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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number

811-07820

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:

10-31

Date of reporting period:

10-31-2023

ITEM 1. REPORTS TO STOCKHOLDERS.

(a) Provided under separate cover.



			Annual Report

			October 31, 2023

			Global Real Estate Fund
			Investor Class (ARYVX)
			I Class (ARYNX)
			Y Class (ARYYX)
			A Class (ARYMX)
			C Class (ARYTX)
			R Class (ARYWX)
			R5 Class (ARYGX)
			R6 Class (ARYDX)
			G Class (ACIWX)


Table of Contents


President’s Letter			2
Performance			3
Portfolio Commentary			5
Fund Characteristics			6
Shareholder Fee Example			7
Schedule of Investments			9
Statement of Assets and Liabilities			12
Statement of Operations			13
Statement of Changes in Net Assets			14
Notes to Financial Statements			15
Financial Highlights			23
Report of Independent Registered Public Accounting Firm			27
Management			28
Approval of Management Agreement			31


Additional Information			35

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


President’s Letter

Jonathan Thomas

Dear Investor:

Thank you for reviewing this annual report for the period ending October 31, 2023. Annual reports help convey important information about fund returns, including market factors that affect performance. For additional investment insights, please visit americancentury.com.

Asset Class Performance Was Mixed as Volatility Reigned

While most asset class returns improved versus the previous fiscal year, investors faced ongoing challenges from a variety of sources. The Federal Reserve (Fed) and other central banks continued to aggressively raise interest rates, and inflation persisted. Additionally, banking industry turmoil, economic uncertainty and geopolitical unrest added to the volatile backdrop.

Overall, investor expectations for the Fed to conclude its rate-hike campaign fueled optimism. Early on, inflation’s steady slowdown, a series of bank failures and mounting recession worries prompted investors to regularly recalibrate their monetary policy outlooks. However, with inflation still higher than central bank targets, the Fed and its developed markets peers continued to raise rates.

By period-end, most central banks had paused their tightening campaigns, leaving government bond yields and interest rates at multiyear highs. While many observers believed the pauses indicated tightening had ended, still-high inflation prompted policymakers to leave their options open. Economic growth remained stronger than expected in the U.S., muddying the Fed’s monetary policy strategy, but it cooled notably in Europe and the U.K.

Despite this volatile backdrop, corporate earnings generally remained better than expected. The broad S&P 500 Index gained 10.14% for the 12-month period. However, returns for size and style indices varied widely. Bond returns in developed markets were modest. Conversely, emerging markets bonds rallied as inflation eased and most central banks ended their tightening campaigns.

Remaining Diligent in Uncertain Times

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

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

With appreciation and respect,

Jonathan Thomas

President and Chief Executive Officer

American Century Investments


Performance


Total Returns as of October 31, 2023
			Average Annual Returns
	Ticker Symbol	1 year	5 years	10 years	Since Inception	Inception Date
Investor Class	ARYVX	-2.75%	3.36%	3.52%	—	4/29/11
S&P Developed REIT Index	—	-6.69%	-0.21%	2.43%	—	—
MSCI ACWI Index	—	10.50%	7.47%	6.81%	—	—
I Class	ARYNX	-2.47%	3.57%	3.72%	—	4/29/11
Y Class	ARYYX	-2.44%	3.72%	—	3.65%	4/10/17
A Class	ARYMX					4/29/11
No sales charge		-2.94%	3.09%	3.25%	—
With sales charge		-8.52%	1.88%	2.65%	—
C Class	ARYTX	-3.78%	2.32%	2.48%	—	4/29/11
R Class	ARYWX	-3.21%	2.84%	3.00%	—	4/29/11
R5 Class	ARYGX	-2.47%	3.55%	—	3.49%	4/10/17
R6 Class	ARYDX	-2.44%	3.70%	3.87%	—	7/26/13
G Class	ACIWX	-1.60%	—	—	-12.69%	3/1/22

Average annual returns since inception are presented when ten years of performance history is not available.

Fund returns would have been lower if a portion of the fees had not been waived.

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

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

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


Growth of $10,000 Over 10 Years
$10,000 investment made October 31, 2013
Performance for other share classes will vary due to differences in fee structure.


Value on October 31, 2023
			Investor Class — $14,135

			S&P Developed REIT Index — $12,714

			MSCI ACWI Index — $19,322

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


Total Annual Fund Operating Expenses
Investor Class	I Class	Y Class	A Class	C Class	R Class	R5 Class	R6 Class	G Class
1.12%	0.92%	0.77%	1.37%	2.12%	1.62%	0.92%	0.77%	0.77%

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


Portfolio Commentary

Portfolio Managers: Steven Brown, Steven Rodriguez and Vishal Govil

Performance Summary

Global Real Estate returned ‑2.75%* for the fiscal year ended October 31, 2023. By comparison, the S&P Developed REIT Index (the fund’s benchmark) returned ‑6.69%. The MSCI ACWI (a broad global stock market measure) returned 10.50%.

Global Real Estate Market Overview

Global real estate stocks declined over the 12-month period, while underperforming the broader global equity market. Real estate stocks started with solid gains in the fourth quarter of 2022, aided by hopes that moderating inflation might allow central banks to pause interest rate hikes. China’s decision to relax its zero-COVID-19 policy raised expectations for real estate sectors, including retail and lodging/resorts. Uncertainty over inflation, economic growth and central bank policy dampened real estate stocks in the first half of 2023. While the Federal Reserve and the European Central Bank slowed their rate hikes, policymakers warned that an extended period of higher rates might be needed to get inflation under control. As a result, higher bond yields pressured real estate valuations. By the third quarter, higher interest rates appeared to slow the pace of global economic growth. China’s reopening was also weaker than anticipated, due in part to continued credit issues for the property sector. Against this backdrop, most global real estate sectors had negative returns for the 12-month period, with the largest declines in self storage and office. Data center stocks outperformed with strong positive returns, as growth in the digital economy and artificial intelligence fueled expectations for data center demand.

U.S. Real Estate Stocks Contributed

Investments in the U.S. helped drive the fund’s relative outperformance. Top contributors included Iron Mountain, a specialty real estate company that provides physical document storage and owns data centers, both of which benefited from accelerating demand and strong pricing trends. Those factors also benefited U.S.-based data center real estate investment trust (REIT) Digital Realty Trust, another top contributor. Kite Realty Group Trust, a U.S.-based retail REIT that invests in open-air community shopping centers, reported strong earnings growth from a favorable leasing environment.

Post-COVID-19 reopening in Asia unleashed pent-up demand for face-to-face experiences and travel. Several Japan-based holdings benefited from improved consumer and tourism spending. Contributors included Tokyu Fudosan Holdings, a Japan-based diversified real estate company that owns hotel and retail properties.

Industrial REITs Detracted

Relative performance was hindered by exposure to several U.S.-based industrial REITs with exposure to Southern California, where softening demand made it harder to raise rents. We exited our position in Rexford Industrial Realty, a U.S.-based industrial REIT that declined on concerns over slower net absorption rates for industrial property in the Los Angeles market.

The fund’s overweight position in Public Storage, the leading U.S. self-storage operator, also detracted from relative performance. A weaker homebuying market and slower housing turnover reduced demand and pricing power for self-storage operators.

*All fund returns referenced in this commentary are for Investor Class shares. Returns would have been lower if a portion of the fees had not been waived. Performance for other share classes will vary due to differences in fee structure; when Investor Class performance exceeds that of the fund’s benchmark, other share classes may not. See page 3 for returns for all share classes.


Fund Characteristics


OCTOBER 31, 2023
Types of Investments in Portfolio			% of net assets
Common Stocks			98.4%
Short-Term Investments			2.5%
Other Assets and Liabilities			(0.9)%

Top Five Countries			% of net assets
United States			70.8%
Japan			7.8%
Australia			5.4%
United Kingdom			5.0%
Canada			3.1%


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 May 1, 2023 to October 31, 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 5/1/23	Ending Account Value 10/31/23	Expenses Paid During Period(1) 5/1/23 - 10/31/23	Annualized Expense Ratio(1)
Actual
Investor Class	$1,000	$913.10	$5.35	1.11%
I Class	$1,000	$914.10	$4.39	0.91%
Y Class	$1,000	$914.20	$3.67	0.76%
A Class	$1,000	$912.00	$6.55	1.36%
C Class	$1,000	$907.80	$10.15	2.11%
R Class	$1,000	$910.20	$7.75	1.61%
R5 Class	$1,000	$914.10	$4.39	0.91%
R6 Class	$1,000	$914.10	$3.67	0.76%
G Class	$1,000	$918.50	$0.05	0.01%
Hypothetical
Investor Class	$1,000	$1,019.61	$5.65	1.11%
I Class	$1,000	$1,020.62	$4.63	0.91%
Y Class	$1,000	$1,021.37	$3.87	0.76%
A Class	$1,000	$1,018.35	$6.92	1.36%
C Class	$1,000	$1,014.57	$10.71	2.11%
R Class	$1,000	$1,017.09	$8.19	1.61%
R5 Class	$1,000	$1,020.62	$4.63	0.91%
R6 Class	$1,000	$1,021.37	$3.87	0.76%
G Class	$1,000	$1,025.16	$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 184, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses.


