# EDGAR Filing Document

**Accession Number:** 0000100334
**File Stem:** 0000100334-26-000025
**Filing Date:** 2026-6
**Character Count:** 465646
**Document Hash:** 5110ab06d66ec716e94e21b6bb143ee5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000100334-26-000025.hdr.sgml**: 20260625

**ACCESSION NUMBER**: 0000100334-26-000025

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 18

**CONFORMED PERIOD OF REPORT**: 20260430

**FILED AS OF DATE**: 20260625

**DATE AS OF CHANGE**: 20260625

**EFFECTIVENESS DATE**: 20260625

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-00816
- **FILM NUMBER:** 261119364

**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'? ck0000100334-20260430

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Investment Company Act file number | Investment Company Act file number | **811-00816** | **811-00816** | **811-00816** |
| **AMERICAN CENTURY MUTUAL FUNDS, INC.** | **AMERICAN CENTURY MUTUAL FUNDS, INC.** | **AMERICAN CENTURY MUTUAL FUNDS, INC.** | **AMERICAN CENTURY MUTUAL FUNDS, INC.** | **AMERICAN CENTURY MUTUAL FUNDS, INC.** |
| (Exact name of registrant as specified in charter) | (Exact name of registrant as specified in charter) | (Exact name of registrant as specified in charter) | (Exact name of registrant as specified in charter) | (Exact name of registrant as specified in charter) |
| **4500 MAIN STREET, KANSAS CITY, MISSOURI** | **4500 MAIN STREET, KANSAS CITY, MISSOURI** | **4500 MAIN STREET, KANSAS CITY, MISSOURI** | **4500 MAIN STREET, KANSAS CITY, MISSOURI** | **64111** |
| (Address of principal executive offices) | (Address of principal executive offices) | (Address of principal executive offices) | (Address of principal executive offices) | (Zip Code) |
| **JOHN PAK<br>4500 MAIN STREET, KANSAS CITY, MISSOURI 64111** | **JOHN PAK<br>4500 MAIN STREET, KANSAS CITY, MISSOURI 64111** | **JOHN PAK<br>4500 MAIN STREET, KANSAS CITY, MISSOURI 64111** | **JOHN PAK<br>4500 MAIN STREET, KANSAS CITY, MISSOURI 64111** | **JOHN PAK<br>4500 MAIN STREET, KANSAS CITY, MISSOURI 64111** |
| (Name and address of agent for service) | (Name and address of agent for service) | (Name and address of agent for service) | (Name and address of agent for service) | (Name and address of agent for service) |
| Registrant's telephone number, including area code: | Registrant's telephone number, including area code: | Registrant's telephone number, including area code: | **816-531-5575** | **816-531-5575** |
| Date of fiscal year end: | **10-31** | **10-31** | **10-31** | **10-31** |
| Date of reporting period: | **04-30-2026** | **04-30-2026** | **04-30-2026** | **04-30-2026** |

---

------

**ITEM 1. REPORTS TO STOCKHOLDERS.**

(a) ------

**SEMIANNUAL SHAREHOLDER REPORT**

Balanced Fund ![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

---

| | |
|:---|:---|
| **Investor Class (TWBIX)**  | **April 30, 2026** |

---

This semi-annual shareholder report contains important information about Balanced Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Investor Class | $44 | 0.88% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $906333994 |
| Management Fees (dollars paid during the reporting period) | $3846311 |
| Portfolio Turnover Rate | 33% |
| Total Number of Portfolio Holdings | 539 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| Common Stocks | 61.1% |
| U.S. Treasury Securities | 9.8% |
| U.S. Government Agency Mortgage-Backed Securities | 8.6% |
| Corporate Bonds | 8.2% |
| Collateralized Mortgage Obligations | 4.3% |
| Asset-Backed Securities | 3.2% |
| Convertible Preferred Securities | 1.2% |
| Sovereign Governments and Agencies | 1.0% |
| Commercial Mortgage-Backed Securities | 0.5% |
| Preferred Securities | 0.4% |
| Municipal Securities | 0.3% |
| Exchange-Traded Funds | 0.3% |
| Collateralized Loan Obligations | 0.2% |
| U.S. Government Agency Securities | 0.1% |
| Short-Term Investments | 0.9% |
| Other Assets and Liabilities | (0.1)% |

---

*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](ck0000100334-20260430_g2.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

S-25083742

------

**SEMIANNUAL SHAREHOLDER REPORT**

Balanced Fund ![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

---

| | |
|:---|:---|
| **I Class (ABINX)**  | **April 30, 2026** |

---

This semi-annual shareholder report contains important information about Balanced Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| I Class | $34 | 0.68% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $906333994 |
| Management Fees (dollars paid during the reporting period) | $3846311 |
| Portfolio Turnover Rate | 33% |
| Total Number of Portfolio Holdings | 539 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| Common Stocks | 61.1% |
| U.S. Treasury Securities | 9.8% |
| U.S. Government Agency Mortgage-Backed Securities | 8.6% |
| Corporate Bonds | 8.2% |
| Collateralized Mortgage Obligations | 4.3% |
| Asset-Backed Securities | 3.2% |
| Convertible Preferred Securities | 1.2% |
| Sovereign Governments and Agencies | 1.0% |
| Commercial Mortgage-Backed Securities | 0.5% |
| Preferred Securities | 0.4% |
| Municipal Securities | 0.3% |
| Exchange-Traded Funds | 0.3% |
| Collateralized Loan Obligations | 0.2% |
| U.S. Government Agency Securities | 0.1% |
| Short-Term Investments | 0.9% |
| Other Assets and Liabilities | (0.1)% |

---

*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](ck0000100334-20260430_g2.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

S-25083734

------

**SEMIANNUAL SHAREHOLDER REPORT**

Balanced Fund ![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

---

| | |
|:---|:---|
| **R5 Class (ABGNX)**  | **April 30, 2026** |

---

This semi-annual shareholder report contains important information about Balanced Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R5 Class | $34 | 0.68% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $906333994 |
| Management Fees (dollars paid during the reporting period) | $3846311 |
| Portfolio Turnover Rate | 33% |
| Total Number of Portfolio Holdings | 539 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| Common Stocks | 61.1% |
| U.S. Treasury Securities | 9.8% |
| U.S. Government Agency Mortgage-Backed Securities | 8.6% |
| Corporate Bonds | 8.2% |
| Collateralized Mortgage Obligations | 4.3% |
| Asset-Backed Securities | 3.2% |
| Convertible Preferred Securities | 1.2% |
| Sovereign Governments and Agencies | 1.0% |
| Commercial Mortgage-Backed Securities | 0.5% |
| Preferred Securities | 0.4% |
| Municipal Securities | 0.3% |
| Exchange-Traded Funds | 0.3% |
| Collateralized Loan Obligations | 0.2% |
| U.S. Government Agency Securities | 0.1% |
| Short-Term Investments | 0.9% |
| Other Assets and Liabilities | (0.1)% |

---

*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](ck0000100334-20260430_g2.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

S-2508H394

------

**SEMIANNUAL SHAREHOLDER REPORT**

Growth Fund ![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

---

| | |
|:---|:---|
| **Investor Class (TWCGX)**  | **April 30, 2026** |

---

This semi-annual shareholder report contains important information about Growth Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Investor Class | $41 | 0.83% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $14702172276 |
| Management Fees (dollars paid during the reporting period) | $54298936 |
| Portfolio Turnover Rate | 13% |
| Total Number of Portfolio Holdings | 75 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 99.5% | Semiconductors and Semiconductor Equipment | 24% |
| Exchange-Traded Funds | 0.4% | Software | 15% |
| Short-Term Investments | 0.3% | Interactive Media and Services | 12% |
| Other Assets and Liabilities | (0.2)% | 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](ck0000100334-20260430_g2.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

S-25083106

------

**SEMIANNUAL SHAREHOLDER REPORT**

Growth Fund ![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

---

| | |
|:---|:---|
| **I Class (TWGIX)**  | **April 30, 2026** |

---

This semi-annual shareholder report contains important information about Growth Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| I Class | $31 | 0.63% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $14702172276 |
| Management Fees (dollars paid during the reporting period) | $54298936 |
| Portfolio Turnover Rate | 13% |
| Total Number of Portfolio Holdings | 75 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 99.5% | Semiconductors and Semiconductor Equipment | 24% |
| Exchange-Traded Funds | 0.4% | Software | 15% |
| Short-Term Investments | 0.3% | Interactive Media and Services | 12% |
| Other Assets and Liabilities | (0.2)% | 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](ck0000100334-20260430_g2.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

S-25083205

------

**SEMIANNUAL SHAREHOLDER REPORT**

Growth Fund ![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

---

| | |
|:---|:---|
| **Y Class (AGYWX)**  | **April 30, 2026** |

---

This semi-annual shareholder report contains important information about Growth Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Y Class | $24 | 0.48% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $14702172276 |
| Management Fees (dollars paid during the reporting period) | $54298936 |
| Portfolio Turnover Rate | 13% |
| Total Number of Portfolio Holdings | 75 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 99.5% | Semiconductors and Semiconductor Equipment | 24% |
| Exchange-Traded Funds | 0.4% | Software | 15% |
| Short-Term Investments | 0.3% | Interactive Media and Services | 12% |
| Other Assets and Liabilities | (0.2)% | 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](ck0000100334-20260430_g2.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

S-2508H378

------

**SEMIANNUAL SHAREHOLDER REPORT**

Growth Fund ![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

---

| | |
|:---|:---|
| **A Class (TCRAX)**  | **April 30, 2026** |

---

This semi-annual shareholder report contains important information about Growth Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| A Class | $53 | 1.08% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $14702172276 |
| Management Fees (dollars paid during the reporting period) | $54298936 |
| Portfolio Turnover Rate | 13% |
| Total Number of Portfolio Holdings | 75 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 99.5% | Semiconductors and Semiconductor Equipment | 24% |
| Exchange-Traded Funds | 0.4% | Software | 15% |
| Short-Term Investments | 0.3% | Interactive Media and Services | 12% |
| Other Assets and Liabilities | (0.2)% | 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](ck0000100334-20260430_g2.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

S-25083403

------

**SEMIANNUAL SHAREHOLDER REPORT**

Growth Fund ![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

---

| | |
|:---|:---|
| **C Class (TWRCX)**  | **April 30, 2026** |

---

This semi-annual shareholder report contains important information about Growth Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| C Class | $89 | 1.83% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $14702172276 |
| Management Fees (dollars paid during the reporting period) | $54298936 |
| Portfolio Turnover Rate | 13% |
| Total Number of Portfolio Holdings | 75 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 99.5% | Semiconductors and Semiconductor Equipment | 24% |
| Exchange-Traded Funds | 0.4% | Software | 15% |
| Short-Term Investments | 0.3% | Interactive Media and Services | 12% |
| Other Assets and Liabilities | (0.2)% | 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](ck0000100334-20260430_g2.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

S-2508H626

------

**SEMIANNUAL SHAREHOLDER REPORT**

Growth Fund ![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

---

| | |
|:---|:---|
| **R Class (AGWRX)**  | **April 30, 2026** |

---

This semi-annual shareholder report contains important information about Growth Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R Class | $65 | 1.33% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $14702172276 |
| Management Fees (dollars paid during the reporting period) | $54298936 |
| Portfolio Turnover Rate | 13% |
| Total Number of Portfolio Holdings | 75 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 99.5% | Semiconductors and Semiconductor Equipment | 24% |
| Exchange-Traded Funds | 0.4% | Software | 15% |
| Short-Term Investments | 0.3% | Interactive Media and Services | 12% |
| Other Assets and Liabilities | (0.2)% | 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](ck0000100334-20260430_g2.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

S-25083189

------

**SEMIANNUAL SHAREHOLDER REPORT**

Growth Fund ![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

---

| | |
|:---|:---|
| **R5 Class (AGWUX)**  | **April 30, 2026** |

---

This semi-annual shareholder report contains important information about Growth Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R5 Class | $31 | 0.63% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $14702172276 |
| Management Fees (dollars paid during the reporting period) | $54298936 |
| Portfolio Turnover Rate | 13% |
| Total Number of Portfolio Holdings | 75 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 99.5% | Semiconductors and Semiconductor Equipment | 24% |
| Exchange-Traded Funds | 0.4% | Software | 15% |
| Short-Term Investments | 0.3% | Interactive Media and Services | 12% |
| Other Assets and Liabilities | (0.2)% | 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](ck0000100334-20260430_g2.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

S-2508H386

------

**SEMIANNUAL SHAREHOLDER REPORT**

Growth Fund ![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

---

| | |
|:---|:---|
| **R6 Class (AGRDX)**  | **April 30, 2026** |

---

This semi-annual shareholder report contains important information about Growth Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R6 Class | $24 | 0.48% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $14702172276 |
| Management Fees (dollars paid during the reporting period) | $54298936 |
| Portfolio Turnover Rate | 13% |
| Total Number of Portfolio Holdings | 75 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 99.5% | Semiconductors and Semiconductor Equipment | 24% |
| Exchange-Traded Funds | 0.4% | Software | 15% |
| Short-Term Investments | 0.3% | Interactive Media and Services | 12% |
| Other Assets and Liabilities | (0.2)% | 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](ck0000100334-20260430_g2.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

S-2508H519

------

**SEMIANNUAL SHAREHOLDER REPORT**

Growth Fund ![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

---

| | |
|:---|:---|
| **G Class (ACIHX)**  | **April 30, 2026** |

---

This semi-annual shareholder report contains important information about Growth Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

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

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $14702172276 |
| Management Fees (dollars paid during the reporting period) | $54298936 |
| Portfolio Turnover Rate | 13% |
| Total Number of Portfolio Holdings | 75 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 99.5% | Semiconductors and Semiconductor Equipment | 24% |
| Exchange-Traded Funds | 0.4% | Software | 15% |
| Short-Term Investments | 0.3% | Interactive Media and Services | 12% |
| Other Assets and Liabilities | (0.2)% | 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](ck0000100334-20260430_g2.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

S-2508H212

------

**SEMIANNUAL SHAREHOLDER REPORT**

Heritage Fund ![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

---

| | |
|:---|:---|
| **Investor Class (TWHIX)**  | **April 30, 2026** |

---

This semi-annual shareholder report contains important information about Heritage Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Investor Class | $49 | 1.00% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $5363837373 |
| Management Fees (dollars paid during the reporting period) | $23619798 |
| Portfolio Turnover Rate | 31% |
| 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 | 98.2% | Hotels, Restaurants and Leisure | 10% |
| Short-Term Investments | 1.9% | Aerospace and Defense | 8% |
| Other Assets and Liabilities | (0.1)% | Biotechnology | 7% |
|  |  | Software | 6% |
|  |  | Semiconductors and Semiconductor Equipment | 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](ck0000100334-20260430_g2.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

S-25083791

------

**SEMIANNUAL SHAREHOLDER REPORT**

Heritage Fund ![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

---

| | |
|:---|:---|
| **I Class (ATHIX)**  | **April 30, 2026** |

---

This semi-annual shareholder report contains important information about Heritage Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| I Class | $39 | 0.80% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $5363837373 |
| Management Fees (dollars paid during the reporting period) | $23619798 |
| Portfolio Turnover Rate | 31% |
| 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 | 98.2% | Hotels, Restaurants and Leisure | 10% |
| Short-Term Investments | 1.9% | Aerospace and Defense | 8% |
| Other Assets and Liabilities | (0.1)% | Biotechnology | 7% |
|  |  | Software | 6% |
|  |  | Semiconductors and Semiconductor Equipment | 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](ck0000100334-20260430_g2.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

S-25083783

------

**SEMIANNUAL SHAREHOLDER REPORT**

Heritage Fund ![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

---

| | |
|:---|:---|
| **Y Class (ATHYX)**  | **April 30, 2026** |

---

This semi-annual shareholder report contains important information about Heritage Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Y Class | $32 | 0.65% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $5363837373 |
| Management Fees (dollars paid during the reporting period) | $23619798 |
| Portfolio Turnover Rate | 31% |
| 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 | 98.2% | Hotels, Restaurants and Leisure | 10% |
| Short-Term Investments | 1.9% | Aerospace and Defense | 8% |
| Other Assets and Liabilities | (0.1)% | Biotechnology | 7% |
|  |  | Software | 6% |
|  |  | Semiconductors and Semiconductor Equipment | 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](ck0000100334-20260430_g2.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

S-2508H352

------

**SEMIANNUAL SHAREHOLDER REPORT**

Heritage Fund ![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

---

| | |
|:---|:---|
| **A Class (ATHAX)**  | **April 30, 2026** |

---

This semi-annual shareholder report contains important information about Heritage Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| A Class | $61 | 1.25% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $5363837373 |
| Management Fees (dollars paid during the reporting period) | $23619798 |
| Portfolio Turnover Rate | 31% |
| 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 | 98.2% | Hotels, Restaurants and Leisure | 10% |
| Short-Term Investments | 1.9% | Aerospace and Defense | 8% |
| Other Assets and Liabilities | (0.1)% | Biotechnology | 7% |
|  |  | Software | 6% |
|  |  | Semiconductors and Semiconductor Equipment | 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](ck0000100334-20260430_g2.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

S-25083767

------

**SEMIANNUAL SHAREHOLDER REPORT**

Heritage Fund ![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

---

| | |
|:---|:---|
| **C Class (AHGCX)**  | **April 30, 2026** |

---

This semi-annual shareholder report contains important information about Heritage Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| C Class | $97 | 2.00% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $5363837373 |
| Management Fees (dollars paid during the reporting period) | $23619798 |
| Portfolio Turnover Rate | 31% |
| 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 | 98.2% | Hotels, Restaurants and Leisure | 10% |
| Short-Term Investments | 1.9% | Aerospace and Defense | 8% |
| Other Assets and Liabilities | (0.1)% | Biotechnology | 7% |
|  |  | Software | 6% |
|  |  | Semiconductors and Semiconductor Equipment | 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](ck0000100334-20260430_g2.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

S-25083262

------

**SEMIANNUAL SHAREHOLDER REPORT**

Heritage Fund ![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

---

| | |
|:---|:---|
| **R Class (ATHWX)**  | **April 30, 2026** |

---

This semi-annual shareholder report contains important information about Heritage Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R Class | $73 | 1.50% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $5363837373 |
| Management Fees (dollars paid during the reporting period) | $23619798 |
| Portfolio Turnover Rate | 31% |
| 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 | 98.2% | Hotels, Restaurants and Leisure | 10% |
| Short-Term Investments | 1.9% | Aerospace and Defense | 8% |
| Other Assets and Liabilities | (0.1)% | Biotechnology | 7% |
|  |  | Software | 6% |
|  |  | Semiconductors and Semiconductor Equipment | 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](ck0000100334-20260430_g2.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

S-2508H683

------

**SEMIANNUAL SHAREHOLDER REPORT**

Heritage Fund ![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

---

| | |
|:---|:---|
| **R5 Class (ATHGX)**  | **April 30, 2026** |

---

This semi-annual shareholder report contains important information about Heritage Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R5 Class | $39 | 0.80% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $5363837373 |
| Management Fees (dollars paid during the reporting period) | $23619798 |
| Portfolio Turnover Rate | 31% |
| 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 | 98.2% | Hotels, Restaurants and Leisure | 10% |
| Short-Term Investments | 1.9% | Aerospace and Defense | 8% |
| Other Assets and Liabilities | (0.1)% | Biotechnology | 7% |
|  |  | Software | 6% |
|  |  | Semiconductors and Semiconductor Equipment | 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](ck0000100334-20260430_g2.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

S-2508H360

------

**SEMIANNUAL SHAREHOLDER REPORT**

Heritage Fund ![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

---

| | |
|:---|:---|
| **R6 Class (ATHDX)**  | **April 30, 2026** |

---

This semi-annual shareholder report contains important information about Heritage Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R6 Class | $32 | 0.65% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $5363837373 |
| Management Fees (dollars paid during the reporting period) | $23619798 |
| Portfolio Turnover Rate | 31% |
| 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 | 98.2% | Hotels, Restaurants and Leisure | 10% |
| Short-Term Investments | 1.9% | Aerospace and Defense | 8% |
| Other Assets and Liabilities | (0.1)% | Biotechnology | 7% |
|  |  | Software | 6% |
|  |  | Semiconductors and Semiconductor Equipment | 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](ck0000100334-20260430_g2.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

S-2508H493

------

**SEMIANNUAL SHAREHOLDER REPORT**

Heritage Fund ![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

---

| | |
|:---|:---|
| **G Class (ACILX)**  | **April 30, 2026** |

---

This semi-annual shareholder report contains important information about Heritage Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

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

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $5363837373 |
| Management Fees (dollars paid during the reporting period) | $23619798 |
| Portfolio Turnover Rate | 31% |
| 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 | 98.2% | Hotels, Restaurants and Leisure | 10% |
| Short-Term Investments | 1.9% | Aerospace and Defense | 8% |
| Other Assets and Liabilities | (0.1)% | Biotechnology | 7% |
|  |  | Software | 6% |
|  |  | Semiconductors and Semiconductor Equipment | 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](ck0000100334-20260430_g2.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

S-2508H196

------

**SEMIANNUAL SHAREHOLDER REPORT**

Large Cap Equity Fund ![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

---

| | |
|:---|:---|
| **Investor Class (AFDIX)**  | **April 30, 2026** |

---

This semi-annual shareholder report contains important information about Large Cap Equity Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Investor Class | $40 | 0.79% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $3117912034 |
| Management Fees (dollars paid during the reporting period) | $5424094 |
| Portfolio Turnover Rate | 11% |
| 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 | 99.8% | Semiconductors and Semiconductor Equipment | 17% |
| Exchange-Traded Funds | 0.2% | Software | 9% |
| Other Assets and Liabilities | 0.0% | Interactive Media and Services | 9% |
|  |  | 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](ck0000100334-20260430_g2.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

S-2508H600

------

**SEMIANNUAL SHAREHOLDER REPORT**

Large Cap Equity Fund ![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

---

| | |
|:---|:---|
| **I Class (AFEIX)**  | **April 30, 2026** |

---

This semi-annual shareholder report contains important information about Large Cap Equity Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| I Class | $30 | 0.59% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $3117912034 |
| Management Fees (dollars paid during the reporting period) | $5424094 |
| Portfolio Turnover Rate | 11% |
| 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 | 99.8% | Semiconductors and Semiconductor Equipment | 17% |
| Exchange-Traded Funds | 0.2% | Software | 9% |
| Other Assets and Liabilities | 0.0% | Interactive Media and Services | 9% |
|  |  | 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](ck0000100334-20260430_g2.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

S-2508H709

------

**SEMIANNUAL SHAREHOLDER REPORT**

Large Cap Equity Fund ![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

---

| | |
|:---|:---|
| **Y Class (AFYDX)**  | **April 30, 2026** |

---

This semi-annual shareholder report contains important information about Large Cap Equity Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Y Class | $22 | 0.44% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $3117912034 |
| Management Fees (dollars paid during the reporting period) | $5424094 |
| Portfolio Turnover Rate | 11% |
| 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 | 99.8% | Semiconductors and Semiconductor Equipment | 17% |
| Exchange-Traded Funds | 0.2% | Software | 9% |
| Other Assets and Liabilities | 0.0% | Interactive Media and Services | 9% |
|  |  | 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](ck0000100334-20260430_g2.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

S-2508H287

------

**SEMIANNUAL SHAREHOLDER REPORT**

Large Cap Equity Fund ![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

---

| | |
|:---|:---|
| **A Class (AFDAX)**  | **April 30, 2026** |

---

This semi-annual shareholder report contains important information about Large Cap Equity Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| A Class | $53 | 1.04% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $3117912034 |
| Management Fees (dollars paid during the reporting period) | $5424094 |
| Portfolio Turnover Rate | 11% |
| 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 | 99.8% | Semiconductors and Semiconductor Equipment | 17% |
| Exchange-Traded Funds | 0.2% | Software | 9% |
| Other Assets and Liabilities | 0.0% | Interactive Media and Services | 9% |
|  |  | 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](ck0000100334-20260430_g2.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

S-25083130

------

**SEMIANNUAL SHAREHOLDER REPORT**

Large Cap Equity Fund ![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

---

| | |
|:---|:---|
| **C Class (AFDCX)**  | **April 30, 2026** |

---

This semi-annual shareholder report contains important information about Large Cap Equity Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| C Class | $90 | 1.79% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $3117912034 |
| Management Fees (dollars paid during the reporting period) | $5424094 |
| Portfolio Turnover Rate | 11% |
| 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 | 99.8% | Semiconductors and Semiconductor Equipment | 17% |
| Exchange-Traded Funds | 0.2% | Software | 9% |
| Other Assets and Liabilities | 0.0% | Interactive Media and Services | 9% |
|  |  | 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](ck0000100334-20260430_g2.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

S-25083114

------

**SEMIANNUAL SHAREHOLDER REPORT**

Large Cap Equity Fund ![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

---

| | |
|:---|:---|
| **R Class (AFDRX)**  | **April 30, 2026** |

---

This semi-annual shareholder report contains important information about Large Cap Equity Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R Class | $65 | 1.29% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $3117912034 |
| Management Fees (dollars paid during the reporting period) | $5424094 |
| Portfolio Turnover Rate | 11% |
| 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 | 99.8% | Semiconductors and Semiconductor Equipment | 17% |
| Exchange-Traded Funds | 0.2% | Software | 9% |
| Other Assets and Liabilities | 0.0% | Interactive Media and Services | 9% |
|  |  | 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](ck0000100334-20260430_g2.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

S-2508H808

------

**SEMIANNUAL SHAREHOLDER REPORT**

Large Cap Equity Fund ![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

---

| | |
|:---|:---|
| **R5 Class (AFDGX)**  | **April 30, 2026** |

---

This semi-annual shareholder report contains important information about Large Cap Equity Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R5 Class | $30 | 0.59% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $3117912034 |
| Management Fees (dollars paid during the reporting period) | $5424094 |
| Portfolio Turnover Rate | 11% |
| 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 | 99.8% | Semiconductors and Semiconductor Equipment | 17% |
| Exchange-Traded Funds | 0.2% | Software | 9% |
| Other Assets and Liabilities | 0.0% | Interactive Media and Services | 9% |
|  |  | 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](ck0000100334-20260430_g2.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

S-2508H295

------

**SEMIANNUAL SHAREHOLDER REPORT**

Large Cap Equity Fund ![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

---

| | |
|:---|:---|
| **R6 Class (AFEDX)**  | **April 30, 2026** |

---

This semi-annual shareholder report contains important information about Large Cap Equity Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R6 Class | $22 | 0.44% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $3117912034 |
| Management Fees (dollars paid during the reporting period) | $5424094 |
| Portfolio Turnover Rate | 11% |
| 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 | 99.8% | Semiconductors and Semiconductor Equipment | 17% |
| Exchange-Traded Funds | 0.2% | Software | 9% |
| Other Assets and Liabilities | 0.0% | Interactive Media and Services | 9% |
|  |  | 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](ck0000100334-20260430_g2.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

S-2508H238

------

**SEMIANNUAL SHAREHOLDER REPORT**

Large Cap Equity Fund ![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

---

| | |
|:---|:---|
| **G Class (AFEGX)**  | **April 30, 2026** |

---

This semi-annual shareholder report contains important information about Large Cap Equity Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

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

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $3117912034 |
| Management Fees (dollars paid during the reporting period) | $5424094 |
| Portfolio Turnover Rate | 11% |
| 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 | 99.8% | Semiconductors and Semiconductor Equipment | 17% |
| Exchange-Traded Funds | 0.2% | Software | 9% |
| Other Assets and Liabilities | 0.0% | Interactive Media and Services | 9% |
|  |  | 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](ck0000100334-20260430_g2.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

S-2508H246

------

**SEMIANNUAL SHAREHOLDER REPORT**

Select Fund ![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

---

| | |
|:---|:---|
| **Investor Class (TWCIX)**  | **April 30, 2026** |

---

This semi-annual shareholder report contains important information about Select Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Investor Class | $45 | 0.90% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $6389134432 |
| Management Fees (dollars paid during the reporting period) | $25677910 |
| Portfolio Turnover Rate | 7% |
| 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 | 99.9% | Semiconductors and Semiconductor Equipment | 26% |
| Short-Term Investments | 0.4% | Interactive Media and Services | 17% |
| Other Assets and Liabilities | (0.3)% | Software | 11% |
|  |  | 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](ck0000100334-20260430_g2.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

S-25083502

------

**SEMIANNUAL SHAREHOLDER REPORT**

Select Fund ![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

---

| | |
|:---|:---|
| **I Class (TWSIX)**  | **April 30, 2026** |

---

This semi-annual shareholder report contains important information about Select Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| I Class | $35 | 0.70% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $6389134432 |
| Management Fees (dollars paid during the reporting period) | $25677910 |
| Portfolio Turnover Rate | 7% |
| 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 | 99.9% | Semiconductors and Semiconductor Equipment | 26% |
| Short-Term Investments | 0.4% | Interactive Media and Services | 17% |
| Other Assets and Liabilities | (0.3)% | Software | 11% |
|  |  | 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](ck0000100334-20260430_g2.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

S-25083601

------

**SEMIANNUAL SHAREHOLDER REPORT**

Select Fund ![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

---

| | |
|:---|:---|
| **Y Class (ASLWX)**  | **April 30, 2026** |

---

This semi-annual shareholder report contains important information about Select Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Y Class | $27 | 0.55% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $6389134432 |
| Management Fees (dollars paid during the reporting period) | $25677910 |
| Portfolio Turnover Rate | 7% |
| 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 | 99.9% | Semiconductors and Semiconductor Equipment | 26% |
| Short-Term Investments | 0.4% | Interactive Media and Services | 17% |
| Other Assets and Liabilities | (0.3)% | Software | 11% |
|  |  | 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](ck0000100334-20260430_g2.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

S-2508H337

------

**SEMIANNUAL SHAREHOLDER REPORT**

Select Fund ![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

---

| | |
|:---|:---|
| **A Class (TWCAX)**  | **April 30, 2026** |

---

This semi-annual shareholder report contains important information about Select Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| A Class | $57 | 1.15% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $6389134432 |
| Management Fees (dollars paid during the reporting period) | $25677910 |
| Portfolio Turnover Rate | 7% |
| 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 | 99.9% | Semiconductors and Semiconductor Equipment | 26% |
| Short-Term Investments | 0.4% | Interactive Media and Services | 17% |
| Other Assets and Liabilities | (0.3)% | Software | 11% |
|  |  | 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](ck0000100334-20260430_g2.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

S-25083809

------

**SEMIANNUAL SHAREHOLDER REPORT**

Select Fund ![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

---

| | |
|:---|:---|
| **C Class (ACSLX)**  | **April 30, 2026** |

---

This semi-annual shareholder report contains important information about Select Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| C Class | $94 | 1.90% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $6389134432 |
| Management Fees (dollars paid during the reporting period) | $25677910 |
| Portfolio Turnover Rate | 7% |
| 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 | 99.9% | Semiconductors and Semiconductor Equipment | 26% |
| Short-Term Investments | 0.4% | Interactive Media and Services | 17% |
| Other Assets and Liabilities | (0.3)% | Software | 11% |
|  |  | 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](ck0000100334-20260430_g2.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

S-25083239

------

**SEMIANNUAL SHAREHOLDER REPORT**

Select Fund ![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

---

| | |
|:---|:---|
| **R Class (ASERX)**  | **April 30, 2026** |

---

This semi-annual shareholder report contains important information about Select Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R Class | $70 | 1.40% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $6389134432 |
| Management Fees (dollars paid during the reporting period) | $25677910 |
| Portfolio Turnover Rate | 7% |
| 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 | 99.9% | Semiconductors and Semiconductor Equipment | 26% |
| Short-Term Investments | 0.4% | Interactive Media and Services | 17% |
| Other Assets and Liabilities | (0.3)% | Software | 11% |
|  |  | 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](ck0000100334-20260430_g2.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

S-2508H501

------

**SEMIANNUAL SHAREHOLDER REPORT**

Select Fund ![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

---

| | |
|:---|:---|
| **R5 Class (ASLGX)**  | **April 30, 2026** |

---

This semi-annual shareholder report contains important information about Select Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R5 Class | $35 | 0.70% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $6389134432 |
| Management Fees (dollars paid during the reporting period) | $25677910 |
| Portfolio Turnover Rate | 7% |
| 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 | 99.9% | Semiconductors and Semiconductor Equipment | 26% |
| Short-Term Investments | 0.4% | Interactive Media and Services | 17% |
| Other Assets and Liabilities | (0.3)% | Software | 11% |
|  |  | 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](ck0000100334-20260430_g2.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

S-2508H345

------

**SEMIANNUAL SHAREHOLDER REPORT**

Select Fund ![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

---

| | |
|:---|:---|
| **R6 Class (ASDEX)**  | **April 30, 2026** |

---

This semi-annual shareholder report contains important information about Select Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R6 Class | $27 | 0.55% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $6389134432 |
| Management Fees (dollars paid during the reporting period) | $25677910 |
| Portfolio Turnover Rate | 7% |
| 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 | 99.9% | Semiconductors and Semiconductor Equipment | 26% |
| Short-Term Investments | 0.4% | Interactive Media and Services | 17% |
| Other Assets and Liabilities | (0.3)% | Software | 11% |
|  |  | 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](ck0000100334-20260430_g2.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

S-2508H451

------

**SEMIANNUAL SHAREHOLDER REPORT**

Select Fund ![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

---

| | |
|:---|:---|
| **G Class (ASLDX)**  | **April 30, 2026** |

---

This semi-annual shareholder report contains important information about Select Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

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

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $6389134432 |
| Management Fees (dollars paid during the reporting period) | $25677910 |
| Portfolio Turnover Rate | 7% |
| 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 | 99.9% | Semiconductors and Semiconductor Equipment | 26% |
| Short-Term Investments | 0.4% | Interactive Media and Services | 17% |
| Other Assets and Liabilities | (0.3)% | Software | 11% |
|  |  | 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](ck0000100334-20260430_g2.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

S-2508H188

------

**SEMIANNUAL SHAREHOLDER REPORT**

Small Cap Growth Fund ![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

---

| | |
|:---|:---|
| **Investor Class (ANOIX)**  | **April 30, 2026** |

---

This semi-annual shareholder report contains important information about Small Cap Growth Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Investor Class | $58 | 1.13% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $5059847228 |
| Management Fees (dollars paid during the reporting period) | $21349645 |
| Portfolio Turnover Rate | 32% |
| Total Number of Portfolio Holdings | 137 |

---

**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 | 99.2% | Biotechnology | 13% |
| Rights | 0.0% | Semiconductors and Semiconductor Equipment | 9% |
| Short-Term Investments | 1.7% | Electronic Equipment, Instruments and Components | 8% |
| Other Assets and Liabilities | (0.9)% | Health Care Providers and Services | 7% |
|  |  | 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](ck0000100334-20260430_g2.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

S-25083338

------

**SEMIANNUAL SHAREHOLDER REPORT**

Small Cap Growth Fund ![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

---

| | |
|:---|:---|
| **I Class (ANONX)**  | **April 30, 2026** |

---

This semi-annual shareholder report contains important information about Small Cap Growth Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| I Class | $47 | 0.93% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $5059847228 |
| Management Fees (dollars paid during the reporting period) | $21349645 |
| Portfolio Turnover Rate | 32% |
| Total Number of Portfolio Holdings | 137 |

---

**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 | 99.2% | Biotechnology | 13% |
| Rights | 0.0% | Semiconductors and Semiconductor Equipment | 9% |
| Short-Term Investments | 1.7% | Electronic Equipment, Instruments and Components | 8% |
| Other Assets and Liabilities | (0.9)% | Health Care Providers and Services | 7% |
|  |  | 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](ck0000100334-20260430_g2.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

S-25083320

------

**SEMIANNUAL SHAREHOLDER REPORT**

Small Cap Growth Fund ![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

---

| | |
|:---|:---|
| **Y Class (ANOYX)**  | **April 30, 2026** |

---

This semi-annual shareholder report contains important information about Small Cap Growth Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Y Class | $40 | 0.78% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $5059847228 |
| Management Fees (dollars paid during the reporting period) | $21349645 |
| Portfolio Turnover Rate | 32% |
| Total Number of Portfolio Holdings | 137 |

---

**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 | 99.2% | Biotechnology | 13% |
| Rights | 0.0% | Semiconductors and Semiconductor Equipment | 9% |
| Short-Term Investments | 1.7% | Electronic Equipment, Instruments and Components | 8% |
| Other Assets and Liabilities | (0.9)% | Health Care Providers and Services | 7% |
|  |  | 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](ck0000100334-20260430_g2.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

