Document

N-CSR 1 acmf103121n-csr.htm N-CSR Document

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number

811-00816

AMERICAN CENTURY MUTUAL FUNDS, INC.

(Exact name of registrant as specified in charter)

4500 MAIN STREET, KANSAS CITY, MISSOURI

64111

(Address of principal executive offices)

(Zip Code)

JOHN PAK
4500 MAIN STREET, KANSAS CITY, MISSOURI 64111

(Name and address of agent for service)

Registrant’s telephone number, including area code:

816-531-5575

Date of fiscal year end:

10-31

Date of reporting period:

10-31-2021

ITEM 1. REPORTS TO STOCKHOLDERS.

(a) Provided under separate cover.



			Annual Report

			October 31, 2021

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


Table of Contents


President’s Letter			2
Performance			3
Portfolio Commentary			5
Fund Characteristics			7
Shareholder Fee Example			8
Schedule of Investments			10
Statement of Assets and Liabilities			32
Statement of Operations			33
Statement of Changes in Net Assets			34
Notes to Financial Statements			35
Financial Highlights			44
Report of Independent Registered Public Accounting Firm			46
Management			47
Approval of Management Agreement			50


Additional Information			54

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 ended October 31, 2021. Annual reports help convey important information about fund returns, including market factors that affected performance. For additional investment insights, please visit americancentury.com.

Economic, Earnings Gains Fueled Rally Among Risk-On Assets

Stocks and other risk-on assets rallied for the 12-month period, despite lingering pandemic-related challenges. Upbeat data on U.S. manufacturing, employment and housing, along with central bank and federal government support and positive vaccine developments, helped boost corporate earnings and promote investor optimism. Outside the U.S., most economies recovered, but generally at a slower pace. Virus outbreaks and slower vaccine rollouts, particularly in emerging markets, led to lingering lockdowns in some regions.

As the period progressed, steady economic gains combined with ongoing monetary and fiscal support, rising energy prices and severe supply chain disruptions pushed global interest rates and inflation higher. In the U.S., year-over-year headline inflation climbed to 6.2% in October 2021, the largest 12-month increase in nearly 31 years.

Late in the period, the Federal Reserve (Fed) confirmed it would start tapering its bond buying in November. Yet despite inflation’s surge, the Fed left short-term interest rates unchanged. Central banks in Europe and the U.K. maintained their supportive interest rate and bond-buying programs as inflation ticked higher.

Overall, stocks delivered stellar performance for the 12-month period, highlighted by the S&P 500 Index’s gain of nearly 43%. Assets offering inflation-fighting potential, including real estate investment trusts, fared even better. Meanwhile, global bonds retreated as interest rates rose. However, emerging markets bonds largely advanced, benefiting from risk-on sentiment.

Several Factors Shaping Market Dynamics

The return to pre-pandemic life is progressing, albeit somewhat cautiously due to COVID-19’s lingering effects. As the economy and markets respond to this fluid backdrop, investors will face opportunities and ongoing challenges. Economic growth, inflation, the virus’s trajectory, supply chain normalization and fiscal and monetary policy likely will sway market dynamics.

We appreciate your confidence in us during these extraordinary times. Our firm has a long history of helping clients weather unpredictable markets, and we’re confident we will continue to meet today’s challenges.

Sincerely,

Jonathan Thomas

President and Chief Executive Officer

American Century Investments


Performance


Total Returns as of October 31, 2021
			Average Annual Returns
	Ticker Symbol	1 year	5 years	10 years	Since Inception	Inception Date
Investor Class	TWBIX	23.34%	11.41%	9.74%	—	10/20/88
Blended Index	—	24.02%	12.67%	10.99%	—	—
S&P 500 Index	—	42.91%	18.91%	16.20%	—	—
Bloomberg U.S. Aggregate Bond Index	—	-0.48%	3.09%	3.00%	—	—
I Class	ABINX	23.58%	11.62%	9.96%	—	5/1/00
R5 Class	ABGNX	23.58%	—	—	11.31%	4/10/17

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

The blended index combines monthly returns of two widely known indices in proportion to the asset mix of the fund. The S&P 500 Index represents 60% of the index and the remaining 40% is represented by the Bloomberg U.S. Aggregate Bond Index.

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, 2011
Performance for other share classes will vary due to differences in fee structure.


Value on October 31, 2021
			Investor Class — $25,351

			Blended Index — $28,367

			S&P 500 Index — $44,939

			Bloomberg U.S. Aggregate Bond Index — $13,437


Total Annual Fund Operating Expenses
Investor Class	I Class	R5 Class
0.91%	0.71%	0.71%

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

Equity Portfolio Managers: Joseph Reiland, Justin Brown and Robert Bove

As of September 1, 2021, Joseph Reiland, Justin Brown and Robert Bove joined the portfolio management team, replacing Steve Rossi and Guan Wang. This reflects the equity allocation’s transition to the U.S. Sustainable Large Cap Core strategy. The equity allocation retains the S&P 500 Index as its benchmark.

Fixed-Income Portfolio Managers: Bob Gahagan, Charles Tan and Jason Greenblath

Brian Howell left the portfolio management team August 1, 2021. He is retiring, effective December 31, 2021. Jason Greenblath joined the team in his place.

Performance Summary

Balanced returned 23.34%* for the 12 months ended October 31, 2021. By comparison, the fund’s benchmark (a blended index consisting of 60% S&P 500 Index and 40% Bloomberg U.S. Aggregate Bond Index) returned 24.02%. Balanced seeks long-term capital growth and current income by investing approximately 60% of its assets in equity securities and the remainder in bonds and other fixed-income securities. The purpose of the broad bond market exposure is to reduce the volatility of the equity portfolio, providing a more attractive overall risk/return profile for investors. The total fund’s drivers of both absolute and relative returns, however, are typically a function of the equity allocation. Therefore, the performance attribution discussion focuses primarily on the equity segment.

Within Equities, Communication Services, Financials and Energy Detracted

The equity allocation performed very well in absolute terms but trailed the S&P 500 Index. The largest detractors from relative performance in the equity portfolio were the communication services, financials and energy sectors. In the communication services sector, an overweight to Take-Two Interactive Software, a gaming company, hindered relative returns. The company posted strong results as the pandemic surged in 2020 but shares were volatile as lockdowns were lifted and the economy reopened. We exited this position. An underweight position in The Walt Disney Co. also hampered the fund’s relative performance. The company experienced a surge in revenue from its streaming services late in 2020, which continued into 2021. An underweight position in the interactive media and services industry, especially in Alphabet, parent company of Google, also detracted from performance. Shares performed well on a surge in advertising revenues. We had some exposure to the stock, but less than the benchmark.

Performance in the financials sector was hampered by positioning in the capital markets, banking and insurance industries. The financials sector as a whole benefited from a rebound in the economy, strong financial markets and higher long-term bond yields.

In the energy sector, an underweight position hindered relative returns. An underweight position in the oil, gas and consumable fuels industry was the primary detractor. Shares of companies such as Exxon Mobil and Chevron performed well as prices for crude oil rose sharply from lows hit during the pandemic. The fund took advantage of this and exited its positions in Exxon Mobil and Chevron.

Materials and Health Care Led Equity Gains

The materials sector was the primary contributor to relative performance, reflecting the global economic recovery and increase in commodities prices. Positioning in the metals and mining industry was the primary driver of performance as companies such as Cleveland-Cliffs and Freeport-McMoRan benefited from surging prices for metals such as copper and gold. The fund took advantage of this and exited its positions in these shares. In the containers and packaging

*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.

industry, an overweighting of International Paper also contributed. We exited the position in this company.

The health care sector also helped relative performance, driven largely by stock selection in the biotechnology industry, where Moderna was the primary contributor. The company benefited from a surge in revenues due to sales of its COVID-19 vaccine. We locked in profits and exited the position. Selections in the health care providers and services industry also made a significant contribution. Companies in this industry benefited from the reopening of the economy, which resulted in a rise in elective surgeries that had been postponed during the height of the pandemic.

Other top contributors to relative performance for the 12-month period included an underweight position in the utilities sector. Rising bond yields hurt this sector due to its heavy dependence on debt financing and its status as a bond proxy. Elsewhere, selections in the semiconductors and semiconductor equipment industry contributed significantly to returns. Companies in the semiconductor equipment industry, especially Applied Materials and Lam Research, benefited from the shortage of computer chips, which prompted investment in the equipment used to make them. The fund exited its position in Lam Research.

Bond Allocation Limited Performance

Bond returns were limited as yields rose during the year (bond prices and yields move in opposite directions). Late in 2020, the approval of coronavirus vaccines resulted in a shift in sentiment as investors anticipated the lifting of lockdowns and an acceleration of economic growth. In addition, inflation concerns grew during the period due to a stronger economic outlook, loose monetary policy and massive fiscal spending. Inflation concerns and uncertainty about the Federal Reserve’s (Fed) plans to begin reducing its bond purchases weighed further on the market toward the end of the period. Nevertheless, at times bonds benefited from uncertainty when the delta variant of the coronavirus emerged and threatened to interfere with the economic recovery. Rising inflation throughout the economy led the Fed to raise its inflation forecast from 3.4% to 4.2% for 2021 and from 2.1% to 2.2% for 2022.

In that environment, Treasury bonds performed poorly. Investment-grade corporate bonds held up better, benefiting from the profit recovery in corporate America. The high-yield market also produced positive results, buoyed by attractive yields and the prospect of an improvement in the economy.

Outlook

The economic recovery is moderating even as inflation is rising. However, corporate profit growth remains strong and the federal government continues to apply massive fiscal stimulus to the economy. But with the major stock market indices at record highs, we will be on the lookout for volatility if investors’ assumptions about inflation, interest rates and corporate earnings disappoint. In addition, the coronavirus remains a source of uncertainty as we head into the winter months. We will continue to monitor the situation and invest appropriately. We believe that the continued economic and market uncertainty highlights the benefits of a balanced approach involving exposure to both stocks and bonds, which is intended to reduce overall price fluctuations and improve risk-adjusted performance.


Fund Characteristics


OCTOBER 31, 2021
Types of Investments in Portfolio			% of net assets
Common Stocks			61.3%
U.S. Treasury Securities			15.1%
Corporate Bonds			10.7%
U.S. Government Agency Mortgage-Backed Securities			4.0%
Collateralized Loan Obligations			2.8%
Collateralized Mortgage Obligations			2.3%
Asset-Backed Securities			2.0%
Commercial Mortgage-Backed Securities			0.8%
Municipal Securities			0.7%
Exchange-Traded Funds			0.4%
U.S. Government Agency Securities			0.3%
Sovereign Governments and Agencies			0.1%
Bank Loan Obligations			0.1%
Preferred Stocks			—*
Temporary Cash Investments			1.2%
Other Assets and Liabilities			(1.8)%
*Category is less than 0.05% of total net assets.

Top Five Common Stocks Industries*			% of net assets
Software			6.6%
Interactive Media and Services			4.0%
Semiconductors and Semiconductor Equipment			3.7%
Capital Markets			3.1%
IT Services			2.9%

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


Shareholder Fee Example

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

The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from May 1, 2021 to October 31, 2021.

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 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 $25.00 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 $25.00 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 5/1/21	Ending Account Value 10/31/21	Expenses Paid During Period(1) 5/1/21 - 10/31/21	Annualized Expense Ratio(1)
Actual
Investor Class	$1,000	$1,067.80	$4.69	0.90%
I Class	$1,000	$1,068.90	$3.65	0.70%
R5 Class	$1,000	$1,068.90	$3.65	0.70%
Hypothetical
Investor Class	$1,000	$1,020.67	$4.58	0.90%
I Class	$1,000	$1,021.68	$3.57	0.70%
R5 Class	$1,000	$1,021.68	$3.57	0.70%

(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, 2021


	Shares/ Principal Amount	Value
COMMON STOCKS — 61.3%
Aerospace and Defense — 0.5%
Lockheed Martin Corp.	16,684	$	5,544,427
Air Freight and Logistics — 0.6%
Expeditors International of Washington, Inc.	3,754	462,719
United Parcel Service, Inc., Class B	31,116	6,642,332
		7,105,051
Auto Components — 0.7%
Aptiv plc(1)	45,189	7,812,726
Automobiles — 0.8%
Tesla, Inc.(1)	8,105	9,028,970
Banks — 2.9%
Bank of America Corp.	225,947	10,795,747
JPMorgan Chase & Co.	74,062	12,582,393
Regions Financial Corp.	366,005	8,666,999
		32,045,139
Beverages — 0.9%
PepsiCo, Inc.	58,529	9,458,286
Biotechnology — 0.3%
Amgen, Inc.	13,080	2,707,168
Vertex Pharmaceuticals, Inc.(1)	6,094	1,126,963
		3,834,131
Building Products — 1.1%
Johnson Controls International plc	111,955	8,214,138
Masco Corp.	59,442	3,896,423
		12,110,561
Capital Markets — 3.1%
Ameriprise Financial, Inc.	15,081	4,556,422
BlackRock, Inc.	6,823	6,437,228
Intercontinental Exchange, Inc.	24,240	3,356,270
Morgan Stanley	114,861	11,805,414
S&P Global, Inc.	17,341	8,222,409
		34,377,743
Chemicals — 1.7%
Air Products and Chemicals, Inc.	10,511	3,151,303
Ecolab, Inc.	12,987	2,885,971
Linde plc	26,483	8,453,373
Sherwin-Williams Co. (The)	13,990	4,429,374
		18,920,021
Communications Equipment — 0.7%
Cisco Systems, Inc.	134,905	7,550,633
Consumer Finance — 0.5%
American Express Co.	32,193	5,594,499
Containers and Packaging — 0.4%
Ball Corp.	46,064	4,213,935
Diversified Telecommunication Services — 0.1%
Verizon Communications, Inc.	25,505	1,351,510


	Shares/ Principal Amount	Value
Electric Utilities — 1.2%
NextEra Energy, Inc.	150,217	$	12,818,017
Electrical Equipment — 0.8%
Eaton Corp. plc	29,843	4,916,933
Rockwell Automation, Inc.	13,640	4,356,616
		9,273,549
Electronic Equipment, Instruments and Components — 1.3%
CDW Corp.	29,040	5,420,316
Cognex Corp.	36,973	3,238,465
Keysight Technologies, Inc.(1)	35,196	6,335,984
		14,994,765
Energy Equipment and Services — 0.6%
Schlumberger NV	201,189	6,490,357
Entertainment — 1.2%
Electronic Arts, Inc.	20,275	2,843,569
Walt Disney Co. (The)(1)	59,074	9,987,641
		12,831,210
Equity Real Estate Investment Trusts (REITs) — 1.3%
Prologis, Inc.	102,329	14,833,612
Food and Staples Retailing — 1.0%
Costco Wholesale Corp.	8,454	4,155,479
Sysco Corp.	83,680	6,434,992
		10,590,471
Food Products — 0.5%
Mondelez International, Inc., Class A	77,611	4,714,092
Vital Farms, Inc.(1)	25,270	414,933
		5,129,025
Health Care Equipment and Supplies — 1.2%
Edwards Lifesciences Corp.(1)	58,216	6,975,441
Medtronic plc	43,227	5,181,188
ResMed, Inc.	5,679	1,493,066
		13,649,695
Health Care Providers and Services — 2.3%
Cigna Corp.	32,991	7,047,207
CVS Health Corp.	71,107	6,348,433
Humana, Inc.	6,554	3,035,551
UnitedHealth Group, Inc.	20,551	9,463,119
		25,894,310
Hotels, Restaurants and Leisure — 1.2%
Booking Holdings, Inc.(1)	1,820	4,405,820
Chipotle Mexican Grill, Inc.(1)	1,978	3,518,921
Expedia Group, Inc.(1)	31,713	5,213,934
		13,138,675
Household Products — 0.9%
Colgate-Palmolive Co.	36,034	2,745,431
Procter & Gamble Co. (The)	47,866	6,844,359
		9,589,790
Industrial Conglomerates — 0.7%
Honeywell International, Inc.	36,848	8,055,710
Insurance — 1.0%
Marsh & McLennan Cos., Inc.	24,725	4,124,130


	Shares/ Principal Amount	Value
Prudential Financial, Inc.	29,414	$	3,237,011
Travelers Cos., Inc. (The)	25,042	4,028,757
		11,389,898
Interactive Media and Services — 4.0%
Alphabet, Inc., Class A(1)	10,013	29,647,692
Alphabet, Inc., Class C(1)	2,236	6,630,657
Meta Platforms, Inc., Class A(1)	26,757	8,657,762
		44,936,111
Internet and Direct Marketing Retail — 2.3%
Amazon.com, Inc.(1)	7,680	25,900,262
IT Services — 2.9%
Accenture plc, Class A	23,597	8,466,368
Mastercard, Inc., Class A	23,276	7,809,563
PayPal Holdings, Inc.(1)	35,541	8,266,481
Visa, Inc., Class A	38,297	8,110,156
		32,652,568
Life Sciences Tools and Services — 1.3%
Agilent Technologies, Inc.	44,652	7,032,244
Thermo Fisher Scientific, Inc.	11,518	7,291,700
		14,323,944
Machinery — 1.4%
Cummins, Inc.	21,896	5,251,537
Parker-Hannifin Corp.	20,911	6,201,994
Xylem, Inc.	28,677	3,744,929
		15,198,460
Media — 0.3%
Comcast Corp., Class A	71,466	3,675,496
Multiline Retail — 0.3%
Target Corp.	14,160	3,676,219
Oil, Gas and Consumable Fuels — 0.8%
ConocoPhillips	114,291	8,513,537
Personal Products — 0.3%
Estee Lauder Cos., Inc. (The), Class A	9,787	3,174,218
Pharmaceuticals — 2.0%
Bristol-Myers Squibb Co.	108,301	6,324,778
Merck & Co., Inc.	68,409	6,023,412
Novo Nordisk A/S, B Shares	33,860	3,712,914
Zoetis, Inc.	31,263	6,759,061
		22,820,165
Professional Services — 0.1%
IHS Markit Ltd.	11,290	1,475,829
Road and Rail — 0.7%
Norfolk Southern Corp.	15,066	4,415,091
Union Pacific Corp.	14,069	3,396,257
		7,811,348
Semiconductors and Semiconductor Equipment — 3.7%
Advanced Micro Devices, Inc.(1)	35,173	4,228,850
Applied Materials, Inc.	45,768	6,254,197
ASML Holding NV	8,868	7,208,794
NVIDIA Corp.	62,501	15,979,631
Texas Instruments, Inc.	38,938	7,300,096
		40,971,568


