Document

Investment Company Act file number

811-21861

AMERICAN CENTURY GROWTH 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:

07-31

Date of reporting period:

01-31-2023

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.

Raging inflation, escalating market volatility and slowing growth weighed on financial markets early in the reporting period. For more than a year, the effects of massive fiscal and monetary support, rising energy prices, supply chain breakdowns and labor market shortages had driven inflation to multidecade highs. The Russia-Ukraine war further pressured energy markets, particularly in Europe, and global supply chains.

The Federal Reserve and other central banks continued to combat inflation with aggressive rate hikes. And those efforts finally started yielding results. After peaking at a 40-year-high 9.1% in June, the annual U.S. inflation rate steadily eased to 6.4% in January. Central bank tightening also helped slow inflation in the U.K., where it peaked at 11.1%, and the eurozone, where it climbed to a record-high 10.6%. Inflation rates ended the period at 10.1% in the U.K. and 8.5% in the eurozone.

By the second half of the reporting period, moderating inflation and mounting recession risk triggered expectations for central banks to change course. This sentiment fueled a rally across asset classes. However, with inflation still much higher than central bank targets, policymakers indicated a near-term course change was unlikely, and markets remained volatile.

Robust second-half performance left most non-U.S. stock indices with solid gains for the six-month period. The S&P 500 Index declined slightly, and other U.S. stock indices were mixed. Small-cap stocks outpaced large caps, and the value style outperformed growth. Rising yields left most U.S. and global bond indices with declines for the six-month period.

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

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

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 8/1/22	Ending Account Value 1/31/23	Expenses Paid During Period(1) 8/1/22 - 1/31/23	Annualized Expense Ratio(1)
Actual
Investor Class	$1,000	$955.80	$4.24	0.86%
I Class	$1,000	$956.60	$3.25	0.66%
A Class	$1,000	$954.40	$5.47	1.11%
R Class	$1,000	$953.20	$6.70	1.36%
R6 Class	$1,000	$957.50	$2.52	0.51%
G Class	$1,000	$959.80	$0.05	0.01%
Hypothetical
Investor Class	$1,000	$1,020.87	$4.38	0.86%
I Class	$1,000	$1,021.88	$3.36	0.66%
A Class	$1,000	$1,019.61	$5.65	1.11%
R Class	$1,000	$1,018.35	$6.92	1.36%
R6 Class	$1,000	$1,022.64	$2.60	0.51%
G Class	$1,000	$1,025.16	$0.05	0.01%

(1)Expenses are equal to the class's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 184, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses.


	Shares	Value
COMMON STOCKS — 97.9%
Aerospace and Defense — 0.7%
Rocket Lab USA, Inc.(1)(2)	2,095,517	$	10,414,719
Automobiles — 5.9%
Tesla, Inc.(1)	518,323	89,783,910
Beverages — 7.6%
Boston Beer Co., Inc., Class A(1)	60,744	23,605,726
Constellation Brands, Inc., Class A	396,577	91,815,507
		115,421,233
Biotechnology — 10.9%
Alnylam Pharmaceuticals, Inc.(1)	195,304	44,216,826
Argenx SE, ADR(1)	81,825	31,277,606
Ascendis Pharma A/S, ADR(1)	130,915	16,243,933
Blueprint Medicines Corp.(1)	170,301	7,959,869
Regeneron Pharmaceuticals, Inc.(1)	86,956	65,953,517
		165,651,751
Capital Markets — 3.8%
Intercontinental Exchange, Inc.	329,081	35,392,661
S&P Global, Inc.	61,538	23,073,058
		58,465,719
Electronic Equipment, Instruments and Components — 1.7%
Cognex Corp.	374,942	20,524,325
Keysight Technologies, Inc.(1)	33,125	5,940,969
		26,465,294
Energy Equipment and Services — 1.9%
Cactus, Inc., Class A	522,526	28,273,882
Entertainment — 1.2%
Netflix, Inc.(1)	53,459	18,917,002
Health Care Equipment and Supplies — 4.4%
Intuitive Surgical, Inc.(1)	202,706	49,802,837
Silk Road Medical, Inc.(1)	300,577	16,339,366
		66,142,203
Hotels, Restaurants and Leisure — 3.1%
Chipotle Mexican Grill, Inc.(1)	28,552	47,007,442
Interactive Media and Services — 7.7%
Alphabet, Inc., Class C(1)	1,176,740	117,521,024
Internet and Direct Marketing Retail — 7.8%
Amazon.com, Inc.(1)	1,148,436	118,438,204
IT Services — 13.1%
Block, Inc.(1)	379,107	30,980,624
Mastercard, Inc., Class A	184,621	68,420,543
Okta, Inc.(1)	252,212	18,565,325
Visa, Inc., Class A	354,855	81,691,169
		199,657,661
Machinery — 7.8%
FANUC Corp.	233,800	41,310,018
Westinghouse Air Brake Technologies Corp.	739,765	76,795,005
		118,105,023


