American Century Emerging Markets Investor Class NCSR Certified annual shareholder report (management investment company)

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

811-06247

AMERICAN CENTURY WORLD 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:

11-30

Date of reporting period:

11-30-2023

ITEM 1. REPORTS TO STOCKHOLDERS.

(a) Provided under separate cover.



			Annual Report

			November 30, 2023

			Emerging Markets Fund
			Investor Class (TWMIX)
			I Class (AMKIX)
			Y Class (AEYMX)
			A Class (AEMMX)
			C Class (ACECX)
			R Class (AEMRX)
			R5 Class (AEGMX)
			R6 Class (AEDMX)
			G Class (ACADX)

The Securities and Exchange Commission (SEC) adopted new rules that will require annual and semiannual reports to transition to a new format known as a Tailored Shareholder Report beginning in July 2024. The amendments will require the transmission of a concise report highlighting key fund information to investors. The detailed financial statements will remain available on our website, will be delivered to investors free of charge upon request, and will continue to be filed with the SEC.


Table of Contents


President’s Letter			2
Performance			3
Portfolio Commentary			5
Fund Characteristics			6
Shareholder Fee Example			7
Schedule of Investments			9
Statement of Assets and Liabilities			12
Statement of Operations			13
Statement of Changes in Net Assets			14
Notes to Financial Statements			15
Financial Highlights			22
Report of Independent Registered Public Accounting Firm			26
Management			27
Approval of Management Agreement			30


Additional Information			34

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


President’s Letter

Jonathan Thomas

Dear Investor:

Thank you for reviewing this annual report for the period ending November 30, 2023. Annual reports help convey important information about fund returns, including market factors that affect performance. For additional investment insights, please visit americancentury.com.

Stocks Rallied Amid Persistent Volatility

Despite ongoing challenges from a variety of sources, global stocks broadly delivered solid gains for the 12-month period. Amid persistent inflation, central banks continued to raise interest rates through much of the fiscal year. Additionally, banking industry turmoil, economic uncertainty and geopolitical unrest added to the volatile backdrop.

Overall, investor expectations for central banks to conclude their rate-hike campaigns fueled optimism. In the first half of the period, inflation’s steady slowdown, a series of bank failures and mounting recession worries prompted investors to regularly recalibrate their monetary policy outlooks. However, with inflation still higher than central bank targets, policymakers continued to lift interest rates through the third quarter of 2023.

By period-end, most central banks had paused their tightening campaigns alongside slower inflation rates and weakening growth data. While many observers believed the pauses indicated an end to the long-standing rate-hike programs, still-above-target inflation prompted policymakers to leave their options open. Nevertheless, financial markets rallied late in the period, convinced central banks would pivot to rate cuts in 2024.

In addition, corporate earnings generally remained better than expected, which also aided stock returns. Overall, most broad global stock indices delivered double-digit gains for the period. Growth stocks were particularly strong and significantly outperformed their value-stock peers. However, among small-cap stocks, the value style outperformed. Emerging markets stocks advanced but notably lagged their developed markets counterparts.

Remaining Diligent in Uncertain Times

We expect market volatility to linger as investors navigate a complex environment of persistent inflation, tighter financial conditions and recession risk. In addition, the Israel-Hamas war complicates the global backdrop and represents another key consideration for our investment teams.

Our firm has a long history of helping clients weather unpredictable and volatile markets, and we’re determined to meet today’s challenges. Thank you for your trust and confidence in American Century Investments.

With appreciation and respect,

Jonathan Thomas

President and Chief Executive Officer

American Century Investments


Performance


Total Returns as of November 30, 2023
			Average Annual Returns
	Ticker Symbol	1 year	5 years	10 years	Since Inception	Inception Date
Investor Class	TWMIX	-0.22%	0.35%	1.73%	—	9/30/97
MSCI Emerging Markets Index	—	4.21%	2.34%	2.12%	—	—
I Class	AMKIX	0.02%	0.54%	1.93%	—	1/28/99
Y Class	AEYMX	0.23%	0.70%	—	1.71%	4/10/17
A Class	AEMMX					5/12/99
No sales charge		-0.41%	0.10%	1.47%	—
With sales charge		-6.14%	-1.08%	0.88%	—
C Class	ACECX	-1.18%	-0.65%	0.73%	—	12/18/01
R Class	AEMRX	-0.69%	-0.15%	1.22%	—	9/28/07
R5 Class	AEGMX	0.02%	0.54%	—	1.56%	4/10/17
R6 Class	AEDMX	0.13%	0.70%	2.08%	—	7/26/13
G Class	ACADX	1.04%	—	—	-9.09%	4/1/22

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

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

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

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


Growth of $10,000 Over 10 Years
$10,000 investment made November 30, 2013
Performance for other share classes will vary due to differences in fee structure.


Value on November 30, 2023
			Investor Class — $11,867

			MSCI Emerging Markets Index — $12,334

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


Total Annual Fund Operating Expenses
Investor Class	I Class	Y Class	A Class	C Class	R Class	R5 Class	R6 Class	G Class
1.26%	1.06%	0.91%	1.51%	2.26%	1.76%	1.06%	0.91%	0.91%

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


Portfolio Commentary

Portfolio Managers: Patricia Ribeiro and Sherwin Soo

Performance Summary

Emerging Markets returned -0.22%* for the 12 months ended November 30, 2023. The fund’s benchmark, the MSCI Emerging Markets Index, returned 4.21% for the same period. The fund’s return reflects operating expenses, while the index’s return does not.

Positioning in the consumer discretionary and financials sectors detracted from performance relative to the benchmark. Positioning in the materials and industrials sectors benefited relative performance. Style factors help explain our underperformance during the period. The recent market environment has not been supportive for our investment approach as a growth manager, given the outperformance of value stocks relative to growth stocks, driven by accelerated inflation rates and rising interest rates.

Consumer Discretionary and Financials Hampered Performance

Our overweight to the hotels, restaurants and leisure industry drove relative weakness within consumer discretionary. Casino operator Sands China was among the largest overall detractors. Shares declined late in the period amid concerns surrounding the impact of China’s unfavorable macroeconomic environment and lower gaming penetration rates.

Bank stocks were the largest detractors within financials, owing to stock selection and, to a lesser extent, an overweight to the banking industry. Shares of South Africa-based Capitec Bank Holdings declined amid concerns surrounding lower net interest margins.

Elsewhere, lack of exposure to PDD Holdings, the parent of discount e-commerce platform Pinduoduo and international shopping site Temu, weighed on relative returns as shares advanced sharply. Among our holdings, ENN Energy Holdings was a key detractor. The China-based natural gas distributor’s shares declined amid declining retail gas volumes, due to weaker demand from power plants and industrial customers.

Materials and Industrials Benefited Performance

Lack of exposure to index constituents that struggled during the 12-month period drove relative gains in the materials sector. The exception was our significant overweight to Mexico-based global building materials provider Cemex, whose shares rallied. Cemex benefited from lower costs, a pricing strategy that gained traction in key North American and European markets, supply/demand dynamics and easing supply chain bottlenecks, as well as the U.S. infrastructure cycle, which helped support volume and pricing.

Within industrials, battery materials maker Ecopro BM’s shares advanced sharply amid strong sales growth, increasing demand from electric vehicle manufacturers and friendly regulatory shifts in key markets. The company benefited from its leading position in high-nickel cathode materials and improving growth outlook, including potential order wins. We exited the position in April 2023 as our thesis for the stock matured.

MercadoLibre was a significant contributor. The e-commerce giant continued to benefit from an accelerating shift to digital commerce amid higher-for-longer interest rates, given the company’s leadership position in e-commerce and accelerating growth in the financial technology industry, supported by benefits of scale and moderating competition.

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


Fund Characteristics


NOVEMBER 30, 2023
Types of Investments in Portfolio			% of net assets
Common Stocks			99.8%
Short-Term Investments			—*
Other Assets and Liabilities			0.2%
*Category is less than 0.05% of total net assets.

Top Five Countries			% of net assets
China			23.8%
India			15.2%
Taiwan			14.9%
South Korea			11.8%
Brazil			8.8%


Shareholder Fee Example

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

The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from June 1, 2023 to November 30, 2023.

