American Century Select Fund Investor Class NCSR Certified annual shareholder report (management investment company)

0000100334ck0000100334:C000189745Member2017-04-102017-04-10

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

811-00816

AMERICAN CENTURY MUTUAL FUNDS, INC.

(Exact name of registrant as specified in charter)

4500 MAIN STREET, KANSAS CITY, MISSOURI

64111

(Address of principal executive offices)

(Zip Code)

JOHN PAK
4500 MAIN STREET, KANSAS CITY, MISSOURI 64111

(Name and address of agent for service)

Registrant’s telephone number, including area code:

816-531-5575

Date of fiscal year end:

10-31

Date of reporting period:

10-31-2024

ITEM 1. REPORTS TO STOCKHOLDERS.

(a)

ANNUAL SHAREHOLDER REPORT

Balanced Fund ACI logo.jpg


Investor Class (TWBIX)			October 31, 2024

This annual shareholder report contains important information about Balanced Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021. This report describes changes to the fund that occurred during the reporting period.


What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor Class	$99	0.89%


What were the key factors that affected the fund’s performance?
Balanced Fund Investor Class returned 23.41% for the reporting period ended October 31, 2024.
The fund seeks long-term capital growth and current income by investing approximately 60% of its assets in equity securities and the remainder in bonds and other fixed-income securities.
•			Financials was the leading contributor to returns, with capital markets stocks driving results. Investment bank Morgan Stanley benefited from an improving environment for mergers and acquisitions. Lower rates and a steeper yield curve (a graphic representation of bond yields at different maturities) also helped.
•			Insurance and consumer finance also drove results in the sector. Progressive was a leading contributor in insurance as consumers moved to providers that offer lower rates. Strong consumer spending helped American Express.
•			Information technology detracted from performance. Software giant Microsoft, one of the poorer-performing members of the so-called Magnificent Seven, hurt relative results. The overall energy sector also lagged as U.S. natural gas prices declined. Automobile components were a source of weakness in consumer discretionary, as the automobiles industry was hit with a slowdown in sales.
•			The bond allocation rose amid a decline in inflation and bond yields.The Federal Reserve also cut short-term interest rates for the first time in four years during the period. In addition, it was beneficial to underweight Treasury bonds in favor of higher-yielding corporate debt. Corporate bonds benefited from solid earnings growth and investor demand for yield.


Cumulative Performance (based on an initial $10,000 investment)
October 31, 2014 through October 31, 2024


Average Annual Total Returns
	1 Year	5 Year	10 Year
Investor Class	23.41%	7.42%	6.79%

Regulatory Index
S&P 500	38.02%	15.27%	13.00%
Bloomberg U.S. Aggregate Bond	10.55%	-0.23%	1.49%
Performance Index
60% S&P 500/40% Bloomberg U.S. Aggregate Bond	26.44%	9.13%	8.52%

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



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


Fund Statistics
Net Assets	$925,571,309
Management Fees (dollars paid during the reporting period)	$7,915,947
Portfolio Turnover Rate	72	%
Total Number of Portfolio Holdings	615


Fund Holdings


			Types of Investments in Portfolio (as a % of net assets)
			Common Stocks			60.4%
			U.S. Government Agency Mortgage-Backed Securities			12.5%
			Corporate Bonds			9.0%
			U.S. Treasury Securities			8.7%
			Collateralized Mortgage Obligations			2.8%
			Asset-Backed Securities			1.8%
			Collateralized Loan Obligations			1.2%
			Preferred Stocks			0.8%
			Commercial Mortgage-Backed Securities			0.8%
			U.S. Government Agency Securities			0.5%
			Municipal Securities			0.3%
			Exchange-Traded Funds			0.3%
			Sovereign Governments and Agencies			0.0%
			Short-Term Investments			1.8%
			Other Assets and Liabilities			(0.9)%


Fund Changes


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


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



©2024 American Century Proprietary Holdings, Inc. All rights reserved.

A-25083742

ANNUAL SHAREHOLDER REPORT

Balanced Fund ACI logo.jpg


I Class (ABINX)			October 31, 2024


What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
I Class	$77	0.69%


What were the key factors that affected the fund’s performance?
Balanced Fund I Class returned 23.70% for the reporting period ended October 31, 2024.
The fund seeks long-term capital growth and current income by investing approximately 60% of its assets in equity securities and the remainder in bonds and other fixed-income securities.
•			Financials was the leading contributor to returns, with capital markets stocks driving results. Investment bank Morgan Stanley benefited from an improving environment for mergers and acquisitions. Lower rates and a steeper yield curve (a graphic representation of bond yields at different maturities) also helped.
•			Insurance and consumer finance also drove results in the sector. Progressive was a leading contributor in insurance as consumers moved to providers that offer lower rates. Strong consumer spending helped American Express.
•			Information technology detracted from performance. Software giant Microsoft, one of the poorer-performing members of the so-called Magnificent Seven, hurt relative results. The overall energy sector also lagged as U.S. natural gas prices declined. Automobile components were a source of weakness in consumer discretionary, as the automobiles industry was hit with a slowdown in sales.
•			The bond allocation rose amid a decline in inflation and bond yields.The Federal Reserve also cut short-term interest rates for the first time in four years during the period. In addition, it was beneficial to underweight Treasury bonds in favor of higher-yielding corporate debt. Corporate bonds benefited from solid earnings growth and investor demand for yield.


Cumulative Performance (based on an initial $10,000 investment)
October 31, 2014 through October 31, 2024


Average Annual Total Returns
	1 Year	5 Year	10 Year
I Class	23.70%	7.64%	7.00%

Regulatory Index
S&P 500	38.02%	15.27%	13.00%
Bloomberg U.S. Aggregate Bond	10.55%	-0.23%	1.49%
Performance Index
60% S&P 500/40% Bloomberg U.S. Aggregate Bond	26.44%	9.13%	8.52%

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



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


Fund Statistics
Net Assets	$925,571,309
Management Fees (dollars paid during the reporting period)	$7,915,947
Portfolio Turnover Rate	72	%
Total Number of Portfolio Holdings	615


Fund Holdings


			Types of Investments in Portfolio (as a % of net assets)
			Common Stocks			60.4%
			U.S. Government Agency Mortgage-Backed Securities			12.5%
			Corporate Bonds			9.0%
			U.S. Treasury Securities			8.7%
			Collateralized Mortgage Obligations			2.8%
			Asset-Backed Securities			1.8%
			Collateralized Loan Obligations			1.2%
			Preferred Stocks			0.8%
			Commercial Mortgage-Backed Securities			0.8%
			U.S. Government Agency Securities			0.5%
			Municipal Securities			0.3%
			Exchange-Traded Funds			0.3%
			Sovereign Governments and Agencies			0.0%
			Short-Term Investments			1.8%
			Other Assets and Liabilities			(0.9)%


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.



©2024 American Century Proprietary Holdings, Inc. All rights reserved.

A-25083734

ANNUAL SHAREHOLDER REPORT

Balanced Fund ACI logo.jpg


R5 Class (ABGNX)			October 31, 2024


What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R5 Class	$77	0.69%


What were the key factors that affected the fund’s performance?
Balanced Fund R5 Class returned 23.64% for the reporting period ended October 31, 2024.
The fund seeks long-term capital growth and current income by investing approximately 60% of its assets in equity securities and the remainder in bonds and other fixed-income securities.
•			Financials was the leading contributor to returns, with capital markets stocks driving results. Investment bank Morgan Stanley benefited from an improving environment for mergers and acquisitions. Lower rates and a steeper yield curve (a graphic representation of bond yields at different maturities) also helped.
•			Insurance and consumer finance also drove results in the sector. Progressive was a leading contributor in insurance as consumers moved to providers that offer lower rates. Strong consumer spending helped American Express.
•			Information technology detracted from performance. Software giant Microsoft, one of the poorer-performing members of the so-called Magnificent Seven, hurt relative results. The overall energy sector also lagged as U.S. natural gas prices declined. Automobile components were a source of weakness in consumer discretionary, as the automobiles industry was hit with a slowdown in sales.
•			The bond allocation rose amid a decline in inflation and bond yields.The Federal Reserve also cut short-term interest rates for the first time in four years during the period. In addition, it was beneficial to underweight Treasury bonds in favor of higher-yielding corporate debt. Corporate bonds benefited from solid earnings growth and investor demand for yield.


Cumulative Performance (based on an initial $10,000 investment)
April 10, 2017 through October 31, 2024


Average Annual Total Returns
	1 Year	5 Year	Since Inception	Inception Date
R5 Class	23.64%	7.63%	7.83%	4/10/17

Regulatory Index
S&P 500	38.02%	15.27%	14.35%	—
Bloomberg U.S. Aggregate Bond	10.55%	-0.23%	1.30%	—
Performance Index
60% S&P 500/40% Bloomberg U.S. Aggregate Bond	26.44%	9.13%	9.21%	—

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



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


Fund Statistics
Net Assets	$925,571,309
Management Fees (dollars paid during the reporting period)	$7,915,947
Portfolio Turnover Rate	72	%
Total Number of Portfolio Holdings	615


Fund Holdings


			Types of Investments in Portfolio (as a % of net assets)
			Common Stocks			60.4%
			U.S. Government Agency Mortgage-Backed Securities			12.5%
			Corporate Bonds			9.0%
			U.S. Treasury Securities			8.7%
			Collateralized Mortgage Obligations			2.8%
			Asset-Backed Securities			1.8%
			Collateralized Loan Obligations			1.2%
			Preferred Stocks			0.8%
			Commercial Mortgage-Backed Securities			0.8%
			U.S. Government Agency Securities			0.5%
			Municipal Securities			0.3%
			Exchange-Traded Funds			0.3%
			Sovereign Governments and Agencies			0.0%
			Short-Term Investments			1.8%
			Other Assets and Liabilities			(0.9)%


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.



©2024 American Century Proprietary Holdings, Inc. All rights reserved.

A-2508H394

ANNUAL SHAREHOLDER REPORT

Growth Fund ACI logo.jpg


Investor Class (TWCGX)			October 31, 2024

This annual shareholder report contains important information about Growth Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021. This report describes changes to the fund that occurred during the reporting period.


What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor Class	$108	0.91%


What were the key factors that affected the fund’s performance?
Growth Fund Investor Class returned 37.43% for the reporting period ended October 31, 2024.
The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell 1000 Growth Index.
•			Stock choices made the information technology (IT) sector the leading detractor by far from relative performance. Positioning in the IT services and semiconductors and semiconductor equipment industries helped most. The sector was home to four of the top 10 individual detractors for the period.
•			In the consumer discretionary sector, positioning in the automobile components and hotels, restaurants and leisure industries detracted. Electronic payment processor Visa was a meaningful detractor in the financials sector.
•			In terms of contributors to performance, positioning in the industrials sector helped most. Electrical equipment stocks were the main sources of strength. These stocks have benefited from the ongoing rollout of artificial intelligence technology, which requires digital infrastructure products and services with an emphasis on energy efficiency.
•			Elsewhere, positioning in the life sciences tools and services, biotechnology and pharmaceuticals companies made the health care sector another source of strength. Investors tended to avoid companies with long-standing drugs subject to newly proposed government price controls and favor stocks of more innovative firms addressing large medical needs, such as diabetes and obesity.


Cumulative Performance (based on an initial $10,000 investment)
October 31, 2014 through October 31, 2024


Average Annual Total Returns
	1 Year	5 Year	10 Year
Investor Class	37.43%	16.67%	14.56%

Regulatory Index
Russell 1000	38.07%	15.00%	12.75%

Performance Index
Russell 1000 Growth	43.77%	19.00%	16.18%

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



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


Fund Statistics
Net Assets	$15,311,460,619
Management Fees (dollars paid during the reporting period)	$110,525,512
Portfolio Turnover Rate	21	%
Total Number of Portfolio Holdings	81


Fund Holdings


Types of Investments in Portfolio (as a % of net assets)		Top Five Industries (as a % of net assets)
Common Stocks	99.5%		Software	18%
Exchange-Traded Funds	0.4%		Semiconductors and Semiconductor Equipment	17%
Short-Term Investments	0.2%		Interactive Media and Services	13%
Other Assets and Liabilities	(0.1)%		Technology Hardware, Storage and Peripherals	10%
			Broadline Retail	6%


Fund Changes


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


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



©2024 American Century Proprietary Holdings, Inc. All rights reserved.

A-25083106

ANNUAL SHAREHOLDER REPORT

Growth Fund ACI logo.jpg


I Class (TWGIX)			October 31, 2024


What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
I Class	$84	0.71%


What were the key factors that affected the fund’s performance?
Growth Fund I Class returned 37.71% for the reporting period ended October 31, 2024.
The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell 1000 Growth Index.
•			Stock choices made the information technology (IT) sector the leading detractor by far from relative performance. Positioning in the IT services and semiconductors and semiconductor equipment industries helped most. The sector was home to four of the top 10 individual detractors for the period.
•			In the consumer discretionary sector, positioning in the automobile components and hotels, restaurants and leisure industries detracted. Electronic payment processor Visa was a meaningful detractor in the financials sector.
•			In terms of contributors to performance, positioning in the industrials sector helped most. Electrical equipment stocks were the main sources of strength. These stocks have benefited from the ongoing rollout of artificial intelligence technology, which requires digital infrastructure products and services with an emphasis on energy efficiency.
•			Elsewhere, positioning in the life sciences tools and services, biotechnology and pharmaceuticals companies made the health care sector another source of strength. Investors tended to avoid companies with long-standing drugs subject to newly proposed government price controls and favor stocks of more innovative firms addressing large medical needs, such as diabetes and obesity.


Cumulative Performance (based on an initial $10,000 investment)
October 31, 2014 through October 31, 2024


Average Annual Total Returns
	1 Year	5 Year	10 Year
I Class	37.71%	16.90%	14.79%

Regulatory Index
Russell 1000	38.07%	15.00%	12.75%

Performance Index
Russell 1000 Growth	43.77%	19.00%	16.18%

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



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


Fund Statistics
Net Assets	$15,311,460,619
Management Fees (dollars paid during the reporting period)	$110,525,512
Portfolio Turnover Rate	21	%
Total Number of Portfolio Holdings	81


Fund Holdings


Types of Investments in Portfolio (as a % of net assets)		Top Five Industries (as a % of net assets)
Common Stocks	99.5%		Software	18%
Exchange-Traded Funds	0.4%		Semiconductors and Semiconductor Equipment	17%
Short-Term Investments	0.2%		Interactive Media and Services	13%
Other Assets and Liabilities	(0.1)%		Technology Hardware, Storage and Peripherals	10%
			Broadline Retail	6%


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



©2024 American Century Proprietary Holdings, Inc. All rights reserved.

A-25083205

ANNUAL SHAREHOLDER REPORT

Growth Fund ACI logo.jpg


Y Class (AGYWX)			October 31, 2024


What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Y Class	$67	0.56%


What were the key factors that affected the fund’s performance?
Growth Fund Y Class returned 37.91% for the reporting period ended October 31, 2024.
The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell 1000 Growth Index.
•			Stock choices made the information technology (IT) sector the leading detractor by far from relative performance. Positioning in the IT services and semiconductors and semiconductor equipment industries helped most. The sector was home to four of the top 10 individual detractors for the period.
•			In the consumer discretionary sector, positioning in the automobile components and hotels, restaurants and leisure industries detracted. Electronic payment processor Visa was a meaningful detractor in the financials sector.
•			In terms of contributors to performance, positioning in the industrials sector helped most. Electrical equipment stocks were the main sources of strength. These stocks have benefited from the ongoing rollout of artificial intelligence technology, which requires digital infrastructure products and services with an emphasis on energy efficiency.
•			Elsewhere, positioning in the life sciences tools and services, biotechnology and pharmaceuticals companies made the health care sector another source of strength. Investors tended to avoid companies with long-standing drugs subject to newly proposed government price controls and favor stocks of more innovative firms addressing large medical needs, such as diabetes and obesity.


Cumulative Performance (based on an initial $10,000 investment)
April 10, 2017 through October 31, 2024


Average Annual Total Returns
	1 Year	5 Year	Since Inception	Inception Date
Y Class	37.91%	17.08%	16.93%	4/10/17

Regulatory Index
Russell 1000	38.07%	15.00%	14.09%	—

Performance Index
Russell 1000 Growth	43.77%	19.00%	18.32%	—

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



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


Fund Statistics
Net Assets	$15,311,460,619
Management Fees (dollars paid during the reporting period)	$110,525,512
Portfolio Turnover Rate	21	%
Total Number of Portfolio Holdings	81


Fund Holdings


Types of Investments in Portfolio (as a % of net assets)		Top Five Industries (as a % of net assets)
Common Stocks	99.5%		Software	18%
Exchange-Traded Funds	0.4%		Semiconductors and Semiconductor Equipment	17%
Short-Term Investments	0.2%		Interactive Media and Services	13%
Other Assets and Liabilities	(0.1)%		Technology Hardware, Storage and Peripherals	10%
			Broadline Retail	6%


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



©2024 American Century Proprietary Holdings, Inc. All rights reserved.

A-2508H378

ANNUAL SHAREHOLDER REPORT

Growth Fund ACI logo.jpg


A Class (TCRAX)			October 31, 2024


What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
A Class	$138	1.16%


What were the key factors that affected the fund’s performance?
Growth Fund A Class returned 37.10% for the reporting period ended October 31, 2024.
The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell 1000 Growth Index.
•			Stock choices made the information technology (IT) sector the leading detractor by far from relative performance. Positioning in the IT services and semiconductors and semiconductor equipment industries helped most. The sector was home to four of the top 10 individual detractors for the period.
•			In the consumer discretionary sector, positioning in the automobile components and hotels, restaurants and leisure industries detracted. Electronic payment processor Visa was a meaningful detractor in the financials sector.
•			In terms of contributors to performance, positioning in the industrials sector helped most. Electrical equipment stocks were the main sources of strength. These stocks have benefited from the ongoing rollout of artificial intelligence technology, which requires digital infrastructure products and services with an emphasis on energy efficiency.
•			Elsewhere, positioning in the life sciences tools and services, biotechnology and pharmaceuticals companies made the health care sector another source of strength. Investors tended to avoid companies with long-standing drugs subject to newly proposed government price controls and favor stocks of more innovative firms addressing large medical needs, such as diabetes and obesity.


Cumulative Performance (based on an initial $10,000 investment)
October 31, 2014 through October 31, 2024
The initial investment is adjusted to reflect the maximum initial sales charge.


Average Annual Total Returns
	1 Year	5 Year	10 Year
A Class	37.10%	16.38%	14.28%
A Class - with sales charge	29.21%	15.01%	13.60%
Regulatory Index
Russell 1000	38.07%	15.00%	12.75%

Performance Index
Russell 1000 Growth	43.77%	19.00%	16.18%

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

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



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


Fund Statistics
Net Assets	$15,311,460,619
Management Fees (dollars paid during the reporting period)	$110,525,512
Portfolio Turnover Rate	21	%
Total Number of Portfolio Holdings	81


Fund Holdings


Types of Investments in Portfolio (as a % of net assets)		Top Five Industries (as a % of net assets)
Common Stocks	99.5%		Software	18%
Exchange-Traded Funds	0.4%		Semiconductors and Semiconductor Equipment	17%
Short-Term Investments	0.2%		Interactive Media and Services	13%
Other Assets and Liabilities	(0.1)%		Technology Hardware, Storage and Peripherals	10%
			Broadline Retail	6%


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



©2024 American Century Proprietary Holdings, Inc. All rights reserved.

A-25083403

ANNUAL SHAREHOLDER REPORT

Growth Fund ACI logo.jpg


C Class (TWRCX)			October 31, 2024


What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
C Class	$225	1.91%


What were the key factors that affected the fund’s performance?
Growth Fund C Class returned 36.06% for the reporting period ended October 31, 2024.
The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell 1000 Growth Index.
•			Stock choices made the information technology (IT) sector the leading detractor by far from relative performance. Positioning in the IT services and semiconductors and semiconductor equipment industries helped most. The sector was home to four of the top 10 individual detractors for the period.
•			In the consumer discretionary sector, positioning in the automobile components and hotels, restaurants and leisure industries detracted. Electronic payment processor Visa was a meaningful detractor in the financials sector.
•			In terms of contributors to performance, positioning in the industrials sector helped most. Electrical equipment stocks were the main sources of strength. These stocks have benefited from the ongoing rollout of artificial intelligence technology, which requires digital infrastructure products and services with an emphasis on energy efficiency.
•			Elsewhere, positioning in the life sciences tools and services, biotechnology and pharmaceuticals companies made the health care sector another source of strength. Investors tended to avoid companies with long-standing drugs subject to newly proposed government price controls and favor stocks of more innovative firms addressing large medical needs, such as diabetes and obesity.


Cumulative Performance (based on an initial $10,000 investment)
October 31, 2014 through October 31, 2024


Average Annual Total Returns
	1 Year	5 Year	10 Year
C Class	36.06%	15.51%	13.42%

Regulatory Index
Russell 1000	38.07%	15.00%	12.75%

Performance Index
Russell 1000 Growth	43.77%	19.00%	16.18%

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

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



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


Fund Statistics
Net Assets	$15,311,460,619
Management Fees (dollars paid during the reporting period)	$110,525,512
Portfolio Turnover Rate	21	%
Total Number of Portfolio Holdings	81


Fund Holdings


Types of Investments in Portfolio (as a % of net assets)		Top Five Industries (as a % of net assets)
Common Stocks	99.5%		Software	18%
Exchange-Traded Funds	0.4%		Semiconductors and Semiconductor Equipment	17%
Short-Term Investments	0.2%		Interactive Media and Services	13%
Other Assets and Liabilities	(0.1)%		Technology Hardware, Storage and Peripherals	10%
			Broadline Retail	6%


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



©2024 American Century Proprietary Holdings, Inc. All rights reserved.

A-2508H626

ANNUAL SHAREHOLDER REPORT

Growth Fund ACI logo.jpg


R Class (AGWRX)			October 31, 2024


What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R Class	$167	1.41%


What were the key factors that affected the fund’s performance?
Growth Fund R Class returned 36.76% for the reporting period ended October 31, 2024.
The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell 1000 Growth Index.
•			Stock choices made the information technology (IT) sector the leading detractor by far from relative performance. Positioning in the IT services and semiconductors and semiconductor equipment industries helped most. The sector was home to four of the top 10 individual detractors for the period.
•			In the consumer discretionary sector, positioning in the automobile components and hotels, restaurants and leisure industries detracted. Electronic payment processor Visa was a meaningful detractor in the financials sector.
•			In terms of contributors to performance, positioning in the industrials sector helped most. Electrical equipment stocks were the main sources of strength. These stocks have benefited from the ongoing rollout of artificial intelligence technology, which requires digital infrastructure products and services with an emphasis on energy efficiency.
•			Elsewhere, positioning in the life sciences tools and services, biotechnology and pharmaceuticals companies made the health care sector another source of strength. Investors tended to avoid companies with long-standing drugs subject to newly proposed government price controls and favor stocks of more innovative firms addressing large medical needs, such as diabetes and obesity.


Cumulative Performance (based on an initial $10,000 investment)
October 31, 2014 through October 31, 2024


Average Annual Total Returns
	1 Year	5 Year	10 Year
R Class	36.76%	16.09%	13.99%

Regulatory Index
Russell 1000	38.07%	15.00%	12.75%

Performance Index
Russell 1000 Growth	43.77%	19.00%	16.18%

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



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


Fund Statistics
Net Assets	$15,311,460,619
Management Fees (dollars paid during the reporting period)	$110,525,512
Portfolio Turnover Rate	21	%
Total Number of Portfolio Holdings	81


Fund Holdings


Types of Investments in Portfolio (as a % of net assets)		Top Five Industries (as a % of net assets)
Common Stocks	99.5%		Software	18%
Exchange-Traded Funds	0.4%		Semiconductors and Semiconductor Equipment	17%
Short-Term Investments	0.2%		Interactive Media and Services	13%
Other Assets and Liabilities	(0.1)%		Technology Hardware, Storage and Peripherals	10%
			Broadline Retail	6%


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



©2024 American Century Proprietary Holdings, Inc. All rights reserved.

A-25083189

ANNUAL SHAREHOLDER REPORT

Growth Fund ACI logo.jpg


R5 Class (AGWUX)			October 31, 2024


What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R5 Class	$84	0.71%


What were the key factors that affected the fund’s performance?
Growth Fund R5 Class returned 37.72% for the reporting period ended October 31, 2024.
The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell 1000 Growth Index.
•			Stock choices made the information technology (IT) sector the leading detractor by far from relative performance. Positioning in the IT services and semiconductors and semiconductor equipment industries helped most. The sector was home to four of the top 10 individual detractors for the period.
•			In the consumer discretionary sector, positioning in the automobile components and hotels, restaurants and leisure industries detracted. Electronic payment processor Visa was a meaningful detractor in the financials sector.
•			In terms of contributors to performance, positioning in the industrials sector helped most. Electrical equipment stocks were the main sources of strength. These stocks have benefited from the ongoing rollout of artificial intelligence technology, which requires digital infrastructure products and services with an emphasis on energy efficiency.
•			Elsewhere, positioning in the life sciences tools and services, biotechnology and pharmaceuticals companies made the health care sector another source of strength. Investors tended to avoid companies with long-standing drugs subject to newly proposed government price controls and favor stocks of more innovative firms addressing large medical needs, such as diabetes and obesity.


Cumulative Performance (based on an initial $10,000 investment)
April 10, 2017 through October 31, 2024


Average Annual Total Returns
	1 Year	5 Year	Since Inception	Inception Date
R5 Class	37.72%	16.90%	16.76%	4/10/17

Regulatory Index
Russell 1000	38.07%	15.00%	14.09%	—

Performance Index
Russell 1000 Growth	43.77%	19.00%	18.32%	—

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



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


Fund Statistics
Net Assets	$15,311,460,619
Management Fees (dollars paid during the reporting period)	$110,525,512
Portfolio Turnover Rate	21	%
Total Number of Portfolio Holdings	81


Fund Holdings


Types of Investments in Portfolio (as a % of net assets)		Top Five Industries (as a % of net assets)
Common Stocks	99.5%		Software	18%
Exchange-Traded Funds	0.4%		Semiconductors and Semiconductor Equipment	17%
Short-Term Investments	0.2%		Interactive Media and Services	13%
Other Assets and Liabilities	(0.1)%		Technology Hardware, Storage and Peripherals	10%
			Broadline Retail	6%


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



©2024 American Century Proprietary Holdings, Inc. All rights reserved.

A-2508H386

ANNUAL SHAREHOLDER REPORT

Growth Fund ACI logo.jpg


R6 Class (AGRDX)			October 31, 2024


What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R6 Class	$67	0.56%


What were the key factors that affected the fund’s performance?
Growth Fund R6 Class returned 37.91% for the reporting period ended October 31, 2024.
The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell 1000 Growth Index.
•			Stock choices made the information technology (IT) sector the leading detractor by far from relative performance. Positioning in the IT services and semiconductors and semiconductor equipment industries helped most. The sector was home to four of the top 10 individual detractors for the period.
•			In the consumer discretionary sector, positioning in the automobile components and hotels, restaurants and leisure industries detracted. Electronic payment processor Visa was a meaningful detractor in the financials sector.
•			In terms of contributors to performance, positioning in the industrials sector helped most. Electrical equipment stocks were the main sources of strength. These stocks have benefited from the ongoing rollout of artificial intelligence technology, which requires digital infrastructure products and services with an emphasis on energy efficiency.
•			Elsewhere, positioning in the life sciences tools and services, biotechnology and pharmaceuticals companies made the health care sector another source of strength. Investors tended to avoid companies with long-standing drugs subject to newly proposed government price controls and favor stocks of more innovative firms addressing large medical needs, such as diabetes and obesity.


Cumulative Performance (based on an initial $10,000 investment)
October 31, 2014 through October 31, 2024


Average Annual Total Returns
	1 Year	5 Year	10 Year
R6 Class	37.91%	17.08%	14.97%

Regulatory Index
Russell 1000	38.07%	15.00%	12.75%

Performance Index
Russell 1000 Growth	43.77%	19.00%	16.18%

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



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


Fund Statistics
Net Assets	$15,311,460,619
Management Fees (dollars paid during the reporting period)	$110,525,512
Portfolio Turnover Rate	21	%
Total Number of Portfolio Holdings	81


Fund Holdings


Types of Investments in Portfolio (as a % of net assets)		Top Five Industries (as a % of net assets)
Common Stocks	99.5%		Software	18%
Exchange-Traded Funds	0.4%		Semiconductors and Semiconductor Equipment	17%
Short-Term Investments	0.2%		Interactive Media and Services	13%
Other Assets and Liabilities	(0.1)%		Technology Hardware, Storage and Peripherals	10%
			Broadline Retail	6%


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



©2024 American Century Proprietary Holdings, Inc. All rights reserved.

A-2508H519

ANNUAL SHAREHOLDER REPORT

Growth Fund ACI logo.jpg


G Class (ACIHX)			October 31, 2024


What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
G Class	$0	0.00%


What were the key factors that affected the fund’s performance?
Growth Fund G Class returned 38.69% for the reporting period ended October 31, 2024.
The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell 1000 Growth Index.
•			Stock choices made the information technology (IT) sector the leading detractor by far from relative performance. Positioning in the IT services and semiconductors and semiconductor equipment industries helped most. The sector was home to four of the top 10 individual detractors for the period.
•			In the consumer discretionary sector, positioning in the automobile components and hotels, restaurants and leisure industries detracted. Electronic payment processor Visa was a meaningful detractor in the financials sector.
•			In terms of contributors to performance, positioning in the industrials sector helped most. Electrical equipment stocks were the main sources of strength. These stocks have benefited from the ongoing rollout of artificial intelligence technology, which requires digital infrastructure products and services with an emphasis on energy efficiency.
•			Elsewhere, positioning in the life sciences tools and services, biotechnology and pharmaceuticals companies made the health care sector another source of strength. Investors tended to avoid companies with long-standing drugs subject to newly proposed government price controls and favor stocks of more innovative firms addressing large medical needs, such as diabetes and obesity.


Cumulative Performance (based on an initial $10,000 investment)
March 1, 2022 through October 31, 2024


Average Annual Total Returns
	1 Year	Since Inception	Inception Date
G Class	38.69%	13.21%	3/1/22

Regulatory Index
Russell 1000	38.07%	12.29%	—

Performance Index
Russell 1000 Growth	43.77%	15.09%	—

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



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


Fund Statistics
Net Assets	$15,311,460,619
Management Fees (dollars paid during the reporting period)	$110,525,512
Portfolio Turnover Rate	21	%
Total Number of Portfolio Holdings	81


Fund Holdings


Types of Investments in Portfolio (as a % of net assets)		Top Five Industries (as a % of net assets)
Common Stocks	99.5%		Software	18%
Exchange-Traded Funds	0.4%		Semiconductors and Semiconductor Equipment	17%
Short-Term Investments	0.2%		Interactive Media and Services	13%
Other Assets and Liabilities	(0.1)%		Technology Hardware, Storage and Peripherals	10%
			Broadline Retail	6%


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



©2024 American Century Proprietary Holdings, Inc. All rights reserved.

A-2508H212

ANNUAL SHAREHOLDER REPORT

Heritage Fund ACI logo.jpg


Investor Class (TWHIX)			October 31, 2024

This annual shareholder report contains important information about Heritage Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021. This report describes changes to the fund that occurred during the reporting period.


What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor Class	$120	1.00%


What were the key factors that affected the fund’s performance?
Heritage Fund Investor Class returned 40.52% for the reporting period ended October 31, 2024.
The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell Midcap Growth Index.
•			Holdings in the health care sector contributed the most to performance. Three of the top 10 contributors to relative results were in the biotechnology industry. Positioning in the health care providers and services and life sciences tools and services industries was another source of strength.
•			Stock choices among industrials and communication services stocks contributed to performance. In the industrials sector, electrical equipment and ground transportation were key contributors. Entertainment and media stocks drove outperformance in the communication services sector.
•			The main source of weakness was positioning in the financials sector, led by an underweight to financial services stocks. Holdings in the capital markets and banking industries were other notable detractors.
•			It also hurt relative performance to be underrepresented in the real estate sector, which performed well as interest rates declined and the economy avoided recession. Stock choices in the household products and personal care products industries meant the consumer staples sector detracted.