	Shares/ Principal Amount		Value
Software — 6.6%
Adobe, Inc.(1)	10,308		$	6,703,911
Microsoft Corp.	176,595		58,562,434
salesforce.com, Inc.(1)	16,993		5,092,632
ServiceNow, Inc.(1)	2,426		1,692,766
Workday, Inc., Class A(1)	7,324		2,123,813
			74,175,556
Specialty Retail — 1.7%
Home Depot, Inc. (The)	34,896		12,972,239
TJX Cos., Inc. (The)	64,609		4,231,243
Tractor Supply Co.	10,147		2,203,624
			19,407,106
Technology Hardware, Storage and Peripherals — 2.4%
Apple, Inc.	182,420		27,326,516
Textiles, Apparel and Luxury Goods — 1.0%
Deckers Outdoor Corp.(1)	6,184		2,444,597
NIKE, Inc., Class B	52,613		8,801,629
			11,246,226
TOTAL COMMON STOCKS (Cost $541,115,001)			684,911,845
U.S. TREASURY SECURITIES — 15.1%
U.S. Treasury Bonds, 5.00%, 5/15/37	$	200,000	291,418
U.S. Treasury Bonds, 4.625%, 2/15/40	1,300,000		1,860,422
U.S. Treasury Bonds, 1.375%, 11/15/40	500,000		451,582
U.S. Treasury Bonds, 1.875%, 2/15/41	4,600,000		4,523,094
U.S. Treasury Bonds, 2.25%, 5/15/41	600,000		626,438
U.S. Treasury Bonds, 4.375%, 5/15/41	1,400,000		1,963,117
U.S. Treasury Bonds, 3.125%, 11/15/41	1,000,000		1,193,906
U.S. Treasury Bonds, 3.00%, 5/15/42	1,400,000		1,645,383
U.S. Treasury Bonds, 2.75%, 11/15/42	2,000,000		2,262,656
U.S. Treasury Bonds, 2.875%, 5/15/43	1,300,000		1,503,023
U.S. Treasury Bonds, 3.125%, 8/15/44	500,000		604,668
U.S. Treasury Bonds, 3.00%, 11/15/44	600,000		713,367
U.S. Treasury Bonds, 2.50%, 2/15/45(2)	1,500,000		1,644,434
U.S. Treasury Bonds, 2.75%, 8/15/47	200,000		232,598
U.S. Treasury Bonds, 3.375%, 11/15/48(2)	1,800,000		2,350,863
U.S. Treasury Bonds, 2.25%, 8/15/49	1,300,000		1,386,811
U.S. Treasury Bonds, 2.375%, 11/15/49	2,400,000		2,628,234
U.S. Treasury Bonds, 2.00%, 2/15/50	900,000		911,127
U.S. Treasury Bonds, 1.875%, 2/15/51	1,700,000		1,672,906
U.S. Treasury Bonds, 2.375%, 5/15/51	3,600,000		3,957,750
U.S. Treasury Bonds, 2.00%, 8/15/51	2,500,000		2,536,328
U.S. Treasury Inflation Indexed Notes, 0.125%, 10/15/25	3,162,990		3,438,074
U.S. Treasury Inflation Indexed Notes, 0.25%, 7/15/29	855,584		958,980
U.S. Treasury Inflation Indexed Notes, 0.125%, 7/15/30	533,495		594,100
U.S. Treasury Inflation Indexed Notes, 0.125%, 7/15/31	510,345		568,596
U.S. Treasury Notes, 0.50%, 3/15/23	7,600,000		7,620,930
U.S. Treasury Notes, 0.125%, 3/31/23	7,000,000		6,981,543
U.S. Treasury Notes, 0.25%, 4/15/23	400,000		399,594
U.S. Treasury Notes, 0.125%, 5/31/23	2,000,000		1,992,461
U.S. Treasury Notes, 0.25%, 6/15/23	500,000		498,994
U.S. Treasury Notes, 0.125%, 8/31/23	4,000,000		3,977,344


	Shares/ Principal Amount		Value
U.S. Treasury Notes, 0.25%, 9/30/23	$	3,500,000	$	3,486,055
U.S. Treasury Notes, 0.375%, 10/31/23(3)	1,000,000		997,695
U.S. Treasury Notes, 2.875%, 11/30/23	6,600,000		6,920,461
U.S. Treasury Notes, 0.125%, 12/15/23	1,000,000		991,230
U.S. Treasury Notes, 2.375%, 2/29/24	1,500,000		1,561,582
U.S. Treasury Notes, 0.25%, 3/15/24	16,000,000		15,862,812
U.S. Treasury Notes, 0.375%, 4/15/24	8,500,000		8,443,389
U.S. Treasury Notes, 1.125%, 2/28/25	8,700,000		8,775,105
U.S. Treasury Notes, 0.25%, 5/31/25	1,000,000		975,664
U.S. Treasury Notes, 0.25%, 8/31/25	7,800,000		7,578,492
U.S. Treasury Notes, 2.625%, 12/31/25	2,200,000		2,340,852
U.S. Treasury Notes, 0.50%, 2/28/26	4,200,000		4,092,539
U.S. Treasury Notes, 0.75%, 5/31/26	3,500,000		3,438,887
U.S. Treasury Notes, 0.875%, 6/30/26	900,000		888,328
U.S. Treasury Notes, 0.75%, 8/31/26	5,000,000		4,900,195
U.S. Treasury Notes, 1.375%, 8/31/26	1,400,000		1,413,891
U.S. Treasury Notes, 1.625%, 10/31/26	100,000		102,164
U.S. Treasury Notes, 1.75%, 12/31/26	700,000		719,045
U.S. Treasury Notes, 1.50%, 1/31/27	2,000,000		2,028,242
U.S. Treasury Notes, 1.125%, 2/28/27	2,700,000		2,684,232
U.S. Treasury Notes, 0.625%, 3/31/27	10,000,000		9,670,508
U.S. Treasury Notes, 0.50%, 6/30/27	500,000		478,271
U.S. Treasury Notes, 0.50%, 8/31/27	1,600,000		1,525,719
U.S. Treasury Notes, 0.625%, 12/31/27	3,500,000		3,344,209
U.S. Treasury Notes, 1.125%, 2/29/28	1,000,000		984,434
U.S. Treasury Notes, 1.25%, 3/31/28	1,700,000		1,683,697
U.S. Treasury Notes, 1.25%, 4/30/28	5,050,000		4,998,612
U.S. Treasury Notes, 1.25%, 6/30/28	2,400,000		2,370,891
U.S. Treasury Notes, 1.25%, 9/30/28	500,000		493,164
U.S. Treasury Notes, 1.625%, 5/15/31	500,000		503,633
U.S. Treasury Notes, 1.25%, 8/15/31	2,500,000		2,429,688
TOTAL U.S. TREASURY SECURITIES (Cost $166,232,413)			168,674,427
CORPORATE BONDS — 10.7%
Aerospace and Defense — 0.2%
Boeing Co. (The), 2.20%, 2/4/26	420,000		420,843
Boeing Co. (The), 3.625%, 2/1/31	380,000		404,913
Boeing Co. (The), 5.81%, 5/1/50	230,000		315,745
Raytheon Technologies Corp., 4.125%, 11/16/28	570,000		646,290
			1,787,791
Air Freight and Logistics†
GXO Logistics, Inc., 2.65%, 7/15/31(4)	335,000		331,695
Airlines — 0.1%
American Airlines 2021-1 Class A Pass Through Trust, 2.875%, 1/11/36(3)	181,000		182,357
British Airways Pass Through Trust, Series 2021-1, Class A, 2.90%, 9/15/36(4)	220,000		222,884
Delta Air Lines, Inc. / SkyMiles IP Ltd., 4.75%, 10/20/28(4)	568,000		631,020
			1,036,261
Automobiles — 0.3%
Ford Motor Credit Co. LLC, 3.10%, 5/4/23	700,000		712,250
General Motors Co., 5.15%, 4/1/38	370,000		447,381


	Shares/ Principal Amount		Value
General Motors Financial Co., Inc., 2.75%, 6/20/25	$	780,000	$	810,213
General Motors Financial Co., Inc., 2.70%, 8/20/27	269,000		274,725
General Motors Financial Co., Inc., 2.40%, 10/15/28	465,000		462,331
Toyota Motor Credit Corp., MTN, 1.90%, 4/6/28	420,000		423,108
			3,130,008
Banks — 1.4%
Banco Santander SA, 2.96%, 3/25/31	600,000		611,606
Banco Santander SA, VRN, 1.72%, 9/14/27	200,000		197,060
Bank of America Corp., MTN, VRN, 2.68%, 6/19/41	713,000		687,830
Bank of America Corp., VRN, 3.42%, 12/20/28	265,000		283,520
Bank of America Corp., VRN, 2.57%, 10/20/32	1,561,000		1,565,511
Bank of America Corp., VRN, 2.48%, 9/21/36	290,000		282,212
Bank of Ireland Group plc, VRN, 2.03%, 9/30/27(4)	329,000		325,043
Barclays plc, 4.84%, 5/9/28	375,000		418,047
BNP Paribas SA, VRN, 2.16%, 9/15/29(4)	243,000		238,779
BNP Paribas SA, VRN, 4.375%, 3/1/33(4)	290,000		316,930
BPCE SA, 4.50%, 3/15/25(4)	385,000		419,433
Citigroup, Inc., VRN, 0.78%, 10/30/24	1,325,000		1,322,527
Citigroup, Inc., VRN, 3.52%, 10/27/28	858,000		922,169
Citigroup, Inc., VRN, 2.52%, 11/3/32(3)	378,000		377,220
Commonwealth Bank of Australia, VRN, 3.61%, 9/12/34(4)	440,000		463,240
DNB Bank ASA, VRN, 1.61%, 3/30/28(4)	262,000		257,507
FNB Corp., 2.20%, 2/24/23	460,000		465,416
HSBC Holdings plc, VRN, 2.80%, 5/24/32	280,000		282,089
JPMorgan Chase & Co., VRN, 1.58%, 4/22/27	315,000		312,102
JPMorgan Chase & Co., VRN, 2.07%, 6/1/29	780,000		772,574
JPMorgan Chase & Co., VRN, 3.16%, 4/22/42	695,000		726,246
National Australia Bank Ltd., 2.99%, 5/21/31(4)	500,000		502,784
Royal Bank of Canada, MTN, 2.30%, 11/3/31	210,000		209,646
Societe Generale SA, VRN, 1.79%, 6/9/27(4)	500,000		492,422
Truist Bank, VRN, 2.64%, 9/17/29	275,000		285,035
Truist Financial Corp., MTN, VRN, 1.89%, 6/7/29	200,000		198,008
US Bancorp, VRN, 2.49%, 11/3/36(3)	425,000		423,421
Wells Fargo & Co., MTN, VRN, 2.16%, 2/11/26	1,055,000		1,079,956
Wells Fargo & Co., VRN, 3.07%, 4/30/41	605,000		621,971
			15,060,304
Beverages — 0.1%
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc., 4.90%, 2/1/46	500,000		638,604
Anheuser-Busch InBev Worldwide, Inc., 4.75%, 1/23/29	630,000		739,993
			1,378,597
Biotechnology — 0.2%
AbbVie, Inc., 3.20%, 11/21/29	440,000		470,485
AbbVie, Inc., 4.40%, 11/6/42	240,000		288,585
Amgen, Inc., 1.65%, 8/15/28	540,000		524,881
Gilead Sciences, Inc., 3.65%, 3/1/26	840,000		911,179
			2,195,130
Building Products†
Lennox International, Inc., 1.70%, 8/1/27	140,000		137,955
Capital Markets — 1.3%
Bain Capital Specialty Finance, Inc., 2.95%, 3/10/26	1,215,000		1,225,628
Blackstone Secured Lending Fund, 2.85%, 9/30/28(4)	285,000		279,769


	Shares/ Principal Amount		Value
Blue Owl Finance LLC, 3.125%, 6/10/31(4)	$	151,000	$	148,581
Blue Owl Finance LLC, 4.125%, 10/7/51(4)	425,000		438,766
Deutsche Bank AG, VRN, 3.96%, 11/26/25	625,000		668,579
Deutsche Bank AG, VRN, 4.30%, 5/24/28	200,000		207,288
FS KKR Capital Corp., 4.25%, 2/14/25(4)	303,000		319,010
FS KKR Capital Corp., 3.125%, 10/12/28	595,000		586,723
Goldman Sachs Group, Inc. (The), MTN, VRN, 2.38%, 7/21/32	1,126,000		1,107,612
Goldman Sachs Group, Inc. (The), VRN, 2.91%, 6/5/23	1,315,000		1,332,451
Goldman Sachs Group, Inc. (The), VRN, 1.95%, 10/21/27	256,000		256,344
Goldman Sachs Group, Inc. (The), VRN, 2.91%, 7/21/42	435,000		434,768
Golub Capital BDC, Inc., 2.05%, 2/15/27	282,000		274,193
Hercules Capital, Inc., 2.625%, 9/16/26	348,000		343,017
Main Street Capital Corp., 3.00%, 7/14/26	460,000		464,541
Morgan Stanley, MTN, VRN, 0.53%, 1/25/24	1,335,000		1,332,638
Morgan Stanley, MTN, VRN, 2.24%, 7/21/32	198,000		193,461
Morgan Stanley, VRN, 1.59%, 5/4/27	1,163,000		1,152,511
Morgan Stanley, VRN, 2.48%, 9/16/36	525,000		510,452
Owl Rock Core Income Corp., 3.125%, 9/23/26(4)	735,000		718,806
Owl Rock Technology Finance Corp., 6.75%, 6/30/25(4)	334,000		380,265
Owl Rock Technology Finance Corp., 3.75%, 6/17/26(4)	175,000		182,755
Owl Rock Technology Finance Corp., 2.50%, 1/15/27	530,000		524,952
Prospect Capital Corp., 3.71%, 1/22/26	420,000		427,994
Prospect Capital Corp., 3.44%, 10/15/28	420,000		404,227
UBS Group AG, VRN, 1.49%, 8/10/27(4)	425,000		416,503
			14,331,834
Chemicals†
International Flavors & Fragrances, Inc., 1.83%, 10/15/27(4)	177,000		174,748
Westlake Chemical Corp., 2.875%, 8/15/41	150,000		145,206
			319,954
Commercial Services and Supplies — 0.1%
Republic Services, Inc., 2.30%, 3/1/30	358,000		361,851
Waste Connections, Inc., 2.60%, 2/1/30	120,000		123,511
Waste Connections, Inc., 2.95%, 1/15/52	231,000		230,267
Waste Management, Inc., 2.50%, 11/15/50	150,000		142,568
			858,197
Construction and Engineering†
Quanta Services, Inc., 2.35%, 1/15/32	465,000		455,707
Construction Materials†
Eagle Materials, Inc., 2.50%, 7/1/31	310,000		307,060
Consumer Finance — 0.3%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.00%, 10/29/28	308,000		312,503
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.30%, 1/30/32	545,000		555,172
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.40%, 10/29/33	176,000		179,346
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.85%, 10/29/41	154,000		159,691
Ally Financial, Inc., 2.20%, 11/2/28(3)	530,000		523,624
Avolon Holdings Funding Ltd., 4.25%, 4/15/26(4)	258,000		277,336
Avolon Holdings Funding Ltd., 4.375%, 5/1/26(4)	14,000		15,112
Capital One Financial Corp., VRN, 1.88%, 11/2/27(3)	645,000		643,415
SLM Corp., 3.125%, 11/2/26(3)	554,000		549,845
			3,216,044


	Shares/ Principal Amount		Value
Containers and Packaging†
Berry Global, Inc., 1.57%, 1/15/26	$	230,000	$	227,494
WRKCo, Inc., 3.00%, 9/15/24	201,000		211,087
			438,581
Diversified Consumer Services — 0.1%
Novant Health, Inc., 3.17%, 11/1/51	245,000		263,592
Pepperdine University, 3.30%, 12/1/59	355,000		378,416
			642,008
Diversified Financial Services — 0.2%
Antares Holdings LP, 2.75%, 1/15/27(4)	256,000		253,567
Blackstone Private Credit Fund, 1.75%, 9/15/24(4)	194,000		192,267
Blackstone Private Credit Fund, 2.625%, 12/15/26(4)	312,000		306,264
Block Financial LLC, 3.875%, 8/15/30	240,000		255,907
GE Capital Funding LLC, 4.40%, 5/15/30	300,000		350,831
GE Capital International Funding Co. Unlimited Co., 4.42%, 11/15/35	420,000		511,407
			1,870,243
Diversified Telecommunication Services — 0.4%
AT&T, Inc., 2.55%, 12/1/33	622,000		604,580
AT&T, Inc., 3.55%, 9/15/55	634,000		643,140
British Telecommunications plc, 3.25%, 11/8/29(4)	845,000		875,405
Ooredoo International Finance Ltd., 2.625%, 4/8/31(4)	550,000		556,284
Telefonica Emisiones SA, 4.90%, 3/6/48	700,000		853,078
Verizon Communications, Inc., 4.33%, 9/21/28	333,000		380,292
Verizon Communications, Inc., 1.75%, 1/20/31	445,000		420,503
Verizon Communications, Inc., 2.65%, 11/20/40	301,000		284,818
Verizon Communications, Inc., 2.99%, 10/30/56	215,000		204,543
			4,822,643
Electric Utilities — 0.7%
AEP Texas, Inc., 2.10%, 7/1/30	370,000		358,753
Alfa Desarrollo SpA, 4.55%, 9/27/51(4)	200,000		195,713
Baltimore Gas and Electric Co., 2.25%, 6/15/31	237,000		236,544
Berkshire Hathaway Energy Co., 3.50%, 2/1/25	180,000		191,923
Comision Federal de Electricidad, 4.68%, 2/9/51(4)	550,000		513,458
Commonwealth Edison Co., 3.20%, 11/15/49	355,000		377,437
DTE Electric Co., 2.25%, 3/1/30	330,000		334,021
Duke Energy Carolinas LLC, 2.55%, 4/15/31	154,000		158,514
Duke Energy Corp., 2.55%, 6/15/31	180,000		181,012
Duke Energy Florida LLC, 1.75%, 6/15/30	370,000		357,700
Duke Energy Florida LLC, 3.85%, 11/15/42	220,000		251,344
Duke Energy Progress LLC, 2.00%, 8/15/31	440,000		431,528
Duke Energy Progress LLC, 4.15%, 12/1/44	335,000		399,252
Entergy Arkansas LLC, 2.65%, 6/15/51	180,000		172,476
Exelon Corp., 4.45%, 4/15/46	150,000		185,747
Florida Power & Light Co., 4.125%, 2/1/42	169,000		205,145
Indiana Michigan Power Co., 3.25%, 5/1/51	157,000		167,862
MidAmerican Energy Co., 4.40%, 10/15/44	290,000		359,727
NextEra Energy Capital Holdings, Inc., 3.55%, 5/1/27	290,000		314,727
Northern States Power Co., 3.20%, 4/1/52	240,000		261,371
Pacific Gas and Electric Co., 4.20%, 6/1/41	155,000		156,479
PacifiCorp, 3.30%, 3/15/51	310,000		328,768
PacifiCorp, 2.90%, 6/15/52	190,000		189,272


	Shares/ Principal Amount		Value
Public Service Co. of Colorado, 1.875%, 6/15/31	$	312,000	$	305,233
Southern Co. Gas Capital Corp., 1.75%, 1/15/31	360,000		339,096
Southern Co. Gas Capital Corp., 3.95%, 10/1/46	90,000		102,246
Xcel Energy, Inc., 3.40%, 6/1/30	330,000		358,409
			7,433,757
Electrical Equipment†
Rockwell Automation, Inc., 2.80%, 8/15/61	156,000		155,236
Electronic Equipment, Instruments and Components†
Teledyne Technologies, Inc., 2.25%, 4/1/28	290,000		291,830
Energy Equipment and Services†
Halliburton Co., 2.92%, 3/1/30	300,000		310,197
Entertainment†
Netflix, Inc., 3.625%, 6/15/25(4)	83,000		88,353
Netflix, Inc., 4.875%, 4/15/28	303,000		347,505
			435,858
Equity Real Estate Investment Trusts (REITs) — 0.8%
Broadstone Net Lease LLC, 2.60%, 9/15/31	235,000		230,670
Corporate Office Properties LP, 2.00%, 1/15/29	480,000		465,935
Crown Castle International Corp., 3.30%, 7/1/30	335,000		354,337
EPR Properties, 4.75%, 12/15/26	276,000		300,069
EPR Properties, 4.95%, 4/15/28	735,000		805,312
EPR Properties, 3.60%, 11/15/31	171,000		171,606
GLP Capital LP / GLP Financing II, Inc., 5.375%, 4/15/26	370,000		417,708
Host Hotels & Resorts LP, 4.00%, 6/15/25	430,000		457,511
Lexington Realty Trust, 2.375%, 10/1/31	590,000		568,245
Life Storage LP, 2.40%, 10/15/31	585,000		578,029
National Health Investors, Inc., 3.00%, 2/1/31	885,000		851,152
National Retail Properties, Inc., 3.00%, 4/15/52	386,000		378,712
Office Properties Income Trust, 2.40%, 2/1/27	354,000		345,372
Omega Healthcare Investors, Inc., 3.375%, 2/1/31	239,000		242,759
Phillips Edison Grocery Center Operating Partnership I LP, 2.625%, 11/15/31	223,000		218,655
Physicians Realty LP, 2.625%, 11/1/31	531,000		530,675
Piedmont Operating Partnership LP, 2.75%, 4/1/32	378,000		370,483
Rexford Industrial Realty LP, 2.15%, 9/1/31	154,000		147,489
Sabra Health Care LP, 3.20%, 12/1/31	588,000		575,824
STORE Capital Corp., 4.625%, 3/15/29	163,000		183,745
Tanger Properties LP, 2.75%, 9/1/31	520,000		497,931
			8,692,219
Food and Staples Retailing — 0.1%
Kroger Co. (The), 3.875%, 10/15/46	350,000		395,581
Sysco Corp., 5.95%, 4/1/30	464,000		587,664
Walmart, Inc., 1.80%, 9/22/31	153,000		150,876
			1,134,121
Food Products — 0.1%
JDE Peet's NV, 2.25%, 9/24/31(4)	475,000		464,189
Mondelez International, Inc., 2.75%, 4/13/30	452,000		471,149
			935,338
Health Care Providers and Services — 0.4%
Centene Corp., 2.45%, 7/15/28	560,000		558,800
Centene Corp., 3.375%, 2/15/30	399,000		409,994
CVS Health Corp., 1.75%, 8/21/30	310,000		295,466


