American Century Value Investor Class NCSRS Certified semi-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

811-07820

AMERICAN CENTURY CAPITAL PORTFOLIOS, 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:

03-31

Date of reporting period:

09-30-2023

ITEM 1. REPORTS TO STOCKHOLDERS.

(a) Provided under separate cover.



			Semiannual Report

			September 30, 2023

			Equity Income Fund
			Investor Class (TWEIX)
			I Class (ACIIX)
			Y Class (AEIYX)
			A Class (TWEAX)
			C Class (AEYIX)
			R Class (AEURX)
			R5 Class (AEIUX)
			R6 Class (AEUDX)
			G Class (AEIMX)


Table of Contents


President’s Letter			2


Fund Characteristics			3
Shareholder Fee Example			4
Schedule of Investments			6
Statement of Assets and Liabilities			12
Statement of Operations			13
Statement of Changes in Net Assets			14
Notes to Financial Statements			15
Financial Highlights			25


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 semiannual report for the period ended September 30, 2023. It provides a market overview (below), followed by a schedule of fund investments and other financial information. For additional investment insights, please visit americancentury.com.

Stocks Persevered, Bonds Struggled

Soaring Treasury yields weighed on bond returns for the six-month period. Stocks rallied in the first half of the reporting period before succumbing to the Treasury yield surge in the second half.

Investor expectations for the Federal Reserve (Fed) to conclude its rate-hike campaign helped fuel investor optimism early in the period. Inflation’s steady slowdown, tighter lending conditions and growing recession worries contributed to that outlook. Supported by better-than-expected corporate earnings, U.S. stocks rose sharply, while bonds retreated on rising Treasury yields.

With inflation still higher than central bank targets, the Fed increased interest rates a quarter point in May before pausing in June. Policymakers resumed their tightening campaign in July, raising rates to a range of 5.25% to 5.5%, a 22-year high, and paused again in September. Citing still-higher-than-target inflation and still-solid economic data, the Fed left its future policy options open, and investors digested a higher-for-longer rate outlook. Treasury yields marched higher, including the benchmark 10-year Treasury yield, which reached a 16-year high late in the period. Overall, the 10-year Treasury yield jumped from 3.47% on March 31 to 4.58% at September-end, while the two-year yield rocketed from 4.03% to 5.05%.

The first-half rally helped the S&P 500 Index overcome its second-half decline, and stocks returned 5.18% for the six-month period. Growth stocks sharply outperformed value stocks. Meanwhile, amid elevated inflation and significantly higher Treasury yields, investment-grade bonds broadly declined for the six months.

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, heightened geopolitical unrest 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


Fund Characteristics


SEPTEMBER 30, 2023
Types of Investments in Portfolio			% of net assets
Common Stocks			81.6%
Preferred Stocks			8.7%
Convertible Bonds			3.3%
Equity-Linked Notes			2.6%
Convertible Preferred Stocks			0.9%
Exchange-Traded Funds			0.5%
Short-Term Investments			3.1%
Other Assets and Liabilities			(0.7)%

Top Five Industries*			% of net assets
Banks			9.4%
Oil, Gas and Consumable Fuels			7.7%
Capital Markets			7.1%
Pharmaceuticals			7.1%
Health Care Equipment and Supplies			6.9%

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


Shareholder Fee Example

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

The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from April 1, 2023 to September 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 4/1/23	Ending Account Value 9/30/23	Expenses Paid During Period(1) 4/1/23 - 9/30/23	Annualized Expense Ratio(1)
Actual
Investor Class	$1,000	$980.90	$4.61	0.93%
I Class	$1,000	$981.90	$3.62	0.73%
Y Class	$1,000	$981.50	$2.87	0.58%
A Class	$1,000	$978.50	$5.84	1.18%
C Class	$1,000	$974.80	$9.53	1.93%
R Class	$1,000	$977.20	$7.07	1.43%
R5 Class	$1,000	$981.90	$3.62	0.73%
R6 Class	$1,000	$982.60	$2.87	0.58%
G Class	$1,000	$985.40	$0.05	0.01%
Hypothetical
Investor Class	$1,000	$1,020.35	$4.70	0.93%
I Class	$1,000	$1,021.35	$3.69	0.73%
Y Class	$1,000	$1,022.10	$2.93	0.58%
A Class	$1,000	$1,019.10	$5.96	1.18%
C Class	$1,000	$1,015.35	$9.72	1.93%
R Class	$1,000	$1,017.85	$7.21	1.43%
R5 Class	$1,000	$1,021.35	$3.69	0.73%
R6 Class	$1,000	$1,022.10	$2.93	0.58%
G Class	$1,000	$1,024.95	$0.05	0.01%

(1)Expenses are equal to the class's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 183, the number of days in the most recent fiscal half-year, divided by 366, 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

SEPTEMBER 30, 2023 (UNAUDITED)


	Shares/Principal Amount	Value
COMMON STOCKS — 81.6%
Aerospace and Defense — 2.5%
RTX Corp.	3,041,762	$	218,915,611
Air Freight and Logistics — 0.8%
United Parcel Service, Inc., Class B	475,340	74,091,246
Banks — 3.3%
Capitol Federal Financial, Inc.(1)	7,827,638	37,337,833
Commerce Bancshares, Inc.	624,400	29,958,712
JPMorgan Chase & Co.	911,815	132,231,411
PNC Financial Services Group, Inc.	359,393	44,122,679
Truist Financial Corp.	720,761	20,620,972
U.S. Bancorp	822,172	27,181,007
		291,452,614
Beverages — 1.9%
PepsiCo, Inc.	1,005,157	170,313,802
Building Products — 0.4%
Assa Abloy AB, Class B	1,481,478	32,190,395
Capital Markets — 4.2%
AllianceBernstein Holding LP	1,538,558	46,695,235
Bank of New York Mellon Corp.	996,488	42,500,213
BlackRock, Inc.	128,038	82,775,287
Charles Schwab Corp.	1,188,464	65,246,674
Northern Trust Corp.	577,311	40,111,568
T. Rowe Price Group, Inc.	919,547	96,432,894
		373,761,871
Chemicals — 2.5%
Akzo Nobel NV	909,090	65,543,963
Linde PLC	409,198	152,364,875
		217,908,838
Commercial Services and Supplies — 1.1%
Republic Services, Inc.	666,757	95,019,540
Communications Equipment — 1.5%
Cisco Systems, Inc.	2,506,680	134,759,117
Consumer Staples Distribution & Retail — 2.3%
Koninklijke Ahold Delhaize NV	2,352,189	70,894,238
Walmart, Inc.	817,412	130,728,701
		201,622,939
Containers and Packaging — 1.8%
Amcor PLC	5,010,279	45,894,156
Packaging Corp. of America	733,232	112,587,773
		158,481,929
Diversified Telecommunication Services — 1.9%
BCE, Inc.(2)	922,321	35,208,794
Verizon Communications, Inc.	4,017,711	130,214,013
		165,422,807
Electric Utilities — 1.8%
Duke Energy Corp.	1,049,810	92,656,230
Eversource Energy	1,136,924	66,112,131
		158,768,361


	Shares/Principal Amount	Value
Electrical Equipment — 1.3%
Emerson Electric Co.	456,090	$	44,044,611
Hubbell, Inc.	83,815	26,268,459
Legrand SA	470,586	43,240,399
		113,553,469
Electronic Equipment, Instruments and Components — 2.1%
Corning, Inc.	3,889,360	118,508,799
TE Connectivity Ltd.	575,101	71,042,227
		189,551,026
Energy Equipment and Services — 0.4%
Baker Hughes Co.	1,063,728	37,570,873
Food Products — 4.0%
Hershey Co.	419,574	83,948,366
Mondelez International, Inc., Class A	2,608,740	181,046,556
Nestle SA	733,707	83,052,695
		348,047,617
Gas Utilities — 4.9%
Atmos Energy Corp.	1,342,431	142,203,716
ONE Gas, Inc.	2,134,423	145,738,402
Spire, Inc.	2,599,286	147,067,602
		435,009,720
Ground Transportation — 1.7%
Norfolk Southern Corp.	746,830	147,073,232
Health Care Equipment and Supplies — 6.4%
Becton Dickinson & Co.	754,960	195,179,809
Medtronic PLC	4,655,408	364,797,771
		559,977,580
Health Care Providers and Services — 1.8%
Quest Diagnostics, Inc.	750,823	91,495,291
UnitedHealth Group, Inc.	130,639	65,866,877
		157,362,168
Household Products — 5.0%
Colgate-Palmolive Co.	2,593,623	184,432,531
Kimberly-Clark Corp.	1,336,256	161,486,538
Procter & Gamble Co.	642,142	93,662,832
		439,581,901
Insurance — 4.6%
Aflac, Inc.	703,002	53,955,403
Allstate Corp.	890,897	99,254,835
Chubb Ltd.	271,695	56,561,465
Marsh & McLennan Cos., Inc.	752,474	143,195,802
Reinsurance Group of America, Inc.	377,735	54,843,345
		407,810,850
Media — 0.5%
Omnicom Group, Inc.	589,510	43,906,705
Oil, Gas and Consumable Fuels — 7.7%
Chevron Corp.	765,447	129,069,673
Enterprise Products Partners LP	6,454,274	176,653,480
Exxon Mobil Corp.	2,415,428	284,006,024
TotalEnergies SE	1,324,423	87,079,910
		676,809,087