Cumulative Performance (based on an initial $10,000 investment)
October 31, 2014 through October 31, 2024


Average Annual Total Returns
	1 Year	5 Year	10 Year
Investor Class	40.52%	11.37%	10.53%

Regulatory Index
Russell 3000	37.86%	14.60%	12.44%

Performance Index
Russell Midcap Growth	38.67%	11.46%	11.19%

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



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


Fund Statistics
Net Assets	$5,878,887,575
Management Fees (dollars paid during the reporting period)	$44,791,253
Portfolio Turnover Rate	66	%
Total Number of Portfolio Holdings	87


Fund Holdings


Types of Investments in Portfolio (as a % of net assets)		Top Five Industries (as a % of net assets)
Common Stocks	99.7%		Software	15%
Short-Term Investments	0.4%		Capital Markets	9%
Other Assets and Liabilities	(0.1)%		Hotels, Restaurants and Leisure	6%
			Biotechnology	4%
			Health Care Equipment and Supplies	4%


Fund Changes


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


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



©2024 American Century Proprietary Holdings, Inc. All rights reserved.

A-25083791

ANNUAL SHAREHOLDER REPORT

Heritage Fund ACI logo.jpg


I Class (ATHIX)			October 31, 2024


What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
I Class	$96	0.80%


What were the key factors that affected the fund’s performance?
Heritage Fund I Class returned 40.75% for the reporting period ended October 31, 2024.
The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell Midcap Growth Index.
•			Holdings in the health care sector contributed the most to performance. Three of the top 10 contributors to relative results were in the biotechnology industry. Positioning in the health care providers and services and life sciences tools and services industries was another source of strength.
•			Stock choices among industrials and communication services stocks contributed to performance. In the industrials sector, electrical equipment and ground transportation were key contributors. Entertainment and media stocks drove outperformance in the communication services sector.
•			The main source of weakness was positioning in the financials sector, led by an underweight to financial services stocks. Holdings in the capital markets and banking industries were other notable detractors.
•			It also hurt relative performance to be underrepresented in the real estate sector, which performed well as interest rates declined and the economy avoided recession. Stock choices in the household products and personal care products industries meant the consumer staples sector detracted.


Cumulative Performance (based on an initial $10,000 investment)
October 31, 2014 through October 31, 2024


Average Annual Total Returns
	1 Year	5 Year	10 Year
I Class	40.75%	11.59%	10.75%

Regulatory Index
Russell 3000	37.86%	14.60%	12.44%

Performance Index
Russell Midcap Growth	38.67%	11.46%	11.19%

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



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


Fund Statistics
Net Assets	$5,878,887,575
Management Fees (dollars paid during the reporting period)	$44,791,253
Portfolio Turnover Rate	66	%
Total Number of Portfolio Holdings	87


Fund Holdings


Types of Investments in Portfolio (as a % of net assets)		Top Five Industries (as a % of net assets)
Common Stocks	99.7%		Software	15%
Short-Term Investments	0.4%		Capital Markets	9%
Other Assets and Liabilities	(0.1)%		Hotels, Restaurants and Leisure	6%
			Biotechnology	4%
			Health Care Equipment and Supplies	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.



©2024 American Century Proprietary Holdings, Inc. All rights reserved.

A-25083783

ANNUAL SHAREHOLDER REPORT

Heritage Fund ACI logo.jpg


Y Class (ATHYX)			October 31, 2024


What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Y Class	$78	0.65%


What were the key factors that affected the fund’s performance?
Heritage Fund Y Class returned 41.01% for the reporting period ended October 31, 2024.
The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell Midcap Growth Index.
•			Holdings in the health care sector contributed the most to performance. Three of the top 10 contributors to relative results were in the biotechnology industry. Positioning in the health care providers and services and life sciences tools and services industries was another source of strength.
•			Stock choices among industrials and communication services stocks contributed to performance. In the industrials sector, electrical equipment and ground transportation were key contributors. Entertainment and media stocks drove outperformance in the communication services sector.
•			The main source of weakness was positioning in the financials sector, led by an underweight to financial services stocks. Holdings in the capital markets and banking industries were other notable detractors.
•			It also hurt relative performance to be underrepresented in the real estate sector, which performed well as interest rates declined and the economy avoided recession. Stock choices in the household products and personal care products industries meant the consumer staples sector detracted.


Cumulative Performance (based on an initial $10,000 investment)
April 10, 2017 through October 31, 2024


Average Annual Total Returns
	1 Year	5 Year	Since Inception	Inception Date
Y Class	41.01%	11.76%	12.47%	4/10/17

Regulatory Index
Russell 3000	37.86%	14.60%	13.69%	—

Performance Index
Russell Midcap Growth	38.67%	11.46%	12.70%	—

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



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


Fund Statistics
Net Assets	$5,878,887,575
Management Fees (dollars paid during the reporting period)	$44,791,253
Portfolio Turnover Rate	66	%
Total Number of Portfolio Holdings	87


Fund Holdings


Types of Investments in Portfolio (as a % of net assets)		Top Five Industries (as a % of net assets)
Common Stocks	99.7%		Software	15%
Short-Term Investments	0.4%		Capital Markets	9%
Other Assets and Liabilities	(0.1)%		Hotels, Restaurants and Leisure	6%
			Biotechnology	4%
			Health Care Equipment and Supplies	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.



©2024 American Century Proprietary Holdings, Inc. All rights reserved.

A-2508H352

ANNUAL SHAREHOLDER REPORT

Heritage Fund ACI logo.jpg


A Class (ATHAX)			October 31, 2024


What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
A Class	$150	1.25%


What were the key factors that affected the fund’s performance?
Heritage Fund A Class returned 40.09% for the reporting period ended October 31, 2024.
The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell Midcap Growth Index.
•			Holdings in the health care sector contributed the most to performance. Three of the top 10 contributors to relative results were in the biotechnology industry. Positioning in the health care providers and services and life sciences tools and services industries was another source of strength.
•			Stock choices among industrials and communication services stocks contributed to performance. In the industrials sector, electrical equipment and ground transportation were key contributors. Entertainment and media stocks drove outperformance in the communication services sector.
•			The main source of weakness was positioning in the financials sector, led by an underweight to financial services stocks. Holdings in the capital markets and banking industries were other notable detractors.
•			It also hurt relative performance to be underrepresented in the real estate sector, which performed well as interest rates declined and the economy avoided recession. Stock choices in the household products and personal care products industries meant the consumer staples sector detracted.


Cumulative Performance (based on an initial $10,000 investment)
October 31, 2014 through October 31, 2024
The initial investment is adjusted to reflect the maximum initial sales charge.


Average Annual Total Returns
	1 Year	5 Year	10 Year
A Class	40.09%	11.09%	10.25%
A Class - with sales charge	32.03%	9.78%	9.60%
Regulatory Index
Russell 3000	37.86%	14.60%	12.44%

Performance Index
Russell Midcap Growth	38.67%	11.46%	11.19%

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

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



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


Fund Statistics
Net Assets	$5,878,887,575
Management Fees (dollars paid during the reporting period)	$44,791,253
Portfolio Turnover Rate	66	%
Total Number of Portfolio Holdings	87


Fund Holdings


Types of Investments in Portfolio (as a % of net assets)		Top Five Industries (as a % of net assets)
Common Stocks	99.7%		Software	15%
Short-Term Investments	0.4%		Capital Markets	9%
Other Assets and Liabilities	(0.1)%		Hotels, Restaurants and Leisure	6%
			Biotechnology	4%
			Health Care Equipment and Supplies	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.



©2024 American Century Proprietary Holdings, Inc. All rights reserved.

A-25083767

ANNUAL SHAREHOLDER REPORT

Heritage Fund ACI logo.jpg


C Class (AHGCX)			October 31, 2024


What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
C Class	$239	2.00%


What were the key factors that affected the fund’s performance?
Heritage Fund C Class returned 39.18% for the reporting period ended October 31, 2024.
The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell Midcap Growth Index.
•			Holdings in the health care sector contributed the most to performance. Three of the top 10 contributors to relative results were in the biotechnology industry. Positioning in the health care providers and services and life sciences tools and services industries was another source of strength.
•			Stock choices among industrials and communication services stocks contributed to performance. In the industrials sector, electrical equipment and ground transportation were key contributors. Entertainment and media stocks drove outperformance in the communication services sector.
•			The main source of weakness was positioning in the financials sector, led by an underweight to financial services stocks. Holdings in the capital markets and banking industries were other notable detractors.
•			It also hurt relative performance to be underrepresented in the real estate sector, which performed well as interest rates declined and the economy avoided recession. Stock choices in the household products and personal care products industries meant the consumer staples sector detracted.


Cumulative Performance (based on an initial $10,000 investment)
October 31, 2014 through October 31, 2024


Average Annual Total Returns
	1 Year	5 Year	10 Year
C Class	39.18%	10.26%	9.43%

Regulatory Index
Russell 3000	37.86%	14.60%	12.44%

Performance Index
Russell Midcap Growth	38.67%	11.46%	11.19%

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

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



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


Fund Statistics
Net Assets	$5,878,887,575
Management Fees (dollars paid during the reporting period)	$44,791,253
Portfolio Turnover Rate	66	%
Total Number of Portfolio Holdings	87


Fund Holdings


Types of Investments in Portfolio (as a % of net assets)		Top Five Industries (as a % of net assets)
Common Stocks	99.7%		Software	15%
Short-Term Investments	0.4%		Capital Markets	9%
Other Assets and Liabilities	(0.1)%		Hotels, Restaurants and Leisure	6%
			Biotechnology	4%
			Health Care Equipment and Supplies	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.



©2024 American Century Proprietary Holdings, Inc. All rights reserved.

A-25083262

ANNUAL SHAREHOLDER REPORT

Heritage Fund ACI logo.jpg


R Class (ATHWX)			October 31, 2024


What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R Class	$180	1.50%


What were the key factors that affected the fund’s performance?
Heritage Fund R Class returned 39.75% for the reporting period ended October 31, 2024.
The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell Midcap Growth Index.
•			Holdings in the health care sector contributed the most to performance. Three of the top 10 contributors to relative results were in the biotechnology industry. Positioning in the health care providers and services and life sciences tools and services industries was another source of strength.
•			Stock choices among industrials and communication services stocks contributed to performance. In the industrials sector, electrical equipment and ground transportation were key contributors. Entertainment and media stocks drove outperformance in the communication services sector.
•			The main source of weakness was positioning in the financials sector, led by an underweight to financial services stocks. Holdings in the capital markets and banking industries were other notable detractors.
•			It also hurt relative performance to be underrepresented in the real estate sector, which performed well as interest rates declined and the economy avoided recession. Stock choices in the household products and personal care products industries meant the consumer staples sector detracted.


Cumulative Performance (based on an initial $10,000 investment)
October 31, 2014 through October 31, 2024


Average Annual Total Returns
	1 Year	5 Year	10 Year
R Class	39.75%	10.81%	9.98%

Regulatory Index
Russell 3000	37.86%	14.60%	12.44%

Performance Index
Russell Midcap Growth	38.67%	11.46%	11.19%

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



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


Fund Statistics
Net Assets	$5,878,887,575
Management Fees (dollars paid during the reporting period)	$44,791,253
Portfolio Turnover Rate	66	%
Total Number of Portfolio Holdings	87


Fund Holdings


Types of Investments in Portfolio (as a % of net assets)		Top Five Industries (as a % of net assets)
Common Stocks	99.7%		Software	15%
Short-Term Investments	0.4%		Capital Markets	9%
Other Assets and Liabilities	(0.1)%		Hotels, Restaurants and Leisure	6%
			Biotechnology	4%
			Health Care Equipment and Supplies	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.



©2024 American Century Proprietary Holdings, Inc. All rights reserved.

A-2508H683

ANNUAL SHAREHOLDER REPORT

Heritage Fund ACI logo.jpg


R5 Class (ATHGX)			October 31, 2024


What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R5 Class	$96	0.80%


What were the key factors that affected the fund’s performance?
Heritage Fund R5 Class returned 40.73% for the reporting period ended October 31, 2024.
The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell Midcap Growth Index.
•			Holdings in the health care sector contributed the most to performance. Three of the top 10 contributors to relative results were in the biotechnology industry. Positioning in the health care providers and services and life sciences tools and services industries was another source of strength.
•			Stock choices among industrials and communication services stocks contributed to performance. In the industrials sector, electrical equipment and ground transportation were key contributors. Entertainment and media stocks drove outperformance in the communication services sector.
•			The main source of weakness was positioning in the financials sector, led by an underweight to financial services stocks. Holdings in the capital markets and banking industries were other notable detractors.
•			It also hurt relative performance to be underrepresented in the real estate sector, which performed well as interest rates declined and the economy avoided recession. Stock choices in the household products and personal care products industries meant the consumer staples sector detracted.


Cumulative Performance (based on an initial $10,000 investment)
April 10, 2017 through October 31, 2024


Average Annual Total Returns
	1 Year	5 Year	Since Inception	Inception Date
R5 Class	40.73%	11.59%	12.30%	4/10/17

Regulatory Index
Russell 3000	37.86%	14.60%	13.69%	—

Performance Index
Russell Midcap Growth	38.67%	11.46%	12.70%	—

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



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


Fund Statistics
Net Assets	$5,878,887,575
Management Fees (dollars paid during the reporting period)	$44,791,253
Portfolio Turnover Rate	66	%
Total Number of Portfolio Holdings	87


Fund Holdings


Types of Investments in Portfolio (as a % of net assets)		Top Five Industries (as a % of net assets)
Common Stocks	99.7%		Software	15%
Short-Term Investments	0.4%		Capital Markets	9%
Other Assets and Liabilities	(0.1)%		Hotels, Restaurants and Leisure	6%
			Biotechnology	4%
			Health Care Equipment and Supplies	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.



©2024 American Century Proprietary Holdings, Inc. All rights reserved.

A-2508H360

ANNUAL SHAREHOLDER REPORT

Heritage Fund ACI logo.jpg


R6 Class (ATHDX)			October 31, 2024


What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R6 Class	$78	0.65%


What were the key factors that affected the fund’s performance?
Heritage Fund R6 Class returned 41.01% for the reporting period ended October 31, 2024.
The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell Midcap Growth Index.
•			Holdings in the health care sector contributed the most to performance. Three of the top 10 contributors to relative results were in the biotechnology industry. Positioning in the health care providers and services and life sciences tools and services industries was another source of strength.
•			Stock choices among industrials and communication services stocks contributed to performance. In the industrials sector, electrical equipment and ground transportation were key contributors. Entertainment and media stocks drove outperformance in the communication services sector.
•			The main source of weakness was positioning in the financials sector, led by an underweight to financial services stocks. Holdings in the capital markets and banking industries were other notable detractors.
•			It also hurt relative performance to be underrepresented in the real estate sector, which performed well as interest rates declined and the economy avoided recession. Stock choices in the household products and personal care products industries meant the consumer staples sector detracted.


Cumulative Performance (based on an initial $10,000 investment)
October 31, 2014 through October 31, 2024


Average Annual Total Returns
	1 Year	5 Year	10 Year
R6 Class	41.01%	11.76%	10.92%

Regulatory Index
Russell 3000	37.86%	14.60%	12.44%

Performance Index
Russell Midcap Growth	38.67%	11.46%	11.19%

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



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


Fund Statistics
Net Assets	$5,878,887,575
Management Fees (dollars paid during the reporting period)	$44,791,253
Portfolio Turnover Rate	66	%
Total Number of Portfolio Holdings	87


Fund Holdings


Types of Investments in Portfolio (as a % of net assets)		Top Five Industries (as a % of net assets)
Common Stocks	99.7%		Software	15%
Short-Term Investments	0.4%		Capital Markets	9%
Other Assets and Liabilities	(0.1)%		Hotels, Restaurants and Leisure	6%
			Biotechnology	4%
			Health Care Equipment and Supplies	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.



©2024 American Century Proprietary Holdings, Inc. All rights reserved.

A-2508H493

ANNUAL SHAREHOLDER REPORT

Heritage Fund ACI logo.jpg


G Class (ACILX)			October 31, 2024


What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
G Class	$0	0.00%


What were the key factors that affected the fund’s performance?
Heritage Fund G Class returned 41.87% for the reporting period ended October 31, 2024.
The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell Midcap Growth Index.
•			Holdings in the health care sector contributed the most to performance. Three of the top 10 contributors to relative results were in the biotechnology industry. Positioning in the health care providers and services and life sciences tools and services industries was another source of strength.
•			Stock choices among industrials and communication services stocks contributed to performance. In the industrials sector, electrical equipment and ground transportation were key contributors. Entertainment and media stocks drove outperformance in the communication services sector.
•			The main source of weakness was positioning in the financials sector, led by an underweight to financial services stocks. Holdings in the capital markets and banking industries were other notable detractors.
•			It also hurt relative performance to be underrepresented in the real estate sector, which performed well as interest rates declined and the economy avoided recession. Stock choices in the household products and personal care products industries meant the consumer staples sector detracted.


Cumulative Performance (based on an initial $10,000 investment)
March 1, 2022 through October 31, 2024


Average Annual Total Returns
	1 Year	Since Inception	Inception Date
G Class	41.87%	8.85%	3/1/22

Regulatory Index
Russell 3000	37.86%	11.87%	—

Performance Index
Russell Midcap Growth	38.67%	8.69%	—

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



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


Fund Statistics
Net Assets	$5,878,887,575
Management Fees (dollars paid during the reporting period)	$44,791,253
Portfolio Turnover Rate	66	%
Total Number of Portfolio Holdings	87


Fund Holdings


Types of Investments in Portfolio (as a % of net assets)		Top Five Industries (as a % of net assets)
Common Stocks	99.7%		Software	15%
Short-Term Investments	0.4%		Capital Markets	9%
Other Assets and Liabilities	(0.1)%		Hotels, Restaurants and Leisure	6%
			Biotechnology	4%
			Health Care Equipment and Supplies	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.



©2024 American Century Proprietary Holdings, Inc. All rights reserved.

A-2508H196

ANNUAL SHAREHOLDER REPORT

Select Fund ACI logo.jpg


Investor Class (TWCIX)			October 31, 2024

This annual shareholder report contains important information about Select Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021. This report describes changes to the fund that occurred during the reporting period.


What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor Class	$109	0.92%


What were the key factors that affected the fund’s performance?
Select Fund Investor Class returned 36.74% for the reporting period ended October 31, 2024.
The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell 1000 Growth Index.
•			Holdings in the health care sector detracted most from performance. Biotechnology company Biogen and health care provider and services giant UnitedHealth Group were the top detractors in health care.
•			In information technology, software and semiconductors and semiconductor equipment companies hurt relative performance. Several of the leading detractors are explained by their exposure to artificial intelligence (AI). The top relative detractor was AI chipmaker Broadcom, to which we had no exposure. Semiconductor firm Advanced Micro Devices underperformed because of disappointing AI chip sales.
•			Stock selection in the communication services sector contributed most to performance compared with the benchmark. An overweight to interactive media and services giant Meta Platforms, parent of Facebook, was a leading contributor to relative results. Here, too, the company's results benefited from AI-enhanced advertising placement and content creation.
•			The number one overall contributor to relative performance was an underweight position in software giant Microsoft, which lagged the market because of worries about how effectively it was monetizing its AI investments. Another top 10 contributor was a position in AI chip giant NVIDIA.


Cumulative Performance (based on an initial $10,000 investment)
October 31, 2014 through October 31, 2024


Average Annual Total Returns
	1 Year	5 Year	10 Year
Investor Class	36.74%	16.48%	14.53%

Regulatory Index
Russell 1000	38.07%	15.00%	12.75%

Performance Index
Russell 1000 Growth	43.77%	19.00%	16.18%

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



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


Fund Statistics
Net Assets	$5,659,757,793
Management Fees (dollars paid during the reporting period)	$45,516,702
Portfolio Turnover Rate	18	%
Total Number of Portfolio Holdings	58


Fund Holdings


Types of Investments in Portfolio (as a % of net assets)		Top Five Industries (as a % of net assets)
Common Stocks	99.8%		Semiconductors and Semiconductor Equipment	18%
Short-Term Investments	0.4%		Software	17%
Other Assets and Liabilities	(0.2)%		Interactive Media and Services	16%
			Technology Hardware, Storage and Peripherals	13%
			Broadline Retail	7%


Fund Changes


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


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



©2024 American Century Proprietary Holdings, Inc. All rights reserved.

A-25083502

ANNUAL SHAREHOLDER REPORT

Select Fund ACI logo.jpg


I Class (TWSIX)			October 31, 2024


What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
I Class	$85	0.72%


What were the key factors that affected the fund’s performance?
Select Fund I Class returned 37.03% for the reporting period ended October 31, 2024.
The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell 1000 Growth Index.
•			Holdings in the health care sector detracted most from performance. Biotechnology company Biogen and health care provider and services giant UnitedHealth Group were the top detractors in health care.
•			In information technology, software and semiconductors and semiconductor equipment companies hurt relative performance. Several of the leading detractors are explained by their exposure to artificial intelligence (AI). The top relative detractor was AI chipmaker Broadcom, to which we had no exposure. Semiconductor firm Advanced Micro Devices underperformed because of disappointing AI chip sales.
•			Stock selection in the communication services sector contributed most to performance compared with the benchmark. An overweight to interactive media and services giant Meta Platforms, parent of Facebook, was a leading contributor to relative results. Here, too, the company's results benefited from AI-enhanced advertising placement and content creation.
•			The number one overall contributor to relative performance was an underweight position in software giant Microsoft, which lagged the market because of worries about how effectively it was monetizing its AI investments. Another top 10 contributor was a position in AI chip giant NVIDIA.


Cumulative Performance (based on an initial $10,000 investment)
October 31, 2014 through October 31, 2024


Average Annual Total Returns
	1 Year	5 Year	10 Year
I Class	37.03%	16.72%	14.76%

Regulatory Index
Russell 1000	38.07%	15.00%	12.75%

Performance Index
Russell 1000 Growth	43.77%	19.00%	16.18%

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



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


Fund Statistics
Net Assets	$5,659,757,793
Management Fees (dollars paid during the reporting period)	$45,516,702
Portfolio Turnover Rate	18	%
Total Number of Portfolio Holdings	58


Fund Holdings


Types of Investments in Portfolio (as a % of net assets)		Top Five Industries (as a % of net assets)
Common Stocks	99.8%		Semiconductors and Semiconductor Equipment	18%
Short-Term Investments	0.4%		Software	17%
Other Assets and Liabilities	(0.2)%		Interactive Media and Services	16%
			Technology Hardware, Storage and Peripherals	13%
			Broadline Retail	7%


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



©2024 American Century Proprietary Holdings, Inc. All rights reserved.

A-25083601

ANNUAL SHAREHOLDER REPORT

Select Fund ACI logo.jpg


Y Class (ASLWX)			October 31, 2024


What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Y Class	$68	0.57%


What were the key factors that affected the fund’s performance?
Select Fund Y Class returned 37.23% for the reporting period ended October 31, 2024.
The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell 1000 Growth Index.
•			Holdings in the health care sector detracted most from performance. Biotechnology company Biogen and health care provider and services giant UnitedHealth Group were the top detractors in health care.
•			In information technology, software and semiconductors and semiconductor equipment companies hurt relative performance. Several of the leading detractors are explained by their exposure to artificial intelligence (AI). The top relative detractor was AI chipmaker Broadcom, to which we had no exposure. Semiconductor firm Advanced Micro Devices underperformed because of disappointing AI chip sales.
•			Stock selection in the communication services sector contributed most to performance compared with the benchmark. An overweight to interactive media and services giant Meta Platforms, parent of Facebook, was a leading contributor to relative results. Here, too, the company's results benefited from AI-enhanced advertising placement and content creation.
•			The number one overall contributor to relative performance was an underweight position in software giant Microsoft, which lagged the market because of worries about how effectively it was monetizing its AI investments. Another top 10 contributor was a position in AI chip giant NVIDIA.


Cumulative Performance (based on an initial $10,000 investment)
April 10, 2017 through October 31, 2024


Average Annual Total Returns
	1 Year	5 Year	Since Inception	Inception Date
Y Class	37.23%	16.89%	16.54%	4/10/17

Regulatory Index
Russell 1000	38.07%	15.00%	14.09%	—

Performance Index
Russell 1000 Growth	43.77%	19.00%	18.32%	—

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



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


Fund Statistics
Net Assets	$5,659,757,793
Management Fees (dollars paid during the reporting period)	$45,516,702
Portfolio Turnover Rate	18	%
Total Number of Portfolio Holdings	58


Fund Holdings


Types of Investments in Portfolio (as a % of net assets)		Top Five Industries (as a % of net assets)
Common Stocks	99.8%		Semiconductors and Semiconductor Equipment	18%
Short-Term Investments	0.4%		Software	17%
Other Assets and Liabilities	(0.2)%		Interactive Media and Services	16%
			Technology Hardware, Storage and Peripherals	13%
			Broadline Retail	7%


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



©2024 American Century Proprietary Holdings, Inc. All rights reserved.

A-2508H337

ANNUAL SHAREHOLDER REPORT

Select Fund ACI logo.jpg


A Class (TWCAX)			October 31, 2024


What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
A Class	$138	1.17%


What were the key factors that affected the fund’s performance?
Select Fund A Class returned 36.42% for the reporting period ended October 31, 2024.
The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell 1000 Growth Index.
•			Holdings in the health care sector detracted most from performance. Biotechnology company Biogen and health care provider and services giant UnitedHealth Group were the top detractors in health care.
•			In information technology, software and semiconductors and semiconductor equipment companies hurt relative performance. Several of the leading detractors are explained by their exposure to artificial intelligence (AI). The top relative detractor was AI chipmaker Broadcom, to which we had no exposure. Semiconductor firm Advanced Micro Devices underperformed because of disappointing AI chip sales.
•			Stock selection in the communication services sector contributed most to performance compared with the benchmark. An overweight to interactive media and services giant Meta Platforms, parent of Facebook, was a leading contributor to relative results. Here, too, the company's results benefited from AI-enhanced advertising placement and content creation.
•			The number one overall contributor to relative performance was an underweight position in software giant Microsoft, which lagged the market because of worries about how effectively it was monetizing its AI investments. Another top 10 contributor was a position in AI chip giant NVIDIA.


Cumulative Performance (based on an initial $10,000 investment)
October 31, 2014 through October 31, 2024
The initial investment is adjusted to reflect the maximum initial sales charge.


Average Annual Total Returns
	1 Year	5 Year	10 Year
A Class	36.42%	16.19%	14.25%
A Class - with sales charge	28.57%	14.82%	13.57%
Regulatory Index
Russell 1000	38.07%	15.00%	12.75%

Performance Index
Russell 1000 Growth	43.77%	19.00%	16.18%

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

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



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


Fund Statistics
Net Assets	$5,659,757,793
Management Fees (dollars paid during the reporting period)	$45,516,702
Portfolio Turnover Rate	18	%
Total Number of Portfolio Holdings	58


Fund Holdings


Types of Investments in Portfolio (as a % of net assets)		Top Five Industries (as a % of net assets)
Common Stocks	99.8%		Semiconductors and Semiconductor Equipment	18%
Short-Term Investments	0.4%		Software	17%
Other Assets and Liabilities	(0.2)%		Interactive Media and Services	16%
			Technology Hardware, Storage and Peripherals	13%
			Broadline Retail	7%


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



©2024 American Century Proprietary Holdings, Inc. All rights reserved.

A-25083809

ANNUAL SHAREHOLDER REPORT

Select Fund ACI logo.jpg


C Class (ACSLX)			October 31, 2024


What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
C Class	$226	1.92%


What were the key factors that affected the fund’s performance?
Select Fund C Class returned 35.41% for the reporting period ended October 31, 2024.
The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell 1000 Growth Index.
•			Holdings in the health care sector detracted most from performance. Biotechnology company Biogen and health care provider and services giant UnitedHealth Group were the top detractors in health care.
•			In information technology, software and semiconductors and semiconductor equipment companies hurt relative performance. Several of the leading detractors are explained by their exposure to artificial intelligence (AI). The top relative detractor was AI chipmaker Broadcom, to which we had no exposure. Semiconductor firm Advanced Micro Devices underperformed because of disappointing AI chip sales.
•			Stock selection in the communication services sector contributed most to performance compared with the benchmark. An overweight to interactive media and services giant Meta Platforms, parent of Facebook, was a leading contributor to relative results. Here, too, the company's results benefited from AI-enhanced advertising placement and content creation.
•			The number one overall contributor to relative performance was an underweight position in software giant Microsoft, which lagged the market because of worries about how effectively it was monetizing its AI investments. Another top 10 contributor was a position in AI chip giant NVIDIA.


Cumulative Performance (based on an initial $10,000 investment)
October 31, 2014 through October 31, 2024


Average Annual Total Returns
	1 Year	5 Year	10 Year
C Class	35.41%	15.33%	13.39%

Regulatory Index
Russell 1000	38.07%	15.00%	12.75%

Performance Index
Russell 1000 Growth	43.77%	19.00%	16.18%

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

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



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


Fund Statistics
Net Assets	$5,659,757,793
Management Fees (dollars paid during the reporting period)	$45,516,702
Portfolio Turnover Rate	18	%
Total Number of Portfolio Holdings	58


Fund Holdings


Types of Investments in Portfolio (as a % of net assets)		Top Five Industries (as a % of net assets)
Common Stocks	99.8%		Semiconductors and Semiconductor Equipment	18%
Short-Term Investments	0.4%		Software	17%
Other Assets and Liabilities	(0.2)%		Interactive Media and Services	16%
			Technology Hardware, Storage and Peripherals	13%
			Broadline Retail	7%


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



©2024 American Century Proprietary Holdings, Inc. All rights reserved.

A-25083239

ANNUAL SHAREHOLDER REPORT

Select Fund ACI logo.jpg


R Class (ASERX)			October 31, 2024


What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R Class	$168	1.42%


What were the key factors that affected the fund’s performance?
Select Fund R Class returned 36.06% for the reporting period ended October 31, 2024.
The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell 1000 Growth Index.
•			Holdings in the health care sector detracted most from performance. Biotechnology company Biogen and health care provider and services giant UnitedHealth Group were the top detractors in health care.
•			In information technology, software and semiconductors and semiconductor equipment companies hurt relative performance. Several of the leading detractors are explained by their exposure to artificial intelligence (AI). The top relative detractor was AI chipmaker Broadcom, to which we had no exposure. Semiconductor firm Advanced Micro Devices underperformed because of disappointing AI chip sales.
•			Stock selection in the communication services sector contributed most to performance compared with the benchmark. An overweight to interactive media and services giant Meta Platforms, parent of Facebook, was a leading contributor to relative results. Here, too, the company's results benefited from AI-enhanced advertising placement and content creation.
•			The number one overall contributor to relative performance was an underweight position in software giant Microsoft, which lagged the market because of worries about how effectively it was monetizing its AI investments. Another top 10 contributor was a position in AI chip giant NVIDIA.


Cumulative Performance (based on an initial $10,000 investment)
October 31, 2014 through October 31, 2024


Average Annual Total Returns
	1 Year	5 Year	10 Year
R Class	36.06%	15.90%	13.96%

Regulatory Index
Russell 1000	38.07%	15.00%	12.75%

Performance Index
Russell 1000 Growth	43.77%	19.00%	16.18%

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



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


Fund Statistics
Net Assets	$5,659,757,793
Management Fees (dollars paid during the reporting period)	$45,516,702
Portfolio Turnover Rate	18	%
Total Number of Portfolio Holdings	58


Fund Holdings


Types of Investments in Portfolio (as a % of net assets)		Top Five Industries (as a % of net assets)
Common Stocks	99.8%		Semiconductors and Semiconductor Equipment	18%
Short-Term Investments	0.4%		Software	17%
Other Assets and Liabilities	(0.2)%		Interactive Media and Services	16%
			Technology Hardware, Storage and Peripherals	13%
			Broadline Retail	7%


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



©2024 American Century Proprietary Holdings, Inc. All rights reserved.

