exposure to digital publishing and marketing firm Adobe, whose business was perceived as being under threat from AI. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Positioning in the health care sector detracted most from performance. Pharmaceuticals company Novo Nordisk, maker of popular weight-loss drug Ozempic, and health care provider and services giant UnitedHealth Group were notable detractors in health care. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock selection in the consumer discretionary sector detracted from relative performance. Positioning among specialty retail and automobiles stocks hurt relative results in the sector the most. In general, specialty retail stocks suffered from weaker spending by lower-income and price-sensitive consumers. In automobiles, it detracted to be underweight in shares of Tesla. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *October 31, 2015 through October 31, 2025* |

---

![9](ck0000100334-20251031_g10.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | 10 Year |
| **C Class** | 24.57% | 15.35% | 15.06% |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;Russell 1000 | 21.14% | 17.05% | 14.39% |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;Russell 1000 Growth | 30.52% | 19.24% | 18.28% |

---

---

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

---

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

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $16598141727 |
| Management Fees (dollars paid during the reporting period) | $112726833 |
| Portfolio Turnover Rate | 38% |
| Total Number of Portfolio Holdings | 77 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 99.8% | Semiconductors and Semiconductor Equipment | 21% |
| Short-Term Investments | 0.2% | Software | 20% |
| Other Assets and Liabilities | 0.0% | Interactive Media and Services | 10% |
|  |  | Technology Hardware, Storage and Peripherals | 9% |
|  |  | Broadline Retail | 5% |

---

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

![QR ACI Docs.jpg](ck0000100334-20251031_g3.jpg)

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

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

A-2508H626

------

**ANNUAL SHAREHOLDER REPORT**

Growth Fund ![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

---

| | |
|:---|:---|
| **R Class (AGWRX)**  | **October 31, 2025** |

---

This annual shareholder report contains important information about Growth Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R Class | $154 | 1.37% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Growth Fund R Class returned 25.20% for the reporting period ended October 31, 2025. | Growth Fund R Class returned 25.20% for the reporting period ended October 31, 2025. |
| The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell 1000 Growth Index. | The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell 1000 Growth Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The leading contributions to relative performance at the sector level came from positioning among materials, energy and real estate stocks. These sectors lagged in a market that was largely driven by enthusiasm for artificial intelligence (AI)-related stocks. We had little or no exposure to each of these sectors. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Among individual contributors, a notable source of strength was positioning among specific software stocks. For example, the leading contributor to relative results was a lack of exposure to digital publishing and marketing firm Adobe, whose business was perceived as being under threat from AI. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Positioning in the health care sector detracted most from performance. Pharmaceuticals company Novo Nordisk, maker of popular weight-loss drug Ozempic, and health care provider and services giant UnitedHealth Group were notable detractors in health care. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock selection in the consumer discretionary sector detracted from relative performance. Positioning among specialty retail and automobiles stocks hurt relative results in the sector the most. In general, specialty retail stocks suffered from weaker spending by lower-income and price-sensitive consumers. In automobiles, it detracted to be underweight in shares of Tesla. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *October 31, 2015 through October 31, 2025* |

---

![9](ck0000100334-20251031_g11.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | 10 Year |
| **R Class** | 25.20% | 15.93% | 15.63% |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;Russell 1000 | 21.14% | 17.05% | 14.39% |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;Russell 1000 Growth | 30.52% | 19.24% | 18.28% |

---

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

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

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $16598141727 |
| Management Fees (dollars paid during the reporting period) | $112726833 |
| Portfolio Turnover Rate | 38% |
| Total Number of Portfolio Holdings | 77 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 99.8% | Semiconductors and Semiconductor Equipment | 21% |
| Short-Term Investments | 0.2% | Software | 20% |
| Other Assets and Liabilities | 0.0% | Interactive Media and Services | 10% |
|  |  | Technology Hardware, Storage and Peripherals | 9% |
|  |  | Broadline Retail | 5% |

---

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

![QR ACI Docs.jpg](ck0000100334-20251031_g3.jpg)

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

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

A-25083189

------

**ANNUAL SHAREHOLDER REPORT**

Growth Fund ![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

---

| | |
|:---|:---|
| **R5 Class (AGWUX)**  | **October 31, 2025** |

---

This annual shareholder report contains important information about Growth Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R5 Class | $76 | 0.67% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Growth Fund R5 Class returned 26.07% for the reporting period ended October 31, 2025. | Growth Fund R5 Class returned 26.07% for the reporting period ended October 31, 2025. |
| The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell 1000 Growth Index. | The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell 1000 Growth Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The leading contributions to relative performance at the sector level came from positioning among materials, energy and real estate stocks. These sectors lagged in a market that was largely driven by enthusiasm for artificial intelligence (AI)-related stocks. We had little or no exposure to each of these sectors. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Among individual contributors, a notable source of strength was positioning among specific software stocks. For example, the leading contributor to relative results was a lack of exposure to digital publishing and marketing firm Adobe, whose business was perceived as being under threat from AI. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Positioning in the health care sector detracted most from performance. Pharmaceuticals company Novo Nordisk, maker of popular weight-loss drug Ozempic, and health care provider and services giant UnitedHealth Group were notable detractors in health care. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock selection in the consumer discretionary sector detracted from relative performance. Positioning among specialty retail and automobiles stocks hurt relative results in the sector the most. In general, specialty retail stocks suffered from weaker spending by lower-income and price-sensitive consumers. In automobiles, it detracted to be underweight in shares of Tesla. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *April 10, 2017 through October 31, 2025* |

---

![9](ck0000100334-20251031_g12.jpg)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | Since Inception | Inception Date |
| **R5 Class** | 26.07% | 16.74% | 17.81% | 4/10/17 |
| **Regulatory Index** |  |  |  |  |
| &nbsp;&nbsp;Russell 1000 | 21.14% | 17.05% | 14.89% |  |
| **Performance Index** |  |  |  |  |
| &nbsp;&nbsp;Russell 1000 Growth | 30.52% | 19.24% | 19.68% |  |

---

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

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

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $16598141727 |
| Management Fees (dollars paid during the reporting period) | $112726833 |
| Portfolio Turnover Rate | 38% |
| Total Number of Portfolio Holdings | 77 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 99.8% | Semiconductors and Semiconductor Equipment | 21% |
| Short-Term Investments | 0.2% | Software | 20% |
| Other Assets and Liabilities | 0.0% | Interactive Media and Services | 10% |
|  |  | Technology Hardware, Storage and Peripherals | 9% |
|  |  | Broadline Retail | 5% |

---

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

![QR ACI Docs.jpg](ck0000100334-20251031_g3.jpg)

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

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

A-2508H386

------

**ANNUAL SHAREHOLDER REPORT**

Growth Fund ![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

---

| | |
|:---|:---|
| **R6 Class (AGRDX)**  | **October 31, 2025** |

---

This annual shareholder report contains important information about Growth Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R6 Class | $59 | 0.52% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Growth Fund R6 Class returned 26.25% for the reporting period ended October 31, 2025. | Growth Fund R6 Class returned 26.25% for the reporting period ended October 31, 2025. |
| The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell 1000 Growth Index. | The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell 1000 Growth Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The leading contributions to relative performance at the sector level came from positioning among materials, energy and real estate stocks. These sectors lagged in a market that was largely driven by enthusiasm for artificial intelligence (AI)-related stocks. We had little or no exposure to each of these sectors. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Among individual contributors, a notable source of strength was positioning among specific software stocks. For example, the leading contributor to relative results was a lack of exposure to digital publishing and marketing firm Adobe, whose business was perceived as being under threat from AI. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Positioning in the health care sector detracted most from performance. Pharmaceuticals company Novo Nordisk, maker of popular weight-loss drug Ozempic, and health care provider and services giant UnitedHealth Group were notable detractors in health care. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock selection in the consumer discretionary sector detracted from relative performance. Positioning among specialty retail and automobiles stocks hurt relative results in the sector the most. In general, specialty retail stocks suffered from weaker spending by lower-income and price-sensitive consumers. In automobiles, it detracted to be underweight in shares of Tesla. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *October 31, 2015 through October 31, 2025* |

---

![9](ck0000100334-20251031_g13.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | 10 Year |
| **R6 Class** | 26.25% | 16.91% | 16.62% |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;Russell 1000 | 21.14% | 17.05% | 14.39% |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;Russell 1000 Growth | 30.52% | 19.24% | 18.28% |

---

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

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

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $16598141727 |
| Management Fees (dollars paid during the reporting period) | $112726833 |
| Portfolio Turnover Rate | 38% |
| Total Number of Portfolio Holdings | 77 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 99.8% | Semiconductors and Semiconductor Equipment | 21% |
| Short-Term Investments | 0.2% | Software | 20% |
| Other Assets and Liabilities | 0.0% | Interactive Media and Services | 10% |
|  |  | Technology Hardware, Storage and Peripherals | 9% |
|  |  | Broadline Retail | 5% |

---

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

![QR ACI Docs.jpg](ck0000100334-20251031_g3.jpg)

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

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

A-2508H519

------

**ANNUAL SHAREHOLDER REPORT**

Growth Fund ![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

---

| | |
|:---|:---|
| **G Class (ACIHX)**  | **October 31, 2025** |

---

This annual shareholder report contains important information about Growth Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

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

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Growth Fund G Class returned 26.90% for the reporting period ended October 31, 2025. | Growth Fund G Class returned 26.90% for the reporting period ended October 31, 2025. |
| The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell 1000 Growth Index. | The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell 1000 Growth Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The leading contributions to relative performance at the sector level came from positioning among materials, energy and real estate stocks. These sectors lagged in a market that was largely driven by enthusiasm for artificial intelligence (AI)-related stocks. We had little or no exposure to each of these sectors. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Among individual contributors, a notable source of strength was positioning among specific software stocks. For example, the leading contributor to relative results was a lack of exposure to digital publishing and marketing firm Adobe, whose business was perceived as being under threat from AI. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Positioning in the health care sector detracted most from performance. Pharmaceuticals company Novo Nordisk, maker of popular weight-loss drug Ozempic, and health care provider and services giant UnitedHealth Group were notable detractors in health care. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock selection in the consumer discretionary sector detracted from relative performance. Positioning among specialty retail and automobiles stocks hurt relative results in the sector the most. In general, specialty retail stocks suffered from weaker spending by lower-income and price-sensitive consumers. In automobiles, it detracted to be underweight in shares of Tesla. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *March 1, 2022 through October 31, 2025* |

---

![9](ck0000100334-20251031_g14.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | Since Inception | Inception Date |
| **G Class** | 26.90% | 16.78% | 3/1/22 |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;Russell 1000 | 21.14% | 14.63% |  |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;Russell 1000 Growth | 30.52% | 19.10% |  |

---

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

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

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $16598141727 |
| Management Fees (dollars paid during the reporting period) | $112726833 |
| Portfolio Turnover Rate | 38% |
| Total Number of Portfolio Holdings | 77 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 99.8% | Semiconductors and Semiconductor Equipment | 21% |
| Short-Term Investments | 0.2% | Software | 20% |
| Other Assets and Liabilities | 0.0% | Interactive Media and Services | 10% |
|  |  | Technology Hardware, Storage and Peripherals | 9% |
|  |  | Broadline Retail | 5% |

---

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

![QR ACI Docs.jpg](ck0000100334-20251031_g3.jpg)

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

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

A-2508H212

------

**ANNUAL SHAREHOLDER REPORT**

Heritage Fund ![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

---

| | |
|:---|:---|
| **Investor Class (TWHIX)**  | **October 31, 2025** |

---

This annual shareholder report contains important information about Heritage Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Investor Class | $109 | 1.00% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Heritage Fund Investor Class returned 17.77% for the reporting period ended October 31, 2025. | Heritage Fund Investor Class returned 17.77% for the reporting period ended October 31, 2025. |
| The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell Midcap Growth Index. | The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell Midcap Growth Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Information technology stocks contributed most to performance thanks to selection and allocation decisions, particularly among IT services and communications equipment stocks. Exposure to artificial intelligence (AI) strongly influenced performance. Communication networking firm Ciena was the leading contributor as a result of benefiting from exposure to AI infrastructure spending. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Positioning in the industrials sector contributed, led by building products and professional services firms. A notable source of strength was a stake in commercial building solutions company Johnson Controls International. It benefited from strong demand for its energy-efficiency and cooling solutions, particularly as they relate to the ongoing AI-related data center build-out. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Communication services stocks were the leading detractors as a result of stock choices and an underweight allocation. A relative lack of exposure to strong-performing entertainment stocks hurt relative results. Stock choices among interactive media and services companies also detracted from performance. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock selection meant the health care sector was another notable detractor. Companies in the life sciences tools and services industry underperformed. They were hurt by worries about the level of drug research spending amid heightened economic, political and regulatory uncertainty. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *October 31, 2015 through October 31, 2025* |

---

![9](ck0000100334-20251031_g15.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | 10 Year |
| **Investor Class** | 17.77% | 10.06% | 11.58% |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;Russell 3000 | 20.81% | 16.74% | 14.08% |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;Russell Midcap Growth | 19.59% | 11.17% | 12.65% |

---

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

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

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $6125756314 |
| Management Fees (dollars paid during the reporting period) | $50265902 |
| Portfolio Turnover Rate | 62% |
| Total Number of Portfolio Holdings | 82 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 99.1% | Software | 11% |
| Short-Term Investments | 0.9% | Hotels, Restaurants and Leisure | 10% |
| Other Assets and Liabilities | 0.0% | Aerospace and Defense | 7% |
|  |  | Health Care Equipment and Supplies | 5% |
|  |  | Biotechnology | 5% |

---

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

![QR ACI Docs.jpg](ck0000100334-20251031_g3.jpg)

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

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

A-25083791

------

**ANNUAL SHAREHOLDER REPORT**

Heritage Fund ![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

---

| | |
|:---|:---|
| **I Class (ATHIX)**  | **October 31, 2025** |

---

This annual shareholder report contains important information about Heritage Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| I Class | $87 | 0.80% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Heritage Fund I Class returned 18.02% for the reporting period ended October 31, 2025. | Heritage Fund I Class returned 18.02% for the reporting period ended October 31, 2025. |
| The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell Midcap Growth Index. | The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell Midcap Growth Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Information technology stocks contributed most to performance thanks to selection and allocation decisions, particularly among IT services and communications equipment stocks. Exposure to artificial intelligence (AI) strongly influenced performance. Communication networking firm Ciena was the leading contributor as a result of benefiting from exposure to AI infrastructure spending. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Positioning in the industrials sector contributed, led by building products and professional services firms. A notable source of strength was a stake in commercial building solutions company Johnson Controls International. It benefited from strong demand for its energy-efficiency and cooling solutions, particularly as they relate to the ongoing AI-related data center build-out. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Communication services stocks were the leading detractors as a result of stock choices and an underweight allocation. A relative lack of exposure to strong-performing entertainment stocks hurt relative results. Stock choices among interactive media and services companies also detracted from performance. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock selection meant the health care sector was another notable detractor. Companies in the life sciences tools and services industry underperformed. They were hurt by worries about the level of drug research spending amid heightened economic, political and regulatory uncertainty. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *October 31, 2015 through October 31, 2025* |

---

![9](ck0000100334-20251031_g16.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | 10 Year |
| **I Class** | 18.02% | 10.27% | 11.80% |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;Russell 3000 | 20.81% | 16.74% | 14.08% |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;Russell Midcap Growth | 19.59% | 11.17% | 12.65% |

---

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

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

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $6125756314 |
| Management Fees (dollars paid during the reporting period) | $50265902 |
| Portfolio Turnover Rate | 62% |
| Total Number of Portfolio Holdings | 82 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 99.1% | Software | 11% |
| Short-Term Investments | 0.9% | Hotels, Restaurants and Leisure | 10% |
| Other Assets and Liabilities | 0.0% | Aerospace and Defense | 7% |
|  |  | Health Care Equipment and Supplies | 5% |
|  |  | Biotechnology | 5% |

---

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

![QR ACI Docs.jpg](ck0000100334-20251031_g3.jpg)

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

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

A-25083783

------

**ANNUAL SHAREHOLDER REPORT**

Heritage Fund ![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

---

| | |
|:---|:---|
| **Y Class (ATHYX)**  | **October 31, 2025** |

---

This annual shareholder report contains important information about Heritage Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Y Class | $71 | 0.65% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Heritage Fund Y Class returned 18.19% for the reporting period ended October 31, 2025. | Heritage Fund Y Class returned 18.19% for the reporting period ended October 31, 2025. |
| The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell Midcap Growth Index. | The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell Midcap Growth Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Information technology stocks contributed most to performance thanks to selection and allocation decisions, particularly among IT services and communications equipment stocks. Exposure to artificial intelligence (AI) strongly influenced performance. Communication networking firm Ciena was the leading contributor as a result of benefiting from exposure to AI infrastructure spending. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Positioning in the industrials sector contributed, led by building products and professional services firms. A notable source of strength was a stake in commercial building solutions company Johnson Controls International. It benefited from strong demand for its energy-efficiency and cooling solutions, particularly as they relate to the ongoing AI-related data center build-out. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Communication services stocks were the leading detractors as a result of stock choices and an underweight allocation. A relative lack of exposure to strong-performing entertainment stocks hurt relative results. Stock choices among interactive media and services companies also detracted from performance. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock selection meant the health care sector was another notable detractor. Companies in the life sciences tools and services industry underperformed. They were hurt by worries about the level of drug research spending amid heightened economic, political and regulatory uncertainty. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *April 10, 2017 through October 31, 2025* |

---

![9](ck0000100334-20251031_g17.jpg)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | Since Inception | Inception Date |
| **Y Class** | 18.19% | 10.44% | 13.12% | 4/10/17 |
| **Regulatory Index** |  |  |  |  |
| &nbsp;&nbsp;Russell 3000 | 20.81% | 16.74% | 14.50% |  |
| **Performance Index** |  |  |  |  |
| &nbsp;&nbsp;Russell Midcap Growth | 19.59% | 11.17% | 13.48% |  |

---

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

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

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $6125756314 |
| Management Fees (dollars paid during the reporting period) | $50265902 |
| Portfolio Turnover Rate | 62% |
| Total Number of Portfolio Holdings | 82 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 99.1% | Software | 11% |
| Short-Term Investments | 0.9% | Hotels, Restaurants and Leisure | 10% |
| Other Assets and Liabilities | 0.0% | Aerospace and Defense | 7% |
|  |  | Health Care Equipment and Supplies | 5% |
|  |  | Biotechnology | 5% |

---

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

![QR ACI Docs.jpg](ck0000100334-20251031_g3.jpg)

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

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

A-2508H352

------

**ANNUAL SHAREHOLDER REPORT**

Heritage Fund ![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

---

| | |
|:---|:---|
| **A Class (ATHAX)**  | **October 31, 2025** |

---

This annual shareholder report contains important information about Heritage Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| A Class | $136 | 1.25% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Heritage Fund A Class returned 17.52% for the reporting period ended October 31, 2025. | Heritage Fund A Class returned 17.52% for the reporting period ended October 31, 2025. |
| The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell Midcap Growth Index. | The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell Midcap Growth Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Information technology stocks contributed most to performance thanks to selection and allocation decisions, particularly among IT services and communications equipment stocks. Exposure to artificial intelligence (AI) strongly influenced performance. Communication networking firm Ciena was the leading contributor as a result of benefiting from exposure to AI infrastructure spending. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Positioning in the industrials sector contributed, led by building products and professional services firms. A notable source of strength was a stake in commercial building solutions company Johnson Controls International. It benefited from strong demand for its energy-efficiency and cooling solutions, particularly as they relate to the ongoing AI-related data center build-out. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Communication services stocks were the leading detractors as a result of stock choices and an underweight allocation. A relative lack of exposure to strong-performing entertainment stocks hurt relative results. Stock choices among interactive media and services companies also detracted from performance. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock selection meant the health care sector was another notable detractor. Companies in the life sciences tools and services industry underperformed. They were hurt by worries about the level of drug research spending amid heightened economic, political and regulatory uncertainty. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *October 31, 2015 through October 31, 2025* |
| *The initial investment is adjusted to reflect the maximum initial sales charge.* |

---

![9](ck0000100334-20251031_g18.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | 10 Year |
| **A Class** | 17.52% | 9.78% | 11.30% |
| **A Class - with sales charge** | 10.76% | 8.48% | 10.65% |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;Russell 3000 | 20.81% | 16.74% | 14.08% |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;Russell Midcap Growth | 19.59% | 11.17% | 12.65% |

---

---

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

---

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

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $6125756314 |
| Management Fees (dollars paid during the reporting period) | $50265902 |
| Portfolio Turnover Rate | 62% |
| Total Number of Portfolio Holdings | 82 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 99.1% | Software | 11% |
| Short-Term Investments | 0.9% | Hotels, Restaurants and Leisure | 10% |
| Other Assets and Liabilities | 0.0% | Aerospace and Defense | 7% |
|  |  | Health Care Equipment and Supplies | 5% |
|  |  | Biotechnology | 5% |

---

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

![QR ACI Docs.jpg](ck0000100334-20251031_g3.jpg)

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

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

A-25083767

------

**ANNUAL SHAREHOLDER REPORT**

Heritage Fund ![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

---

| | |
|:---|:---|
| **C Class (AHGCX)**  | **October 31, 2025** |

---

This annual shareholder report contains important information about Heritage Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| C Class | $217 | 2.00% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Heritage Fund C Class returned 16.56% for the reporting period ended October 31, 2025. | Heritage Fund C Class returned 16.56% for the reporting period ended October 31, 2025. |
| The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell Midcap Growth Index. | The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell Midcap Growth Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Information technology stocks contributed most to performance thanks to selection and allocation decisions, particularly among IT services and communications equipment stocks. Exposure to artificial intelligence (AI) strongly influenced performance. Communication networking firm Ciena was the leading contributor as a result of benefiting from exposure to AI infrastructure spending. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Positioning in the industrials sector contributed, led by building products and professional services firms. A notable source of strength was a stake in commercial building solutions company Johnson Controls International. It benefited from strong demand for its energy-efficiency and cooling solutions, particularly as they relate to the ongoing AI-related data center build-out. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Communication services stocks were the leading detractors as a result of stock choices and an underweight allocation. A relative lack of exposure to strong-performing entertainment stocks hurt relative results. Stock choices among interactive media and services companies also detracted from performance. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock selection meant the health care sector was another notable detractor. Companies in the life sciences tools and services industry underperformed. They were hurt by worries about the level of drug research spending amid heightened economic, political and regulatory uncertainty. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *October 31, 2015 through October 31, 2025* |

---

![9](ck0000100334-20251031_g19.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | 10 Year |
| **C Class** | 16.56% | 8.95% | 10.47% |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;Russell 3000 | 20.81% | 16.74% | 14.08% |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;Russell Midcap Growth | 19.59% | 11.17% | 12.65% |

---

---

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

---

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

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $6125756314 |
| Management Fees (dollars paid during the reporting period) | $50265902 |
| Portfolio Turnover Rate | 62% |
| Total Number of Portfolio Holdings | 82 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 99.1% | Software | 11% |
| Short-Term Investments | 0.9% | Hotels, Restaurants and Leisure | 10% |
| Other Assets and Liabilities | 0.0% | Aerospace and Defense | 7% |
|  |  | Health Care Equipment and Supplies | 5% |
|  |  | Biotechnology | 5% |

---

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

![QR ACI Docs.jpg](ck0000100334-20251031_g3.jpg)

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

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

A-25083262

------

**ANNUAL SHAREHOLDER REPORT**

Heritage Fund ![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

---

| | |
|:---|:---|
| **R Class (ATHWX)**  | **October 31, 2025** |

---

This annual shareholder report contains important information about Heritage Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R Class | $163 | 1.50% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Heritage Fund R Class returned 17.21% for the reporting period ended October 31, 2025. | Heritage Fund R Class returned 17.21% for the reporting period ended October 31, 2025. |
| The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell Midcap Growth Index. | The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell Midcap Growth Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Information technology stocks contributed most to performance thanks to selection and allocation decisions, particularly among IT services and communications equipment stocks. Exposure to artificial intelligence (AI) strongly influenced performance. Communication networking firm Ciena was the leading contributor as a result of benefiting from exposure to AI infrastructure spending. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Positioning in the industrials sector contributed, led by building products and professional services firms. A notable source of strength was a stake in commercial building solutions company Johnson Controls International. It benefited from strong demand for its energy-efficiency and cooling solutions, particularly as they relate to the ongoing AI-related data center build-out. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Communication services stocks were the leading detractors as a result of stock choices and an underweight allocation. A relative lack of exposure to strong-performing entertainment stocks hurt relative results. Stock choices among interactive media and services companies also detracted from performance. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock selection meant the health care sector was another notable detractor. Companies in the life sciences tools and services industry underperformed. They were hurt by worries about the level of drug research spending amid heightened economic, political and regulatory uncertainty. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *October 31, 2015 through October 31, 2025* |

---

![9](ck0000100334-20251031_g20.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | 10 Year |
| **R Class** | 17.21% | 9.50% | 11.03% |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;Russell 3000 | 20.81% | 16.74% | 14.08% |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;Russell Midcap Growth | 19.59% | 11.17% | 12.65% |

---

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

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

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $6125756314 |
| Management Fees (dollars paid during the reporting period) | $50265902 |
| Portfolio Turnover Rate | 62% |
| Total Number of Portfolio Holdings | 82 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 99.1% | Software | 11% |
| Short-Term Investments | 0.9% | Hotels, Restaurants and Leisure | 10% |
| Other Assets and Liabilities | 0.0% | Aerospace and Defense | 7% |
|  |  | Health Care Equipment and Supplies | 5% |
|  |  | Biotechnology | 5% |

---

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

![QR ACI Docs.jpg](ck0000100334-20251031_g3.jpg)

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

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

A-2508H683

------

**ANNUAL SHAREHOLDER REPORT**

Heritage Fund ![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

---

| | |
|:---|:---|
| **R5 Class (ATHGX)**  | **October 31, 2025** |

---

This annual shareholder report contains important information about Heritage Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R5 Class | $87 | 0.80% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Heritage Fund R5 Class returned 18.01% for the reporting period ended October 31, 2025. | Heritage Fund R5 Class returned 18.01% for the reporting period ended October 31, 2025. |
| The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell Midcap Growth Index. | The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell Midcap Growth Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Information technology stocks contributed most to performance thanks to selection and allocation decisions, particularly among IT services and communications equipment stocks. Exposure to artificial intelligence (AI) strongly influenced performance. Communication networking firm Ciena was the leading contributor as a result of benefiting from exposure to AI infrastructure spending. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Positioning in the industrials sector contributed, led by building products and professional services firms. A notable source of strength was a stake in commercial building solutions company Johnson Controls International. It benefited from strong demand for its energy-efficiency and cooling solutions, particularly as they relate to the ongoing AI-related data center build-out. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Communication services stocks were the leading detractors as a result of stock choices and an underweight allocation. A relative lack of exposure to strong-performing entertainment stocks hurt relative results. Stock choices among interactive media and services companies also detracted from performance. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock selection meant the health care sector was another notable detractor. Companies in the life sciences tools and services industry underperformed. They were hurt by worries about the level of drug research spending amid heightened economic, political and regulatory uncertainty. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *April 10, 2017 through October 31, 2025* |

---

![9](ck0000100334-20251031_g21.jpg)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | Since Inception | Inception Date |
| **R5 Class** | 18.01% | 10.27% | 12.95% | 4/10/17 |
| **Regulatory Index** |  |  |  |  |
| &nbsp;&nbsp;Russell 3000 | 20.81% | 16.74% | 14.50% |  |
| **Performance Index** |  |  |  |  |
| &nbsp;&nbsp;Russell Midcap Growth | 19.59% | 11.17% | 13.48% |  |

---

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

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

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $6125756314 |
| Management Fees (dollars paid during the reporting period) | $50265902 |
| Portfolio Turnover Rate | 62% |
| Total Number of Portfolio Holdings | 82 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 99.1% | Software | 11% |
| Short-Term Investments | 0.9% | Hotels, Restaurants and Leisure | 10% |
| Other Assets and Liabilities | 0.0% | Aerospace and Defense | 7% |
|  |  | Health Care Equipment and Supplies | 5% |
|  |  | Biotechnology | 5% |

---

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

![QR ACI Docs.jpg](ck0000100334-20251031_g3.jpg)

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

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

A-2508H360

------

**ANNUAL SHAREHOLDER REPORT**

Heritage Fund ![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

---

| | |
|:---|:---|
| **R6 Class (ATHDX)**  | **October 31, 2025** |

---

This annual shareholder report contains important information about Heritage Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R6 Class | $71 | 0.65% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Heritage Fund R6 Class returned 18.19% for the reporting period ended October 31, 2025. | Heritage Fund R6 Class returned 18.19% for the reporting period ended October 31, 2025. |
| The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell Midcap Growth Index. | The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell Midcap Growth Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Information technology stocks contributed most to performance thanks to selection and allocation decisions, particularly among IT services and communications equipment stocks. Exposure to artificial intelligence (AI) strongly influenced performance. Communication networking firm Ciena was the leading contributor as a result of benefiting from exposure to AI infrastructure spending. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Positioning in the industrials sector contributed, led by building products and professional services firms. A notable source of strength was a stake in commercial building solutions company Johnson Controls International. It benefited from strong demand for its energy-efficiency and cooling solutions, particularly as they relate to the ongoing AI-related data center build-out. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Communication services stocks were the leading detractors as a result of stock choices and an underweight allocation. A relative lack of exposure to strong-performing entertainment stocks hurt relative results. Stock choices among interactive media and services companies also detracted from performance. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock selection meant the health care sector was another notable detractor. Companies in the life sciences tools and services industry underperformed. They were hurt by worries about the level of drug research spending amid heightened economic, political and regulatory uncertainty. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *October 31, 2015 through October 31, 2025* |

---

![9](ck0000100334-20251031_g22.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | 10 Year |
| **R6 Class** | 18.19% | 10.44% | 11.98% |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;Russell 3000 | 20.81% | 16.74% | 14.08% |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;Russell Midcap Growth | 19.59% | 11.17% | 12.65% |

---

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

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

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $6125756314 |
| Management Fees (dollars paid during the reporting period) | $50265902 |
| Portfolio Turnover Rate | 62% |
| Total Number of Portfolio Holdings | 82 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 99.1% | Software | 11% |
| Short-Term Investments | 0.9% | Hotels, Restaurants and Leisure | 10% |
| Other Assets and Liabilities | 0.0% | Aerospace and Defense | 7% |
|  |  | Health Care Equipment and Supplies | 5% |
|  |  | Biotechnology | 5% |

---

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

![QR ACI Docs.jpg](ck0000100334-20251031_g3.jpg)

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

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

A-2508H493

------

**ANNUAL SHAREHOLDER REPORT**

Heritage Fund ![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

---

| | |
|:---|:---|
| **G Class (ACILX)**  | **October 31, 2025** |

---

This annual shareholder report contains important information about Heritage Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

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

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Heritage Fund G Class returned 18.98% for the reporting period ended October 31, 2025. | Heritage Fund G Class returned 18.98% for the reporting period ended October 31, 2025. |
| The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell Midcap Growth Index. | The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell Midcap Growth Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Information technology stocks contributed most to performance thanks to selection and allocation decisions, particularly among IT services and communications equipment stocks. Exposure to artificial intelligence (AI) strongly influenced performance. Communication networking firm Ciena was the leading contributor as a result of benefiting from exposure to AI infrastructure spending. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Positioning in the industrials sector contributed, led by building products and professional services firms. A notable source of strength was a stake in commercial building solutions company Johnson Controls International. It benefited from strong demand for its energy-efficiency and cooling solutions, particularly as they relate to the ongoing AI-related data center build-out. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Communication services stocks were the leading detractors as a result of stock choices and an underweight allocation. A relative lack of exposure to strong-performing entertainment stocks hurt relative results. Stock choices among interactive media and services companies also detracted from performance. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock selection meant the health care sector was another notable detractor. Companies in the life sciences tools and services industry underperformed. They were hurt by worries about the level of drug research spending amid heightened economic, political and regulatory uncertainty. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *March 1, 2022 through October 31, 2025* |

---

![9](ck0000100334-20251031_g23.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | Since Inception | Inception Date |
| **G Class** | 18.98% | 11.52% | 3/1/22 |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;Russell 3000 | 20.81% | 14.24% |  |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;Russell Midcap Growth | 19.59% | 11.55% |  |

---

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

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

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $6125756314 |
| Management Fees (dollars paid during the reporting period) | $50265902 |
| Portfolio Turnover Rate | 62% |
| Total Number of Portfolio Holdings | 82 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 99.1% | Software | 11% |
| Short-Term Investments | 0.9% | Hotels, Restaurants and Leisure | 10% |
| Other Assets and Liabilities | 0.0% | Aerospace and Defense | 7% |
|  |  | Health Care Equipment and Supplies | 5% |
|  |  | Biotechnology | 5% |

---

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

![QR ACI Docs.jpg](ck0000100334-20251031_g3.jpg)

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

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

A-2508H196

------

**ANNUAL SHAREHOLDER REPORT**

Large Cap Equity Fund ![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

---

| | |
|:---|:---|
| **Investor Class (AFDIX)**  | **October 31, 2025** |

---

This annual shareholder report contains important information about Large Cap Equity Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Investor Class | $85 | 0.79% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Large Cap Equity Fund Investor Class returned 14.53% for the reporting period ended October 31, 2025. | Large Cap Equity Fund Investor Class returned 14.53% for the reporting period ended October 31, 2025. |
| The fund seeks long-term capital growth. Income is a secondary objective. The commentary below refers to the fund's performance compared to the S&P 500 Index. | The fund seeks long-term capital growth. Income is a secondary objective. The commentary below refers to the fund's performance compared to the S&P 500 Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock selection in the communication services sector contributed most to relative performance. It helped to avoid shares of poor-performing media companies. An overweight to internet search giant Alphabet, parent of Google and YouTube, was a leading contributor to relative results. The company's results benefited from artificial intelligence (AI)-enhanced advertising placement and content creation. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Among individual contributors, a notable source of strength was a stake in commercial building solutions company Johnson Controls International. The stock benefited from strong demand for its energy-efficiency and cooling solutions, particularly as they relate to the ongoing AI-related data center build-out. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | In information technology, semiconductors and semiconductor equipment stocks hurt relative results. Several of the leading detractors are explained by their exposure to AI. A notable relative detractor was an underweight to AI chipmaker Advanced Micro Devices. It also hurt to have no expsoure to shares of AI software and consulting firm Palantir Technologies. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Positioning in the health care sector also detracted from performance. Health care provider and services giant UnitedHealth Group was the leading detractor in the sector. A stake in pharmaceuticals company Novo Nordisk, maker of popular weight-loss drug Ozempic, was another source of weakness. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *October 31, 2015 through October 31, 2025* |

---

![9](ck0000100334-20251031_g24.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | 10 Year |
| **Investor Class** | 14.53% | 14.49% | 13.23% |
| **S&P 500** | 21.45% | 17.64% | 14.64% |

---

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

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $3404760198 |
| Management Fees (dollars paid during the reporting period) | $11078510 |
| Portfolio Turnover Rate | 44% |
| Total Number of Portfolio Holdings | 100 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 100.0% | Semiconductors and Semiconductor Equipment | 15% |
| Short-Term Investments | 0.2% | Software | 12% |
| Other Assets and Liabilities | (0.2)% | Interactive Media and Services | 8% |
|  |  | Technology Hardware, Storage and Peripherals | 5% |
|  |  | Capital Markets | 4% |

---

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

![QR ACI Docs.jpg](ck0000100334-20251031_g3.jpg)

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

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

A-2508H600

------

**ANNUAL SHAREHOLDER REPORT**

Large Cap Equity Fund ![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

---

| | |
|:---|:---|
| **I Class (AFEIX)**  | **October 31, 2025** |

---

This annual shareholder report contains important information about Large Cap Equity Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| I Class | $63 | 0.59% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Large Cap Equity Fund I Class returned 14.73% for the reporting period ended October 31, 2025. | Large Cap Equity Fund I Class returned 14.73% for the reporting period ended October 31, 2025. |
| The fund seeks long-term capital growth. Income is a secondary objective. The commentary below refers to the fund's performance compared to the S&P 500 Index. | The fund seeks long-term capital growth. Income is a secondary objective. The commentary below refers to the fund's performance compared to the S&P 500 Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock selection in the communication services sector contributed most to relative performance. It helped to avoid shares of poor-performing media companies. An overweight to internet search giant Alphabet, parent of Google and YouTube, was a leading contributor to relative results. The company's results benefited from artificial intelligence (AI)-enhanced advertising placement and content creation. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Among individual contributors, a notable source of strength was a stake in commercial building solutions company Johnson Controls International. The stock benefited from strong demand for its energy-efficiency and cooling solutions, particularly as they relate to the ongoing AI-related data center build-out. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | In information technology, semiconductors and semiconductor equipment stocks hurt relative results. Several of the leading detractors are explained by their exposure to AI. A notable relative detractor was an underweight to AI chipmaker Advanced Micro Devices. It also hurt to have no expsoure to shares of AI software and consulting firm Palantir Technologies. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Positioning in the health care sector also detracted from performance. Health care provider and services giant UnitedHealth Group was the leading detractor in the sector. A stake in pharmaceuticals company Novo Nordisk, maker of popular weight-loss drug Ozempic, was another source of weakness. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *October 31, 2015 through October 31, 2025* |

---

![9](ck0000100334-20251031_g25.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | 10 Year |
| **I Class** | 14.73% | 14.72% | 13.46% |
| **S&P 500** | 21.45% | 17.64% | 14.64% |

---

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

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $3404760198 |
| Management Fees (dollars paid during the reporting period) | $11078510 |
| Portfolio Turnover Rate | 44% |
| Total Number of Portfolio Holdings | 100 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 100.0% | Semiconductors and Semiconductor Equipment | 15% |
| Short-Term Investments | 0.2% | Software | 12% |
| Other Assets and Liabilities | (0.2)% | Interactive Media and Services | 8% |
|  |  | Technology Hardware, Storage and Peripherals | 5% |
|  |  | Capital Markets | 4% |

---

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

![QR ACI Docs.jpg](ck0000100334-20251031_g3.jpg)

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

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

A-2508H709

------

**ANNUAL SHAREHOLDER REPORT**

Large Cap Equity Fund ![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

---

| | |
|:---|:---|
| **Y Class (AFYDX)**  | **October 31, 2025** |

---

This annual shareholder report contains important information about Large Cap Equity Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Y Class | $47 | 0.44% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Large Cap Equity Fund Y Class returned 14.92% for the reporting period ended October 31, 2025. | Large Cap Equity Fund Y Class returned 14.92% for the reporting period ended October 31, 2025. |
| The fund seeks long-term capital growth. Income is a secondary objective. The commentary below refers to the fund's performance compared to the S&P 500 Index. | The fund seeks long-term capital growth. Income is a secondary objective. The commentary below refers to the fund's performance compared to the S&P 500 Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock selection in the communication services sector contributed most to relative performance. It helped to avoid shares of poor-performing media companies. An overweight to internet search giant Alphabet, parent of Google and YouTube, was a leading contributor to relative results. The company's results benefited from artificial intelligence (AI)-enhanced advertising placement and content creation. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Among individual contributors, a notable source of strength was a stake in commercial building solutions company Johnson Controls International. The stock benefited from strong demand for its energy-efficiency and cooling solutions, particularly as they relate to the ongoing AI-related data center build-out. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | In information technology, semiconductors and semiconductor equipment stocks hurt relative results. Several of the leading detractors are explained by their exposure to AI. A notable relative detractor was an underweight to AI chipmaker Advanced Micro Devices. It also hurt to have no expsoure to shares of AI software and consulting firm Palantir Technologies. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Positioning in the health care sector also detracted from performance. Health care provider and services giant UnitedHealth Group was the leading detractor in the sector. A stake in pharmaceuticals company Novo Nordisk, maker of popular weight-loss drug Ozempic, was another source of weakness. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *April 10, 2017 through October 31, 2025* |

---

![9](ck0000100334-20251031_g26.jpg)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | Since Inception | Inception Date |
| **Y Class** | 14.92% | 14.89% | 14.50% | 4/10/17 |
| **S&P 500** | 21.45% | 17.64% | 15.16% |  |

---

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

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $3404760198 |
| Management Fees (dollars paid during the reporting period) | $11078510 |
| Portfolio Turnover Rate | 44% |
| Total Number of Portfolio Holdings | 100 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 100.0% | Semiconductors and Semiconductor Equipment | 15% |
| Short-Term Investments | 0.2% | Software | 12% |
| Other Assets and Liabilities | (0.2)% | Interactive Media and Services | 8% |
|  |  | Technology Hardware, Storage and Peripherals | 5% |
|  |  | Capital Markets | 4% |

---

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

![QR ACI Docs.jpg](ck0000100334-20251031_g3.jpg)

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

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

A-2508H287

------

**ANNUAL SHAREHOLDER REPORT**

Large Cap Equity Fund ![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

---

| | |
|:---|:---|
| **A Class (AFDAX)**  | **October 31, 2025** |

---

This annual shareholder report contains important information about Large Cap Equity Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| A Class | $111 | 1.04% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Large Cap Equity Fund A Class returned 14.22% for the reporting period ended October 31, 2025. | Large Cap Equity Fund A Class returned 14.22% for the reporting period ended October 31, 2025. |
| The fund seeks long-term capital growth. Income is a secondary objective. The commentary below refers to the fund's performance compared to the S&P 500 Index. | The fund seeks long-term capital growth. Income is a secondary objective. The commentary below refers to the fund's performance compared to the S&P 500 Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock selection in the communication services sector contributed most to relative performance. It helped to avoid shares of poor-performing media companies. An overweight to internet search giant Alphabet, parent of Google and YouTube, was a leading contributor to relative results. The company's results benefited from artificial intelligence (AI)-enhanced advertising placement and content creation. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Among individual contributors, a notable source of strength was a stake in commercial building solutions company Johnson Controls International. The stock benefited from strong demand for its energy-efficiency and cooling solutions, particularly as they relate to the ongoing AI-related data center build-out. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | In information technology, semiconductors and semiconductor equipment stocks hurt relative results. Several of the leading detractors are explained by their exposure to AI. A notable relative detractor was an underweight to AI chipmaker Advanced Micro Devices. It also hurt to have no expsoure to shares of AI software and consulting firm Palantir Technologies. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Positioning in the health care sector also detracted from performance. Health care provider and services giant UnitedHealth Group was the leading detractor in the sector. A stake in pharmaceuticals company Novo Nordisk, maker of popular weight-loss drug Ozempic, was another source of weakness. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *October 31, 2015 through October 31, 2025* |
| *The initial investment is adjusted to reflect the maximum initial sales charge.* |

---

![9](ck0000100334-20251031_g27.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | 10 Year |
| **A Class** | 14.22% | 14.20% | 12.95% |
| **A Class - with sales charge** | 7.66% | 12.86% | 12.29% |
| **S&P 500** | 21.45% | 17.64% | 14.64% |

---

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

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

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $3404760198 |
| Management Fees (dollars paid during the reporting period) | $11078510 |
| Portfolio Turnover Rate | 44% |
| Total Number of Portfolio Holdings | 100 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 100.0% | Semiconductors and Semiconductor Equipment | 15% |
| Short-Term Investments | 0.2% | Software | 12% |
| Other Assets and Liabilities | (0.2)% | Interactive Media and Services | 8% |
|  |  | Technology Hardware, Storage and Peripherals | 5% |
|  |  | Capital Markets | 4% |

---

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

![QR ACI Docs.jpg](ck0000100334-20251031_g3.jpg)

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

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

A-25083130

------

**ANNUAL SHAREHOLDER REPORT**

Large Cap Equity Fund ![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

---

| | |
|:---|:---|
| **C Class (AFDCX)**  | **October 31, 2025** |

---

This annual shareholder report contains important information about Large Cap Equity Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| C Class | $191 | 1.79% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Large Cap Equity Fund C Class returned 13.37% for the reporting period ended October 31, 2025. | Large Cap Equity Fund C Class returned 13.37% for the reporting period ended October 31, 2025. |
| The fund seeks long-term capital growth. Income is a secondary objective. The commentary below refers to the fund's performance compared to the S&P 500 Index. | The fund seeks long-term capital growth. Income is a secondary objective. The commentary below refers to the fund's performance compared to the S&P 500 Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock selection in the communication services sector contributed most to relative performance. It helped to avoid shares of poor-performing media companies. An overweight to internet search giant Alphabet, parent of Google and YouTube, was a leading contributor to relative results. The company's results benefited from artificial intelligence (AI)-enhanced advertising placement and content creation. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Among individual contributors, a notable source of strength was a stake in commercial building solutions company Johnson Controls International. The stock benefited from strong demand for its energy-efficiency and cooling solutions, particularly as they relate to the ongoing AI-related data center build-out. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | In information technology, semiconductors and semiconductor equipment stocks hurt relative results. Several of the leading detractors are explained by their exposure to AI. A notable relative detractor was an underweight to AI chipmaker Advanced Micro Devices. It also hurt to have no expsoure to shares of AI software and consulting firm Palantir Technologies. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Positioning in the health care sector also detracted from performance. Health care provider and services giant UnitedHealth Group was the leading detractor in the sector. A stake in pharmaceuticals company Novo Nordisk, maker of popular weight-loss drug Ozempic, was another source of weakness. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *October 31, 2015 through October 31, 2025* |

---

![9](ck0000100334-20251031_g28.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | 10 Year |
| **C Class** | 13.37% | 13.35% | 12.11% |
| **S&P 500** | 21.45% | 17.64% | 14.64% |

---

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

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

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $3404760198 |
| Management Fees (dollars paid during the reporting period) | $11078510 |
| Portfolio Turnover Rate | 44% |
| Total Number of Portfolio Holdings | 100 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 100.0% | Semiconductors and Semiconductor Equipment | 15% |
| Short-Term Investments | 0.2% | Software | 12% |
| Other Assets and Liabilities | (0.2)% | Interactive Media and Services | 8% |
|  |  | Technology Hardware, Storage and Peripherals | 5% |
|  |  | Capital Markets | 4% |

---

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

![QR ACI Docs.jpg](ck0000100334-20251031_g3.jpg)

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

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

A-25083114

------

**ANNUAL SHAREHOLDER REPORT**

Large Cap Equity Fund ![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

---

| | |
|:---|:---|
| **R Class (AFDRX)**  | **October 31, 2025** |

---

This annual shareholder report contains important information about Large Cap Equity Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R Class | $138 | 1.29% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Large Cap Equity Fund R Class returned 13.96% for the reporting period ended October 31, 2025. | Large Cap Equity Fund R Class returned 13.96% for the reporting period ended October 31, 2025. |
| The fund seeks long-term capital growth. Income is a secondary objective. The commentary below refers to the fund's performance compared to the S&P 500 Index. | The fund seeks long-term capital growth. Income is a secondary objective. The commentary below refers to the fund's performance compared to the S&P 500 Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock selection in the communication services sector contributed most to relative performance. It helped to avoid shares of poor-performing media companies. An overweight to internet search giant Alphabet, parent of Google and YouTube, was a leading contributor to relative results. The company's results benefited from artificial intelligence (AI)-enhanced advertising placement and content creation. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Among individual contributors, a notable source of strength was a stake in commercial building solutions company Johnson Controls International. The stock benefited from strong demand for its energy-efficiency and cooling solutions, particularly as they relate to the ongoing AI-related data center build-out. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | In information technology, semiconductors and semiconductor equipment stocks hurt relative results. Several of the leading detractors are explained by their exposure to AI. A notable relative detractor was an underweight to AI chipmaker Advanced Micro Devices. It also hurt to have no expsoure to shares of AI software and consulting firm Palantir Technologies. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Positioning in the health care sector also detracted from performance. Health care provider and services giant UnitedHealth Group was the leading detractor in the sector. A stake in pharmaceuticals company Novo Nordisk, maker of popular weight-loss drug Ozempic, was another source of weakness. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *October 31, 2015 through October 31, 2025* |

---

![9](ck0000100334-20251031_g29.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | 10 Year |
| **R Class** | 13.96% | 13.92% | 12.67% |
| **S&P 500** | 21.45% | 17.64% | 14.64% |

---

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

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $3404760198 |
| Management Fees (dollars paid during the reporting period) | $11078510 |
| Portfolio Turnover Rate | 44% |
| Total Number of Portfolio Holdings | 100 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 100.0% | Semiconductors and Semiconductor Equipment | 15% |
| Short-Term Investments | 0.2% | Software | 12% |
| Other Assets and Liabilities | (0.2)% | Interactive Media and Services | 8% |
|  |  | Technology Hardware, Storage and Peripherals | 5% |
|  |  | Capital Markets | 4% |

---

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

![QR ACI Docs.jpg](ck0000100334-20251031_g3.jpg)

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

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

A-2508H808

------

**ANNUAL SHAREHOLDER REPORT**

Large Cap Equity Fund ![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

---

| | |
|:---|:---|
| **R5 Class (AFDGX)**  | **October 31, 2025** |

---

This annual shareholder report contains important information about Large Cap Equity Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R5 Class | $63 | 0.59% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Large Cap Equity Fund R5 Class returned 14.74% for the reporting period ended October 31, 2025. | Large Cap Equity Fund R5 Class returned 14.74% for the reporting period ended October 31, 2025. |
| The fund seeks long-term capital growth. Income is a secondary objective. The commentary below refers to the fund's performance compared to the S&P 500 Index. | The fund seeks long-term capital growth. Income is a secondary objective. The commentary below refers to the fund's performance compared to the S&P 500 Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock selection in the communication services sector contributed most to relative performance. It helped to avoid shares of poor-performing media companies. An overweight to internet search giant Alphabet, parent of Google and YouTube, was a leading contributor to relative results. The company's results benefited from artificial intelligence (AI)-enhanced advertising placement and content creation. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Among individual contributors, a notable source of strength was a stake in commercial building solutions company Johnson Controls International. The stock benefited from strong demand for its energy-efficiency and cooling solutions, particularly as they relate to the ongoing AI-related data center build-out. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | In information technology, semiconductors and semiconductor equipment stocks hurt relative results. Several of the leading detractors are explained by their exposure to AI. A notable relative detractor was an underweight to AI chipmaker Advanced Micro Devices. It also hurt to have no expsoure to shares of AI software and consulting firm Palantir Technologies. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Positioning in the health care sector also detracted from performance. Health care provider and services giant UnitedHealth Group was the leading detractor in the sector. A stake in pharmaceuticals company Novo Nordisk, maker of popular weight-loss drug Ozempic, was another source of weakness. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *April 10, 2017 through October 31, 2025* |

---

![9](ck0000100334-20251031_g30.jpg)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | Since Inception | Inception Date |
| **R5 Class** | 14.74% | 14.72% | 14.33% | 4/10/17 |
| **S&P 500** | 21.45% | 17.64% | 15.16% |  |

---

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

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $3404760198 |
| Management Fees (dollars paid during the reporting period) | $11078510 |
| Portfolio Turnover Rate | 44% |
| Total Number of Portfolio Holdings | 100 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 100.0% | Semiconductors and Semiconductor Equipment | 15% |
| Short-Term Investments | 0.2% | Software | 12% |
| Other Assets and Liabilities | (0.2)% | Interactive Media and Services | 8% |
|  |  | Technology Hardware, Storage and Peripherals | 5% |
|  |  | Capital Markets | 4% |

---

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

![QR ACI Docs.jpg](ck0000100334-20251031_g3.jpg)

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

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

A-2508H295

------

**ANNUAL SHAREHOLDER REPORT**

Large Cap Equity Fund ![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

---

| | |
|:---|:---|
| **R6 Class (AFEDX)**  | **October 31, 2025** |

---

This annual shareholder report contains important information about Large Cap Equity Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R6 Class | $47 | 0.44% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Large Cap Equity Fund R6 Class returned 14.93% for the reporting period ended October 31, 2025. | Large Cap Equity Fund R6 Class returned 14.93% for the reporting period ended October 31, 2025. |
| The fund seeks long-term capital growth. Income is a secondary objective. The commentary below refers to the fund's performance compared to the S&P 500 Index. | The fund seeks long-term capital growth. Income is a secondary objective. The commentary below refers to the fund's performance compared to the S&P 500 Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock selection in the communication services sector contributed most to relative performance. It helped to avoid shares of poor-performing media companies. An overweight to internet search giant Alphabet, parent of Google and YouTube, was a leading contributor to relative results. The company's results benefited from artificial intelligence (AI)-enhanced advertising placement and content creation. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Among individual contributors, a notable source of strength was a stake in commercial building solutions company Johnson Controls International. The stock benefited from strong demand for its energy-efficiency and cooling solutions, particularly as they relate to the ongoing AI-related data center build-out. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | In information technology, semiconductors and semiconductor equipment stocks hurt relative results. Several of the leading detractors are explained by their exposure to AI. A notable relative detractor was an underweight to AI chipmaker Advanced Micro Devices. It also hurt to have no expsoure to shares of AI software and consulting firm Palantir Technologies. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Positioning in the health care sector also detracted from performance. Health care provider and services giant UnitedHealth Group was the leading detractor in the sector. A stake in pharmaceuticals company Novo Nordisk, maker of popular weight-loss drug Ozempic, was another source of weakness. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *April 1, 2019 through October 31, 2025* |

---

![9](ck0000100334-20251031_g31.jpg)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | Since Inception | Inception Date |
| **R6 Class** | 14.93% | 14.89% | 14.47% | 4/1/19 |
| **S&P 500** | 21.45% | 17.64% | 15.93% |  |

---

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

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $3404760198 |
| Management Fees (dollars paid during the reporting period) | $11078510 |
| Portfolio Turnover Rate | 44% |
| Total Number of Portfolio Holdings | 100 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 100.0% | Semiconductors and Semiconductor Equipment | 15% |
| Short-Term Investments | 0.2% | Software | 12% |
| Other Assets and Liabilities | (0.2)% | Interactive Media and Services | 8% |
|  |  | Technology Hardware, Storage and Peripherals | 5% |
|  |  | Capital Markets | 4% |

---

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

![QR ACI Docs.jpg](ck0000100334-20251031_g3.jpg)

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

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

A-2508H238

------

**ANNUAL SHAREHOLDER REPORT**

Large Cap Equity Fund ![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

---

| | |
|:---|:---|
| **G Class (AFEGX)**  | **October 31, 2025** |

---

This annual shareholder report contains important information about Large Cap Equity Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

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

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Large Cap Equity Fund G Class returned 15.42% for the reporting period ended October 31, 2025. | Large Cap Equity Fund G Class returned 15.42% for the reporting period ended October 31, 2025. |
| The fund seeks long-term capital growth. Income is a secondary objective. The commentary below refers to the fund's performance compared to the S&P 500 Index. | The fund seeks long-term capital growth. Income is a secondary objective. The commentary below refers to the fund's performance compared to the S&P 500 Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock selection in the communication services sector contributed most to relative performance. It helped to avoid shares of poor-performing media companies. An overweight to internet search giant Alphabet, parent of Google and YouTube, was a leading contributor to relative results. The company's results benefited from artificial intelligence (AI)-enhanced advertising placement and content creation. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Among individual contributors, a notable source of strength was a stake in commercial building solutions company Johnson Controls International. The stock benefited from strong demand for its energy-efficiency and cooling solutions, particularly as they relate to the ongoing AI-related data center build-out. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | In information technology, semiconductors and semiconductor equipment stocks hurt relative results. Several of the leading detractors are explained by their exposure to AI. A notable relative detractor was an underweight to AI chipmaker Advanced Micro Devices. It also hurt to have no expsoure to shares of AI software and consulting firm Palantir Technologies. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Positioning in the health care sector also detracted from performance. Health care provider and services giant UnitedHealth Group was the leading detractor in the sector. A stake in pharmaceuticals company Novo Nordisk, maker of popular weight-loss drug Ozempic, was another source of weakness. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *April 1, 2019 through October 31, 2025* |

---

![9](ck0000100334-20251031_g32.jpg)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | Since Inception | Inception Date |
| **G Class** | 15.42% | 15.39% | 14.97% | 4/1/19 |
| **S&P 500** | 21.45% | 17.64% | 15.93% |  |