	Shares	Value
Professional Services — 1.2%
Verisk Analytics, Inc.	103,115	$	18,745,276
Semiconductors and Semiconductor Equipment — 5.6%
Monolithic Power Systems, Inc.	67,227	28,676,349
NVIDIA Corp.	288,556	56,375,186
		85,051,535
Software — 10.0%
Bill.com Holdings, Inc.(1)	207,724	24,017,049
Cadence Design Systems, Inc.(1)	84,964	15,533,968
DocuSign, Inc.(1)	383,471	23,253,681
Paylocity Holding Corp.(1)	271,781	56,609,265
Salesforce, Inc.(1)	190,974	32,077,903
		151,491,866
Textiles, Apparel and Luxury Goods — 3.5%
NIKE, Inc., Class B	416,089	52,980,612
TOTAL COMMON STOCKS (Cost $1,228,430,478)		1,488,534,356
SHORT-TERM INVESTMENTS — 2.2%
Money Market Funds†
State Street Institutional U.S. Government Money Market Fund, Premier Class	42,006	42,006
Repurchase Agreements — 2.2%
BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 2.875%, 10/31/23 - 11/30/23, valued at $8,073,957), in a joint trading account at 4.22%, dated 1/31/23, due 2/1/23 (Delivery value $7,915,123)		7,914,195
Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 3.875%, 1/15/2026, valued at $25,482,736), at 4.28%, dated 1/31/23, due 2/1/23 (Delivery value $24,985,970)		24,983,000
		32,897,195
TOTAL SHORT-TERM INVESTMENTS (Cost $32,939,201)		32,939,201
TOTAL INVESTMENT SECURITIES—100.1% (Cost $1,261,369,679)		1,521,473,557
OTHER ASSETS AND LIABILITIES — (0.1)%		(1,241,365)
TOTAL NET ASSETS — 100.0%		$	1,520,232,192

(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $179,531. 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. At the period end, the aggregate value of the collateral held by the fund was $180,153, all of which is securities collateral.


JANUARY 31, 2023 (UNAUDITED)
Assets
Investment securities, at value (cost of $1,261,369,679) — including $179,531 of securities on loan	$	1,521,473,557
Receivable for capital shares sold	1,335,307
Dividends and interest receivable	154,919
Securities lending receivable	110
	1,522,963,893

Liabilities
Payable for capital shares redeemed	2,072,573
Accrued management fees	651,424
Distribution and service fees payable	7,704
	2,731,701

Net Assets	$	1,520,232,192

Net Assets Consist of:
Capital (par value and paid-in surplus)	$	1,477,669,582
Distributable earnings (loss)	42,562,610
	$	1,520,232,192


	Net Assets	Shares Outstanding	Net Asset Value Per Share*
Investor Class, $0.01 Par Value	$643,698,197	16,195,111	$39.75
I Class, $0.01 Par Value	$353,990,840	8,773,993	$40.35
A Class, $0.01 Par Value	$13,485,528	346,494	$38.92
R Class, $0.01 Par Value	$12,705,119	333,532	$38.09
R6 Class, $0.01 Par Value	$35,024,730	849,551	$41.23
G Class, $0.01 Par Value	$461,327,778	10,973,318	$42.04


FOR THE SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED)
Investment Income (Loss)
Income:
Dividends (net of foreign taxes withheld of $20,989)	$	2,963,515
Interest	413,446
Securities lending, net	89
	3,377,050

Expenses:
Management fees	5,219,944
Distribution and service fees:
A Class	17,123
R Class	28,609
Directors' fees and expenses	24,188
Other expenses	80,875
	5,370,739
Fees waived - G Class	(1,061,401)
	4,309,338

Net investment income (loss)	(932,288)

Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions	(43,299,356)
Foreign currency translation transactions	23,507
	(43,275,849)

Change in net unrealized appreciation (depreciation) on:
Investments	(28,937,986)
Translation of assets and liabilities in foreign currencies	1,096
	(28,936,890)

Net realized and unrealized gain (loss)	(72,212,739)