A-2508H501

ANNUAL SHAREHOLDER REPORT

Select Fund ACI logo.jpg


R5 Class (ASLGX)			October 31, 2024


What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R5 Class	$85	0.72%


What were the key factors that affected the fund’s performance?
Select Fund R5 Class returned 37.03% for the reporting period ended October 31, 2024.
The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell 1000 Growth Index.
•			Holdings in the health care sector detracted most from performance. Biotechnology company Biogen and health care provider and services giant UnitedHealth Group were the top detractors in health care.
•			In information technology, software and semiconductors and semiconductor equipment companies hurt relative performance. Several of the leading detractors are explained by their exposure to artificial intelligence (AI). The top relative detractor was AI chipmaker Broadcom, to which we had no exposure. Semiconductor firm Advanced Micro Devices underperformed because of disappointing AI chip sales.
•			Stock selection in the communication services sector contributed most to performance compared with the benchmark. An overweight to interactive media and services giant Meta Platforms, parent of Facebook, was a leading contributor to relative results. Here, too, the company's results benefited from AI-enhanced advertising placement and content creation.
•			The number one overall contributor to relative performance was an underweight position in software giant Microsoft, which lagged the market because of worries about how effectively it was monetizing its AI investments. Another top 10 contributor was a position in AI chip giant NVIDIA.


Cumulative Performance (based on an initial $10,000 investment)
April 10, 2017 through October 31, 2024


Average Annual Total Returns
	1 Year	5 Year	Since Inception	Inception Date
R5 Class	37.03%	16.72%	16.36%	4/10/17

Regulatory Index
Russell 1000	38.07%	15.00%	14.09%	—

Performance Index
Russell 1000 Growth	43.77%	19.00%	18.32%	—

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



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


Fund Statistics
Net Assets	$5,659,757,793
Management Fees (dollars paid during the reporting period)	$45,516,702
Portfolio Turnover Rate	18	%
Total Number of Portfolio Holdings	58


Fund Holdings


Types of Investments in Portfolio (as a % of net assets)		Top Five Industries (as a % of net assets)
Common Stocks	99.8%		Semiconductors and Semiconductor Equipment	18%
Short-Term Investments	0.4%		Software	17%
Other Assets and Liabilities	(0.2)%		Interactive Media and Services	16%
			Technology Hardware, Storage and Peripherals	13%
			Broadline Retail	7%


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



©2024 American Century Proprietary Holdings, Inc. All rights reserved.

A-2508H345

ANNUAL SHAREHOLDER REPORT

Select Fund ACI logo.jpg


R6 Class (ASDEX)			October 31, 2024


What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R6 Class	$68	0.57%


What were the key factors that affected the fund’s performance?
Select Fund R6 Class returned 37.24% for the reporting period ended October 31, 2024.
The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell 1000 Growth Index.
•			Holdings in the health care sector detracted most from performance. Biotechnology company Biogen and health care provider and services giant UnitedHealth Group were the top detractors in health care.
•			In information technology, software and semiconductors and semiconductor equipment companies hurt relative performance. Several of the leading detractors are explained by their exposure to artificial intelligence (AI). The top relative detractor was AI chipmaker Broadcom, to which we had no exposure. Semiconductor firm Advanced Micro Devices underperformed because of disappointing AI chip sales.
•			Stock selection in the communication services sector contributed most to performance compared with the benchmark. An overweight to interactive media and services giant Meta Platforms, parent of Facebook, was a leading contributor to relative results. Here, too, the company's results benefited from AI-enhanced advertising placement and content creation.
•			The number one overall contributor to relative performance was an underweight position in software giant Microsoft, which lagged the market because of worries about how effectively it was monetizing its AI investments. Another top 10 contributor was a position in AI chip giant NVIDIA.


Cumulative Performance (based on an initial $10,000 investment)
October 31, 2014 through October 31, 2024


Average Annual Total Returns
	1 Year	5 Year	10 Year
R6 Class	37.24%	16.89%	14.93%

Regulatory Index
Russell 1000	38.07%	15.00%	12.75%

Performance Index
Russell 1000 Growth	43.77%	19.00%	16.18%

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



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


Fund Statistics
Net Assets	$5,659,757,793
Management Fees (dollars paid during the reporting period)	$45,516,702
Portfolio Turnover Rate	18	%
Total Number of Portfolio Holdings	58


Fund Holdings


Types of Investments in Portfolio (as a % of net assets)		Top Five Industries (as a % of net assets)
Common Stocks	99.8%		Semiconductors and Semiconductor Equipment	18%
Short-Term Investments	0.4%		Software	17%
Other Assets and Liabilities	(0.2)%		Interactive Media and Services	16%
			Technology Hardware, Storage and Peripherals	13%
			Broadline Retail	7%


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



©2024 American Century Proprietary Holdings, Inc. All rights reserved.

A-2508H451

ANNUAL SHAREHOLDER REPORT

Select Fund ACI logo.jpg


G Class (ASLDX)			October 31, 2024

This annual shareholder report contains important information about Select Fund for the period of November 2, 2023 to October 31, 2024. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.


What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment*	Costs paid as a percentage of a $10,000 investment
G Class	$0	0.00%
*The costs of an investment would have been greater had the class been available for a full year.


What were the key factors that affected the fund’s performance?
Select Fund G Class returned 33.80% for the reporting period ended October 31, 2024.
The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell 1000 Growth Index.
•			Holdings in the health care sector detracted most from performance. Biotechnology company Biogen and health care provider and services giant UnitedHealth Group were the top detractors in health care.
•			In information technology, software and semiconductors and semiconductor equipment companies hurt relative performance. Several of the leading detractors are explained by their exposure to artificial intelligence (AI). The top relative detractor was AI chipmaker Broadcom, to which we had no exposure. Semiconductor firm Advanced Micro Devices underperformed because of disappointing AI chip sales.
•			Stock selection in the communication services sector contributed most to performance compared with the benchmark. An overweight to interactive media and services giant Meta Platforms, parent of Facebook, was a leading contributor to relative results. Here, too, the company's results benefited from AI-enhanced advertising placement and content creation.
•			The number one overall contributor to relative performance was an underweight position in software giant Microsoft, which lagged the market because of worries about how effectively it was monetizing its AI investments. Another top 10 contributor was a position in AI chip giant NVIDIA.


Cumulative Performance (based on an initial $10,000 investment)
November 2, 2023 through October 31, 2024

Average Annual Total Returns

Since Inception

Inception Date

G Class

33.80%

11/2/23

Regulatory Index

Russell 1000

34.12%

—

Performance Index

Russell 1000 Growth

39.10%

—

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



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


Fund Statistics
Net Assets	$5,659,757,793
Management Fees (dollars paid during the reporting period)	$45,516,702
Portfolio Turnover Rate	18	%
Total Number of Portfolio Holdings	58


Fund Holdings


Types of Investments in Portfolio (as a % of net assets)		Top Five Industries (as a % of net assets)
Common Stocks	99.8%		Semiconductors and Semiconductor Equipment	18%
Short-Term Investments	0.4%		Software	17%
Other Assets and Liabilities	(0.2)%		Interactive Media and Services	16%
			Technology Hardware, Storage and Peripherals	13%
			Broadline Retail	7%


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



©2024 American Century Proprietary Holdings, Inc. All rights reserved.

A-2508H188

ANNUAL SHAREHOLDER REPORT

Small Cap Growth Fund ACI logo.jpg


Investor Class (ANOIX)			October 31, 2024

This annual shareholder report contains important information about Small Cap Growth Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021. This report describes changes to the fund that occurred during the reporting period.


What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor Class	$134	1.14%


What were the key factors that affected the fund’s performance?
Small Cap Growth Fund Investor Class returned 34.79% for the reporting period ended October 31, 2024.
The fund seeks long-term capital growth. The commentary below refers to the fund’s performance compared to the Russell 2000 Growth Index.
•			Small-cap stocks posted double-digit gains but underperformed large caps amid rising economic uncertainty. Recession worries were a headwind for small-cap stocks, and many investors opted for the more durable earnings growth potential of the largest, growth-oriented businesses, particularly those associated with artificial intelligence.
•			The fund’s health care sector holdings contributed the most to relative results. Key holdings included biotechnology companies Natera and ADMA Biologics. Edgewise Therapeutics, a maker of muscle-focused medicines, also contributed. Notable names from other sectors included Guidewire Software and Carpenter Technology.
•			During a period in which investors worried about whether U.S. consumers could continue to prop up the economy, the fund’s positioning in companies dependent on consumer spending hurt relative results. Detractors included European Wax Center and wireless audio technology company Sonos. Not owning Sprouts Farmers Market also weighed on relative returns.
•			Super Micro Computer did not meet the fund management team’s investment criteria, but not owning the stock hurt relative returns during the period. The stock was in decline and at risk of delisting when the fiscal year closed and Super Micro’s management team came under fire for purported financial irregularities.


Cumulative Performance (based on an initial $10,000 investment)
October 31, 2014 through October 31, 2024


Average Annual Total Returns
	1 Year	5 Year	10 Year
Investor Class	34.79%	11.29%	10.97%

Regulatory Index
Russell 3000	37.86%	14.60%	12.44%

Performance Index
Russell 2000 Growth	36.49%	7.92%	8.15%

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



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


Fund Statistics
Net Assets	$4,050,805,886
Management Fees (dollars paid during the reporting period)	$29,646,153
Portfolio Turnover Rate	83	%
Total Number of Portfolio Holdings	138


Fund Holdings


Types of Investments in Portfolio (as a % of net assets)		Top Five Industries (as a % of net assets)
Common Stocks	97.3%		Biotechnology	12%
Short-Term Investments	2.5%		Software	9%
Other Assets and Liabilities	0.2%		Building Products	5%
			Health Care Providers and Services	5%
			Semiconductors and Semiconductor Equipment	5%


Fund Changes


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


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



©2024 American Century Proprietary Holdings, Inc. All rights reserved.

A-25083338

ANNUAL SHAREHOLDER REPORT

Small Cap Growth Fund ACI logo.jpg


I Class (ANONX)			October 31, 2024


What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
I Class	$110	0.94%


What were the key factors that affected the fund’s performance?
Small Cap Growth Fund I Class returned 35.07% for the reporting period ended October 31, 2024.
The fund seeks long-term capital growth. The commentary below refers to the fund’s performance compared to the Russell 2000 Growth Index.
•			Small-cap stocks posted double-digit gains but underperformed large caps amid rising economic uncertainty. Recession worries were a headwind for small-cap stocks, and many investors opted for the more durable earnings growth potential of the largest, growth-oriented businesses, particularly those associated with artificial intelligence.
•			The fund’s health care sector holdings contributed the most to relative results. Key holdings included biotechnology companies Natera and ADMA Biologics. Edgewise Therapeutics, a maker of muscle-focused medicines, also contributed. Notable names from other sectors included Guidewire Software and Carpenter Technology.
•			During a period in which investors worried about whether U.S. consumers could continue to prop up the economy, the fund’s positioning in companies dependent on consumer spending hurt relative results. Detractors included European Wax Center and wireless audio technology company Sonos. Not owning Sprouts Farmers Market also weighed on relative returns.
•			Super Micro Computer did not meet the fund management team’s investment criteria, but not owning the stock hurt relative returns during the period. The stock was in decline and at risk of delisting when the fiscal year closed and Super Micro’s management team came under fire for purported financial irregularities.


Cumulative Performance (based on an initial $10,000 investment)
October 31, 2014 through October 31, 2024


Average Annual Total Returns
	1 Year	5 Year	10 Year
I Class	35.07%	11.52%	11.18%

Regulatory Index
Russell 3000	37.86%	14.60%	12.44%

Performance Index
Russell 2000 Growth	36.49%	7.92%	8.15%

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



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


Fund Statistics
Net Assets	$4,050,805,886
Management Fees (dollars paid during the reporting period)	$29,646,153
Portfolio Turnover Rate	83	%
Total Number of Portfolio Holdings	138


Fund Holdings


Types of Investments in Portfolio (as a % of net assets)		Top Five Industries (as a % of net assets)
Common Stocks	97.3%		Biotechnology	12%
Short-Term Investments	2.5%		Software	9%
Other Assets and Liabilities	0.2%		Building Products	5%
			Health Care Providers and Services	5%
			Semiconductors and Semiconductor Equipment	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.



©2024 American Century Proprietary Holdings, Inc. All rights reserved.

A-25083320

ANNUAL SHAREHOLDER REPORT

Small Cap Growth Fund ACI logo.jpg


Y Class (ANOYX)			October 31, 2024


What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Y Class	$93	0.79%


What were the key factors that affected the fund’s performance?
Small Cap Growth Fund Y Class returned 35.25% for the reporting period ended October 31, 2024.
The fund seeks long-term capital growth. The commentary below refers to the fund’s performance compared to the Russell 2000 Growth Index.
•			Small-cap stocks posted double-digit gains but underperformed large caps amid rising economic uncertainty. Recession worries were a headwind for small-cap stocks, and many investors opted for the more durable earnings growth potential of the largest, growth-oriented businesses, particularly those associated with artificial intelligence.
•			The fund’s health care sector holdings contributed the most to relative results. Key holdings included biotechnology companies Natera and ADMA Biologics. Edgewise Therapeutics, a maker of muscle-focused medicines, also contributed. Notable names from other sectors included Guidewire Software and Carpenter Technology.
•			During a period in which investors worried about whether U.S. consumers could continue to prop up the economy, the fund’s positioning in companies dependent on consumer spending hurt relative results. Detractors included European Wax Center and wireless audio technology company Sonos. Not owning Sprouts Farmers Market also weighed on relative returns.
•			Super Micro Computer did not meet the fund management team’s investment criteria, but not owning the stock hurt relative returns during the period. The stock was in decline and at risk of delisting when the fiscal year closed and Super Micro’s management team came under fire for purported financial irregularities.


Cumulative Performance (based on an initial $10,000 investment)
April 10, 2017 through October 31, 2024


Average Annual Total Returns
	1 Year	5 Year	Since Inception	Inception Date
Y Class	35.25%	11.69%	12.82%	4/10/17

Regulatory Index
Russell 3000	37.86%	14.60%	13.69%	—

Performance Index
Russell 2000 Growth	36.49%	7.92%	8.50%	—

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



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


Fund Statistics
Net Assets	$4,050,805,886
Management Fees (dollars paid during the reporting period)	$29,646,153
Portfolio Turnover Rate	83	%
Total Number of Portfolio Holdings	138


Fund Holdings


Types of Investments in Portfolio (as a % of net assets)		Top Five Industries (as a % of net assets)
Common Stocks	97.3%		Biotechnology	12%
Short-Term Investments	2.5%		Software	9%
Other Assets and Liabilities	0.2%		Building Products	5%
			Health Care Providers and Services	5%
			Semiconductors and Semiconductor Equipment	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.



©2024 American Century Proprietary Holdings, Inc. All rights reserved.

A-2508H311

ANNUAL SHAREHOLDER REPORT

Small Cap Growth Fund ACI logo.jpg


A Class (ANOAX)			October 31, 2024


What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
A Class	$163	1.39%


What were the key factors that affected the fund’s performance?
Small Cap Growth Fund A Class returned 34.46% for the reporting period ended October 31, 2024.
The fund seeks long-term capital growth. The commentary below refers to the fund’s performance compared to the Russell 2000 Growth Index.
•			Small-cap stocks posted double-digit gains but underperformed large caps amid rising economic uncertainty. Recession worries were a headwind for small-cap stocks, and many investors opted for the more durable earnings growth potential of the largest, growth-oriented businesses, particularly those associated with artificial intelligence.
•			The fund’s health care sector holdings contributed the most to relative results. Key holdings included biotechnology companies Natera and ADMA Biologics. Edgewise Therapeutics, a maker of muscle-focused medicines, also contributed. Notable names from other sectors included Guidewire Software and Carpenter Technology.
•			During a period in which investors worried about whether U.S. consumers could continue to prop up the economy, the fund’s positioning in companies dependent on consumer spending hurt relative results. Detractors included European Wax Center and wireless audio technology company Sonos. Not owning Sprouts Farmers Market also weighed on relative returns.
•			Super Micro Computer did not meet the fund management team’s investment criteria, but not owning the stock hurt relative returns during the period. The stock was in decline and at risk of delisting when the fiscal year closed and Super Micro’s management team came under fire for purported financial irregularities.


Cumulative Performance (based on an initial $10,000 investment)
October 31, 2014 through October 31, 2024
The initial investment is adjusted to reflect the maximum initial sales charge.


Average Annual Total Returns
	1 Year	5 Year	10 Year
A Class	34.46%	11.03%	10.70%
A Class - with sales charge	26.73%	9.72%	10.04%
Regulatory Index
Russell 3000	37.86%	14.60%	12.44%

Performance Index
Russell 2000 Growth	36.49%	7.92%	8.15%

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

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



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


Fund Statistics
Net Assets	$4,050,805,886
Management Fees (dollars paid during the reporting period)	$29,646,153
Portfolio Turnover Rate	83	%
Total Number of Portfolio Holdings	138


Fund Holdings


Types of Investments in Portfolio (as a % of net assets)		Top Five Industries (as a % of net assets)
Common Stocks	97.3%		Biotechnology	12%
Short-Term Investments	2.5%		Software	9%
Other Assets and Liabilities	0.2%		Building Products	5%
			Health Care Providers and Services	5%
			Semiconductors and Semiconductor Equipment	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.



©2024 American Century Proprietary Holdings, Inc. All rights reserved.

A-25083221

ANNUAL SHAREHOLDER REPORT

Small Cap Growth Fund ACI logo.jpg


C Class (ANOCX)			October 31, 2024


What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
C Class	$250	2.14%


What were the key factors that affected the fund’s performance?
Small Cap Growth Fund C Class returned 33.45% for the reporting period ended October 31, 2024.
The fund seeks long-term capital growth. The commentary below refers to the fund’s performance compared to the Russell 2000 Growth Index.
•			Small-cap stocks posted double-digit gains but underperformed large caps amid rising economic uncertainty. Recession worries were a headwind for small-cap stocks, and many investors opted for the more durable earnings growth potential of the largest, growth-oriented businesses, particularly those associated with artificial intelligence.
•			The fund’s health care sector holdings contributed the most to relative results. Key holdings included biotechnology companies Natera and ADMA Biologics. Edgewise Therapeutics, a maker of muscle-focused medicines, also contributed. Notable names from other sectors included Guidewire Software and Carpenter Technology.
•			During a period in which investors worried about whether U.S. consumers could continue to prop up the economy, the fund’s positioning in companies dependent on consumer spending hurt relative results. Detractors included European Wax Center and wireless audio technology company Sonos. Not owning Sprouts Farmers Market also weighed on relative returns.
•			Super Micro Computer did not meet the fund management team’s investment criteria, but not owning the stock hurt relative returns during the period. The stock was in decline and at risk of delisting when the fiscal year closed and Super Micro’s management team came under fire for purported financial irregularities.


Cumulative Performance (based on an initial $10,000 investment)
October 31, 2014 through October 31, 2024


Average Annual Total Returns
	1 Year	5 Year	10 Year
C Class	33.45%	10.19%	9.86%

Regulatory Index
Russell 3000	37.86%	14.60%	12.44%

Performance Index
Russell 2000 Growth	36.49%	7.92%	8.15%

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

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



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


Fund Statistics
Net Assets	$4,050,805,886
Management Fees (dollars paid during the reporting period)	$29,646,153
Portfolio Turnover Rate	83	%
Total Number of Portfolio Holdings	138


Fund Holdings


Types of Investments in Portfolio (as a % of net assets)		Top Five Industries (as a % of net assets)
Common Stocks	97.3%		Biotechnology	12%
Short-Term Investments	2.5%		Software	9%
Other Assets and Liabilities	0.2%		Building Products	5%
			Health Care Providers and Services	5%
			Semiconductors and Semiconductor Equipment	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.



©2024 American Century Proprietary Holdings, Inc. All rights reserved.

A-25083197

ANNUAL SHAREHOLDER REPORT

Small Cap Growth Fund ACI logo.jpg


R Class (ANORX)			October 31, 2024


What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R Class	$192	1.64%


What were the key factors that affected the fund’s performance?
Small Cap Growth Fund R Class returned 34.09% for the reporting period ended October 31, 2024.
The fund seeks long-term capital growth. The commentary below refers to the fund’s performance compared to the Russell 2000 Growth Index.
•			Small-cap stocks posted double-digit gains but underperformed large caps amid rising economic uncertainty. Recession worries were a headwind for small-cap stocks, and many investors opted for the more durable earnings growth potential of the largest, growth-oriented businesses, particularly those associated with artificial intelligence.
•			The fund’s health care sector holdings contributed the most to relative results. Key holdings included biotechnology companies Natera and ADMA Biologics. Edgewise Therapeutics, a maker of muscle-focused medicines, also contributed. Notable names from other sectors included Guidewire Software and Carpenter Technology.
•			During a period in which investors worried about whether U.S. consumers could continue to prop up the economy, the fund’s positioning in companies dependent on consumer spending hurt relative results. Detractors included European Wax Center and wireless audio technology company Sonos. Not owning Sprouts Farmers Market also weighed on relative returns.
•			Super Micro Computer did not meet the fund management team’s investment criteria, but not owning the stock hurt relative returns during the period. The stock was in decline and at risk of delisting when the fiscal year closed and Super Micro’s management team came under fire for purported financial irregularities.


Cumulative Performance (based on an initial $10,000 investment)
October 31, 2014 through October 31, 2024


Average Annual Total Returns
	1 Year	5 Year	10 Year
R Class	34.09%	10.74%	10.41%

Regulatory Index
Russell 3000	37.86%	14.60%	12.44%

Performance Index
Russell 2000 Growth	36.49%	7.92%	8.15%

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



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


Fund Statistics
Net Assets	$4,050,805,886
Management Fees (dollars paid during the reporting period)	$29,646,153
Portfolio Turnover Rate	83	%
Total Number of Portfolio Holdings	138


Fund Holdings


Types of Investments in Portfolio (as a % of net assets)		Top Five Industries (as a % of net assets)
Common Stocks	97.3%		Biotechnology	12%
Short-Term Investments	2.5%		Software	9%
Other Assets and Liabilities	0.2%		Building Products	5%
			Health Care Providers and Services	5%
			Semiconductors and Semiconductor Equipment	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.



©2024 American Century Proprietary Holdings, Inc. All rights reserved.

A-2508H725

ANNUAL SHAREHOLDER REPORT

Small Cap Growth Fund ACI logo.jpg


R5 Class (ANOGX)			October 31, 2024


What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R5 Class	$111	0.94%


What were the key factors that affected the fund’s performance?
Small Cap Growth Fund R5 Class returned 35.11% for the reporting period ended October 31, 2024.
The fund seeks long-term capital growth. The commentary below refers to the fund’s performance compared to the Russell 2000 Growth Index.
•			Small-cap stocks posted double-digit gains but underperformed large caps amid rising economic uncertainty. Recession worries were a headwind for small-cap stocks, and many investors opted for the more durable earnings growth potential of the largest, growth-oriented businesses, particularly those associated with artificial intelligence.
•			The fund’s health care sector holdings contributed the most to relative results. Key holdings included biotechnology companies Natera and ADMA Biologics. Edgewise Therapeutics, a maker of muscle-focused medicines, also contributed. Notable names from other sectors included Guidewire Software and Carpenter Technology.
•			During a period in which investors worried about whether U.S. consumers could continue to prop up the economy, the fund’s positioning in companies dependent on consumer spending hurt relative results. Detractors included European Wax Center and wireless audio technology company Sonos. Not owning Sprouts Farmers Market also weighed on relative returns.
•			Super Micro Computer did not meet the fund management team’s investment criteria, but not owning the stock hurt relative returns during the period. The stock was in decline and at risk of delisting when the fiscal year closed and Super Micro’s management team came under fire for purported financial irregularities.


Cumulative Performance (based on an initial $10,000 investment)
April 10, 2017 through October 31, 2024


Average Annual Total Returns
	1 Year	5 Year	Since Inception	Inception Date
R5 Class	35.11%	11.52%	12.65%	4/10/17

Regulatory Index
Russell 3000	37.86%	14.60%	13.69%	—

Performance Index
Russell 2000 Growth	36.49%	7.92%	8.50%	—

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



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


Fund Statistics
Net Assets	$4,050,805,886
Management Fees (dollars paid during the reporting period)	$29,646,153
Portfolio Turnover Rate	83	%
Total Number of Portfolio Holdings	138


Fund Holdings


Types of Investments in Portfolio (as a % of net assets)		Top Five Industries (as a % of net assets)
Common Stocks	97.3%		Biotechnology	12%
Short-Term Investments	2.5%		Software	9%
Other Assets and Liabilities	0.2%		Building Products	5%
			Health Care Providers and Services	5%
			Semiconductors and Semiconductor Equipment	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.



©2024 American Century Proprietary Holdings, Inc. All rights reserved.

A-2508H329

ANNUAL SHAREHOLDER REPORT

Small Cap Growth Fund ACI logo.jpg


R6 Class (ANODX)			October 31, 2024


What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R6 Class	$93	0.79%


What were the key factors that affected the fund’s performance?
Small Cap Growth Fund R6 Class returned 35.27% for the reporting period ended October 31, 2024.
The fund seeks long-term capital growth. The commentary below refers to the fund’s performance compared to the Russell 2000 Growth Index.
•			Small-cap stocks posted double-digit gains but underperformed large caps amid rising economic uncertainty. Recession worries were a headwind for small-cap stocks, and many investors opted for the more durable earnings growth potential of the largest, growth-oriented businesses, particularly those associated with artificial intelligence.
•			The fund’s health care sector holdings contributed the most to relative results. Key holdings included biotechnology companies Natera and ADMA Biologics. Edgewise Therapeutics, a maker of muscle-focused medicines, also contributed. Notable names from other sectors included Guidewire Software and Carpenter Technology.
•			During a period in which investors worried about whether U.S. consumers could continue to prop up the economy, the fund’s positioning in companies dependent on consumer spending hurt relative results. Detractors included European Wax Center and wireless audio technology company Sonos. Not owning Sprouts Farmers Market also weighed on relative returns.
•			Super Micro Computer did not meet the fund management team’s investment criteria, but not owning the stock hurt relative returns during the period. The stock was in decline and at risk of delisting when the fiscal year closed and Super Micro’s management team came under fire for purported financial irregularities.


Cumulative Performance (based on an initial $10,000 investment)
October 31, 2014 through October 31, 2024


Average Annual Total Returns
	1 Year	5 Year	10 Year
R6 Class	35.27%	11.68%	11.35%

Regulatory Index
Russell 3000	37.86%	14.60%	12.44%

Performance Index
Russell 2000 Growth	36.49%	7.92%	8.15%

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



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


Fund Statistics
Net Assets	$4,050,805,886
Management Fees (dollars paid during the reporting period)	$29,646,153
Portfolio Turnover Rate	83	%
Total Number of Portfolio Holdings	138


Fund Holdings


Types of Investments in Portfolio (as a % of net assets)		Top Five Industries (as a % of net assets)
Common Stocks	97.3%		Biotechnology	12%
Short-Term Investments	2.5%		Software	9%
Other Assets and Liabilities	0.2%		Building Products	5%
			Health Care Providers and Services	5%
			Semiconductors and Semiconductor Equipment	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.



©2024 American Century Proprietary Holdings, Inc. All rights reserved.

A-2508H485

ANNUAL SHAREHOLDER REPORT

Small Cap Growth Fund ACI logo.jpg


G Class (ANOHX)			October 31, 2024


What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
G Class	$0	0.00%


What were the key factors that affected the fund’s performance?
Small Cap Growth Fund G Class returned 36.37% for the reporting period ended October 31, 2024.
The fund seeks long-term capital growth. The commentary below refers to the fund’s performance compared to the Russell 2000 Growth Index.
•			Small-cap stocks posted double-digit gains but underperformed large caps amid rising economic uncertainty. Recession worries were a headwind for small-cap stocks, and many investors opted for the more durable earnings growth potential of the largest, growth-oriented businesses, particularly those associated with artificial intelligence.
•			The fund’s health care sector holdings contributed the most to relative results. Key holdings included biotechnology companies Natera and ADMA Biologics. Edgewise Therapeutics, a maker of muscle-focused medicines, also contributed. Notable names from other sectors included Guidewire Software and Carpenter Technology.
•			During a period in which investors worried about whether U.S. consumers could continue to prop up the economy, the fund’s positioning in companies dependent on consumer spending hurt relative results. Detractors included European Wax Center and wireless audio technology company Sonos. Not owning Sprouts Farmers Market also weighed on relative returns.
•			Super Micro Computer did not meet the fund management team’s investment criteria, but not owning the stock hurt relative returns during the period. The stock was in decline and at risk of delisting when the fiscal year closed and Super Micro’s management team came under fire for purported financial irregularities.


Cumulative Performance (based on an initial $10,000 investment)
April 1, 2019 through October 31, 2024


Average Annual Total Returns
	1 Year	5 Year	Since Inception	Inception Date
G Class	36.37%	12.60%	12.22%	4/1/19

Regulatory Index
Russell 3000	37.86%	14.60%	14.22%	—

Performance Index
Russell 2000 Growth	36.49%	7.92%	7.15%	—

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



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


Fund Statistics
Net Assets	$4,050,805,886
Management Fees (dollars paid during the reporting period)	$29,646,153
Portfolio Turnover Rate	83	%
Total Number of Portfolio Holdings	138


Fund Holdings


Types of Investments in Portfolio (as a % of net assets)		Top Five Industries (as a % of net assets)
Common Stocks	97.3%		Biotechnology	12%
Short-Term Investments	2.5%		Software	9%
Other Assets and Liabilities	0.2%		Building Products	5%
			Health Care Providers and Services	5%
			Semiconductors and Semiconductor Equipment	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.



©2024 American Century Proprietary Holdings, Inc. All rights reserved.

A-2508H253

ANNUAL SHAREHOLDER REPORT

Sustainable Equity Fund ACI logo.jpg


Investor Class (AFDIX)			October 31, 2024

This annual shareholder report contains important information about Sustainable Equity Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021. This report describes changes to the fund that occurred during the reporting period.


What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor Class	$92	0.79%


What were the key factors that affected the fund’s performance?
Sustainable Equity Fund Investor Class returned 32.47% for the reporting period ended October 31, 2024.
The fund seeks long-term capital growth. Income is a secondary objective. The commentary below refers to fund's performance compared to the S&P 500 Index.
•			Financials were the leading driver of returns, assisted by returns in capital markets. Morgan Stanley was the leading contributor in this sector. The investment bank benefited from an improving environment for mergers and acquisitions. Lower rates helped, too.
•			Other areas of strength were insurance and consumer finance. Progressive was a leading contributor in insurance as consumers moved to providers that offer lower rates. In consumer finance, American Express benefited from strong consumer spending.
•			Information technology detracted from performance. Software giant Microsoft, one of the poorer-performing members of the so-called Magnificent Seven, hurt relative results. It gained but trailed the broader market. Other detractors included electronic equipment, instruments and components; communications equipment; and semiconductors and semiconductor equipment.
•			Other notable detractors were energy and consumer discretionary stocks. The overall energy sector lagged as oil and U.S. natural gas prices declined. Automobile components were a source of weakness in consumer discretionary, as the larger automobiles industry was hit with a slowdown in sales.


Cumulative Performance (based on an initial $10,000 investment)
October 31, 2014 through October 31, 2024


Average Annual Total Returns
	1 Year	5 Year	10 Year
Investor Class	32.47%	13.84%	12.09%


S&P 500	38.02%	15.27%	13.00%



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


Fund Statistics
Net Assets	$4,417,615,332
Management Fees (dollars paid during the reporting period)	$11,109,062
Portfolio Turnover Rate	21	%
Total Number of Portfolio Holdings	104


Fund Holdings


Types of Investments in Portfolio (as a % of net assets)		Top Five Industries (as a % of net assets)
Common Stocks	99.5%		Semiconductors and Semiconductor Equipment	12%
Exchange-Traded Funds	0.2%		Software	11%
Short-Term Investments	0.2%		Technology Hardware, Storage and Peripherals	7%
Other Assets and Liabilities	0.1%		Interactive Media and Services	7%
			Capital Markets	5%


Fund Changes
Effective December 10, 2024, Sustainable Equity Fund will be renamed Large Cap Equity Fund.

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


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



©2024 American Century Proprietary Holdings, Inc. All rights reserved.