Schedule of Investments

OCTOBER 31, 2023


	Shares	Value
COMMON STOCKS — 98.4%
Australia — 5.4%
Goodman Group	1,941,904	$	25,695,071
NEXTDC Ltd.(1)	1,304,719	9,796,949
		35,492,020
Canada — 3.1%
Boardwalk Real Estate Investment Trust	162,537	7,590,334
Canadian Apartment Properties REIT	52,991	1,559,829
Chartwell Retirement Residences	1,555,757	11,398,227
		20,548,390
Germany — 0.6%
Vonovia SE	189,185	4,355,433
Hong Kong — 0.5%
Link REIT	684,279	3,140,252
Japan — 7.8%
Comforia Residential REIT, Inc.	3,154	6,693,606
GLP J-Reit	9,350	8,374,393
Invincible Investment Corp.	15,532	5,973,613
Japan Hotel REIT Investment Corp.	16,864	7,666,936
Mitsui Fudosan Co. Ltd.	555,600	12,042,551
Tokyu Fudosan Holdings Corp.	1,845,100	10,750,146
		51,501,245
Mexico — 1.2%
Corp. Inmobiliaria Vesta SAB de CV(2)	1,246,909	3,910,380
Fibra Uno Administracion SA de CV	2,596,100	3,946,924
		7,857,304
Netherlands — 0.9%
CTP NV	411,342	5,997,098
Singapore — 2.9%
CapitaLand Ascendas REIT	3,169,200	6,021,619
Digital Core REIT Management Pte Ltd.	2,349,700	1,187,727
Keppel DC REIT	3,394,600	4,189,273
Mapletree Logistics Trust	7,082,600	7,605,641
		19,004,260
Spain — 0.2%
Cellnex Telecom SA	55,742	1,638,597
United Kingdom — 5.0%
Big Yellow Group PLC	373,629	4,345,336
Land Securities Group PLC	2,468,214	17,108,923
Segro PLC	1,321,929	11,490,390
		32,944,649
United States — 70.8%
Agree Realty Corp.	113,310	6,338,561
American Homes 4 Rent, Class A	587,403	19,231,574
American Tower Corp.	18,654	3,323,956
Americold Realty Trust, Inc.	437,006	11,458,297
AvalonBay Communities, Inc.	200,365	33,208,495
Brixmor Property Group, Inc.	385,482	8,014,171


	Shares	Value
CareTrust REIT, Inc.	221,338	$	4,763,194
Digital Realty Trust, Inc.	277,682	34,532,534
EastGroup Properties, Inc.	63,434	10,355,600
Equinix, Inc.	62,076	45,293,133
Essential Properties Realty Trust, Inc.	640,123	14,050,700
Essex Property Trust, Inc.	55,771	11,930,532
Hilton Worldwide Holdings, Inc.	30,952	4,690,157
Host Hotels & Resorts, Inc.	586,026	9,071,682
Hudson Pacific Properties, Inc.	678,263	3,025,053
Invitation Homes, Inc.	424,968	12,617,300
Iron Mountain, Inc.	403,001	23,805,269
Kite Realty Group Trust	985,084	21,001,991
Omega Healthcare Investors, Inc.	231,416	7,659,870
Prologis, Inc.	499,520	50,326,640
Public Storage	97,984	23,389,761
Sabra Health Care REIT, Inc.	623,899	8,509,982
SBA Communications Corp.	15,951	3,327,857
Simon Property Group, Inc.	207,392	22,790,307
SL Green Realty Corp.(2)	114,677	3,358,889
Urban Edge Properties	665,623	10,556,781
Ventas, Inc.	317,231	13,469,628
VICI Properties, Inc.	531,904	14,840,122
Welltower, Inc.	391,177	32,706,309
		467,648,345
TOTAL COMMON STOCKS (Cost $645,550,416)		650,127,593
SHORT-TERM INVESTMENTS — 2.5%
Money Market Funds — 0.4%
State Street Institutional U.S. Government Money Market Fund, Premier Class	53,777	53,777
State Street Navigator Securities Lending Government Money Market Portfolio(3)	2,521,350	2,521,350
		2,575,127
Repurchase Agreements — 2.1%
BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 1.50% - 4.00%, 11/30/28 - 11/15/52, valued at $1,027,847), in a joint trading account at 5.26%, dated 10/31/23, due 11/1/23 (Delivery value $1,003,652)		1,003,505
Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 2.375%, 10/15/28, valued at $12,897,939), at 5.28%, dated 10/31/23, due 11/1/23 (Delivery value $12,646,855)		12,645,000
		13,648,505
TOTAL SHORT-TERM INVESTMENTS (Cost $16,223,632)		16,223,632
TOTAL INVESTMENT SECURITIES — 100.9% (Cost $661,774,048)		666,351,225
OTHER ASSETS AND LIABILITIES — (0.9)%		(5,788,699)
TOTAL NET ASSETS — 100.0%		$	660,562,526


SECTOR ALLOCATION
(as a % of net assets)
Industrial			19.9%
Residential			14.6%
Data Centers			14.4%
Retail			13.1%
Health Care			11.9%
Diversified			7.5%
Lodging/Resorts			4.2%
Self Storage			4.2%
Specialty			3.6%
Gaming REITs			2.2%
Infrastructure REITs			1.2%
Office			1.0%
Real Estate Operating Companies			0.6%
Short-Term Investments			2.5%
Other Assets and Liabilities			(0.9)%


NOTES TO SCHEDULE OF INVESTMENTS

(1)Non-income producing.

(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $5,498,268. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(3)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $5,703,322, which includes securities collateral of $3,181,972.

See Notes to Financial Statements.


Statement of Assets and Liabilities


OCTOBER 31, 2023
Assets
Investment securities, at value (cost of $659,252,698) — including $5,498,268 of securities on loan	$	663,829,875
Investment made with cash collateral received for securities on loan, at value (cost of $2,521,350)	2,521,350
Total investment securities, at value (cost of $661,774,048)	666,351,225
Receivable for investments sold	956,944
Receivable for capital shares sold	508,526
Dividends and interest receivable	1,033,861
Securities lending receivable	4,623
Other assets	315
	668,855,494

Liabilities
Payable for collateral received for securities on loan	2,521,350
Payable for investments purchased	5,118,070
Payable for capital shares redeemed	441,861
Accrued management fees	210,373
Distribution and service fees payable	1,314
	8,292,968

Net Assets	$	660,562,526

Net Assets Consist of:
Capital (par value and paid-in surplus)	$	740,084,762
Distributable earnings (loss)	(79,522,236)
	$	660,562,526


	Net Assets	Shares Outstanding	Net Asset Value Per Share*
Investor Class, $0.01 Par Value	$77,938,734	7,346,949	$10.61
I Class, $0.01 Par Value	$144,904,219	13,619,968	$10.64
Y Class, $0.01 Par Value	$13,679,960	1,284,080	$10.65
A Class, $0.01 Par Value	$2,194,458	207,647	$10.57
C Class, $0.01 Par Value	$265,775	25,446	$10.44
R Class, $0.01 Par Value	$1,302,612	123,568	$10.54
R5 Class, $0.01 Par Value	$8,601	808	$10.64
R6 Class, $0.01 Par Value	$11,555,400	1,085,805	$10.64
G Class, $0.01 Par Value	$408,712,767	38,207,854	$10.70

*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 $11.21 (net asset value divided by 0.9425). A contingent deferred sales charge may be imposed on redemptions of A Class and C Class.

See Notes to Financial Statements.


Statement of Operations


YEAR ENDED OCTOBER 31, 2023
Investment Income (Loss)
Income:
Dividends (net of foreign taxes withheld of $484,523)	$	20,124,285
Interest	355,524
Securities lending, net	68,985
	20,548,794

Expenses:
Management fees	5,200,097
Distribution and service fees:
A Class	5,688
C Class	3,567
R Class	7,520
Directors' fees and expenses	21,085
Other expenses	10,104
	5,248,061
Fees waived(1)	(3,221,893)
	2,026,168

Net investment income (loss)	18,522,626

Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions (net of foreign tax expenses paid (refunded) of $(47))	(50,530,382)
Foreign currency translation transactions	(97,307)
	(50,627,689)

Change in net unrealized appreciation (depreciation) on:
Investments	12,554,838
Translation of assets and liabilities in foreign currencies	(1,551)
	12,553,287

Net realized and unrealized gain (loss)	(38,074,402)

Net Increase (Decrease) in Net Assets Resulting from Operations	$	(19,551,776)

(1)Amount consists of $6,040, $5,836, $1,064, $172, $28, $111, $771 and $3,207,871 for Investor Class, I Class, Y Class, A Class, C Class, R Class, R6 Class and G Class, respectively. The waiver amount for R5 Class was less than $0.50.

See Notes to Financial Statements.