	Shares/Principal Amount		Value
Personal Care Products — 3.0%
Kenvue, Inc.	5,143,712		$	103,285,737
Unilever PLC	3,261,286		161,457,651
			264,743,388
Pharmaceuticals — 7.1%
Johnson & Johnson	2,564,785		399,465,264
Roche Holding AG	628,472		171,573,505
Sanofi, ADR	938,002		50,314,427
			621,353,196
Professional Services — 2.1%
Automatic Data Processing, Inc.	776,639		186,843,811
Semiconductors and Semiconductor Equipment — 1.2%
Texas Instruments, Inc.	651,679		103,623,478
Specialized REITs — 1.4%
American Tower Corp.	358,478		58,951,707
Public Storage	231,819		61,088,943
			120,040,650
Trading Companies and Distributors — 0.4%
Bunzl PLC	904,875		32,226,006
TOTAL COMMON STOCKS (Cost $6,023,324,669)			7,177,793,827
PREFERRED STOCKS — 8.7%
Banks — 5.8%
Bank of America Corp., 6.30%	91,672,000		90,396,815
Citigroup, Inc., 9.70%	84,410,000		84,420,866
JPMorgan Chase & Co., 4.60%	77,229,000		72,439,991
JPMorgan Chase & Co., 5.00%	102,366,000		99,007,853
Truist Financial Corp., 4.95%(2)	141,332,000		130,319,665
Truist Financial Corp., 5.10%	39,647,000		34,094,913
			510,680,103
Capital Markets — 2.9%
Bank of New York Mellon Corp., 4.70%	78,640,000		75,892,334
Charles Schwab Corp., 4.00%	66,830,000		55,900,402
Charles Schwab Corp., 5.375%(2)	127,926,000		123,541,720
			255,334,456
TOTAL PREFERRED STOCKS (Cost $804,647,236)			766,014,559
CONVERTIBLE BONDS — 3.3%
Health Care Equipment and Supplies — 0.5%
Envista Holdings Corp., 1.75%, 8/15/28(3)	$	48,206,000	44,638,756
Hotels, Restaurants and Leisure — 0.8%
Cracker Barrel Old Country Store, Inc., 0.625%, 6/15/26	85,101,000		70,687,018
Passenger Airlines — 0.4%
Southwest Airlines Co., 1.25%, 5/1/25(2)	35,417,000		35,284,186
Semiconductors and Semiconductor Equipment — 1.6%
Microchip Technology, Inc., 0.125%, 11/15/24(2)	132,738,000		140,038,590
TOTAL CONVERTIBLE BONDS (Cost $311,901,145)			290,648,550
EQUITY-LINKED NOTES — 2.6%
Chemicals — 0.2%
Merrill Lynch International & Co. C.V., (convertible into Linde PLC), 5.35%, 1/3/24(3)	50,893		19,030,163


	Shares/Principal Amount		Value
Consumer Staples Distribution & Retail — 0.2%
Merrill Lynch International & Co. C.V., (convertible into Target Corp.), 12.44%, 1/3/24(3)	$	137,097	$	16,372,931
Electrical Equipment — 0.2%
UBS AG, (convertible into Emerson Electric Co.), 6.00%, 10/19/23(3)	203,871		18,392,392
Financial Services — 1.0%
Citigroup Global Markets Holdings, Inc., (convertible into Berkshire Hathaway, Inc., Class B), 4.06%, 1/24/24(3)	55,416		18,877,517
Citigroup Global Markets Holdings, Inc., (convertible into Berkshire Hathaway, Inc., Class B), 4.17%, 2/7/24(3)	65,995		22,923,450
Merrill Lynch International & Co. C.V., (convertible into Berkshire Hathaway, Inc., Class B), 5.50%, 11/6/23(3)	60,530		20,426,850
UBS AG, (convertible into Berkshire Hathaway, Inc., Class B), 6.10%, 3/20/24(3)	62,472		22,615,241
			84,843,058
Food Products — 0.2%
UBS AG, (convertible into Hershey Co.), 5.50%, 10/24/23(3)	57,869		14,263,835
Professional Services — 0.2%
Citigroup Global Markets Holdings, Inc., (convertible into Automatic Data Processing, Inc.), 5.42%, 1/24/24(3)	81,125		19,148,771
Semiconductors and Semiconductor Equipment — 0.6%
JPMorgan Chase Bank N.A., (convertible into Analog Devices, Inc.), 10.20%, 2/20/24(3)	105,007		18,586,288
Merrill Lynch International & Co. C.V., (convertible into Applied Materials, Inc.), 14.45%, 3/20/24(3)	130,099		17,735,126
Royal Bank of Canada, (convertible into Teradyne, Inc.), 13.80%, 11/8/23(3)	174,107		16,383,361
			52,704,775
TOTAL EQUITY-LINKED NOTES (Cost $227,016,242)			224,755,925
CONVERTIBLE PREFERRED STOCKS — 0.9%
Banks — 0.3%
Bank of America Corp., 7.25%(2)	27,467		30,625,705
Electric Utilities — 0.6%
NextEra Energy, Inc., 6.93%, 9/1/25(2)	1,287,864		48,636,184
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $100,425,365)			79,261,889
EXCHANGE-TRADED FUNDS — 0.5%
iShares Russell 1000 Value ETF (Cost $26,627,812)	260,786		39,592,531
SHORT-TERM INVESTMENTS — 3.1%
Discount Notes(4) — 0.8%
Federal Home Loan Bank Discount Notes, 5.34%, 10/2/23	$	73,000,000	72,999,999
Money Market Funds — 1.1%
State Street Institutional U.S. Government Money Market Fund, Premier Class	203,809		203,809
State Street Navigator Securities Lending Government Money Market Portfolio(5)	92,432,904		92,432,904
			92,636,713
Repurchase Agreements — 1.2%
BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 2.50% - 3.00%, 11/15/44 - 2/15/47, valued at $14,669,110), in a joint trading account at 5.25%, dated 9/29/23, due 10/2/23 (Delivery value $14,317,972)			14,311,711


	Shares/Principal Amount	Value
Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 2.50%, 1/15/29, valued at $94,888,678), at 5.29%, dated 9/29/23, due 10/2/23 (Delivery value $93,069,010)		$	93,028,000
		107,339,711
TOTAL SHORT-TERM INVESTMENTS (Cost $272,965,879)		272,976,423
TOTAL INVESTMENT SECURITIES — 100.7% (Cost $7,766,908,348)		8,851,043,704
OTHER ASSETS AND LIABILITIES — (0.7)%		(59,040,446)
TOTAL NET ASSETS — 100.0%		$	8,792,003,258


WRITTEN OPTIONS CONTRACTS
Reference Equity	Contracts	Type	Exercise Price		Expiration Date	Underlying Notional Amount		Premiums Received		Value
Johnson & Johnson	577	Put	$	155.00	10/20/23	$	8,986,775	$	(79,313)	$	(136,461)
Medtronic PLC	1,192	Put	75.00		10/20/23	$	9,340,512	(58,072)		(47,680)
Zimmer Biomet Holdings, Inc.	885	Put	100.00		10/20/23	$	9,931,470	(56,390)		(22,125)
								$	(193,775)	$	(206,266)


FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS
Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
CAD	1,301,395	USD	965,095	Goldman Sachs & Co.	12/22/23	$	(5,724)
USD	31,246,116	CAD	42,130,701	Goldman Sachs & Co.	12/22/23	187,927
USD	221,342,870	CHF	199,898,066	Morgan Stanley	12/22/23	986,670
USD	138,476,219	EUR	130,276,241	Bank of America N.A.	12/22/23	218,666
USD	138,501,232	EUR	130,276,242	JPMorgan Chase Bank N.A.	12/22/23	243,680
USD	138,528,981	EUR	130,276,242	Morgan Stanley	12/22/23	271,428
USD	27,412,211	GBP	22,435,923	Goldman Sachs & Co.	12/22/23	22,555
USD	27,393,472	SEK	301,591,884	UBS AG	12/22/23	(323,006)
						$	1,602,196


NOTES TO SCHEDULE OF INVESTMENTS
ADR	–	American Depositary Receipt
CAD	–	Canadian Dollar
CHF	–	Swiss Franc
EUR	–	Euro
GBP	–	British Pound
SEK	–	Swedish Krona
USD	–	United States Dollar

(1)Affiliated Company: the fund’s holding represents ownership of 5% or more of the voting securities of the company; therefore, the company is affiliated as defined in the Investment Company Act of 1940.

(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $92,719,465. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(3)Security was purchased pursuant to Rule 144A or Section 4(2) under the Securities Act of 1933 and may be sold in transactions exempt from registration, normally to qualified institutional investors. The aggregate value of these securities at the period end was $269,394,681, which represented 3.1% of total net assets.

(4)The rate indicated is the yield to maturity at purchase for non-interest bearing securities. For interest bearing securities, the stated coupon rate is shown.

(5)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $94,917,551, which includes securities collateral of $2,484,647.

See Notes to Financial Statements.


Statement of Assets and Liabilities


SEPTEMBER 30, 2023 (UNAUDITED)
Assets
Investment securities - unaffiliated, at value (cost of $7,584,862,011) — including $92,719,465 of securities on loan	$	8,721,272,967
Investment made with cash collateral received for securities on loan, at value (cost of $92,432,904)	92,432,904
Investment securities - affiliated, at value (cost of $89,613,433)	37,337,833
Total investment securities, at value (cost of $7,766,908,348)	8,851,043,704
Deposits with broker for options contracts	8,020,050
Receivable for investments sold	1,777,926
Receivable for capital shares sold	2,866,194
Unrealized appreciation on forward foreign currency exchange contracts	1,930,926
Dividends and interest receivable	32,316,162
Securities lending receivable	151,562
	8,898,106,524

Liabilities
Written options, at value (premiums received $193,775)	206,266
Payable for collateral received for securities on loan	92,432,904
Payable for capital shares redeemed	6,887,956
Unrealized depreciation on forward foreign currency exchange contracts	328,730
Accrued management fees	5,940,927
Distribution and service fees payable	306,483
	106,103,266

Net Assets	$	8,792,003,258

Net Assets Consist of:
Capital (par value and paid-in surplus)	$	7,299,982,227
Distributable earnings (loss)	1,492,021,031
	$	8,792,003,258


	Net Assets	Shares Outstanding	Net Asset Value Per Share*
Investor Class, $0.01 Par Value	$3,272,496,260	386,079,564	$8.48
I Class, $0.01 Par Value	$3,267,159,261	384,871,303	$8.49
Y Class, $0.01 Par Value	$685,108,724	80,588,945	$8.50
A Class, $0.01 Par Value	$686,937,084	81,054,502	$8.48
C Class, $0.01 Par Value	$170,164,944	20,078,682	$8.47
R Class, $0.01 Par Value	$36,159,621	4,287,219	$8.43
R5 Class, $0.01 Par Value	$66,340,174	7,824,252	$8.48
R6 Class, $0.01 Par Value	$607,630,918	71,499,559	$8.50
G Class, $0.01 Par Value	$6,272	737	$8.51