	Shares/ Principal Amount		Value
CVS Health Corp., 4.78%, 3/25/38	$	160,000	$	195,936
DaVita, Inc., 4.625%, 6/1/30(4)	215,000		216,344
Duke University Health System, Inc., 3.92%, 6/1/47	160,000		194,544
HCA, Inc., 2.375%, 7/15/31	710,000		694,348
HCA, Inc., 3.50%, 7/15/51	330,000		334,946
Humana, Inc., 2.15%, 2/3/32	304,000		294,333
Kaiser Foundation Hospitals, 3.00%, 6/1/51	260,000		270,703
Universal Health Services, Inc., 1.65%, 9/1/26(4)	427,000		420,676
Universal Health Services, Inc., 2.65%, 10/15/30(4)	330,000		327,926
			4,214,016
Hotels, Restaurants and Leisure†
Marriott International, Inc., 3.50%, 10/15/32	372,000		393,753
Household Durables†
D.R. Horton, Inc., 2.50%, 10/15/24	310,000		322,695
Industrial Conglomerates†
General Electric Co., 4.35%, 5/1/50	350,000		446,243
Insurance — 0.5%
American International Group, Inc., 6.25%, 5/1/36	460,000		634,014
American International Group, Inc., 4.50%, 7/16/44	355,000		434,017
Assured Guaranty US Holdings, Inc., 3.60%, 9/15/51	410,000		431,051
Athene Global Funding, 1.99%, 8/19/28(4)	757,000		736,806
Athene Global Funding, 2.67%, 6/7/31(4)	760,000		761,868
Brighthouse Financial Global Funding, 2.00%, 6/28/28(4)	631,000		623,181
Equitable Financial Life Global Funding, 1.80%, 3/8/28(4)	290,000		285,299
Global Atlantic Fin Co., 3.125%, 6/15/31(4)	238,000		239,015
Guardian Life Global Funding, 1.625%, 9/16/28(4)	472,000		460,048
Sammons Financial Group, Inc., 3.35%, 4/16/31(4)	584,000		607,576
SBL Holdings, Inc., 5.125%, 11/13/26(4)	330,000		362,841
SBL Holdings, Inc., 5.00%, 2/18/31(4)	300,000		318,655
			5,894,371
Internet and Direct Marketing Retail — 0.1%
Amazon.com, Inc., 2.875%, 5/12/41	820,000		850,689
Life Sciences Tools and Services — 0.1%
Agilent Technologies, Inc., 2.30%, 3/12/31	712,000		708,991
Illumina, Inc., 2.55%, 3/23/31	527,000		528,171
			1,237,162
Machinery†
Cummins, Inc., 2.60%, 9/1/50	260,000		249,059
Media — 0.4%
Charter Communications Operating LLC / Charter Communications Operating Capital, 4.91%, 7/23/25	368,000		409,367
Charter Communications Operating LLC / Charter Communications Operating Capital, 3.50%, 6/1/41	385,000		378,553
Charter Communications Operating LLC / Charter Communications Operating Capital, 5.125%, 7/1/49	645,000		764,558
Comcast Corp., 3.75%, 4/1/40	440,000		493,637
Cox Communications, Inc., 2.60%, 6/15/31(4)	273,000		275,674
Discovery Communications LLC, 4.65%, 5/15/50	245,000		289,186
Grupo Televisa SAB, 5.00%, 5/13/45	550,000		669,445
Time Warner Cable LLC, 4.50%, 9/15/42	615,000		673,127
ViacomCBS, Inc., 4.375%, 3/15/43	265,000		303,433
			4,256,980


	Shares/ Principal Amount		Value
Metals and Mining — 0.1%
Glencore Funding LLC, 2.625%, 9/23/31(4)	$	440,000	$	429,161
Steel Dynamics, Inc., 3.45%, 4/15/30	215,000		231,170
Teck Resources Ltd., 6.25%, 7/15/41	390,000		522,111
			1,182,442
Multi-Utilities — 0.3%
Ameren Corp., 3.50%, 1/15/31	430,000		465,854
CenterPoint Energy, Inc., 4.25%, 11/1/28	369,000		417,680
CenterPoint Energy, Inc., 2.65%, 6/1/31	285,000		289,938
Dominion Energy, Inc., 2.25%, 8/15/31	210,000		207,225
Dominion Energy, Inc., 4.90%, 8/1/41	270,000		339,498
NiSource, Inc., 5.65%, 2/1/45	290,000		405,485
Sempra Energy, 3.25%, 6/15/27	180,000		191,848
WEC Energy Group, Inc., 1.375%, 10/15/27	490,000		477,061
			2,794,589
Oil, Gas and Consumable Fuels — 0.8%
Aker BP ASA, 3.75%, 1/15/30(4)	440,000		470,389
Aker BP ASA, 4.00%, 1/15/31(4)	160,000		173,971
BP Capital Markets America, Inc., 3.06%, 6/17/41	250,000		252,832
Chevron Corp., 2.00%, 5/11/27	240,000		244,753
Diamondback Energy, Inc., 3.50%, 12/1/29	300,000		319,815
Enbridge, Inc., 3.40%, 8/1/51	310,000		319,421
Energy Transfer LP, 3.60%, 2/1/23	160,000		164,383
Energy Transfer LP, 4.25%, 3/15/23	370,000		383,686
Energy Transfer LP, 3.75%, 5/15/30	400,000		426,567
Energy Transfer LP, 4.90%, 3/15/35	270,000		307,081
Enterprise Products Operating LLC, 4.85%, 3/15/44	460,000		557,047
Enterprise Products Operating LLC, 3.30%, 2/15/53	220,000		220,833
Equinor ASA, 3.25%, 11/18/49	230,000		249,455
Flex Intermediate Holdco LLC, 3.36%, 6/30/31(4)	280,000		283,621
Galaxy Pipeline Assets Bidco Ltd., 2.94%, 9/30/40(4)	900,000		886,746
Kinder Morgan Energy Partners LP, 6.50%, 9/1/39	250,000		342,990
Lundin Energy Finance BV, 3.10%, 7/15/31(4)	220,000		221,924
Petroleos Mexicanos, 3.50%, 1/30/23	300,000		303,525
Petroleos Mexicanos, 6.625%, 6/15/35	50,000		48,529
Petroleos Mexicanos, 5.50%, 6/27/44	230,000		187,058
SA Global Sukuk Ltd., 2.69%, 6/17/31(4)	1,000,000		1,003,400
Sabine Pass Liquefaction LLC, 5.625%, 3/1/25	640,000		718,824
TransCanada PipeLines Ltd., 2.50%, 10/12/31	450,000		447,169
Transcontinental Gas Pipe Line Co. LLC, 3.25%, 5/15/30	250,000		265,324
			8,799,343
Paper and Forest Products†
Georgia-Pacific LLC, 2.10%, 4/30/27(4)	370,000		376,302
Pharmaceuticals — 0.1%
Astrazeneca Finance LLC, 1.75%, 5/28/28	256,000		255,117
Bristol-Myers Squibb Co., 2.55%, 11/13/50	337,000		322,841
Royalty Pharma plc, 2.20%, 9/2/30	235,000		227,643
Viatris, Inc., 4.00%, 6/22/50	139,000		149,228
			954,829
Real Estate Management and Development — 0.1%
Essential Properties LP, 2.95%, 7/15/31	460,000		459,105


	Shares/ Principal Amount		Value
Ontario Teachers' Cadillac Fairview Properties Trust, 2.50%, 10/15/31(4)	$	201,000	$	201,576
			660,681
Road and Rail — 0.3%
Ashtead Capital, Inc., 1.50%, 8/12/26(4)	320,000		314,185
Burlington Northern Santa Fe LLC, 4.15%, 4/1/45	300,000		369,290
Burlington Northern Santa Fe LLC, 3.30%, 9/15/51	200,000		221,953
CSX Corp., 3.25%, 6/1/27	390,000		419,921
DAE Funding LLC, 1.55%, 8/1/24(4)	395,000		390,161
DAE Funding LLC, 3.375%, 3/20/28(4)	642,000		656,723
Union Pacific Corp., 2.40%, 2/5/30	270,000		278,003
Union Pacific Corp., MTN, 3.55%, 8/15/39	450,000		503,541
			3,153,777
Semiconductors and Semiconductor Equipment — 0.2%
Intel Corp., 2.80%, 8/12/41	580,000		579,433
Microchip Technology, Inc., 4.25%, 9/1/25	1,036,000		1,077,803
Qorvo, Inc., 4.375%, 10/15/29	450,000		483,750
Qorvo, Inc., 3.375%, 4/1/31(4)	227,000		234,970
			2,375,956
Software — 0.1%
Autodesk, Inc., 2.40%, 12/15/31	321,000		315,944
Oracle Corp., 3.60%, 4/1/40	645,000		673,227
			989,171
Specialty Retail — 0.2%
AutoNation, Inc., 1.95%, 8/1/28	307,000		299,664
Home Depot, Inc. (The), 3.90%, 6/15/47	50,000		60,154
Home Depot, Inc. (The), 2.375%, 3/15/51	720,000		671,622
Lowe's Cos., Inc., 2.625%, 4/1/31	690,000		705,948
			1,737,388
Technology Hardware, Storage and Peripherals — 0.3%
Apple, Inc., 2.65%, 2/8/51	880,000		870,362
Dell International LLC / EMC Corp., 4.90%, 10/1/26	605,000		689,634
Dell International LLC / EMC Corp., 8.10%, 7/15/36	289,000		438,348
Dell International LLC / EMC Corp., 8.35%, 7/15/46	280,000		466,032
HP, Inc., 2.65%, 6/17/31(4)	580,000		571,387
Western Digital Corp., 4.75%, 2/15/26	753,000		828,300
			3,864,063
Thrifts and Mortgage Finance — 0.1%
Nationwide Building Society, VRN, 4.125%, 10/18/32(4)	595,000		642,323
Trading Companies and Distributors†
Aircastle Ltd., 5.25%, 8/11/25(4)	371,000		410,154
Water Utilities†
Essential Utilities, Inc., 2.70%, 4/15/30	380,000		388,839
Wireless Telecommunication Services — 0.2%
T-Mobile USA, Inc., 4.75%, 2/1/28	534,000		564,038
T-Mobile USA, Inc., 3.50%, 4/15/31	395,000		409,321
T-Mobile USA, Inc., 3.40%, 10/15/52(4)	455,000		453,660
Vodafone Group plc, VRN, 4.125%, 6/4/81	465,000		462,842
			1,889,861
TOTAL CORPORATE BONDS (Cost $118,226,711)			119,793,254


	Shares/ Principal Amount		Value
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 4.0%
Adjustable-Rate U.S. Government Agency Mortgage-Backed Securities — 0.1%
FHLMC, VRN, 2.34%, (1-year H15T1Y plus 2.25%), 9/1/35	$	82,527	$	88,326
FHLMC, VRN, 2.17%, (12-month LIBOR plus 1.87%), 7/1/36	20,766		21,970
FHLMC, VRN, 2.20%, (1-year H15T1Y plus 2.14%), 10/1/36	79,779		85,876
FHLMC, VRN, 2.35%, (1-year H15T1Y plus 2.26%), 4/1/37	88,113		94,126
FHLMC, VRN, 2.12%, (12-month LIBOR plus 1.86%), 7/1/41	73,148		77,585
FHLMC, VRN, 2.89%, (12-month LIBOR plus 1.63%), 1/1/44	90,069		92,959
FHLMC, VRN, 2.62%, (12-month LIBOR plus 1.60%), 6/1/45	54,151		56,558
FHLMC, VRN, 1.875%, (12-month LIBOR plus 1.63%), 8/1/46	154,648		160,976
FHLMC, VRN, 3.05%, (12-month LIBOR plus 1.64%), 9/1/47	246,008		255,090
FNMA, VRN, 1.82%, (6-month LIBOR plus 1.57%), 6/1/35	51,875		54,075
FNMA, VRN, 1.82%, (6-month LIBOR plus 1.57%), 6/1/35	47,876		49,900
FNMA, VRN, 2.22%, (1-year H15T1Y plus 2.16%), 3/1/38	67,087		71,995
FNMA, VRN, 3.20%, (12-month LIBOR plus 1.61%), 3/1/47	145,358		150,886
FNMA, VRN, 3.10%, (12-month LIBOR plus 1.61%), 4/1/47	96,744		100,466
FNMA, VRN, 3.24%, (12-month LIBOR plus 1.62%), 5/1/47	165,480		171,630
			1,532,418
Fixed-Rate U.S. Government Agency Mortgage-Backed Securities — 3.9%
FHLMC, 3.00%, 6/1/51	3,201,139		3,342,757
FHLMC, 3.00%, 7/1/51	2,093,914		2,187,246
FHLMC, 2.50%, 8/1/51	2,166,129		2,226,942
FHLMC, 2.50%, 9/1/51	1,647,136		1,694,080
FHLMC, 3.50%, 9/1/51	587,370		621,529
FHLMC, 2.50%, 10/1/51	1,647,672		1,693,929
FNMA, 3.50%, 3/1/34	165,237		176,422
FNMA, 4.50%, 9/1/41	172,507		192,988
FNMA, 3.50%, 5/1/42	839,654		911,385
FNMA, 3.50%, 6/1/42	268,328		291,289
FNMA, 3.00%, 6/1/50	510,026		535,062
FNMA, 2.50%, 6/1/51	1,943,221		1,998,468
FNMA, 3.00%, 6/1/51	196,803		208,137
FNMA, 3.50%, 7/1/51	3,868,654		4,118,724
FNMA, 3.50%, 8/1/51	276,490		293,667
FNMA, 3.50%, 9/1/51	581,744		618,328
GNMA, 2.50%, TBA	4,219,000		4,337,247
GNMA, 7.00%, 4/20/26	13,295		14,511
GNMA, 7.50%, 8/15/26	8,869		9,770
GNMA, 7.00%, 2/15/28	1,734		1,740
GNMA, 7.00%, 5/15/31	21,417		24,778
GNMA, 5.50%, 11/15/32	56,173		65,328
GNMA, 4.50%, 6/15/41	187,436		214,873
GNMA, 3.50%, 6/20/42	338,537		364,364
GNMA, 3.50%, 3/15/46	1,462,974		1,571,562
GNMA, 3.50%, 6/20/51	1,399,537		1,467,108
GNMA, 3.00%, 7/20/51	515,546		535,975
GNMA, 3.00%, 8/20/51	519,386		541,148
GNMA, 2.50%, 9/20/51	1,401,356		1,441,540
GNMA, 3.00%, 9/20/51	1,044,241		1,089,369
UMBS, 2.50%, TBA	9,900,000		10,168,190
			42,958,456
TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Cost $44,495,563)			44,490,874


	Shares/ Principal Amount		Value
COLLATERALIZED LOAN OBLIGATIONS — 2.8%
ABPCI Direct Lending Fund CLO IV Ltd., Series 2017-2A, Class BR, VRN, 2.03%, (3-month LIBOR plus 1.90%), 10/27/33(4)	$	600,000	$	600,033
Aimco CLO Ltd., Series 2019-10A, Class BR, VRN, 1.73%, (3-month LIBOR plus 1.60%), 7/22/32(4)	1,090,000		1,090,543
Anchorage Capital CLO Ltd., Series 2021-19A, Class B1, VRN, 2.01%, (3-month LIBOR plus 1.85%), 10/15/34(4)	825,000		826,203
Anchorage Credit Opportunities CLO Ltd., Series 2019-1A, Class A1, VRN, 2.08%, (3-month LIBOR plus 1.95%), 1/20/32(4)	800,000		801,834
Apidos CLO XXVI, Series 2017-26A, Class BR, VRN, 2.07%, (3-month LIBOR plus 1.95%), 7/18/29(4)	775,000		775,773
ARES LII CLO Ltd., Series 2019-52A, Class BR, VRN, 1.78%, (3-month LIBOR plus 1.65%), 4/22/31(4)	550,000		550,274
ARES LII CLO Ltd., Series 2019-52A, Class CR, VRN, 2.23%, (3-month LIBOR plus 2.10%), 4/22/31(4)	575,000		575,998
Bain Capital Credit CLO Ltd., Series 2019-2A, Class BR, VRN, 1.72%, (3-month LIBOR plus 1.60%), 10/17/32(4)	625,000		624,494
BDS Ltd., Series 2021-FL7, Class C, VRN, 1.79%, (1-month LIBOR plus 1.70%), 6/16/36(4)	1,125,000		1,114,708
Bean Creek CLO Ltd., Series 2015-1A, Class AR, VRN, 1.15%, (3-month LIBOR plus 1.02%), 4/20/31(4)	575,000		575,343
Canyon Capital CLO Ltd., Series 2017-1A, Class BR, VRN, 1.72%, (3-month LIBOR plus 1.60%), 7/15/30(4)	725,000		724,796
Carlyle Global Market Strategies CLO Ltd., Series 2013-1A, Class BRR, VRN, 2.32%, (3-month LIBOR plus 2.20%), 8/14/30(4)	700,000		701,039
CarVal CLO III Ltd., Series 2019-2A, Class BR, VRN, 1.73%, (3-month LIBOR plus 1.60%), 7/20/32(4)	500,000		500,249
Cedar Funding Ltd., Series 2019-10A, Class BR, VRN, 1.73%, (3-month LIBOR plus 1.60%), 10/20/32(4)	600,000		598,733
Cerberus Loan Funding XXXIII LP, Series 2021-3A, Class A, VRN, 1.68%, (3-month LIBOR plus 1.56%), 7/23/33(4)	800,000		801,008
Elmwood CLO II Ltd., Series 2019-2A, Class DR, VRN, 3.13%, (3-month LIBOR plus 3.00%), 4/20/34(4)	500,000		503,209
Elmwood CLO V Ltd., Series 2020-2A, Class BR, VRN, 1.78%, (3-month LIBOR plus 1.65%), 10/20/34(4)	425,000		423,804
Elmwood CLO X Ltd., Series 2021-3A, Class B, VRN, 1.69%, (3-month LIBOR plus 1.60%), 10/20/34(4)	1,075,000		1,072,838
Elmwood CLO X Ltd., Series 2021-3A, Class C, VRN, 2.04%, (3-month LIBOR plus 1.95%), 10/20/34(4)	625,000		624,573
Goldentree Loan Management US CLO Ltd., Series 2019-5A, Class BR, VRN, 1.68%, (3-month LIBOR plus 1.55%), 10/20/32(4)	1,000,000		1,000,000
KKR CLO Ltd., Series 18, Class BR, VRN, 1.72%, (3-month LIBOR plus 1.60%), 7/18/30(4)	575,000		575,004
KKR CLO Ltd., Series 2022A, Class A, VRN, 1.28%, (3-month LIBOR plus 1.15%), 7/20/31(4)	450,000		450,369
KKR CLO Ltd., Series 30A, Class BR, VRN, 2.85%, (3-month LIBOR plus 1.60%), 10/17/31(3)(4)	1,025,000		1,025,000
KREF Ltd., Series 2021-FL2, Class AS, VRN, 1.39%, (1-month LIBOR plus 1.30%), 2/15/39(4)	800,000		799,250
KREF Ltd., Series 2021-FL2, Class B, VRN, 1.74%, (1-month LIBOR plus 1.65%), 2/15/39(4)	800,000		799,110
Madison Park Funding XXI Ltd., Series 2016-21A, Class A2RR, VRN, 1.78%, (3-month LIBOR plus 1.65%), 10/15/32(4)	525,000		525,000
Madison Park Funding XXII Ltd., Series 2016-22A, Class A1R, VRN, 1.38%, (3-month LIBOR plus 1.26%), 1/15/33(4)	450,000		450,406
Madison Park Funding XXXVII Ltd., Series 2019-37A, Class BR, VRN, 1.77%, (3-month LIBOR plus 1.65%), 7/15/33(4)	1,075,000		1,075,535