Statement of Changes in Net Assets


YEARS ENDED OCTOBER 31, 2023 AND OCTOBER 31, 2022
Increase (Decrease) in Net Assets	October 31, 2023		October 31, 2022
Operations
Net investment income (loss)	$	18,522,626	$	7,183,536
Net realized gain (loss)	(50,627,689)		(37,602,018)
Change in net unrealized appreciation (depreciation)	12,553,287		(136,157,250)
Net increase (decrease) in net assets resulting from operations	(19,551,776)		(166,575,732)

Distributions to Shareholders
From earnings:
Investor Class	—		(4,740,366)
I Class	—		(7,400,707)
Y Class	(17,812)		(4,550,176)
A Class	—		(319,644)
C Class	—		(73,928)
R Class	—		(135,135)
R5 Class	—		(959)
R6 Class	(12,006)		(1,019,052)
G Class	(3,588,712)		(92)
From tax return of capital:
Investor Class	—		(849,328)
I Class	—		(1,361,716)
Y Class	—		(349,411)
A Class	—		(56,892)
C Class	—		(13,480)
R Class	—		(25,568)
R5 Class	—		(148)
R6 Class	—		(180,579)
G Class	—		(47)
Decrease in net assets from distributions	(3,618,530)		(21,077,228)

Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions (Note 5)	136,476,777		591,322,167

Net increase (decrease) in net assets	113,306,471		403,669,207

Net Assets
Beginning of period	547,256,055		143,586,848
End of period	$	660,562,526	$	547,256,055

See Notes to Financial Statements.


Notes to Financial Statements

OCTOBER 31, 2023

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. Global Real Estate Fund (the fund) is one fund in a series issued by the corporation. The fund’s investment objective is to seek high total investment return through a combination of capital appreciation and current income.

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

2. Significant Accounting Policies

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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 October 31, 2023.


Remaining Contractual Maturity of Agreements
	Overnight and Continuous		<30 days	Between 30 & 90 days	>90 days	Total
Securities Lending Transactions(1)
Common Stocks	$	2,521,350	—	—	—	$	2,521,350
Gross amount of recognized liabilities for securities lending transactions						$	2,521,350

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

3. Fees and Transactions with Related Parties

Certain officers and directors of the corporation are also officers and/or directors of American Century Companies, Inc. (ACC). The corporation's investment advisor, ACIM, the corporation's distributor, American Century Investment Services, Inc. (ACIS), and the corporation's transfer agent, American Century Services, LLC, are wholly owned, directly or indirectly, by ACC. Various funds issued by American Century Asset Allocation Portfolios, Inc. own, in aggregate, 34% of the shares of the fund. Related parties do not invest in the fund for the purpose of exercising management or control.

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. From November 1, 2022 through July 31, 2023, the investment advisor agreed to waive 0.01% of the fund's management fee. Effective August 1, 2023, the investment advisor terminated the waiver. The investment advisor agreed to waive the G Class's management fee in its entirety. The investment advisor expects this waiver to remain in effect permanently and cannot terminate it without the approval of the Board of Directors.

The annual management fee and the effective annual management fee after waiver for each class for the period ended October 31, 2023 are as follows:


	Annual Management Fee	Effective Annual Management Fee After Waiver
Investor Class	1.11%	1.10%
I Class	0.91%	0.90%
Y Class	0.76%	0.75%
A Class	1.11%	1.10%
C Class	1.11%	1.10%
R Class	1.11%	1.10%
R5 Class	0.91%	0.90%
R6 Class	0.76%	0.75%
G Class	0.76%	0.00%

Distribution and Service Fees — The Board of Directors has adopted a separate Master Distribution and Individual Shareholder Services Plan for each of the A Class, C Class and R Class (collectively the plans), pursuant to Rule 12b-1 of the 1940 Act. The plans provide that the A Class will pay ACIS an annual distribution and service fee of 0.25%. The plans provide that the C Class will pay ACIS an annual distribution and service fee of 1.00%, of which 0.25% is paid for individual shareholder services and 0.75% is paid for distribution services. The plans provide that the R Class will pay ACIS an annual distribution and service fee of 0.50%. The fees are computed and accrued daily based on each class’s daily net assets and paid monthly in arrears. The fees are used to pay financial intermediaries for distribution and individual shareholder services. Fees incurred under the plans during the period ended October 31, 2023 are detailed in the Statement of Operations.

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

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

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

4. Investment Transactions

Purchases and sales of investment securities, excluding short-term investments, for the period ended October 31, 2023 were $968,551,458 and $819,902,842, respectively.

5. Capital Share Transactions

Transactions in shares of the fund were as follows:


	Year ended October 31, 2023			Year ended October 31, 2022(1)
	Shares	Amount		Shares	Amount
Investor Class/Shares Authorized	100,000,000			140,000,000
Sold	2,620,887	$	29,839,260	2,517,080	$	34,508,780
Issued in connection with reorganization (Note 9)	—	—		3,555,146	51,514,158
Issued in reinvestment of distributions	—	—		367,648	5,511,559
Redeemed	(1,941,532)	(22,058,846)		(2,161,314)	(27,538,564)
	679,355	7,780,414		4,278,560	63,995,933
I Class/Shares Authorized	80,000,000			30,000,000
Sold	10,457,217	119,794,583		3,940,454	55,632,222
Issued in reinvestment of distributions	—	—		585,436	8,762,423
Redeemed	(2,433,344)	(27,450,388)		(1,862,260)	(24,059,653)
	8,023,873	92,344,195		2,663,630	40,334,992
Y Class/Shares Authorized	30,000,000			35,000,000
Sold	210,557	2,405,977		163,152	2,406,747
Issued in reinvestment of distributions	1,586	17,793		322,180	4,880,408
Redeemed	(182,111)	(2,091,472)		(2,151,204)	(32,541,735)
	30,032	332,298		(1,665,872)	(25,254,580)
A Class/Shares Authorized	20,000,000			20,000,000
Sold	63,673	714,112		85,597	1,237,183
Issued in reinvestment of distributions	—	—		22,459	336,739
Redeemed	(65,373)	(735,375)		(70,134)	(935,603)
	(1,700)	(21,263)		37,922	638,319
C Class/Shares Authorized	20,000,000			20,000,000
Sold	5,172	56,409		17,664	265,242
Issued in reinvestment of distributions	—	—		5,612	84,209
Redeemed	(17,079)	(192,456)		(29,345)	(397,028)
	(11,907)	(136,047)		(6,069)	(47,577)
R Class/Shares Authorized	20,000,000			20,000,000
Sold	64,553	736,831		74,063	1,008,795
Issued in reinvestment of distributions	—	—		10,631	159,544
Redeemed	(53,459)	(589,270)		(42,560)	(567,740)
	11,094	147,561		42,134	600,599
R5 Class/Shares Authorized	20,000,000			20,000,000
Sold	220	2,442		—	—
Issued in reinvestment of distributions	—	—		73	1,107
	220	2,442		73	1,107
R6 Class/Shares Authorized	20,000,000			20,000,000
Sold	456,381	5,253,440		543,108	7,853,048
Issued in reinvestment of distributions	1,071	12,006		80,177	1,199,631
Redeemed	(184,994)	(2,117,588)		(139,153)	(1,835,556)
	272,458	3,147,858		484,132	7,217,123
G Class/Shares Authorized	345,000,000			330,000,000
Sold	4,926,456	55,696,283		2,875,751	32,750,903
Issued in connection with reorganization (Note 9)	—	—		33,359,119	483,726,079
Issued in reinvestment of distributions	320,707	3,588,712		9	139
Redeemed	(2,309,442)	(26,405,676)		(964,746)	(12,640,870)
	2,937,721	32,879,319		35,270,133	503,836,251
Net increase (decrease)	11,941,146	$	136,476,777	41,104,643	$	591,322,167

(1)March 1, 2022 (commencement of sale) through October 31, 2022 for the G Class.

6. Fair Value Measurements

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

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

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

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

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

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


	Level 1		Level 2		Level 3
Assets
Investment Securities
Common Stocks
Australia	—		$	35,492,020	—
Canada	—		20,548,390		—
Germany	—		4,355,433		—
Hong Kong	—		3,140,252		—
Japan	—		51,501,245		—
Mexico	—		7,857,304		—
Netherlands	—		5,997,098		—
Singapore	—		19,004,260		—
Spain	—		1,638,597		—
United Kingdom	—		32,944,649		—
Other Countries	$	467,648,345	—		—
Short-Term Investments	2,575,127		13,648,505		—
	$	470,223,472	$	196,127,753	—

7. Risk Factors

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

The fund concentrates its investments in a narrow segment of the total market. Because of this, the fund is subject to certain additional risks as compared to investing in a more diversified portfolio of investments. The fund may be subject to certain risks similar to those associated with direct investment in real estate including but not limited to: local or regional economic conditions, changes in zoning laws, changes in property values, property tax increases, overbuilding, increased competition, environmental contamination, natural disasters, and interest rate risk.

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

The fund's investment process may result in high portfolio turnover, which could mean high transaction costs, affecting both performance and capital gains tax liabilities to investors.

8. Federal Tax Information

The tax character of distributions paid during the years ended October 31, 2023 and October 31, 2022 were as follows:


	2023		2022
Distributions Paid From
Ordinary income	$	3,618,530	$	12,466,805
Long-term capital gains	—		$	5,773,255
Tax return of capital	—		$	2,837,168

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

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


Federal tax cost of investments	$	687,243,908
Gross tax appreciation of investments	$	22,048,725
Gross tax depreciation of investments	(42,941,408)
Net tax appreciation (depreciation) of investments	(20,892,683)
Net tax appreciation (depreciation) on translation of assets and liabilities in foreign currencies	(26,029)
Net tax appreciation (depreciation)	$	(20,918,712)
Undistributed ordinary income	$	18,570,810
Accumulated short-term capital losses	$	(64,772,179)
Accumulated long-term capital losses	$	(12,402,155)

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

Accumulated capital losses represent net capital loss carryovers that may be used to offset future realized

capital gains for federal income tax purposes. The capital loss carryovers may be carried forward for an

unlimited period. Future capital loss carryover utilization in any given year may be subject to Internal Revenue

Code limitations.