---

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

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $3404760198 |
| Management Fees (dollars paid during the reporting period) | $11078510 |
| Portfolio Turnover Rate | 44% |
| Total Number of Portfolio Holdings | 100 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 100.0% | Semiconductors and Semiconductor Equipment | 15% |
| Short-Term Investments | 0.2% | Software | 12% |
| Other Assets and Liabilities | (0.2)% | Interactive Media and Services | 8% |
|  |  | Technology Hardware, Storage and Peripherals | 5% |
|  |  | Capital Markets | 4% |

---

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

![QR ACI Docs.jpg](ck0000100334-20251031_g3.jpg)

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

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

A-2508H246

------

**ANNUAL SHAREHOLDER REPORT**

Select Fund ![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

---

| | |
|:---|:---|
| **Investor Class (TWCIX)**  | **October 31, 2025** |

---

This annual shareholder report contains important information about Select Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Investor Class | $101 | 0.90% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Select Fund Investor Class returned 24.98% for the reporting period ended October 31, 2025. | Select Fund Investor Class returned 24.98% for the reporting period ended October 31, 2025. |
| The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell 1000 Growth Index. | The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell 1000 Growth Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock selection in the consumer discretionary sector contributed most to relative performance. It helped to underweight the shares of hotels, restaurants and leisure companies, as well as those of textiles, apparel and luxury goods makers. In general, these stocks suffered from weaker spending by lower-income and price-sensitive consumers. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | An underweight allocation to the communication services sector benefited relative performance. In addition, a position in internet search giant Alphabet, parent of Google and YouTube, was a leading contributor to relative results. The company's results benefited from artificial intelligence (AI)-enhanced advertising placement and content creation. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | In information technology, software and semiconductors and semiconductor equipment companies hurt relative results. Several othe leading detractors are explained by their exposure to AI. The top relative detractor was AI chipmaker Broadcom, to which we had limited exposure. It also hurt to be underrepresented in shares of AI software and consulting firm Palantir Technologies. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Holdings in the health care sector also detracted from performance. Biotechnology company Regeneron Pharmaceuticals and health care provider and services giant UnitedHealth Group were the top detractors in health care. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *October 31, 2015 through October 31, 2025* |

---

![9](ck0000100334-20251031_g33.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | 10 Year |
| **Investor Class** | 24.98% | 16.28% | 15.91% |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;Russell 1000 | 21.14% | 17.05% | 14.39% |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;Russell 1000 Growth | 30.52% | 19.24% | 18.28% |

---

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

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

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $6666417651 |
| Management Fees (dollars paid during the reporting period) | $48840357 |
| Portfolio Turnover Rate | 22% |
| Total Number of Portfolio Holdings | 57 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 99.8% | Semiconductors and Semiconductor Equipment | 24% |
| Short-Term Investments | 0.4% | Software | 17% |
| Other Assets and Liabilities | (0.2)% | Interactive Media and Services | 15% |
|  |  | Technology Hardware, Storage and Peripherals | 9% |
|  |  | Broadline Retail | 8% |

---

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

![QR ACI Docs.jpg](ck0000100334-20251031_g3.jpg)

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

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

A-25083502

------

**ANNUAL SHAREHOLDER REPORT**

Select Fund ![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

---

| | |
|:---|:---|
| **I Class (TWSIX)**  | **October 31, 2025** |

---

This annual shareholder report contains important information about Select Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| I Class | $79 | 0.70% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Select Fund I Class returned 25.23% for the reporting period ended October 31, 2025. | Select Fund I Class returned 25.23% for the reporting period ended October 31, 2025. |
| The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell 1000 Growth Index. | The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell 1000 Growth Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock selection in the consumer discretionary sector contributed most to relative performance. It helped to underweight the shares of hotels, restaurants and leisure companies, as well as those of textiles, apparel and luxury goods makers. In general, these stocks suffered from weaker spending by lower-income and price-sensitive consumers. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | An underweight allocation to the communication services sector benefited relative performance. In addition, a position in internet search giant Alphabet, parent of Google and YouTube, was a leading contributor to relative results. The company's results benefited from artificial intelligence (AI)-enhanced advertising placement and content creation. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | In information technology, software and semiconductors and semiconductor equipment companies hurt relative results. Several othe leading detractors are explained by their exposure to AI. The top relative detractor was AI chipmaker Broadcom, to which we had limited exposure. It also hurt to be underrepresented in shares of AI software and consulting firm Palantir Technologies. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Holdings in the health care sector also detracted from performance. Biotechnology company Regeneron Pharmaceuticals and health care provider and services giant UnitedHealth Group were the top detractors in health care. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *October 31, 2015 through October 31, 2025* |

---

![9](ck0000100334-20251031_g34.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | 10 Year |
| **I Class** | 25.23% | 16.51% | 16.14% |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;Russell 1000 | 21.14% | 17.05% | 14.39% |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;Russell 1000 Growth | 30.52% | 19.24% | 18.28% |

---

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

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

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $6666417651 |
| Management Fees (dollars paid during the reporting period) | $48840357 |
| Portfolio Turnover Rate | 22% |
| Total Number of Portfolio Holdings | 57 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 99.8% | Semiconductors and Semiconductor Equipment | 24% |
| Short-Term Investments | 0.4% | Software | 17% |
| Other Assets and Liabilities | (0.2)% | Interactive Media and Services | 15% |
|  |  | Technology Hardware, Storage and Peripherals | 9% |
|  |  | Broadline Retail | 8% |

---

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

![QR ACI Docs.jpg](ck0000100334-20251031_g3.jpg)

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

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

A-25083601

------

**ANNUAL SHAREHOLDER REPORT**

Select Fund ![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

---

| | |
|:---|:---|
| **Y Class (ASLWX)**  | **October 31, 2025** |

---

This annual shareholder report contains important information about Select Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Y Class | $62 | 0.55% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Select Fund Y Class returned 25.42% for the reporting period ended October 31, 2025. | Select Fund Y Class returned 25.42% for the reporting period ended October 31, 2025. |
| The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell 1000 Growth Index. | The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell 1000 Growth Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock selection in the consumer discretionary sector contributed most to relative performance. It helped to underweight the shares of hotels, restaurants and leisure companies, as well as those of textiles, apparel and luxury goods makers. In general, these stocks suffered from weaker spending by lower-income and price-sensitive consumers. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | An underweight allocation to the communication services sector benefited relative performance. In addition, a position in internet search giant Alphabet, parent of Google and YouTube, was a leading contributor to relative results. The company's results benefited from artificial intelligence (AI)-enhanced advertising placement and content creation. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | In information technology, software and semiconductors and semiconductor equipment companies hurt relative results. Several othe leading detractors are explained by their exposure to AI. The top relative detractor was AI chipmaker Broadcom, to which we had limited exposure. It also hurt to be underrepresented in shares of AI software and consulting firm Palantir Technologies. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Holdings in the health care sector also detracted from performance. Biotechnology company Regeneron Pharmaceuticals and health care provider and services giant UnitedHealth Group were the top detractors in health care. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *April 10, 2017 through October 31, 2025* |

---

![9](ck0000100334-20251031_g35.jpg)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | Since Inception | Inception Date |
| **Y Class** | 25.42% | 16.68% | 17.54% | 4/10/17 |
| **Regulatory Index** |  |  |  |  |
| &nbsp;&nbsp;Russell 1000 | 21.14% | 17.05% | 14.89% |  |
| **Performance Index** |  |  |  |  |
| &nbsp;&nbsp;Russell 1000 Growth | 30.52% | 19.24% | 19.68% |  |

---

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

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

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $6666417651 |
| Management Fees (dollars paid during the reporting period) | $48840357 |
| Portfolio Turnover Rate | 22% |
| Total Number of Portfolio Holdings | 57 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 99.8% | Semiconductors and Semiconductor Equipment | 24% |
| Short-Term Investments | 0.4% | Software | 17% |
| Other Assets and Liabilities | (0.2)% | Interactive Media and Services | 15% |
|  |  | Technology Hardware, Storage and Peripherals | 9% |
|  |  | Broadline Retail | 8% |

---

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

![QR ACI Docs.jpg](ck0000100334-20251031_g3.jpg)

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

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

A-2508H337

------

**ANNUAL SHAREHOLDER REPORT**

Select Fund ![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

---

| | |
|:---|:---|
| **A Class (TWCAX)**  | **October 31, 2025** |

---

This annual shareholder report contains important information about Select Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| A Class | $129 | 1.15% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Select Fund A Class returned 24.67% for the reporting period ended October 31, 2025. | Select Fund A Class returned 24.67% for the reporting period ended October 31, 2025. |
| The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell 1000 Growth Index. | The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell 1000 Growth Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock selection in the consumer discretionary sector contributed most to relative performance. It helped to underweight the shares of hotels, restaurants and leisure companies, as well as those of textiles, apparel and luxury goods makers. In general, these stocks suffered from weaker spending by lower-income and price-sensitive consumers. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | An underweight allocation to the communication services sector benefited relative performance. In addition, a position in internet search giant Alphabet, parent of Google and YouTube, was a leading contributor to relative results. The company's results benefited from artificial intelligence (AI)-enhanced advertising placement and content creation. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | In information technology, software and semiconductors and semiconductor equipment companies hurt relative results. Several othe leading detractors are explained by their exposure to AI. The top relative detractor was AI chipmaker Broadcom, to which we had limited exposure. It also hurt to be underrepresented in shares of AI software and consulting firm Palantir Technologies. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Holdings in the health care sector also detracted from performance. Biotechnology company Regeneron Pharmaceuticals and health care provider and services giant UnitedHealth Group were the top detractors in health care. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *October 31, 2015 through October 31, 2025* |
| *The initial investment is adjusted to reflect the maximum initial sales charge.* |

---

![9](ck0000100334-20251031_g36.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | 10 Year |
| **A Class** | 24.67% | 15.98% | 15.61% |
| **A Class - with sales charge** | 17.50% | 14.62% | 14.93% |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;Russell 1000 | 21.14% | 17.05% | 14.39% |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;Russell 1000 Growth | 30.52% | 19.24% | 18.28% |

---

---

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

---

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

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $6666417651 |
| Management Fees (dollars paid during the reporting period) | $48840357 |
| Portfolio Turnover Rate | 22% |
| Total Number of Portfolio Holdings | 57 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 99.8% | Semiconductors and Semiconductor Equipment | 24% |
| Short-Term Investments | 0.4% | Software | 17% |
| Other Assets and Liabilities | (0.2)% | Interactive Media and Services | 15% |
|  |  | Technology Hardware, Storage and Peripherals | 9% |
|  |  | Broadline Retail | 8% |

---

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

![QR ACI Docs.jpg](ck0000100334-20251031_g3.jpg)

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

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

A-25083809

------

**ANNUAL SHAREHOLDER REPORT**

Select Fund ![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

---

| | |
|:---|:---|
| **C Class (ACSLX)**  | **October 31, 2025** |

---

This annual shareholder report contains important information about Select Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| C Class | $213 | 1.90% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Select Fund C Class returned 23.73% for the reporting period ended October 31, 2025. | Select Fund C Class returned 23.73% for the reporting period ended October 31, 2025. |
| The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell 1000 Growth Index. | The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell 1000 Growth Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock selection in the consumer discretionary sector contributed most to relative performance. It helped to underweight the shares of hotels, restaurants and leisure companies, as well as those of textiles, apparel and luxury goods makers. In general, these stocks suffered from weaker spending by lower-income and price-sensitive consumers. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | An underweight allocation to the communication services sector benefited relative performance. In addition, a position in internet search giant Alphabet, parent of Google and YouTube, was a leading contributor to relative results. The company's results benefited from artificial intelligence (AI)-enhanced advertising placement and content creation. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | In information technology, software and semiconductors and semiconductor equipment companies hurt relative results. Several othe leading detractors are explained by their exposure to AI. The top relative detractor was AI chipmaker Broadcom, to which we had limited exposure. It also hurt to be underrepresented in shares of AI software and consulting firm Palantir Technologies. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Holdings in the health care sector also detracted from performance. Biotechnology company Regeneron Pharmaceuticals and health care provider and services giant UnitedHealth Group were the top detractors in health care. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *October 31, 2015 through October 31, 2025* |

---

![9](ck0000100334-20251031_g37.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | 10 Year |
| **C Class** | 23.73% | 15.12% | 14.75% |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;Russell 1000 | 21.14% | 17.05% | 14.39% |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;Russell 1000 Growth | 30.52% | 19.24% | 18.28% |

---

---

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

---

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

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $6666417651 |
| Management Fees (dollars paid during the reporting period) | $48840357 |
| Portfolio Turnover Rate | 22% |
| Total Number of Portfolio Holdings | 57 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 99.8% | Semiconductors and Semiconductor Equipment | 24% |
| Short-Term Investments | 0.4% | Software | 17% |
| Other Assets and Liabilities | (0.2)% | Interactive Media and Services | 15% |
|  |  | Technology Hardware, Storage and Peripherals | 9% |
|  |  | Broadline Retail | 8% |

---

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

![QR ACI Docs.jpg](ck0000100334-20251031_g3.jpg)

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

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

A-25083239

------

**ANNUAL SHAREHOLDER REPORT**

Select Fund ![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

---

| | |
|:---|:---|
| **R Class (ASERX)**  | **October 31, 2025** |

---

This annual shareholder report contains important information about Select Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R Class | $157 | 1.40% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Select Fund R Class returned 24.36% for the reporting period ended October 31, 2025. | Select Fund R Class returned 24.36% for the reporting period ended October 31, 2025. |
| The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell 1000 Growth Index. | The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell 1000 Growth Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock selection in the consumer discretionary sector contributed most to relative performance. It helped to underweight the shares of hotels, restaurants and leisure companies, as well as those of textiles, apparel and luxury goods makers. In general, these stocks suffered from weaker spending by lower-income and price-sensitive consumers. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | An underweight allocation to the communication services sector benefited relative performance. In addition, a position in internet search giant Alphabet, parent of Google and YouTube, was a leading contributor to relative results. The company's results benefited from artificial intelligence (AI)-enhanced advertising placement and content creation. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | In information technology, software and semiconductors and semiconductor equipment companies hurt relative results. Several othe leading detractors are explained by their exposure to AI. The top relative detractor was AI chipmaker Broadcom, to which we had limited exposure. It also hurt to be underrepresented in shares of AI software and consulting firm Palantir Technologies. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Holdings in the health care sector also detracted from performance. Biotechnology company Regeneron Pharmaceuticals and health care provider and services giant UnitedHealth Group were the top detractors in health care. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *October 31, 2015 through October 31, 2025* |

---

![9](ck0000100334-20251031_g38.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | 10 Year |
| **R Class** | 24.36% | 15.70% | 15.33% |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;Russell 1000 | 21.14% | 17.05% | 14.39% |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;Russell 1000 Growth | 30.52% | 19.24% | 18.28% |

---

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

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

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $6666417651 |
| Management Fees (dollars paid during the reporting period) | $48840357 |
| Portfolio Turnover Rate | 22% |
| Total Number of Portfolio Holdings | 57 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 99.8% | Semiconductors and Semiconductor Equipment | 24% |
| Short-Term Investments | 0.4% | Software | 17% |
| Other Assets and Liabilities | (0.2)% | Interactive Media and Services | 15% |
|  |  | Technology Hardware, Storage and Peripherals | 9% |
|  |  | Broadline Retail | 8% |

---

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

![QR ACI Docs.jpg](ck0000100334-20251031_g3.jpg)

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

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

A-2508H501

------

**ANNUAL SHAREHOLDER REPORT**

Select Fund ![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

---

| | |
|:---|:---|
| **R5 Class (ASLGX)**  | **October 31, 2025** |

---

This annual shareholder report contains important information about Select Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R5 Class | $79 | 0.70% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Select Fund R5 Class returned 25.24% for the reporting period ended October 31, 2025. | Select Fund R5 Class returned 25.24% for the reporting period ended October 31, 2025. |
| The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell 1000 Growth Index. | The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell 1000 Growth Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock selection in the consumer discretionary sector contributed most to relative performance. It helped to underweight the shares of hotels, restaurants and leisure companies, as well as those of textiles, apparel and luxury goods makers. In general, these stocks suffered from weaker spending by lower-income and price-sensitive consumers. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | An underweight allocation to the communication services sector benefited relative performance. In addition, a position in internet search giant Alphabet, parent of Google and YouTube, was a leading contributor to relative results. The company's results benefited from artificial intelligence (AI)-enhanced advertising placement and content creation. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | In information technology, software and semiconductors and semiconductor equipment companies hurt relative results. Several othe leading detractors are explained by their exposure to AI. The top relative detractor was AI chipmaker Broadcom, to which we had limited exposure. It also hurt to be underrepresented in shares of AI software and consulting firm Palantir Technologies. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Holdings in the health care sector also detracted from performance. Biotechnology company Regeneron Pharmaceuticals and health care provider and services giant UnitedHealth Group were the top detractors in health care. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *April 10, 2017 through October 31, 2025* |

---

![9](ck0000100334-20251031_g39.jpg)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | Since Inception | Inception Date |
| **R5 Class** | 25.24% | 16.51% | 17.36% | 4/10/17 |
| **Regulatory Index** |  |  |  |  |
| &nbsp;&nbsp;Russell 1000 | 21.14% | 17.05% | 14.89% |  |
| **Performance Index** |  |  |  |  |
| &nbsp;&nbsp;Russell 1000 Growth | 30.52% | 19.24% | 19.68% |  |

---

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

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

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $6666417651 |
| Management Fees (dollars paid during the reporting period) | $48840357 |
| Portfolio Turnover Rate | 22% |
| Total Number of Portfolio Holdings | 57 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 99.8% | Semiconductors and Semiconductor Equipment | 24% |
| Short-Term Investments | 0.4% | Software | 17% |
| Other Assets and Liabilities | (0.2)% | Interactive Media and Services | 15% |
|  |  | Technology Hardware, Storage and Peripherals | 9% |
|  |  | Broadline Retail | 8% |

---

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

![QR ACI Docs.jpg](ck0000100334-20251031_g3.jpg)

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

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

A-2508H345

------

**ANNUAL SHAREHOLDER REPORT**

Select Fund ![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

---

| | |
|:---|:---|
| **R6 Class (ASDEX)**  | **October 31, 2025** |

---

This annual shareholder report contains important information about Select Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R6 Class | $62 | 0.55% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Select Fund R6 Class returned 25.42% for the reporting period ended October 31, 2025. | Select Fund R6 Class returned 25.42% for the reporting period ended October 31, 2025. |
| The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell 1000 Growth Index. | The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell 1000 Growth Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock selection in the consumer discretionary sector contributed most to relative performance. It helped to underweight the shares of hotels, restaurants and leisure companies, as well as those of textiles, apparel and luxury goods makers. In general, these stocks suffered from weaker spending by lower-income and price-sensitive consumers. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | An underweight allocation to the communication services sector benefited relative performance. In addition, a position in internet search giant Alphabet, parent of Google and YouTube, was a leading contributor to relative results. The company's results benefited from artificial intelligence (AI)-enhanced advertising placement and content creation. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | In information technology, software and semiconductors and semiconductor equipment companies hurt relative results. Several othe leading detractors are explained by their exposure to AI. The top relative detractor was AI chipmaker Broadcom, to which we had limited exposure. It also hurt to be underrepresented in shares of AI software and consulting firm Palantir Technologies. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Holdings in the health care sector also detracted from performance. Biotechnology company Regeneron Pharmaceuticals and health care provider and services giant UnitedHealth Group were the top detractors in health care. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *October 31, 2015 through October 31, 2025* |

---

![9](ck0000100334-20251031_g40.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | 10 Year |
| **R6 Class** | 25.42% | 16.69% | 16.31% |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;Russell 1000 | 21.14% | 17.05% | 14.39% |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;Russell 1000 Growth | 30.52% | 19.24% | 18.28% |

---

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

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

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $6666417651 |
| Management Fees (dollars paid during the reporting period) | $48840357 |
| Portfolio Turnover Rate | 22% |
| Total Number of Portfolio Holdings | 57 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 99.8% | Semiconductors and Semiconductor Equipment | 24% |
| Short-Term Investments | 0.4% | Software | 17% |
| Other Assets and Liabilities | (0.2)% | Interactive Media and Services | 15% |
|  |  | Technology Hardware, Storage and Peripherals | 9% |
|  |  | Broadline Retail | 8% |

---

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

![QR ACI Docs.jpg](ck0000100334-20251031_g3.jpg)

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

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

A-2508H451

------

**ANNUAL SHAREHOLDER REPORT**

Select Fund ![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

---

| | |
|:---|:---|
| **G Class (ASLDX)**  | **October 31, 2025** |

---

This annual shareholder report contains important information about Select Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

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

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Select Fund G Class returned 26.12% for the reporting period ended October 31, 2025. | Select Fund G Class returned 26.12% for the reporting period ended October 31, 2025. |
| The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell 1000 Growth Index. | The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell 1000 Growth Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock selection in the consumer discretionary sector contributed most to relative performance. It helped to underweight the shares of hotels, restaurants and leisure companies, as well as those of textiles, apparel and luxury goods makers. In general, these stocks suffered from weaker spending by lower-income and price-sensitive consumers. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | An underweight allocation to the communication services sector benefited relative performance. In addition, a position in internet search giant Alphabet, parent of Google and YouTube, was a leading contributor to relative results. The company's results benefited from artificial intelligence (AI)-enhanced advertising placement and content creation. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | In information technology, software and semiconductors and semiconductor equipment companies hurt relative results. Several othe leading detractors are explained by their exposure to AI. The top relative detractor was AI chipmaker Broadcom, to which we had limited exposure. It also hurt to be underrepresented in shares of AI software and consulting firm Palantir Technologies. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Holdings in the health care sector also detracted from performance. Biotechnology company Regeneron Pharmaceuticals and health care provider and services giant UnitedHealth Group were the top detractors in health care. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *November 2, 2023 through October 31, 2025* |

---

![9](ck0000100334-20251031_g41.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | Since Inception | Inception Date |
| **G Class** | 26.12% | 29.95% | 11/2/23 |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;Russell 1000 | 21.14% | 27.50% |  |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;Russell 1000 Growth | 30.52% | 34.80% |  |

---

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

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

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $6666417651 |
| Management Fees (dollars paid during the reporting period) | $48840357 |
| Portfolio Turnover Rate | 22% |
| Total Number of Portfolio Holdings | 57 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 99.8% | Semiconductors and Semiconductor Equipment | 24% |
| Short-Term Investments | 0.4% | Software | 17% |
| Other Assets and Liabilities | (0.2)% | Interactive Media and Services | 15% |
|  |  | Technology Hardware, Storage and Peripherals | 9% |
|  |  | Broadline Retail | 8% |

---

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

![QR ACI Docs.jpg](ck0000100334-20251031_g3.jpg)

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

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

A-2508H188

------

**ANNUAL SHAREHOLDER REPORT**

Small Cap Growth Fund ![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

---

| | |
|:---|:---|
| **Investor Class (ANOIX)**  | **October 31, 2025** |

---

This annual shareholder report contains important information about Small Cap Growth Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Investor Class | $120 | 1.13% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Small Cap Growth Fund Investor Class returned 11.97% for the reporting period ended October 31, 2025. | Small Cap Growth Fund Investor Class returned 11.97% for the reporting period ended October 31, 2025. |
| The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell 2000 Growth Index. | The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell 2000 Growth Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock selection in the health care sector contributed the most to the portfolio's relative performance. While the portfolio took an underweight position in biotechnology, it had key holdings in companies like Natera, a genetic testing firm that was a portfolio-only stock. After a strong third quarter, the company significantly increased its guidance for the year. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Consumer discretionary was another important contributor due to stock selection. Owning Duolingo was key as the learning application company converted more freemium users to paid subscriptions and increased sales of its higher-priced family plans. In the hotels, restaurants and leisure industry, not owning companies like Sweetgreen, Shake Shack and Six Flags Entertainment helped. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The industrials sector acted as the leading detractor, largely due to stock selection. The portfolio did not own several key stocks in the electrical equipment industry, including Bloom Energy and Nextracker, which were part of the Russell 2000 Growth Index. Bloom has benefited from the artificial intelligence trend, which has fueled demand for its onsite power generation solutions. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Information technology was another notable detractor from the portfolio's relative performance. In particular, our position in the semiconductors and semiconductor equipment industry was hurt by stock selection. We didn't own Rigetti Computing, which was up on the potential for quantum computing solutions. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *October 31, 2015 through October 31, 2025* |

---

![9](ck0000100334-20251031_g42.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | 10 Year |
| **Investor Class** | 11.97% | 7.61% | 12.02% |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;Russell 3000 | 20.81% | 16.74% | 14.08% |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;Russell 2000 Growth | 18.81% | 8.94% | 9.65% |

---

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

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

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $4937399531 |
| Management Fees (dollars paid during the reporting period) | $37731195 |
| Portfolio Turnover Rate | 90% |
| Total Number of Portfolio Holdings | 143 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 98.9% | Biotechnology | 12% |
| Short-Term Investments | 4.1% | Semiconductors and Semiconductor Equipment | 8% |
| Other Assets and Liabilities | (3.0)% | Software | 8% |
|  |  | Electronic Equipment, Instruments and Components | 6% |
|  |  | Aerospace and Defense | 6% |

---

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

![QR ACI Docs.jpg](ck0000100334-20251031_g3.jpg)

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

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

A-25083338

------

**ANNUAL SHAREHOLDER REPORT**

Small Cap Growth Fund ![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

---

| | |
|:---|:---|
| **I Class (ANONX)**  | **October 31, 2025** |

---

This annual shareholder report contains important information about Small Cap Growth Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| I Class | $99 | 0.93% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Small Cap Growth Fund I Class returned 12.17% for the reporting period ended October 31, 2025. | Small Cap Growth Fund I Class returned 12.17% for the reporting period ended October 31, 2025. |
| The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell 2000 Growth Index. | The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell 2000 Growth Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock selection in the health care sector contributed the most to the portfolio's relative performance. While the portfolio took an underweight position in biotechnology, it had key holdings in companies like Natera, a genetic testing firm that was a portfolio-only stock. After a strong third quarter, the company significantly increased its guidance for the year. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Consumer discretionary was another important contributor due to stock selection. Owning Duolingo was key as the learning application company converted more freemium users to paid subscriptions and increased sales of its higher-priced family plans. In the hotels, restaurants and leisure industry, not owning companies like Sweetgreen, Shake Shack and Six Flags Entertainment helped. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The industrials sector acted as the leading detractor, largely due to stock selection. The portfolio did not own several key stocks in the electrical equipment industry, including Bloom Energy and Nextracker, which were part of the Russell 2000 Growth Index. Bloom has benefited from the artificial intelligence trend, which has fueled demand for its onsite power generation solutions. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Information technology was another notable detractor from the portfolio's relative performance. In particular, our position in the semiconductors and semiconductor equipment industry was hurt by stock selection. We didn't own Rigetti Computing, which was up on the potential for quantum computing solutions. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *October 31, 2015 through October 31, 2025* |

---

![9](ck0000100334-20251031_g43.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | 10 Year |
| **I Class** | 12.17% | 7.82% | 12.25% |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;Russell 3000 | 20.81% | 16.74% | 14.08% |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;Russell 2000 Growth | 18.81% | 8.94% | 9.65% |

---

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

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

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $4937399531 |
| Management Fees (dollars paid during the reporting period) | $37731195 |
| Portfolio Turnover Rate | 90% |
| Total Number of Portfolio Holdings | 143 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 98.9% | Biotechnology | 12% |
| Short-Term Investments | 4.1% | Semiconductors and Semiconductor Equipment | 8% |
| Other Assets and Liabilities | (3.0)% | Software | 8% |
|  |  | Electronic Equipment, Instruments and Components | 6% |
|  |  | Aerospace and Defense | 6% |

---

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

![QR ACI Docs.jpg](ck0000100334-20251031_g3.jpg)

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

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

A-25083320

------

**ANNUAL SHAREHOLDER REPORT**

Small Cap Growth Fund ![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

---

| | |
|:---|:---|
| **Y Class (ANOYX)**  | **October 31, 2025** |

---

This annual shareholder report contains important information about Small Cap Growth Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Y Class | $83 | 0.78% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Small Cap Growth Fund Y Class returned 12.31% for the reporting period ended October 31, 2025. | Small Cap Growth Fund Y Class returned 12.31% for the reporting period ended October 31, 2025. |
| The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell 2000 Growth Index. | The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell 2000 Growth Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock selection in the health care sector contributed the most to the portfolio's relative performance. While the portfolio took an underweight position in biotechnology, it had key holdings in companies like Natera, a genetic testing firm that was a portfolio-only stock. After a strong third quarter, the company significantly increased its guidance for the year. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Consumer discretionary was another important contributor due to stock selection. Owning Duolingo was key as the learning application company converted more freemium users to paid subscriptions and increased sales of its higher-priced family plans. In the hotels, restaurants and leisure industry, not owning companies like Sweetgreen, Shake Shack and Six Flags Entertainment helped. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The industrials sector acted as the leading detractor, largely due to stock selection. The portfolio did not own several key stocks in the electrical equipment industry, including Bloom Energy and Nextracker, which were part of the Russell 2000 Growth Index. Bloom has benefited from the artificial intelligence trend, which has fueled demand for its onsite power generation solutions. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Information technology was another notable detractor from the portfolio's relative performance. In particular, our position in the semiconductors and semiconductor equipment industry was hurt by stock selection. We didn't own Rigetti Computing, which was up on the potential for quantum computing solutions. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *April 10, 2017 through October 31, 2025* |

---

![9](ck0000100334-20251031_g44.jpg)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | Since Inception | Inception Date |
| **Y Class** | 12.31% | 7.98% | 12.76% | 4/10/17 |
| **Regulatory Index** |  |  |  |  |
| &nbsp;&nbsp;Russell 3000 | 20.81% | 16.74% | 14.50% |  |
| **Performance Index** |  |  |  |  |
| &nbsp;&nbsp;Russell 2000 Growth | 18.81% | 8.94% | 9.65% |  |

---

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

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

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $4937399531 |
| Management Fees (dollars paid during the reporting period) | $37731195 |
| Portfolio Turnover Rate | 90% |
| Total Number of Portfolio Holdings | 143 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 98.9% | Biotechnology | 12% |
| Short-Term Investments | 4.1% | Semiconductors and Semiconductor Equipment | 8% |
| Other Assets and Liabilities | (3.0)% | Software | 8% |
|  |  | Electronic Equipment, Instruments and Components | 6% |
|  |  | Aerospace and Defense | 6% |

---

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

![QR ACI Docs.jpg](ck0000100334-20251031_g3.jpg)

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

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

A-2508H311

------

**ANNUAL SHAREHOLDER REPORT**

Small Cap Growth Fund ![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

---

| | |
|:---|:---|
| **A Class (ANOAX)**  | **October 31, 2025** |

---

This annual shareholder report contains important information about Small Cap Growth Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| A Class | $146 | 1.38% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Small Cap Growth Fund A Class returned 11.63% for the reporting period ended October 31, 2025. | Small Cap Growth Fund A Class returned 11.63% for the reporting period ended October 31, 2025. |
| The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell 2000 Growth Index. | The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell 2000 Growth Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock selection in the health care sector contributed the most to the portfolio's relative performance. While the portfolio took an underweight position in biotechnology, it had key holdings in companies like Natera, a genetic testing firm that was a portfolio-only stock. After a strong third quarter, the company significantly increased its guidance for the year. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Consumer discretionary was another important contributor due to stock selection. Owning Duolingo was key as the learning application company converted more freemium users to paid subscriptions and increased sales of its higher-priced family plans. In the hotels, restaurants and leisure industry, not owning companies like Sweetgreen, Shake Shack and Six Flags Entertainment helped. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The industrials sector acted as the leading detractor, largely due to stock selection. The portfolio did not own several key stocks in the electrical equipment industry, including Bloom Energy and Nextracker, which were part of the Russell 2000 Growth Index. Bloom has benefited from the artificial intelligence trend, which has fueled demand for its onsite power generation solutions. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Information technology was another notable detractor from the portfolio's relative performance. In particular, our position in the semiconductors and semiconductor equipment industry was hurt by stock selection. We didn't own Rigetti Computing, which was up on the potential for quantum computing solutions. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *October 31, 2015 through October 31, 2025* |
| *The initial investment is adjusted to reflect the maximum initial sales charge.* |

---

![9](ck0000100334-20251031_g45.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | 10 Year |
| **A Class** | 11.63% | 7.34% | 11.74% |
| **A Class - with sales charge** | 5.21% | 6.08% | 11.08% |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;Russell 3000 | 20.81% | 16.74% | 14.08% |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;Russell 2000 Growth | 18.81% | 8.94% | 9.65% |

---

---

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

---

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

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $4937399531 |
| Management Fees (dollars paid during the reporting period) | $37731195 |
| Portfolio Turnover Rate | 90% |
| Total Number of Portfolio Holdings | 143 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 98.9% | Biotechnology | 12% |
| Short-Term Investments | 4.1% | Semiconductors and Semiconductor Equipment | 8% |
| Other Assets and Liabilities | (3.0)% | Software | 8% |
|  |  | Electronic Equipment, Instruments and Components | 6% |
|  |  | Aerospace and Defense | 6% |

---

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

![QR ACI Docs.jpg](ck0000100334-20251031_g3.jpg)

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

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

A-25083221

------

**ANNUAL SHAREHOLDER REPORT**

Small Cap Growth Fund ![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

---

| | |
|:---|:---|
| **C Class (ANOCX)**  | **October 31, 2025** |

---

This annual shareholder report contains important information about Small Cap Growth Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| C Class | $225 | 2.13% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Small Cap Growth Fund C Class returned 10.86% for the reporting period ended October 31, 2025. | Small Cap Growth Fund C Class returned 10.86% for the reporting period ended October 31, 2025. |
| The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell 2000 Growth Index. | The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell 2000 Growth Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock selection in the health care sector contributed the most to the portfolio's relative performance. While the portfolio took an underweight position in biotechnology, it had key holdings in companies like Natera, a genetic testing firm that was a portfolio-only stock. After a strong third quarter, the company significantly increased its guidance for the year. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Consumer discretionary was another important contributor due to stock selection. Owning Duolingo was key as the learning application company converted more freemium users to paid subscriptions and increased sales of its higher-priced family plans. In the hotels, restaurants and leisure industry, not owning companies like Sweetgreen, Shake Shack and Six Flags Entertainment helped. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The industrials sector acted as the leading detractor, largely due to stock selection. The portfolio did not own several key stocks in the electrical equipment industry, including Bloom Energy and Nextracker, which were part of the Russell 2000 Growth Index. Bloom has benefited from the artificial intelligence trend, which has fueled demand for its onsite power generation solutions. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Information technology was another notable detractor from the portfolio's relative performance. In particular, our position in the semiconductors and semiconductor equipment industry was hurt by stock selection. We didn't own Rigetti Computing, which was up on the potential for quantum computing solutions. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *October 31, 2015 through October 31, 2025* |

---

![9](ck0000100334-20251031_g46.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | 10 Year |
| **C Class** | 10.86% | 6.54% | 10.92% |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;Russell 3000 | 20.81% | 16.74% | 14.08% |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;Russell 2000 Growth | 18.81% | 8.94% | 9.65% |

---

---

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

---

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

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $4937399531 |
| Management Fees (dollars paid during the reporting period) | $37731195 |
| Portfolio Turnover Rate | 90% |
| Total Number of Portfolio Holdings | 143 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 98.9% | Biotechnology | 12% |
| Short-Term Investments | 4.1% | Semiconductors and Semiconductor Equipment | 8% |
| Other Assets and Liabilities | (3.0)% | Software | 8% |
|  |  | Electronic Equipment, Instruments and Components | 6% |
|  |  | Aerospace and Defense | 6% |

---

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

![QR ACI Docs.jpg](ck0000100334-20251031_g3.jpg)

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

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

A-25083197

------

**ANNUAL SHAREHOLDER REPORT**

Small Cap Growth Fund ![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

---

| | |
|:---|:---|
| **R Class (ANORX)**  | **October 31, 2025** |

---

This annual shareholder report contains important information about Small Cap Growth Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R Class | $172 | 1.63% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Small Cap Growth Fund R Class returned 11.40% for the reporting period ended October 31, 2025. | Small Cap Growth Fund R Class returned 11.40% for the reporting period ended October 31, 2025. |
| The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell 2000 Growth Index. | The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell 2000 Growth Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock selection in the health care sector contributed the most to the portfolio's relative performance. While the portfolio took an underweight position in biotechnology, it had key holdings in companies like Natera, a genetic testing firm that was a portfolio-only stock. After a strong third quarter, the company significantly increased its guidance for the year. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Consumer discretionary was another important contributor due to stock selection. Owning Duolingo was key as the learning application company converted more freemium users to paid subscriptions and increased sales of its higher-priced family plans. In the hotels, restaurants and leisure industry, not owning companies like Sweetgreen, Shake Shack and Six Flags Entertainment helped. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The industrials sector acted as the leading detractor, largely due to stock selection. The portfolio did not own several key stocks in the electrical equipment industry, including Bloom Energy and Nextracker, which were part of the Russell 2000 Growth Index. Bloom has benefited from the artificial intelligence trend, which has fueled demand for its onsite power generation solutions. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Information technology was another notable detractor from the portfolio's relative performance. In particular, our position in the semiconductors and semiconductor equipment industry was hurt by stock selection. We didn't own Rigetti Computing, which was up on the potential for quantum computing solutions. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *October 31, 2015 through October 31, 2025* |

---

![9](ck0000100334-20251031_g47.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | 10 Year |
| **R Class** | 11.40% | 7.07% | 11.47% |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;Russell 3000 | 20.81% | 16.74% | 14.08% |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;Russell 2000 Growth | 18.81% | 8.94% | 9.65% |

---

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

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

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $4937399531 |
| Management Fees (dollars paid during the reporting period) | $37731195 |
| Portfolio Turnover Rate | 90% |
| Total Number of Portfolio Holdings | 143 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 98.9% | Biotechnology | 12% |
| Short-Term Investments | 4.1% | Semiconductors and Semiconductor Equipment | 8% |
| Other Assets and Liabilities | (3.0)% | Software | 8% |
|  |  | Electronic Equipment, Instruments and Components | 6% |
|  |  | Aerospace and Defense | 6% |

---

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

![QR ACI Docs.jpg](ck0000100334-20251031_g3.jpg)

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

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

A-2508H725

------

**ANNUAL SHAREHOLDER REPORT**

Small Cap Growth Fund ![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

---

| | |
|:---|:---|
| **R5 Class (ANOGX)**  | **October 31, 2025** |

---

This annual shareholder report contains important information about Small Cap Growth Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R5 Class | $99 | 0.93% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Small Cap Growth Fund R5 Class returned 12.16% for the reporting period ended October 31, 2025. | Small Cap Growth Fund R5 Class returned 12.16% for the reporting period ended October 31, 2025. |
| The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell 2000 Growth Index. | The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell 2000 Growth Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock selection in the health care sector contributed the most to the portfolio's relative performance. While the portfolio took an underweight position in biotechnology, it had key holdings in companies like Natera, a genetic testing firm that was a portfolio-only stock. After a strong third quarter, the company significantly increased its guidance for the year. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Consumer discretionary was another important contributor due to stock selection. Owning Duolingo was key as the learning application company converted more freemium users to paid subscriptions and increased sales of its higher-priced family plans. In the hotels, restaurants and leisure industry, not owning companies like Sweetgreen, Shake Shack and Six Flags Entertainment helped. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The industrials sector acted as the leading detractor, largely due to stock selection. The portfolio did not own several key stocks in the electrical equipment industry, including Bloom Energy and Nextracker, which were part of the Russell 2000 Growth Index. Bloom has benefited from the artificial intelligence trend, which has fueled demand for its onsite power generation solutions. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Information technology was another notable detractor from the portfolio's relative performance. In particular, our position in the semiconductors and semiconductor equipment industry was hurt by stock selection. We didn't own Rigetti Computing, which was up on the potential for quantum computing solutions. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *April 10, 2017 through October 31, 2025* |

---

![9](ck0000100334-20251031_g48.jpg)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | Since Inception | Inception Date |
| **R5 Class** | 12.16% | 7.83% | 12.60% | 4/10/17 |
| **Regulatory Index** |  |  |  |  |
| &nbsp;&nbsp;Russell 3000 | 20.81% | 16.74% | 14.50% |  |
| **Performance Index** |  |  |  |  |
| &nbsp;&nbsp;Russell 2000 Growth | 18.81% | 8.94% | 9.65% |  |

---

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

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

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $4937399531 |
| Management Fees (dollars paid during the reporting period) | $37731195 |
| Portfolio Turnover Rate | 90% |
| Total Number of Portfolio Holdings | 143 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 98.9% | Biotechnology | 12% |
| Short-Term Investments | 4.1% | Semiconductors and Semiconductor Equipment | 8% |
| Other Assets and Liabilities | (3.0)% | Software | 8% |
|  |  | Electronic Equipment, Instruments and Components | 6% |
|  |  | Aerospace and Defense | 6% |

---

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

![QR ACI Docs.jpg](ck0000100334-20251031_g3.jpg)

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

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

A-2508H329

------

**ANNUAL SHAREHOLDER REPORT**

Small Cap Growth Fund ![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

---

| | |
|:---|:---|
| **R6 Class (ANODX)**  | **October 31, 2025** |

---

This annual shareholder report contains important information about Small Cap Growth Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R6 Class | $83 | 0.78% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Small Cap Growth Fund R6 Class returned 12.31% for the reporting period ended October 31, 2025. | Small Cap Growth Fund R6 Class returned 12.31% for the reporting period ended October 31, 2025. |
| The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell 2000 Growth Index. | The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell 2000 Growth Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock selection in the health care sector contributed the most to the portfolio's relative performance. While the portfolio took an underweight position in biotechnology, it had key holdings in companies like Natera, a genetic testing firm that was a portfolio-only stock. After a strong third quarter, the company significantly increased its guidance for the year. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Consumer discretionary was another important contributor due to stock selection. Owning Duolingo was key as the learning application company converted more freemium users to paid subscriptions and increased sales of its higher-priced family plans. In the hotels, restaurants and leisure industry, not owning companies like Sweetgreen, Shake Shack and Six Flags Entertainment helped. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The industrials sector acted as the leading detractor, largely due to stock selection. The portfolio did not own several key stocks in the electrical equipment industry, including Bloom Energy and Nextracker, which were part of the Russell 2000 Growth Index. Bloom has benefited from the artificial intelligence trend, which has fueled demand for its onsite power generation solutions. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Information technology was another notable detractor from the portfolio's relative performance. In particular, our position in the semiconductors and semiconductor equipment industry was hurt by stock selection. We didn't own Rigetti Computing, which was up on the potential for quantum computing solutions. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *October 31, 2015 through October 31, 2025* |

---

![9](ck0000100334-20251031_g49.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | 10 Year |
| **R6 Class** | 12.31% | 7.99% | 12.41% |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;Russell 3000 | 20.81% | 16.74% | 14.08% |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;Russell 2000 Growth | 18.81% | 8.94% | 9.65% |

---

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

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

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $4937399531 |
| Management Fees (dollars paid during the reporting period) | $37731195 |
| Portfolio Turnover Rate | 90% |
| Total Number of Portfolio Holdings | 143 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 98.9% | Biotechnology | 12% |
| Short-Term Investments | 4.1% | Semiconductors and Semiconductor Equipment | 8% |
| Other Assets and Liabilities | (3.0)% | Software | 8% |
|  |  | Electronic Equipment, Instruments and Components | 6% |
|  |  | Aerospace and Defense | 6% |

---

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

![QR ACI Docs.jpg](ck0000100334-20251031_g3.jpg)

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

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

A-2508H485

------

**ANNUAL SHAREHOLDER REPORT**

Small Cap Growth Fund ![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

---

| | |
|:---|:---|
| **G Class (ANOHX)**  | **October 31, 2025** |

---

This annual shareholder report contains important information about Small Cap Growth Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

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

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Small Cap Growth Fund G Class returned 13.19% for the reporting period ended October 31, 2025. | Small Cap Growth Fund G Class returned 13.19% for the reporting period ended October 31, 2025. |
| The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell 2000 Growth Index. | The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell 2000 Growth Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock selection in the health care sector contributed the most to the portfolio's relative performance. While the portfolio took an underweight position in biotechnology, it had key holdings in companies like Natera, a genetic testing firm that was a portfolio-only stock. After a strong third quarter, the company significantly increased its guidance for the year. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Consumer discretionary was another important contributor due to stock selection. Owning Duolingo was key as the learning application company converted more freemium users to paid subscriptions and increased sales of its higher-priced family plans. In the hotels, restaurants and leisure industry, not owning companies like Sweetgreen, Shake Shack and Six Flags Entertainment helped. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The industrials sector acted as the leading detractor, largely due to stock selection. The portfolio did not own several key stocks in the electrical equipment industry, including Bloom Energy and Nextracker, which were part of the Russell 2000 Growth Index. Bloom has benefited from the artificial intelligence trend, which has fueled demand for its onsite power generation solutions. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Information technology was another notable detractor from the portfolio's relative performance. In particular, our position in the semiconductors and semiconductor equipment industry was hurt by stock selection. We didn't own Rigetti Computing, which was up on the potential for quantum computing solutions. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *April 1, 2019 through October 31, 2025* |

---

![9](ck0000100334-20251031_g50.jpg)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | Since Inception | Inception Date |
| **G Class** | 13.19% | 8.85% | 12.37% | 4/1/19 |
| **Regulatory Index** |  |  |  |  |
| &nbsp;&nbsp;Russell 3000 | 20.81% | 16.74% | 15.19% |  |
| **Performance Index** |  |  |  |  |
| &nbsp;&nbsp;Russell 2000 Growth | 18.81% | 8.94% | 8.84% |  |

---

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

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

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $4937399531 |
| Management Fees (dollars paid during the reporting period) | $37731195 |
| Portfolio Turnover Rate | 90% |
| Total Number of Portfolio Holdings | 143 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 98.9% | Biotechnology | 12% |
| Short-Term Investments | 4.1% | Semiconductors and Semiconductor Equipment | 8% |
| Other Assets and Liabilities | (3.0)% | Software | 8% |
|  |  | Electronic Equipment, Instruments and Components | 6% |
|  |  | Aerospace and Defense | 6% |

---

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

![QR ACI Docs.jpg](ck0000100334-20251031_g3.jpg)

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

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

A-2508H253

------

**ANNUAL SHAREHOLDER REPORT**

Ultra Fund ![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

---

| | |
|:---|:---|
| **Investor Class (TWCUX)**  | **October 31, 2025** |

---

This annual shareholder report contains important information about Ultra Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Investor Class | $99 | 0.88% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Ultra Fund Investor Class returned 24.09% for the reporting period ended October 31, 2025. | Ultra Fund Investor Class returned 24.09% for the reporting period ended October 31, 2025. |
| The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell 1000 Growth Index. | The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell 1000 Growth Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock selection in the communication services sector contributed most to relative performance. An overweight to internet search giant Alphabet, parent of Google and YouTube, was a leading contributor to relative results. Here, too, the company's results benefited from artificial intelligence (AI)-enhanced advertising placement and content creation. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Among individual contributors, a notable source of strength was a position in AI chip giant NVIDIA. The company's chips are central to the AI revolution, and have helped it lay claim to being the world's most valauble company as measured by market capitalization at the end of October 2025. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | In information technology, semiconductors and semiconductor equipment and software stocks hurt relative results. Several of the leading detractors are explained by their exposure to AI. The top relative detractor was AI chipmaker Broadcom, to which we had limited exposure. It also hurt to be underrepresented in shares of AI software and consulting firm Palantir Technologies. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock selection in the consumer discretionary sector detracted from relative performance. It hurt to have exposure to shares of select hotels, restaurants and leisure companies, as well as those of textiles, apparel and luxury goods makers. In general, these stocks suffered from weaker spending by lower-income and price-sensitive consumers. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *October 31, 2015 through October 31, 2025* |

---

![9](ck0000100334-20251031_g51.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | 10 Year |
| **Investor Class** | 24.09% | 16.17% | 17.24% |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;Russell 1000 | 21.14% | 17.05% | 14.39% |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;Russell 1000 Growth | 30.52% | 19.24% | 18.28% |

---

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

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

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $28204062455 |
| Management Fees (dollars paid during the reporting period) | $214875793 |
| Portfolio Turnover Rate | 15% |
| Total Number of Portfolio Holdings | 64 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 99.9% | Semiconductors and Semiconductor Equipment | 23% |
| Rights | 0.0% | Software | 16% |
| Short-Term Investments | 0.1% | Interactive Media and Services | 13% |
| Other Assets and Liabilities | 0.0% | Technology Hardware, Storage and Peripherals | 9% |
|  |  | Broadline Retail | 7% |

---

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

![QR ACI Docs.jpg](ck0000100334-20251031_g3.jpg)

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

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

A-25083882

------

**ANNUAL SHAREHOLDER REPORT**

Ultra Fund ![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

---

| | |
|:---|:---|
| **I Class (TWUIX)**  | **October 31, 2025** |

---

This annual shareholder report contains important information about Ultra Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| I Class | $76 | 0.68% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Ultra Fund I Class returned 24.35% for the reporting period ended October 31, 2025. | Ultra Fund I Class returned 24.35% for the reporting period ended October 31, 2025. |
| The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell 1000 Growth Index. | The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell 1000 Growth Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock selection in the communication services sector contributed most to relative performance. An overweight to internet search giant Alphabet, parent of Google and YouTube, was a leading contributor to relative results. Here, too, the company's results benefited from artificial intelligence (AI)-enhanced advertising placement and content creation. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Among individual contributors, a notable source of strength was a position in AI chip giant NVIDIA. The company's chips are central to the AI revolution, and have helped it lay claim to being the world's most valauble company as measured by market capitalization at the end of October 2025. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | In information technology, semiconductors and semiconductor equipment and software stocks hurt relative results. Several of the leading detractors are explained by their exposure to AI. The top relative detractor was AI chipmaker Broadcom, to which we had limited exposure. It also hurt to be underrepresented in shares of AI software and consulting firm Palantir Technologies. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock selection in the consumer discretionary sector detracted from relative performance. It hurt to have exposure to shares of select hotels, restaurants and leisure companies, as well as those of textiles, apparel and luxury goods makers. In general, these stocks suffered from weaker spending by lower-income and price-sensitive consumers. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *October 31, 2015 through October 31, 2025* |

---

![9](ck0000100334-20251031_g52.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | 10 Year |
| **I Class** | 24.35% | 16.41% | 17.47% |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;Russell 1000 | 21.14% | 17.05% | 14.39% |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;Russell 1000 Growth | 30.52% | 19.24% | 18.28% |

---

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

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

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $28204062455 |
| Management Fees (dollars paid during the reporting period) | $214875793 |
| Portfolio Turnover Rate | 15% |
| Total Number of Portfolio Holdings | 64 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 99.9% | Semiconductors and Semiconductor Equipment | 23% |
| Rights | 0.0% | Software | 16% |
| Short-Term Investments | 0.1% | Interactive Media and Services | 13% |
| Other Assets and Liabilities | 0.0% | Technology Hardware, Storage and Peripherals | 9% |
|  |  | Broadline Retail | 7% |

---

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

![QR ACI Docs.jpg](ck0000100334-20251031_g3.jpg)

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

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

A-25083874

------

**ANNUAL SHAREHOLDER REPORT**

Ultra Fund ![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

---

| | |
|:---|:---|
| **Y Class (AULYX)**  | **October 31, 2025** |

---

This annual shareholder report contains important information about Ultra Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Y Class | $60 | 0.53% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Ultra Fund Y Class returned 24.53% for the reporting period ended October 31, 2025. | Ultra Fund Y Class returned 24.53% for the reporting period ended October 31, 2025. |
| The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell 1000 Growth Index. | The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell 1000 Growth Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock selection in the communication services sector contributed most to relative performance. An overweight to internet search giant Alphabet, parent of Google and YouTube, was a leading contributor to relative results. Here, too, the company's results benefited from artificial intelligence (AI)-enhanced advertising placement and content creation. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Among individual contributors, a notable source of strength was a position in AI chip giant NVIDIA. The company's chips are central to the AI revolution, and have helped it lay claim to being the world's most valauble company as measured by market capitalization at the end of October 2025. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | In information technology, semiconductors and semiconductor equipment and software stocks hurt relative results. Several of the leading detractors are explained by their exposure to AI. The top relative detractor was AI chipmaker Broadcom, to which we had limited exposure. It also hurt to be underrepresented in shares of AI software and consulting firm Palantir Technologies. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock selection in the consumer discretionary sector detracted from relative performance. It hurt to have exposure to shares of select hotels, restaurants and leisure companies, as well as those of textiles, apparel and luxury goods makers. In general, these stocks suffered from weaker spending by lower-income and price-sensitive consumers. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *April 10, 2017 through October 31, 2025* |

---

![9](ck0000100334-20251031_g53.jpg)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | Since Inception | Inception Date |
| **Y Class** | 24.53% | 16.58% | 19.28% | 4/10/17 |
| **Regulatory Index** |  |  |  |  |
| &nbsp;&nbsp;Russell 1000 | 21.14% | 17.05% | 14.89% |  |
| **Performance Index** |  |  |  |  |
| &nbsp;&nbsp;Russell 1000 Growth | 30.52% | 19.24% | 19.68% |  |

---

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

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

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $28204062455 |
| Management Fees (dollars paid during the reporting period) | $214875793 |
| Portfolio Turnover Rate | 15% |
| Total Number of Portfolio Holdings | 64 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 99.9% | Semiconductors and Semiconductor Equipment | 23% |
| Rights | 0.0% | Software | 16% |
| Short-Term Investments | 0.1% | Interactive Media and Services | 13% |
| Other Assets and Liabilities | 0.0% | Technology Hardware, Storage and Peripherals | 9% |
|  |  | Broadline Retail | 7% |

---

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

![QR ACI Docs.jpg](ck0000100334-20251031_g3.jpg)

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

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

A-2508H261

------

**ANNUAL SHAREHOLDER REPORT**

Ultra Fund ![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

---

| | |
|:---|:---|
| **A Class (TWUAX)**  | **October 31, 2025** |

---

This annual shareholder report contains important information about Ultra Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| A Class | $126 | 1.13% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Ultra Fund A Class returned 23.78% for the reporting period ended October 31, 2025. | Ultra Fund A Class returned 23.78% for the reporting period ended October 31, 2025. |
| The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell 1000 Growth Index. | The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell 1000 Growth Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock selection in the communication services sector contributed most to relative performance. An overweight to internet search giant Alphabet, parent of Google and YouTube, was a leading contributor to relative results. Here, too, the company's results benefited from artificial intelligence (AI)-enhanced advertising placement and content creation. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Among individual contributors, a notable source of strength was a position in AI chip giant NVIDIA. The company's chips are central to the AI revolution, and have helped it lay claim to being the world's most valauble company as measured by market capitalization at the end of October 2025. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | In information technology, semiconductors and semiconductor equipment and software stocks hurt relative results. Several of the leading detractors are explained by their exposure to AI. The top relative detractor was AI chipmaker Broadcom, to which we had limited exposure. It also hurt to be underrepresented in shares of AI software and consulting firm Palantir Technologies. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock selection in the consumer discretionary sector detracted from relative performance. It hurt to have exposure to shares of select hotels, restaurants and leisure companies, as well as those of textiles, apparel and luxury goods makers. In general, these stocks suffered from weaker spending by lower-income and price-sensitive consumers. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *October 31, 2015 through October 31, 2025* |
| *The initial investment is adjusted to reflect the maximum initial sales charge.* |

---

![9](ck0000100334-20251031_g54.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | 10 Year |
| **A Class** | 23.78% | 15.88% | 16.95% |
| **A Class - with sales charge** | 16.67% | 14.52% | 16.26% |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;Russell 1000 | 21.14% | 17.05% | 14.39% |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;Russell 1000 Growth | 30.52% | 19.24% | 18.28% |

---

---

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

---

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

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $28204062455 |
| Management Fees (dollars paid during the reporting period) | $214875793 |
| Portfolio Turnover Rate | 15% |
| Total Number of Portfolio Holdings | 64 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 99.9% | Semiconductors and Semiconductor Equipment | 23% |
| Rights | 0.0% | Software | 16% |
| Short-Term Investments | 0.1% | Interactive Media and Services | 13% |
| Other Assets and Liabilities | 0.0% | Technology Hardware, Storage and Peripherals | 9% |
|  |  | Broadline Retail | 7% |