A-2508H600

ANNUAL SHAREHOLDER REPORT

Sustainable Equity Fund ACI logo.jpg


I Class (AFEIX)			October 31, 2024


What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
I Class	$69	0.59%


What were the key factors that affected the fund’s performance?
Sustainable Equity Fund I Class returned 32.76% for the reporting period ended October 31, 2024.
The fund seeks long-term capital growth. Income is a secondary objective. The commentary below refers to fund's performance compared to the S&P 500 Index.
•			Financials were the leading driver of returns, assisted by returns in capital markets. Morgan Stanley was the leading contributor in this sector. The investment bank benefited from an improving environment for mergers and acquisitions. Lower rates helped, too.
•			Other areas of strength were insurance and consumer finance. Progressive was a leading contributor in insurance as consumers moved to providers that offer lower rates. In consumer finance, American Express benefited from strong consumer spending.
•			Information technology detracted from performance. Software giant Microsoft, one of the poorer-performing members of the so-called Magnificent Seven, hurt relative results. It gained but trailed the broader market. Other detractors included electronic equipment, instruments and components; communications equipment; and semiconductors and semiconductor equipment.
•			Other notable detractors were energy and consumer discretionary stocks. The overall energy sector lagged as oil and U.S. natural gas prices declined. Automobile components were a source of weakness in consumer discretionary, as the larger automobiles industry was hit with a slowdown in sales.


Cumulative Performance (based on an initial $10,000 investment)
October 31, 2014 through October 31, 2024


Average Annual Total Returns
	1 Year	5 Year	10 Year
I Class	32.76%	14.07%	12.32%


S&P 500	38.02%	15.27%	13.00%



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


Fund Statistics
Net Assets	$4,417,615,332
Management Fees (dollars paid during the reporting period)	$11,109,062
Portfolio Turnover Rate	21	%
Total Number of Portfolio Holdings	104


Fund Holdings


Types of Investments in Portfolio (as a % of net assets)		Top Five Industries (as a % of net assets)
Common Stocks	99.5%		Semiconductors and Semiconductor Equipment	12%
Exchange-Traded Funds	0.2%		Software	11%
Short-Term Investments	0.2%		Technology Hardware, Storage and Peripherals	7%
Other Assets and Liabilities	0.1%		Interactive Media and Services	7%
			Capital Markets	5%


Fund Changes
Effective December 10, 2024, Sustainable Equity Fund will be renamed Large Cap Equity Fund.


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.



©2024 American Century Proprietary Holdings, Inc. All rights reserved.

A-2508H709

ANNUAL SHAREHOLDER REPORT

Sustainable Equity Fund ACI logo.jpg


Y Class (AFYDX)			October 31, 2024


What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Y Class	$51	0.44%


What were the key factors that affected the fund’s performance?
Sustainable Equity Fund Y Class returned 32.95% for the reporting period ended October 31, 2024.
The fund seeks long-term capital growth. Income is a secondary objective. The commentary below refers to fund's performance compared to the S&P 500 Index.
•			Financials were the leading driver of returns, assisted by returns in capital markets. Morgan Stanley was the leading contributor in this sector. The investment bank benefited from an improving environment for mergers and acquisitions. Lower rates helped, too.
•			Other areas of strength were insurance and consumer finance. Progressive was a leading contributor in insurance as consumers moved to providers that offer lower rates. In consumer finance, American Express benefited from strong consumer spending.
•			Information technology detracted from performance. Software giant Microsoft, one of the poorer-performing members of the so-called Magnificent Seven, hurt relative results. It gained but trailed the broader market. Other detractors included electronic equipment, instruments and components; communications equipment; and semiconductors and semiconductor equipment.
•			Other notable detractors were energy and consumer discretionary stocks. The overall energy sector lagged as oil and U.S. natural gas prices declined. Automobile components were a source of weakness in consumer discretionary, as the larger automobiles industry was hit with a slowdown in sales.


Cumulative Performance (based on an initial $10,000 investment)
April 10, 2017 through October 31, 2024


Average Annual Total Returns
	1 Year	5 Year	Since Inception	Inception Date
Y Class	32.95%	14.24%	14.44%	4/10/17


S&P 500	38.02%	15.27%	14.35%	—



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


Fund Statistics
Net Assets	$4,417,615,332
Management Fees (dollars paid during the reporting period)	$11,109,062
Portfolio Turnover Rate	21	%
Total Number of Portfolio Holdings	104


Fund Holdings


Types of Investments in Portfolio (as a % of net assets)		Top Five Industries (as a % of net assets)
Common Stocks	99.5%		Semiconductors and Semiconductor Equipment	12%
Exchange-Traded Funds	0.2%		Software	11%
Short-Term Investments	0.2%		Technology Hardware, Storage and Peripherals	7%
Other Assets and Liabilities	0.1%		Interactive Media and Services	7%
			Capital Markets	5%


Fund Changes
Effective December 10, 2024, Sustainable Equity Fund will be renamed Large Cap Equity Fund.


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.



©2024 American Century Proprietary Holdings, Inc. All rights reserved.

A-2508H287

ANNUAL SHAREHOLDER REPORT

Sustainable Equity Fund ACI logo.jpg


A Class (AFDAX)			October 31, 2024


What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
A Class	$121	1.04%


What were the key factors that affected the fund’s performance?
Sustainable Equity Fund A Class returned 32.18% for the reporting period ended October 31, 2024.
The fund seeks long-term capital growth. Income is a secondary objective. The commentary below refers to fund's performance compared to the S&P 500 Index.
•			Financials were the leading driver of returns, assisted by returns in capital markets. Morgan Stanley was the leading contributor in this sector. The investment bank benefited from an improving environment for mergers and acquisitions. Lower rates helped, too.
•			Other areas of strength were insurance and consumer finance. Progressive was a leading contributor in insurance as consumers moved to providers that offer lower rates. In consumer finance, American Express benefited from strong consumer spending.
•			Information technology detracted from performance. Software giant Microsoft, one of the poorer-performing members of the so-called Magnificent Seven, hurt relative results. It gained but trailed the broader market. Other detractors included electronic equipment, instruments and components; communications equipment; and semiconductors and semiconductor equipment.
•			Other notable detractors were energy and consumer discretionary stocks. The overall energy sector lagged as oil and U.S. natural gas prices declined. Automobile components were a source of weakness in consumer discretionary, as the larger automobiles industry was hit with a slowdown in sales.


Cumulative Performance (based on an initial $10,000 investment)
October 31, 2014 through October 31, 2024
The initial investment is adjusted to reflect the maximum initial sales charge.


Average Annual Total Returns
	1 Year	5 Year	10 Year
A Class	32.18%	13.56%	11.81%
A Class - with sales charge	24.58%	12.23%	11.15%

S&P 500	38.02%	15.27%	13.00%

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



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


Fund Statistics
Net Assets	$4,417,615,332
Management Fees (dollars paid during the reporting period)	$11,109,062
Portfolio Turnover Rate	21	%
Total Number of Portfolio Holdings	104


Fund Holdings


Types of Investments in Portfolio (as a % of net assets)		Top Five Industries (as a % of net assets)
Common Stocks	99.5%		Semiconductors and Semiconductor Equipment	12%
Exchange-Traded Funds	0.2%		Software	11%
Short-Term Investments	0.2%		Technology Hardware, Storage and Peripherals	7%
Other Assets and Liabilities	0.1%		Interactive Media and Services	7%
			Capital Markets	5%


Fund Changes
Effective December 10, 2024, Sustainable Equity Fund will be renamed Large Cap Equity Fund.


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.



©2024 American Century Proprietary Holdings, Inc. All rights reserved.

A-25083130

ANNUAL SHAREHOLDER REPORT

Sustainable Equity Fund ACI logo.jpg


C Class (AFDCX)			October 31, 2024


What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
C Class	$207	1.79%


What were the key factors that affected the fund’s performance?
Sustainable Equity Fund C Class returned 31.19% for the reporting period ended October 31, 2024.
The fund seeks long-term capital growth. Income is a secondary objective. The commentary below refers to fund's performance compared to the S&P 500 Index.
•			Financials were the leading driver of returns, assisted by returns in capital markets. Morgan Stanley was the leading contributor in this sector. The investment bank benefited from an improving environment for mergers and acquisitions. Lower rates helped, too.
•			Other areas of strength were insurance and consumer finance. Progressive was a leading contributor in insurance as consumers moved to providers that offer lower rates. In consumer finance, American Express benefited from strong consumer spending.
•			Information technology detracted from performance. Software giant Microsoft, one of the poorer-performing members of the so-called Magnificent Seven, hurt relative results. It gained but trailed the broader market. Other detractors included electronic equipment, instruments and components; communications equipment; and semiconductors and semiconductor equipment.
•			Other notable detractors were energy and consumer discretionary stocks. The overall energy sector lagged as oil and U.S. natural gas prices declined. Automobile components were a source of weakness in consumer discretionary, as the larger automobiles industry was hit with a slowdown in sales.


Cumulative Performance (based on an initial $10,000 investment)
October 31, 2014 through October 31, 2024


Average Annual Total Returns
	1 Year	5 Year	10 Year
C Class	31.19%	12.71%	10.98%


S&P 500	38.02%	15.27%	13.00%

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



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


Fund Statistics
Net Assets	$4,417,615,332
Management Fees (dollars paid during the reporting period)	$11,109,062
Portfolio Turnover Rate	21	%
Total Number of Portfolio Holdings	104


Fund Holdings


Types of Investments in Portfolio (as a % of net assets)		Top Five Industries (as a % of net assets)
Common Stocks	99.5%		Semiconductors and Semiconductor Equipment	12%
Exchange-Traded Funds	0.2%		Software	11%
Short-Term Investments	0.2%		Technology Hardware, Storage and Peripherals	7%
Other Assets and Liabilities	0.1%		Interactive Media and Services	7%
			Capital Markets	5%


Fund Changes
Effective December 10, 2024, Sustainable Equity Fund will be renamed Large Cap Equity Fund.


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.



©2024 American Century Proprietary Holdings, Inc. All rights reserved.

A-25083114

ANNUAL SHAREHOLDER REPORT

Sustainable Equity Fund ACI logo.jpg


R Class (AFDRX)			October 31, 2024


What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R Class	$150	1.29%


What were the key factors that affected the fund’s performance?
Sustainable Equity Fund R Class returned 31.81% for the reporting period ended October 31, 2024.
The fund seeks long-term capital growth. Income is a secondary objective. The commentary below refers to fund's performance compared to the S&P 500 Index.
•			Financials were the leading driver of returns, assisted by returns in capital markets. Morgan Stanley was the leading contributor in this sector. The investment bank benefited from an improving environment for mergers and acquisitions. Lower rates helped, too.
•			Other areas of strength were insurance and consumer finance. Progressive was a leading contributor in insurance as consumers moved to providers that offer lower rates. In consumer finance, American Express benefited from strong consumer spending.
•			Information technology detracted from performance. Software giant Microsoft, one of the poorer-performing members of the so-called Magnificent Seven, hurt relative results. It gained but trailed the broader market. Other detractors included electronic equipment, instruments and components; communications equipment; and semiconductors and semiconductor equipment.
•			Other notable detractors were energy and consumer discretionary stocks. The overall energy sector lagged as oil and U.S. natural gas prices declined. Automobile components were a source of weakness in consumer discretionary, as the larger automobiles industry was hit with a slowdown in sales.


Cumulative Performance (based on an initial $10,000 investment)
October 31, 2014 through October 31, 2024


Average Annual Total Returns
	1 Year	5 Year	10 Year
R Class	31.81%	13.27%	11.54%


S&P 500	38.02%	15.27%	13.00%



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


Fund Statistics
Net Assets	$4,417,615,332
Management Fees (dollars paid during the reporting period)	$11,109,062
Portfolio Turnover Rate	21	%
Total Number of Portfolio Holdings	104


Fund Holdings


Types of Investments in Portfolio (as a % of net assets)		Top Five Industries (as a % of net assets)
Common Stocks	99.5%		Semiconductors and Semiconductor Equipment	12%
Exchange-Traded Funds	0.2%		Software	11%
Short-Term Investments	0.2%		Technology Hardware, Storage and Peripherals	7%
Other Assets and Liabilities	0.1%		Interactive Media and Services	7%
			Capital Markets	5%


Fund Changes
Effective December 10, 2024, Sustainable Equity Fund will be renamed Large Cap Equity Fund.


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.



©2024 American Century Proprietary Holdings, Inc. All rights reserved.

A-2508H808

ANNUAL SHAREHOLDER REPORT

Sustainable Equity Fund ACI logo.jpg


R5 Class (AFDGX)			October 31, 2024


What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R5 Class	$69	0.59%


What were the key factors that affected the fund’s performance?
Sustainable Equity Fund R5 Class returned 32.77% for the reporting period ended October 31, 2024.
The fund seeks long-term capital growth. Income is a secondary objective. The commentary below refers to fund's performance compared to the S&P 500 Index.
•			Financials were the leading driver of returns, assisted by returns in capital markets. Morgan Stanley was the leading contributor in this sector. The investment bank benefited from an improving environment for mergers and acquisitions. Lower rates helped, too.
•			Other areas of strength were insurance and consumer finance. Progressive was a leading contributor in insurance as consumers moved to providers that offer lower rates. In consumer finance, American Express benefited from strong consumer spending.
•			Information technology detracted from performance. Software giant Microsoft, one of the poorer-performing members of the so-called Magnificent Seven, hurt relative results. It gained but trailed the broader market. Other detractors included electronic equipment, instruments and components; communications equipment; and semiconductors and semiconductor equipment.
•			Other notable detractors were energy and consumer discretionary stocks. The overall energy sector lagged as oil and U.S. natural gas prices declined. Automobile components were a source of weakness in consumer discretionary, as the larger automobiles industry was hit with a slowdown in sales.


Cumulative Performance (based on an initial $10,000 investment)
April 10, 2017 through October 31, 2024


Average Annual Total Returns
	1 Year	5 Year	Since Inception	Inception Date
R5 Class	32.77%	14.07%	14.27%	4/10/17


S&P 500	38.02%	15.27%	14.35%	—



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


Fund Statistics
Net Assets			$4,417,615,332
Management Fees (dollars paid during the reporting period)			$11,109,062
Portfolio Turnover Rate			21%
Total Number of Portfolio Holdings			104


Fund Holdings


Types of Investments in Portfolio (as a % of net assets)		Top Five Industries (as a % of net assets)
Common Stocks	99.5%		Semiconductors and Semiconductor Equipment	12%
Exchange-Traded Funds	0.2%		Software	11%
Short-Term Investments	0.2%		Technology Hardware, Storage and Peripherals	7%
Other Assets and Liabilities	0.1%		Interactive Media and Services	7%
			Capital Markets	5%


Fund Changes
Effective December 10, 2024, Sustainable Equity Fund will be renamed Large Cap Equity Fund.


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.



©2024 American Century Proprietary Holdings, Inc. All rights reserved.

A-2508H295

ANNUAL SHAREHOLDER REPORT

Sustainable Equity Fund ACI logo.jpg


R6 Class (AFEDX)			October 31, 2024


What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R6 Class	$51	0.44%


What were the key factors that affected the fund’s performance?
Sustainable Equity Fund R6 Class returned 32.97% for the reporting period ended October 31, 2024.
The fund seeks long-term capital growth. Income is a secondary objective. The commentary below refers to fund's performance compared to the S&P 500 Index.
•			Financials were the leading driver of returns, assisted by returns in capital markets. Morgan Stanley was the leading contributor in this sector. The investment bank benefited from an improving environment for mergers and acquisitions. Lower rates helped, too.
•			Other areas of strength were insurance and consumer finance. Progressive was a leading contributor in insurance as consumers moved to providers that offer lower rates. In consumer finance, American Express benefited from strong consumer spending.
•			Information technology detracted from performance. Software giant Microsoft, one of the poorer-performing members of the so-called Magnificent Seven, hurt relative results. It gained but trailed the broader market. Other detractors included electronic equipment, instruments and components; communications equipment; and semiconductors and semiconductor equipment.
•			Other notable detractors were energy and consumer discretionary stocks. The overall energy sector lagged as oil and U.S. natural gas prices declined. Automobile components were a source of weakness in consumer discretionary, as the larger automobiles industry was hit with a slowdown in sales.


Cumulative Performance (based on an initial $10,000 investment)
April 1, 2019 through October 31, 2024


Average Annual Total Returns
	1 Year	5 Year	Since Inception	Inception Date
R6 Class	32.97%	14.24%	14.39%	4/1/19


S&P 500	38.02%	15.27%	14.97%	—



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


Fund Statistics
Net Assets			$4,417,615,332
Management Fees (dollars paid during the reporting period)			$11,109,062
Portfolio Turnover Rate			21%
Total Number of Portfolio Holdings			104


Fund Holdings


Types of Investments in Portfolio (as a % of net assets)		Top Five Industries (as a % of net assets)
Common Stocks	99.5%		Semiconductors and Semiconductor Equipment	12%
Exchange-Traded Funds	0.2%		Software	11%
Short-Term Investments	0.2%		Technology Hardware, Storage and Peripherals	7%
Other Assets and Liabilities	0.1%		Interactive Media and Services	7%
			Capital Markets	5%


Fund Changes
Effective December 10, 2024, Sustainable Equity Fund will be renamed Large Cap Equity Fund.


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.



©2024 American Century Proprietary Holdings, Inc. All rights reserved.

A-2508H238

ANNUAL SHAREHOLDER REPORT

Sustainable Equity Fund ACI logo.jpg


G Class (AFEGX)			October 31, 2024


What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
G Class	$0	0.00%


What were the key factors that affected the fund’s performance?
Sustainable Equity Fund G Class returned 33.54% for the reporting period ended October 31, 2024.
The fund seeks long-term capital growth. Income is a secondary objective. The commentary below refers to fund's performance compared to the S&P 500 Index.
•			Financials were the leading driver of returns, assisted by returns in capital markets. Morgan Stanley was the leading contributor in this sector. The investment bank benefited from an improving environment for mergers and acquisitions. Lower rates helped, too.
•			Other areas of strength were insurance and consumer finance. Progressive was a leading contributor in insurance as consumers moved to providers that offer lower rates. In consumer finance, American Express benefited from strong consumer spending.
•			Information technology detracted from performance. Software giant Microsoft, one of the poorer-performing members of the so-called Magnificent Seven, hurt relative results. It gained but trailed the broader market. Other detractors included electronic equipment, instruments and components; communications equipment; and semiconductors and semiconductor equipment.
•			Other notable detractors were energy and consumer discretionary stocks. The overall energy sector lagged as oil and U.S. natural gas prices declined. Automobile components were a source of weakness in consumer discretionary, as the larger automobiles industry was hit with a slowdown in sales.


Cumulative Performance (based on an initial $10,000 investment)
April 1, 2019 through October 31, 2024


Average Annual Total Returns
	1 Year	5 Year	Since Inception	Inception Date
G Class	33.54%	14.75%	14.90%	4/1/19


S&P 500	38.02%	15.27%	14.97%	—



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


Fund Statistics
Net Assets			$4,417,615,332
Management Fees (dollars paid during the reporting period)			$11,109,062
Portfolio Turnover Rate			21%
Total Number of Portfolio Holdings			104


Fund Holdings


Types of Investments in Portfolio (as a % of net assets)		Top Five Industries (as a % of net assets)
Common Stocks	99.5%		Semiconductors and Semiconductor Equipment	12%
Exchange-Traded Funds	0.2%		Software	11%
Short-Term Investments	0.2%		Technology Hardware, Storage and Peripherals	7%
Other Assets and Liabilities	0.1%		Interactive Media and Services	7%
			Capital Markets	5%


Fund Changes
Effective December 10, 2024, Sustainable Equity Fund will be renamed Large Cap Equity Fund.


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.



©2024 American Century Proprietary Holdings, Inc. All rights reserved.

A-2508H246

ANNUAL SHAREHOLDER REPORT

Ultra Fund ACI logo.jpg


Investor Class (TWCUX)			October 31, 2024

This annual shareholder report contains important information about Ultra Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021. This report describes changes to the fund that occurred during the reporting period.


What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor Class	$110	0.91%


What were the key factors that affected the fund’s performance?
Ultra Fund Investor Class returned 42.20% for the reporting period ended October 31, 2024.
The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell 1000 Growth Index.
•			Positioning in the financials sector detracted most from performance. In general, financial services stocks such as Mastercard have faced headwinds from diminished cross-border travel and slower business in China.
•			Energy and consumer discretionary stocks were other sources of weakness. Energy prices fell during the period, with U.S. wholesale natural gas prices touching a record low. The discretionary sector was home to Lululemon Athletica, the largest individual detractor.
•			Stock selection in the information technology sector contributed most to relative results by far. Among semiconductor-related stocks, leading chipmaker NVIDIA was the overall number one contributor. It rode enthusiasm for artificial intelligence-related stocks to become the largest stock by market capitalization in the world.
•			Positioning in the software industry was another source of strength. It was beneficial to underweight software giant Microsoft, one of the poorer-performing members of the so-called Magnificent Seven. The stock of data analytics company FICO—known for its credit score product—outperformed.


Cumulative Performance (based on an initial $10,000 investment)
October 31, 2014 through October 31, 2024


Average Annual Total Returns
	1 Year	5 Year	10 Year
Investor Class	42.20%	18.63%	15.81%

Regulatory Index
Russell 1000	38.07%	15.00%	12.75%

Performance Index
Russell 1000 Growth	43.77%	19.00%	16.18%

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



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


Fund Statistics
Net Assets	$25,040,257,630
Management Fees (dollars paid during the reporting period)	$199,413,618
Portfolio Turnover Rate	7	%
Total Number of Portfolio Holdings	65


Fund Holdings


Types of Investments in Portfolio (as a % of net assets)		Top Five Industries (as a % of net assets)
Common Stocks	99.8%		Semiconductors and Semiconductor Equipment	18%
Rights	0.0%		Software	15%
Short-Term Investments	0.3%		Technology Hardware, Storage and Peripherals	13%
Other Assets and Liabilities	(0.1)%		Interactive Media and Services	12%
			Broadline Retail	6%


Fund Changes


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


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



©2024 American Century Proprietary Holdings, Inc. All rights reserved.

A-25083882

ANNUAL SHAREHOLDER REPORT

Ultra Fund ACI logo.jpg


I Class (TWUIX)			October 31, 2024


What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
I Class	$86	0.71%


What were the key factors that affected the fund’s performance?
Ultra Fund I Class returned 42.49% for the reporting period ended October 31, 2024.
The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell 1000 Growth Index.
•			Positioning in the financials sector detracted most from performance. In general, financial services stocks such as Mastercard have faced headwinds from diminished cross-border travel and slower business in China.
•			Energy and consumer discretionary stocks were other sources of weakness. Energy prices fell during the period, with U.S. wholesale natural gas prices touching a record low. The discretionary sector was home to Lululemon Athletica, the largest individual detractor.
•			Stock selection in the information technology sector contributed most to relative results by far. Among semiconductor-related stocks, leading chipmaker NVIDIA was the overall number one contributor. It rode enthusiasm for artificial intelligence-related stocks to become the largest stock by market capitalization in the world.
•			Positioning in the software industry was another source of strength. It was beneficial to underweight software giant Microsoft, one of the poorer-performing members of the so-called Magnificent Seven. The stock of data analytics company FICO—known for its credit score product—outperformed.


Cumulative Performance (based on an initial $10,000 investment)
October 31, 2014 through October 31, 2024


Average Annual Total Returns
	1 Year	5 Year	10 Year
I Class	42.49%	18.86%	16.04%

Regulatory Index
Russell 1000	38.07%	15.00%	12.75%

Performance Index
Russell 1000 Growth	43.77%	19.00%	16.18%

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



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


Fund Statistics
Net Assets	$25,040,257,630
Management Fees (dollars paid during the reporting period)	$199,413,618
Portfolio Turnover Rate	7	%
Total Number of Portfolio Holdings	65


Fund Holdings


Types of Investments in Portfolio (as a % of net assets)		Top Five Industries (as a % of net assets)
Common Stocks	99.8%		Semiconductors and Semiconductor Equipment	18%
Rights	0.0%		Software	15%
Short-Term Investments	0.3%		Technology Hardware, Storage and Peripherals	13%
Other Assets and Liabilities	(0.1)%		Interactive Media and Services	12%
			Broadline Retail	6%


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



©2024 American Century Proprietary Holdings, Inc. All rights reserved.

A-25083874

ANNUAL SHAREHOLDER REPORT

Ultra Fund ACI logo.jpg


Y Class (AULYX)			October 31, 2024


What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Y Class	$68	0.56%


What were the key factors that affected the fund’s performance?
Ultra Fund Y Class returned 42.70% for the reporting period ended October 31, 2024.
The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell 1000 Growth Index.
•			Positioning in the financials sector detracted most from performance. In general, financial services stocks such as Mastercard have faced headwinds from diminished cross-border travel and slower business in China.
•			Energy and consumer discretionary stocks were other sources of weakness. Energy prices fell during the period, with U.S. wholesale natural gas prices touching a record low. The discretionary sector was home to Lululemon Athletica, the largest individual detractor.
•			Stock selection in the information technology sector contributed most to relative results by far. Among semiconductor-related stocks, leading chipmaker NVIDIA was the overall number one contributor. It rode enthusiasm for artificial intelligence-related stocks to become the largest stock by market capitalization in the world.
•			Positioning in the software industry was another source of strength. It was beneficial to underweight software giant Microsoft, one of the poorer-performing members of the so-called Magnificent Seven. The stock of data analytics company FICO—known for its credit score product—outperformed.


Cumulative Performance (based on an initial $10,000 investment)
April 10, 2017 through October 31, 2024


Average Annual Total Returns
	1 Year	5 Year	Since Inception	Inception Date
Y Class	42.70%	19.04%	18.60%	4/10/17

Regulatory Index
Russell 1000	38.07%	15.00%	14.09%	—

Performance Index
Russell 1000 Growth	43.77%	19.00%	18.32%	—

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



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


Fund Statistics
Net Assets	$25,040,257,630
Management Fees (dollars paid during the reporting period)	$199,413,618
Portfolio Turnover Rate	7	%
Total Number of Portfolio Holdings	65


Fund Holdings


Types of Investments in Portfolio (as a % of net assets)		Top Five Industries (as a % of net assets)
Common Stocks	99.8%		Semiconductors and Semiconductor Equipment	18%
Rights	0.0%		Software	15%
Short-Term Investments	0.3%		Technology Hardware, Storage and Peripherals	13%
Other Assets and Liabilities	(0.1)%		Interactive Media and Services	12%
			Broadline Retail	6%


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



©2024 American Century Proprietary Holdings, Inc. All rights reserved.

A-2508H261

ANNUAL SHAREHOLDER REPORT

Ultra Fund ACI logo.jpg


A Class (TWUAX)			October 31, 2024


What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
A Class	$140	1.16%


What were the key factors that affected the fund’s performance?
Ultra Fund A Class returned 41.84% for the reporting period ended October 31, 2024.
The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell 1000 Growth Index.
•			Positioning in the financials sector detracted most from performance. In general, financial services stocks such as Mastercard have faced headwinds from diminished cross-border travel and slower business in China.
•			Energy and consumer discretionary stocks were other sources of weakness. Energy prices fell during the period, with U.S. wholesale natural gas prices touching a record low. The discretionary sector was home to Lululemon Athletica, the largest individual detractor.
•			Stock selection in the information technology sector contributed most to relative results by far. Among semiconductor-related stocks, leading chipmaker NVIDIA was the overall number one contributor. It rode enthusiasm for artificial intelligence-related stocks to become the largest stock by market capitalization in the world.
•			Positioning in the software industry was another source of strength. It was beneficial to underweight software giant Microsoft, one of the poorer-performing members of the so-called Magnificent Seven. The stock of data analytics company FICO—known for its credit score product—outperformed.


Cumulative Performance (based on an initial $10,000 investment)
October 31, 2014 through October 31, 2024
The initial investment is adjusted to reflect the maximum initial sales charge.


Average Annual Total Returns
	1 Year	5 Year	10 Year
A Class	41.84%	18.33%	15.52%
A Class - with sales charge	33.68%	16.94%	14.83%
Regulatory Index
Russell 1000	38.07%	15.00%	12.75%

Performance Index
Russell 1000 Growth	43.77%	19.00%	16.18%

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

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



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


Fund Statistics
Net Assets	$25,040,257,630
Management Fees (dollars paid during the reporting period)	$199,413,618
Portfolio Turnover Rate	7	%
Total Number of Portfolio Holdings	65


Fund Holdings


Types of Investments in Portfolio (as a % of net assets)		Top Five Industries (as a % of net assets)
Common Stocks	99.8%		Semiconductors and Semiconductor Equipment	18%
Rights	0.0%		Software	15%
Short-Term Investments	0.3%		Technology Hardware, Storage and Peripherals	13%
Other Assets and Liabilities	(0.1)%		Interactive Media and Services	12%
			Broadline Retail	6%


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



©2024 American Century Proprietary Holdings, Inc. All rights reserved.

A-25083858

ANNUAL SHAREHOLDER REPORT

Ultra Fund ACI logo.jpg


C Class (TWCCX)			October 31, 2024


What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
C Class	$230	1.91%


What were the key factors that affected the fund’s performance?
Ultra Fund C Class returned 40.78% for the reporting period ended October 31, 2024.
The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell 1000 Growth Index.
•			Positioning in the financials sector detracted most from performance. In general, financial services stocks such as Mastercard have faced headwinds from diminished cross-border travel and slower business in China.
•			Energy and consumer discretionary stocks were other sources of weakness. Energy prices fell during the period, with U.S. wholesale natural gas prices touching a record low. The discretionary sector was home to Lululemon Athletica, the largest individual detractor.
•			Stock selection in the information technology sector contributed most to relative results by far. Among semiconductor-related stocks, leading chipmaker NVIDIA was the overall number one contributor. It rode enthusiasm for artificial intelligence-related stocks to become the largest stock by market capitalization in the world.
•			Positioning in the software industry was another source of strength. It was beneficial to underweight software giant Microsoft, one of the poorer-performing members of the so-called Magnificent Seven. The stock of data analytics company FICO—known for its credit score product—outperformed.


Cumulative Performance (based on an initial $10,000 investment)
October 31, 2014 through October 31, 2024


Average Annual Total Returns
	1 Year	5 Year	10 Year
C Class	40.78%	17.45%	14.65%

Regulatory Index
Russell 1000	38.07%	15.00%	12.75%

Performance Index
Russell 1000 Growth	43.77%	19.00%	16.18%

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

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



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


Fund Statistics
Net Assets	$25,040,257,630
Management Fees (dollars paid during the reporting period)	$199,413,618
Portfolio Turnover Rate	7	%
Total Number of Portfolio Holdings	65


Fund Holdings


Types of Investments in Portfolio (as a % of net assets)		Top Five Industries (as a % of net assets)
Common Stocks	99.8%		Semiconductors and Semiconductor Equipment	18%
Rights	0.0%		Software	15%
Short-Term Investments	0.3%		Technology Hardware, Storage and Peripherals	13%
Other Assets and Liabilities	(0.1)%		Interactive Media and Services	12%
			Broadline Retail	6%


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



©2024 American Century Proprietary Holdings, Inc. All rights reserved.

A-25083288

ANNUAL SHAREHOLDER REPORT

Ultra Fund ACI logo.jpg


R Class (AULRX)			October 31, 2024


What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R Class	$170	1.41%


What were the key factors that affected the fund’s performance?
Ultra Fund R Class returned 41.49% for the reporting period ended October 31, 2024.
The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell 1000 Growth Index.
•			Positioning in the financials sector detracted most from performance. In general, financial services stocks such as Mastercard have faced headwinds from diminished cross-border travel and slower business in China.
•			Energy and consumer discretionary stocks were other sources of weakness. Energy prices fell during the period, with U.S. wholesale natural gas prices touching a record low. The discretionary sector was home to Lululemon Athletica, the largest individual detractor.
•			Stock selection in the information technology sector contributed most to relative results by far. Among semiconductor-related stocks, leading chipmaker NVIDIA was the overall number one contributor. It rode enthusiasm for artificial intelligence-related stocks to become the largest stock by market capitalization in the world.
•			Positioning in the software industry was another source of strength. It was beneficial to underweight software giant Microsoft, one of the poorer-performing members of the so-called Magnificent Seven. The stock of data analytics company FICO—known for its credit score product—outperformed.