S-2508H311

------

**SEMIANNUAL SHAREHOLDER REPORT**

Small Cap Growth Fund ![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

---

| | |
|:---|:---|
| **A Class (ANOAX)**  | **April 30, 2026** |

---

This semi-annual shareholder report contains important information about Small Cap Growth Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| A Class | $70 | 1.38% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $5059847228 |
| Management Fees (dollars paid during the reporting period) | $21349645 |
| Portfolio Turnover Rate | 32% |
| Total Number of Portfolio Holdings | 137 |

---

**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 | 99.2% | Biotechnology | 13% |
| Rights | 0.0% | Semiconductors and Semiconductor Equipment | 9% |
| Short-Term Investments | 1.7% | Electronic Equipment, Instruments and Components | 8% |
| Other Assets and Liabilities | (0.9)% | Health Care Providers and Services | 7% |
|  |  | 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](ck0000100334-20260430_g2.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

S-25083221

------

**SEMIANNUAL SHAREHOLDER REPORT**

Small Cap Growth Fund ![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

---

| | |
|:---|:---|
| **C Class (ANOCX)**  | **April 30, 2026** |

---

This semi-annual shareholder report contains important information about Small Cap Growth Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| C Class | $108 | 2.13% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $5059847228 |
| Management Fees (dollars paid during the reporting period) | $21349645 |
| Portfolio Turnover Rate | 32% |
| Total Number of Portfolio Holdings | 137 |

---

**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 | 99.2% | Biotechnology | 13% |
| Rights | 0.0% | Semiconductors and Semiconductor Equipment | 9% |
| Short-Term Investments | 1.7% | Electronic Equipment, Instruments and Components | 8% |
| Other Assets and Liabilities | (0.9)% | Health Care Providers and Services | 7% |
|  |  | 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](ck0000100334-20260430_g2.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

S-25083197

------

**SEMIANNUAL SHAREHOLDER REPORT**

Small Cap Growth Fund ![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

---

| | |
|:---|:---|
| **R Class (ANORX)**  | **April 30, 2026** |

---

This semi-annual shareholder report contains important information about Small Cap Growth Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R Class | $83 | 1.63% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $5059847228 |
| Management Fees (dollars paid during the reporting period) | $21349645 |
| Portfolio Turnover Rate | 32% |
| Total Number of Portfolio Holdings | 137 |

---

**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 | 99.2% | Biotechnology | 13% |
| Rights | 0.0% | Semiconductors and Semiconductor Equipment | 9% |
| Short-Term Investments | 1.7% | Electronic Equipment, Instruments and Components | 8% |
| Other Assets and Liabilities | (0.9)% | Health Care Providers and Services | 7% |
|  |  | 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](ck0000100334-20260430_g2.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

S-2508H725

------

**SEMIANNUAL SHAREHOLDER REPORT**

Small Cap Growth Fund ![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

---

| | |
|:---|:---|
| **R5 Class (ANOGX)**  | **April 30, 2026** |

---

This semi-annual shareholder report contains important information about Small Cap Growth Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R5 Class | $47 | 0.93% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $5059847228 |
| Management Fees (dollars paid during the reporting period) | $21349645 |
| Portfolio Turnover Rate | 32% |
| Total Number of Portfolio Holdings | 137 |

---

**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 | 99.2% | Biotechnology | 13% |
| Rights | 0.0% | Semiconductors and Semiconductor Equipment | 9% |
| Short-Term Investments | 1.7% | Electronic Equipment, Instruments and Components | 8% |
| Other Assets and Liabilities | (0.9)% | Health Care Providers and Services | 7% |
|  |  | 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](ck0000100334-20260430_g2.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

S-2508H329

------

**SEMIANNUAL SHAREHOLDER REPORT**

Small Cap Growth Fund ![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

---

| | |
|:---|:---|
| **R6 Class (ANODX)**  | **April 30, 2026** |

---

This semi-annual shareholder report contains important information about Small Cap Growth Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R6 Class | $40 | 0.78% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $5059847228 |
| Management Fees (dollars paid during the reporting period) | $21349645 |
| Portfolio Turnover Rate | 32% |
| Total Number of Portfolio Holdings | 137 |

---

**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 | 99.2% | Biotechnology | 13% |
| Rights | 0.0% | Semiconductors and Semiconductor Equipment | 9% |
| Short-Term Investments | 1.7% | Electronic Equipment, Instruments and Components | 8% |
| Other Assets and Liabilities | (0.9)% | Health Care Providers and Services | 7% |
|  |  | 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](ck0000100334-20260430_g2.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

S-2508H485

------

**SEMIANNUAL SHAREHOLDER REPORT**

Small Cap Growth Fund ![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

---

| | |
|:---|:---|
| **G Class (ANOHX)**  | **April 30, 2026** |

---

This semi-annual shareholder report contains important information about Small Cap Growth Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

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

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $5059847228 |
| Management Fees (dollars paid during the reporting period) | $21349645 |
| Portfolio Turnover Rate | 32% |
| Total Number of Portfolio Holdings | 137 |

---

**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 | 99.2% | Biotechnology | 13% |
| Rights | 0.0% | Semiconductors and Semiconductor Equipment | 9% |
| Short-Term Investments | 1.7% | Electronic Equipment, Instruments and Components | 8% |
| Other Assets and Liabilities | (0.9)% | Health Care Providers and Services | 7% |
|  |  | 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](ck0000100334-20260430_g2.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

S-2508H253

------

**SEMIANNUAL SHAREHOLDER REPORT**

Ultra Fund ![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

---

| | |
|:---|:---|
| **Investor Class (TWCUX)**  | **April 30, 2026** |

---

This semi-annual shareholder report contains important information about Ultra Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Investor Class | $43 | 0.87% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $26579895502 |
| Management Fees (dollars paid during the reporting period) | $106716701 |
| Portfolio Turnover Rate | 6% |
| Total Number of Portfolio Holdings | 66 |

---

**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 | 24% |
| Rights | 0.0% | Interactive Media and Services | 15% |
| Short-Term Investments | 0.1% | Software | 11% |
| Other Assets and Liabilities | (0.1)% | Technology Hardware, Storage and Peripherals | 8% |
|  |  | 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](ck0000100334-20260430_g2.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

S-25083882

------

**SEMIANNUAL SHAREHOLDER REPORT**

Ultra Fund ![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

---

| | |
|:---|:---|
| **I Class (TWUIX)**  | **April 30, 2026** |

---

This semi-annual shareholder report contains important information about Ultra Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| I Class | $33 | 0.67% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $26579895502 |
| Management Fees (dollars paid during the reporting period) | $106716701 |
| Portfolio Turnover Rate | 6% |
| Total Number of Portfolio Holdings | 66 |

---

**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 | 24% |
| Rights | 0.0% | Interactive Media and Services | 15% |
| Short-Term Investments | 0.1% | Software | 11% |
| Other Assets and Liabilities | (0.1)% | Technology Hardware, Storage and Peripherals | 8% |
|  |  | 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](ck0000100334-20260430_g2.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

S-25083874

------

**SEMIANNUAL SHAREHOLDER REPORT**

Ultra Fund ![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

---

| | |
|:---|:---|
| **Y Class (AULYX)**  | **April 30, 2026** |

---

This semi-annual shareholder report contains important information about Ultra Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Y Class | $26 | 0.52% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $26579895502 |
| Management Fees (dollars paid during the reporting period) | $106716701 |
| Portfolio Turnover Rate | 6% |
| Total Number of Portfolio Holdings | 66 |

---

**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 | 24% |
| Rights | 0.0% | Interactive Media and Services | 15% |
| Short-Term Investments | 0.1% | Software | 11% |
| Other Assets and Liabilities | (0.1)% | Technology Hardware, Storage and Peripherals | 8% |
|  |  | 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](ck0000100334-20260430_g2.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

S-2508H261

------

**SEMIANNUAL SHAREHOLDER REPORT**

Ultra Fund ![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

---

| | |
|:---|:---|
| **A Class (TWUAX)**  | **April 30, 2026** |

---

This semi-annual shareholder report contains important information about Ultra Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| A Class | $55 | 1.12% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $26579895502 |
| Management Fees (dollars paid during the reporting period) | $106716701 |
| Portfolio Turnover Rate | 6% |
| Total Number of Portfolio Holdings | 66 |

---

**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 | 24% |
| Rights | 0.0% | Interactive Media and Services | 15% |
| Short-Term Investments | 0.1% | Software | 11% |
| Other Assets and Liabilities | (0.1)% | Technology Hardware, Storage and Peripherals | 8% |
|  |  | 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](ck0000100334-20260430_g2.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

S-25083858

------

**SEMIANNUAL SHAREHOLDER REPORT**

Ultra Fund ![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

---

| | |
|:---|:---|
| **C Class (TWCCX)**  | **April 30, 2026** |

---

This semi-annual shareholder report contains important information about Ultra Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| C Class | $92 | 1.87% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $26579895502 |
| Management Fees (dollars paid during the reporting period) | $106716701 |
| Portfolio Turnover Rate | 6% |
| Total Number of Portfolio Holdings | 66 |

---

**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 | 24% |
| Rights | 0.0% | Interactive Media and Services | 15% |
| Short-Term Investments | 0.1% | Software | 11% |
| Other Assets and Liabilities | (0.1)% | Technology Hardware, Storage and Peripherals | 8% |
|  |  | 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](ck0000100334-20260430_g2.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

S-25083288

------

**SEMIANNUAL SHAREHOLDER REPORT**

Ultra Fund ![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

---

| | |
|:---|:---|
| **R Class (AULRX)**  | **April 30, 2026** |

---

This semi-annual shareholder report contains important information about Ultra Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R Class | $68 | 1.37% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $26579895502 |
| Management Fees (dollars paid during the reporting period) | $106716701 |
| Portfolio Turnover Rate | 6% |
| Total Number of Portfolio Holdings | 66 |

---

**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 | 24% |
| Rights | 0.0% | Interactive Media and Services | 15% |
| Short-Term Investments | 0.1% | Software | 11% |
| Other Assets and Liabilities | (0.1)% | Technology Hardware, Storage and Peripherals | 8% |
|  |  | 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](ck0000100334-20260430_g2.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

S-25083171

------

**SEMIANNUAL SHAREHOLDER REPORT**

Ultra Fund ![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

---

| | |
|:---|:---|
| **R5 Class (AULGX)**  | **April 30, 2026** |

---

This semi-annual shareholder report contains important information about Ultra Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R5 Class | $33 | 0.67% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $26579895502 |
| Management Fees (dollars paid during the reporting period) | $106716701 |
| Portfolio Turnover Rate | 6% |
| Total Number of Portfolio Holdings | 66 |

---

**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 | 24% |
| Rights | 0.0% | Interactive Media and Services | 15% |
| Short-Term Investments | 0.1% | Software | 11% |
| Other Assets and Liabilities | (0.1)% | Technology Hardware, Storage and Peripherals | 8% |
|  |  | 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](ck0000100334-20260430_g2.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

S-2508H279

------

**SEMIANNUAL SHAREHOLDER REPORT**

Ultra Fund ![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

---

| | |
|:---|:---|
| **R6 Class (AULDX)**  | **April 30, 2026** |

---

This semi-annual shareholder report contains important information about Ultra Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R6 Class | $26 | 0.52% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $26579895502 |
| Management Fees (dollars paid during the reporting period) | $106716701 |
| Portfolio Turnover Rate | 6% |
| Total Number of Portfolio Holdings | 66 |

---

**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 | 24% |
| Rights | 0.0% | Interactive Media and Services | 15% |
| Short-Term Investments | 0.1% | Software | 11% |
| Other Assets and Liabilities | (0.1)% | Technology Hardware, Storage and Peripherals | 8% |
|  |  | 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](ck0000100334-20260430_g2.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

S-2508H444

------

**SEMIANNUAL SHAREHOLDER REPORT**

Ultra Fund ![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

---

| | |
|:---|:---|
| **G Class (AULNX)**  | **April 30, 2026** |

---

This semi-annual shareholder report contains important information about Ultra Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

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

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $26579895502 |
| Management Fees (dollars paid during the reporting period) | $106716701 |
| Portfolio Turnover Rate | 6% |
| Total Number of Portfolio Holdings | 66 |

---

**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 | 24% |
| Rights | 0.0% | Interactive Media and Services | 15% |
| Short-Term Investments | 0.1% | Software | 11% |
| Other Assets and Liabilities | (0.1)% | Technology Hardware, Storage and Peripherals | 8% |
|  |  | 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](ck0000100334-20260430_g2.jpg)

 <br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

S-2508H220

------

(b) Not applicable.

**ITEM 2. CODE OF ETHICS.**

Not applicable for semiannual report filings.

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

Not applicable for semiannual report filings.

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

Not applicable for semiannual report filings.

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

Not applicable for semiannual report filings.

**ITEM 6. INVESTMENTS.**

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

(b) Not applicable.

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

(a) ------

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

![ACI_Horiz_RGB_Black.jpg](ck0000100334-20260430_g1.jpg)

---

| | |
|:---|:---|
| Semiannual Financial Statements and Other Information | Semiannual Financial Statements and Other Information |
| April 30, 2026 |  |
| 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 | [46](#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 | [76](#i52946b9046fa4e8f856c2e760a6ee818_49) |

---

------

Schedule of Investments - Balanced Fund

**APRIL 30, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|<br>**COMMON STOCKS — 61.1%** | **Shares/Principal<br>Amount** | **Value** |
| **Air Freight and Logistics — 0.3%** | | |
| FedEx Corp. | 6946 | $2801391 |
| **Automobiles — 0.8%** |  |  |
| Tesla, Inc.<sup>(1)</sup> | 19216 | 7333402 |
| **Banks — 2.6%** |  |  |
| Bank of America Corp. | 144495 | 7724703 |
| JPMorgan Chase & Co. | 26703 | 8364181 |
| Regions Financial Corp. | 248452 | 7093304 |
|  |  | 23182188 |
| **Beverages — 0.5%** |  |  |
| PepsiCo, Inc. | 26757 | 4240717 |
| **Biotechnology — 1.3%** |  |  |
| AbbVie, Inc. | 22970 | 4854020 |
| Gilead Sciences, Inc. | 34665 | 4535569 |
| Vertex Pharmaceuticals, Inc.<sup>(1)</sup> | 6328 | 2704461 |
|  |  | 12094050 |
| **Broadline Retail — 2.4%** |  |  |
| Amazon.com, Inc.<sup>(1)</sup> | 81430 | 21583836 |
| **Building Products — 1.1%** |  |  |
| Johnson Controls International PLC | 32255 | 4710198 |
| Trane Technologies PLC | 10004 | 4927370 |
|  |  | 9637568 |
| **Capital Markets — 2.7%** |  |  |
| Ameriprise Financial, Inc. | 6509 | 3090408 |
| Blackrock, Inc. | 3213 | 3423773 |
| Goldman Sachs Group, Inc. | 5106 | 4716769 |
| Intercontinental Exchange, Inc. | 15334 | 2424152 |
| KKR & Co., Inc. | 20941 | 2184984 |
| Morgan Stanley | 21910 | 4175827 |
| S&P Global, Inc. | 10574 | 4559826 |
|  |  | 24575739 |
| **Chemicals — 1.0%** |  |  |
| Ecolab, Inc. | 11684 | 3044850 |
| Linde PLC | 11335 | 5680422 |
|  |  | 8725272 |
| **Communications Equipment — 0.5%** |  |  |
| Motorola Solutions, Inc. | 9876 | 4335860 |
| **Consumer Finance — 0.5%** |  |  |
| American Express Co. | 14519 | 4690363 |
| **Consumer Staples Distribution & Retail — 0.8%** |  |  |
| Costco Wholesale Corp. | 3892 | 3948551 |
| Sysco Corp. | 50352 | 3761798 |
|  |  | 7710349 |
| **Containers and Packaging — 0.3%** |  |  |
| Ball Corp. | 42581 | 2600847 |
| **Diversified Telecommunication Services — 0.2%** |  |  |
| Verizon Communications, Inc. | 37685 | 1810011 |
| **Electric Utilities — 1.1%** |  |  |
| NextEra Energy, Inc. | 103373 | 10118149 |

---

------

Schedule of Investments - Balanced Fund

---

| | | |
|:---|:---|:---|
| | **Shares/Principal<br>Amount** | **Value** |
| **Electrical Equipment — 1.0%** | | |
| Eaton Corp. PLC | 11592 | $5019452 |
| GE Vernova, Inc. | 3988 | 4320838 |
|  |  | 9340290 |
| **Electronic Equipment, Instruments and Components — 0.4%** |  |  |
| Amphenol Corp., Class A | 16243 | 2392107 |
| Coherent Corp.<sup>(1)</sup> | 2809 | 898065 |
|  |  | 3290172 |
| **Energy Equipment and Services — 0.9%** |  |  |
| SLB Ltd. | 149675 | 8513514 |
| **Entertainment — 0.5%** |  |  |
| Liberty Media Corp.-Liberty Formula One, Class C<sup>(1)</sup> | 9164 | 787646 |
| Netflix, Inc.<sup>(1)</sup> | 43736 | 4094127 |
|  |  | 4881773 |
| **Financial Services — 1.5%** |  |  |
| Mastercard, Inc., Class A | 16847 | 8472693 |
| Visa, Inc., Class A | 14574 | 4807088 |
|  |  | 13279781 |
| **Ground Transportation — 0.6%** |  |  |
| Uber Technologies, Inc.<sup>(1)</sup> | 29959 | 2235241 |
| Union Pacific Corp. | 11347 | 3057790 |
|  |  | 5293031 |
| **Health Care Equipment and Supplies — 0.5%** |  |  |
| IDEXX Laboratories, Inc.<sup>(1)</sup> | 4754 | 2666043 |
| Intuitive Surgical, Inc.<sup>(1)</sup> | 5065 | 2317795 |
|  |  | 4983838 |
| **Health Care Providers and Services — 1.1%** |  |  |
| Cencora, Inc. | 7602 | 2341492 |
| Cigna Group | 16053 | 4664681 |
| UnitedHealth Group, Inc. | 8694 | 3220953 |
|  |  | 10227126 |
| **Health Care REITs — 0.7%** |  |  |
| Welltower, Inc. | 29790 | 6474559 |
| **Hotels, Restaurants and Leisure — 0.9%** |  |  |
| Airbnb, Inc., Class A<sup>(1)</sup> | 7386 | 1036699 |
| Booking Holdings, Inc. | 15600 | 2626416 |
| Marriott International, Inc., Class A | 11953 | 4323281 |
|  |  | 7986396 |
| **Household Products — 1.1%** |  |  |
| Church & Dwight Co., Inc. | 26246 | 2547437 |
| Colgate-Palmolive Co. | 19869 | 1696018 |
| Procter & Gamble Co. | 37797 | 5559560 |
|  |  | 9803015 |
| **Industrial Conglomerates — 0.4%** |  |  |
| Honeywell International, Inc. | 18828 | 4035405 |
| **Industrial REITs — 0.7%** |  |  |
| Prologis, Inc. | 41970 | 5960579 |
| **Insurance — 0.9%** |  |  |
| Marsh & McLennan Cos., Inc. | 12099 | 2029123 |
| MetLife, Inc. | 47864 | 3833906 |
| Progressive Corp. | 10077 | 2028299 |
|  |  | 7891328 |

---

------

Schedule of Investments - Balanced Fund

---

| | | |
|:---|:---|:---|
| | **Shares/Principal<br>Amount** | **Value** |
| **Interactive Media and Services — 5.4%** | | |
| Alphabet, Inc., Class A | 103030 | $39645944 |
| Meta Platforms, Inc., Class A | 15607 | 9550079 |
|  |  | 49196023 |
| **IT Services — 0.8%** |  |  |
| International Business Machines Corp. | 27272 | 6299287 |
| MongoDB, Inc.<sup>(1)</sup> | 4141 | 1038687 |
|  |  | 7337974 |
| **Life Sciences Tools and Services — 1.0%** |  |  |
| Agilent Technologies, Inc. | 13906 | 1606838 |
| Danaher Corp. | 23411 | 4189398 |
| Thermo Fisher Scientific, Inc. | 6908 | 3308656 |
|  |  | 9104892 |
| **Machinery — 1.9%** |  |  |
| Cummins, Inc. | 10422 | 6993266 |
| Deere & Co. | 5313 | 3133979 |
| Parker-Hannifin Corp. | 3499 | 3182061 |
| Xylem, Inc. | 31264 | 3694154 |
|  |  | 17003460 |
| **Oil, Gas and Consumable Fuels — 0.8%** |  |  |
| Cheniere Energy, Inc. | 5456 | 1500127 |
| Williams Cos., Inc. | 71357 | 5445253 |
|  |  | 6945380 |
| **Pharmaceuticals — 1.6%** |  |  |
| Bristol-Myers Squibb Co. | 29524 | 1788859 |
| Eli Lilly & Co. | 7846 | 7332872 |
| Merck & Co., Inc. | 24856 | 2713778 |
| Zoetis, Inc. | 23598 | 2713062 |
|  |  | 14548571 |
| **Professional Services — 0.3%** |  |  |
| Automatic Data Processing, Inc. | 12934 | 2741232 |
| **Semiconductors and Semiconductor Equipment — 10.3%** |  |  |
| Analog Devices, Inc. | 21941 | 8825987 |
| Applied Materials, Inc. | 12261 | 4836842 |
| ASML Holding NV | 1532 | 2214576 |
| Broadcom, Inc. | 49093 | 20492891 |
| Lam Research Corp. | 14387 | 3709832 |
| Micron Technology, Inc. | 10229 | 5290029 |
| NVIDIA Corp. | 228175 | 45536885 |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 7431 | 2943122 |
|  |  | 93850164 |
| **Software — 5.6%** |  |  |
| AppLovin Corp., Class A<sup>(1)</sup> | 4381 | 1955459 |
| Cadence Design Systems, Inc.<sup>(1)</sup> | 16674 | 5495584 |
| Crowdstrike Holdings, Inc., Class A<sup>(1)</sup> | 4741 | 2113301 |
| Dynatrace, Inc.<sup>(1)</sup> | 55025 | 1992455 |
| Microsoft Corp. | 83729 | 34143012 |
| Salesforce, Inc. | 8765 | 1547286 |
| ServiceNow, Inc.<sup>(1)</sup> | 23300 | 2057623 |
| Workday, Inc., Class A<sup>(1)</sup> | 13026 | 1594382 |
|  |  | 50899102 |

---

------

Schedule of Investments - Balanced Fund

---

| | | |
|:---|:---|:---|
| | **Shares/Principal<br>Amount** | **Value** |
| **Specialized REITs — 0.4%** | | |
| Equinix, Inc. | 3130 | $3389258 |
| **Specialty Retail — 1.8%** |  |  |
| Home Depot, Inc. | 19454 | 6396475 |
| O'Reilly Automotive, Inc.<sup>(1)</sup> | 31932 | 3174041 |
| TJX Cos., Inc. | 38577 | 6046945 |
| Tractor Supply Co. | 24832 | 871603 |
|  |  | 16489064 |
| **Technology Hardware, Storage and Peripherals — 3.2%** |  |  |
| Apple, Inc. | 95614 | 25944859 |
| Western Digital Corp. | 6708 | 2914760 |
|  |  | 28859619 |
| **Trading Companies and Distributors — 0.7%** |  |  |
| Ferguson Enterprises, Inc. | 9923 | 2656486 |
| United Rentals, Inc. | 3694 | 3545649 |
|  |  | 6202135 |
| **TOTAL COMMON STOCKS**<br>(Cost $290,737,490) |  | **553967423** |
| **U.S. TREASURY SECURITIES — 9.8%** |  |  |
| U.S. Treasury Bonds, 4.625%, 11/15/45 | $600000 | 573375 |
| U.S. Treasury Bonds, 4.625%, 2/15/46 | 3000000 | 2865234 |
| U.S. Treasury Notes, 4.625%, 9/15/26 | 300000 | 301016 |
| U.S. Treasury Notes, 3.875%, 7/31/27 | 1500000 | 1500615 |
| U.S. Treasury Notes, 3.50%, 10/31/27 | 4000000 | 3978594 |
| U.S. Treasury Notes, 3.375%, 2/29/28 | 4400000 | 4361758 |
| U.S. Treasury Notes, 3.875%, 3/31/28 | 7400000 | 7398844 |
| U.S. Treasury Notes, 3.75%, 4/30/28 | 5400000 | 5386184 |
| U.S. Treasury Notes, 3.875%, 6/15/28 | 1000000 | 999805 |
| U.S. Treasury Notes, 3.50%, 3/15/29 | 1800000 | 1780383 |
| U.S. Treasury Notes, 4.125%, 3/31/29<sup>(2)</sup> | 2100000 | 2112141 |
| U.S. Treasury Notes, 4.25%, 6/30/29 | 2100000 | 2120221 |
| U.S. Treasury Notes, 3.875%, 12/31/29 | 400000 | 398844 |
| U.S. Treasury Notes, 4.375%, 12/31/29 | 2000000 | 2028320 |
| U.S. Treasury Notes, 4.00%, 5/31/30 | 1100000 | 1100795 |
| U.S. Treasury Notes, 4.125%, 8/31/30 | 5700000 | 5727721 |
| U.S. Treasury Notes, 4.875%, 10/31/30 | 4600000 | 4762887 |
| U.S. Treasury Notes, 4.375%, 11/30/30 | 8200000 | 8323480 |
| U.S. Treasury Notes, 3.75%, 12/31/30 | 400000 | 395469 |
| U.S. Treasury Notes, 3.75%, 1/31/31 | 1000000 | 988672 |
| U.S. Treasury Notes, 3.50%, 2/28/31 | 5400000 | 5279766 |
| U.S. Treasury Notes, 4.25%, 2/28/31 | 3300000 | 3332226 |
| U.S. Treasury Notes, 4.125%, 10/31/31 | 1200000 | 1202625 |
| U.S. Treasury Notes, 4.125%, 5/31/32 | 3500000 | 3497607 |
| U.S. Treasury Notes, 4.00%, 6/30/32 | 4400000 | 4365969 |
| U.S. Treasury Notes, 3.875%, 8/31/32 | 1800000 | 1771523 |
| U.S. Treasury Notes, 4.125%, 11/15/32 | 1200000 | 1196297 |
| U.S. Treasury Notes, 3.75%, 11/30/32 | 6000000 | 5852226 |
| U.S. Treasury Notes, 3.875%, 12/31/32 | 900000 | 883723 |
| U.S. Treasury Notes, 4.00%, 1/31/33 | 600000 | 593273 |
| U.S. Treasury Notes, 4.25%, 3/31/33 | 2000000 | 2005937 |
| U.S. Treasury Notes, 3.875%, 8/15/33 | 200000 | 195590 |
| U.S. Treasury Notes, 4.125%, 2/15/36 | 1200000 | 1174781 |
| **TOTAL U.S. TREASURY SECURITIES**<br>(Cost $88,540,823) |  | **88455901** |

---

------

Schedule of Investments - Balanced Fund

---

| | | |
|:---|:---|:---|
|<br>**U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 8.6%** | **Shares/Principal<br>Amount** | **Value** |
| **Fixed-Rate U.S. Government Agency Mortgage-Backed Securities — 8.6%** | | |
| FHLMC, 3.50%, 2/1/49 | $1525771 | $1398984 |
| FHLMC, 3.00%, 1/1/50 | 1418042 | 1243535 |
| FHLMC, 3.50%, 5/1/50 | 244071 | 224350 |
| FHLMC, 2.50%, 5/1/51 | 1613242 | 1366668 |
| FHLMC, 3.50%, 5/1/51 | 763136 | 701936 |
| FHLMC, 3.00%, 7/1/51 | 609754 | 540343 |
| FHLMC, 2.00%, 8/1/51 | 1347166 | 1088799 |
| FHLMC, 2.50%, 8/1/51 | 1477132 | 1247280 |
| FHLMC, 3.00%, 12/1/51 | 964448 | 848368 |
| FHLMC, 3.00%, 2/1/52 | 799925 | 710457 |
| FHLMC, 3.50%, 5/1/52 | 981767 | 903908 |
| FHLMC, 4.00%, 5/1/52 | 1243756 | 1169550 |
| FHLMC, 4.00%, 5/1/52 | 807789 | 765257 |
| FHLMC, 4.00%, 6/1/52 | 2670843 | 2523865 |
| FHLMC, 5.00%, 7/1/52 | 470122 | 470284 |
| FHLMC, 4.50%, 10/1/52 | 1919162 | 1851816 |
| FHLMC, 4.50%, 10/1/52 | 675706 | 653231 |
| FHLMC, 5.50%, 12/1/52 | 361346 | 368181 |
| FHLMC, 5.50%, 11/1/55 | 1698542 | 1709124 |
| FHLMC, 5.50%, 1/1/56 | 1686832 | 1700497 |
| FNMA, 2.50%, 6/1/50 | 791611 | 671502 |
| FNMA, 2.50%, 2/1/51 | 2044115 | 1745091 |
| FNMA, 3.00%, 6/1/51 | 99014 | 88827 |
| FNMA, 2.50%, 12/1/51 | 861123 | 731385 |
| FNMA, 2.50%, 2/1/52 | 478126 | 406377 |
| FNMA, 3.00%, 2/1/52 | 1560730 | 1384240 |
| FNMA, 3.00%, 2/1/52 | 885172 | 785070 |
| FNMA, 2.00%, 3/1/52 | 2335858 | 1902049 |
| FNMA, 3.00%, 3/1/52 | 1594681 | 1416089 |
| FNMA, 3.00%, 4/1/52 | 363359 | 322159 |
| FNMA, 4.00%, 4/1/52 | 1063577 | 1003370 |
| FNMA, 4.00%, 4/1/52 | 457469 | 433608 |
| FNMA, 4.00%, 4/1/52 | 336901 | 318169 |
| FNMA, 3.00%, 5/1/52 | 931995 | 829233 |
| FNMA, 3.50%, 5/1/52 | 1514058 | 1381103 |
| FNMA, 4.00%, 5/1/52 | 1602661 | 1504874 |
| FNMA, 3.50%, 6/1/52 | 1308327 | 1203357 |
| FNMA, 2.50%, 7/1/52 | 738578 | 623200 |
| FNMA, 4.50%, 7/1/52 | 1151158 | 1112750 |
| FNMA, 5.00%, 8/1/52 | 2673110 | 2656211 |
| FNMA, 4.50%, 9/1/52 | 581191 | 565529 |
| FNMA, 5.00%, 9/1/52 | 733577 | 732863 |
| FNMA, 5.00%, 10/1/52 | 2332361 | 2314395 |
| FNMA, 5.50%, 10/1/52 | 1160968 | 1172598 |
| FNMA, 5.00%, 1/1/53 | 1908439 | 1893825 |
| FNMA, 5.50%, 1/1/53 | 2394288 | 2420705 |
| FNMA, 5.50%, 3/1/53 | 344569 | 350025 |
| FNMA, 5.50%, 3/1/54 | 2925277 | 2948361 |
| FNMA, 4.50%, 4/1/54 | 3307353 | 3192923 |
| GNMA, 5.00%, TBA | 1636000 | 1622054 |

---

------

Schedule of Investments - Balanced Fund

---

| | | |
|:---|:---|:---|
| | **Shares/Principal<br>Amount** | **Value** |
| GNMA, 7.50%, 8/15/26 | $122 | $122 |
| GNMA, 7.00%, 5/15/31 | 6536 | 6766 |
| GNMA, 3.50%, 6/20/42 | 188253 | 176960 |
| GNMA, 3.00%, 5/20/50 | 420947 | 375623 |
| GNMA, 3.00%, 7/20/50 | 1113082 | 994884 |
| GNMA, 3.50%, 6/20/51 | 716412 | 655927 |
| GNMA, 3.00%, 7/20/51 | 1039402 | 927691 |
| GNMA, 4.00%, 9/20/52 | 2837595 | 2678578 |
| GNMA, 4.50%, 9/20/52 | 2648346 | 2575302 |
| GNMA, 4.50%, 10/20/52 | 2184270 | 2124672 |
| GNMA, 4.00%, 4/20/54 | 3628961 | 3398846 |
| GNMA, 5.00%, 12/20/54 | 1384607 | 1379514 |
| UMBS, 5.00%, TBA | 3641000 | 3587567 |
| **TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES**<br>(Cost $79,568,360) |  | **78100827** |
| **CORPORATE BONDS — 8.2%** |  |  |
| **Aerospace and Defense — 0.1%** |  |  |
| Boeing Co., 5.71%, 5/1/40 | 490000 | 495098 |
| Honeywell Aerospace, Inc., 4.60%, 3/16/33<sup>(3)</sup> | 142000 | 140255 |
| Honeywell Aerospace, Inc., 4.95%, 3/16/36<sup>(3)</sup> | 391000 | 386711 |
| Textron, Inc., 4.95%, 3/15/36 | 232000 | 226693 |
|  |  | 1248757 |
| **Air Freight and Logistics — 0.1%** |  |  |
| GXO Logistics, Inc., 6.25%, 5/6/29 | 727000 | 754874 |
| **Automobiles — 0.1%** |  |  |
| Ford Motor Credit Co. LLC, 7.20%, 6/10/30 | 260000 | 275155 |
| Ford Motor Credit Co. LLC, 6.05%, 11/5/31 | 212000 | 215134 |
| General Motors Financial Co., Inc., 6.15%, 7/15/35 | 210000 | 218647 |
|  |  | 708936 |
| **Banks — 1.5%** |  |  |
| ABN AMRO Bank NV, VRN, 3.32%, 3/13/37<sup>(3)</sup> | 200000 | 179182 |
| Bank of America Corp., VRN, 5.51%, 1/24/36 | 340000 | 347871 |
| Bank of America Corp., VRN, 5.49%, 4/23/37 | 1050000 | 1044347 |
| Bank of Montreal, VRN, 7.70%, 5/26/84 | 1011000 | 1065043 |
| Bank of Nova Scotia, VRN, 8.00%, 1/27/84 | 1000000 | 1061058 |
| BPCE SA, VRN, 3.65%, 1/14/37<sup>(3)</sup> | 480000 | 433227 |
| CaixaBank SA, VRN, 5.40%, 4/22/37<sup>(3)</sup> | 216000 | 213469 |
| Citigroup, Inc., VRN, 4.41%, 3/31/31 | 120000 | 118714 |
| Citigroup, Inc., VRN, 5.17%, 9/11/36 | 490000 | 485654 |
| Citigroup, Inc., VRN, 5.61%, 3/4/56 | 185000 | 178848 |
| Dresdner Funding Trust I, 8.15%, 6/30/31<sup>(3)</sup> | 480000 | 519847 |
| Huntington Bancshares, Inc., VRN, 4.62%, 1/28/32 | 765000 | 756361 |
| Intesa Sanpaolo SpA, VRN, 4.20%, 6/1/32<sup>(3)</sup> | 136000 | 128637 |
| JPMorgan Chase & Co., VRN, 4.41%, 4/23/30 | 535000 | 532932 |
| JPMorgan Chase & Co., VRN, 5.10%, 4/22/31 | 549000 | 559433 |
| JPMorgan Chase & Co., VRN, 4.35%, 1/22/32 | 290000 | 285634 |
| JPMorgan Chase & Co., VRN, 4.62%, 4/23/32 | 530000 | 527584 |
| JPMorgan Chase & Co., VRN, 5.77%, 4/22/35 | 644000 | 671542 |
| JPMorgan Chase & Co., VRN, 5.15%, 4/23/37 | 290000 | 288378 |
| JPMorgan Chase & Co., VRN, 4.26%, 2/22/48 | 520000 | 426978 |
| KeyCorp, VRN, 6.40%, 3/6/35 | 185000 | 196770 |
| Morgan Stanley Private Bank NA, VRN, 4.73%, 7/18/31 | 225000 | 224744 |