---

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

![QR ACI Docs.jpg](ck0000100334-20251031_g3.jpg)

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

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

A-25083858

------

**ANNUAL SHAREHOLDER REPORT**

Ultra Fund ![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

---

| | |
|:---|:---|
| **C Class (TWCCX)**  | **October 31, 2025** |

---

This annual shareholder report contains important information about Ultra Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| C Class | $209 | 1.88% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Ultra Fund C Class returned 22.86% for the reporting period ended October 31, 2025. | Ultra Fund C Class returned 22.86% for the reporting period ended October 31, 2025. |
| The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell 1000 Growth Index. | The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell 1000 Growth Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock selection in the communication services sector contributed most to relative performance. An overweight to internet search giant Alphabet, parent of Google and YouTube, was a leading contributor to relative results. Here, too, the company's results benefited from artificial intelligence (AI)-enhanced advertising placement and content creation. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Among individual contributors, a notable source of strength was a position in AI chip giant NVIDIA. The company's chips are central to the AI revolution, and have helped it lay claim to being the world's most valauble company as measured by market capitalization at the end of October 2025. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | In information technology, semiconductors and semiconductor equipment and software stocks hurt relative results. Several of the leading detractors are explained by their exposure to AI. The top relative detractor was AI chipmaker Broadcom, to which we had limited exposure. It also hurt to be underrepresented in shares of AI software and consulting firm Palantir Technologies. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock selection in the consumer discretionary sector detracted from relative performance. It hurt to have exposure to shares of select hotels, restaurants and leisure companies, as well as those of textiles, apparel and luxury goods makers. In general, these stocks suffered from weaker spending by lower-income and price-sensitive consumers. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *October 31, 2015 through October 31, 2025* |

---

![9](ck0000100334-20251031_g55.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | 10 Year |
| **C Class** | 22.86% | 15.02% | 16.08% |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;Russell 1000 | 21.14% | 17.05% | 14.39% |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;Russell 1000 Growth | 30.52% | 19.24% | 18.28% |

---

---

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

---

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

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $28204062455 |
| Management Fees (dollars paid during the reporting period) | $214875793 |
| Portfolio Turnover Rate | 15% |
| Total Number of Portfolio Holdings | 64 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 99.9% | Semiconductors and Semiconductor Equipment | 23% |
| Rights | 0.0% | Software | 16% |
| Short-Term Investments | 0.1% | Interactive Media and Services | 13% |
| Other Assets and Liabilities | 0.0% | Technology Hardware, Storage and Peripherals | 9% |
|  |  | Broadline Retail | 7% |

---

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

![QR ACI Docs.jpg](ck0000100334-20251031_g3.jpg)

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

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

A-25083288

------

**ANNUAL SHAREHOLDER REPORT**

Ultra Fund ![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

---

| | |
|:---|:---|
| **R Class (AULRX)**  | **October 31, 2025** |

---

This annual shareholder report contains important information about Ultra Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R Class | $154 | 1.38% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Ultra Fund R Class returned 23.48% for the reporting period ended October 31, 2025. | Ultra Fund R Class returned 23.48% for the reporting period ended October 31, 2025. |
| The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell 1000 Growth Index. | The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell 1000 Growth Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock selection in the communication services sector contributed most to relative performance. An overweight to internet search giant Alphabet, parent of Google and YouTube, was a leading contributor to relative results. Here, too, the company's results benefited from artificial intelligence (AI)-enhanced advertising placement and content creation. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Among individual contributors, a notable source of strength was a position in AI chip giant NVIDIA. The company's chips are central to the AI revolution, and have helped it lay claim to being the world's most valauble company as measured by market capitalization at the end of October 2025. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | In information technology, semiconductors and semiconductor equipment and software stocks hurt relative results. Several of the leading detractors are explained by their exposure to AI. The top relative detractor was AI chipmaker Broadcom, to which we had limited exposure. It also hurt to be underrepresented in shares of AI software and consulting firm Palantir Technologies. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock selection in the consumer discretionary sector detracted from relative performance. It hurt to have exposure to shares of select hotels, restaurants and leisure companies, as well as those of textiles, apparel and luxury goods makers. In general, these stocks suffered from weaker spending by lower-income and price-sensitive consumers. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *October 31, 2015 through October 31, 2025* |

---

![9](ck0000100334-20251031_g56.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | 10 Year |
| **R Class** | 23.48% | 15.59% | 16.65% |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;Russell 1000 | 21.14% | 17.05% | 14.39% |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;Russell 1000 Growth | 30.52% | 19.24% | 18.28% |

---

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

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

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $28204062455 |
| Management Fees (dollars paid during the reporting period) | $214875793 |
| Portfolio Turnover Rate | 15% |
| Total Number of Portfolio Holdings | 64 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 99.9% | Semiconductors and Semiconductor Equipment | 23% |
| Rights | 0.0% | Software | 16% |
| Short-Term Investments | 0.1% | Interactive Media and Services | 13% |
| Other Assets and Liabilities | 0.0% | Technology Hardware, Storage and Peripherals | 9% |
|  |  | Broadline Retail | 7% |

---

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

![QR ACI Docs.jpg](ck0000100334-20251031_g3.jpg)

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

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

A-25083171

------

**ANNUAL SHAREHOLDER REPORT**

Ultra Fund ![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

---

| | |
|:---|:---|
| **R5 Class (AULGX)**  | **October 31, 2025** |

---

This annual shareholder report contains important information about Ultra Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R5 Class | $76 | 0.68% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Ultra Fund R5 Class returned 24.34% for the reporting period ended October 31, 2025. | Ultra Fund R5 Class returned 24.34% for the reporting period ended October 31, 2025. |
| The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell 1000 Growth Index. | The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell 1000 Growth Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock selection in the communication services sector contributed most to relative performance. An overweight to internet search giant Alphabet, parent of Google and YouTube, was a leading contributor to relative results. Here, too, the company's results benefited from artificial intelligence (AI)-enhanced advertising placement and content creation. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Among individual contributors, a notable source of strength was a position in AI chip giant NVIDIA. The company's chips are central to the AI revolution, and have helped it lay claim to being the world's most valauble company as measured by market capitalization at the end of October 2025. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | In information technology, semiconductors and semiconductor equipment and software stocks hurt relative results. Several of the leading detractors are explained by their exposure to AI. The top relative detractor was AI chipmaker Broadcom, to which we had limited exposure. It also hurt to be underrepresented in shares of AI software and consulting firm Palantir Technologies. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock selection in the consumer discretionary sector detracted from relative performance. It hurt to have exposure to shares of select hotels, restaurants and leisure companies, as well as those of textiles, apparel and luxury goods makers. In general, these stocks suffered from weaker spending by lower-income and price-sensitive consumers. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *April 10, 2017 through October 31, 2025* |

---

![9](ck0000100334-20251031_g57.jpg)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | Since Inception | Inception Date |
| **R5 Class** | 24.34% | 16.41% | 19.10% | 4/10/17 |
| **Regulatory Index** |  |  |  |  |
| &nbsp;&nbsp;Russell 1000 | 21.14% | 17.05% | 14.89% |  |
| **Performance Index** |  |  |  |  |
| &nbsp;&nbsp;Russell 1000 Growth | 30.52% | 19.24% | 19.68% |  |

---

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

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

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $28204062455 |
| Management Fees (dollars paid during the reporting period) | $214875793 |
| Portfolio Turnover Rate | 15% |
| Total Number of Portfolio Holdings | 64 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 99.9% | Semiconductors and Semiconductor Equipment | 23% |
| Rights | 0.0% | Software | 16% |
| Short-Term Investments | 0.1% | Interactive Media and Services | 13% |
| Other Assets and Liabilities | 0.0% | Technology Hardware, Storage and Peripherals | 9% |
|  |  | Broadline Retail | 7% |

---

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

![QR ACI Docs.jpg](ck0000100334-20251031_g3.jpg)

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

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

A-2508H279

------

**ANNUAL SHAREHOLDER REPORT**

Ultra Fund ![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

---

| | |
|:---|:---|
| **R6 Class (AULDX)**  | **October 31, 2025** |

---

This annual shareholder report contains important information about Ultra Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R6 Class | $59 | 0.53% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Ultra Fund R6 Class returned 24.52% for the reporting period ended October 31, 2025. | Ultra Fund R6 Class returned 24.52% for the reporting period ended October 31, 2025. |
| The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell 1000 Growth Index. | The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell 1000 Growth Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock selection in the communication services sector contributed most to relative performance. An overweight to internet search giant Alphabet, parent of Google and YouTube, was a leading contributor to relative results. Here, too, the company's results benefited from artificial intelligence (AI)-enhanced advertising placement and content creation. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Among individual contributors, a notable source of strength was a position in AI chip giant NVIDIA. The company's chips are central to the AI revolution, and have helped it lay claim to being the world's most valauble company as measured by market capitalization at the end of October 2025. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | In information technology, semiconductors and semiconductor equipment and software stocks hurt relative results. Several of the leading detractors are explained by their exposure to AI. The top relative detractor was AI chipmaker Broadcom, to which we had limited exposure. It also hurt to be underrepresented in shares of AI software and consulting firm Palantir Technologies. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock selection in the consumer discretionary sector detracted from relative performance. It hurt to have exposure to shares of select hotels, restaurants and leisure companies, as well as those of textiles, apparel and luxury goods makers. In general, these stocks suffered from weaker spending by lower-income and price-sensitive consumers. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *October 31, 2015 through October 31, 2025* |

---

![9](ck0000100334-20251031_g58.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | 10 Year |
| **R6 Class** | 24.52% | 16.58% | 17.65% |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;Russell 1000 | 21.14% | 17.05% | 14.39% |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;Russell 1000 Growth | 30.52% | 19.24% | 18.28% |

---

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

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

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $28204062455 |
| Management Fees (dollars paid during the reporting period) | $214875793 |
| Portfolio Turnover Rate | 15% |
| Total Number of Portfolio Holdings | 64 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 99.9% | Semiconductors and Semiconductor Equipment | 23% |
| Rights | 0.0% | Software | 16% |
| Short-Term Investments | 0.1% | Interactive Media and Services | 13% |
| Other Assets and Liabilities | 0.0% | Technology Hardware, Storage and Peripherals | 9% |
|  |  | Broadline Retail | 7% |

---

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

![QR ACI Docs.jpg](ck0000100334-20251031_g3.jpg)

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

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

A-2508H444

------

**ANNUAL SHAREHOLDER REPORT**

Ultra Fund ![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

---

| | |
|:---|:---|
| **G Class (AULNX)**  | **October 31, 2025** |

---

This annual shareholder report contains important information about Ultra Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

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

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Ultra Fund G Class returned 25.20% for the reporting period ended October 31, 2025. | Ultra Fund G Class returned 25.20% for the reporting period ended October 31, 2025. |
| The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell 1000 Growth Index. | The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell 1000 Growth Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock selection in the communication services sector contributed most to relative performance. An overweight to internet search giant Alphabet, parent of Google and YouTube, was a leading contributor to relative results. Here, too, the company's results benefited from artificial intelligence (AI)-enhanced advertising placement and content creation. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Among individual contributors, a notable source of strength was a position in AI chip giant NVIDIA. The company's chips are central to the AI revolution, and have helped it lay claim to being the world's most valauble company as measured by market capitalization at the end of October 2025. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | In information technology, semiconductors and semiconductor equipment and software stocks hurt relative results. Several of the leading detractors are explained by their exposure to AI. The top relative detractor was AI chipmaker Broadcom, to which we had limited exposure. It also hurt to be underrepresented in shares of AI software and consulting firm Palantir Technologies. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock selection in the consumer discretionary sector detracted from relative performance. It hurt to have exposure to shares of select hotels, restaurants and leisure companies, as well as those of textiles, apparel and luxury goods makers. In general, these stocks suffered from weaker spending by lower-income and price-sensitive consumers. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *August 1, 2019 through October 31, 2025* |

---

![9](ck0000100334-20251031_g59.jpg)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | Since Inception | Inception Date |
| **G Class** | 25.20% | 17.25% | 20.14% | 8/1/19 |
| **Regulatory Index** |  |  |  |  |
| &nbsp;&nbsp;Russell 1000 | 21.14% | 17.05% | 15.84% |  |
| **Performance Index** |  |  |  |  |
| &nbsp;&nbsp;Russell 1000 Growth | 30.52% | 19.24% | 20.41% |  |

---

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

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

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $28204062455 |
| Management Fees (dollars paid during the reporting period) | $214875793 |
| Portfolio Turnover Rate | 15% |
| Total Number of Portfolio Holdings | 64 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 99.9% | Semiconductors and Semiconductor Equipment | 23% |
| Rights | 0.0% | Software | 16% |
| Short-Term Investments | 0.1% | Interactive Media and Services | 13% |
| Other Assets and Liabilities | 0.0% | Technology Hardware, Storage and Peripherals | 9% |
|  |  | Broadline Retail | 7% |

---

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

![QR ACI Docs.jpg](ck0000100334-20251031_g3.jpg)

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

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

A-2508H220

------

(b) Not applicable.

**ITEM 2. CODE OF ETHICS.**

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

(b) No response required.

(c) None.

(d) None.

(e) Not applicable.

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

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

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

(a)(2) Chris H. Cheesman, Lynn M. Jenkins, Barry Fink and Gary Meltzer are the registrant's designated audit committee financial experts. They are "independent" as defined in Item 3 of Form N-CSR.

(a)(3) Not applicable.

(b) No response required.

(c) No response required.

(d) No response required.

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

(a) Audit Fees.

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

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

---

| | |
|:---|:---|
| FY 2024: | $126100 |
| FY 2025: | $130510 |

---

(b) Audit-Related Fees.

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

------

For services rendered to the registrant:

---

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

---

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

---

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

---

(c) Tax Fees.

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

For services rendered to the registrant:

---

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

---

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

---

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

---

(d) All Other Fees.

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

For services rendered to the registrant:

---

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

---

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

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

---

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

---

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

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

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

(f) The percentage of hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal

------

accountant's full-time, permanent employees was less than 50%.

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

---

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

---

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

(i) Not applicable.

(j) Not applicable.

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

Not applicable.

**ITEM 6. INVESTMENTS.**

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

(b) Not applicable.

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

(a) ------

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

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20251031_g1.jpg)

---

| | |
|:---|:---|
| Annual Financial Statements and Other Information | Annual Financial Statements and Other Information |
| October 31, 2025 |  |
| Balanced Fund | Select Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class (TWBIX) | &nbsp;&nbsp;&nbsp;&nbsp;Investor Class (TWCIX) |
| &nbsp;&nbsp;&nbsp;&nbsp;I Class (ABINX) | &nbsp;&nbsp;&nbsp;&nbsp;I Class (TWSIX) |
| &nbsp;&nbsp;&nbsp;&nbsp;R5 Class (ABGNX) | &nbsp;&nbsp;&nbsp;&nbsp;Y Class (ASLWX) |
| Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;A Class (TWCAX) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class (TWCGX) | &nbsp;&nbsp;&nbsp;&nbsp;C Class (ACSLX) |
| &nbsp;&nbsp;&nbsp;&nbsp;I Class (TWGIX) | &nbsp;&nbsp;&nbsp;&nbsp;R Class (ASERX) |
| &nbsp;&nbsp;&nbsp;&nbsp;Y Class (AGYWX) | &nbsp;&nbsp;&nbsp;&nbsp;R5 Class (ASLGX) |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class (TCRAX) | &nbsp;&nbsp;&nbsp;&nbsp;R6 Class (ASDEX) |
| &nbsp;&nbsp;&nbsp;&nbsp;C Class (TWRCX) | &nbsp;&nbsp;&nbsp;&nbsp;G Class (ASLDX) |
| &nbsp;&nbsp;&nbsp;&nbsp;R Class (AGWRX) | Small Cap Growth Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;R5 Class (AGWUX) | &nbsp;&nbsp;&nbsp;&nbsp;Investor Class (ANOIX) |
| &nbsp;&nbsp;&nbsp;&nbsp;R6 Class (AGRDX) | &nbsp;&nbsp;&nbsp;&nbsp;I Class (ANONX) |
| &nbsp;&nbsp;&nbsp;&nbsp;G Class (ACIHX) | &nbsp;&nbsp;&nbsp;&nbsp;Y Class (ANOYX) |
| Heritage Fund | &nbsp;&nbsp;&nbsp;&nbsp;A Class (ANOAX) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class (TWHIX) | &nbsp;&nbsp;&nbsp;&nbsp;C Class (ANOCX) |
| &nbsp;&nbsp;&nbsp;&nbsp;I Class (ATHIX) | &nbsp;&nbsp;&nbsp;&nbsp;R Class (ANORX) |
| &nbsp;&nbsp;&nbsp;&nbsp;Y Class (ATHYX) | &nbsp;&nbsp;&nbsp;&nbsp;R5 Class (ANOGX) |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class (ATHAX) | &nbsp;&nbsp;&nbsp;&nbsp;R6 Class (ANODX) |
| &nbsp;&nbsp;&nbsp;&nbsp;C Class (AHGCX) | &nbsp;&nbsp;&nbsp;&nbsp;G Class (ANOHX) |
| &nbsp;&nbsp;&nbsp;&nbsp;R Class (ATHWX) | Ultra<sup>®</sup> Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;R5 Class (ATHGX) | &nbsp;&nbsp;&nbsp;&nbsp;Investor Class (TWCUX) |
| &nbsp;&nbsp;&nbsp;&nbsp;R6 Class (ATHDX) | &nbsp;&nbsp;&nbsp;&nbsp;I Class (TWUIX) |
| &nbsp;&nbsp;&nbsp;&nbsp;G Class (ACILX) | &nbsp;&nbsp;&nbsp;&nbsp;Y Class (AULYX) |
| Large Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;A Class (TWUAX) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class (AFDIX) | &nbsp;&nbsp;&nbsp;&nbsp;C Class (TWCCX) |
| &nbsp;&nbsp;&nbsp;&nbsp;I Class (AFEIX) | &nbsp;&nbsp;&nbsp;&nbsp;R Class (AULRX) |
| &nbsp;&nbsp;&nbsp;&nbsp;Y Class (AFYDX) | &nbsp;&nbsp;&nbsp;&nbsp;R5 Class (AULGX) |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class (AFDAX) | &nbsp;&nbsp;&nbsp;&nbsp;R6 Class (AULDX) |
| &nbsp;&nbsp;&nbsp;&nbsp;C Class (AFDCX) | &nbsp;&nbsp;&nbsp;&nbsp;G Class (AULNX) |
| &nbsp;&nbsp;&nbsp;&nbsp;R Class (AFDRX) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;R5 Class (AFDGX) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;R6 Class (AFEDX) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;G Class (AFEGX) |  |

---

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

------

**Table of Contents**

---

| | |
|:---|:---|
| Schedules of Investments | [2](#i52946b9046fa4e8f856c2e760a6ee818_31) |
| Statements of Assets and Liabilities | [47](#i52946b9046fa4e8f856c2e760a6ee818_37) |
| Statements of Operations | [53](#i52946b9046fa4e8f856c2e760a6ee818_40) |
| Statements of Changes in Net Assets | [57](#i52946b9046fa4e8f856c2e760a6ee818_43) |
| Notes to Financial Statements | [61](#i52946b9046fa4e8f856c2e760a6ee818_46) |
| Financial Highlights | [77](#i52946b9046fa4e8f856c2e760a6ee818_49) |
| Report of Independent Registered Public Accounting Firm | [90](#i52946b9046fa4e8f856c2e760a6ee818_52) |
| Approval of Management Agreement | [91](#i52946b9046fa4e8f856c2e760a6ee818_58) |
| Other Tax Information | [95](#i52946b9046fa4e8f856c2e760a6ee818_9665) |

---

------

Schedule of Investments - Balanced Fund

**OCTOBER 31, 2025**

---

| | | |
|:---|:---|:---|
|<br>**COMMON STOCKS — 60.3%** | **Shares/Principal Amount** | **Value** |
| **Air Freight and Logistics — 0.2%** | | |
| FedEx Corp. | 7476 | $1897558 |
| **Automobiles — 1.0%** |  |  |
| Tesla, Inc.<sup>(1)</sup> | 20743 | 9470424 |
| **Banks — 2.5%** |  |  |
| Bank of America Corp. | 147440 | 7880668 |
| JPMorgan Chase & Co. | 27221 | 8468997 |
| Regions Financial Corp. | 254439 | 6157424 |
|  |  | 22507089 |
| **Beverages — 0.4%** |  |  |
| PepsiCo, Inc. | 26757 | 3908930 |
| **Biotechnology — 1.3%** |  |  |
| AbbVie, Inc. | 23703 | 5168202 |
| Gilead Sciences, Inc. | 34665 | 4152521 |
| Vertex Pharmaceuticals, Inc.<sup>(1)</sup> | 6697 | 2850042 |
|  |  | 12170765 |
| **Broadline Retail — 2.3%** |  |  |
| Amazon.com, Inc.<sup>(1)</sup> | 87052 | 21259839 |
| **Building Products — 0.8%** |  |  |
| Johnson Controls International PLC | 67947 | 7772457 |
| **Capital Markets — 2.7%** |  |  |
| Ameriprise Financial, Inc. | 6509 | 2947080 |
| Blackrock, Inc. | 3213 | 3479068 |
| Goldman Sachs Group, Inc. | 5106 | 4030523 |
| Intercontinental Exchange, Inc. | 16349 | 2391695 |
| KKR & Co., Inc. | 22163 | 2622548 |
| Morgan Stanley | 22832 | 3744448 |
| S&P Global, Inc. | 10879 | 5300358 |
|  |  | 24515720 |
| **Chemicals — 0.9%** |  |  |
| Ecolab, Inc. | 11684 | 2995778 |
| Linde PLC | 11723 | 4903731 |
| Solstice Advanced Materials, Inc.<sup>(1)</sup> | 4707 | 212144 |
|  |  | 8111653 |
| **Commercial Services and Supplies — 0.2%** |  |  |
| Copart, Inc.<sup>(1)</sup> | 38741 | 1666250 |
| **Communications Equipment — 0.8%** |  |  |
| Arista Networks, Inc.<sup>(1)</sup> | 22939 | 3617251 |
| Motorola Solutions, Inc. | 10267 | 4175692 |
|  |  | 7792943 |
| **Consumer Finance — 0.6%** |  |  |
| American Express Co. | 14968 | 5399407 |
| **Consumer Staples Distribution & Retail — 0.8%** |  |  |
| Costco Wholesale Corp. | 3892 | 3547363 |
| Sysco Corp. | 50352 | 3740147 |
|  |  | 7287510 |
| **Containers and Packaging — 0.2%** |  |  |
| Ball Corp. | 45732 | 2149404 |
| **Diversified Telecommunication Services — 0.2%** |  |  |
| Verizon Communications, Inc. | 41125 | 1634308 |

---

------

Schedule of Investments - Balanced Fund

---

| | | |
|:---|:---|:---|
| | **Shares/Principal Amount** | **Value** |
| **Electric Utilities — 0.9%** | | |
| NextEra Energy, Inc. | 105437 | $8582572 |
| **Electrical Equipment — 0.8%** |  |  |
| Eaton Corp. PLC | 11592 | 4423043 |
| GE Vernova, Inc. | 4227 | 2473387 |
|  |  | 6896430 |
| **Electronic Equipment, Instruments and Components — 0.2%** |  |  |
| CDW Corp. | 12740 | 2030374 |
| **Energy Equipment and Services — 0.4%** |  |  |
| SLB Ltd. | 95301 | 3436554 |
| **Entertainment — 0.7%** |  |  |
| Liberty Media Corp.-Liberty Formula One, Class C<sup>(1)</sup> | 9164 | 915025 |
| Netflix, Inc.<sup>(1)</sup> | 4571 | 5114309 |
|  |  | 6029334 |
| **Financial Services — 1.6%** |  |  |
| Mastercard, Inc., Class A | 17135 | 9458349 |
| Visa, Inc., Class A | 15046 | 5126774 |
|  |  | 14585123 |
| **Ground Transportation — 0.6%** |  |  |
| Uber Technologies, Inc.<sup>(1)</sup> | 30613 | 2954155 |
| Union Pacific Corp. | 11347 | 2500538 |
|  |  | 5454693 |
| **Health Care Equipment and Supplies — 0.6%** |  |  |
| IDEXX Laboratories, Inc.<sup>(1)</sup> | 4754 | 2992691 |
| Intuitive Surgical, Inc.<sup>(1)</sup> | 5354 | 2860535 |
|  |  | 5853226 |
| **Health Care Providers and Services — 1.1%** |  |  |
| Cencora, Inc. | 8097 | 2735247 |
| Cigna Group | 16053 | 3923514 |
| UnitedHealth Group, Inc. | 8694 | 2969523 |
|  |  | 9628284 |
| **Health Care REITs — 0.6%** |  |  |
| Welltower, Inc. | 29790 | 5393182 |
| **Hotels, Restaurants and Leisure — 0.8%** |  |  |
| Airbnb, Inc., Class A<sup>(1)</sup> | 7386 | 934624 |
| Booking Holdings, Inc. | 563 | 2858768 |
| Marriott International, Inc., Class A | 12464 | 3247869 |
|  |  | 7041261 |
| **Household Products — 1.1%** |  |  |
| Church & Dwight Co., Inc. | 28174 | 2470578 |
| Colgate-Palmolive Co. | 21608 | 1664896 |
| Procter & Gamble Co. | 38916 | 5851799 |
|  |  | 9987273 |
| **Industrial Conglomerates — 0.4%** |  |  |
| Honeywell International, Inc. | 18828 | 3790641 |
| **Industrial REITs — 0.6%** |  |  |
| Prologis, Inc. | 43246 | 5366396 |
| **Insurance — 0.9%** |  |  |
| Marsh & McLennan Cos., Inc. | 12971 | 2310784 |
| MetLife, Inc. | 47864 | 3820504 |
| Progressive Corp. | 10778 | 2220268 |
|  |  | 8351556 |

---

------

Schedule of Investments - Balanced Fund

---

| | | |
|:---|:---|:---|
| | **Shares/Principal Amount** | **Value** |
| **Interactive Media and Services — 4.6%** | | |
| Alphabet, Inc., Class A | 105992 | $29803891 |
| Meta Platforms, Inc., Class A | 18921 | 12267430 |
|  |  | 42071321 |
| **IT Services — 1.1%** |  |  |
| International Business Machines Corp. | 27826 | 8553991 |
| MongoDB, Inc.<sup>(1)</sup> | 4141 | 1490014 |
|  |  | 10044005 |
| **Life Sciences Tools and Services — 1.2%** |  |  |
| Agilent Technologies, Inc. | 15025 | 2199059 |
| Danaher Corp. | 24109 | 5192597 |
| Thermo Fisher Scientific, Inc. | 6908 | 3919530 |
|  |  | 11311186 |
| **Machinery — 1.6%** |  |  |
| Cummins, Inc. | 10717 | 4690617 |
| Deere & Co. | 5658 | 2611903 |
| Parker-Hannifin Corp. | 3686 | 2848651 |
| Xylem, Inc. | 31264 | 4716174 |
|  |  | 14867345 |
| **Oil, Gas and Consumable Fuels — 0.9%** |  |  |
| Cheniere Energy, Inc. | 17981 | 3811972 |
| Williams Cos., Inc. | 74088 | 4287473 |
|  |  | 8099445 |
| **Pharmaceuticals — 1.5%** |  |  |
| Bristol-Myers Squibb Co. | 29524 | 1360171 |
| Eli Lilly & Co. | 7999 | 6902017 |
| Merck & Co., Inc. | 26527 | 2280791 |
| Zoetis, Inc. | 23598 | 3400236 |
|  |  | 13943215 |
| **Professional Services — 0.4%** |  |  |
| Automatic Data Processing, Inc. | 14655 | 3814697 |
| **Semiconductors and Semiconductor Equipment — 9.2%** |  |  |
| Analog Devices, Inc. | 27350 | 6403455 |
| Applied Materials, Inc. | 7995 | 1863635 |
| ARM Holdings PLC, ADR<sup>(1)</sup> | 7608 | 1291991 |
| ASML Holding NV | 1944 | 2055409 |
| Broadcom, Inc. | 52205 | 19296534 |
| NVIDIA Corp. | 248699 | 50359061 |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 9040 | 2715887 |
|  |  | 83985972 |
| **Software — 7.5%** |  |  |
| AppLovin Corp., Class A<sup>(1)</sup> | 4381 | 2792143 |
| Cadence Design Systems, Inc.<sup>(1)</sup> | 17184 | 5820049 |
| Crowdstrike Holdings, Inc., Class A<sup>(1)</sup> | 5070 | 2753061 |
| Dynatrace, Inc.<sup>(1)</sup> | 55025 | 2782614 |
| Microsoft Corp. | 86205 | 44637811 |
| Salesforce, Inc. | 9398 | 2447333 |
| ServiceNow, Inc.<sup>(1)</sup> | 4852 | 4460346 |
| Workday, Inc., Class A<sup>(1)</sup> | 13026 | 3125198 |
|  |  | 68818555 |
| **Specialized REITs — 0.3%** |  |  |
| Equinix, Inc. | 3130 | 2648011 |

---

------

Schedule of Investments - Balanced Fund

---

| | | |
|:---|:---|:---|
| | **Shares/Principal Amount** | **Value** |
| **Specialty Retail — 2.2%** | | |
| Home Depot, Inc. | 19916 | $7559915 |
| O'Reilly Automotive, Inc.<sup>(1)</sup> | 33669 | 3179700 |
| TJX Cos., Inc. | 39626 | 5553188 |
| Tractor Supply Co. | 63373 | 3429113 |
|  |  | 19721916 |
| **Technology Hardware, Storage and Peripherals — 3.0%** |  |  |
| Apple, Inc. | 101749 | 27509877 |
| **Trading Companies and Distributors — 0.6%** |  |  |
| Ferguson Enterprises, Inc. | 10651 | 2646773 |
| United Rentals, Inc. | 3694 | 3218139 |
|  |  | 5864912 |
| **TOTAL COMMON STOCKS** <br>(Cost $299,686,688) |  | **552671613** |
| **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 11.3%** |  |  |
| **Adjustable-Rate U.S. Government Agency Mortgage-Backed Securities — 0.0%** |  |  |
| FNMA, VRN, 3.17%, (1-year RFUCC plus 1.61%), 3/1/47 | $69137 | 69186 |
| FNMA, VRN, 3.10%, (1-year RFUCC plus 1.61%), 4/1/47 | 43453 | 43443 |
|  |  | 112629 |
| **Fixed-Rate U.S. Government Agency Mortgage-Backed Securities — 11.3%** |  |  |
| FHLMC, 3.50%, 2/1/49 | 1592425 | 1499097 |
| FHLMC, 3.00%, 1/1/50 | 1473911 | 1307668 |
| FHLMC, 3.50%, 5/1/50 | 260655 | 242692 |
| FHLMC, 2.50%, 5/1/51 | 1678670 | 1440457 |
| FHLMC, 3.50%, 5/1/51 | 806947 | 751907 |
| FHLMC, 3.00%, 7/1/51 | 633469 | 565269 |
| FHLMC, 2.00%, 8/1/51 | 1399588 | 1146009 |
| FHLMC, 2.50%, 8/1/51 | 1538036 | 1312368 |
| FHLMC, 3.00%, 12/1/51 | 1013383 | 902386 |
| FHLMC, 3.00%, 2/1/52 | 827699 | 743864 |
| FHLMC, 3.50%, 5/1/52 | 1022958 | 953023 |
| FHLMC, 4.00%, 5/1/52 | 1288968 | 1230062 |
| FHLMC, 4.00%, 5/1/52 | 854433 | 819448 |
| FHLMC, 4.00%, 6/1/52 | 2808055 | 2693074 |
| FHLMC, 5.00%, 7/1/52 | 508264 | 512478 |
| FHLMC, 4.50%, 10/1/52 | 2024725 | 1984984 |
| FHLMC, 4.50%, 10/1/52 | 705487 | 691129 |
| FHLMC, 6.00%, 11/1/52 | 2467141 | 2544005 |
| FHLMC, 5.50%, 12/1/52 | 388067 | 395185 |
| FHLMC, 6.00%, 1/1/53 | 1270314 | 1307959 |
| FHLMC, 6.50%, 11/1/53 | 1266713 | 1316308 |
| FHLMC, 5.50%, 4/1/54 | 1391162 | 1416605 |
| FNMA, 4.50%, 9/1/41 | 106447 | 106927 |
| FNMA, 3.50%, 5/1/42 | 478048 | 458367 |
| FNMA, 3.00%, 2/1/50 | 214482 | 192611 |
| FNMA, 2.50%, 6/1/50 | 821304 | 704459 |
| FNMA, 2.50%, 2/1/51 | 2132806 | 1841032 |
| FNMA, 3.00%, 6/1/51 | 106382 | 96262 |
| FNMA, 2.50%, 12/1/51 | 901033 | 774339 |
| FNMA, 2.50%, 2/1/52 | 500925 | 430787 |
| FNMA, 3.00%, 2/1/52 | 1624170 | 1457100 |
| FNMA, 3.00%, 2/1/52 | 924156 | 829088 |
| FNMA, 2.00%, 3/1/52 | 2427112 | 1996715 |

---

------

Schedule of Investments - Balanced Fund

---

| | | |
|:---|:---|:---|
| | **Shares/Principal Amount** | **Value** |
| FNMA, 3.00%, 3/1/52 | $1664944 | $1496733 |
| FNMA, 3.00%, 4/1/52 | 391216 | 350793 |
| FNMA, 3.50%, 4/1/52 | 639998 | 591702 |
| FNMA, 4.00%, 4/1/52 | 1137830 | 1086244 |
| FNMA, 4.00%, 4/1/52 | 487703 | 467734 |
| FNMA, 4.00%, 4/1/52 | 349891 | 334272 |
| FNMA, 3.00%, 5/1/52 | 979212 | 884163 |
| FNMA, 3.50%, 5/1/52 | 1753194 | 1623291 |
| FNMA, 3.50%, 5/1/52 | 1571250 | 1454348 |
| FNMA, 3.50%, 5/1/52 | 1412192 | 1323773 |
| FNMA, 4.00%, 5/1/52 | 1680746 | 1600496 |
| FNMA, 3.50%, 6/1/52 | 1378261 | 1291416 |
| FNMA, 2.50%, 7/1/52 | 766017 | 652988 |
| FNMA, 4.50%, 7/1/52 | 1215177 | 1190447 |
| FNMA, 5.00%, 8/1/52 | 2812087 | 2820783 |
| FNMA, 4.50%, 9/1/52 | 622519 | 616060 |
| FNMA, 5.00%, 9/1/52 | 776125 | 781376 |
| FNMA, 5.00%, 10/1/52 | 2431323 | 2438340 |
| FNMA, 5.50%, 10/1/52 | 1264064 | 1282642 |
| FNMA, 5.00%, 1/1/53 | 2001654 | 2007328 |
| FNMA, 5.50%, 1/1/53 | 2609613 | 2647190 |
| FNMA, 5.50%, 1/1/53 | 2228717 | 2267409 |
| FNMA, 6.50%, 1/1/53 | 1848016 | 1922243 |
| FNMA, 5.50%, 3/1/53 | 368467 | 376470 |
| FNMA, 6.00%, 9/1/53 | 1928979 | 1979222 |
| FNMA, 6.00%, 9/1/53 | 1259050 | 1302494 |
| FNMA, 5.50%, 3/1/54 | 3261935 | 3304790 |
| FNMA, 4.50%, 4/1/54 | 3435198 | 3360818 |
| FNMA, 6.00%, 5/1/54 | 1564812 | 1603844 |
| GNMA, 5.00%, TBA | 1636000 | 1631219 |
| GNMA, 7.00%, 4/20/26 | 365 | 374 |
| GNMA, 7.50%, 8/15/26 | 607 | 608 |
| GNMA, 7.00%, 5/15/31 | 7960 | 8306 |
| GNMA, 4.50%, 6/15/41 | 106658 | 106357 |
| GNMA, 3.50%, 6/20/42 | 198854 | 189432 |
| GNMA, 3.00%, 5/20/50 | 440380 | 396809 |
| GNMA, 3.00%, 7/20/50 | 1163401 | 1049770 |
| GNMA, 3.50%, 6/20/51 | 755506 | 696986 |
| GNMA, 3.00%, 7/20/51 | 1088487 | 979790 |
| GNMA, 4.00%, 9/20/52 | 2977271 | 2840722 |
| GNMA, 4.50%, 9/20/52 | 2789110 | 2743686 |
| GNMA, 4.50%, 10/20/52 | 2297065 | 2259301 |
| GNMA, 4.00%, 4/20/54 | 3704609 | 3518119 |
| GNMA, 5.00%, 12/20/54 | 1455333 | 1454606 |
| UMBS, 5.00%, TBA | 7698000 | 7660444 |
|  |  | 103259602 |
| **TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES**<br>(Cost $103,797,290) |  | **103372231** |
| **U.S. TREASURY SECURITIES — 9.1%** |  |  |
| U.S. Treasury Bonds, 4.375%, 11/15/39 | 600000 | 598734 |
| U.S. Treasury Bonds, 4.375%, 5/15/41 | 1400000 | 1383266 |
| U.S. Treasury Bonds, 4.75%, 11/15/43 | 3800000 | 3871918 |
| U.S. Treasury Bonds, 4.625%, 5/15/44 | 1800000 | 1801758 |

---

------

Schedule of Investments - Balanced Fund

---

| | | |
|:---|:---|:---|
| | **Shares/Principal Amount** | **Value** |
| U.S. Treasury Bonds, 4.125%, 8/15/44 | $1300000 | $1217176 |
| U.S. Treasury Bonds, 2.50%, 2/15/45 | 1700000 | 1231637 |
| U.S. Treasury Bonds, 5.00%, 5/15/45 | 300000 | 314062 |
| U.S. Treasury Notes, 4.625%, 9/15/26 | 300000 | 302203 |
| U.S. Treasury Notes, 3.875%, 6/15/28 | 3870000 | 3897891 |
| U.S. Treasury Notes, 4.125%, 3/31/29<sup>(2)</sup> | 14200000 | 14425481 |
| U.S. Treasury Notes, 4.25%, 6/30/29 | 1000000 | 1020801 |
| U.S. Treasury Notes, 3.875%, 12/31/29 | 400000 | 403133 |
| U.S. Treasury Notes, 4.00%, 5/31/30 | 3900000 | 3951340 |
| U.S. Treasury Notes, 3.625%, 8/31/30 | 6600000 | 6577828 |
| U.S. Treasury Notes, 4.125%, 8/31/30 | 9200000 | 9366570 |
| U.S. Treasury Notes, 4.875%, 10/31/30 | 4600000 | 4841410 |
| U.S. Treasury Notes, 4.375%, 11/30/30 | 10800000 | 11123367 |
| U.S. Treasury Notes, 3.75%, 12/31/30 | 2500000 | 2502783 |
| U.S. Treasury Notes, 4.25%, 2/28/31 | 3300000 | 3380244 |
| U.S. Treasury Notes, 4.125%, 10/31/31 | 1200000 | 1220367 |
| U.S. Treasury Notes, 4.125%, 5/31/32 | 3500000 | 3553389 |
| U.S. Treasury Notes, 4.00%, 6/30/32 | 4400000 | 4434977 |
| U.S. Treasury Notes, 3.875%, 8/31/32 | 1200000 | 1199812 |
| U.S. Treasury Notes, 4.125%, 11/15/32 | 1200000 | 1217555 |
| **TOTAL U.S. TREASURY SECURITIES**<br>(Cost $83,239,679) |  | **83837702** |
| **CORPORATE BONDS — 8.3%** |  |  |
| **Aerospace and Defense — 0.1%** |  |  |
| Boeing Co., 5.71%, 5/1/40 | 385000 | 392780 |
| Northrop Grumman Corp., 5.15%, 5/1/40 | 190000 | 190798 |
| Textron, Inc., 4.95%, 3/15/36 | 232000 | 229774 |
|  |  | 813352 |
| **Air Freight and Logistics — 0.1%** |  |  |
| GXO Logistics, Inc., 6.25%, 5/6/29 | 727000 | 764397 |
| GXO Logistics, Inc., 6.50%, 5/6/34 | 210000 | 225508 |
|  |  | 989905 |
| **Automobiles — 0.2%** |  |  |
| American Honda Finance Corp., 4.95%, 1/9/26 | 495000 | 495536 |
| Ford Motor Credit Co. LLC, 7.20%, 6/10/30 | 260000 | 278380 |
| Ford Motor Credit Co. LLC, 6.05%, 11/5/31 | 592000 | 605451 |
| General Motors Financial Co., Inc., 5.60%, 6/18/31 | 298000 | 310068 |
| General Motors Financial Co., Inc., 6.15%, 7/15/35 | 210000 | 221565 |
| Hyundai Capital America, 6.50%, 1/16/29<sup>(3)</sup> | 117000 | 124154 |
|  |  | 2035154 |
| **Banks — 1.0%** |  |  |
| Australia & New Zealand Banking Group Ltd., VRN, 2.57%, 11/25/35<sup>(3)</sup> | 599000 | 536926 |
| Bank of America Corp., VRN, 5.51%, 1/24/36 | 340000 | 356098 |
| Bank of Montreal, VRN, 7.70%, 5/26/84 | 211000 | 223926 |
| Bank of Nova Scotia, VRN, 8.625%, 10/27/82 | 520000 | 551520 |
| Bank of Nova Scotia, VRN, 8.00%, 1/27/84 | 480000 | 512649 |
| Bank of Nova Scotia, VRN, 6.875%, 10/27/85 | 200000 | 201969 |
| BPCE SA, VRN, 3.65%, 1/14/37<sup>(3)</sup> | 480000 | 435974 |
| Citigroup, Inc., VRN, 4.41%, 3/31/31 | 120000 | 119864 |
| Citigroup, Inc., VRN, 5.17%, 9/11/36 | 490000 | 496288 |
| Citigroup, Inc., VRN, 5.61%, 3/4/56 | 185000 | 187902 |
| Intesa Sanpaolo SpA, VRN, 4.20%, 6/1/32<sup>(3)</sup> | 536000 | 508289 |
| JPMorgan Chase & Co., VRN, 5.10%, 4/22/31 | 549000 | 567163 |

---

------

Schedule of Investments - Balanced Fund

---

| | | |
|:---|:---|:---|
| | **Shares/Principal Amount** | **Value** |
| JPMorgan Chase & Co., VRN, 4.26%, 10/22/31 | $275000 | $274101 |
| JPMorgan Chase & Co., VRN, 5.77%, 4/22/35 | 644000 | 687046 |
| JPMorgan Chase & Co., VRN, 5.29%, 7/22/35 | 210000 | 217230 |
| Morgan Stanley Private Bank NA, VRN, 4.73%, 7/18/31 | 225000 | 228580 |
| NatWest Group PLC, VRN, 3.03%, 11/28/35 | 327000 | 299430 |
| Royal Bank of Canada, VRN, 4.31%, 11/3/31<sup>(4)</sup> | 485000 | 482467 |
| Toronto-Dominion Bank, VRN, 8.125%, 10/31/82 | 901000 | 952792 |
| Wells Fargo & Co., VRN, 5.56%, 7/25/34 | 212000 | 222696 |
| Wells Fargo & Co., VRN, 5.61%, 4/23/36 | 460000 | 483577 |
| Wells Fargo & Co., VRN, 5.01%, 4/4/51 | 320000 | 298884 |
|  |  | 8845371 |
| **Biotechnology — 0.1%** |  |  |
| Amgen, Inc., 5.65%, 3/2/53 | 435000 | 434425 |
| **Building Products — 0.0%** |  |  |
| Carlisle Cos., Inc., 5.55%, 9/15/40 | 202000 | 205383 |
| **Capital Markets — 0.8%** |  |  |
| Blackstone Private Credit Fund, 5.95%, 7/16/29 | 90000 | 92037 |
| Blue Owl Capital Corp., 5.95%, 3/15/29 | 268000 | 271632 |
| Blue Owl Technology Finance Corp., 6.10%, 3/15/28<sup>(3)</sup> | 908000 | 915289 |
| Blue Owl Technology Finance Corp., 6.75%, 4/4/29 | 360000 | 368153 |
| Goldman Sachs Group, Inc., VRN, 6.48%, 10/24/29 | 630000 | 669542 |
| Goldman Sachs Group, Inc., VRN, 4.69%, 10/23/30 | 193000 | 195480 |
| Goldman Sachs Group, Inc., VRN, 4.37%, 10/21/31 | 410000 | 408324 |
| Golub Capital BDC, Inc., 7.05%, 12/5/28 | 293000 | 307483 |
| Golub Capital Private Credit Fund, 5.45%, 8/15/28<sup>(3)</sup> | 355000 | 357255 |
| HPS Corporate Lending Fund, 5.45%, 1/14/28 | 160000 | 161266 |
| HPS Corporate Lending Fund, 4.90%, 9/11/28<sup>(3)</sup> | 278000 | 276053 |
| HPS Corporate Lending Fund, 6.25%, 9/30/29 | 179000 | 184097 |
| LPL Holdings, Inc., 5.15%, 6/15/30 | 360000 | 366708 |
| Morgan Stanley, VRN, 5.16%, 4/20/29 | 271000 | 277104 |
| Morgan Stanley, VRN, 6.41%, 11/1/29 | 170000 | 180256 |
| Morgan Stanley, VRN, 6.63%, 11/1/34 | 760000 | 852124 |
| Morgan Stanley, VRN, 5.83%, 4/19/35 | 152000 | 162121 |
| Morgan Stanley, VRN, 4.89%, 10/22/36 | 165000 | 164157 |
| Morgan Stanley, VRN, 5.52%, 11/19/55 | 143000 | 144714 |
| Northern Trust Corp., VRN, 3.375%, 5/8/32 | 1069000 | 1051131 |
|  |  | 7404926 |
| **Chemicals — 0.0%** |  |  |
| Solstice Advanced Materials, Inc., 5.625%, 9/30/33<sup>(3)</sup> | 170000 | 170257 |
| **Communications Equipment — 0.0%** |  |  |
| Cisco Systems, Inc., 5.50%, 2/24/55 | 257000 | 259672 |
| **Consumer Finance — 0.2%** |  |  |
| Ally Financial, Inc., 8.00%, 11/1/31 | 646000 | 735724 |
| American Express Co., VRN, 4.80%, 10/24/36 | 546000 | 539956 |
| Capital One Financial Corp., VRN, 2.36%, 7/29/32 | 410000 | 356361 |
| OneMain Finance Corp., 7.50%, 5/15/31 | 179000 | 187133 |
|  |  | 1819174 |
| **Diversified Consumer Services — 0.1%** |  |  |
| Leland Stanford Junior University, 4.68%, 3/1/35 | 675000 | 684397 |
| Massachusetts Institute of Technology, 5.62%, 6/1/55 | 95000 | 101118 |
| Novant Health, Inc., 3.17%, 11/1/51 | 245000 | 168875 |
| Pepperdine University, 3.30%, 12/1/59 | 355000 | 225162 |
|  |  | 1179552 |

---

------

Schedule of Investments - Balanced Fund

---

| | | |
|:---|:---|:---|
| | **Shares/Principal Amount** | **Value** |
| **Diversified REITs — 0.2%** | | |
| Kilroy Realty LP, 3.05%, 2/15/30 | $215000 | $198234 |
| Kilroy Realty LP, 2.50%, 11/15/32 | 280000 | 232904 |
| Kilroy Realty LP, 2.65%, 11/15/33 | 283000 | 231422 |
| Piedmont Operating Partnership LP, 9.25%, 7/20/28 | 435000 | 481577 |
| Piedmont Operating Partnership LP, 6.875%, 7/15/29 | 78000 | 82654 |
| Prologis Targeted U.S. Logistics Fund LP, 4.25%, 1/15/31<sup>(3)</sup> | 125000 | 124143 |
| Prologis Targeted U.S. Logistics Fund LP, 4.75%, 1/15/36<sup>(3)</sup> | 280000 | 274325 |
| Trust Fibra Uno, 4.87%, 1/15/30<sup>(3)</sup> | 60000 | 58668 |
|  |  | 1683927 |
| **Diversified Telecommunication Services — 0.0%** |  |  |
| Sprint Capital Corp., 6.875%, 11/15/28 | 291000 | 312702 |
| **Electric Utilities — 0.7%** |  |  |
| AEP Transmission Co. LLC, 5.375%, 6/15/35 | 74000 | 76692 |
| Arizona Public Service Co., 5.70%, 8/15/34 | 292000 | 307287 |
| Commonwealth Edison Co., 5.30%, 2/1/53 | 144000 | 140520 |
| Commonwealth Edison Co., 5.95%, 6/1/55 | 123000 | 131430 |
| Duke Energy Corp., 4.95%, 9/15/35 | 176000 | 175113 |
| Duke Energy Florida LLC, 5.95%, 11/15/52 | 225000 | 237744 |
| Duke Energy Progress LLC, 4.35%, 3/6/27 | 324000 | 325900 |
| Duke Energy Progress LLC, 4.15%, 12/1/44 | 425000 | 363549 |
| Duke Energy Progress LLC, 5.35%, 3/15/53 | 120000 | 117698 |
| Duke Energy Progress LLC, 5.55%, 3/15/55 | 460000 | 464566 |
| Electricite de France SA, 6.95%, 1/26/39<sup>(3)</sup> | 503000 | 563840 |
| Jersey Central Power & Light Co., 5.15%, 1/15/36<sup>(3)</sup> | 267000 | 270873 |
| Kentucky Utilities Co., 5.85%, 8/15/55 | 73000 | 75387 |
| Louisville Gas & Electric Co., 5.85%, 8/15/55 | 73000 | 75271 |
| MidAmerican Energy Co., 5.85%, 9/15/54 | 980000 | 1034806 |
| Niagara Mohawk Power Corp., 4.65%, 10/3/30<sup>(3)</sup> | 135000 | 136133 |
| Northern States Power Co., 5.10%, 5/15/53 | 260000 | 249371 |
| Northern States Power Co., 5.65%, 5/15/55 | 157000 | 162101 |
| PECO Energy Co., 5.65%, 9/15/55 | 229000 | 235256 |
| RWE Finance U.S. LLC, 5.125%, 9/18/35<sup>(3)</sup> | 151000 | 149041 |
| Southern Co., VRN, 4.00%, 1/15/51 | 296000 | 295367 |
| Southern Co. Gas Capital Corp., 5.10%, 9/15/35 | 378000 | 380413 |
| Union Electric Co., 5.45%, 3/15/53 | 225000 | 222181 |
|  |  | 6190539 |
| **Electrical Equipment — 0.0%** |  |  |
| Hubbell, Inc., 4.80%, 11/15/35<sup>(4)</sup> | 130000 | 129522 |
| **Electronic Equipment, Instruments and Components — 0.2%** |  |  |
| Amphenol Corp., 4.125%, 11/15/30<sup>(4)</sup> | 406000 | 402873 |
| Amphenol Corp., 4.40%, 2/15/33<sup>(4)</sup> | 350000 | 346203 |
| Amphenol Corp., 4.625%, 2/15/36<sup>(4)</sup> | 430000 | 422776 |
| Amphenol Corp., 5.30%, 11/15/55<sup>(4)</sup> | 190000 | 185034 |
| Keysight Technologies, Inc., 5.35%, 7/30/30 | 258000 | 268198 |
|  |  | 1625084 |
| **Entertainment — 0.1%** |  |  |
| Beignet Investor LLC, 6.58%, 5/30/49<sup>(3)</sup> | 515000 | 549770 |
| Warnermedia Holdings, Inc., 3.76%, 3/15/27 | 415000 | 407737 |
|  |  | 957507 |
| **Financial Services — 0.2%** |  |  |
| Antares Holdings LP, 6.35%, 10/23/29<sup>(3)</sup> | 665000 | 678812 |
| Atlas Warehouse Lending Co. LP, 6.25%, 1/15/30<sup>(3)</sup> | 1000000 | 1047727 |

---

------

Schedule of Investments - Balanced Fund

---

| | | |
|:---|:---|:---|
| | **Shares/Principal Amount** | **Value** |
| Corebridge Financial, Inc., VRN, 6.375%, 9/15/54 | $263000 | $271022 |
| Nationwide Building Society, VRN, 4.125%, 10/18/32<sup>(3)</sup> | 250000 | 247440 |
|  |  | 2245001 |
| **Food Products — 0.1%** |  |  |
| Flowers Foods, Inc., 5.75%, 3/15/35 | 225000 | 227611 |
| Mars, Inc., 5.20%, 3/1/35<sup>(3)</sup> | 528000 | 542130 |
| Mars, Inc., 5.65%, 5/1/45<sup>(3)</sup> | 315000 | 321258 |
| Mars, Inc., 5.70%, 5/1/55<sup>(3)</sup> | 179000 | 182262 |
|  |  | 1273261 |
| **Gas Utilities — 0.0%** |  |  |
| Eastern Energy Gas Holdings LLC, 5.65%, 10/15/54 | 158000 | 155616 |
| Snam SpA, 6.50%, 5/28/55<sup>(3)</sup> | 208000 | 224235 |
|  |  | 379851 |
| **Ground Transportation — 0.1%** |  |  |
| Ashtead Capital, Inc., 5.95%, 10/15/33<sup>(3)</sup> | 400000 | 423139 |
| United Rentals North America, Inc., 6.00%, 12/15/29<sup>(3)</sup> | 155000 | 159206 |
|  |  | 582345 |
| **Health Care Equipment and Supplies — 0.1%** |  |  |
| Hologic, Inc., 3.25%, 2/15/29<sup>(3)</sup> | 140000 | 138298 |
| Medline Borrower LP/Medline Co-Issuer, Inc., 6.25%, 4/1/29<sup>(3)</sup> | 428000 | 440841 |
|  |  | 579139 |
| **Health Care Providers and Services — 0.5%** |  |  |
| Centene Corp., 4.625%, 12/15/29 | 170000 | 165023 |
| CVS Health Corp., 5.45%, 9/15/35 | 174000 | 177750 |
| CVS Health Corp., 6.00%, 6/1/44 | 410000 | 415580 |
| CVS Health Corp., VRN, 7.00%, 3/10/55 | 245000 | 257796 |
| Duke University Health System, Inc., 3.92%, 6/1/47 | 160000 | 131904 |
| Elevance Health, Inc., 5.00%, 1/15/36 | 165000 | 164398 |
| HCA, Inc., 4.90%, 11/15/35 | 545000 | 538753 |
| HCA, Inc., 6.20%, 3/1/55 | 130000 | 135126 |
| HCA, Inc., 5.70%, 11/15/55 | 382000 | 372893 |
| Icon Investments Six DAC, 6.00%, 5/8/34 | 166000 | 174236 |
| IQVIA, Inc., 6.25%, 2/1/29 | 442000 | 465951 |
| Kaiser Foundation Hospitals, 3.00%, 6/1/51 | 220000 | 147893 |
| Tenet Healthcare Corp., 6.25%, 2/1/27 | 325000 | 325757 |
| Tenet Healthcare Corp., 5.125%, 11/1/27 | 134000 | 133943 |
| UnitedHealth Group, Inc., 5.30%, 6/15/35 | 393000 | 406946 |
| UnitedHealth Group, Inc., 5.50%, 7/15/44 | 436000 | 437770 |
| UnitedHealth Group, Inc., 5.05%, 4/15/53 | 495000 | 454738 |
|  |  | 4906457 |
| **Hotels, Restaurants and Leisure — 0.2%** |  |  |
| Carnival Corp., 4.00%, 8/1/28<sup>(3)</sup> | 585000 | 575851 |
| Carnival Corp., 5.125%, 5/1/29<sup>(3)</sup> | 207000 | 209688 |
| Hyatt Hotels Corp., 5.75%, 3/30/32 | 161000 | 168186 |
| Royal Caribbean Cruises Ltd., 6.00%, 2/1/33<sup>(3)</sup> | 494000 | 507315 |
|  |  | 1461040 |
| **Industrial Conglomerates — 0.0%** |  |  |
| Siemens Financieringsmaatschappij NV, 1.20%, 3/11/26<sup>(3)</sup> | 350000 | 346486 |
| **Insurance — 0.3%** |  |  |
| Athene Global Funding, 5.53%, 7/11/31<sup>(3)</sup> | 292000 | 300576 |
| Beacon Funding Trust, 6.27%, 8/15/54<sup>(3)</sup> | 310000 | 319130 |
| CNA Financial Corp., 5.20%, 8/15/35 | 497000 | 498324 |