Cumulative Performance (based on an initial $10,000 investment)
October 31, 2014 through October 31, 2024


Average Annual Total Returns
	1 Year	5 Year	10 Year
R Class	41.49%	18.03%	15.23%

Regulatory Index
Russell 1000	38.07%	15.00%	12.75%

Performance Index
Russell 1000 Growth	43.77%	19.00%	16.18%

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



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


Fund Statistics
Net Assets	$25,040,257,630
Management Fees (dollars paid during the reporting period)	$199,413,618
Portfolio Turnover Rate	7	%
Total Number of Portfolio Holdings	65


Fund Holdings


Types of Investments in Portfolio (as a % of net assets)		Top Five Industries (as a % of net assets)
Common Stocks	99.8%		Semiconductors and Semiconductor Equipment	18%
Rights	0.0%		Software	15%
Short-Term Investments	0.3%		Technology Hardware, Storage and Peripherals	13%
Other Assets and Liabilities	(0.1)%		Interactive Media and Services	12%
			Broadline Retail	6%


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



©2024 American Century Proprietary Holdings, Inc. All rights reserved.

A-25083171

ANNUAL SHAREHOLDER REPORT

Ultra Fund ACI logo.jpg


R5 Class (AULGX)			October 31, 2024


What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R5 Class	$86	0.71%


What were the key factors that affected the fund’s performance?
Ultra Fund R5 Class returned 42.50% for the reporting period ended October 31, 2024.
The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell 1000 Growth Index.
•			Positioning in the financials sector detracted most from performance. In general, financial services stocks such as Mastercard have faced headwinds from diminished cross-border travel and slower business in China.
•			Energy and consumer discretionary stocks were other sources of weakness. Energy prices fell during the period, with U.S. wholesale natural gas prices touching a record low. The discretionary sector was home to Lululemon Athletica, the largest individual detractor.
•			Stock selection in the information technology sector contributed most to relative results by far. Among semiconductor-related stocks, leading chipmaker NVIDIA was the overall number one contributor. It rode enthusiasm for artificial intelligence-related stocks to become the largest stock by market capitalization in the world.
•			Positioning in the software industry was another source of strength. It was beneficial to underweight software giant Microsoft, one of the poorer-performing members of the so-called Magnificent Seven. The stock of data analytics company FICO—known for its credit score product—outperformed.


Cumulative Performance (based on an initial $10,000 investment)
April 10, 2017 through October 31, 2024


Average Annual Total Returns
	1 Year	5 Year	Since Inception	Inception Date
R5 Class	42.50%	18.87%	18.43%	4/10/17

Regulatory Index
Russell 1000	38.07%	15.00%	14.09%	—

Performance Index
Russell 1000 Growth	43.77%	19.00%	18.32%	—

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



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


Fund Statistics
Net Assets	$25,040,257,630
Management Fees (dollars paid during the reporting period)	$199,413,618
Portfolio Turnover Rate	7	%
Total Number of Portfolio Holdings	65


Fund Holdings


Types of Investments in Portfolio (as a % of net assets)		Top Five Industries (as a % of net assets)
Common Stocks	99.8%		Semiconductors and Semiconductor Equipment	18%
Rights	0.0%		Software	15%
Short-Term Investments	0.3%		Technology Hardware, Storage and Peripherals	13%
Other Assets and Liabilities	(0.1)%		Interactive Media and Services	12%
			Broadline Retail	6%


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



©2024 American Century Proprietary Holdings, Inc. All rights reserved.

A-2508H279

ANNUAL SHAREHOLDER REPORT

Ultra Fund ACI logo.jpg


R6 Class (AULDX)			October 31, 2024


What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R6 Class	$68	0.56%


What were the key factors that affected the fund’s performance?
Ultra Fund R6 Class returned 42.70% for the reporting period ended October 31, 2024.
The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell 1000 Growth Index.
•			Positioning in the financials sector detracted most from performance. In general, financial services stocks such as Mastercard have faced headwinds from diminished cross-border travel and slower business in China.
•			Energy and consumer discretionary stocks were other sources of weakness. Energy prices fell during the period, with U.S. wholesale natural gas prices touching a record low. The discretionary sector was home to Lululemon Athletica, the largest individual detractor.
•			Stock selection in the information technology sector contributed most to relative results by far. Among semiconductor-related stocks, leading chipmaker NVIDIA was the overall number one contributor. It rode enthusiasm for artificial intelligence-related stocks to become the largest stock by market capitalization in the world.
•			Positioning in the software industry was another source of strength. It was beneficial to underweight software giant Microsoft, one of the poorer-performing members of the so-called Magnificent Seven. The stock of data analytics company FICO—known for its credit score product—outperformed.


Cumulative Performance (based on an initial $10,000 investment)
October 31, 2014 through October 31, 2024


Average Annual Total Returns
	1 Year	5 Year	10 Year
R6 Class	42.70%	19.04%	16.21%

Regulatory Index
Russell 1000	38.07%	15.00%	12.75%

Performance Index
Russell 1000 Growth	43.77%	19.00%	16.18%

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



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


Fund Statistics
Net Assets	$25,040,257,630
Management Fees (dollars paid during the reporting period)	$199,413,618
Portfolio Turnover Rate	7	%
Total Number of Portfolio Holdings	65


Fund Holdings


Types of Investments in Portfolio (as a % of net assets)		Top Five Industries (as a % of net assets)
Common Stocks	99.8%		Semiconductors and Semiconductor Equipment	18%
Rights	0.0%		Software	15%
Short-Term Investments	0.3%		Technology Hardware, Storage and Peripherals	13%
Other Assets and Liabilities	(0.1)%		Interactive Media and Services	12%
			Broadline Retail	6%


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



©2024 American Century Proprietary Holdings, Inc. All rights reserved.

A-2508H444

ANNUAL SHAREHOLDER REPORT

Ultra Fund ACI logo.jpg


G Class (AULNX)			October 31, 2024


What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
G Class	$0	0.00%


What were the key factors that affected the fund’s performance?
Ultra Fund G Class returned 43.50% for the reporting period ended October 31, 2024.
The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell 1000 Growth Index.
•			Positioning in the financials sector detracted most from performance. In general, financial services stocks such as Mastercard have faced headwinds from diminished cross-border travel and slower business in China.
•			Energy and consumer discretionary stocks were other sources of weakness. Energy prices fell during the period, with U.S. wholesale natural gas prices touching a record low. The discretionary sector was home to Lululemon Athletica, the largest individual detractor.
•			Stock selection in the information technology sector contributed most to relative results by far. Among semiconductor-related stocks, leading chipmaker NVIDIA was the overall number one contributor. It rode enthusiasm for artificial intelligence-related stocks to become the largest stock by market capitalization in the world.
•			Positioning in the software industry was another source of strength. It was beneficial to underweight software giant Microsoft, one of the poorer-performing members of the so-called Magnificent Seven. The stock of data analytics company FICO—known for its credit score product—outperformed.


Cumulative Performance (based on an initial $10,000 investment)
August 1, 2019 through October 31, 2024


Average Annual Total Returns
	1 Year	5 Year	Since Inception	Inception Date
G Class	43.50%	19.74%	19.20%	8/1/19

Regulatory Index
Russell 1000	38.07%	15.00%	14.85%	—

Performance Index
Russell 1000 Growth	43.77%	19.00%	18.58%	—

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



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


Fund Statistics
Net Assets	$25,040,257,630
Management Fees (dollars paid during the reporting period)	$199,413,618
Portfolio Turnover Rate	7	%
Total Number of Portfolio Holdings	65


Fund Holdings


Types of Investments in Portfolio (as a % of net assets)		Top Five Industries (as a % of net assets)
Common Stocks	99.8%		Semiconductors and Semiconductor Equipment	18%
Rights	0.0%		Software	15%
Short-Term Investments	0.3%		Technology Hardware, Storage and Peripherals	13%
Other Assets and Liabilities	(0.1)%		Interactive Media and Services	12%
			Broadline Retail	6%


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



©2024 American Century Proprietary Holdings, Inc. All rights reserved.

A-2508H220

(b) Not applicable.

ITEM 2. CODE OF ETHICS.

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

(b) No response required.

(d) None.

(e) Not applicable.

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

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

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

(a)(2) Chris H. Cheesman, Lynn M. Jenkins, Barry Fink and Gary Meltzer are the registrant’s designated audit committee financial experts. They are “independent” as defined in Item 3 of Form N-CSR.

(a)(3) Not applicable.

(b) No response required.

(d) No response required.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Audit Fees.

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

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


FY 2023:			$142,920
FY 2024:			$126,100

(b) Audit-Related Fees.

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

For services rendered to the registrant:


FY 2023:			$0
FY 2024:			$0

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


FY 2023:			$0
FY 2024:			$0

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

For services rendered to the registrant:


FY 2023:			$0
FY 2024:			$0


FY 2023:			$0
FY 2024:			$0

(d) All Other Fees.

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

For services rendered to the registrant:


FY 2023:			$0
FY 2024:			$0


FY 2023:			$0
FY 2024:			$0

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

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

(f) The percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal

accountant’s full-time, permanent employees was less than 50%.

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


FY 2023:			$343,325
FY 2024:			$98,325

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


(i)			Not applicable.

(j)			Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. INVESTMENTS.

(a) The schedule of investments is included as part of the report to stockholders filed under Item 7 of this Form.

(b) Not applicable.

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

(a)



			Annual Financial Statements and Other Information

			October 31, 2024

			Balanced Fund
			Investor Class (TWBIX)
			I Class (ABINX)
			R5 Class (ABGNX)


Table of Contents


Schedule of Investments			2
Statement of Assets and Liabilities			19
Statement of Operations			20
Statement of Changes in Net Assets			21
Notes to Financial Statements			22
Financial Highlights			28
Report of Independent Registered Public Accounting Firm			29
Approval of Management Agreement			30

Other Tax Information			33


Schedule of Investments

OCTOBER 31, 2024


	Shares/ Principal Amount	Value
COMMON STOCKS — 60.4%
Aerospace and Defense — 0.2%
Lockheed Martin Corp.	3,597	$	1,964,142
Air Freight and Logistics — 0.5%
FedEx Corp.	8,517	2,332,380
United Parcel Service, Inc., Class B	20,131	2,698,762
		5,031,142
Automobile Components — 0.2%
Aptiv PLC(1)	37,641	2,139,138
Automobiles — 0.6%
Tesla, Inc.(1)	21,157	5,286,076
Banks — 2.1%
Bank of America Corp.	127,470	5,330,796
JPMorgan Chase & Co.	39,623	8,793,136
Regions Financial Corp.	201,954	4,820,642
		18,944,574
Beverages — 0.7%
PepsiCo, Inc.	38,325	6,365,016
Biotechnology — 1.3%
AbbVie, Inc.	34,905	7,116,082
Amgen, Inc.	7,710	2,468,434
Vertex Pharmaceuticals, Inc.(1)	5,123	2,438,446
		12,022,962
Broadline Retail — 2.1%
Amazon.com, Inc.(1)	101,978	19,008,699
Building Products — 0.6%
Johnson Controls International PLC	76,853	5,806,244
Capital Markets — 2.9%
Ameriprise Financial, Inc.	7,464	3,808,879
Blackrock, Inc.	4,705	4,615,746
Intercontinental Exchange, Inc.	16,528	2,576,219
KKR & Co., Inc.	8,603	1,189,279
Morgan Stanley	68,922	8,012,183
S&P Global, Inc.	12,947	6,219,221
		26,421,527
Chemicals — 1.1%
Ecolab, Inc.	15,803	3,883,271
Linde PLC	13,203	6,022,549
		9,905,820
Communications Equipment — 0.6%
Arista Networks, Inc.(1)	3,341	1,291,096
Motorola Solutions, Inc.	9,281	4,170,417
		5,461,513
Consumer Finance — 0.4%
American Express Co.	14,447	3,901,846
Consumer Staples Distribution & Retail — 1.4%
Costco Wholesale Corp.	5,121	4,476,676
Sysco Corp.	57,355	4,298,757
Target Corp.	29,311	4,397,822
		13,173,255


	Shares/ Principal Amount	Value
Containers and Packaging — 0.3%
Ball Corp.	43,212	$	2,560,311
Distributors — 0.2%
LKQ Corp.	59,659	2,194,855
Diversified Telecommunication Services — 0.5%
Verizon Communications, Inc.	116,573	4,911,221
Electric Utilities — 1.0%
NextEra Energy, Inc.	117,727	9,329,865
Electrical Equipment — 0.6%
Eaton Corp. PLC	16,490	5,467,754
Electronic Equipment, Instruments and Components — 0.3%
CDW Corp.	14,242	2,680,772
Energy Equipment and Services — 0.6%
Schlumberger NV	144,556	5,792,359
Entertainment — 0.3%
Liberty Media Corp.-Liberty Formula One, Class C(1)	11,003	878,479
Walt Disney Co.	21,484	2,066,761
		2,945,240
Financial Services — 1.6%
Block, Inc.(1)	25,843	1,868,966
Mastercard, Inc., Class A	18,702	9,343,332
Visa, Inc., Class A	10,748	3,115,308
		14,327,606
Food Products — 0.4%
Mondelez International, Inc., Class A	56,432	3,864,463
Ground Transportation — 0.9%
Saia, Inc.(1)	2,085	1,018,752
Uber Technologies, Inc.(1)	44,975	3,240,448
Union Pacific Corp.	19,212	4,458,529
		8,717,729
Health Care Equipment and Supplies — 0.7%
Dexcom, Inc.(1)	20,065	1,414,181
IDEXX Laboratories, Inc.(1)	3,317	1,349,754
Intuitive Surgical, Inc.(1)	7,723	3,891,156
		6,655,091
Health Care Providers and Services — 1.7%
Cigna Group	14,651	4,612,281
UnitedHealth Group, Inc.	19,110	10,787,595
		15,399,876
Hotels, Restaurants and Leisure — 0.4%
Airbnb, Inc., Class A(1)	8,646	1,165,394
Chipotle Mexican Grill, Inc.(1)	46,185	2,575,738
		3,741,132
Household Products — 0.7%
Colgate-Palmolive Co.	17,055	1,598,224
Procter & Gamble Co.	27,774	4,587,709
		6,185,933
Industrial Conglomerates — 0.4%
Honeywell International, Inc.	17,962	3,694,424
Industrial REITs — 0.8%
Prologis, Inc.	65,342	7,379,725
Insurance — 1.4%
Marsh & McLennan Cos., Inc.	15,354	3,350,857
MetLife, Inc.	36,814	2,886,954


	Shares/ Principal Amount	Value
Progressive Corp.	17,245	$	4,187,603
Prudential Financial, Inc.	22,727	2,783,603
		13,209,017
Interactive Media and Services — 4.0%
Alphabet, Inc., Class A	135,780	23,233,316
Meta Platforms, Inc., Class A	25,007	14,193,473
		37,426,789
IT Services — 0.9%
Accenture PLC, Class A	12,653	4,363,008
International Business Machines Corp.	20,789	4,297,502
		8,660,510
Leisure Products — 0.2%
YETI Holdings, Inc.(1)	39,729	1,398,858
Life Sciences Tools and Services — 1.7%
Agilent Technologies, Inc.	37,520	4,889,231
Danaher Corp.	26,378	6,480,019
Thermo Fisher Scientific, Inc.	8,077	4,412,627
		15,781,877
Machinery — 1.6%
Cummins, Inc.	13,979	4,598,812
Deere & Co.	5,870	2,375,530
Parker-Hannifin Corp.	6,946	4,404,250
Xylem, Inc.	25,268	3,077,137
		14,455,729
Oil, Gas and Consumable Fuels — 1.3%
ConocoPhillips	58,345	6,391,111
EOG Resources, Inc.	47,025	5,735,169
		12,126,280
Pharmaceuticals — 2.1%
Bristol-Myers Squibb Co.	24,777	1,381,813
Eli Lilly & Co.	7,519	6,238,815
Merck & Co., Inc.	41,777	4,274,623
Novo Nordisk AS, Class B	29,433	3,301,352
Zoetis, Inc.	24,884	4,448,762
		19,645,365
Semiconductors and Semiconductor Equipment — 7.2%
Advanced Micro Devices, Inc.(1)	44,535	6,416,157
Analog Devices, Inc.	25,319	5,648,922
Applied Materials, Inc.	23,326	4,235,535
ASML Holding NV	3,820	2,571,361
Broadcom, Inc.	35,722	6,064,524
NVIDIA Corp.	310,995	41,287,696
		66,224,195
Software — 6.5%
Adobe, Inc.(1)	2,863	1,368,743
Cadence Design Systems, Inc.(1)	17,135	4,731,316
Crowdstrike Holdings, Inc., Class A(1)	6,697	1,988,138
Dynatrace, Inc.(1)	22,595	1,215,611
Microsoft Corp.	106,179	43,145,837
Salesforce, Inc.	10,215	2,976,345
ServiceNow, Inc.(1)	1,972	1,839,856
Workday, Inc., Class A(1)	12,773	2,986,966
		60,252,812
Specialized REITs — 0.5%
Equinix, Inc.	4,558	4,139,029


	Shares/ Principal Amount		Value
Specialty Retail — 2.1%
CarMax, Inc.(1)	22,538		$	1,631,300
Home Depot, Inc.	23,289		9,170,044
TJX Cos., Inc.	49,498		5,594,759
Tractor Supply Co.	11,923		3,165,676
			19,561,779
Technology Hardware, Storage and Peripherals — 4.2%
Apple, Inc.	172,503		38,970,153
Textiles, Apparel and Luxury Goods — 0.2%
Deckers Outdoor Corp.(1)	10,044		1,615,979
Trading Companies and Distributors — 0.4%
Ferguson Enterprises, Inc.	11,386		2,240,082
United Rentals, Inc.	2,225		1,808,480
			4,048,562
TOTAL COMMON STOCKS (Cost $334,781,554)			558,797,244
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 12.5%
Adjustable-Rate U.S. Government Agency Mortgage-Backed Securities — 0.0%
FNMA, VRN, 3.17%, (1-year RFUCC plus 1.61%), 3/1/47	$	82,585	79,800
FNMA, VRN, 3.10%, (1-year RFUCC plus 1.61%), 4/1/47	46,149		44,563
			124,363
Fixed-Rate U.S. Government Agency Mortgage-Backed Securities — 12.5%
FHLMC, 2.00%, 6/1/36	1,565,975		1,405,787
FHLMC, 3.50%, 2/1/49	1,707,931		1,549,406
FHLMC, 3.00%, 1/1/50	1,569,897		1,355,497
FHLMC, 3.50%, 5/1/50	274,861		249,011
FHLMC, 2.50%, 5/1/51	1,798,426		1,505,728
FHLMC, 3.50%, 5/1/51	880,858		799,062
FHLMC, 3.00%, 7/1/51	685,853		596,821
FHLMC, 2.00%, 8/1/51	1,511,295		1,209,912
FHLMC, 2.50%, 8/1/51	1,650,843		1,378,887
FHLMC, 2.50%, 10/1/51	844,115		709,648
FHLMC, 3.00%, 12/1/51	1,086,938		940,905
FHLMC, 3.00%, 2/1/52	924,099		803,120
FHLMC, 3.50%, 5/1/52	1,117,754		1,011,651
FHLMC, 4.00%, 5/1/52	1,415,023		1,310,478
FHLMC, 4.00%, 5/1/52	964,235		899,811
FHLMC, 4.00%, 6/1/52	3,072,129		2,865,041
FHLMC, 5.00%, 7/1/52	588,357		578,007
FHLMC, 4.50%, 10/1/52	2,195,297		2,090,364
FHLMC, 4.50%, 10/1/52	1,610,254		1,531,642
FHLMC, 4.50%, 10/1/52	768,561		730,748
FHLMC, 6.00%, 11/1/52	2,736,896		2,771,587
FHLMC, 5.50%, 12/1/52	449,911		449,032
FHLMC, 6.00%, 1/1/53	1,504,532		1,514,920
FHLMC, 6.50%, 11/1/53	1,562,168		1,599,877
FHLMC, 5.50%, 4/1/54	1,459,718		1,453,486
FNMA, 2.00%, 5/1/36	698,489		628,340
FNMA, 4.50%, 9/1/41	123,013		120,235
FNMA, 3.50%, 5/1/42	534,646		492,115
FNMA, 3.50%, 6/1/42	191,082		175,843
FNMA, 3.00%, 2/1/50	232,313		203,961
FNMA, 2.50%, 6/1/50	888,277		744,326
FNMA, 2.50%, 10/1/50	1,870,290		1,558,281
FNMA, 2.50%, 12/1/50	1,272,864		1,054,345


	Shares/ Principal Amount		Value
FNMA, 2.50%, 2/1/51	$	2,324,903	$	1,947,947
FNMA, 3.00%, 6/1/51	115,309		101,697
FNMA, 2.50%, 12/1/51	998,952		840,381
FNMA, 2.50%, 2/1/52	548,159		458,454
FNMA, 3.00%, 2/1/52	1,790,294		1,553,042
FNMA, 3.00%, 2/1/52	1,009,084		875,271
FNMA, 2.00%, 3/1/52	2,672,351		2,150,166
FNMA, 2.50%, 3/1/52	1,237,930		1,039,085
FNMA, 3.00%, 3/1/52	1,807,096		1,578,200
FNMA, 3.00%, 4/1/52	423,017		366,921
FNMA, 3.50%, 4/1/52	693,458		620,874
FNMA, 4.00%, 4/1/52	1,264,158		1,175,492
FNMA, 4.00%, 4/1/52	562,270		524,703
FNMA, 4.00%, 4/1/52	406,837		377,558
FNMA, 3.00%, 5/1/52	1,066,310		934,858
FNMA, 3.50%, 5/1/52	1,881,400		1,691,667
FNMA, 3.50%, 5/1/52	1,684,170		1,509,074
FNMA, 3.50%, 5/1/52	1,577,521		1,434,489
FNMA, 4.00%, 5/1/52	1,834,800		1,699,147
FNMA, 3.00%, 6/1/52	471,417		413,359
FNMA, 3.50%, 6/1/52	1,525,167		1,388,395
FNMA, 4.50%, 7/1/52	1,364,765		1,298,158
FNMA, 5.00%, 8/1/52	3,136,597		3,055,082
FNMA, 4.50%, 9/1/52	699,528		675,089
FNMA, 5.00%, 9/1/52	891,425		876,035
FNMA, 5.00%, 10/1/52	2,724,792		2,654,399
FNMA, 5.50%, 10/1/52	1,441,332		1,430,847
FNMA, 5.00%, 1/1/53	2,242,494		2,184,553
FNMA, 5.50%, 1/1/53	2,924,742		2,904,517
FNMA, 5.50%, 1/1/53	2,527,218		2,512,517
FNMA, 6.50%, 1/1/53	2,460,946		2,523,100
FNMA, 5.50%, 3/1/53	417,257		415,168
FNMA, 4.00%, 4/1/53	469,181		437,106
FNMA, 6.00%, 9/1/53	2,163,455		2,184,649
FNMA, 6.00%, 9/1/53	1,425,696		1,441,794
FNMA, 5.50%, 3/1/54	3,557,123		3,528,218
FNMA, 6.00%, 5/1/54	1,807,250		1,823,430
GNMA, 2.50%, TBA	2,731,000		2,313,875
GNMA, 5.00%, TBA	1,503,000		1,468,232
GNMA, 7.00%, 4/20/26	2,262		2,309
GNMA, 7.50%, 8/15/26	1,968		1,978
GNMA, 7.00%, 5/15/31	10,537		10,906
GNMA, 4.50%, 6/15/41	122,866		119,857
GNMA, 3.50%, 6/20/42	221,278		204,807
GNMA, 3.00%, 5/20/50	485,398		427,709
GNMA, 3.00%, 7/20/50	1,284,863		1,127,663
GNMA, 2.00%, 10/20/50	4,033,729		3,297,080
GNMA, 2.50%, 11/20/50	1,742,252		1,451,430
GNMA, 2.50%, 2/20/51	1,236,023		1,050,358
GNMA, 3.50%, 6/20/51	841,775		765,531
GNMA, 3.00%, 7/20/51	1,209,095		1,061,842
GNMA, 4.00%, 9/20/52	3,293,252		3,069,970
GNMA, 4.50%, 9/20/52	3,131,212		2,995,154
GNMA, 4.50%, 10/20/52	2,564,850		2,453,009


	Shares/ Principal Amount		Value
GNMA, 5.50%, 4/20/53	$	1,773,128	$	1,768,307
UMBS, 4.00%, TBA	3,741,000		3,456,638
			115,959,971
TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Cost $119,880,894)			116,084,334
CORPORATE BONDS — 9.0%
Aerospace and Defense — 0.1%
L3Harris Technologies, Inc., 5.50%, 8/15/54	226,000		225,866
Northrop Grumman Corp., 4.90%, 6/1/34	218,000		215,414
Northrop Grumman Corp., 5.15%, 5/1/40	195,000		190,759
RTX Corp., 6.40%, 3/15/54	245,000		275,974
			908,013
Air Freight and Logistics — 0.1%
GXO Logistics, Inc., 6.25%, 5/6/29	450,000		464,981
GXO Logistics, Inc., 6.50%, 5/6/34	210,000		218,156
United Parcel Service, Inc., 5.50%, 5/22/54	190,000		194,019
			877,156
Automobiles — 0.4%
American Honda Finance Corp., 4.95%, 1/9/26	495,000		497,120
Ford Motor Credit Co. LLC, 5.85%, 5/17/27	390,000		393,798
Ford Motor Credit Co. LLC, 6.80%, 11/7/28	200,000		207,904
Ford Motor Credit Co. LLC, 7.20%, 6/10/30	260,000		274,579
Ford Motor Credit Co. LLC, 6.05%, 11/5/31(2)	262,000		262,000
Ford Motor Credit Co. LLC, 6.125%, 3/8/34	380,000		376,376
General Motors Financial Co., Inc., 5.60%, 6/18/31	298,000		300,391
General Motors Financial Co., Inc., 5.95%, 4/4/34	202,000		206,090
Hyundai Capital America, 6.50%, 1/16/29(3)	117,000		123,027
Hyundai Capital America, 6.20%, 9/21/30(3)	233,000		244,697
Toyota Motor Credit Corp., 5.55%, 11/20/30	410,000		425,859
			3,311,841
Banks — 1.5%
Bank of America Corp., VRN, 5.29%, 4/25/34	1,030,000		1,035,034
Bank of America Corp., VRN, 5.47%, 1/23/35	760,000		771,575
Bank of America Corp., VRN, 5.52%, 10/25/35	510,000		506,379
BNP Paribas SA, VRN, 2.22%, 6/9/26(3)	350,000		343,734
BNP Paribas SA, VRN, 5.34%, 6/12/29(3)	295,000		298,826
BNP Paribas SA, VRN, 5.50%, 5/20/30(3)	530,000		537,709
BPCE SA, VRN, 7.00%, 10/19/34(3)	260,000		283,891
Citigroup, Inc., VRN, 4.41%, 3/31/31	120,000		116,209
Citigroup, Inc., VRN, 6.27%, 11/17/33	370,000		394,166
Citigroup, Inc., VRN, 5.83%, 2/13/35	435,000		438,953
Danske Bank AS, VRN, 5.71%, 3/1/30(3)	215,000		219,504
Discover Bank, 3.45%, 7/27/26	345,000		336,379
DNB Bank ASA, VRN, 4.85%, 11/5/30(2)(3)	1,100,000		1,097,324
Intesa Sanpaolo SpA, VRN, 8.25%, 11/21/33(3)	485,000		551,329
JPMorgan Chase & Co., VRN, 5.30%, 7/24/29	288,000		292,341
JPMorgan Chase & Co., VRN, 6.09%, 10/23/29	789,000		823,218
JPMorgan Chase & Co., VRN, 5.34%, 1/23/35	215,000		216,932
JPMorgan Chase & Co., VRN, 5.77%, 4/22/35	709,000		738,147
JPMorgan Chase & Co., VRN, 5.29%, 7/22/35	310,000		311,850
JPMorgan Chase & Co., VRN, 4.95%, 10/22/35	365,000		357,901
Morgan Stanley Bank NA, VRN, 4.97%, 7/14/28	400,000		402,303
Skandinaviska Enskilda Banken AB, 1.20%, 9/9/26(3)	350,000		329,676
Standard Chartered PLC, VRN, 5.01%, 10/15/30(3)	247,000		244,163
U.S. Bancorp, VRN, 5.73%, 10/21/26	270,000		272,234


	Shares/ Principal Amount		Value
Wells Fargo & Co., 3.55%, 9/29/25	$	740,000	$	733,005
Wells Fargo & Co., VRN, 6.30%, 10/23/29	505,000		529,333
Wells Fargo & Co., VRN, 5.39%, 4/24/34	461,000		464,292
Wells Fargo & Co., VRN, 5.56%, 7/25/34	212,000		215,660
Wells Fargo & Co., VRN, 5.01%, 4/4/51	345,000		322,591
Westpac Banking Corp., VRN, 2.89%, 2/4/30	735,000		729,477
			13,914,135
Beverages — 0.1%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.70%, 2/1/36	745,000		718,310
Biotechnology — 0.1%
AbbVie, Inc., 2.95%, 11/21/26	325,000		315,284
AbbVie, Inc., 5.35%, 3/15/44	275,000		276,036
AbbVie, Inc., 5.40%, 3/15/54	159,000		160,320
Amgen, Inc., 5.65%, 3/2/53	465,000		468,131
			1,219,771
Capital Markets — 0.7%
Blackstone Private Credit Fund, 7.30%, 11/27/28(3)	105,000		110,306
Blackstone Private Credit Fund, 5.95%, 7/16/29(3)	90,000		90,482
Blue Owl Capital Corp., 2.875%, 6/11/28	275,000		248,500
Blue Owl Credit Income Corp., 6.60%, 9/15/29(3)	530,000		536,757
Charles Schwab Corp., VRN, 6.20%, 11/17/29	196,000		205,983
Charles Schwab Corp., VRN, 6.14%, 8/24/34	180,000		191,083
Goldman Sachs Group, Inc., VRN, 6.48%, 10/24/29	1,280,000		1,350,803
Goldman Sachs Group, Inc., VRN, 4.69%, 10/23/30	193,000		190,533
Goldman Sachs Group, Inc., VRN, 5.85%, 4/25/35	275,000		285,042
Golub Capital BDC, Inc., 7.05%, 12/5/28	293,000		304,793
Morgan Stanley, VRN, 5.16%, 4/20/29	311,000		313,721
Morgan Stanley, VRN, 6.41%, 11/1/29	170,000		179,059
Morgan Stanley, VRN, 6.63%, 11/1/34	760,000		833,510
Morgan Stanley, VRN, 5.83%, 4/19/35	152,000		158,039
Northern Trust Corp., VRN, 3.375%, 5/8/32	754,000		724,543
State Street Corp., VRN, 5.75%, 11/4/26	270,000		272,675
State Street Corp., VRN, 4.68%, 10/22/32	473,000		465,635
UBS Group AG, 4.125%, 9/24/25(3)	212,000		211,079
			6,672,543
Chemicals — 0.0%
Dow Chemical Co., 4.375%, 11/15/42	130,000		109,935
LYB International Finance III LLC, 5.50%, 3/1/34	290,000		291,138
			401,073
Commercial Services and Supplies — 0.1%
Waste Connections, Inc., 3.20%, 6/1/32	335,000		297,669
Waste Management, Inc., 4.95%, 3/15/35(2)	152,000		151,059
			448,728
Construction Materials — 0.1%
CRH America Finance, Inc., 5.40%, 5/21/34	278,000		281,746
Martin Marietta Materials, Inc., 5.15%, 12/1/34(2)	302,000		300,134
Martin Marietta Materials, Inc., 5.50%, 12/1/54(2)	325,000		318,697
			900,577
Consumer Finance — 0.2%
Avolon Holdings Funding Ltd., 6.375%, 5/4/28(3)	255,000		263,595
Avolon Holdings Funding Ltd., 5.75%, 3/1/29(3)	270,000		274,057
Encore Capital Group, Inc., 8.50%, 5/15/30(3)	530,000		559,137
OneMain Finance Corp., 7.125%, 3/15/26	217,000		222,455
OneMain Finance Corp., 9.00%, 1/15/29	170,000		180,241