Actual Expenses

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

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

Hypothetical Example for Comparison Purposes

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

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


	Beginning Account Value 6/1/23	Ending Account Value 11/30/23	Expenses Paid During Period(1) 6/1/23 - 11/30/23	Annualized Expense Ratio(1)
Actual
Investor Class	$1,000	$1,041.40	$6.50	1.27%
I Class	$1,000	$1,042.40	$5.48	1.07%
Y Class	$1,000	$1,043.40	$4.71	0.92%
A Class	$1,000	$1,039.70	$7.77	1.52%
C Class	$1,000	$1,035.50	$11.58	2.27%
R Class	$1,000	$1,039.60	$9.05	1.77%
R5 Class	$1,000	$1,042.40	$5.48	1.07%
R6 Class	$1,000	$1,043.50	$4.71	0.92%
G Class	$1,000	$1,048.30	$0.10	0.02%
Hypothetical
Investor Class	$1,000	$1,018.70	$6.43	1.27%
I Class	$1,000	$1,019.70	$5.42	1.07%
Y Class	$1,000	$1,020.46	$4.66	0.92%
A Class	$1,000	$1,017.45	$7.69	1.52%
C Class	$1,000	$1,013.69	$11.46	2.27%
R Class	$1,000	$1,016.19	$8.95	1.77%
R5 Class	$1,000	$1,019.70	$5.42	1.07%
R6 Class	$1,000	$1,020.46	$4.66	0.92%
G Class	$1,000	$1,024.97	$0.10	0.02%

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


Schedule of Investments

NOVEMBER 30, 2023


	Shares	Value
COMMON STOCKS — 99.8%
Brazil — 8.8%
Banco BTG Pactual SA	3,999,700	$	28,928,865
Embraer SA, ADR(1)(2)	1,518,803	26,563,865
Hapvida Participacoes e Investimentos SA(1)	23,445,755	20,720,845
Localiza Rent a Car SA	1,099,209	13,368,139
Localiza Rent a Car SA(1)	8,465	97,341
PRIO SA(1)	6,258,500	58,655,358
Sendas Distribuidora SA	3,810,300	9,986,260
Vale SA, ADR	1,250,339	18,755,085
WEG SA	1,674,200	11,632,885
		188,708,643
China — 23.8%
Aier Eye Hospital Group Co. Ltd., Class A	4,365,890	10,413,733
Alibaba Group Holding Ltd., ADR(1)	677,601	50,738,763
Baidu, Inc., Class A(1)	904,250	13,418,264
BYD Co. Ltd., H Shares	992,500	26,675,027
China Construction Bank Corp., H Shares	57,108,000	33,019,468
China State Construction International Holdings Ltd.	21,134,000	24,518,178
ENN Energy Holdings Ltd.	1,442,000	9,953,077
H World Group Ltd., ADR(1)	405,658	14,838,970
Industrial & Commercial Bank of China Ltd., H Shares	33,521,740	15,950,560
Kweichow Moutai Co. Ltd., A Shares	174,410	43,718,106
Li Ning Co. Ltd.	2,037,500	5,669,964
Meituan, Class B(1)	724,740	8,389,951
NetEase, Inc.	2,050,600	46,258,165
Ping An Insurance Group Co. of China Ltd., H Shares	1,962,500	9,001,302
Shenzhou International Group Holdings Ltd.	1,236,000	12,374,722
Sungrow Power Supply Co. Ltd., A Shares	835,799	9,719,749
Tencent Holdings Ltd.	2,690,100	112,067,269
Trip.com Group Ltd.(1)	903,800	31,744,597
Wuxi Biologics Cayman, Inc.(1)	2,104,000	11,681,580
WuXi XDC Cayman, Inc.(1)	4,410	16,147
Yantai Jereh Oilfield Services Group Co. Ltd., A Shares	3,192,929	13,226,067
Yum China Holdings, Inc.	124,529	5,377,162
		508,770,821
Hong Kong — 0.9%
Sands China Ltd.(1)	7,761,200	19,034,294
India — 15.2%
Apollo Hospitals Enterprise Ltd.	221,983	14,726,258
Bajaj Auto Ltd.	254,160	18,597,167
Godrej Consumer Products Ltd.	1,591,198	19,239,523
HDFC Bank Ltd.	2,779,414	52,106,773
ICICI Bank Ltd., ADR	2,638,901	58,504,435
Infosys Ltd., ADR	1,158,303	20,328,218
MakeMyTrip Ltd.(1)	334,481	14,125,133
Reliance Industries Ltd.	1,825,294	52,097,595
Sun Pharmaceutical Industries Ltd.	2,996,408	44,113,790


	Shares	Value
Varun Beverages Ltd.	1,174,263	$	15,589,585
Zomato Ltd.(1)	11,276,631	16,064,530
		325,493,007
Indonesia — 1.8%
Bank Rakyat Indonesia Persero Tbk PT	111,310,900	37,881,796
Malaysia — 0.6%
CIMB Group Holdings Bhd	11,113,709	13,476,787
Mexico — 4.0%
Cemex SAB de CV, ADR(1)	5,740,941	39,669,903
Fomento Economico Mexicano SAB de CV, ADR	51,507	6,535,723
Grupo Financiero Banorte SAB de CV, Class O	4,090,075	38,059,586
		84,265,212
Peru — 0.5%
Credicorp Ltd.	83,413	10,470,834
Philippines — 0.5%
Ayala Land, Inc.	20,581,480	11,577,630
Russia(3)†
Novatek PJSC	1,100,400	1
Saudi Arabia — 4.8%
Al Rajhi Bank	1,525,017	31,085,364
Alinma Bank	1,683,019	16,069,855
Arabian Contracting Services Co.	249,118	12,303,144
Elm Co.	114,156	22,679,413
Saudi Arabian Oil Co.	2,326,709	20,570,488
		102,708,264
South Africa — 3.0%
Capitec Bank Holdings Ltd.	152,939	15,933,538
Naspers Ltd., N Shares	183,346	33,812,401
Shoprite Holdings Ltd.	973,672	13,282,489
		63,028,428
South Korea — 11.8%
Hyundai Motor Co.	73,950	10,529,311
NAVER Corp.	92,747	14,908,511
Samsung Biologics Co. Ltd.(1)	60,023	33,576,935
Samsung Electro-Mechanics Co. Ltd.	66,173	7,456,850
Samsung Electronics Co. Ltd.	2,497,058	140,803,381
SK Hynix, Inc.	427,198	44,326,694
		251,601,682
Taiwan — 14.9%
Asustek Computer, Inc.	545,000	6,871,688
Chailease Holding Co. Ltd.	2,090,112	12,418,942
Delta Electronics, Inc.	3,225,000	32,618,626
E Ink Holdings, Inc.	1,962,000	11,455,544
E.Sun Financial Holding Co. Ltd.	14,758,624	12,086,540
Far EasTone Telecommunications Co. Ltd.	5,488,000	14,557,270
MediaTek, Inc.	504,000	15,220,546
Nanya Technology Corp.	5,566,000	13,338,917
Taiwan Semiconductor Manufacturing Co. Ltd.	10,876,713	198,958,129
		317,526,202
Thailand — 3.8%
Central Pattana PCL	7,228,900	13,936,762
CP ALL PCL	20,505,100	30,317,790


	Shares	Value
Kasikornbank PCL	3,510,400	$	12,966,520
Minor International PCL	15,709,200	12,181,615
PTT Exploration & Production PCL	2,808,500	11,991,330
		81,394,017
Turkey — 1.6%
BIM Birlesik Magazalar AS	3,187,145	34,024,952
United Arab Emirates — 2.1%
Emaar Properties PJSC	21,311,883	44,022,810
United States — 1.7%
MercadoLibre, Inc.(1)	22,563	36,562,439
TOTAL COMMON STOCKS (Cost $1,766,265,524)		2,130,547,819
SHORT-TERM INVESTMENTS†
Money Market Funds†
State Street Navigator Securities Lending Government Money Market Portfolio(4) (Cost $303,426)	303,426	303,426
TOTAL INVESTMENT SECURITIES — 99.8% (Cost $1,766,568,950)		2,130,851,245
OTHER ASSETS AND LIABILITIES — 0.2%		4,449,809
TOTAL NET ASSETS — 100.0%		$	2,135,301,054


MARKET SECTOR DIVERSIFICATION
(as a % of net assets)
Information Technology			24.1%
Financials			18.7%
Consumer Discretionary			14.8%
Communication Services			10.0%
Consumer Staples			8.1%
Energy			7.3%
Health Care			6.3%
Industrials			4.0%
Real Estate			3.3%
Materials			2.7%
Utilities			0.5%
Short-Term Investments			—*
Other Assets and Liabilities			0.2%

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


NOTES TO SCHEDULE OF INVESTMENTS
ADR	–	American Depositary Receipt

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

(1)Non-income producing.

(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $294,829. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(3)Securities may be subject to resale, redemption or transferability restrictions.

(4)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $303,426.

See Notes to Financial Statements.


Statement of Assets and Liabilities


NOVEMBER 30, 2023
Assets
Investment securities, at value (cost of $1,766,265,524) — including $294,829 of securities on loan	$	2,130,547,819
Investment made with cash collateral received for securities on loan, at value (cost of $303,426)	303,426
Total investment securities, at value (cost of $1,766,568,950)	2,130,851,245
Foreign currency holdings, at value (cost of $8,528,028)	8,528,028
Receivable for investments sold	27,130,681
Receivable for capital shares sold	2,759,929
Dividends and interest receivable	789,008
Securities lending receivable	317
Other assets	200,582
	2,170,259,790

Liabilities
Disbursements in excess of demand deposit cash	12,422,017
Payable for collateral received for securities on loan	303,426
Payable for investments purchased	14,663,240
Payable for capital shares redeemed	3,078,430
Accrued management fees	1,178,348
Distribution and service fees payable	17,327
Accrued foreign taxes	3,295,948
	34,958,736

Net Assets	$	2,135,301,054

Net Assets Consist of:
Capital (par value and paid-in surplus)	$	2,623,733,868
Distributable earnings (loss)	(488,432,814)
	$	2,135,301,054