*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 $9.00 (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


FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2023 (UNAUDITED)
Investment Income (Loss)
Income:
Dividends (including $5,150,612 from affiliates and net of foreign taxes withheld of $2,359,722)	$	120,491,764
Interest	40,422,152
Securities lending, net	2,437,839
	163,351,755

Expenses:
Management fees	38,088,863
Distribution and service fees:
A Class	919,160
C Class	956,419
R Class	98,497
Directors' fees and expenses	173,933
Other expenses	147,172
	40,384,044
Fees waived - G Class	(18)
	40,384,026

Net investment income (loss)	122,967,729

Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions (including $(2,878,474) from affiliates)	287,828,466
Forward foreign currency exchange contract transactions	16,311,549
Written options contract transactions	1,894,676
Foreign currency translation transactions	(171,416)
	305,863,275

Change in net unrealized appreciation (depreciation) on:
Investments (including $(48,700,102) from affiliates)	(596,941,667)
Forward foreign currency exchange contracts	6,310,293
Written options contracts	(359,715)
Translation of assets and liabilities in foreign currencies	(70,277)
	(591,061,366)

Net realized and unrealized gain (loss)	(285,198,091)

Net Increase (Decrease) in Net Assets Resulting from Operations	$	(162,230,362)

See Notes to Financial Statements.


Statement of Changes in Net Assets


SIX MONTHS ENDED SEPTEMBER 30, 2023 (UNAUDITED) AND YEAR ENDED MARCH 31, 2023
Increase (Decrease) in Net Assets	September 30, 2023		March 31, 2023
Operations
Net investment income (loss)	$	122,967,729	$	249,534,711
Net realized gain (loss)	305,863,275		434,649,209
Change in net unrealized appreciation (depreciation)	(591,061,366)		(1,068,377,967)
Net increase (decrease) in net assets resulting from operations	(162,230,362)		(384,194,047)

Distributions to Shareholders
From earnings:
Investor Class	(45,627,486)		(310,571,931)
I Class	(50,133,995)		(377,999,062)
Y Class	(10,505,821)		(20,583,258)
A Class	(8,625,376)		(62,428,465)
C Class	(1,520,460)		(16,563,683)
R Class	(413,907)		(3,252,890)
R5 Class	(954,898)		(5,326,994)
R6 Class	(9,531,758)		(73,084,105)
G Class	(114)		(575)
Decrease in net assets from distributions	(127,313,815)		(869,810,963)

Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions (Note 5)	(926,288,837)		(384,538,047)

Net increase (decrease) in net assets	(1,215,833,014)		(1,638,543,057)

Net Assets
Beginning of period	10,007,836,272		11,646,379,329
End of period	$	8,792,003,258	$	10,007,836,272

See Notes to Financial Statements.


Notes to Financial Statements

SEPTEMBER 30, 2023 (UNAUDITED)

1. Organization

American Century Capital Portfolios, 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. Equity Income Fund (the fund) is one fund in a series issued by the corporation. The fund’s investment objective is to seek current income. Capital appreciation is a secondary objective.

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

2. Significant Accounting Policies

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.

Fixed income securities are valued at the evaluated mean as provided by independent pricing services or at the mean of the most recent bid and asked prices as provided by investment dealers. Corporate bonds, U.S. Treasury and Government Agency securities and convertible bonds are valued using market models that consider trade data, quotations from dealers and active market makers, relevant yield curve and spread data, creditworthiness, trade data or market information on comparable securities, and other relevant security specific information.

Hybrid securities are valued at the evaluated mean as provided by independent pricing services or at the mean of the most recent bid and asked prices as provided by investment dealers. Preferred stocks and convertible preferred stocks with perpetual maturities are valued using market models that consider trade data, quotations from dealers and active market makers, relevant yield curve and spread data, creditworthiness, trade data or market information on comparable securities, and other relevant security specific information.

Open-end management investment companies are valued at the reported NAV per share. Equity-linked notes are valued at the mean using market models that consider quotations from dealer and active market makers. Repurchase agreements are valued at cost, which approximates fair value. Exchange-traded options contracts are valued at a mean as provided by independent pricing services. Forward foreign currency exchange contracts are valued at the mean of the appropriate forward exchange rate at the close of the NYSE as provided by an independent pricing service.

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

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

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

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

Equity-Linked Debt and Linked-Equity Securities — The fund may invest in hybrid equity securities, which usually convert into common stock at a date predetermined by the issuer. These securities generally offer a higher dividend yield than that of the common stock to which the security is linked. These instruments are issued by a company other than the one to which the security is linked and carry the credit of the issuer, not that of the underlying common stock. The securities’ appreciation is limited based on a predetermined final cap price at the date of the conversion. Risks of investing in these securities include, but are not limited to, a set time to capture the yield advantage, limited appreciation potential, decline in value of the underlying stock, and failure of the issuer to pay dividends or to deliver common stock at maturity.

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

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

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

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

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

Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid quarterly. Distributions from net realized gains, if any, are generally declared and paid annually. The fund may elect to treat a portion of its payment to a redeeming shareholder, which represents the pro rata share of undistributed net investment income and net realized gains, as a distribution for federal income tax purposes (tax equalization).

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 September 30, 2023.


Remaining Contractual Maturity of Agreements
	Overnight and Continuous		<30 days	Between 30 & 90 days	>90 days	Total
Securities Lending Transactions(1)
Convertible Bonds	$	35,693,069	—	—	—	$	35,693,069
Preferred Stocks	13,110,504		—	—	—	13,110,504
Common Stocks	389,186		—	—	—	389,186
Convertible Preferred Stocks	43,240,145		—	—	—	43,240,145
Total Borrowings	$	92,432,904	—	—	—	$	92,432,904
Gross amount of recognized liabilities for securities lending transactions						$	92,432,904

(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

Management Fees — The corporation has entered into a management agreement with ACIM, under which ACIM provides the fund with investment advisory and management services in exchange for a single, unified management fee (the fee) per class. The agreement provides that ACIM will pay all expenses of managing and operating the fund, except brokerage expenses, taxes, interest, fees and expenses of the independent directors (including legal counsel fees), extraordinary expenses, and expenses incurred in connection with the provision of shareholder services and distribution services under a plan adopted pursuant to Rule 12b-1 under the 1940 Act. The fee is computed and accrued daily based on each class's daily net assets and paid monthly in arrears. The difference in the fee among the classes is a result of their separate arrangements for non-Rule 12b-1 shareholder services. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class. The rate of the fee is determined by applying a fee rate calculation formula. This formula takes into account the fund's assets as well as certain assets, if any, of other clients of the investment advisor outside the American Century Investments family of funds (such as subadvised funds and separate accounts), as well as exchange-traded funds managed by the investment advisor, that use very similar investment teams and strategies (strategy assets). The investment advisor agreed to waive the G Class's management fee in its entirety. The investment advisor expects this waiver to remain in effect permanently and cannot terminate it without the approval of the Board of Directors.

The management fee schedule range and the effective annual management fee for each class for the period ended September 30, 2023 are as follows:


	Management Fee Schedule Range	Effective Annual Management Fee
Investor Class	0.80% to 1.00%	0.92%
I Class	0.60% to 0.80%	0.72%
Y Class	0.45% to 0.65%	0.57%
A Class	0.80% to 1.00%	0.92%
C Class	0.80% to 1.00%	0.92%
R Class	0.80% to 1.00%	0.92%
R5 Class	0.60% to 0.80%	0.72%
R6 Class	0.45% to 0.65%	0.57%
G Class	0.45% to 0.65%	0.00%(1)

(1)Effective annual management fee before waiver was 0.57%.

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 September 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. During the period, the interfund sales were $3,956,744 and there were no interfund purchases. The effect of interfund transactions on the Statement of Operations was $434,912 in net realized gain (loss) on investment transactions.

4. Investment Transactions

Purchases and sales of investment securities, excluding short-term investments and in kind transactions, for the period ended September 30, 2023 were $862,205,595 and $1,453,202,795, respectively.

For the period ended September 30, 2023, the fund incurred net realized gains of $16,641,766 from redemptions in kind. A redemption in kind occurs when a fund delivers securities from its portfolio in lieu of cash as payment to a redeeming shareholder.

5. Capital Share Transactions

Transactions in shares of the fund were as follows:


	Six months ended September 30, 2023			Year ended March 31, 2023
	Shares	Amount		Shares	Amount
Investor Class/Shares Authorized	3,900,000,000			3,900,000,000
Sold	9,480,233	$	83,675,693	28,747,919	$	264,128,611
Issued in reinvestment of distributions	5,049,578	44,268,948		34,321,374	301,750,127
Redeemed	(43,425,062)	(382,816,570)		(73,189,590)	(668,637,245)
	(28,895,251)	(254,871,929)		(10,120,297)	(102,758,507)
I Class/Shares Authorized	4,500,000,000			4,500,000,000
Sold	24,195,629	213,757,966		87,993,965	804,477,327
Issued in reinvestment of distributions	5,375,491	47,213,303		40,885,907	359,903,834
Redeemed	(130,891,093)	(1,154,659,561)		(140,189,168)	(1,280,211,740)
	(101,319,973)	(893,688,292)		(11,309,296)	(115,830,579)
Y Class/Shares Authorized	750,000,000			200,000,000
Sold	58,474,244	517,530,542		3,533,151	32,599,997
Issued in reinvestment of distributions	1,179,690	10,370,269		2,235,584	19,721,230
Redeemed	(4,928,990)	(43,599,055)		(7,824,058)	(71,897,428)
	54,724,944	484,301,756		(2,055,323)	(19,576,201)
A Class/Shares Authorized	900,000,000			920,000,000
Sold	3,829,053	33,792,073		10,291,287	94,176,513
Issued in reinvestment of distributions	925,277	8,112,032		6,621,291	58,207,626
Redeemed	(9,024,871)	(79,615,066)		(18,656,364)	(169,693,705)
	(4,270,541)	(37,710,961)		(1,743,786)	(17,309,566)
C Class/Shares Authorized	250,000,000			275,000,000
Sold	525,952	4,675,491		1,787,336	16,420,882
Issued in reinvestment of distributions	166,582	1,461,157		1,802,032	15,837,408
Redeemed	(3,956,325)	(34,896,228)		(7,916,820)	(72,119,278)
	(3,263,791)	(28,759,580)		(4,327,452)	(39,860,988)
R Class/Shares Authorized	55,000,000			60,000,000
Sold	313,566	2,763,661		567,081	5,158,279
Issued in reinvestment of distributions	47,419	413,907		371,752	3,252,874
Redeemed	(722,635)	(6,349,113)		(1,163,434)	(10,591,388)
	(361,650)	(3,171,545)		(224,601)	(2,180,235)
R5 Class/Shares Authorized	80,000,000			80,000,000
Sold	660,478	5,841,377		1,004,015	9,132,981
Issued in reinvestment of distributions	108,875	954,898		605,940	5,326,994
Redeemed	(287,731)	(2,531,520)		(972,211)	(8,869,421)
	481,622	4,264,755		637,744	5,590,554
R6 Class/Shares Authorized	800,000,000			800,000,000
Sold	3,528,333	31,216,759		20,354,605	186,771,660
Issued in reinvestment of distributions	1,084,164	9,531,758		8,292,491	73,084,105
Redeemed	(26,855,444)	(237,401,672)		(38,237,774)	(352,468,865)
	(22,242,947)	(196,653,155)		(9,590,678)	(92,613,100)
G Class/Shares Authorized	20,000,000			20,000,000
Issued in reinvestment of distributions	13	114		65	575
Net increase (decrease)	(105,147,574)	$	(926,288,837)	(38,733,624)	$	(384,538,047)

6. Affiliated Company Transactions

If a fund's holding represents ownership of 5% or more of the voting securities of a company, the company is affiliated as defined in the 1940 Act. A summary of transactions for each company which is or was an affiliate at or during the period ended September 30, 2023 follows (amounts in thousands):


Company	Beginning Value		Purchase Cost	Sales Cost		Change in Net Unrealized Appreciation (Depreciation)		Ending Value		Ending Shares	Net Realized Gain (Loss)		Income
Capitol Federal Financial, Inc.	$	53,006	—	$	481	$	(15,187)	$	37,338	7,828	$	(186)	$	1,335
Spire, Inc.(1)	194,479		—	13,898		(33,513)		(1)		(1)	(2,692)		3,816
	$	247,485	—	$	14,379	$	(48,700)	$	37,338	7,828	$	(2,878)	$	5,151

(1)Company was not an affiliate at September 30, 2023.

7. 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
Building Products	—		$	32,190,395	—
Chemicals	$	152,364,875	65,543,963		—
Consumer Staples Distribution & Retail	130,728,701		70,894,238		—
Diversified Telecommunication Services	130,214,013		35,208,794		—
Electrical Equipment	70,313,070		43,240,399		—
Food Products	264,994,922		83,052,695		—
Oil, Gas and Consumable Fuels	589,729,177		87,079,910		—
Personal Care Products	103,285,737		161,457,651		—
Pharmaceuticals	449,779,691		171,573,505		—
Trading Companies and Distributors	—		32,226,006		—
Other Industries	4,503,916,085		—		—
Preferred Stocks	—		766,014,559		—
Convertible Bonds	—		290,648,550		—
Equity-Linked Notes	—		224,755,925		—
Convertible Preferred Stocks	—		79,261,889		—
Exchange-Traded Funds	39,592,531		—		—
Short-Term Investments	92,636,713		180,339,710		—
	$	6,527,555,515	$	2,323,488,189	—
Other Financial Instruments
Forward Foreign Currency Exchange Contracts	—		$	1,930,926	—

Liabilities
Other Financial Instruments
Forward Foreign Currency Exchange Contracts	—		$	328,730	—
Written Options Contracts	$	206,266	—		—
	$	206,266	$	328,730	—

8. Derivative Instruments

Equity Price Risk — The fund is subject to equity price risk in the normal course of pursuing its investment objectives. A fund may enter into options contracts based on an equity index or specific security in order to manage its exposure to changes in market conditions. The risks of entering into equity price risk derivative instruments include the possible lack of liquidity, failure of the counterparty to meet its obligations, and that there may be unfavorable changes in the underlying investments or instruments. A fund may purchase or write an option contract to protect against declines in market value on the underlying index or security. A purchased option contract provides the fund a right, but not an obligation, to buy (call) or sell (put) an equity-related asset at a specified exercise price within a certain period or on a specific date. A written option contract holds the corresponding obligation to sell (call writing) or buy (put writing) the underlying equity-related asset if the purchaser exercises the option contract. The buyer pays the seller an initial purchase price (premium) for this right. Option contracts purchased by a fund are accounted for in the same manner as marketable portfolio securities. The premium received by a fund for option contracts written is recorded as a liability and valued daily. The proceeds from securities sold through the exercise of option contracts are decreased by the premium paid to purchase the option contracts. A fund will segregate cash, cash equivalents or other appropriate liquid securities on its records in amounts sufficient to meet requirements. A fund may recognize a realized gain or loss when the option contract is closed, exercised or expires. Net realized and unrealized gains or losses occurring during the holding period of purchased options contracts are a component of net realized gain (loss) on investment transactions and change in net unrealized appreciation (depreciation) on investments, respectively. Net realized and unrealized gains or losses occurring during the holding period of written options contracts are a component of net realized gain (loss) on written options contract transactions and change in net unrealized appreciation (depreciation) on written options contracts, respectively. The fund’s average exposure to equity price risk derivative instruments held during the period was 2,117 written options contracts.

Foreign Currency Risk — The fund is subject to foreign currency exchange rate risk in the normal course of pursuing its investment objectives. The value of foreign investments held by a fund may be significantly affected by changes in foreign currency exchange rates. The dollar value of a foreign security generally decreases when the value of the dollar rises against the foreign currency in which the security is denominated and tends to increase when the value of the dollar declines against such foreign currency. A fund may enter into forward foreign currency exchange contracts to reduce a fund's exposure to foreign currency exchange rate fluctuations. A fund will segregate cash, cash equivalents or other appropriate liquid securities on its records in amounts sufficient to meet requirements. The net U.S. dollar value of foreign currency underlying all contractual commitments held by a fund and the resulting unrealized appreciation or depreciation are determined daily. Realized gain or loss is recorded upon settlement of the contract. Net realized and unrealized gains or losses occurring during the holding period of forward foreign currency exchange contracts are a component of net realized gain (loss) on forward foreign currency exchange contract transactions and change in net unrealized appreciation (depreciation) on forward foreign currency exchange contracts, respectively. A fund bears the risk of an unfavorable change in the foreign currency exchange rate underlying the forward contract. Additionally, losses, up to the fair value, may arise if the counterparties do not perform under the contract terms. The fund's average U.S. dollar exposure to foreign currency risk derivative instruments held during the period was $855,109,022.

Value of Derivative Instruments as of September 30, 2023


	Asset Derivatives			Liability Derivatives
Type of Risk Exposure	Location on Statement of Assets and Liabilities	Value		Location on Statement of Assets and Liabilities	Value
Equity Price Risk	Written Options	—		Written Options	$	206,266
Foreign Currency Risk	Unrealized appreciation on forward foreign currency exchange contracts	$	1,930,926	Unrealized depreciation on forward foreign currency exchange contracts	328,730
		$	1,930,926		$	534,996

Effect of Derivative Instruments on the Statement of Operations for the Six Months Ended September 30, 2023


	Net Realized Gain (Loss)			Change in Net Unrealized Appreciation (Depreciation)
Type of Risk Exposure	Location on Statement of Operations	Value		Location on Statement of Operations	Value
Equity Price Risk	Net realized gain (loss) on written options contract transactions	$	1,894,676	Change in net unrealized appreciation (depreciation) on written options contracts	$	(359,715)
Foreign Currency Risk	Net realized gain (loss) on forward foreign currency exchange contract transactions	16,311,549		Change in net unrealized appreciation (depreciation) on forward foreign currency exchange contracts	6,310,293
		$	18,206,225		$	5,950,578

9. 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 a significant portion of assets in one country or region may accentuate these risks.

10. Federal Tax Information

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

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


Federal tax cost of investments	$	7,840,032,258
Gross tax appreciation of investments	$	1,496,542,958
Gross tax depreciation of investments	(485,531,512)
Net tax appreciation (depreciation) of investments	$	1,011,011,446