9. Reorganization

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

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


Original Fund/Class	Shares Exchanged	New Fund/Class	Shares Received
NT Global Real Estate Fund - Investor Class	4,636,730	Global Real Estate Fund -Investor Class	3,555,146
NT Global Real Estate Fund - G Class	43,381,814	Global Real Estate Fund - G Class	33,359,119

The net assets of NT Global Real Estate Fund and Global Real Estate Fund immediately before the reorganization were $535,240,237 and $162,593,507, respectively. NT Global Real Estate Fund's unrealized appreciation of $97,518,000 was combined with that of Global Real Estate Fund. Immediately after the reorganization, the combined net assets were $697,833,744.


Financial Highlights


For a Share Outstanding Throughout the Years Ended October 31 (except as noted)
Per-Share Data											Ratios and Supplemental Data
		Income From Investment Operations*:			Distributions From:						Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Tax Return of Capital	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	$10.90	0.25	(0.54)	(0.29)	—	—	—	—	$10.61	(2.75)%	1.11%	1.12%	2.17%	2.16%	132%	$77,939
2022	$16.20	0.15	(3.40)	(3.25)	(0.89)	(0.89)	(0.27)	(2.05)	$10.90	(23.17)%	1.11%	1.12%	1.23%	1.22%	143%	$72,710
2021	$11.76	0.28	4.29	4.57	(0.13)	—	—	(0.13)	$16.20	39.15%	1.11%	1.12%	1.89%	1.88%	150%	$38,701
2020	$13.93	0.14	(1.73)	(1.59)	(0.44)	(0.14)	—	(0.58)	$11.76	(11.78)%	1.11%	1.12%	1.23%	1.22%	147%	$19,760
2019	$11.25	0.20	2.90	3.10	(0.42)	—	—	(0.42)	$13.93	28.60%	1.12%	1.12%	1.58%	1.58%	118%	$35,303
I Class
2023	$10.91	0.27	(0.54)	(0.27)	—	—	—	—	$10.64	(2.47)%	0.91%	0.92%	2.37%	2.36%	132%	$144,904
2022	$16.21	0.17	(3.39)	(3.22)	(0.93)	(0.89)	(0.26)	(2.08)	$10.91	(23.06)%	0.91%	0.92%	1.43%	1.42%	143%	$61,072
2021	$11.77	0.31	4.29	4.60	(0.16)	—	—	(0.16)	$16.21	39.39%	0.91%	0.92%	2.09%	2.08%	150%	$47,539
2020	$13.94	0.18	(1.74)	(1.56)	(0.47)	(0.14)	—	(0.61)	$11.77	(11.58)%	0.91%	0.92%	1.43%	1.42%	147%	$24,484
2019	$11.26	0.22	2.91	3.13	(0.45)	—	—	(0.45)	$13.94	28.84%	0.92%	0.92%	1.78%	1.78%	118%	$20,173


For a Share Outstanding Throughout the Years Ended October 31 (except as noted)
Per-Share Data											Ratios and Supplemental Data
		Income From Investment Operations*:			Distributions From:						Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Tax Return of Capital	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	$10.93	0.29	(0.56)	(0.27)	(0.01)	—	—	(0.01)	$10.65	(2.44)%	0.76%	0.77%	2.52%	2.51%	132%	$13,680
2022	$16.23	0.19	(3.39)	(3.20)	(0.95)	(0.89)	(0.26)	(2.10)	$10.93	(22.90)%	0.76%	0.77%	1.58%	1.57%	143%	$13,704
2021	$11.78	0.31	4.31	4.62	(0.17)	—	—	(0.17)	$16.23	39.66%	0.76%	0.77%	2.24%	2.23%	150%	$47,389
2020	$13.95	0.20	(1.74)	(1.54)	(0.49)	(0.14)	—	(0.63)	$11.78	(11.44)%	0.76%	0.77%	1.58%	1.57%	147%	$42,044
2019	$11.27	0.24	2.90	3.14	(0.46)	—	—	(0.46)	$13.95	29.01%	0.77%	0.77%	1.93%	1.93%	118%	$16,810
A Class
2023	$10.89	0.22	(0.54)	(0.32)	—	—	—	—	$10.57	(2.94)%	1.36%	1.37%	1.92%	1.91%	132%	$2,194
2022	$16.18	0.10	(3.38)	(3.28)	(0.84)	(0.89)	(0.28)	(2.01)	$10.89	(23.41)%	1.36%	1.37%	0.98%	0.97%	143%	$2,280
2021	$11.74	0.25	4.29	4.54	(0.10)	—	—	(0.10)	$16.18	38.86%	1.36%	1.37%	1.64%	1.63%	150%	$2,773
2020	$13.91	0.12	(1.75)	(1.63)	(0.40)	(0.14)	—	(0.54)	$11.74	(12.03)%	1.36%	1.37%	0.98%	0.97%	147%	$1,466
2019	$11.24	0.17	2.90	3.07	(0.40)	—	—	(0.40)	$13.91	28.21%	1.37%	1.37%	1.33%	1.33%	118%	$1,771
C Class
2023	$10.84	0.13	(0.53)	(0.40)	—	—	—	—	$10.44	(3.78)%	2.11%	2.12%	1.17%	1.16%	132%	$266
2022	$16.11	—	(3.39)	(3.39)	(0.67)	(0.89)	(0.32)	(1.88)	$10.84	(23.94)%	2.11%	2.12%	0.23%	0.22%	143%	$405
2021	$11.69	0.08	4.34	4.42	—	—	—	—	$16.11	37.81%	2.11%	2.12%	0.89%	0.88%	150%	$699
2020	$13.84	0.02	(1.73)	(1.71)	(0.30)	(0.14)	—	(0.44)	$11.69	(12.63)%	2.11%	2.12%	0.23%	0.22%	147%	$1,080
2019	$11.18	0.07	2.90	2.97	(0.31)	—	—	(0.31)	$13.84	27.28%	2.12%	2.12%	0.58%	0.58%	118%	$2,206


For a Share Outstanding Throughout the Years Ended October 31 (except as noted)
Per-Share Data											Ratios and Supplemental Data
		Income From Investment Operations*:			Distributions From:						Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Tax Return of Capital	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	$10.89	0.19	(0.54)	(0.35)	—	—	—	—	$10.54	(3.21)%	1.61%	1.62%	1.67%	1.66%	132%	$1,303
2022	$16.17	0.07	(3.39)	(3.32)	(0.78)	(0.89)	(0.29)	(1.96)	$10.89	(23.61)%	1.61%	1.62%	0.73%	0.72%	143%	$1,225
2021	$11.74	0.22	4.27	4.49	(0.06)	—	—	(0.06)	$16.17	38.51%	1.61%	1.62%	1.39%	1.38%	150%	$1,138
2020	$13.90	0.09	(1.74)	(1.65)	(0.37)	(0.14)	—	(0.51)	$11.74	(12.19)%	1.61%	1.62%	0.73%	0.72%	147%	$437
2019	$11.23	0.13	2.91	3.04	(0.37)	—	—	(0.37)	$13.90	27.90%	1.62%	1.62%	1.08%	1.08%	118%	$341
R5 Class
2023	$10.91	0.27	(0.54)	(0.27)	—	—	—	—	$10.64	(2.47)%	0.91%	0.92%	2.37%	2.36%	132%	$9
2022	$16.21	0.17	(3.39)	(3.22)	(0.93)	(0.89)	(0.26)	(2.08)	$10.91	(23.06)%	0.91%	0.92%	1.43%	1.42%	143%	$6
2021	$11.77	0.29	4.31	4.60	(0.16)	—	—	(0.16)	$16.21	39.39%	0.91%	0.92%	2.09%	2.08%	150%	$8
2020	$13.94	0.17	(1.73)	(1.56)	(0.47)	(0.14)	—	(0.61)	$11.77	(11.59)%	0.91%	0.92%	1.43%	1.42%	147%	$6
2019	$11.27	0.22	2.90	3.12	(0.45)	—	—	(0.45)	$13.94	28.73%	0.92%	0.92%	1.78%	1.78%	118%	$7
R6 Class
2023	$10.92	0.29	(0.56)	(0.27)	(0.01)	—	—	(0.01)	$10.64	(2.44)%	0.76%	0.77%	2.52%	2.51%	132%	$11,555
2022	$16.22	0.19	(3.39)	(3.20)	(0.95)	(0.89)	(0.26)	(2.10)	$10.92	(22.91)%	0.76%	0.77%	1.58%	1.57%	143%	$8,878
2021	$11.77	0.33	4.29	4.62	(0.17)	—	—	(0.17)	$16.22	39.69%	0.76%	0.77%	2.24%	2.23%	150%	$5,339
2020	$13.94	0.19	(1.73)	(1.54)	(0.49)	(0.14)	—	(0.63)	$11.77	(11.45)%	0.76%	0.77%	1.58%	1.57%	147%	$2,809
2019	$11.27	0.24	2.89	3.13	(0.46)	—	—	(0.46)	$13.94	28.92%	0.77%	0.77%	1.93%	1.93%	118%	$1,943


For a Share Outstanding Throughout the Years Ended October 31 (except as noted)
Per-Share Data											Ratios and Supplemental Data
		Income From Investment Operations*:			Distributions From:						Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Tax Return of Capital	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	$10.97	0.38	(0.55)	(0.17)	(0.10)	—	—	(0.10)	$10.70	(1.60)%	0.01%	0.77%	3.27%	2.51%	132%	$408,713
2022(3)	$14.27	0.19	(2.70)	(2.51)	(0.54)	—	(0.25)	(0.79)	$10.97	(18.96)%	0.01%(4)	0.77%(4)	2.45%(4)	1.69%(4)	143%(5)	$386,976


Notes to Financial Highlights

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

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

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

(4)Annualized.