---

------

Schedule of Investments - Balanced Fund

---

| | | |
|:---|:---|:---|
| | **Shares/Principal<br>Amount** | **Value** |
| NatWest Group PLC, VRN, 3.03%, 11/28/35 | $327000 | $299060 |
| Pinnacle Bank/Nashville TN, VRN, 5.96%, 1/15/36 | 629000 | 625181 |
| Toronto-Dominion Bank, VRN, 3.625%, 9/15/31 | 595000 | 592116 |
| Toronto-Dominion Bank, VRN, 8.125%, 10/31/82 | 564000 | 587020 |
| Webster Financial Corp., VRN, 5.78%, 9/11/35 | 395000 | 400566 |
| Wells Fargo & Co., VRN, 5.61%, 4/23/36 | 460000 | 471922 |
| Wells Fargo & Co., VRN, 5.43%, 1/23/47 | 210000 | 199788 |
| Wells Fargo & Co., VRN, 5.01%, 4/4/51 | 320000 | 283549 |
|  |  | 13705455 |
| **Beverages — 0.1%** |  |  |
| Maple Parent Holdings Corp., 5.05%, 3/26/31<sup>(3)</sup> | 220000 | 220505 |
| Maple Parent Holdings Corp., 5.70%, 3/26/36<sup>(3)</sup> | 567000 | 567921 |
|  |  | 788426 |
| **Biotechnology — 0.1%** |  |  |
| Amgen, Inc., 5.65%, 3/2/53 | 435000 | 418588 |
| BioMarin Pharmaceutical, Inc., 5.50%, 2/15/34<sup>(3)</sup> | 210000 | 208627 |
| Genmab AS/Genmab Finance LLC, 6.25%, 12/15/32<sup>(3)</sup> | 430000 | 441535 |
|  |  | 1068750 |
| **Broadline Retail — 0.1%** |  |  |
| Amazon.com, Inc., 4.55%, 3/13/33 | 445000 | 439798 |
| Amazon.com, Inc., 4.875%, 3/13/36 | 355000 | 349930 |
|  |  | 789728 |
| **Capital Markets — 0.9%** |  |  |
| Bank of New York Mellon Corp., VRN, 5.09%, 4/23/37 | 225000 | 223355 |
| Blackstone Private Credit Fund, 5.95%, 7/16/29 | 473000 | 473488 |
| Blue Owl Capital Corp., 3.40%, 7/15/26 | 525000 | 522871 |
| Blue Owl Credit Income Corp., 7.75%, 9/16/27 | 500000 | 509351 |
| Goldman Sachs BDC, Inc., 5.10%, 1/28/29 | 353000 | 346230 |
| Goldman Sachs Group, Inc., VRN, 6.48%, 10/24/29 | 630000 | 657833 |
| Goldman Sachs Group, Inc., VRN, 5.07%, 1/21/37 | 255000 | 249392 |
| Goldman Sachs Group, Inc., VRN, 5.54%, 1/21/47 | 195000 | 186577 |
| Goldman Sachs Group, Inc., VRN, 5.73%, 1/28/56 | 265000 | 258644 |
| Goldman Sachs Private Credit Corp., 5.05%, 2/23/28<sup>(3)</sup> | 535000 | 528951 |
| Golub Capital BDC, Inc., 7.05%, 12/5/28 | 283000 | 291302 |
| Golub Capital Private Credit Fund, 5.45%, 8/15/28<sup>(3)</sup> | 355000 | 352322 |
| HPS Corporate Lending Fund, 5.45%, 1/14/28 | 160000 | 159636 |
| HPS Corporate Lending Fund, 4.90%, 9/11/28 | 278000 | 272182 |
| HPS Corporate Lending Fund, 6.25%, 9/30/29 | 179000 | 180665 |
| Jefferies Financial Group, Inc., 5.50%, 2/15/36 | 317000 | 305401 |
| Morgan Stanley, VRN, 6.41%, 11/1/29 | 170000 | 177193 |
| Morgan Stanley, VRN, 4.81%, 4/16/32 | 490000 | 488907 |
| Morgan Stanley, VRN, 6.63%, 11/1/34 | 740000 | 806524 |
| Morgan Stanley, VRN, 5.83%, 4/19/35 | 152000 | 158198 |
| Morgan Stanley, VRN, 4.89%, 10/22/36 | 165000 | 160183 |
| Northern Trust Corp., VRN, 3.375%, 5/8/32 | 619000 | 611173 |
|  |  | 7920378 |
| **Construction Materials — 0.0%** |  |  |
| Eagle Materials, Inc., 5.00%, 3/15/36 | 382000 | 367615 |
| **Consumer Finance — 0.2%** |  |  |
| Avolon Holdings Funding Ltd., 4.85%, 4/1/33<sup>(3)</sup> | 426000 | 411000 |
| Capital One Financial Corp., VRN, 4.72%, 1/30/32 | 440000 | 434870 |
| Capital One Financial Corp., VRN, 2.36%, 7/29/32 | 410000 | 353490 |

---

------

Schedule of Investments - Balanced Fund

---

| | | |
|:---|:---|:---|
| | **Shares/Principal<br>Amount** | **Value** |
| Capital One Financial Corp., VRN, 5.40%, 1/30/37 | $389000 | $382250 |
|  |  | 1581610 |
| **Containers and Packaging — 0.0%** |  |  |
| Amcor Flexibles North America, Inc., 5.125%, 3/12/36 | 392000 | 382219 |
| **Diversified Consumer Services — 0.1%** |  |  |
| Leland Stanford Junior University, 4.68%, 3/1/35 | 675000 | 672061 |
| Massachusetts Institute of Technology, 5.62%, 6/1/55 | 95000 | 96438 |
| Novant Health, Inc., 3.17%, 11/1/51 | 205000 | 133250 |
| Pepperdine University, 3.30%, 12/1/59 | 355000 | 222211 |
|  |  | 1123960 |
| **Diversified REITs — 0.2%** |  |  |
| Equinix Europe 2 Financing Corp. LLC, 4.70%, 3/15/33 | 415000 | 406610 |
| GLP Capital LP/GLP Financing II, Inc., 5.625%, 3/1/36 | 240000 | 236054 |
| Kilroy Realty LP, 3.05%, 2/15/30 | 215000 | 197715 |
| Kilroy Realty LP, 2.50%, 11/15/32 | 280000 | 230882 |
| Piedmont Operating Partnership LP, 6.875%, 7/15/29 | 758000 | 795221 |
| Vornado Realty LP, 5.75%, 2/1/33 | 341000 | 341673 |
|  |  | 2208155 |
| **Diversified Telecommunication Services — 0.1%** |  |  |
| AT&T, Inc., 5.25%, 10/30/36 | 223000 | 220458 |
| AT&T, Inc., 6.20%, 10/30/56 | 351000 | 347940 |
| HUT 8 DC LLC, 6.19%, 11/15/42<sup>(3)</sup> | 270000 | 272405 |
| Verizon Communications, Inc., 5.875%, 11/30/55 | 164000 | 158604 |
|  |  | 999407 |
| **Electric Utilities — 0.4%** |  |  |
| Commonwealth Edison Co., 5.95%, 6/1/55 | 388000 | 392581 |
| Duke Energy Florida LLC, 4.85%, 12/1/35 | 167000 | 164263 |
| Duke Energy Florida LLC, 5.95%, 11/15/52 | 225000 | 228067 |
| Duke Energy Progress LLC, 5.35%, 3/15/53 | 120000 | 111858 |
| Emera U.S. Finance LLC, 5.20%, 4/1/33 | 135000 | 134168 |
| ITC Holdings Corp., 5.50%, 4/15/36<sup>(3)</sup> | 135000 | 135895 |
| Kentucky Utilities Co., 5.85%, 8/15/55 | 248000 | 245977 |
| Louisville Gas & Electric Co., 5.85%, 8/15/55 | 73000 | 72557 |
| MidAmerican Energy Co., 5.85%, 9/15/54 | 980000 | 980568 |
| Niagara Mohawk Power Corp., 4.65%, 10/3/30<sup>(3)</sup> | 130000 | 129680 |
| Sierra Pacific Power Co., VRN, 6.375%, 9/15/56 | 190000 | 189299 |
| Southern Co. Gas Capital Corp., 5.10%, 9/15/35 | 378000 | 373798 |
|  |  | 3158711 |
| **Entertainment — 0.0%** |  |  |
| Beignet Investor LLC, 6.58%, 5/30/49<sup>(3)</sup> | 265000 | 273915 |
| **Financial Services — 0.3%** |  |  |
| Antares Holdings LP, 6.35%, 10/23/29<sup>(3)</sup> | 665000 | 663073 |
| Atlas Warehouse Lending Co. LP, 6.25%, 1/15/30<sup>(3)</sup> | 1000000 | 1028517 |
| Atlas Warehouse Lending Co. LP, 4.95%, 11/15/30<sup>(3)</sup> | 250000 | 245957 |
| Atlas Warehouse Lending Co. LP, 5.25%, 1/15/33<sup>(3)</sup> | 250000 | 244581 |
| Nationwide Building Society, VRN, 4.125%, 10/18/32<sup>(3)</sup> | 250000 | 247134 |
|  |  | 2429262 |
| **Food Products — 0.0%** |  |  |
| Flowers Foods, Inc., 5.75%, 3/15/35 | 225000 | 216944 |
| Mars, Inc., 5.70%, 5/1/55<sup>(3)</sup> | 179000 | 174295 |
|  |  | 391239 |

---

------

Schedule of Investments - Balanced Fund

---

| | | |
|:---|:---|:---|
| | **Shares/Principal<br>Amount** | **Value** |
| **Ground Transportation — 0.1%** | | |
| Ashtead Capital, Inc., 5.95%, 10/15/33<sup>(3)</sup> | $400000 | $415474 |
| Fedex Freight Holding Co., Inc., 5.25%, 3/15/36<sup>(3)</sup> | 532000 | 518088 |
| United Rentals North America, Inc., 6.00%, 12/15/29<sup>(3)</sup> | 155000 | 157751 |
|  |  | 1091313 |
| **Health Care Equipment and Supplies — 0.2%** |  |  |
| Abbott Laboratories, 4.65%, 3/15/36 | 525000 | 510064 |
| Abbott Laboratories, 5.50%, 3/15/56 | 395000 | 382180 |
| Baxter International, Inc., 4.90%, 12/15/30 | 335000 | 331608 |
| Baxter International, Inc., 5.65%, 12/15/35 | 191000 | 187717 |
| Medline Borrower LP/Medline Co-Issuer, Inc., 6.25%, 4/1/29<sup>(3)</sup> | 423000 | 433098 |
|  |  | 1844667 |
| **Health Care Providers and Services — 0.4%** |  |  |
| CVS Health Corp., 6.00%, 6/1/44 | 410000 | 404965 |
| CVS Health Corp., VRN, 7.00%, 3/10/55 | 245000 | 254356 |
| Duke University Health System, Inc., 3.92%, 6/1/47 | 70000 | 54916 |
| HCA, Inc., 4.90%, 11/15/35 | 545000 | 527750 |
| HCA, Inc., 5.30%, 5/15/36 | 890000 | 882322 |
| HCA, Inc., 6.20%, 3/1/55 | 130000 | 128716 |
| IQVIA, Inc., 6.25%, 2/1/29 | 306000 | 317604 |
| Kaiser Foundation Hospitals, 3.00%, 6/1/51 | 220000 | 140590 |
| UnitedHealth Group, Inc., 5.30%, 6/15/35 | 196000 | 199996 |
| UnitedHealth Group, Inc., 5.05%, 4/15/53 | 495000 | 438660 |
|  |  | 3349875 |
| **Hotels, Restaurants and Leisure — 0.1%** |  |  |
| Carnival Corp., 4.00%, 8/1/28<sup>(3)</sup> | 555000 | 542219 |
| Carnival Corp., 5.125%, 5/1/29<sup>(3)</sup> | 207000 | 206487 |
| Marriott International, Inc., 5.10%, 5/1/38 | 265000 | 254299 |
| Royal Caribbean Cruises Ltd., 6.00%, 2/1/33<sup>(3)</sup> | 208000 | 211243 |
|  |  | 1214248 |
| **Industrial Conglomerates — 0.1%** |  |  |
| Eaton Corp., 4.20%, 3/6/31 | 230000 | 226861 |
| Eaton Corp., 4.80%, 3/6/36 | 210000 | 206820 |
|  |  | 433681 |
| **Insurance — 0.4%** |  |  |
| Allianz SE, VRN, 6.35%, 9/6/53<sup>(3)</sup> | 400000 | 419102 |
| Athene Global Funding, 5.53%, 7/11/31<sup>(3)</sup> | 287000 | 288605 |
| CNA Financial Corp., 5.20%, 8/15/35 | 497000 | 489115 |
| Liberty Mutual Group, Inc., VRN, 4.125%, 12/15/51<sup>(3)</sup> | 900000 | 890282 |
| MetLife, Inc., 6.40%, 12/15/66 | 859000 | 880365 |
| MetLife, Inc., 10.75%, 8/1/69 | 330000 | 428604 |
|  |  | 3396073 |
| **Interactive Media and Services — 0.4%** |  |  |
| Alphabet, Inc., 4.40%, 2/15/33 | 645000 | 635368 |
| Alphabet, Inc., 4.80%, 2/15/36 | 465000 | 460529 |
| Alphabet, Inc., 5.65%, 2/15/56 | 395000 | 387702 |
| Meta Platforms, Inc., 4.60%, 11/15/32 | 570000 | 563431 |
| Meta Platforms, Inc., 5.25%, 5/15/36<sup>(4)</sup> | 360000 | 359406 |
| Meta Platforms, Inc., 5.50%, 11/15/45 | 195000 | 181333 |
| Meta Platforms, Inc., 5.625%, 11/15/55 | 540000 | 496175 |
| Meta Platforms, Inc., 6.30%, 5/15/56<sup>(4)</sup> | 145000 | 145515 |
|  |  | 3229459 |

---

------

Schedule of Investments - Balanced Fund

---

| | | |
|:---|:---|:---|
| | **Shares/Principal<br>Amount** | **Value** |
| **IT Services — 0.0%** | | |
| International Business Machines Corp., 5.80%, 2/3/56 | $330000 | $313027 |
| **Machinery — 0.1%** |  |  |
| Allison Transmission, Inc., 5.875%, 12/1/33<sup>(3)</sup> | 264000 | 267121 |
| Weir Group, Inc., 5.35%, 5/6/30<sup>(3)</sup> | 421000 | 427426 |
|  |  | 694547 |
| **Media — 0.1%** |  |  |
| CCO Holdings LLC/CCO Holdings Capital Corp., 4.75%, 3/1/30<sup>(3)</sup> | 181000 | 171668 |
| Cox Communications, Inc., 5.70%, 6/15/33<sup>(3)</sup> | 278000 | 276468 |
| Discovery Communications LLC, 3.95%, 3/20/28 | 175000 | 163499 |
|  |  | 611635 |
| **Metals and Mining — 0.1%** |  |  |
| Glencore Funding LLC, 4.90%, 7/1/31<sup>(3)</sup> | 215000 | 215374 |
| Glencore Funding LLC, 5.51%, 4/1/36<sup>(3)</sup> | 445000 | 448295 |
| Glencore Funding LLC, 5.89%, 4/4/54<sup>(3)</sup> | 90000 | 89118 |
|  |  | 752787 |
| **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 | 666206 |
| Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 7.00%, 7/15/31<sup>(3)</sup> | 525000 | 544810 |
|  |  | 1211016 |
| **Multi-Utilities — 0.1%** |  |  |
| Sempra, 3.25%, 6/15/27 | 180000 | 177648 |
| Sempra, VRN, 4.125%, 4/1/52 | 598000 | 589698 |
|  |  | 767346 |
| **Oil, Gas and Consumable Fuels — 0.6%** |  |  |
| Cenovus Energy, Inc., 5.40%, 3/20/36 | 253000 | 252228 |
| Cheniere Energy, Inc., 5.20%, 7/30/36<sup>(3)</sup> | 179000 | 177029 |
| Cheniere Energy, Inc., 6.00%, 7/30/56<sup>(3)</sup> | 241000 | 238013 |
| Columbia Pipelines Holding Co. LLC, 5.00%, 11/17/32<sup>(3)</sup> | 358000 | 355630 |
| Enbridge, Inc., VRN, 6.00%, 1/15/77 | 850000 | 852908 |
| Energy Transfer LP, 6.125%, 12/15/45 | 340000 | 333073 |
| Energy Transfer LP, 5.95%, 5/15/54 | 365000 | 344916 |
| Expand Energy Corp., 5.375%, 3/15/30 | 515000 | 520462 |
| Northern Natural Gas Co., 5.625%, 2/1/54<sup>(3)</sup> | 155000 | 147749 |
| Occidental Petroleum Corp., 6.20%, 3/15/40 | 190000 | 196470 |
| Occidental Petroleum Corp., 4.20%, 3/15/48 | 190000 | 144830 |
| Ovintiv, Inc., 7.10%, 7/15/53 | 335000 | 365203 |
| Petroleos Mexicanos, 5.95%, 1/28/31 | 707000 | 692121 |
| Plains All American Pipeline LP/PAA Finance Corp., 5.60%, 1/15/36 | 262000 | 262592 |
| SM Energy Co., 6.75%, 9/15/26 | 265000 | 265222 |
| Venture Global Plaquemines LNG LLC, 6.75%, 1/15/36<sup>(3)</sup> | 328000 | 348833 |
|  |  | 5497279 |
| **Passenger Airlines — 0.0%** |  |  |
| United Airlines, Inc., 4.625%, 4/15/29<sup>(3)</sup> | 305000 | 301259 |
| **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> | 440000 | 428347 |
| **Pharmaceuticals — 0.0%** |  |  |
| Merck & Co., Inc., 5.70%, 9/15/55 | 249000 | 245195 |
| Novartis Capital Corp., 5.70%, 3/18/56 | 140000 | 140331 |
|  |  | 385526 |
| **Real Estate Management and Development — 0.0%** |  |  |
| CBRE Services, Inc., 5.25%, 6/1/36<sup>(4)</sup> | 385000 | 377866 |

---

------

Schedule of Investments - Balanced Fund

---

| | | |
|:---|:---|:---|
| | **Shares/Principal<br>Amount** | **Value** |
| **Semiconductors and Semiconductor Equipment — 0.3%** | | |
| Foundry JV Holdco LLC, 6.25%, 1/25/35<sup>(3)</sup> | $410000 | $433349 |
| Foundry JV Holdco LLC, 6.10%, 1/25/36<sup>(3)</sup> | 252000 | 264829 |
| Foundry JV Holdco LLC, 6.30%, 1/25/39<sup>(3)</sup> | 497000 | 528148 |
| Intel Corp., 5.15%, 2/21/34 | 95000 | 95216 |
| Intel Corp., 5.30%, 5/15/36 | 440000 | 438322 |
| Intel Corp., 4.90%, 8/5/52 | 215000 | 179390 |
| Intel Corp., 6.125%, 5/15/56 | 280000 | 278109 |
| Marvell Technology, Inc., 5.30%, 4/15/36 | 420000 | 420391 |
|  |  | 2637754 |
| **Software — 0.5%** |  |  |
| AppLovin Corp., 5.125%, 12/1/29 | 97000 | 97791 |
| AppLovin Corp., 5.375%, 12/1/31 | 441000 | 445476 |
| Oracle Corp., 4.80%, 9/26/32 | 715000 | 680137 |
| Oracle Corp., 5.35%, 5/4/33 | 420000 | 408513 |
| Oracle Corp., 5.20%, 9/26/35 | 413000 | 385064 |
| Oracle Corp., 5.70%, 2/4/36 | 197000 | 189288 |
| Salesforce, Inc., 4.90%, 9/15/31 | 535000 | 533553 |
| Salesforce, Inc., 5.20%, 3/15/33 | 395000 | 394406 |
| Synopsys, Inc., 5.00%, 4/1/32 | 655000 | 662085 |
| Workday, Inc., 3.80%, 4/1/32 | 370000 | 344620 |
|  |  | 4140933 |
| **Specialty Retail — 0.1%** |  |  |
| Lowe's Cos., Inc., 4.85%, 10/15/35 | 585000 | 571113 |
| O'Reilly Automotive, Inc., 5.10%, 3/12/36 | 190000 | 188080 |
|  |  | 759193 |
| **Technology Hardware, Storage and Peripherals — 0.0%** |  |  |
| Dell International LLC/EMC Corp., 5.30%, 4/1/32 | 168000 | 171320 |
| **Textiles, Apparel and Luxury Goods — 0.1%** |  |  |
| Gildan Activewear, Inc., 4.70%, 10/7/30<sup>(3)</sup> | 300000 | 297044 |
| Gildan Activewear, Inc., 5.40%, 10/7/35<sup>(3)</sup> | 400000 | 391805 |
|  |  | 688849 |
| **TOTAL CORPORATE BONDS**<br>(Cost $74,826,406) |  | **74199397** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 4.4%** |  |  |
| **Private Sponsor Collateralized Mortgage Obligations — 4.3%** |  |  |
| ABN AMRO Mortgage Corp., Series 2003-4, Class A4, 5.50%, 3/25/33 | 760 | 762 |
| Barclays Mortgage Loan Trust, Series 2026-NQM2, Class A1, VRN, 4.70%, 12/25/65<sup>(3)</sup> | 1683515 | 1669257 |
| BRAVO Residential Funding Trust, Series 2024-RPL1, Class A1, SEQ, VRN, 3.25%, 10/25/63<sup>(3)</sup> | 899845 | 835779 |
| Chase Home Lending Mortgage Trust, Series 2024-10, Class A4, VRN, 6.00%, 10/25/55<sup>(3)</sup> | 414502 | 416260 |
| Chase Home Lending Mortgage Trust, Series 2024-2, Class A4A, SEQ, VRN, 6.00%, 2/25/55<sup>(3)</sup> | 259989 | 261012 |
| Chase Home Lending Mortgage Trust, Series 2024-8, Class A6A, SEQ, VRN, 5.50%, 8/25/55<sup>(3)</sup> | 67310 | 67204 |
| Chase Home Lending Mortgage Trust, Series 2024-9, Class A4, VRN, 5.50%, 9/25/55<sup>(3)</sup> | 353667 | 354108 |
| Chase Home Lending Mortgage Trust, Series 2025-8, Class A4, SEQ, VRN, 6.00%, 6/25/56<sup>(3)</sup> | 1021028 | 1026138 |
| Chase Home Lending Mortgage Trust, Series 2025-9, Class A4A, SEQ, VRN, 5.50%, 6/25/56<sup>(3)</sup> | 1259471 | 1260643 |
| CHL Mortgage Pass-Through Trust, Series 2005-17, Class 1A11, 5.50%, 9/25/35 | 657 | 650 |
| Citigroup Mortgage Loan Trust, Series 2024-CMI1, Class A11, VRN, 5.50%, 6/25/54<sup>(3)</sup> | 585497 | 586189 |
| Citigroup Mortgage Loan Trust, Series 2025-3, Class A11, VRN, 5.50%, 6/25/55<sup>(3)</sup> | 450016 | 450275 |
| Cross Mortgage Trust, Series 2025-H8, Class A2, 5.26%, 11/25/70<sup>(3)</sup> | 1023748 | 1020360 |
| Ellington Financial Mortgage Trust, Series 2024-NQM1, Class A1B, 5.81%, 11/25/69<sup>(3)</sup> | 452646 | 456108 |
| GCAT Trust, Series 2024-INV2, Class A6, SEQ, VRN, 6.00%, 6/25/54<sup>(3)</sup> | 280613 | 281658 |
| GS Mortgage-Backed Securities Trust, Series 2023-PJ4, Class A15, SEQ, VRN, 6.00%, 1/25/54<sup>(3)</sup> | 322268 | 323761 |

---

------

Schedule of Investments - Balanced Fund

---

| | | |
|:---|:---|:---|
| | **Shares/Principal<br>Amount** | **Value** |
| GS Mortgage-Backed Securities Trust, Series 2023-PJ6, Class A15, SEQ, VRN, 6.00%, 4/25/54<sup>(3)</sup> | $271347 | $272408 |
| GS Mortgage-Backed Securities Trust, Series 2024-PJ1, Class A15, VRN, 6.00%, 6/25/54<sup>(3)</sup> | 406587 | 407515 |
| GS Mortgage-Backed Securities Trust, Series 2026-NQM3, Class A1, VRN, 5.22%, 5/25/66<sup>(3)</sup> | 1426100 | 1426074 |
| GS Mortgage-Backed Securities Trust, Series 2026-PJ6, Class A4, SEQ, VRN, 5.50%, 9/25/56<sup>(3)</sup> | 800000 | 802414 |
| HOMES Trust, Series 2025-AFC3, Class A1, VRN, 4.93%, 8/25/60<sup>(3)</sup> | 893607 | 891263 |
| HOMES Trust, Series 2026-NQM2, Class A1, VRN, 5.49%, 1/25/71<sup>(3)</sup> | 1082071 | 1087529 |
| JP Morgan Mortgage Trust, Series 2020-3, Class A15, VRN, 3.50%, 8/25/50<sup>(3)</sup> | 128198 | 115358 |
| JP Morgan Mortgage Trust, Series 2023-7, Class A4A, SEQ, VRN, 5.50%, 2/25/54<sup>(3)</sup> | 779563 | 780743 |
| JP Morgan Mortgage Trust, Series 2023-8, Class A2, VRN, 6.00%, 2/25/54<sup>(3)</sup> | 237278 | 239281 |
| JP Morgan Mortgage Trust, Series 2024-1, Class A4, SEQ, VRN, 6.00%, 6/25/54<sup>(3)</sup> | 747675 | 749635 |
| JP Morgan Mortgage Trust, Series 2024-10, Class A4, VRN, 5.50%, 3/25/55<sup>(3)</sup> | 457242 | 457967 |
| JP Morgan Mortgage Trust, Series 2024-10, Class A6, SEQ, VRN, 5.50%, 3/25/55<sup>(3)</sup> | 220638 | 220672 |
| JP Morgan Mortgage Trust, Series 2025-CCM2, Class A4, SEQ, VRN, 6.00%, 9/25/55<sup>(3)</sup> | 1106137 | 1108690 |
| JP Morgan Mortgage Trust, Series 2026-ACES1, Class A1, VRN, 4.89%, 4/25/66<sup>(3)</sup> | 1729614 | 1718907 |
| Morgan Stanley Residential Mortgage Loan Trust, Series 2023-2, Class A4, VRN, 6.00%, 6/25/53<sup>(3)</sup> | 776272 | 778135 |
| Morgan Stanley Residential Mortgage Loan Trust, Series 2025-1, Class A1, VRN, 6.00%, 3/25/55<sup>(3)</sup> | 506963 | 511244 |
| Morgan Stanley Residential Mortgage Loan Trust, Series 2025-1, Class A3, VRN, 6.00%, 3/25/55<sup>(3)</sup> | 329386 | 330861 |
| Morgan Stanley Residential Mortgage Loan Trust, Series 2025-NQM8, Class A3, 5.42%, 9/25/70<sup>(3)</sup> | 588736 | 585988 |
| Morgan Stanley Residential Mortgage Loan Trust, Series 2025-NQM9, Class A2, 5.22%, 9/25/70<sup>(3)</sup> | 1414581 | 1408522 |
| Morgan Stanley Residential Mortgage Loan Trust, Series 2026-NQM2, Class A1, VRN, 4.73%, 1/26/71<sup>(3)</sup> | 924447 | 917259 |
| OBX Trust, Series 2024-HYB2, Class A1, SEQ, VRN, 3.71%, 4/25/53<sup>(3)</sup> | 302072 | 302142 |
| OBX Trust, Series 2025-J1, Class A4, SEQ, VRN, 6.00%, 5/25/55<sup>(3)</sup> | 352215 | 353692 |
| OBX Trust, Series 2025-NQM21, Class A1B, 4.99%, 10/25/65<sup>(3)</sup> | 251066 | 250290 |
| PMT Loan Trust, Series 2025-J2, Class A9, VRN, 5.50%, 8/25/56<sup>(3)</sup> | 1164686 | 1162962 |
| PRKCM Trust, Series 2025-AFC1, Class A1, VRN, 5.10%, 10/25/60<sup>(3)</sup> | 1018996 | 1015993 |
| PRKCM Trust, Series 2026-AFC1, Class A1, VRN, 4.68%, 2/25/61<sup>(3)</sup> | 1288047 | 1276490 |
| PRKCM Trust, Series 2026-AFC2, Class A1, VRN, 5.37%, 4/25/61<sup>(3)</sup> | 1697333 | 1700960 |
| Provident Funding Mortgage Trust, Series 2024-1, Class A3, VRN, 5.50%, 12/25/54<sup>(3)</sup> | 990765 | 991579 |
| Provident Funding Mortgage Trust, Series 2025-1, Class A3, VRN, 5.50%, 2/25/55<sup>(3)</sup> | 1196555 | 1197576 |
| Provident Funding Mortgage Trust, Series 2025-3, Class A4, VRN, 5.50%, 8/25/55<sup>(3)</sup> | 827838 | 828567 |
| Radian Mortgage Capital Trust, Series 2025-J3, Class A15, VRN, 5.50%, 12/25/55<sup>(3)</sup> | 399698 | 400023 |
| Rate Mortgage Trust, Series 2025-J1, Class A5, VRN, 5.50%, 3/25/55<sup>(3)</sup> | 253173 | 254311 |
| Santander Mortgage Asset Receivable Trust, Series 2026-NQM2, Class A1, VRN, 4.70%, 1/25/66<sup>(3)</sup> | 974908 | 966687 |
| Santander Mortgage Asset Receivable Trust, Series 2026-NQM3, Class A1, VRN, 5.18%, 3/25/66<sup>(3)</sup> | 1074648 | 1074606 |
| Sequoia Mortgage Trust, Series 2024-8, Class A5, SEQ, VRN, 5.50%, 9/25/54<sup>(3)</sup> | 164516 | 164708 |
| Sequoia Mortgage Trust, Series 2025-7, Class A5, SEQ, VRN, 5.50%, 8/25/55<sup>(3)</sup> | 937566 | 938352 |
| SG Residential Mortgage Trust, Series 2026-3, Class A1, VRN, 5.19%, 4/25/66<sup>(3)</sup> | 807000 | 806997 |
| SoFi Mortgage Trust, Series 2016-1A, Class 1A4, SEQ, VRN, 3.00%, 11/25/46<sup>(3)</sup> | 31932 | 28767 |
| Towd Point Mortgage Trust, Series 2024-1, Class A1, SEQ, VRN, 4.86%, 3/25/64<sup>(3)</sup> | 832643 | 848032 |
| Verus Securitization Trust, Series 2021-R2, Class A3, VRN, 1.23%, 2/25/64<sup>(3)</sup> | 100900 | 96672 |
|  |  | 38480035 |
| **U.S. Government Agency Collateralized Mortgage Obligations — 0.1%** |  |  |
| FNMA, Series 2023-39, Class AI, IO, 2.00%, 7/25/52 | 7135062 | 897704 |
| **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS**<br>(Cost $39,216,273) |  | **39377739** |
| **ASSET-BACKED SECURITIES — 3.2%** |  |  |
| Barclays Mortgage Loan Trust, Series 2026-CES1, Class A1A, 4.85%, 1/25/56<sup>(3)</sup> | 1523543 | 1509887 |
| CyrusOne Data Centers Issuer I LLC, Series 2024-2A, Class A2, SEQ, 4.50%, 5/20/49<sup>(3)</sup> | 700000 | 681098 |
| DI Issuer LLC, Series 2021-1A, Class A2, SEQ, 3.72%, 9/15/51<sup>(3)</sup> | 1748776 | 1671609 |
| FIP Master Funding LLC, Series 2026-1A, Class A1, SEQ, 4.90%, 3/15/56<sup>(3)</sup> | 1205665 | 1191343 |
| Flexential Issuer LLC, Series 2025-1A, Class A2, SEQ, 6.03%, 10/25/60<sup>(3)</sup> | 1027000 | 1023536 |
| GoodLeap Sustainable Home Solutions Trust, Series 2021-4GS, Class A, SEQ, 1.93%, 7/20/48<sup>(3)</sup> | 595807 | 476489 |

---

------

Schedule of Investments - Balanced Fund

---

| | | | |
|:---|:---|:---|:---|
| | | **Shares/Principal<br>Amount** | **Value** |
| JP Morgan Mortgage Trust, Series 2026-CES1, Class A1A, 4.91%, 6/25/56<sup>(3)</sup> |  | $1781426 | $1769273 |
| M&T Bank RV Trust, Series 2026-1A, Class A, SEQ, 4.35%, 1/15/46<sup>(3)</sup> |  | 1889932 | 1866617 |
| Mosaic Solar Loan Trust, Series 2023-2A, Class A, SEQ, 5.36%, 9/22/53<sup>(3)</sup> |  | 1093207 | 1037180 |
| MP LLC, Series 2025-1A, Class A, SEQ, 5.55%, 11/15/65<sup>(3)</sup> |  | 1184166 | 1172704 |
| New Economy Assets - Phase 1 Sponsor LLC, Series 2021-1, Class B1, 2.41%, 10/20/61<sup>(3)</sup> |  | 1350000 | 823500 |
| Purchasing Power Funding LLC, Series 2026-A, Class A, SEQ, 4.37%, 8/15/30<sup>(3)</sup> |  | 1227000 | 1217759 |
| RCKT Mortgage Trust, Series 2024-CES1, Class A1A, VRN, 6.03%, 2/25/44<sup>(3)</sup> |  | 387132 | 389118 |
| RCKT Mortgage Trust, Series 2024-CES2, Class A1A, VRN, 6.14%, 4/25/44<sup>(3)</sup> |  | 241641 | 243314 |
| RCKT Mortgage Trust, Series 2024-CES6, Class A1A, 5.34%, 9/25/44<sup>(3)</sup> |  | 197750 | 198096 |
| RCKT Mortgage Trust, Series 2026-CES2, Class A1A, 4.76%, 2/25/56<sup>(3)</sup> |  | 1495273 | 1482019 |
| RCKT Mortgage Trust, Series 2026-CES3, Class A1A, 5.14%, 3/25/56<sup>(3)</sup> |  | 1483467 | 1482541 |
| RKTL Trust, Series 2026-1A, Class A, SEQ, 4.07%, 2/26/35<sup>(3)</sup> |  | 933698 | 933224 |
| RNL PH Owner LLC, Series 2026-1A, Class A, SEQ, 4.91%, 3/20/56<sup>(3)</sup> |  | 779505 | 763141 |
| Santander Mortgage Asset Receivable Trust, Series 2026-CES1, Class A1A, SEQ, 4.88%, 1/25/56<sup>(3)</sup> |  | 1335277 | 1326326 |
| Santander Mortgage Asset Receivable Trust, Series 2026-CES1, Class A1B, SEQ, 4.98%, 1/25/56<sup>(3)</sup> |  | 2039333 | 2023399 |
| SCF Equipment Leasing LLC, Series 2024-1A, Class B, 5.56%, 4/20/32<sup>(3)</sup> |  | 300000 | 305944 |
| Stack Infrastructure Issuer LLC, Series 2026-1A, Class A2, SEQ, 5.00%, 3/27/56<sup>(3)</sup> |  | 1213922 | 1174182 |
| Subway Funding LLC, Series 2024-1A, Class A2I, SEQ, 6.03%, 7/30/54<sup>(3)</sup> |  | 745645 | 751575 |
| SVC ABS LLC, Series 2026-1A, Class A, SEQ, 5.16%, 3/20/56<sup>(3)</sup> |  | 796447 | 782925 |
| Switch ABS Issuer LLC, Series 2024-2A, Class A2, SEQ, 5.44%, 6/25/54<sup>(3)</sup> |  | 525000 | 521345 |
| Trackside Rail LLC, Series 2026-1A, Class A, SEQ, 4.89%, 3/20/56<sup>(3)</sup> |  | 1261520 | 1240546 |
| Vertical Bridge CC LLC, Series 2025-1A, Class A, SEQ, 5.16%, 8/16/55<sup>(3)</sup> |  | 929101 | 922085 |
| **TOTAL ASSET-BACKED SECURITIES**<br>(Cost $29,707,503) |  |  | **28980775** |
| **CONVERTIBLE PREFERRED SECURITIES — 1.2%** |  |  |  |
| **Banks — 1.2%** |  |  |  |
| Banco Bilbao Vizcaya Argentaria SA, 6.125% |  | 400000 | 401470 |
| Banco Bilbao Vizcaya Argentaria SA, 9.375% |  | 200000 | 220306 |
| Banco Santander SA, 4.75% |  | 200000 | 199196 |
| Banco Santander SA, 9.625% |  | 400000 | 439481 |
| BNP Paribas SA, 8.50%<sup>(3)</sup> |  | 1042000 | 1104160 |
| Credit Agricole SA, 4.75%<sup>(3)</sup> |  | 245000 | 238645 |
| HSBC Holdings PLC, 6.50% |  | 693000 | 700457 |
| HSBC Holdings PLC, 6.875% |  | 350000 | 359742 |
| ING Groep NV, 4.875% |  | 930000 | 900624 |
| ING Groep NV, 7.50% |  | 835000 | 865386 |
| Lloyds Banking Group PLC, 8.00% |  | 830000 | 888087 |
| Macquarie Bank Ltd., 6.125%<sup>(3)</sup> |  | 647000 | 653107 |
| Skandinaviska Enskilda Banken AB, 6.875% |  | 800000 | 813151 |
| Societe Generale SA, 9.375%<sup>(3)</sup> |  | 600000 | 633125 |
| Societe Generale SA, 10.00%<sup>(3)</sup> |  | 200000 | 219222 |
| Svenska Handelsbanken AB, 4.375% |  | 1000000 | 991897 |
| Swedbank AB, 7.625% |  | 1000000 | 1036001 |
|  |  |  | 10664057 |
| **Capital Markets — 0.0%** |  |  |  |
| UBS Group AG, 9.25%<sup>(3)</sup> |  | 485000 | 525139 |
| **TOTAL CONVERTIBLE PREFERRED SECURITIES**<br>(Cost $11,143,606) |  |  | **11189196** |
| **SOVEREIGN GOVERNMENTS AND AGENCIES — 1.0%** |  |  |  |
| **Mexico — 0.1%** |  |  |  |
| Eagle Funding Luxco SARL, 5.50%, 8/17/30<sup>(3)</sup> |  | $865000 | 872741 |
| **New Zealand — 0.5%** |  |  |  |
| New Zealand Government Bonds, 4.50%, 5/15/35 | NZD | 3630000 | 2127987 |