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


Financial Highlights


For a Share Outstanding Throughout the Years Ended March 31 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations*:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return(2)	Operating Expenses	Operating Expenses (before expense waiver)	Net Investment Income (Loss)	Net Investment Income (Loss) (before expense waiver)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
Investor Class
2023(3)	$8.76	0.10	(0.26)	(0.16)	(0.12)	—	(0.12)	$8.48	(1.91)%	0.93%(4)	0.93%(4)	2.48%(4)	2.48%(4)	10%	$3,272,496
2023	$9.86	0.21	(0.53)	(0.32)	(0.21)	(0.57)	(0.78)	$8.76	(3.22)%	0.92%	0.92%	2.29%	2.29%	29%	$3,635,179
2022	$9.45	0.18	0.91	1.09	(0.19)	(0.49)	(0.68)	$9.86	11.74%	0.93%	0.93%	1.83%	1.83%	24%	$4,191,544
2021	$7.14	0.17	2.33	2.50	(0.19)	—	(0.19)	$9.45	35.30%	0.91%	0.91%	2.10%	2.10%	52%	$4,211,554
2020	$8.69	0.18	(1.07)	(0.89)	(0.19)	(0.47)	(0.66)	$7.14	(11.81)%	0.91%	0.91%	2.07%	2.07%	85%	$3,660,808
2019	$8.60	0.18	0.56	0.74	(0.18)	(0.47)	(0.65)	$8.69	9.07%	0.91%	0.91%	2.13%	2.13%	80%	$6,081,355
I Class
2023(3)	$8.77	0.12	(0.28)	(0.16)	(0.12)	—	(0.12)	$8.49	(1.81)%	0.73%(4)	0.73%(4)	2.68%(4)	2.68%(4)	10%	$3,267,159
2023	$9.87	0.23	(0.53)	(0.30)	(0.23)	(0.57)	(0.80)	$8.77	(3.03)%	0.72%	0.72%	2.49%	2.49%	29%	$4,265,425
2022	$9.47	0.20	0.90	1.10	(0.21)	(0.49)	(0.70)	$9.87	11.83%	0.73%	0.73%	2.03%	2.03%	24%	$4,912,267
2021	$7.15	0.20	2.32	2.52	(0.20)	—	(0.20)	$9.47	35.67%	0.71%	0.71%	2.30%	2.30%	52%	$5,167,202
2020	$8.70	0.21	(1.08)	(0.87)	(0.21)	(0.47)	(0.68)	$7.15	(11.62)%	0.71%	0.71%	2.27%	2.27%	85%	$4,157,382
2019	$8.61	0.20	0.56	0.76	(0.20)	(0.47)	(0.67)	$8.70	9.27%	0.71%	0.71%	2.33%	2.33%	80%	$2,826,256


For a Share Outstanding Throughout the Years Ended March 31 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations*:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return(2)	Operating Expenses	Operating Expenses (before expense waiver)	Net Investment Income (Loss)	Net Investment Income (Loss) (before expense waiver)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
Y Class
2023(3)	$8.79	0.12	(0.28)	(0.16)	(0.13)	—	(0.13)	$8.50	(1.85)%	0.58%(4)	0.58%(4)	2.83%(4)	2.83%(4)	10%	$685,109
2023	$9.89	0.24	(0.53)	(0.29)	(0.24)	(0.57)	(0.81)	$8.79	(2.87)%	0.57%	0.57%	2.64%	2.64%	29%	$227,227
2022	$9.48	0.22	0.90	1.12	(0.22)	(0.49)	(0.71)	$9.89	12.10%	0.58%	0.58%	2.18%	2.18%	24%	$276,001
2021	$7.16	0.21	2.33	2.54	(0.22)	—	(0.22)	$9.48	35.83%	0.56%	0.56%	2.45%	2.45%	52%	$281,614
2020	$8.71	0.22	(1.08)	(0.86)	(0.22)	(0.47)	(0.69)	$7.16	(11.48)%	0.56%	0.56%	2.42%	2.42%	85%	$222,844
2019	$8.62	0.22	0.55	0.77	(0.21)	(0.47)	(0.68)	$8.71	9.43%	0.56%	0.56%	2.48%	2.48%	80%	$230,773
A Class
2023(3)	$8.76	0.10	(0.28)	(0.18)	(0.10)	—	(0.10)	$8.48	(2.15)%	1.18%(4)	1.18%(4)	2.23%(4)	2.23%(4)	10%	$686,937
2023	$9.86	0.19	(0.53)	(0.34)	(0.19)	(0.57)	(0.76)	$8.76	(3.46)%	1.17%	1.17%	2.04%	2.04%	29%	$747,365
2022	$9.45	0.16	0.90	1.06	(0.16)	(0.49)	(0.65)	$9.86	11.46%	1.18%	1.18%	1.58%	1.58%	24%	$858,437
2021	$7.14	0.16	2.31	2.47	(0.16)	—	(0.16)	$9.45	34.95%	1.16%	1.16%	1.85%	1.85%	52%	$869,137
2020	$8.69	0.16	(1.07)	(0.91)	(0.17)	(0.47)	(0.64)	$7.14	(12.02)%	1.16%	1.16%	1.82%	1.82%	85%	$698,473
2019	$8.60	0.16	0.56	0.72	(0.16)	(0.47)	(0.63)	$8.69	8.80%	1.16%	1.16%	1.88%	1.88%	80%	$850,117


For a Share Outstanding Throughout the Years Ended March 31 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations*:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return(2)	Operating Expenses	Operating Expenses (before expense waiver)	Net Investment Income (Loss)	Net Investment Income (Loss) (before expense waiver)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
C Class
2023(3)	$8.76	0.07	(0.29)	(0.22)	(0.07)	—	(0.07)	$8.47	(2.52)%	1.93%(4)	1.93%(4)	1.48%(4)	1.48%(4)	10%	$170,165
2023	$9.86	0.12	(0.53)	(0.41)	(0.12)	(0.57)	(0.69)	$8.76	(4.17)%	1.92%	1.92%	1.29%	1.29%	29%	$204,407
2022	$9.45	0.08	0.91	0.99	(0.09)	(0.49)	(0.58)	$9.86	10.63%	1.93%	1.93%	0.83%	0.83%	24%	$272,764
2021	$7.14	0.09	2.32	2.41	(0.10)	—	(0.10)	$9.45	33.90%	1.91%	1.91%	1.10%	1.10%	52%	$303,205
2020	$8.69	0.10	(1.08)	(0.98)	(0.10)	(0.47)	(0.57)	$7.14	(12.66)%	1.91%	1.91%	1.07%	1.07%	85%	$394,129
2019	$8.60	0.10	0.55	0.65	(0.09)	(0.47)	(0.56)	$8.69	8.00%	1.91%	1.91%	1.13%	1.13%	80%	$538,726
R Class
2023(3)	$8.72	0.09	(0.29)	(0.20)	(0.09)	—	(0.09)	$8.43	(2.28)%	1.43%(4)	1.43%(4)	1.98%(4)	1.98%(4)	10%	$36,160
2023	$9.82	0.16	(0.53)	(0.37)	(0.16)	(0.57)	(0.73)	$8.72	(3.71)%	1.42%	1.42%	1.79%	1.79%	29%	$40,525
2022	$9.41	0.13	0.91	1.04	(0.14)	(0.49)	(0.63)	$9.82	11.23%	1.43%	1.43%	1.33%	1.33%	24%	$47,839
2021	$7.11	0.14	2.30	2.44	(0.14)	—	(0.14)	$9.41	34.60%	1.41%	1.41%	1.60%	1.60%	52%	$57,032
2020	$8.66	0.14	(1.07)	(0.93)	(0.15)	(0.47)	(0.62)	$7.11	(12.28)%	1.41%	1.41%	1.57%	1.57%	85%	$56,388
2019	$8.57	0.14	0.56	0.70	(0.14)	(0.47)	(0.61)	$8.66	8.57%	1.41%	1.41%	1.63%	1.63%	80%	$88,499


For a Share Outstanding Throughout the Years Ended March 31 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations*:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return(2)	Operating Expenses	Operating Expenses (before expense waiver)	Net Investment Income (Loss)	Net Investment Income (Loss) (before expense waiver)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
R5 Class
2023(3)	$8.76	0.12	(0.28)	(0.16)	(0.12)	—	(0.12)	$8.48	(1.81)%	0.73%(4)	0.73%(4)	2.68%(4)	2.68%(4)	10%	$66,340
2023	$9.86	0.23	(0.53)	(0.30)	(0.23)	(0.57)	(0.80)	$8.76	(3.03)%	0.72%	0.72%	2.49%	2.49%	29%	$64,341
2022	$9.46	0.20	0.90	1.10	(0.21)	(0.49)	(0.70)	$9.86	11.84%	0.73%	0.73%	2.03%	2.03%	24%	$66,131
2021	$7.14	0.19	2.33	2.52	(0.20)	—	(0.20)	$9.46	35.72%	0.71%	0.71%	2.30%	2.30%	52%	$62,610
2020	$8.70	0.21	(1.09)	(0.88)	(0.21)	(0.47)	(0.68)	$7.14	(11.74)%	0.71%	0.71%	2.27%	2.27%	85%	$912
2019	$8.60	0.20	0.57	0.77	(0.20)	(0.47)	(0.67)	$8.70	9.41%	0.71%	0.71%	2.33%	2.33%	80%	$892
R6 Class
2023(3)	$8.78	0.13	(0.28)	(0.15)	(0.13)	—	(0.13)	$8.50	(1.74)%	0.58%(4)	0.58%(4)	2.83%(4)	2.83%(4)	10%	$607,631
2023	$9.88	0.24	(0.53)	(0.29)	(0.24)	(0.57)	(0.81)	$8.78	(2.88)%	0.57%	0.57%	2.64%	2.64%	29%	$823,361
2022	$9.47	0.22	0.90	1.12	(0.22)	(0.49)	(0.71)	$9.88	12.10%	0.58%	0.58%	2.18%	2.18%	24%	$1,021,389
2021	$7.16	0.21	2.32	2.53	(0.22)	—	(0.22)	$9.47	35.68%	0.56%	0.56%	2.45%	2.45%	52%	$1,040,730
2020	$8.71	0.22	(1.08)	(0.86)	(0.22)	(0.47)	(0.69)	$7.16	(11.48)%	0.56%	0.56%	2.42%	2.42%	85%	$820,173
2019	$8.62	0.22	0.55	0.77	(0.21)	(0.47)	(0.68)	$8.71	9.43%	0.56%	0.56%	2.48%	2.48%	80%	$796,417


For a Share Outstanding Throughout the Years Ended March 31 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations*:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return(2)	Operating Expenses	Operating Expenses (before expense waiver)	Net Investment Income (Loss)	Net Investment Income (Loss) (before expense waiver)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
G Class
2023(3)	$8.79	0.15	(0.27)	(0.12)	(0.16)	—	(0.16)	$8.51	(1.46)%	0.01%(4)	0.58%(4)	3.40%(4)	2.83%(4)	10%	$6
2023	$9.89	0.29	(0.53)	(0.24)	(0.29)	(0.57)	(0.86)	$8.79	(2.34)%	0.01%	0.57%	3.20%	2.64%	29%	$6
2022	$9.48	0.26	0.92	1.18	(0.28)	(0.49)	(0.77)	$9.89	12.72%	0.03%	0.58%	2.73%	2.18%	24%	$7
2021	$7.16	0.27	2.32	2.59	(0.27)	—	(0.27)	$9.48	36.61%	0.00%(5)	0.56%	3.01%	2.45%	52%	$6
2020(6)	$9.06	0.18	(1.43)	(1.25)	(0.18)	(0.47)	(0.65)	$7.16	(15.32)%	0.00%(4)(5)	0.56%(4)	3.02%(4)	2.46%(4)	85%(7)	$4


Notes to Financial Highlights

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

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

(3)Six months ended September 30, 2023 (unaudited).