	Shares/ Principal Amount		Value
OneMain Finance Corp., 7.50%, 5/15/31	$	179,000	$	183,196
			1,682,681
Consumer Staples Distribution & Retail — 0.1%
Cencosud SA, 5.95%, 5/28/31(3)	200,000		202,645
Kroger Co., 4.90%, 9/15/31	610,000		608,834
			811,479
Containers and Packaging — 0.0%
Sonoco Products Co., 4.60%, 9/1/29	152,000		148,317
Sonoco Products Co., 5.00%, 9/1/34	298,000		285,665
			433,982
Diversified Consumer Services — 0.0%
Novant Health, Inc., 3.17%, 11/1/51	245,000		169,106
Pepperdine University, 3.30%, 12/1/59	355,000		234,927
			404,033
Diversified REITs — 0.1%
Agree LP, 4.80%, 10/1/32	465,000		450,311
GLP Capital LP/GLP Financing II, Inc., 5.375%, 4/15/26	200,000		200,281
Kilroy Realty LP, 2.65%, 11/15/33	475,000		366,582
Simon Property Group LP, 4.75%, 9/26/34	300,000		288,016
			1,305,190
Diversified Telecommunication Services — 0.3%
AT&T, Inc., 6.375%, 3/1/41	65,000		70,197
AT&T, Inc., 4.65%, 6/1/44	125,000		110,138
AT&T, Inc., 5.45%, 3/1/47	330,000		318,344
AT&T, Inc., 3.50%, 9/15/53	335,000		233,653
Sprint Capital Corp., 6.875%, 11/15/28	291,000		312,350
Sprint Capital Corp., 8.75%, 3/15/32	580,000		702,141
Verizon Communications, Inc., 7.75%, 12/1/30	510,000		588,529
Verizon Communications, Inc., 2.99%, 10/30/56	565,000		349,840
			2,685,192
Electric Utilities — 0.6%
Arizona Public Service Co., 5.70%, 8/15/34	292,000		298,938
Black Hills Corp., 6.00%, 1/15/35	204,000		211,903
Commonwealth Edison Co., 2.55%, 6/15/26	335,000		324,656
Commonwealth Edison Co., 5.30%, 2/1/53	144,000		140,791
Duke Energy Corp., 5.00%, 8/15/52	230,000		207,814
Duke Energy Corp., 5.80%, 6/15/54	405,000		406,399
Duke Energy Florida LLC, 1.75%, 6/15/30	370,000		316,035
Duke Energy Progress LLC, 4.15%, 12/1/44	540,000		452,684
Duke Energy Progress LLC, 5.35%, 3/15/53	120,000		118,069
Florida Power & Light Co., 4.125%, 2/1/42	654,000		563,369
Indianapolis Power & Light Co., 5.70%, 4/1/54(3)	150,000		153,065
MidAmerican Energy Co., 5.85%, 9/15/54	790,000		837,676
Northern States Power Co., 3.20%, 4/1/52	240,000		168,607
Northern States Power Co., 5.10%, 5/15/53	260,000		251,019
Oncor Electric Delivery Co. LLC, 3.70%, 5/15/50	650,000		496,596
Pacific Gas & Electric Co., 4.20%, 6/1/41	155,000		126,224
PECO Energy Co., 4.375%, 8/15/52	340,000		293,155
Union Electric Co., 5.45%, 3/15/53	240,000		240,923
Union Electric Co., 5.25%, 1/15/54	160,000		156,039
Vistra Operations Co. LLC, 6.00%, 4/15/34(3)	146,000		150,773
			5,914,735
Electronic Equipment, Instruments and Components — 0.0%
Keysight Technologies, Inc., 4.95%, 10/15/34	258,000		250,608


	Shares/ Principal Amount		Value
Entertainment — 0.0%
Warnermedia Holdings, Inc., 3.76%, 3/15/27	$	213,000	$	205,172
Financial Services — 0.3%
Antares Holdings LP, 6.35%, 10/23/29(3)	665,000		656,590
Corebridge Financial, Inc., 5.75%, 1/15/34	170,000		174,105
Corebridge Financial, Inc., VRN, 6.375%, 9/15/54	445,000		444,183
GE Capital Funding LLC, 4.55%, 5/15/32	360,000		351,147
Nationwide Building Society, 5.13%, 7/29/29(3)	720,000		725,119
			2,351,144
Food Products — 0.1%
JDE Peet's NV, 2.25%, 9/24/31(3)	475,000		388,708
Kraft Heinz Foods Co., 5.00%, 6/4/42	295,000		274,737
Mars, Inc., 3.875%, 4/1/39(3)	109,000		93,808
			757,253
Gas Utilities — 0.0%
Eastern Energy Gas Holdings LLC, 5.65%, 10/15/54	158,000		154,548
Ground Transportation — 0.2%
Ashtead Capital, Inc., 5.95%, 10/15/33(3)	400,000		409,277
Burlington Northern Santa Fe LLC, 5.20%, 4/15/54	162,000		159,284
Burlington Northern Santa Fe LLC, 5.50%, 3/15/55	485,000		496,338
Union Pacific Corp., 3.55%, 8/15/39	480,000		399,322
United Rentals North America, Inc., 6.00%, 12/15/29(3)	170,000		172,885
			1,637,106
Health Care Equipment and Supplies — 0.0%
Medline Borrower LP/Medline Co-Issuer, Inc., 6.25%, 4/1/29(3)	428,000		436,001
Health Care Providers and Services — 0.6%
Centene Corp., 2.45%, 7/15/28	560,000		504,482
Centene Corp., 4.625%, 12/15/29	214,000		204,658
CVS Health Corp., 5.70%, 6/1/34	381,000		382,909
CVS Health Corp., 6.00%, 6/1/44	410,000		403,048
CVS Health Corp., 5.625%, 2/21/53	120,000		111,548
Duke University Health System, Inc., 3.92%, 6/1/47	160,000		130,277
HCA, Inc., 5.45%, 4/1/31	210,000		212,399
Humana, Inc., 5.75%, 4/15/54	221,000		212,671
Icon Investments Six DAC, 6.00%, 5/8/34	301,000		308,475
IQVIA, Inc., 6.25%, 2/1/29	442,000		460,688
Kaiser Foundation Hospitals, 3.00%, 6/1/51	220,000		150,133
Select Medical Corp., 6.25%, 8/15/26(3)	390,000		391,113
Tenet Healthcare Corp., 6.25%, 2/1/27	325,000		325,513
Tenet Healthcare Corp., 5.125%, 11/1/27	269,000		266,926
UnitedHealth Group, Inc., 5.50%, 7/15/44	436,000		441,286
UnitedHealth Group, Inc., 5.05%, 4/15/53	535,000		504,363
Universal Health Services, Inc., 5.05%, 10/15/34	465,000		441,359
			5,451,848
Hotels, Restaurants and Leisure — 0.1%
Carnival Corp., 4.00%, 8/1/28(3)	585,000		558,109
Royal Caribbean Cruises Ltd., 6.00%, 2/1/33(3)	268,000		269,813
			827,922
Household Durables — 0.1%
DR Horton, Inc., 5.00%, 10/15/34	600,000		587,778
Industrial Conglomerates — 0.1%
Honeywell International, Inc., 5.25%, 3/1/54	295,000		294,818
Siemens Financieringsmaatschappij NV, 1.20%, 3/11/26(3)	350,000		335,069
			629,887


	Shares/ Principal Amount		Value
Industrial REITs — 0.0%
LXP Industrial Trust, 6.75%, 11/15/28	$	172,000	$	180,595
Insurance — 0.3%
Athene Global Funding, 5.53%, 7/11/31(3)	297,000		301,014
Athene Holding Ltd., 6.25%, 4/1/54	252,000		259,073
Beacon Funding Trust, 6.27%, 8/15/54(2)(3)	320,000		320,920
CNO Financial Group, Inc., 6.45%, 6/15/34	283,000		291,629
Marsh & McLennan Cos., Inc., 4.85%, 11/15/31(2)	705,000		703,106
Marsh & McLennan Cos., Inc., 5.00%, 3/15/35(2)	166,000		165,382
Marsh & McLennan Cos., Inc., 5.40%, 3/15/55(2)	163,000		162,327
MetLife, Inc., 6.40%, 12/15/66	200,000		209,197
Pricoa Global Funding I, 4.65%, 8/27/31(3)	450,000		443,097
			2,855,745
Interactive Media and Services — 0.0%
Meta Platforms, Inc., 5.40%, 8/15/54	285,000		286,513
IT Services — 0.1%
Accenture Capital, Inc., 4.50%, 10/4/34	278,000		268,827
Kyndryl Holdings, Inc., 3.15%, 10/15/31	620,000		530,723
Kyndryl Holdings, Inc., 4.10%, 10/15/41	201,000		158,420
			957,970
Leisure Products — 0.0%
Mattel, Inc., 3.75%, 4/1/29(3)	195,000		183,654
Machinery — 0.1%
AGCO Corp., 5.80%, 3/21/34	293,000		298,137
Ingersoll Rand, Inc., 5.70%, 8/14/33	197,000		204,796
Nordson Corp., 4.50%, 12/15/29	495,000		485,184
Westinghouse Air Brake Technologies Corp., 5.61%, 3/11/34	201,000		206,695
			1,194,812
Media — 0.2%
Charter Communications Operating LLC/Charter Communications Operating Capital, 6.10%, 6/1/29	170,000		173,680
Charter Communications Operating LLC/Charter Communications Operating Capital, 5.375%, 4/1/38	500,000		445,649
Comcast Corp., 3.15%, 3/1/26	335,000		329,046
Comcast Corp., 2.94%, 11/1/56	725,000		448,348
Time Warner Cable LLC, 6.55%, 5/1/37	565,000		543,699
			1,940,422
Metals and Mining — 0.1%
Glencore Funding LLC, 5.63%, 4/4/34(3)	145,000		147,359
Glencore Funding LLC, 5.89%, 4/4/54(3)	95,000		96,132
Newmont Corp./Newcrest Finance Pty. Ltd., 5.35%, 3/15/34	395,000		401,532
			645,023
Mortgage Real Estate Investment Trusts (REITs) — 0.1%
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 4.75%, 6/15/29(3)	755,000		720,021
Multi-Utilities — 0.2%
Dominion Energy, Inc., 4.90%, 8/1/41	270,000		247,265
DTE Energy Co., 5.85%, 6/1/34	294,000		305,770
Engie SA, 5.875%, 4/10/54(3)	510,000		518,804
Public Service Enterprise Group, Inc., 6.125%, 10/15/33	480,000		508,542
Sempra, 3.25%, 6/15/27	180,000		173,010
WEC Energy Group, Inc., 5.60%, 9/12/26	360,000		365,889
			2,119,280
Oil, Gas and Consumable Fuels — 0.7%
BP Capital Markets America, Inc., 3.06%, 6/17/41	250,000		185,184
Cheniere Energy, Inc., 4.625%, 10/15/28	420,000		411,913
Columbia Pipelines Operating Co. LLC, 6.04%, 11/15/33(3)	370,000		383,359


	Shares/ Principal Amount		Value
Diamondback Energy, Inc., 6.25%, 3/15/33	$	320,000	$	337,451
Energy Transfer LP, 6.55%, 12/1/33	601,000		645,020
Energy Transfer LP, 6.125%, 12/15/45	340,000		340,478
Eni SpA, 5.95%, 5/15/54(3)	307,000		305,206
EnLink Midstream LLC, 5.65%, 9/1/34	88,000		88,434
EQT Corp., 3.625%, 5/15/31(3)	240,000		214,951
Expand Energy Corp., 6.75%, 4/15/29(3)	905,000		915,566
Greensaif Pipelines Bidco SARL, 5.85%, 2/23/36(3)	786,000		788,079
Marathon Oil Corp., 5.70%, 4/1/34	340,000		352,958
Northern Natural Gas Co., 5.625%, 2/1/54(3)	155,000		154,390
Occidental Petroleum Corp., 5.375%, 1/1/32	446,000		440,672
Occidental Petroleum Corp., 6.45%, 9/15/36	150,000		155,239
Shell Finance U.S., Inc., 4.375%, 5/11/45	180,000		155,732
SM Energy Co., 6.75%, 9/15/26	265,000		265,739
South Bow USA Infrastructure Holdings LLC, 5.58%, 10/1/34(3)	275,000		271,849
			6,412,220
Paper and Forest Products — 0.0%
Suzano Austria GmbH, 3.125%, 1/15/32	69,000		57,910
Passenger Airlines — 0.1%
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.50%, 6/20/27(3)	654,500		661,529
Pharmaceuticals — 0.2%
Bristol-Myers Squibb Co., 5.50%, 2/22/44	155,000		157,828
Bristol-Myers Squibb Co., 5.55%, 2/22/54	410,000		415,024
Eli Lilly & Co., 5.00%, 2/9/54	217,000		209,304
Pfizer Investment Enterprises Pte. Ltd., 4.45%, 5/19/26	490,000		489,436
Utah Acquisition Sub, Inc., 3.95%, 6/15/26	341,000		335,582
			1,607,174
Real Estate Management and Development — 0.0%
Essential Properties LP, 2.95%, 7/15/31	330,000		281,378
Semiconductors and Semiconductor Equipment — 0.1%
Foundry JV Holdco LLC, 5.90%, 1/25/30(3)	430,000		436,118
Software — 0.2%
Microsoft Corp., 2.50%, 9/15/50	300,000		190,478
Open Text Corp., 6.90%, 12/1/27(3)	827,000		860,475
Oracle Corp., 3.60%, 4/1/40	457,000		364,189
Oracle Corp., 5.375%, 9/27/54	295,000		280,865
Oracle Corp., 5.50%, 9/27/64	245,000		230,005
			1,926,012
Specialized REITs — 0.2%
Crown Castle, Inc., 5.20%, 9/1/34	466,000		457,704
EPR Properties, 4.95%, 4/15/28	530,000		521,295
EPR Properties, 3.75%, 8/15/29	110,000		101,396
VICI Properties LP, 5.75%, 4/1/34	305,000		310,063
VICI Properties LP, 6.125%, 4/1/54	120,000		120,856
			1,511,314
Specialty Retail — 0.1%
AutoZone, Inc., 5.10%, 7/15/29	180,000		181,859
AutoZone, Inc., 6.55%, 11/1/33	203,000		220,916
Home Depot, Inc., 5.30%, 6/25/54	252,000		250,580
Lowe's Cos., Inc., 5.625%, 4/15/53	330,000		327,328
			980,683
Technology Hardware, Storage and Peripherals — 0.1%
Hewlett Packard Enterprise Co., 4.55%, 10/15/29	442,000		433,756
Hewlett Packard Enterprise Co., 4.85%, 10/15/31	295,000		289,249


	Shares/ Principal Amount		Value
Hewlett Packard Enterprise Co., 5.60%, 10/15/54	$	335,000	$	322,653
			1,045,658
Textiles, Apparel and Luxury Goods — 0.1%
Tapestry, Inc., 7.35%, 11/27/28	280,000		286,040
Tapestry, Inc., 7.85%, 11/27/33	336,000		343,446
			629,486
Trading Companies and Distributors — 0.0%
Aircastle Ltd., 5.95%, 2/15/29(3)	195,000		199,458
Aircastle Ltd./Aircastle Ireland DAC, 5.75%, 10/1/31(3)	158,000		160,497
			359,955
Wireless Telecommunication Services — 0.1%
U.S. Cellular Corp., 6.70%, 12/15/33	476,000		514,194
TOTAL CORPORATE BONDS (Cost $83,850,118)			83,406,372
U.S. TREASURY SECURITIES — 8.7%
U.S. Treasury Bonds, 3.50%, 2/15/39	200,000		181,609
U.S. Treasury Bonds, 4.375%, 11/15/39	600,000		596,695
U.S. Treasury Bonds, 4.625%, 2/15/40	300,000		306,375
U.S. Treasury Bonds, 1.375%, 11/15/40	200,000		128,434
U.S. Treasury Bonds, 1.875%, 2/15/41	700,000		486,213
U.S. Treasury Bonds, 4.375%, 5/15/41	1,400,000		1,385,836
U.S. Treasury Bonds, 3.75%, 8/15/41	700,000		639,352
U.S. Treasury Bonds, 2.375%, 2/15/42	1,100,000		810,799
U.S. Treasury Bonds, 3.375%, 8/15/42	300,000		256,512
U.S. Treasury Bonds, 2.75%, 11/15/42	750,000		581,426
U.S. Treasury Bonds, 4.00%, 11/15/42	500,000		466,406
U.S. Treasury Bonds, 4.375%, 8/15/43	800,000		780,375
U.S. Treasury Bonds, 4.75%, 11/15/43	5,300,000		5,426,289
U.S. Treasury Bonds, 4.50%, 2/15/44	2,200,000		2,176,625
U.S. Treasury Bonds, 4.625%, 5/15/44	3,000,000		3,015,937
U.S. Treasury Bonds, 3.00%, 11/15/44	600,000		472,875
U.S. Treasury Bonds, 2.50%, 2/15/45	1,700,000		1,224,598
U.S. Treasury Bonds, 3.00%, 5/15/45	1,000,000		785,234
U.S. Treasury Bonds, 3.625%, 2/15/53	200,000		171,688
U.S. Treasury Bonds, 4.125%, 8/15/53	400,000		375,969
U.S. Treasury Bonds, 4.75%, 11/15/53	1,700,000		1,773,246
U.S. Treasury Bonds, 4.25%, 8/15/54	500,000		481,211
U.S. Treasury Notes, 1.50%, 2/15/25(4)	1,000,000		991,233
U.S. Treasury Notes, 2.875%, 6/15/25(4)	500,000		495,509
U.S. Treasury Notes, 4.625%, 9/15/26(4)	300,000		302,420
U.S. Treasury Notes, 4.125%, 2/15/27	5,000,000		4,998,145
U.S. Treasury Notes, 4.50%, 5/15/27	500,000		504,346
U.S. Treasury Notes, 3.75%, 8/15/27	1,500,000		1,485,234
U.S. Treasury Notes, 3.875%, 10/15/27	6,500,000		6,455,566
U.S. Treasury Notes, 1.125%, 2/29/28	1,000,000		906,758
U.S. Treasury Notes, 4.375%, 11/30/28	1,300,000		1,310,258
U.S. Treasury Notes, 4.50%, 5/31/29	1,000,000		1,014,551
U.S. Treasury Notes, 3.625%, 8/31/29	19,400,000		18,962,742
U.S. Treasury Notes, 4.00%, 10/31/29	1,200,000		1,190,906
U.S. Treasury Notes, 3.875%, 11/30/29	700,000		690,648
U.S. Treasury Notes, 3.875%, 12/31/29	1,000,000		986,250
U.S. Treasury Notes, 4.00%, 2/28/30	2,200,000		2,181,953
U.S. Treasury Notes, 4.875%, 10/31/30	7,300,000		7,558,922
U.S. Treasury Notes, 4.375%, 11/30/30	1,200,000		1,210,781
U.S. Treasury Notes, 3.75%, 12/31/30	2,500,000		2,438,232


	Shares/ Principal Amount		Value
U.S. Treasury Notes, 4.125%, 3/31/31	$	500,000	$	497,383
U.S. Treasury Notes, 4.625%, 4/30/31	2,000,000		2,045,703
U.S. Treasury Notes, 3.75%, 8/31/31	1,200,000		1,166,250
U.S. Treasury Notes, 4.125%, 10/31/31	600,000		596,578
TOTAL U.S. TREASURY SECURITIES (Cost $81,679,317)			80,514,072
COLLATERALIZED MORTGAGE OBLIGATIONS — 2.8%
Private Sponsor Collateralized Mortgage Obligations — 2.7%
ABN AMRO Mortgage Corp., Series 2003-4, Class A4, 5.50%, 3/25/33	1,827		1,780
BRAVO Residential Funding Trust, Series 2024-NQM2, Class A1, VRN, 6.29%, 2/25/64(3)	1,089,880		1,098,389
BRAVO Residential Funding Trust, Series 2024-RPL1, Class A1, SEQ, VRN, 3.25%, 10/25/63(3)	1,041,901		946,940
Chase Home Lending Mortgage Trust, Series 2024-2, Class A4A, SEQ, VRN, 6.00%, 2/25/55(3)	447,482		447,905
Chase Home Lending Mortgage Trust, Series 2024-6, Class A4, VRN, 6.00%, 5/25/55(3)	838,426		838,517
Chase Home Lending Mortgage Trust, Series 2024-8, Class A6A, SEQ, VRN, 5.50%, 8/25/55(3)	1,023,896		1,013,290
Chase Home Lending Mortgage Trust, Series 2024-9, Class A4, VRN, 5.50%, 9/25/55(3)	1,500,000		1,500,484
Chase Home Lending Mortgage Trust, Series 2024-9, Class A6, SEQ, VRN, 5.50%, 9/25/55(3)	700,000		699,400
CHL Mortgage Pass-Through Trust, Series 2005-17, Class 1A11, 5.50%, 9/25/35	759		729
Citigroup Mortgage Loan Trust, Series 2024-CMI1, Class A11, VRN, 5.50%, 6/25/54(3)	2,100,000		2,088,352
Credit Suisse Mortgage Trust, Series 2021-NQM2, Class A2, SEQ, VRN, 1.38%, 2/25/66(3)	221,558		196,629
Credit Suisse Mortgage Trust, Series 2021-NQM6, Class A1, SEQ, VRN, 1.17%, 7/25/66(3)	199,421		168,089
Eagle RE Ltd., Series 2021-1, Class M1C, VRN, 7.56%, (30-day average SOFR plus 2.70%), 10/25/33(3)	37,161		37,203
GCAT Trust, Series 2021-CM2, Class A1, SEQ, VRN, 2.35%, 8/25/66(3)	781,660		728,393
GCAT Trust, Series 2021-NQM1, Class A3, SEQ, VRN, 1.15%, 1/25/66(3)	174,236		150,935
GCAT Trust, Series 2024-INV2, Class A6, SEQ, VRN, 6.00%, 6/25/54(3)	632,069		634,211
GCAT Trust, Series 2024-INV3, Class A6, SEQ, VRN, 5.50%, 9/25/54(3)	710,646		706,627
Home RE Ltd., Series 2022-1, Class M1A, VRN, 7.71%, (30-day average SOFR plus 2.85%), 10/25/34(3)	45,632		45,725
JP Morgan Mortgage Trust, Series 2020-3, Class A15, VRN, 3.50%, 8/25/50(3)	153,427		136,076
JP Morgan Mortgage Trust, Series 2024-10, Class A4, VRN, 5.50%, 3/25/55(3)	1,200,000		1,196,898
JP Morgan Mortgage Trust, Series 2024-10, Class A6, SEQ, VRN, 5.50%, 3/25/55(3)	975,000		971,892
JP Morgan Mortgage Trust, Series 2024-5, Class A6, SEQ, VRN, 6.00%, 11/25/54(3)	1,139,465		1,139,860
JP Morgan Mortgage Trust, Series 2024-INV1, Class A4, SEQ, VRN, 6.00%, 4/25/55(3)	975,000		974,131
MFA Trust, Series 2021-INV2, Class A3, SEQ, VRN, 2.26%, 11/25/56(3)	595,092		520,058
MFA Trust, Series 2024-NQM1, Class A1, SEQ, VRN, 6.58%, 3/25/69(3)	796,400		804,478
OBX Trust, Series 2024-HYB1, Class A1, SEQ, VRN, 3.62%, 3/25/53(3)	241,816		237,162
OBX Trust, Series 2024-HYB2, Class A1, SEQ, VRN, 3.62%, 4/25/53(3)	392,604		384,421
OBX Trust, Series 2024-NQM7, Class A1, VRN, 6.24%, 3/25/64(3)	384,993		388,125
Rate Mortgage Trust, Series 2024-J1, Class A7, SEQ, VRN, 6.00%, 7/25/54(3)	709,242		709,611
Rate Mortgage Trust, Series 2024-J3, Class A8, SEQ, VRN, 5.50%, 10/25/54(3)	436,261		431,341
Saluda Grade Alternative Mortgage Trust, Series 2024-CES1, Class A1, SEQ, VRN, 6.31%, 3/25/54(3)	948,355		953,996
Sequoia Mortgage Trust, Series 2024-10, Class A11, VRN, 5.50%, 11/25/54(3)	575,000		572,207
Sequoia Mortgage Trust, Series 2024-10, Class A5, SEQ, VRN, 5.50%, 11/25/54(3)	700,000		694,642
Sequoia Mortgage Trust, Series 2024-6, Class A11, SEQ, VRN, 6.00%, 7/27/54(3)	1,165,224		1,165,766
Sequoia Mortgage Trust, Series 2024-8, Class A5, SEQ, VRN, 5.50%, 9/25/54(3)	629,488		625,097
SoFi Mortgage Trust, Series 2016-1A, Class 1A4, SEQ, VRN, 3.00%, 11/25/46(3)	34,864		30,827
Towd Point Mortgage Trust, Series 2024-1, Class A1, SEQ, VRN, 4.59%, 3/25/64(3)	1,190,631		1,181,453
Verus Securitization Trust, Series 2021-R2, Class A2, VRN, 1.12%, 2/25/64(3)	159,840		145,540
Verus Securitization Trust, Series 2021-R2, Class A3, VRN, 1.23%, 2/25/64(3)	182,782		166,547
			24,733,726
U.S. Government Agency Collateralized Mortgage Obligations — 0.1%
FHLMC, Series 2023-HQA2, Class M1A, VRN, 6.86%, (30-day average SOFR plus 2.00%), 6/25/43(3)	162,214		163,043
FNMA, Series 2017-C03, Class 1M2C, VRN, 7.97%, (30-day average SOFR plus 3.11%), 10/25/29	110,000		113,049
FNMA, Series 2023-39, Class AI, IO, 2.00%, 7/25/52	7,949,038		1,005,091
			1,281,183
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $26,131,721)			26,014,909


	Shares/ Principal Amount		Value
ASSET-BACKED SECURITIES — 1.8%
Aligned Data Centers Issuer LLC, Series 2021-1A, Class B, 2.48%, 8/15/46(3)	$	642,000	$	600,556
Blackbird Capital II Aircraft Lease Ltd., Series 2021-1A, Class A, SEQ, 2.44%, 7/15/46(3)	637,455		580,724
BRAVO Residential Funding Trust, Series 2024-CES1, Class A1A, VRN, 6.38%, 4/25/54(3)	571,639		575,960
Capital Automotive REIT, Series 2024-2A, Class A1, SEQ, 4.90%, 5/15/54(3)	762,083		755,741
Castlelake Aircraft Structured Trust, Series 2017-1R, Class A, SEQ, 2.74%, 8/15/41(3)	221,801		208,648
CyrusOne Data Centers Issuer I LLC, Series 2024-2A, Class A2, SEQ, 4.50%, 5/20/49(3)	700,000		669,528
DI Issuer LLC, Series 2021-1A, Class A2, SEQ, 3.72%, 9/15/51(3)	1,748,776		1,631,077
Enterprise Fleet Financing LLC, Series 2024-1, Class A2, SEQ, 5.23%, 3/20/30(3)	695,933		700,095
Flexential Issuer, Series 2021-1A, Class A2, SEQ, 3.25%, 11/27/51(3)	1,000,000		942,313
Goodgreen Trust, Series 2018-1A, Class A, VRN, 3.93%, 10/15/53(3)	264,512		239,944
Goodgreen Trust, Series 2020-1A, Class A, SEQ, 2.63%, 4/15/55(3)	500,276		411,140
Hotwire Funding LLC, Series 2024-1A, Class A2, SEQ, 5.89%, 6/20/54(3)	600,000		608,312
MAPS Trust, Series 2021-1A, Class A, SEQ, 2.52%, 6/15/46(3)	429,027		392,122
New Economy Assets Phase 1 Sponsor LLC, Series 2021-1, Class B1, 2.41%, 10/20/61(3)	1,350,000		1,197,760
PK Alift Loan Funding 3 LP, Series 2024-1, Class A1, SEQ, 5.84%, 9/15/39(3)	685,546		692,549
RCKT Mortgage Trust, Series 2024-CES1, Class A1A, VRN, 6.03%, 2/25/44(3)	762,221		764,689
RCKT Mortgage Trust, Series 2024-CES2, Class A1A, VRN, 6.14%, 4/25/44(3)	468,599		471,412
RCKT Mortgage Trust, Series 2024-CES3, Class A1A, VRN, 6.59%, 5/25/44(3)	1,014,393		1,025,144
RCKT Mortgage Trust, Series 2024-CES4, Class A1A, VRN, 6.15%, 6/25/44(3)	931,848		935,953
RCKT Mortgage Trust, Series 2024-CES6, Class A1A, VRN, 5.34%, 9/25/44(3)	317,946		315,287
SCF Equipment Leasing LLC, Series 2024-1A, Class B, 5.56%, 4/20/32(3)	300,000		305,873
SCF Equipment Leasing LLC, Series 2024-1A, Class C, 5.82%, 9/20/32(3)	150,000		153,033
Sierra Timeshare Receivables Funding LLC, Series 2021-1A, Class C, 1.79%, 11/20/37(3)	95,171		91,680
Subway Funding LLC, Series 2024-1A, Class A2I, SEQ, 6.03%, 7/30/54(3)	1,189,020		1,200,242
Switch ABS Issuer LLC, Series 2024-2A, Class A2, SEQ, 5.44%, 6/25/54(3)	525,000		523,894
Towd Point Mortgage Trust, Series 2024-CES3, Class A1, VRN, 6.29%, 5/25/64(3)	718,294		723,411
TOTAL ASSET-BACKED SECURITIES (Cost $17,134,550)			16,717,087
COLLATERALIZED LOAN OBLIGATIONS — 1.2%
ACREC LLC, Series 2023-FL2, Class A, VRN, 7.03%, (1-month SOFR plus 2.23%), 2/19/38(3)	473,704		474,889
Arbor Realty Commercial Real Estate Notes Ltd., Series 2021-FL1, Class A, VRN, 5.89%, (1-month SOFR plus 1.08%), 12/15/35(3)	157,525		157,309
Buttermilk Park CLO Ltd., Series 2018-1A, Class A1R, VRN, 5.74%, (3-month SOFR plus 1.08%), 10/15/31(3)	731,247		732,495
Canyon Capital CLO Ltd., Series 2017-1A, Class BR, VRN, 6.52%, (3-month SOFR plus 1.86%), 7/15/30(3)	350,000		350,198
Carlyle Global Market Strategies CLO Ltd., Series 2013-1A, Class BRR, VRN, 7.58%, (3-month SOFR plus 2.46%), 8/14/30(3)	450,000		451,909
Dryden 40 Senior Loan Fund, Series 2015-40A, Class AR2, VRN, 6.27%, (3-month SOFR plus 1.15%), 8/15/31(3)	815,076		816,461
Elmwood CLO IV Ltd., Series 2020-1A, Class AR, VRN, 6.09%, (3-month SOFR plus 1.46%), 4/18/37(3)	1,100,000		1,106,363
KKR CLO 18 Ltd., Series 2018, Class BR, VRN, 6.49%, (3-month SOFR plus 1.86%), 7/18/30(3)	575,000		575,581
KKR CLO 22 Ltd., Series 2022A, Class A, VRN, 6.03%, (3-month SOFR plus 1.41%), 7/20/31(3)	303,177		303,476
Madison Park Funding XXIV Ltd., Series 2016-24A, Class AR2, VRN, 5.74%, (3-month SOFR plus 1.12%), 10/20/29(3)	549,667		550,807
MF1 Ltd., Series 2021-FL7, Class AS, VRN, 6.32%, (1-month SOFR plus 1.56%), 10/16/36(3)	1,075,000		1,065,165
Mountain View CLO LLC, Series 2017-2A, Class B, VRN, 6.61%, (3-month SOFR plus 1.96%), 1/16/31(3)	375,000		375,707
Octagon Investment Partners XV Ltd., Series 2013-1A, Class BRR, VRN, 6.38%, (3-month SOFR plus 1.76%), 7/19/30(3)	700,000		702,362
Palmer Square Loan Funding Ltd., Series 2024-3A, Class A1, VRN, 6.24%, (3-month SOFR plus 1.08%), 8/8/32(3)	1,100,000		1,100,990
Ready Capital Mortgage Financing LLC, Series 2023-FL12, Class A, VRN, 7.07%, (1-month SOFR plus 2.34%), 5/25/38(3)	226,317		226,663
Shackleton CLO Ltd., Series 2017-11A, Class BR1, VRN, 7.03%, (3-month SOFR plus 1.91%), 8/15/30(3)	900,000		901,955
Shelter Growth CRE Issuer Ltd., Series 2023-FL5, Class A, VRN, 7.51%, (1-month SOFR plus 2.75%), 5/19/38(3)	333,731		334,795
THL Credit Wind River CLO Ltd., Series 2013-2A, Class BR2, VRN, 6.46%, (3-month SOFR plus 1.83%), 10/18/30(3)	525,000		525,964
TOTAL COLLATERALIZED LOAN OBLIGATIONS (Cost $10,729,527)			10,753,089