	Shares/ Principal Amount		Value
Magnetite CLO XXXI Ltd., Series 2021-31 A, Class B, VRN, 1.76%, (3-month LIBOR plus 1.65%), 7/15/34(4)	$	600,000	$	600,800
MF1 Ltd., Series 2021-FL7, Class AS, VRN, 1.54%, (1-month LIBOR plus 1.45%), 10/16/36(4)	1,350,000		1,349,319
Octagon Investment Partners XV Ltd., Series 2013-1A, Class BRR, VRN, 1.63%, (3-month LIBOR plus 1.50%), 7/19/30(4)	800,000		798,607
Parallel Ltd., Series 2019-1A, Class BR, VRN, 1.93%, (3-month LIBOR plus 1.80%), 7/20/32(4)	825,000		823,423
Park Avenue Institutional Advisers CLO Ltd., Series 2018-1A, Class BR, VRN, 2.23%, (3-month LIBOR plus 2.10%), 10/20/31(4)	750,000		747,972
Regata XII Funding Ltd., Series 2019-1A, Class BR, VRN, 1.72%, (3-month LIBOR plus 1.60%), 10/15/32(4)	750,000		748,521
Rockford Tower CLO Ltd., Series 2017-3A, Class A, VRN, 1.32%, (3-month LIBOR plus 1.19%), 10/20/30(4)	650,000		650,326
Sound Point CLO XXII Ltd., Series 2019-1A, Class BR, VRN, 1.83%, (3-month LIBOR plus 1.70%), 1/20/32(4)	1,350,000		1,350,672
THL Credit Wind River CLO Ltd., Series 2013-2A, Class BR2, VRN, 1.69%, (3-month LIBOR plus 1.57%), 10/18/30(4)	1,150,000		1,148,061
THL Credit Wind River CLO Ltd., Series 2019-3A, Class BR, VRN, 1.77%, (3-month LIBOR plus 1.65%), 4/15/31(4)	850,000		850,351
Voya CLO Ltd., Series 2013-2A, Class A1R, VRN, 1.09%, (3-month LIBOR plus 0.97%), 4/25/31(4)	700,000		700,696
Voya CLO Ltd., Series 2016-4A, Class B2R, VRN, 1.68%, (3-month LIBOR plus 1.55%), 7/20/29(4)	1,100,000		1,100,175
TOTAL COLLATERALIZED LOAN OBLIGATIONS (Cost $31,043,680)			31,054,049
COLLATERALIZED MORTGAGE OBLIGATIONS — 2.3%
Private Sponsor Collateralized Mortgage Obligations — 1.6%
ABN Amro Mortgage Corp., Series 2003-4, Class A4, 5.50%, 3/25/33	4,285		4,378
Adjustable Rate Mortgage Trust, Series 2004-4, Class 4A1, VRN, 2.53%, 3/25/35	101,632		103,782
Banc of America Mortgage Trust, Series 2004-E, Class 2A6 SEQ, VRN, 2.79%, 6/25/34	70,230		72,105
Bellemeade Re Ltd., Series 2019-3A, Class B1, VRN, 2.59%, (1-month LIBOR plus 2.50%), 7/25/29(4)	400,000		400,656
Bellemeade Re Ltd., Series 2019-3A, Class M1C, VRN, 2.04%, (1-month LIBOR plus 1.95%), 7/25/29(4)	360,000		360,518
Bellemeade Re Ltd., Series 2020-2A, Class M1C, VRN, 4.09%, (1-month LIBOR plus 4.00%), 8/26/30(4)	480,000		488,250
Chase Mortgage Finance Corp., Series 2021-CL1, Class M1, VRN, 1.25%, (SOFR plus 1.20%), 2/25/50(4)	479,874		481,138
Citigroup Mortgage Loan Trust, Inc., Series 2004-UST1, Class A5, VRN, 1.94%, 8/25/34	220,869		227,384
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005-17, Class 1A11, 5.50%, 9/25/35	1,510		1,473
Credit Suisse Mortgage Trust, Series 2021-NQM2, Class A2 SEQ, VRN, 1.38%, 2/25/66(4)	478,336		476,741
Credit Suisse Mortgage Trust, Series 2021-NQM3, Class A3 SEQ, VRN, 1.63%, 4/25/66(4)	362,785		362,871
Credit Suisse Mortgage Trust, Series 2021-RPL3, Class A1 SEQ, VRN, 2.00%, 1/25/60(4)	499,811		505,685
Deephaven Residential Mortgage Trust, Series 2021-3, Class A3, VRN, 1.55%, 8/25/66(4)	391,996		390,308
Eagle RE Ltd., Series 2021-1, Class M1C, VRN, 2.75%, (SOFR plus 2.70%), 10/25/33(4)	525,000		533,458
First Horizon Alternative Mortgage Securities Trust, Series 2004-AA4, Class A1, VRN, 2.31%, 10/25/34	107,170		111,648


	Shares/ Principal Amount		Value
GCAT Trust, Series 2021-NQM1, Class A3 SEQ, VRN, 1.15%, 1/25/66(4)	$	465,939	$	462,888
GSR Mortgage Loan Trust, Series 2004-7, Class 3A1, VRN, 2.16%, 6/25/34	25,052		25,034
GSR Mortgage Loan Trust, Series 2004-AR5, Class 3A3, VRN, 2.60%, 5/25/34	49,837		49,219
GSR Mortgage Loan Trust, Series 2005-AR1, Class 3A1, VRN, 2.77%, 1/25/35	63,513		65,795
Home RE Ltd., Series 2020-1, Class M1B, VRN, 3.34%, (1-month LIBOR plus 3.25%), 10/25/30(4)	947,973		950,721
Home RE Ltd., Series 2021-1 Class M1B, VRN, 1.64%, (1-month LIBOR plus 1.55%), 7/25/33(4)	360,000		358,555
JP Morgan Mortgage Trust, Series 2013-1, Class 2A2 SEQ, VRN, 2.50%, 3/25/43(4)	23,479		23,660
JP Morgan Mortgage Trust, Series 2017-1, Class A2, VRN, 3.48%, 1/25/47(4)	178,575		180,405
JP Morgan Mortgage Trust, Series 2020-3, Class A15, VRN, 3.50%, 8/25/50(4)	289,881		293,811
JP Morgan Mortgage Trust, Series 2021-12, Class A4 SEQ, VRN, 2.50%, 2/25/52(4)	1,146,539		1,163,759
JP Morgan Mortgage Trust, Series 2021-13, Class A3, VRN, 2.50%, 4/25/52(4)	1,225,000		1,230,934
MASTR Adjustable Rate Mortgages Trust, Series 2004-13, Class 3A7, VRN, 2.72%, 11/21/34	94,901		96,459
Merrill Lynch Mortgage Investors Trust, Series 2005-3, Class 2A, VRN, 2.15%, 11/25/35	43,870		43,998
Merrill Lynch Mortgage Investors Trust, Series 2005-A2, Class A1, VRN, 2.84%, 2/25/35	84,872		86,347
Newrez Warehouse Securitization Trust, Series 2021-1, Class A, VRN, 0.84%, (1-month LIBOR plus 0.75%), 5/25/55(4)	750,000		749,979
Oaktown Re V Ltd., Series 2020-2A, Class M1A, VRN, 2.49%, (1-month LIBOR plus 2.40%), 10/25/30(4)	36,499		36,501
Oceanview Mortgage Trust, Series 2021-3, Class A4 SEQ, VRN, 2.50%, 6/25/51(4)	1,169,664		1,190,302
Oceanview Mortgage Trust, Series 2021-5, Class A4 SEQ, VRN, 2.50%, 10/25/51(4)	1,100,000		1,117,965
PRMI Securitization Trust, Series 2021-1, Class A5, VRN, 2.50%, 4/25/51(4)	923,080		915,578
PSMC Trust, Series 2021-1, Class A11 SEQ, VRN, 2.50%, 3/25/51(4)	668,228		680,019
PSMC Trust, Series 2021-2, Class A3 SEQ, VRN, 2.50%, 5/25/51(4)	396,781		403,781
PSMC Trust, Series 2021-3, Class A3 SEQ, VRN, 2.50%, 8/25/51(4)	1,157,482		1,177,905
Sequoia Mortgage Trust, Series 2021-5, Class A4 SEQ, VRN, 2.50%, 7/25/51(4)	476,426		484,532
Sofi Mortgage Trust, Series 2016-1A, Class 1A4 SEQ, VRN, 3.00%, 11/25/46(4)	55,499		56,424
Starwood Mortgage Residential Trust, Series 2020-2, Class B1E, VRN, 3.00%, 4/25/60(4)	446,000		447,078
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-8, Class 2A1, VRN, 2.40%, 7/25/34	35,857		36,958
Verus Securitization Trust, Series 2021-R2, Class A2, VRN, 1.12%, 2/25/64(4)	407,477		406,883
Verus Securitization Trust, Series 2021-R2, Class A3, VRN, 1.23%, 2/25/64(4)	465,963		465,159
Wells Fargo Mortgage Backed Securities Trust, Series 2021-2, Class A3, VRN, 2.50%, 6/25/51(4)	859,699		874,326
			18,595,370


	Shares/ Principal Amount		Value
U.S. Government Agency Collateralized Mortgage Obligations — 0.7%
FHLMC, Series 2014-DN3, Class M3, VRN, 4.09%, (1-month LIBOR plus 4.00%), 8/25/24	$	121,681	$	124,736
FHLMC, Series 2015-HQ2, Class M3, VRN, 3.34%, (1-month LIBOR plus 3.25%), 5/25/25	74,673		75,821
FHLMC, Series 2016-DNA2, Class M3, VRN, 4.74%, (1-month LIBOR plus 4.65%), 10/25/28	403,797		419,196
FHLMC, Series 2019-DNA2, Class M2, VRN, 2.54%, (1-month LIBOR plus 2.45%), 3/25/49(4)	306,546		311,456
FHLMC, Series 2020-DNA3, Class M2, VRN, 3.09%, (1-month LIBOR plus 3.00%), 6/25/50(4)	139,907		140,476
FHLMC, Series 2020-DNA5, Class M2, VRN, 2.85%, (SOFR plus 2.80%), 10/25/50(4)	633,887		641,439
FHLMC, Series 2020-HQA3, Class M2, VRN, 3.69%, (1-month LIBOR plus 3.60%), 7/25/50(4)	131,920		132,906
FHLMC, Series 2021-DNA6, Class M2, VRN, 1.55%, (SOFR plus 1.50%), 10/25/41(4)	1,715,000		1,718,216
FHLMC, Series 5123, Class HI, IO, 5.00%, 1/25/42	1,580,376		279,597
FHLMC, Series 5146, Class DI, IO, 5.50%, 7/25/39	490,765		91,786
FNMA, Series 2013-C01, Class M2, VRN, 5.34%, (1-month LIBOR plus 5.25%), 10/25/23	649,670		676,476
FNMA, Series 2014-C02, Class 2M2, VRN, 2.69%, (1-month LIBOR plus 2.60%), 5/25/24	206,409		209,922
FNMA, Series 2014-C04, Class 1M2, VRN, 4.99%, (1-month LIBOR plus 4.90%), 11/25/24	216,812		225,750
FNMA, Series 2015-C04, Class 1M2, VRN, 5.79%, (1-month LIBOR plus 5.70%), 4/25/28	475,077		503,314
FNMA, Series 2015-C04, Class 2M2, VRN, 5.64%, (1-month LIBOR plus 5.55%), 4/25/28	973,238		1,021,757
FNMA, Series 2016-C01, Class 2M2, VRN, 7.04%, (1-month LIBOR plus 6.95%), 8/25/28	597,103		634,108
FNMA, Series 2016-C06, Class 1M2, VRN, 4.34%, (1-month LIBOR plus 4.25%), 4/25/29	251,598		261,634
FNMA, Series 2017-C03, Class 1M2C, VRN, 3.09%, (1-month LIBOR plus 3.00%), 10/25/29	110,000		114,167
			7,582,757
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $26,065,904)			26,178,127
ASSET-BACKED SECURITIES — 2.0%
Blackbird Capital Aircraft, Series 2021-1A, Class A SEQ, 2.44%, 7/15/46(4)	885,938		888,165
CARS-DB5 LP, Series 2021-1A, Class A4 SEQ, 2.76%, 8/15/51(4)	800,000		796,076
Castlelake Aircraft Structured Trust, Series 2017-1R, Class A SEQ, 2.74%, 8/15/41(4)	732,345		729,697
CLI Funding VI LLC, Series 2020-1A, Class A SEQ, 2.08%, 9/18/45(4)	484,963		484,594
DI Issuer LLC, Series 2021-1A, Class A2 SEQ, 3.72%, 9/15/51(4)	1,900,000		1,900,000
FirstKey Homes Trust, Series 2020-SFR2, Class D, 1.97%, 10/19/37(4)	1,200,000		1,181,922
FirstKey Homes Trust, Series 2021-SFR1, Class D, 2.19%, 8/17/38(4)	950,000		937,159
FirstKey Homes Trust, Series 2021-SFR1, Class E1, 2.39%, 8/17/38(4)	1,100,000		1,085,351
Global SC Finance SRL, Series 2021-2A, Class A SEQ, 1.95%, 8/17/41(4)	1,324,921		1,318,750
Goodgreen Trust, Series 2018-1A, Class A, VRN, 3.93%, 10/15/53(4)	428,954		450,929


	Shares/ Principal Amount		Value
Goodgreen Trust, Series 2020-1A, Class A SEQ, 2.63%, 4/15/55(4)	$	818,771	$	824,754
Goodgreen Trust, Series 2021-1A, Class A SEQ, 2.66%, 10/15/56(4)	563,739		562,157
J.G. Wentworth XL LLC, Series 2017-3A, Class B, 5.43%, 2/15/69(4)	93,000		114,536
J.G. Wentworth XXXIX LLC, Series 2017-2A, Class B, 5.09%, 9/17/74(4)	173,379		204,834
J.G. Wentworth XXXVIII LLC, Series 2017-1A, Class B, 5.43%, 8/15/62(4)	210,884		255,122
JG Wentworth XLII LLC, Series 2018-2A, Class B, 4.70%, 10/15/77(4)	550,000		631,664
MAPS Trust, Series 2021-1A, Class A SEQ, 2.52%, 6/15/46(4)	1,676,942		1,671,368
New Economy Assets Phase 1 Sponsor LLC, Series 2021-1, Class A1 SEQ, 1.91%, 10/20/61(4)	1,625,000		1,600,815
New Economy Assets Phase 1 Sponsor LLC, Series 2021-1, Class B1, 2.41%, 10/20/61(4)	1,925,000		1,920,864
Progress Residential Trust, Series 2021-SFR2, Class D, 2.20%, 4/19/38(4)	600,000		593,504
Progress Residential Trust, Series 2021-SFR3, Class C, 2.09%, 5/17/26(4)	500,000		498,272
Progress Residential Trust, Series 2021-SFR8, Class E1, 2.38%, 10/17/38(4)	900,000		887,419
Sierra Timeshare Receivables Funding LLC, Series 2021-1A, Class C, 1.79%, 11/20/37(4)	421,760		419,471
Slam Ltd., Series 2021-1A, Class A SEQ, 2.43%, 6/15/46(4)	645,293		640,500
Taco Bell Funding LLC, Series 2021-1A, Class A23 SEQ, 2.54%, 8/25/51(4)	525,000		528,929
TAL Advantage VII LLC, Series 2020-1A, Class A SEQ, 2.05%, 9/20/45(4)	487,438		487,231
Towd Point Mortgage Trust, Series 2018-2, Class A1, VRN, 3.25%, 3/25/58(4)	667,110		684,814
VSE VOI Mortgage LLC, Series 2016-A, Class A SEQ, 2.54%, 7/20/33(4)	137,460		137,414
VSE VOI Mortgage LLC, Series 2018-A, Class B, 3.72%, 2/20/36(4)	299,634		310,121
TOTAL ASSET-BACKED SECURITIES (Cost $22,841,097)			22,746,432
COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.8%
BDS Ltd., Series 2021-FL8, Class C, VRN, 1.63%, (1-month LIBOR plus 1.55%), 1/18/36(4)	500,000		499,659
BDS Ltd., Series 2021-FL8, Class D, VRN, 1.98%, (1-month LIBOR plus 1.90%), 1/18/36(4)	400,000		397,820
BX Commercial Mortgage Trust, Series 2020-VIV2, Class C, VRN, 3.54%, 3/9/44(4)	975,000		1,017,839
BX Commercial Mortgage Trust, Series 2020-VIVA, Class D, VRN, 3.55%, 3/11/44(4)	1,100,000		1,116,963
BX Commercial Mortgage Trust, Series 2021-VOLT, Class F, VRN, 2.49%, (1-month LIBOR plus 2.40%), 9/15/36(4)	1,200,000		1,201,803
BXMT, Ltd., Series 2020-FL2, Class C, VRN, 1.81%, (SOFR plus 1.76%), 2/15/38(4)	1,090,000		1,084,570
OPG Trust, Series 2021-PORT, Class E, VRN, 1.63%, (1-month LIBOR plus 1.53%), 10/15/36(4)	1,431,000		1,419,171
PFP Ltd., Series 2021-8, Class C, VRN, 1.89%, (1-month LIBOR plus 1.80%), 8/9/37(4)	1,175,000		1,172,862
PFP Ltd., Series 2019-5, Class B, VRN, 1.74%, (1-month LIBOR plus 1.65%), 4/14/36(4)	550,000		549,457
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $8,494,139)			8,460,144


	Shares/ Principal Amount		Value
MUNICIPAL SECURITIES — 0.7%
Bay Area Toll Authority Rev., 6.92%, 4/1/40	$	295,000	$	447,038
California State University Rev., 2.98%, 11/1/51	500,000		513,590
Foothill-Eastern Transportation Corridor Agency Rev., 4.09%, 1/15/49	275,000		289,545
Golden State Tobacco Securitization Corp. Rev., 2.75%, 6/1/34	660,000		665,743
Grand Parkway Transportation Corp. Rev., 3.24%, 10/1/52	225,000		235,000
Houston GO, 3.96%, 3/1/47	120,000		142,817
Metropolitan Transportation Authority Rev., 6.69%, 11/15/40	105,000		149,649
Metropolitan Transportation Authority Rev., 6.81%, 11/15/40	60,000		86,810
Metropolitan Water Reclamation District of Greater Chicago GO, 5.72%, 12/1/38	650,000		911,455
Michigan Strategic Fund Rev., (Flint Water Advocacy Fund), 3.23%, 9/1/47	570,000		583,601
Missouri Highway & Transportation Commission Rev., 5.45%, 5/1/33	130,000		163,371
New Jersey Turnpike Authority Rev., 7.41%, 1/1/40	200,000		327,776
New Jersey Turnpike Authority Rev., 7.10%, 1/1/41	95,000		151,963
New York City GO, 6.27%, 12/1/37	95,000		138,147
Ohio Turnpike & Infrastructure Commission Rev., 3.22%, 2/15/48	330,000		341,405
Ohio Water Development Authority Water Pollution Control Loan Fund Rev., 4.88%, 12/1/34	110,000		129,927
Port Authority of New York & New Jersey Rev., 4.93%, 10/1/51	50,000		71,558
Regents of the University of California Medical Center Pooled Rev., 3.26%, 5/15/60	245,000		265,417
Rutgers The State University of New Jersey Rev., 5.67%, 5/1/40	300,000		407,278
Sacramento Municipal Utility District Rev., 6.16%, 5/15/36	210,000		291,148
San Francisco Public Utilities Commission Water Rev., 6.00%, 11/1/40	105,000		144,077
Santa Clara Valley Transportation Authority Rev., 5.88%, 4/1/32	120,000		148,199
State of California GO, 4.60%, 4/1/38	355,000		411,897
State of California GO, 7.55%, 4/1/39	100,000		168,595
State of California GO, 7.30%, 10/1/39	160,000		254,566
State of California GO, 7.60%, 11/1/40	80,000		138,899
State of Washington GO, 5.14%, 8/1/40	20,000		27,485
TOTAL MUNICIPAL SECURITIES (Cost $6,487,418)			7,606,956
EXCHANGE-TRADED FUNDS — 0.4%
SPDR Bloomberg Barclays Short Term High Yield Bond ETF (Cost $3,885,194)	143,100		3,908,061
U.S. GOVERNMENT AGENCY SECURITIES — 0.3%
FNMA, 0.75%, 10/8/27	$	2,000,000	1,929,544
FNMA, 6.625%, 11/15/30	600,000		850,094
Tennessee Valley Authority, 1.50%, 9/15/31	300,000		295,571
TOTAL U.S. GOVERNMENT AGENCY SECURITIES (Cost $3,017,099)			3,075,209
SOVEREIGN GOVERNMENTS AND AGENCIES — 0.1%
Chile†
Chile Government International Bond, 3.625%, 10/30/42	100,000		106,015
Mexico — 0.1%
Mexico Government International Bond, 4.15%, 3/28/27	600,000		670,707
Peru†
Peruvian Government International Bond, 5.625%, 11/18/50	170,000		232,162