---

------

Schedule of Investments - Balanced Fund

---

| | | |
|:---|:---|:---|
| | **Shares/Principal Amount** | **Value** |
| CNO Financial Group, Inc., 6.45%, 6/15/34 | $215000 | $228282 |
| Liberty Mutual Group, Inc., VRN, 4.125%, 12/15/51<sup>(3)</sup> | 440000 | 430201 |
| Lincoln National Corp., 7.00%, 6/15/40 | 258000 | 292990 |
| MetLife, Inc., 6.40%, 12/15/66 | 504000 | 532199 |
| Wynnton Funding Trust II, 5.99%, 8/15/55<sup>(3)</sup> | 349000 | 358818 |
|  |  | 2960520 |
| **Interactive Media and Services — 0.2%** |  |  |
| Meta Platforms, Inc., 4.60%, 11/15/32<sup>(4)</sup> | 595000 | 598165 |
| Meta Platforms, Inc., 4.875%, 11/15/35<sup>(4)</sup> | 420000 | 422020 |
| Meta Platforms, Inc., 5.50%, 11/15/45<sup>(4)</sup> | 195000 | 193449 |
| Meta Platforms, Inc., 5.625%, 11/15/55<sup>(4)</sup> | 540000 | 536389 |
| Meta Platforms, Inc., 5.75%, 11/15/65<sup>(4)</sup> | 290000 | 287837 |
|  |  | 2037860 |
| **Machinery — 0.1%** |  |  |
| AGCO Corp., 5.80%, 3/21/34 | 293000 | 305377 |
| Nordson Corp., 4.50%, 12/15/29 | 495000 | 499314 |
| Weir Group, Inc., 5.35%, 5/6/30<sup>(3)</sup> | 421000 | 432043 |
|  |  | 1236734 |
| **Media — 0.1%** |  |  |
| Cox Communications, Inc., 5.70%, 6/15/33<sup>(3)</sup> | 278000 | 283306 |
| Paramount Global, 4.375%, 3/15/43 | 467000 | 353881 |
| Time Warner Cable LLC, 6.55%, 5/1/37 | 429000 | 439875 |
|  |  | 1077062 |
| **Metals and Mining — 0.2%** |  |  |
| Glencore Funding LLC, 5.19%, 4/1/30<sup>(3)</sup> | 600000 | 617816 |
| Glencore Funding LLC, 5.89%, 4/4/54<sup>(3)</sup> | 110000 | 112519 |
| Newmont Corp./Newcrest Finance Pty. Ltd., 5.35%, 3/15/34 | 380000 | 395504 |
| Rio Tinto Finance USA PLC, 5.75%, 3/14/55 | 251000 | 259822 |
|  |  | 1385661 |
| **Mortgage Real Estate Investment Trusts (REITs) — 0.1%** |  |  |
| Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 4.75%, 6/15/29<sup>(3)</sup> | 680000 | 667311 |
| Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 7.00%, 7/15/31<sup>(3)</sup> | 525000 | 551886 |
|  |  | 1219197 |
| **Multi-Utilities — 0.1%** |  |  |
| NiSource, Inc., 5.35%, 7/15/35 | 340000 | 347074 |
| Sempra, 3.25%, 6/15/27 | 180000 | 177076 |
| Sempra, VRN, 4.125%, 4/1/52 | 728000 | 711845 |
|  |  | 1235995 |
| **Oil, Gas and Consumable Fuels — 0.7%** |  |  |
| Cheniere Energy, Inc., 4.625%, 10/15/28 | 385000 | 384256 |
| Columbia Pipelines Operating Co. LLC, 6.04%, 11/15/33<sup>(3)</sup> | 330000 | 352214 |
| Enbridge, Inc., VRN, 6.00%, 1/15/77 | 850000 | 854009 |
| Energy Transfer LP, 6.55%, 12/1/33 | 601000 | 657140 |
| Energy Transfer LP, 6.125%, 12/15/45 | 340000 | 339620 |
| Eni SpA, 5.95%, 5/15/54<sup>(3)</sup> | 307000 | 305546 |
| Expand Energy Corp., 6.75%, 4/15/29<sup>(3)</sup> | 122000 | 123006 |
| Northern Natural Gas Co., 5.625%, 2/1/54<sup>(3)</sup> | 155000 | 153790 |
| Petroleos Mexicanos, 6.84%, 1/23/30 | 103000 | 105790 |
| Petroleos Mexicanos, 5.95%, 1/28/31 | 1110000 | 1086469 |
| Repsol E&P Capital Markets U.S. LLC, 5.20%, 9/16/30<sup>(3)</sup> | 413000 | 414688 |
| Repsol E&P Capital Markets U.S. LLC, 5.98%, 9/16/35<sup>(3)</sup> | 207000 | 210728 |
| Shell Finance U.S., Inc., 4.375%, 5/11/45 | 180000 | 157797 |

---

------

Schedule of Investments - Balanced Fund

---

| | | |
|:---|:---|:---|
| | **Shares/Principal Amount** | **Value** |
| SM Energy Co., 6.75%, 9/15/26 | $265000 | $265417 |
| Sunoco LP, 5.875%, 3/15/34<sup>(3)</sup> | 337000 | 337162 |
| Venture Global Plaquemines LNG LLC, 6.75%, 1/15/36<sup>(3)</sup> | 248000 | 262817 |
|  |  | 6010449 |
| **Passenger Airlines — 0.1%** |  |  |
| Southwest Airlines Co., 4.375%, 11/15/28<sup>(4)</sup> | 505000 | 503989 |
| United Airlines, Inc., 4.625%, 4/15/29<sup>(3)</sup> | 305000 | 302269 |
|  |  | 806258 |
| **Personal Care Products — 0.1%** |  |  |
| Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International U.S. LLC, 5.60%, 1/15/31<sup>(3)</sup> | 445000 | 446861 |
| **Pharmaceuticals — 0.1%** |  |  |
| Bristol-Myers Squibb Co., 5.55%, 2/22/54 | 365000 | 363444 |
| Merck & Co., Inc., 5.70%, 9/15/55 | 249000 | 256974 |
|  |  | 620418 |
| **Semiconductors and Semiconductor Equipment — 0.4%** |  |  |
| Broadcom, Inc., 4.80%, 2/15/36 | 260000 | 258176 |
| Foundry JV Holdco LLC, 5.50%, 1/25/31<sup>(3)</sup> | 417000 | 432768 |
| Foundry JV Holdco LLC, 5.875%, 1/25/34<sup>(3)</sup> | 215000 | 222197 |
| Foundry JV Holdco LLC, 6.25%, 1/25/35<sup>(3)</sup> | 410000 | 436768 |
| Foundry JV Holdco LLC, 6.10%, 1/25/36<sup>(3)</sup> | 252000 | 266502 |
| Foundry JV Holdco LLC, 6.30%, 1/25/39<sup>(3)</sup> | 497000 | 529320 |
| Intel Corp., 5.15%, 2/21/34 | 280000 | 284343 |
| Intel Corp., 5.60%, 2/21/54 | 215000 | 205768 |
| Micron Technology, Inc., 5.30%, 1/15/31 | 620000 | 641092 |
|  |  | 3276934 |
| **Software — 0.4%** |  |  |
| AppLovin Corp., 5.125%, 12/1/29 | 107000 | 109250 |
| AppLovin Corp., 5.375%, 12/1/31 | 211000 | 217869 |
| AppLovin Corp., 5.50%, 12/1/34 | 345000 | 354555 |
| Oracle Corp., 4.80%, 9/26/32 | 1260000 | 1247389 |
| Oracle Corp., 5.20%, 9/26/35 | 540000 | 532034 |
| Oracle Corp., 5.50%, 9/27/64 | 200000 | 174597 |
| Synopsys, Inc., 5.00%, 4/1/32 | 670000 | 684279 |
|  |  | 3319973 |
| **Specialized REITs — 0.1%** |  |  |
| American Tower Corp., 5.35%, 3/15/35 | 480000 | 493553 |
| EPR Properties, 4.95%, 4/15/28 | 520000 | 525163 |
| EPR Properties, 3.75%, 8/15/29 | 110000 | 105996 |
|  |  | 1124712 |
| **Specialty Retail — 0.1%** |  |  |
| Lowe's Cos., Inc., 4.50%, 10/15/32 | 400000 | 396376 |
| Lowe's Cos., Inc., 4.85%, 10/15/35 | 585000 | 577909 |
|  |  | 974285 |
| **Technology Hardware, Storage and Peripherals — 0.1%** |  |  |
| Dell International LLC/EMC Corp., 4.50%, 2/15/31 | 455000 | 453859 |
| Dell International LLC/EMC Corp., 5.30%, 4/1/32 | 168000 | 173565 |
| Hewlett Packard Enterprise Co., 4.85%, 10/15/31 | 295000 | 298151 |
|  |  | 925575 |
| **Textiles, Apparel and Luxury Goods — 0.0%** |  |  |
| Gildan Activewear, Inc., 4.70%, 10/7/30<sup>(3)</sup> | 155000 | 154367 |
| Gildan Activewear, Inc., 5.40%, 10/7/35<sup>(3)</sup> | 265000 | 264067 |
|  |  | 418434 |

---

------

Schedule of Investments - Balanced Fund

---

| | | |
|:---|:---|:---|
| | **Shares/Principal Amount** | **Value** |
| **Wireless Telecommunication Services — 0.1%** | | |
| T-Mobile USA, Inc., 6.70%, 12/15/33 | $461000 | $515841 |
| **TOTAL CORPORATE BONDS**<br>(Cost $75,514,217) |  | **76422801** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 4.5%** |  |  |
| **Private Sponsor Collateralized Mortgage Obligations — 4.4%** |  |  |
| ABN AMRO Mortgage Corp., Series 2003-4, Class A4, 5.50%, 3/25/33 | 985 | 987 |
| BRAVO Residential Funding Trust, Series 2024-NQM2, Class A1, 6.29%, 2/25/64<sup>(3)</sup> | 745135 | 751593 |
| BRAVO Residential Funding Trust, Series 2024-RPL1, Class A1, SEQ, VRN, 3.25%, 10/25/63<sup>(3)</sup> | 945357 | 882915 |
| Chase Home Lending Mortgage Trust, Series 2024-10, Class A4, VRN, 6.00%, 10/25/55<sup>(3)</sup> | 794499 | 804895 |
| Chase Home Lending Mortgage Trust, Series 2024-2, Class A4A, SEQ, VRN, 6.00%, 2/25/55<sup>(3)</sup> | 335890 | 339892 |
| Chase Home Lending Mortgage Trust, Series 2024-8, Class A6A, SEQ, VRN, 5.50%, 8/25/55<sup>(3)</sup> | 482696 | 482800 |
| Chase Home Lending Mortgage Trust, Series 2024-9, Class A4, VRN, 5.50%, 9/25/55<sup>(3)</sup> | 795701 | 797915 |
| Chase Home Lending Mortgage Trust, Series 2024-9, Class A6, SEQ, VRN, 5.50%, 9/25/55<sup>(3)</sup> | 289159 | 289145 |
| Chase Home Lending Mortgage Trust, Series 2025-5, Class A4A, VRN, 5.50%, 4/25/56<sup>(3)</sup> | 1155935 | 1163984 |
| Chase Home Lending Mortgage Trust, Series 2025-8, Class A4, VRN, 6.00%, 6/25/56<sup>(3)</sup> | 1374173 | 1393723 |
| Chase Home Lending Mortgage Trust, Series 2025-9, Class A4A, VRN, 5.50%, 6/25/56<sup>(3)</sup> | 1680807 | 1694248 |
| CHL Mortgage Pass-Through Trust, Series 2005-17, Class 1A11, 5.50%, 9/25/35 | 711 | 709 |
| Citigroup Mortgage Loan Trust, Inc., Series 2024-CMI1, Class A11, VRN, 5.50%, 6/25/54<sup>(3)</sup> | 1229870 | 1234920 |
| Citigroup Mortgage Loan Trust, Inc., Series 2025-2, Class A10, VRN, 6.00%, 2/25/55<sup>(3)</sup> | 829958 | 841667 |
| Citigroup Mortgage Loan Trust, Inc., Series 2025-3, Class A11, VRN, 5.50%, 6/25/55<sup>(3)</sup> | 777454 | 782432 |
| EFMT, Series 2024-NQM1, Class A1B, 5.81%, 11/25/69<sup>(3)</sup> | 548369 | 552357 |
| EFMT, Series 2025-CES2, Class A1A, 5.66%, 2/25/60<sup>(3)</sup> | 818395 | 827011 |
| GCAT Trust, Series 2021-NQM1, Class A3, SEQ, VRN, 1.15%, 1/25/66<sup>(3)</sup> | 147017 | 131705 |
| GCAT Trust, Series 2024-INV2, Class A6, SEQ, VRN, 6.00%, 6/25/54<sup>(3)</sup> | 406110 | 410974 |
| GCAT Trust, Series 2024-INV3, Class A6, SEQ, VRN, 5.50%, 9/25/54<sup>(3)</sup> | 545797 | 550167 |
| GS Mortgage-Backed Securities Trust, Series 2023-PJ4, Class A15, SEQ, VRN, 6.00%, 1/25/54<sup>(3)</sup> | 429049 | 434422 |
| GS Mortgage-Backed Securities Trust, Series 2023-PJ6, Class A15, SEQ, VRN, 6.00%, 4/25/54<sup>(3)</sup> | 421505 | 425330 |
| GS Mortgage-Backed Securities Trust, Series 2024-PJ1, Class A15, VRN, 6.00%, 6/25/54<sup>(3)</sup> | 779778 | 784686 |
| GS Mortgage-Backed Securities Trust, Series 2025-PJ7, Class A5, VRN, 5.50%, 12/25/55<sup>(3)</sup> | 1221770 | 1228422 |
| JP Morgan Mortgage Trust, Series 2020-3, Class A15, VRN, 3.50%, 8/25/50<sup>(3)</sup> | 134342 | 121153 |
| JP Morgan Mortgage Trust, Series 2023-7, Class A4A, SEQ, VRN, 5.50%, 2/25/54<sup>(3)</sup> | 1082228 | 1088673 |
| JP Morgan Mortgage Trust, Series 2023-8, Class A2, VRN, 6.00%, 2/25/54<sup>(3)</sup> | 280000 | 284254 |
| JP Morgan Mortgage Trust, Series 2024-10, Class A4, VRN, 5.50%, 3/25/55<sup>(3)</sup> | 763826 | 767169 |
| JP Morgan Mortgage Trust, Series 2024-10, Class A6, SEQ, VRN, 5.50%, 3/25/55<sup>(3)</sup> | 532011 | 532857 |
| JP Morgan Mortgage Trust, Series 2024-11, Class A4, VRN, 6.00%, 4/25/55<sup>(3)</sup> | 1186522 | 1202918 |
| JP Morgan Mortgage Trust, Series 2024-11, Class A6, SEQ, VRN, 6.00%, 4/25/55<sup>(3)</sup> | 460711 | 464201 |
| JP Morgan Mortgage Trust, Series 2024-5, Class A6, SEQ, VRN, 6.00%, 11/25/54<sup>(3)</sup> | 598724 | 601283 |
| JP Morgan Mortgage Trust, Series 2024-INV1, Class A4, SEQ, VRN, 6.00%, 4/25/55<sup>(3)</sup> | 724537 | 735293 |
| JP Morgan Mortgage Trust, Series 2025-2, Class A4, VRN, 6.00%, 7/25/55<sup>(3)</sup> | 1065534 | 1080676 |
| MFA Trust, Series 2024-NQM1, Class A1, SEQ, 6.58%, 3/25/69<sup>(3)</sup> | 523806 | 530549 |
| Morgan Stanley Residential Mortgage Loan Trust, Series 2025-1, Class A1, VRN, 6.00%, 3/25/55<sup>(3)</sup> | 689314 | 699364 |
| Morgan Stanley Residential Mortgage Loan Trust, Series 2025-1, Class A3, VRN, 6.00%, 3/25/55<sup>(3)</sup> | 537787 | 544552 |
| OBX Trust, Series 2024-HYB2, Class A1, SEQ, VRN, 3.70%, 4/25/53<sup>(3)</sup> | 329342 | 324865 |
| OBX Trust, Series 2024-NQM7, Class A1, 6.24%, 3/25/64<sup>(3)</sup> | 272597 | 276169 |
| OBX Trust, Series 2025-J1, Class A4, SEQ, VRN, 6.00%, 5/25/55<sup>(3)</sup> | 556390 | 565539 |
| PMT Loan Trust, Series 2025-J2, Class A9, VRN, 5.50%, 8/25/56<sup>(3)</sup> | 1934135 | 1948548 |
| Provident Funding Mortgage Trust, Series 2024-1, Class A3, VRN, 5.50%, 12/25/54<sup>(3)</sup> | 1217051 | 1224259 |
| Provident Funding Mortgage Trust, Series 2025-1, Class A3, VRN, 5.50%, 2/25/55<sup>(3)</sup> | 1528130 | 1536020 |
| Provident Funding Mortgage Trust, Series 2025-3, Class A4, VRN, 5.50%, 8/25/55<sup>(3)</sup> | 1254681 | 1261725 |
| Radian Mortgage Capital Trust, Series 2025-J3, Class A15, VRN, 5.50%, 12/25/55<sup>(3)</sup> | 565767 | 568949 |
| Rate Mortgage Trust, Series 2024-J1, Class A7, SEQ, VRN, 6.00%, 7/25/54<sup>(3)</sup> | 397378 | 399701 |

---

------

Schedule of Investments - Balanced Fund

---

| | | |
|:---|:---|:---|
| | **Shares/Principal Amount** | **Value** |
| Rate Mortgage Trust, Series 2024-J3, Class A8, SEQ, VRN, 5.50%, 10/25/54<sup>(3)</sup> | $268381 | $268805 |
| Rate Mortgage Trust, Series 2025-J1, Class A5, VRN, 5.50%, 3/25/55<sup>(3)</sup> | 367783 | 370980 |
| Saluda Grade Alternative Mortgage Trust, Series 2024-CES1, Class A1, SEQ, VRN, 6.31%, 3/25/54<sup>(3)</sup> | 669378 | 676817 |
| Sequoia Mortgage Trust, Series 2024-10, Class A11, VRN, 5.50%, 11/25/54<sup>(3)</sup> | 304245 | 304534 |
| Sequoia Mortgage Trust, Series 2024-10, Class A5, SEQ, VRN, 5.50%, 11/25/54<sup>(3)</sup> | 436308 | 438304 |
| Sequoia Mortgage Trust, Series 2024-6, Class A11, SEQ, VRN, 6.00%, 7/27/54<sup>(3)</sup> | 691634 | 696196 |
| Sequoia Mortgage Trust, Series 2024-8, Class A5, SEQ, VRN, 5.50%, 9/25/54<sup>(3)</sup> | 336765 | 338016 |
| Sequoia Mortgage Trust, Series 2025-7, Class A5, SEQ, VRN, 5.50%, 8/25/55<sup>(3)</sup> | 1422465 | 1427231 |
| Sequoia Mortgage Trust, Series 2025-8, Class A4, VRN, 5.50%, 9/25/55<sup>(3)</sup> | 998297 | 1004252 |
| SoFi Mortgage Trust, Series 2016-1A, Class 1A4, SEQ, VRN, 3.00%, 11/25/46<sup>(3)</sup> | 33224 | 29955 |
| Towd Point Mortgage Trust, Series 2024-1, Class A1, SEQ, VRN, 4.89%, 3/25/64<sup>(3)</sup> | 932669 | 949310 |
| Verus Securitization Trust, Series 2021-R2, Class A3, VRN, 1.23%, 2/25/64<sup>(3)</sup> | 137957 | 128961 |
|  |  | 40198977 |
| **U.S. Government Agency Collateralized Mortgage Obligations — 0.1%** |  |  |
| FNMA, Series 2017-C03, Class 1M2C, VRN, 7.30%, (30-day average SOFR plus 3.11%), 10/25/29 | 96060 | 98433 |
| FNMA, Series 2023-39, Class AI, IO, 2.00%, 7/25/52 | 7392629 | 949134 |
|  |  | 1047567 |
| **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS**<br>(Cost $40,791,776) |  | **41246544** |
| **ASSET-BACKED SECURITIES — 1.8%** |  |  |
| Aligned Data Centers Issuer LLC, Series 2021-1A, Class B, 2.48%, 8/15/46<sup>(3)</sup> | 642000 | 626295 |
| Blackbird Capital II Aircraft Lease Ltd., Series 2021-1A, Class A, SEQ, 2.44%, 7/15/46<sup>(3)</sup> | 577673 | 547570 |
| BRAVO Residential Funding Trust, Series 2024-CES1, Class A1A, 6.38%, 4/25/54<sup>(3)</sup> | 515089 | 522102 |
| Capital Automotive REIT, Series 2024-2A, Class A1, SEQ, 4.90%, 5/15/54<sup>(3)</sup> | 731083 | 729306 |
| CyrusOne Data Centers Issuer I LLC, Series 2024-2A, Class A2, SEQ, 4.50%, 5/20/49<sup>(3)</sup> | 700000 | 689732 |
| DI Issuer LLC, Series 2021-1A, Class A2, SEQ, 3.72%, 9/15/51<sup>(3)</sup> | 1748776 | 1675845 |
| Flexential Issuer, Series 2021-1A, Class A2, SEQ, 3.25%, 11/27/51<sup>(3)</sup> | 1000000 | 995128 |
| Goodgreen Trust, Series 2018-1A, Class A, VRN, 3.93%, 10/15/53<sup>(3)</sup> | 232127 | 214332 |
| Goodgreen Trust, Series 2020-1A, Class A, SEQ, 2.63%, 4/15/55<sup>(3)</sup> | 445178 | 369004 |
| GoodLeap Sustainable Home Solutions Trust, Series 2021-4GS, Class A, SEQ, 1.93%, 7/20/48<sup>(3)</sup> | 548605 | 449607 |
| Hotwire Funding LLC, Series 2024-1A, Class A2, SEQ, 5.89%, 6/20/54<sup>(3)</sup> | 600000 | 609756 |
| Mosaic Solar Loan Trust, Series 2023-2A, Class A, SEQ, 5.36%, 9/22/53<sup>(3)</sup> | 1209614 | 1167864 |
| New Economy Assets - Phase 1 Sponsor LLC, Series 2021-1, Class B1, 2.41%, 10/20/61<sup>(3)</sup> | 1350000 | 885270 |
| PK Alift Loan Funding 3 LP, Series 2024-1, Class A1, SEQ, 5.84%, 9/15/39<sup>(3)</sup> | 536789 | 551197 |
| RCKT Mortgage Trust, Series 2024-CES1, Class A1A, VRN, 6.03%, 2/25/44<sup>(3)</sup> | 504147 | 508033 |
| RCKT Mortgage Trust, Series 2024-CES2, Class A1A, VRN, 6.14%, 4/25/44<sup>(3)</sup> | 313209 | 316723 |
| RCKT Mortgage Trust, Series 2024-CES3, Class A1A, VRN, 6.59%, 5/25/44<sup>(3)</sup> | 229748 | 233138 |
| RCKT Mortgage Trust, Series 2024-CES4, Class A1A, 6.15%, 6/25/44<sup>(3)</sup> | 697176 | 705526 |
| RCKT Mortgage Trust, Series 2024-CES6, Class A1A, 5.34%, 9/25/44<sup>(3)</sup> | 243467 | 244270 |
| RCKT Mortgage Trust, Series 2024-CES8, Class A1A, 5.49%, 11/25/44<sup>(3)</sup> | 625224 | 629453 |
| SCF Equipment Leasing LLC, Series 2024-1A, Class B, 5.56%, 4/20/32<sup>(3)</sup> | 300000 | 310504 |
| SCF Equipment Leasing LLC, Series 2024-1A, Class C, 5.82%, 9/20/32<sup>(3)</sup> | 150000 | 155429 |
| Sierra Timeshare Receivables Funding LLC, Series 2021-1A, Class C, 1.79%, 11/20/37<sup>(3)</sup> | 57590 | 57308 |
| Subway Funding LLC, Series 2024-1A, Class A2I, SEQ, 6.03%, 7/30/54<sup>(3)</sup> | 1180080 | 1195439 |
| Switch ABS Issuer LLC, Series 2024-2A, Class A2, SEQ, 5.44%, 6/25/54<sup>(3)</sup> | 525000 | 527243 |
| Towd Point Mortgage Trust, Series 2024-CES3, Class A1, VRN, 6.29%, 5/25/64<sup>(3)</sup> | 510659 | 516697 |
| Vertical Bridge CC LLC, Series 2025-1A, Class A, SEQ, 5.16%, 8/16/55<sup>(3)</sup> | 1028427 | 1029928 |
| **TOTAL ASSET-BACKED SECURITIES**<br>(Cost $16,922,877) |  | **16462699** |
| **CONVERTIBLE PREFERRED SECURITIES — 1.4%** |  |  |
| **Banks — 1.3%** |  |  |
| Australia & New Zealand Banking Group Ltd., 6.75%<sup>(3)</sup> | 205000 | 208249 |
| Banco Bilbao Vizcaya Argentaria SA, 6.125% | 600000 | 602743 |

---

------

Schedule of Investments - Balanced Fund

---

| | | |
|:---|:---|:---|
| | **Shares/Principal Amount** | **Value** |
| Banco Santander SA, 4.75% | 800000 | $788857 |
| BNP Paribas SA, 8.50%<sup>(3)</sup> | 1042000 | 1104370 |
| Danske Bank AS, 4.375% | 1470000 | 1463780 |
| ING Groep NV, 5.75% | 700000 | 703445 |
| ING Groep NV, 7.50% | 835000 | 873244 |
| Lloyds Banking Group PLC, 6.75% | 520000 | 524389 |
| Macquarie Bank Ltd., 6.125%<sup>(3)</sup> | 647000 | 659704 |
| NatWest Group PLC, 6.00% | 1425000 | 1429064 |
| Nordea Bank Abp, 6.625%<sup>(3)</sup> | 1250000 | 1259880 |
| Skandinaviska Enskilda Banken AB, 6.875% | 800000 | 820945 |
| Societe Generale SA, 4.75%<sup>(3)</sup> | 92000 | 91630 |
| Societe Generale SA, 9.375%<sup>(3)</sup> | 600000 | 644653 |
| Svenska Handelsbanken AB, 4.375% | 1000000 | 988216 |
|  |  | 12163169 |
| **Capital Markets — 0.1%** |  |  |
| UBS Group AG, 9.25%<sup>(3)</sup> | 485000 | 529196 |
| **TOTAL CONVERTIBLE PREFERRED SECURITIES**<br>(Cost $12,546,788) |  | **12692365** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.8%** |  |  |
| ARZ Trust, Series 2024-BILT, Class A, SEQ, 5.77%, 6/11/39<sup>(3)</sup> | $505000 | 519523 |
| Bank5, Series 2024-5YR7, Class A3, SEQ, 5.77%, 6/15/57 | 1267000 | 1322947 |
| Bank5 Trust, Series 2024-5YR6, Class A3, SEQ, 6.23%, 5/15/57 | 692000 | 730037 |
| BBCMS Mortgage Trust, Series 2024-5C27, Class A3, SEQ, 6.01%, 7/15/57 | 338000 | 355610 |
| BX Trust, Series 2023-LIFE, Class A, SEQ, 5.05%, 2/15/28<sup>(3)</sup> | 1064000 | 1053541 |
| DBSG Mortgage Trust, Series 2024-ALTA, Class A, SEQ, VRN, 5.95%, 6/10/37<sup>(3)</sup> | 557000 | 565658 |
| FS Commercial Mortgage Trust, Series 2023-4SZN, Class A, SEQ, 7.07%, 11/10/39<sup>(3)</sup> | 760000 | 775953 |
| MIRA Trust, Series 2023-MILE, Class A, SEQ, 6.75%, 6/10/38<sup>(3)</sup> | 765000 | 795838 |
| SWCH Commercial Mortgage Trust, Series 2025-DATA, Class A, VRN, 5.48%, (1-month SOFR plus 1.44%), 2/15/42<sup>(3)</sup> | 1213000 | 1207279 |
| **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br>(Cost $7,215,355) |  | **7326386** |
| **COLLATERALIZED LOAN OBLIGATIONS — 0.6%** |  |  |
| ACREC LLC, Series 2023-FL2, Class A, VRN, 6.26%, (1-month SOFR plus 2.23%), 2/19/38<sup>(3)</sup> | 197895 | 197943 |
| Elmwood CLO 37 Ltd., Series 2024-13A, Class C, VRN, 5.58%, (3-month SOFR plus 1.70%), 1/17/38<sup>(3)</sup> | 850000 | 850947 |
| GoldenTree Loan Management U.S. CLO 23 Ltd., Series 2024-23A, Class C, VRN, 5.63%, (3-month SOFR plus 1.75%), 1/20/39<sup>(3)</sup> | 850000 | 851409 |
| Madison Park Funding LXVIII Ltd., Series 2024-68A, Class C, VRN, 5.68%, (3-month SOFR plus 1.80%), 1/20/38<sup>(3)</sup> | 843000 | 844640 |
| Magnetite XLI Ltd., Series 2024-41A, Class C, VRN, 5.64%, (3-month SOFR plus 1.78%), 1/25/38<sup>(3)</sup> | 400000 | 400867 |
| MF1 Ltd., Series 2021-FL7, Class AS, VRN, 5.59%, (1-month SOFR plus 1.56%), 10/16/36<sup>(3)</sup> | 1075000 | 1072777 |
| Mountain View CLO LLC, Series 2017-2A, Class B, VRN, 5.86%, (3-month SOFR plus 1.96%), 1/16/31<sup>(3)</sup> | 90757 | 90646 |
| Palmer Square Loan Funding Ltd., Series 2025-1A, Class A2, VRN, 5.41%, (3-month SOFR plus 1.20%), 2/15/33<sup>(3)</sup> | 500000 | 496309 |
| Shackleton CLO Ltd., Series 2017-11A, Class BR1, VRN, 6.12%, (3-month SOFR plus 1.91%), 8/15/30<sup>(3)</sup> | 575781 | 575425 |
| **TOTAL COLLATERALIZED LOAN OBLIGATIONS**<br>(Cost $5,381,575) |  | **5380963** |
| **U.S. GOVERNMENT AGENCY SECURITIES — 0.5%** |  |  |
| FHLMC, 6.25%, 7/15/32 | 700000 | 796547 |
| FNMA, 0.75%, 10/8/27 | 2000000 | 1892917 |
| FNMA, 0.875%, 8/5/30 | 1900000 | 1668981 |
| FNMA, 6.625%, 11/15/30 | 400000 | 452759 |
| **TOTAL U.S. GOVERNMENT AGENCY SECURITIES**<br>(Cost $4,886,690) |  | **4811204** |
| **PREFERRED SECURITIES — 0.5%** |  |  |
| **Banks — 0.4%** |  |  |
| Citigroup, Inc., 3.875% | 1487000 | 1479549 |

---

------

Schedule of Investments - Balanced Fund

---

| | | |
|:---|:---|:---|
| | **Shares/Principal Amount** | **Value** |
| Citigroup, Inc., 4.00% | 547000 | $546669 |
| M&T Bank Corp., 5.125% | 40000 | 39980 |
| Wells Fargo & Co., 3.90% | 1110000 | 1103390 |
|  |  | 3169588 |
| **Capital Markets — 0.1%** |  |  |
| Charles Schwab Corp., 4.00% | 1110000 | 1101221 |
| **TOTAL PREFERRED SECURITIES**<br>(Cost $4,214,576) |  | **4270809** |
| **MUNICIPAL SECURITIES — 0.3%** |  |  |
| California State University Rev., 2.98%, 11/1/51 | $500000 | 347994 |
| Foothill-Eastern Transportation Corridor Agency Rev., 4.09%, 1/15/49 | 275000 | 224222 |
| Golden State Tobacco Securitization Corp. Rev., 2.75%, 6/1/34 | 660000 | 603197 |
| Houston GO, 3.96%, 3/1/47 | 120000 | 106368 |
| Michigan Strategic Fund Rev., (Flint Water Advocacy Fund), 3.23%, 9/1/47 | 570000 | 442998 |
| Missouri Highway & Transportation Commission Rev., 5.45%, 5/1/33 | 130000 | 134723 |
| New Jersey Turnpike Authority Rev., 7.10%, 1/1/41 | 95000 | 111224 |
| New York City GO, 6.27%, 12/1/37 | 95000 | 103571 |
| Ohio Turnpike & Infrastructure Commission Rev., 3.22%, 2/15/48 | 330000 | 249125 |
| Port Authority of New York & New Jersey Rev., 4.93%, 10/1/51 | 50000 | 47981 |
| Regents of the University of California Medical Center Pooled Rev., 3.26%, 5/15/60 | 245000 | 161416 |
| State of California GO, 4.60%, 4/1/28, Prerefunded at 100% of Par<sup>(5)</sup> | 180000 | 183707 |
| State of California GO, 7.60%, 11/1/40 | 80000 | 99066 |
| Texas Natural Gas Securitization Finance Corp. Rev., SEQ, 5.17%, 4/1/41 | 185000 | 190243 |
| United Nations Development Corp. Rev., (City of New York), Series A, 6.54%, 8/1/55 | 55000 | 59068 |
| University of California Rev., 3.07%, 5/15/51 | 180000 | 125042 |
| **TOTAL MUNICIPAL SECURITIES**<br>(Cost $3,733,241) |  | **3189945** |
| **EXCHANGE-TRADED FUNDS — 0.2%** |  |  |
| iShares Core S&P 500 ETF<br>(Cost $1,700,866) | 2542 | **1741855** |
| **SOVEREIGN GOVERNMENTS AND AGENCIES — 0.1%** |  |  |
| **Chile — 0.0%** |  |  |
| Chile Government International Bonds, 5.33%, 1/5/54 | $170000 | 168279 |
| **Mexico — 0.1%** |  |  |
| Eagle Funding Luxco SARL, 5.50%, 8/17/30<sup>(3)</sup> | 865000 | 879835 |
| **TOTAL SOVEREIGN GOVERNMENTS AND AGENCIES**<br>(Cost $1,027,297) |  | **1048114** |
| **SHORT-TERM INVESTMENTS — 1.9%** |  |  |
| **Money Market Funds — 1.9%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class<br>(Cost $17,580,120) | 17580120 | **17580120** |
| **TOTAL INVESTMENT SECURITIES — 101.6%**<br>(Cost $678,239,035) |  | **932055351** |
| **OTHER ASSETS AND LIABILITIES — (1.6)%** |  | **(15008873)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**917046478** |

---

------

Schedule of Investments - Balanced Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | | |
| **Currency Purchased** | **Currency Purchased** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Currency Sold** | **Counterparty** | **Settlement<br>Date** | **Unrealized Appreciation <br>(Depreciation)** |
| EUR | 47754 | USD | 55614 | Goldman Sachs & Co. LLC | 12/19/25 | $(429) |
| EUR | 42632 | USD | 49460 | Morgan Stanley & Co. LLC | 12/19/25 | (194) |
| EUR | 62626 | USD | 72739 | Morgan Stanley & Co. LLC | 12/19/25 | (368) |
| USD | 388957 | EUR | 328001 | Citibank NA | 12/19/25 | 9920 |
| USD | 388827 | EUR | 328001 | Goldman Sachs & Co. LLC | 12/19/25 | 9790 |
| USD | 50288 | EUR | 42632 | Goldman Sachs & Co. LLC | 12/19/25 | 1022 |
| USD | 41949 | EUR | 35692 | Goldman Sachs & Co. LLC | 12/19/25 | 704 |
| USD | 50043 | EUR | 42962 | Goldman Sachs & Co. LLC | 12/19/25 | 396 |
| USD | 388896 | EUR | 328001 | Morgan Stanley & Co. LLC | 12/19/25 | 9859 |
| USD | 70513 | EUR | 59817 | Morgan Stanley & Co. LLC | 12/19/25 | 1389 |
| USD | 57931 | EUR | 49737 | Morgan Stanley & Co. LLC | 12/19/25 | 455 |
| USD | 56193 | EUR | 47920 | Morgan Stanley & Co. LLC | 12/19/25 | 817 |
| USD | 47900 | EUR | 41310 | Morgan Stanley & Co. LLC | 12/19/25 | 163 |
| USD | 388925 | EUR | 328001 | UBS AG | 12/19/25 | 9888 |
| USD | 46876 | EUR | 40153 | UBS AG | 12/19/25 | 475 |
| NZD | 2008723 | USD | 1152738 | UBS AG | 12/17/25 | (1143) |
| USD | 25707 | NZD | 44735 | JPMorgan Chase Bank NA | 12/17/25 | 60 |
| USD | 1173463 | NZD | 1963988 | Morgan Stanley & Co. LLC | 12/17/25 | 47515 |
|  |  |  |  |  |  | $90319 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **FUTURES CONTRACTS PURCHASED** | **FUTURES CONTRACTS PURCHASED** | **FUTURES CONTRACTS PURCHASED** | **FUTURES CONTRACTS PURCHASED** | **FUTURES CONTRACTS PURCHASED** |
| **Reference Entity** | **Contracts** | **Expiration <br>Date** | **Notional <br>Amount** | **Unrealized <br>Appreciation <br>(Depreciation)^** |
| U.K. Gilt 10-Year Bonds | 15 | December 2025 | $1844828 | $45891 |
| U.S. Treasury 10-Year Ultra Notes | 69 | December 2025 | 7968422 | (42902) |
| U.S. Treasury Long Bonds | 13 | December 2025 | 1525063 | 28240 |
| U.S. Treasury Ultra Bonds | 153 | December 2025 | 18556031 | 462624 |
|  |  |  | $29894344 | $493853 |

---

^Amount represents value and unrealized appreciation (depreciation).

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS** | **CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS** | **CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS** | **CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS** | **CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS** | **CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS** | **CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS** | **CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS** |
| **Reference Entity** | **Type** | **Fixed Rate <br>Received (Paid)<br>Quarterly** | **Termination <br>Date** | **Notional <br>Amount** | **Premiums Paid (Received)** | **Unrealized <br>Appreciation <br>(Depreciation)** | **Value^** |
| Markit CDX North America High Yield Index Series 44 | Buy | (5.00)% | 6/20/30 | $2400000 | $(164909) | $(29464) | $(194373) |

---

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

------

Schedule of Investments - Balanced Fund

---

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

---

(1)Non-income producing.

(2)Security, or a portion thereof, has been pledged at the custodian bank or with a broker for collateral requirements on forward commitments, forward foreign currency exchange contracts, futures contracts and/or swap agreements. At the period end, the aggregate value of securities pledged was $1,594,439.

(3)Security was purchased pursuant to Rule 144A or Section 4(2) under the Securities Act of 1933 and may be sold in transactions exempt from registration, normally to qualified institutional investors. The aggregate value of these securities at the period end was $93,120,606, which represented 10.2% of total net assets.

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

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

------

Schedule of Investments - Balanced Fund

**FAIR VALUE MEASUREMENTS**

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

---

| | | | |
|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** |
| **Assets** | | | |
| **Investment Securities** | | | |
| Common Stocks | $550616204 | $2055409 |  |
| U.S. Government Agency Mortgage-Backed Securities |  | 103372231 |  |
| U.S. Treasury Securities |  | 83837702 |  |
| Corporate Bonds |  | 76422801 |  |
| Collateralized Mortgage Obligations |  | 41246544 |  |
| Asset-Backed Securities |  | 16462699 |  |
| Convertible Preferred Securities |  | 12692365 |  |
| Commercial Mortgage-Backed Securities |  | 7326386 |  |
| Collateralized Loan Obligations |  | 5380963 |  |
| U.S. Government Agency Securities |  | 4811204 |  |
| Preferred Securities |  | 4270809 |  |
| Municipal Securities |  | 3189945 |  |
| Exchange-Traded Funds | 1741855 |  |  |
| Sovereign Governments and Agencies |  | 1048114 |  |
| Short-Term Investments | 17580120 |  |  |
|  | $569938179 | $362117172 |  |
| **Other Financial Instruments** |  |  |  |
| Futures Contracts | $490864 | $45891 |  |
| Forward Foreign Currency Exchange Contracts |  | 92453 |  |
|  | $490864 | $138344 |  |
| **Liabilities** |  |  |  |
| **Other Financial Instruments** |  |  |  |
| Futures Contracts | $42902 |  |  |
| Swap Agreements |  | $194373 |  |
| Forward Foreign Currency Exchange Contracts |  | 2134 |  |
|  | $42902 | $196507 |  |

---

**DERIVATIVE INSTRUMENTS**

As of period end, the value of derivative instruments located on the Statement of Assets and Liabilities were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Type of Risk Exposure** | **Type of Risk Exposure** | **Type of Risk Exposure** | **Type of Risk Exposure** |
| | **Credit** | **Foreign Currency** | **Interest Rate** | **Total** |
| **Asset Derivatives:** | | | | |
| &nbsp;&nbsp;Receivable for variation margin on swap agreements\* | $2102 |  |  | $2102 |
| &nbsp;&nbsp;Unrealized appreciation on forward foreign currency exchange contracts |  | $92453 |  | 92453 |
|  |  |  |  | $94555 |
| **Liability Derivatives:** |  |  |  |  |
| &nbsp;&nbsp;Payable for variation margin on futures contracts\* |  |  | $87546 | $87546 |
| &nbsp;&nbsp;Unrealized depreciation on forward foreign currency exchange contracts |  | $2134 |  | 2134 |
|  |  |  |  | $89680 |

---

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

------

Schedule of Investments - Balanced Fund

The following is a summary of the effect of derivative instruments on the Statement of Operations for the period ended October 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Type of Risk Exposure** | **Type of Risk Exposure** | **Type of Risk Exposure** | **Type of Risk Exposure** |
| | **Credit** | **Foreign Currency** | **Interest Rate** | **Total** |
| **Net realized gain (loss) on:** | | | | |
| &nbsp;&nbsp;Forward foreign currency exchange transactions |  | $(23263) |  | $(23263) |
| &nbsp;&nbsp;Futures contract transactions |  |  | $(2028713) | (2028713) |
| &nbsp;&nbsp;Swap agreement transactions | $(162578) |  |  | (162578) |
|  |  |  |  | $(2214554) |
| **Change in net unrealized appreciation (depreciation) on:** |  |  |  |  |
| &nbsp;&nbsp;Forward foreign currency exchange contracts |  | $(59887) |  | $(59887) |
| &nbsp;&nbsp;Futures contracts |  |  | $1520976 | 1520976 |
| &nbsp;&nbsp;Swap agreements | $(29464) |  |  | (29464) |
|  |  |  |  | $1431625 |

---

See Notes to Financial Statements.

------

Schedule of Investments - Growth Fund

**OCTOBER 31, 2025**

---

| | | |
|:---|:---|:---|
|<br>**COMMON STOCKS — 99.8%** | **Shares** | **Value** |
| **Aerospace and Defense — 1.3%** | | |
| General Electric Co. | 697384 | $215456787 |
| **Automobiles — 3.2%** |  |  |
| Tesla, Inc.<sup>(1)</sup> | 1181923 | 539618765 |
| **Banks — 0.4%** |  |  |
| Regions Financial Corp. | 2959823 | 71627717 |
| **Biotechnology — 2.3%** |  |  |
| AbbVie, Inc. | 1241649 | 270729148 |
| Vertex Pharmaceuticals, Inc.<sup>(1)</sup> | 274187 | 116685761 |
|  |  | 387414909 |
| **Broadline Retail — 4.7%** |  |  |
| Amazon.com, Inc.<sup>(1)</sup> | 3214457 | 785034688 |
| **Building Products — 0.7%** |  |  |
| Trane Technologies PLC | 207278 | 92995274 |
| Trex Co., Inc.<sup>(1)</sup> | 624040 | 30153613 |
|  |  | 123148887 |
| **Capital Markets — 1.1%** |  |  |
| Goldman Sachs Group, Inc. | 83597 | 65988964 |
| KKR & Co., Inc. | 411993 | 48751132 |
| S&P Global, Inc. | 146397 | 71326082 |
|  |  | 186066178 |
| **Commercial Services and Supplies — 0.3%** |  |  |
| Copart, Inc.<sup>(1)</sup> | 1207310 | 51926403 |
| **Communications Equipment — 1.2%** |  |  |
| Arista Networks, Inc.<sup>(1)</sup> | 1001793 | 157972738 |
| Motorola Solutions, Inc. | 108207 | 44008869 |
|  |  | 201981607 |
| **Construction and Engineering — 0.3%** |  |  |
| Sterling Infrastructure, Inc.<sup>(1)</sup> | 130589 | 49349583 |
| **Consumer Staples Distribution & Retail — 1.3%** |  |  |
| Costco Wholesale Corp. | 229207 | 208910720 |
| **Electrical Equipment — 1.1%** |  |  |
| Eaton Corp. PLC | 134775 | 51424749 |
| GE Vernova, Inc. | 215976 | 126376197 |
|  |  | 177800946 |
| **Electronic Equipment, Instruments and Components — 1.0%** |  |  |
| Amphenol Corp., Class A | 1190515 | 165886360 |
| **Entertainment — 2.2%** |  |  |
| Liberty Media Corp.-Liberty Formula One, Class C<sup>(1)</sup> | 458419 | 45773137 |
| Netflix, Inc.<sup>(1)</sup> | 211501 | 236640009 |
| Spotify Technology SA<sup>(1)</sup> | 129619 | 84941923 |
|  |  | 367355069 |
| **Financial Services — 3.7%** |  |  |
| Adyen NV<sup>(1)</sup> | 19083 | 32698419 |
| Apollo Global Management, Inc. | 451767 | 56159156 |
| Mastercard, Inc., Class A | 644594 | 355809442 |
| Visa, Inc., Class A | 504822 | 172013048 |
|  |  | 616680065 |
| **Ground Transportation — 1.1%** |  |  |
| Uber Technologies, Inc.<sup>(1)</sup> | 1812327 | 174889555 |

---

------

Schedule of Investments - Growth Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Health Care Equipment and Supplies — 1.1%** | | |
| IDEXX Laboratories, Inc.<sup>(1)</sup> | 47072 | $29632295 |
| Intuitive Surgical, Inc.<sup>(1)</sup> | 292172 | 156101656 |
|  |  | 185733951 |
| **Health Care Providers and Services — 0.5%** |  |  |
| Cencora, Inc. | 251798 | 85059882 |
| **Hotels, Restaurants and Leisure — 1.6%** |  |  |
| Airbnb, Inc., Class A<sup>(1)</sup> | 481365 | 60911927 |
| Chipotle Mexican Grill, Inc.<sup>(1)</sup> | 1613476 | 51131055 |
| Dutch Bros, Inc., Class A<sup>(1)</sup> | 883968 | 49095583 |
| Expedia Group, Inc. | 242033 | 53247260 |
| Marriott International, Inc., Class A | 168368 | 43873333 |
|  |  | 258259158 |
| **Household Products — 0.6%** |  |  |
| Church & Dwight Co., Inc. | 344612 | 30219026 |
| Procter & Gamble Co. | 435520 | 65489143 |
|  |  | 95708169 |
| **Independent Power and Renewable Electricity Producers — 0.3%** |  |  |
| Vistra Corp. | 292328 | 55045362 |
| **Interactive Media and Services — 10.3%** |  |  |
| Alphabet, Inc., Class A | 3945653 | 1109478167 |
| Meta Platforms, Inc., Class A | 849392 | 550703303 |
| Pinterest, Inc., Class A<sup>(1)</sup> | 1741335 | 57638189 |
|  |  | 1717819659 |
| **IT Services — 2.4%** |  |  |
| Cloudflare, Inc., Class A<sup>(1)</sup> | 268523 | 68016876 |
| MongoDB, Inc.<sup>(1)</sup> | 227684 | 81925257 |
| Okta, Inc.<sup>(1)</sup> | 961462 | 88002617 |
| Snowflake, Inc., Class A<sup>(1)</sup> | 564616 | 155201646 |
|  |  | 393146396 |
| **Machinery — 0.7%** |  |  |
| Parker-Hannifin Corp. | 63864 | 49356015 |
| Xylem, Inc. | 421631 | 63603036 |
|  |  | 112959051 |
| **Oil, Gas and Consumable Fuels — 0.2%** |  |  |
| Cheniere Energy, Inc. | 126840 | 26890080 |
| **Pharmaceuticals — 3.1%** |  |  |
| Eli Lilly & Co. | 501233 | 432493906 |
| Zoetis, Inc. | 536860 | 77356158 |
|  |  | 509850064 |
| **Professional Services — 0.2%** |  |  |
| Automatic Data Processing, Inc. | 133029 | 34627449 |
| **Semiconductors and Semiconductor Equipment — 21.0%** |  |  |
| Analog Devices, Inc. | 186306 | 43619824 |
| Applied Materials, Inc. | 220350 | 51363585 |
| ARM Holdings PLC, ADR<sup>(1)</sup> | 211130 | 35854097 |
| ASML Holding NV | 44506 | 47056610 |
| Broadcom, Inc. | 2656827 | 982042964 |
| NVIDIA Corp. | 10877272 | 2202538807 |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 418345 | 125683388 |
|  |  | 3488159275 |
| **Software — 20.0%** |  |  |
| AppLovin Corp., Class A<sup>(1)</sup> | 300010 | 191205373 |

---

------

Schedule of Investments - Growth Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Cadence Design Systems, Inc.<sup>(1)</sup> | 543934 | $184225006 |
| Crowdstrike Holdings, Inc., Class A<sup>(1)</sup> | 262328 | 142446727 |
| Datadog, Inc., Class A<sup>(1)</sup> | 519561 | 84589726 |
| Dynatrace, Inc.<sup>(1)</sup> | 1828036 | 92443781 |
| Gitlab, Inc., Class A<sup>(1)</sup> | 896300 | 43694625 |
| Microsoft Corp. | 4102800 | 2124470868 |
| Oracle Corp. | 331673 | 87100647 |
| Palantir Technologies, Inc., Class A<sup>(1)</sup> | 468301 | 93880302 |
| ServiceNow, Inc.<sup>(1)</sup> | 176465 | 162220745 |
| Workday, Inc., Class A<sup>(1)</sup> | 449566 | 107859875 |
|  |  | 3314137675 |
| **Specialty Retail — 2.3%** |  |  |
| Home Depot, Inc. | 413971 | 157139252 |
| O'Reilly Automotive, Inc.<sup>(1)</sup> | 884059 | 83490532 |
| TJX Cos., Inc. | 563600 | 78982904 |
| Tractor Supply Co. | 1055618 | 57119490 |
|  |  | 376732178 |
| **Technology Hardware, Storage and Peripherals — 9.3%** |  |  |
| Apple, Inc. | 5719372 | 1546346608 |
| **Trading Companies and Distributors — 0.3%** |  |  |
| Fastenal Co. | 1037232 | 42682097 |
| **TOTAL COMMON STOCKS**<br>(Cost $6,074,717,606) |  | **16566305293** |
| **SHORT-TERM INVESTMENTS — 0.2%** |  |  |
| **Money Market Funds — 0.0%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 55532 | 55532 |
| **Repurchase Agreements — 0.2%** |  |  |
| Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 4.75%, 8/15/55, valued at $35,573,647), at 4.15%, dated 10/31/25, due 11/3/25 (Delivery value $34,888,061) |  | 34876000 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $34,931,532) |  | **34931532** |
| **TOTAL INVESTMENT SECURITIES — 100.0%**<br>(Cost $6,109,649,138) |  | **16601236825** |
| **OTHER ASSETS AND LIABILITIES — 0.0%** |  | **(3095098)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**16598141727** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** |
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| EUR | 2239932 | USD | 2601628 | Morgan Stanley & Co. LLC | 12/19/25 | $(13174) |
| USD | 15879462 | EUR | 13390915 | Citibank NA | 12/19/25 | 404991 |
| USD | 1954568 | EUR | 1692115 | Citibank NA | 12/19/25 | (831) |
| USD | 15874166 | EUR | 13390915 | Goldman Sachs & Co. LLC | 12/19/25 | 399695 |
| USD | 15876985 | EUR | 13390915 | Morgan Stanley & Co. LLC | 12/19/25 | 402514 |
| USD | 4388128 | EUR | 3722465 | Morgan Stanley & Co. LLC | 12/19/25 | 86467 |
| USD | 1902696 | EUR | 1622559 | Morgan Stanley & Co. LLC | 12/19/25 | 27675 |
| USD | 15878157 | EUR | 13390915 | UBS AG | 12/19/25 | 403686 |
| USD | 1986618 | EUR | 1701694 | UBS AG | 12/19/25 | 20148 |
|  |  |  |  |  |  | $1731171 |

---

------

Schedule of Investments - Growth Fund

---

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

---

(1)Non-income producing.

**FAIR VALUE MEASUREMENTS**

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

---

| | | | |
|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** |
| **Assets** | | | |
| **Investment Securities** | | | |
| Common Stocks | $16486550264 | $79755029 |  |
| Short-Term Investments | 55532 | 34876000 |  |
|  | $16486605796 | $114631029 |  |
| **Other Financial Instruments** |  |  |  |
| Forward Foreign Currency Exchange Contracts |  | $1745176 |  |
| **Liabilities** |  |  |  |
| **Other Financial Instruments** |  |  |  |
| Forward Foreign Currency Exchange Contracts |  | $14005 |  |

---

**DERIVATIVE INSTRUMENTS**

As of period end, the value of derivative instruments located on the Statement of Assets and Liabilities were as follows:

---

| | |
|:---|:---|
| | **Type of Risk Exposure** |
| | **Foreign Currency** |
| **Asset Derivatives:** | |
| &nbsp;&nbsp;Unrealized appreciation on forward foreign currency exchange contracts | $1745176 |
| **Liability Derivatives:** |  |
| &nbsp;&nbsp;Unrealized depreciation on forward foreign currency exchange contracts | $14005 |

---

The following is a summary of the effect of derivative instruments on the Statement of Operations for the period ended October 31, 2025.

---

| | |
|:---|:---|
| | **Type of Risk Exposure** |
| | **Foreign Currency** |
| **Net realized gain (loss) on:** | |
| &nbsp;&nbsp;Forward foreign currency exchange transactions | $(1796362) |
| **Change in net unrealized appreciation (depreciation) on:** |  |
| &nbsp;&nbsp;Forward foreign currency exchange contracts | $(3795099) |

---

See Notes to Financial Statements.