	Net Assets	Shares Outstanding	Net Asset Value Per Share*
Investor Class, $0.01 Par Value	$305,994,431	31,219,519	$9.80
I Class, $0.01 Par Value	$507,013,036	50,335,002	$10.07
Y Class, $0.01 Par Value	$33,189,448	3,286,830	$10.10
A Class, $0.01 Par Value	$38,619,555	4,095,089	$9.43
C Class, $0.01 Par Value	$8,931,514	1,055,325	$8.46
R Class, $0.01 Par Value	$5,308,901	561,266	$9.46
R5 Class, $0.01 Par Value	$9,248,763	917,353	$10.08
R6 Class, $0.01 Par Value	$460,847,117	45,702,427	$10.08
G Class, $0.01 Par Value	$766,148,289	75,105,565	$10.20

*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 $10.01 (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 NOVEMBER 30, 2023
Investment Income (Loss)
Income:
Dividends (net of foreign taxes withheld of $5,690,519)	$	56,459,967
Interest	598,170
Securities lending, net	107,288
	57,165,425

Expenses:
Management fees	24,606,244
Distribution and service fees:
A Class	109,136
C Class	110,795
R Class	29,620
Directors' fees and expenses	84,398
Other expenses	434,149
	25,374,342
Fees waived - G Class	(6,579,652)
	18,794,690

Net investment income (loss)	38,370,735

Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions (net of foreign tax expenses paid (refunded) of $1,069,954)	(273,557,572)
Foreign currency translation transactions	(1,550,617)
	(275,108,189)

Change in net unrealized appreciation (depreciation) on:
Investments (includes (increase) decrease in accrued foreign taxes of $(11,565))	243,227,117
Translation of assets and liabilities in foreign currencies	(22,455)
	243,204,662

Net realized and unrealized gain (loss)	(31,903,527)

Net Increase (Decrease) in Net Assets Resulting from Operations	$	6,467,208

See Notes to Financial Statements.


Statement of Changes in Net Assets


YEARS ENDED NOVEMBER 30, 2023 AND NOVEMBER 30, 2022
Increase (Decrease) in Net Assets	November 30, 2023		November 30, 2022
Operations
Net investment income (loss)	$	38,370,735	$	35,247,272
Net realized gain (loss)	(275,108,189)		(309,951,407)
Change in net unrealized appreciation (depreciation)	243,204,662		(625,280,162)
Net increase (decrease) in net assets resulting from operations	6,467,208		(899,984,297)

Distributions to Shareholders
From earnings:
Investor Class	(7,908,718)		(4,433,245)
I Class	(17,845,842)		(15,057,238)
Y Class	(843,213)		(535,793)
A Class	(1,076,143)		(538,424)
C Class	(214,857)		—
R Class	(112,728)		(31,292)
R5 Class	(237,310)		(121,944)
R6 Class	(15,916,126)		(9,852,306)
G Class	(20,631,687)		(24)
Decrease in net assets from distributions	(64,786,624)		(30,570,266)

Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions (Note 5)	(542,582,034)		420,922,848

Net increase (decrease) in net assets	(600,901,450)		(509,631,715)

Net Assets
Beginning of period	2,736,202,504		3,245,834,219
End of period	$	2,135,301,054	$	2,736,202,504

See Notes to Financial Statements.


Notes to Financial Statements

NOVEMBER 30, 2023

1. Organization

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

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

2. Significant Accounting Policies

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

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

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

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

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

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

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

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

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

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

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

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.

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

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

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged, and the remaining contractual maturity of those transactions as of November 30, 2023.


Remaining Contractual Maturity of Agreements
	Overnight and Continuous		<30 days	Between 30 & 90 days	>90 days	Total
Securities Lending Transactions(1)
Common Stocks	$	303,426	—	—	—	$	303,426
Gross amount of recognized liabilities for securities lending transactions						$	303,426

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

3. Fees and Transactions with Related Parties

Certain officers and directors of the corporation are also officers and/or directors of American Century Companies, Inc. (ACC). The corporation's investment advisor, ACIM, the corporation's distributor, American Century Investment Services, Inc. (ACIS), and the corporation's transfer agent, American Century Services, LLC, are wholly owned, directly or indirectly, by ACC. Various funds issued by American Century Asset Allocation Portfolios, Inc. own, in aggregate, 20% of the shares of the fund.

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

The annual management fee for each class is as follows:


Investor Class	I Class	Y Class	A Class	C Class	R Class	R5 Class	R6 Class	G Class
1.25%	1.05%	0.90%	1.25%	1.25%	1.25%	1.05%	0.90%	0.00%(1)

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

Distribution and Service Fees — The Board of Directors has adopted a separate Master Distribution and Individual Shareholder Services Plan for each of the A Class, C Class and R Class (collectively the plans), pursuant to Rule 12b-1 of the 1940 Act. The plans provide that the A Class will pay ACIS an annual distribution and service fee of 0.25%. The plans provide that the C Class will pay ACIS an annual distribution and service fee of 1.00%, of which 0.25% is paid for individual shareholder services and 0.75% is paid for distribution services. The plans provide that the R Class will pay ACIS an annual distribution and service fee of 0.50%. The fees are computed and accrued daily based on each class’s daily net assets and paid monthly in arrears. The fees are used to pay financial intermediaries for distribution and individual shareholder services. Fees incurred under the plans during the period ended November 30, 2023 are detailed in the Statement of Operations.

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

Other Expenses — 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 and sales of investment securities, excluding short-term investments, for the period ended November 30, 2023 were $715,502,965 and $1,311,042,817, respectively.

5. Capital Share Transactions

Transactions in shares of the fund were as follows:


	Year ended November 30, 2023			Year ended November 30, 2022(1)
	Shares	Amount		Shares	Amount
Investor Class/Shares Authorized	1,000,000,000			1,100,000,000
Sold	3,656,054	$	36,283,668	6,048,510	$	73,081,025
Issued in reinvestment of distributions	800,057	7,704,547		379,470	4,322,163
Redeemed	(9,949,067)	(98,170,889)		(10,249,865)	(115,441,774)
	(5,492,956)	(54,182,674)		(3,821,885)	(38,038,586)
I Class/Shares Authorized	1,400,000,000			1,520,000,000
Sold	18,371,410	186,971,811		38,584,764	446,185,226
Issued in reinvestment of distributions	1,688,115	16,678,573		1,181,788	13,791,471
Redeemed	(50,178,089)	(504,979,214)		(77,797,712)	(853,066,174)
	(30,118,564)	(301,328,830)		(38,031,160)	(393,089,477)
Y Class/Shares Authorized	40,000,000			30,000,000
Sold	1,864,558	18,995,855		3,903,441	46,950,678
Issued in reinvestment of distributions	82,397	814,907		43,474	508,209
Redeemed	(2,331,774)	(23,804,303)		(3,077,023)	(32,540,149)
	(384,819)	(3,993,541)		869,892	14,918,738
A Class/Shares Authorized	100,000,000			100,000,000
Sold	1,531,564	14,418,387		2,304,400	24,907,653
Issued in reinvestment of distributions	62,812	583,523		27,169	298,592
Redeemed	(2,816,817)	(26,851,961)		(4,177,258)	(44,494,688)
	(1,222,441)	(11,850,051)		(1,845,689)	(19,288,443)
C Class/Shares Authorized	45,000,000			45,000,000
Sold	72,259	620,177		100,840	933,394
Issued in reinvestment of distributions	22,066	185,358		—	—
Redeemed	(557,756)	(4,757,802)		(726,732)	(6,922,219)
	(463,431)	(3,952,267)		(625,892)	(5,988,825)
R Class/Shares Authorized	25,000,000			25,000,000
Sold	185,739	1,770,769		206,455	2,241,994
Issued in reinvestment of distributions	12,069	112,728		2,832	31,290
Redeemed	(262,324)	(2,443,366)		(165,026)	(1,819,630)
	(64,516)	(559,869)		44,261	453,654
R5 Class/Shares Authorized	25,000,000			25,000,000
Sold	206,002	2,077,788		297,124	3,359,435
Issued in reinvestment of distributions	23,973	237,095		10,433	121,852
Redeemed	(352,740)	(3,615,826)		(134,705)	(1,575,297)
	(122,765)	(1,300,943)		172,852	1,905,990
R6 Class/Shares Authorized	750,000,000			450,000,000
Sold	15,693,581	158,454,648		22,145,809	254,818,438
Issued in reinvestment of distributions	1,563,411	15,446,501		821,931	9,591,938
Redeemed	(38,268,284)	(385,099,436)		(16,919,603)	(189,415,923)
	(21,011,292)	(211,198,287)		6,048,137	74,994,453
G Class/Shares Authorized	750,000,000			510,000,000
Sold	10,079,379	101,110,315		7,000,209	70,836,355
Issued in connection with reorganization (Note 9)	—	—		69,959,409	781,612,283
Issued in reinvestment of distributions	2,081,906	20,631,687		2	24
Redeemed	(7,434,199)	(75,957,574)		(6,581,141)	(67,393,318)
	4,727,086	45,784,428		70,378,479	785,055,344
Net increase (decrease)	(54,153,698)	$	(542,582,034)	33,188,995	$	420,922,848

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

6. Fair Value Measurements

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

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

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

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

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

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


	Level 1		Level 2		Level 3
Assets
Investment Securities
Common Stocks
Brazil	$	45,318,950	$	143,389,693	—
China	70,954,895		437,815,926		—
India	92,957,786		232,535,221		—
Mexico	46,205,626		38,059,586		—
Peru	10,470,834		—		—
United States	36,562,439		—		—
Other Countries	—		976,276,863		—
Short-Term Investments	303,426		—		—
	$	302,773,956	$	1,828,077,289	—

7. Risk Factors

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

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

8. Federal Tax Information

On December 19, 2023, the fund declared and paid the following per-share distributions from net investment income to shareholders of record on December 18, 2023.