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

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

See Notes to Financial Statements.


Report of Independent Registered Public Accounting Firm

To the Shareholders of the Global Real Estate Fund and the Board of Directors of American Century Capital Portfolios, Inc.

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Global Real Estate Fund (the “Fund”), one of the funds constituting the American Century Capital Portfolios, Inc., as of October 31, 2023, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2023, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2023, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Kansas City, Missouri

December 18, 2023

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


Management

The Board of Directors

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

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

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

Name
(Year of Birth)

Position(s) Held with Funds

Length of Time Served

Principal Occupation(s) During Past 5 Years

Number of American Century Portfolios Overseen by Director

Other Directorships Held During Past 5 Years

Independent Directors

Brian Bulatao
(1964)

Director

Since 2022

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

None

Thomas W. Bunn (1953)

Director

Since 2017

Retired

None

Chris H. Cheesman
(1962)

Director

Since 2019

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

Alleghany Corporation (2021 to 2022)

Barry Fink
(1955)

Director

Since 2012 (independent since 2016)

Retired

None

Rajesh K. Gupta
(1960)

Director

Since 2019

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

None

Name
(Year of Birth)

Position(s) Held with Funds

Length of Time Served

Principal Occupation(s) During Past 5 Years

Number of American Century Portfolios Overseen by Director

Other Directorships Held During Past 5 Years

Independent Directors

Lynn Jenkins
(1963)

Director

Since 2019

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

MGP Ingredients, Inc. (2019 to 2021)

Jan M. Lewis
(1957)

Director and Board Chair

Since 2011 (Board Chair since 2022)

Retired

None

Gary C. Meltzer
(1963)

Director

Since 2022

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

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

Stephen E. Yates
(1948)

Director

Since 2012

Retired

115

None

Interested Director

Jonathan S. Thomas
(1963)

Director

Since 2007

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

147

None

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

Officers

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


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


Approval of Management Agreement

At a meeting held on June 28, 2023, the Fund’s Board of Directors (the "Board") unanimously approved the renewal of the management agreement pursuant to which American Century Investment Management, Inc. (the “Advisor”) acts as the investment advisor for the Fund. Under the Investment Company Act of 1940 (the “Investment Company Act”), contracts for investment advisory services are required to be reviewed, evaluated, and approved by a majority of a fund’s Directors, including a majority of the independent Directors.

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

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

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

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

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

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

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

•the Advisor’s strategic plans, generally, and with respect to areas of heightened regulatory interest in the mutual fund industry and certain recent geopolitical and other issues;

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

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

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

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

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

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

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

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

Factors Considered

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

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

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

•constructing and designing the Fund

•portfolio research and security selection

•initial capitalization/funding

•securities trading

•Fund administration

•custody of Fund assets

•daily valuation of the Fund’s portfolio

•liquidity monitoring and management

•risk management, including information security

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

•legal services (except the independent Directors’ counsel)

•regulatory and portfolio compliance

•financial reporting

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

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

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

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

portfolio valuation services, auditing services, and legal and operational compliance activities. The Board found the services provided by the Advisor to the Fund under the management agreement to be competitive and of high quality.

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

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

Comparison to Other Funds’ Fees. The management agreement provides that the Fund pays the Advisor a single, all-inclusive (or unified) management fee for providing all services necessary for the management and operation of the Fund, other than brokerage and other transaction fees and expenses relating to acquisition and disposition of portfolio securities, acquired fund fees and expenses, taxes, interest, extraordinary expenses, fund litigation expenses, fees and expenses of the Fund’s independent Directors (including their independent legal counsel), and expenses incurred in connection with the provision of shareholder services and distribution services under a plan adopted pursuant to Investment Company Act Rule 12b-1. Under the unified fee structure, the Advisor is responsible for providing all investment advisory, custody, audit, administrative, compliance, recordkeeping, marketing and shareholder services, or arranging and supervising third parties to provide such services. By contrast, most other funds are charged a variety of fees, including an investment advisory fee, a transfer agency fee, an administrative fee, distribution charges, and other expenses. Other than their investment advisory fees and any applicable Rule 12b-1 distribution fees, all other components of the total fees charged by these other funds may be increased without shareholder approval. The Board believes the unified fee structure is a benefit to Fund shareholders because it clearly discloses to shareholders the cost of owning Fund shares, and, since the unified fee cannot be increased without a vote of Fund shareholders, it shifts to the Advisor the risk of increased costs of operating the Fund and provides a direct incentive to minimize administrative inefficiencies. Part of the Board’s analysis of fee levels involves reviewing certain evaluative data compiled by an independent provider comparing the Fund’s unified fee to the total expense ratios of its peers. The unified fee charged to shareholders of the Fund was below the median of the total expense ratios of the Fund’s peer expense universe. In addition, the Board reviewed the Fund’s position relative to the narrower set of its expense group peers. The Board concluded that the management fee paid by the Fund to the Advisor under the management agreement is reasonable in light of the services provided to the Fund.

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

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

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

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

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


Additional Information

Retirement Account Information

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

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

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

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

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

Proxy Voting Policies

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

Quarterly Portfolio Disclosure

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

Other Tax Information

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

The fund hereby designates up to the maximum amount allowable as qualified dividend income for the fiscal year ended October 31, 2023.

For corporate taxpayers, the fund hereby designates $17,096, or up to the maximum amount allowable, of ordinary income distributions paid during the fiscal year ended October 31, 2023 as qualified for the corporate dividends received deduction.




Contact Us			americancentury.com
Automated Information Line			1-800-345-8765
Investor Services Representative			1-800-345-2021 or 816-531-5575
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-ANN-90980 2312



			Annual Report

			October 31, 2023

			Real Estate Fund
			Investor Class (REACX)
			I Class (REAIX)
			Y Class (ARYEX)
			A Class (AREEX)
			C Class (ARYCX)
			R Class (AREWX)
			R5 Class (ARREX)
			R6 Class (AREDX)


Table of Contents


President’s Letter			2
Performance			3
Portfolio Commentary			5
Fund Characteristics			6
Shareholder Fee Example			7
Schedule of Investments			9
Statement of Assets and Liabilities			11
Statement of Operations			12
Statement of Changes in Net Assets			13
Notes to Financial Statements			14
Financial Highlights			21
Report of Independent Registered Public Accounting Firm			24
Management			25
Approval of Management Agreement			28


Additional Information			32


President’s Letter

Jonathan Thomas

Dear Investor:

Asset Class Performance Was Mixed as Volatility Reigned

Remaining Diligent in Uncertain Times

With appreciation and respect,

Jonathan Thomas

President and Chief Executive Officer

American Century Investments


Performance


Total Returns as of October 31, 2023
			Average Annual Returns
	Ticker Symbol	1 year	5 years	10 years	Since Inception	Inception Date
Investor Class	REACX	-5.03%	2.91%	4.87%	—	9/21/95
FTSE NAREIT All Equity REITs Index	—	-7.89%	2.69%	5.38%	—	—
S&P 500 Index	—	10.14%	11.01%	11.18%	—	—
I Class	REAIX	-4.82%	3.11%	5.08%	—	6/16/97
Y Class	ARYEX	-4.64%	3.27%	—	2.80%	4/10/17
A Class	AREEX					10/6/98
No sales charge		-5.20%	2.66%	4.61%	—
With sales charge		-10.65%	1.45%	3.99%	—
C Class	ARYCX	-5.92%	1.89%	3.83%	—	9/28/07
R Class	AREWX	-5.50%	2.39%	4.34%	—	9/28/07
R5 Class	ARREX	-4.82%	3.11%	—	2.64%	4/10/17
R6 Class	AREDX	-4.68%	3.27%	5.24%	—	7/26/13

Average annual returns since inception are presented when ten years of performance history is not available.

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


Growth of $10,000 Over 10 Years
$10,000 investment made October 31, 2013
Performance for other share classes will vary due to differences in fee structure.


Value on October 31, 2023
			Investor Class — $16,084

			FTSE NAREIT All Equity REITs Index — $16,891

			S&P 500 Index — $28,847


Total Annual Fund Operating Expenses
Investor Class	I Class	Y Class	A Class	C Class	R Class	R5 Class	R6 Class
1.15%	0.95%	0.80%	1.40%	2.15%	1.65%	0.95%	0.80%


Portfolio Commentary

Portfolio Managers: Steven Brown, Steven Rodriguez and Vishal Govil

Performance Summary

Real Estate returned ‑5.03%* for the fiscal year ended October 31, 2023. By comparison, the FTSE NAREIT All Equity REITs Index (the fund’s benchmark) returned ‑7.89%. The S&P 500 Index (a broad stock market measure) returned 10.14%.