---

------

Schedule of Investments - Balanced Fund

---

| | | | |
|:---|:---|:---|:---|
| | | **Shares/Principal<br>Amount** | **Value** |
| New Zealand Government Bonds, 4.25%, 5/15/36 | NZD | 4480000 | $2554854 |
|  |  |  | 4682841 |
| **Saudi Arabia — 0.1%** |  |  |  |
| Saudi Government International Bonds, 4.875%, 1/12/36<sup>(3)</sup> |  | $900000 | 886560 |
| **United Kingdom — 0.3%** |  |  |  |
| U.K. Gilts, 4.75%, 10/22/35 | GBP | 1730000 | 2307004 |
| **TOTAL SOVEREIGN GOVERNMENTS AND AGENCIES**<br>(Cost $8,698,803) |  |  | **8749146** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.5%** |  |  |  |
| ARZ Trust, Series 2024-BILT, Class A, SEQ, 5.77%, 6/11/39<sup>(3)</sup> |  | $505000 | 512106 |
| Bank5 Trust, Series 2024-5YR6, Class A3, SEQ, 6.23%, 5/15/57 |  | 692000 | 719351 |
| DBSG Mortgage Trust, Series 2024-ALTA, Class A, SEQ, VRN, 6.14%, 6/10/37<sup>(3)</sup> |  | 557000 | 561822 |
| FS Commercial Mortgage Trust, Series 2023-4SZN, Class A, SEQ, 7.07%, 11/10/39<sup>(3)</sup> |  | 760000 | 766533 |
| MIRA Trust, Series 2023-MILE, Class A, SEQ, 6.75%, 6/10/38<sup>(3)</sup> |  | 765000 | 785715 |
| SWCH Commercial Mortgage Trust, Series 2025-DATA, Class A, VRN, 5.10%, (1-month SOFR plus 1.44%), 2/15/42<sup>(3)</sup> |  | 1213000 | 1204126 |
| **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br>(Cost $4,535,199) |  |  | **4549653** |
| **PREFERRED SECURITIES — 0.4%** |  |  |  |
| **Banks — 0.2%** |  |  |  |
| Citigroup, Inc., 7.625% |  | 1487000 | 1547362 |
| M&T Bank Corp., 5.125% |  | 395000 | 393490 |
|  |  |  | 1940852 |
| **Capital Markets — 0.2%** |  |  |  |
| Charles Schwab Corp., 4.00% |  | 1450000 | 1448546 |
| **Multi-Utilities — 0.0%** |  |  |  |
| Dominion Energy, Inc., 4.35% |  | 528000 | 523713 |
| **TOTAL PREFERRED SECURITIES**<br>(Cost $3,893,100) |  |  | **3913111** |
| **MUNICIPAL SECURITIES — 0.3%** |  |  |  |
| California Public Finance Authority Rev., (Children's Hospital Los Angeles Obligated Group), 5.40%, 11/15/36 (AG) |  | $190000 | 190482 |
| California State University Rev., 2.98%, 11/1/51 |  | 500000 | 331859 |
| Foothill-Eastern Transportation Corridor Agency Rev., 4.09%, 1/15/49 |  | 275000 | 223332 |
| Golden State Tobacco Securitization Corp. Rev., 2.75%, 6/1/34 |  | 430000 | 380990 |
| Houston GO, 3.96%, 3/1/47 |  | 120000 | 102201 |
| Michigan Strategic Fund Rev., (Flint Water Advocacy Fund), 3.23%, 9/1/47 |  | 570000 | 430425 |
| Missouri Highway & Transportation Commission Rev., 5.45%, 5/1/33 |  | 130000 | 132742 |
| New Jersey Turnpike Authority Rev., 7.10%, 1/1/41 |  | 95000 | 108670 |
| New York City GO, 6.27%, 12/1/37 |  | 95000 | 100286 |
| Ohio Turnpike & Infrastructure Commission Rev., 3.22%, 2/15/48 |  | 330000 | 237399 |
| Port Authority of New York & New Jersey Rev., 4.93%, 10/1/51 |  | 50000 | 45848 |
| Regents of the University of California Medical Center Pooled Rev., 3.26%, 5/15/60 |  | 245000 | 154299 |
| State of California GO, 7.60%, 11/1/40 |  | 80000 | 95970 |
| Texas Natural Gas Securitization Finance Corp. Rev., SEQ, 5.17%, 4/1/41 |  | 185000 | 186137 |
| United Nations Development Corp. Rev., (City of New York), Series A, 6.54%, 8/1/55 |  | 55000 | 57791 |
| University of California Rev., 3.07%, 5/15/51 |  | 180000 | 122824 |
| University of California College of the Law San Francisco Rev., 5.99%, 8/1/50 (BAM) |  | 65000 | 65030 |
| University of California College of the Law San Francisco Rev., 6.09%, 8/1/55 (BAM) |  | 75000 | 75535 |
| **TOTAL MUNICIPAL SECURITIES**<br>(Cost $3,649,760) |  |  | **3041820** |
| **EXCHANGE-TRADED FUNDS — 0.3%** |  |  |  |
| iShares Core S&P 500 ETF |  | 1283 | 926416 |

---

------

Schedule of Investments - Balanced Fund

---

| | | |
|:---|:---|:---|
| | **Shares/Principal<br>Amount** | **Value** |
| State Street SPDR Portfolio High Yield Bond ETF | 75900 | $1787445 |
| **TOTAL EXCHANGE-TRADED FUNDS**<br>(Cost $2,645,692) |  | **2713861** |
| **COLLATERALIZED LOAN OBLIGATIONS — 0.2%** |  |  |
| MF1 Ltd., Series 2021-FL7, Class AS, VRN, 5.23%, (1-month SOFR plus 1.56%), 10/16/36<sup>(3)</sup> | $1075000 | 1075552 |
| Palmer Square Loan Funding Ltd., Series 2025-1A, Class A2, VRN, 4.85%, (3-month SOFR plus 1.20%), 2/15/33<sup>(3)</sup> | 500000 | 498937 |
| **TOTAL COLLATERALIZED LOAN OBLIGATIONS**<br>(Cost $1,575,000) |  | **1574489** |
| **U.S. GOVERNMENT AGENCY SECURITIES — 0.1%** |  |  |
| FHLMC, 6.25%, 7/15/32<br>(Cost $789,969) | 700000 | **779342** |
| **SHORT-TERM INVESTMENTS — 0.9%** |  |  |
| **Money Market Funds — 0.9%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class<br>(Cost $8,597,664) | 8597664 | **8597664** |
| **TOTAL INVESTMENT SECURITIES — 100.2%**<br>(Cost $648,125,648) |  | **908190344** |
| **OTHER ASSETS AND LIABILITIES — (0.2)%** |  | **(1856350)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**906333994** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | 59641 | USD | 68935 | Goldman Sachs & Co. LLC | 6/26/26 | $1229 |
| EUR | 75788 | USD | 88812 | Goldman Sachs & Co. LLC | 6/26/26 | 348 |
| EUR | 96102 | USD | 112632 | Morgan Stanley & Co. LLC | 6/26/26 | 427 |
| EUR | 52088 | USD | 61572 | Morgan Stanley & Co. LLC | 6/26/26 | (293) |
| EUR | 70058 | USD | 81261 | UBS AG | 6/26/26 | 1158 |
| USD | 428953 | EUR | 367286 | Citibank NA | 6/26/26 | (3135) |
| USD | 71370 | EUR | 61464 | Goldman Sachs & Co. LLC | 6/26/26 | (939) |
| USD | 428791 | EUR | 367285 | Goldman Sachs & Co. LLC | 6/26/26 | (3297) |
| USD | 114030 | EUR | 98446 | Goldman Sachs & Co. LLC | 6/26/26 | (1786) |
| USD | 151190 | EUR | 128657 | Morgan Stanley & Co. LLC | 6/26/26 | (168) |
| USD | 428620 | EUR | 367285 | Morgan Stanley & Co. LLC | 6/26/26 | (3468) |
| USD | 54600 | EUR | 47140 | Morgan Stanley & Co. LLC | 6/26/26 | (857) |
| USD | 428806 | EUR | 367286 | UBS AG | 6/26/26 | (3283) |
| USD | 87908 | EUR | 74746 | UBS AG | 6/26/26 | (26) |
| USD | 2252492 | GBP | 1668763 | Morgan Stanley & Co. LLC | 6/17/26 | (18101) |
| NZD | 42752 | USD | 25000 | Morgan Stanley & Co. LLC | 6/17/26 | 292 |
| USD | 1551683 | NZD | 2598525 | Goldman Sachs & Co. LLC | 6/17/26 | 14365 |
| USD | 835935 | NZD | 1432935 | Morgan Stanley & Co. LLC | 6/17/26 | (11807) |
| USD | 832539 | NZD | 1426700 | Morgan Stanley & Co. LLC | 6/17/26 | (11513) |
| USD | 1391281 | NZD | 2383864 | Morgan Stanley & Co. LLC | 6/17/26 | (19042) |
| USD | 104296 | NZD | 176414 | Morgan Stanley & Co. LLC | 6/17/26 | (73) |
|  |  |  |  |  |  | $(59969) |

---

------

Schedule of Investments - Balanced Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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.S. Treasury 2-Year Notes | 142 | June 2026 | $29411750 | $(2511) |
| U.S. Treasury Long Bonds | 90 | June 2026 | 10155938 | (242519) |
| U.S. Treasury Ultra Bonds | 193 | June 2026 | 22201031 | (879048) |
|  |  |  | $61768719 | $(1124078) |

---

^Amount represents value and unrealized appreciation (depreciation).

---

| | | | | |
|:---|:---|:---|:---|:---|
| **FUTURES CONTRACTS SOLD** | **FUTURES CONTRACTS SOLD** | **FUTURES CONTRACTS SOLD** | **FUTURES CONTRACTS SOLD** | **FUTURES CONTRACTS SOLD** |
| **Reference Entity** | **Contracts** | **Expiration Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation<br>(Depreciation)^** |
| U.S. Treasury 10-Year Ultra Notes | 4 | June 2026 | $451438 | $492 |
| U.S. Treasury 10-Year Notes | 6 | June 2026 | 663562 | 5645 |
|  |  |  | $1115000 | $6137 |

---

^Amount represents value and unrealized appreciation (depreciation).

---

| | | |
|:---|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** |
| ADR | – | American Depositary Receipt |
| AG | – | Assured Guaranty, Inc. |
| BAM | – | Build America Mutual Assurance Corp. |
| EUR | – | Euro |
| FHLMC | – | Federal Home Loan Mortgage Corp. |
| FNMA | – | Federal National Mortgage Association |
| GBP | – | British Pound |
| GNMA | – | Government National Mortgage Association |
| GO | – | General Obligation |
| IO | – | Interest Only |
| NZD | – | New Zealand Dollar |
| 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 and/or futures contracts. At the period end, the aggregate value of securities pledged was $1,853,576.

(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 $97,245,399, which represented 10.7% 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.

------

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 | $551752847 | $2214576 |  |
| U.S. Treasury Securities |  | 88455901 |  |
| U.S. Government Agency Mortgage-Backed Securities |  | 78100827 |  |
| Corporate Bonds |  | 74199397 |  |
| Collateralized Mortgage Obligations |  | 39377739 |  |
| Asset-Backed Securities |  | 28980775 |  |
| Convertible Preferred Securities |  | 11189196 |  |
| Sovereign Governments and Agencies |  | 8749146 |  |
| Commercial Mortgage-Backed Securities |  | 4549653 |  |
| Preferred Securities |  | 3913111 |  |
| Municipal Securities |  | 3041820 |  |
| Exchange-Traded Funds | 2713861 |  |  |
| Collateralized Loan Obligations |  | 1574489 |  |
| U.S. Government Agency Securities |  | 779342 |  |
| Short-Term Investments | 8597664 |  |  |
|  | $563064372 | $345125972 |  |
| **Other Financial Instruments** |  |  |  |
| Futures Contracts | $6137 |  |  |
| Forward Foreign Currency Exchange Contracts |  | $17819 |  |
|  | $6137 | $17819 |  |
| **Liabilities** |  |  |  |
| **Other Financial Instruments** |  |  |  |
| Futures Contracts | $1124078 |  |  |
| Forward Foreign Currency Exchange Contracts |  | $77788 |  |
|  | $1124078 | $77788 |  |

---

**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** |
| | **Foreign Currency** | **Interest Rate** | **Total** |
| **Asset Derivatives:** | | | |
| &nbsp;&nbsp;Receivable for variation margin on futures contracts\* |  | $35181 | $35181 |
| &nbsp;&nbsp;Unrealized appreciation on forward foreign currency exchange contracts | $17819 |  | 17819 |
|  |  |  | $53000 |
| **Liability Derivatives:** |  |  |  |
| &nbsp;&nbsp;Unrealized depreciation on forward foreign currency exchange contracts | $77788 |  | $77788 |

---

\*Included in the unrealized appreciation (depreciation) on futures contracts 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 April 30, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **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 |  | $111020 |  | $111020 |
| &nbsp;&nbsp;Futures contract transactions |  |  | $258346 | 258346 |
| &nbsp;&nbsp;Swap agreement transactions | $(19606) |  |  | (19606) |
|  |  |  |  | $349760 |
| **Change in net unrealized appreciation (depreciation) on:** |  |  |  |  |
| &nbsp;&nbsp;Forward foreign currency exchange contracts |  | $(150288) |  | $(150288) |
| &nbsp;&nbsp;Futures contracts |  |  | $(1611794) | (1611794) |
| &nbsp;&nbsp;Swap agreements | $29464 |  |  | 29464 |
|  |  |  |  | $(1732618) |

---

See Notes to Financial Statements.

------

Schedule of Investments - Growth Fund

**APRIL 30, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|<br>**COMMON STOCKS — 99.5%** | **Shares** | **Value** |
| **Aerospace and Defense — 1.5%** | | |
| General Electric Co. | 684136 | $198351550 |
| Rocket Lab Corp.<sup>(1)</sup> | 293200 | 24191932 |
|  |  | 222543482 |
| **Automobiles — 2.6%** |  |  |
| Tesla, Inc.<sup>(1)</sup> | 1010063 | 385470343 |
| **Banks — 0.3%** |  |  |
| Regions Financial Corp. | 1698047 | 48479242 |
| **Biotechnology — 2.4%** |  |  |
| AbbVie, Inc. | 1162991 | 245763258 |
| Vertex Pharmaceuticals, Inc.<sup>(1)</sup> | 234644 | 100282153 |
|  |  | 346045411 |
| **Broadline Retail — 5.2%** |  |  |
| Amazon.com, Inc.<sup>(1)</sup> | 2894353 | 767177206 |
| **Building Products — 0.7%** |  |  |
| Trane Technologies PLC | 194103 | 95603492 |
| **Capital Markets — 1.3%** |  |  |
| Goldman Sachs Group, Inc. | 70728 | 65336404 |
| KKR & Co., Inc. | 381552 | 39811136 |
| Robinhood Markets, Inc., Class A<sup>(1)</sup> | 188397 | 13732257 |
| S&P Global, Inc. | 152256 | 65657355 |
|  |  | 184537152 |
| **Communications Equipment — 0.4%** |  |  |
| Motorola Solutions, Inc. | 114225 | 50148202 |
| **Construction and Engineering — 0.3%** |  |  |
| Sterling Infrastructure, Inc.<sup>(1)</sup> | 85058 | 43857606 |
| **Consumer Staples Distribution & Retail — 1.9%** |  |  |
| Costco Wholesale Corp. | 281091 | 285175252 |
| **Electrical Equipment — 1.9%** |  |  |
| Eaton Corp. PLC | 146499 | 63435532 |
| GE Vernova, Inc. | 193947 | 210133817 |
|  |  | 273569349 |
| **Electronic Equipment, Instruments and Components — 1.2%** |  |  |
| Amphenol Corp., Class A | 984645 | 145008669 |
| Coherent Corp.<sup>(1)</sup> | 95834 | 30639088 |
|  |  | 175647757 |
| **Energy Equipment and Services — 0.2%** |  |  |
| SLB Ltd. | 540071 | 30719238 |
| **Entertainment — 2.6%** |  |  |
| Liberty Media Corp.-Liberty Formula One, Class C<sup>(1)</sup> | 516852 | 44423429 |
| Netflix, Inc.<sup>(1)</sup> | 2925091 | 273817769 |
| Spotify Technology SA<sup>(1)</sup> | 151480 | 67643394 |
|  |  | 385884592 |
| **Financial Services — 3.5%** |  |  |
| Apollo Global Management, Inc. | 363717 | 46817652 |
| Mastercard, Inc., Class A | 937091 | 471281806 |
|  |  | 518099458 |
| **Ground Transportation — 0.9%** |  |  |
| Uber Technologies, Inc.<sup>(1)</sup> | 1774525 | 132397310 |

---

------

Schedule of Investments - Growth Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Health Care Equipment and Supplies — 1.2%** | | |
| IDEXX Laboratories, Inc.<sup>(1)</sup> | 64138 | $35968590 |
| Intuitive Surgical, Inc.<sup>(1)</sup> | 312670 | 143080919 |
|  |  | 179049509 |
| **Health Care Providers and Services — 0.5%** |  |  |
| Cencora, Inc. | 223413 | 68813438 |
| **Hotels, Restaurants and Leisure — 1.7%** |  |  |
| Airbnb, Inc., Class A<sup>(1)</sup> | 453683 | 63678946 |
| Dutch Bros, Inc., Class A<sup>(1)</sup> | 1321335 | 75989976 |
| Expedia Group, Inc. | 241347 | 59943354 |
| Marriott International, Inc., Class A | 152450 | 55139641 |
|  |  | 254751917 |
| **Household Products — 0.6%** |  |  |
| Church & Dwight Co., Inc. | 312031 | 30285729 |
| Procter & Gamble Co. | 385305 | 56674512 |
|  |  | 86960241 |
| **Independent Power and Renewable Electricity Producers — 0.3%** |  |  |
| Vistra Corp. | 270729 | 42731865 |
| **Industrial Conglomerates — 0.4%** |  |  |
| Honeywell International, Inc. | 266554 | 57130519 |
| **Interactive Media and Services — 12.3%** |  |  |
| Alphabet, Inc., Class A | 3531212 | 1358810377 |
| Meta Platforms, Inc., Class A | 712436 | 435946713 |
| Reddit, Inc., Class A<sup>(1)</sup> | 97696 | 14383782 |
|  |  | 1809140872 |
| **IT Services — 1.7%** |  |  |
| Cloudflare, Inc., Class A<sup>(1)</sup> | 273647 | 56089426 |
| MongoDB, Inc.<sup>(1)</sup> | 205629 | 51577922 |
| Okta, Inc.<sup>(1)</sup> | 896911 | 66057495 |
| Snowflake, Inc., Class A<sup>(1)</sup> | 555511 | 75810586 |
|  |  | 249535429 |
| **Machinery — 0.9%** |  |  |
| Parker-Hannifin Corp. | 86265 | 78451117 |
| Xylem, Inc. | 501433 | 59249323 |
|  |  | 137700440 |
| **Pharmaceuticals — 3.3%** |  |  |
| Eli Lilly & Co. | 462235 | 432004831 |
| Zoetis, Inc. | 459863 | 52870449 |
|  |  | 484875280 |
| **Semiconductors and Semiconductor Equipment — 23.7%** |  |  |
| Analog Devices, Inc. | 171540 | 69003680 |
| Applied Materials, Inc. | 257294 | 101499910 |
| ASML Holding NV | 48053 | 69462803 |
| Broadcom, Inc. | 2325861 | 970884157 |
| Lam Research Corp. | 682812 | 176069902 |
| Micron Technology, Inc. | 43074 | 22276150 |
| NVIDIA Corp. | 10038406 | 2003364686 |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 195019 | 77239225 |
|  |  | 3489800513 |
| **Software — 14.9%** |  |  |
| AppLovin Corp., Class A<sup>(1)</sup> | 296122 | 132174055 |
| Cadence Design Systems, Inc.<sup>(1)</sup> | 452550 | 149155955 |
| Crowdstrike Holdings, Inc., Class A<sup>(1)</sup> | 239687 | 106840480 |

---

------

Schedule of Investments - Growth Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Datadog, Inc., Class A<sup>(1)</sup> | 606043 | $80112824 |
| Dynatrace, Inc.<sup>(1)</sup> | 1743338 | 63126269 |
| Microsoft Corp. | 3595016 | 1465975625 |
| Oracle Corp. | 278101 | 44882720 |
| Palantir Technologies, Inc., Class A<sup>(1)</sup> | 431776 | 60064359 |
| ServiceNow, Inc.<sup>(1)</sup> | 992419 | 87640522 |
|  |  | 2189972809 |
| **Specialty Retail — 2.3%** |  |  |
| Home Depot, Inc. | 389047 | 127918654 |
| O'Reilly Automotive, Inc.<sup>(1)</sup> | 1130068 | 112328759 |
| TJX Cos., Inc. | 507476 | 79546863 |
| Tractor Supply Co. | 323598 | 11358290 |
|  |  | 331152566 |
| **Technology Hardware, Storage and Peripherals — 8.5%** |  |  |
| Apple, Inc. | 4608721 | 1250576443 |
| **Trading Companies and Distributors — 0.3%** |  |  |
| Fastenal Co. | 1112549 | 49986827 |
| **TOTAL COMMON STOCKS**<br>(Cost $5,748,797,073) |  | **14627533760** |
| **EXCHANGE-TRADED FUNDS — 0.3%** |  |  |
| iShares Russell 1000 Growth ETF<sup>(2)</sup><br>(Cost $52,212,102) | 440048 | **52484525** |
| **SHORT-TERM INVESTMENTS — 0.3%** |  |  |
| **Money Market Funds — 0.1%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 70502 | 70502 |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(3)</sup> | 14952793 | 14952793 |
|  |  | 15023295 |
| **Repurchase Agreements — 0.2%** |  |  |
| Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 3.625%, 9/30/30, valued at $24,532,102), at 3.64%, dated 4/30/26, due 5/1/26 (Delivery value $24,053,432) |  | 24051000 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $39,074,295) |  | **39074295** |
| **TOTAL INVESTMENT SECURITIES — 100.1%**<br>(Cost $5,840,083,470) |  | **14719092580** |
| **OTHER ASSETS AND LIABILITIES — (0.1)%** |  | **(16920304)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**14702172276** |

---

------

Schedule of Investments - Growth 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** | **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 | 1902782 | USD | 2199300 | Goldman Sachs & Co. LLC | 6/26/26 | $39204 |
| EUR | 2957434 | USD | 3465661 | Goldman Sachs & Co. LLC | 6/26/26 | 13577 |
| EUR | 3049180 | USD | 3573639 | Morgan Stanley & Co. LLC | 6/26/26 | 13531 |
| EUR | 1652672 | USD | 1953577 | Morgan Stanley & Co. LLC | 6/26/26 | (9312) |
| EUR | 2235145 | USD | 2592565 | UBS AG | 6/26/26 | 36944 |
| USD | 13685340 | EUR | 11717894 | Citibank NA | 6/26/26 | (100032) |
| USD | 2276973 | EUR | 1960945 | Goldman Sachs & Co. LLC | 6/26/26 | (29957) |
| USD | 13680173 | EUR | 11717894 | Goldman Sachs & Co. LLC | 6/26/26 | (105199) |
| USD | 3323500 | EUR | 2869291 | Goldman Sachs & Co. LLC | 6/26/26 | (52042) |
| USD | 4797010 | EUR | 4082100 | Morgan Stanley & Co. LLC | 6/26/26 | (5326) |
| USD | 13674722 | EUR | 11717894 | Morgan Stanley & Co. LLC | 6/26/26 | (110650) |
| USD | 1741957 | EUR | 1503945 | Morgan Stanley & Co. LLC | 6/26/26 | (27340) |
| USD | 13680642 | EUR | 11717894 | UBS AG | 6/26/26 | (104731) |
| USD | 2789197 | EUR | 2371585 | UBS AG | 6/26/26 | (825) |
|  |  |  |  |  |  | $(442158) |

---

---

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

(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $14,708,615. 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 $14,952,793.

**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 | $14558070957 | $69462803 |  |
| Exchange-Traded Funds | 52484525 |  |  |
| Short-Term Investments | 15023295 | 24051000 |  |
|  | $14625578777 | $93513803 |  |
| **Other Financial Instruments** |  |  |  |
| Forward Foreign Currency Exchange Contracts |  | $103256 |  |
| **Liabilities** |  |  |  |
| **Other Financial Instruments** |  |  |  |
| Forward Foreign Currency Exchange Contracts |  | $545414 |  |

---

------

Schedule of Investments - Growth 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 | $103256 |
| **Liability Derivatives:** |  |
| &nbsp;&nbsp;Unrealized depreciation on forward foreign currency exchange contracts | $545414 |

---

The following is a summary of the effect of derivative instruments on the Statement of Operations for the period ended April 30, 2026.

---

| | |
|:---|:---|
| | **Type of Risk Exposure** |
| | **Foreign Currency** |
| **Net realized gain (loss) on:** | |
| &nbsp;&nbsp;Forward foreign currency exchange transactions | $1325947 |
| **Change in net unrealized appreciation (depreciation) on:** |  |
| &nbsp;&nbsp;Forward foreign currency exchange contracts | $(2173329) |

---

See Notes to Financial Statements.

------

Schedule of Investments - Heritage Fund

**APRIL 30, 2026 (UNAUDITED)** 

---

| | | |
|:---|:---|:---|
|<br>**COMMON STOCKS — 98.2%** | **Shares** | **Value** |
| **Aerospace and Defense — 8.3%** | | |
| Axon Enterprise, Inc.<sup>(1)</sup> | 137674 | $55311906 |
| Curtiss-Wright Corp. | 78425 | 56481685 |
| HEICO Corp. | 200543 | 54130567 |
| Howmet Aerospace, Inc. | 885547 | 215223343 |
| Rocket Lab Corp.<sup>(1)</sup> | 807790 | 66650753 |
|  |  | 447798254 |
| **Banks — 0.7%** |  |  |
| NU Holdings Ltd., Class A<sup>(1)</sup> | 2807152 | 40647561 |
| **Biotechnology — 6.7%** |  |  |
| Alnylam Pharmaceuticals, Inc.<sup>(1)</sup> | 413220 | 127887458 |
| Insmed, Inc.<sup>(1)</sup> | 708677 | 96613936 |
| Natera, Inc.<sup>(1)</sup> | 406851 | 83876402 |
| Viking Therapeutics, Inc.<sup>(1)(2)</sup> | 1569307 | 48930992 |
|  |  | 357308788 |
| **Broadline Retail — 1.2%** |  |  |
| Coupang, Inc.<sup>(1)</sup> | 3157244 | 63081735 |
| **Building Products — 1.1%** |  |  |
| Johnson Controls International PLC | 397280 | 58014798 |
| **Capital Markets — 2.4%** |  |  |
| LPL Financial Holdings, Inc. | 245564 | 82050299 |
| MSCI, Inc. | 37549 | 22206854 |
| Robinhood Markets, Inc., Class A<sup>(1)</sup> | 313345 | 22839717 |
|  |  | 127096870 |
| **Commercial Services and Supplies — 1.0%** |  |  |
| Republic Services, Inc. | 259346 | 54260370 |
| **Communications Equipment — 0.5%** |  |  |
| Ciena Corp.<sup>(1)</sup> | 55206 | 29125582 |
| **Construction and Engineering — 5.1%** |  |  |
| EMCOR Group, Inc. | 104105 | 92827305 |
| Quanta Services, Inc. | 247710 | 180275907 |
|  |  | 273103212 |
| **Construction Materials — 1.6%** |  |  |
| Vulcan Materials Co. | 294882 | 88977695 |
| **Consumer Staples Distribution & Retail — 2.1%** |  |  |
| Casey's General Stores, Inc. | 108768 | 89423611 |
| Sprouts Farmers Market, Inc.<sup>(1)</sup> | 261501 | 21403857 |
|  |  | 110827468 |
| **Diversified Consumer Services — 0.4%** |  |  |
| Bright Horizons Family Solutions, Inc.<sup>(1)</sup> | 166898 | 13537097 |
| Duolingo, Inc.<sup>(1)</sup> | 73331 | 8073743 |
|  |  | 21610840 |
| **Electrical Equipment — 5.3%** |  |  |
| Hubbell, Inc. | 60547 | 30768169 |
| Vertiv Holdings Co., Class A | 765439 | 251439057 |
|  |  | 282207226 |
| **Electronic Equipment, Instruments and Components — 0.5%** |  |  |
| Coherent Corp.<sup>(1)</sup> | 83925 | 26831662 |
| **Entertainment — 2.3%** |  |  |
| ROBLOX Corp., Class A<sup>(1)</sup> | 1404467 | 77610846 |

---

------

Schedule of Investments - Heritage Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Spotify Technology SA<sup>(1)</sup> | 103894 | $46393866 |
|  |  | 124004712 |
| **Financial Services — 3.5%** |  |  |
| Affirm Holdings, Inc.<sup>(1)</sup> | 726876 | 46723589 |
| Corpay, Inc.<sup>(1)</sup> | 275154 | 84326446 |
| Toast, Inc., Class A<sup>(1)</sup> | 1917030 | 54673696 |
|  |  | 185723731 |
| **Ground Transportation — 1.2%** |  |  |
| XPO, Inc.<sup>(1)</sup> | 283475 | 62401352 |
| **Health Care Equipment and Supplies — 2.8%** |  |  |
| Dexcom, Inc.<sup>(1)</sup> | 1329756 | 79186970 |
| IDEXX Laboratories, Inc.<sup>(1)</sup> | 126406 | 70888485 |
|  |  | 150075455 |
| **Health Care Providers and Services — 2.0%** |  |  |
| Cencora, Inc. | 356276 | 109736571 |
| **Hotels, Restaurants and Leisure — 10.5%** |  |  |
| Chipotle Mexican Grill, Inc.<sup>(1)</sup> | 704738 | 23954045 |
| DoorDash, Inc., Class A<sup>(1)</sup> | 180821 | 30495462 |
| Expedia Group, Inc. | 151686 | 37674252 |
| Flutter Entertainment PLC<sup>(1)</sup> | 376134 | 40596143 |
| Hilton Worldwide Holdings, Inc. | 726916 | 235571668 |
| Royal Caribbean Cruises Ltd. | 550459 | 145189066 |
| Viking Holdings Ltd.<sup>(1)</sup> | 478816 | 39219818 |
| Wingstop, Inc. | 52226 | 8568197 |
|  |  | 561268651 |
| **Household Durables — 0.7%** |  |  |
| TopBuild Corp.<sup>(1)</sup> | 85873 | 38015977 |
| **Household Products — 0.4%** |  |  |
| Church & Dwight Co., Inc. | 246752 | 23949749 |
| **Independent Power and Renewable Electricity Producers — 1.5%** |  |  |
| Vistra Corp. | 504880 | 79690259 |
| **Interactive Media and Services — 1.0%** |  |  |
| Reddit, Inc., Class A<sup>(1)</sup> | 350587 | 51616924 |
| **IT Services — 5.4%** |  |  |
| Cloudflare, Inc., Class A<sup>(1)</sup> | 706820 | 144876895 |
| Okta, Inc.<sup>(1)</sup> | 708415 | 52174765 |
| Snowflake, Inc., Class A<sup>(1)</sup> | 200681 | 27386936 |
| Twilio, Inc., Class A<sup>(1)</sup> | 428718 | 63475987 |
|  |  | 287914583 |
| **Life Sciences Tools and Services — 2.7%** |  |  |
| Bio-Techne Corp. | 1242102 | 68713083 |
| West Pharmaceutical Services, Inc. | 265543 | 79022941 |
|  |  | 147736024 |
| **Machinery — 0.8%** |  |  |
| Crane Co. | 240632 | 42767525 |
| **Metals and Mining — 0.8%** |  |  |
| Capstone Copper Corp.<sup>(1)</sup> | 2852846 | 23774592 |
| MP Materials Corp.<sup>(1)(2)</sup> | 267914 | 17693040 |
|  |  | 41467632 |
| **Oil, Gas and Consumable Fuels — 3.7%** |  |  |
| Cameco Corp. | 234837 | 28894345 |
| Permian Resources Corp. | 2246947 | 48578994 |

---

------

Schedule of Investments - Heritage Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Targa Resources Corp. | 457100 | $118882568 |
|  |  | 196355907 |
| **Pharmaceuticals — 0.7%** |  |  |
| Structure Therapeutics, Inc., ADR<sup>(1)</sup> | 967353 | 40096782 |
| **Professional Services — 0.7%** |  |  |
| CACI International, Inc., Class A<sup>(1)</sup> | 70985 | 36879547 |
| **Semiconductors and Semiconductor Equipment — 5.7%** |  |  |
| Astera Labs, Inc.<sup>(1)</sup> | 191593 | 37310821 |
| Lattice Semiconductor Corp.<sup>(1)</sup> | 473740 | 57928927 |
| Monolithic Power Systems, Inc. | 100723 | 162608218 |
| ON Semiconductor Corp.<sup>(1)</sup> | 456132 | 45982667 |
|  |  | 303830633 |
| **Software — 5.8%** |  |  |
| Cadence Design Systems, Inc.<sup>(1)</sup> | 225056 | 74176207 |
| Datadog, Inc., Class A<sup>(1)</sup> | 724407 | 95759361 |
| Fair Isaac Corp.<sup>(1)</sup> | 36581 | 37495525 |
| HubSpot, Inc.<sup>(1)</sup> | 106740 | 23670663 |
| Samsara, Inc., Class A<sup>(1)</sup> | 1881378 | 54070804 |
| Zscaler, Inc.<sup>(1)</sup> | 198021 | 25877384 |
|  |  | 311049944 |
| **Specialty Retail — 4.2%** |  |  |
| Burlington Stores, Inc.<sup>(1)</sup> | 282838 | 90510988 |
| Carvana Co.<sup>(1)</sup> | 261868 | 103647355 |
| Tractor Supply Co. | 970572 | 34067077 |
|  |  | 228225420 |
| **Technology Hardware, Storage and Peripherals — 0.7%** |  |  |
| Everpure, Inc., Class A<sup>(1)</sup> | 495380 | 35394901 |
| **Textiles, Apparel and Luxury Goods — 1.2%** |  |  |
| On Holding AG, Class A<sup>(1)</sup> | 1106939 | 39418098 |
| Tapestry, Inc. | 192386 | 27903665 |
|  |  | 67321763 |
| **Trading Companies and Distributors — 3.0%** |  |  |
| Fastenal Co. | 2052700 | 92227811 |
| WESCO International, Inc. | 198806 | 69407151 |
|  |  | 161634962 |
| **TOTAL COMMON STOCKS**<br>(Cost $4,129,524,242) |  | **5268051065** |
| **SHORT-TERM INVESTMENTS — 1.9%** |  |  |
| **Money Market Funds — 0.0%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 355533 | 355533 |
| **Repurchase Agreements — 1.9%** |  |  |
| Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 3.625%, 9/30/30, valued at $101,989,922), at 3.64%, dated 4/30/26, due 5/1/26 (Delivery value $100,000,110) |  | 99990000 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $100,345,533) |  | **100345533** |
| **TOTAL INVESTMENT SECURITIES — 100.1%**<br>(Cost $4,229,869,775) |  | **5368396598** |
| **OTHER ASSETS AND LIABILITIES — (0.1)%** |  | **(4559225)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**5363837373** |

---

------

Schedule of Investments - Heritage 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 $23,300,919. 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 $22,584,785, all of which is securities collateral.