(4)Annualized.

(5)Ratio was less than 0.005%.

(6)August 1, 2019 (commencement of sale) through March 31, 2020.

(7)Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended March 31, 2020.

*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.


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

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.

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

Comparison to Other Funds’ Fees. The management agreement provides that the Fund pays the Advisor a single, all-inclusive (or unified) management fee for providing all services necessary for the management and operation of the Fund, other than 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 and, where expressly provided, these other client assets may be included with the assets of the Fund to determine breakpoints in the management fee schedule.

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

Conclusion of the Directors. As a result of this process, the Board, including all of the independent Directors, taking into account all of the factors discussed above and the information provided by the Advisor and others in connection with its review and 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.


Notes


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 Capital Portfolios, 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.

©2023 American Century Proprietary Holdings, Inc. All rights reserved. CL-SAN-90802 2311



			Semiannual Report

			September 30, 2023

			Focused Large Cap Value Fund
			Investor Class (ALVIX)
			I Class (ALVSX)
			A Class (ALPAX)
			C Class (ALPCX)
			R Class (ALVRX)
			R5 Class (ALVGX)
			R6 Class (ALVDX)
			G Class (ACFLX)


Table of Contents


President’s Letter			2


Fund Characteristics			3
Shareholder Fee Example			4
Schedule of Investments			6
Statement of Assets and Liabilities			9
Statement of Operations			10
Statement of Changes in Net Assets			11
Notes to Financial Statements			12
Financial Highlights			19


Approval of Management Agreement			24


Additional Information			28


President’s Letter

Jonathan Thomas

Dear Investor:

Stocks Persevered, Bonds Struggled

Soaring Treasury yields weighed on bond returns for the six-month period. Stocks rallied in the first half of the reporting period before succumbing to the Treasury yield surge in the second half.

Remaining Diligent in Uncertain Times

With appreciation and respect,

Jonathan Thomas

President and Chief Executive Officer

American Century Investments


Fund Characteristics


SEPTEMBER 30, 2023
Types of Investments in Portfolio			% of net assets
Common Stocks			96.9%
Short-Term Investments			3.0%
Other Assets and Liabilities			0.1%

Top Five Industries			% of net assets
Oil, Gas and Consumable Fuels			9.3%
Health Care Equipment and Supplies			9.2%
Pharmaceuticals			7.6%
Insurance			6.3%
Health Care Providers and Services			5.9%

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 April 1, 2023 to September 30, 2023.

Actual Expenses

Hypothetical Example for Comparison Purposes


	Beginning Account Value 4/1/23	Ending Account Value 9/30/23	Expenses Paid During Period(1) 4/1/23 - 9/30/23	Annualized Expense Ratio(1)
Actual
Investor Class	$1,000	$989.40	$4.18	0.84%
I Class	$1,000	$990.40	$3.18	0.64%
A Class	$1,000	$987.20	$5.42	1.09%
C Class	$1,000	$984.50	$9.13	1.84%
R Class	$1,000	$987.00	$6.66	1.34%
R5 Class	$1,000	$989.40	$3.18	0.64%
R6 Class	$1,000	$990.20	$2.44	0.49%
G Class	$1,000	$993.60	$0.05	0.01%
Hypothetical
Investor Class	$1,000	$1,020.80	$4.24	0.84%
I Class	$1,000	$1,021.80	$3.23	0.64%
A Class	$1,000	$1,019.55	$5.50	1.09%
C Class	$1,000	$1,015.80	$9.27	1.84%
R Class	$1,000	$1,018.30	$6.76	1.34%
R5 Class	$1,000	$1,021.80	$3.23	0.64%
R6 Class	$1,000	$1,022.55	$2.48	0.49%
G Class	$1,000	$1,024.95	$0.05	0.01%

Schedule of Investments

SEPTEMBER 30, 2023 (UNAUDITED)


	Shares	Value
COMMON STOCKS — 96.9%
Aerospace and Defense — 3.3%
RTX Corp.	1,415,574	$	101,878,861
Air Freight and Logistics — 1.8%
United Parcel Service, Inc., Class B	357,295	55,691,572
Banks — 3.6%
JPMorgan Chase & Co.	472,314	68,494,976
Truist Financial Corp.	1,406,688	40,245,344
		108,740,320
Capital Markets — 4.4%
Bank of New York Mellon Corp.	1,210,514	51,628,422
BlackRock, Inc.	66,419	42,939,219
Charles Schwab Corp.	719,156	39,481,665
		134,049,306
Communications Equipment — 3.4%
Cisco Systems, Inc.	788,537	42,391,749
F5, Inc.(1)	389,234	62,721,167
		105,112,916
Consumer Staples Distribution & Retail — 2.4%
Koninklijke Ahold Delhaize NV	992,981	29,928,136
Walmart, Inc.	269,138	43,043,240
		72,971,376
Containers and Packaging — 3.5%
Packaging Corp. of America	392,340	60,243,807
Sonoco Products Co.	862,160	46,858,396
		107,102,203
Diversified Telecommunication Services — 1.4%
Verizon Communications, Inc.	1,358,428	44,026,651
Electric Utilities — 3.6%
Duke Energy Corp.	971,444	85,739,647
Pinnacle West Capital Corp.	308,664	22,742,364
		108,482,011
Electrical Equipment — 1.0%
nVent Electric PLC	563,252	29,846,723
Electronic Equipment, Instruments and Components — 1.3%
TE Connectivity Ltd.	319,147	39,424,229
Entertainment — 1.1%
Walt Disney Co.(1)	406,611	32,955,821
Financial Services — 5.0%
Berkshire Hathaway, Inc., Class B(1)	433,063	151,701,969
Food Products — 3.5%
Conagra Brands, Inc.	1,674,965	45,927,540
Mondelez International, Inc., Class A	900,311	62,481,584
		108,409,124
Gas Utilities — 2.7%
Atmos Energy Corp.	790,102	83,695,505


	Shares	Value
Ground Transportation — 1.8%
Norfolk Southern Corp.	275,548	$	54,263,668
Health Care Equipment and Supplies — 9.2%
Becton Dickinson & Co.	150,176	38,825,001
Medtronic PLC	1,728,530	135,447,611
Zimmer Biomet Holdings, Inc.	960,757	107,816,150
		282,088,762
Health Care Providers and Services — 5.9%
Cigna Group	172,746	49,417,448
Henry Schein, Inc.(1)	817,526	60,701,305
Quest Diagnostics, Inc.	567,422	69,146,045
		179,264,798
Household Products — 5.3%
Colgate-Palmolive Co.	1,316,108	93,588,440
Kimberly-Clark Corp.	573,902	69,356,056
		162,944,496
Insurance — 6.3%
Allstate Corp.	601,877	67,055,117
Marsh & McLennan Cos., Inc.	260,807	49,631,572
Reinsurance Group of America, Inc.	517,285	75,104,609
		191,791,298
Machinery — 1.1%
Oshkosh Corp.	349,212	33,325,301
Oil, Gas and Consumable Fuels — 9.3%
Enterprise Products Partners LP	1,684,064	46,092,832
Exxon Mobil Corp.	1,010,039	118,760,385
TotalEnergies SE, ADR	1,811,764	119,141,601
		283,994,818
Personal Care Products — 4.8%
Kenvue, Inc.	1,909,678	38,346,334
Unilever PLC, ADR	2,200,236	108,691,659
		147,037,993
Pharmaceuticals — 7.6%
Johnson & Johnson	1,134,586	176,711,770
Roche Holding AG	208,512	56,923,991
		233,635,761
Semiconductors and Semiconductor Equipment — 1.6%
Texas Instruments, Inc.	297,467	47,300,228
Specialized REITs — 2.0%
Public Storage	235,992	62,188,612
TOTAL COMMON STOCKS (Cost $2,744,957,141)		2,961,924,322
SHORT-TERM INVESTMENTS — 3.0%
Money Market Funds†
State Street Institutional U.S. Government Money Market Fund, Premier Class	174,616	174,616
Repurchase Agreements — 3.0%
BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 2.50% - 3.00%, 11/15/44 - 2/15/47, valued at $12,567,330), in a joint trading account at 5.25%, dated 9/29/23, due 10/2/23 (Delivery value $12,266,502)		12,261,138


	Shares	Value
Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 0.25%, 7/15/29, valued at $81,292,985), at 5.29%, dated 9/29/23, due 10/2/23 (Delivery value $79,734,134)		$	79,699,000
		91,960,138
TOTAL SHORT-TERM INVESTMENTS (Cost $92,134,754)		92,134,754
TOTAL INVESTMENT SECURITIES — 99.9% (Cost $2,837,091,895)		3,054,059,076
OTHER ASSETS AND LIABILITIES — 0.1%		1,892,252
TOTAL NET ASSETS — 100.0%		$	3,055,951,328


FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS
Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
USD	48,944,441	CHF	44,202,459	Morgan Stanley	12/22/23	$	218,177
USD	42,537,459	EUR	40,018,570	Bank of America N.A.	12/22/23	67,170
USD	42,545,143	EUR	40,018,570	JPMorgan Chase Bank N.A.	12/22/23	74,854
USD	42,553,667	EUR	40,018,570	Morgan Stanley	12/22/23	83,378
USD	93,536,672	GBP	76,556,452	Goldman Sachs & Co.	12/22/23	76,964
						$	520,543


NOTES TO SCHEDULE OF INVESTMENTS
ADR	–	American Depositary Receipt
CHF	–	Swiss Franc
EUR	–	Euro
GBP	–	British Pound
USD	–	United States Dollar

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

(1)Non-income producing.