Investor Class	I Class	Y Class	A Class	C Class	R Class	R5 Class	R6 Class	G Class
$0.1308	$0.1507	$0.1656	$0.1060	$0.0315	$0.0811	$0.1507	$0.1656	$0.2549

The tax character of distributions paid during the years ended November 30, 2023 and November 30, 2022 were as follows:


	2023		2022
Distributions Paid From
Ordinary income	$	64,786,624	$	30,570,266
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	$	1,794,606,947
Gross tax appreciation of investments	$	515,642,540
Gross tax depreciation of investments	(179,398,242)
Net tax appreciation (depreciation) of investments	336,244,298
Net tax appreciation (depreciation) on translation of assets and liabilities in foreign currencies	(3,318,882)
Net tax appreciation (depreciation)	$	332,925,416
Undistributed ordinary income	$	38,441,429
Accumulated short-term capital losses	$	(671,425,496)
Accumulated long-term capital losses	$	(188,374,163)

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

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

9. Reorganization

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

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


Original Fund/Class	Shares Exchanged	New Fund/Class	Shares Received
NT Emerging Markets Fund – G Class	75,795,014	Emerging Markets Fund – G Class	69,959,409

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


Financial Highlights


For a Share Outstanding Throughout the Years Ended November 30 (except as noted)
Per-Share Data								Ratios and Supplemental Data
		Income From Investment Operations*:						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	Distributions From Net Investment Income	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
2023	$10.04	0.10	(0.13)	(0.03)	(0.21)	$9.80	(0.22)%	1.27%	1.27%	1.05%	1.05%	29%	$305,994
2022	$13.67	0.09	(3.61)	(3.52)	(0.11)	$10.04	(25.84)%	1.26%	1.26%	0.84%	0.84%	52%	$368,506
2021	$13.62	0.05	0.08	0.13	(0.08)	$13.67	0.91%	1.25%	1.25%	0.36%	0.36%	35%	$554,001
2020	$11.25	0.04	2.48	2.52	(0.15)	$13.62	22.79%	1.26%	1.26%	0.33%	0.33%	30%	$582,036
2019	$10.19	0.17	0.94	1.11	(0.05)	$11.25	10.99%	1.25%	1.25%	1.59%	1.59%	39%	$606,668
I Class
2023	$10.30	0.13	(0.13)	—	(0.23)	$10.07	0.02%	1.07%	1.07%	1.25%	1.25%	29%	$507,013
2022	$14.02	0.11	(3.70)	(3.59)	(0.13)	$10.30	(25.69)%	1.06%	1.06%	1.04%	1.04%	52%	$828,883
2021	$13.97	0.09	0.07	0.16	(0.11)	$14.02	1.09%	1.05%	1.05%	0.56%	0.56%	35%	$1,661,545
2020	$11.56	0.06	2.54	2.60	(0.19)	$13.97	22.94%	1.06%	1.06%	0.53%	0.53%	30%	$1,534,445
2019	$10.46	0.20	0.97	1.17	(0.07)	$11.56	11.20%	1.05%	1.05%	1.79%	1.79%	39%	$1,325,801


For a Share Outstanding Throughout the Years Ended November 30 (except as noted)
Per-Share Data								Ratios and Supplemental Data
		Income From Investment Operations*:						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	Distributions From Net Investment Income	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)
Y Class
2023	$10.32	0.13	(0.11)	0.02	(0.24)	$10.10	0.23%	0.92%	0.92%	1.40%	1.40%	29%	$33,189
2022	$14.05	0.13	(3.71)	(3.58)	(0.15)	$10.32	(25.60)%	0.91%	0.91%	1.19%	1.19%	52%	$37,909
2021	$14.00	0.10	0.08	0.18	(0.13)	$14.05	1.24%	0.90%	0.90%	0.71%	0.71%	35%	$39,377
2020	$11.60	0.08	2.54	2.62	(0.22)	$14.00	23.09%	0.91%	0.91%	0.68%	0.68%	30%	$30,169
2019	$10.49	0.26	0.94	1.20	(0.09)	$11.60	11.43%	0.90%	0.90%	1.94%	1.94%	39%	$14,638
A Class
2023	$9.67	0.08	(0.12)	(0.04)	(0.20)	$9.43	(0.41)%	1.52%	1.52%	0.80%	0.80%	29%	$38,620
2022	$13.17	0.06	(3.48)	(3.42)	(0.08)	$9.67	(26.03)%	1.51%	1.51%	0.59%	0.59%	52%	$51,434
2021	$13.13	0.01	0.07	0.08	(0.04)	$13.17	0.60%	1.50%	1.50%	0.11%	0.11%	35%	$94,363
2020	$10.84	0.01	2.40	2.41	(0.12)	$13.13	22.50%	1.51%	1.51%	0.08%	0.08%	30%	$88,485
2019	$9.81	0.14	0.91	1.05	(0.02)	$10.84	10.71%	1.50%	1.50%	1.34%	1.34%	39%	$78,704
C Class
2023	$8.71	0.01	(0.11)	(0.10)	(0.15)	$8.46	(1.18)%	2.27%	2.27%	0.05%	0.05%	29%	$8,932
2022	$11.87	(0.02)	(3.14)	(3.16)	—	$8.71	(26.56)%	2.26%	2.26%	(0.16)%	(0.16)%	52%	$13,231
2021	$11.88	(0.08)	0.07	(0.01)	—	$11.87	(0.17)%	2.25%	2.25%	(0.64)%	(0.64)%	35%	$25,448
2020	$9.82	(0.07)	2.17	2.10	(0.04)	$11.88	21.48%	2.26%	2.26%	(0.67)%	(0.67)%	30%	$27,101
2019	$8.93	0.05	0.84	0.89	—	$9.82	9.97%	2.25%	2.25%	0.59%	0.59%	39%	$30,004


For a Share Outstanding Throughout the Years Ended November 30 (except as noted)
Per-Share Data								Ratios and Supplemental Data
		Income From Investment Operations*:						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	Distributions From Net Investment Income	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
2023	$9.71	0.05	(0.12)	(0.07)	(0.18)	$9.46	(0.69)%	1.77%	1.77%	0.55%	0.55%	29%	$5,309
2022	$13.22	0.03	(3.49)	(3.46)	(0.05)	$9.71	(26.20)%	1.76%	1.76%	0.34%	0.34%	52%	$6,075
2021	$13.17	(0.02)	0.08	0.06	(0.01)	$13.22	0.41%	1.75%	1.75%	(0.14)%	(0.14)%	35%	$7,687
2020	$10.88	(0.02)	2.40	2.38	(0.09)	$13.17	22.11%	1.76%	1.76%	(0.17)%	(0.17)%	30%	$7,466
2019	$9.85	0.12	0.91	1.03	—	$10.88	10.46%	1.75%	1.75%	1.09%	1.09%	39%	$6,825
R5 Class
2023	$10.31	0.12	(0.12)	—	(0.23)	$10.08	0.02%	1.07%	1.07%	1.25%	1.25%	29%	$9,249
2022	$14.04	0.11	(3.71)	(3.60)	(0.13)	$10.31	(25.67)%	1.06%	1.06%	1.04%	1.04%	52%	$10,725
2021	$13.98	0.06	0.11	0.17	(0.11)	$14.04	1.09%	1.05%	1.05%	0.56%	0.56%	35%	$12,172
2020	$11.57	0.06	2.54	2.60	(0.19)	$13.98	22.92%	1.06%	1.06%	0.53%	0.53%	30%	$3,863
2019	$10.47	0.20	0.97	1.17	(0.07)	$11.57	11.19%	1.05%	1.05%	1.79%	1.79%	39%	$2,444
R6 Class
2023	$10.31	0.14	(0.13)	0.01	(0.24)	$10.08	0.13%	0.92%	0.92%	1.40%	1.40%	29%	$460,847
2022	$14.03	0.13	(3.70)	(3.57)	(0.15)	$10.31	(25.56)%	0.91%	0.91%	1.19%	1.19%	52%	$687,720
2021	$13.98	0.11	0.07	0.18	(0.13)	$14.03	1.24%	0.90%	0.90%	0.71%	0.71%	35%	$851,240
2020	$11.58	0.08	2.54	2.62	(0.22)	$13.98	23.13%	0.91%	0.91%	0.68%	0.68%	30%	$570,868
2019	$10.48	0.23	0.96	1.19	(0.09)	$11.58	11.45%	0.90%	0.90%	1.94%	1.94%	39%	$405,776


For a Share Outstanding Throughout the Years Ended November 30 (except as noted)
Per-Share Data								Ratios and Supplemental Data
		Income From Investment Operations*:						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	Distributions From Net Investment Income	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)
G Class
2023	$10.40	0.23	(0.13)	0.10	(0.30)	$10.20	1.04%	0.02%	0.92%	2.30%	1.40%	29%	$766,148
2022(3)	$12.44	0.16	(2.08)	(1.92)	(0.12)	$10.40	(15.56)%	0.01%(4)	0.91%(4)	2.42%(4)	1.52%(4)	52%(5)	$731,719


Notes to Financial Highlights

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

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

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

(4)Annualized.

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

*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.

See Notes to Financial Statements.