**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 | $5244276473 | $23774592 |  |
| Short-Term Investments | 355533 | 99990000 |  |
|  | $5244632006 | $123764592 |  |

---

See Notes to Financial Statements.

------

Schedule of Investments - Large Cap Equity Fund

**APRIL 30, 2026 (UNAUDITED)** 

---

| | | |
|:---|:---|:---|
|<br>**COMMON STOCKS — 99.8%** | **Shares** | **Value** |
| **Air Freight and Logistics — 0.5%** | | |
| FedEx Corp. | 39678 | $16002534 |
| **Automobiles — 1.3%** |  |  |
| Tesla, Inc.<sup>(1)</sup> | 106687 | 40714960 |
| **Banks — 4.2%** |  |  |
| Bank of America Corp. | 817395 | 43697937 |
| JPMorgan Chase & Co. | 150375 | 47101961 |
| Regions Financial Corp. | 1391314 | 39722015 |
|  |  | 130521913 |
| **Beverages — 0.8%** |  |  |
| PepsiCo, Inc. | 147966 | 23451131 |
| **Biotechnology — 2.2%** |  |  |
| AbbVie, Inc. | 129055 | 27271903 |
| Gilead Sciences, Inc. | 191924 | 25111336 |
| Vertex Pharmaceuticals, Inc.<sup>(1)</sup> | 35704 | 15259175 |
|  |  | 67642414 |
| **Broadline Retail — 3.9%** |  |  |
| Amazon.com, Inc.<sup>(1)</sup> | 459523 | 121801166 |
| **Building Products — 1.7%** |  |  |
| Johnson Controls International PLC | 179931 | 26275324 |
| Trane Technologies PLC | 55803 | 27485210 |
|  |  | 53760534 |
| **Capital Markets — 4.4%** |  |  |
| Ameriprise Financial, Inc. | 36323 | 17245797 |
| Blackrock, Inc. | 17824 | 18993255 |
| Goldman Sachs Group, Inc. | 28404 | 26238763 |
| Intercontinental Exchange, Inc. | 86765 | 13716679 |
| KKR & Co., Inc. | 117622 | 12272680 |
| Morgan Stanley | 125297 | 23880355 |
| S&P Global, Inc. | 60106 | 25919510 |
|  |  | 138267039 |
| **Chemicals — 1.6%** |  |  |
| Ecolab, Inc. | 65301 | 17017441 |
| Linde PLC | 63872 | 32008814 |
|  |  | 49026255 |
| **Communications Equipment — 0.8%** |  |  |
| Motorola Solutions, Inc. | 56298 | 24716511 |
| **Consumer Finance — 0.9%** |  |  |
| American Express Co. | 82260 | 26574093 |
| **Consumer Staples Distribution & Retail — 1.4%** |  |  |
| Costco Wholesale Corp. | 21577 | 21890514 |
| Sysco Corp. | 279517 | 20882715 |
|  |  | 42773229 |
| **Containers and Packaging — 0.5%** |  |  |
| Ball Corp. | 242708 | 14824605 |
| **Diversified Telecommunication Services — 0.3%** |  |  |
| Verizon Communications, Inc. | 219383 | 10536966 |
| **Electric Utilities — 1.8%** |  |  |
| NextEra Energy, Inc. | 583793 | 57141659 |

---

------

Schedule of Investments - Large Cap Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Electrical Equipment — 1.7%** | | |
| Eaton Corp. PLC | 63896 | $27667607 |
| GE Vernova, Inc. | 22435 | 24307425 |
|  |  | 51975032 |
| **Electronic Equipment, Instruments and Components — 0.6%** |  |  |
| Amphenol Corp., Class A | 92039 | 13554584 |
| Coherent Corp.<sup>(1)</sup> | 15655 | 5005060 |
|  |  | 18559644 |
| **Energy Equipment and Services — 1.5%** |  |  |
| SLB Ltd. | 838900 | 47716632 |
| **Entertainment — 0.9%** |  |  |
| Liberty Media Corp.-Liberty Formula One, Class C<sup>(1)</sup> | 48781 | 4192727 |
| Netflix, Inc.<sup>(1)</sup> | 249591 | 23364213 |
|  |  | 27556940 |
| **Financial Services — 2.4%** |  |  |
| Mastercard, Inc., Class A | 94098 | 47323766 |
| Visa, Inc., Class A | 82302 | 27146492 |
|  |  | 74470258 |
| **Ground Transportation — 1.0%** |  |  |
| Uber Technologies, Inc.<sup>(1)</sup> | 170733 | 12738389 |
| Union Pacific Corp. | 63749 | 17179081 |
|  |  | 29917470 |
| **Health Care Equipment and Supplies — 0.9%** |  |  |
| IDEXX Laboratories, Inc.<sup>(1)</sup> | 26534 | 14880267 |
| Intuitive Surgical, Inc.<sup>(1)</sup> | 28195 | 12902314 |
|  |  | 27782581 |
| **Health Care Providers and Services — 1.8%** |  |  |
| Cencora, Inc. | 43582 | 13423692 |
| Cigna Group | 89070 | 25881960 |
| UnitedHealth Group, Inc. | 48543 | 17984211 |
|  |  | 57289863 |
| **Health Care REITs — 1.1%** |  |  |
| Welltower, Inc. | 165215 | 35907828 |
| **Hotels, Restaurants and Leisure — 1.4%** |  |  |
| Airbnb, Inc., Class A<sup>(1)</sup> | 39954 | 5607943 |
| Booking Holdings, Inc. | 86972 | 14642606 |
| Marriott International, Inc., Class A | 67323 | 24350056 |
|  |  | 44600605 |
| **Household Products — 1.8%** |  |  |
| Church & Dwight Co., Inc. | 149522 | 14512605 |
| Colgate-Palmolive Co. | 114676 | 9788743 |
| Procter & Gamble Co. | 212684 | 31283690 |
|  |  | 55585038 |
| **Industrial Conglomerates — 0.7%** |  |  |
| Honeywell International, Inc. | 104774 | 22456211 |
| **Industrial REITs — 1.1%** |  |  |
| Prologis, Inc. | 237170 | 33682883 |
| **Insurance — 1.4%** |  |  |
| Marsh & McLennan Cos., Inc. | 68841 | 11545324 |
| MetLife, Inc. | 264937 | 21221454 |
| Progressive Corp. | 57201 | 11513417 |
|  |  | 44280195 |

---

------

Schedule of Investments - Large Cap Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Interactive Media and Services — 8.9%** | | |
| Alphabet, Inc., Class A | 580348 | $223317910 |
| Meta Platforms, Inc., Class A | 87192 | 53353657 |
|  |  | 276671567 |
| **IT Services — 1.3%** |  |  |
| International Business Machines Corp. | 152025 | 35114734 |
| MongoDB, Inc.<sup>(1)</sup> | 22726 | 5700363 |
|  |  | 40815097 |
| **Life Sciences Tools and Services — 1.6%** |  |  |
| Agilent Technologies, Inc. | 80033 | 9247813 |
| Danaher Corp. | 132306 | 23676159 |
| Thermo Fisher Scientific, Inc. | 38313 | 18350394 |
|  |  | 51274366 |
| **Machinery — 3.1%** |  |  |
| Cummins, Inc. | 59000 | 39589590 |
| Deere & Co. | 30025 | 17710847 |
| Parker-Hannifin Corp. | 19710 | 17924668 |
| Xylem, Inc. | 172096 | 20334863 |
|  |  | 95559968 |
| **Oil, Gas and Consumable Fuels — 1.2%** |  |  |
| Cheniere Energy, Inc. | 30577 | 8407146 |
| Williams Cos., Inc. | 398599 | 30417090 |
|  |  | 38824236 |
| **Pharmaceuticals — 2.6%** |  |  |
| Bristol-Myers Squibb Co. | 159225 | 9647443 |
| Eli Lilly & Co. | 43829 | 40962583 |
| Merck & Co., Inc. | 140785 | 15370906 |
| Zoetis, Inc. | 131380 | 15104759 |
|  |  | 81085691 |
| **Professional Services — 0.5%** |  |  |
| Automatic Data Processing, Inc. | 71045 | 15057277 |
| **Semiconductors and Semiconductor Equipment — 16.9%** |  |  |
| Analog Devices, Inc. | 123233 | 49571707 |
| Applied Materials, Inc. | 69863 | 27560255 |
| ASML Holding NV | 8536 | 12339177 |
| Broadcom, Inc. | 277297 | 115752087 |
| Lam Research Corp. | 80258 | 20695328 |
| Micron Technology, Inc. | 57015 | 29485877 |
| NVIDIA Corp. | 1285676 | 256582359 |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 41414 | 16402429 |
|  |  | 528389219 |
| **Software — 9.2%** |  |  |
| AppLovin Corp., Class A<sup>(1)</sup> | 24326 | 10857910 |
| Cadence Design Systems, Inc.<sup>(1)</sup> | 93766 | 30904336 |
| Crowdstrike Holdings, Inc., Class A<sup>(1)</sup> | 26907 | 11993795 |
| Dynatrace, Inc.<sup>(1)</sup> | 298540 | 10810134 |
| Microsoft Corp. | 471681 | 192342078 |
| Salesforce, Inc. | 50394 | 8896053 |
| ServiceNow, Inc.<sup>(1)</sup> | 130520 | 11526221 |
| Workday, Inc., Class A<sup>(1)</sup> | 72774 | 8907538 |
|  |  | 286238065 |
| **Specialized REITs — 0.6%** |  |  |
| Equinix, Inc. | 17176 | 18598688 |

---

------

Schedule of Investments - Large Cap Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Specialty Retail — 3.0%** | | |
| Home Depot, Inc. | 109907 | $36137422 |
| O'Reilly Automotive, Inc.<sup>(1)</sup> | 181218 | 18013069 |
| TJX Cos., Inc. | 216708 | 33968979 |
| Tractor Supply Co. | 140102 | 4917580 |
|  |  | 93037050 |
| **Technology Hardware, Storage and Peripherals — 5.2%** |  |  |
| Apple, Inc. | 538313 | 146071233 |
| Western Digital Corp. | 37385 | 16244530 |
|  |  | 162315763 |
| **Trading Companies and Distributors — 1.1%** |  |  |
| Ferguson Enterprises, Inc. | 56590 | 15149709 |
| United Rentals, Inc. | 20374 | 19555780 |
|  |  | 34705489 |
| **TOTAL COMMON STOCKS**<br>(Cost $1,493,477,574) |  | **3112108665** |
| **EXCHANGE-TRADED FUNDS — 0.2%** |  |  |
| iShares Core S&P 500 ETF<br>(Cost $4,490,787) | 6533 | **4717283** |
| **TOTAL INVESTMENT SECURITIES — 100.0%**<br>(Cost $1,497,968,361) |  | **3116825948** |
| **OTHER ASSETS AND LIABILITIES — 0.0%** |  | **1086086** |
| **TOTAL NET ASSETS — 100.0%** |  | $**3117912034** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | 338341 | USD | 391066 | Goldman Sachs & Co. LLC | 6/26/26 | $6971 |
| EUR | 296028 | USD | 346900 | Goldman Sachs & Co. LLC | 6/26/26 | 1359 |
| EUR | 545186 | USD | 638958 | Morgan Stanley & Co. LLC | 6/26/26 | 2419 |
| EUR | 295494 | USD | 349295 | Morgan Stanley & Co. LLC | 6/26/26 | (1665) |
| EUR | 288300 | USD | 338358 | Morgan Stanley & Co. LLC | 6/26/26 | 809 |
| EUR | 397439 | USD | 460993 | UBS AG | 6/26/26 | 6569 |
| USD | 2445761 | EUR | 2094151 | Citibank NA | 6/26/26 | (17877) |
| USD | 355882 | EUR | 306488 | Goldman Sachs & Co. LLC | 6/26/26 | (4682) |
| USD | 2444837 | EUR | 2094151 | Goldman Sachs & Co. LLC | 6/26/26 | (18801) |
| USD | 646892 | EUR | 558484 | Goldman Sachs & Co. LLC | 6/26/26 | (10130) |
| USD | 857695 | EUR | 729870 | Morgan Stanley & Co. LLC | 6/26/26 | (952) |
| USD | 2443863 | EUR | 2094151 | Morgan Stanley & Co. LLC | 6/26/26 | (19775) |
| USD | 309744 | EUR | 267422 | Morgan Stanley & Co. LLC | 6/26/26 | (4861) |
| USD | 2444921 | EUR | 2094151 | UBS AG | 6/26/26 | (18717) |
| USD | 498702 | EUR | 424034 | UBS AG | 6/26/26 | (147) |
|  |  |  |  |  |  | $(79480) |

---

---

| | | |
|:---|:---|:---|
| **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 | $3099769488 | $12339177 |  |
| Exchange-Traded Funds | 4717283 |  |  |
|  | $3104486771 | $12339177 |  |
| **Other Financial Instruments** |  |  |  |
| Forward Foreign Currency Exchange Contracts |  | $18127 |  |
| **Liabilities** |  |  |  |
| **Other Financial Instruments** |  |  |  |
| Forward Foreign Currency Exchange Contracts |  | $97607 |  |

---

**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 | $18127 |
| **Liability Derivatives:** |  |
| &nbsp;&nbsp;Unrealized depreciation on forward foreign currency exchange contracts | $97607 |

---

The following is a summary of the effect of derivative instruments on the Statement of Operations for the period ended April 30, 2026.

---

| | |
|:---|:---|
| | **Type of Risk Exposure** |
| | **Foreign Currency** |
| **Net realized gain (loss) on:** | |
| &nbsp;&nbsp;Forward foreign currency exchange transactions | $296217 |
| **Change in net unrealized appreciation (depreciation) on:** |  |
| &nbsp;&nbsp;Forward foreign currency exchange contracts | $(336126) |

---

See Notes to Financial Statements.

------

Schedule of Investments - Select Fund

**APRIL 30, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|<br>**COMMON STOCKS — 99.9%** | **Shares** | **Value** |
| **Aerospace and Defense — 0.9%** | | |
| Mercury Systems, Inc.<sup>(1)</sup> | 627700 | $49531807 |
| York Space Systems, Inc.<sup>(1)(2)</sup> | 345200 | 11446832 |
|  |  | 60978639 |
| **Automobiles — 3.7%** |  |  |
| Tesla, Inc.<sup>(1)</sup> | 616500 | 235274895 |
| **Biotechnology — 3.6%** |  |  |
| Gilead Sciences, Inc. | 804100 | 105208444 |
| Ionis Pharmaceuticals, Inc.<sup>(1)</sup> | 962000 | 71919120 |
| Regeneron Pharmaceuticals, Inc. | 79400 | 56140564 |
|  |  | 233268128 |
| **Broadline Retail — 8.0%** |  |  |
| Amazon.com, Inc.<sup>(1)</sup> | 1924900 | 510213994 |
| **Capital Markets — 0.5%** |  |  |
| MSCI, Inc. | 55100 | 32586691 |
| **Commercial Services and Supplies — 0.4%** |  |  |
| Veralto Corp. | 282000 | 24872400 |
| **Communications Equipment — 0.8%** |  |  |
| Lumentum Holdings, Inc.<sup>(1)</sup> | 58800 | 53056416 |
| **Consumer Finance — 0.8%** |  |  |
| American Express Co. | 156000 | 50395800 |
| **Consumer Staples Distribution & Retail — 1.6%** |  |  |
| Costco Wholesale Corp. | 103900 | 105409667 |
| **Electrical Equipment — 1.5%** |  |  |
| GE Vernova, Inc. | 86000 | 93177560 |
| **Entertainment — 1.7%** |  |  |
| Netflix, Inc.<sup>(1)</sup> | 893400 | 83631174 |
| Walt Disney Co. | 213000 | 22098750 |
|  |  | 105729924 |
| **Financial Services — 3.3%** |  |  |
| Mastercard, Inc., Class A | 389200 | 195736464 |
| Rocket Cos., Inc., Class A<sup>(1)</sup> | 904800 | 13228176 |
|  |  | 208964640 |
| **Ground Transportation — 0.1%** |  |  |
| CSX Corp. | 100000 | 4543000 |
| **Health Care Equipment and Supplies — 0.3%** |  |  |
| Boston Scientific Corp.<sup>(1)</sup> | 178700 | 10294907 |
| Stryker Corp. | 26800 | 8445484 |
|  |  | 18740391 |
| **Hotels, Restaurants and Leisure — 1.1%** |  |  |
| Airbnb, Inc., Class A<sup>(1)</sup> | 265900 | 37321724 |
| Marriott International, Inc., Class A | 82400 | 29803256 |
| Texas Roadhouse, Inc. | 41100 | 6616689 |
|  |  | 73741669 |
| **Household Durables — 0.1%** |  |  |
| Garmin Ltd. | 33300 | 8362962 |
| **Insurance — 0.6%** |  |  |
| Progressive Corp. | 177200 | 35666816 |

---

------

Schedule of Investments - Select Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Interactive Media and Services — 16.8%** | | |
| Alphabet, Inc., Class A | 1149700 | $442404560 |
| Alphabet, Inc., Class C | 863200 | 329690608 |
| Meta Platforms, Inc., Class A | 494400 | 302528304 |
|  |  | 1074623472 |
| **Life Sciences Tools and Services — 0.7%** |  |  |
| Danaher Corp. | 248700 | 44504865 |
| **Machinery — 1.9%** |  |  |
| Graco, Inc. | 705800 | 56654566 |
| Lincoln Electric Holdings, Inc. | 205400 | 54431000 |
| RBC Bearings, Inc.<sup>(1)</sup> | 15300 | 9166077 |
|  |  | 120251643 |
| **Oil, Gas and Consumable Fuels — 0.7%** |  |  |
| Cheniere Energy, Inc. | 153200 | 42122340 |
| **Pharmaceuticals — 1.8%** |  |  |
| Eli Lilly & Co. | 122700 | 114675420 |
| **Professional Services — 0.9%** |  |  |
| Broadridge Financial Solutions, Inc. | 80900 | 12456982 |
| UL Solutions, Inc., Class A | 389986 | 35289834 |
| Verisk Analytics, Inc. | 43200 | 7969968 |
|  |  | 55716784 |
| **Semiconductors and Semiconductor Equipment — 25.9%** |  |  |
| Analog Devices, Inc. | 381000 | 153261060 |
| Broadcom, Inc. | 675100 | 281806993 |
| KLA Corp. | 74900 | 131101215 |
| NVIDIA Corp. | 4812700 | 960470539 |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 325000 | 128719500 |
|  |  | 1655359307 |
| **Software — 11.4%** |  |  |
| Adobe, Inc.<sup>(1)</sup> | 23600 | 5807960 |
| AppLovin Corp., Class A<sup>(1)</sup> | 193000 | 86145550 |
| Crowdstrike Holdings, Inc., Class A<sup>(1)</sup> | 145600 | 64901200 |
| Microsoft Corp. | 986300 | 402193414 |
| Oracle Corp. | 494400 | 79791216 |
| Palantir Technologies, Inc., Class A<sup>(1)</sup> | 265000 | 36864150 |
| Roper Technologies, Inc. | 24800 | 8799288 |
| Zscaler, Inc.<sup>(1)</sup> | 322700 | 42170436 |
|  |  | 726673214 |
| **Specialty Retail — 2.0%** |  |  |
| Burlington Stores, Inc.<sup>(1)</sup> | 57100 | 18272571 |
| Lowe's Cos., Inc. | 253100 | 60437749 |
| TJX Cos., Inc. | 316500 | 49611375 |
|  |  | 128321695 |
| **Technology Hardware, Storage and Peripherals — 8.8%** |  |  |
| Apple, Inc. | 2075700 | 563241195 |
| **TOTAL COMMON STOCKS**<br>(Cost $2,047,803,266) |  | **6380473527** |
| **SHORT-TERM INVESTMENTS — 0.3%** |  |  |
| **Money Market Funds — 0.1%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 18817 | 18817 |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(3)</sup> | 5399132 | 5399132 |
|  |  | 5417949 |

---

------

Schedule of Investments - Select Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Repurchase Agreements — 0.2%** | | |
| Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 3.625%, 9/30/30, valued at $17,302,394), at 3.64%, dated 4/30/26, due 5/1/26 (Delivery value $16,964,715) |  | $16963000 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $22,380,949) |  | **22380949** |
| **TOTAL INVESTMENT SECURITIES — 100.2%**<br>(Cost $2,070,184,215) |  | **6402854476** |
| **OTHER ASSETS AND LIABILITIES — (0.2)%** |  | **(13720044)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**6389134432** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **WRITTEN OPTIONS CONTRACTS** | **WRITTEN OPTIONS CONTRACTS** | **WRITTEN OPTIONS CONTRACTS** | **WRITTEN OPTIONS CONTRACTS** | **WRITTEN OPTIONS CONTRACTS** | **WRITTEN OPTIONS CONTRACTS** | **WRITTEN OPTIONS CONTRACTS** | **WRITTEN OPTIONS CONTRACTS** |
| **Reference Equity** | **Contracts** | **Type** | **Exercise <br>Price** | **Expiration <br>Date** | **Underlying <br>Notional <br>Amount** | **Premiums <br>Received** | **Value** |
| TJX Cos., Inc. | 590 | Call | $165.00 | 5/15/26 | $9248250 | $(118061) | $(25075) |

---

---

| | | |
|:---|:---|:---|
| **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 $5,265,742. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(3)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $5,399,132.

**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 | $6380473527 |  |  |
| Short-Term Investments | 5417949 | $16963000 |  |
|  | $6385891476 | $16963000 |  |
| **Liabilities** |  |  |  |
| **Other Financial Instruments** |  |  |  |
| Written Options Contracts | $25075 |  |  |

---

**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** |
| | **Equity** |
| **Liability Derivatives:** | |
| Written options | $25075 |

---

The following is a summary of the effect of derivative instruments on the Statement of Operations for the period ended April 30, 2026.

---

| | |
|:---|:---|
| | **Type of Risk Exposure** |
| | **Equity** |
| **Net realized gain (loss) on:** | |
| &nbsp;&nbsp;Written options contract transactions | $803550 |
| **Change in net unrealized appreciation (depreciation) on:** |  |
| &nbsp;&nbsp;Written options contracts | $92986 |

---

See Notes to Financial Statements.

------

Schedule of Investments - Small Cap Growth Fund

**APRIL 30, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|<br>**COMMON STOCKS — 99.2%** | **Shares** | **Value** |
| **Aerospace and Defense — 6.2%** | | |
| AAR Corp.<sup>(1)</sup> | 574754 | $63435599 |
| Astronics Corp.<sup>(1)</sup> | 714840 | 51039576 |
| ATI, Inc.<sup>(1)</sup> | 315209 | 49002391 |
| Carpenter Technology Corp. | 100423 | 43001128 |
| Hexcel Corp. | 797724 | 74882352 |
| Karman Holdings, Inc.<sup>(1)</sup> | 478919 | 32556914 |
|  |  | 313917960 |
| **Banks — 2.3%** |  |  |
| Bancorp, Inc.<sup>(1)</sup> | 722789 | 43244466 |
| Coastal Financial Corp.<sup>(1)</sup> | 300040 | 22689025 |
| Southstate Bank Corp. | 269469 | 26319037 |
| Triumph Financial, Inc.<sup>(1)</sup> | 325561 | 22033968 |
|  |  | 114286496 |
| **Biotechnology — 12.5%** |  |  |
| ADMA Biologics, Inc.<sup>(1)</sup> | 3363870 | 34479668 |
| Alkermes PLC<sup>(1)</sup> | 813096 | 27409466 |
| Arcutis Biotherapeutics, Inc.<sup>(1)</sup> | 1114577 | 25880478 |
| Arrowhead Pharmaceuticals, Inc.<sup>(1)</sup> | 465340 | 34193183 |
| Bridgebio Pharma, Inc.<sup>(1)</sup> | 824499 | 58630124 |
| Celldex Therapeutics, Inc.<sup>(1)</sup> | 548022 | 18018963 |
| CG oncology, Inc.<sup>(1)</sup> | 290762 | 19405456 |
| Cogent Biosciences, Inc.<sup>(1)</sup> | 677907 | 24262292 |
| Cytokinetics, Inc.<sup>(1)</sup> | 334272 | 21383380 |
| Evommune, Inc.<sup>(1)</sup> | 377257 | 8978717 |
| Ionis Pharmaceuticals, Inc.<sup>(1)</sup> | 311872 | 23315551 |
| Madrigal Pharmaceuticals, Inc.<sup>(1)</sup> | 114180 | 59075590 |
| Mineralys Therapeutics, Inc.<sup>(1)</sup> | 679596 | 18111233 |
| Newamsterdam Pharma Co. NV<sup>(1)(2)</sup> | 432256 | 12345231 |
| Nuvalent, Inc., Class A<sup>(1)</sup> | 325117 | 32602733 |
| Praxis Precision Medicines, Inc.<sup>(1)</sup> | 84230 | 26855051 |
| Protagonist Therapeutics, Inc.<sup>(1)</sup> | 406743 | 40255355 |
| Revolution Medicines, Inc.<sup>(1)</sup> | 233284 | 33620890 |
| Scholar Rock Holding Corp.<sup>(1)</sup> | 529317 | 24671465 |
| UroGen Pharma Ltd.<sup>(1)</sup> | 874981 | 20850797 |
| Vaxcyte, Inc.<sup>(1)</sup> | 248107 | 14201645 |
| Vera Therapeutics, Inc.<sup>(1)</sup> | 553104 | 19696033 |
| Viking Therapeutics, Inc.<sup>(1)</sup> | 223650 | 6973407 |
| Xenon Pharmaceuticals, Inc.<sup>(1)</sup> | 510246 | 28594186 |
|  |  | 633810894 |
| **Broadline Retail — 0.3%** |  |  |
| Ollie's Bargain Outlet Holdings, Inc.<sup>(1)</sup> | 160288 | 13866515 |
| **Building Products — 2.6%** |  |  |
| Fortune Brands Innovations, Inc. | 557518 | 22601780 |
| Hayward Holdings, Inc.<sup>(1)</sup> | 4528796 | 67977228 |
| Trex Co., Inc.<sup>(1)</sup> | 994271 | 38975423 |
|  |  | 129554431 |
| **Capital Markets — 2.5%** |  |  |
| Etoro Group Ltd., Class A<sup>(1)</sup> | 537066 | 19108808 |
| Hamilton Lane, Inc., Class A | 321087 | 29536793 |

---

------

Schedule of Investments - Small Cap Growth Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Miami International Holdings, Inc.<sup>(1)</sup> | 729898 | $33932958 |
| Piper Sandler Cos. | 509985 | 44470692 |
|  |  | 127049251 |
| **Chemicals — 1.8%** |  |  |
| Element Solutions, Inc. | 1071172 | 45621215 |
| Sensient Technologies Corp. | 413893 | 47034801 |
|  |  | 92656016 |
| **Commercial Services and Supplies — 1.8%** |  |  |
| Casella Waste Systems, Inc., Class A<sup>(1)</sup> | 460950 | 36530288 |
| OPENLANE, Inc.<sup>(1)</sup> | 1804067 | 56719866 |
|  |  | 93250154 |
| **Construction and Engineering — 4.8%** |  |  |
| Argan, Inc. | 128478 | 86077691 |
| Construction Partners, Inc., Class A<sup>(1)</sup> | 324896 | 40176639 |
| Sterling Infrastructure, Inc.<sup>(1)</sup> | 229573 | 118372430 |
|  |  | 244626760 |
| **Construction Materials — 0.4%** |  |  |
| Titan America SA<sup>(1)</sup> | 1308284 | 21573603 |
| **Consumer Finance — 1.9%** |  |  |
| Dave, Inc.<sup>(1)</sup> | 143809 | 39114610 |
| Enova International, Inc.<sup>(1)</sup> | 218241 | 36972208 |
| Figure Technology Solutions, Inc., Class A<sup>(1)(2)</sup> | 594692 | 20873689 |
|  |  | 96960507 |
| **Consumer Staples Distribution & Retail — 0.7%** |  |  |
| PriceSmart, Inc. | 231220 | 36283042 |
| **Diversified Telecommunication Services — 0.8%** |  |  |
| Globalstar, Inc.<sup>(1)</sup> | 478041 | 39342774 |
| **Electric Utilities — 0.3%** |  |  |
| Oklo, Inc.<sup>(1)(2)</sup> | 183082 | 13273445 |
| **Electrical Equipment — 1.0%** |  |  |
| Regal Rexnord Corp. | 225448 | 48478083 |
| **Electronic Equipment, Instruments and Components — 7.8%** |  |  |
| Cognex Corp. | 806598 | 44774255 |
| Fabrinet<sup>(1)</sup> | 117624 | 80392475 |
| Itron, Inc.<sup>(1)</sup> | 199863 | 16748519 |
| Littelfuse, Inc. | 146282 | 59122796 |
| Mirion Technologies, Inc., Class A<sup>(1)</sup> | 2392374 | 47249387 |
| Novanta, Inc.<sup>(1)</sup> | 428773 | 55538967 |
| Plexus Corp.<sup>(1)</sup> | 363245 | 91021932 |
|  |  | 394848331 |
| **Energy Equipment and Services — 0.5%** |  |  |
| Expro Group Holdings NV<sup>(1)</sup> | 1473388 | 26830395 |
| **Financial Services — 0.7%** |  |  |
| Chime Financial, Inc., Class A<sup>(1)</sup> | 1529739 | 33440094 |
| **Food Products — 0.9%** |  |  |
| Freshpet, Inc.<sup>(1)</sup> | 311079 | 20960503 |
| Premium Brands Holdings Corp.<sup>(2)</sup> | 366779 | 23019038 |
|  |  | 43979541 |
| **Health Care Equipment and Supplies — 1.7%** |  |  |
| Alphatec Holdings, Inc.<sup>(1)</sup> | 4902028 | 47843793 |
| SI-BONE, Inc.<sup>(1)</sup> | 1895954 | 23490870 |
| UFP Technologies, Inc.<sup>(1)</sup> | 83926 | 16082740 |
|  |  | 87417403 |

---

------

Schedule of Investments - Small Cap Growth Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Health Care Providers and Services — 7.1%** | | |
| Encompass Health Corp. | 453034 | $45303400 |
| Ensign Group, Inc. | 243016 | 45368657 |
| Guardant Health, Inc.<sup>(1)</sup> | 539683 | 46995596 |
| HealthEquity, Inc.<sup>(1)</sup> | 560821 | 46004147 |
| Hinge Health, Inc., Class A<sup>(1)</sup> | 989427 | 44128444 |
| Omada Health, Inc.<sup>(1)</sup> | 2225980 | 32454788 |
| PACS Group, Inc.<sup>(1)</sup> | 716707 | 24045520 |
| Pediatrix Medical Group, Inc.<sup>(1)</sup> | 727681 | 16380099 |
| RadNet, Inc.<sup>(1)</sup> | 732709 | 41434694 |
| U.S. Physical Therapy, Inc. | 255079 | 18166726 |
|  |  | 360282071 |
| **Health Care REITs — 0.6%** |  |  |
| American Healthcare REIT, Inc. | 627081 | 31843173 |
| **Hotels, Restaurants and Leisure — 2.0%** |  |  |
| Life Time Group Holdings, Inc.<sup>(1)</sup> | 1683443 | 45133107 |
| Planet Fitness, Inc., Class A<sup>(1)</sup> | 315231 | 21016451 |
| Shake Shack, Inc., Class A<sup>(1)</sup> | 326916 | 33495813 |
|  |  | 99645371 |
| **Independent Power and Renewable Electricity Producers — 2.3%** |  |  |
| Talen Energy Corp.<sup>(1)</sup> | 188118 | 70058906 |
| TransAlta Corp. | 3664808 | 45676887 |
|  |  | 115735793 |
| **Insurance — 0.5%** |  |  |
| Bowhead Specialty Holdings, Inc.<sup>(1)</sup> | 997724 | 23725877 |
| **IT Services — 0.4%** |  |  |
| DigitalOcean Holdings, Inc.<sup>(1)</sup> | 230267 | 22204647 |
| **Leisure Products — 1.0%** |  |  |
| Brunswick Corp. | 290701 | 23096194 |
| Callaway Golf Co.<sup>(1)</sup> | 1629635 | 24933416 |
|  |  | 48029610 |
| **Machinery — 4.2%** |  |  |
| CECO Environmental Corp.<sup>(1)</sup> | 1144440 | 84848782 |
| Flowserve Corp. | 547157 | 40292641 |
| RBC Bearings, Inc.<sup>(1)</sup> | 149272 | 89427363 |
|  |  | 214568786 |
| **Media — 1.5%** |  |  |
| Magnite, Inc.<sup>(1)</sup> | 2905824 | 37238134 |
| New York Times Co., Class A | 492053 | 38886949 |
|  |  | 76125083 |
| **Metals and Mining — 1.8%** |  |  |
| Materion Corp. | 242795 | 44628149 |
| SSR Mining, Inc.<sup>(1)</sup> | 1629243 | 46938491 |
|  |  | 91566640 |
| **Oil, Gas and Consumable Fuels — 2.3%** |  |  |
| Cardinal Energy Ltd.<sup>(2)</sup> | 2318561 | 21182568 |
| Centrus Energy Corp., Class A<sup>(1)(2)</sup> | 111327 | 23485544 |
| Energy Fuels, Inc.<sup>(1)</sup> | 887063 | 19196043 |
| Murphy Oil Corp. | 1276085 | 53289310 |
|  |  | 117153465 |
| **Passenger Airlines — 0.5%** |  |  |
| Alaska Air Group, Inc.<sup>(1)</sup> | 673607 | 26344770 |

---

------

Schedule of Investments - Small Cap Growth Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Pharmaceuticals — 1.3%** | | |
| Crinetics Pharmaceuticals, Inc.<sup>(1)</sup> | 718756 | $27873358 |
| Edgewise Therapeutics, Inc.<sup>(1)</sup> | 856214 | 26508385 |
| Nuvation Bio, Inc.<sup>(1)</sup> | 2180500 | 9703225 |
|  |  | 64084968 |
| **Professional Services — 0.4%** |  |  |
| First Advantage Corp.<sup>(1)</sup> | 1708710 | 21803140 |
| **Real Estate Management and Development — 1.0%** |  |  |
| Colliers International Group, Inc. | 273826 | 28636723 |
| FirstService Corp. (Toronto) | 180780 | 24223336 |
|  |  | 52860059 |
| **Semiconductors and Semiconductor Equipment — 9.4%** |  |  |
| Credo Technology Group Holding Ltd.<sup>(1)</sup> | 392236 | 68252986 |
| Impinj, Inc.<sup>(1)</sup> | 288586 | 41821883 |
| Lattice Semiconductor Corp.<sup>(1)</sup> | 352863 | 43148088 |
| MACOM Technology Solutions Holdings, Inc.<sup>(1)</sup> | 200240 | 56389586 |
| MKS, Inc. | 177069 | 50243329 |
| Onto Innovation, Inc.<sup>(1)</sup> | 145676 | 42983161 |
| Silicon Laboratories, Inc.<sup>(1)</sup> | 414925 | 90329173 |
| SiTime Corp.<sup>(1)</sup> | 143309 | 80561154 |
|  |  | 473729360 |
| **Software — 4.9%** |  |  |
| Agilysys, Inc.<sup>(1)</sup> | 555324 | 35574055 |
| Braze, Inc., Class A<sup>(1)</sup> | 1160965 | 25576059 |
| Core Scientific, Inc.<sup>(1)(2)</sup> | 1897135 | 37942700 |
| Descartes Systems Group, Inc.<sup>(1)</sup> | 327573 | 23621289 |
| Elastic NV<sup>(1)</sup> | 256001 | 11886126 |
| Klaviyo, Inc., Class A<sup>(1)</sup> | 1760794 | 35374352 |
| Q2 Holdings, Inc.<sup>(1)</sup> | 818919 | 41560139 |
| Riot Platforms, Inc.<sup>(1)(2)</sup> | 2068273 | 35657027 |
|  |  | 247191747 |
| **Specialty Retail — 4.0%** |  |  |
| Boot Barn Holdings, Inc.<sup>(1)</sup> | 303014 | 51951750 |
| Five Below, Inc.<sup>(1)</sup> | 258145 | 60834451 |
| National Vision Holdings, Inc.<sup>(1)</sup> | 1308718 | 30388432 |
| RealReal, Inc.<sup>(1)</sup> | 2238888 | 26620378 |
| Wayfair, Inc., Class A<sup>(1)</sup> | 466387 | 29816121 |
|  |  | 199611132 |
| **Trading Companies and Distributors — 2.5%** |  |  |
| Applied Industrial Technologies, Inc. | 129084 | 39467433 |
| Herc Holdings, Inc. | 412070 | 52299925 |
| SiteOne Landscape Supply, Inc.<sup>(1)</sup> | 288543 | 36370845 |
|  |  | 128138203 |
| **TOTAL COMMON STOCKS**<br>(Cost $3,964,091,697) |  | **5020089590** |
| **RIGHTS — 0.0%** |  |  |
| **Biotechnology — 0.0%** |  |  |
| Akero Therapeutics, Inc.<sup>(1)</sup><br>(Cost $342,815) | 527407 | **342815** |
| **SHORT-TERM INVESTMENTS — 1.7%** |  |  |
| **Money Market Funds — 0.7%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 130121 | 130121 |

---

------

Schedule of Investments - Small Cap Growth Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(3)</sup> | 36312004 | $36312004 |
|  |  | 36442125 |
| **Repurchase Agreements — 1.0%** |  |  |
| Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 3.625%, 9/30/30, valued at $48,877,483), at 3.64%, dated 4/30/26, due 5/1/26 (Delivery value $47,923,845) |  | 47919000 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $84,361,125) |  | **84361125** |
| **TOTAL INVESTMENT SECURITIES — 100.9%**<br>(Cost $4,048,795,637) |  | **5104793530** |
| **OTHER ASSETS AND LIABILITIES — (0.9)%** |  | **(44946302)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**5059847228** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | 8526438 | USD | 6293444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citibank NA | 6/26/26 | $(1657) |
| CAD | 3932605 | USD | 2881433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS AG | 6/26/26 | 20496 |
| USD | 44884901 | CAD | 61374491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citibank NA | 6/26/26 | (404262) |
| USD | 5219942 | CAD | 7182764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citibank NA | 6/26/26 | (80328) |
| USD | 3933281 | CAD | 5430602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citibank NA | 6/26/26 | (74042) |
| USD | 44879157 | CAD | 61374491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS AG | 6/26/26 | (410006) |
| USD | 8802807 | CAD | 12052082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS AG | 6/26/26 | (90606) |
| USD | 3464526 | CAD | 4796512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS AG | 6/26/26 | (74892) |
| USD | 2940718 | CAD | 4018109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS AG | 6/26/26 | (24305) |
|  |  |  |  |  |  | $(1139602) |

---

---

| | | |
|:---|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** |
| 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 $96,213,092. 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 $95,276,192, which includes securities collateral of $58,964,188.