	Shares/ Principal Amount		Value
PREFERRED STOCKS — 0.8%
Banks — 0.7%
Banco Bilbao Vizcaya Argentaria SA, 6.50%	600,000		$	601,630
Bank of Nova Scotia, 4.90%	555,000		551,249
Barclays PLC, 6.125%	545,000		542,699
Credit Agricole SA, 8.125%(3)	600,000		615,983
Danske Bank AS, 7.00%	760,000		764,760
ING Groep NV, 6.50%	550,000		551,237
Intesa Sanpaolo SpA, 7.70%(3)	355,000		355,389
Lloyds Banking Group PLC, 7.50%	410,000		414,514
NatWest Group PLC, 6.00%	410,000		410,206
Nordea Bank Abp, 6.625%(3)	550,000		554,131
Societe Generale SA, 5.375%(3)	425,000		361,252
Societe Generale SA, 8.00%(3)	355,000		359,946
Standard Chartered PLC, 6.00%(3)	209,000		209,114
			6,292,110
Capital Markets — 0.1%
Deutsche Bank AG, 4.79%	200,000		195,246
Deutsche Bank AG, 7.50%	200,000		200,234
UBS Group AG, 6.875%	355,000		356,115
			751,595
Multi-Utilities — 0.0%
Sempra, 4.875%	420,000		417,519
TOTAL PREFERRED STOCKS (Cost $7,411,115)			7,461,224
COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.8%
ARZ Trust, Series 2024-BILT, Class A, SEQ, 5.77%, 6/11/29(3)	$	505,000	514,353
Bank5, Series 2024-5YR7, Class A3, SEQ, 5.77%, 6/15/57	1,267,000		1,302,061
Bank5 Trust, Series 2024-5YR6, Class A3, SEQ, 6.23%, 5/15/57	692,000		722,757
BBCMS Mortgage Trust, Series 2024-5C27, Class A3, SEQ, 6.01%, 7/15/57	338,000		351,149
BX Commercial Mortgage Trust, Series 2020-VIV2, Class C, VRN, 3.54%, 3/9/44(3)	537,839		477,265
BX Trust, Series 2018-GW, Class A, VRN, 5.90%, (1-month SOFR plus 1.10%), 5/15/35(3)	492,000		491,597
BX Trust, Series 2023-LIFE, Class A, SEQ, 5.05%, 2/15/28(3)	1,064,000		1,042,204
DBSG Mortgage Trust, Series 2024-ALTA, Class A, SEQ, VRN, 5.95%, 6/10/37(3)	557,000		563,267
FS Commercial Mortgage Trust, Series 2023-4SZN, Class A, SEQ, 7.07%, 11/10/39(3)	760,000		791,140
MIRA Trust, Series 2023-MILE, Class A, SEQ, 6.75%, 6/10/38(3)	765,000		795,381
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $7,046,474)			7,051,174
U.S. GOVERNMENT AGENCY SECURITIES — 0.5%
FHLMC, 6.25%, 7/15/32	700,000		788,750
FNMA, 0.75%, 10/8/27	2,000,000		1,815,477
FNMA, 0.875%, 8/5/30	1,900,000		1,574,362
FNMA, 6.625%, 11/15/30	400,000		449,075
Tennessee Valley Authority, 1.50%, 9/15/31	300,000		250,003
TOTAL U.S. GOVERNMENT AGENCY SECURITIES (Cost $5,158,998)			4,877,667
MUNICIPAL SECURITIES — 0.3%
California State University Rev., 2.98%, 11/1/51	500,000		353,126
Foothill-Eastern Transportation Corridor Agency Rev., 4.09%, 1/15/49	275,000		230,344
Golden State Tobacco Securitization Corp. Rev., 2.75%, 6/1/34	660,000		564,248
Houston GO, 3.96%, 3/1/47	120,000		103,331
Michigan Strategic Fund Rev., (Flint Water Advocacy Fund), 3.23%, 9/1/47	570,000		439,701
Missouri Highway & Transportation Commission Rev., 5.45%, 5/1/33	130,000		131,979
New Jersey Turnpike Authority Rev., 7.10%, 1/1/41	95,000		109,427
New York City GO, 6.27%, 12/1/37	95,000		102,249


	Shares/ Principal Amount		Value
Ohio Turnpike & Infrastructure Commission Rev., 3.22%, 2/15/48	$	330,000	$	246,685
Port Authority of New York & New Jersey Rev., 4.93%, 10/1/51	50,000		48,266
Regents of the University of California Medical Center Pooled Rev., 3.26%, 5/15/60	245,000		166,972
State of California GO, 4.60%, 4/1/38	180,000		172,818
State of California GO, 7.60%, 11/1/40	80,000		97,862
Texas Natural Gas Securitization Finance Corp. Rev., SEQ, 5.17%, 4/1/41	185,000		187,851
University of California Rev., 3.07%, 5/15/51	180,000		124,194
TOTAL MUNICIPAL SECURITIES (Cost $3,678,588)			3,079,053
EXCHANGE-TRADED FUNDS — 0.3%
iShares Core S&P 500 ETF (Cost $2,712,138)	4,651		2,656,837
SOVEREIGN GOVERNMENTS AND AGENCIES — 0.0%
Chile — 0.0%
Chile Government International Bonds, 5.33%, 1/5/54 (Cost $164,313)	$	170,000	163,786
SHORT-TERM INVESTMENTS — 1.8%
Money Market Funds — 1.8%
State Street Institutional U.S. Government Money Market Fund, Premier Class (Cost $16,346,733)	16,346,733		16,346,733
TOTAL INVESTMENT SECURITIES — 100.9% (Cost $716,706,040)			933,923,581
OTHER ASSETS AND LIABILITIES — (0.9)%			(8,352,272)
TOTAL NET ASSETS — 100.0%			$	925,571,309


FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS
Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
DKK	3,324,942	USD	499,074	Morgan Stanley	12/20/24	$	(13,044)
DKK	487,852	USD	70,669	Morgan Stanley	12/20/24	643
DKK	760,549	USD	110,452	Morgan Stanley	12/20/24	723
USD	3,492,659	DKK	23,251,818	Morgan Stanley	12/20/24	93,779
USD	88,052	DKK	600,433	Morgan Stanley	12/20/24	283
EUR	111,047	USD	120,501	Bank of America N.A.	12/20/24	528
EUR	402,303	USD	438,377	Goldman Sachs & Co.	12/20/24	86
EUR	58,446	USD	64,768	JPMorgan Chase Bank N.A.	12/20/24	(1,068)
EUR	99,033	USD	107,719	UBS AG	12/20/24	216
USD	469,900	EUR	420,801	Citibank N.A.	12/20/24	11,276
USD	469,564	EUR	420,802	Goldman Sachs & Co.	12/20/24	10,939
USD	495,093	EUR	442,136	Goldman Sachs & Co.	12/20/24	13,216
USD	90,133	EUR	80,526	Goldman Sachs & Co.	12/20/24	2,369
USD	469,865	EUR	420,802	JPMorgan Chase Bank N.A.	12/20/24	11,240
USD	292,691	EUR	261,203	JPMorgan Chase Bank N.A.	12/20/24	8,010
USD	91,419	EUR	83,448	JPMorgan Chase Bank N.A.	12/20/24	470
USD	469,476	EUR	420,801	UBS AG	12/20/24	10,851
USD	86,900	EUR	79,552	UBS AG	12/20/24	198
USD	107,780	EUR	99,358	UBS AG	12/20/24	(509)
						$	150,206


FUTURES CONTRACTS PURCHASED
Reference Entity	Contracts	Expiration Date	Notional Amount		Unrealized Appreciation (Depreciation)^
U.S. Treasury 2-Year Notes	68	December 2024	$	14,004,281	$	(41,006)
U.S. Treasury 5-Year Notes	317	December 2024	33,993,297		(683,092)
U.S. Treasury 10-Year Notes	45	December 2024	4,971,094		(60,025)
U.S. Treasury 10-Year Ultra Notes	18	December 2024	2,047,500		(1,098)
U.S. Treasury Long Bonds	22	December 2024	2,595,312		(126,582)
U.S. Treasury Ultra Bonds	20	December 2024	2,512,500		(115,320)
			$	60,123,984	$	(1,027,123)

^Amount represents value and unrealized appreciation (depreciation).


NOTES TO SCHEDULE OF INVESTMENTS
DKK	–	Danish Krone
EUR	–	Euro
FHLMC	–	Federal Home Loan Mortgage Corp.
FNMA	–	Federal National Mortgage Association
GNMA	–	Government National Mortgage Association
GO	–	General Obligation
IO	–	Interest Only
RFUCC	–	FTSE USD IBOR Consumer Cash Fallbacks
SEQ	–	Sequential Payer
SOFR	–	Secured Overnight Financing Rate
TBA	–	To-Be-Announced. Security was purchased on a forward commitment basis with an approximate principal amount and maturity date. Actual principal amount and maturity date will be determined upon settlement.
UMBS	–	Uniform Mortgage-Backed Securities
USD	–	United States Dollar
VRN	–	Variable Rate Note. The rate adjusts periodically based upon the terms set forth in the security’s offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. The security's effective maturity date may be shorter than the final maturity date shown.

(1)Non-income producing.

(2)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.

(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 $78,840,204, which represented 8.5% of total net assets.

(4)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 $1,098,759.

See Notes to Financial Statements.


Statement of Assets and Liabilities


OCTOBER 31, 2024
Assets
Investment securities, at value (cost of $716,706,040)	$	933,923,581
Receivable for investments sold	1,967,178
Receivable for capital shares sold	86,623
Unrealized appreciation on forward foreign currency exchange contracts	164,827
Interest and dividends receivable	3,016,406
	939,158,615

Liabilities
Disbursements in excess of demand deposit cash	2,980
Payable for investments purchased	12,573,712
Payable for capital shares redeemed	244,753
Payable for variation margin on futures contracts	65,013
Unrealized depreciation on forward foreign currency exchange contracts	14,621
Accrued management fees	686,227
	13,587,306

Net Assets	$	925,571,309

Net Assets Consist of:
Capital (par value and paid-in surplus)	$	771,157,364
Distributable earnings (loss)	154,413,945
	$	925,571,309


	Net Assets	Shares Outstanding	Net Asset Value Per Share
Investor Class, $0.01 Par Value	$836,650,034	42,821,562	$19.54
I Class, $0.01 Par Value	$87,170,874	4,457,324	$19.56
R5 Class, $0.01 Par Value	$1,750,401	89,526	$19.55

See Notes to Financial Statements.


Statement of Operations


YEAR ENDED OCTOBER 31, 2024
Investment Income (Loss)
Income:
Interest	$	17,212,566
Dividends (net of foreign taxes withheld of $10,646)	7,817,043
	25,029,609

Expenses:
Management fees	7,915,947
Directors' fees and expenses	27,432
Other expenses	16,582
	7,959,961



Net investment income (loss)	17,069,648

Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions	16,930,160
Forward foreign currency exchange contract transactions	(27,220)
Futures contract transactions	1,802,886
Swap agreement transactions	26,154
Foreign currency translation transactions	(282)
	18,731,698

Change in net unrealized appreciation (depreciation) on:
Investments	150,257,367
Forward foreign currency exchange contracts	119,249
Futures contracts	(719,992)
Swap agreements	(10,747)
Translation of assets and liabilities in foreign currencies	364
	149,646,241

Net realized and unrealized gain (loss)	168,377,939

Net Increase (Decrease) in Net Assets Resulting from Operations	$	185,447,587

See Notes to Financial Statements.


Statement of Changes in Net Assets


YEARS ENDED OCTOBER 31, 2024 AND OCTOBER 31, 2023
Increase (Decrease) in Net Assets	October 31, 2024		October 31, 2023
Operations
Net investment income (loss)	$	17,069,648	$	14,906,143
Net realized gain (loss)	18,731,698		(34,045,385)
Change in net unrealized appreciation (depreciation)	149,646,241		63,328,808
Net increase (decrease) in net assets resulting from operations	185,447,587		44,189,566

Distributions to Shareholders
From earnings:
Investor Class	(15,400,125)		(13,812,825)
I Class	(1,788,374)		(1,594,809)
R5 Class	(38,766)		(31,717)
Decrease in net assets from distributions	(17,227,265)		(15,439,351)

Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions (Note 5)	(45,737,060)		(59,916,954)

Net increase (decrease) in net assets	122,483,262		(31,166,739)

Net Assets
Beginning of period	803,088,047		834,254,786
End of period	$	925,571,309	$	803,088,047

See Notes to Financial Statements.


Notes to Financial Statements

OCTOBER 31, 2024

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. Balanced Fund (the fund) is one fund in a series issued by the corporation. The fund’s investment objective is to seek long-term capital growth and current income by investing approximately 60% of its assets in equity securities and the remainder in bonds and other fixed-income securities. The fund offers the Investor Class, I Class and R5 Class.

2. Significant Accounting Policies

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

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

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

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, municipal securities, 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 stocks and convertible preferred stocks 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. Exchange-traded futures contracts are valued at the settlement price as provided by the appropriate exchange. Swap agreements are valued at an evaluated mean as provided by independent pricing services or independent brokers. Forward foreign currency exchange contracts are valued at the mean of the appropriate forward exchange rate at the close of the NYSE as provided by an independent pricing service.

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

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

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

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

Investment Income — Interest income 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. Dividend income less foreign taxes withheld, if any, is recorded as of the ex-dividend date. Distributions received on securities that represent a return of capital or long-term capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The fund may estimate the components of distributions received that may be considered nontaxable distributions or long-term capital gain distributions for income tax purposes.

Forward Commitments — The 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. The 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, the 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. The fund will segregate cash, cash equivalents or other appropriate liquid securities on its records in amounts sufficient to meet the purchase price.

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

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

Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid quarterly. Distributions from net realized gains, if any, are generally declared and paid annually.

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

3. Fees and Transactions with Related Parties

The management fee schedule range and the effective annual management fee for each class for the period ended October 31, 2024 are as follows:


	Management Fee Schedule Range	Effective Annual Management Fee
Investor Class	0.800% to 0.900%	0.89%
I Class	0.600% to 0.700%	0.69%
R5 Class	0.600% to 0.700%	0.69%

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

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

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

4. Investment Transactions

Purchases of investment securities, excluding short-term investments, for the period ended October 31, 2024 totaled $648,279,220, of which $300,781,917 represented U.S. Treasury and Government Agency obligations.

Sales of investment securities, excluding short-term investments, for the period ended October 31, 2024 totaled $686,656,156, of which $291,556,360 represented U.S. Treasury and Government Agency obligations.

5. Capital Share Transactions

Transactions in shares of the fund were as follows:


	Year ended October 31, 2024			Year ended October 31, 2023
	Shares	Amount		Shares	Amount
Investor Class/Shares Authorized	530,000,000			530,000,000
Sold	2,540,941	$	47,149,553	2,145,009	$	35,573,892
Issued in reinvestment of distributions	790,709	14,932,752		815,337	13,421,174
Redeemed	(5,599,022)	(104,611,361)		(6,475,000)	(106,569,604)
	(2,267,372)	(42,529,056)		(3,514,654)	(57,574,538)
I Class/Shares Authorized	100,000,000			100,000,000
Sold	633,858	11,811,127		870,449	14,326,672
Issued in reinvestment of distributions	94,586	1,787,814		96,717	1,594,096
Redeemed	(884,041)	(16,661,920)		(1,105,908)	(18,192,814)
	(155,597)	(3,062,979)		(138,742)	(2,272,046)
R5 Class/Shares Authorized	20,000,000			20,000,000
Sold	32,123	591,158		8,706	144,578
Issued in reinvestment of distributions	2,053	38,766		1,925	31,717
Redeemed	(40,677)	(774,949)		(14,966)	(246,665)
	(6,501)	(145,025)		(4,335)	(70,370)
Net increase (decrease)	(2,429,470)	$	(45,737,060)	(3,657,731)	$	(59,916,954)

6. Fair Value Measurements

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

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

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

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

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

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


	Level 1		Level 2		Level 3
Assets
Investment Securities
Common Stocks	$	552,924,531	$	5,872,713	—
U.S. Government Agency Mortgage-Backed Securities	—		116,084,334		—
Corporate Bonds	—		83,406,372		—
U.S. Treasury Securities	—		80,514,072		—
Collateralized Mortgage Obligations	—		26,014,909		—
Asset-Backed Securities	—		16,717,087		—
Collateralized Loan Obligations	—		10,753,089		—
Preferred Stocks	—		7,461,224		—
Commercial Mortgage-Backed Securities	—		7,051,174		—
U.S. Government Agency Securities	—		4,877,667		—
Municipal Securities	—		3,079,053		—
Exchange-Traded Funds	2,656,837		—		—
Sovereign Governments and Agencies	—		163,786		—
Short-Term Investments	16,346,733		—		—
	$	571,928,101	$	361,995,480	—
Other Financial Instruments
Forward Foreign Currency Exchange Contracts	—		$	164,827	—

Liabilities
Other Financial Instruments
Futures Contracts	$	1,027,123	—		—
Forward Foreign Currency Exchange Contracts	—		$	14,621	—
	$	1,027,123	$	14,621	—

7. Derivative Instruments

Credit Risk — The fund is subject to credit risk in the normal course of pursuing its 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 fund's average notional amount held during the period was $6,713,333.

Foreign Currency Risk — The fund is subject to foreign currency exchange rate risk in the normal course of pursuing its 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. 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 fund's average U.S. dollar exposure to foreign currency risk derivative instruments held during the period was $4,627,645.

Interest Rate Risk — The fund is subject to interest rate risk in the normal course of pursuing its 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 fund's average notional exposure to interest rate risk derivative instruments held during the period was $50,669,461 futures contracts purchased and $4,823,055 futures contracts sold.

Value of Derivative Instruments as of October 31, 2024


	Asset Derivatives			Liability Derivatives
Type of Risk Exposure	Location on Statement of Assets and Liabilities	Value		Location on Statement of Assets and Liabilities	Value
Foreign Currency Risk	Unrealized appreciation on forward foreign currency exchange contracts	$	164,827	Unrealized depreciation on forward foreign currency exchange contracts	$	14,621
Interest Rate Risk	Receivable for variation margin on futures contracts*	—		Payable for variation margin on futures contracts*	65,013
		$	164,827		$	79,634

*Included in the unrealized appreciation (depreciation) on futures contracts, as reported in the Schedule of Investments.

Effect of Derivative Instruments on the Statement of Operations for the Year Ended October 31, 2024


	Net Realized Gain (Loss)			Change in Net Unrealized Appreciation (Depreciation)
Type of Risk Exposure	Location on Statement of Operations	Value		Location on Statement of Operations	Value
Credit Risk	Net realized gain (loss) on swap agreement transactions	$	26,154	Change in net unrealized appreciation (depreciation) on swap agreements	$	(10,747)
Foreign Currency Risk	Net realized gain (loss) on forward foreign currency exchange contract transactions	(27,220)		Change in net unrealized appreciation (depreciation) on forward foreign currency exchange contracts	119,249
Interest Rate Risk	Net realized gain (loss) on futures contract transactions	1,802,886		Change in net unrealized appreciation (depreciation) on futures contracts	(719,992)
		$	1,801,820		$	(611,490)

8. Risk Factors

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

9. Federal Tax Information

The tax character of distributions paid during the years ended October 31, 2024 and October 31, 2023 were as follows:


	2024		2023
Distributions Paid From
Ordinary income	$	17,227,265	$	15,439,351
Long-term capital gains	—		—

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

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


Federal tax cost of investments	$	719,178,880
Gross tax appreciation of investments	$	238,124,831
Gross tax depreciation of investments	(23,380,130)
Net tax appreciation (depreciation) of investments	214,744,701
Net tax appreciation (depreciation) on derivatives and translation of assets and liabilities in foreign currencies	146
Net tax appreciation (depreciation)	$	214,744,847
Other book-to-tax adjustments	$	(103,734)
Undistributed ordinary income	$	1,942,638
Accumulated short-term capital losses	$	(47,962,227)
Accumulated long-term capital losses	$	(14,207,579)

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales and the realization for tax purposes of unrealized gains (losses) on futures contracts. Other book-to-tax adjustments are attributable primarily to the tax deferral of

losses on straddle positions.

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


Financial Highlights


For a Share Outstanding Throughout the Years Ended October 31 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations*:			Distributions From:					Ratio to Average Net Assets of†:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return(2)	Operating Expenses	Net Investment Income (Loss)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
Investor Class
2024	$16.13	0.35	3.41	3.76	(0.35)	—	(0.35)	$19.54	23.41%	0.89%	1.86%	72%	$836,650
2023	$15.61	0.29	0.53	0.82	(0.30)	—	(0.30)	$16.13	5.20%	0.91%	1.72%	72%	$727,083
2022	$22.97	0.18	(3.38)	(3.20)	(0.15)	(4.01)	(4.16)	$15.61	(16.94)%	0.91%	1.00%	94%	$758,468
2021	$19.73	0.14	4.30	4.44	(0.17)	(1.03)	(1.20)	$22.97	23.34%	0.90%	0.67%	225%	$1,002,740
2020	$19.25	0.20	1.22	1.42	(0.25)	(0.69)	(0.94)	$19.73	7.54%	0.90%	1.03%	165%	$841,328
I Class
2024	$16.14	0.38	3.43	3.81	(0.39)	—	(0.39)	$19.56	23.70%	0.69%	2.06%	72%	$87,171
2023	$15.62	0.32	0.53	0.85	(0.33)	—	(0.33)	$16.14	5.41%	0.71%	1.92%	72%	$74,455
2022	$22.98	0.21	(3.37)	(3.16)	(0.19)	(4.01)	(4.20)	$15.62	(16.76)%	0.71%	1.20%	94%	$74,220
2021	$19.74	0.19	4.29	4.48	(0.21)	(1.03)	(1.24)	$22.98	23.58%	0.70%	0.87%	225%	$107,875
2020	$19.26	0.23	1.23	1.46	(0.29)	(0.69)	(0.98)	$19.74	7.75%	0.70%	1.23%	165%	$99,524
R5 Class
2024	$16.14	0.38	3.42	3.80	(0.39)	—	(0.39)	$19.55	23.64%	0.69%	2.06%	72%	$1,750
2023	$15.62	0.32	0.53	0.85	(0.33)	—	(0.33)	$16.14	5.41%	0.71%	1.92%	72%	$1,550
2022	$22.98	0.19	(3.35)	(3.16)	(0.19)	(4.01)	(4.20)	$15.62	(16.76)%	0.71%	1.20%	94%	$1,567
2021	$19.74	0.18	4.30	4.48	(0.21)	(1.03)	(1.24)	$22.98	23.58%	0.70%	0.87%	225%	$7,050
2020	$19.26	0.24	1.22	1.46	(0.29)	(0.69)	(0.98)	$19.74	7.75%	0.70%	1.23%	165%	$3,545


Notes to Financial Highlights

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

(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.

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

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

See Notes to Financial Statements.


Report of Independent Registered Public Accounting Firm

To the shareholders of the Balanced Fund and the Board of Directors of American Century Mutual Funds, Inc.

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Balanced Fund (the “Fund”), one of the funds constituting the American Century Mutual Funds, Inc., as of October 31, 2024, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2024, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2024, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Kansas City, Missouri

December 17, 2024

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


Approval of Management Agreement

At a meeting held on June 27, 2024, the Fund’s Board of Directors (the “Board”) unanimously approved the renewal of the management agreement pursuant to which American Century Investment Management, Inc. (the “Advisor”) acts as the investment advisor for the Fund. Under the Investment Company Act of 1940 (the “Investment Company Act”), contracts for investment advisory services are required to be reviewed, evaluated, and approved by a majority of a fund’s Directors, including a majority of the independent Directors.

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

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

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

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

•the Fund’s investment performance compared to appropriate benchmarks and/or peer groups of other mutual funds with similar investment objectives and strategies;

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

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

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

•the Advisor’s business continuity plans, vendor management practices, and information security practices;

•the cost of services provided to the Fund, the profitability of the Fund to the Advisor, and the Advisor’s financial results of operation;

•possible economies of scale associated with the Advisor’s management of the Fund;

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

•fees and expenses associated with any investment by the Fund in other funds;

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

•services provided and charges to the Advisor’s other investment management clients.

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

Factors Considered

The Directors considered all of the information provided by the Advisor, the independent consultant and data providers, and the independent Directors’ independent counsel in connection with the approval. They determined that the information was sufficient for them to evaluate the management agreement for the Fund. In connection with their review, the Directors did not identify any single factor as being all-important or controlling, and each Director may have attributed different levels of importance to different factors. In deciding to renew the management agreement, the Board based its decision on a number of factors, including without limitation the following:

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

•constructing and designing the Fund

•portfolio research and security selection

•initial capitalization/funding

•securities trading

•Fund administration

•custody of Fund assets

•daily valuation of the Fund’s portfolio

•liquidity monitoring and management

•risk management, including information security

•shareholder servicing and transfer agency, including shareholder confirmations, recordkeeping, and communications

•legal services (except the independent Directors’ counsel)

•regulatory and portfolio compliance

•financial reporting

•marketing and distribution (except amounts paid by the Fund under Rule 12b-1 plans)

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

Investment Management Services. The nature of the investment management services provided to the Fund is quite complex and allows Fund shareholders access to professional money management, instant diversification of their investments, the opportunity to easily diversify among asset classes by investing in or exchanging among various American Century Investments funds, and liquidity. In evaluating investment performance, the Board expects the Advisor to manage the Fund in accordance with its investment objectives and principal investment strategies. Further, the Directors recognize that the Advisor has an obligation to monitor trading activities, and in particular to seek the best execution of fund trades, and to evaluate the use of and payment for research. In providing these services, the Advisor utilizes teams of investment professionals who require extensive information technology, research, training, compliance, and other systems to conduct their business. The Board, directly and through its Fund Performance Review Committee, provides oversight of the investment performance process. It regularly reviews investment performance information for the Fund, together with comparative information for appropriate benchmarks and/or peer groups of similarly-managed funds, over different time horizons. The Directors also review investment performance information from both the Advisor and an independent third party during the management agreement renewal process. If performance concerns are identified, the Board discusses with the Advisor the reasons for such results and any actions being taken to improve performance and may conduct special reviews until performance improves. The Fund’s performance was below its benchmark for the one-, three-, five-, and ten-year periods reviewed by the Board. In relation to industry peers, the Fund was above the median of its peer performance universe as identified by a third-party service provider for the one-, three-, five-, and ten-year periods. The Board discussed the Fund’s performance with the Advisor, including steps being taken to address underperformance, and was satisfied with the efforts being undertaken by the Advisor. The Board found the investment management services provided by the Advisor to the Fund to be satisfactory and consistent with the management agreement.

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

Costs of Services and Profitability. The Advisor provides detailed information concerning its cost of providing various services to the Fund, its profitability in managing the Fund (pre- and post-distribution), and its financial results of operation. The Directors have reviewed with the Advisor the methodology used to prepare this financial information and arranged for an independent consultant to confirm the reasonableness of the allocation methodology used. This information is considered in evaluating the Advisor’s financial condition, its ability to continue to provide services under the management agreement, and the reasonableness of the terms of the current management agreement. The Board concluded that the Advisor’s profits were reasonable in light of the services provided to the Fund.

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

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

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

the unified fee structure is a benefit to Fund shareholders because it clearly discloses to shareholders the cost of owning Fund shares, and, since the unified fee cannot be increased without a vote of Fund shareholders, it shifts to the Advisor the risk of increased costs of operating the Fund and provides a direct incentive to minimize administrative inefficiencies. Part of the Board’s analysis of fee levels involves reviewing certain evaluative data compiled by an independent provider comparing the Fund’s unified fee to the total expense ratios of its peers. The unified fee charged to shareholders of the Fund was below the median of the total expense ratios of the Fund’s peer expense universe. In addition, the Board reviewed the Fund’s position relative to the narrower set of its expense group peers. The Board concluded that the management fee paid by the Fund to the Advisor under the management agreement is reasonable in light of the services provided to the Fund.

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

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

Collateral or “Fall-Out” Benefits Derived by the Advisor. The Board considered the possible existence of collateral benefits the Advisor may receive as a result of its relationship with the Fund. They concluded that the Advisor’s primary business is managing funds and it generally does not use fund or shareholder information to generate profits in other lines of business, and therefore does not derive any significant collateral benefits from them. To the extent there are potential collateral benefits, the Board has been advised and has taken this into consideration in its review of the management contract with the Fund. The Board noted that additional assets from other clients may offer the Advisor some benefit from increased leverage with prospective clients, service providers, and counterparties. Additionally, the Advisor may receive proprietary research from broker-dealers that execute fund portfolio transactions, which the Board concluded is likely to benefit other clients of the Advisor, as well as Fund shareholders. The Board also determined that the Advisor is able to provide investment management services to certain clients other than the Fund, at least in part, due to its existing infrastructure built to serve the fund complex. The Board concluded that appropriate allocation methodologies had been employed to assign resources and the cost of those resources to these other clients.

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

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

Other Tax Information

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

The fund hereby designates up to the maximum amount allowable as qualified dividend income for the fiscal year ended October 31, 2024.

For corporate taxpayers, the fund hereby designates $6,906,869 or up to the maximum amount allowable, of ordinary income distributions paid during the fiscal year ended October 31, 2024 as qualified for the corporate dividends received deduction.


Contact Us			americancentury.com
Automated Information Line			1-800-345-8765
Investor Services Representative			1-800-345-2021 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.