REIT Market Overview

U.S. real estate equities declined over the 12-month period, while underperforming the broader S&P 500 Index. Real estate stocks started the period with solid gains in the fourth quarter of 2022, aided by hopes that moderating inflation might lead the Federal Reserve (Fed) to pause its interest rate hikes. But inflation remained well above the Fed’s target levels, leading to rate increases through July. Policymakers also indicated that an extended period of higher rates might be required to slow the pace of economic growth and get inflation under control. Rising crude oil prices in the third quarter added to fears around inflation. As a result, higher bond yields pressured real estate valuations. By the third quarter, higher interest rates appeared to slow the pace of economic growth, which cooled demand in some real estate sectors. Against this backdrop, most real estate sectors had negative returns for the 12-month period, with the largest declines in office, diversified and self storage. Data center stocks outperformed with strong positive returns, as growth in the digital economy and in artificial intelligence fueled expectations for data center demand.

Cautious Approach to Office Property Aided Performance

We maintained an underweight in office as we believed that economic uncertainty, increased layoffs and changing work arrangements might dampen demand for office space. This underweight benefited relative performance as office property stocks lagged the broader real estate equity market. Stock selection in the office sector also helped, as we avoided several stocks that detracted from the index.

Stock selection in the health care sector also supported performance, aided by investments in Sabra Health Care REIT and Omega Healthcare Investors. Both health care real estate investment trusts (REITs) benefited from higher reimbursement rates and improved fundamentals for nursing homes and skilled nursing facilities.

Elsewhere, Iron Mountain was a top contributor. This specialty real estate company provides physical document storage, and it also owns data centers, both of which benefited from accelerating demand and strong pricing trends.

Industrial REITs Detracted

Stock selection in industrial REITs hindered relative performance. Detractors included Americold Realty Trust, which owns temperature-controlled facilities that support food distribution. The stock declined on fears that inflation pressures and weight-loss drugs may reduce food consumption and hurt demand for cold storage. We saw these concerns as overstated and held onto the stock. We exited our position in Rexford Industrial Realty, another detractor, because of concerns over weaker demand and slower absorption rates in Southern California.

A weaker homebuying market and slower housing turnover slackened demand and pricing power for self storage. Against this backdrop, the fund’s overweight position in Public Storage, the leading U.S. self-storage operator, hindered performance.

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


Fund Characteristics


OCTOBER 31, 2023
Types of Investments in Portfolio			% of net assets
Common Stocks			98.7%
Short-Term Investments			2.1%
Other Assets and Liabilities			(0.8)%

Top Five Sectors			% of net assets
Retail			15.0%
Residential			14.1%
Data Centers			14.1%
Infrastructure REITs			14.0%
Industrial			12.2%


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 May 1, 2023 to October 31, 2023.

Actual Expenses

Hypothetical Example for Comparison Purposes


	Beginning Account Value 5/1/23	Ending Account Value 10/31/23	Expenses Paid During Period(1) 5/1/23 - 10/31/23	Annualized Expense Ratio(1)
Actual
Investor Class	$1,000	$920.90	$5.57	1.15%
I Class	$1,000	$921.70	$4.60	0.95%
Y Class	$1,000	$922.80	$3.88	0.80%
A Class	$1,000	$920.00	$6.78	1.40%
C Class	$1,000	$916.50	$10.39	2.15%
R Class	$1,000	$918.50	$7.98	1.65%
R5 Class	$1,000	$921.70	$4.60	0.95%
R6 Class	$1,000	$922.40	$3.88	0.80%
Hypothetical
Investor Class	$1,000	$1,019.41	$5.85	1.15%
I Class	$1,000	$1,020.42	$4.84	0.95%
Y Class	$1,000	$1,021.17	$4.08	0.80%
A Class	$1,000	$1,018.15	$7.12	1.40%
C Class	$1,000	$1,014.37	$10.92	2.15%
R Class	$1,000	$1,016.89	$8.39	1.65%
R5 Class	$1,000	$1,020.42	$4.84	0.95%
R6 Class	$1,000	$1,021.17	$4.08	0.80%


Schedule of Investments

OCTOBER 31, 2023


	Shares	Value
COMMON STOCKS — 98.7%
Data Centers — 14.1%
Digital Realty Trust, Inc.	298,446	$	37,114,744
Equinix, Inc.	65,284	47,633,818
		84,748,562
Gaming REITs — 3.2%
VICI Properties, Inc.	698,268	19,481,677
Health Care — 12.0%
CareTrust REIT, Inc.	212,840	4,580,317
Omega Healthcare Investors, Inc.	322,792	10,684,415
Sabra Health Care REIT, Inc.	772,708	10,539,737
Ventas, Inc.	325,228	13,809,181
Welltower, Inc.	392,164	32,788,832
		72,402,482
Industrial — 12.2%
Americold Realty Trust, Inc.	423,189	11,096,016
EastGroup Properties, Inc.	61,844	10,096,033
Prologis, Inc.	521,475	52,538,606
		73,730,655
Infrastructure REITs — 14.0%
American Tower Corp.	342,012	60,943,118
SBA Communications Corp.	112,010	23,368,647
		84,311,765
Lodging/Resorts — 2.5%
Hilton Worldwide Holdings, Inc.	38,680	5,861,180
Host Hotels & Resorts, Inc.	612,016	9,474,008
		15,335,188
Office — 1.1%
Hudson Pacific Properties, Inc.	614,543	2,740,862
SL Green Realty Corp.(1)	139,540	4,087,126
		6,827,988
Residential — 14.1%
American Homes 4 Rent, Class A	683,091	22,364,400
AvalonBay Communities, Inc.	204,145	33,834,992
Essex Property Trust, Inc.	72,899	15,594,554
Invitation Homes, Inc.	452,929	13,447,462
		85,241,408
Retail — 15.0%
Agree Realty Corp.	107,239	5,998,950
Brixmor Property Group, Inc.	645,565	13,421,296
Essential Properties Realty Trust, Inc.	753,610	16,541,740
Kite Realty Group Trust	956,064	20,383,285
Simon Property Group, Inc.	211,716	23,265,471
Urban Edge Properties	686,976	10,895,439
		90,506,181
Self Storage — 4.5%
Extra Space Storage, Inc.	52,358	5,423,765


	Shares	Value
Public Storage	89,775	$	21,430,190
		26,853,955
Specialty — 4.8%
Iron Mountain, Inc.	489,975	28,942,823
Timber REITs — 1.2%
Weyerhaeuser Co.	254,392	7,298,507
TOTAL COMMON STOCKS (Cost $575,578,692)		595,681,191
SHORT-TERM INVESTMENTS — 2.1%
Money Market Funds — 0.7%
State Street Institutional U.S. Government Money Market Fund, Premier Class	32,773	32,773
State Street Navigator Securities Lending Government Money Market Portfolio(2)	4,186,200	4,186,200
		4,218,973
Repurchase Agreements — 1.4%
BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 1.50% - 4.00%, 11/30/28 - 11/15/52, valued at $623,953), in a joint trading account at 5.26%, dated 10/31/23, due 11/1/23 (Delivery value $609,265)		609,176
Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 2.375%, 10/15/28, valued at $7,829,561), at 5.28%, dated 10/31/23, due 11/1/23 (Delivery value $7,677,126)		7,676,000
		8,285,176
TOTAL SHORT-TERM INVESTMENTS (Cost $12,504,149)		12,504,149
TOTAL INVESTMENT SECURITIES — 100.8% (Cost $588,082,841)		608,185,340
OTHER ASSETS AND LIABILITIES — (0.8)%		(4,652,465)
TOTAL NET ASSETS — 100.0%		$	603,532,875


NOTES TO SCHEDULE OF INVESTMENTS

(1)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $4,087,127. 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.

(2)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $4,186,200.

See Notes to Financial Statements.


Statement of Assets and Liabilities


OCTOBER 31, 2023
Assets
Investment securities, at value (cost of $583,896,641) — including $4,087,127 of securities on loan	$	603,999,140
Investment made with cash collateral received for securities on loan, at value (cost of $4,186,200)	4,186,200
Total investment securities, at value (cost of $588,082,841)	608,185,340
Receivable for investments sold	1,748,955
Receivable for capital shares sold	477,048
Dividends and interest receivable	281,774
Securities lending receivable	1,521
	610,694,638

Liabilities
Payable for collateral received for securities on loan	4,186,200
Payable for investments purchased	1,749,158
Payable for capital shares redeemed	709,147
Accrued management fees	507,978
Distribution and service fees payable	9,280
	7,161,763

Net Assets	$	603,532,875

Net Assets Consist of:
Capital (par value and paid-in surplus)	$	651,903,819
Distributable earnings (loss)	(48,370,944)
	$	603,532,875


	Net Assets	Shares Outstanding	Net Asset Value Per Share*
Investor Class, $0.01 Par Value	$252,479,436	11,946,156	$21.13
I Class, $0.01 Par Value	$75,305,254	3,548,776	$21.22
Y Class, $0.01 Par Value	$125,221	5,902	$21.22
A Class, $0.01 Par Value	$19,828,210	939,904	$21.10
C Class, $0.01 Par Value	$959,801	47,239	$20.32
R Class, $0.01 Par Value	$9,500,839	455,140	$20.87
R5 Class, $0.01 Par Value	$759,839	35,808	$21.22
R6 Class, $0.01 Par Value	$244,574,275	11,529,487	$21.21

*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 $22.39 (net asset value divided by 0.9425). A contingent deferred sales charge may be imposed on redemptions of A Class and C Class.