Report of Independent Registered Public Accounting Firm

To the Shareholders of the Emerging Markets Fund and the Board of Directors of American Century World Mutual Funds, Inc.

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Emerging Markets Fund (the “Fund”), one of the funds constituting the American Century World Mutual Funds, Inc., as of November 30, 2023, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of Emerging Markets Fund of the American Century World Mutual Funds, Inc. as of November 30, 2023, 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 audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of November 30, 2023, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Kansas City, Missouri

January 17, 2024

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


Management

The Board of Directors

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

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

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

Name
(Year of Birth)

Position(s) Held with Funds

Length of Time Served

Principal Occupation(s) During Past 5 Years

Number of American Century Portfolios Overseen by Director

Other Directorships Held During Past 5 Years

Independent Directors

Brian Bulatao
(1964)

Director

Since 2022

Chief Administrative Officer, Activision Blizzard, Inc. (2021 to present); Under Secretary of State for Management, U.S. Department of State (2018 to 2021); Chief Operating Officer, Central Intelligence Agency (2017 to 2018)

None

Thomas W. Bunn (1953)

Director

Since 2017

Retired

None

Chris H. Cheesman
(1962)

Director

Since 2019

Retired. Senior Vice President & Chief Audit Executive, AllianceBernstein (1999 to 2018)

Alleghany Corporation (2021 to 2022)

Barry Fink
(1955)

Director

Since 2012 (independent since 2016)

Retired

None

Rajesh K. Gupta
(1960)

Director

Since 2019

Partner Emeritus, SeaCrest Investment Management and SeaCrest Wealth Management (2019 to present); Chief Executive Officer and Chief Investment Officer, SeaCrest Investment Management (2006 to 2019); Chief Executive Officer and Chief Investment Officer, SeaCrest Wealth Management (2008 to 2019)

None

Name
(Year of Birth)

Position(s) Held with Funds

Length of Time Served

Principal Occupation(s) During Past 5 Years

Number of American Century Portfolios Overseen by Director

Other Directorships Held During Past 5 Years

Independent Directors

Lynn Jenkins
(1963)

Director

Since 2019

Consultant, LJ Strategies (2019 to present); United States Representative, U.S. House of Representatives (2009 to 2018)

MGP Ingredients, Inc. (2019 to 2021)

Jan M. Lewis
(1957)

Director and Board Chair

Since 2011 (Board Chair since 2022)

Retired

None

Gary C. Meltzer
(1963)

Director

Since 2022

Advisor, Pontoro (2021 to present); Executive Advisor, Consultant and Investor, Harris Ariel Advisory LLC (2020 to present); Managing Partner, PricewaterhouseCoopers LLP (1985 to 2020)

ExcelFin Acquisition Corp., Apollo Realty Income Solutions, Inc.

Stephen E. Yates(1)

(1948)

Director

Since 2012

Retired

118

None

Interested Director

Jonathan S. Thomas
(1963)

Director

Since 2007

President and Chief Executive Officer, ACC (2007 to present). Also serves as Chief Executive Officer, ACS; Director, ACC and other ACC subsidiaries

150

None

(1) Effective December 31, 2023, Steven E. Yates retired from the Board of Directors.

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

Officers

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


Name (Year of Birth)	Offices with the Funds	Principal Occupation(s) During the Past Five Years
Patrick Bannigan (1965)	President since 2019	Executive Vice President and Director, ACC (2012 to present); Chief Financial Officer, Chief Accounting Officer and Treasurer, ACC (2015 to present). Also serves as President, ACS; Vice President, ACIM; Chief Financial Officer, Chief Accounting Officer and/or Director, ACIM, ACS and other ACC subsidiaries
R. Wes Campbell (1974)	Chief Financial Officer and Treasurer since 2018; Vice President since 2023	Vice President, ACS, (2020 to present); Investment Operations and Investment Accounting, ACS (2000 to present)
Amy D. Shelton (1964)	Chief Compliance Officer and Vice President since 2014	Chief Compliance Officer, American Century funds, (2014 to present); Chief Compliance Officer, ACIM (2014 to present); Chief Compliance Officer, ACIS (2009 to present). Also serves as Vice President, ACIS
John Pak (1968)	General Counsel and Senior Vice President since 2021	General Counsel and Senior Vice President, ACC (2021 to present). Also serves as General Counsel and Senior Vice President, ACIM, ACS and ACIS. Chief Legal Officer of Investment and Wealth Management, The Bank of New York Mellon (2014 to 2021)
Cihan Kasikara (1974)	Vice President since 2023	Senior Vice President, ACS (2022 to present); Treasurer, ACS (2023 to present); Vice President, ACS (2020 to 2022); Vice President, Franklin Templeton (2015 to 2020)
Kathleen Gunja Nelson (1976)	Vice President since 2023	Vice President, ACS (2017 to present)
Ward D. Stauffer (1960)	Secretary since 2005	Attorney, ACC (2003 to present)


Approval of Management Agreement

At a meeting held on June 28, 2023, 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 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 areas of heightened regulatory interest in the mutual fund industry and certain recent geopolitical and other issues;

•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 data providers, and independent counsel in connection with the approval. They determined that the information was sufficient for them to evaluate the management agreement for the Fund. In connection with their review, the Directors did not identify any single factor as being all-important or controlling, and each Director may have attributed different levels of importance to different factors.

In deciding to renew the management agreement, the Board based its decision on a number of factors, including without limitation the following:

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

•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 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 above its benchmark for the ten-year period and below its benchmark for the one-, three-, and five-year periods reviewed by the Board. In relation to industry peers, the Fund was above the median of its peer performance universe as identified by a third-party service provider for the ten-year period and below the median for its one-, three-, and five-year periods. The Board discussed the Fund's performance with the Advisor, including steps being taken to address underperformance, and was satisfied with the efforts being undertaken by the Advisor. The 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. 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.

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.


Additional Information

Retirement Account Information

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

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

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

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

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

Proxy Voting Policies

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

Quarterly Portfolio Disclosure

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

Other Tax Information

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

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

the fiscal year ended November 30, 2023.

For the fiscal year ended November 30, 2023, the fund intends to pass through to shareholders

foreign source income of $60,656,964 and foreign taxes paid of $5,478,906, or up to the maximum

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

outstanding share on November 30, 2023 are $0.2857 and $0.0258, respectively.


Notes




Contact Us			americancentury.com
Automated Information Line			1-800-345-8765
Investor Services Representative			1-800-345-2021 or 816-531-5575
Investors Using Advisors			1-800-378-9878
Business, Not-For-Profit, Employer-Sponsored Retirement Plans			1-800-345-3533
Banks and Trust Companies, Broker-Dealers, Financial Professionals, Insurance Companies			1-800-345-6488
Telecommunications Relay Service for the Deaf			711

American Century World Mutual Funds, Inc.

Investment Advisor: American Century Investment Management, Inc. Kansas City, Missouri

This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.

©2024 American Century Proprietary Holdings, Inc. All rights reserved. CL-ANN-91030 2401



			Annual Report

			November 30, 2023

			Emerging Markets Small Cap Fund
			Investor Class (AECVX)
			I Class (AECSX)
			A Class (AECLX)
			C Class (AECHX)
			R Class (AECMX)
			R6 Class (AECTX)


Table of Contents


President’s Letter			2
Performance			3
Portfolio Commentary			5
Fund Characteristics			6
Shareholder Fee Example			7
Schedule of Investments			9
Statement of Assets and Liabilities			13
Statement of Operations			14
Statement of Changes in Net Assets			15
Notes to Financial Statements			16
Financial Highlights			23
Report of Independent Registered Public Accounting Firm			26
Management			27
Approval of Management Agreement			30


Additional Information			34


President’s Letter

Jonathan Thomas

Dear Investor:

Stocks Rallied Amid Persistent Volatility

Remaining Diligent in Uncertain Times

With appreciation and respect,

Jonathan Thomas

President and Chief Executive Officer

American Century Investments


Performance


Total Returns as of November 30, 2023
			Average Annual Returns
	Ticker Symbol	1 year	5 years	Since Inception	Inception Date
Investor Class	AECVX	13.15%	6.80%	6.80%	4/7/16
MSCI Emerging Markets Small Cap Index	—	17.45%	8.62%	7.27%	—
I Class	AECSX	13.38%	7.00%	7.01%	4/7/16
A Class	AECLX				4/7/16
No sales charge		12.90%	6.54%	6.53%
With sales charge		6.41%	5.28%	5.71%
C Class	AECHX	12.09%	5.74%	5.74%	4/7/16
R Class	AECMX	12.59%	6.25%	6.26%	4/7/16
R6 Class	AECTX	13.58%	7.16%	7.17%	4/7/16


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


Value on November 30, 2023
			Investor Class — $16,542

			MSCI Emerging Markets Small Cap Index — $17,114


Total Annual Fund Operating Expenses
Investor Class	I Class	A Class	C Class	R Class	R6 Class
1.42%	1.22%	1.67%	2.42%	1.92%	1.07%


Portfolio Commentary

Portfolio Managers: Patricia Ribeiro and Sherwin Soo

Performance Summary

Emerging Markets Small Cap returned 13.15%* for the 12 months ended November 30, 2023. The fund’s benchmark, the MSCI Emerging Markets Small Cap Index, returned 17.45% for the same period. The fund’s return reflects operating expenses, while the index’s return does not.