------

Schedule of Investments - Heritage Fund

**OCTOBER 31, 2025** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS — 99.1%** | | |
| **Aerospace and Defense — 6.8%** | | |
| Axon Enterprise, Inc.<sup>(1)</sup> | 137674 | $100809033 |
| Curtiss-Wright Corp. | 119809 | 71373815 |
| HEICO Corp. | 200543 | 63726549 |
| Howmet Aerospace, Inc. | 885547 | 182378405 |
|  |  | 418287802 |
| **Banks — 0.5%** |  |  |
| NU Holdings Ltd., Class A<sup>(1)</sup> | 2024893 | 32621026 |
| **Biotechnology — 4.9%** |  |  |
| Alnylam Pharmaceuticals, Inc.<sup>(1)</sup> | 155241 | 70796106 |
| Argenx SE, ADR<sup>(1)</sup> | 107045 | 87616332 |
| Natera, Inc.<sup>(1)</sup> | 706716 | 140587014 |
|  |  | 298999452 |
| **Broadline Retail — 1.9%** |  |  |
| Coupang, Inc.<sup>(1)</sup> | 3673875 | 117453784 |
| **Building Products — 1.0%** |  |  |
| Johnson Controls International PLC | 524019 | 59942533 |
| **Capital Markets — 4.8%** |  |  |
| Ares Management Corp., Class A | 524237 | 77959284 |
| Coinbase Global, Inc., Class A<sup>(1)</sup> | 87860 | 30204511 |
| LPL Financial Holdings, Inc. | 245564 | 92653753 |
| MSCI, Inc. | 74462 | 43824610 |
| TPG, Inc. | 889734 | 48970959 |
|  |  | 293613117 |
| **Chemicals — 0.9%** |  |  |
| Element Solutions, Inc. | 1996003 | 53333200 |
| **Commercial Services and Supplies — 0.9%** |  |  |
| Republic Services, Inc. | 259346 | 54006211 |
| **Communications Equipment — 1.5%** |  |  |
| Ciena Corp.<sup>(1)</sup> | 474958 | 90204023 |
| **Construction and Engineering — 1.7%** |  |  |
| EMCOR Group, Inc. | 154544 | 104437744 |
| **Construction Materials — 1.0%** |  |  |
| Vulcan Materials Co. | 204485 | 59198408 |
| **Consumer Staples Distribution & Retail — 1.5%** |  |  |
| Casey's General Stores, Inc. | 108768 | 55818650 |
| Sprouts Farmers Market, Inc.<sup>(1)</sup> | 424395 | 33510229 |
|  |  | 89328879 |
| **Distributors — 1.0%** |  |  |
| Pool Corp. | 238005 | 63561615 |
| **Diversified Consumer Services — 0.6%** |  |  |
| Bright Horizons Family Solutions, Inc.<sup>(1)</sup> | 166898 | 18230268 |
| Duolingo, Inc.<sup>(1)</sup> | 73331 | 19846302 |
|  |  | 38076570 |
| **Electrical Equipment — 2.9%** |  |  |
| Hubbell, Inc. | 60547 | 28457090 |
| Vertiv Holdings Co., Class A | 765439 | 147622566 |
|  |  | 176079656 |
| **Electronic Equipment, Instruments and Components — 0.8%** |  |  |
| Coherent Corp.<sup>(1)</sup> | 351479 | 46381169 |

---

------

Schedule of Investments - Heritage Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Entertainment — 3.1%** | | |
| ROBLOX Corp., Class A<sup>(1)</sup> | 1171490 | $133221843 |
| Spotify Technology SA<sup>(1)</sup> | 86265 | 56531180 |
|  |  | 189753023 |
| **Financial Services — 2.1%** |  |  |
| Affirm Holdings, Inc.<sup>(1)</sup> | 348258 | 25032785 |
| Corpay, Inc.<sup>(1)</sup> | 275154 | 71636344 |
| Toast, Inc., Class A<sup>(1)</sup> | 966037 | 34912577 |
|  |  | 131581706 |
| **Ground Transportation — 0.6%** |  |  |
| Norfolk Southern Corp. | 130065 | 36857820 |
| **Health Care Equipment and Supplies — 5.0%** |  |  |
| Dexcom, Inc.<sup>(1)</sup> | 1709589 | 99532272 |
| GE HealthCare Technologies, Inc.<sup>(1)</sup> | 1080133 | 80955968 |
| IDEXX Laboratories, Inc.<sup>(1)</sup> | 63484 | 39963813 |
| Insulet Corp.<sup>(1)</sup> | 269837 | 84461679 |
|  |  | 304913732 |
| **Health Care Providers and Services — 1.4%** |  |  |
| Cencora, Inc. | 263429 | 88988951 |
| **Health Care Technology — 1.7%** |  |  |
| Veeva Systems, Inc., Class A<sup>(1)</sup> | 349586 | 101799443 |
| **Hotels, Restaurants and Leisure — 10.1%** |  |  |
| Chipotle Mexican Grill, Inc.<sup>(1)</sup> | 378073 | 11981133 |
| DoorDash, Inc., Class A<sup>(1)</sup> | 173112 | 44034500 |
| Flutter Entertainment PLC<sup>(1)</sup> | 456921 | 106275255 |
| Hilton Worldwide Holdings, Inc. | 684853 | 175979827 |
| Royal Caribbean Cruises Ltd. | 633476 | 181699921 |
| Viking Holdings Ltd.<sup>(1)</sup> | 1150750 | 70023138 |
| Wingstop, Inc. | 136583 | 29587975 |
|  |  | 619581749 |
| **Household Durables — 0.9%** |  |  |
| TopBuild Corp.<sup>(1)</sup> | 128623 | 54340645 |
| **Household Products — 0.1%** |  |  |
| Church & Dwight Co., Inc. | 108814 | 9541900 |
| **Independent Power and Renewable Electricity Producers — 3.2%** |  |  |
| Vistra Corp. | 1039337 | 195707157 |
| **Interactive Media and Services — 0.8%** |  |  |
| Reddit, Inc., Class A<sup>(1)</sup> | 237667 | 49660520 |
| **IT Services — 3.8%** |  |  |
| Cloudflare, Inc., Class A<sup>(1)</sup> | 799330 | 202470289 |
| Snowflake, Inc., Class A<sup>(1)</sup> | 117211 | 32218960 |
|  |  | 234689249 |
| **Life Sciences Tools and Services — 4.7%** |  |  |
| Bio-Techne Corp. | 1763577 | 110347013 |
| IQVIA Holdings, Inc.<sup>(1)</sup> | 410675 | 88894710 |
| West Pharmaceutical Services, Inc. | 309913 | 87417160 |
|  |  | 286658883 |
| **Machinery — 0.7%** |  |  |
| Crane Co. | 240632 | 45720080 |
| **Media — 0.8%** |  |  |
| Trade Desk, Inc., Class A<sup>(1)</sup> | 948881 | 47709737 |
| **Oil, Gas and Consumable Fuels — 2.3%** |  |  |
| Expand Energy Corp. | 389954 | 40286148 |

---

------

Schedule of Investments - Heritage Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Permian Resources Corp. | 2246947 | $28221654 |
| Targa Resources Corp. | 457100 | 70411684 |
|  |  | 138919486 |
| **Professional Services — 2.5%** |  |  |
| CACI International, Inc., Class A<sup>(1)</sup> | 70985 | 39911316 |
| Equifax, Inc. | 238660 | 50381126 |
| Verisk Analytics, Inc. | 276128 | 60405762 |
|  |  | 150698204 |
| **Semiconductors and Semiconductor Equipment — 4.2%** |  |  |
| Astera Labs, Inc.<sup>(1)</sup> | 191593 | 35766581 |
| Lattice Semiconductor Corp.<sup>(1)</sup> | 1042374 | 76051607 |
| Monolithic Power Systems, Inc. | 143412 | 144129060 |
|  |  | 255947248 |
| **Software — 11.2%** |  |  |
| Cadence Design Systems, Inc.<sup>(1)</sup> | 280758 | 95089927 |
| Datadog, Inc., Class A<sup>(1)</sup> | 790147 | 128643833 |
| Fair Isaac Corp.<sup>(1)</sup> | 55089 | 91421848 |
| Guidewire Software, Inc.<sup>(1)</sup> | 531208 | 124111437 |
| HubSpot, Inc.<sup>(1)</sup> | 153281 | 75401989 |
| Samsara, Inc., Class A<sup>(1)</sup> | 1555086 | 62467805 |
| Zscaler, Inc.<sup>(1)</sup> | 324771 | 107544669 |
|  |  | 684681508 |
| **Specialty Retail — 3.2%** |  |  |
| Burlington Stores, Inc.<sup>(1)</sup> | 368384 | 100786179 |
| Carvana Co.<sup>(1)</sup> | 320128 | 98132037 |
|  |  | 198918216 |
| **Technology Hardware, Storage and Peripherals — 0.2%** |  |  |
| Super Micro Computer, Inc.<sup>(1)(2)</sup> | 296743 | 15418766 |
| **Textiles, Apparel and Luxury Goods — 1.3%** |  |  |
| On Holding AG, Class A<sup>(1)</sup> | 2138816 | 79457014 |
| **Trading Companies and Distributors — 2.5%** |  |  |
| Fastenal Co. | 2052700 | 84468605 |
| WESCO International, Inc. | 268653 | 69723513 |
|  |  | 154192118 |
| **TOTAL COMMON STOCKS**<br>(Cost $4,582,932,466) |  | **6071262344** |
| **SHORT-TERM INVESTMENTS — 1.0%** |  |  |
| **Money Market Funds — 0.0%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 91509 | 91509 |
| **Repurchase Agreements — 1.0%** |  |  |
| Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 4.75%, 8/15/55, valued at $58,876,465), at 4.15%, dated 10/31/25, due 11/3/25 (Delivery value $57,741,962) |  | 57722000 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $57,813,509) |  | **57813509** |
| **TOTAL INVESTMENT SECURITIES — 100.1%**<br>(Cost $4,640,745,975) |  | **6129075853** |
| **OTHER ASSETS AND LIABILITIES — (0.1)%** |  | **(3319539)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**6125756314** |

---

---

| | | |
|:---|:---|:---|
| **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 $4,347,649. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers. At the period end, the aggregate value of the collateral held by the fund was $4,303,946, all of which is securities collateral.

------

Schedule of Investments - Heritage Fund

**FAIR VALUE MEASUREMENTS**

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

---

| | | | |
|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** |
| **Assets** | | | |
| **Investment Securities** | | | |
| Common Stocks | $6071262344 |  |  |
| Short-Term Investments | 91509 | $57722000 |  |
|  | $6071353853 | $57722000 |  |

---

**DERIVATIVE INSTRUMENTS**

As of period end, the fund did not have any derivative instruments disclosed on the Statement of Assets and Liabilities.

The following is a summary of the effect of derivative instruments on the Statement of Operations for the period ended October 31, 2025.

---

| | |
|:---|:---|
| | **Type of Risk Exposure** |
| | **Foreign Currency** |
| **Net realized gain (loss) on:** | |
| &nbsp;&nbsp;Forward foreign currency exchange transactions | $1457670 |
| **Change in net unrealized appreciation (depreciation) on:** |  |
| &nbsp;&nbsp;Forward foreign currency exchange contracts | $(884544) |

---

See Notes to Financial Statements.

------

Schedule of Investments - Large Cap Equity Fund

**OCTOBER 31, 2025** 

---

| | | |
|:---|:---|:---|
|<br>**COMMON STOCKS — 100.0%** | **Shares** | **Value** |
| **Air Freight and Logistics — 0.3%** | | |
| FedEx Corp. | 44690 | $11343216 |
| **Automobiles — 1.7%** |  |  |
| Tesla, Inc.<sup>(1)</sup> | 127601 | 58257513 |
| **Banks — 4.1%** |  |  |
| Bank of America Corp. | 920641 | 49208262 |
| JPMorgan Chase & Co. | 169370 | 52694394 |
| Regions Financial Corp. | 1567051 | 37922634 |
|  |  | 139825290 |
| **Beverages — 0.7%** |  |  |
| PepsiCo, Inc. | 166657 | 24346921 |
| **Biotechnology — 2.2%** |  |  |
| AbbVie, Inc. | 145356 | 31693422 |
| Gilead Sciences, Inc. | 216165 | 25894405 |
| Vertex Pharmaceuticals, Inc.<sup>(1)</sup> | 40213 | 17113447 |
|  |  | 74701274 |
| **Broadline Retail — 3.9%** |  |  |
| Amazon.com, Inc.<sup>(1)</sup> | 537631 | 131300243 |
| **Building Products — 1.4%** |  |  |
| Johnson Controls International PLC | 416364 | 47627878 |
| **Capital Markets — 4.5%** |  |  |
| Ameriprise Financial, Inc. | 40911 | 18523273 |
| Blackrock, Inc. | 20076 | 21738494 |
| Goldman Sachs Group, Inc. | 31992 | 25253525 |
| Intercontinental Exchange, Inc. | 97722 | 14295751 |
| KKR & Co., Inc. | 132479 | 15676240 |
| Morgan Stanley | 141123 | 23144172 |
| S&P Global, Inc. | 67698 | 32983143 |
|  |  | 151614598 |
| **Chemicals — 1.5%** |  |  |
| Ecolab, Inc. | 73549 | 18857963 |
| Linde PLC | 71939 | 30092084 |
| Solstice Advanced Materials, Inc.<sup>(1)</sup> | 29502 | 1329655 |
|  |  | 50279702 |
| **Commercial Services and Supplies — 0.3%** |  |  |
| Copart, Inc.<sup>(1)</sup> | 234856 | 10101157 |
| **Communications Equipment — 1.4%** |  |  |
| Arista Networks, Inc.<sup>(1)</sup> | 144131 | 22728017 |
| Motorola Solutions, Inc. | 63410 | 25789481 |
|  |  | 48517498 |
| **Consumer Finance — 1.0%** |  |  |
| American Express Co. | 92650 | 33421634 |
| **Consumer Staples Distribution & Retail — 1.3%** |  |  |
| Costco Wholesale Corp. | 24302 | 22150058 |
| Sysco Corp. | 314824 | 23385127 |
|  |  | 45535185 |
| **Containers and Packaging — 0.4%** |  |  |
| Ball Corp. | 273364 | 12848108 |
| **Diversified Telecommunication Services — 0.3%** |  |  |
| Verizon Communications, Inc. | 247091 | 9819396 |

---

------

Schedule of Investments - Large Cap Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Electric Utilities — 1.6%** | | |
| NextEra Energy, Inc. | 657533 | $53523186 |
| **Electrical Equipment — 1.2%** |  |  |
| Eaton Corp. PLC | 71968 | 27460110 |
| GE Vernova, Inc. | 25268 | 14785318 |
|  |  | 42245428 |
| **Electronic Equipment, Instruments and Components — 0.4%** |  |  |
| CDW Corp. | 76155 | 12136822 |
| **Energy Equipment and Services — 0.6%** |  |  |
| SLB Ltd. | 570354 | 20566965 |
| **Entertainment — 1.1%** |  |  |
| Liberty Media Corp.-Liberty Formula One, Class C<sup>(1)</sup> | 54943 | 5486059 |
| Netflix, Inc.<sup>(1)</sup> | 28112 | 31453392 |
|  |  | 36939451 |
| **Financial Services — 2.6%** |  |  |
| Mastercard, Inc., Class A | 105983 | 58501556 |
| Visa, Inc., Class A | 92697 | 31585576 |
|  |  | 90087132 |
| **Ground Transportation — 1.0%** |  |  |
| Uber Technologies, Inc.<sup>(1)</sup> | 183847 | 17741236 |
| Union Pacific Corp. | 71801 | 15822786 |
|  |  | 33564022 |
| **Health Care Equipment and Supplies — 1.0%** |  |  |
| IDEXX Laboratories, Inc.<sup>(1)</sup> | 29885 | 18812906 |
| Intuitive Surgical, Inc.<sup>(1)</sup> | 31756 | 16966596 |
|  |  | 35779502 |
| **Health Care Providers and Services — 1.8%** |  |  |
| Cencora, Inc. | 49086 | 16581742 |
| Cigna Group | 100320 | 24519211 |
| UnitedHealth Group, Inc. | 54675 | 18674793 |
|  |  | 59775746 |
| **Health Care REITs — 1.0%** |  |  |
| Welltower, Inc. | 186081 | 33688104 |
| **Hotels, Restaurants and Leisure — 1.3%** |  |  |
| Airbnb, Inc., Class A<sup>(1)</sup> | 45002 | 5694553 |
| Booking Holdings, Inc. | 3549 | 18020900 |
| Marriott International, Inc., Class A | 75828 | 19759260 |
|  |  | 43474713 |
| **Household Products — 1.8%** |  |  |
| Church & Dwight Co., Inc. | 168409 | 14767785 |
| Colgate-Palmolive Co. | 129161 | 9951855 |
| Procter & Gamble Co. | 239549 | 36020983 |
|  |  | 60740623 |
| **Industrial Conglomerates — 0.7%** |  |  |
| Honeywell International, Inc. | 118009 | 23758752 |
| **Industrial REITs — 1.0%** |  |  |
| Prologis, Inc. | 267127 | 33147789 |
| **Insurance — 1.5%** |  |  |
| Marsh & McLennan Cos., Inc. | 77536 | 13813039 |
| MetLife, Inc. | 298399 | 23818208 |
| Progressive Corp. | 64425 | 13271550 |
|  |  | 50902797 |

---

------

Schedule of Investments - Large Cap Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Interactive Media and Services — 7.6%** | | |
| Alphabet, Inc., Class A | 653654 | $183800968 |
| Meta Platforms, Inc., Class A | 115925 | 75159974 |
|  |  | 258960942 |
| **IT Services — 1.8%** |  |  |
| International Business Machines Corp. | 171229 | 52637507 |
| MongoDB, Inc.<sup>(1)</sup> | 25597 | 9210312 |
|  |  | 61847819 |
| **Life Sciences Tools and Services — 2.0%** |  |  |
| Agilent Technologies, Inc. | 90145 | 13193622 |
| Danaher Corp. | 149015 | 32094851 |
| Thermo Fisher Scientific, Inc. | 43153 | 24484581 |
|  |  | 69773054 |
| **Machinery — 2.7%** |  |  |
| Cummins, Inc. | 66452 | 29084712 |
| Deere & Co. | 33819 | 15611865 |
| Parker-Hannifin Corp. | 22198 | 17155280 |
| Xylem, Inc. | 193833 | 29239708 |
|  |  | 91091565 |
| **Oil, Gas and Consumable Fuels — 1.4%** |  |  |
| Cheniere Energy, Inc. | 108929 | 23092948 |
| Williams Cos., Inc. | 448946 | 25980505 |
|  |  | 49073453 |
| **Pharmaceuticals — 2.5%** |  |  |
| Bristol-Myers Squibb Co. | 179340 | 8262194 |
| Eli Lilly & Co. | 49366 | 42595947 |
| Merck & Co., Inc. | 158567 | 13633590 |
| Zoetis, Inc. | 147975 | 21321718 |
|  |  | 85813449 |
| **Professional Services — 0.7%** |  |  |
| Automatic Data Processing, Inc. | 92142 | 23984563 |
| **Semiconductors and Semiconductor Equipment — 15.2%** |  |  |
| Analog Devices, Inc. | 167682 | 39259387 |
| Applied Materials, Inc. | 47788 | 11139383 |
| ARM Holdings PLC, ADR<sup>(1)</sup> | 45648 | 7751943 |
| ASML Holding NV | 11336 | 11985659 |
| Broadcom, Inc. | 322441 | 119183867 |
| NVIDIA Corp. | 1531110 | 310034464 |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 56975 | 17116999 |
|  |  | 516471702 |
| **Software — 12.4%** |  |  |
| AppLovin Corp., Class A<sup>(1)</sup> | 27398 | 17461567 |
| Cadence Design Systems, Inc.<sup>(1)</sup> | 105609 | 35768712 |
| Crowdstrike Holdings, Inc., Class A<sup>(1)</sup> | 30305 | 16455918 |
| Dynatrace, Inc.<sup>(1)</sup> | 336249 | 17004112 |
| Microsoft Corp. | 531261 | 275092258 |
| Salesforce, Inc. | 56760 | 14780872 |
| ServiceNow, Inc.<sup>(1)</sup> | 29402 | 27028671 |
| Workday, Inc., Class A<sup>(1)</sup> | 81966 | 19665283 |
|  |  | 423257393 |
| **Specialized REITs — 0.5%** |  |  |
| Equinix, Inc. | 19347 | 16367755 |

---

------

Schedule of Investments - Large Cap Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Specialty Retail — 3.6%** | | |
| Home Depot, Inc. | 123789 | $46989066 |
| O'Reilly Automotive, Inc.<sup>(1)</sup> | 204107 | 19275865 |
| TJX Cos., Inc. | 244083 | 34205792 |
| Tractor Supply Co. | 395975 | 21426207 |
|  |  | 121896930 |
| **Technology Hardware, Storage and Peripherals — 5.0%** |  |  |
| Apple, Inc. | 627046 | 169534427 |
| **Trading Companies and Distributors — 1.0%** |  |  |
| Ferguson Enterprises, Inc. | 63738 | 15838893 |
| United Rentals, Inc. | 22949 | 19992710 |
|  |  | 35831603 |
| **TOTAL COMMON STOCKS**<br>(Cost $1,695,427,254) |  | **3403775300** |
| **SHORT-TERM INVESTMENTS — 0.2%** |  |  |
| **Money Market Funds — 0.0%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 10726 | 10726 |
| **Repurchase Agreements — 0.2%** |  |  |
| Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 4.50% - 4.75%, 11/15/54 - 8/15/55, valued at $6,876,014), at 4.15%, dated 10/31/25, due 11/3/25 (Delivery value $6,743,331) |  | 6741000 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $6,751,726) |  | **6751726** |
| **TOTAL INVESTMENT SECURITIES — 100.2%**<br>(Cost $1,702,178,980) |  | **3410527026** |
| **OTHER ASSETS AND LIABILITIES — (0.2)%** |  | **(5766828)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**3404760198** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** |
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| EUR | 278469 | USD | 324299 | Goldman Sachs & Co. LLC | 12/19/25 | $(2502) |
| EUR | 248598 | USD | 288413 | Morgan Stanley & Co. LLC | 12/19/25 | (1134) |
| EUR | 365189 | USD | 424159 | Morgan Stanley & Co. LLC | 12/19/25 | (2148) |
| USD | 2299926 | EUR | 1939494 | Citibank NA | 12/19/25 | 58658 |
| USD | 2299159 | EUR | 1939494 | Goldman Sachs & Co. LLC | 12/19/25 | 57891 |
| USD | 297354 | EUR | 252085 | Goldman Sachs & Co. LLC | 12/19/25 | 6045 |
| USD | 248047 | EUR | 211048 | Goldman Sachs & Co. LLC | 12/19/25 | 4160 |
| USD | 291815 | EUR | 250526 | Goldman Sachs & Co. LLC | 12/19/25 | 2309 |
| USD | 2299568 | EUR | 1939494 | Morgan Stanley & Co. LLC | 12/19/25 | 58299 |
| USD | 277134 | EUR | 235093 | Morgan Stanley & Co. LLC | 12/19/25 | 5461 |
| USD | 337812 | EUR | 290032 | Morgan Stanley & Co. LLC | 12/19/25 | 2653 |
| USD | 327677 | EUR | 279432 | Morgan Stanley & Co. LLC | 12/19/25 | 4766 |
| USD | 279319 | EUR | 240890 | Morgan Stanley & Co. LLC | 12/19/25 | 948 |
| USD | 2299737 | EUR | 1939494 | UBS AG | 12/19/25 | 58468 |
| USD | 273349 | EUR | 234145 | UBS AG | 12/19/25 | 2772 |
|  |  |  |  |  |  | $256646 |

---

---

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

---

(1)Non-income producing.

------

Schedule of Investments - Large Cap Equity Fund

**FAIR VALUE MEASUREMENTS**

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

---

| | | | |
|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** |
| **Assets** | | | |
| **Investment Securities** | | | |
| Common Stocks | $3391789641 | $11985659 |  |
| Short-Term Investments | 10726 | 6741000 |  |
|  | $3391800367 | $18726659 |  |
| **Other Financial Instruments** |  |  |  |
| Forward Foreign Currency Exchange Contracts |  | $262430 |  |
| **Liabilities** |  |  |  |
| **Other Financial Instruments** |  |  |  |
| Forward Foreign Currency Exchange Contracts |  | $5784 |  |

---

**DERIVATIVE INSTRUMENTS**

As of period end, the value of derivative instruments located on the Statement of Assets and Liabilities were as follows:

---

| | |
|:---|:---|
| | **Type of Risk Exposure** |
| | **Foreign Currency** |
| **Asset Derivatives:** | |
| &nbsp;&nbsp;Unrealized appreciation on forward foreign currency exchange contracts | $262430 |
| **Liability Derivatives:** |  |
| &nbsp;&nbsp;Unrealized depreciation on forward foreign currency exchange contracts | $5784 |

---

The following is a summary of the effect of derivative instruments on the Statement of Operations for the period ended October 31, 2025.

---

| | |
|:---|:---|
| | **Type of Risk Exposure** |
| | **Foreign Currency** |
| **Net realized gain (loss) on:** | |
| &nbsp;&nbsp;Forward foreign currency exchange transactions | $(150704) |
| **Change in net unrealized appreciation (depreciation) on:** |  |
| &nbsp;&nbsp;Forward foreign currency exchange contracts | $(934545) |

---

See Notes to Financial Statements.

------

Schedule of Investments - Select Fund

**OCTOBER 31, 2025**

---

| | | |
|:---|:---|:---|
|<br>**COMMON STOCKS — 99.8%** | **Shares** | **Value** |
| **Automobiles — 4.2%** | | |
| Tesla, Inc.<sup>(1)</sup> | 616500 | $281469240 |
| **Biotechnology — 2.7%** |  |  |
| Gilead Sciences, Inc. | 570800 | 68376132 |
| Ionis Pharmaceuticals, Inc.<sup>(1)</sup> | 917600 | 68177680 |
| Regeneron Pharmaceuticals, Inc. | 68500 | 44648300 |
|  |  | 181202112 |
| **Broadline Retail — 7.6%** |  |  |
| Amazon.com, Inc.<sup>(1)</sup> | 2070600 | 505681932 |
| **Capital Markets — 0.7%** |  |  |
| MSCI, Inc. | 73800 | 43434990 |
| **Commercial Services and Supplies — 0.3%** |  |  |
| Veralto Corp. | 216200 | 21334616 |
| **Communications Equipment — 0.7%** |  |  |
| Arista Networks, Inc.<sup>(1)</sup> | 305900 | 48237371 |
| **Consumer Finance — 0.7%** |  |  |
| American Express Co. | 123900 | 44694447 |
| **Consumer Staples Distribution & Retail — 1.5%** |  |  |
| Costco Wholesale Corp. | 110500 | 100715225 |
| **Electrical Equipment — 0.7%** |  |  |
| GE Vernova, Inc. | 76600 | 44821724 |
| **Entertainment — 1.4%** |  |  |
| Netflix, Inc.<sup>(1)</sup> | 49700 | 55607342 |
| Walt Disney Co. | 340000 | 38290800 |
|  |  | 93898142 |
| **Financial Services — 3.4%** |  |  |
| Mastercard, Inc., Class A | 416000 | 229627840 |
| **Health Care Equipment and Supplies — 1.8%** |  |  |
| Boston Scientific Corp.<sup>(1)</sup> | 806100 | 81190392 |
| Stryker Corp. | 103000 | 36692720 |
|  |  | 117883112 |
| **Health Care Providers and Services — 0.1%** |  |  |
| UnitedHealth Group, Inc. | 18000 | 6148080 |
| **Hotels, Restaurants and Leisure — 0.7%** |  |  |
| Airbnb, Inc., Class A<sup>(1)</sup> | 111800 | 14147172 |
| Marriott International, Inc., Class A | 72000 | 18761760 |
| Texas Roadhouse, Inc. | 66200 | 10828996 |
|  |  | 43737928 |
| **Insurance — 0.9%** |  |  |
| Progressive Corp. | 281100 | 57906600 |
| **Interactive Media and Services — 14.8%** |  |  |
| Alphabet, Inc., Class A | 1282000 | 360485580 |
| Alphabet, Inc., Class C | 932300 | 262740786 |
| Meta Platforms, Inc., Class A | 498500 | 323202475 |
| Pinterest, Inc., Class A<sup>(1)</sup> | 1272700 | 42126370 |
|  |  | 988555211 |
| **Life Sciences Tools and Services — 1.0%** |  |  |
| Danaher Corp. | 174700 | 37626886 |
| Mettler-Toledo International, Inc.<sup>(1)</sup> | 20600 | 29175574 |
|  |  | 66802460 |

---

------

Schedule of Investments - Select Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Machinery — 1.0%** | | |
| Graco, Inc. | 293100 | $23966787 |
| Lincoln Electric Holdings, Inc. | 182400 | 42763680 |
|  |  | 66730467 |
| **Oil, Gas and Consumable Fuels — 0.6%** |  |  |
| Cheniere Energy, Inc. | 198400 | 42060800 |
| **Pharmaceuticals — 1.6%** |  |  |
| Eli Lilly & Co. | 125000 | 107857500 |
| **Professional Services — 1.3%** |  |  |
| Broadridge Financial Solutions, Inc. | 153500 | 33831400 |
| UL Solutions, Inc., Class A<sup>(2)</sup> | 519600 | 40461252 |
| Verisk Analytics, Inc. | 43200 | 9450432 |
|  |  | 83743084 |
| **Semiconductors and Semiconductor Equipment — 23.9%** |  |  |
| Analog Devices, Inc. | 448900 | 105100957 |
| Broadcom, Inc. | 584300 | 215974809 |
| KLA Corp. | 88100 | 106489994 |
| NVIDIA Corp. | 5150999 | 1043025989 |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 415200 | 124738536 |
|  |  | 1595330285 |
| **Software — 17.1%** |  |  |
| Adobe, Inc.<sup>(1)</sup> | 67700 | 23038987 |
| AppLovin Corp., Class A<sup>(1)</sup> | 173600 | 110640488 |
| Crowdstrike Holdings, Inc., Class A<sup>(1)</sup> | 145600 | 79062256 |
| Manhattan Associates, Inc.<sup>(1)</sup> | 144200 | 26254494 |
| Microsoft Corp. | 1034700 | 535778007 |
| Oracle Corp. | 585100 | 153653111 |
| Palantir Technologies, Inc., Class A<sup>(1)</sup> | 196000 | 39292120 |
| Roper Technologies, Inc. | 86900 | 38770435 |
| Salesforce, Inc. | 156000 | 40623960 |
| ServiceNow, Inc.<sup>(1)</sup> | 7200 | 6618816 |
| Zscaler, Inc.<sup>(1)</sup> | 261100 | 86460654 |
|  |  | 1140193328 |
| **Specialty Retail — 2.4%** |  |  |
| Burlington Stores, Inc.<sup>(1)</sup> | 124600 | 34089314 |
| Lowe's Cos., Inc. | 228600 | 54436518 |
| TJX Cos., Inc. | 498100 | 69803734 |
|  |  | 158329566 |
| **Technology Hardware, Storage and Peripherals — 8.7%** |  |  |
| Apple, Inc. | 2157500 | 583323275 |
| **TOTAL COMMON STOCKS**<br>(Cost $2,171,987,751) |  | **6653719335** |
| **SHORT-TERM INVESTMENTS — 0.4%** |  |  |
| **Money Market Funds — 0.0%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 39150 | 39150 |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(3)</sup> | 180704 | 180704 |
|  |  | 219854 |
| **Repurchase Agreements — 0.4%** |  |  |
| Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 4.50%, 11/15/54, valued at $25,019,597), at 4.15%, dated 10/31/25, due 11/3/25 (Delivery value $24,537,483) |  | 24529000 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $24,748,854) |  | **24748854** |
| **TOTAL INVESTMENT SECURITIES — 100.2%**<br>(Cost $2,196,736,605) |  | **6678468189** |
| **OTHER ASSETS AND LIABILITIES — (0.2)%** |  | **(12050538)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**6666417651** |

---

------

Schedule of Investments - Select Fund

---

| | | |
|:---|:---|:---|
| **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 $176,999. 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 $180,704.

**FAIR VALUE MEASUREMENTS**

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

---

| | | | |
|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** |
| **Assets** | | | |
| **Investment Securities** | | | |
| Common Stocks | $6653719335 |  |  |
| Short-Term Investments | 219854 | $24529000 |  |
|  | $6653939189 | $24529000 |  |

---

**DERIVATIVE INSTRUMENTS**

As of period end, the fund did not have any derivative instruments disclosed on the Statement of Assets and Liabilities.

The following is a summary of the effect of derivative instruments on the Statement of Operations for the period ended October 31, 2025.

---

| | |
|:---|:---|
| | **Type of Risk Exposure** |
| | **Equity** |
| **Net realized gain (loss) on:** | |
| &nbsp;&nbsp;Futures contract transactions | $(148559) |
| &nbsp;&nbsp;Written options contract transactions | 944756 |
|  | $796197 |

---

See Notes to Financial Statements.

------

Schedule of Investments - Small Cap Growth Fund

**OCTOBER 31, 2025**

---

| | | |
|:---|:---|:---|
|<br>**COMMON STOCKS — 98.9%** | **Shares** | **Value** |
| **Aerospace and Defense — 6.1%** | | |
| AAR Corp.<sup>(1)</sup> | 593213 | $49954467 |
| Astronics Corp.<sup>(1)</sup> | 590092 | 29020725 |
| ATI, Inc.<sup>(1)</sup> | 699857 | 69264847 |
| Carpenter Technology Corp. | 212011 | 66974275 |
| Firefly Aerospace, Inc.<sup>(1)</sup> | 258585 | 6273272 |
| Hexcel Corp. | 1087790 | 77668206 |
|  |  | 299155792 |
| **Air Freight and Logistics — 0.4%** |  |  |
| Cargojet, Inc.<sup>(2)</sup> | 348356 | 20302035 |
| **Banks — 2.2%** |  |  |
| Bancorp, Inc.<sup>(1)</sup> | 746002 | 48766151 |
| Coastal Financial Corp.<sup>(1)</sup> | 306033 | 32592515 |
| Triumph Financial, Inc.<sup>(1)</sup> | 514829 | 28037587 |
|  |  | 109396253 |
| **Beverages — 1.0%** |  |  |
| Celsius Holdings, Inc.<sup>(1)</sup> | 444679 | 26783016 |
| Vita Coco Co., Inc.<sup>(1)</sup> | 509039 | 20962226 |
|  |  | 47745242 |
| **Biotechnology — 11.9%** |  |  |
| ADMA Biologics, Inc.<sup>(1)</sup> | 3163788 | 48975438 |
| Akero Therapeutics, Inc.<sup>(1)</sup> | 527407 | 28585459 |
| Alkermes PLC<sup>(1)</sup> | 829339 | 25460707 |
| Arcellx, Inc.<sup>(1)</sup> | 284300 | 25658075 |
| Arcutis Biotherapeutics, Inc.<sup>(1)(2)</sup> | 1136843 | 28773496 |
| Biohaven Ltd.<sup>(1)</sup> | 522572 | 8988238 |
| Bridgebio Pharma, Inc.<sup>(1)</sup> | 850978 | 53305262 |
| Celldex Therapeutics, Inc.<sup>(1)</sup> | 558969 | 14941241 |
| Centessa Pharmaceuticals PLC, ADR<sup>(1)(2)</sup> | 864159 | 21517559 |
| Cytokinetics, Inc.<sup>(1)(2)</sup> | 340949 | 21680947 |
| Ionis Pharmaceuticals, Inc.<sup>(1)</sup> | 318102 | 23634979 |
| Madrigal Pharmaceuticals, Inc.<sup>(1)</sup> | 130976 | 54865846 |
| Mineralys Therapeutics, Inc.<sup>(1)(2)</sup> | 713061 | 29135673 |
| Newamsterdam Pharma Co. NV<sup>(1)(2)</sup> | 453541 | 17211881 |
| Nuvalent, Inc., Class A<sup>(1)</sup> | 286954 | 28500271 |
| Protagonist Therapeutics, Inc.<sup>(1)</sup> | 414868 | 32616922 |
| Revolution Medicines, Inc.<sup>(1)(2)</sup> | 336989 | 19828433 |
| Scholar Rock Holding Corp.<sup>(1)</sup> | 539891 | 15991572 |
| Twist Bioscience Corp.<sup>(1)</sup> | 661450 | 21755091 |
| UroGen Pharma Ltd.<sup>(1)</sup> | 471948 | 9660776 |
| Vaxcyte, Inc.<sup>(1)</sup> | 260324 | 11787471 |
| Vera Therapeutics, Inc.<sup>(1)</sup> | 564153 | 16055794 |
| Viking Therapeutics, Inc.<sup>(1)(2)</sup> | 234663 | 8935967 |
| Xenon Pharmaceuticals, Inc.<sup>(1)</sup> | 520439 | 21816803 |
|  |  | 589683901 |
| **Broadline Retail — 0.4%** |  |  |
| Ollie's Bargain Outlet Holdings, Inc.<sup>(1)</sup> | 168181 | 20317947 |
| **Building Products — 3.2%** |  |  |
| Fortune Brands Innovations, Inc. | 568655 | 28887674 |
| Hayward Holdings, Inc.<sup>(1)</sup> | 4674241 | 79321870 |

---

------

Schedule of Investments - Small Cap Growth Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Trex Co., Inc.<sup>(1)</sup> | 1014133 | $49002906 |
|  |  | 157212450 |
| **Capital Markets — 2.9%** |  |  |
| Etoro Group Ltd., Class A<sup>(1)</sup> | 619838 | 22971196 |
| Hamilton Lane, Inc., Class A | 331399 | 37766230 |
| Miami International Holdings, Inc.<sup>(1)</sup> | 682298 | 29816423 |
| P10, Inc., Class A | 2035782 | 20683545 |
| Piper Sandler Cos. | 106895 | 34127298 |
|  |  | 145364692 |
| **Chemicals — 0.8%** |  |  |
| Element Solutions, Inc. | 1519869 | 40610900 |
| **Commercial Services and Supplies — 2.1%** |  |  |
| CECO Environmental Corp.<sup>(1)</sup> | 1181194 | 57748575 |
| OPENLANE, Inc.<sup>(1)</sup> | 1774398 | 46879595 |
|  |  | 104628170 |
| **Communications Equipment — 0.5%** |  |  |
| Extreme Networks, Inc.<sup>(1)</sup> | 1197555 | 22777496 |
| **Construction and Engineering — 4.0%** |  |  |
| Argan, Inc. | 132604 | 40604671 |
| Construction Partners, Inc., Class A<sup>(1)</sup> | 662764 | 75787063 |
| Sterling Infrastructure, Inc.<sup>(1)</sup> | 214981 | 81241320 |
|  |  | 197633054 |
| **Construction Materials — 0.6%** |  |  |
| Titan America SA<sup>(1)</sup> | 1863026 | 27498264 |
| **Consumer Finance — 0.7%** |  |  |
| Dave, Inc.<sup>(1)</sup> | 143595 | 34365155 |
| **Consumer Staples Distribution & Retail — 0.5%** |  |  |
| PriceSmart, Inc. | 235839 | 27107335 |
| **Containers and Packaging — 0.4%** |  |  |
| Graphic Packaging Holding Co. | 1131869 | 18098585 |
| **Diversified Consumer Services — 1.8%** |  |  |
| Coursera, Inc.<sup>(1)</sup> | 2386560 | 20094835 |
| OneSpaWorld Holdings Ltd. | 1221583 | 28426237 |
| Stride, Inc.<sup>(1)</sup> | 129610 | 8818664 |
| Stubhub Holdings, Inc., Class A<sup>(1)(2)</sup> | 1527315 | 29248082 |
|  |  | 86587818 |
| **Diversified Telecommunication Services — 0.6%** |  |  |
| Globalstar, Inc.<sup>(1)(2)</sup> | 552396 | 30055866 |
| **Electrical Equipment — 1.5%** |  |  |
| NuScale Power Corp.<sup>(1)(2)</sup> | 868418 | 38965916 |
| Regal Rexnord Corp. | 255247 | 35961750 |
|  |  | 74927666 |
| **Electronic Equipment, Instruments and Components — 6.4%** |  |  |
| Cognex Corp. | 667808 | 27640573 |
| Fabrinet<sup>(1)</sup> | 121401 | 53485639 |
| Itron, Inc.<sup>(1)</sup> | 203855 | 20452772 |
| Littelfuse, Inc. | 147813 | 35964381 |
| Mirion Technologies, Inc., Class A<sup>(1)</sup> | 1808294 | 53109595 |
| Novanta, Inc.<sup>(1)</sup> | 166780 | 21182728 |
| Plexus Corp.<sup>(1)</sup> | 420162 | 58780664 |
| TD SYNNEX Corp. | 296919 | 46464854 |
|  |  | 317081206 |

---

------

Schedule of Investments - Small Cap Growth Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Energy Equipment and Services — 1.7%** | | |
| Expro Group Holdings NV<sup>(1)(2)</sup> | 2631827 | $35740211 |
| Transocean Ltd.<sup>(1)</sup> | 12117031 | 46529399 |
|  |  | 82269610 |
| **Food Products — 0.5%** |  |  |
| Vital Farms, Inc.<sup>(1)</sup> | 754599 | 24788577 |
| **Health Care Equipment and Supplies — 3.5%** |  |  |
| Alphatec Holdings, Inc.<sup>(1)(2)</sup> | 5059459 | 96079126 |
| Integer Holdings Corp.<sup>(1)</sup> | 121532 | 7847321 |
| SI-BONE, Inc.<sup>(1)(3)</sup> | 2272347 | 33698906 |
| UFP Technologies, Inc.<sup>(1)</sup> | 193754 | 37324771 |
|  |  | 174950124 |
| **Health Care Providers and Services — 4.9%** |  |  |
| Encompass Health Corp. | 276097 | 31433643 |
| Ensign Group, Inc. | 343325 | 61832832 |
| HealthEquity, Inc.<sup>(1)</sup> | 578832 | 54745931 |
| Pediatrix Medical Group, Inc.<sup>(1)</sup> | 1321798 | 22430912 |
| RadNet, Inc.<sup>(1)(2)</sup> | 492811 | 37448708 |
| Talkspace, Inc.<sup>(1)</sup> | 4628450 | 14949894 |
| U.S. Physical Therapy, Inc. | 205785 | 17753072 |
|  |  | 240594992 |
| **Health Care REITs — 0.6%** |  |  |
| American Healthcare REIT, Inc. | 639607 | 28986989 |
| **Health Care Technology — 0.7%** |  |  |
| Phreesia, Inc.<sup>(1)</sup> | 777003 | 17591348 |
| Schrodinger, Inc.<sup>(1)</sup> | 837089 | 17612352 |
|  |  | 35203700 |
| **Hotels, Restaurants and Leisure — 1.1%** |  |  |
| Life Time Group Holdings, Inc.<sup>(1)</sup> | 1584779 | 39191585 |
| Planet Fitness, Inc., Class A<sup>(1)</sup> | 192278 | 17437692 |
|  |  | 56629277 |
| **Independent Power and Renewable Electricity Producers — 2.1%** |  |  |
| Talen Energy Corp.<sup>(1)</sup> | 128514 | 51377327 |
| TransAlta Corp. | 3078007 | 54403617 |
|  |  | 105780944 |
| **Insurance — 1.7%** |  |  |
| Bowhead Specialty Holdings, Inc.<sup>(1)</sup> | 1017655 | 24383014 |
| HCI Group, Inc. | 157937 | 32220727 |
| Kinsale Capital Group, Inc. | 74040 | 29576759 |
|  |  | 86180500 |
| **Life Sciences Tools and Services — 0.3%** |  |  |
| Avantor, Inc.<sup>(1)</sup> | 1210260 | 14305273 |
| **Machinery — 2.3%** |  |  |
| Albany International Corp., Class A | 741733 | 41967253 |
| RBC Bearings, Inc.<sup>(1)</sup> | 162949 | 69828535 |
|  |  | 111795788 |
| **Media — 1.7%** |  |  |
| Magnite, Inc.<sup>(1)</sup> | 2999145 | 53624713 |
| New York Times Co., Class A | 501882 | 28602255 |
|  |  | 82226968 |
| **Metals and Mining — 1.0%** |  |  |
| Ramaco Resources, Inc., Class A<sup>(1)</sup> | 567394 | 17226082 |
| SSR Mining, Inc.<sup>(1)</sup> | 1389051 | 31336990 |
|  |  | 48563072 |

---

------

Schedule of Investments - Small Cap Growth Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Oil, Gas and Consumable Fuels — 1.1%** | | |
| Centrus Energy Corp., Class A<sup>(1)(2)</sup> | 96119 | $35319888 |
| Kosmos Energy Ltd.<sup>(1)</sup> | 10868906 | 17064182 |
|  |  | 52384070 |
| **Pharmaceuticals — 1.0%** |  |  |
| Crinetics Pharmaceuticals, Inc.<sup>(1)</sup> | 733114 | 31890459 |
| Edgewise Therapeutics, Inc.<sup>(1)</sup> | 873318 | 15964253 |
|  |  | 47854712 |
| **Professional Services — 1.2%** |  |  |
| First Advantage Corp.<sup>(1)</sup> | 1687201 | 21309349 |
| Verra Mobility Corp.<sup>(1)</sup> | 1725872 | 40057489 |
|  |  | 61366838 |
| **Real Estate Management and Development — 1.3%** |  |  |
| Colliers International Group, Inc. | 279295 | 44555931 |
| FirstService Corp. (Toronto) | 128676 | 20482838 |
|  |  | 65038769 |
| **Semiconductors and Semiconductor Equipment — 8.4%** |  |  |
| Credo Technology Group Holding Ltd.<sup>(1)</sup> | 768992 | 144278279 |
| Impinj, Inc.<sup>(1)</sup> | 263627 | 53294834 |
| MACOM Technology Solutions Holdings, Inc.<sup>(1)</sup> | 314000 | 46512820 |
| MKS, Inc. | 168276 | 24182944 |
| Onto Innovation, Inc.<sup>(1)</sup> | 154087 | 20795582 |
| Silicon Laboratories, Inc.<sup>(1)</sup> | 428251 | 56135141 |
| SiTime Corp.<sup>(1)</sup> | 203750 | 59014150 |
| Veeco Instruments, Inc.<sup>(1)</sup> | 456513 | 13124749 |
|  |  | 417338499 |
| **Software — 7.9%** |  |  |
| ACI Worldwide, Inc.<sup>(1)</sup> | 728641 | 34705171 |
| Agilysys, Inc.<sup>(1)</sup> | 371848 | 46652050 |
| BlackLine, Inc.<sup>(1)</sup> | 1021616 | 58487516 |
| Core Scientific, Inc.<sup>(1)</sup> | 989190 | 21307153 |
| Elastic NV<sup>(1)</sup> | 268607 | 23965116 |
| Klaviyo, Inc., Class A<sup>(1)</sup> | 1414216 | 36769616 |
| Life360, Inc.<sup>(1)(2)</sup> | 242526 | 23939741 |
| Netskope, Inc., Class A<sup>(1)</sup> | 184145 | 4353188 |
| Onestream, Inc.<sup>(1)</sup> | 764819 | 14447431 |
| Pegasystems, Inc. | 769532 | 48980712 |
| Q2 Holdings, Inc.<sup>(1)</sup> | 792360 | 48936154 |
| Riot Platforms, Inc.<sup>(1)</sup> | 921740 | 18232017 |
| Varonis Systems, Inc.<sup>(1)</sup> | 197435 | 6955635 |
|  |  | 387731500 |
| **Specialty Retail — 5.2%** |  |  |
| Boot Barn Holdings, Inc.<sup>(1)</sup> | 380694 | 72198617 |
| Five Below, Inc.<sup>(1)</sup> | 284988 | 44820063 |
| National Vision Holdings, Inc.<sup>(1)</sup> | 1758355 | 45277641 |
| RealReal, Inc.<sup>(1)</sup> | 2342565 | 28602719 |
| Urban Outfitters, Inc.<sup>(1)</sup> | 388861 | 25124309 |
| Wayfair, Inc., Class A<sup>(1)(2)</sup> | 376220 | 38942532 |
|  |  | 254965881 |
| **Trading Companies and Distributors — 2.7%** |  |  |
| Applied Industrial Technologies, Inc. | 131663 | 33849241 |
| Herc Holdings, Inc. | 425303 | 60414291 |

---

------

Schedule of Investments - Small Cap Growth Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| SiteOne Landscape Supply, Inc.<sup>(1)</sup> | 294307 | $38192219 |
|  |  | 132455751 |
| **TOTAL COMMON STOCKS**<br>(Cost $4,070,853,227) |  | **4881961661** |
| **SHORT-TERM INVESTMENTS — 4.1%** |  |  |
| **Money Market Funds — 2.6%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 114370 | 114370 |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(4)</sup> | 129813993 | 129813993 |
|  |  | 129928363 |
| **Repurchase Agreements — 1.5%** |  |  |
| Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 4.50%, 11/15/54, valued at $73,981,793), at 4.15%, dated 10/31/25, due 11/3/25 (Delivery value $72,556,084) |  | 72531000 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $202,459,363) |  | **202459363** |
| **TOTAL INVESTMENT SECURITIES — 103.0%**<br>(Cost $4,273,312,590) |  | **5084421024** |
| **OTHER ASSETS AND LIABILITIES — (3.0)%** |  | **(147021493)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**4937399531** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | | |
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| CAD | 2409808 | USD | 1740837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citibank NA | 12/19/25 | $(18607) |
| CAD | 3960518 | USD | 2826479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citibank NA | 12/19/25 | 4004 |
| CAD | 6685932 | USD | 4785697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citibank NA | 12/19/25 | (7428) |
| CAD | 2914601 | USD | 2095433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citibank NA | 12/19/25 | (12441) |
| USD | 80356640 | CAD | 110679138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citibank NA | 12/19/25 | 1257023 |
| USD | 14850010 | CAD | 20753423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citibank NA | 12/19/25 | 18056 |
| USD | 2206446 | CAD | 3089562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citibank NA | 12/19/25 | (1586) |
|  |  |  |  |  |  | $1239021 |

---

---

| | | |
|:---|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** |
| ADR | – | American Depositary Receipt |
| CAD | – | Canadian Dollar |
| USD | – | United States Dollar |

---

(1)Non-income producing.

(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $166,924,147. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(3)Affiliated Company: the fund's holding represents ownership of 5% or more of the voting securities of the company; therefore, the company is affiliated as defined in the Investment Company Act of 1940.

(4)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $171,308,095, which includes securities collateral of $41,494,102.

**AFFILIATED COMPANY TRANSACTIONS**

If a fund's holding represents ownership of 5% or more of the voting securities of a company, the company is affiliated as defined in the 1940 Act. A summary of transactions for each company which is or was an affiliate at or during the period ended October 31, 2025 follows (amounts in thousands):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Beginning<br>Value** | **Purchase<br>Cost** | **Sales<br>Cost** | **Change in Net Unrealized Appreciation (Depreciation)** | **Ending<br>Value** | **Ending<br>Shares** | **Net Realized Gain (Loss)** | **Income** |
| SI-BONE, Inc.<sup>(1)</sup> | $25904 | $13987 | $9253 | $3061 | $33699 | 2272 | $(416) |  |

---

(1)Non-income producing.

------

Schedule of Investments - Small Cap Growth Fund

**FAIR VALUE MEASUREMENTS**

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

---

| | | | |
|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** |
| **Assets** | | | |
| **Investment Securities** | | | |
| Common Stocks | $4786773171 | $95188490 |  |
| Short-Term Investments | 129928363 | 72531000 |  |
|  | $4916701534 | $167719490 |  |
| **Other Financial Instruments** |  |  |  |
| Forward Foreign Currency Exchange Contracts |  | $1279083 |  |
| **Liabilities** |  |  |  |
| **Other Financial Instruments** |  |  |  |
| Forward Foreign Currency Exchange Contracts |  | $40062 |  |

---

**DERIVATIVE INSTRUMENTS**

As of period end, the value of derivative instruments located on the Statement of Assets and Liabilities were as follows:

---

| | |
|:---|:---|
| | **Type of Risk Exposure** |
| | **Foreign Currency** |
| **Asset Derivatives:** | |
| &nbsp;&nbsp;Unrealized appreciation on forward foreign currency exchange contracts | $1279083 |
| **Liability Derivatives:** |  |
| &nbsp;&nbsp;Unrealized depreciation on forward foreign currency exchange contracts | $40062 |

---

The following is a summary of the effect of derivative instruments on the Statement of Operations for the period ended October 31, 2025.

---

| | |
|:---|:---|
| | **Type of Risk Exposure** |
| | **Foreign Currency** |
| **Net realized gain (loss) on:** | |
| &nbsp;&nbsp;Forward foreign currency exchange transactions | $1734964 |
| **Change in net unrealized appreciation (depreciation) on:** |  |
| &nbsp;&nbsp;Forward foreign currency exchange contracts | $(691854) |

---

See Notes to Financial Statements.

------

Schedule of Investments - Ultra Fund

**OCTOBER 31, 2025** 

---

| | | |
|:---|:---|:---|
| <br>**COMMON STOCKS — 99.9%** | **Shares**<br> | **Value**<br> |
| **Aerospace and Defense — 0.9%** |  |  |
| HEICO Corp. | 209000 | $66413930 |
| Howmet Aerospace, Inc. | 928000 | 191121600 |
|  |  | 257535530 |
| **Automobiles — 4.5%** |  |  |
| Tesla, Inc.<sup>(1)</sup> | 2792000 | 1274715520 |
| **Biotechnology — 2.3%** |  |  |
| Alnylam Pharmaceuticals, Inc.<sup>(1)</sup> | 747000 | 340661880 |
| Ascendis Pharma AS, ADR<sup>(1)</sup> | 462000 | 93139200 |
| Regeneron Pharmaceuticals, Inc. | 225000 | 146655000 |
| Vertex Pharmaceuticals, Inc.<sup>(1)</sup> | 197000 | 83837290 |
|  |  | 664293370 |
| **Broadline Retail — 7.4%** |  |  |
| Amazon.com, Inc.<sup>(1)</sup> | 8534000 | 2084173480 |
| **Building Products — 0.8%** |  |  |
| Advanced Drainage Systems, Inc. | 901000 | 126185050 |
| Johnson Controls International PLC | 826000 | 94486140 |
|  |  | 220671190 |
| **Capital Markets — 2.0%** |  |  |
| Interactive Brokers Group, Inc., Class A | 3740000 | 263146400 |
| MSCI, Inc. | 281000 | 165382550 |
| Tradeweb Markets, Inc., Class A | 1239000 | 130578210 |
|  |  | 559107160 |
| **Chemicals — 0.8%** |  |  |
| Ecolab, Inc. | 858000 | 219991200 |
| **Commercial Services and Supplies — 0.4%** |  |  |
| Cintas Corp. | 300000 | 54981000 |
| Copart, Inc.<sup>(1)</sup> | 1254000 | 53934540 |
|  |  | 108915540 |
| **Consumer Staples Distribution & Retail — 2.0%** |  |  |
| Costco Wholesale Corp. | 622000 | 566921900 |
| **Electric Utilities — 0.2%** |  |  |
| Constellation Energy Corp. | 133000 | 50141000 |
| **Electrical Equipment — 1.6%** |  |  |
| Acuity, Inc. | 530000 | 193476500 |
| Vertiv Holdings Co., Class A | 1362000 | 262675320 |
|  |  | 456151820 |
| **Electronic Equipment, Instruments and Components — 1.0%** |  |  |
| Amphenol Corp., Class A | 1640000 | 228517600 |
| Keyence Corp. | 115000 | 42680468 |
|  |  | 271198068 |
| **Entertainment — 3.0%** |  |  |
| Netflix, Inc.<sup>(1)</sup> | 761000 | 851452460 |
| **Financial Services — 3.7%** |  |  |
| Mastercard, Inc., Class A | 1832739 | 1011653601 |
| Visa, Inc., Class A | 126000 | 42933240 |
|  |  | 1054586841 |
| **Health Care Equipment and Supplies — 3.0%** |  |  |
| IDEXX Laboratories, Inc.<sup>(1)</sup> | 257000 | 161784070 |
| Insulet Corp.<sup>(1)</sup> | 710000 | 222237100 |

---

------

Schedule of Investments - Ultra Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Intuitive Surgical, Inc.<sup>(1)</sup> | 848143 | $453145842 |
|  |  | 837167012 |
| **Hotels, Restaurants and Leisure — 1.3%** |  |  |
| Booking Holdings, Inc. | 27000 | 137098980 |
| Chipotle Mexican Grill, Inc.<sup>(1)</sup> | 3209000 | 101693210 |
| Wingstop, Inc.<sup>(2)</sup> | 576000 | 124778880 |
|  |  | 363571070 |
| **Insurance — 0.2%** |  |  |
| Arthur J Gallagher & Co. | 235000 | 58630150 |
| **Interactive Media and Services — 12.8%** |  |  |
| Alphabet, Inc., Class A | 5216087 | 1466711503 |
| Alphabet, Inc., Class C | 4604000 | 1297499280 |
| Meta Platforms, Inc., Class A | 1308000 | 848041800 |
|  |  | 3612252583 |
| **IT Services — 2.0%** |  |  |
| Cloudflare, Inc., Class A<sup>(1)</sup> | 968000 | 245194400 |
| Okta, Inc.<sup>(1)</sup> | 1183000 | 108279990 |
| Snowflake, Inc., Class A<sup>(1)</sup> | 792000 | 217704960 |
|  |  | 571179350 |
| **Machinery — 1.0%** |  |  |
| Donaldson Co., Inc. | 889000 | 74898250 |
| Nordson Corp. | 228000 | 52884600 |
| Westinghouse Air Brake Technologies Corp. | 705000 | 144130200 |
|  |  | 271913050 |
| **Oil, Gas and Consumable Fuels — 0.4%** |  |  |
| EOG Resources, Inc. | 981000 | 103829040 |
| **Pharmaceuticals — 1.1%** |  |  |
| Eli Lilly & Co. | 374000 | 322709640 |
| **Semiconductors and Semiconductor Equipment — 22.5%** |  |  |
| Analog Devices, Inc. | 1020000 | 238812600 |
| Applied Materials, Inc. | 1506000 | 351048600 |
| ASML Holding NV | 263000 | 278072359 |
| Broadcom, Inc. | 2172000 | 802836360 |
| NVIDIA Corp. | 23087000 | 4674886630 |
|  |  | 6345656549 |
| **Software — 16.1%** |  |  |
| Datadog, Inc., Class A<sup>(1)</sup> | 1506000 | 245191860 |
| Docusign, Inc.<sup>(1)</sup> | 1379000 | 100860060 |
| Dynatrace, Inc.<sup>(1)</sup> | 3748000 | 189536360 |
| Fair Isaac Corp.<sup>(1)</sup> | 186000 | 308672580 |
| Microsoft Corp. | 3909000 | 2024119290 |
| Oracle Corp. | 2362000 | 620284820 |
| Palantir Technologies, Inc., Class A<sup>(1)</sup> | 953000 | 191047910 |
| Salesforce, Inc. | 680000 | 177078800 |
| Synopsys, Inc.<sup>(1)</sup> | 428000 | 194234960 |
| Workday, Inc., Class A<sup>(1)</sup> | 368000 | 88290560 |
| Zscaler, Inc.<sup>(1)</sup> | 1220000 | 403990800 |
|  |  | 4543308000 |
| **Technology Hardware, Storage and Peripherals — 8.9%** |  |  |
| Apple, Inc. | 9313959 | 2518215095 |
| **TOTAL COMMON STOCKS**<br>(Cost $7,348,079,273) |  | **28188286618** |

---

------

Schedule of Investments - Ultra Fund

---

| | | |
|:---|:---|:---|
| <br>**RIGHTS — 0.0%** | **Shares**<br> | **Value**<br> |
| **Health Care Equipment and Supplies — 0.0%** |  |  |
| ABIOMED, Inc.<sup>(1)</sup><br>(Cost $286,967) | 281340 | $**286967** |
| **SHORT-TERM INVESTMENTS — 0.2%** |  |  |
| **Money Market Funds — 0.0%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 61303 | 61303 |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(3)</sup> | 3102398 | 3102398 |
|  |  | 3163701 |
| **Repurchase Agreements — 0.2%** |  |  |
| Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 4.00%, 11/15/52, valued at $39,368,968), at 4.15%, dated 10/31/25, due 11/3/25 (Delivery value $38,610,348) |  | 38597000 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $41,760,701) |  | **41760701** |
| **TOTAL INVESTMENT SECURITIES — 100.1%**<br>(Cost $7,390,126,941) |  | **28230334286** |
| **OTHER ASSETS AND LIABILITIES — (0.1)%** |  | **(26271831)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**28204062455** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | | |
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement Date** | **Unrealized Appreciation <br>(Depreciation)** |
| JPY | 517594000 | USD | 3544315 | Morgan Stanley & Co. LLC | 12/19/25 | $(170532) |
| JPY | 825125000 | USD | 5488648 | Morgan Stanley & Co. LLC | 12/19/25 | (110316) |
| USD | 23294111 | JPY | 3414544000 | Morgan Stanley & Co. LLC | 12/19/25 | 1037421 |
| USD | 1861805 | JPY | 278775000 | Morgan Stanley & Co. LLC | 12/19/25 | 44693 |
| USD | 944495 | JPY | 142887500 | Morgan Stanley & Co. LLC | 12/19/25 | 13125 |
|  |  |  |  |  |  | $814391 |

---

---

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

---

(1)Non-income producing.