See Notes to Financial Statements.


Statement of Operations


YEAR ENDED OCTOBER 31, 2023
Investment Income (Loss)
Income:
Dividends (net of foreign taxes withheld of $1,995)	$	22,984,464
Interest	222,830
Securities lending, net	15,261
	23,222,555

Expenses:
Management fees	6,980,656
Distribution and service fees:
A Class	57,348
C Class	14,190
R Class	53,689
Directors' fees and expenses	23,791
Other expenses	10,573
	7,140,247

Net investment income (loss)	16,082,308

Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions	(39,859,371)
Foreign currency translation transactions	(323)
	(39,859,694)

Change in net unrealized appreciation (depreciation) on investments	(4,935,956)

Net realized and unrealized gain (loss)	(44,795,650)

Net Increase (Decrease) in Net Assets Resulting from Operations	$	(28,713,342)

See Notes to Financial Statements.


Statement of Changes in Net Assets


YEARS ENDED OCTOBER 31, 2023 AND OCTOBER 31, 2022
Increase (Decrease) in Net Assets	October 31, 2023		October 31, 2022
Operations
Net investment income (loss)	$	16,082,308	$	9,299,098
Net realized gain (loss)	(39,859,694)		71,136,514
Change in net unrealized appreciation (depreciation)	(4,935,956)		(255,113,213)
Net increase (decrease) in net assets resulting from operations	(28,713,342)		(174,677,601)

Distributions to Shareholders
From earnings:
Investor Class	(30,596,872)		(48,317,782)
I Class	(12,273,189)		(21,534,813)
Y Class	(24,036)		(50,865)
A Class	(2,385,075)		(4,064,415)
C Class	(147,710)		(251,180)
R Class	(1,051,706)		(1,396,381)
R5 Class	(81,082)		(114,417)
R6 Class	(28,467,855)		(41,727,671)
From tax return of capital:
Investor Class	(676,636)		—
I Class	(265,054)		—
Y Class	(354)		—
A Class	(47,581)		—
C Class	(1,982)		—
R Class	(20,808)		—
R5 Class	(2,076)		—
R6 Class	(729,771)		—
Decrease in net assets from distributions	(76,771,787)		(117,457,524)

Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions (Note 5)	(29,904,622)		9,144,361

Net increase (decrease) in net assets	(135,389,751)		(282,990,764)

Net Assets
Beginning of period	738,922,626		1,021,913,390
End of period	$	603,532,875	$	738,922,626

See Notes to Financial Statements.


Notes to Financial Statements

OCTOBER 31, 2023

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. Real Estate Fund (the fund) is one fund in a series issued by the corporation. The fund’s investment objective is to seek high total investment return through a combination of capital appreciation and current income.

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

2. Significant Accounting Policies

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

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.


Remaining Contractual Maturity of Agreements
	Overnight and Continuous		<30 days	Between 30 & 90 days	>90 days	Total
Securities Lending Transactions(1)
Common Stocks	$	4,186,200	—	—	—	$	4,186,200
Gross amount of recognized liabilities for securities lending transactions						$	4,186,200

(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 management fee schedule range and the effective annual management fee for each class for the period ended October 31, 2023 are as follows:


	Management Fee Schedule Range	Effective Annual Management Fee
Investor Class	1.00% to 1.15%	1.15%
I Class	0.80% to 0.95%	0.95%
Y Class	0.65% to 0.80%	0.80%
A Class	1.00% to 1.15%	1.15%
C Class	1.00% to 1.15%	1.15%
R Class	1.00% to 1.15%	1.15%
R5 Class	0.80% to 0.95%	0.95%
R6 Class	0.65% to 0.80%	0.80%

4. Investment Transactions

Purchases and sales of investment securities, excluding short-term investments, for the period ended October 31, 2023 were $820,954,777 and $909,986,658, respectively.

5. Capital Share Transactions

Transactions in shares of the fund were as follows:


	Year ended October 31, 2023			Year ended October 31, 2022
	Shares	Amount		Shares	Amount
Investor Class/Shares Authorized	130,000,000			130,000,000
Sold	713,150	$	16,979,596	1,360,049	$	42,374,044
Issued in reinvestment of distributions	1,325,149	30,344,169		1,482,177	47,090,762
Redeemed	(2,166,848)	(50,115,577)		(2,890,491)	(85,985,751)
	(128,549)	(2,791,812)		(48,265)	3,479,055
I Class/Shares Authorized	55,000,000			60,000,000
Sold	847,195	19,994,516		1,129,510	33,245,242
Issued in reinvestment of distributions	414,986	9,540,084		518,282	16,517,097
Redeemed	(3,127,319)	(73,147,102)		(1,813,949)	(55,818,678)
	(1,865,138)	(43,612,502)		(166,157)	(6,056,339)
Y Class/Shares Authorized	20,000,000			20,000,000
Sold	5,945	135,353		1,719	56,793
Issued in reinvestment of distributions	580	13,339		818	26,127
Redeemed	(10,515)	(240,285)		(5,470)	(170,574)
	(3,990)	(91,593)		(2,933)	(87,654)
A Class/Shares Authorized	20,000,000			20,000,000
Sold	126,790	2,902,760		242,461	7,322,978
Issued in reinvestment of distributions	101,731	2,326,926		122,715	3,904,611
Redeemed	(267,981)	(6,209,584)		(434,066)	(12,797,187)
	(39,460)	(979,898)		(68,890)	(1,569,598)
C Class/Shares Authorized	20,000,000			20,000,000
Sold	4,730	103,911		15,931	469,964
Issued in reinvestment of distributions	6,780	149,692		8,062	249,368
Redeemed	(31,410)	(688,691)		(27,708)	(788,006)
	(19,900)	(435,088)		(3,715)	(68,674)
R Class/Shares Authorized	20,000,000			20,000,000
Sold	108,536	2,510,664		126,477	3,764,469
Issued in reinvestment of distributions	47,244	1,069,829		44,233	1,393,064
Redeemed	(114,092)	(2,545,298)		(122,466)	(3,645,610)
	41,688	1,035,195		48,244	1,511,923
R5 Class/Shares Authorized	20,000,000			20,000,000
Sold	4,331	99,991		6,517	183,281
Issued in reinvestment of distributions	3,619	83,158		3,598	114,417
Redeemed	(2,880)	(66,822)		(8,488)	(246,396)
	5,070	116,327		1,627	51,302
R6 Class/Shares Authorized	170,000,000			80,000,000
Sold	2,624,365	60,909,462		3,080,582	91,008,326
Issued in reinvestment of distributions	1,236,839	28,409,267		1,283,865	40,709,087
Redeemed	(3,095,532)	(72,463,980)		(4,042,189)	(119,833,067)
	765,672	16,854,749		322,258	11,884,346
Net increase (decrease)	(1,244,607)	$	(29,904,622)	82,169	$	9,144,361

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	$	595,681,191	—		—
Short-Term Investments	4,218,973		$	8,285,176	—
	$	599,900,164	$	8,285,176	—

7. Risk Factors

The fund's investment process may result in high portfolio turnover, which could mean high transaction costs, affecting both performance and capital gains tax liabilities to investors.

8. Federal Tax Information

The tax character of distributions paid during the years ended October 31, 2023 and October 31, 2022 were as follows:


	2023		2022
Distributions Paid From
Ordinary income	$	15,767,009	$	35,793,700
Long-term capital gains	$	59,260,516	$	81,663,824
Tax return of capital	$	1,744,262	—

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


Federal tax cost of investments	$	621,276,669
Gross tax appreciation of investments	$	42,971,259
Gross tax depreciation of investments	(56,062,588)
Net tax appreciation (depreciation) of investments	$	(13,091,329)
Undistributed ordinary income	—
Accumulated short-term capital losses	$	(33,027,030)
Accumulated long-term capital losses	$	(2,252,585)