©2024 American Century Proprietary Holdings, Inc. All rights reserved. CL-ANN-90968 2412



			Annual Financial Statements and Other Information

			October 31, 2024

			Growth Fund
			Investor Class (TWCGX)
			I Class (TWGIX)
			Y Class (AGYWX)
			A Class (TCRAX)
			C Class (TWRCX)
			R Class (AGWRX)
			R5 Class (AGWUX)
			R6 Class (AGRDX)
			G Class (ACIHX)


Table of Contents


Schedule of Investments			2
Statement of Assets and Liabilities			6
Statement of Operations			7
Statement of Changes in Net Assets			8
Notes to Financial Statements			9
Financial Highlights			15
Report of Independent Registered Public Accounting Firm			17
Approval of Management Agreement			18

Other Tax Information			21


Schedule of Investments

OCTOBER 31, 2024


	Shares	Value
COMMON STOCKS — 99.5%
Aerospace and Defense — 0.1%
General Electric Co.	133,860	$	22,994,471
Air Freight and Logistics — 0.3%
United Parcel Service, Inc., Class B	296,789	39,787,533
Automobile Components — 0.2%
Aptiv PLC(1)	574,794	32,665,543
Automobiles — 2.0%
Tesla, Inc.(1)	1,201,003	300,070,600
Beverages — 1.0%
PepsiCo, Inc.	893,857	148,451,771
Biotechnology — 1.9%
AbbVie, Inc.	955,734	194,845,491
Vertex Pharmaceuticals, Inc.(1)	213,502	101,622,682
		296,468,173
Broadline Retail — 5.9%
Amazon.com, Inc.(1)	4,872,464	908,227,290
Building Products — 0.6%
Trane Technologies PLC	44,015	16,292,592
Trex Co., Inc.(1)	1,021,713	72,388,366
		88,680,958
Capital Markets — 0.9%
KKR & Co., Inc.	118,080	16,323,379
S&P Global, Inc.	253,445	121,744,840
		138,068,219
Communications Equipment — 0.7%
Arista Networks, Inc.(1)	143,087	55,294,540
Motorola Solutions, Inc.	117,908	52,981,960
		108,276,500
Consumer Staples Distribution & Retail — 1.0%
Costco Wholesale Corp.	121,022	105,795,012
Target Corp.	286,202	42,941,748
		148,736,760
Electrical Equipment — 0.7%
Eaton Corp. PLC	221,574	73,469,507
Vertiv Holdings Co., Class A	376,399	41,136,647
		114,606,154
Electronic Equipment, Instruments and Components — 0.4%
CDW Corp.	351,071	66,082,094
Energy Equipment and Services — 0.2%
Schlumberger NV	712,854	28,564,060
Entertainment — 0.5%
Liberty Media Corp.-Liberty Formula One, Class C(1)	627,404	50,091,935
Spotify Technology SA(1)	61,975	23,866,573
		73,958,508
Financial Services — 4.4%
Adyen NV(1)	34,657	52,944,077
Block, Inc.(1)	1,247,619	90,227,806
Mastercard, Inc., Class A	698,322	348,874,688
Visa, Inc., Class A	607,186	175,992,862
		668,039,433


	Shares	Value
Food Products — 0.7%
Mondelez International, Inc., Class A	1,512,274	$	103,560,524
Ground Transportation — 2.2%
Saia, Inc.(1)	97,754	47,763,582
Uber Technologies, Inc.(1)	2,196,908	158,287,221
Union Pacific Corp.	550,170	127,677,952
		333,728,755
Health Care Equipment and Supplies — 1.4%
Dexcom, Inc.(1)	530,673	37,401,833
IDEXX Laboratories, Inc.(1)	151,671	61,717,963
Intuitive Surgical, Inc.(1)	229,801	115,782,936
		214,902,732
Health Care Providers and Services — 0.2%
UnitedHealth Group, Inc.	64,219	36,251,625
Hotels, Restaurants and Leisure — 2.3%
Airbnb, Inc., Class A(1)	519,884	70,075,164
Chipotle Mexican Grill, Inc.(1)	2,252,349	125,613,504
Dutch Bros, Inc., Class A(1)	1,482,195	49,090,298
Expedia Group, Inc.(1)	340,995	53,300,929
Starbucks Corp.	506,558	49,490,717
		347,570,612
Household Products — 0.7%
Procter & Gamble Co.	624,418	103,141,365
Independent Power and Renewable Electricity Producers — 0.2%
Vistra Corp.	197,190	24,640,862
Insurance — 0.9%
Progressive Corp.	589,572	143,165,769
Interactive Media and Services — 13.0%
Alphabet, Inc., Class A	7,046,382	1,205,706,424
Meta Platforms, Inc., Class A	1,277,055	724,830,877
Pinterest, Inc., Class A(1)	1,807,421	57,457,914
		1,987,995,215
IT Services — 1.9%
Accenture PLC, Class A	127,370	43,919,723
MongoDB, Inc.(1)	330,933	89,484,283
Okta, Inc.(1)	1,041,594	74,880,193
Snowflake, Inc., Class A(1)	714,881	82,082,637
		290,366,836
Leisure Products — 0.3%
YETI Holdings, Inc.(1)	1,368,007	48,167,526
Life Sciences Tools and Services — 0.1%
Agilent Technologies, Inc.	146,617	19,105,661
Machinery — 1.1%
Parker-Hannifin Corp.	161,723	102,543,703
Xylem, Inc.	588,977	71,725,619
		174,269,322
Pharmaceuticals — 4.3%
Eli Lilly & Co.	574,398	476,600,996
Novo Nordisk AS, Class B	1,021,692	114,598,073
Zoetis, Inc.	392,865	70,236,405
		661,435,474
Semiconductors and Semiconductor Equipment — 17.1%
Advanced Micro Devices, Inc.(1)	1,407,524	202,781,983
Analog Devices, Inc.	735,699	164,141,804
Applied Materials, Inc.	768,869	139,611,233


	Shares	Value
ASML Holding NV	112,279	$	75,578,479
Broadcom, Inc.	1,329,246	225,666,094
NVIDIA Corp.	13,621,690	1,808,415,564
		2,616,195,157
Software — 18.1%
Cadence Design Systems, Inc.(1)	662,017	182,796,134
Crowdstrike Holdings, Inc., Class A(1)	446,462	132,541,174
Datadog, Inc., Class A(1)	830,637	104,195,105
Dynatrace, Inc.(1)	1,655,685	89,075,853
Microsoft Corp.	4,886,752	1,985,731,675
PagerDuty, Inc.(1)	1,287,549	23,253,135
Salesforce, Inc.	399,418	116,378,423
Workday, Inc., Class A(1)	585,356	136,885,501
		2,770,857,000
Specialized REITs — 0.6%
Equinix, Inc.	109,638	99,560,075
Specialty Retail — 3.0%
CarMax, Inc.(1)	781,340	56,553,389
Home Depot, Inc.	435,091	171,317,081
Ross Stores, Inc.	584,022	81,599,554
TJX Cos., Inc.	816,906	92,334,885
Tractor Supply Co.	188,127	49,949,600
		451,754,509
Technology Hardware, Storage and Peripherals — 10.2%
Apple, Inc.	6,930,490	1,565,666,996
Textiles, Apparel and Luxury Goods — 0.4%
Deckers Outdoor Corp.(1)	389,005	62,587,014
TOTAL COMMON STOCKS (Cost $5,833,182,100)		15,238,601,096
EXCHANGE-TRADED FUNDS — 0.4%
iShares Russell 1000 Growth ETF (Cost $54,303,155)	154,317	57,708,385
SHORT-TERM INVESTMENTS — 0.2%
Money Market Funds — 0.0%
State Street Institutional U.S. Government Money Market Fund, Premier Class	85,740	85,740
Repurchase Agreements — 0.2%
Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 4.25%, 3/15/27, valued at $27,731,866), at 4.84%, dated 10/31/24, due 11/1/24 (Delivery value $27,191,655)		27,188,000
TOTAL SHORT-TERM INVESTMENTS (Cost $27,273,740)		27,273,740
TOTAL INVESTMENT SECURITIES — 100.1% (Cost $5,914,758,995)		15,323,583,221
OTHER ASSETS AND LIABILITIES — (0.1)%		(12,122,602)
TOTAL NET ASSETS — 100.0%		$	15,311,460,619


FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS
Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
DKK	41,029,809	USD	6,158,579	Morgan Stanley	12/20/24	$	(160,967)
DKK	15,749,631	USD	2,281,461	Morgan Stanley	12/20/24	20,772
DKK	24,553,271	USD	3,565,783	Morgan Stanley	12/20/24	23,339
USD	102,795,061	DKK	684,341,672	Morgan Stanley	12/20/24	2,760,091
USD	2,842,655	DKK	19,384,162	Morgan Stanley	12/20/24	9,138
USD	6,946,344	DKK	47,606,949	Morgan Stanley	12/20/24	(12,694)
EUR	3,352,326	USD	3,637,706	Bank of America N.A.	12/20/24	15,940
EUR	6,052,257	USD	6,594,957	Goldman Sachs & Co.	12/20/24	1,301
EUR	2,457,173	USD	2,672,677	UBS AG	12/20/24	5,357
USD	25,438,984	EUR	22,780,918	Citibank N.A.	12/20/24	610,425
USD	25,420,770	EUR	22,780,917	Goldman Sachs & Co.	12/20/24	592,212
USD	6,869,471	EUR	6,134,683	Goldman Sachs & Co.	12/20/24	183,378
USD	6,023,032	EUR	5,381,042	Goldman Sachs & Co.	12/20/24	158,321
USD	25,437,059	EUR	22,780,918	JPMorgan Chase Bank N.A.	12/20/24	608,500
USD	5,095,522	EUR	4,547,348	JPMorgan Chase Bank N.A.	12/20/24	139,440
USD	25,415,986	EUR	22,780,917	UBS AG	12/20/24	587,428
USD	3,248,030	EUR	2,973,368	UBS AG	12/20/24	7,404
USD	4,893,497	EUR	4,511,133	UBS AG	12/20/24	(23,115)
						$	5,526,270


NOTES TO SCHEDULE OF INVESTMENTS
DKK	–	Danish Krone
EUR	–	Euro
USD	–	United States Dollar

(1)Non-income producing.

See Notes to Financial Statements.


Statement of Assets and Liabilities


OCTOBER 31, 2024
Assets
Investment securities, at value (cost of $5,914,758,995)	$	15,323,583,221
Receivable for investments sold	42,133,468
Receivable for capital shares sold	2,752,720
Unrealized appreciation on forward foreign currency exchange contracts	5,723,046
Dividends and interest receivable	3,641,725
	15,377,834,180

Liabilities
Disbursements in excess of demand deposit cash	14,849
Payable for investments purchased	46,825,472
Payable for capital shares redeemed	9,570,401
Unrealized depreciation on forward foreign currency exchange contracts	196,776
Accrued management fees	9,675,607
Distribution and service fees payable	90,456
	66,373,561

Net Assets	$	15,311,460,619

Net Assets Consist of:
Capital (par value and paid-in surplus)	$	5,026,976,648
Distributable earnings (loss)	10,284,483,971
	$	15,311,460,619


	Net Assets	Shares Outstanding	Net Asset Value Per Share*
Investor Class, $0.01 Par Value	$10,120,956,398	175,513,831	$57.66
I Class, $0.01 Par Value	$1,810,889,045	30,339,049	$59.69
Y Class, $0.01 Par Value	$33,264,358	553,675	$60.08
A Class, $0.01 Par Value	$175,100,315	3,223,534	$54.32
C Class, $0.01 Par Value	$13,324,531	279,153	$47.73
R Class, $0.01 Par Value	$94,149,214	1,829,848	$51.45
R5 Class, $0.01 Par Value	$5,072,084	84,876	$59.76
R6 Class, $0.01 Par Value	$1,431,350,476	23,868,752	$59.97
G Class, $0.01 Par Value	$1,627,354,198	26,874,464	$60.55

*Maximum offering price per share was equal to the net asset value per share for all share classes, except A Class, for which the maximum offering price per share was $57.63 (net asset value divided by 0.9425). A contingent deferred sales charge may be imposed on redemptions of A Class and C Class.

See Notes to Financial Statements.


Statement of Operations


YEAR ENDED OCTOBER 31, 2024
Investment Income (Loss)
Income:
Dividends (net of foreign taxes withheld of $345,356)	$	99,293,070
Interest	3,875,754
Securities lending, net	44,355
	103,213,179

Expenses:
Management fees	127,909,268
Distribution and service fees:
A Class	404,662
C Class	121,000
R Class	468,299
Directors' fees and expenses	441,361
Other expenses	11,914
	129,356,504
Fees waived(1)	(17,383,756)
	111,972,748

Net investment income (loss)	(8,759,569)

Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions	904,177,120
Forward foreign currency exchange contract transactions	(2,603,303)
Futures contract transactions	18,329,828
Foreign currency translation transactions	17,485
	919,921,130

Change in net unrealized appreciation (depreciation) on:
Investments	3,535,010,808
Forward foreign currency exchange contracts	5,406,570
Futures contracts	1,905,055
Translation of assets and liabilities in foreign currencies	31,246
	3,542,353,679

Net realized and unrealized gain (loss)	4,462,274,809

Net Increase (Decrease) in Net Assets Resulting from Operations	$	4,453,515,240

(1)Amount consists of $5,255,646, $952,256, $14,788, $87,637, $6,569, $50,533, $2,312, $712,125 and $10,301,890 for Investor Class, I Class, Y Class, A Class, C Class, R Class, R5 Class, R6 Class and G Class, respectively.

See Notes to Financial Statements.


Statement of Changes in Net Assets


YEARS ENDED OCTOBER 31, 2024 AND OCTOBER 31, 2023
Increase (Decrease) in Net Assets	October 31, 2024		October 31, 2023
Operations
Net investment income (loss)	$	(8,759,569)	$	14,374,570
Net realized gain (loss)	919,921,130		657,326,281
Change in net unrealized appreciation (depreciation)	3,542,353,679		1,479,605,368
Net increase (decrease) in net assets resulting from operations	4,453,515,240		2,151,306,219

Distributions to Shareholders
From earnings:
Investor Class	(415,135,898)		(130,923,030)
I Class	(75,680,436)		(28,431,909)
Y Class	(560,247)		(77,719)
A Class	(7,013,015)		(2,025,018)
C Class	(589,820)		(200,352)
R Class	(4,329,248)		(1,501,407)
R5 Class	(129,839)		(39,996)
R6 Class	(54,193,541)		(19,062,256)
G Class	(73,500,362)		(34,721,085)
Decrease in net assets from distributions	(631,132,406)		(216,982,772)

Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions (Note 5)	(486,660,108)		(598,653,692)

Net increase (decrease) in net assets	3,335,722,726		1,335,669,755

Net Assets
Beginning of period	11,975,737,893		10,640,068,138
End of period	$	15,311,460,619	$	11,975,737,893

See Notes to Financial Statements.


Notes to Financial Statements

OCTOBER 31, 2024

1. Organization

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

2. Significant Accounting Policies

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. 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.

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

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

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

Distributions to Shareholders — Distributions from net investment income and net realized gains, if any, are generally declared and paid annually.

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

3. Fees and Transactions with Related Parties

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

Management Fees — The corporation has entered into a management agreement with ACIM, under which ACIM provides the fund with investment advisory and management services in exchange for a single, unified management fee (the fee) per class. The agreement provides that ACIM will pay all expenses of managing and operating the fund, except brokerage expenses, taxes, interest, fees and expenses of the independent directors (including legal counsel fees), extraordinary expenses, and expenses incurred in connection with the provision of shareholder services and distribution services under a plan adopted pursuant to Rule 12b-1 under the 1940 Act. The fee is computed and accrued daily based on each class's daily net assets and paid monthly in arrears. The difference in the fee among the classes is a result of their separate arrangements for non-Rule 12b-1 shareholder services. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class. The rate of the fee is determined by applying a fee rate calculation formula. This formula takes into account the fund's assets as well as certain assets, if any, of other clients of the investment advisor outside the American Century Investments family of funds (such as subadvised funds and separate accounts), as well as exchange-traded funds managed by the investment advisor, that use very similar investment teams and strategies (strategy assets). From November 1, 2023 through July 31, 2024, the investment advisor agreed to waive a portion of the fund’s management fee such that the management fee does not exceed 0.915% for Investor Class, A Class, C Class and R Class, 0.715% for I Class and R5 Class, and 0.565% for Y Class and R6 Class. Effective August 1, 2024, the investment advisor agreed to waive a portion of the fund’s management fee such that the management fee does not exceed 0.881% for Investor Class, A Class, C Class and R Class, 0.681% for I Class and R5 Class, and 0.531% for Y Class and R6 Class. The investment advisor expects this waiver arrangement to continue until July 31, 2025 and cannot terminate it prior to such date without the approval of the Board of Directors. The investment advisor agreed to waive the G Class's management fee in its entirety. The investment advisor expects this waiver to remain in effect permanently and cannot terminate it without the approval of the Board of Directors.

The management fee schedule range and the effective annual management fee before and after waiver for each class for the period ended October 31, 2024 are as follows:


	Management Fee Schedule Range	Effective Annual Management Fee
		Before Waiver	After Waiver
Investor Class	0.800% to 0.990%	0.96%	0.91%
I Class	0.600% to 0.790%	0.76%	0.71%
Y Class	0.450% to 0.640%	0.61%	0.56%
A Class	0.800% to 0.990%	0.96%	0.91%
C Class	0.800% to 0.990%	0.96%	0.91%
R Class	0.800% to 0.990%	0.96%	0.91%
R5 Class	0.600% to 0.790%	0.76%	0.71%
R6 Class	0.450% to 0.640%	0.61%	0.56%
G Class	0.450% to 0.640%	0.61%	0.00%

Distribution and Service Fees — The Board of Directors has adopted a separate Master Distribution and Individual Shareholder Services Plan for each of the A Class, C Class and R Class (collectively the plans), pursuant to Rule 12b-1 of the 1940 Act. The plans provide that the A Class will pay ACIS an annual distribution and service fee of 0.25%. The plans provide that the C Class will pay ACIS an annual distribution and service fee of 1.00%, of which 0.25% is paid for individual shareholder services and 0.75% is paid for distribution services. The plans provide that the R Class will pay ACIS an annual distribution and service fee of 0.50%. The fees are computed and accrued daily based on each class’s daily net assets and paid monthly in arrears. The fees are used to pay financial intermediaries for distribution and individual shareholder services. Fees incurred under the plans during the period ended October 31, 2024 are detailed in the Statement of Operations.

4. Investment Transactions

Purchases and sales of investment securities, excluding short-term investments and in kind transactions, for the period ended October 31, 2024 were $3,021,786,034 and $4,009,507,721, respectively.

For the period ended October 31, 2024, the fund incurred net realized gains of $39,932,985 from redemptions in kind. A redemption in kind occurs when a fund delivers securities from its portfolio in lieu of cash as payment to a redeeming shareholder.

5. Capital Share Transactions

Transactions in shares of the fund were as follows:


	Year ended October 31, 2024			Year ended October 31, 2023
	Shares	Amount		Shares	Amount
Investor Class/Shares Authorized	2,100,000,000			2,100,000,000
Sold	6,225,644	$	328,171,484	5,003,563	$	209,159,760
Issued in reinvestment of distributions	8,211,748	398,762,415		3,478,510	125,885,867
Redeemed	(17,352,660)	(933,252,654)		(14,333,740)	(589,337,794)
	(2,915,268)	(206,318,755)		(5,851,667)	(254,292,167)
I Class/Shares Authorized	460,000,000			460,000,000
Sold	3,517,202	194,537,083		3,889,383	159,997,823
Issued in reinvestment of distributions	1,490,498	74,793,165		755,840	28,162,602
Redeemed	(7,805,045)	(431,391,189)		(8,490,684)	(367,145,727)
	(2,797,345)	(162,060,941)		(3,845,461)	(178,985,302)
Y Class/Shares Authorized	30,000,000			30,000,000
Sold	469,797	25,168,000		176,638	8,054,735
Issued in reinvestment of distributions	10,155	512,210		1,679	62,797
Redeemed	(160,124)	(9,004,751)		(1,123,917)	(44,653,042)
	319,828	16,675,459		(945,600)	(36,535,510)
A Class/Shares Authorized	40,000,000			40,000,000
Sold	983,744	49,395,745		733,176	29,013,946
Issued in reinvestment of distributions	142,446	6,529,739		54,233	1,862,349
Redeemed	(838,608)	(42,390,907)		(687,738)	(26,909,622)
	287,582	13,534,577		99,671	3,966,673
C Class/Shares Authorized	20,000,000			20,000,000
Sold	74,200	3,274,610		52,077	1,837,383
Issued in reinvestment of distributions	14,352	581,969		6,237	192,040
Redeemed	(56,130)	(2,456,481)		(97,406)	(3,410,654)
	32,422	1,400,098		(39,092)	(1,381,231)
R Class/Shares Authorized	40,000,000			40,000,000
Sold	492,557	23,633,515		394,197	15,015,805
Issued in reinvestment of distributions	99,477	4,329,248		45,822	1,501,361
Redeemed	(650,332)	(31,778,249)		(695,231)	(26,332,522)
	(58,298)	(3,815,486)		(255,212)	(9,815,356)
R5 Class/Shares Authorized	20,000,000			20,000,000
Sold	37,286	2,022,909		9,502	443,429
Issued in reinvestment of distributions	2,430	122,081		990	36,932
Redeemed	(9,669)	(561,775)		(20,023)	(852,243)
	30,047	1,583,215		(9,531)	(371,882)
R6 Class/Shares Authorized	300,000,000			300,000,000
Sold	6,029,002	341,567,965		4,928,009	214,001,505
Issued in reinvestment of distributions	1,074,011	54,076,435		509,251	19,010,326
Redeemed	(7,378,266)	(407,704,469)		(4,169,726)	(180,290,513)
	(275,253)	(12,060,069)		1,267,534	52,721,318
G Class/Shares Authorized	780,000,000			780,000,000
Sold	6,975,271	368,720,957		2,923,661	116,695,506
Issued in reinvestment of distributions	1,452,576	73,500,362		931,110	34,721,085
Redeemed	(10,199,521)	(577,819,525)		(7,627,884)	(325,376,826)
	(1,771,674)	(135,598,206)		(3,773,113)	(173,960,235)
Net increase (decrease)	(7,147,959)	$	(486,660,108)	(13,352,471)	$	(598,653,692)

6. Fair Value Measurements

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

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

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


	Level 1		Level 2		Level 3
Assets
Investment Securities
Common Stocks	$	14,995,480,467	$	243,120,629	—
Exchange-Traded Funds	57,708,385		—		—
Short-Term Investments	85,740		27,188,000		—
	$	15,053,274,592	$	270,308,629	—
Other Financial Instruments
Forward Foreign Currency Exchange Contracts	—		$	5,723,046	—

Liabilities
Other Financial Instruments
Forward Foreign Currency Exchange Contracts	—		$	196,776	—

7. Derivative Instruments

Equity Price Risk — The fund is subject to equity price risk in the normal course of pursuing its investment objectives. A fund may enter into futures contracts based on an equity index in order to manage its exposure to changes in market conditions. A fund may purchase futures contracts to gain exposure to increases in market value or sell futures contracts to protect against a decline in market value. Upon entering into a futures contract, a fund is required to deposit either cash or securities in an amount equal to a certain percentage of the contract value (initial margin). A fund may incur charges or earn income on cash deposit balances, which are reflected in interest expenses or interest income, respectively. Subsequent payments (variation margin) are made or received daily, in cash, by a fund. The variation margin is equal to the daily change in the contract value and is recorded as unrealized gains and losses. A fund recognizes a realized gain or loss when the contract is closed or expires. Net realized and unrealized gains or losses occurring during the holding period of futures contracts are a component of net realized gain (loss) on futures contract transactions and change in net unrealized appreciation (depreciation) on futures contracts, respectively. One of the risks of entering into futures contracts is the possibility that the change in value of the contract may not correlate with the changes in value of the underlying securities. The fund's average notional exposure to equity price risk derivative instruments held during the period was $56,128,261 futures contracts purchased.

Value of Derivative Instruments as of October 31, 2024

Asset Derivatives

Liability Derivatives

Type of Risk Exposure

Location on Statement of Assets and Liabilities

Value

Location on Statement of Assets and Liabilities

Value

Foreign Currency Risk

Unrealized appreciation on forward foreign currency exchange contracts

5,723,046

Unrealized depreciation on forward foreign currency exchange contracts

196,776

Effect of Derivative Instruments on the Statement of Operations for the Year Ended October 31, 2024


	Net Realized Gain (Loss)			Change in Net Unrealized Appreciation (Depreciation)
Type of Risk Exposure	Location on Statement of Operations	Value		Location on Statement of Operations	Value
Equity Price Risk	Net realized gain (loss) on futures contract transactions	$	18,329,828	Change in net unrealized appreciation (depreciation) on futures contracts	$	1,905,055
Foreign Currency Risk	Net realized gain (loss) on forward foreign currency exchange contract transactions	(2,603,303)		Change in net unrealized appreciation (depreciation) on forward foreign currency exchange contracts	5,406,570
		$	15,726,525		$	7,311,625

8. Risk Factors

9. Federal Tax Information

The tax character of distributions paid during the years ended October 31, 2024 and October 31, 2023 were as follows:


	2024		2023
Distributions Paid From
Ordinary income	$	8,162,783	$	15,441,373
Long-term capital gains	$	622,969,623	$	201,541,399

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


Federal tax cost of investments	$	5,919,104,240
Gross tax appreciation of investments	$	9,549,784,791
Gross tax depreciation of investments	(145,305,810)
Net tax appreciation (depreciation) of investments	9,404,478,981
Net tax appreciation (depreciation) on derivatives and translation of assets and liabilities in foreign currencies	(613)
Net tax appreciation (depreciation)	$	9,404,478,368
Undistributed ordinary income	$	5,582,976
Accumulated long-term gains	$	874,422,627

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the realization for tax purposes of unrealized gains (losses) on certain foreign currency exchange contracts.


Financial Highlights


For a Share Outstanding Throughout the Years Ended October 31 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations*:			Distributions From:					Ratio to Average Net Assets of†:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return(2)	Operating Expenses	Operating Expenses (before expense waiver)	Net Investment Income (Loss)	Net Investment Income (Loss) (before expense waiver)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
Investor Class
2024	$43.97	(0.11)	16.14	16.03	—	(2.34)	(2.34)	$57.66	37.43%	0.91%	0.96%	(0.21)%	(0.26)%	21%	$10,120,956
2023	$37.23	(0.01)	7.47	7.46	—	(0.72)	(0.72)	$43.97	20.47%	0.93%	0.97%	(0.03)%	(0.07)%	20%	$7,846,335
2022	$58.23	(0.09)	(14.59)	(14.68)	—	(6.32)	(6.32)	$37.23	(28.26)%	0.95%	0.97%	(0.19)%	(0.21)%	25%	$6,859,912
2021	$41.94	(0.18)	18.03	17.85	—	(1.56)	(1.56)	$58.23	43.66%	0.96%	0.96%	(0.36)%	(0.36)%	21%	$10,186,486
2020	$35.80	(0.02)	9.12	9.10	(0.15)	(2.81)	(2.96)	$41.94	26.70%	0.97%	0.97%	(0.04)%	(0.04)%	33%	$7,656,430
I Class
2024	$45.36	—(3)	16.67	16.67	—	(2.34)	(2.34)	$59.69	37.71%	0.71%	0.76%	(0.01)%	(0.06)%	21%	$1,810,889
2023	$38.35	0.07	7.71	7.78	(0.05)	(0.72)	(0.77)	$45.36	20.72%	0.73%	0.77%	0.17%	0.13%	20%	$1,503,056
2022	$59.70	—(3)	(15.03)	(15.03)	—	(6.32)	(6.32)	$38.35	(28.14)%	0.75%	0.77%	0.01%	(0.01)%	25%	$1,418,404
2021	$42.87	(0.08)	18.47	18.39	—	(1.56)	(1.56)	$59.70	43.95%	0.76%	0.76%	(0.16)%	(0.16)%	21%	$2,061,819
2020	$36.56	0.06	9.29	9.35	(0.23)	(2.81)	(3.04)	$42.87	26.93%	0.77%	0.77%	0.16%	0.16%	33%	$1,719,814
Y Class
2024	$45.58	0.06	16.78	16.84	—	(2.34)	(2.34)	$60.08	37.91%	0.56%	0.61%	0.14%	0.09%	21%	$33,264
2023	$38.53	0.15	7.73	7.88	(0.11)	(0.72)	(0.83)	$45.58	20.91%	0.58%	0.62%	0.32%	0.28%	20%	$10,658
2022	$59.86	0.07	(15.08)	(15.01)	—	(6.32)	(6.32)	$38.53	(28.02)%	0.60%	0.62%	0.16%	0.14%	25%	$45,448
2021	$42.93	(0.01)	18.50	18.49	—	(1.56)	(1.56)	$59.86	44.13%	0.61%	0.61%	(0.01)%	(0.01)%	21%	$66,916
2020	$36.61	0.13	9.30	9.43	(0.30)	(2.81)	(3.11)	$42.93	27.15%	0.62%	0.62%	0.31%	0.31%	33%	$52,046
A Class
2024	$41.64	(0.24)	15.26	15.02	—	(2.34)	(2.34)	$54.32	37.10%	1.16%	1.21%	(0.46)%	(0.51)%	21%	$175,100
2023	$35.37	(0.11)	7.10	6.99	—	(0.72)	(0.72)	$41.64	20.18%	1.18%	1.22%	(0.28)%	(0.32)%	20%	$122,253
2022	$55.78	(0.19)	(13.90)	(14.09)	—	(6.32)	(6.32)	$35.37	(28.46)%	1.20%	1.22%	(0.44)%	(0.46)%	25%	$100,332
2021	$40.32	(0.30)	17.32	17.02	—	(1.56)	(1.56)	$55.78	43.31%	1.21%	1.21%	(0.61)%	(0.61)%	21%	$144,743
2020	$34.52	(0.10)	8.75	8.65	(0.04)	(2.81)	(2.85)	$40.32	26.38%	1.22%	1.22%	(0.29)%	(0.29)%	33%	$102,472
C Class
2024	$37.10	(0.55)	13.52	12.97	—	(2.34)	(2.34)	$47.73	36.06%	1.91%	1.96%	(1.21)%	(1.26)%	21%	$13,325
2023	$31.83	(0.36)	6.35	5.99	—	(0.72)	(0.72)	$37.10	19.27%	1.93%	1.97%	(1.03)%	(1.07)%	20%	$9,153
2022	$51.16	(0.46)	(12.55)	(13.01)	—	(6.32)	(6.32)	$31.83	(28.97)%	1.95%	1.97%	(1.19)%	(1.21)%	25%	$9,097
2021	$37.37	(0.59)	15.94	15.35	—	(1.56)	(1.56)	$51.16	42.23%	1.96%	1.96%	(1.36)%	(1.36)%	21%	$12,674
2020	$32.37	(0.37)	8.18	7.81	—	(2.81)	(2.81)	$37.37	25.43%	1.97%	1.97%	(1.04)%	(1.04)%	33%	$13,527


For a Share Outstanding Throughout the Years Ended October 31 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations*:			Distributions From:					Ratio to Average Net Assets of†:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return(2)	Operating Expenses	Operating Expenses (before expense waiver)	Net Investment Income (Loss)	Net Investment Income (Loss) (before expense waiver)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
R Class
2024	$39.64	(0.34)	14.49	14.15	—	(2.34)	(2.34)	$51.45	36.76%	1.41%	1.46%	(0.71)%	(0.76)%	21%	$94,149
2023	$33.80	(0.20)	6.76	6.56	—	(0.72)	(0.72)	$39.64	19.84%	1.43%	1.47%	(0.53)%	(0.57)%	20%	$74,851
2022	$53.69	(0.29)	(13.28)	(13.57)	—	(6.32)	(6.32)	$33.80	(28.62)%	1.45%	1.47%	(0.69)%	(0.71)%	25%	$72,437
2021	$38.96	(0.40)	16.69	16.29	—	(1.56)	(1.56)	$53.69	42.94%	1.46%	1.46%	(0.86)%	(0.86)%	21%	$114,022
2020	$33.50	(0.19)	8.49	8.30	(0.03)	(2.81)	(2.84)	$38.96	26.07%	1.47%	1.47%	(0.54)%	(0.54)%	33%	$96,170
R5 Class
2024	$45.41	(0.02)	16.71	16.69	—	(2.34)	(2.34)	$59.76	37.72%	0.71%	0.76%	(0.01)%	(0.06)%	21%	$5,072
2023	$38.40	0.07	7.71	7.78	(0.05)	(0.72)	(0.77)	$45.41	20.70%	0.73%	0.77%	0.17%	0.13%	20%	$2,490
2022	$59.76	(0.01)	(15.03)	(15.04)	—	(6.32)	(6.32)	$38.40	(28.12)%	0.75%	0.77%	0.01%	(0.01)%	25%	$2,471
2021	$42.91	(0.09)	18.50	18.41	—	(1.56)	(1.56)	$59.76	43.96%	0.76%	0.76%	(0.16)%	(0.16)%	21%	$4,950
2020	$36.59	0.08	9.28	9.36	(0.23)	(2.81)	(3.04)	$42.91	26.94%	0.77%	0.77%	0.16%	0.16%	33%	$433
R6 Class
2024	$45.50	0.08	16.73	16.81	—	(2.34)	(2.34)	$59.97	37.91%	0.56%	0.61%	0.14%	0.09%	21%	$1,431,350
2023	$38.47	0.13	7.73	7.86	(0.11)	(0.72)	(0.83)	$45.50	20.89%	0.58%	0.62%	0.32%	0.28%	20%	$1,098,477
2022	$59.77	0.07	(15.05)	(14.98)	—	(6.32)	(6.32)	$38.47	(28.01)%	0.60%	0.62%	0.16%	0.14%	25%	$879,964
2021	$42.86	(0.01)	18.48	18.47	—	(1.56)	(1.56)	$59.77	44.15%	0.61%	0.61%	(0.01)%	(0.01)%	21%	$876,460
2020	$36.56	0.12	9.29	9.41	(0.30)	(2.81)	(3.11)	$42.86	27.13%	0.62%	0.62%	0.31%	0.31%	33%	$611,600
G Class
2024	$45.68	0.39	16.82	17.21	—	(2.34)	(2.34)	$60.55	38.69%	0.00%	0.61%	0.70%	0.09%	21%	$1,627,354
2023	$38.62	0.39	7.72	8.11	(0.33)	(0.72)	(1.05)	$45.68	21.60%	0.00%	0.62%	0.90%	0.28%	20%	$1,308,464
2022(4)	$47.73	0.23	(8.33)	(8.10)	—	(1.01)	(1.01)	$38.62	(17.41)%	0.00%	0.62%	0.82%	0.20%	25%(5)	$1,252,003


Notes to Financial Highlights

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

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

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

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

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

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

See Notes to Financial Statements.


Report of Independent Registered Public Accounting Firm

To the shareholders of the Growth Fund and the Board of Directors of American Century Mutual Funds, Inc.

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Growth Fund (the “Fund”), one of the funds constituting the American Century Mutual Funds, Inc., as of October 31, 2024, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2024, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/ Deloitte & Touche LLP

Kansas City, Missouri

December 17, 2024

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


Approval of Management Agreement