	Shares/ Principal Amount		Value
Philippines†
Philippine Government International Bond, 6.375%, 10/23/34	$	150,000	$	206,492
Poland†
Republic of Poland Government International Bond, 3.00%, 3/17/23	140,000		144,235
South Africa†
Republic of South Africa Government International Bond, 4.67%, 1/17/24	110,000		117,128
Uruguay†
Uruguay Government International Bond, 4.125%, 11/20/45	120,000		142,058
TOTAL SOVEREIGN GOVERNMENTS AND AGENCIES (Cost $1,417,182)			1,618,797
BANK LOAN OBLIGATIONS(5) — 0.1%
Media — 0.1%
DirecTV Financing, LLC, Term Loan, 7/22/27(6)	855,000		856,603
Pharmaceuticals†
Horizon Therapeutics USA Inc., 2021 Term Loan B, 2.50%, (1-month LIBOR plus 2.00%), 3/15/28	501,480		500,986
TOTAL BANK LOAN OBLIGATIONS (Cost $1,359,207)			1,357,589
PREFERRED STOCKS†
Banks†
SVB Financial Group, 4.25% (Cost $425,000)	425,000		427,072
TEMPORARY CASH INVESTMENTS — 1.2%
State Street Institutional U.S. Government Money Market Fund, Premier Class (Cost $13,725,310)	13,725,310		13,725,310
TOTAL INVESTMENT SECURITIES — 101.8% (Cost $988,830,918)			1,138,028,146
OTHER ASSETS AND LIABILITIES — (1.8)%			(20,363,162)
TOTAL NET ASSETS — 100.0%			$	1,117,664,984


FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS
Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
EUR	169,601	USD	198,536	Credit Suisse AG	12/31/21	$	(2,165)
EUR	389,704	USD	453,086	Credit Suisse AG	12/31/21	(1,869)
EUR	131,912	USD	152,956	Credit Suisse AG	12/31/21	(223)
EUR	114,575	USD	133,343	Credit Suisse AG	12/31/21	(684)
EUR	157,540	USD	183,163	Credit Suisse AG	12/31/21	(756)
EUR	195,229	USD	227,220	Credit Suisse AG	12/31/21	(1,175)
USD	6,534,853	EUR	5,573,449	Credit Suisse AG	12/31/21	81,669
USD	220,461	EUR	190,706	Credit Suisse AG	12/31/21	(347)
USD	256,333	EUR	220,858	Credit Suisse AG	12/31/21	614
USD	147,723	EUR	126,635	Credit Suisse AG	12/31/21	1,099
USD	292,487	EUR	251,763	Credit Suisse AG	12/31/21	986
						$	77,149


FUTURES CONTRACTS PURCHASED
Reference Entity	Contracts	Expiration Date	Notional Amount		Unrealized Appreciation (Depreciation)^
U.S. Treasury 2-Year Notes	54	December 2021	$	11,839,500	$	(6,105)
U.S. Treasury 5-Year Notes	87	December 2021	10,592,250		(84,420)
U.S. Treasury 10-Year Ultra Notes	14	December 2021	2,030,437		11,785
U.S. Treasury Long Bonds	37	December 2021	5,951,219		62,430
U.S. Treasury Ultra Bonds	19	December 2021	3,731,719		61,807
			$	34,145,125	$	45,497

^Amount represents value and unrealized appreciation (depreciation).

FUTURES CONTRACTS SOLD

Reference Entity

Contracts

Expiration
Date

Notional
Amount

Unrealized
Appreciation
(Depreciation)^

U.S. Treasury 10-Year Notes

December 2021

6,665,859

(18,946)

^Amount represents value and unrealized appreciation (depreciation).


CENTRALLY CLEARED TOTAL RETURN SWAP AGREEMENTS
Floating Rate Index	Pay/Receive Floating Rate Index at Termination	Fixed Rate	Termination Date	Notional Amount		Premiums Paid (Received)		Unrealized Appreciation (Depreciation)		Value
CPURNSA	Receive	1.78%	8/5/24	$	3,500,000	$	(528)	$	271,170	$	270,642
CPURNSA	Receive	2.34%	2/5/26	$	2,300,000	302		154,300		154,602
CPURNSA	Receive	2.33%	2/8/26	$	4,000,000	524		268,824		269,348
CPURNSA	Receive	2.30%	2/24/26	$	4,000,000	524		272,020		272,544
CPURNSA	Receive	2.40%	2/9/31	$	2,000,000	521		142,101		142,622
						$	1,343	$	1,108,415	$	1,109,758


NOTES TO SCHEDULE OF INVESTMENTS
CPURNSA	-	U.S. Consumer Price Index Urban Consumers Not Seasonally Adjusted Index
EUR	-	Euro
FHLMC	-	Federal Home Loan Mortgage Corporation
FNMA	-	Federal National Mortgage Association
GNMA	-	Government National Mortgage Association
GO	-	General Obligation
H15T1Y	-	Constant Maturity U.S. Treasury Note Yield Curve Rate Index
IO	-	Interest Only
LIBOR	-	London Interbank Offered Rate
MTN	-	Medium Term Note
SEQ	-	Sequential Payer
SOFR	-	Secured Overnight Financing Rate
TBA	-	To-Be-Announced. Security was purchased on a forward commitment basis with an approximate principal amount and maturity date. Actual principal amount and maturity date will be determined upon settlement.
UMBS	-	Uniform Mortgage-Backed Securities
USD	-	United States Dollar
VRN	-	Variable Rate Note. The rate adjusts periodically based upon the terms set forth in the security’s offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. The security's effective maturity date may be shorter than the final maturity date shown.

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

(1)Non-income producing.

(2)Security, or a portion thereof, has been pledged at the custodian bank or with a broker for collateral requirements on forward commitments, forward foreign currency exchange contracts, futures contracts and/or swap agreements. At the period end, the aggregate value of securities pledged was $957,055.

(3)When-issued security. The issue price and yield are fixed on the date of the commitment, but payment and delivery are scheduled for a future date.

(4)Security was purchased pursuant to Rule 144A or Section 4(2) under the Securities Act of 1933 and may be sold in transactions exempt from registration, normally to qualified institutional investors. The aggregate value of these securities at the period end was $107,231,358, which represented 9.6% of total net assets.

(5)The interest rate on a bank loan obligation adjusts periodically based on a predetermined schedule. Rate or range of rates shown is effective at period end. The maturity date on a bank loan obligation may be less than indicated as a result of contractual or optional prepayments. These prepayments cannot be predicted with certainty.

(6)The interest rate will be determined upon settlement of the bank loan obligation after period end.

See Notes to Financial Statements.


Statement of Assets and Liabilities


OCTOBER 31, 2021
Assets
Investment securities, at value (cost of $988,830,918)	$	1,138,028,146
Cash	2,359
Receivable for investments sold	1,539,430
Receivable for capital shares sold	147,924
Receivable for variation margin on futures contracts	33,767
Unrealized appreciation on forward foreign currency exchange contracts	84,368
Dividends and interest receivable	2,237,592
	1,142,073,586

Liabilities
Payable for investments purchased	23,194,016
Payable for capital shares redeemed	365,532
Payable for variation margin on swap agreements	33,343
Unrealized depreciation on forward foreign currency exchange contracts	7,219
Accrued management fees	808,492
	24,408,602

Net Assets	$	1,117,664,984

Net Assets Consist of:
Capital (par value and paid-in surplus)	$	774,332,188
Distributable earnings	343,332,796
	$	1,117,664,984


	Net Assets	Shares Outstanding	Net Asset Value Per Share
Investor Class, $0.01 Par Value	$1,002,740,161	43,661,755	$22.97
I Class, $0.01 Par Value	$107,875,150	4,693,536	$22.98
R5 Class, $0.01 Par Value	$7,049,673	306,765	$22.98

See Notes to Financial Statements.


Statement of Operations


YEAR ENDED OCTOBER 31, 2021
Investment Income (Loss)
Income:
Dividends (net of foreign taxes withheld of $8,391)	$	9,012,265
Interest (net of foreign taxes withheld of $41)	7,570,406
	16,582,671

Expenses:
Management fees	9,247,090
Directors' fees and expenses	27,073
Other expenses	7,917
	9,282,080

Net investment income (loss)	7,300,591

Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions	205,662,734
Futures contract transactions	2,184,983
Swap agreement transactions	(65,821)
Foreign currency translation transactions	(11,220)
	207,770,676

Change in net unrealized appreciation (depreciation) on:
Investments	906,234
Forward foreign currency exchange contracts	77,149
Futures contracts	67,522
Swap agreements	1,145,684
	2,196,589

Net realized and unrealized gain (loss)	209,967,265

Net Increase (Decrease) in Net Assets Resulting from Operations	$	217,267,856

See Notes to Financial Statements.


Statement of Changes in Net Assets


YEARS ENDED OCTOBER 31, 2021 AND OCTOBER 31, 2020
Increase (Decrease) in Net Assets	October 31, 2021		October 31, 2020
Operations
Net investment income (loss)	$	7,300,591	$	9,729,769
Net realized gain (loss)	207,770,676		53,394,706
Change in net unrealized appreciation (depreciation)	2,196,589		2,590,228
Net increase (decrease) in net assets resulting from operations	217,267,856		65,714,703

Distributions to Shareholders
From earnings:
Investor Class	(51,263,128)		(40,169,645)
I Class	(6,239,355)		(3,755,952)
R5 Class	(238,351)		(156,553)
Decrease in net assets from distributions	(57,740,834)		(44,082,150)

Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions (Note 5)	13,739,758		12,514,699

Net increase (decrease) in net assets	173,266,780		34,147,252

Net Assets
Beginning of period	944,398,204		910,250,952
End of period	$	1,117,664,984	$	944,398,204

See Notes to Financial Statements.


Notes to Financial Statements

OCTOBER 31, 2021

1. Organization

American Century Mutual Funds, Inc. (the corporation) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company and is organized as a Maryland corporation. Balanced Fund (the fund) is one fund in a series issued by the corporation. The fund’s investment objective is to seek long-term capital growth and current income by investing approximately 60% of its assets in equity securities and the remainder in bonds and other fixed-income securities. The fund offers the Investor Class, I Class and R5 Class.

2. Significant Accounting Policies

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

Investment Valuations — The fund determines the fair value of its investments and computes its net asset value (NAV) per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. The Board of Directors has adopted valuation policies and procedures to guide the investment advisor in the fund’s investment valuation process and to provide methodologies for the oversight of the fund’s pricing function.

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

Fixed income securities are valued at the evaluated mean as provided by independent pricing services or at the mean of the most recent bid and asked prices as provided by investment dealers. Corporate bonds, U.S. Treasury and Government Agency securities, convertible bonds, bank loan obligations, municipal securities, and sovereign governments and agencies are valued using market models that consider trade data, quotations from dealers and active market makers, relevant yield curve and spread data, creditworthiness, trade data or market information on comparable securities, and other relevant security specific information. Mortgage-related and asset-backed securities are valued based on models that consider trade data, prepayment and default projections, benchmark yield and spread data and estimated cash flows of each tranche of the issuer. Collateralized loan obligations are valued based on discounted cash flow models that consider trade and economic data, prepayment assumptions and default projections.

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

Open-end management investment companies are valued at the reported NAV per share. Exchange-traded futures contracts are valued at the settlement price as provided by the appropriate exchange. Swap agreements are valued at an evaluated mean as provided by independent pricing services or independent brokers. Forward foreign currency exchange contracts are valued at the mean of the appropriate forward exchange rate at the close of the NYSE as provided by an independent pricing service.

If the fund determines that the market price for an investment is not readily available or the valuation methods mentioned above do not reflect an investment’s fair value, such investment is valued as determined in good faith by the Board of Directors or its delegate, in accordance with policies and procedures adopted by the Board of Directors. In its determination of fair value, the fund may review several factors including, but not limited to, market information regarding the specific investment or comparable investments and correlation with other investment types, futures indices or general market indicators. Circumstances that may cause the fund to use these procedures to value an investment include, but are not limited to: an investment has been declared in default or is distressed; trading in a security has been suspended during the trading day or a security is not actively trading on its principal exchange; prices received from a regular pricing source are deemed unreliable; or there is a foreign market holiday and no trading occurred.

The fund 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; 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 fund also monitors for significant fluctuations between domestic and foreign markets, as evidenced by the U.S. market or such other indicators that the Board of Directors, or its delegate, deems appropriate. The fund 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.

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.

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 less foreign taxes withheld, if any, is recorded on the accrual basis and includes paydown gain (loss) and accretion of discounts and amortization of premiums. Inflation adjustments related to inflation-linked debt securities are reflected as interest income.

Forward Commitments — The fund may engage in securities transactions on a forward commitment basis. In these transactions, the securities’ prices and yields are fixed on the date of the commitment. The fund may sell a to-be-announced (TBA) security and at the same time make a commitment to purchase the same security at a future date at a specified price. Conversely, the fund may purchase a TBA security and at the same time make a commitment to sell the same security at a future date at a specified price. These types of transactions are known as “TBA roll” transactions and are accounted for as purchases and sales. The fund will segregate cash, cash equivalents or other appropriate liquid securities on its records in amounts sufficient to meet the purchase price.

Segregated Assets — In accordance with the 1940 Act, the fund segregates assets on its books and records to cover certain types of investment securities and other financial instruments. American Century Investment Management, Inc. (ACIM) (the investment advisor) monitors, on a daily basis, the securities segregated to ensure the fund designates a sufficient amount of liquid assets, marked-to-market daily. The fund may also receive assets or be required to pledge assets at the custodian bank or with a broker for collateral requirements.

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

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

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

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

3. Fees and Transactions with Related Parties

The management fee schedule range and the effective annual management fee for each class for the period ended October 31, 2021 are as follows:


	Management Fee Schedule Range	Effective Annual Management Fee
Investor Class	0.800% to 0.900%	0.90%
I Class	0.600% to 0.700%	0.70%
R5 Class	0.600% to 0.700%	0.70%

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.

Interfund Transactions — The fund may enter into security transactions with other American Century Investments funds and other client accounts of the investment advisor, in accordance with the 1940 Act rules and procedures adopted by the Board of Directors. The rules and procedures require, among other things, that these transactions be effected at the independent current market price of the security. During the period, the interfund purchases and sales were $4,662,771 and $7,639,521, respectively. The effect of interfund transactions on the Statement of Operations was $912,440 in net realized gain (loss) on investment transactions.

4. Investment Transactions

Purchases of investment securities, excluding short-term investments, for the period ended October 31, 2021 totaled $2,387,533,166, of which $619,028,023 represented U.S. Treasury and Government Agency obligations.

Sales of investment securities, excluding short-term investments, for the period ended October 31, 2021 totaled $2,429,344,121, of which $632,945,420 represented U.S. Treasury and Government Agency obligations.

5. Capital Share Transactions

Transactions in shares of the fund were as follows:


	Year ended October 31, 2021			Year ended October 31, 2020
	Shares	Amount		Shares	Amount
Investor Class/Shares Authorized	530,000,000			530,000,000
Sold	4,157,746	$	88,713,677	4,046,798	$	78,184,412
Issued in reinvestment of distributions	2,448,377	49,436,486		2,048,400	39,160,124
Redeemed	(5,592,077)	(119,705,514)		(6,997,025)	(132,646,617)
	1,014,046	18,444,649		(901,827)	(15,302,081)
I Class/Shares Authorized	50,000,000			50,000,000
Sold	904,798	19,191,359		2,500,437	47,238,943
Issued in reinvestment of distributions	308,467	6,238,096		196,097	3,754,687
Redeemed	(1,561,092)	(32,908,772)		(1,231,351)	(23,595,556)
	(347,827)	(7,479,317)		1,465,183	27,398,074
R5 Class/Shares Authorized	30,000,000			30,000,000
Sold	132,639	2,910,360		26,145	502,174
Issued in reinvestment of distributions	11,751	238,351		8,180	156,553
Redeemed	(17,242)	(374,285)		(13,204)	(240,021)
	127,148	2,774,426		21,121	418,706
Net increase (decrease)	793,367	$	13,739,758	584,477	$	12,514,699

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	$	673,990,137	$	10,921,708	—
U.S. Treasury Securities	—		168,674,427		—
Corporate Bonds	—		119,793,254		—
U.S. Government Agency Mortgage-Backed Securities	—		44,490,874		—
Collateralized Loan Obligations	—		31,054,049		—
Collateralized Mortgage Obligations	—		26,178,127		—
Asset-Backed Securities	—		22,746,432		—
Commercial Mortgage-Backed Securities	—		8,460,144		—
Municipal Securities	—		7,606,956		—
Exchange-Traded Funds	3,908,061		—		—
U.S. Government Agency Securities	—		3,075,209		—
Sovereign Governments and Agencies	—		1,618,797		—
Bank Loan Obligations	—		1,357,589		—
Preferred Stocks	—		427,072		—
Temporary Cash Investments	13,725,310		—		—
	$	691,623,508	$	446,404,638	—
Other Financial Instruments
Futures Contracts	$	136,022	—		—
Swap Agreements	—		$	1,109,758	—
Forward Foreign Currency Exchange Contracts	—		84,368		—
	$	136,022	$	1,194,126	—

Liabilities
Other Financial Instruments
Futures Contracts	$	109,471	—		—
Forward Foreign Currency Exchange Contracts	—		$	7,219	—
	$	109,471	$	7,219	—

7. Derivative Instruments

Credit Risk — The fund is subject to credit risk in the normal course of pursuing its investment objectives. The value of a bond generally declines as the credit quality of its issuer declines. Credit default swap agreements enable a fund to buy/sell protection against a credit event of a specific issuer or index. A fund may attempt to enhance returns by selling protection or attempt to mitigate credit risk by buying protection. The buyer/seller of credit protection against a security or basket of securities may pay/receive an up-front or periodic payment to compensate for/against potential default events. Changes in value, including the periodic amounts of interest to be paid or received on swap agreements, are recorded as unrealized appreciation (depreciation) on swap agreements. Upon entering into a centrally cleared swap, a fund is required to deposit cash or securities (initial margin) with a financial intermediary in an amount equal to a certain percentage of the notional amount. Subsequent payments (variation margin) are made or received daily, in cash, by a fund. The variation margin is equal to the daily change in the value and is a component of unrealized gains and losses. Realized gain or loss is recorded upon receipt or payment of a periodic settlement or termination of swap agreements. Net realized and unrealized gains or losses occurring during the holding period of swap agreements are a component of net realized gain (loss) on swap agreement transactions and change in net unrealized appreciation (depreciation) on swap agreements, respectively. The risks of entering into swap agreements include the possible lack of liquidity, failure of the counterparty to meet its obligations, and that there may be unfavorable changes in the underlying investments or instruments. The fund's average notional amount held during the period was $8,866,667.