**AFFILIATED COMPANY TRANSACTIONS**

If a fund's holding represents ownership of 5% or more of the voting securities of a company, the company is affiliated as defined in the 1940 Act. A summary of transactions for each company which is or was an affiliate at or during the period ended April 30, 2026 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)(2)</sup> | $33699 | $3324 | $9811 | $(3721) | —<sup>(1)</sup> | —<sup>(1)</sup> | $437 |  |

---

(1)Company was not an affiliate at April 30, 2026.

(2)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 | $4905987761 | $114101829 |  |
| Rights | 342815 |  |  |
| Short-Term Investments | 36442125 | 47919000 |  |
|  | $4942772701 | $162020829 |  |
| **Other Financial Instruments** |  |  |  |
| Forward Foreign Currency Exchange Contracts |  | $20496 |  |
| **Liabilities** |  |  |  |
| **Other Financial Instruments** |  |  |  |
| Forward Foreign Currency Exchange Contracts |  | $1160098 |  |

---

**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 | $20496 |
| **Liability Derivatives:** |  |
| &nbsp;&nbsp;Unrealized depreciation on forward foreign currency exchange contracts | $1160098 |

---

The following is a summary of the effect of derivative instruments on the Statement of Operations for the period ended April 30, 2026.

---

| | |
|:---|:---|
| | **Type of Risk Exposure** |
| | **Foreign Currency** |
| **Net realized gain (loss) on:** | |
| &nbsp;&nbsp;Forward foreign currency exchange transactions | $79902 |
| **Change in net unrealized appreciation (depreciation) on:** |  |
| &nbsp;&nbsp;Forward foreign currency exchange contracts | $(2378623) |

---

See Notes to Financial Statements.

------

Schedule of Investments - Ultra Fund

**APRIL 30, 2026 (UNAUDITED)** 

---

| | | |
|:---|:---|:---|
| <br>**COMMON STOCKS — 100.0%** | **Shares**<br> | **Value**<br> |
| **Aerospace and Defense — 1.3%** |  |  |
| HEICO Corp. | 209000 | $56413280 |
| Howmet Aerospace, Inc. | 928000 | 225541120 |
| Rolls-Royce Holdings PLC | 3467000 | 55789427 |
|  |  | 337743827 |
| **Automobiles — 4.0%** |  |  |
| Tesla, Inc.<sup>(1)</sup> | 2792000 | 1065510960 |
| **Biotechnology — 2.3%** |  |  |
| Alnylam Pharmaceuticals, Inc.<sup>(1)</sup> | 747000 | 231189030 |
| Ascendis Pharma AS<sup>(1)</sup> | 664000 | 152308320 |
| Regeneron Pharmaceuticals, Inc. | 176000 | 124442560 |
| Vertex Pharmaceuticals, Inc.<sup>(1)</sup> | 275000 | 117529500 |
|  |  | 625469410 |
| **Broadline Retail — 7.7%** |  |  |
| Amazon.com, Inc.<sup>(1)</sup> | 7701000 | 2041227060 |
| **Building Products — 1.1%** |  |  |
| Advanced Drainage Systems, Inc. | 977000 | 145817250 |
| Johnson Controls International PLC | 940000 | 137268200 |
|  |  | 283085450 |
| **Capital Markets — 1.6%** |  |  |
| Interactive Brokers Group, Inc., Class A | 3740000 | 297330000 |
| MSCI, Inc. | 113000 | 66829330 |
| Tradeweb Markets, Inc., Class A | 639000 | 72366750 |
|  |  | 436526080 |
| **Chemicals — 0.7%** |  |  |
| Ecolab, Inc. | 727000 | 189456200 |
| **Commercial Services and Supplies — 0.2%** |  |  |
| Cintas Corp. | 300000 | 52413000 |
| **Communications Equipment — 0.5%** |  |  |
| Ciena Corp.<sup>(1)</sup> | 263000 | 138753540 |
| **Consumer Staples Distribution & Retail — 2.1%** |  |  |
| Costco Wholesale Corp. | 539000 | 546831670 |
| **Electric Utilities — 0.2%** |  |  |
| Constellation Energy Corp. | 137000 | 42881000 |
| **Electrical Equipment — 2.2%** |  |  |
| Acuity, Inc. | 492000 | 142566840 |
| Vertiv Holdings Co., Class A | 1362000 | 447403380 |
|  |  | 589970220 |
| **Electronic Equipment, Instruments and Components — 1.4%** |  |  |
| Amphenol Corp., Class A | 2495000 | 367438650 |
| **Entertainment — 2.5%** |  |  |
| Netflix, Inc.<sup>(1)</sup> | 7010000 | 656206100 |
| **Financial Services — 3.4%** |  |  |
| Mastercard, Inc., Class A | 1733817 | 871971246 |
| Visa, Inc., Class A | 126000 | 41559840 |
|  |  | 913531086 |
| **Health Care Equipment and Supplies — 2.3%** |  |  |
| IDEXX Laboratories, Inc.<sup>(1)</sup> | 257000 | 144125600 |
| Insulet Corp.<sup>(1)</sup> | 380000 | 65413200 |
| Intuitive Surgical, Inc.<sup>(1)</sup> | 873981 | 399942446 |
|  |  | 609481246 |

---

------

Schedule of Investments - Ultra Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Hotels, Restaurants and Leisure — 1.2%** |  |  |
| Booking Holdings, Inc. | 400000 | $67344000 |
| Chipotle Mexican Grill, Inc.<sup>(1)</sup> | 2204000 | 74913960 |
| Viking Holdings Ltd.<sup>(1)</sup> | 1130000 | 92558300 |
| Wingstop, Inc. | 446000 | 73170760 |
|  |  | 307987020 |
| **Insurance — 0.1%** |  |  |
| Arthur J Gallagher & Co. | 177000 | 36532800 |
| **Interactive Media and Services — 15.4%** |  |  |
| Alphabet, Inc., Class A | 4613455 | 1775257484 |
| Alphabet, Inc., Class C | 4009000 | 1531197460 |
| Meta Platforms, Inc., Class A | 1308000 | 800378280 |
|  |  | 4106833224 |
| **IT Services — 1.9%** |  |  |
| Cloudflare, Inc., Class A<sup>(1)</sup> | 1600000 | 327952000 |
| Okta, Inc.<sup>(1)</sup> | 784000 | 57741600 |
| Snowflake, Inc., Class A<sup>(1)</sup> | 977000 | 133331190 |
|  |  | 519024790 |
| **Machinery — 1.3%** |  |  |
| Donaldson Co., Inc. | 1027000 | 90550590 |
| Nordson Corp. | 228000 | 65766600 |
| Westinghouse Air Brake Technologies Corp. | 754000 | 203497060 |
|  |  | 359814250 |
| **Oil, Gas and Consumable Fuels — 0.3%** |  |  |
| EOG Resources, Inc. | 496000 | 69722720 |
| **Pharmaceuticals — 1.6%** |  |  |
| Eli Lilly & Co. | 465000 | 434589000 |
| **Professional Services — 0.7%** |  |  |
| Planet Labs PBC<sup>(1)(2)</sup> | 4874000 | 180191780 |
| **Semiconductors and Semiconductor Equipment — 24.5%** |  |  |
| Analog Devices, Inc. | 1020000 | 410305200 |
| Applied Materials, Inc. | 1246000 | 491534540 |
| ASML Holding NV | 227000 | 328138852 |
| Broadcom, Inc. | 2784000 | 1162125120 |
| NVIDIA Corp. | 20619000 | 4114933830 |
|  |  | 6507037542 |
| **Software — 11.1%** |  |  |
| AppLovin Corp., Class A<sup>(1)</sup> | 100000 | 44635000 |
| Datadog, Inc., Class A<sup>(1)</sup> | 1647000 | 217716930 |
| Docusign, Inc.<sup>(1)</sup> | 871000 | 40057290 |
| Dynatrace, Inc.<sup>(1)</sup> | 1608000 | 58225680 |
| Fair Isaac Corp.<sup>(1)</sup> | 133000 | 136325000 |
| Microsoft Corp. | 3909000 | 1594012020 |
| Oracle Corp. | 1491000 | 240632490 |
| Palantir Technologies, Inc., Class A<sup>(1)</sup> | 1731000 | 240799410 |
| Synopsys, Inc.<sup>(1)</sup> | 428000 | 206552800 |
| Zscaler, Inc.<sup>(1)</sup> | 1220000 | 159429600 |
|  |  | 2938386220 |
| **Specialty Retail — 0.2%** |  |  |
| Tractor Supply Co. | 1205000 | 42295500 |

---

------

Schedule of Investments - Ultra Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Technology Hardware, Storage and Peripherals — 8.2%** |  |  |
| Apple, Inc. | 8052304 | $2184992690 |
| **TOTAL COMMON STOCKS**<br>(Cost $7,529,454,729) |  | **26583933035** |
| **RIGHTS — 0.0%** |  |  |
| **Health Care Equipment and Supplies — 0.0%** |  |  |
| ABIOMED, Inc.<sup>(1)</sup><br>(Cost $286,967) | 281340 | **286967** |
| **SHORT-TERM INVESTMENTS — 0.1%** |  |  |
| **Money Market Funds — 0.0%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 106582 | 106582 |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(3)</sup> | 7512250 | 7512250 |
|  |  | 7618832 |
| **Repurchase Agreements — 0.1%** |  |  |
| Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 3.625%, 9/30/30, valued at $24,402,662), at 3.64%, dated 4/30/26, due 5/1/26 (Delivery value $23,926,419) |  | 23924000 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $31,542,832) |  | **31542832** |
| **TOTAL INVESTMENT SECURITIES — 100.1%**<br>(Cost $7,561,284,528) |  | **26615762834** |
| **OTHER ASSETS AND LIABILITIES — (0.1)%** |  | **(35867332)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**26579895502** |

---

**NOTES TO SCHEDULE OF INVESTMENTS**

(1)Non-income producing.

(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $7,357,030. 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 $7,512,250.

**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 | $26200004756 | $383928279 |  |
| Rights | 286967 |  |  |
| Short-Term Investments | 7618832 | 23924000 |  |
|  | $26207910555 | $407852279 |  |

---

**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 April 30, 2026.

---

| | |
|:---|:---|
| | **Type of Risk Exposure** |
| | **Foreign Currency** |
| **Net realized gain (loss) on:** | |
| &nbsp;&nbsp;Forward foreign currency exchange transactions | $1154328 |
| **Change in net unrealized appreciation (depreciation) on:** |  |
| &nbsp;&nbsp;Forward foreign currency exchange contracts | $(814391) |

---

See Notes to Financial Statements.

------

Statements of Assets and Liabilities

---

| | | |
|:---|:---|:---|
| **APRIL 30, 2026 (UNAUDITED)** | | |
| | **Balanced Fund** | **Growth Fund** |
| **Assets** | | |
| Investment securities, at value | $908190344 | $14704139787 |
| Investment made with cash collateral received for securities on loan, at value |  | 14952793 |
| Cash | 200562 |  |
| Foreign currency holdings, at value | 9 | 2 |
| Receivable for investments sold | 2647653 | 13471782 |
| Receivable for capital shares sold | 32535 | 1238597 |
| Receivable for variation margin on futures contracts | 35181 |  |
| Unrealized appreciation on forward foreign currency exchange contracts | 17819 | 103256 |
| Dividends and interest receivable | 2878589 | 4449273 |
| Securities lending receivable |  | 550 |
|  | 914002692 | 14738356040 |
| **Liabilities** |  |  |
| Payable for collateral received for securities on loan |  | 14952793 |
| Payable for investments purchased | 6833134 |  |
| Payable for capital shares redeemed | 128153 | 12167868 |
| Unrealized depreciation on forward foreign currency exchange contracts | 77788 | 545414 |
| Accrued management fees | 629623 | 8434198 |
| Distribution and service fees payable |  | 83491 |
|  | 7668698 | 36183764 |
| **Net Assets** | $906333994 | $14702172276 |
| **Net Assets Consist of:** |  |  |
| Capital (par value and paid-in surplus) | $658764348 | $4688346672 |
| Distributable earnings (loss) | 247569646 | 10013825604 |
|  | $906333994 | $14702172276 |
| Investment securities, at cost | $648125648 | $5825130677 |
| Investment securities on loan, at value |  | $14708615 |
| Investment made with cash collateral received for securities on loan, at cost |  | $14952793 |
| Foreign currency holdings, at cost | $9 | $2 |

---

------

Statements of Assets and Liabilities

---

| | | | |
|:---|:---|:---|:---|
| **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 | $834140289 | 38467619 | $21.68 |
| I Class, $0.01 Par Value | $69586787 | 3206134 | $21.70 |
| R5 Class, $0.01 Par Value | $2606918 | 120132 | $21.70 |
| **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** |
| Investor Class, $0.01 Par Value | $10861863060 | 190259272 | $57.09 |
| I Class, $0.01 Par Value | $1223805238 | 20472979 | $59.78 |
| Y Class, $0.01 Par Value | $49469946 | 818910 | $60.41 |
| A Class, $0.01 Par Value | $184383345 | 3494929 | $52.76 |
| &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) |  | $55.98 |
| C Class, $0.01 Par Value | $13561741 | 307416 | $44.12 |
| R Class, $0.01 Par Value | $91264007 | 1861130 | $49.04 |
| R5 Class, $0.01 Par Value | $6431520 | 107439 | $59.86 |
| R6 Class, $0.01 Par Value | $1204528427 | 19984963 | $60.27 |
| G Class, $0.01 Par Value | $1066864992 | 17341539 | $61.52 |

---

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

---

| | | |
|:---|:---|:---|
| **APRIL 30, 2026 (UNAUDITED)** | | |
| | **Heritage Fund** | **Large Cap Equity Fund** |
| **Assets** | | |
| Investment securities, at value | $5368396598 | $3116825948 |
| Receivable for investments sold | 16216438 | 9289851 |
| Receivable for capital shares sold | 719842 | 258416 |
| Unrealized appreciation on forward foreign currency exchange contracts |  | 18127 |
| Dividends and interest receivable | 1133358 | 1444763 |
| Securities lending receivable | 7034 |  |
|  | 5386473270 | 3127837105 |
| **Liabilities** |  |  |
| Disbursements in excess of demand deposit cash |  | 1368681 |
| Payable for investments purchased | 16338162 |  |
| Payable for capital shares redeemed | 2574445 | 7551289 |
| Unrealized depreciation on forward foreign currency exchange contracts |  | 97607 |
| Accrued management fees | 3670626 | 872254 |
| Distribution and service fees payable | 52664 | 35240 |
|  | 22635897 | 9925071 |
| **Net Assets** | $5363837373 | $3117912034 |
| **Net Assets Consist of:** |  |  |
| Capital (par value and paid-in surplus) | $4121171425 | $1305127265 |
| Distributable earnings (loss) | 1242665948 | 1812784769 |
|  | $5363837373 | $3117912034 |
| Investment securities, at cost | $4229869775 | $1497968361 |
| Investment securities on loan, at value | $23300919 |  |

---

------

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 | $3888449726 | 187046069 | $20.79 |
| I Class, $0.01 Par Value | $225207688 | 9125939 | $24.68 |
| Y Class, $0.01 Par Value | $94359921 | 3678885 | $25.65 |
| A Class, $0.01 Par Value | $206968459 | 12746365 | $16.24 |
| &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) |  | $17.23 |
| C Class, $0.01 Par Value | $2031039 | 351718 | $5.77 |
| R Class, $0.01 Par Value | $22921721 | 1454678 | $15.76 |
| R5 Class, $0.01 Par Value | $1535904 | 62215 | $24.69 |
| R6 Class, $0.01 Par Value | $281787732 | 10987366 | $25.65 |
| G Class, $0.01 Par Value | $640575183 | 24151158 | $26.52 |
| **Large Cap Equity Fund** | **Large Cap Equity Fund** | **Large Cap Equity Fund** | **Large Cap Equity Fund** |
| Investor Class, $0.01 Par Value | $861177559 | 17317492 | $49.73 |
| I Class, $0.01 Par Value | $433824331 | 8695952 | $49.89 |
| Y Class, $0.01 Par Value | $18206500 | 364409 | $49.96 |
| A Class, $0.01 Par Value | $114353774 | 2314154 | $49.41 |
| &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) |  | $52.42 |
| C Class, $0.01 Par Value | $6012642 | 131046 | $45.88 |
| R Class, $0.01 Par Value | $20202002 | 413935 | $48.80 |
| R5 Class, $0.01 Par Value | $5891676 | 117998 | $49.93 |
| R6 Class, $0.01 Par Value | $82168533 | 1642498 | $50.03 |
| G Class, $0.01 Par Value | $1576075017 | 31447471 | $50.12 |

---

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

See Notes to Financial Statements.

------

Statements of Assets and Liabilities

---

| | | |
|:---|:---|:---|
| **APRIL 30, 2026 (UNAUDITED)** | | |
| | **Select Fund** | **Small Cap Growth Fund** |
| **Assets** | | |
| Investment securities, at value | $6397455344 | $5068481526 |
| Investment made with cash collateral received for securities on loan, at value | 5399132 | 36312004 |
| Receivable for investments sold | 5722818 | 9254633 |
| Receivable for capital shares sold | 173085 | 3156259 |
| Unrealized appreciation on forward foreign currency exchange contracts |  | 20496 |
| Dividends and interest receivable | 1016026 | 165152 |
| Securities lending receivable | 7608 | 22451 |
|  | 6409774013 | 5117412521 |
| **Liabilities** |  |  |
| Written options, at value | 25075 |  |
| Payable for collateral received for securities on loan | 5399132 | 36312004 |
| Payable for investments purchased | 6420303 | 9092112 |
| Payable for capital shares redeemed | 4587901 | 7378501 |
| Unrealized depreciation on forward foreign currency exchange contracts |  | 1160098 |
| Accrued management fees | 4186438 | 3553568 |
| Distribution and service fees payable | 20732 | 69010 |
|  | 20639581 | 57565293 |
| **Net Assets** | $6389134432 | $5059847228 |
| **Net Assets Consist of:** |  |  |
| Capital (par value and paid-in surplus) | $1866196253 | $3993862520 |
| Distributable earnings (loss) | 4522938179 | 1065984708 |
|  | $6389134432 | $5059847228 |
| Investment securities, at cost | $2064785083 | $4012483633 |
| Investment securities on loan, at value | $5265742 | $96213092 |
| Investment made with cash collateral received for securities on loan, at cost | $5399132 | $36312004 |
| Premiums on written options | $118061 |  |

---

------

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 | $5467903934 | 41268418 | $132.50 |
| I Class, $0.01 Par Value | $203775052 | 1468546 | $138.76 |
| Y Class, $0.01 Par Value | $174712811 | 1240893 | $140.80 |
| A Class, $0.01 Par Value | $87450734 | 702851 | $124.42 |
| &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) |  | $132.01 |
| C Class, $0.01 Par Value | $2378348 | 25326 | $93.91 |
| R Class, $0.01 Par Value | $4358069 | 36446 | $119.58 |
| R5 Class, $0.01 Par Value | $19983 | 144 | $138.77 |
| R6 Class, $0.01 Par Value | $118888276 | 845962 | $140.54 |
| G Class, $0.01 Par Value | $329647225 | 2310032 | $142.70 |
| **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** |
| Investor Class, $0.01 Par Value | $1592192138 | 69262052 | $22.99 |
| I Class, $0.01 Par Value | $938646368 | 38584341 | $24.33 |
| Y Class, $0.01 Par Value | $130301701 | 5217739 | $24.97 |
| A Class, $0.01 Par Value | $108128333 | 5110371 | $21.16 |
| &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) |  | $22.45 |
| C Class, $0.01 Par Value | $48509970 | 2956996 | $16.41 |
| R Class, $0.01 Par Value | $21552142 | 1089073 | $19.79 |
| R5 Class, $0.01 Par Value | $2717410 | 111622 | $24.34 |
| R6 Class, $0.01 Par Value | $1915007420 | 76711041 | $24.96 |
| G Class, $0.01 Par Value | $302791746 | 11487367 | $26.36 |

---

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

---

| | |
|:---|:---|
| **APRIL 30, 2026 (UNAUDITED)** | |
| | **Ultra Fund** |
| **Assets** | |
| Investment securities, at value | $26608250584 |
| Investment made with cash collateral received for securities on loan, at value | 7512250 |
| Receivable for capital shares sold | 1561733 |
| Dividends and interest receivable | 2530411 |
| Securities lending receivable | 529 |
|  | 26619855507 |
| **Liabilities** |  |
| Payable for collateral received for securities on loan | 7512250 |
| Payable for capital shares redeemed | 15065491 |
| Accrued management fees | 17244993 |
| Distribution and service fees payable | 137271 |
|  | 39960005 |
| **Net Assets** | $26579895502 |
| **Net Assets Consist of:** |  |
| Capital (par value and paid-in surplus) | $6097509808 |
| Distributable earnings (loss) | 20482385694 |
|  | $26579895502 |
| Investment securities, at cost | $7553772278 |
| Investment securities on loan, at value | $7357030 |
| Investment made with cash collateral received for securities on loan, at cost | $7512250 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 | $22539493604 | 233433272 | $96.56 |
| I Class, $0.01 Par Value | $1063008184 | 10225040 | $103.96 |
| Y Class, $0.01 Par Value | $120965607 | 1144009 | $105.74 |
| A Class, $0.01 Par Value | $417961035 | 4775011 | $87.53 |
| &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) |  | $92.87 |
| C Class, $0.01 Par Value | $35858458 | 596733 | $60.09 |
| R Class, $0.01 Par Value | $67944697 | 832926 | $81.57 |
| R5 Class, $0.01 Par Value | $45246033 | 434791 | $104.06 |
| R6 Class, $0.01 Par Value | $2266820455 | 21472083 | $105.57 |
| G Class, $0.01 Par Value | $22597429 | 203956 | $110.80 |

---

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

---

| | | |
|:---|:---|:---|
| **FOR THE SIX MONTHS ENDED APRIL 30, 2026 (UNAUDITED)** | | |
| | **Balanced Fund** | **Growth Fund** |
| **Investment Income (Loss)** | | |
| **Income:** | | |
| Dividends | $3117843 | $37540771 |
| Interest | 8320746 | 617679 |
| Securities lending, net |  | 7139 |
| Less foreign taxes withheld | (4388) | (155845) |
|  | 11434201 | 38009744 |
| **Expenses:** |  |  |
| Management fees | 3846311 | 66163133 |
| Distribution and service fees: |  |  |
| &nbsp;&nbsp;&nbsp;A Class |  | 229347 |
| &nbsp;&nbsp;&nbsp;C Class |  | 68984 |
| &nbsp;&nbsp;&nbsp;R Class |  | 230263 |
| Directors' fees and expenses | 13502 | 227928 |
| Other expenses | 2447 | 36485 |
|  | 3862260 | 66956140 |
| Fees waived |  | (11864197) |
|  | 3862260 | 55091943 |
| **Net investment income (loss)** | 7571941 | (17082199) |
| **Realized and Unrealized Gain (Loss)** |  |  |
| **Net realized gain (loss) on:** |  |  |
| Investment transactions | 10111703 | 1180902618 |
| Forward foreign currency exchange contract transactions | 111020 | 1325947 |
| Futures contract transactions | 258346 |  |
| Swap agreement transactions | (19606) |  |
| Foreign currency translation transactions | 1114 | (14170) |
|  | 10462577 | 1182214395 |
| **Change in net unrealized appreciation (depreciation) on:** |  |  |
| Investments | 6248380 | (1612578577) |
| Forward foreign currency exchange contracts | (150288) | (2173329) |
| Futures contracts | (1611794) |  |
| Swap agreements | 29464 |  |
| Translation of assets and liabilities in foreign currencies | 416 | (648) |
|  | 4516178 | (1614752554) |
| **Net realized and unrealized gain (loss)** | 14978755 | (432538159) |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $22550696 | $(449620358) |

---

See Notes to Financial Statements.

------

Statements of Operations

---

| | | |
|:---|:---|:---|
| **FOR THE SIX MONTHS ENDED APRIL 30, 2026 (UNAUDITED)** | | |
| | **Heritage Fund** | **Large Cap Equity Fund** |
| **Investment Income (Loss)** | | |
| **Income:** | | |
| Dividends | $11922862 | $18248267 |
| Interest | 1467561 | 133101 |
| Securities lending, net | 23629 |  |
| Less foreign taxes withheld |  | (25728) |
|  | 13414052 | 18355640 |
| **Expenses:** |  |  |
| Management fees | 25713075 | 9009223 |
| Distribution and service fees: |  |  |
| &nbsp;&nbsp;&nbsp;A Class | 270309 | 137482 |
| &nbsp;&nbsp;&nbsp;C Class | 11596 | 31088 |
| &nbsp;&nbsp;&nbsp;R Class | 59868 | 47748 |
| Directors' fees and expenses | 84349 | 47833 |
| Other expenses | 7808 | 11424 |
|  | 26147005 | 9284798 |
| Fees waived | (2093277) | (3585129) |
|  | 24053728 | 5699669 |
| **Net investment income (loss)** | (10639676) | 12655971 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| **Net realized gain (loss) on:** |  |  |
| Investment transactions | 129940585 | 201334334 |
| Forward foreign currency exchange contract transactions |  | 296217 |
| Foreign currency translation transactions | (13705) | (8738) |
|  | 129926880 | 201621813 |
| **Change in net unrealized appreciation (depreciation) on:** |  |  |
| Investments | (349803055) | (89490459) |
| Forward foreign currency exchange contracts |  | (336126) |
| Translation of assets and liabilities in foreign currencies |  | 3197 |
|  | (349803055) | (89823388) |
| **Net realized and unrealized gain (loss)** | (219876175) | 111798425 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $(230515851) | $124454396 |

---

See Notes to Financial Statements.

------

Statements of Operations

---

| | | |
|:---|:---|:---|
| **FOR THE SIX MONTHS ENDED APRIL 30, 2026 (UNAUDITED)** | | |
| | **Select Fund** | **Small Cap Growth Fund** |
| **Investment Income (Loss)** | | |
| **Income:** | | |
| Dividends | $17180906 | $6733021 |
| Interest | 325843 | 1321412 |
| Securities lending, net | 11744 | 194466 |
| Less foreign taxes withheld | (133439) | (138480) |
|  | 17385054 | 8110419 |
| **Expenses:** |  |  |
| Management fees | 29148434 | 22504402 |
| Distribution and service fees: |  |  |
| &nbsp;&nbsp;&nbsp;A Class | 106427 | 132492 |
| &nbsp;&nbsp;&nbsp;C Class | 11795 | 227144 |
| &nbsp;&nbsp;&nbsp;R Class | 10897 | 52262 |
| Directors' fees and expenses | 93487 | 73464 |
| Other expenses | 5186 |  |
|  | 29376226 | 22989764 |
| Fees waived | (3470524) | (1154757) |
|  | 25905702 | 21835007 |
| **Net investment income (loss)** | (8520648) | (13724588) |
| **Realized and Unrealized Gain (Loss)** |  |  |
| **Net realized gain (loss) on:** |  |  |
| Investment transactions | 215942289 | 63672823 |
| Investment transactions - affiliated |  | 437035 |
| Forward foreign currency exchange contract transactions |  | 79902 |
| Written options contract transactions | 803550 |  |
| Foreign currency translation transactions |  | (4311) |
|  | 216745839 | 64185449 |
| **Change in net unrealized appreciation (depreciation) on:** |  |  |
| Investments | (149061323) | 248610419 |
| Investments - affiliated |  | (3720960) |
| Forward foreign currency exchange contracts |  | (2378623) |
| Written options contracts | 92986 |  |
| Translation of assets and liabilities in foreign currencies | (224) | 2943 |
|  | (148968561) | 242513779 |
| **Net realized and unrealized gain (loss)** | 67777278 | 306699228 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $59256630 | $292974640 |

---

See Notes to Financial Statements.

------

Statements of Operations

---

| | |
|:---|:---|
| **FOR THE SIX MONTHS ENDED APRIL 30, 2026 (UNAUDITED)** | |
| | **Ultra Fund** |
| **Investment Income (Loss)** | |
| **Income:** | |
| Dividends | $43075373 |
| Interest | 709451 |
| Securities lending, net | 1216 |
| Less foreign taxes withheld | (182811) |
|  | 43603229 |
| **Expenses:** |  |
| Management fees | 110300449 |
| Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;A Class | 505726 |
| &nbsp;&nbsp;&nbsp;C Class | 178875 |
| &nbsp;&nbsp;&nbsp;R Class | 170264 |
| Directors' fees and expenses | 390574 |
| Other expenses | 28763 |
|  | 111574651 |
| Fees waived | (3583748) |
|  | 107990903 |
| **Net investment income (loss)** | (64387674) |
| **Realized and Unrealized Gain (Loss)** |  |
| **Net realized gain (loss) on:** |  |
| Investment transactions | 1595990431 |
| Forward foreign currency exchange contract transactions | 1154328 |
| Foreign currency translation transactions | 82756 |
|  | 1597227515 |
| **Change in net unrealized appreciation (depreciation) on:** |  |
| Investments | (1785729039) |
| Forward foreign currency exchange contracts | (814391) |
| Translation of assets and liabilities in foreign currencies | 18308 |
|  | (1786525122) |
| **Net realized and unrealized gain (loss)** | (189297607) |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $(253685281) |

---

See Notes to Financial Statements.

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SIX MONTHS ENDED APRIL 30, 2026 (UNAUDITED) AND YEAR ENDED OCTOBER 31, 2025** | **SIX MONTHS ENDED APRIL 30, 2026 (UNAUDITED) AND YEAR ENDED OCTOBER 31, 2025** | **SIX MONTHS ENDED APRIL 30, 2026 (UNAUDITED) AND YEAR ENDED OCTOBER 31, 2025** | | |
| | **Balanced Fund** | **Balanced Fund** | **Growth Fund** | **Growth Fund** |
| **Increase (Decrease) in Net Assets** | **April 30, 2026** | **October 31, 2025** | **April 30, 2026** | **October 31, 2025** |
| **Operations** | | | | |
| Net investment income (loss) | $7571941 | $16012680 | $(17082199) | $(24065021) |
| Net realized gain (loss) | 10462577 | 40687381 | 1182214395 | 2567759716 |
| Change in net unrealized appreciation (depreciation) | 4516178 | 38031888 | (1614752554) | 1079010514 |
| Net increase (decrease) in net assets resulting from operations | 22550696 | 94731949 | (449620358) | 3622705209 |
| **Distributions to Shareholders** |  |  |  |  |
| From earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (6349166) | (15591394) | (1667099140) | (601482199) |
| &nbsp;&nbsp;&nbsp;I Class | (574913) | (1554058) | (263858456) | (102418055) |
| &nbsp;&nbsp;&nbsp;Y Class |  |  | (7402487) | (1919339) |
| &nbsp;&nbsp;&nbsp;A Class |  |  | (30130128) | (10963622) |
| &nbsp;&nbsp;&nbsp;C Class |  |  | (2679757) | (966867) |
| &nbsp;&nbsp;&nbsp;R Class |  |  | (16071741) | (6123274) |
| &nbsp;&nbsp;&nbsp;R5 Class | (18845) | (38568) | (898673) | (293171) |
| &nbsp;&nbsp;&nbsp;R6 Class |  |  | (192052706) | (81284040) |
| &nbsp;&nbsp;&nbsp;G Class |  |  | (138365694) | (74607999) |
| Decrease in net assets from distributions | (6942924) | (17184020) | (2318558782) | (880058566) |
| **Capital Share Transactions** |  |  |  |  |
| Net increase (decrease) in net assets from capital share transactions (Note 5) | (26320256) | (86072760) | 872209689 | (1455965535) |
| **Net increase (decrease) in net assets** | (10712484) | (8524831) | (1895969451) | 1286681108 |
| **Net Assets** |  |  |  |  |
| Beginning of period | 917046478 | 925571309 | 16598141727 | 15311460619 |
| End of period | $906333994 | $917046478 | $14702172276 | $16598141727 |

---

See Notes to Financial Statements.

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SIX MONTHS ENDED APRIL 30, 2026 (UNAUDITED) AND YEAR ENDED OCTOBER 31, 2025** | **SIX MONTHS ENDED APRIL 30, 2026 (UNAUDITED) AND YEAR ENDED OCTOBER 31, 2025** | **SIX MONTHS ENDED APRIL 30, 2026 (UNAUDITED) AND YEAR ENDED OCTOBER 31, 2025** | | |
| | **Heritage Fund** | **Heritage Fund** | **Large Cap Equity Fund** | **Large Cap Equity Fund** |
| **Increase (Decrease) in Net Assets** | **April 30, 2026** | **October 31, 2025** | **April 30, 2026** | **October 31, 2025** |
| **Operations** | | | | |
| Net investment income (loss) | $(10639676) | $(20841576) | $12655971 | $36331980 |
| Net realized gain (loss) | 129926880 | 1124972831 | 201621813 | 750405688 |
| Change in net unrealized appreciation (depreciation) | (349803055) | (70801152) | (89823388) | (214002911) |
| Net increase (decrease) in net assets resulting from operations | (230515851) | 1033330103 | 124454396 | 572734757 |
| **Distributions to Shareholders** |  |  |  |  |
| From earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (755341935) | (577865803) | (172532932) | (56603725) |
| &nbsp;&nbsp;&nbsp;I Class | (47274287) | (30930404) | (76320711) | (26969107) |
| &nbsp;&nbsp;&nbsp;Y Class | (14289705) | (11562485) | (3886819) | (1651558) |
| &nbsp;&nbsp;&nbsp;A Class | (50109149) | (38708262) | (21315740) | (7004452) |
| &nbsp;&nbsp;&nbsp;C Class | (1104812) | (1514277) | (1315401) | (566946) |
| &nbsp;&nbsp;&nbsp;R Class | (5674576) | (4213275) | (3634626) | (1076579) |
| &nbsp;&nbsp;&nbsp;R5 Class | (256704) | (147718) | (1415965) | (470052) |
| &nbsp;&nbsp;&nbsp;R6 Class | (46020941) | (24221434) | (16546005) | (6125857) |
| &nbsp;&nbsp;&nbsp;G Class | (97161893) | (112166548) | (327980361) | (190782340) |
| Decrease in net assets from distributions | (1017234002) | (801330206) | (624948560) | (291250616) |
| **Capital Share Transactions** |  |  |  |  |
| Net increase (decrease) in net assets from capital share transactions (Note 5) | 485830912 | 14868842 | 213646000 | (1294339275) |
| **Net increase (decrease) in net assets** | (761918941) | 246868739 | (286848164) | (1012855134) |
| **Net Assets** |  |  |  |  |
| Beginning of period | 6125756314 | 5878887575 | 3404760198 | 4417615332 |
| End of period | $5363837373 | $6125756314 | $3117912034 | $3404760198 |

---

See Notes to Financial Statements.