Positioning in the consumer discretionary and financials sectors detracted from performance relative to the benchmark. Positioning in the real estate and consumer staples sectors benefited relative performance. Style factors help explain our underperformance during the period. The recent market environment has not been supportive for our investment approach as a growth manager, given the outperformance of value stocks relative to growth stocks, driven by accelerated inflation rates and rising interest rates.

Consumer Discretionary and Financials Hampered Performance

Stock selection in the textiles, apparel and luxury goods industry helped drive relative weakness within consumer discretionary. Shares of bakery and coffee chain Gourmet Master declined sharply despite strong growth in the U.S., mainly due to disappointing sales in China as the pace of recovery in the market lagged expectations.

In financials, Taiwan-based leasing company Chailease Holding was a substantial detractor as China’s macroeconomic headwinds helped push the company’s delinquency ratio higher. Chailease’s earnings were hampered by bigger-than-expected increases in funding costs in Taiwan and Southeast Asia, plus rising credit costs in Taiwan and China.

Lack of exposure to battery materials maker Ecopro BM also detracted. Shares advanced sharply amid strong sales growth, increasing demand from electric vehicle manufacturers and friendly regulatory shifts.

Real Estate and Consumer Staples Benefited Performance

Stock selection and an overweight to real estate contributed to relative returns. Shares of India-based developer Prestige Estates Projects advanced sharply as sales and collections surged amid a series of successful project launches. The company has strong momentum in presale and robust growth plans, focused on residential and commercial markets.

In consumer staples, stock selection drove relative contribution, led by an overweight to household products maker Jyothy Labs. Shares benefited from robust growth across multiple categories and improving cash flows, driven by initiatives such as enhanced distribution and consistent brand investments.

Elsewhere, chip design firm Alchip Technologies was a key relative contributor, bolstered by repeated analysts’ upgrades reflecting the company’s strong growth potential in semiconductors for artificial intelligence applications and revenue upside from automotive high-performance computing.


Fund Characteristics


NOVEMBER 30, 2023
Types of Investments in Portfolio			% of net assets
Common Stocks			99.8%
Exchange-Traded Funds			1.1%
Short-Term Investments			0.8%
Other Assets and Liabilities			(1.7)%

Top Five Countries*			% of net assets
India			28.2%
Taiwan			18.0%
Brazil			9.1%
South Korea			7.8%
Mexico			6.6%

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


Shareholder Fee Example

The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from June 1, 2023 to November 30, 2023.

Actual Expenses

Hypothetical Example for Comparison Purposes


	Beginning Account Value 6/1/23	Ending Account Value 11/30/23	Expenses Paid During Period(1) 6/1/23 - 11/30/23	Annualized Expense Ratio(1)
Actual
Investor Class	$1,000	$1,130.30	$7.42	1.39%
I Class	$1,000	$1,131.30	$6.36	1.19%
A Class	$1,000	$1,129.70	$8.76	1.64%
C Class	$1,000	$1,124.70	$12.73	2.39%
R Class	$1,000	$1,127.70	$10.08	1.89%
R6 Class	$1,000	$1,132.60	$5.56	1.04%
Hypothetical
Investor Class	$1,000	$1,018.10	$7.03	1.39%
I Class	$1,000	$1,019.10	$6.02	1.19%
A Class	$1,000	$1,016.85	$8.29	1.64%
C Class	$1,000	$1,013.09	$12.06	2.39%
R Class	$1,000	$1,015.59	$9.55	1.89%
R6 Class	$1,000	$1,019.85	$5.27	1.04%


Schedule of Investments

NOVEMBER 30, 2023


	Shares	Value
COMMON STOCKS — 99.8%
Brazil — 9.1%
Cyrela Brazil Realty SA Empreendimentos e Participacoes	16,800	$	74,067
Embraer SA, ADR(1)(2)	6,245	109,225
Fleury SA	36,600	128,716
MRV Engenharia e Participacoes SA(1)	43,600	85,304
PRIO SA(1)	40,900	383,319
Santos Brasil Participacoes SA	63,100	108,456
Sendas Distribuidora SA	34,100	89,371
SLC Agricola SA	8,520	65,172
TOTVS SA	14,900	100,291
YDUQS Participacoes SA	40,500	165,964
		1,309,885
Canada — 0.3%
ERO Copper Corp.(1)	2,880	35,487
China — 4.8%
BOC Aviation Ltd.	7,300	52,523
China East Education Holdings Ltd.(2)	122,500	40,475
China Education Group Holdings Ltd.	57,592	34,979
China Overseas Property Holdings Ltd.	130,000	105,951
Far East Horizon Ltd.(2)	93,000	68,093
Jinxin Fertility Group Ltd.(1)(2)	79,500	38,124
Shenzhen Envicool Technology Co. Ltd., Class A	44,300	169,952
Tongcheng Travel Holdings Ltd.(1)	51,200	94,125
TravelSky Technology Ltd., H Shares	48,000	80,865
		685,087
Greece — 1.4%
OPAP SA	8,175	130,729
Piraeus Financial Holdings SA(1)	20,908	74,499
		205,228
Hong Kong — 1.1%
MGM China Holdings Ltd.(1)	148,400	163,305
India — 28.2%
Alembic Pharmaceuticals Ltd.	12,178	108,944
AU Small Finance Bank Ltd.	22,743	202,633
Craftsman Automation Ltd.	1,130	68,528
Crompton Greaves Consumer Electricals Ltd.	13,987	47,832
Fortis Healthcare Ltd.	22,126	102,433
Indian Hotels Co. Ltd.	67,833	343,352
Jyothy Labs Ltd.	96,257	501,976
MakeMyTrip Ltd.(1)	5,702	240,796
PB Fintech Ltd.(1)	25,893	259,053
Persistent Systems Ltd.	2,499	192,039
Phoenix Mills Ltd.	12,856	365,869
Prestige Estates Projects Ltd.	42,277	509,238
Shriram Finance Ltd.	7,692	185,305
Supreme Industries Ltd.	3,089	164,351
Torrent Pharmaceuticals Ltd.	5,695	144,978


	Shares	Value
Varun Beverages Ltd.	30,504	$	404,973
VIP Industries Ltd.	8,696	63,329
WNS Holdings Ltd., ADR(1)	2,668	158,693
		4,064,322
Indonesia — 2.4%
Ciputra Development Tbk PT	1,665,800	121,314
Mitra Adiperkasa Tbk PT	1,949,100	219,339
		340,653
Malaysia — 2.2%
Carlsberg Brewery Malaysia Bhd	18,800	77,225
Gamuda Bhd	230,700	236,244
		313,469
Mexico — 6.6%
Corp. Inmobiliaria Vesta SAB de CV(2)	76,986	290,196
GCC SAB de CV	18,502	181,606
Gentera SAB de CV	213,229	246,027
Qualitas Controladora SAB de CV	25,576	233,988
		951,817
Philippines — 2.0%
Bloomberry Resorts Corp.(1)	1,292,400	224,629
International Container Terminal Services, Inc.	17,560	68,341
		292,970
Russia(3)†
HeadHunter Group PLC, ADR(1)	776	—
Saudi Arabia — 6.3%
Al-Dawaa Medical Services Co.	2,621	71,476
Arabian Contracting Services Co.	4,180	206,437
Catrion Catering Holding Co.	6,233	188,431
Leejam Sports Co. JSC	3,156	139,035
National Medical Care Co.	2,123	80,402
Riyadh Cables Group Co.	10,599	222,398
		908,179
South Africa — 1.3%
Capitec Bank Holdings Ltd.	702	73,136
Clicks Group Ltd.	7,506	117,622
		190,758
South Korea — 7.8%
BGF retail Co. Ltd.	637	66,534
Cosmax, Inc.(1)	1,500	128,410
Dentium Co. Ltd.	825	80,383
Fila Holdings Corp.	3,341	98,396
Han Kuk Carbon Co. Ltd.	8,482	81,460
Hyundai Autoever Corp.	880	125,841
Hyundai Mipo Dockyard Co. Ltd.(1)	1,216	76,291
Jeisys Medical, Inc.(1)	17,909	149,259
LG Innotek Co. Ltd.	428	78,757
Orion Corp./Republic of Korea	1,609	145,490
Samsung Engineering Co. Ltd.(1)	4,348	84,776
		1,115,597
Taiwan — 18.0%
Accton Technology Corp.	11,000	187,153
Airtac International Group	2,000	69,465