Equity Price Risk — The fund is subject to equity price risk in the normal course of pursuing its investment objectives. A fund may enter into futures contracts based on an equity index in order to manage its exposure to changes in market conditions. A fund may purchase futures contracts to gain exposure to increases in market value or sell futures contracts to protect against a decline in market value. Upon entering into a futures contract, a fund is required to deposit either cash or securities in an amount equal to a certain percentage of the contract value (initial margin). Subsequent payments (variation margin) are made or received daily, in cash, by a fund. The variation margin is equal to the daily change in the contract value and is recorded as unrealized gains and losses. A fund recognizes a realized gain or loss when the contract is closed or expires. Net realized and unrealized gains or losses occurring during the holding period of futures contracts are a component of net realized gain (loss) on futures contract transactions and change in net unrealized appreciation (depreciation) on futures contracts, respectively. One of the risks of entering into futures contracts is the possibility that the change in value of the contract may not correlate with the changes in value of the underlying securities. The fund's average notional exposure to equity price risk derivative instruments held during the period was $6,110,913 futures contracts purchased.

Foreign Currency Risk — The fund is subject to foreign currency exchange rate risk in the normal course of pursuing its investment objectives. The value of foreign investments held by a fund may be significantly affected by changes in foreign currency exchange rates. The dollar value of a foreign security generally decreases when the value of the dollar rises against the foreign currency in which the security is denominated and tends to increase when the value of the dollar declines against such foreign currency. A fund may enter into forward foreign currency exchange contracts to reduce a fund's exposure to foreign currency exchange rate fluctuations. The net U.S. dollar value of foreign currency underlying all contractual commitments held by a fund and the resulting unrealized appreciation or depreciation are determined daily. Realized gain or loss is recorded upon settlement of the contract. Net realized and unrealized gains or losses occurring during the holding period of forward foreign currency exchange contracts are a component of net realized gain (loss) on forward foreign currency exchange contract transactions and change in net unrealized appreciation (depreciation) on forward foreign currency exchange contracts, respectively. A fund bears the risk of an unfavorable change in the foreign currency exchange rate underlying the forward contract. Additionally, losses, up to the fair value, may arise if the counterparties do not perform under the contract terms. The fund's average U.S. dollar exposure to foreign currency risk derivative instruments held during the period was $8,069,795.

Interest Rate Risk — The fund is subject to interest rate risk in the normal course of pursuing its investment objectives. The value of bonds generally declines as interest rates rise. A fund may enter into futures contracts based on a bond index or a specific underlying security. A fund may purchase futures contracts to gain exposure to increases in market value or sell futures contracts to protect against a decline in market value. Upon entering into a futures contract, a fund will segregate cash, cash equivalents or other appropriate liquid securities on its records in amounts sufficient to meet requirements. Subsequent payments (variation margin) are made or received daily, in cash, by a fund. The variation margin is equal to the daily change in the contract value and is recorded as unrealized gains and losses. A fund recognizes a realized gain or loss when the futures contract is closed or expires. Net realized and unrealized gains or losses occurring during the holding period of futures contracts are a component of net realized gain (loss) on futures contract transactions and change in net unrealized appreciation (depreciation) on futures contracts, respectively. One of the risks of entering into futures contracts is the possibility that the change in value of the contract may not correlate with the changes in value of the underlying securities. The fund's average notional exposure to interest rate risk derivative instruments held during the period was $31,437,161 futures contracts purchased and $8,242,622 futures contracts sold.

Other Contracts — A fund may enter into total return swap agreements in order to attempt to obtain or preserve a particular return or spread at a lower cost than obtaining a return or spread through purchases and/or sales of instruments in other markets or gain exposure to certain markets in the most economical way possible. A fund will segregate cash, cash equivalents or other appropriate liquid securities on its records in amounts sufficient to meet requirements. Changes in value, including the periodic amounts of interest to be paid or received on swap agreements, are recorded as unrealized appreciation (depreciation) on swap agreements. Upon entering into a centrally cleared swap, a fund is required to deposit cash or securities (initial margin) with a financial intermediary in an amount equal to a certain percentage of the notional amount. Subsequent payments (variation margin) are made or received daily, in cash, by a fund. The variation margin is equal to the daily change in the value and is a component of unrealized gains and losses. Realized gain or loss is recorded upon receipt or payment of a periodic settlement or termination of swap agreements. Net realized and unrealized gains or losses occurring during the holding period of swap agreements are a component of net realized gain (loss) on swap agreement transactions and change in net unrealized appreciation (depreciation) on swap agreements, respectively. The risks of entering into swap agreements include the possible lack of liquidity, failure of the counterparty to meet its obligations, and that there may be unfavorable changes in the underlying investments or instruments, including inflationary risk. The fund's average notional amount held during the period was $13,575,000.

Value of Derivative Instruments as of October 31, 2021


	Asset Derivatives			Liability Derivatives
Type of Risk Exposure	Location on Statement of Assets and Liabilities	Value		Location on Statement of Assets and Liabilities	Value
Foreign Currency Risk	Unrealized appreciation on forward foreign currency exchange contracts	$	84,368	Unrealized depreciation on forward foreign currency exchange contracts	$	7,219
Interest Rate Risk	Receivable for variation margin on futures contracts*	33,767		Payable for variation margin on futures contracts*	—
Other Contracts	Receivable for variation margin on swap agreements*	—		Payable for variation margin on swap agreements*	33,343
		$	118,135		$	40,562

*Included in the unrealized appreciation (depreciation) on futures contracts or centrally cleared swap agreements, as applicable, as reported in the Schedule of Investments.

Effect of Derivative Instruments on the Statement of Operations for the Year Ended October 31, 2021


	Net Realized Gain (Loss)			Change in Net Unrealized Appreciation (Depreciation)
Type of Risk Exposure	Location on Statement of Operations	Value		Location on Statement of Operations	Value
Credit Risk	Net realized gain (loss) on swap agreement transactions	$	(136,488)	Change in net unrealized appreciation (depreciation) on swap agreements	—
Equity Price Risk	Net realized gain (loss) on futures contract transactions	1,970,351		Change in net unrealized appreciation (depreciation) on futures contracts	$	94,605
Foreign Currency Risk	Net realized gain (loss) on forward foreign currency exchange contract transactions	—		Change in net unrealized appreciation (depreciation) on forward foreign currency exchange contracts	77,149
Interest Rate Risk	Net realized gain (loss) on futures contract transactions	214,632		Change in net unrealized appreciation (depreciation) on futures contracts	(27,083)
Other Contracts	Net realized gain (loss) on swap agreement transactions	70,667		Change in net unrealized appreciation (depreciation) on swap agreements	1,145,684
		$	2,119,162		$	1,290,355

8. Risk Factors

The value of the fund’s shares will go up and down, sometimes rapidly or unpredictably, based on the performance of the securities owned by the fund and other factors generally affecting the securities market. Market risks, including political, regulatory, economic and social developments, can affect the value of the fund’s investments. Natural disasters, public health emergencies, 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 may invest in instruments that have variable or floating coupon rates based on the London Interbank Offered Rate (LIBOR). LIBOR is a benchmark interest rate intended to be representative of the rate at which certain major international banks lend to one another over short-terms. However, LIBOR is expected to be phased out and the transition process may lead to increased volatility or illiquidity in markets for instruments that rely on LIBOR. This could result in a change to the value of such instruments.

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.

9. Federal Tax Information

The tax character of distributions paid during the years ended October 31, 2021 and October 31, 2020 were as follows:


	2021		2020
Distributions Paid From
Ordinary income	$	8,419,510	$	13,199,357
Long-term capital gains	$	49,321,324	$	30,882,793

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	$	990,517,547
Gross tax appreciation of investments	$	159,643,267
Gross tax depreciation of investments	(12,132,668)
Net tax appreciation (depreciation) of investments	147,510,599
Net tax appreciation (depreciation) on derivatives and translation of assets and liabilities in foreign currencies	1,108,415
Net tax appreciation (depreciation)	$	148,619,014
Other book-to-tax adjustments	$	(156,390)
Undistributed ordinary income	$	87,967,892
Accumulated long-term gains	$	106,902,280

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


Financial Highlights


For a Share Outstanding Throughout the Years Ended October 31 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return(2)	Operating Expenses	Net Investment Income (Loss)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
Investor Class
2021	$19.73	0.14	4.30	4.44	(0.17)	(1.03)	(1.20)	$22.97	23.34%	0.90%	0.67%	225%	$1,002,740
2020	$19.25	0.20	1.22	1.42	(0.25)	(0.69)	(0.94)	$19.73	7.54%	0.90%	1.03%	165%	$841,328
2019	$18.55	0.29	1.73	2.02	(0.29)	(1.03)	(1.32)	$19.25	11.82%	0.90%	1.58%	101%	$838,309
2018	$19.31	0.25	0.09	0.34	(0.25)	(0.85)	(1.10)	$18.55	1.72%	0.90%	1.32%	115%	$798,120
2017	$17.39	0.26	2.10	2.36	(0.28)	(0.16)	(0.44)	$19.31	13.78%	0.91%	1.44%	112%	$814,569
I Class
2021	$19.74	0.19	4.29	4.48	(0.21)	(1.03)	(1.24)	$22.98	23.58%	0.70%	0.87%	225%	$107,875
2020	$19.26	0.23	1.23	1.46	(0.29)	(0.69)	(0.98)	$19.74	7.75%	0.70%	1.23%	165%	$99,524
2019	$18.56	0.33	1.72	2.05	(0.32)	(1.03)	(1.35)	$19.26	12.04%	0.70%	1.78%	101%	$68,889
2018	$19.32	0.29	0.09	0.38	(0.29)	(0.85)	(1.14)	$18.56	1.92%	0.70%	1.52%	115%	$62,077
2017	$17.40	0.30	2.09	2.39	(0.31)	(0.16)	(0.47)	$19.32	13.99%	0.71%	1.64%	112%	$73,385
R5 Class
2021	$19.74	0.18	4.30	4.48	(0.21)	(1.03)	(1.24)	$22.98	23.58%	0.70%	0.87%	225%	$7,050
2020	$19.26	0.24	1.22	1.46	(0.29)	(0.69)	(0.98)	$19.74	7.75%	0.70%	1.23%	165%	$3,545
2019	$18.56	0.33	1.72	2.05	(0.32)	(1.03)	(1.35)	$19.26	12.04%	0.70%	1.78%	101%	$3,053
2018	$19.32	0.30	0.08	0.38	(0.29)	(0.85)	(1.14)	$18.56	1.93%	0.70%	1.52%	115%	$2,574
2017(3)	$18.18	0.17	1.14	1.31	(0.17)	—	(0.17)	$19.32	7.21%	0.71%(4)	1.66%(4)	112%(5)	$5


Notes to Financial Highlights

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

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

(3)April 10, 2017 (commencement of sale) through October 31, 2017.

(4)Annualized.

(5)Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended October 31, 2017.

See Notes to Financial Statements.


Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Directors of American Century Mutual Funds, Inc.:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Balanced Fund (the “Fund”), one of the funds constituting the American Century Mutual Funds, Inc., as of October 31, 2021, 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 Balanced Fund of the American Century Mutual Funds, Inc. as of October 31, 2021, 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, 2021, 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 15, 2021

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 by 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

Thomas W. Bunn (1953)

Director

Since 2017

Retired

SquareTwo Financial; Barings (formerly Babson Capital Funds Trust) (2013 to 2016)

Chris H. Cheesman
(1962)

Director

Since 2019

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

Alleghany Corporation

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

Since 2011

Retired

None

John R. Whitten
(1946)

Director

Since 2008

Retired

Onto Innovation Inc. (2019 to 2020); Rudolph Technologies, Inc. (2006 to 2019)

Stephen E. Yates
(1948)

Director and Chairman of the Board

Since 2012 (Chairman since 2018)

Retired

107

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

145

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 (in the case of Robert J. Leach, 15) 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, 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)
C. Jean Wade (1964)	Vice President since 2012	Senior Vice President, ACS (2017 to present); Vice President, ACS (2000 to 2017)
Robert J. Leach (1966)	Vice President since 2006	Vice President, ACS (2000 to present)
David H. Reinmiller (1963)	Vice President since 2000	Attorney, ACC (1994 to present). Also serves as Vice President, ACIM and ACS
Ward D. Stauffer (1960)	Secretary since 2005	Attorney, ACC (2003 to present)


Approval of Management Agreement

At a meeting held on June 30, 2021, 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 Section 15(c) of 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 (the “Directors”), including a majority of the independent Directors, each year.

Prior to its consideration of the renewal of the management agreement, the Directors requested and reviewed extensive data and information compiled by the Advisor and certain independent providers of evaluation data concerning the Fund and the services provided to the Fund by the Advisor. 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 extensive information that the Board and its committees receive and consider throughout the year.

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 following:

•the nature, extent, and quality of investment management, shareholder services, and other services provided and to be provided to the Fund including without limitation portfolio management and trading services, shareholder and intermediary services, compliance and legal services, fund accounting and financial reporting, and fund share distribution;

•the wide range of other programs and services provided and to be provided to the Fund and its shareholders on a routine and non-routine basis;

•the Fund’s investment performance, including data comparing the Fund's performance to appropriate benchmarks and/or a peer group of other mutual funds with similar investment objectives and strategies;

•the cost of owning the Fund compared to the cost of owning similar funds;

•the compliance policies, procedures, and regulatory experience of the Advisor and the Fund's service providers;

•the Advisor’s strategic plans, COVID-19 pandemic response, vendor management practices, and social justice initiatives;

•the Advisor’s business continuity plans and cyber security practices;

•financial data showing the cost of services provided to the Fund, the profitability of the Fund to the Advisor, and the overall profitability of the Advisor;

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

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

•acquired fund fees and expenses;

•payments and practices in connection with financial intermediaries holding shares of the Fund and the services provided by intermediaries in connection therewith; and

•possible collateral benefits to the Advisor from the management of the Fund.

The Board held two meetings to consider the renewal. The independent Directors also met in private session three 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 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 cyber 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 within an asset class, 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 approved 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 (portfolio managers, analysts, research assistants, and securities traders) 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 Fund receives special reviews until performance improves, during which the Board discusses with the Advisor the reasons for such results (e.g., market conditions, security selection) and any efforts being undertaken to improve performance. The Fund’s performance was below its benchmark for the one-, three-, five-, and ten-year periods reviewed by the Board. The Board discussed the Fund's performance with the Advisor, including steps being taken to address underperformance, and was satisfied with the efforts being undertaken by the Advisor. The Board found the investment management services

provided by the Advisor to the Fund to be satisfactory and consistent with the management agreement.

Shareholder and Other Services. Under the management agreement, the Advisor provides the Fund with a comprehensive package of transfer agency, shareholder, and other services. The Board, directly and through its various committees, regularly reviews reports and evaluations of such services at its regular meetings. These reports include, but are not limited to, information regarding the operational efficiency and accuracy of the shareholder and transfer agency services provided, staffing levels, shareholder satisfaction, technology support (including cyber 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), its overall profitability, and its financial condition. 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 current management fee. The Board concluded that the Advisor’s profits were reasonable in light of the services provided to the Fund.

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

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

Comparison to Other Funds’ Fees. The management agreement provides that the Fund pays the Advisor a single, all-inclusive (or unified) management fee for providing all services necessary for the management and operation of the Fund, other than brokerage expenses, expenses attributable to short sales, taxes, interest, extraordinary 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 Rule 12b-1 under the Investment Company Act. 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. The Board found such payments to be reasonable in scope and purpose.

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 service providers and counterparties. Additionally, the Advisor may receive proprietary research from broker-dealers that execute fund portfolio transactions, which the Board concluded is likely to benefit other clients of the Advisor, as well as Fund shareholders. The Board also determined that the Advisor is able to provide investment management services to certain clients other than the Fund, at least in part, due to its existing infrastructure built to serve the fund complex. The Board concluded that appropriate allocation methodologies had been employed to assign resources and the cost of those resources to these other clients and, where expressly provided, these other client assets may be included with the assets of the Fund to determine breakpoints in the management fee schedule.

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

Conclusion of the Directors. As a result of this process, the Board, including all of the independent Directors, taking into account all of the factors discussed above and the information provided by the Advisor and others in connection with its review and throughout the year, determined that the management fee is fair and reasonable in light of the services provided and that the investment management agreement between the Fund and the Advisor should be renewed.


Additional Information

Retirement Account Information

As required by law, distributions you receive from certain retirement accounts are subject to federal income tax withholding, unless you elect not to have withholding apply*. 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.

If you don’t want us to withhold on this amount, you must notify us to not withhold the federal income tax. You may notify us in writing or in certain situations by telephone or through other electronic means. For systematic withdrawals, your withholding election will remain in effect until revoked or changed by filing a new election. You have the right to revoke your election at any time and change your withholding percentage for future distributions.

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 if, at the time of your distribution, your address is within one of the mandatory withholding states and you have federal income tax withheld (or as otherwise required by state law). State taxes will be withheld from your distribution in accordance with the respective state rules.

*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, 2021.

For corporate taxpayers, the fund hereby designates $7,740,458, or up to the maximum amount allowable, of ordinary income distributions paid during the fiscal year ended October 31, 2021 as qualified for the corporate dividends received deduction.

The fund hereby designates $54,936,633, or up to the maximum amount allowable, as long-term capital gain distributions (20% rate gain distributions) for the fiscal year ended October 31, 2021.

The fund hereby designates $4,614,219 as qualified short-term capital gain distributions for purposes of Internal Revenue Code Section 871 for the fiscal year ended October 31, 2021.

The fund utilized earnings and profits of $10,642,630 distributed to shareholders on redemption of shares as part of the dividends paid deduction (tax equalization).


Notes




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

American Century Mutual Funds, Inc.

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

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

©2021 American Century Proprietary Holdings, Inc. All rights reserved. CL-ANN-90968 2112



			Annual Report

			October 31, 2021

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


Table of Contents


President’s Letter			2
Performance			3
Portfolio Commentary			5
Fund Characteristics			7
Shareholder Fee Example			8
Schedule of Investments			10
Statement of Assets and Liabilities			14
Statement of Operations			15
Statement of Changes in Net Assets			16
Notes to Financial Statements			17
Financial Highlights			27
Report of Independent Registered Public Accounting Firm			31
Management			32
Approval of Management Agreement			35


Additional Information			39


President’s Letter

Jonathan Thomas

Dear Investor:

Economic, Earnings Gains Fueled Rally Among Risk-On Assets

Several Factors Shaping Market Dynamics

Sincerely,

Jonathan Thomas

President and Chief Executive Officer

American Century Investments


Performance


Total Returns as of October 31, 2021
			Average Annual Returns
	Ticker Symbol	1 year	5 years	10 years	Since Inception	Inception Date
Investor Class	TWCGX	43.66%	24.51%	17.86%	—	6/30/71
Russell 1000 Growth Index	—	43.21%	25.47%	19.41%	—	—
I Class	TWGIX	43.95%	24.76%	18.10%	—	6/16/97
Y Class	AGYWX	44.13%	—	—	24.53%	4/10/17
A Class	TCRAX					6/4/97
No sales charge		43.31%	24.20%	17.57%	—
With sales charge		35.07%	22.74%	16.88%	—
C Class	TWRCX	42.23%	23.28%	16.69%	—	3/1/10
R Class	AGWRX	42.94%	23.89%	17.28%	—	8/29/03
R5 Class	AGWUX	43.96%	—	—	24.34%	4/10/17
R6 Class	AGRDX	44.15%	24.95%	—	18.67%	7/26/13

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. Extraordinary performance is attributable in part to unusually favorable market conditions and may not be repeated or consistently achieved in the future. Although the fund’s actual inception date was October 31, 1958, the Investor Class inception date corresponds with the investment advisor’s implementation of its current investment philosophy and practices.

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.


Growth of $10,000 Over 10 Years
$10,000 investment made October 31, 2011
Performance for other share classes will vary due to differences in fee structure.


Value on October 31, 2021
			Investor Class — $51,803

			Russell 1000 Growth Index — $59,008


Total Annual Fund Operating Expenses
Investor Class	I Class	Y Class	A Class	C Class	R Class	R5 Class	R6 Class
0.97%	0.77%	0.62%	1.22%	1.97%	1.47%	0.77%	0.62%


Portfolio Commentary

Portfolio Managers: Joe Reiland, Justin Brown and Scott Marolf

Greg Woodhams left the portfolio management team September 1, 2021. He is retiring, effective December 31, 2021. Joe Reiland was named portfolio manager.