See Notes to Financial Statements.

Statement of Assets and Liabilities


SEPTEMBER 30, 2023 (UNAUDITED)
Assets
Investment securities, at value (cost of $2,837,091,895)	$	3,054,059,076
Receivable for investments sold	6,130,770
Receivable for capital shares sold	379,378
Unrealized appreciation on forward foreign currency exchange contracts	520,543
Dividends and interest receivable	7,877,282
	3,068,967,049

Liabilities
Payable for investments purchased	11,084,368
Payable for capital shares redeemed	1,486,966
Accrued management fees	434,793
Distribution and service fees payable	9,594
	13,015,721

Net Assets	$	3,055,951,328

Net Assets Consist of:
Capital (par value and paid-in surplus)	$	2,827,434,187
Distributable earnings (loss)	228,517,141
	$	3,055,951,328


	Net Assets	Shares Outstanding	Net Asset Value Per Share*
Investor Class, $0.01 Par Value	$520,522,693	55,030,258	$9.46
I Class, $0.01 Par Value	$29,917,267	3,158,999	$9.47
A Class, $0.01 Par Value	$28,811,674	3,047,372	$9.45
C Class, $0.01 Par Value	$1,006,336	106,376	$9.46
R Class, $0.01 Par Value	$6,357,916	671,376	$9.47
R5 Class, $0.01 Par Value	$7,760	819	$9.47
R6 Class, $0.01 Par Value	$64,571,863	6,822,654	$9.46
G Class, $0.01 Par Value	$2,404,755,819	253,781,767	$9.48

*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 $10.03 (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


FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2023 (UNAUDITED)
Investment Income (Loss)
Income:
Dividends (net of foreign taxes withheld of $694,819)	$	41,251,115
Interest	2,130,838
	43,381,953

Expenses:
Management fees	8,661,308
Distribution and service fees:
A Class	38,288
C Class	5,528
R Class	16,153
Directors' fees and expenses	57,229
Other expenses	115,236
	8,893,742
Fees waived - G Class	(5,782,197)
	3,111,545

Net investment income (loss)	40,270,408

Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions	24,986,117
Forward foreign currency exchange contract transactions	4,259,029
Foreign currency translation transactions	(41,681)
	29,203,465

Change in net unrealized appreciation (depreciation) on:
Investments	(94,455,033)
Forward foreign currency exchange contracts	2,486,057
Translation of assets and liabilities in foreign currencies	(17,026)
	(91,986,002)

Net realized and unrealized gain (loss)	(62,782,537)

Net Increase (Decrease) in Net Assets Resulting from Operations	$	(22,512,129)

See Notes to Financial Statements.

Statement of Changes in Net Assets


SIX MONTHS ENDED SEPTEMBER 30, 2023 (UNAUDITED) AND YEAR ENDED MARCH 31, 2023
Increase (Decrease) in Net Assets	September 30, 2023		March 31, 2023
Operations
Net investment income (loss)	$	40,270,408	$	83,248,917
Net realized gain (loss)	29,203,465		155,296,912
Change in net unrealized appreciation (depreciation)	(91,986,002)		(231,506,682)
Net increase (decrease) in net assets resulting from operations	(22,512,129)		7,039,147

Distributions to Shareholders
From earnings:
Investor Class	(5,825,182)		(38,327,833)
I Class	(372,211)		(2,716,287)
A Class	(272,890)		(1,991,093)
C Class	(5,823)		(62,895)
R Class	(50,211)		(362,128)
R5 Class	(90)		(523)
R6 Class	(870,644)		(12,670,353)
G Class	(35,215,896)		(175,533,919)
Decrease in net assets from distributions	(42,612,947)		(231,665,031)

Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions (Note 5)	(31,151,602)		(237,481,293)

Net increase (decrease) in net assets	(96,276,678)		(462,107,177)

Net Assets
Beginning of period	3,152,228,006		3,614,335,183
End of period	$	3,055,951,328	$	3,152,228,006

See Notes to Financial Statements.


Notes to Financial Statements

SEPTEMBER 30, 2023 (UNAUDITED)

1. Organization

American Century Capital Portfolios, Inc. (the corporation) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company and is organized as a Maryland corporation. Focused Large Cap Value Fund (the fund) is one fund in a series issued by the corporation. The fund’s investment objective is to seek long-term capital growth. Income is a secondary objective.

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

2. Significant Accounting Policies

Open-end management investment companies are valued at the reported NAV per share. Repurchase agreements are valued at cost, which approximates fair value. Forward foreign currency exchange contracts are valued at the mean of the appropriate forward exchange rate at the close of the NYSE as provided by an independent pricing service.

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, 51% of the shares of the fund. Related parties do not invest in the fund for the purpose of exercising management or control.

The management fee schedule range and the effective annual management fee for each class for the period ended September 30, 2023 are as follows:


	Management Fee Schedule Range	Effective Annual Management Fee
Investor Class	0.70% to 0.90%	0.83%
I Class	0.50% to 0.70%	0.63%
A Class	0.70% to 0.90%	0.83%
C Class	0.70% to 0.90%	0.83%
R Class	0.70% to 0.90%	0.83%
R5 Class	0.50% to 0.70%	0.63%
R6 Class	0.35% to 0.55%	0.48%
G Class	0.35% to 0.55%	0.00%(1)

(1)Effective annual management fee before waiver was 0.48%.

Interfund Transactions — The fund may enter into security transactions with other American Century Investments funds and other client accounts of the investment advisor, in accordance with the 1940 Act rules and procedures adopted by the Board of Directors. The rules and procedures require, among other things, that these transactions be effected at the independent current market price of the security. During the period, the interfund purchases were $322,261 and there were no interfund sales.

4. Investment Transactions

Purchases and sales of investment securities, excluding short-term investments, for the period ended September 30, 2023 were $586,920,290 and $659,184,593, respectively.

5. Capital Share Transactions

Transactions in shares of the fund were as follows:


	Six months ended September 30, 2023			Year ended March 31, 2023
	Shares	Amount		Shares	Amount
Investor Class/Shares Authorized	550,000,000			450,000,000
Sold	665,000	$	6,543,660	3,451,206	$	34,184,846
Issued in reinvestment of distributions	589,494	5,765,048		3,924,017	37,917,689
Redeemed	(6,365,913)	(62,235,674)		(6,561,325)	(65,104,444)
	(5,111,419)	(49,926,966)		813,898	6,998,091
I Class/Shares Authorized	40,000,000			40,000,000
Sold	284,066	2,787,420		1,763,695	17,533,084
Issued in reinvestment of distributions	35,781	350,256		266,688	2,580,465
Redeemed	(861,087)	(8,382,764)		(2,056,974)	(20,239,098)
	(541,240)	(5,245,088)		(26,591)	(125,549)
A Class/Shares Authorized	30,000,000			30,000,000
Sold	299,361	2,930,059		613,956	6,071,000
Issued in reinvestment of distributions	25,145	245,797		184,811	1,786,572
Redeemed	(519,604)	(5,093,700)		(779,204)	(7,649,167)
	(195,098)	(1,917,844)		19,563	208,405
C Class/Shares Authorized	20,000,000			20,000,000
Sold	5,992	58,621		69,102	670,411
Issued in reinvestment of distributions	565	5,525		6,024	58,405
Redeemed	(12,783)	(125,247)		(56,641)	(542,026)
	(6,226)	(61,101)		18,485	186,790
R Class/Shares Authorized	20,000,000			20,000,000
Sold	82,540	808,248		237,386	2,333,631
Issued in reinvestment of distributions	4,878	47,753		35,619	344,977
Redeemed	(72,365)	(707,773)		(126,948)	(1,231,738)
	15,053	148,228		146,057	1,446,870
R5 Class/Shares Authorized	20,000,000			20,000,000
Issued in reinvestment of distributions	9	90		54	523
R6 Class/Shares Authorized	150,000,000			150,000,000
Sold	1,505,077	14,664,987		5,099,217	50,393,354
Issued in reinvestment of distributions	88,157	862,221		1,306,863	12,626,998
Redeemed	(10,008,557)	(97,398,535)		(7,687,775)	(75,070,659)
	(8,415,323)	(81,871,327)		(1,281,695)	(12,050,307)
G Class/Shares Authorized	2,000,000,000			1,800,000,000
Sold	16,988,197	166,748,262		15,924,302	154,075,038
Issued in reinvestment of distributions	3,598,232	35,215,896		18,173,029	175,533,919
Redeemed	(9,567,189)	(94,241,752)		(56,812,843)	(563,755,073)
	11,019,240	107,722,406		(22,715,512)	(234,146,116)
Net increase (decrease)	(3,235,004)	$	(31,151,602)	(23,025,741)	$	(237,481,293)

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	$	2,875,072,195	$	86,852,127	—
Short-Term Investments	174,616		91,960,138		—
	$	2,875,246,811	$	178,812,265	—

Other Financial Instruments
Forward Foreign Currency Exchange Contracts	—		$	520,543	—

7. Derivative Instruments

The value of foreign currency risk derivative instruments as of September 30, 2023, is disclosed on the Statement of Assets and Liabilities as an asset of $520,543 in unrealized appreciation on forward foreign currency exchange contracts. For the six months ended September 30, 2023, the effect of foreign currency risk derivative instruments on the Statement of Operations was $4,259,029 in net realized gain (loss) on forward foreign currency exchange contract transactions and $2,486,057 in change in net unrealized appreciation (depreciation) on forward foreign currency exchange contracts.