	Shares	Value
Alchip Technologies Ltd.	4,000	$	398,979
Asia Vital Components Co. Ltd.	15,000	147,217
ASMedia Technology, Inc.	7,000	322,731
Bizlink Holding, Inc.	7,067	59,645
Chailease Holding Co. Ltd.	26,595	158,021
Chroma ATE, Inc.	14,000	95,982
Eclat Textile Co. Ltd.	4,000	76,057
Global Unichip Corp.	3,000	157,971
Gourmet Master Co. Ltd.	21,000	67,267
Great Tree Pharmacy Co. Ltd.	8,193	91,634
Himax Technologies, Inc., ADR	8,059	46,017
King Yuan Electronics Co. Ltd.	118,000	313,048
Pegavision Corp.	6,000	77,329
Sercomm Corp.	21,000	83,551
Universal Vision Biotechnology Co. Ltd.	7,865	72,850
Winbond Electronics Corp.	190,467	172,742
		2,597,659
Thailand — 5.9%
Bumrungrad Hospital PCL	34,900	221,661
Erawan Group PCL, NVDR(1)	1,556,100	232,371
Minor International PCL	92,700	71,883
Plan B Media PCL, F Shares	230,500	54,713
Thai Oil PCL	49,000	71,616
WHA Corp. PCL	1,415,400	201,506
		853,750
Turkey — 1.0%
Sok Marketler Ticaret AS	70,538	143,193
United Arab Emirates — 1.4%
Emirates Central Cooling Systems Corp.	444,211	199,671
TOTAL COMMON STOCKS (Cost $11,441,367)		14,371,030
EXCHANGE-TRADED FUNDS — 1.1%
Fubon Taiwan Small-Mid Cap Alpha Momentum 50 ETF (Cost $138,977)	93,000	166,124
SHORT-TERM INVESTMENTS — 0.8%
Money Market Funds — 0.8%
State Street Navigator Securities Lending Government Money Market Portfolio(4) (Cost $112,410)	112,410	112,410
TOTAL INVESTMENT SECURITIES — 101.7% (Cost $11,692,754)		14,649,564
OTHER ASSETS AND LIABILITIES — (1.7)%		(249,854)
TOTAL NET ASSETS — 100.0%		$	14,399,710


MARKET SECTOR DIVERSIFICATION
(as a % of net assets)
Consumer Discretionary			18.7%
Information Technology			16.8%
Consumer Staples			13.2%
Industrials			11.6%
Real Estate			11.1%
Financials			10.4%
Health Care			8.4%
Materials			3.2%
Energy			3.2%
Communication Services			1.8%
Utilities			1.4%
Exchange-Traded Funds			1.1%
Short-Term Investments			0.8%
Other Assets and Liabilities			(1.7)%


NOTES TO SCHEDULE OF INVESTMENTS
ADR	–	American Depositary Receipt
NVDR	–	Non-Voting Depositary Receipt

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

(1)Non-income producing.

(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $538,734. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(3)Securities may be subject to resale, redemption or transferability restrictions.

(4)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $550,407, which includes securities collateral of $437,997.

See Notes to Financial Statements.


Statement of Assets and Liabilities


NOVEMBER 30, 2023
Assets
Investment securities, at value (cost of $11,580,344) — including $538,734 of securities on loan	$	14,537,154
Investment made with cash collateral received for securities on loan, at value (cost of $112,410)	112,410
Total investment securities, at value (cost of $11,692,754)	14,649,564
Foreign currency holdings, at value (cost of $118,928)	118,928
Receivable for investments sold	355,893
Receivable for capital shares sold	22,169
Dividends and interest receivable	4,758
Securities lending receivable	225
Other assets	516
	15,152,053

Liabilities
Disbursements in excess of demand deposit cash	23,443
Payable for collateral received for securities on loan	112,410
Payable for investments purchased	419,491
Payable for capital shares redeemed	3,873
Accrued management fees	14,005
Distribution and service fees payable	322
Accrued foreign taxes	178,799
	752,343

Net Assets	$	14,399,710

Net Assets Consist of:
Capital (par value and paid-in surplus)	$	12,554,929
Distributable earnings (loss)	1,844,781
	$	14,399,710


	Net Assets	Shares Outstanding	Net Asset Value Per Share*
Investor Class, $0.01 Par Value	$2,484,127	183,616	$13.53
I Class, $0.01 Par Value	$8,615,423	632,929	$13.61
A Class, $0.01 Par Value	$450,678	33,610	$13.41
C Class, $0.01 Par Value	$13,669	1,060	$12.90
R Class, $0.01 Par Value	$571,264	43,100	$13.25
R6 Class, $0.01 Par Value	$2,264,549	165,631	$13.67

*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 $14.23 (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 NOVEMBER 30, 2023
Investment Income (Loss)
Income:
Dividends (net of foreign taxes withheld of $24,371)	$	248,859
Interest	15,162
Securities lending, net	5,044
	269,065

Expenses:
Management fees	147,023
Distribution and service fees:
A Class	693
C Class	127
R Class	2,821
Directors' fees and expenses	409
Other expenses	798
	151,871

Net investment income (loss)	117,194

Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions (net of foreign tax expenses paid (refunded) of $3,232)	(287,616)
Foreign currency translation transactions	(12,504)
	(300,120)

Change in net unrealized appreciation (depreciation) on:
Investments (includes (increase) decrease in accrued foreign taxes of $(122,222))	1,750,841
Translation of assets and liabilities in foreign currencies	(651)
	1,750,190

Net realized and unrealized gain (loss)	1,450,070

Net Increase (Decrease) in Net Assets Resulting from Operations	$	1,567,264

See Notes to Financial Statements.


Statement of Changes in Net Assets


YEARS ENDED NOVEMBER 30, 2023 AND NOVEMBER 30, 2022
Increase (Decrease) in Net Assets	November 30, 2023		November 30, 2022
Operations
Net investment income (loss)	$	117,194	$	129,413
Net realized gain (loss)	(300,120)		(616,181)
Change in net unrealized appreciation (depreciation)	1,750,190		(1,649,070)
Net increase (decrease) in net assets resulting from operations	1,567,264		(2,135,838)

Distributions to Shareholders
From earnings:
Investor Class	(50,517)		(243,371)
I Class	(137,593)		(455,863)
A Class	(4,405)		(22,401)
C Class	(135)		(754)
R Class	(7,964)		(39,365)
R6 Class	(26,437)		(1,395)
Decrease in net assets from distributions	(227,051)		(763,149)

Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions (Note 5)	2,422,828		3,141,480

Net increase (decrease) in net assets	3,763,041		242,493

Net Assets
Beginning of period	10,636,669		10,394,176
End of period	$	14,399,710	$	10,636,669

See Notes to Financial Statements.


Notes to Financial Statements

NOVEMBER 30, 2023

1. Organization

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

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

2. Significant Accounting Policies

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


Remaining Contractual Maturity of Agreements
	Overnight and Continuous		<30 days	Between 30 & 90 days	>90 days	Total
Securities Lending Transactions(1)
Common Stocks	$	112,410	—	—	—	$	112,410
Gross amount of recognized liabilities for securities lending transactions						$	112,410

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

3. Fees and Transactions with Related Parties

The annual management fee for each class is as follows:


Investor Class	I Class	A Class	C Class	R Class	R6 Class
1.39%	1.19%	1.39%	1.39%	1.39%	1.04%

4. Investment Transactions

Purchases and sales of investment securities, excluding short-term investments, for the period ended November 30, 2023 were $8,179,556 and $5,693,379, respectively.

5. Capital Share Transactions

Transactions in shares of the fund were as follows:


	Year ended November 30, 2023			Year ended November 30, 2022
	Shares	Amount		Shares	Amount
Investor Class/Shares Authorized	35,000,000			40,000,000
Sold	24,632	$	307,215	23,898	$	328,218
Issued in reinvestment of distributions	4,214	49,679		15,784	239,280
Redeemed	(44,108)	(556,922)		(50,201)	(689,117)
	(15,262)	(200,028)		(10,519)	(121,619)
I Class/Shares Authorized	30,000,000			30,000,000
Sold	223,069	2,890,187		208,766	2,797,130
Issued in reinvestment of distributions	11,621	137,593		29,930	455,532
Redeemed	(115,512)	(1,448,980)		(92,476)	(1,234,590)
	119,178	1,578,800		146,220	2,018,072
A Class/Shares Authorized	25,000,000			25,000,000
Sold	15,288	190,423		46	547
Issued in reinvestment of distributions	376	4,405		1,488	22,401
Redeemed	(2,185)	(29,298)		(11)	(140)
	13,479	165,530		1,523	22,808
C Class/Shares Authorized	25,000,000			25,000,000
Sold	—	—		370	4,607
Issued in reinvestment of distributions	12	135		52	754
	12	135		422	5,361
R Class/Shares Authorized	20,000,000			20,000,000
Sold	22,964	283,693		20,048	254,182
Issued in reinvestment of distributions	687	7,964		2,633	39,304
Redeemed	(24,307)	(294,988)		(11,001)	(138,933)
	(656)	(3,331)		11,680	154,553
R6 Class/Shares Authorized	20,000,000			20,000,000
Sold	116,870	1,406,437		92,243	1,091,341
Issued in reinvestment of distributions	2,227	26,437		91	1,395
Redeemed	(44,300)	(551,152)		(2,594)	(30,431)
	74,797	881,722		89,740	1,062,305
Net increase (decrease)	191,548	$	2,422,828	239,066	$	3,141,480

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	$	554,731	$	13,816,299	—
Exchange-Traded Funds	—		166,124		—
Short-Term Investments	112,410		—		—
	$	667,141	$	13,982,423	—

7. Risk Factors

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

8. Federal Tax Information

The tax character of distributions paid during the years ended November 30, 2023 and November 30, 2022 were as follows:


	2023		2022
Distributions Paid From
Ordinary income	$	227,051	$	20,428
Long-term capital gains	—		$	742,721

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	$	11,872,099
Gross tax appreciation of investments	$	3,392,479
Gross tax depreciation of investments	(615,014)
Net tax appreciation (depreciation) of investments	2,777,465
Net tax appreciation (depreciation) on translation of assets and liabilities in foreign currencies	(179,462)
Net tax appreciation (depreciation)	$	2,598,003
Undistributed ordinary income	$	155,697
Accumulated short-term capital losses	$	(908,919)