Performance Summary

Growth returned 43.66%* for the 12 months ended October 31, 2021, versus the 43.21% return of the fund’s benchmark, the Russell 1000 Growth Index.

U.S. stocks posted strong returns during the reporting period, supported by federal government stimulus and low interest rates. The rollout of COVID-19 vaccines allowed the economy to reopen, and despite concerns about the delta variant, inflationary pressures and supply chain constraints, several market indices ended the 12-month period at record highs. Within the Russell 1000 Growth Index, all sectors posted double-digit gains, led by energy, which surged on demand and limited supply as the economy began to reopen. Materials was the weakest sector.

Stock selection in the communication services and industrials sectors helped drive outperformance relative to the benchmark. Stock decisions in the financials and consumer staples sectors weighed on performance.

Communication Services Stocks Were Top Contributors

Interactive media and services stocks led outperformance in the communication services sector. Alphabet was a major industry contributor. Digital advertising remained a strength for Google’s parent company, driven by sustained e-commerce and reopening activity. Its YouTube business, in particular, was strong as new advertising products across both brand and direct response have been favorably received.

Other top contributors included ASML Holding. This Netherlands-based semiconductor equipment manufacturer outperformed due to strong demand for its extreme ultraviolet lithography technology that allows semiconductor manufacturers to make smaller and more efficient chips. Demand for semiconductors has been strong and manufacturers need new equipment to increase production. NVIDIA, a gaming and artificial intelligence chipmaker, benefited relative performance. NVIDIA reported better-than-expected earnings and offered positive forward guidance based on strength in data center and gaming CPUs.

Microsoft reported strong revenue and earnings growth, and the stock also received a tailwind from large-capitalization software returning to favor. The messaging software company Slack Technologies rose sharply following the announcement that it would be acquired by salesforce.com. As a result of the deal, Slack was eliminated from the portfolio. Not owning Zoom Video Communications helped performance. After benefiting from the pandemic in 2020, investors reallocated capital in 2021 to stocks expected to benefit from the reopening of the economy. Zoom was a victim of the market’s swing, and our lack of exposure was helpful.

Financials Hampered Performance

Stock choices in the insurance industry weighed on relative performance in the financials sector. SelectQuote offers consumers a platform to compare insurance policies. The company and the industry in general have struggled with plan persistency, the percentage of policyholders that continue paying premiums. As a result, SelectQuote offered disappointing guidance for next year.

Elsewhere, underweighting Tesla detracted. The electric carmaker continued to benefit from solid fundamental reports and strong demand for its vehicles. The stock also got a boost when it was added to the S&P 500 Index. Visa underperformed. The digital payments company’s stock lagged on concerns about potential renewed restrictions due to the COVID-19 delta variant, which could reduce travel and cross-border transaction volumes. Splunk offers cloud-based data analysis software that helps companies understand how efficiently their internal operations are running. Investors appeared concerned about increasing competition, and Splunk experienced some leadership changes.

Not owning Moderna detracted. The biotechnology company’s stock surged on excitement around its successful COVID-19 vaccine, booster shots and the potential for annual boosters beyond 2021. While we are impressed by the speed of development and effectiveness of Moderna’s messenger RNA drug development technology, the market seemed to be ascribing quite a bit of long-term value to COVID-19 vaccine revenue, which is highly uncertain. Zendesk, a cloud-based customer support software company, missed revenue and earnings forecasts due to lower revenue from one of its consumption-based products and a greater mix shift to enterprise deals, which have larger, longer-term contracts over time, but recognize less revenue up front. We view this as a positive long-term sign for the business despite the impact to revenue in the near term.

Outlook

We believe stock selection—rather than sector allocation or market timing via the use of cash—is the most efficient means of generating superior risk-adjusted returns. As a result of this approach, the portfolio’s sector and industry selection, as well as capitalization range allocations, are primarily due to identifying what we believe to be superior individual securities.

At period-end, our largest sector allocation relative to the benchmark was communication services. The largest underweight was financials.


Fund Characteristics


OCTOBER 31, 2021
Types of Investments in Portfolio			% of net assets
Common Stocks			99.6%
Temporary Cash Investments			0.5%
Temporary Cash Investments - Securities Lending Collateral			0.3%
Other Assets and Liabilities			(0.4)%

Top Five Industries			% of net assets
Software			18.3%
Interactive Media and Services			11.4%
Semiconductors and Semiconductor Equipment			8.4%
Technology Hardware, Storage and Peripherals			8.3%
Internet and Direct Marketing Retail			7.9%


Shareholder Fee Example

The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from May 1, 2021 to October 31, 2021.

Actual Expenses

Hypothetical Example for Comparison Purposes


	Beginning Account Value 5/1/21	Ending Account Value 10/31/21	Expenses Paid During Period(1) 5/1/21 - 10/31/21	Annualized Expense Ratio(1)
Actual
Investor Class	$1,000	$1,151.00	$5.20	0.96%
I Class	$1,000	$1,152.30	$4.12	0.76%
Y Class	$1,000	$1,152.90	$3.31	0.61%
A Class	$1,000	$1,149.60	$6.56	1.21%
C Class	$1,000	$1,145.30	$10.60	1.96%
R Class	$1,000	$1,148.20	$7.91	1.46%
R5 Class	$1,000	$1,152.30	$4.12	0.76%
R6 Class	$1,000	$1,153.00	$3.31	0.61%
Hypothetical
Investor Class	$1,000	$1,020.37	$4.89	0.96%
I Class	$1,000	$1,021.37	$3.87	0.76%
Y Class	$1,000	$1,022.13	$3.11	0.61%
A Class	$1,000	$1,019.11	$6.16	1.21%
C Class	$1,000	$1,015.33	$9.96	1.96%
R Class	$1,000	$1,017.85	$7.43	1.46%
R5 Class	$1,000	$1,021.37	$3.87	0.76%
R6 Class	$1,000	$1,022.13	$3.11	0.61%


Schedule of Investments

OCTOBER 31, 2021


	Shares	Value
COMMON STOCKS — 99.6%
Air Freight and Logistics — 1.8%
United Parcel Service, Inc., Class B	1,109,503	$	236,845,605
Auto Components — 2.0%
Aptiv plc(1)	1,544,522	267,032,409
Automobiles — 3.8%
Tesla, Inc.(1)	453,902	505,646,828
Beverages — 1.7%
PepsiCo, Inc.	1,448,444	234,068,550
Biotechnology — 1.4%
Amgen, Inc.	368,658	76,301,147
CRISPR Therapeutics AG(1)	315,752	28,837,630
Natera, Inc.(1)	271,081	31,057,750
Vertex Pharmaceuticals, Inc.(1)	284,799	52,667,879
		188,864,406
Building Products — 1.0%
Masco Corp.	1,006,138	65,952,346
Trex Co., Inc.(1)	655,699	69,766,374
		135,718,720
Capital Markets — 1.6%
S&P Global, Inc.	456,690	216,544,130
Chemicals — 0.8%
Air Products and Chemicals, Inc.	347,864	104,293,106
Electrical Equipment — 2.5%
Ballard Power Systems, Inc.(1)(2)	1,968,502	35,669,256
Generac Holdings, Inc.(1)	249,904	124,592,138
Rockwell Automation, Inc.	568,397	181,546,002
		341,807,396
Electronic Equipment, Instruments and Components — 2.2%
CDW Corp.	419,393	78,279,704
Cognex Corp.	1,180,179	103,371,879
Keysight Technologies, Inc.(1)	662,422	119,249,208
		300,900,791
Entertainment — 1.7%
Liberty Media Corp.-Liberty Formula One, Class C(1)	900,001	50,220,056
Take-Two Interactive Software, Inc.(1)	348,043	62,995,783
Walt Disney Co. (The)(1)	709,297	119,920,844
		233,136,683
Equity Real Estate Investment Trusts (REITs) — 1.0%
SBA Communications Corp.	400,851	138,425,876
Food Products — 0.9%
Mondelez International, Inc., Class A	1,749,518	106,265,723
Vital Farms, Inc.(1)	863,807	14,183,711
		120,449,434
Health Care Equipment and Supplies — 2.7%
DexCom, Inc.(1)	178,424	111,195,621
Edwards Lifesciences Corp.(1)	544,820	65,280,332
IDEXX Laboratories, Inc.(1)	92,996	61,948,356


	Shares	Value
Intuitive Surgical, Inc.(1)	361,521	$	130,556,079
		368,980,388
Health Care Providers and Services — 1.7%
Guardant Health, Inc.(1)	163,169	19,056,507
UnitedHealth Group, Inc.	452,104	208,180,329
		227,236,836
Hotels, Restaurants and Leisure — 1.2%
Chipotle Mexican Grill, Inc.(1)	46,360	82,475,831
Dutch Bros, Inc., Class A(1)	305,562	23,296,047
Expedia Group, Inc.(1)	358,770	58,985,375
		164,757,253
Household Products — 0.7%
Procter & Gamble Co. (The)	679,519	97,164,422
Insurance — 0.2%
SelectQuote, Inc.(1)	2,119,105	28,162,906
Interactive Media and Services — 11.4%
Alphabet, Inc., Class A(1)	385,366	1,141,037,897
Meta Platforms, Inc., Class A(1)	903,958	292,493,690
Snap, Inc., Class A(1)	815,202	42,863,321
Twitter, Inc.(1)	964,424	51,635,261
		1,528,030,169
Internet and Direct Marketing Retail — 7.9%
Amazon.com, Inc.(1)	294,237	992,293,686
Chewy, Inc., Class A(1)(2)	920,648	69,785,118
		1,062,078,804
IT Services — 7.5%
Okta, Inc.(1)	225,222	55,670,374
PayPal Holdings, Inc.(1)	1,452,956	337,943,036
Shopify, Inc., Class A(1)	25,756	37,777,098
Twilio, Inc., Class A(1)	142,767	41,596,593
Visa, Inc., Class A	2,556,549	541,400,382
		1,014,387,483
Life Sciences Tools and Services — 1.5%
10X Genomics, Inc., Class A(1)	207,414	33,449,656
Agilent Technologies, Inc.	790,742	124,533,957
Repligen Corp.(1)	130,228	37,831,234
		195,814,847
Personal Products — 0.6%
Estee Lauder Cos., Inc. (The), Class A	244,542	79,312,307
Pharmaceuticals — 1.6%
Novo Nordisk A/S, B Shares	509,071	55,822,108
Zoetis, Inc.	738,824	159,733,749
		215,555,857
Road and Rail — 1.1%
Lyft, Inc., Class A(1)	1,254,825	57,558,823
Union Pacific Corp.	384,246	92,756,984
		150,315,807
Semiconductors and Semiconductor Equipment — 8.4%
Advanced Micro Devices, Inc.(1)	1,878,792	225,887,162
Analog Devices, Inc.	763,597	132,476,444
ASML Holding NV(2)	269,648	219,196,752


	Shares/Principal Amount		Value
NVIDIA Corp.	2,143,128		$	547,933,536
			1,125,493,894
Software — 18.3%
Datadog, Inc., Class A(1)	539,262		90,083,717
DocuSign, Inc.(1)	294,429		81,936,646
Microsoft Corp.	5,529,433		1,833,670,572
PagerDuty, Inc.(1)	1,381,477		57,676,665
Paycor HCM, Inc.(1)	432,050		14,015,702
salesforce.com, Inc.(1)	341,284		102,279,402
Splunk, Inc.(1)	501,498		82,656,900
Workday, Inc., Class A(1)	357,466		103,657,991
Zendesk, Inc.(1)	1,012,948		103,118,106
			2,469,095,701
Specialty Retail — 2.3%
Home Depot, Inc. (The)	814,806		302,895,982
Technology Hardware, Storage and Peripherals — 8.3%
Apple, Inc.	7,486,259		1,121,441,598
Textiles, Apparel and Luxury Goods — 1.8%
NIKE, Inc., Class B	1,404,939		235,032,245
TOTAL COMMON STOCKS (Cost $5,236,915,174)			13,409,490,433
TEMPORARY CASH INVESTMENTS — 0.5%
Federal Farm Credit Discount Notes, 0.00%, 11/1/21(3)	$	8,000,000	8,000,000
Repurchase Agreement, BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 2.00%, 11/15/26, valued at $12,674,925), in a joint trading account at 0.01%, dated 10/29/21, due 11/1/21 (Delivery value $12,411,314)			12,411,304
Repurchase Agreement, Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 4.75%, 2/15/41, valued at $42,204,636), at 0.01%, dated 10/29/21, due 11/1/21 (Delivery value $41,377,034)			41,377,000
State Street Institutional U.S. Government Money Market Fund, Premier Class	1,655,708		1,655,708
TOTAL TEMPORARY CASH INVESTMENTS (Cost $63,444,012)			63,444,012
TEMPORARY CASH INVESTMENTS - SECURITIES LENDING COLLATERAL(4) — 0.3%
State Street Navigator Securities Lending Government Money Market Portfolio (Cost $45,634,735)	45,634,735		45,634,735
TOTAL INVESTMENT SECURITIES — 100.4% (Cost $5,345,993,921)			13,518,569,180
OTHER ASSETS AND LIABILITIES — (0.4)%			(50,498,071)
TOTAL NET ASSETS — 100.0%			$	13,468,071,109


FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS
Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
EUR	8,713,887	USD	10,200,555	Credit Suisse AG	12/31/21	$	(111,235)
EUR	12,208,888	USD	14,194,541	Credit Suisse AG	12/31/21	(58,557)
EUR	4,132,602	USD	4,791,893	Credit Suisse AG	12/31/21	(6,985)
EUR	3,589,460	USD	4,177,446	Credit Suisse AG	12/31/21	(21,412)
EUR	4,935,508	USD	5,738,244	Credit Suisse AG	12/31/21	(23,697)
EUR	6,116,251	USD	7,118,479	Credit Suisse AG	12/31/21	(36,815)
USD	203,130,201	EUR	172,790,004	Credit Suisse AG	12/31/21	3,066,380
USD	6,123,951	EUR	5,218,886	Credit Suisse AG	12/31/21	81,296
USD	6,906,731	EUR	5,974,562	Credit Suisse AG	12/31/21	(10,878)
USD	8,030,540	EUR	6,919,157	Credit Suisse AG	12/31/21	19,237
USD	4,627,956	EUR	3,967,298	Credit Suisse AG	12/31/21	34,445
USD	4,767,213	EUR	4,075,405	Credit Suisse AG	12/31/21	48,531
						$	2,980,310

FUTURES CONTRACTS PURCHASED

Reference Entity

Contracts

Expiration Date

Notional
Amount

Unrealized
Appreciation
(Depreciation)^

NASDAQ 100 E-Mini

107

December 2021

33,894,390

2,776,235

^Amount represents value and unrealized appreciation (depreciation).


NOTES TO SCHEDULE OF INVESTMENTS
EUR	-	Euro
USD	-	United States Dollar

(1)Non-income producing.

(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $257,082,522. 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)The rate indicated is the yield to maturity at purchase.

(4)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $268,663,814, which includes securities collateral of $223,029,079.

See Notes to Financial Statements.


Statement of Assets and Liabilities


OCTOBER 31, 2021
Assets
Investment securities, at value (cost of $5,300,359,186) — including $257,082,522 of securities on loan	$	13,472,934,445
Investment made with cash collateral received for securities on loan, at value (cost of $45,634,735)	45,634,735
Total investment securities, at value (cost of $5,345,993,921)	13,518,569,180
Deposits with broker for futures contracts	1,819,000
Receivable for investments sold	13,345,917
Receivable for capital shares sold	2,031,249
Receivable for variation margin on futures contracts	524,871
Unrealized appreciation on forward foreign currency exchange contracts	3,249,889
Dividends and interest receivable	1,798,025
Securities lending receivable	25,071
	13,541,363,202

Liabilities
Payable for collateral received for securities on loan	45,634,735
Payable for investments purchased	13,207,889
Payable for capital shares redeemed	4,333,443
Unrealized depreciation on forward foreign currency exchange contracts	269,579
Accrued management fees	9,760,886
Distribution and service fees payable	85,561
	73,292,093

Net Assets	$	13,468,071,109

Net Assets Consist of:
Capital (par value and paid-in surplus)	$	4,092,023,055
Distributable earnings	9,376,048,054
	$	13,468,071,109


	Net Assets	Shares Outstanding	Net Asset Value Per Share
Investor Class, $0.01 Par Value	$10,186,486,082	174,934,567	$58.23
I Class, $0.01 Par Value	$2,061,818,979	34,539,015	$59.70
Y Class, $0.01 Par Value	$66,916,037	1,117,819	$59.86
A Class, $0.01 Par Value	$144,743,158	2,595,076	$55.78*
C Class, $0.01 Par Value	$12,674,358	247,725	$51.16
R Class, $0.01 Par Value	$114,022,365	2,123,597	$53.69
R5 Class, $0.01 Par Value	$4,949,668	82,832	$59.76
R6 Class, $0.01 Par Value	$876,460,462	14,664,386	$59.77

*Maximum offering price $59.18 (net asset value divided by 0.9425).

See Notes to Financial Statements.


Statement of Operations


YEAR ENDED OCTOBER 31, 2021
Investment Income (Loss)
Income:
Dividends (net of foreign taxes withheld of $427,223)	$	72,450,100
Securities lending, net	218,354
Interest	18,465
	72,686,919

Expenses:
Management fees	109,695,122
Distribution and service fees:
A Class	313,544
C Class	122,539
R Class	533,621
Directors' fees and expenses	307,769
Other expenses	19,869
	110,992,464
Fees waived(1)	(367,870)
	110,624,594

Net investment income (loss)	(37,937,675)

Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions (Note 4)	1,348,339,485
Forward foreign currency exchange contract transactions	2,124,750
Futures contract transactions	15,934,905
Foreign currency translation transactions	(27,709)
	1,366,371,431

Change in net unrealized appreciation (depreciation) on:
Investments	2,971,421,235
Forward foreign currency exchange contracts	2,236,205
Futures contracts	2,776,235
Translation of assets and liabilities in foreign currencies	(12,903)
	2,976,420,772

Net realized and unrealized gain (loss)	4,342,792,203

Net Increase (Decrease) in Net Assets Resulting from Operations	$	4,304,854,528

(1)Amount consists of $277,876, $56,936, $1,834, $3,905, $343, $3,133, $134 and $23,709 for Investor Class, I Class, Y Class, A Class, C Class, R Class, R5 Class and R6 Class, respectively.

See Notes to Financial Statements.


Statement of Changes in Net Assets


YEARS ENDED OCTOBER 31, 2021 AND OCTOBER 31, 2020
Increase (Decrease) in Net Assets	October 31, 2021		October 31, 2020
Operations
Net investment income (loss)	$	(37,937,675)	$	238,951
Net realized gain (loss)	1,366,371,431		599,196,803
Change in net unrealized appreciation (depreciation)	2,976,420,772		1,536,989,906
Net increase (decrease) in net assets resulting from operations	4,304,854,528		2,136,425,660

Distributions to Shareholders
From earnings:
Investor Class	(282,536,663)		(480,259,209)
I Class	(62,416,300)		(114,436,997)
Y Class	(1,866,955)		(4,514,391)
A Class	(3,978,341)		(7,229,137)
C Class	(543,385)		(744,058)
R Class	(3,787,686)		(7,119,319)
R5 Class	(15,831)		(42,460)
R6 Class	(21,373,938)		(41,181,311)
Decrease in net assets from distributions	(376,519,099)		(655,526,882)

Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions (Note 5)	(712,757,144)		728,589,142

Net increase (decrease) in net assets	3,215,578,285		2,209,487,920

Net Assets
Beginning of period	10,252,492,824		8,043,004,904
End of period	$	13,468,071,109	$	10,252,492,824

See Notes to Financial Statements.


Notes to Financial Statements

OCTOBER 31, 2021

1. Organization

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

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

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

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

Repurchase Agreements — The fund may enter into repurchase agreements with institutions that American Century Investment Management, Inc. (ACIM) (the investment advisor) 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.

Segregated Assets — In accordance with the 1940 Act, the fund segregates assets on its books and records to cover certain types of investment securities and other financial instruments. ACIM monitors, on a daily basis, the securities segregated to ensure the fund designates a sufficient amount of liquid assets, marked-to-market daily. The fund may also receive assets or be required to pledge assets at the custodian bank or with a broker for collateral requirements.