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SIX MONTHS ENDED APRIL 30, 2026 (UNAUDITED) AND YEAR ENDED OCTOBER 31, 2025** | **SIX MONTHS ENDED APRIL 30, 2026 (UNAUDITED) AND YEAR ENDED OCTOBER 31, 2025** | **SIX MONTHS ENDED APRIL 30, 2026 (UNAUDITED) AND YEAR ENDED OCTOBER 31, 2025** | | |
| | **Select Fund** | **Select Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** |
| **Increase (Decrease) in Net Assets** | **April 30, 2026** | **October 31, 2025** | **April 30, 2026** | **October 31, 2025** |
| **Operations** | | | | |
| Net investment income (loss) | $(8520648) | $(18276377) | $(13724588) | $(19628791) |
| Net realized gain (loss) | 216745839 | 612342707 | 64185449 | 424783539 |
| Change in net unrealized appreciation (depreciation) | (148968561) | 766052149 | 242513779 | 161013222 |
| Net increase (decrease) in net assets resulting from operations | 59256630 | 1360118479 | 292974640 | 566167970 |
| **Distributions to Shareholders** |  |  |  |  |
| From earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (501884727) | (180311447) | (104869322) | (1312783) |
| &nbsp;&nbsp;&nbsp;I Class | (19638622) | (7070754) | (74798036) | (2844758) |
| &nbsp;&nbsp;&nbsp;Y Class | (14310817) | (4778508) | (9956385) | (597510) |
| &nbsp;&nbsp;&nbsp;A Class | (8658872) | (3222579) | (8241777) |  |
| &nbsp;&nbsp;&nbsp;C Class | (311656) | (141884) | (4303719) |  |
| &nbsp;&nbsp;&nbsp;R Class | (472273) | (210786) | (1718999) |  |
| &nbsp;&nbsp;&nbsp;R5 Class | (1692) | (566) | (166525) | (5872) |
| &nbsp;&nbsp;&nbsp;R6 Class | (10414351) | (3824664) | (110586869) | (5177659) |
| &nbsp;&nbsp;&nbsp;G Class | (30133813) | (16569839) | (18753296) | (5355248) |
| Decrease in net assets from distributions | (585826823) | (216131027) | (333394928) | (15293830) |
| **Capital Share Transactions** |  |  |  |  |
| Net increase (decrease) in net assets from capital share transactions (Note 5) | 249286974 | (137327594) | 162867985 | 335719505 |
| **Net increase (decrease) in net assets** | (277283219) | 1006659858 | 122447697 | 886593645 |
| **Net Assets** |  |  |  |  |
| Beginning of period | 6666417651 | 5659757793 | 4937399531 | 4050805886 |
| End of period | $6389134432 | $6666417651 | $5059847228 | $4937399531 |

---

See Notes to Financial Statements.

------

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| **SIX MONTHS ENDED APRIL 30, 2026 (UNAUDITED) AND YEAR ENDED OCTOBER 31, 2025** | **SIX MONTHS ENDED APRIL 30, 2026 (UNAUDITED) AND YEAR ENDED OCTOBER 31, 2025** | **SIX MONTHS ENDED APRIL 30, 2026 (UNAUDITED) AND YEAR ENDED OCTOBER 31, 2025** |
| | **Ultra Fund** | **Ultra Fund** |
| **Increase (Decrease) in Net Assets** | **April 30, 2026** | **October 31, 2025** |
| **Operations** | | |
| Net investment income (loss) | $(64387674) | $(116303651) |
| Net realized gain (loss) | 1597227515 | 2939552449 |
| Change in net unrealized appreciation (depreciation) | (1786525122) | 2859671407 |
| Net increase (decrease) in net assets resulting from operations | (253685281) | 5682920205 |
| **Distributions to Shareholders** |  |  |
| From earnings: |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (2369021899) | (759308004) |
| &nbsp;&nbsp;&nbsp;I Class | (106614178) | (47374729) |
| &nbsp;&nbsp;&nbsp;Y Class | (10142107) | (2521881) |
| &nbsp;&nbsp;&nbsp;A Class | (47126406) | (13687074) |
| &nbsp;&nbsp;&nbsp;C Class | (5907464) | (1932198) |
| &nbsp;&nbsp;&nbsp;R Class | (8768194) | (3054208) |
| &nbsp;&nbsp;&nbsp;R5 Class | (4653900) | (1849159) |
| &nbsp;&nbsp;&nbsp;R6 Class | (230962086) | (82361855) |
| &nbsp;&nbsp;&nbsp;G Class | (1957579) | (382858) |
| Decrease in net assets from distributions | (2785153813) | (912471966) |
| **Capital Share Transactions** |  |  |
| Net increase (decrease) in net assets from capital share transactions (Note 5) | 1414672141 | (1606643414) |
| **Net increase (decrease) in net assets** | (1624166953) | 3163804825 |
| **Net Assets** |  |  |
| Beginning of period | 28204062455 | 25040257630 |
| End of period | $26579895502 | $28204062455 |

---

See Notes to Financial Statements.

------

Notes to Financial Statements

**APRIL 30, 2026 (UNAUDITED)**

**1. Organization**

American Century Mutual Funds, Inc. (the corporation) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company and is organized as a Maryland corporation.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 | 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.

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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.

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**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 |

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**Indemnifications —** Under the corporation's organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to 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.

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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> | $2093277 |

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(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 April 30, 2026 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% |

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| | | | | |
|:---|:---|:---|:---|:---|
| | **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% | 0.83% | $6784864 |
| I Class | 0.600% to 0.790% | 0.76% | 0.63% | $1009731 |
| Y Class | 0.450% to 0.640% | 0.61% | 0.48% | $30693 |
| A Class | 0.800% to 0.990% | 0.96% | 0.83% | $115468 |
| C Class | 0.800% to 0.990% | 0.96% | 0.83% | $8679 |
| R Class | 0.800% to 0.990% | 0.96% | 0.83% | $57957 |
| R5 Class | 0.600% to 0.790% | 0.76% | 0.63% | $3847 |
| R6 Class | 0.450% to 0.640% | 0.61% | 0.48% | $788351 |
| G Class | 0.450% to 0.640% | 0.61% | 0.00% | $3064607 |

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During the period ended April 30, 2026, 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 February 28, 2027 and cannot terminate it prior to such date without the approval of the Board of Directors.

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| | | | |
|:---|:---|:---|:---|
| **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> | $3585129 |

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

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| | | | | |
|:---|:---|:---|:---|:---|
| | **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% | $2166922 |
| I Class | 0.600% to 0.790% | 0.78% | 0.70% | $86666 |
| Y Class | 0.450% to 0.640% | 0.63% | 0.55% | $68396 |
| A Class | 0.800% to 0.990% | 0.98% | 0.90% | $34954 |
| C Class | 0.800% to 0.990% | 0.98% | 0.90% | $968 |
| R Class | 0.800% to 0.990% | 0.98% | 0.90% | $1790 |
| R5 Class | 0.600% to 0.790% | 0.78% | 0.70% | $7 |
| R6 Class | 0.450% to 0.640% | 0.63% | 0.55% | $47227 |
| G Class | 0.450% to 0.640% | 0.63% | 0.00% | $1063594 |

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During the period ended April 30, 2026, 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 February 28, 2027 and cannot terminate it prior to such date without the approval of the Board of Directors.

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| | | | |
|:---|:---|:---|:---|
| **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> | $1154757 |

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

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| | | | | |
|:---|:---|:---|:---|:---|
| | **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% | 0.87% | $2987039 |
| I Class | 0.600% to 0.790% | 0.69% | 0.67% | $142847 |
| Y Class | 0.450% to 0.640% | 0.54% | 0.52% | $14251 |
| A Class | 0.800% to 0.990% | 0.89% | 0.87% | $55198 |
| C Class | 0.800% to 0.990% | 0.89% | 0.87% | $4863 |
| R Class | 0.800% to 0.990% | 0.89% | 0.87% | $9253 |
| R5 Class | 0.600% to 0.790% | 0.69% | 0.67% | $6184 |
| R6 Class | 0.450% to 0.640% | 0.54% | 0.52% | $307263 |
| G Class | 0.450% to 0.640% | 0.54% | 0.00% | $56850 |

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During the period ended April 30, 2026, 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 February 28, 2027 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 April 30, 2026 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.

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**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:

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| | | |
|:---|:---|:---|
| | **Related Party** | **% of Outstanding Shares** |
| Growth Fund | American Century Asset Allocation Portfolios, Inc. | 5% |
| Heritage Fund | American Century Asset Allocation Portfolios, Inc. | 9% |
| Large Cap Equity Fund | American Century Asset Allocation Portfolios, Inc. | 47% |

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**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 April 30, 2026 were as follows:

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| | | | |
|:---|:---|:---|:---|
| | **Balanced Fund** | **Growth Fund** | **Heritage Fund** |
| Purchases of U.S. Treasury and Government Agency obligations | $125951821 |  |  |
| Purchases of other investment securities | $171884848 | $1925150565 | $1686201206 |
| Total Purchases | $297836669 | $1925150565 | $1686201206 |
| Sales of U.S. Treasury and Government Agency obligations | $149013840 |  |  |
| Sales of other investment securities | $180505312 | $2779613734 | $2269402499 |
| Total Sales | $329519152 | $2779613734 | $2269402499 |

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| | | | | |
|:---|:---|:---|:---|:---|
| | **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 | $340335289 | $452168847 | $1643689884 | $1472252196 |
| Total Purchases | $340335289 | $452168847 | $1643689884 | $1472252196 |
| Sales of U.S. Treasury and Government Agency obligations |  |  |  |  |
| Sales of other investment securities | $739101227 | $791798257 | $1551873070 | $2886703433 |
| Total Sales | $739101227 | $791798257 | $1551873070 | $2886703433 |

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For the period ended April 30, 2026, the funds incurred net realized gains from redemptions in kind as follows. 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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| | |
|:---|:---|
| | **In kind Net Realized<br>Gain/(Loss)** |
| Growth Fund | $398948941 |
| Small Cap Growth Fund | $79432905 |

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**5. Capital Share Transactions** 

Transactions in shares of the funds were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Six months ended**<br>**April 30, 2026** | **Six months ended**<br>**April 30, 2026** | **Year ended**<br>**October 31, 2025** | **Year ended**<br>**October 31, 2025** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| **Balanced Fund** | | | | |
| **Investor Class/Shares Authorized** | 530000000 |  | 530000000 |  |
| Sold | 1040175 | $22083112 | 1955270 | $38881810 |
| Issued in reinvestment of distributions | 290864 | 6133881 | 751899 | 15102287 |
| Redeemed | (2692925) | (57049497) | (5699226) | (113251204) |
|  | (1361886) | (28832504) | (2992057) | (59267107) |
| **I Class/Shares Authorized** | 100000000 |  | 100000000 |  |
| Sold | 351339 | 7417466 | 528808 | 10558325 |
| Issued in reinvestment of distributions | 27173 | 573396 | 77385 | 1553927 |
| Redeemed | (280848) | (5961537) | (1955047) | (39073469) |
|  | 97664 | 2029325 | (1348854) | (26961217) |
| **R5 Class/Shares Authorized** | 20000000 |  | 20000000 |  |
| Sold | 28337 | 598867 | 10408 | 210331 |
| Issued in reinvestment of distributions | 894 | 18845 | 1918 | 38568 |
| Redeemed | (6302) | (134789) | (4649) | (93335) |
|  | 22929 | 482923 | 7677 | 155564 |
| Net increase (decrease) | (1241293) | $(26320256) | (4333234) | $(86072760) |

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Six months ended**<br>**April 30, 2026** | **Six months ended**<br>**April 30, 2026** | **Year ended**<br>**October 31, 2025** | **Year ended**<br>**October 31, 2025** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| **Growth Fund** | | | | |
| **Investor Class/Shares Authorized** | 2100000000 |  | 2100000000 |  |
| Sold | 2654382 | $159826310 | 4861677 | $284195368 |
| Issued in reinvestment of distributions | 28134810 | 1590179405 | 9551537 | 576436235 |
| Redeemed | (12159884) | (692924976) | (18297081) | (1078357062) |
|  | 18629308 | 1057080739 | (3883867) | (217725459) |
| **I Class/Shares Authorized** | 460000000 |  | 460000000 |  |
| Sold | 2436295 | 145742586 | 3717894 | 217473355 |
| Issued in reinvestment of distributions | 4402632 | 260371641 | 1615880 | 101170236 |
| Redeemed | (13632822) | (781934327) | (8405949) | (522976203) |
|  | (6793895) | (375820100) | (3072175) | (204332612) |
| **Y Class/Shares Authorized** | 30000000 |  | 30000000 |  |
| Sold | 134135 | 8366629 | 393431 | 24335418 |
| Issued in reinvestment of distributions | 115778 | 6915403 | 29018 | 1829595 |
| Redeemed | (164491) | (9924871) | (242636) | (14937237) |
|  | 85422 | 5357161 | 179813 | 11227776 |
| **A Class/Shares Authorized** | 40000000 |  | 40000000 |  |
| Sold | 296598 | 15662364 | 607996 | 33380434 |
| Issued in reinvestment of distributions | 531650 | 27794653 | 178956 | 10134298 |
| Redeemed | (448340) | (23615378) | (895465) | (48969433) |
|  | 379908 | 19841639 | (108513) | (5454701) |
| **C Class/Shares Authorized** | 20000000 |  | 20000000 |  |
| Sold | 18893 | 864361 | 51651 | 2438903 |
| Issued in reinvestment of distributions | 60265 | 2642024 | 19323 | 952434 |
| Redeemed | (55658) | (2516363) | (66211) | (3154805) |
|  | 23500 | 990022 | 4763 | 236532 |
| **R Class/Shares Authorized** | 40000000 |  | 40000000 |  |
| Sold | 139002 | 6944141 | 338864 | 17541367 |
| Issued in reinvestment of distributions | 330401 | 16070700 | 114577 | 6122973 |
| Redeemed | (255830) | (12441100) | (635732) | (33670320) |
|  | 213573 | 10573741 | (182291) | (10005980) |
| **R5 Class/Shares Authorized** | 20000000 |  | 20000000 |  |
| Sold | 8349 | 558207 | 12507 | 760331 |
| Issued in reinvestment of distributions | 14971 | 886592 | 4597 | 288145 |
| Redeemed | (4788) | (318517) | (13073) | (708904) |
|  | 18532 | 1126282 | 4031 | 339572 |
| **R6 Class/Shares Authorized** | 300000000 |  | 300000000 |  |
| Sold | 1332034 | 79824052 | 4048729 | 250731158 |
| Issued in reinvestment of distributions | 3201601 | 190783415 | 1287425 | 81017647 |
| Redeemed | (4533073) | (271594619) | (9220505) | (539705532) |
|  | 562 | (987152) | (3884351) | (207956727) |
| **G Class/Shares Authorized** | 780000000 |  | 780000000 |  |
| Sold | 3358268 | 198745508 | 2988570 | 179339250 |
| Issued in reinvestment of distributions | 2278750 | 138365694 | 1172713 | 74607999 |
| Redeemed | (2932137) | (183063845) | (16399089) | (1076241185) |
|  | 2704881 | 154047357 | (12237806) | (822293936) |
| Net increase (decrease) | 15261791 | $872209689 | (23180396) | $(1455965535) |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six months ended**<br>**April 30, 2026** | **Six months ended**<br>**April 30, 2026** | **Year ended**<br>**October 31, 2025** | **Year ended**<br>**October 31, 2025** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| **Heritage Fund** | | | | |
| **Investor Class/Shares Authorized** | 2100000000 |  | 2100000000 |  |
| Sold | 2185146 | $47261297 | 7564536 | $190397705 |
| Issued in reinvestment of distributions | 34582008 | 723109781 | 22247750 | 554191756 |
| Redeemed | (17838207) | (389683025) | (19730341) | (497558589) |
|  | 18928947 | 380688053 | 10081945 | 247030872 |
| **I Class/Shares Authorized** | 175000000 |  | 175000000 |  |
| Sold | 1502107 | 38292404 | 3681666 | 102628690 |
| Issued in reinvestment of distributions | 1828308 | 45342038 | 1030345 | 29529677 |
| Redeemed | (4776844) | (118267603) | (2583242) | (75019680) |
|  | (1446429) | (34633161) | 2128769 | 57138687 |
| **Y Class/Shares Authorized** | 75000000 |  | 75000000 |  |
| Sold | 864982 | 22198353 | 817385 | 23971041 |
| Issued in reinvestment of distributions | 553412 | 14261431 | 390914 | 11551502 |
| Redeemed | (849697) | (22102617) | (1436549) | (43845250) |
|  | 568697 | 14357167 | (228250) | (8322707) |
| **A Class/Shares Authorized** | 170000000 |  | 170000000 |  |
| Sold | 547236 | 9499605 | 1403149 | 28797589 |
| Issued in reinvestment of distributions | 2974772 | 48637529 | 1816280 | 37251915 |
| Redeemed | (1914034) | (32926058) | (2669395) | (55277399) |
|  | 1607974 | 25211076 | 550034 | 10772105 |
| **C Class/Shares Authorized** | 20000000 |  | 20000000 |  |
| Sold | 19149 | 119609 | 113894 | 1161668 |
| Issued in reinvestment of distributions | 187497 | 1093105 | 146134 | 1503719 |
| Redeemed | (159946) | (1240429) | (378130) | (3910543) |
|  | 46700 | (27715) | (118102) | (1245156) |
| **R Class/Shares Authorized** | 40000000 |  | 40000000 |  |
| Sold | 131164 | 2196150 | 292013 | 5981297 |
| Issued in reinvestment of distributions | 356921 | 5667914 | 209349 | 4207911 |
| Redeemed | (296499) | (4949460) | (403382) | (8224553) |
|  | 191586 | 2914604 | 97980 | 1964655 |
| **R5 Class/Shares Authorized** | 20000000 |  | 20000000 |  |
| Sold | 6128 | 154499 | 11402 | 311973 |
| Issued in reinvestment of distributions | 10347 | 256704 | 5152 | 147717 |
| Redeemed | (8575) | (201765) | (2898) | (85907) |
|  | 7900 | 209438 | 13656 | 373783 |
| **R6 Class/Shares Authorized** | 120000000 |  | 120000000 |  |
| Sold | 1890887 | 50210740 | 4966519 | 150715815 |
| Issued in reinvestment of distributions | 1773046 | 45673657 | 815782 | 24106358 |
| Redeemed | (2562543) | (65931622) | (2239742) | (66835339) |
|  | 1101390 | 29952775 | 3542559 | 107986834 |
| **G Class/Shares Authorized** | 600000000 |  | 600000000 |  |
| Sold | 2231794 | 61048079 | 3997886 | 118005877 |
| Issued in reinvestment of distributions | 3655451 | 97161893 | 3720283 | 112166548 |
| Redeemed | (3267911) | (91051297) | (19797552) | (631002656) |
|  | 2619334 | 67158675 | (12079383) | (400830231) |
| Net increase (decrease) | 23626099 | $485830912 | 3989208 | $14868842 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six months ended**<br>**April 30, 2026** | **Six months ended**<br>**April 30, 2026** | **Year ended**<br>**October 31, 2025** | **Year ended**<br>**October 31, 2025** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| **Large Cap Equity Fund** | | | | |
| **Investor Class/Shares Authorized** | 230000000 |  | 230000000 |  |
| Sold | 647900 | $34532209 | 1199535 | $63114564 |
| Issued in reinvestment of distributions | 3563156 | 169392440 | 1019080 | 55601008 |
| Redeemed | (2703226) | (135179599) | (3290858) | (179934123) |
|  | 1507830 | 68745050 | (1072243) | (61218551) |
| **I Class/Shares Authorized** | 160000000 |  | 160000000 |  |
| Sold | 1555320 | 76060827 | 1960890 | 101243901 |
| Issued in reinvestment of distributions | 1512521 | 72071625 | 467016 | 25531774 |
| Redeemed | (1433439) | (71867989) | (3174136) | (168636781) |
|  | 1634402 | 76264463 | (746230) | (41861106) |
| **Y Class/Shares Authorized** | 25000000 |  | 25000000 |  |
| Sold | 12159 | 604804 | 25630 | 1343884 |
| Issued in reinvestment of distributions | 81186 | 3872580 | 30026 | 1642714 |
| Redeemed | (86815) | (4325249) | (151708) | (8196012) |
|  | 6530 | 152135 | (96052) | (5209414) |
| **A Class/Shares Authorized** | 50000000 |  | 50000000 |  |
| Sold | 195673 | 9809473 | 239492 | 12959148 |
| Issued in reinvestment of distributions | 409759 | 19373420 | 114867 | 6239570 |
| Redeemed | (231924) | (11407531) | (480278) | (25546984) |
|  | 373508 | 17775362 | (125919) | (6348266) |
| **C Class/Shares Authorized** | 20000000 |  | 20000000 |  |
| Sold | 7881 | 350964 | 11434 | 579020 |
| Issued in reinvestment of distributions | 26002 | 1144604 | 9121 | 470250 |
| Redeemed | (32893) | (1543372) | (76119) | (3871949) |
|  | 990 | (47804) | (55564) | (2822679) |
| **R Class/Shares Authorized** | 25000000 |  | 25000000 |  |
| Sold | 51751 | 2474633 | 96117 | 5066879 |
| Issued in reinvestment of distributions | 77763 | 3634626 | 19995 | 1076550 |
| Redeemed | (54103) | (2620466) | (122055) | (6577574) |
|  | 75411 | 3488793 | (5943) | (434145) |
| **R5 Class/Shares Authorized** | 20000000 |  | 20000000 |  |
| Sold | 20447 | 994581 | 45280 | 2495460 |
| Issued in reinvestment of distributions | 21292 | 1015417 | 7288 | 398741 |
| Redeemed | (51231) | (2421622) | (52821) | (2900069) |
|  | (9492) | (411624) | (253) | (5868) |
| **R6 Class/Shares Authorized** | 30000000 |  | 30000000 |  |
| Sold | 476135 | 22582503 | 433173 | 23160466 |
| Issued in reinvestment of distributions | 346425 | 16545275 | 111847 | 6125857 |
| Redeemed | (689302) | (33600934) | (735722) | (39805736) |
|  | 133258 | 5526844 | (190702) | (10519413) |
| **G Class/Shares Authorized** | 775000000 |  | 775000000 |  |
| Sold | 678404 | 32398882 | 3248760 | 166061009 |
| Issued in reinvestment of distributions | 6865823 | 327980361 | 3482701 | 190782340 |
| Redeemed | (6187368) | (318226462) | (27056434) | (1522763182) |
|  | 1356859 | 42152781 | (20324973) | (1165919833) |
| Net increase (decrease) | 5079296 | $213646000 | (22617879) | $(1294339275) |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six months ended**<br>**April 30, 2026** | **Six months ended**<br>**April 30, 2026** | **Year ended**<br>**October 31, 2025** | **Year ended**<br>**October 31, 2025** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| **Select Fund** | | | | |
| **Investor Class/Shares Authorized** | 475000000 |  | 475000000 |  |
| Sold | 349821 | $45126380 | 831788 | $102008200 |
| Issued in reinvestment of distributions | 3725246 | 475117937 | 1354130 | 171175556 |
| Redeemed | (2026602) | (263358133) | (3658959) | (450485696) |
|  | 2048465 | 256886184 | (1473041) | (177301940) |
| **I Class/Shares Authorized** | 40000000 |  | 40000000 |  |
| Sold | 130692 | 17598924 | 311378 | 39464471 |
| Issued in reinvestment of distributions | 140290 | 18724469 | 51339 | 6750084 |
| Redeemed | (354584) | (46744263) | (393526) | (50344775) |
|  | (83602) | (10420870) | (30809) | (4130220) |
| **Y Class/Shares Authorized** | 25000000 |  | 25000000 |  |
| Sold | 391323 | 52067459 | 525049 | 65934371 |
| Issued in reinvestment of distributions | 105192 | 14237728 | 35882 | 4771619 |
| Redeemed | (345687) | (47792876) | (583037) | (68986074) |
|  | 150828 | 18512311 | (22106) | 1719916 |
| **A Class/Shares Authorized** | 30000000 |  | 30000000 |  |
| Sold | 40333 | 5041369 | 67713 | 7951805 |
| Issued in reinvestment of distributions | 71014 | 8513137 | 26490 | 3173770 |
| Redeemed | (68909) | (8230250) | (169600) | (20139630) |
|  | 42438 | 5324256 | (75397) | (9014055) |
| **C Class/Shares Authorized** | 20000000 |  | 20000000 |  |
| Sold | 6132 | 574623 | 5484 | 490654 |
| Issued in reinvestment of distributions | 3184 | 288901 | 1428 | 134483 |
| Redeemed | (6784) | (616648) | (16971) | (1498833) |
|  | 2532 | 246876 | (10059) | (873696) |
| **R Class/Shares Authorized** | 20000000 |  | 20000000 |  |
| Sold | 4206 | 493607 | 13171 | 1482071 |
| Issued in reinvestment of distributions | 4096 | 472268 | 1816 | 210634 |
| Redeemed | (7781) | (896423) | (24562) | (2873728) |
|  | 521 | 69452 | (9575) | (1181023) |
| **R5 Class/Shares Authorized** | 20000000 |  | 20000000 |  |
| Issued in reinvestment of distributions | 13 | 1692 | 4 | 566 |
| **R6 Class/Shares Authorized** | 30000000 |  | 30000000 |  |
| Sold | 26635 | 3669221 | 82849 | 10594079 |
| Issued in reinvestment of distributions | 76978 | 10399718 | 28780 | 3820469 |
| Redeemed | (77203) | (10720757) | (181936) | (22964781) |
|  | 26410 | 3348182 | (70307) | (8550233) |
| **G Class/Shares Authorized** | 200000000 |  | 200000000 |  |
| Sold | 47806 | 6552650 | 1902703 | 260083749 |
| Issued in reinvestment of distributions | 220099 | 30133813 | 123998 | 16569839 |
| Redeemed | (430627) | (61367572) | (1552006) | (214650497) |
|  | (162722) | (24681109) | 474695 | 62003091 |
| Net increase (decrease) | 2024883 | $249286974 | (1216595) | $(137327594) |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six months ended**<br>**April 30, 2026** | **Six months ended**<br>**April 30, 2026** | **Year ended**<br>**October 31, 2025** | **Year ended**<br>**October 31, 2025** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| **Small Cap Growth Fund** | | | | |
| **Investor Class/Shares Authorized** | 450000000 |  | 450000000 |  |
| Sold | 10560148 | $228844277 | 21945503 | $448940836 |
| Issued in reinvestment of distributions | 4678221 | 101938436 | 57197 | 1273209 |
| Redeemed | (10598736) | (237565683) | (14833856) | (319573937) |
|  | 4639633 | 93217030 | 7168844 | 130640108 |
| **I Class/Shares Authorized** | 375000000 |  | 375000000 |  |
| Sold | 8338693 | 195611004 | 16416172 | 369055453 |
| Issued in reinvestment of distributions | 3095919 | 71329975 | 115501 | 2702720 |
| Redeemed | (18208400) | (430525387) | (13265249) | (302068165) |
|  | (6773788) | (163584408) | 3266424 | 69690008 |
| **Y Class/Shares Authorized** | 145000000 |  | 145000000 |  |
| Sold | 575826 | 13976662 | 1648059 | 36031616 |
| Issued in reinvestment of distributions | 128872 | 3046544 | 7853 | 187920 |
| Redeemed | (1541261) | (37187045) | (1910356) | (45207736) |
|  | (836563) | (20163839) | (254444) | (8988200) |
| **A Class/Shares Authorized** | 70000000 |  | 70000000 |  |
| Sold | 240084 | 4932748 | 639492 | 12837657 |
| Issued in reinvestment of distributions | 391184 | 7851054 |  |  |
| Redeemed | (612369) | (12642643) | (1108164) | (22132841) |
|  | 18899 | 141159 | (468672) | (9295184) |
| **C Class/Shares Authorized** | 20000000 |  | 20000000 |  |
| Sold | 259775 | 4196508 | 821223 | 13111406 |
| Issued in reinvestment of distributions | 269431 | 4205819 |  |  |
| Redeemed | (184949) | (3050087) | (177257) | (2757361) |
|  | 344257 | 5352240 | 643966 | 10354045 |
| **R Class/Shares Authorized** | 30000000 |  | 30000000 |  |
| Sold | 140106 | 2707506 | 440134 | 8359151 |
| Issued in reinvestment of distributions | 91485 | 1718998 |  |  |
| Redeemed | (188875) | (3660062) | (344081) | (6585069) |
|  | 42716 | 766442 | 96053 | 1774082 |
| **R5 Class/Shares Authorized** | 20000000 |  | 20000000 |  |
| Sold | 12850 | 306356 | 60656 | 1452264 |
| Issued in reinvestment of distributions | 7221 | 166525 | 251 | 5872 |
| Redeemed | (9098) | (215143) | (27480) | (648348) |
|  | 10973 | 257738 | 33427 | 809788 |
| **R6 Class/Shares Authorized** | 530000000 |  | 530000000 |  |
| Sold | 17017870 | 411580746 | 28303524 | 664816394 |
| Issued in reinvestment of distributions | 4448060 | 105107667 | 208806 | 4996731 |
| Redeemed | (10143728) | (246191174) | (13475846) | (315597838) |
|  | 11322202 | 270497239 | 15036484 | 354215287 |
| **G Class/Shares Authorized** | 200000000 |  | 200000000 |  |
| Sold | 681881 | 17217362 | 2021981 | 48503512 |
| Issued in reinvestment of distributions | 753750 | 18753296 | 214984 | 5355248 |
| Redeemed | (2291310) | (59586274) | (10440918) | (267339189) |
|  | (855679) | (23615616) | (8203953) | (213480429) |
| Net increase (decrease) | 7912650 | $162867985 | 17318129 | $335719505 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six months ended**<br>**April 30, 2026** | **Six months ended**<br>**April 30, 2026** | **Year ended**<br>**October 31, 2025** | **Year ended**<br>**October 31, 2025** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| **Ultra Fund** | | | | |
| **Investor Class/Shares Authorized** | 3000000000 |  | 3000000000 |  |
| Sold | 2679520 | $253628386 | 6066669 | $563960549 |
| Issued in reinvestment of distributions | 23973352 | 2236234308 | 7449746 | 721878123 |
| Redeemed | (12676916) | (1201019494) | (22199184) | (2081108115) |
|  | 13975956 | 1288843200 | (8682769) | (795269443) |
| **I Class/Shares Authorized** | 220000000 |  | 220000000 |  |
| Sold | 1587771 | 163723278 | 2311250 | 225706626 |
| Issued in reinvestment of distributions | 857587 | 86067469 | 399399 | 41245904 |
| Redeemed | (1982004) | (200773006) | (7310347) | (744143228) |
|  | 463354 | 49017741 | (4599698) | (477190698) |
| **Y Class/Shares Authorized** | 30000000 |  | 30000000 |  |
| Sold | 325229 | 33192133 | 312702 | 31301734 |
| Issued in reinvestment of distributions | 97330 | 9929571 | 23255 | 2433849 |
| Redeemed | (165507) | (17064117) | (190339) | (19365448) |
|  | 257052 | 26057587 | 145618 | 14370135 |
| **A Class/Shares Authorized** | 60000000 |  | 60000000 |  |
| Sold | 432313 | 37076991 | 1028117 | 88517393 |
| Issued in reinvestment of distributions | 528050 | 44694123 | 145883 | 12995147 |
| Redeemed | (520531) | (44350733) | (915309) | (78441643) |
|  | 439832 | 37420381 | 258691 | 23070897 |
| **C Class/Shares Authorized** | 20000000 |  | 20000000 |  |
| Sold | 36698 | 2162580 | 70114 | 4361769 |
| Issued in reinvestment of distributions | 88206 | 5139739 | 25472 | 1654937 |
| Redeemed | (81203) | (4849229) | (137580) | (8604865) |
|  | 43701 | 2453090 | (41994) | (2588159) |
| **R Class/Shares Authorized** | 25000000 |  | 25000000 |  |
| Sold | 62727 | 5083460 | 210735 | 16981334 |
| Issued in reinvestment of distributions | 111008 | 8764066 | 36343 | 3052049 |
| Redeemed | (151511) | (12060114) | (345322) | (28351282) |
|  | 22224 | 1787412 | (98244) | (8317899) |
| **R5 Class/Shares Authorized** | 20000000 |  | 20000000 |  |
| Sold | 15678 | 1601342 | 38344 | 3845870 |
| Issued in reinvestment of distributions | 45955 | 4616688 | 17783 | 1838273 |
| Redeemed | (63133) | (6395218) | (216562) | (22806280) |
|  | (1500) | (177188) | (160435) | (17122137) |
| **R6 Class/Shares Authorized** | 250000000 |  | 250000000 |  |
| Sold | 1380325 | 142220166 | 5815093 | 603200219 |
| Issued in reinvestment of distributions | 2245723 | 228749358 | 781584 | 81683376 |
| Redeemed | (3595819) | (370784208) | (9927932) | (1028593261) |
|  | 30229 | 185316 | (3331255) | (343709666) |
| **G Class/Shares Authorized** | 80000000 |  | 80000000 |  |
| Sold | 94888 | 10606977 | 51017 | 5266830 |
| Issued in reinvestment of distributions | 18347 | 1957579 | 3531 | 382858 |
| Redeemed | (31697) | (3479954) | (52652) | (5536132) |
|  | 81538 | 9084602 | 1896 | 113556 |
| Net increase (decrease) | 15312386 | $1414672141 | (16508190) | $(1606643414) |

---

------

**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 | $1683000 |

---

**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 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 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 | 630 |

---

**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:

---

| | |
|:---|:---|
| Balanced Fund | $5229642 |
| Growth Fund | $93709571 |
| Large Cap Equity Fund | $14844255 |
| Small Cap Growth Fund | $113519942 |
| Ultra Fund | $27171240 |

---

**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:

---

| | | |
|:---|:---|:---|
| | **Futures Contracts**<br>**Purchased** | **Futures Contracts**<br>**Sold** |
| Balanced Fund | $48069413 | $3951664 |

---

**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 book-basis character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts on the financial statements.

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

---

| | | | |
|:---|:---|:---|:---|
| | **Balanced Fund** | **Growth Fund** | **Heritage Fund** |
| Federal tax cost of investments | $649985986 | $5856409389 | $4252327752 |
| Gross tax appreciation of investments | $276080611 | $9177129314 | $1574567250 |
| Gross tax depreciation of investments | (17876253) | (314446123) | (458498404) |
| Net tax appreciation (depreciation) of investments | $258204358 | $8862683191 | $1116068846 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Large Cap Equity Fund** | **Select Fund** | **Small Cap Growth Fund** | **Ultra Fund** |
| Federal tax cost of investments | $1510414061 | $2072233201 | $4079852893 | $7566880282 |
| Gross tax appreciation of investments | $1646934773 | $4413285769 | $1281818206 | $19447171515 |
| Gross tax depreciation of investments | (40522886) | (82664494) | (256877569) | (398288963) |
| Net tax appreciation (depreciation) of investments | $1606411887 | $4330621275 | $1024940637 | $19048882552 |

---

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.