Financial Highlights


For a Share Outstanding Throughout the Years Ended November 30 (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
2023	$12.21	0.10	1.47	1.57	(0.25)	—	(0.25)	$13.53	13.15%	1.40%	0.83%	48%	$2,484
2022	$16.48	0.15	(3.20)	(3.05)	(0.02)	(1.20)	(1.22)	$12.21	(19.90)%	1.41%	1.21%	64%	$2,428
2021	$14.23	0.04	2.82	2.86	—	(0.61)	(0.61)	$16.48	20.69%	1.39%	0.25%	52%	$3,451
2020	$12.52	0.04	1.72	1.76	(0.05)	—	(0.05)	$14.23	14.07%	1.54%	0.37%	60%	$2,984
2019	$11.68	0.05	1.20	1.25	—	(0.41)	(0.41)	$12.52	11.36%	1.61%	0.43%	67%	$4,764
I Class
2023	$12.28	0.13	1.47	1.60	(0.27)	—	(0.27)	$13.61	13.38%	1.20%	1.03%	48%	$8,615
2022	$16.57	0.18	(3.22)	(3.04)	(0.05)	(1.20)	(1.25)	$12.28	(19.80)%	1.21%	1.41%	64%	$6,309
2021	$14.27	0.07	2.84	2.91	—	(0.61)	(0.61)	$16.57	21.06%	1.19%	0.45%	52%	$6,090
2020	$12.56	0.07	1.71	1.78	(0.07)	—	(0.07)	$14.27	14.25%	1.34%	0.57%	60%	$3,932
2019	$11.69	0.07	1.21	1.28	—	(0.41)	(0.41)	$12.56	11.52%	1.41%	0.63%	67%	$2,386
A Class
2023	$12.10	0.07	1.46	1.53	(0.22)	—	(0.22)	$13.41	12.90%	1.65%	0.58%	48%	$451
2022	$16.36	0.12	(3.18)	(3.06)	—	(1.20)	(1.20)	$12.10	(20.13)%	1.66%	0.96%	64%	$244
2021	$14.17	(0.01)	2.81	2.80	—	(0.61)	(0.61)	$16.36	20.41%	1.64%	0.00%(3)	52%	$305
2020	$12.47	0.02	1.69	1.71	(0.01)	—	(0.01)	$14.17	13.76%	1.79%	0.12%	60%	$206
2019	$11.66	0.02	1.20	1.22	—	(0.41)	(0.41)	$12.47	11.11%	1.86%	0.18%	67%	$853


For a Share Outstanding Throughout the Years Ended November 30 (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)
C Class
2023	$11.64	(0.02)	1.41	1.39	(0.13)	—	(0.13)	$12.90	12.09%	2.40%	(0.17)%	48%	$14
2022	$15.90	0.04	(3.10)	(3.06)	—	(1.20)	(1.20)	$11.64	(20.75)%	2.41%	0.21%	64%	$12
2021	$13.88	(0.12)	2.75	2.63	—	(0.61)	(0.61)	$15.90	19.58%	2.39%	(0.75)%	52%	$10
2020	$12.29	(0.07)	1.66	1.59	—	—	—	$13.88	12.94%	2.54%	(0.63)%	60%	$8
2019	$11.58	(0.07)	1.19	1.12	—	(0.41)	(0.41)	$12.29	10.20%	2.61%	(0.57)%	67%	$684
R Class
2023	$11.96	0.04	1.44	1.48	(0.19)	—	(0.19)	$13.25	12.59%	1.90%	0.33%	48%	$571
2022	$16.23	0.09	(3.16)	(3.07)	—	(1.20)	(1.20)	$11.96	(20.37)%	1.91%	0.71%	64%	$523
2021	$14.09	(0.04)	2.79	2.75	—	(0.61)	(0.61)	$16.23	20.16%	1.89%	(0.25)%	52%	$521
2020	$12.42	(0.01)	1.68	1.67	—	—	—	$14.09	13.54%	2.04%	(0.13)%	60%	$268
2019	$11.64	(0.01)	1.20	1.19	—	(0.41)	(0.41)	$12.42	10.68%	2.11%	(0.07)%	67%	$336
R6 Class
2023	$12.33	0.15	1.48	1.63	(0.29)	—	(0.29)	$13.67	13.58%	1.05%	1.18%	48%	$2,265
2022	$16.64	0.20	(3.24)	(3.04)	(0.07)	(1.20)	(1.27)	$12.33	(19.66)%	1.06%	1.56%	64%	$1,120
2021	$14.31	0.10	2.84	2.94	—	(0.61)	(0.61)	$16.64	21.15%	1.04%	0.60%	52%	$18
2020	$12.59	0.10	1.71	1.81	(0.09)	—	(0.09)	$14.31	14.47%	1.19%	0.72%	60%	$15
2019	$11.70	0.09	1.21	1.30	—	(0.41)	(0.41)	$12.59	11.68%	1.26%	0.78%	67%	$144


Notes to Financial Highlights

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

(3)Ratio was less than 0.005%.

See Notes to Financial Statements.


Report of Independent Registered Public Accounting Firm

To the Shareholders of the Emerging Markets Small Cap Fund and the Board of Directors of American Century World Mutual Funds, Inc.

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Emerging Markets Small Cap Fund (the “Fund”), one of the funds constituting the American Century World Mutual Funds, Inc., as of November 30, 2023, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of Emerging Markets Small Cap Fund of the American Century World Mutual Funds, Inc. as of November 30, 2023, 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

January 17, 2024

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


Management

The Board of Directors

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

Name
(Year of Birth)

Position(s) Held with Funds

Length of Time Served

Principal Occupation(s) During Past 5 Years

Number of American Century Portfolios Overseen by Director

Other Directorships Held During Past 5 Years

Independent Directors

Brian Bulatao
(1964)

Director

Since 2022

None

Thomas W. Bunn (1953)

Director

Since 2017

Retired

None

Chris H. Cheesman
(1962)

Director

Since 2019

Retired. Senior Vice President & Chief Audit Executive, AllianceBernstein (1999 to 2018)

Alleghany Corporation (2021 to 2022)

Barry Fink
(1955)

Director

Since 2012 (independent since 2016)

Retired

None

Rajesh K. Gupta
(1960)

Director

Since 2019

None

Name
(Year of Birth)

Position(s) Held with Funds

Length of Time Served

Principal Occupation(s) During Past 5 Years

Number of American Century Portfolios Overseen by Director

Other Directorships Held During Past 5 Years

Independent Directors

Lynn Jenkins
(1963)

Director

Since 2019

Consultant, LJ Strategies (2019 to present); United States Representative, U.S. House of Representatives (2009 to 2018)

MGP Ingredients, Inc. (2019 to 2021)

Jan M. Lewis
(1957)

Director and Board Chair

Since 2011 (Board Chair since 2022)

Retired

None

Gary C. Meltzer
(1963)

Director

Since 2022

Advisor, Pontoro (2021 to present); Executive Advisor, Consultant and Investor, Harris Ariel Advisory LLC (2020 to present); Managing Partner, PricewaterhouseCoopers LLP (1985 to 2020)

ExcelFin Acquisition Corp., Apollo Realty Income Solutions, Inc.

Stephen E. Yates(1)

(1948)

Director

Since 2012

Retired

118

None

Interested Director

Jonathan S. Thomas
(1963)

Director

Since 2007

President and Chief Executive Officer, ACC (2007 to present). Also serves as Chief Executive Officer, ACS; Director, ACC and other ACC subsidiaries

150

None

(1) Effective December 31, 2023, Steven E. Yates retired from the Board of Directors.

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

Officers


Name (Year of Birth)	Offices with the Funds	Principal Occupation(s) During the Past Five Years
Patrick Bannigan (1965)	President since 2019	Executive Vice President and Director, ACC (2012 to present); Chief Financial Officer, Chief Accounting Officer and Treasurer, ACC (2015 to present). Also serves as President, ACS; Vice President, ACIM; Chief Financial Officer, Chief Accounting Officer and/or Director, ACIM, ACS and other ACC subsidiaries
R. Wes Campbell (1974)	Chief Financial Officer and Treasurer since 2018; Vice President since 2023	Vice President, ACS, (2020 to present); Investment Operations and Investment Accounting, ACS (2000 to present)
Amy D. Shelton (1964)	Chief Compliance Officer and Vice President since 2014	Chief Compliance Officer, American Century funds, (2014 to present); Chief Compliance Officer, ACIM (2014 to present); Chief Compliance Officer, ACIS (2009 to present). Also serves as Vice President, ACIS
John Pak (1968)	General Counsel and Senior Vice President since 2021	General Counsel and Senior Vice President, ACC (2021 to present). Also serves as General Counsel and Senior Vice President, ACIM, ACS and ACIS. Chief Legal Officer of Investment and Wealth Management, The Bank of New York Mellon (2014 to 2021)
Cihan Kasikara (1974)	Vice President since 2023	Senior Vice President, ACS (2022 to present); Treasurer, ACS (2023 to present); Vice President, ACS (2020 to 2022); Vice President, Franklin Templeton (2015 to 2020)
Kathleen Gunja Nelson (1976)	Vice President since 2023	Vice President, ACS (2017 to present)
Ward D. Stauffer (1960)	Secretary since 2005	Attorney, ACC (2003 to present)


Approval of Management Agreement