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

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


Financial Highlights


For a Share Outstanding Throughout the Years Ended October 31 (except as noted)
Per-Share Data											Ratios and Supplemental Data
		Income From Investment Operations*:			Distributions From:						Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Tax Return of Capital	Total Distributions	Net Asset Value, End of Period	Total Return(2)	Operating Expenses	Net Investment Income (Loss)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
Investor Class
2023	$24.80	0.50	(1.58)	(1.08)	(0.52)	(2.02)	(0.05)	(2.59)	$21.13	(5.03)%	1.15%	2.13%	117%	$252,479
2022	$34.39	0.26	(5.90)	(5.64)	(0.56)	(3.39)	—	(3.95)	$24.80	(18.82)%	1.15%	0.86%	127%	$299,405
2021	$24.39	0.33	10.16	10.49	(0.49)	—	—	(0.49)	$34.39	43.35%	1.15%	1.09%	127%	$416,961
2020	$33.09	0.37	(6.53)	(6.16)	(0.38)	(1.95)	(0.21)	(2.54)	$24.39	(19.76)%	1.16%	1.35%	129%	$318,437
2019	$27.08	0.48	7.24	7.72	(0.58)	(1.13)	—	(1.71)	$33.09	30.15%	1.16%	1.66%	93%	$565,826
I Class
2023	$24.89	0.54	(1.58)	(1.04)	(0.55)	(2.02)	(0.06)	(2.63)	$21.22	(4.82)%	0.95%	2.33%	117%	$75,305
2022	$34.50	0.32	(5.92)	(5.60)	(0.62)	(3.39)	—	(4.01)	$24.89	(18.65)%	0.95%	1.06%	127%	$134,733
2021	$24.47	0.39	10.19	10.58	(0.55)	—	—	(0.55)	$34.50	43.61%	0.95%	1.29%	127%	$192,535
2020	$33.18	0.41	(6.52)	(6.11)	(0.42)	(1.95)	(0.23)	(2.60)	$24.47	(19.59)%	0.96%	1.55%	129%	$144,369
2019	$27.16	0.54	7.25	7.79	(0.64)	(1.13)	—	(1.77)	$33.18	30.39%	0.96%	1.86%	93%	$160,058
Y Class
2023	$24.88	0.67	(1.66)	(0.99)	(0.59)	(2.02)	(0.06)	(2.67)	$21.22	(4.64)%	0.80%	2.48%	117%	$125
2022	$34.50	0.36	(5.93)	(5.57)	(0.66)	(3.39)	—	(4.05)	$24.88	(18.54)%	0.80%	1.21%	127%	$246
2021	$24.46	0.44	10.20	10.64	(0.60)	—	—	(0.60)	$34.50	43.84%	0.80%	1.44%	127%	$442
2020	$33.18	0.46	(6.54)	(6.08)	(0.44)	(1.95)	(0.25)	(2.64)	$24.46	(19.50)%	0.81%	1.70%	129%	$311
2019	$27.15	0.59	7.25	7.84	(0.68)	(1.13)	—	(1.81)	$33.18	30.59%	0.81%	2.01%	93%	$417


For a Share Outstanding Throughout the Years Ended October 31 (except as noted)
Per-Share Data											Ratios and Supplemental Data
		Income From Investment Operations*:			Distributions From:						Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Tax Return of Capital	Total Distributions	Net Asset Value, End of Period	Total Return(2)	Operating Expenses	Net Investment Income (Loss)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
A Class
2023	$24.75	0.43	(1.55)	(1.12)	(0.46)	(2.02)	(0.05)	(2.53)	$21.10	(5.20)%	1.40%	1.88%	117%	$19,828
2022	$34.34	0.18	(5.90)	(5.72)	(0.48)	(3.39)	—	(3.87)	$24.75	(19.03)%	1.40%	0.61%	127%	$24,243
2021	$24.35	0.26	10.15	10.41	(0.42)	—	—	(0.42)	$34.34	42.98%	1.40%	0.84%	127%	$35,997
2020	$33.04	0.29	(6.51)	(6.22)	(0.34)	(1.95)	(0.18)	(2.47)	$24.35	(19.96)%	1.41%	1.10%	129%	$32,180
2019	$27.05	0.41	7.22	7.63	(0.51)	(1.13)	—	(1.64)	$33.04	29.78%	1.41%	1.41%	93%	$52,719
C Class
2023	$23.92	0.25	(1.50)	(1.25)	(0.30)	(2.02)	(0.03)	(2.35)	$20.32	(5.92)%	2.15%	1.13%	117%	$960
2022	$33.30	(0.05)	(5.68)	(5.73)	(0.26)	(3.39)	—	(3.65)	$23.92	(19.65)%	2.15%	(0.14)%	127%	$1,606
2021	$23.62	0.03	9.84	9.87	(0.19)	—	—	(0.19)	$33.30	41.93%	2.15%	0.09%	127%	$2,360
2020	$32.12	0.09	(6.32)	(6.23)	(0.23)	(1.95)	(0.09)	(2.27)	$23.62	(20.56)%	2.16%	0.35%	129%	$2,883
2019	$26.33	0.19	7.02	7.21	(0.29)	(1.13)	—	(1.42)	$32.12	28.84%	2.16%	0.66%	93%	$5,908
R Class
2023	$24.52	0.37	(1.55)	(1.18)	(0.41)	(2.02)	(0.04)	(2.47)	$20.87	(5.50)%	1.65%	1.63%	117%	$9,501
2022	$34.05	0.11	(5.84)	(5.73)	(0.41)	(3.39)	—	(3.80)	$24.52	(19.22)%	1.65%	0.36%	127%	$10,137
2021	$24.15	0.18	10.06	10.24	(0.34)	—	—	(0.34)	$34.05	42.60%	1.65%	0.59%	127%	$12,434
2020	$32.78	0.23	(6.46)	(6.23)	(0.30)	(1.95)	(0.15)	(2.40)	$24.15	(20.16)%	1.66%	0.85%	129%	$8,026
2019	$26.85	0.33	7.17	7.50	(0.44)	(1.13)	—	(1.57)	$32.78	29.49%	1.66%	1.16%	93%	$10,448


For a Share Outstanding Throughout the Years Ended October 31 (except as noted)
Per-Share Data											Ratios and Supplemental Data
		Income From Investment Operations*:			Distributions From:						Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Tax Return of Capital	Total Distributions	Net Asset Value, End of Period	Total Return(2)	Operating Expenses	Net Investment Income (Loss)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
R5 Class
2023	$24.89	0.54	(1.58)	(1.04)	(0.55)	(2.02)	(0.06)	(2.63)	$21.22	(4.82)%	0.95%	2.33%	117%	$760
2022	$34.50	0.32	(5.92)	(5.60)	(0.62)	(3.39)	—	(4.01)	$24.89	(18.65)%	0.95%	1.06%	127%	$765
2021	$24.47	0.39	10.19	10.58	(0.55)	—	—	(0.55)	$34.50	43.61%	0.95%	1.29%	127%	$1,004
2020	$33.19	0.41	(6.53)	(6.12)	(0.42)	(1.95)	(0.23)	(2.60)	$24.47	(19.59)%	0.96%	1.55%	129%	$784
2019	$27.16	0.53	7.27	7.80	(0.64)	(1.13)	—	(1.77)	$33.19	30.39%	0.96%	1.86%	93%	$7
R6 Class
2023	$24.88	0.58	(1.58)	(1.00)	(0.59)	(2.02)	(0.06)	(2.67)	$21.21	(4.68)%	0.80%	2.48%	117%	$244,574
2022	$34.49	0.36	(5.92)	(5.56)	(0.66)	(3.39)	—	(4.05)	$24.88	(18.54)%	0.80%	1.21%	127%	$267,788
2021	$24.46	0.43	10.20	10.63	(0.60)	—	—	(0.60)	$34.49	43.84%	0.80%	1.44%	127%	$360,180
2020	$33.18	0.46	(6.54)	(6.08)	(0.44)	(1.95)	(0.25)	(2.64)	$24.46	(19.48)%	0.81%	1.70%	129%	$218,505
2019	$27.15	0.58	7.26	7.84	(0.68)	(1.13)	—	(1.81)	$33.18	30.60%	0.81%	2.01%	93%	$253,059


Notes to Financial Highlights

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

See Notes to Financial Statements.


Report of Independent Registered Public Accounting Firm

To the Shareholders of the Real Estate Fund and the Board of Directors of American Century Capital Portfolios, Inc.

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Real Estate Fund (the “Fund”), one of the funds constituting the American Century Capital Portfolios, Inc., as of October 31, 2023, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2023, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/ Deloitte & Touche LLP

Kansas City, Missouri

December 18, 2023

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


Management

The Board of Directors

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

Name
(Year of Birth)

Position(s) Held with Funds

Length of Time Served

Principal Occupation(s) During Past 5 Years

Number of American Century Portfolios Overseen by Director

Other Directorships Held During Past 5 Years

Independent Directors

Brian Bulatao
(1964)

Director

Since 2022

None

Thomas W. Bunn (1953)

Director

Since 2017

Retired

None

Chris H. Cheesman
(1962)

Director

Since 2019

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

Alleghany Corporation (2021 to 2022)

Barry Fink
(1955)

Director

Since 2012 (independent since 2016)

Retired

None

Rajesh K. Gupta
(1960)

Director

Since 2019

None

Name
(Year of Birth)

Position(s) Held with Funds

Length of Time Served

Principal Occupation(s) During Past 5 Years

Number of American Century Portfolios Overseen by Director

Other Directorships Held During Past 5 Years

Independent Directors

Lynn Jenkins
(1963)

Director

Since 2019

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

MGP Ingredients, Inc. (2019 to 2021)

Jan M. Lewis
(1957)

Director and Board Chair

Since 2011 (Board Chair since 2022)

Retired

None

Gary C. Meltzer
(1963)

Director

Since 2022

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

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

Stephen E. Yates
(1948)

Director

Since 2012

Retired

115

None

Interested Director

Jonathan S. Thomas
(1963)

Director

Since 2007

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

147

None

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

Officers


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


Approval of Management Agreement