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

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, 2021.


Remaining Contractual Maturity of Agreements
	Overnight and Continuous		<30 days	Between 30 & 90 days	>90 days	Total
Securities Lending Transactions(1)
Common Stocks	$	45,634,735	—	—	—	$	45,634,735
Gross amount of recognized liabilities for securities lending transactions						$	45,634,735

(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) that use very similar investment teams and strategies (strategy assets). The strategy assets of the fund also include the assets of NT Growth Fund, one fund in a series issued by the corporation. Effective August 1, 2021, the investment advisor agreed to waive a portion of the fund’s management fee such that the management fee does not exceed 0.95% for Investor Class, A Class, C Class and R Class, 0.75% for I Class and R5 Class, and 0.60% for Y Class and R6 Class. The investment advisor expects this waiver arrangement to continue until July 31, 2022 and cannot terminate it prior to such date without the approval of the Board of Directors.

The management fee schedule range and the effective annual management fee before and after waiver for each class for the period ended October 31, 2021 are as follows:


		Effective Annual Management Fee
	Management Fee Schedule Range	Before Waiver	After Waiver
Investor Class	0.800% to 0.990%	0.96%	0.96%
I Class	0.600% to 0.790%	0.76%	0.76%
Y Class	0.450% to 0.640%	0.61%	0.61%
A Class	0.800% to 0.990%	0.96%	0.96%
C Class	0.800% to 0.990%	0.96%	0.96%
R Class	0.800% to 0.990%	0.96%	0.96%
R5 Class	0.600% to 0.790%	0.76%	0.76%
R6 Class	0.450% to 0.640%	0.61%	0.61%

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, 2021 are detailed in the Statement of Operations.

4. Investment Transactions

Purchases and sales of investment securities, excluding short-term investments and in kind transactions, for the period ended October 31, 2021 were $2,470,610,649 and $3,567,997,321, respectively.

For the period ended October 31, 2021, the fund incurred net realized gains of $41,171,480 from redemptions in kind. A redemption in kind occurs when a fund delivers securities from its portfolio in lieu of cash as payment to a redeeming shareholder.

5. Capital Share Transactions

Transactions in shares of the fund were as follows:


	Year ended October 31, 2021			Year ended October 31, 2020
	Shares	Amount		Shares	Amount
Investor Class/Shares Authorized	2,100,000,000			2,100,000,000
Sold	5,305,769	$	264,722,721	9,314,651	$	343,295,401
Issued in connection with reorganization (Note 10)	—	—		33,740,937	1,281,095,913
Issued in reinvestment of distributions	5,939,447	269,212,365		12,608,305	463,439,340
Redeemed	(18,886,054)	(939,574,506)		(38,931,327)	(1,459,424,248)
	(7,640,838)	(405,639,420)		16,732,566	628,406,406
I Class/Shares Authorized	460,000,000			460,000,000
Sold	5,030,555	253,476,557		14,389,473	554,081,579
Issued in connection with reorganization (Note 10)	—	—		238,480	9,244,211
Issued in reinvestment of distributions	1,332,209	61,801,158		3,019,127	113,217,452
Redeemed	(11,938,383)	(624,523,946)		(15,353,587)	(606,960,175)
	(5,575,619)	(309,246,231)		2,293,493	69,583,067
Y Class/Shares Authorized	40,000,000			40,000,000
Sold	125,001	6,382,042		153,010	5,711,874
Issued in reinvestment of distributions	39,621	1,840,784		119,002	4,461,395
Redeemed	(259,242)	(13,213,793)		(524,867)	(19,910,740)
	(94,620)	(4,990,967)		(252,855)	(9,737,471)
A Class/Shares Authorized	40,000,000			40,000,000
Sold	674,956	32,255,963		683,766	24,686,474
Issued in connection with reorganization (Note 10)	—	—		422,151	15,436,291
Issued in reinvestment of distributions	83,670	3,641,339		164,961	5,847,619
Redeemed	(704,720)	(33,762,086)		(1,436,368)	(51,778,786)
	53,906	2,135,216		(165,490)	(5,808,402)
C Class/Shares Authorized	30,000,000			30,000,000
Sold	35,432	1,582,981		74,102	2,515,992
Issued in connection with reorganization (Note 10)	—	—		124,022	4,225,593
Issued in reinvestment of distributions	12,972	521,225		20,026	661,725
Redeemed	(162,645)	(6,793,871)		(115,923)	(3,918,628)
	(114,241)	(4,689,665)		102,227	3,484,682
R Class/Shares Authorized	40,000,000			40,000,000
Sold	242,169	11,219,666		431,377	15,135,430
Issued in connection with reorganization (Note 10)	—	—		461,820	16,348,203
Issued in reinvestment of distributions	89,107	3,740,945		205,542	7,043,451
Redeemed	(675,841)	(31,093,859)		(1,236,289)	(42,445,952)
	(344,565)	(16,133,248)		(137,550)	(3,918,868)
R5 Class/Shares Authorized	30,000,000			30,000,000
Sold	75,078	3,866,385		999	38,826
Issued in reinvestment of distributions	341	15,831		1,135	42,460
Redeemed	(2,678)	(146,108)		(6,612)	(240,109)
	72,741	3,736,108		(4,478)	(158,823)
R6 Class/Shares Authorized	200,000,000			200,000,000
Sold	3,696,574	190,995,553		4,275,401	166,984,195
Issued in reinvestment of distributions	460,844	21,373,938		1,098,511	41,181,311
Redeemed	(3,762,407)	(190,298,428)		(4,210,873)	(161,426,955)
	395,011	22,071,063		1,163,039	46,738,551
Net increase (decrease)	(13,248,225)	$	(712,757,144)	19,730,952	$	728,589,142

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	$	13,134,471,573	$	275,018,860	—
Temporary Cash Investments	1,655,708		61,788,304		—
Temporary Cash Investments - Securities Lending Collateral	45,634,735		—		—
	$	13,181,762,016	$	336,807,164	—
Other Financial Instruments
Futures Contracts	$	2,776,235	—		—
Forward Foreign Currency Exchange Contracts	—		$	3,249,889	—
	$	2,776,235	$	3,249,889	—

Liabilities
Other Financial Instruments
Forward Foreign Currency Exchange Contracts	—		$	269,579	—

7. Derivative Instruments

Value of Derivative Instruments as of October 31, 2021


	Asset Derivatives			Liability Derivatives
Type of Risk Exposure	Location on Statement of Assets and Liabilities	Value		Location on Statement of Assets and Liabilities	Value
Equity Price Risk	Receivable for variation margin on futures contracts*	$	524,871	Payable for variation margin on futures contracts*	—
Foreign Currency Risk	Unrealized appreciation on forward foreign currency exchange contracts	3,249,889		Unrealized depreciation on forward foreign currency exchange contracts	$	269,579
		$	3,774,760		$	269,579

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

Effect of Derivative Instruments on the Statement of Operations for the Year Ended October 31, 2021


	Net Realized Gain (Loss)			Change in Net Unrealized Appreciation (Depreciation)
Type of Risk Exposure	Location on Statement of Operations	Value		Location on Statement of Operations	Value
Equity Price Risk	Net realized gain (loss) on futures contract transactions	$	15,934,905	Change in net unrealized appreciation (depreciation) on futures contracts	$	2,776,235
Foreign Currency Risk	Net realized gain (loss) on forward foreign currency exchange contract transactions	2,124,750		Change in net unrealized appreciation (depreciation) on forward foreign currency exchange contracts	2,236,205
		$	18,059,655		$	5,012,440

8. Risk Factors

9. Federal Tax Information

On December 7, 2021, the fund declared and paid a per-share distribution from net realized gains to shareholders of record on December 6, 2021 of $5.3078 for the Investor Class, I Class, Y Class, A Class, C Class, R Class, R5 Class and R6 Class.

The tax character of distributions paid during the years ended October 31, 2021 and October 31, 2020 were as follows:


	2021		2020
Distributions Paid From
Ordinary income	—		$	24,642,374
Long-term capital gains	$	376,519,099	$	630,884,508

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


Federal tax cost of investments	$	5,359,919,929
Gross tax appreciation of investments	$	8,213,286,476
Gross tax depreciation of investments	(54,637,225)
Net tax appreciation (depreciation) of investments	8,158,649,251
Net tax appreciation (depreciation) on derivatives and translation of assets and liabilities in foreign currencies	8,681
Net tax appreciation (depreciation)	$	8,158,657,932
Undistributed ordinary income	$	79,614,038
Accumulated long-term gains	$	1,137,776,084

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

10. Reorganization

On September 11, 2019, the Board of Directors approved an agreement and plan of reorganization (the reorganization), whereby the net assets of All Cap Growth Fund, one fund in a series issued by the corporation, were transferred to Growth Fund in exchange for shares of Growth 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 Growth Fund survived after the reorganization. The reorganization was effective at the close of the NYSE on February 21, 2020.

The reorganization was accomplished by a tax-free exchange of shares. On February 21, 2020, All Cap Growth Fund exchanged its shares for shares of Growth Fund as follows:


Original Fund/Class	Shares Exchanged	New Fund/Class	Shares Received
All Cap Growth Fund – Investor Class	36,344,493	Growth Fund – Investor Class	33,740,937
All Cap Growth Fund – I Class	256,052	Growth Fund – I Class	238,480
All Cap Growth Fund – A Class	451,934	Growth Fund – A Class	422,151
All Cap Growth Fund – C Class	137,457	Growth Fund – C Class	124,022
All Cap Growth Fund – R Class	495,557	Growth Fund – R Class	461,820

The net assets of All Cap Growth Fund and Growth Fund immediately before the reorganization were $1,326,350,211 and $8,778,658,792, respectively. All Cap Growth Fund's unrealized appreciation of $530,451,716 was combined with that of Growth Fund. Immediately after the reorganization, the combined net assets were $10,105,009,003.

Assuming the reorganization had been completed on November 1, 2019, the beginning of the annual reporting period, the pro forma results of operations for the period ended October 31, 2020 are as follows:


Net investment income (loss)	$	1,186,943
Net realized and unrealized gain (loss)	2,308,332,754
Net increase (decrease) in net assets resulting from operations	$	2,309,519,697

Because the combined investment portfolios have been managed as a single integrated portfolio since the reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of All Cap Growth Fund that have been included in the fund’s Statement of Operations since February 21, 2020.


Financial Highlights


For a Share Outstanding Throughout the Years Ended October 31 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return(2)	Operating Expenses	Operating Expenses (before expense waiver)	Net Investment Income (Loss)	Net Investment Income (Loss) (before expense waiver)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
Investor Class
2021	$41.94	(0.18)	18.03	17.85	—	(1.56)	(1.56)	$58.23	43.66%	0.96%	0.96%	(0.36)%	(0.36)%	21%	$10,186,486
2020	$35.80	(0.02)	9.12	9.10	(0.15)	(2.81)	(2.96)	$41.94	26.70%	0.97%	0.97%	(0.04)%	(0.04)%	33%	$7,656,430
2019	$34.94	0.08	4.70	4.78	(0.08)	(3.84)	(3.92)	$35.80	16.35%	0.98%	0.98%	0.24%	0.24%	30%	$5,937,959
2018	$34.93	0.04	3.35	3.39	(0.06)	(3.32)	(3.38)	$34.94	10.22%	0.97%	0.97%	0.13%	0.13%	38%	$5,627,171
2017	$28.64	0.08	7.67	7.75	(0.17)	(1.29)	(1.46)	$34.93	28.26%	0.98%	0.98%	0.26%	0.26%	48%	$5,648,965
I Class
2021	$42.87	(0.08)	18.47	18.39	—	(1.56)	(1.56)	$59.70	43.95%	0.76%	0.76%	(0.16)%	(0.16)%	21%	$2,061,819
2020	$36.56	0.06	9.29	9.35	(0.23)	(2.81)	(3.04)	$42.87	26.93%	0.77%	0.77%	0.16%	0.16%	33%	$1,719,814
2019	$35.59	0.15	4.81	4.96	(0.15)	(3.84)	(3.99)	$36.56	16.62%	0.78%	0.78%	0.44%	0.44%	30%	$1,382,618
2018	$35.52	0.12	3.40	3.52	(0.13)	(3.32)	(3.45)	$35.59	10.46%	0.77%	0.77%	0.33%	0.33%	38%	$1,230,065
2017	$29.11	0.15	7.78	7.93	(0.23)	(1.29)	(1.52)	$35.52	28.48%	0.78%	0.78%	0.46%	0.46%	48%	$1,271,821


For a Share Outstanding Throughout the Years Ended October 31 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return(2)	Operating Expenses	Operating Expenses (before expense waiver)	Net Investment Income (Loss)	Net Investment Income (Loss) (before expense waiver)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
Y Class
2021	$42.93	(0.01)	18.50	18.49	—	(1.56)	(1.56)	$59.86	44.13%	0.61%	0.61%	(0.01)%	(0.01)%	21%	$66,916
2020	$36.61	0.13	9.30	9.43	(0.30)	(2.81)	(3.11)	$42.93	27.15%	0.62%	0.62%	0.31%	0.31%	33%	$52,046
2019	$35.64	0.20	4.81	5.01	(0.20)	(3.84)	(4.04)	$36.61	16.78%	0.63%	0.63%	0.59%	0.59%	30%	$53,641
2018	$35.54	0.17	3.40	3.57	(0.15)	(3.32)	(3.47)	$35.64	10.61%	0.62%	0.62%	0.48%	0.48%	38%	$52,601
2017(3)	$30.93	0.08	4.53	4.61	—	—	—	$35.54	14.90%	0.63%(4)	0.63%(4)	0.43%(4)	0.43%(4)	48%(5)	$56,218
A Class
2021	$40.32	(0.30)	17.32	17.02	—	(1.56)	(1.56)	$55.78	43.31%	1.21%	1.21%	(0.61)%	(0.61)%	21%	$144,743
2020	$34.52	(0.10)	8.75	8.65	(0.04)	(2.81)	(2.85)	$40.32	26.38%	1.22%	1.22%	(0.29)%	(0.29)%	33%	$102,472
2019	$33.82	—(6)	4.54	4.54	—	(3.84)	(3.84)	$34.52	16.06%	1.23%	1.23%	(0.01)%	(0.01)%	30%	$93,422
2018	$33.94	(0.04)	3.24	3.20	—	(3.32)	(3.32)	$33.82	9.94%	1.22%	1.22%	(0.12)%	(0.12)%	38%	$103,115
2017	$27.86	0.01	7.46	7.47	(0.10)	(1.29)	(1.39)	$33.94	27.95%	1.23%	1.23%	0.01%	0.01%	48%	$113,348
C Class
2021	$37.37	(0.59)	15.94	15.35	—	(1.56)	(1.56)	$51.16	42.23%	1.96%	1.96%	(1.36)%	(1.36)%	21%	$12,674
2020	$32.37	(0.37)	8.18	7.81	—	(2.81)	(2.81)	$37.37	25.43%	1.97%	1.97%	(1.04)%	(1.04)%	33%	$13,527
2019	$32.18	(0.23)	4.26	4.03	—	(3.84)	(3.84)	$32.37	15.23%	1.98%	1.98%	(0.76)%	(0.76)%	30%	$8,408
2018	$32.67	(0.29)	3.12	2.83	—	(3.32)	(3.32)	$32.18	9.12%	1.97%	1.97%	(0.87)%	(0.87)%	38%	$9,871
2017	$26.97	(0.21)	7.20	6.99	—	(1.29)	(1.29)	$32.67	26.99%	1.98%	1.98%	(0.74)%	(0.74)%	48%	$9,962


For a Share Outstanding Throughout the Years Ended October 31 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return(2)	Operating Expenses	Operating Expenses (before expense waiver)	Net Investment Income (Loss)	Net Investment Income (Loss) (before expense waiver)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
R Class
2021	$38.96	(0.40)	16.69	16.29	—	(1.56)	(1.56)	$53.69	42.94%	1.46%	1.46%	(0.86)%	(0.86)%	21%	$114,022
2020	$33.50	(0.19)	8.49	8.30	(0.03)	(2.81)	(2.84)	$38.96	26.07%	1.47%	1.47%	(0.54)%	(0.54)%	33%	$96,170
2019	$33.02	(0.08)	4.40	4.32	—	(3.84)	(3.84)	$33.50	15.78%	1.48%	1.48%	(0.26)%	(0.26)%	30%	$87,302
2018	$33.29	(0.13)	3.18	3.05	—	(3.32)	(3.32)	$33.02	9.66%	1.47%	1.47%	(0.37)%	(0.37)%	38%	$100,915
2017	$27.35	(0.07)	7.32	7.25	(0.02)	(1.29)	(1.31)	$33.29	27.62%	1.48%	1.48%	(0.24)%	(0.24)%	48%	$104,368
R5 Class
2021	$42.91	(0.09)	18.50	18.41	—	(1.56)	(1.56)	$59.76	43.96%	0.76%	0.76%	(0.16)%	(0.16)%	21%	$4,950
2020	$36.59	0.08	9.28	9.36	(0.23)	(2.81)	(3.04)	$42.91	26.94%	0.77%	0.77%	0.16%	0.16%	33%	$433
2019	$35.62	0.15	4.81	4.96	(0.15)	(3.84)	(3.99)	$36.59	16.61%	0.78%	0.78%	0.44%	0.44%	30%	$533
2018	$35.53	0.12	3.40	3.52	(0.11)	(3.32)	(3.43)	$35.62	10.45%	0.77%	0.77%	0.33%	0.33%	38%	$404
2017(3)	$30.95	0.05	4.53	4.58	—	—	—	$35.53	14.80%	0.78%(4)	0.78%(4)	0.27%(4)	0.27%(4)	48%(5)	$6
R6 Class
2021	$42.86	(0.01)	18.48	18.47	—	(1.56)	(1.56)	$59.77	44.15%	0.61%	0.61%	(0.01)%	(0.01)%	21%	$876,460
2020	$36.56	0.12	9.29	9.41	(0.30)	(2.81)	(3.11)	$42.86	27.13%	0.62%	0.62%	0.31%	0.31%	33%	$611,600
2019	$35.59	0.21	4.80	5.01	(0.20)	(3.84)	(4.04)	$36.56	16.81%	0.63%	0.63%	0.59%	0.59%	30%	$479,123
2018	$35.53	0.17	3.40	3.57	(0.19)	(3.32)	(3.51)	$35.59	10.60%	0.62%	0.62%	0.48%	0.48%	38%	$834,003
2017	$29.11	0.18	7.80	7.98	(0.27)	(1.29)	(1.56)	$35.53	28.71%	0.63%	0.63%	0.61%	0.61%	48%	$963,039

Notes to Financial Highlights

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

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

(3)April 10, 2017 (commencement of sale) through October 31, 2017.

(4)Annualized.

(5)Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended October 31, 2017.

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

See Notes to Financial Statements.


Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Directors of American Century Mutual Funds, Inc.:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Growth Fund (the “Fund”), one of the funds constituting the American Century Mutual Funds, Inc., as of October 31, 2021, 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 Growth Fund of the American Century Mutual Funds, Inc. as of October 31, 2021, 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 15, 2021

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

Thomas W. Bunn (1953)

Director

Since 2017

Retired

SquareTwo Financial; Barings (formerly Babson Capital Funds Trust) (2013 to 2016)

Chris H. Cheesman
(1962)

Director

Since 2019

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

Alleghany Corporation

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

Since 2011

Retired

None

John R. Whitten
(1946)

Director

Since 2008

Retired

Onto Innovation Inc. (2019 to 2020); Rudolph Technologies, Inc. (2006 to 2019)

Stephen E. Yates
(1948)

Director and Chairman of the Board

Since 2012 (Chairman since 2018)

Retired

107

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

145

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, 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)
C. Jean Wade (1964)	Vice President since 2012	Senior Vice President, ACS (2017 to present); Vice President, ACS (2000 to 2017)
Robert J. Leach (1966)	Vice President since 2006	Vice President, ACS (2000 to present)
David H. Reinmiller (1963)	Vice President since 2000	Attorney, ACC (1994 to present). Also serves as Vice President, ACIM and ACS
Ward D. Stauffer (1960)	Secretary since 2005	Attorney, ACC (2003 to present)


Approval of Management Agreement