8. Risk Factors

9. Federal Tax Information

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


Federal tax cost of investments	$	2,872,701,605
Gross tax appreciation of investments	$	320,444,941
Gross tax depreciation of investments	(139,087,470)
Net tax appreciation (depreciation) of investments	$	181,357,471

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


Financial Highlights


For a Share Outstanding Throughout the Years Ended March 31 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations*:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return(2)	Operating Expenses	Operating Expenses (before expense waiver)	Net Investment Income (Loss)	Net Investment Income (Loss) (before expense waiver)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
Investor Class
2023(3)	$9.66	0.09	(0.19)	(0.10)	(0.10)	—	(0.10)	$9.46	(1.06)%	0.84%(4)	0.84%(4)	1.90%(4)	1.90%(4)	19%	$520,523
2023	$10.35	0.19	(0.22)	(0.03)	(0.18)	(0.48)	(0.66)	$9.66	(0.18)%	0.84%	0.84%	1.91%	1.91%	47%	$581,007
2022	$11.80	0.19	1.11	1.30	(0.20)	(2.55)	(2.75)	$10.35	11.82%	0.83%	0.83%	1.59%	1.59%	42%	$613,873
2021	$8.24	0.19	3.62	3.81	(0.19)	(0.06)	(0.25)	$11.80	46.64%	0.83%	0.83%	1.90%	1.90%	112%	$645,489
2020	$9.85	0.18	(1.52)	(1.34)	(0.18)	(0.09)	(0.27)	$8.24	(14.21)%	0.84%	0.84%	1.72%	1.72%	72%	$456,382
2019	$9.85	0.18	0.40	0.58	(0.18)	(0.40)	(0.58)	$9.85	6.20%	0.83%	0.83%	1.83%	1.83%	62%	$673,365
I Class
2023(3)	$9.67	0.10	(0.19)	(0.09)	(0.11)	—	(0.11)	$9.47	(0.96)%	0.64%(4)	0.64%(4)	2.10%(4)	2.10%(4)	19%	$29,917
2023	$10.36	0.21	(0.22)	(0.01)	(0.20)	(0.48)	(0.68)	$9.67	0.02%	0.64%	0.64%	2.11%	2.11%	47%	$35,789
2022	$11.81	0.22	1.10	1.32	(0.22)	(2.55)	(2.77)	$10.36	12.03%	0.63%	0.63%	1.79%	1.79%	42%	$38,604
2021	$8.24	0.22	3.62	3.84	(0.21)	(0.06)	(0.27)	$11.81	47.06%	0.63%	0.63%	2.10%	2.10%	112%	$42,273
2020	$9.86	0.20	(1.53)	(1.33)	(0.20)	(0.09)	(0.29)	$8.24	(14.13)%	0.64%	0.64%	1.92%	1.92%	72%	$20,080
2019	$9.86	0.20	0.40	0.60	(0.20)	(0.40)	(0.60)	$9.86	6.41%	0.63%	0.63%	2.03%	2.03%	62%	$18,196


For a Share Outstanding Throughout the Years Ended March 31 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations*:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return(2)	Operating Expenses	Operating Expenses (before expense waiver)	Net Investment Income (Loss)	Net Investment Income (Loss) (before expense waiver)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
A Class
2023(3)	$9.66	0.08	(0.20)	(0.12)	(0.09)	—	(0.09)	$9.45	(1.28)%	1.09%(4)	1.09%(4)	1.65%(4)	1.65%(4)	19%	$28,812
2023	$10.34	0.16	(0.20)	(0.04)	(0.16)	(0.48)	(0.64)	$9.66	(0.32)%	1.09%	1.09%	1.66%	1.66%	47%	$31,310
2022	$11.80	0.17	1.09	1.26	(0.17)	(2.55)	(2.72)	$10.34	11.44%	1.08%	1.08%	1.34%	1.34%	42%	$33,334
2021	$8.23	0.17	3.62	3.79	(0.16)	(0.06)	(0.22)	$11.80	46.44%	1.08%	1.08%	1.65%	1.65%	112%	$34,806
2020	$9.85	0.15	(1.53)	(1.38)	(0.15)	(0.09)	(0.24)	$8.23	(14.52)%	1.09%	1.09%	1.47%	1.47%	72%	$26,342
2019	$9.85	0.16	0.40	0.56	(0.16)	(0.40)	(0.56)	$9.85	5.94%	1.08%	1.08%	1.58%	1.58%	62%	$34,603
C Class
2023(3)	$9.66	0.04	(0.19)	(0.15)	(0.05)	—	(0.05)	$9.46	(1.55)%	1.84%(4)	1.84%(4)	0.90%(4)	0.90%(4)	19%	$1,006
2023	$10.35	0.09	(0.21)	(0.12)	(0.09)	(0.48)	(0.57)	$9.66	(1.17)%	1.84%	1.84%	0.91%	0.91%	47%	$1,088
2022	$11.80	0.07	1.11	1.18	(0.08)	(2.55)	(2.63)	$10.35	10.69%	1.83%	1.83%	0.59%	0.59%	42%	$974
2021	$8.23	0.09	3.62	3.71	(0.08)	(0.06)	(0.14)	$11.80	45.31%	1.83%	1.83%	0.90%	0.90%	112%	$1,358
2020	$9.85	0.07	(1.52)	(1.45)	(0.08)	(0.09)	(0.17)	$8.23	(15.14)%	1.84%	1.84%	0.72%	0.72%	72%	$2,324
2019	$9.85	0.08	0.40	0.48	(0.08)	(0.40)	(0.48)	$9.85	5.15%	1.83%	1.83%	0.83%	0.83%	62%	$3,363


For a Share Outstanding Throughout the Years Ended March 31 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations*:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return(2)	Operating Expenses	Operating Expenses (before expense waiver)	Net Investment Income (Loss)	Net Investment Income (Loss) (before expense waiver)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
R Class
2023(3)	$9.67	0.07	(0.19)	(0.12)	(0.08)	—	(0.08)	$9.47	(1.30)%	1.34%(4)	1.34%(4)	1.40%(4)	1.40%(4)	19%	$6,358
2023	$10.36	0.14	(0.22)	(0.08)	(0.13)	(0.48)	(0.61)	$9.67	(0.67)%	1.34%	1.34%	1.41%	1.41%	47%	$6,348
2022	$11.81	0.14	1.10	1.24	(0.14)	(2.55)	(2.69)	$10.36	11.24%	1.33%	1.33%	1.09%	1.09%	42%	$5,286
2021	$8.24	0.14	3.62	3.76	(0.13)	(0.06)	(0.19)	$11.81	46.00%	1.33%	1.33%	1.40%	1.40%	112%	$4,006
2020	$9.86	0.13	(1.53)	(1.40)	(0.13)	(0.09)	(0.22)	$8.24	(14.71)%	1.34%	1.34%	1.22%	1.22%	72%	$2,762
2019	$9.86	0.13	0.40	0.53	(0.13)	(0.40)	(0.53)	$9.86	5.67%	1.33%	1.33%	1.33%	1.33%	62%	$3,389
R5 Class
2023(3)	$9.68	0.10	(0.20)	(0.10)	(0.11)	—	(0.11)	$9.47	(1.06)%	0.64%(4)	0.64%(4)	2.10%(4)	2.10%(4)	19%	$8
2023	$10.36	0.21	(0.21)	—	(0.20)	(0.48)	(0.68)	$9.68	0.13%	0.64%	0.64%	2.11%	2.11%	47%	$8
2022	$11.81	0.22	1.10	1.32	(0.22)	(2.55)	(2.77)	$10.36	12.01%	0.63%	0.63%	1.79%	1.79%	42%	$8
2021	$8.24	0.21	3.63	3.84	(0.21)	(0.06)	(0.27)	$11.81	47.06%	0.63%	0.63%	2.10%	2.10%	112%	$7
2020	$9.86	0.20	(1.53)	(1.33)	(0.20)	(0.09)	(0.29)	$8.24	(14.13)%	0.64%	0.64%	1.92%	1.92%	72%	$5
2019	$9.86	0.20	0.40	0.60	(0.20)	(0.40)	(0.60)	$9.86	6.40%	0.63%	0.63%	2.03%	2.03%	62%	$6


For a Share Outstanding Throughout the Years Ended March 31 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations*:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return(2)	Operating Expenses	Operating Expenses (before expense waiver)	Net Investment Income (Loss)	Net Investment Income (Loss) (before expense waiver)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
R6 Class
2023(3)	$9.67	0.11	(0.20)	(0.09)	(0.12)	—	(0.12)	$9.46	(0.98)%	0.49%(4)	0.49%(4)	2.25%(4)	2.25%(4)	19%	$64,572
2023	$10.35	0.22	(0.20)	0.02	(0.22)	(0.48)	(0.70)	$9.67	0.27%	0.49%	0.49%	2.26%	2.26%	47%	$147,303
2022	$11.81	0.24	1.09	1.33	(0.24)	(2.55)	(2.79)	$10.35	12.10%	0.48%	0.48%	1.94%	1.94%	42%	$171,044
2021	$8.24	0.23	3.62	3.85	(0.22)	(0.06)	(0.28)	$11.81	47.29%	0.48%	0.48%	2.25%	2.25%	112%	$195,898
2020	$9.86	0.21	(1.52)	(1.31)	(0.22)	(0.09)	(0.31)	$8.24	(14.01)%	0.49%	0.49%	2.07%	2.07%	72%	$119,911
2019	$9.86	0.22	0.40	0.62	(0.22)	(0.40)	(0.62)	$9.86	6.57%	0.48%	0.48%	2.18%	2.18%	62%	$152,534
G Class
2023(3)	$9.68	0.13	(0.19)	(0.06)	(0.14)	—	(0.14)	$9.48	(0.64)%	0.01%(4)	0.49%(4)	2.73%(4)	2.25%(4)	19%	$2,404,756
2023	$10.36	0.27	(0.21)	0.06	(0.26)	(0.48)	(0.74)	$9.68	0.75%	0.01%	0.49%	2.74%	2.26%	47%	$2,349,375
2022(5)	$10.59	0.01	0.34	0.35	(0.03)	(0.55)	(0.58)	$10.36	3.38%	0.00%(4)(6)	0.47%(4)	1.68%(4)	1.21%(4)	42%(7)	$2,751,213


Notes to Financial Highlights

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

(3)Six months ended September 30, 2023 (unaudited).

(4)Annualized.

(5)March 15, 2022 (commencement of sale) through March 31, 2022.

(6)Ratio was less than 0.005%.

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

See Notes to Financial Statements.


Approval of Management Agreement