(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $3,041,052. 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 $3,102,398.

**FAIR VALUE MEASUREMENTS**

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

---

| | | | |
|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** |
| **Assets** | | | |
| **Investment Securities** | | | |
| Common Stocks | $27867533791 | $320752827 |  |
| Rights | 286967 |  |  |
| Short-Term Investments | 3163701 | 38597000 |  |
|  | $27870984459 | $359349827 |  |
| **Other Financial Instruments** |  |  |  |
| Forward Foreign Currency Exchange Contracts |  | $1095239 |  |
| **Liabilities** |  |  |  |
| **Other Financial Instruments** |  |  |  |
| Forward Foreign Currency Exchange Contracts |  | $280848 |  |

---

------

Schedule of Investments - Ultra Fund

**DERIVATIVE INSTRUMENTS**

As of period end, the value of derivative instruments located on the Statement of Assets and Liabilities were as follows:

---

| | |
|:---|:---|
| | **Type of Risk Exposure** |
| | **Foreign Currency** |
| **Asset Derivatives:** | |
| &nbsp;&nbsp;Unrealized appreciation on forward foreign currency exchange contracts | $1095239 |
| **Liability Derivatives:** |  |
| &nbsp;&nbsp;Unrealized depreciation on forward foreign currency exchange contracts | $280848 |

---

The following is a summary of the effect of derivative instruments on the Statement of Operations for the period ended October 31, 2025.

---

| | |
|:---|:---|
| | **Type of Risk Exposure** |
| | **Foreign Currency** |
| **Net realized gain (loss) on:** | |
| &nbsp;&nbsp;Forward foreign currency exchange transactions | $3830497 |
| **Change in net unrealized appreciation (depreciation) on:** |  |
| &nbsp;&nbsp;Forward foreign currency exchange contracts | $(2998604) |

---

See Notes to Financial Statements.

------

Statements of Assets and Liabilities

---

| | | |
|:---|:---|:---|
| **OCTOBER 31, 2025** | | |
| | **Balanced Fund** | **Growth Fund** |
| **Assets** | | |
| Investment securities, at value | $932055351 | $16601236825 |
| Cash | 18302 |  |
| Receivable for investments sold | 813217 | 54556597 |
| Receivable for capital shares sold | 256936 | 2375532 |
| Receivable for variation margin on swap agreements | 2102 |  |
| Unrealized appreciation on forward foreign currency exchange contracts | 92453 | 1745176 |
| Dividends and interest receivable | 3080836 | 4496586 |
|  | 936319197 | 16664410716 |
| **Liabilities** |  |  |
| Payable for investments purchased | 17534966 | 43216720 |
| Payable for capital shares redeemed | 980153 | 12995024 |
| Payable for variation margin on futures contracts | 87546 |  |
| Unrealized depreciation on forward foreign currency exchange contracts | 2134 | 14005 |
| Accrued management fees | 667920 | 9946958 |
| Distribution and service fees payable |  | 96282 |
|  | 19272719 | 66268989 |
| **Net Assets** | $917046478 | $16598141727 |
| **Net Assets Consist of:** |  |  |
| Capital (par value and paid-in surplus) | $685084604 | $3816136983 |
| Distributable earnings (loss) | 231961874 | 12782004744 |
|  | $917046478 | $16598141727 |
| Investment securities, at cost | $678239035 | $6109649138 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Class** | **Net Assets** | **Shares Outstanding** | **Net Asset Value Per Share** |
| **Balanced Fund** | **Balanced Fund** | **Balanced Fund** | **Balanced Fund** |
| Investor Class, $0.01 Par Value | $848682817 | 39829505 | $21.31 |
| I Class, $0.01 Par Value | $66291122 | 3108470 | $21.33 |
| R5 Class, $0.01 Par Value | $2072539 | 97203 | $21.32 |
| **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** |
| Investor Class, $0.01 Par Value | $11777709798 | 171629964 | $68.62 |
| I Class, $0.01 Par Value | $1944468961 | 27266874 | $71.31 |
| Y Class, $0.01 Par Value | $52747890 | 733488 | $71.91 |
| A Class, $0.01 Par Value | $200148511 | 3115021 | $64.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;Maximum Offering Price Per Share (Net asset value divide by 0.9425) | &nbsp;&nbsp;&nbsp;&nbsp;Maximum Offering Price Per Share (Net asset value divide by 0.9425) |  | $68.17 |
| C Class, $0.01 Par Value | $15774639 | 283916 | $55.56 |
| R Class, $0.01 Par Value | $99677133 | 1647557 | $60.50 |
| R5 Class, $0.01 Par Value | $6348049 | 88907 | $71.40 |
| R6 Class, $0.01 Par Value | $1434337982 | 19984401 | $71.77 |
| G Class, $0.01 Par Value | $1066928764 | 14636658 | $72.89 |

---

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

See Notes to Financial Statements.

------

Statements of Assets and Liabilities

---

| | | |
|:---|:---|:---|
| **OCTOBER 31, 2025** | | |
| | **Heritage Fund** | **Large Cap Equity Fund** |
| **Assets** | | |
| Investment securities, at value | $6129075853 | $3410527026 |
| Receivable for investments sold |  | 3370389 |
| Receivable for capital shares sold | 1903015 | 979266 |
| Unrealized appreciation on forward foreign currency exchange contracts |  | 262430 |
| Dividends and interest receivable | 1015912 | 1615738 |
| Securities lending receivable | 876 |  |
|  | 6131995656 | 3416754849 |
| **Liabilities** |  |  |
| Payable for capital shares redeemed | 1707094 | 10985109 |
| Unrealized depreciation on forward foreign currency exchange contracts |  | 5784 |
| Accrued management fees | 4466111 | 965468 |
| Distribution and service fees payable | 66137 | 38290 |
|  | 6239342 | 11994651 |
| **Net Assets** | $6125756314 | $3404760198 |
| **Net Assets Consist of:** |  |  |
| Capital (par value and paid-in surplus) | $3635340513 | $1091481265 |
| Distributable earnings (loss) | 2490415801 | 2313278933 |
|  | $6125756314 | $3404760198 |
| Investment securities, at cost | $4640745975 | $1702178980 |
| Investment securities on loan, at value | $4347649 |  |

---

------

Statements of Assets and Liabilities

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Class** | **Net Assets** | **Shares Outstanding** | **Net Asset Value Per Share** |
| **Heritage Fund** | **Heritage Fund** | **Heritage Fund** | **Heritage Fund** |
| Investor Class, $0.01 Par Value | $4431395010 | 168117122 | $26.36 |
| I Class, $0.01 Par Value | $321137501 | 10572368 | $30.38 |
| Y Class, $0.01 Par Value | $97542580 | 3110188 | $31.36 |
| A Class, $0.01 Par Value | $241153396 | 11138391 | $21.65 |
| &nbsp;&nbsp;&nbsp;&nbsp;Maximum Offering Price Per Share (Net asset value divide by 0.9425) | &nbsp;&nbsp;&nbsp;&nbsp;Maximum Offering Price Per Share (Net asset value divide by 0.9425) |  | $22.97 |
| C Class, $0.01 Par Value | $3291702 | 305018 | $10.79 |
| R Class, $0.01 Par Value | $26743637 | 1263092 | $21.17 |
| R5 Class, $0.01 Par Value | $1650298 | 54315 | $30.38 |
| R6 Class, $0.01 Par Value | $310021165 | 9885976 | $31.36 |
| G Class, $0.01 Par Value | $692821025 | 21531824 | $32.18 |
| **Large Cap Equity Fund** | **Large Cap Equity Fund** | **Large Cap Equity Fund** | **Large Cap Equity Fund** |
| Investor Class, $0.01 Par Value | $932805107 | 15809662 | $59.00 |
| I Class, $0.01 Par Value | $418221426 | 7061550 | $59.23 |
| Y Class, $0.01 Par Value | $21238361 | 357879 | $59.35 |
| A Class, $0.01 Par Value | $113751950 | 1940646 | $58.62 |
| &nbsp;&nbsp;&nbsp;&nbsp;Maximum Offering Price Per Share (Net asset value divide by 0.9425) | &nbsp;&nbsp;&nbsp;&nbsp;Maximum Offering Price Per Share (Net asset value divide by 0.9425) |  | $62.20 |
| C Class, $0.01 Par Value | $7187957 | 130056 | $55.27 |
| R Class, $0.01 Par Value | $19624381 | 338524 | $57.97 |
| R5 Class, $0.01 Par Value | $7555715 | 127490 | $59.27 |
| R6 Class, $0.01 Par Value | $89664247 | 1509240 | $59.41 |
| G Class, $0.01 Par Value | $1794711054 | 30090612 | $59.64 |

---

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

See Notes to Financial Statements.

------

Statements of Assets and Liabilities

---

| | | |
|:---|:---|:---|
| **OCTOBER 31, 2025** | | |
| | **Select Fund** | **Small Cap Growth Fund** |
| **Assets** | | |
| Investment securities, at value | $6678287485 | $4920908125 |
| Investment made with cash collateral received for securities on loan, at value | 180704 | 129813993 |
| Investment securities - affiliated, at value |  | 33698906 |
| Receivable for investments sold | 6714565 | 4236638 |
| Receivable for capital shares sold | 424217 | 7667057 |
| Unrealized appreciation on forward foreign currency exchange contracts |  | 1279083 |
| Dividends and interest receivable | 954954 | 129105 |
| Securities lending receivable | 846 | 78568 |
|  | 6686562771 | 5097811475 |
| **Liabilities** |  |  |
| Payable for collateral received for securities on loan | 180704 | 129813993 |
| Payable for investments purchased | 12928218 | 15759405 |
| Payable for capital shares redeemed | 2460946 | 11118315 |
| Unrealized depreciation on forward foreign currency exchange contracts |  | 40062 |
| Accrued management fees | 4552369 | 3610747 |
| Distribution and service fees payable | 22883 | 69422 |
|  | 20145120 | 160411944 |
| **Net Assets** | $6666417651 | $4937399531 |
| **Net Assets Consist of:** |  |  |
| Capital (par value and paid-in surplus) | $1616909279 | $3830994535 |
| Distributable earnings (loss) | 5049508372 | 1106404996 |
|  | $6666417651 | $4937399531 |
| Investment securities, at cost | $2196555901 | $4106839746 |
| Investment securities on loan, at value | $176999 | $166924147 |
| Investment securities - affiliated, at cost |  | $36658851 |
| Investment made with cash collateral received for securities on loan, at cost | $180704 | $129813993 |

---

------

Statements of Assets and Liabilities

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Class** | **Net Assets** | **Shares Outstanding** | **Net Asset Value Per Share** |
| **Select Fund** | **Select Fund** | **Select Fund** | **Select Fund** |
| Investor Class, $0.01 Par Value | $5664162530 | 39219953 | $144.42 |
| I Class, $0.01 Par Value | $233567515 | 1552148 | $150.48 |
| Y Class, $0.01 Par Value | $166111907 | 1090065 | $152.39 |
| A Class, $0.01 Par Value | $90204004 | 660413 | $136.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;Maximum Offering Price Per Share (Net asset value divide by 0.9425) | &nbsp;&nbsp;&nbsp;&nbsp;Maximum Offering Price Per Share (Net asset value divide by 0.9425) |  | $144.92 |
| C Class, $0.01 Par Value | $2432352 | 22794 | $106.71 |
| R Class, $0.01 Par Value | $4739755 | 35925 | $131.93 |
| R5 Class, $0.01 Par Value | $19714 | 131 | $150.49 |
| R6 Class, $0.01 Par Value | $124679137 | 819552 | $152.13 |
| G Class, $0.01 Par Value | $380500737 | 2472754 | $153.88 |
| **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** |
| Investor Class, $0.01 Par Value | $1511913596 | 64622419 | $23.40 |
| I Class, $0.01 Par Value | $1117603628 | 45358129 | $24.64 |
| Y Class, $0.01 Par Value | $152765593 | 6054302 | $25.23 |
| A Class, $0.01 Par Value | $110439712 | 5091472 | $21.69 |
| &nbsp;&nbsp;&nbsp;&nbsp;Maximum Offering Price Per Share (Net asset value divide by 0.9425) | &nbsp;&nbsp;&nbsp;&nbsp;Maximum Offering Price Per Share (Net asset value divide by 0.9425) |  | $23.01 |
| C Class, $0.01 Par Value | $45062751 | 2612739 | $17.25 |
| R Class, $0.01 Par Value | $21364467 | 1046357 | $20.42 |
| R5 Class, $0.01 Par Value | $2481658 | 100649 | $24.66 |
| R6 Class, $0.01 Par Value | $1649366761 | 65388839 | $25.22 |
| G Class, $0.01 Par Value | $326401365 | 12343046 | $26.44 |

---

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

See Notes to Financial Statements.

------

Statements of Assets and Liabilities

---

| | |
|:---|:---|
| **OCTOBER 31, 2025** | |
| | **Ultra Fund** |
| **Assets** | |
| Investment securities, at value | $28227231888 |
| Investment made with cash collateral received for securities on loan, at value | 3102398 |
| Receivable for capital shares sold | 3775858 |
| Unrealized appreciation on forward foreign currency exchange contracts | 1095239 |
| Dividends and interest receivable | 3061762 |
| Securities lending receivable | 18 |
|  | 28238267163 |
| **Liabilities** |  |
| Payable for collateral received for securities on loan | 3102398 |
| Payable for capital shares redeemed | 11566211 |
| Unrealized depreciation on forward foreign currency exchange contracts | 280848 |
| Accrued management fees | 19101886 |
| Distribution and service fees payable | 153365 |
|  | 34204708 |
| **Net Assets** | $28204062455 |
| **Net Assets Consist of:** |  |
| Capital (par value and paid-in surplus) | $4682837667 |
| Distributable earnings (loss) | 23521224788 |
|  | $28204062455 |
| Investment securities, at cost | $7387024543 |
| Investment securities on loan, at value | $3041052 |
| Investment made with cash collateral received for securities on loan, at cost | $3102398 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Class** | **Net Assets** | **Shares Outstanding** | **Net Asset Value Per Share** |
| **Ultra Fund** | **Ultra Fund** | **Ultra Fund** | **Ultra Fund** |
| Investor Class, $0.01 Par Value | $23834907951 | 219457316 | $108.61 |
| I Class, $0.01 Par Value | $1131964380 | 9761686 | $115.96 |
| Y Class, $0.01 Par Value | $104365163 | 886957 | $117.67 |
| A Class, $0.01 Par Value | $431917991 | 4335179 | $99.63 |
| &nbsp;&nbsp;&nbsp;&nbsp;Maximum Offering Price Per Share (Net asset value divide by 0.9425) | &nbsp;&nbsp;&nbsp;&nbsp;Maximum Offering Price Per Share (Net asset value divide by 0.9425) |  | $105.71 |
| C Class, $0.01 Par Value | $39926283 | 553032 | $72.20 |
| R Class, $0.01 Par Value | $75985540 | 810702 | $93.73 |
| R5 Class, $0.01 Par Value | $50637231 | 436291 | $116.06 |
| R6 Class, $0.01 Par Value | $2519366918 | 21441854 | $117.50 |
| G Class, $0.01 Par Value | $14990998 | 122418 | $122.46 |

---

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

See Notes to Financial Statements.

------

Statements of Operations

---

| | | |
|:---|:---|:---|
| **YEAR ENDED OCTOBER 31, 2025** | | |
| | **Balanced Fund** | **Growth Fund** |
| **Investment Income (Loss)** | | |
| **Income:** | | |
| Dividends | $6589325 | $89039049 |
| Interest | 17212144 | 1518764 |
| Securities lending, net |  | 30412 |
| Less foreign taxes withheld | (9612) | (405429) |
|  | 23791857 | 90182796 |
| **Expenses:** |  |  |
| Management fees | 7742067 | 133099378 |
| Distribution and service fees: |  |  |
| &nbsp;&nbsp;&nbsp;A Class |  | 442493 |
| &nbsp;&nbsp;&nbsp;C Class |  | 139902 |
| &nbsp;&nbsp;&nbsp;R Class |  | 468936 |
| Directors' fees and expenses | 27492 | 465348 |
| Other expenses | 9618 | 4305 |
|  | 7779177 | 134620362 |
| Fees waived |  | (20372545) |
|  | 7779177 | 114247817 |
| **Net investment income (loss)** | 16012680 | (24065021) |
| **Realized and Unrealized Gain (Loss)** |  |  |
| **Net realized gain (loss) on:** |  |  |
| Investment transactions | 42919287 | 2569615016 |
| Forward foreign currency exchange contract transactions | (23263) | (1796362) |
| Futures contract transactions | (2028713) |  |
| Swap agreement transactions | (162578) |  |
| Foreign currency translation transactions | (17352) | (58938) |
|  | 40687381 | 2567759716 |
| **Change in net unrealized appreciation (depreciation) on:** |  |  |
| Investments | 36598775 | 1082763461 |
| Forward foreign currency exchange contracts | (59887) | (3795099) |
| Futures contracts | 1520976 |  |
| Swap agreements | (29464) |  |
| Translation of assets and liabilities in foreign currencies | 1488 | 42152 |
|  | 38031888 | 1079010514 |
| **Net realized and unrealized gain (loss)** | 78719269 | 3646770230 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $94731949 | $3622705209 |

---

See Notes to Financial Statements.

------

Statements of Operations

---

| | | |
|:---|:---|:---|
| **YEAR ENDED OCTOBER 31, 2025** | | |
| | **Heritage Fund** | **Large Cap Equity Fund** |
| **Investment Income (Loss)** | | |
| **Income:** | | |
| Dividends | $28498309 | $47679731 |
| Interest | 1880972 | 401359 |
| Securities lending, net | 18630 |  |
| Less foreign taxes withheld | (6428) | (71019) |
|  | 30391483 | 48010071 |
| **Expenses:** |  |  |
| Management fees | 56231066 | 21798916 |
| Distribution and service fees: |  |  |
| &nbsp;&nbsp;&nbsp;A Class | 602258 | 277536 |
| &nbsp;&nbsp;&nbsp;C Class | 46409 | 79264 |
| &nbsp;&nbsp;&nbsp;R Class | 131177 | 93246 |
| Directors' fees and expenses | 187148 | 123296 |
| Other expenses | 165 | 26239 |
|  | 57198223 | 22398497 |
| Fees waived | (5965164) | (10720406) |
|  | 51233059 | 11678091 |
| **Net investment income (loss)** | (20841576) | 36331980 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| **Net realized gain (loss) on:** |  |  |
| Investment transactions | 1123488209 | 750583654 |
| Forward foreign currency exchange contract transactions | 1457670 | (150704) |
| Foreign currency translation transactions | 26952 | (27262) |
|  | 1124972831 | 750405688 |
| **Change in net unrealized appreciation (depreciation) on:** |  |  |
| Investments | (69916608) | (213079313) |
| Forward foreign currency exchange contracts | (884544) | (934545) |
| Translation of assets and liabilities in foreign currencies |  | 10947 |
|  | (70801152) | (214002911) |
| **Net realized and unrealized gain (loss)** | 1054171679 | 536402777 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $1033330103 | $572734757 |

---

See Notes to Financial Statements.

------

Statements of Operations

---

| | | |
|:---|:---|:---|
| **YEAR ENDED OCTOBER 31, 2025** | | |
| | **Select Fund** | **Small Cap Growth Fund** |
| **Investment Income (Loss)** | | |
| **Income:** | | |
| Dividends | $30008615 | $14674185 |
| Interest | 1242887 | 3981524 |
| Securities lending, net | 4112 | 449473 |
| Less foreign taxes withheld | (249518) | (129946) |
|  | 31006096 | 18975236 |
| **Expenses:** |  |  |
| Management fees | 55946284 | 41101664 |
| Distribution and service fees: |  |  |
| &nbsp;&nbsp;&nbsp;A Class | 206830 | 267299 |
| &nbsp;&nbsp;&nbsp;C Class | 26157 | 372399 |
| &nbsp;&nbsp;&nbsp;R Class | 24329 | 98216 |
| Directors' fees and expenses | 181340 | 134660 |
| Other expenses | 3460 | 258 |
|  | 56388400 | 41974496 |
| Fees waived | (7105927) | (3370469) |
|  | 49282473 | 38604027 |
| **Net investment income (loss)** | (18276377) | (19628791) |
| **Realized and Unrealized Gain (Loss)** |  |  |
| **Net realized gain (loss) on:** |  |  |
| Investment transactions | 611418097 | 423459826 |
| Investments transactions - affiliated |  | (415828) |
| Forward foreign currency exchange contract transactions |  | 1734964 |
| Futures contract transactions | (148559) |  |
| Written options contract transactions | 944756 |  |
| Foreign currency translation transactions | 128413 | 4577 |
|  | 612342707 | 424783539 |
| **Change in net unrealized appreciation (depreciation) on:** |  |  |
| Investments | 766052354 | 164666471 |
| Investments - affiliated |  | (2959945) |
| Forward foreign currency exchange contracts |  | (691854) |
| Translation of assets and liabilities in foreign currencies | (205) | (1450) |
|  | 766052149 | 161013222 |
| **Net realized and unrealized gain (loss)** | 1378394856 | 585796761 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $1360118479 | $566167970 |

---

See Notes to Financial Statements.

------

Statements of Operations

---

| | |
|:---|:---|
| **YEAR ENDED OCTOBER 31, 2025** | |
| | **Ultra Fund** |
| **Investment Income (Loss)** | |
| **Income:** | |
| Dividends | $99330617 |
| Interest | 2108646 |
| Securities lending, net | 2699 |
| Less foreign taxes withheld | (382179) |
|  | 101059783 |
| **Expenses:** |  |
| Management fees | 218506464 |
| Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;A Class | 927126 |
| &nbsp;&nbsp;&nbsp;C Class | 366024 |
| &nbsp;&nbsp;&nbsp;R Class | 370854 |
| Directors' fees and expenses | 782632 |
| Other expenses | 41005 |
|  | 220994105 |
| Fees waived | (3630671) |
|  | 217363434 |
| **Net investment income (loss)** | (116303651) |
| **Realized and Unrealized Gain (Loss)** |  |
| **Net realized gain (loss) on:** |  |
| Investment transactions | 2935495853 |
| Forward foreign currency exchange contract transactions | 3830497 |
| Foreign currency translation transactions | 226099 |
|  | 2939552449 |
| **Change in net unrealized appreciation (depreciation) on:** |  |
| Investments | 2862663950 |
| Forward foreign currency exchange contracts | (2998604) |
| Translation of assets and liabilities in foreign currencies | 6061 |
|  | 2859671407 |
| **Net realized and unrealized gain (loss)** | 5799223856 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $5682920205 |

---

See Notes to Financial Statements.

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
| **YEARS ENDED OCTOBER 31, 2025 AND OCTOBER 31, 2024** | **YEARS ENDED OCTOBER 31, 2025 AND OCTOBER 31, 2024** | **YEARS ENDED OCTOBER 31, 2025 AND OCTOBER 31, 2024** | | |
| | **Balanced Fund** | **Balanced Fund** | **Growth Fund** | **Growth Fund** |
| **Increase (Decrease) in Net Assets** | **October 31, 2025** | **October 31, 2024** | **October 31, 2025** | **October 31, 2024** |
| **Operations** | | | | |
| Net investment income (loss) | $16012680 | $17069648 | $(24065021) | $(8759569) |
| Net realized gain (loss) | 40687381 | 18731698 | 2567759716 | 919921130 |
| Change in net unrealized appreciation (depreciation) | 38031888 | 149646241 | 1079010514 | 3542353679 |
| Net increase (decrease) in net assets resulting from operations | 94731949 | 185447587 | 3622705209 | 4453515240 |
| **Distributions to Shareholders** |  |  |  |  |
| From earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (15591394) | (15400125) | (601482199) | (415135898) |
| &nbsp;&nbsp;&nbsp;I Class | (1554058) | (1788374) | (102418055) | (75680436) |
| &nbsp;&nbsp;&nbsp;Y Class |  |  | (1919339) | (560247) |
| &nbsp;&nbsp;&nbsp;A Class |  |  | (10963622) | (7013015) |
| &nbsp;&nbsp;&nbsp;C Class |  |  | (966867) | (589820) |
| &nbsp;&nbsp;&nbsp;R Class |  |  | (6123274) | (4329248) |
| &nbsp;&nbsp;&nbsp;R5 Class | (38568) | (38766) | (293171) | (129839) |
| &nbsp;&nbsp;&nbsp;R6 Class |  |  | (81284040) | (54193541) |
| &nbsp;&nbsp;&nbsp;G Class |  |  | (74607999) | (73500362) |
| Decrease in net assets from distributions | (17184020) | (17227265) | (880058566) | (631132406) |
| **Capital Share Transactions** |  |  |  |  |
| Net increase (decrease) in net assets from capital share transactions (Note 5) | (86072760) | (45737060) | (1455965535) | (486660108) |
| **Net increase (decrease) in net assets** | (8524831) | 122483262 | 1286681108 | 3335722726 |
| **Net Assets** |  |  |  |  |
| Beginning of period | 925571309 | 803088047 | 15311460619 | 11975737893 |
| End of period | $917046478 | $925571309 | $16598141727 | $15311460619 |

---

See Notes to Financial Statements.

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
| **YEARS ENDED OCTOBER 31, 2025 AND OCTOBER 31, 2024** | **YEARS ENDED OCTOBER 31, 2025 AND OCTOBER 31, 2024** | **YEARS ENDED OCTOBER 31, 2025 AND OCTOBER 31, 2024** | | |
| | **Heritage Fund** | **Heritage Fund** | **Large Cap Equity Fund** | **Large Cap Equity Fund** |
| **Increase (Decrease) in Net Assets** | **October 31, 2025** | **October 31, 2024** | **October 31, 2025** | **October 31, 2024** |
| **Operations** | | | | |
| Net investment income (loss) | $(20841576) | $(15113788) | $36331980 | $52781113 |
| Net realized gain (loss) | 1124972831 | 871837312 | 750405688 | 261116113 |
| Change in net unrealized appreciation (depreciation) | (70801152) | 1007719080 | (214002911) | 957141508 |
| Net increase (decrease) in net assets resulting from operations | 1033330103 | 1864442604 | 572734757 | 1271038734 |
| **Distributions to Shareholders** |  |  |  |  |
| From earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (577865803) | (28790151) | (56603725) | (14739983) |
| &nbsp;&nbsp;&nbsp;I Class | (30930404) | (1637994) | (26969107) | (8350752) |
| &nbsp;&nbsp;&nbsp;Y Class | (11562485) | (555119) | (1651558) | (511050) |
| &nbsp;&nbsp;&nbsp;A Class | (38708262) | (2077422) | (7004452) | (1492217) |
| &nbsp;&nbsp;&nbsp;C Class | (1514277) | (101125) | (566946) | (100180) |
| &nbsp;&nbsp;&nbsp;R Class | (4213275) | (215707) | (1076579) | (212845) |
| &nbsp;&nbsp;&nbsp;R5 Class | (147718) | (8163) | (470052) | (113046) |
| &nbsp;&nbsp;&nbsp;R6 Class | (24221434) | (1223186) | (6125857) | (1574884) |
| &nbsp;&nbsp;&nbsp;G Class | (112166548) | (6708583) | (190782340) | (71111077) |
| Decrease in net assets from distributions | (801330206) | (41317450) | (291250616) | (98206034) |
| **Capital Share Transactions** |  |  |  |  |
| Net increase (decrease) in net assets from capital share transactions (Note 5) | 14868842 | (721928259) | (1294339275) | (901540798) |
| **Net increase (decrease) in net assets** | 246868739 | 1101196895 | (1012855134) | 271291902 |
| **Net Assets** |  |  |  |  |
| Beginning of period | 5878887575 | 4777690680 | 4417615332 | 4146323430 |
| End of period | $6125756314 | $5878887575 | $3404760198 | $4417615332 |

---

See Notes to Financial Statements.

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
| **YEARS ENDED OCTOBER 31, 2025 AND OCTOBER 31, 2024** | **YEARS ENDED OCTOBER 31, 2025 AND OCTOBER 31, 2024** | **YEARS ENDED OCTOBER 31, 2025 AND OCTOBER 31, 2024** | | |
| | **Select Fund** | **Select Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** |
| **Increase (Decrease) in Net Assets** | **October 31, 2025** | **October 31, 2024** | **October 31, 2025** | **October 31, 2024** |
| **Operations** | | | | |
| Net investment income (loss) | $(18276377) | $(14444799) | $(19628791) | $(14216724) |
| Net realized gain (loss) | 612342707 | 215493595 | 424783539 | 198835838 |
| Change in net unrealized appreciation (depreciation) | 766052149 | 1356113785 | 161013222 | 767757299 |
| Net increase (decrease) in net assets resulting from operations | 1360118479 | 1557162581 | 566167970 | 952376413 |
| **Distributions to Shareholders** |  |  |  |  |
| From earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (180311447) | (212148210) | (1312783) |  |
| &nbsp;&nbsp;&nbsp;I Class | (7070754) | (7818279) | (2844758) |  |
| &nbsp;&nbsp;&nbsp;Y Class | (4778508) | (5366472) | (597510) |  |
| &nbsp;&nbsp;&nbsp;A Class | (3222579) | (3697350) |  |  |
| &nbsp;&nbsp;&nbsp;C Class | (141884) | (167333) |  |  |
| &nbsp;&nbsp;&nbsp;R Class | (210786) | (227342) |  |  |
| &nbsp;&nbsp;&nbsp;R5 Class | (566) | (629) | (5872) |  |
| &nbsp;&nbsp;&nbsp;R6 Class | (3824664) | (3874134) | (5177659) |  |
| &nbsp;&nbsp;&nbsp;G Class | (16569839) | (12092773) | (5355248) |  |
| Decrease in net assets from distributions | (216131027) | (245392522) | (15293830) |  |
| **Capital Share Transactions** |  |  |  |  |
| Net increase (decrease) in net assets from capital share transactions (Note 5) | (137327594) | 225828474 | 335719505 | 658414597 |
| **Net increase (decrease) in net assets** | 1006659858 | 1537598533 | 886593645 | 1610791010 |
| **Net Assets** |  |  |  |  |
| Beginning of period | 5659757793 | 4122159260 | 4050805886 | 2440014876 |
| End of period | $6666417651 | $5659757793 | $4937399531 | $4050805886 |

---

See Notes to Financial Statements.

------

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| **YEARS ENDED OCTOBER 31, 2025 AND OCTOBER 31, 2024** | **YEARS ENDED OCTOBER 31, 2025 AND OCTOBER 31, 2024** | **YEARS ENDED OCTOBER 31, 2025 AND OCTOBER 31, 2024** |
| | **Ultra Fund** | **Ultra Fund** |
| **Increase (Decrease) in Net Assets** | **October 31, 2025** | **October 31, 2024** |
| **Operations** | | |
| Net investment income (loss) | $(116303651) | $(91002719) |
| Net realized gain (loss) | 2939552449 | 913027370 |
| Change in net unrealized appreciation (depreciation) | 2859671407 | 6830351753 |
| Net increase (decrease) in net assets resulting from operations | 5682920205 | 7652376404 |
| **Distributions to Shareholders** |  |  |
| From earnings: |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (759308004) | (1020080198) |
| &nbsp;&nbsp;&nbsp;I Class | (47374729) | (64765978) |
| &nbsp;&nbsp;&nbsp;Y Class | (2521881) | (2358451) |
| &nbsp;&nbsp;&nbsp;A Class | (13687074) | (16424095) |
| &nbsp;&nbsp;&nbsp;C Class | (1932198) | (2666459) |
| &nbsp;&nbsp;&nbsp;R Class | (3054208) | (3905887) |
| &nbsp;&nbsp;&nbsp;R5 Class | (1849159) | (2316200) |
| &nbsp;&nbsp;&nbsp;R6 Class | (82361855) | (105888371) |
| &nbsp;&nbsp;&nbsp;G Class | (382858) | (562703) |
| Decrease in net assets from distributions | (912471966) | (1218968342) |
| **Capital Share Transactions** |  |  |
| Net increase (decrease) in net assets from capital share transactions (Note 5) | (1606643414) | 392788312 |
| **Net increase (decrease) in net assets** | 3163804825 | 6826196374 |
| **Net Assets** |  |  |
| Beginning of period | 25040257630 | 18214061256 |
| End of period | $28204062455 | $25040257630 |

---

See Notes to Financial Statements.

------

Notes to Financial Statements

**OCTOBER 31, 2025**

**1. Organization**

American Century Mutual Funds, Inc. (the corporation) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company and is organized as a Maryland corporation.The financial statements herein relate to the following funds and the respective share classes offered by the corporation.

---

| | |
|:---|:---|
| Balanced Fund | Investor, I, R5 |
| Growth Fund | Investor, I, Y, A, C, R, R5, R6, G |
| Heritage Fund | Investor, I, Y, A, C, R, R5, R6, G |
| Large Cap Equity Fund (formerly Sustainable Equity Fund) | Investor, I, Y, A, C, R, R5, R6, G |
| Select Fund | Investor, I, Y, A, C, R, R5, R6, G |
| Small Cap Growth Fund | Investor, I, Y, A, C, R, R5, R6, G |
| Ultra Fund | Investor, I, Y, A, C, R, R5, R6, G |

---

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

**2. Significant Accounting Policies**

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

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

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

Fixed income securities are valued at the evaluated mean as provided by independent pricing services or at the mean of the most recent bid and asked prices as provided by investment dealers. Corporate bonds, U.S. Treasury and Government Agency securities, bank loan obligations, municipal securities, convertible bonds and sovereign governments and agencies are valued using market models that consider trade data, quotations from dealers and active market makers, relevant yield curve and spread data, creditworthiness, trade data or market information on comparable securities, and other relevant security specific information. Mortgage-related and asset-backed securities are valued based on models that consider trade data, prepayment and default projections, benchmark yield and spread data and estimated cash flows of each tranche of the issuer. Collateralized loan obligations are valued based on discounted cash flow models that consider trade and economic data, prepayment assumptions and default projections.

Hybrid securities are valued at the evaluated mean as provided by independent pricing services or at the mean of the most recent bid and asked prices as provided by investment dealers. Preferred securities and convertible preferred securities with perpetual maturities are valued using market models that consider trade data, quotations from dealers and active market makers, relevant yield curve and spread data, creditworthiness, trade data or market information on comparable securities, and other relevant security specific information.

Open-end management investment companies are valued at the reported NAV per share. Repurchase agreements are valued at cost, which approximates fair value. Exchange-traded futures contracts are valued at the settlement price as provided by the appropriate exchange. Exchange-traded options contracts are valued at a mean as provided by independent pricing services. Swap agreements are valued at an evaluated mean as provided by independent pricing services or independent brokers. Forward foreign currency exchange contracts are valued at the mean of the appropriate forward exchange rate at the close of the NYSE as provided by an independent pricing service.

If the valuation designee determines that the market price for a portfolio security is not readily available or is believed by the valuation designee to be unreliable, such security is valued at fair value as determined in good faith by the valuation designee, in accordance with its policies and procedures. Circumstances that may cause a fund to determine that market quotations are not available or reliable include, but are not limited to: when there is a significant event subsequent to

------

the market quotation; trading in a security has been halted during the trading day; or trading in a security is insufficient or did not take place due to a closure or holiday.

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

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

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

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

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

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

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

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

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

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

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

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

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

------

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

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

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| | |
|:---|:---|
| Balanced Fund | Quarterly |
| Growth Fund | Annually |
| Heritage Fund | Annually |
| Large Cap Equity Fund | Annually |
| Select Fund | Annually |
| Small Cap Growth Fund | Annually |
| Ultra Fund | Annually |

---

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

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

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

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

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

------

The annual management fee including any waiver impacts are as follows:

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| | | |
|:---|:---|:---|
| **Heritage Fund** | **Annual Management Fee** | **Management Fee Waived** |
| Investor Class | 1.00% |  |
| I Class | 0.80% |  |
| Y Class | 0.65% |  |
| A Class | 1.00% |  |
| C Class | 1.00% |  |
| R Class | 1.00% |  |
| R5 Class | 0.80% |  |
| R6 Class | 0.65% |  |
| G Class | 0.00%<sup>(1)</sup> | $5965164 |

---

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

For each fund with a stepped fee schedule, the rate of the fee is determined by applying a fee rate calculation formula. This formula takes into account a fund's assets as well as certain assets, if any, of other clients of the investment advisor outside the American Century Investments family of funds (such as subadvised funds and separate accounts), as well as exchange-traded funds managed by the investment advisor, that use very similar investment teams and strategies (strategy assets).

The management fee schedule range and the effective annual management fee including any waiver impacts, if applicable, for the period ended October 31, 2025 are as follows:

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

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Management Fee**<br>**Schedule Range** | **Effective Annual Management Fee** | **Effective Annual Management Fee** | |
| **Growth Fund** | **Management Fee**<br>**Schedule Range** | **Before Waiver** | **After Waiver** | **Management Fee Waived** |
| Investor Class | 0.800% to 0.990% | 0.96% | 0.87% | $9407744 |
| I Class | 0.600% to 0.790% | 0.76% | 0.67% | $1633364 |
| Y Class | 0.450% to 0.640% | 0.61% | 0.52% | $37501 |
| A Class | 0.800% to 0.990% | 0.96% | 0.87% | $159114 |
| C Class | 0.800% to 0.990% | 0.96% | 0.87% | $12587 |
| R Class | 0.800% to 0.990% | 0.96% | 0.87% | $84139 |
| R5 Class | 0.600% to 0.790% | 0.76% | 0.67% | $4807 |
| R6 Class | 0.450% to 0.640% | 0.61% | 0.52% | $1216383 |
| G Class | 0.450% to 0.640% | 0.61% | 0.00% | $7816906 |

---

From November 1, 2024 through July 31, 2025, the investment advisor agreed to waive a portion of the fund's management fee such that the management fee does not exceed 0.881% for Investor Class, A Class, C Class and R Class, 0.681% for I Class and R5 Class, and 0.531% for Y Class and R6 Class. Effective August 1, 2025, the investment advisor agreed to waive a portion of the fund's management fee such that the management fee does not exceed 0.832% for Investor Class, A Class, C Class and R Class, 0.632% for I Class and R5 Class, and 0.482% for Y Class and R6 Class. The investment advisor expects this waiver arrangement to continue until July 31, 2026 and cannot terminate it prior to such date without the approval of the Board of Directors.

---

| | | | |
|:---|:---|:---|:---|
| **Large Cap Equity Fund** | **Management Fee**<br>**Schedule Range** | **Effective Annual**<br>**Management Fee** | **Management Fee Waived** |
| Investor Class | 0.740% to 0.790% | 0.79% |  |
| I Class | 0.540% to 0.590% | 0.59% |  |
| Y Class | 0.390% to 0.440% | 0.44% |  |
| A Class | 0.740% to 0.790% | 0.79% |  |
| C Class | 0.740% to 0.790% | 0.79% |  |
| R Class | 0.740% to 0.790% | 0.79% |  |
| R5 Class | 0.540% to 0.590% | 0.59% |  |
| R6 Class | 0.390% to 0.440% | 0.44% |  |
| G Class | 0.390% to 0.440% | 0.00%<sup>(1)</sup> | $10720406 |

---

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Management Fee**<br>**Schedule Range** | **Effective Annual Management Fee** | **Effective Annual Management Fee** | |
| **Select Fund** | **Management Fee**<br>**Schedule Range** | **Before Waiver** | **After Waiver** | **Management Fee Waived** |
| Investor Class | 0.800% to 0.990% | 0.98% | 0.90% | $4031653 |
| I Class | 0.600% to 0.790% | 0.78% | 0.70% | $164802 |
| Y Class | 0.450% to 0.640% | 0.63% | 0.55% | $111170 |
| A Class | 0.800% to 0.990% | 0.98% | 0.90% | $66547 |
| C Class | 0.800% to 0.990% | 0.98% | 0.90% | $2102 |
| R Class | 0.800% to 0.990% | 0.98% | 0.90% | $3914 |
| R5 Class | 0.600% to 0.790% | 0.78% | 0.70% | $14 |
| R6 Class | 0.450% to 0.640% | 0.63% | 0.55% | $89559 |
| G Class | 0.450% to 0.640% | 0.63% | 0.00% | $2636166 |

---

From November 1, 2024 through July 31, 2025, the investment advisor agreed to waive a portion of the fund's management fee such that the management fee does not exceed 0.903% for Investor Class, A Class, C Class and R Class, 0.703% for I Class and R5 Class, and 0.553% for Y Class and R6 Class. Effective August 1, 2025, the investment advisor agreed to waive a portion of the fund's management fee such that the management fee does not exceed 0.900% for Investor Class, A Class, C Class and R Class, 0.700% for I Class and R5 Class, and 0.550% for Y Class and R6 Class. The investment advisor expects this waiver arrangement to continue until July 31, 2026 and cannot terminate it prior to such date without the approval of the Board of Directors.

---

| | | | |
|:---|:---|:---|:---|
| **Small Cap Growth Fund** | **Management Fee**<br>**Schedule Range** | **Effective Annual**<br>**Management Fee** | **Management Fee Waived** |
| Investor Class | 1.100% to 1.500% | 1.13% |  |
| I Class | 0.900% to 1.300% | 0.93% |  |
| Y Class | 0.750% to 1.150% | 0.78% |  |
| A Class | 1.100% to 1.500% | 1.13% |  |
| C Class | 1.100% to 1.500% | 1.13% |  |
| R Class | 1.100% to 1.500% | 1.13% |  |
| R5 Class | 0.900% to 1.300% | 0.93% |  |
| R6 Class | 0.750% to 1.150% | 0.78% |  |
| G Class | 0.750% to 1.150% | 0.00%<sup>(1)</sup> | $3370469 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Management Fee Schedule Range** | **Effective Annual Management Fee** | **Effective Annual Management Fee** | |
| **Ultra Fund** | **Management Fee Schedule Range** | **Before Waiver** | **After Waiver** | **Management Fee Waived** |
| Investor Class | 0.800% to 0.990% | 0.89% | 0.88% | $2970437 |
| I Class | 0.600% to 0.790% | 0.69% | 0.68% | $171812 |
| Y Class | 0.450% to 0.640% | 0.54% | 0.53% | $11999 |
| A Class | 0.800% to 0.990% | 0.89% | 0.88% | $52225 |
| C Class | 0.800% to 0.990% | 0.89% | 0.88% | $5059 |
| R Class | 0.800% to 0.990% | 0.89% | 0.88% | $10246 |
| R5 Class | 0.600% to 0.790% | 0.69% | 0.68% | $7668 |
| R6 Class | 0.450% to 0.640% | 0.54% | 0.53% | $328468 |
| G Class | 0.450% to 0.640% | 0.54% | 0.00% | $72757 |

---

From November 1, 2024 through July 31, 2025, the investment advisor agreed to waive a portion of the fund's management fee such that the management fee does not exceed 0.887% for Investor Class, A Class, C Class and R Class, 0.687% for I Class and R5 Class, and 0.537% for Y Class and R6 Class. Effective August 1, 2025, the investment advisor agreed to waive a portion of the fund's management fee such that the management fee does not exceed 0.865% for Investor Class, A Class, C Class and R Class, 0.665% for I Class and R5 Class, and 0.515% for Y Class and R6 Class. The investment advisor expects this waiver arrangement to continue until July 31, 2026 and cannot terminate it prior to such date without the approval of the Board of Directors.

**Distribution and Service Fees —** The Board of Directors has adopted a separate Master Distribution and Individual Shareholder Services Plan for each of the A Class, C Class and R Class (collectively the plans), pursuant to Rule 12b-1 of the 1940 Act. The plans provide that the A Class will pay ACIS an annual distribution and service fee of 0.25%. The plans provide that the C Class will pay ACIS an annual distribution and service fee of 1.00%, of which 0.25% is paid for individual shareholder services and 0.75% is paid for distribution services. The plans provide that the R Class will pay ACIS an annual distribution and service fee of 0.50%. The fees are computed and accrued daily based on each class's daily net assets and paid monthly in arrears. The fees are used to pay financial intermediaries for distribution and individual shareholder services. Fees incurred under the plans during the period ended October 31, 2025 are detailed in the Statement of Operations.

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

------

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

**Related Party Ownership —** A related party, including other funds advised by American Century Investments, may own outstanding shares of a fund. Related parties do not invest in a fund for the purpose of exercising management or control. As of period end, related parties with ownership of 5% or more of the outstanding shares of a fund are as follows:

---

| | | |
|:---|:---|:---|
| | **Related Party** | **% of Outstanding Shares** |
| Heritage Fund | American Century Asset Allocation Portfolios, Inc | 8% |
| Large Cap Equity Fund | American Century Asset Allocation Portfolios, Inc | 45% |

---

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

**4. Investment Transactions**

Investment transactions, excluding short-term investments and in kind transactions, for the period ended October 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Balanced Fund** | **Growth Fund** | **Heritage Fund** |
| Purchases of U.S. Treasury and Government Agency obligations | $393030046 |  |  |
| Purchases of other investment securities | $372819313 | $5756931218 | $3731612710 |
| Total Purchases | $765849359 | $5756931218 | $3731612710 |
| Sales of U.S. Treasury and Government Agency obligations | $407462255 |  |  |
| Sales of other investment securities | $440341216 | $8044220203 | $4575231671 |
| Total Sales | $847803471 | $8044220203 | $4575231671 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Large Cap Equity Fund** | **Select Fund** | **Small Cap Growth Fund** | **Ultra Fund** |
| Purchases of U.S. Treasury and Government Agency obligations |  |  |  |  |
| Purchases of other investment securities | $1770457466 | $1336973444 | $4263048675 | $3780109543 |
| Total Purchases | $1770457466 | $1336973444 | $4263048675 | $3780109543 |
| Sales of U.S. Treasury and Government Agency obligations |  |  |  |  |
| Sales of other investment securities | $3309433308 | $1710342842 | $3906289711 | $6379245982 |
| Total Sales | $3309433308 | $1710342842 | $3906289711 | $6379245982 |

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For the period ended October 31, 2025, Growth Fund incurred net realized gains of $58,900,886 from redemptions in kind. A redemption in kind occurs when a fund delivers securities from its portfolio in lieu of cash as payment to a redeeming shareholder.