---

| | |
|:---|:---|
| As of October 31, 2025, the funds had accumulated short-term capital losses 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. Capital loss carryovers were as follows: | As of October 31, 2025, the funds had accumulated short-term capital losses 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. Capital loss carryovers were as follows: |
|  | **Short-term capital losses** |
| Balanced Fund | $(20779260) |

---

---

| | |
|:---|:---|
| As of October 31, 2025, the funds had loss deferrals which represent certain qualified losses that the funds have elected to treat as having been incurred in the following fiscal year for federal income tax purposes. Loss deferrals were as follows: | As of October 31, 2025, the funds had loss deferrals which represent certain qualified losses that the funds have elected to treat as having been incurred in the following fiscal year for federal income tax purposes. Loss deferrals were as follows: |
|  | **Late-year ordinary loss deferral** |
| Growth Fund | $(23881911) |
| Select Fund | $(15978531) |
| Small Cap Growth Fund | $(12222343) |
| Ultra Fund | $(100337202) |

---

------

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** |
| 2026<sup>(3)</sup> | $21.31 | 0.18 | 0.35 | 0.53 | (0.16) |  | (0.16) | $21.68 | 2.52% | 0.88% | 1.68% | 33% | $834140 |
| 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** |
| 2026<sup>(3)</sup> | $21.33 | 0.20 | 0.35 | 0.55 | (0.18) |  | (0.18) | $21.70 | 2.61% | 0.68% | 1.88% | 33% | $69587 |
| 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** |
| 2026<sup>(3)</sup> | $21.32 | 0.20 | 0.36 | 0.56 | (0.18) |  | (0.18) | $21.70 | 2.66% | 0.68% | 1.88% | 33% | $2607 |
| 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.

(3)Six months ended April 30, 2026 (unaudited).

\*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)** | |
| **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:** | | | **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** | **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** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| 2026<sup>(3)</sup> | $68.62 | (0.09) | (1.68) | (1.77) |  | (9.76) | $57.09 | (2.43)% | 0.83% | 0.96% | (0.32)% | (0.45)% | 13% | $10861863 |
| 2025 | $57.66 | (0.17) | 14.59 | 14.42 |  | (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) | $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) | $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) | $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) | $58.23 | 43.66% | 0.96% | 0.96% | (0.36)% | (0.36)% | 21% | $10186486 |
| **I Class** | **I Class** | **I Class** | **I Class** | **I Class** | **I Class** | **I Class** | **I Class** | **I Class** | **I Class** | **I Class** | **I Class** | **I Class** | **I Class** | **I Class** |
| 2026<sup>(3)</sup> | $71.31 | (0.04) | (1.73) | (1.77) |  | (9.76) | $59.78 | (2.33)% | 0.63% | 0.76% | (0.12)% | (0.25)% | 13% | $1223805 |
| 2025 | $59.69 | (0.05) | 15.13 | 15.08 |  | (3.46) | $71.31 | 26.07% | 0.67% | 0.76% | (0.08)% | (0.17)% | 38% | $1944469 |
| 2024 | $45.36 | —<sup>(4)</sup> | 16.67 | 16.67 |  | (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) | (0.77) | $45.36 | 20.72% | 0.73% | 0.77% | 0.17% | 0.13% | 20% | $1503056 |
| 2022 | $59.70 | —<sup>(4)</sup> | (15.03) | (15.03) |  | (6.32) | $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) | $59.70 | 43.95% | 0.76% | 0.76% | (0.16)% | (0.16)% | 21% | $2061819 |
| **Y Class** | **Y Class** | **Y Class** | **Y Class** | **Y Class** | **Y Class** | **Y Class** | **Y Class** | **Y Class** | **Y Class** | **Y Class** | **Y Class** | **Y Class** | **Y Class** | **Y Class** |
| 2026<sup>(3)</sup> | $71.91 | 0.01 | (1.75) | (1.74) |  | (9.76) | $60.41 | (2.26)% | 0.48% | 0.61% | 0.03% | (0.10)% | 13% | $49470 |
| 2025 | $60.08 | 0.04 | 15.25 | 15.29 |  | (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) | $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) | (0.83) | $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) | $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) | $59.86 | 44.13% | 0.61% | 0.61% | (0.01)% | (0.01)% | 21% | $66916 |
| **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** |
| 2026<sup>(3)</sup> | $64.25 | (0.15) | (1.58) | (1.73) |  | (9.76) | $52.76 | (2.55)% | 1.08% | 1.21% | (0.57)% | (0.70)% | 13% | $184383 |
| 2025 | $54.32 | (0.29) | 13.68 | 13.39 |  | (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) | $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) | $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) | $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) | $55.78 | 43.31% | 1.21% | 1.21% | (0.61)% | (0.61)% | 21% | $144743 |

---

------

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a 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:** | | | **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** | **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** |
| **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** |
| 2026<sup>(3)</sup> | $55.56 | (0.30) | (1.38) | (1.68) |  | (9.76) | $44.12 | (2.91)% | 1.83% | 1.96% | (1.32)% | (1.45)% | 13% | $13562 |
| 2025 | $47.73 | (0.62) | 11.91 | 11.29 |  | (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) | $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) | $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) | $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) | $51.16 | 42.23% | 1.96% | 1.96% | (1.36)% | (1.36)% | 21% | $12674 |
| **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** |
| 2026<sup>(3)</sup> | $60.50 | (0.21) | (1.49) | (1.70) |  | (9.76) | $49.04 | (2.67)% | 1.33% | 1.46% | (0.82)% | (0.95)% | 13% | $91264 |
| 2025 | $51.45 | (0.41) | 12.92 | 12.51 |  | (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) | $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) | $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) | $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) | $53.69 | 42.94% | 1.46% | 1.46% | (0.86)% | (0.86)% | 21% | $114022 |
| **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** |
| 2026<sup>(3)</sup> | $71.40 | (0.04) | (1.74) | (1.78) |  | (9.76) | $59.86 | (2.34)% | 0.63% | 0.76% | (0.12)% | (0.25)% | 13% | $6432 |
| 2025 | $59.76 | (0.05) | 15.15 | 15.10 |  | (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) | $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) | (0.77) | $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) | $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) | $59.76 | 43.96% | 0.76% | 0.76% | (0.16)% | (0.16)% | 21% | $4950 |
| **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** |
| 2026<sup>(3)</sup> | $71.77 | 0.01 | (1.75) | (1.74) |  | (9.76) | $60.27 | (2.26)% | 0.48% | 0.61% | 0.03% | (0.10)% | 13% | $1204528 |
| 2025 | $59.97 | 0.04 | 15.22 | 15.26 |  | (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) | $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) | (0.83) | $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) | $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) | $59.77 | 44.15% | 0.61% | 0.61% | (0.01)% | (0.01)% | 21% | $876460 |
| **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** |
| 2026<sup>(3)</sup> | $72.89 | 0.15 | (1.76) | (1.61) |  | (9.76) | $61.52 | (2.03)% | 0.00% | 0.61% | 0.51% | (0.10)% | 13% | $1066865 |
| 2025 | $60.55 | 0.37 | 15.43 | 15.80 |  | (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) | $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) | (1.05) | $45.68 | 21.60% | 0.00% | 0.62% | 0.90% | 0.28% | 20% | $1308464 |
| 2022<sup>(5)</sup> | $47.73 | 0.23 | (8.33) | (8.10) |  | (1.01) | $38.62 | (17.41)% | 0.00% | 0.62% | 0.82% | 0.20% | 25%<sup>(6)</sup> | $1252003 |

---

------

**Notes to Financial Highlights**

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

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

(3)Six months ended April 30, 2026 (unaudited).

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

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

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

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

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

See Notes to Financial Statements.

------

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| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a 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** | **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** |
| 2026<sup>(3)</sup> | $26.36 | (0.06) | (0.91) | (0.97) | (4.60) |  | (4.60) | $20.79 | (3.78)% | 1.00% | (0.52)% | (0.52)% | 31% | $3888450 |
| 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** | **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** |
| 2026<sup>(3)</sup> | $30.38 | (0.04) | (1.06) | (1.10) | (4.60) |  | (4.60) | $24.68 | (3.66)% | 0.80% | (0.32)% | (0.32)% | 31% | $225208 |
| 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** | **Y Class** | **Y Class** | **Y Class** | **Y Class** | **Y Class** | **Y Class** | **Y Class** | **Y Class** | **Y Class** | **Y Class** | **Y Class** | **Y Class** | **Y Class** | **Y Class** |
| 2026<sup>(3)</sup> | $31.36 | (0.02) | (1.09) | (1.11) | (4.60) |  | (4.60) | $25.65 | (3.61)% | 0.65% | (0.17)% | (0.17)% | 31% | $94360 |
| 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** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** |
| 2026<sup>(3)</sup> | $21.65 | (0.07) | (0.74) | (0.81) | (4.60) |  | (4.60) | $16.24 | (3.88)% | 1.25% | (0.77)% | (0.77)% | 31% | $206968 |
| 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 |

---

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---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **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** |
| **C Class** | **C Class** | **C Class** | **C Class** | **C Class** | **C Class** | **C Class** | **C Class** | **C Class** | **C Class** | **C Class** | **C Class** | **C Class** | **C Class** | **C Class** | **C Class** |
| 2026<sup>(3)</sup> | $10.79 | (0.05) | (0.37) | (0.42) | (4.60) |  | (4.60) | $5.77 | (4.33)% | 2.00% | 2.00% | (1.52)% | (1.52)% | 31% | $2031 |
| 2025 | $12.58 | (0.16) | 2.07 | 1.91 | (3.70) |  | (3.70) | $10.79 | 16.56% | 2.00% | 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% | 2.00% | (1.46)% | (1.46)% | 66% | $5325 |
| 2023 | $9.28 | (0.14) | 0.04 | (0.10) |  |  |  | $9.18 | (0.97)% | 2.00% | 2.00% | (1.41)% | (1.41)% | 51% | $6198 |
| 2022 | $16.95 | (0.18) | (4.23) | (4.41) | (3.12) | (0.14) | (3.26) | $9.28 | (31.31)% | 2.01% | 2.01% | (1.62)% | (1.62)% | 47% | $10289 |
| 2021 | $15.22 | (0.25) | 5.53 | 5.28 | (3.55) |  | (3.55) | $16.95 | 39.13% | 2.00% | 2.00% | (1.66)% | (1.66)% | 44% | $21836 |
| **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** |
| 2026<sup>(3)</sup> | $21.17 | (0.08) | (0.73) | (0.81) | (4.60) |  | (4.60) | $15.76 | (3.99)% | 1.50% | 1.50% | (1.02)% | (1.02)% | 31% | $22922 |
| 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** |
| 2026<sup>(3)</sup> | $30.38 | (0.04) | (1.05) | (1.09) | (4.60) |  | (4.60) | $24.69 | (3.66)% | 0.80% | 0.80% | (0.32)% | (0.32)% | 31% | $1536 |
| 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** |
| 2026<sup>(3)</sup> | $31.36 | (0.02) | (1.09) | (1.11) | (4.60) |  | (4.60) | $25.65 | (3.60)% | 0.65% | 0.65% | (0.17)% | (0.17)% | 31% | $281788 |
| 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** |
| 2026<sup>(3)</sup> | $32.18 | 0.07 | (1.13) | (1.06) | (4.60) |  | (4.60) | $26.52 | (3.32)% | 0.00% | 0.65% | 0.48% | (0.17)% | 31% | $640575 |
| 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>(4)</sup> | $24.55 | 0.06 | (3.12) | (3.06) | (0.04) | (0.14) | (0.18) | $21.31 | (12.57)% | 0.01% | 0.66% | 0.43% | (0.22)% | 47%<sup>(5)</sup> | $935941 |

---

------

**Notes to Financial Highlights**

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

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

(3)Six months ended April 30, 2026 (unaudited).

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

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

\*The amount shown for a share outstanding throughout the period may not correlate with the Statement 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** | **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** |
| 2026<sup>(3)</sup> | $59.00 | 0.09 | 1.71 | 1.80 | (0.26) | (10.81) | (11.07) | $49.73 | 3.93% | 0.79% | 0.79% | 0.38% | 11% | $861178 |
| 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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2026<sup>(3)</sup> | $59.23 | 0.14 | 1.71 | 1.85 | (0.38) | (10.81) | (11.19) | $49.89 | 4.04% | 0.59% | 0.59% | 0.58% | 11% | $433824 |
| 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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2026<sup>(3)</sup> | $59.35 | 0.18 | 1.71 | 1.89 | (0.47) | (10.81) | (11.28) | $49.96 | 4.11% | 0.44% | 0.44% | 0.73% | 11% | $18207 |
| 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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2026<sup>(3)</sup> | $58.62 | 0.03 | 1.69 | 1.72 | (0.12) | (10.81) | (10.93) | $49.41 | 3.82% | 1.04% | 1.04% | 0.13% | 11% | $114354 |
| 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 |

---

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---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | | | |
| **Per-Share Data** | **Per-Share Data** | | | | | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **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** | **Total <br>Distributions** | **Net Asset<br>Value,<br>End<br>of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating<br>Expenses<br>(before<br>expense<br>waiver)** | **Net <br>Investment <br>Income <br>(Loss) <br>(before <br>expense <br>waiver)** | **Portfolio<br>Turnover<br>Rate** | **Net<br>Assets,<br>End of<br>Period<br>(in thousands)** |
| **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** |
| **C Class** | **C Class** | | | | | | | | | | | |
| 2026<sup>(3)</sup> | $55.27 | (0.14) | 1.56 | 1.42 |  | (10.81) | $45.88 | 3.42% | 1.79% | (0.62)% | 11% | $6013 |
| 2025 | $51.79 | (0.30) | 7.00 | 6.70 |  | (3.22) | $55.27 | 13.37% | 1.79% | (0.59)% | 44% | $7188 |
| 2024 | $39.85 | (0.17) | 12.53 | 12.36 |  | (0.42) | $51.79 | 31.19% | 1.79% | (0.36)% | 21% | $9613 |
| 2023 | $36.88 | (0.05) | 3.05 | 3.00 |  | (0.03) | $39.85 | 8.14% | 1.79% | (0.13)% | 21% | $9665 |
| 2022 | $45.99 | (0.16) | (7.99) | (8.15) |  | (0.96) | $36.88 | (18.12)% | 1.79% | (0.38)% | 15% | $10636 |
| 2021 | $32.37 | (0.22) | 13.84 | 13.62 |  |  | $45.99 | 42.08% | 1.79% | (0.54)% | 18% | $14427 |
| **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** |
| 2026<sup>(3)</sup> | $57.97 | (0.03) | 1.67 | 1.64 |  | (10.81) | $48.80 | 3.68% | 1.29% | (0.12)% | 11% | $20202 |
| 2025 | $53.93 | (0.06) | 7.34 | 7.28 | (0.02) | (3.24) | $57.97 | 13.96% | 1.29% | (0.09)% | 44% | $19624 |
| 2024 | $41.44 | 0.07 | 13.01 | 13.08 | (0.17) | (0.59) | $53.93 | 31.81% | 1.29% | 0.14% | 21% | $18578 |
| 2023 | $38.17 | 0.15 | 3.17 | 3.32 | (0.02) | (0.05) | $41.44 | 8.71% | 1.29% | 0.37% | 21% | $14574 |
| 2022 | $47.33 | 0.05 | (8.25) | (8.20) |  | (0.96) | $38.17 | (17.71)% | 1.29% | 0.12% | 15% | $15124 |
| 2021 | $33.15 | (0.02) | 14.20 | 14.18 |  |  | $47.33 | 42.78% | 1.29% | (0.04)% | 18% | $18044 |
| **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** |
| 2026<sup>(3)</sup> | $59.27 | 0.14 | 1.71 | 1.85 | (0.38) | (11.19) | $49.93 | 4.04% | 0.59% | 0.58% | 11% | $5892 |
| 2025 | $55.09 | 0.32 | 7.51 | 7.83 | (0.43) | (3.65) | $59.27 | 14.74% | 0.59% | 0.61% | 44% | $7556 |
| 2024 | $42.31 | 0.42 | 13.29 | 13.71 | (0.51) | (0.93) | $55.09 | 32.77% | 0.59% | 0.84% | 21% | $7038 |
| 2023 | $38.97 | 0.46 | 3.20 | 3.66 | (0.29) | (0.32) | $42.31 | 9.46% | 0.59% | 1.07% | 21% | $5157 |
| 2022 | $48.26 | 0.35 | (8.39) | (8.04) | (0.29) | (1.25) | $38.97 | (17.14)% | 0.59% | 0.82% | 15% | $6068 |
| 2021 | $33.77 | 0.27 | 14.45 | 14.72 | (0.23) | (0.23) | $48.26 | 43.78% | 0.59% | 0.66% | 18% | $5819 |
| **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** |
| 2026<sup>(3)</sup> | $59.41 | 0.18 | 1.72 | 1.90 | (0.47) | (11.28) | $50.03 | 4.11% | 0.44% | 0.73% | 11% | $82169 |
| 2025 | $55.22 | 0.40 | 7.52 | 7.92 | (0.51) | (3.73) | $59.41 | 14.93% | 0.44% | 0.76% | 44% | $89664 |
| 2024 | $42.41 | 0.50 | 13.31 | 13.81 | (0.58) | (1.00) | $55.22 | 32.97% | 0.44% | 0.99% | 21% | $93873 |
| 2023 | $39.06 | 0.51 | 3.22 | 3.73 | (0.35) | (0.38) | $42.41 | 9.62% | 0.44% | 1.22% | 21% | $71865 |
| 2022 | $48.37 | 0.42 | (8.41) | (7.99) | (0.36) | (1.32) | $39.06 | (17.02)% | 0.44% | 0.97% | 15% | $58804 |
| 2021 | $33.84 | 0.32 | 14.50 | 14.82 | (0.29) | (0.29) | $48.37 | 44.03% | 0.44% | 0.81% | 18% | $46681 |

---

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---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | | | | |
| **Per-Share Data** | **Per-Share Data** | | | | | | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net Asset<br>Value,<br>Beginning<br>of Period** | **Net**<br>**Investment**<br>**Income**<br>**(Loss)**<sup>(1)</sup> | **Net<br>Realized<br>and<br>Unrealized<br>Gain (Loss)** | **Total From<br>Investment<br>Operations** | **Net<br>Investment<br>Income** | **Net <br>Realized<br>Gains** | **Total <br>Distributions** | **Net Asset<br>Value,<br>End<br>of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Operating<br>Expenses<br>(before<br>expense<br>waiver)** | **Net<br>Investment<br>Income<br>(Loss)** | **Net <br>Investment <br>Income <br>(Loss) <br>(before <br>expense <br>waiver)** | **Portfolio<br>Turnover<br>Rate** | **Net<br>Assets,<br>End of<br>Period<br>(in thousands)** |
| **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** |
| **G Class** | **G Class** | | | | | | | | | | | | | | |
| 2026<sup>(3)</sup> | $59.64 | 0.29 | 1.73 | 2.02 | (0.73) | (10.81) | (11.54) | $50.12 | 4.34% | 0.00% | 0.44% | 1.17% | 0.73% | 11% | $1576075 |
| 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.

(3)Six months ended April 30, 2026 (unaudited).

\*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** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| 2026<sup>(3)</sup> | $144.42 | (0.22) | 1.23 | 1.01 | (12.93) | $132.50 | 1.05% | 0.90% | 0.98% | (0.34)% | (0.42)% | 7% | $5467904 |
| 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** | **I Class** | **I Class** | **I Class** | **I Class** | **I Class** | **I Class** | **I Class** | **I Class** | **I Class** | **I Class** | **I Class** |
| 2026<sup>(3)</sup> | $150.48 | (0.09) | 1.30 | 1.21 | (12.93) | $138.76 | 1.15% | 0.70% | 0.78% | (0.14)% | (0.22)% | 7% | $203775 |
| 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** | **Y Class** | **Y Class** | **Y Class** | **Y Class** | **Y Class** | **Y Class** | **Y Class** | **Y Class** | **Y Class** | **Y Class** | **Y Class** |
| 2026<sup>(3)</sup> | $152.39 | —<sup>(4)</sup> | 1.34 | 1.34 | (12.93) | $140.80 | 1.23% | 0.55% | 0.63% | 0.01% | (0.07)% | 7% | $174713 |
| 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** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** |
| 2026<sup>(3)</sup> | $136.59 | (0.36) | 1.12 | 0.76 | (12.93) | $124.42 | 0.92% | 1.15% | 1.23% | (0.59)% | (0.67)% | 7% | $87451 |
| 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 |

---

------

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a 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** |
| **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** |
| 2026<sup>(3)</sup> | $106.71 | (0.62) | 0.75 | 0.13 | (12.93) | $93.91 | 0.55% | 1.90% | 1.98% | (1.34)% | (1.42)% | 7% | $2378 |
| 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 |
| **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** |
| 2026<sup>(3)</sup> | $131.93 | (0.49) | 1.07 | 0.58 | (12.93) | $119.58 | 0.81% | 1.40% | 1.48% | (0.84)% | (0.92)% | 7% | $4358 |
| 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** | **R5 Class** | **R5 Class** | **R5 Class** | **R5 Class** | **R5 Class** | **R5 Class** | **R5 Class** | **R5 Class** | **R5 Class** | **R5 Class** | **R5 Class** | **R5 Class** |
| 2026<sup>(3)</sup> | $150.49 | (0.10) | 1.31 | 1.21 | (12.93) | $138.77 | 1.14% | 0.70% | 0.78% | (0.14)% | (0.22)% | 7% | $20 |
| 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** | **R6 Class** | **R6 Class** | **R6 Class** | **R6 Class** | **R6 Class** | **R6 Class** | **R6 Class** | **R6 Class** | **R6 Class** | **R6 Class** | **R6 Class** | **R6 Class** |
| 2026<sup>(3)</sup> | $152.13 | 0.01 | 1.33 | 1.34 | (12.93) | $140.54 | 1.22% | 0.55% | 0.63% | 0.01% | (0.07)% | 7% | $118888 |
| 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** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** |
| 2026<sup>(3)</sup> | $153.88 | 0.39 | 1.36 | 1.75 | (12.93) | $142.70 | 1.49% | 0.00% | 0.63% | 0.56% | (0.07)% | 7% | $329647 |
| 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>(5)</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>(6)</sup> | $251933 |

---

------

**Notes to Financial Highlights**

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

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

(3)Six months ended April 30, 2026 (unaudited).

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

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

(6)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** | | | | | | | | | | | | |
| 2026<sup>(3)</sup> | $23.40 | (0.09) | 1.33 | 1.24 |  | (1.65) | (1.65) | $22.99 | 5.69% | 1.13% | (0.80)% | 32% | $1592192 |
| 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** |  |  |  |  |  |  |  |  |  |  |  |
| 2026<sup>(3)</sup> | $24.64 | (0.07) | 1.41 | 1.34 |  | (1.65) | (1.65) | $24.33 | 5.82% | 0.93% | (0.60)% | 32% | $938646 |
| 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** |  |  |  |  |  |  |  |  |  |  |  |
| 2026<sup>(3)</sup> | $25.23 | (0.05) | 1.44 | 1.39 |  | (1.65) | (1.65) | $24.97 | 5.88% | 0.78% | (0.45)% | 32% | $130302 |
| 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** |  |  |  |  |  |  |  |  |  |  |  |  |
| 2026<sup>(3)</sup> | $21.69 | (0.11) | 1.23 | 1.12 |  | (1.65) | (1.65) | $21.16 | 5.58% | 1.38% | (1.05)% | 32% | $108128 |
| 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 |

---

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | | | |
| **Per-Share Data** | **Per-Share Data** | | | | | | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net Asset<br>Value,<br>Beginning<br>of Period** | **Net**<br>**Investment**<br>**Income**<br>**(Loss)**<sup>(1)</sup> | **Net<br>Realized<br>and<br>Unrealized<br>Gain (Loss)** | **Total From<br>Investment<br>Operations** | **Net<br>Investment<br>Income** | **Net <br>Realized<br>Gains** | **Total <br>Distributions** | **Net Asset<br>Value,<br>End<br>of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating<br>Expenses<br>(before<br>expense<br>waiver)** | **Net Investment Income (Loss) <br>(before <br>expense <br>waiver)** | **Portfolio<br>Turnover<br>Rate** | **Net<br>Assets,<br>End of<br>Period<br>(in thousands)** |
| **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** |
| **C Class** | **C Class** | | | | | | | | | | | | |
| 2026<sup>(3)</sup> | $17.25 | (0.14) | 0.95 | 0.81 |  | (1.65) | (1.65) | $16.41 | 5.13% | 2.13% | (1.80)% | 32% | $48510 |
| 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 |
| **R Class** | **R Class** |  |  |  |  |  |  |  |  |  |  |  |  |
| 2026<sup>(3)</sup> | $20.42 | (0.12) | 1.14 | 1.02 |  | (1.65) | (1.65) | $19.79 | 5.43% | 1.63% | (1.30)% | 32% | $21552 |
| 2025 | $18.33 | (0.23) | 2.32 | 2.09 |  |  |  | $20.42 | 11.40% | 1.63% | (1.20)% | 90% | $21364 |
| 2024 | $13.67 | (0.20) | 4.86 | 4.66 |  |  |  | $18.33 | 34.09% | 1.64% | (1.19)% | 83% | $17424 |
| 2023 | $14.58 | (0.16) | (0.75) | (0.91) |  |  |  | $13.67 | (6.24)% | 1.67% | (1.09)% | 69% | $8798 |
| 2022 | $24.84 | (0.18) | (5.47) | (5.65) |  | (4.61) | (4.61) | $14.58 | (27.12)% | 1.67% | (1.11)% | 61% | $9010 |
| 2021 | $20.30 | (0.31) | 7.57 | 7.26 |  | (2.72) | (2.72) | $24.84 | 37.88% | 1.67% | (1.32)% | 96% | $12690 |
| **R5 Class** | **R5 Class** |  |  |  |  |  |  |  |  |  |  |  |  |
| 2026<sup>(3)</sup> | $24.66 | (0.07) | 1.40 | 1.33 |  | (1.65) | (1.65) | $24.34 | 5.77% | 0.93% | (0.60)% | 32% | $2717 |
| 2025 | $22.05 | (0.11) | 2.79 | 2.68 | (0.07) |  | (0.07) | $24.66 | 12.16% | 0.93% | (0.50)% | 90% | $2482 |
| 2024 | $16.32 | (0.10) | 5.83 | 5.73 |  |  |  | $22.05 | 35.11% | 0.94% | (0.49)% | 83% | $1482 |
| 2023 | $17.29 | (0.06) | (0.91) | (0.97) |  |  |  | $16.32 | (5.66)% | 0.97% | (0.39)% | 69% | $735 |
| 2022 | $28.39 | (0.07) | (6.42) | (6.49) |  | (4.61) | (4.61) | $17.29 | (26.56)% | 0.97% | (0.41)% | 61% | $2211 |
| 2021 | $22.73 | (0.18) | 8.56 | 8.38 |  | (2.72) | (2.72) | $28.39 | 38.84% | 0.97% | (0.62)% | 96% | $6396 |
| **R6 Class** | **R6 Class** |  |  |  |  |  |  |  |  |  |  |  |  |
| 2026<sup>(3)</sup> | $25.22 | (0.05) | 1.44 | 1.39 |  | (1.65) | (1.65) | $24.96 | 5.88% | 0.78% | (0.45)% | 32% | $1915007 |
| 2025 | $22.55 | (0.08) | 2.85 | 2.77 | (0.10) |  | (0.10) | $25.22 | 12.31% | 0.78% | (0.35)% | 90% | $1649367 |
| 2024 | $16.67 | (0.07) | 5.95 | 5.88 |  |  |  | $22.55 | 35.27% | 0.79% | (0.34)% | 83% | $1135667 |
| 2023 | $17.64 | (0.04) | (0.92) | (0.96) | (0.01) |  | (0.01) | $16.67 | (5.47)% | 0.82% | (0.24)% | 69% | $695931 |
| 2022 | $28.82 | (0.05) | (6.52) | (6.57) |  | (4.61) | (4.61) | $17.64 | (26.46)% | 0.82% | (0.26)% | 61% | $417197 |
| 2021 | $23.01 | (0.13) | 8.66 | 8.53 |  | (2.72) | (2.72) | $28.82 | 39.04% | 0.82% | (0.47)% | 96% | $337132 |

---

------

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a 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** |
| **G Class** | **G Class** | | | | | | | | | | | | | | |
| 2026<sup>(3)</sup> | $26.44 | 0.04 | 1.53 | 1.57 |  | (1.65) | (1.65) | $26.36 | 6.31% | 0.00% | 0.78% | 0.33% | (0.45)% | 32% | $302792 |
| 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.

(3)Six months ended April 30, 2026 (unaudited).

\*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.

------

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | | | | | |
| **Per-Share Data** | **Per-Share Data** | | | | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net Asset<br>Value,<br>Beginning<br>of Period** | **Net**<br>**Investment**<br>**Income** <br>**(Loss)**<sup>(1)</sup> | **Net<br>Realized<br>and<br>Unrealized<br>Gain (Loss)** | **Total From<br>Investment<br>Operations** | **Distributions**<br>**From Net**<br>**Realized**<br>**Gains** | **Net Asset<br>Value,<br>End<br>of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Operating<br>Expenses<br>(before<br>expense<br>waiver)** | **Net<br>Investment<br>Income<br>(Loss)** | **Net<br>Investment<br>Income (Loss) (before expense waiver)** | **Portfolio<br>Turnover<br>Rate** | **Net<br>Assets,<br>End of<br>Period (in thousands)** |
| **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** | | | | | | | | | | | | |
| 2026<sup>(3)</sup> | $108.61 | (0.25) | (0.91) | (1.16) | (10.89) | $96.56 | (0.70)% | 0.87% | 0.89% | (0.53)% | (0.55)% | 6% | $22539494 |
| 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** |  |  |  |  |  |  |  |  |  |  |  |
| 2026<sup>(3)</sup> | $115.96 | (0.17) | (0.94) | (1.11) | (10.89) | $103.96 | (0.62)% | 0.67% | 0.69% | (0.33)% | (0.35)% | 6% | $1063008 |
| 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** |  |  |  |  |  |  |  |  |  |  |  |
| 2026<sup>(3)</sup> | $117.67 | (0.09) | (0.95) | (1.04) | (10.89) | $105.74 | (0.54)% | 0.52% | 0.54% | (0.18)% | (0.20)% | 6% | $120966 |
| 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** |  |  |  |  |  |  |  |  |  |  |  |  |
| 2026<sup>(3)</sup> | $99.63 | (0.34) | (0.87) | (1.21) | (10.89) | $87.53 | (0.83)% | 1.12% | 1.14% | (0.78)% | (0.80)% | 6% | $417961 |
| 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 |

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | | | | | |
| **Per-Share Data** | **Per-Share Data** | | | | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net Asset<br>Value,<br>Beginning<br>of Period** | **Net**<br>**Investment**<br>**Income** <br>**(Loss)**<sup>(1)</sup> | **Net<br>Realized<br>and<br>Unrealized<br>Gain (Loss)** | **Total From<br>Investment<br>Operations** | **Distributions**<br>**From Net**<br>**Realized**<br>**Gains** | **Net Asset<br>Value,<br>End<br>of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Operating<br>Expenses<br>(before<br>expense<br>waiver)** | **Net<br>Investment<br>Income<br>(Loss)** | **Net<br>Investment<br>Income (Loss) (before expense waiver)** | **Portfolio<br>Turnover<br>Rate** | **Net<br>Assets,<br>End of<br>Period (in thousands)** |
| **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** |
| **C Class** | **C Class** | | | | | | | | | | | | |
| 2026<sup>(3)</sup> | $72.20 | (0.46) | (0.76) | (1.22) | (10.89) | $60.09 | (1.20)% | 1.87% | 1.89% | (1.53)% | (1.55)% | 6% | $35858 |
| 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 |
| **R Class** | **R Class** |  |  |  |  |  |  |  |  |  |  |  |  |
| 2026<sup>(3)</sup> | $93.73 | (0.41) | (0.86) | (1.27) | (10.89) | $81.57 | (0.96)% | 1.37% | 1.39% | (1.03)% | (1.05)% | 6% | $67945 |
| 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** |  |  |  |  |  |  |  |  |  |  |  |  |
| 2026<sup>(3)</sup> | $116.06 | (0.17) | (0.94) | (1.11) | (10.89) | $104.06 | (0.62)% | 0.67% | 0.69% | (0.33)% | (0.35)% | 6% | $45246 |
| 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** |  |  |  |  |  |  |  |  |  |  |  |  |
| 2026<sup>(3)</sup> | $117.50 | (0.09) | (0.95) | (1.04) | (10.89) | $105.57 | (0.54)% | 0.52% | 0.54% | (0.18)% | (0.20)% | 6% | $2266820 |
| 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 |

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---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended October 31 (except as noted)** | | | | | |
| **Per-Share Data** | **Per-Share Data** | | | | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net Asset<br>Value,<br>Beginning<br>of Period** | **Net**<br>**Investment**<br>**Income** <br>**(Loss)**<sup>(1)</sup> | **Net<br>Realized<br>and<br>Unrealized<br>Gain (Loss)** | **Total From<br>Investment<br>Operations** | **Distributions**<br>**From Net**<br>**Realized**<br>**Gains** | **Net Asset<br>Value,<br>End<br>of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Operating<br>Expenses<br>(before<br>expense<br>waiver)** | **Net<br>Investment<br>Income<br>(Loss)** | **Net<br>Investment<br>Income (Loss) (before expense waiver)** | **Portfolio<br>Turnover<br>Rate** | **Net<br>Assets,<br>End of<br>Period (in thousands)** |
| **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** |
| **G Class** | **G Class** | | | | | | | | | | | | |
| 2026<sup>(3)</sup> | $122.46 | 0.17 | (0.94) | (0.77) | (10.89) | $110.80 | (0.29)% | 0.00% | 0.54% | 0.34% | (0.20)% | 6% | $22597 |
| 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 |

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**Notes to Financial Highlights**

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

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

(3)Six months ended April 30, 2026 (unaudited).

\*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.

------

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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.* |
| **©2026 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-SAN-92356 2606** | **©2026 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-SAN-92356 2606** |

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

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

None.

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

None.

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

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

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

None. <br>

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

**ITEM 16. CONTROLS AND PROCEDURES.**

(a) The registrant's principal executive officer and principal financial officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are

------

effective based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

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

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

Not applicable.

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

(a) Not applicable.

(b) Not applicable.

**ITEM 19. EXHIBITS.** 

(a)(1) Not applicable for semiannual report filings.

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

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

(a)(4) Not applicable.

(a)(5) Not applicable.

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

------

**SIGNATURES**

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

---

| | | |
|:---|:---|:---|
| Registrant: | American Century Mutual Funds, Inc. | American Century Mutual Funds, Inc. |
| By: | /s/ Patrick Bannigan | /s/ Patrick Bannigan |
|  | Name: | Patrick Bannigan |
|  | Title: | President |
| Date: | June 25, 2026 | June 25, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| By: | /s/ Patrick Bannigan | /s/ Patrick Bannigan |
|  | Name: | Patrick Bannigan |
|  | Title: | President |
|  |  | (principal executive officer) |
| Date: | June 25, 2026 | June 25, 2026 |

---

---

| | | |
|:---|:---|:---|
| By: | /s/ R. Wes Campbell | /s/ R. Wes Campbell |
|  | Name: | R. Wes Campbell |
|  | Title: | Treasurer and |
|  |  | Chief Financial Officer |
|  |  | (principal financial officer) |
| Date: | June 25, 2026 | June 25, 2026 |

---

## Ex-99

EX-99.CERT

CERTIFICATIONS

I, Patrick Bannigan, certify that:

1. I have reviewed this report on Form N-CSR of American Century Mutual Funds, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: | June 25, 2026 |
| /s/ Patrick Bannigan | /s/ Patrick Bannigan |
| Patrick Bannigan | Patrick Bannigan |
| President | President |
| (principal executive officer) | (principal executive officer) |

---

------

I, R. Wes Campbell, certify that:

1. I have reviewed this report on Form N-CSR of American Century Mutual Funds, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | |
|:---|:---|
| Date: | June 25, 2026 |
| /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 April 30, 2026 (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: | June 25, 2026 |  |  |
|  |  | 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) |

---

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