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**5. Capital Share Transactions** 

Transactions in shares of the funds were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Year ended**<br>**October 31, 2025** | **Year ended**<br>**October 31, 2025** | **Year ended**<br>**October 31, 2024** | **Year ended**<br>**October 31, 2024** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| **Balanced Fund** | | | | |
| **Investor Class/Shares Authorized** | 530000000 |  | 530000000 |  |
| Sold | 1955270 | $38881810 | 2540941 | $47149553 |
| Issued in reinvestment of distributions | 751899 | 15102287 | 790709 | 14932752 |
| Redeemed | (5699226) | (113251204) | (5599022) | (104611361) |
|  | (2992057) | (59267107) | (2267372) | (42529056) |
| **I Class/Shares Authorized** | 100000000 |  | 100000000 |  |
| Sold | 528808 | 10558325 | 633858 | 11811127 |
| Issued in reinvestment of distributions | 77385 | 1553927 | 94586 | 1787814 |
| Redeemed | (1955047) | (39073469) | (884041) | (16661920) |
|  | (1348854) | (26961217) | (155597) | (3062979) |
| **R5 Class/Shares Authorized** | 20000000 |  | 20000000 |  |
| Sold | 10408 | 210331 | 32123 | 591158 |
| Issued in reinvestment of distributions | 1918 | 38568 | 2053 | 38766 |
| Redeemed | (4649) | (93335) | (40677) | (774949) |
|  | 7677 | 155564 | (6501) | (145025) |
| Net increase (decrease) | (4333234) | $(86072760) | (2429470) | $(45737060) |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year ended**<br>**October 31, 2025** | **Year ended**<br>**October 31, 2025** | **Year ended**<br>**October 31, 2024** | **Year ended**<br>**October 31, 2024** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| **Growth Fund** | | | | |
| **Investor Class/Shares Authorized** | 2100000000 |  | 2100000000 |  |
| Sold | 4861677 | $284195368 | 6225644 | $328171484 |
| Issued in reinvestment of distributions | 9551537 | 576436235 | 8211748 | 398762415 |
| Redeemed | (18297081) | (1078357062) | (17352660) | (933252654) |
|  | (3883867) | (217725459) | (2915268) | (206318755) |
| **I Class/Shares Authorized** | 460000000 |  | 460000000 |  |
| Sold | 3717894 | 217473355 | 3517202 | 194537083 |
| Issued in reinvestment of distributions | 1615880 | 101170236 | 1490498 | 74793165 |
| Redeemed | (8405949) | (522976203) | (7805045) | (431391189) |
|  | (3072175) | (204332612) | (2797345) | (162060941) |
| **Y Class/Shares Authorized** | 30000000 |  | 30000000 |  |
| Sold | 393431 | 24335418 | 469797 | 25168000 |
| Issued in reinvestment of distributions | 29018 | 1829595 | 10155 | 512210 |
| Redeemed | (242636) | (14937237) | (160124) | (9004751) |
|  | 179813 | 11227776 | 319828 | 16675459 |
| **A Class/Shares Authorized** | 40000000 |  | 40000000 |  |
| Sold | 607996 | 33380434 | 983744 | 49395745 |
| Issued in reinvestment of distributions | 178956 | 10134298 | 142446 | 6529739 |
| Redeemed | (895465) | (48969433) | (838608) | (42390907) |
|  | (108513) | (5454701) | 287582 | 13534577 |
| **C Class/Shares Authorized** | 20000000 |  | 20000000 |  |
| Sold | 51651 | 2438903 | 74200 | 3274610 |
| Issued in reinvestment of distributions | 19323 | 952434 | 14352 | 581969 |
| Redeemed | (66211) | (3154805) | (56130) | (2456481) |
|  | 4763 | 236532 | 32422 | 1400098 |
| **R Class/Shares Authorized** | 40000000 |  | 40000000 |  |
| Sold | 338864 | 17541367 | 492557 | 23633515 |
| Issued in reinvestment of distributions | 114577 | 6122973 | 99477 | 4329248 |
| Redeemed | (635732) | (33670320) | (650332) | (31778249) |
|  | (182291) | (10005980) | (58298) | (3815486) |
| **R5 Class/Shares Authorized** | 20000000 |  | 20000000 |  |
| Sold | 12507 | 760331 | 37286 | 2022909 |
| Issued in reinvestment of distributions | 4597 | 288145 | 2430 | 122081 |
| Redeemed | (13073) | (708904) | (9669) | (561775) |
|  | 4031 | 339572 | 30047 | 1583215 |
| **R6 Class/Shares Authorized** | 300000000 |  | 300000000 |  |
| Sold | 4048729 | 250731158 | 6029002 | 341567965 |
| Issued in reinvestment of distributions | 1287425 | 81017647 | 1074011 | 54076435 |
| Redeemed | (9220505) | (539705532) | (7378266) | (407704469) |
|  | (3884351) | (207956727) | (275253) | (12060069) |
| **G Class/Shares Authorized** | 780000000 |  | 780000000 |  |
| Sold | 2988570 | 179339250 | 6975271 | 368720957 |
| Issued in reinvestment of distributions | 1172713 | 74607999 | 1452576 | 73500362 |
| Redeemed | (16399089) | (1076241185) | (10199521) | (577819525) |
|  | (12237806) | (822293936) | (1771674) | (135598206) |
| Net increase (decrease) | (23180396) | $(1455965535) | (7147959) | $(486660108) |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year ended**<br>**October 31, 2025** | **Year ended**<br>**October 31, 2025** | **Year ended**<br>**October 31, 2024** | **Year ended**<br>**October 31, 2024** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| **Heritage Fund** | | | | |
| **Investor Class/Shares Authorized** | 2100000000 |  | 2100000000 |  |
| Sold | 7564536 | $190397705 | 4194058 | $98023549 |
| Issued in reinvestment of distributions | 22247750 | 554191756 | 1280521 | 27748861 |
| Redeemed | (19730341) | (497558589) | (19424264) | (450386174) |
|  | 10081945 | 247030872 | (13949685) | (324613764) |
| **I Class/Shares Authorized** | 175000000 |  | 175000000 |  |
| Sold | 3681666 | 102628690 | 1148441 | 30297479 |
| Issued in reinvestment of distributions | 1030345 | 29529677 | 63723 | 1558657 |
| Redeemed | (2583242) | (75019680) | (2572905) | (67726069) |
|  | 2128769 | 57138687 | (1360741) | (35869933) |
| **Y Class/Shares Authorized** | 75000000 |  | 75000000 |  |
| Sold | 817385 | 23971041 | 733163 | 19726384 |
| Issued in reinvestment of distributions | 390914 | 11551502 | 22105 | 554613 |
| Redeemed | (1436549) | (43845250) | (626685) | (17104971) |
|  | (228250) | (8322707) | 128583 | 3176026 |
| **A Class/Shares Authorized** | 170000000 |  | 170000000 |  |
| Sold | 1403149 | 28797589 | 1083218 | 21319630 |
| Issued in reinvestment of distributions | 1816280 | 37251915 | 109874 | 2019489 |
| Redeemed | (2669395) | (55277399) | (3006307) | (59580981) |
|  | 550034 | 10772105 | (1813215) | (36241862) |
| **C Class/Shares Authorized** | 20000000 |  | 20000000 |  |
| Sold | 113894 | 1161668 | 48268 | 564581 |
| Issued in reinvestment of distributions | 146134 | 1503719 | 9403 | 100613 |
| Redeemed | (378130) | (3910543) | (309523) | (3418299) |
|  | (118102) | (1245156) | (251852) | (2753105) |
| **R Class/Shares Authorized** | 40000000 |  | 40000000 |  |
| Sold | 292013 | 5981297 | 151927 | 2967579 |
| Issued in reinvestment of distributions | 209349 | 4207911 | 11896 | 215444 |
| Redeemed | (403382) | (8224553) | (274814) | (5352057) |
|  | 97980 | 1964655 | (110991) | (2169034) |
| **R5 Class/Shares Authorized** | 20000000 |  | 20000000 |  |
| Sold | 11402 | 311973 | 2288 | 60521 |
| Issued in reinvestment of distributions | 5152 | 147717 | 334 | 8163 |
| Redeemed | (2898) | (85907) | (9472) | (255833) |
|  | 13656 | 373783 | (6850) | (187149) |
| **R6 Class/Shares Authorized** | 120000000 |  | 120000000 |  |
| Sold | 4966519 | 150715815 | 1111872 | 30238445 |
| Issued in reinvestment of distributions | 815782 | 24106358 | 48528 | 1217558 |
| Redeemed | (2239742) | (66835339) | (2055548) | (56027858) |
|  | 3542559 | 107986834 | (895148) | (24571855) |
| **G Class/Shares Authorized** | 600000000 |  | 600000000 |  |
| Sold | 3997886 | 118005877 | 3576173 | 98937738 |
| Issued in reinvestment of distributions | 3720283 | 112166548 | 264326 | 6708583 |
| Redeemed | (19797552) | (631002656) | (14940124) | (404343904) |
|  | (12079383) | (400830231) | (11099625) | (298697583) |
| Net increase (decrease) | 3989208 | $14868842 | (29359524) | $(721928259) |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year ended**<br>**October 31, 2025** | **Year ended**<br>**October 31, 2025** | **Year ended**<br>**October 31, 2024** | **Year ended**<br>**October 31, 2024** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| **Large Cap Equity Fund** | | | | |
| **Investor Class/Shares Authorized** | 230000000 |  | 230000000 |  |
| Sold | 1199535 | $63114564 | 1481360 | $74483792 |
| Issued in reinvestment of distributions | 1019080 | 55601008 | 308635 | 14508917 |
| Redeemed | (3290858) | (179934123) | (3554729) | (174001715) |
|  | (1072243) | (61218551) | (1764734) | (85009006) |
| **I Class/Shares Authorized** | 160000000 |  | 160000000 |  |
| Sold | 1960890 | 101243901 | 1249476 | 64783284 |
| Issued in reinvestment of distributions | 467016 | 25531774 | 169204 | 7969493 |
| Redeemed | (3174136) | (168636781) | (3091351) | (156792656) |
|  | (746230) | (41861106) | (1672671) | (84039879) |
| **Y Class/Shares Authorized** | 25000000 |  | 25000000 |  |
| Sold | 25630 | 1343884 | 35741 | 1790114 |
| Issued in reinvestment of distributions | 30026 | 1642714 | 10790 | 508526 |
| Redeemed | (151708) | (8196012) | (114165) | (5788460) |
|  | (96052) | (5209414) | (67634) | (3489820) |
| **A Class/Shares Authorized** | 50000000 |  | 50000000 |  |
| Sold | 239492 | 12959148 | 263227 | 13357907 |
| Issued in reinvestment of distributions | 114867 | 6239570 | 28445 | 1331519 |
| Redeemed | (480278) | (25546984) | (329962) | (16782679) |
|  | (125919) | (6348266) | (38290) | (2093253) |
| **C Class/Shares Authorized** | 20000000 |  | 20000000 |  |
| Sold | 11434 | 579020 | 24315 | 1160042 |
| Issued in reinvestment of distributions | 9121 | 470250 | 1807 | 80893 |
| Redeemed | (76119) | (3871949) | (83026) | (3973438) |
|  | (55564) | (2822679) | (56904) | (2732503) |
| **R Class/Shares Authorized** | 25000000 |  | 25000000 |  |
| Sold | 96117 | 5066879 | 90804 | 4545779 |
| Issued in reinvestment of distributions | 19995 | 1076550 | 4585 | 212845 |
| Redeemed | (122055) | (6577574) | (102656) | (5242408) |
|  | (5943) | (434145) | (7267) | (483784) |
| **R5 Class/Shares Authorized** | 20000000 |  | 20000000 |  |
| Sold | 45280 | 2495460 | 25829 | 1333348 |
| Issued in reinvestment of distributions | 7288 | 398741 | 2174 | 102471 |
| Redeemed | (52821) | (2900069) | (22132) | (1165083) |
|  | (253) | (5868) | 5871 | 270736 |
| **R6 Class/Shares Authorized** | 30000000 |  | 30000000 |  |
| Sold | 433173 | 23160466 | 746470 | 38560945 |
| Issued in reinvestment of distributions | 111847 | 6125857 | 33380 | 1574884 |
| Redeemed | (735722) | (39805736) | (774313) | (39107150) |
|  | (190702) | (10519413) | 5537 | 1028679 |
| **G Class/Shares Authorized** | 775000000 |  | 775000000 |  |
| Sold | 3248760 | 166061009 | 3574242 | 181462003 |
| Issued in reinvestment of distributions | 3482701 | 190782340 | 1506910 | 71111077 |
| Redeemed | (27056434) | (1522763182) | (19212947) | (977565048) |
|  | (20324973) | (1165919833) | (14131795) | (724991968) |
| Net increase (decrease) | (22617879) | $(1294339275) | (17727887) | $(901540798) |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year ended**<br>**October 31, 2025** | **Year ended**<br>**October 31, 2025** | **Year ended**<br>**October 31, 2024**<sup>(1)</sup> | **Year ended**<br>**October 31, 2024**<sup>(1)</sup> |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| **Select Fund** | | | | |
| **Investor Class/Shares Authorized** | 475000000 |  | 475000000 |  |
| Sold | 831788 | $102008200 | 1337090 | $143037448 |
| Issued in reinvestment of distributions | 1354130 | 171175556 | 2007373 | 201500151 |
| Redeemed | (3658959) | (450485696) | (3304623) | (362147840) |
|  | (1473041) | (177301940) | 39840 | (17610241) |
| **I Class/Shares Authorized** | 40000000 |  | 40000000 |  |
| Sold | 311378 | 39464471 | 333622 | 37675119 |
| Issued in reinvestment of distributions | 51339 | 6750084 | 71707 | 7461823 |
| Redeemed | (393526) | (50344775) | (359309) | (40087782) |
|  | (30809) | (4130220) | 46020 | 5049160 |
| **Y Class/Shares Authorized** | 25000000 |  | 25000000 |  |
| Sold | 525049 | 65934371 | 268943 | 30995035 |
| Issued in reinvestment of distributions | 35882 | 4771619 | 51002 | 5357737 |
| Redeemed | (583037) | (68986074) | (220276) | (25092536) |
|  | (22106) | 1719916 | 99669 | 11260236 |
| **A Class/Shares Authorized** | 30000000 |  | 30000000 |  |
| Sold | 67713 | 7951805 | 114488 | 11831746 |
| Issued in reinvestment of distributions | 26490 | 3173770 | 37954 | 3626905 |
| Redeemed | (169600) | (20139630) | (121900) | (12757444) |
|  | (75397) | (9014055) | 30542 | 2701207 |
| **C Class/Shares Authorized** | 20000000 |  | 20000000 |  |
| Sold | 5484 | 490654 | 6708 | 554640 |
| Issued in reinvestment of distributions | 1428 | 134483 | 2040 | 155925 |
| Redeemed | (16971) | (1498833) | (8210) | (669693) |
|  | (10059) | (873696) | 538 | 40872 |
| **R Class/Shares Authorized** | 20000000 |  | 20000000 |  |
| Sold | 13171 | 1482071 | 20125 | 2018275 |
| Issued in reinvestment of distributions | 1816 | 210634 | 2447 | 227213 |
| Redeemed | (24562) | (2873728) | (18139) | (1912562) |
|  | (9575) | (1181023) | 4433 | 332926 |
| **R5 Class/Shares Authorized** | 20000000 |  | 20000000 |  |
| Issued in reinvestment of distributions | 4 | 566 | 6 | 629 |
| **R6 Class/Shares Authorized** | 30000000 |  | 30000000 |  |
| Sold | 82849 | 10594079 | 232681 | 27909439 |
| Issued in reinvestment of distributions | 28780 | 3820469 | 36895 | 3869542 |
| Redeemed | (181936) | (22964781) | (105945) | (12468192) |
|  | (70307) | (8550233) | 163631 | 19310789 |
| **G Class/Shares Authorized** | 200000000 |  | 200000000 |  |
| Sold | 1902703 | 260083749 | 2348998 | 248571694 |
| Issued in reinvestment of distributions | 123998 | 16569839 | 115224 | 12092773 |
| Redeemed | (1552006) | (214650497) | (466163) | (55921571) |
|  | 474695 | 62003091 | 1998059 | 204742896 |
| Net increase (decrease) | (1216595) | $(137327594) | 2382738 | $225828474 |

---

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year ended**<br>**October 31, 2025** | **Year ended**<br>**October 31, 2025** | **Year ended**<br>**October 31, 2024** | **Year ended**<br>**October 31, 2024** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| **Small Cap Growth Fund** | | | | |
| **Investor Class/Shares Authorized** | 450000000 |  | 450000000 |  |
| Sold | 21945503 | $448940836 | 26123582 | $505640708 |
| Issued in reinvestment of distributions | 57197 | 1273209 |  |  |
| Redeemed | (14833856) | (319573937) | (8388594) | (163891351) |
|  | 7168844 | 130640108 | 17734988 | 341749357 |
| **I Class/Shares Authorized** | 375000000 |  | 375000000 |  |
| Sold | 16416172 | 369055453 | 16717640 | 336482857 |
| Issued in reinvestment of distributions | 115501 | 2702720 |  |  |
| Redeemed | (13265249) | (302068165) | (11684370) | (236952584) |
|  | 3266424 | 69690008 | 5033270 | 99530273 |
| **Y Class/Shares Authorized** | 145000000 |  | 145000000 |  |
| Sold | 1648059 | 36031616 | 4328375 | 89848064 |
| Issued in reinvestment of distributions | 7853 | 187920 |  |  |
| Redeemed | (1910356) | (45207736) | (5395201) | (114212869) |
|  | (254444) | (8988200) | (1066826) | (24364805) |
| **A Class/Shares Authorized** | 70000000 |  | 70000000 |  |
| Sold | 639492 | 12837657 | 831319 | 14962388 |
| Redeemed | (1108164) | (22132841) | (1447613) | (26105374) |
|  | (468672) | (9295184) | (616294) | (11142986) |
| **C Class/Shares Authorized** | 20000000 |  | 20000000 |  |
| Sold | 821223 | 13111406 | 1046698 | 15182435 |
| Redeemed | (177257) | (2757361) | (191074) | (2697203) |
|  | 643966 | 10354045 | 855624 | 12485232 |
| **R Class/Shares Authorized** | 30000000 |  | 30000000 |  |
| Sold | 440134 | 8359151 | 539475 | 9255366 |
| Redeemed | (344081) | (6585069) | (232856) | (4009586) |
|  | 96053 | 1774082 | 306619 | 5245780 |
| **R5 Class/Shares Authorized** | 20000000 |  | 20000000 |  |
| Sold | 60656 | 1452264 | 35524 | 735778 |
| Issued in reinvestment of distributions | 251 | 5872 |  |  |
| Redeemed | (27480) | (648348) | (13327) | (270338) |
|  | 33427 | 809788 | 22197 | 465440 |
| **R6 Class/Shares Authorized** | 530000000 |  | 530000000 |  |
| Sold | 28303524 | 664816394 | 21646985 | 438208457 |
| Issued in reinvestment of distributions | 208806 | 4996731 |  |  |
| Redeemed | (13475846) | (315597838) | (13039782) | (268512004) |
|  | 15036484 | 354215287 | 8607203 | 169696453 |
| **G Class/Shares Authorized** | 200000000 |  | 200000000 |  |
| Sold | 2021981 | 48503512 | 9136658 | 183357619 |
| Issued in reinvestment of distributions | 214984 | 5355248 |  |  |
| Redeemed | (10440918) | (267339189) | (5232041) | (118607766) |
|  | (8203953) | (213480429) | 3904617 | 64749853 |
| Net increase (decrease) | 17318129 | $335719505 | 34781398 | $658414597 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year ended**<br>**October 31, 2025** | **Year ended**<br>**October 31, 2025** | **Year ended**<br>**October 31, 2024** | **Year ended**<br>**October 31, 2024** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| **Ultra Fund** | | | | |
| **Investor Class/Shares Authorized** | 3000000000 |  | 3000000000 |  |
| Sold | 6066669 | $563960549 | 8315174 | $686214747 |
| Issued in reinvestment of distributions | 7449746 | 721878123 | 13014982 | 971439122 |
| Redeemed | (22199184) | (2081108115) | (19580486) | (1611797105) |
|  | (8682769) | (795269443) | 1749670 | 45856764 |
| **I Class/Shares Authorized** | 220000000 |  | 220000000 |  |
| Sold | 2311250 | 225706626 | 4460385 | 386241278 |
| Issued in reinvestment of distributions | 399399 | 41245904 | 699836 | 55447998 |
| Redeemed | (7310347) | (744143228) | (4635893) | (411095297) |
|  | (4599698) | (477190698) | 524328 | 30593979 |
| **Y Class/Shares Authorized** | 30000000 |  | 30000000 |  |
| Sold | 312702 | 31301734 | 328142 | 29091855 |
| Issued in reinvestment of distributions | 23255 | 2433849 | 28376 | 2274066 |
| Redeemed | (190339) | (19365448) | (117136) | (10395331) |
|  | 145618 | 14370135 | 239382 | 20970590 |
| **A Class/Shares Authorized** | 60000000 |  | 60000000 |  |
| Sold | 1028117 | 88517393 | 993980 | 76052478 |
| Issued in reinvestment of distributions | 145883 | 12995147 | 224648 | 15498490 |
| Redeemed | (915309) | (78441643) | (708557) | (54275432) |
|  | 258691 | 23070897 | 510071 | 37275536 |
| **C Class/Shares Authorized** | 20000000 |  | 20000000 |  |
| Sold | 70114 | 4361769 | 115522 | 6445207 |
| Issued in reinvestment of distributions | 25472 | 1654937 | 44447 | 2283660 |
| Redeemed | (137580) | (8604865) | (164009) | (9363151) |
|  | (41994) | (2588159) | (4040) | (634284) |
| **R Class/Shares Authorized** | 25000000 |  | 25000000 |  |
| Sold | 210735 | 16981334 | 295321 | 21109228 |
| Issued in reinvestment of distributions | 36343 | 3052049 | 59769 | 3905887 |
| Redeemed | (345322) | (28351282) | (301459) | (22386601) |
|  | (98244) | (8317899) | 53631 | 2628514 |
| **R5 Class/Shares Authorized** | 20000000 |  | 20000000 |  |
| Sold | 38344 | 3845870 | 159666 | 13893679 |
| Issued in reinvestment of distributions | 17783 | 1838273 | 29000 | 2299734 |
| Redeemed | (216562) | (22806280) | (106269) | (9361716) |
|  | (160435) | (17122137) | 82397 | 6831697 |
| **R6 Class/Shares Authorized** | 250000000 |  | 250000000 |  |
| Sold | 5815093 | 603200219 | 7931021 | 679106904 |
| Issued in reinvestment of distributions | 781584 | 81683376 | 1313014 | 105080514 |
| Redeemed | (9927932) | (1028593261) | (5968958) | (533836904) |
|  | (3331255) | (343709666) | 3275077 | 250350514 |
| **G Class/Shares Authorized** | 80000000 |  | 80000000 |  |
| Sold | 51017 | 5266830 | 31253 | 2899547 |
| Issued in reinvestment of distributions | 3531 | 382858 | 6823 | 562703 |
| Redeemed | (52652) | (5536132) | (49077) | (4547248) |
|  | 1896 | 113556 | (11001) | (1084998) |
| Net increase (decrease) | (16508190) | $(1606643414) | 6419515 | $392788312 |

---

------

**6. Derivative Instruments**

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

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

---

| | |
|:---|:---|
| Balanced Fund | $6282000 |

---

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

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

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| | | |
|:---|:---|:---|
| | **Futures Contracts**<br>**Purchased** | **Futures Contracts**<br>**Sold** |
| Select Fund | $189394065 |  |

---

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

---

| | |
|:---|:---|
| Select Fund | 708 |

---

**Foreign Currency Risk —** The funds may be subject to foreign currency exchange rate risk in the normal course of pursuing their investment objectives. The value of foreign investments held by a fund may be significantly affected by changes in foreign currency exchange rates. The dollar value of a foreign security generally decreases when the value of the dollar rises against the foreign currency in which the security is denominated and tends to increase when the value of the dollar declines against such foreign currency. A fund may enter into forward foreign currency exchange contracts to reduce a fund's exposure to foreign currency exchange rate fluctuations or to gain exposure to the fluctuations in the value of foreign currencies. A fund will segregate cash, cash equivalents or other appropriate liquid securities on its records in amounts sufficient to meet requirements. The net U.S. dollar value of foreign currency underlying all contractual commitments held by a fund and the resulting unrealized appreciation or depreciation are determined daily. Realized gain or loss is recorded upon settlement of the contract. Net realized and unrealized gains or losses occurring during the holding period of forward foreign currency exchange contracts are a component of net realized gain (loss) on forward foreign currency exchange contract transactions and change in net unrealized appreciation (depreciation) on

------

forward foreign currency exchange contracts, respectively. A fund bears the risk of an unfavorable change in the foreign currency exchange rate underlying the forward contract. Additionally, losses, up to the fair value, may arise if the counterparties do not perform under the contract terms. The average U.S. dollar exposure to foreign currency risk derivative instruments held during the period was as follows:

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| | |
|:---|:---|
| Balanced Fund | $6240120 |
| Growth Fund | $222857699 |
| Heritage Fund | $28730346 |
| Large Cap Equity Fund | $42954358 |
| Small Cap Growth Fund | $131619772 |
| Ultra Fund | $49018905 |

---

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

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| | | |
|:---|:---|:---|
| | **Futures Contracts**<br>**Purchased** | **Futures Contracts**<br>**Sold** |
| Balanced Fund | $38090387 | $11440031 |

---

**7. Risk Factors**

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

**8. Federal Tax Information**

---

| | | | | |
|:---|:---|:---|:---|:---|
| The tax character of distributions paid during the years ended October 31, 2025 and October 31, 2024 were as follows: | The tax character of distributions paid during the years ended October 31, 2025 and October 31, 2024 were as follows: | The tax character of distributions paid during the years ended October 31, 2025 and October 31, 2024 were as follows: | The tax character of distributions paid during the years ended October 31, 2025 and October 31, 2024 were as follows: | The tax character of distributions paid during the years ended October 31, 2025 and October 31, 2024 were as follows: |
|  | **2025** | **2025** | **2024** | **2024** |
|  | **Distributions Paid From:** | **Distributions Paid From:** | **Distributions Paid From:** | **Distributions Paid From:** |
|  | **Ordinary<br>Income** | **Long-term<br>Capital Gains** | **Ordinary<br>Income** | **Long-term<br>Capital Gains** |
| Balanced Fund | $17184020 |  | $17227265 |  |
| Growth Fund | $5582976 | $874475590 | $8162783 | $622969623 |
| Heritage Fund | $139507525 | $661822681 |  | $41317450 |
| Large Cap Equity Fund | $46426036 | $244824580 | $60115268 | $38090766 |
| Select Fund |  | $216131027 |  | $245392522 |
| Small Cap Growth Fund | $15293830 |  |  |  |
| Ultra Fund |  | $912471966 |  | $1218968342 |

---

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 tax equalization, were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Balanced Fund** | **Growth Fund** | **Heritage Fund** |
| Capital (par value and paid-in surplus) |  | $245125870 | $70091081 |
| Distributable earnings (loss) |  | $(245125870) | $(70091081) |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Large Cap Equity Fund** | **Select Fund** | **Small Cap Growth Fund** | **Ultra Fund** |
| Capital (par value and paid-in surplus) | $145961485 | $9057094 | $36066699 | $40965347 |
| Distributable earnings (loss) | $(145961485) | $(9057094) | $(36066699) | $(40965347) |

---

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

---

| | | | |
|:---|:---|:---|:---|
| | **Balanced Fund** | **Growth Fund** | **Heritage Fund** |
| Federal tax cost of investments | $680274245 | $6113990033 | $4655886098 |
| Gross tax appreciation of investments | $263125438 | $10621132026 | $1670128116 |
| Gross tax depreciation of investments | (11344332) | (133885234) | (196938361) |
| Net tax appreciation (depreciation) of investments | 251781106 | 10487246792 | 1473189755 |
| Net tax appreciation (depreciation) on derivatives and translation of assets and liabilities in foreign currencies | (14497) | 41539 |  |
| Net tax appreciation (depreciation) | $251766609 | $10487288331 | $1473189755 |
| Other book-to-tax adjustments | $(324803) |  |  |
| Undistributed ordinary income | $1299328 |  | $192894952 |
| Accumulated short-term capital losses | $(20779260) |  |  |
| Accumulated long-term gains |  | $2318598324 | $824331094 |
| Late-year ordinary loss deferral |  | $(23881911) |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Large Cap Equity Fund** | **Select Fund** | **Small Cap Growth Fund** | **Ultra Fund** |
| Federal tax cost of investments | $1716977835 | $2198785590 | $4299170390 | $7393956677 |
| Gross tax appreciation of investments | $1713350509 | $4495542613 | $1032515267 | $20902928432 |
| Gross tax depreciation of investments | (19801318) | (15860014) | (247264633) | (66550823) |
| Net tax appreciation (depreciation) of investments | 1693549191 | 4479682599 | 785250634 | 20836377609 |
| Net tax appreciation (depreciation) on derivatives and translation of assets and liabilities in foreign currencies | 7814 | (2324) | (1450) | (21452) |
| Net tax appreciation (depreciation) | $1693557005 | $4479680275 | $785249184 | $20836356157 |
| Undistributed ordinary income | $23347537 |  |  |  |
| Accumulated long-term gains | $596374391 | $585806628 | $333378155 | $2785205833 |
| Late-year ordinary loss deferral |  | $(15978531) | $(12222343) | $(100337202) |

---

The difference between book-basis and tax-basis unrealized appreciation (depreciation), if any, is attributable primarily to the tax deferral of losses on wash sales. Other book-to-tax adjustments are attributable primarily to the tax deferral of losses on straddle positions.

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.

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 October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net Asset<br>Value,<br>Beginning<br>of Period** | **Net**<br>**Investment**<br>**Income**<br>**(Loss)**<sup>(1)</sup> | **Net<br>Realized and Unrealized<br>Gain (Loss)** | **Total From Investment Operations** | **Net <br>Investment <br>Income** | **Net <br>Realized <br>Gains** | **Total <br>Distributions** | **Net<br>Asset Value,<br>End <br>of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Net<br>Investment<br>Income<br>(Loss)** | **Portfolio<br>Turnover<br>Rate** | **Net Assets,<br>End of Period<br>(in thousands)** |
| **Balanced Fund** | **Balanced Fund** | **Balanced Fund** | **Balanced Fund** | **Balanced Fund** | **Balanced Fund** | **Balanced Fund** | **Balanced Fund** | **Balanced Fund** | **Balanced Fund** | **Balanced Fund** | **Balanced Fund** | **Balanced Fund** | **Balanced Fund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| 2025 | $19.54 | 0.35 | 1.80 | 2.15 | (0.38) |  | (0.38) | $21.31 | 11.13% | 0.88% | 1.77% | 84% | $848683 |
| 2024 | $16.13 | 0.35 | 3.41 | 3.76 | (0.35) |  | (0.35) | $19.54 | 23.41% | 0.89% | 1.86% | 72% | $836650 |
| 2023 | $15.61 | 0.29 | 0.53 | 0.82 | (0.30) |  | (0.30) | $16.13 | 5.20% | 0.91% | 1.72% | 72% | $727083 |
| 2022 | $22.97 | 0.18 | (3.38) | (3.20) | (0.15) | (4.01) | (4.16) | $15.61 | (16.94)% | 0.91% | 1.00% | 94% | $758468 |
| 2021 | $19.73 | 0.14 | 4.30 | 4.44 | (0.17) | (1.03) | (1.20) | $22.97 | 23.34% | 0.90% | 0.67% | 225% | $1002740 |
| **I Class** | **I Class** | **I Class** | **I Class** | **I Class** | **I Class** | **I Class** | **I Class** | **I Class** | **I Class** | **I Class** | **I Class** | **I Class** | **I Class** |
| 2025 | $19.56 | 0.39 | 1.80 | 2.19 | (0.42) |  | (0.42) | $21.33 | 11.34% | 0.68% | 1.97% | 84% | $66291 |
| 2024 | $16.14 | 0.38 | 3.43 | 3.81 | (0.39) |  | (0.39) | $19.56 | 23.70% | 0.69% | 2.06% | 72% | $87171 |
| 2023 | $15.62 | 0.32 | 0.53 | 0.85 | (0.33) |  | (0.33) | $16.14 | 5.41% | 0.71% | 1.92% | 72% | $74455 |
| 2022 | $22.98 | 0.21 | (3.37) | (3.16) | (0.19) | (4.01) | (4.20) | $15.62 | (16.76)% | 0.71% | 1.20% | 94% | $74220 |
| 2021 | $19.74 | 0.19 | 4.29 | 4.48 | (0.21) | (1.03) | (1.24) | $22.98 | 23.58% | 0.70% | 0.87% | 225% | $107875 |
| **R5 Class** | **R5 Class** | **R5 Class** | **R5 Class** | **R5 Class** | **R5 Class** | **R5 Class** | **R5 Class** | **R5 Class** | **R5 Class** | **R5 Class** | **R5 Class** | **R5 Class** | **R5 Class** |
| 2025 | $19.55 | 0.39 | 1.80 | 2.19 | (0.42) |  | (0.42) | $21.32 | 11.35% | 0.68% | 1.97% | 84% | $2073 |
| 2024 | $16.14 | 0.38 | 3.42 | 3.80 | (0.39) |  | (0.39) | $19.55 | 23.64% | 0.69% | 2.06% | 72% | $1750 |
| 2023 | $15.62 | 0.32 | 0.53 | 0.85 | (0.33) |  | (0.33) | $16.14 | 5.41% | 0.71% | 1.92% | 72% | $1550 |
| 2022 | $22.98 | 0.19 | (3.35) | (3.16) | (0.19) | (4.01) | (4.20) | $15.62 | (16.76)% | 0.71% | 1.20% | 94% | $1567 |
| 2021 | $19.74 | 0.18 | 4.30 | 4.48 | (0.21) | (1.03) | (1.24) | $22.98 | 23.58% | 0.70% | 0.87% | 225% | $7050 |

---

**Notes to Financial Highlights**

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

(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.

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

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

See Notes to Financial Statements.

------

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | |
| **Per-Share Data** | **Per-Share Data** | | | | | | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net Asset**<br>**Value,**<br>**Beginning**<br>**of Period** | **Net**<br>**Investment**<br>**Income**<br>**(Loss)**<sup>(1)</sup> | **Net**<br>**Realized**<br>**and**<br>**Unrealized**<br>**Gain (Loss)** | **Total From**<br>**Investment**<br>**Operations** | **Net**<br>**Investment**<br>**Income** | **Net**<br>**Realized**<br>**Gains** | **Total**<br>**Distributions** | **Net Asset**<br>**Value,**<br>**End**<br>**of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Operating<br>Expenses<br>(before<br>expense <br>waiver)** | **Net<br>Investment<br>Income<br>(Loss)** | **Net<br>Investment<br>Income<br>(Loss)<br>(before expense waiver)** | **Portfolio<br>Turnover<br>Rate** | **Net<br>Assets, <br>End of <br>Period <br>(in thousands)** |
| **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** |
| **Investor Class** | **Investor Class** | | | | | | | | | | | | | | |
| 2025 | $57.66 | (0.17) | 14.59 | 14.42 |  | (3.46) | (3.46) | $68.62 | 25.81% | 0.87% | 0.96% | (0.28)% | (0.37)% | 38% | $11777710 |
| 2024 | $43.97 | (0.11) | 16.14 | 16.03 |  | (2.34) | (2.34) | $57.66 | 37.43% | 0.91% | 0.96% | (0.21)% | (0.26)% | 21% | $10120956 |
| 2023 | $37.23 | (0.01) | 7.47 | 7.46 |  | (0.72) | (0.72) | $43.97 | 20.47% | 0.93% | 0.97% | (0.03)% | (0.07)% | 20% | $7846335 |
| 2022 | $58.23 | (0.09) | (14.59) | (14.68) |  | (6.32) | (6.32) | $37.23 | (28.26)% | 0.95% | 0.97% | (0.19)% | (0.21)% | 25% | $6859912 |
| 2021 | $41.94 | (0.18) | 18.03 | 17.85 |  | (1.56) | (1.56) | $58.23 | 43.66% | 0.96% | 0.96% | (0.36)% | (0.36)% | 21% | $10186486 |
| **I Class** | **I Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $59.69 | (0.05) | 15.13 | 15.08 |  | (3.46) | (3.46) | $71.31 | 26.07% | 0.67% | 0.76% | (0.08)% | (0.17)% | 38% | $1944469 |
| 2024 | $45.36 | —<sup>(3)</sup> | 16.67 | 16.67 |  | (2.34) | (2.34) | $59.69 | 37.71% | 0.71% | 0.76% | (0.01)% | (0.06)% | 21% | $1810889 |
| 2023 | $38.35 | 0.07 | 7.71 | 7.78 | (0.05) | (0.72) | (0.77) | $45.36 | 20.72% | 0.73% | 0.77% | 0.17% | 0.13% | 20% | $1503056 |
| 2022 | $59.70 | —<sup>(3)</sup> | (15.03) | (15.03) |  | (6.32) | (6.32) | $38.35 | (28.14)% | 0.75% | 0.77% | 0.01% | (0.01)% | 25% | $1418404 |
| 2021 | $42.87 | (0.08) | 18.47 | 18.39 |  | (1.56) | (1.56) | $59.70 | 43.95% | 0.76% | 0.76% | (0.16)% | (0.16)% | 21% | $2061819 |
| **Y Class** | **Y Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $60.08 | 0.04 | 15.25 | 15.29 |  | (3.46) | (3.46) | $71.91 | 26.25% | 0.52% | 0.61% | 0.07% | (0.02)% | 38% | $52748 |
| 2024 | $45.58 | 0.06 | 16.78 | 16.84 |  | (2.34) | (2.34) | $60.08 | 37.91% | 0.56% | 0.61% | 0.14% | 0.09% | 21% | $33264 |
| 2023 | $38.53 | 0.15 | 7.73 | 7.88 | (0.11) | (0.72) | (0.83) | $45.58 | 20.91% | 0.58% | 0.62% | 0.32% | 0.28% | 20% | $10658 |
| 2022 | $59.86 | 0.07 | (15.08) | (15.01) |  | (6.32) | (6.32) | $38.53 | (28.02)% | 0.60% | 0.62% | 0.16% | 0.14% | 25% | $45448 |
| 2021 | $42.93 | (0.01) | 18.50 | 18.49 |  | (1.56) | (1.56) | $59.86 | 44.13% | 0.61% | 0.61% | (0.01)% | (0.01)% | 21% | $66916 |
| **A Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $54.32 | (0.29) | 13.68 | 13.39 |  | (3.46) | (3.46) | $64.25 | 25.50% | 1.12% | 1.21% | (0.53)% | (0.62)% | 38% | $200149 |
| 2024 | $41.64 | (0.24) | 15.26 | 15.02 |  | (2.34) | (2.34) | $54.32 | 37.10% | 1.16% | 1.21% | (0.46)% | (0.51)% | 21% | $175100 |
| 2023 | $35.37 | (0.11) | 7.10 | 6.99 |  | (0.72) | (0.72) | $41.64 | 20.18% | 1.18% | 1.22% | (0.28)% | (0.32)% | 20% | $122253 |
| 2022 | $55.78 | (0.19) | (13.90) | (14.09) |  | (6.32) | (6.32) | $35.37 | (28.46)% | 1.20% | 1.22% | (0.44)% | (0.46)% | 25% | $100332 |
| 2021 | $40.32 | (0.30) | 17.32 | 17.02 |  | (1.56) | (1.56) | $55.78 | 43.31% | 1.21% | 1.21% | (0.61)% | (0.61)% | 21% | $144743 |
| **C Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $47.73 | (0.62) | 11.91 | 11.29 |  | (3.46) | (3.46) | $55.56 | 24.57% | 1.87% | 1.96% | (1.28)% | (1.37)% | 38% | $15775 |
| 2024 | $37.10 | (0.55) | 13.52 | 12.97 |  | (2.34) | (2.34) | $47.73 | 36.06% | 1.91% | 1.96% | (1.21)% | (1.26)% | 21% | $13325 |
| 2023 | $31.83 | (0.36) | 6.35 | 5.99 |  | (0.72) | (0.72) | $37.10 | 19.27% | 1.93% | 1.97% | (1.03)% | (1.07)% | 20% | $9153 |
| 2022 | $51.16 | (0.46) | (12.55) | (13.01) |  | (6.32) | (6.32) | $31.83 | (28.97)% | 1.95% | 1.97% | (1.19)% | (1.21)% | 25% | $9097 |
| 2021 | $37.37 | (0.59) | 15.94 | 15.35 |  | (1.56) | (1.56) | $51.16 | 42.23% | 1.96% | 1.96% | (1.36)% | (1.36)% | 21% | $12674 |

---

------

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | |
| **Per-Share Data** | **Per-Share Data** | | | | | | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net Asset**<br>**Value,**<br>**Beginning**<br>**of Period** | **Net**<br>**Investment**<br>**Income**<br>**(Loss)**<sup>(1)</sup> | **Net**<br>**Realized**<br>**and**<br>**Unrealized**<br>**Gain (Loss)** | **Total From**<br>**Investment**<br>**Operations** | **Net**<br>**Investment**<br>**Income** | **Net**<br>**Realized**<br>**Gains** | **Total**<br>**Distributions** | **Net Asset**<br>**Value,**<br>**End**<br>**of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Operating<br>Expenses<br>(before<br>expense <br>waiver)** | **Net<br>Investment<br>Income<br>(Loss)** | **Net<br>Investment<br>Income<br>(Loss)<br>(before expense waiver)** | **Portfolio<br>Turnover<br>Rate** | **Net<br>Assets, <br>End of <br>Period <br>(in thousands)** |
| **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** |
| **R Class** | | | | | | | | | | | | | | | |
| 2025 | $51.45 | (0.41) | 12.92 | 12.51 |  | (3.46) | (3.46) | $60.50 | 25.20% | 1.37% | 1.46% | (0.78)% | (0.87)% | 38% | $99677 |
| 2024 | $39.64 | (0.34) | 14.49 | 14.15 |  | (2.34) | (2.34) | $51.45 | 36.76% | 1.41% | 1.46% | (0.71)% | (0.76)% | 21% | $94149 |
| 2023 | $33.80 | (0.20) | 6.76 | 6.56 |  | (0.72) | (0.72) | $39.64 | 19.84% | 1.43% | 1.47% | (0.53)% | (0.57)% | 20% | $74851 |
| 2022 | $53.69 | (0.29) | (13.28) | (13.57) |  | (6.32) | (6.32) | $33.80 | (28.62)% | 1.45% | 1.47% | (0.69)% | (0.71)% | 25% | $72437 |
| 2021 | $38.96 | (0.40) | 16.69 | 16.29 |  | (1.56) | (1.56) | $53.69 | 42.94% | 1.46% | 1.46% | (0.86)% | (0.86)% | 21% | $114022 |
| **R5 Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $59.76 | (0.05) | 15.15 | 15.10 |  | (3.46) | (3.46) | $71.40 | 26.07% | 0.67% | 0.76% | (0.08)% | (0.17)% | 38% | $6348 |
| 2024 | $45.41 | (0.02) | 16.71 | 16.69 |  | (2.34) | (2.34) | $59.76 | 37.72% | 0.71% | 0.76% | (0.01)% | (0.06)% | 21% | $5072 |
| 2023 | $38.40 | 0.07 | 7.71 | 7.78 | (0.05) | (0.72) | (0.77) | $45.41 | 20.70% | 0.73% | 0.77% | 0.17% | 0.13% | 20% | $2490 |
| 2022 | $59.76 | (0.01) | (15.03) | (15.04) |  | (6.32) | (6.32) | $38.40 | (28.12)% | 0.75% | 0.77% | 0.01% | (0.01)% | 25% | $2471 |
| 2021 | $42.91 | (0.09) | 18.50 | 18.41 |  | (1.56) | (1.56) | $59.76 | 43.96% | 0.76% | 0.76% | (0.16)% | (0.16)% | 21% | $4950 |
| **R6 Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $59.97 | 0.04 | 15.22 | 15.26 |  | (3.46) | (3.46) | $71.77 | 26.25% | 0.52% | 0.61% | 0.07% | (0.02)% | 38% | $1434338 |
| 2024 | $45.50 | 0.08 | 16.73 | 16.81 |  | (2.34) | (2.34) | $59.97 | 37.91% | 0.56% | 0.61% | 0.14% | 0.09% | 21% | $1431350 |
| 2023 | $38.47 | 0.13 | 7.73 | 7.86 | (0.11) | (0.72) | (0.83) | $45.50 | 20.89% | 0.58% | 0.62% | 0.32% | 0.28% | 20% | $1098477 |
| 2022 | $59.77 | 0.07 | (15.05) | (14.98) |  | (6.32) | (6.32) | $38.47 | (28.01)% | 0.60% | 0.62% | 0.16% | 0.14% | 25% | $879964 |
| 2021 | $42.86 | (0.01) | 18.48 | 18.47 |  | (1.56) | (1.56) | $59.77 | 44.15% | 0.61% | 0.61% | (0.01)% | (0.01)% | 21% | $876460 |
| **G Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $60.55 | 0.37 | 15.43 | 15.80 |  | (3.46) | (3.46) | $72.89 | 26.90% | 0.00% | 0.61% | 0.59% | (0.02)% | 38% | $1066929 |
| 2024 | $45.68 | 0.39 | 16.82 | 17.21 |  | (2.34) | (2.34) | $60.55 | 38.69% | 0.00% | 0.61% | 0.70% | 0.09% | 21% | $1627354 |
| 2023 | $38.62 | 0.39 | 7.72 | 8.11 | (0.33) | (0.72) | (1.05) | $45.68 | 21.60% | 0.00% | 0.62% | 0.90% | 0.28% | 20% | $1308464 |
| 2022<sup>(4)</sup> | $47.73 | 0.23 | (8.33) | (8.10) |  | (1.01) | (1.01) | $38.62 | (17.41)% | 0.00% | 0.62% | 0.82% | 0.20% | 25%<sup>(5)</sup> | $1252003 |

---

**Notes to Financial Highlights**

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

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

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

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

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

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

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

See Notes to Financial Statements.

------

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | | | |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | | | |
| | | **Income From Investment Operations\*:**  | **Income From Investment Operations\*:**  | **Income From Investment Operations\*:**  | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net Asset <br>Value, <br>Beginning <br>of Period** | **Net** <br>**Investment** <br>**Income** <br>**(Loss)**<sup>(1)</sup> | **Net <br>Realized <br>and <br>Unrealized <br>Gain (Loss)** | **Total From <br>Investment <br>Operations** | **Net <br>Realized <br>Gains** | **Tax Return<br>of<br>Capital** | **Total Distributions** | **Net Asset <br>Value, <br>End <br>of Period** | **Total** <br>**Return**<sup>(2)</sup> | **Operating <br>Expenses (before expense waiver)** | **Net <br>Investment <br>Income <br>(Loss)** | **Net <br>Investment <br>Income (Loss) (before <br>expense waiver)** | **Portfolio <br>Turnover <br>Rate** | **Net <br>Assets, <br>End of <br>Period (in thousands)** |
| **Heritage Fund** | **Heritage Fund** | **Heritage Fund** | **Heritage Fund** | **Heritage Fund** | **Heritage Fund** | **Heritage Fund** | **Heritage Fund** | **Heritage Fund** | **Heritage Fund** | **Heritage Fund** | **Heritage Fund** | **Heritage Fund** | **Heritage Fund** | **Heritage Fund** |
| **Investor Class** | **Investor Class** | | | | | | | | | | | | | |
| 2025 | $25.70 | (0.13) | 4.49 | 4.36 | (3.70) |  | (3.70) | $26.36 | 17.77% | 1.00% | (0.50)% | (0.50)% | 62% | $4431395 |
| 2024 | $18.42 | (0.11) | 7.56 | 7.45 | (0.17) |  | (0.17) | $25.70 | 40.52% | 1.00% | (0.46)% | (0.46)% | 66% | $4062044 |
| 2023 | $18.42 | (0.08) | 0.08 |  |  |  |  | $18.42 | 0.11% | 1.00% | (0.41)% | (0.41)% | 51% | $3168263 |
| 2022 | $30.00 | (0.13) | (8.19) | (8.32) | (3.12) | (0.14) | (3.26) | $18.42 | (30.66)% | 1.01% | (0.62)% | (0.62)% | 47% | $3369474 |
| 2021 | $24.38 | (0.18) | 9.35 | 9.17 | (3.55) |  | (3.55) | $30.00 | 40.54% | 1.00% | (0.66)% | (0.66)% | 44% | $5307249 |
| **I Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $29.06 | (0.09) | 5.11 | 5.02 | (3.70) |  | (3.70) | $30.38 | 18.02% | 0.80% | (0.30)% | (0.30)% | 62% | $321138 |
| 2024 | $20.77 | (0.07) | 8.53 | 8.46 | (0.17) |  | (0.17) | $29.06 | 40.75% | 0.80% | (0.26)% | (0.26)% | 66% | $245373 |
| 2023 | $20.73 | (0.05) | 0.09 | 0.04 |  |  |  | $20.77 | 0.29% | 0.80% | (0.21)% | (0.21)% | 51% | $203612 |
| 2022 | $33.26 | (0.10) | (9.17) | (9.27) | (3.12) | (0.14) | (3.26) | $20.73 | (30.49)% | 0.81% | (0.42)% | (0.42)% | 47% | $231708 |
| 2021 | $26.66 | (0.14) | 10.29 | 10.15 | (3.55) |  | (3.55) | $33.26 | 40.78% | 0.80% | (0.46)% | (0.46)% | 44% | $413523 |
| **Y Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $29.86 | (0.05) | 5.25 | 5.20 | (3.70) |  | (3.70) | $31.36 | 18.19% | 0.65% | (0.15)% | (0.15)% | 62% | $97543 |
| 2024 | $21.30 | (0.03) | 8.76 | 8.73 | (0.17) |  | (0.17) | $29.86 | 41.01% | 0.65% | (0.11)% | (0.11)% | 66% | $99672 |
| 2023 | $21.23 | (0.01) | 0.08 | 0.07 |  |  |  | $21.30 | 0.42% | 0.65% | (0.06)% | (0.06)% | 51% | $68371 |
| 2022 | $33.93 | (0.07) | (9.37) | (9.44) | (3.12) | (0.14) | (3.26) | $21.23 | (30.38)% | 0.66% | (0.27)% | (0.27)% | 47% | $62416 |
| 2021 | $27.10 | (0.10) | 10.48 | 10.38 | (3.55) |  | (3.55) | $33.93 | 40.98% | 0.65% | (0.31)% | (0.31)% | 44% | $85720 |
| **A Class** | **A Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $21.75 | (0.16) | 3.76 | 3.60 | (3.70) |  | (3.70) | $21.65 | 17.52% | 1.25% | (0.75)% | (0.75)% | 62% | $241153 |
| 2024 | $15.65 | (0.14) | 6.41 | 6.27 | (0.17) |  | (0.17) | $21.75 | 40.09% | 1.25% | (0.71)% | (0.71)% | 66% | $230325 |
| 2023 | $15.69 | (0.11) | 0.07 | (0.04) |  |  |  | $15.65 | (0.13)% | 1.25% | (0.66)% | (0.66)% | 51% | $194096 |
| 2022 | $26.11 | (0.16) | (7.00) | (7.16) | (3.12) | (0.14) | (3.26) | $15.69 | (30.80)% | 1.26% | (0.87)% | (0.87)% | 47% | $218573 |
| 2021 | $21.67 | (0.22) | 8.21 | 7.99 | (3.55) |  | (3.55) | $26.11 | 40.12% | 1.25% | (0.91)% | (0.91)% | 44% | $364852 |
| **C Class** | **C Class** | **C Class** | **C Class** | **C Class** | **C Class** | **C Class** | **C Class** | **C Class** | **C Class** | **C Class** | **C Class** | **C Class** | **C Class** | **C Class** |
| 2025 | $12.58 | (0.16) | 2.07 | 1.91 | (3.70) |  | (3.70) | $10.79 | 16.56% | 2.00% | (1.50)% | (1.50)% | 62% | $3292 |
| 2024 | $9.18 | (0.17) | 3.74 | 3.57 | (0.17) |  | (0.17) | $12.58 | 39.18% | 2.00% | (1.46)% | (1.46)% | 66% | $5325 |
| 2023 | $9.28 | (0.14) | 0.04 | (0.10) |  |  |  | $9.18 | (0.97)% | 2.00% | (1.41)% | (1.41)% | 51% | $6198 |
| 2022 | $16.95 | (0.18) | (4.23) | (4.41) | (3.12) | (0.14) | (3.26) | $9.28 | (31.31)% | 2.01% | (1.62)% | (1.62)% | 47% | $10289 |
| 2021 | $15.22 | (0.25) | 5.53 | 5.28 | (3.55) |  | (3.55) | $16.95 | 39.13% | 2.00% | (1.66)% | (1.66)% | 44% | $21836 |

---

------

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | | | |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | | | |
| | | **Income From Investment Operations\*:**  | **Income From Investment Operations\*:**  | **Income From Investment Operations\*:**  | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net Asset <br>Value, <br>Beginning <br>of Period** | **Net** <br>**Investment** <br>**Income** <br>**(Loss)**<sup>(1)</sup> | **Net <br>Realized <br>and <br>Unrealized <br>Gain (Loss)** | **Total From <br>Investment <br>Operations** | **Net <br>Realized <br>Gains** | **Tax Return<br>of<br>Capital** | **Total Distributions** | **Net Asset <br>Value, <br>End <br>of Period** | **Total** <br>**Return**<sup>(2)</sup> | **Operating <br>Expenses** | **Operating <br>Expenses (before expense waiver)** | **Net <br>Investment <br>Income <br>(Loss)** | **Net <br>Investment <br>Income (Loss) (before <br>expense waiver)** | **Portfolio <br>Turnover <br>Rate** | **Net <br>Assets, <br>End of <br>Period (in thousands)** |
| **Heritage Fund** | **Heritage Fund** | **Heritage Fund** | **Heritage Fund** | **Heritage Fund** | **Heritage Fund** | **Heritage Fund** | **Heritage Fund** | **Heritage Fund** | **Heritage Fund** | **Heritage Fund** | **Heritage Fund** | **Heritage Fund** | **Heritage Fund** | **Heritage Fund** | **Heritage Fund** |
| **R Class** | **R Class** | **R Class** | **R Class** | **R Class** | **R Class** | **R Class** | **R Class** | **R Class** | **R Class** | **R Class** | **R Class** | **R Class** | **R Class** | **R Class** | **R Class** |
| 2025 | $21.39 | (0.21) | 3.69 | 3.48 | (3.70) |  | (3.70) | $21.17 | 17.21% | 1.50% | 1.50% | (1.00)% | (1.00)% | 62% | $26744 |
| 2024 | $15.43 | (0.19) | 6.32 | 6.13 | (0.17) |  | (0.17) | $21.39 | 39.75% | 1.50% | 1.50% | (0.96)% | (0.96)% | 66% | $24925 |
| 2023 | $15.51 | (0.15) | 0.07 | (0.08) |  |  |  | $15.43 | (0.39)% | 1.50% | 1.50% | (0.91)% | (0.91)% | 51% | $19694 |
| 2022 | $25.91 | (0.20) | (6.94) | (7.14) | (3.12) | (0.14) | (3.26) | $15.51 | (30.98)% | 1.51% | 1.51% | (1.12)% | (1.12)% | 47% | $22855 |
| 2021 | $21.57 | (0.27) | 8.16 | 7.89 | (3.55) |  | (3.55) | $25.91 | 39.80% | 1.50% | 1.50% | (1.16)% | (1.16)% | 44% | $37753 |
| **R5 Class** | **R5 Class** | **R5 Class** | **R5 Class** | **R5 Class** | **R5 Class** | **R5 Class** | **R5 Class** | **R5 Class** | **R5 Class** | **R5 Class** | **R5 Class** | **R5 Class** | **R5 Class** | **R5 Class** | **R5 Class** |
| 2025 | $29.07 | (0.09) | 5.10 | 5.01 | (3.70) |  | (3.70) | $30.38 | 18.01% | 0.80% | 0.80% | (0.30)% | (0.30)% | 62% | $1650 |
| 2024 | $20.77 | (0.07) | 8.54 | 8.47 | (0.17) |  | (0.17) | $29.07 | 40.73% | 0.80% | 0.80% | (0.26)% | (0.26)% | 66% | $1182 |
| 2023 | $20.73 | (0.05) | 0.09 | 0.04 |  |  |  | $20.77 | 0.34% | 0.80% | 0.80% | (0.21)% | (0.21)% | 51% | $987 |
| 2022 | $33.26 | (0.11) | (9.16) | (9.27) | (3.12) | (0.14) | (3.26) | $20.73 | (30.50)% | 0.81% | 0.81% | (0.42)% | (0.42)% | 47% | $371 |
| 2021 | $26.66 | (0.14) | 10.29 | 10.15 | (3.55) |  | (3.55) | $33.26 | 40.78% | 0.80% | 0.80% | (0.46)% | (0.46)% | 44% | $973 |
| **R6 Class** | **R6 Class** | **R6 Class** | **R6 Class** | **R6 Class** | **R6 Class** | **R6 Class** | **R6 Class** | **R6 Class** | **R6 Class** | **R6 Class** | **R6 Class** | **R6 Class** | **R6 Class** | **R6 Class** | **R6 Class** |
| 2025 | $29.85 | (0.05) | 5.26 | 5.21 | (3.70) |  | (3.70) | $31.36 | 18.19% | 0.65% | 0.65% | (0.15)% | (0.15)% | 62% | $310021 |
| 2024 | $21.30 | (0.03) | 8.75 | 8.72 | (0.17) |  | (0.17) | $29.85 | 41.01% | 0.65% | 0.65% | (0.11)% | (0.11)% | 66% | $189373 |
| 2023 | $21.23 | (0.01) | 0.08 | 0.07 |  |  |  | $21.30 | 0.42% | 0.65% | 0.65% | (0.06)% | (0.06)% | 51% | $154171 |
| 2022 | $33.93 | (0.07) | (9.37) | (9.44) | (3.12) | (0.14) | (3.26) | $21.23 | (30.38)% | 0.66% | 0.66% | (0.27)% | (0.27)% | 47% | $154825 |
| 2021 | $27.10 | (0.09) | 10.47 | 10.38 | (3.55) |  | (3.55) | $33.93 | 40.98% | 0.65% | 0.65% | (0.31)% | (0.31)% | 44% | $194829 |
| **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** |
| 2025 | $30.37 | 0.15 | 5.36 | 5.51 | (3.70) |  | (3.70) | $32.18 | 18.98% | 0.00% | 0.65% | 0.50% | (0.15)% | 62% | $692821 |
| 2024 | $21.52 | 0.15 | 8.87 | 9.02 | (0.17) |  | (0.17) | $30.37 | 41.87% | 0.00% | 0.65% | 0.54% | (0.11)% | 66% | $1020668 |
| 2023 | $21.31 | 0.13 | 0.08 | 0.21 |  |  |  | $21.52 | 1.13% | 0.00% | 0.65% | 0.59% | (0.06)% | 51% | $962297 |
| 2022<sup>(3)</sup> | $24.55 | 0.06 | (3.12) | (3.06) | (0.04) | (0.14) | (0.18) | $21.31 | (12.57)% | 0.01% | 0.66% | 0.43% | (0.22)% | 47%<sup>(4)</sup> | $935941 |

---

**Notes to Financial Highlights**

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

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

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

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

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

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

See Notes to Financial Statements.

------

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | | | |
| **Per-Share Data** | **Per-Share Data** | | | | | | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net Asset<br>Value,<br>Beginning<br>of Period** | **Net**<br>**Investment**<br>**Income**<br>**(Loss)**<sup>(1)</sup> | **Net<br>Realized<br>and<br>Unrealized<br>Gain (Loss)** | **Total From<br>Investment<br>Operations** | **Net<br>Investment<br>Income** | **Net <br>Realized<br>Gains** | **Total <br>Distributions** | **Net Asset<br>Value,<br>End<br>of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Operating<br>Expenses<br>(before<br>expense<br>waiver)** | **Net <br>Investment <br>Income <br>(Loss) <br>(before <br>expense <br>waiver)** | **Portfolio<br>Turnover<br>Rate** | **Net<br>Assets,<br>End of<br>Period<br>(in thousands)** |
| **Large Cap Equity Fund** | **Large Cap Equity Fund** | **Large Cap Equity Fund** | **Large Cap Equity Fund** | **Large Cap Equity Fund** | **Large Cap Equity Fund** | **Large Cap Equity Fund** | **Large Cap Equity Fund** | **Large Cap Equity Fund** | **Large Cap Equity Fund** | **Large Cap Equity Fund** | **Large Cap Equity Fund** | **Large Cap Equity Fund** | **Large Cap Equity Fund** | **Large Cap Equity Fund** |
| **Investor Class** | **Investor Class** | | | | | | | | | | | | | |
| 2025 | $54.85 | 0.21 | 7.47 | 7.68 | (0.31) | (3.22) | (3.53) | $59.00 | 14.53% | 0.79% | 0.79% | 0.41% | 44% | $932805 |
| 2024 | $42.14 | 0.33 | 13.21 | 13.54 | (0.41) | (0.42) | (0.83) | $54.85 | 32.47% | 0.79% | 0.79% | 0.64% | 21% | $926057 |
| 2023 | $38.81 | 0.36 | 3.21 | 3.57 | (0.21) | (0.03) | (0.24) | $42.14 | 9.26% | 0.79% | 0.79% | 0.87% | 21% | $785687 |
| 2022 | $48.06 | 0.26 | (8.36) | (8.10) | (0.19) | (0.96) | (1.15) | $38.81 | (17.29)% | 0.79% | 0.79% | 0.62% | 15% | $624266 |
| 2021 | $33.63 | 0.19 | 14.40 | 14.59 | (0.16) |  | (0.16) | $48.06 | 43.50% | 0.79% | 0.79% | 0.46% | 18% | $835453 |
| **I Class** | **I Class** | **I Class** |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $55.06 | 0.32 | 7.50 | 7.82 | (0.43) | (3.22) | (3.65) | $59.23 | 14.73% | 0.59% | 0.59% | 0.61% | 44% | $418221 |
| 2024 | $42.29 | 0.43 | 13.27 | 13.70 | (0.51) | (0.42) | (0.93) | $55.06 | 32.76% | 0.59% | 0.59% | 0.84% | 21% | $429868 |
| 2023 | $38.95 | 0.45 | 3.21 | 3.66 | (0.29) | (0.03) | (0.32) | $42.29 | 9.46% | 0.59% | 0.59% | 1.07% | 21% | $400916 |
| 2022 | $48.23 | 0.35 | (8.38) | (8.03) | (0.29) | (0.96) | (1.25) | $38.95 | (17.13)% | 0.59% | 0.59% | 0.82% | 15% | $401398 |
| 2021 | $33.75 | 0.27 | 14.44 | 14.71 | (0.23) |  | (0.23) | $48.23 | 43.78% | 0.59% | 0.59% | 0.66% | 18% | $469840 |
| **Y Class** | **Y Class** | **Y Class** |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $55.16 | 0.41 | 7.51 | 7.92 | (0.51) | (3.22) | (3.73) | $59.35 | 14.92% | 0.44% | 0.44% | 0.76% | 44% | $21238 |
| 2024 | $42.37 | 0.51 | 13.28 | 13.79 | (0.58) | (0.42) | (1.00) | $55.16 | 32.95% | 0.44% | 0.44% | 0.99% | 21% | $25041 |
| 2023 | $39.02 | 0.51 | 3.22 | 3.73 | (0.35) | (0.03) | (0.38) | $42.37 | 9.63% | 0.44% | 0.44% | 1.22% | 21% | $22099 |
| 2022 | $48.32 | 0.42 | (8.40) | (7.98) | (0.36) | (0.96) | (1.32) | $39.02 | (17.01)% | 0.44% | 0.44% | 0.97% | 15% | $18949 |
| 2021 | $33.81 | 0.34 | 14.46 | 14.80 | (0.29) |  | (0.29) | $48.32 | 44.01% | 0.44% | 0.44% | 0.81% | 18% | $18939 |
| **A Class** | **A Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $54.51 | 0.08 | 7.41 | 7.49 | (0.16) | (3.22) | (3.38) | $58.62 | 14.22% | 1.04% | 1.04% | 0.16% | 44% | $113752 |
| 2024 | $41.87 | 0.19 | 13.16 | 13.35 | (0.29) | (0.42) | (0.71) | $54.51 | 32.18% | 1.04% | 1.04% | 0.39% | 21% | $112646 |
| 2023 | $38.57 | 0.26 | 3.19 | 3.45 | (0.12) | (0.03) | (0.15) | $41.87 | 8.96% | 1.04% | 1.04% | 0.62% | 21% | $88136 |
| 2022 | $47.77 | 0.16 | (8.33) | (8.17) | (0.07) | (0.96) | (1.03) | $38.57 | (17.50)% | 1.04% | 1.04% | 0.37% | 15% | $83808 |
| 2021 | $33.43 | 0.08 | 14.32 | 14.40 | (0.06) |  | (0.06) | $47.77 | 43.13% | 1.04% | 1.04% | 0.21% | 18% | $97032 |
| **C Class** | **C Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $51.79 | (0.30) | 7.00 | 6.70 |  | (3.22) | (3.22) | $55.27 | 13.37% | 1.79% | 1.79% | (0.59)% | 44% | $7188 |
| 2024 | $39.85 | (0.17) | 12.53 | 12.36 |  | (0.42) | (0.42) | $51.79 | 31.19% | 1.79% | 1.79% | (0.36)% | 21% | $9613 |
| 2023 | $36.88 | (0.05) | 3.05 | 3.00 |  | (0.03) | (0.03) | $39.85 | 8.14% | 1.79% | 1.79% | (0.13)% | 21% | $9665 |
| 2022 | $45.99 | (0.16) | (7.99) | (8.15) |  | (0.96) | (0.96) | $36.88 | (18.12)% | 1.79% | 1.79% | (0.38)% | 15% | $10636 |
| 2021 | $32.37 | (0.22) | 13.84 | 13.62 |  |  |  | $45.99 | 42.08% | 1.79% | 1.79% | (0.54)% | 18% | $14427 |

---

------

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | | | | |
| **Per-Share Data** | **Per-Share Data** | | | | | | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net Asset<br>Value,<br>Beginning<br>of Period** | **Net**<br>**Investment**<br>**Income**<br>**(Loss)**<sup>(1)</sup> | **Net<br>Realized<br>and<br>Unrealized<br>Gain (Loss)** | **Total From<br>Investment<br>Operations** | **Net<br>Investment<br>Income** | **Net <br>Realized<br>Gains** | **Total <br>Distributions** | **Net Asset<br>Value,<br>End<br>of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Operating<br>Expenses<br>(before<br>expense<br>waiver)** | **Net<br>Investment<br>Income<br>(Loss)** | **Net <br>Investment <br>Income <br>(Loss) <br>(before <br>expense <br>waiver)** | **Portfolio<br>Turnover<br>Rate** | **Net<br>Assets,<br>End of<br>Period<br>(in thousands)** |
| **Large Cap Equity Fund** | **Large Cap Equity Fund** | **Large Cap Equity Fund** | **Large Cap Equity Fund** | **Large Cap Equity Fund** | **Large Cap Equity Fund** | **Large Cap Equity Fund** | **Large Cap Equity Fund** | **Large Cap Equity Fund** | **Large Cap Equity Fund** | **Large Cap Equity Fund** | **Large Cap Equity Fund** | **Large Cap Equity Fund** | **Large Cap Equity Fund** | **Large Cap Equity Fund** | **Large Cap Equity Fund** |
| **R Class** | **R Class** | | | | | | | | | | | | | | |
| 2025 | $53.93 | (0.06) | 7.34 | 7.28 | (0.02) | (3.22) | (3.24) | $57.97 | 13.96% | 1.29% | 1.29% | (0.09)% | (0.09)% | 44% | $19624 |
| 2024 | $41.44 | 0.07 | 13.01 | 13.08 | (0.17) | (0.42) | (0.59) | $53.93 | 31.81% | 1.29% | 1.29% | 0.14% | 0.14% | 21% | $18578 |
| 2023 | $38.17 | 0.15 | 3.17 | 3.32 | (0.02) | (0.03) | (0.05) | $41.44 | 8.71% | 1.29% | 1.29% | 0.37% | 0.37% | 21% | $14574 |
| 2022 | $47.33 | 0.05 | (8.25) | (8.20) |  | (0.96) | (0.96) | $38.17 | (17.71)% | 1.29% | 1.29% | 0.12% | 0.12% | 15% | $15124 |
| 2021 | $33.15 | (0.02) | 14.20 | 14.18 |  |  |  | $47.33 | 42.78% | 1.29% | 1.29% | (0.04)% | (0.04)% | 18% | $18044 |
| **R5 Class** | **R5 Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $55.09 | 0.32 | 7.51 | 7.83 | (0.43) | (3.22) | (3.65) | $59.27 | 14.74% | 0.59% | 0.59% | 0.61% | 0.61% | 44% | $7556 |
| 2024 | $42.31 | 0.42 | 13.29 | 13.71 | (0.51) | (0.42) | (0.93) | $55.09 | 32.77% | 0.59% | 0.59% | 0.84% | 0.84% | 21% | $7038 |
| 2023 | $38.97 | 0.46 | 3.20 | 3.66 | (0.29) | (0.03) | (0.32) | $42.31 | 9.46% | 0.59% | 0.59% | 1.07% | 1.07% | 21% | $5157 |
| 2022 | $48.26 | 0.35 | (8.39) | (8.04) | (0.29) | (0.96) | (1.25) | $38.97 | (17.14)% | 0.59% | 0.59% | 0.82% | 0.82% | 15% | $6068 |
| 2021 | $33.77 | 0.27 | 14.45 | 14.72 | (0.23) |  | (0.23) | $48.26 | 43.78% | 0.59% | 0.59% | 0.66% | 0.66% | 18% | $5819 |
| **R6 Class** | **R6 Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $55.22 | 0.40 | 7.52 | 7.92 | (0.51) | (3.22) | (3.73) | $59.41 | 14.93% | 0.44% | 0.44% | 0.76% | 0.76% | 44% | $89664 |
| 2024 | $42.41 | 0.50 | 13.31 | 13.81 | (0.58) | (0.42) | (1.00) | $55.22 | 32.97% | 0.44% | 0.44% | 0.99% | 0.99% | 21% | $93873 |
| 2023 | $39.06 | 0.51 | 3.22 | 3.73 | (0.35) | (0.03) | (0.38) | $42.41 | 9.62% | 0.44% | 0.44% | 1.22% | 1.22% | 21% | $71865 |
| 2022 | $48.37 | 0.42 | (8.41) | (7.99) | (0.36) | (0.96) | (1.32) | $39.06 | (17.02)% | 0.44% | 0.44% | 0.97% | 0.97% | 15% | $58804 |
| 2021 | $33.84 | 0.32 | 14.50 | 14.82 | (0.29) |  | (0.29) | $48.37 | 44.03% | 0.44% | 0.44% | 0.81% | 0.81% | 18% | $46681 |
| **G Class** | **G Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $55.44 | 0.65 | 7.54 | 8.19 | (0.77) | (3.22) | (3.99) | $59.64 | 15.42% | 0.00% | 0.44% | 1.20% | 0.76% | 44% | $1794711 |
| 2024 | $42.58 | 0.74 | 13.33 | 14.07 | (0.79) | (0.42) | (1.21) | $55.44 | 33.54% | 0.00% | 0.44% | 1.43% | 0.99% | 21% | $2794901 |
| 2023 | $39.21 | 0.70 | 3.22 | 3.92 | (0.52) | (0.03) | (0.55) | $42.58 | 10.12% | 0.00% | 0.44% | 1.66% | 1.22% | 21% | $2748223 |
| 2022 | $48.54 | 0.60 | (8.40) | (7.80) | (0.57) | (0.96) | (1.53) | $39.21 | (16.63)% | 0.00% | 0.44% | 1.41% | 0.97% | 15% | $1802038 |
| 2021 | $33.97 | 0.53 | 14.49 | 15.02 | (0.45) |  | (0.45) | $48.54 | 44.61% | 0.00% | 0.44% | 1.25% | 0.81% | 18% | $2360362 |

---

**Notes to Financial Highlights**

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

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

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

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

See Notes to Financial Statements.

------

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | | | | |
| **Per-Share Data** | **Per-Share Data** | | | | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net Asset<br>Value,<br>Beginning<br>of Period** | **Net**<br>**Investment**<br>**Income**<br>**(Loss)**<sup>(1)</sup> | **Net<br>Realized<br>and<br>Unrealized<br>Gain (Loss)** | **Total From<br>Investment<br>Operations** | **Distributions<br>From Net<br>Realized<br>Gains** | **Net Asset<br>Value,<br>End<br>of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Operating<br>Expenses<br>(before<br>expense<br>waiver)** | **Net<br>Investment<br>Income<br>(Loss)** | **Net<br>Investment<br>Income<br>(Loss)<br>(before<br>expense<br>waiver)** | **Portfolio<br>Turnover<br>Rate** | **Net<br>Assets,<br>End of<br>Period<br>(in<br>thousands)** |
| **Select Fund** | **Select Fund** | **Select Fund** | **Select Fund** | **Select Fund** | **Select Fund** | **Select Fund** | **Select Fund** | **Select Fund** | **Select Fund** | **Select Fund** | **Select Fund** | **Select Fund** | **Select Fund** |
| **Investor Class** | **Investor Class** | | | | | | | | | | | | |
| 2025 | $119.63 | (0.48) | 29.74 | 29.26 | (4.47) | $144.42 | 24.98% | 0.90% | 0.98% | (0.38)% | (0.46)% | 22% | $5664163 |
| 2024 | $92.03 | (0.36) | 33.18 | 32.82 | (5.22) | $119.63 | 36.74% | 0.92% | 0.98% | (0.33)% | (0.39)% | 18% | $4868303 |
| 2023 | $87.50 | (0.09) | 12.42 | 12.33 | (7.80) | $92.03 | 15.85% | 0.94% | 0.99% | (0.11)% | (0.16)% | 14% | $3741138 |
| 2022 | $124.12 | (0.28) | (26.71) | (26.99) | (9.63) | $87.50 | (23.66)% | 0.96% | 1.00% | (0.28)% | (0.32)% | 15% | $3417398 |
| 2021 | $93.93 | (0.40) | 36.91 | 36.51 | (6.32) | $124.12 | 40.63% | 0.97% | 0.99% | (0.37)% | (0.39)% | 11% | $4770672 |
| **I Class** | **I Class** | **I Class** |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $124.24 | (0.24) | 30.95 | 30.71 | (4.47) | $150.48 | 25.23% | 0.70% | 0.78% | (0.18)% | (0.26)% | 22% | $233568 |
| 2024 | $95.21 | (0.15) | 34.40 | 34.25 | (5.22) | $124.24 | 37.03% | 0.72% | 0.78% | (0.13)% | (0.19)% | 18% | $196670 |
| 2023 | $90.09 | 0.08 | 12.84 | 12.92 | (7.80) | $95.21 | 16.07% | 0.74% | 0.79% | 0.09% | 0.04% | 14% | $146335 |
| 2022 | $127.27 | (0.08) | (27.47) | (27.55) | (9.63) | $90.09 | (23.51)% | 0.76% | 0.80% | (0.08)% | (0.12)% | 15% | $120051 |
| 2021 | $95.99 | (0.19) | 37.79 | 37.60 | (6.32) | $127.27 | 40.90% | 0.77% | 0.79% | (0.17)% | (0.19)% | 11% | $156502 |
| **Y Class** | **Y Class** | **Y Class** |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $125.58 | (0.05) | 31.33 | 31.28 | (4.47) | $152.39 | 25.42% | 0.55% | 0.63% | (0.03)% | (0.11)% | 22% | $166112 |
| 2024 | $96.05 | 0.02 | 34.73 | 34.75 | (5.22) | $125.58 | 37.23% | 0.57% | 0.63% | 0.02% | (0.04)% | 18% | $139668 |
| 2023 | $90.69 | 0.22 | 12.94 | 13.16 | (7.80) | $96.05 | 16.24% | 0.59% | 0.64% | 0.24% | 0.19% | 14% | $97252 |
| 2022 | $127.87 | 0.07 | (27.62) | (27.55) | (9.63) | $90.69 | (23.39)% | 0.61% | 0.65% | 0.07% | 0.03% | 15% | $68908 |
| 2021 | $96.28 | (0.03) | 37.94 | 37.91 | (6.32) | $127.87 | 41.11% | 0.62% | 0.64% | (0.02)% | (0.04)% | 11% | $103669 |
| **A Class** | **A Class** |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $113.64 | (0.74) | 28.16 | 27.42 | (4.47) | $136.59 | 24.67% | 1.15% | 1.23% | (0.63)% | (0.71)% | 22% | $90204 |
| 2024 | $87.85 | (0.61) | 31.62 | 31.01 | (5.22) | $113.64 | 36.42% | 1.17% | 1.23% | (0.58)% | (0.64)% | 18% | $83620 |
| 2023 | $84.10 | (0.31) | 11.86 | 11.55 | (7.80) | $87.85 | 15.54% | 1.19% | 1.24% | (0.36)% | (0.41)% | 14% | $61961 |
| 2022 | $119.94 | (0.51) | (25.70) | (26.21) | (9.63) | $84.10 | (23.85)% | 1.21% | 1.25% | (0.53)% | (0.57)% | 15% | $51336 |
| 2021 | $91.18 | (0.65) | 35.73 | 35.08 | (6.32) | $119.94 | 40.26% | 1.22% | 1.24% | (0.62)% | (0.64)% | 11% | $72806 |
| **C Class** | **C Class** |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $90.33 | (1.27) | 22.12 | 20.85 | (4.47) | $106.71 | 23.73% | 1.90% | 1.98% | (1.38)% | (1.46)% | 22% | $2432 |
| 2024 | $71.26 | (1.11) | 25.40 | 24.29 | (5.22) | $90.33 | 35.41% | 1.92% | 1.98% | (1.33)% | (1.39)% | 18% | $2967 |
| 2023 | $70.21 | (0.76) | 9.61 | 8.85 | (7.80) | $71.26 | 14.69% | 1.94% | 1.99% | (1.11)% | (1.16)% | 14% | $2303 |
| 2022 | $102.40 | (1.05) | (21.51) | (22.56) | (9.63) | $70.21 | (24.42)% | 1.96% | 2.00% | (1.28)% | (1.32)% | 15% | $2598 |
| 2021 | $79.23 | (1.21) | 30.70 | 29.49 | (6.32) | $102.40 | 39.23% | 1.97% | 1.99% | (1.37)% | (1.39)% | 11% | $4151 |

---

------

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | | | | |
| **Per-Share Data** | **Per-Share Data** | | | | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net Asset<br>Value,<br>Beginning<br>of Period** | **Net**<br>**Investment**<br>**Income**<br>**(Loss)**<sup>(1)</sup> | **Net<br>Realized<br>and<br>Unrealized<br>Gain (Loss)** | **Total From<br>Investment<br>Operations** | **Distributions<br>From Net<br>Realized<br>Gains** | **Net Asset<br>Value,<br>End<br>of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Operating<br>Expenses<br>(before<br>expense<br>waiver)** | **Net<br>Investment<br>Income<br>(Loss)** | **Net<br>Investment<br>Income<br>(Loss)<br>(before<br>expense<br>waiver)** | **Portfolio<br>Turnover<br>Rate** | **Net<br>Assets,<br>End of<br>Period<br>(in<br>thousands)** |
| **Select Fund** | **Select Fund** | **Select Fund** | **Select Fund** | **Select Fund** | **Select Fund** | **Select Fund** | **Select Fund** | **Select Fund** | **Select Fund** | **Select Fund** | **Select Fund** | **Select Fund** | **Select Fund** |
| **R Class** | **R Class** | | | | | | | | | | | | |
| 2025 | $110.17 | (1.01) | 27.24 | 26.23 | (4.47) | $131.93 | 24.36% | 1.40% | 1.48% | (0.88)% | (0.96)% | 22% | $4740 |
| 2024 | $85.52 | (0.85) | 30.72 | 29.87 | (5.22) | $110.17 | 36.06% | 1.42% | 1.48% | (0.83)% | (0.89)% | 18% | $5013 |
| 2023 | $82.26 | (0.51) | 11.57 | 11.06 | (7.80) | $85.52 | 15.27% | 1.44% | 1.49% | (0.61)% | (0.66)% | 14% | $3512 |
| 2022 | $117.80 | (0.74) | (25.17) | (25.91) | (9.63) | $82.26 | (24.04)% | 1.46% | 1.50% | (0.78)% | (0.82)% | 15% | $3639 |
| 2021 | $89.86 | (0.90) | 35.16 | 34.26 | (6.32) | $117.80 | 39.92% | 1.47% | 1.49% | (0.87)% | (0.89)% | 11% | $4452 |
| **R5 Class** | **R5 Class** |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $124.25 | (0.25) | 30.96 | 30.71 | (4.47) | $150.49 | 25.24% | 0.70% | 0.78% | (0.18)% | (0.26)% | 22% | $20 |
| 2024 | $95.22 | (0.15) | 34.40 | 34.25 | (5.22) | $124.25 | 37.03% | 0.72% | 0.78% | (0.13)% | (0.19)% | 18% | $16 |
| 2023 | $90.09 | 0.09 | 12.84 | 12.93 | (7.80) | $95.22 | 16.08% | 0.74% | 0.79% | 0.09% | 0.04% | 14% | $12 |
| 2022 | $127.28 | (0.08) | (27.48) | (27.56) | (9.63) | $90.09 | (23.51)% | 0.76% | 0.80% | (0.08)% | (0.12)% | 15% | $10 |
| 2021 | $95.99 | (0.18) | 37.79 | 37.61 | (6.32) | $127.28 | 40.91% | 0.77% | 0.79% | (0.17)% | (0.19)% | 11% | $13 |
| **R6 Class** | **R6 Class** |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $125.38 | (0.05) | 31.27 | 31.22 | (4.47) | $152.13 | 25.42% | 0.55% | 0.63% | (0.03)% | (0.11)% | 22% | $124679 |
| 2024 | $95.90 | 0.02 | 34.68 | 34.70 | (5.22) | $125.38 | 37.24% | 0.57% | 0.63% | 0.02% | (0.04)% | 18% | $111568 |
| 2023 | $90.56 | 0.22 | 12.92 | 13.14 | (7.80) | $95.90 | 16.24% | 0.59% | 0.64% | 0.24% | 0.19% | 14% | $69647 |
| 2022 | $127.70 | 0.06 | (27.57) | (27.51) | (9.63) | $90.56 | (23.39)% | 0.61% | 0.65% | 0.07% | 0.03% | 15% | $59681 |
| 2021 | $96.16 | (0.02) | 37.88 | 37.86 | (6.32) | $127.70 | 41.11% | 0.62% | 0.64% | (0.02)% | (0.04)% | 11% | $6527 |
| **G Class** | **G Class** |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $126.09 | 0.68 | 31.58 | 32.26 | (4.47) | $153.88 | 26.12% | 0.00% | 0.63% | 0.52% | (0.11)% | 22% | $380501 |
| 2024<sup>(3)</sup> | $98.92 | 0.64 | 31.75 | 32.39 | (5.22) | $126.09 | 33.80% | 0.00% | 0.63% | 0.55% | (0.08)% | 18%<sup>(4)</sup> | $251933 |

---

**Notes to Financial Highlights**

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

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

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

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

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

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

See Notes to Financial Statements.

------

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | | | |
| **Per-Share Data** | **Per-Share Data** | | | | | | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net Asset<br>Value,<br>Beginning<br>of Period** | **Net**<br>**Investment**<br>**Income**<br>**(Loss)**<sup>(1)</sup> | **Net<br>Realized<br>and<br>Unrealized<br>Gain (Loss)** | **Total From<br>Investment<br>Operations** | **Net<br>Investment<br>Income** | **Net <br>Realized<br>Gains** | **Total <br>Distributions** | **Net Asset<br>Value,<br>End<br>of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating<br>Expenses<br>(before<br>expense<br>waiver)** | **Net Investment Income (Loss) <br>(before <br>expense <br>waiver)** | **Portfolio<br>Turnover<br>Rate** | **Net<br>Assets,<br>End of<br>Period<br>(in thousands)** |
| **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** |
| **Investor Class** | **Investor Class** | | | | | | | | | | | | |
| 2025 | $20.93 | (0.15) | 2.64 | 2.49 | (0.02) |  | (0.02) | $23.40 | 11.97% | 1.13% | (0.70)% | 90% | $1511914 |
| 2024 | $15.52 | (0.14) | 5.55 | 5.41 |  |  |  | $20.93 | 34.79% | 1.14% | (0.69)% | 83% | $1202283 |
| 2023 | $16.48 | (0.10) | (0.86) | (0.96) |  |  |  | $15.52 | (5.83)% | 1.17% | (0.59)% | 69% | $616512 |
| 2022 | $27.32 | (0.11) | (6.12) | (6.23) |  | (4.61) | (4.61) | $16.48 | (26.71)% | 1.17% | (0.61)% | 61% | $636149 |
| 2021 | $22.00 | (0.21) | 8.25 | 8.04 |  | (2.72) | (2.72) | $27.32 | 38.56% | 1.17% | (0.82)% | 96% | $716869 |
| **I Class** | **I Class** | **I Class** |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $22.04 | (0.11) | 2.78 | 2.67 | (0.07) |  | (0.07) | $24.64 | 12.17% | 0.93% | (0.50)% | 90% | $1117604 |
| 2024 | $16.31 | (0.10) | 5.83 | 5.73 |  |  |  | $22.04 | 35.07% | 0.94% | (0.49)% | 83% | $927508 |
| 2023 | $17.28 | (0.07) | (0.90) | (0.97) |  |  |  | $16.31 | (5.61)% | 0.97% | (0.39)% | 69% | $604489 |
| 2022 | $28.37 | (0.08) | (6.40) | (6.48) |  | (4.61) | (4.61) | $17.28 | (26.59)% | 0.97% | (0.41)% | 61% | $440618 |
| 2021 | $22.71 | (0.17) | 8.55 | 8.38 |  | (2.72) | (2.72) | $28.37 | 38.81% | 0.97% | (0.62)% | 96% | $464632 |
| **Y Class** | **Y Class** | **Y Class** |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $22.56 | (0.08) | 2.85 | 2.77 | (0.10) |  | (0.10) | $25.23 | 12.31% | 0.78% | (0.35)% | 90% | $152766 |
| 2024 | $16.68 | (0.07) | 5.95 | 5.88 |  |  |  | $22.56 | 35.25% | 0.79% | (0.34)% | 83% | $142339 |
| 2023 | $17.65 | (0.04) | (0.92) | (0.96) | (0.01) |  | (0.01) | $16.68 | (5.47)% | 0.82% | (0.24)% | 69% | $123007 |
| 2022 | $28.83 | (0.05) | (6.52) | (6.57) |  | (4.61) | (4.61) | $17.65 | (26.45)% | 0.82% | (0.26)% | 61% | $144975 |
| 2021 | $23.02 | (0.13) | 8.66 | 8.53 |  | (2.72) | (2.72) | $28.83 | 39.02% | 0.82% | (0.47)% | 96% | $202169 |
| **A Class** | **A Class** |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $19.43 | (0.19) | 2.45 | 2.26 |  |  |  | $21.69 | 11.63% | 1.38% | (0.95)% | 90% | $110440 |
| 2024 | $14.45 | (0.17) | 5.15 | 4.98 |  |  |  | $19.43 | 34.46% | 1.39% | (0.94)% | 83% | $108034 |
| 2023 | $15.38 | (0.13) | (0.80) | (0.93) |  |  |  | $14.45 | (6.05)% | 1.42% | (0.84)% | 69% | $89237 |
| 2022 | $25.87 | (0.15) | (5.73) | (5.88) |  | (4.61) | (4.61) | $15.38 | (26.89)% | 1.42% | (0.86)% | 61% | $91898 |
| 2021 | $21.00 | (0.26) | 7.85 | 7.59 |  | (2.72) | (2.72) | $25.87 | 38.22% | 1.42% | (1.07)% | 96% | $134367 |
| **C Class** | **C Class** |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $15.57 | (0.27) | 1.95 | 1.68 |  |  |  | $17.25 | 10.86% | 2.13% | (1.70)% | 90% | $45063 |
| 2024 | $11.66 | (0.25) | 4.16 | 3.91 |  |  |  | $15.57 | 33.45% | 2.14% | (1.69)% | 83% | $30646 |
| 2023 | $12.50 | (0.20) | (0.64) | (0.84) |  |  |  | $11.66 | (6.79)% | 2.17% | (1.59)% | 69% | $12981 |
| 2022 | $22.08 | (0.23) | (4.74) | (4.97) |  | (4.61) | (4.61) | $12.50 | (27.44)% | 2.17% | (1.61)% | 61% | $8889 |
| 2021 | $18.38 | (0.38) | 6.80 | 6.42 |  | (2.72) | (2.72) | $22.08 | 37.19% | 2.17% | (1.82)% | 96% | $10587 |

---

------

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | | | | |
| **Per-Share Data** | **Per-Share Data** | | | | | | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net Asset<br>Value,<br>Beginning<br>of Period** | **Net**<br>**Investment**<br>**Income**<br>**(Loss)**<sup>(1)</sup> | **Net<br>Realized<br>and<br>Unrealized<br>Gain (Loss)** | **Total From<br>Investment<br>Operations** | **Net<br>Investment<br>Income** | **Net <br>Realized<br>Gains** | **Total <br>Distributions** | **Net Asset<br>Value,<br>End<br>of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Operating<br>Expenses<br>(before<br>expense<br>waiver)** | **Net<br>Investment<br>Income<br>(Loss)** | **Net Investment Income (Loss) <br>(before <br>expense <br>waiver)** | **Portfolio<br>Turnover<br>Rate** | **Net<br>Assets,<br>End of<br>Period<br>(in thousands)** |
| **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** |
| **R Class** | **R Class** | | | | | | | | | | | | | | |
| 2025 | $18.33 | (0.23) | 2.32 | 2.09 |  |  |  | $20.42 | 11.40% | 1.63% | 1.63% | (1.20)% | (1.20)% | 90% | $21364 |
| 2024 | $13.67 | (0.20) | 4.86 | 4.66 |  |  |  | $18.33 | 34.09% | 1.64% | 1.64% | (1.19)% | (1.19)% | 83% | $17424 |
| 2023 | $14.58 | (0.16) | (0.75) | (0.91) |  |  |  | $13.67 | (6.24)% | 1.67% | 1.67% | (1.09)% | (1.09)% | 69% | $8798 |
| 2022 | $24.84 | (0.18) | (5.47) | (5.65) |  | (4.61) | (4.61) | $14.58 | (27.12)% | 1.67% | 1.67% | (1.11)% | (1.11)% | 61% | $9010 |
| 2021 | $20.30 | (0.31) | 7.57 | 7.26 |  | (2.72) | (2.72) | $24.84 | 37.88% | 1.67% | 1.67% | (1.32)% | (1.32)% | 96% | $12690 |
| **R5 Class** | **R5 Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $22.05 | (0.11) | 2.79 | 2.68 | (0.07) |  | (0.07) | $24.66 | 12.16% | 0.93% | 0.93% | (0.50)% | (0.50)% | 90% | $2482 |
| 2024 | $16.32 | (0.10) | 5.83 | 5.73 |  |  |  | $22.05 | 35.11% | 0.94% | 0.94% | (0.49)% | (0.49)% | 83% | $1482 |
| 2023 | $17.29 | (0.06) | (0.91) | (0.97) |  |  |  | $16.32 | (5.66)% | 0.97% | 0.97% | (0.39)% | (0.39)% | 69% | $735 |
| 2022 | $28.39 | (0.07) | (6.42) | (6.49) |  | (4.61) | (4.61) | $17.29 | (26.56)% | 0.97% | 0.97% | (0.41)% | (0.41)% | 61% | $2211 |
| 2021 | $22.73 | (0.18) | 8.56 | 8.38 |  | (2.72) | (2.72) | $28.39 | 38.84% | 0.97% | 0.97% | (0.62)% | (0.62)% | 96% | $6396 |
| **R6 Class** | **R6 Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $22.55 | (0.08) | 2.85 | 2.77 | (0.10) |  | (0.10) | $25.22 | 12.31% | 0.78% | 0.78% | (0.35)% | (0.35)% | 90% | $1649367 |
| 2024 | $16.67 | (0.07) | 5.95 | 5.88 |  |  |  | $22.55 | 35.27% | 0.79% | 0.79% | (0.34)% | (0.34)% | 83% | $1135667 |
| 2023 | $17.64 | (0.04) | (0.92) | (0.96) | (0.01) |  | (0.01) | $16.67 | (5.47)% | 0.82% | 0.82% | (0.24)% | (0.24)% | 69% | $695931 |
| 2022 | $28.82 | (0.05) | (6.52) | (6.57) |  | (4.61) | (4.61) | $17.64 | (26.46)% | 0.82% | 0.82% | (0.26)% | (0.26)% | 61% | $417197 |
| 2021 | $23.01 | (0.13) | 8.66 | 8.53 |  | (2.72) | (2.72) | $28.82 | 39.04% | 0.82% | 0.82% | (0.47)% | (0.47)% | 96% | $337132 |
| **G Class** | **G Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $23.63 | 0.11 | 2.98 | 3.09 | (0.28) |  | (0.28) | $26.44 | 13.19% | 0.00% | 0.78% | 0.43% | (0.35)% | 90% | $326401 |
| 2024 | $17.32 | 0.10 | 6.21 | 6.31 |  |  |  | $23.63 | 36.37% | 0.00% | 0.79% | 0.45% | (0.34)% | 83% | $485423 |
| 2023 | $18.32 | 0.11 | (0.98) | (0.87) | (0.13) |  | (0.13) | $17.32 | (4.74)% | 0.01% | 0.82% | 0.57% | (0.24)% | 69% | $288325 |
| 2022 | $29.53 | 0.11 | (6.71) | (6.60) |  | (4.61) | (4.61) | $18.32 | (25.84)% | 0.00% | 0.82% | 0.56% | (0.26)% | 61% | $296816 |
| 2021 | $23.35 | 0.10 | 8.80 | 8.90 |  | (2.72) | (2.72) | $29.53 | 40.15% | 0.00% | 0.82% | 0.35% | (0.47)% | 96% | $382140 |

---

**Notes to Financial Highlights**

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

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

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

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

See Notes to Financial Statements.

------

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | | | | | |
| **Per-Share Data** | **Per-Share Data** | | | | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net Asset<br>Value,<br>Beginning<br>of Period** | **Net**<br>**Investment**<br>**Income** <br>**(Loss)**<sup>(1)</sup> | **Net<br>Realized<br>and<br>Unrealized<br>Gain (Loss)** | **Total From<br>Investment<br>Operations** | **Distributions**<br>**From Net**<br>**Realized**<br>**Gains** | **Net Asset<br>Value,<br>End<br>of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Operating<br>Expenses<br>(before<br>expense<br>waiver)** | **Net<br>Investment<br>Income<br>(Loss)** | **Net<br>Investment<br>Income (Loss) (before expense waiver)** | **Portfolio<br>Turnover<br>Rate** | **Net<br>Assets,<br>End of<br>Period (in thousands)** |
| **Ultra Fund** | **Ultra Fund** | **Ultra Fund** | **Ultra Fund** | **Ultra Fund** | **Ultra Fund** | **Ultra Fund** | **Ultra Fund** | **Ultra Fund** | **Ultra Fund** | **Ultra Fund** | **Ultra Fund** | **Ultra Fund** | **Ultra Fund** |
| **Investor Class** | **Investor Class** | | | | | | | | | | | | |
| 2025 | $90.54 | (0.46) | 21.87 | 21.41 | (3.34) | $108.61 | 24.09% | 0.88% | 0.89% | (0.49)% | (0.50)% | 15% | $23834908 |
| 2024 | $67.54 | (0.36) | 27.90 | 27.54 | (4.54) | $90.54 | 42.20% | 0.91% | 0.92% | (0.44)% | (0.45)% | 7% | $20654750 |
| 2023 | $62.50 | (0.24) | 9.37 | 9.13 | (4.09) | $67.54 | 15.91% | 0.93% | 0.95% | (0.37)% | (0.39)% | 20% | $15289489 |
| 2022 | $93.37 | (0.30) | (24.63) | (24.93) | (5.94) | $62.50 | (28.50)% | 0.94% | 0.95% | (0.42)% | (0.43)% | 13% | $13781358 |
| 2021 | $66.38 | (0.38) | 29.49 | 29.11 | (2.12) | $93.37 | 44.70% | 0.95% | 0.95% | (0.47)% | (0.47)% | 8% | $20198765 |
| **I Class** | **I Class** | **I Class** |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $96.27 | (0.29) | 23.32 | 23.03 | (3.34) | $115.96 | 24.35% | 0.68% | 0.69% | (0.29)% | (0.30)% | 15% | $1131964 |
| 2024 | $71.43 | (0.20) | 29.58 | 29.38 | (4.54) | $96.27 | 42.49% | 0.71% | 0.72% | (0.24)% | (0.25)% | 7% | $1382591 |
| 2023 | $65.74 | (0.12) | 9.90 | 9.78 | (4.09) | $71.43 | 16.12% | 0.73% | 0.75% | (0.17)% | (0.19)% | 20% | $988431 |
| 2022 | $97.72 | (0.16) | (25.88) | (26.04) | (5.94) | $65.74 | (28.36)% | 0.74% | 0.75% | (0.22)% | (0.23)% | 13% | $727643 |
| 2021 | $69.25 | (0.23) | 30.82 | 30.59 | (2.12) | $97.72 | 45.00% | 0.75% | 0.75% | (0.27)% | (0.27)% | 8% | $841255 |
| **Y Class** | **Y Class** | **Y Class** |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $97.50 | (0.15) | 23.66 | 23.51 | (3.34) | $117.67 | 24.53% | 0.53% | 0.54% | (0.14)% | (0.15)% | 15% | $104365 |
| 2024 | $72.19 | (0.09) | 29.94 | 29.85 | (4.54) | $97.50 | 42.70% | 0.56% | 0.57% | (0.09)% | (0.10)% | 7% | $72282 |
| 2023 | $66.30 | (0.05) | 10.03 | 9.98 | (4.09) | $72.19 | 16.30% | 0.58% | 0.60% | (0.02)% | (0.04)% | 20% | $36238 |
| 2022 | $98.36 | (0.04) | (26.08) | (26.12) | (5.94) | $66.30 | (28.25)% | 0.59% | 0.60% | (0.07)% | (0.08)% | 13% | $3383 |
| 2021 | $69.59 | (0.11) | 31.00 | 30.89 | (2.12) | $98.36 | 45.21% | 0.60% | 0.60% | (0.12)% | (0.12)% | 8% | $3099 |
| **A Class** | **A Class** |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $83.50 | (0.64) | 20.11 | 19.47 | (3.34) | $99.63 | 23.78% | 1.13% | 1.14% | (0.74)% | (0.75)% | 15% | $431918 |
| 2024 | $62.74 | (0.53) | 25.83 | 25.30 | (4.54) | $83.50 | 41.84% | 1.16% | 1.17% | (0.69)% | (0.70)% | 7% | $340403 |
| 2023 | $58.50 | (0.38) | 8.71 | 8.33 | (4.09) | $62.74 | 15.61% | 1.18% | 1.20% | (0.62)% | (0.64)% | 20% | $223761 |
| 2022 | $87.98 | (0.46) | (23.08) | (23.54) | (5.94) | $58.50 | (28.69)% | 1.19% | 1.20% | (0.67)% | (0.68)% | 13% | $170819 |
| 2021 | $62.81 | (0.56) | 27.85 | 27.29 | (2.12) | $87.98 | 44.35% | 1.20% | 1.20% | (0.72)% | (0.72)% | 8% | $256161 |
| **C Class** | **C Class** |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $61.78 | (0.94) | 14.70 | 13.76 | (3.34) | $72.20 | 22.86% | 1.88% | 1.89% | (1.49)% | (1.50)% | 15% | $39926 |
| 2024 | $47.76 | (0.82) | 19.38 | 18.56 | (4.54) | $61.78 | 40.78% | 1.91% | 1.92% | (1.44)% | (1.45)% | 7% | $36762 |
| 2023 | $45.85 | (0.64) | 6.64 | 6.00 | (4.09) | $47.76 | 14.76% | 1.93% | 1.95% | (1.37)% | (1.39)% | 20% | $28610 |
| 2022 | $70.74 | (0.76) | (18.19) | (18.95) | (5.94) | $45.85 | (29.22)% | 1.94% | 1.95% | (1.42)% | (1.43)% | 13% | $25028 |
| 2021 | $51.23 | (0.91) | 22.54 | 21.63 | (2.12) | $70.74 | 43.28% | 1.95% | 1.95% | (1.47)% | (1.47)% | 8% | $34751 |

---

------

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | | | | | |
| **Per-Share Data** | **Per-Share Data** | | | | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net Asset<br>Value,<br>Beginning<br>of Period** | **Net**<br>**Investment**<br>**Income** <br>**(Loss)**<sup>(1)</sup> | **Net<br>Realized<br>and<br>Unrealized<br>Gain (Loss)** | **Total From<br>Investment<br>Operations** | **Distributions**<br>**From Net**<br>**Realized**<br>**Gains** | **Net Asset<br>Value,<br>End<br>of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Operating<br>Expenses<br>(before<br>expense<br>waiver)** | **Net<br>Investment<br>Income<br>(Loss)** | **Net<br>Investment<br>Income (Loss) (before expense waiver)** | **Portfolio<br>Turnover<br>Rate** | **Net<br>Assets,<br>End of<br>Period (in thousands)** |
| **Ultra Fund** | **Ultra Fund** | **Ultra Fund** | **Ultra Fund** | **Ultra Fund** | **Ultra Fund** | **Ultra Fund** | **Ultra Fund** | **Ultra Fund** | **Ultra Fund** | **Ultra Fund** | **Ultra Fund** | **Ultra Fund** | **Ultra Fund** |
| **R Class** | **R Class** | | | | | | | | | | | | |
| 2025 | $78.92 | (0.80) | 18.95 | 18.15 | (3.34) | $93.73 | 23.48% | 1.38% | 1.39% | (0.99)% | (1.00)% | 15% | $75986 |
| 2024 | $59.65 | (0.68) | 24.49 | 23.81 | (4.54) | $78.92 | 41.49% | 1.41% | 1.42% | (0.94)% | (0.95)% | 7% | $71738 |
| 2023 | $55.96 | (0.51) | 8.29 | 7.78 | (4.09) | $59.65 | 15.31% | 1.43% | 1.45% | (0.87)% | (0.89)% | 20% | $51020 |
| 2022 | $84.62 | (0.59) | (22.13) | (22.72) | (5.94) | $55.96 | (28.86)% | 1.44% | 1.45% | (0.92)% | (0.93)% | 13% | $38416 |
| 2021 | $60.62 | (0.72) | 26.84 | 26.12 | (2.12) | $84.62 | 44.00% | 1.45% | 1.45% | (0.97)% | (0.97)% | 8% | $41561 |
| **R5 Class** | **R5 Class** |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $96.36 | (0.29) | 23.33 | 23.04 | (3.34) | $116.06 | 24.34% | 0.68% | 0.69% | (0.29)% | (0.30)% | 15% | $50637 |
| 2024 | $71.49 | (0.21) | 29.62 | 29.41 | (4.54) | $96.36 | 42.50% | 0.71% | 0.72% | (0.24)% | (0.25)% | 7% | $57498 |
| 2023 | $65.79 | (0.11) | 9.90 | 9.79 | (4.09) | $71.49 | 16.13% | 0.73% | 0.75% | (0.17)% | (0.19)% | 20% | $36771 |
| 2022 | $97.78 | (0.12) | (25.93) | (26.05) | (5.94) | $65.79 | (28.35)% | 0.74% | 0.75% | (0.22)% | (0.23)% | 13% | $32996 |
| 2021 | $69.29 | (0.23) | 30.84 | 30.61 | (2.12) | $97.78 | 45.00% | 0.75% | 0.75% | (0.27)% | (0.27)% | 8% | $371 |
| **R6 Class** | **R6 Class** |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $97.37 | (0.14) | 23.61 | 23.47 | (3.34) | $117.50 | 24.52% | 0.53% | 0.54% | (0.14)% | (0.15)% | 15% | $2519367 |
| 2024 | $72.10 | (0.08) | 29.89 | 29.81 | (4.54) | $97.37 | 42.70% | 0.56% | 0.57% | (0.09)% | (0.10)% | 7% | $2412082 |
| 2023 | $66.21 | (0.02) | 10.00 | 9.98 | (4.09) | $72.10 | 16.32% | 0.58% | 0.60% | (0.02)% | (0.04)% | 20% | $1549990 |
| 2022 | $98.25 | (0.05) | (26.05) | (26.10) | (5.94) | $66.21 | (28.26)% | 0.59% | 0.60% | (0.07)% | (0.08)% | 13% | $881007 |
| 2021 | $69.51 | (0.11) | 30.97 | 30.86 | (2.12) | $98.25 | 45.22% | 0.60% | 0.60% | (0.12)% | (0.12)% | 8% | $800782 |
| **G Class** | **G Class** |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $100.83 | 0.41 | 24.56 | 24.97 | (3.34) | $122.46 | 25.20% | 0.00% | 0.54% | 0.39% | (0.15)% | 15% | $14991 |
| 2024 | $74.13 | 0.44 | 30.80 | 31.24 | (4.54) | $100.83 | 43.50% | 0.00% | 0.57% | 0.47% | (0.10)% | 7% | $12152 |
| 2023 | $67.60 | 0.36 | 10.26 | 10.62 | (4.09) | $74.13 | 16.98% | 0.00% | 0.60% | 0.56% | (0.04)% | 20% | $9750 |
| 2022 | $99.61 | 0.23 | (26.30) | (26.07) | (5.94) | $67.60 | (27.84)% | 0.00% | 0.60% | 0.52% | (0.08)% | 13% | $232 |
| 2021 | $70.04 | 0.42 | 31.27 | 31.69 | (2.12) | $99.61 | 46.08% | 0.00% | 0.60% | 0.48% | (0.12)% | 8% | $10 |

---

**Notes to Financial Highlights**

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

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

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

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

See Notes to Financial Statements.

------

Report of Independent Registered Public Accounting Firm

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

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

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Balanced Fund, Growth Fund, Large Cap Equity Fund (formerly Sustainable Equity Fund), Heritage Fund, Select Fund, Small Cap Growth Fund, and Ultra Fund (the "Funds"), each a series of American Century Mutual Funds, Inc., as of October 31, 2025, the related statements of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2025, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the 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 Funds' management. Our responsibility is to express an opinion on the Funds' financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Kansas City, Missouri

December 18, 2025

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

------

Approval of Management Agreement

At a meeting held on June 25, 2025, the Funds' Board of Directors (the "Board") unanimously approved the renewal of the management agreement pursuant to which American Century Investment Management, Inc. (the "Advisor") acts as the investment advisor for each Fund. Under the Investment Company Act of 1940 (the "Investment Company Act"), contracts for investment advisory services are required to be reviewed, evaluated, and approved by a majority of a fund's Directors, including a majority of the independent Directors.

Prior to its consideration of the renewal of the Funds' management agreement, the Directors requested and reviewed data and information compiled by the Advisor and certain independent consultants and data providers concerning each 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 over time.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

The Board held two 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 consultant and data providers, and the independent Directors' independent counsel in connection with the approval. They determined that the information was sufficient for them to evaluate the management agreement for the Funds. In connection with their review, the Directors did not identify any single factor as being all-important or controlling, and each Director may have attributed different levels of importance to different factors. In deciding to renew the management agreement, the Board based its decision on a number of factors, including without limitation the following:

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

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

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

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

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

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

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

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

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

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

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

------

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

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

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

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

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

**Investment Management Services.** The nature of the investment management services provided to each Fund is quite complex and allows Fund shareholders access to professional money management, instant diversification of their investments, the opportunity to easily diversify among asset classes by investing in or exchanging among various American Century Investments funds, and liquidity. In evaluating investment performance, the Board expects the Advisor to manage each Fund in accordance with its investment objectives and principal investment strategies. Further, the Directors recognize that the Advisor has an obligation to 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 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 each Fund, together with comparative information for appropriate benchmarks and/or peer groups of similarly-managed funds, over different time horizons. The Directors also review investment performance information from both the Advisor and an independent third party during the management agreement renewal process. If performance concerns are identified, the Board discusses with the Advisor the reasons for such results and any actions being taken to improve performance and may conduct special reviews until performance improves. The Board found the investment management services provided by the Advisor to each Fund to be satisfactory and consistent with the management agreement.

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

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

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

**Economies of Scale.** The Board also reviewed information provided by the Advisor regarding the possible existence of economies of scale in connection with the management of each Fund. The Board concluded that economies of scale are difficult to measure and predict with precision, especially on a fund-by-fund basis. The Board concluded that the Advisor is 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 each Fund pays the Advisor a single, all-inclusive (or unified) management fee for providing all services necessary for the management and operation of each Fund, other than brokerage and other transaction fees and expenses relating to acquisition and disposition of portfolio securities, acquired fund fees and expenses, taxes, interest, extraordinary expenses, fund litigation expenses, fees and expenses of the Funds' independent Directors (including their independent legal counsel), and expenses incurred in connection with the provision of shareholder services and distribution services under a plan adopted pursuant to Investment Company Act Rule 12b-1. Under 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 Funds and provides a direct incentive to minimize administrative inefficiencies. Part of the Board's analysis of fee levels involves reviewing certain evaluative data compiled by an independent provider comparing each Fund's unified fee to the total expense ratios of its peers. The

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Board concluded that the management fee paid by each Fund to the Advisor under the management agreement is reasonable in light of the services provided to the Fund.

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

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

**Collateral or "Fall-Out" Benefits Derived by the Advisor.** The Board considered the possible existence of collateral benefits the Advisor may receive as a result of its relationship with the Funds. 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 Funds. The Board noted that additional assets from other clients may offer the Advisor some benefit from increased leverage with prospective clients, 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 Funds, 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. Where applicable, assets of other client accounts are included with the assets of certain Funds to determine breakpoints in each such Fund's management fee schedule.

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

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

**Balanced Fund** - The Fund's performance was below its benchmark for the one-, three-, five-, and ten-year periods reviewed by the Board. In relation to industry peers, the Fund was above the median of its peer performance universe as identified by a third-party service provider for the ten-year period, at the median for the five-year period, and below the median for the one- and three-year periods. The Board discussed the Fund's performance with the Advisor, including steps being taken to address underperformance, and was satisfied with the efforts being undertaken by the Advisor. The unified fee charged to shareholders of the Fund was below the median of the total expense ratios of the Fund's peer expense universe. In addition, the Board reviewed the Fund's position relative to the narrower set of its expense group peers. 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.

**Growth Fund** - The Fund's performance was below its benchmark for the one-, three-, five-, and ten-year periods reviewed by the Board. In relation to industry peers, the Fund was above the median of its peer performance universe as identified by a third-party service provider for the ten-year period, and below the median for the one-, three-, and five-year periods. The Board discussed the Fund's performance with the Advisor, including steps being taken to address underperformance, and was satisfied with the efforts being undertaken by the Advisor. The unified fee charged to shareholders of the Fund was above the median of the total expense ratios of the Fund's peer expense 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 a temporary reduction of the Fund's annual unified management fee such that the Investor Class management fee not exceed 0.832% for at least one year beginning August 1, 2025. 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.

**Heritage Fund** - The Fund's performance was above its benchmark for the one-, five-, and ten-year periods and below its benchmark for the three-year period reviewed by the Board. In relation to industry peers, the Fund was above the median of its peer performance universe as identified by a third-party service provider for the one-, three-, five-, and ten-year periods. 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 also noted that economies of scale are shared with the Fund and its

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shareholders through management fee breakpoints that serve to reduce the effective management fee as the assets of the Fund grow.

**Large Cap Equity Fund** - The Fund's performance was below its benchmark for the one-, three-, five-, and ten-year periods reviewed by the Board. In relation to industry peers, the Fund was below the median of its peer performance universe as identified by a third-party service provider for the one-, three-, five-, and ten-year periods. The Board discussed the Fund's performance with the Advisor, including steps being taken to address underperformance, and was satisfied with the efforts being undertaken by the Advisor. The unified fee charged to shareholders of the Fund was below the median of the total expense ratios of the Fund's peer expense universe. In addition, the Board reviewed the Fund's position relative to the narrower set of its expense group peers. 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.

**Select Fund** - The Fund's performance was below its benchmark for the one-, three-, five-, and ten-year periods reviewed by the Board. In relation to industry peers, the Fund was above the median of its peer performance universe as identified by a third-party service provider for the ten-year period, and below the median for the one-, three-, and five-year periods. The Board discussed the Fund's performance with the Advisor, including steps being taken to address underperformance, and was satisfied with the efforts being undertaken by the Advisor. The unified fee charged to shareholders of the Fund was above the median of the total expense ratios of the Fund's peer expense 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 a temporary reduction of the Fund's annual unified management fee such that the Investor Class management fee not exceed 0.900% for at least one year beginning August 1, 2025. 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.

**Small Cap Growth Fund** - The Fund's performance was above its benchmark for the one-, three-, five-, and ten-year periods reviewed by the Board. In relation to industry peers, the Fund was above the median of its peer performance universe as identified by a third-party service provider for the one-, three-, five-, and ten-year periods. 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 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.

**Ultra Fund** - The Fund's performance was above its benchmark for the five- and ten-year periods and below its benchmark for the one- and three-year periods reviewed by the Board. In relation to industry peers, the Fund was above the median of its peer performance universe as identified by a third-party service provider for the five- and ten-year periods and below for the one- and three-year periods. The Board discussed the Fund's performance with the Advisor, including steps being taken to address underperformance, and was satisfied with the efforts being undertaken by the Advisor. The unified fee charged to shareholders of the Fund was above the median of the total expense ratios of the Fund's peer expense 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 a temporary reduction of the Fund's annual unified management fee such that the Investor Class management fee not exceed 0.865% for at least one year beginning August 1, 2025. 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.

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

------

**Other Tax Information**

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

The funds hereby designate up to the maximum amount allowable as qualified dividend income for the fiscal year ended October 31, 2025.

The funds hereby designate the following, or up to the maximum amount allowable, for the fiscal year ended October 31, 2025.

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| | | | |
|:---|:---|:---|:---|
| | **Corporate Dividends Received Deduction** | **Qualified Short-Term Capital Gain Distributions (IRC Section 871)** | **Long-Term Capital Gain Distributions <br>(20% Rate)** |
| Balanced Fund | $5541509 |  |  |
| Growth Fund | $5582976 | $5582976 | $1066737923 |
| Heritage Fund | $24973737 | $152798680 | $718622607 |
| Large Cap Equity Fund | $46426036 |  | $387285738 |
| Select Fund |  |  | $242537079 |
| Small Cap Growth Fund | $9206017 |  | $36066699 |
| Ultra Fund |  |  | $1061202260 |

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The funds utilized the following earnings and profits distributed to shareholders on redemptions of shares as part of the dividends paid deduction (tax equalization) during the period ended October 31, 2025.

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| | |
|:---|:---|
| | **Dividends Paid Deduction (Tax Equalization)** |
| Balanced Fund |  |
| Growth Fund | $192262333 |
| Heritage Fund | $70091081 |
| Large Cap Equity Fund | $145961485 |
| Select Fund | $26406052 |
| Small Cap Growth Fund | $36066699 |
| Ultra Fund | $148730294 |

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| | |
|:---|:---|
| Contact Us | americancentury.com |
| Automated Information Line | 1-800-345-8765 |
| Investor Services Representative | 1-800-345-2021<br>or 816-531-5575 |
| Banks and Trust Companies, Broker-Dealers, Financial Professionals, Insurance Companies | 1-800-345-6488 |
| *This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.* | *This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.* |
| **©2025 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-ANN-90968 2512** | **©2025 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-ANN-90968 2512** |

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

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

None.

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

None.

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

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

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

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

**ITEM 16. CONTROLS AND PROCEDURES.**

(a) The registrant's principal executive officer and principal financial officer have concluded that the registrant's

------

disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are effective based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

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

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

Not applicable.

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

(a) Not applicable.

(b) Not applicable.

**ITEM 19. EXHIBITS.** 

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

(a)(2) Not applicable.

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

(a)(4) Not applicable.

(a)(5) Not applicable.

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

------

**SIGNATURES**

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

---

| | | |
|:---|:---|:---|
| Registrant: | American Century Mutual Funds, Inc. | American Century Mutual Funds, Inc. |
| By: | /s/ Patrick Bannigan | /s/ Patrick Bannigan |
|  | Name: | Patrick Bannigan |
|  | Title: | President |
| Date: | December 23, 2025 | December 23, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| By: | /s/ Patrick Bannigan | /s/ Patrick Bannigan |
|  | Name: | Patrick Bannigan |
|  | Title: | President |
|  |  | (principal executive officer) |
| Date: | December 23, 2025 | December 23, 2025 |

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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: | December 23, 2025 | December 23, 2025 |

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## Ex-99

EX-99.CERT

CERTIFICATIONS

I, Patrick Bannigan, certify that:

1. I have reviewed this report on Form N-CSR of American Century 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.

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| | |
|:---|:---|
| Date: | December 23, 2025 |
| /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 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.

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| | |
|:---|:---|
| Date: | December 23, 2025 |
| /s/ R. Wes Campbell | /s/ R. Wes Campbell |
| R. Wes Campbell | R. Wes Campbell |
| Treasurer and Chief Financial Officer | Treasurer and Chief Financial Officer |
| (principal financial officer) | (principal financial officer) |

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## Exhibit 99.906

EX-99.906CERT

**CERTIFICATION** 

**<u>PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</u>**

&nbsp;&nbsp;&nbsp;&nbsp; In connection with the shareholder report of American Century Mutual Funds, Inc. (the "Registrant") on Form N-CSR for the period ending October 31, 2025 (the "Report"), we, the undersigned, certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

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

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

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| | | | |
|:---|:---|:---|:---|
| Date: | December 23, 2025 |  |  |
|  |  | By: | /s/ Patrick Bannigan |
|  |  |  | Patrick Bannigan |
|  |  |  | President |
|  |  |  | (chief executive officer) |
|  |  | By: | /s/ R. Wes Campbell |
|  |  |  | R. Wes Campbell |
|  |  |  | Treasurer and Chief Financial Officer |
|  |  |  | (chief financial officer) |

---

<br>