Net Increase (Decrease) in Net Assets Resulting from Operations	$	(73,145,027)


SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED) AND YEAR ENDED JULY 31, 2022
Increase (Decrease) in Net Assets	January 31, 2023		July 31, 2022
Operations
Net investment income (loss)	$	(932,288)	$	(7,625,346)
Net realized gain (loss)	(43,275,849)		(154,154,844)
Change in net unrealized appreciation (depreciation)	(28,936,890)		(568,898,272)
Net increase (decrease) in net assets resulting from operations	(73,145,027)		(730,678,462)

Distributions to Shareholders
From earnings:
Investor Class	—		(31,507,033)
I Class	—		(17,567,092)
A Class	—		(548,377)
R Class	—		(378,862)
R6 Class	—		(1,120,998)
G Class	—		(11,387,272)
Decrease in net assets from distributions	—		(62,509,634)

Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions (Note 5)	(86,731,227)		(252,656,179)

Net increase (decrease) in net assets	(159,876,254)		(1,045,844,275)

Net Assets
Beginning of period	1,680,108,446		2,725,952,721
End of period	$	1,520,232,192	$	1,680,108,446

American Century Growth 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. Focused Dynamic Growth 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.

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

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

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

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

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

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

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

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

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

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. The fund may incur charges or earn income on posted collateral balances, which are reflected in interest expenses or interest income, respectively.

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

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

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

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

Certain officers and directors of the corporation are also officers and/or directors of American Century Companies, Inc. (ACC). The corporation's investment advisor, ACIM, the corporation's distributor, American Century Investment Services, Inc. (ACIS), and the corporation's transfer agent, American Century Services, LLC, are wholly owned, directly or indirectly, by ACC. Various funds issued by American Century Asset Allocation Portfolios, Inc. own, in aggregate, 19% of the shares of the fund.

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

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 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 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 January 31, 2023 are detailed in the Statement of Operations.

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

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


	Six months ended January 31, 2023			Year ended July 31, 2022
	Shares	Amount		Shares	Amount
Investor Class
Sold	1,133,359	$	44,371,151	4,310,874	$	231,990,735
Issued in reinvestment of distributions	—	—		545,087	30,846,490
Redeemed	(2,633,475)	(101,121,631)		(10,028,007)	(501,198,588)
	(1,500,116)	(56,750,480)		(5,172,046)	(238,361,363)
I Class
Sold	3,109,329	124,455,335		6,342,968	326,601,359
Issued in reinvestment of distributions	—	—		299,992	17,192,549
Redeemed	(4,319,973)	(169,846,865)		(9,317,909)	(465,151,085)
	(1,210,644)	(45,391,530)		(2,674,949)	(121,357,177)
A Class
Sold	39,281	1,502,969		139,747	6,920,284
Issued in reinvestment of distributions	—	—		9,739	541,224
Redeemed	(56,717)	(2,086,926)		(155,371)	(7,044,923)
	(17,436)	(583,957)		(5,885)	416,585
R Class
Sold	66,273	2,409,390		114,536	5,612,179
Issued in reinvestment of distributions	—	—		6,946	378,862
Redeemed	(23,875)	(882,796)		(93,467)	(4,631,725)
	42,398	1,526,594		28,015	1,359,316
R6 Class
Sold	181,728	7,282,913		559,433	30,034,184
Issued in reinvestment of distributions	—	—		19,145	1,119,236
Redeemed	(301,717)	(12,054,986)		(244,072)	(12,904,544)
	(119,989)	(4,772,073)		334,506	18,248,876
G Class
Sold	1,557,704	60,838,361		2,654,901	131,464,351
Issued in reinvestment of distributions	—	—		192,125	11,387,272
Redeemed	(967,434)	(41,598,142)		(943,689)	(55,814,039)
	590,270	19,240,219		1,903,337	87,037,584
Net increase (decrease)	(2,215,517)	$	(86,731,227)	(5,587,022)	$	(252,656,179)

•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.

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

The 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.


For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
Per-Share Data								Ratios and Supplemental Data
		Income From Investment Operations:						Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Distributions From Net Realized Gains	Net Asset Value, End of Period	Total Return(2)	Operating Expenses	Operating Expenses (before expense waiver)	Net Investment Income (Loss)	Net Investment Income (Loss) (before expense waiver)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
Investor Class
2023(3)	$41.59	(0.08)	(1.76)	(1.84)	—	$39.75	(4.42)%	0.86%(4)	0.86%(4)	(0.41)%(4)	(0.41)%(4)	3%	$643,698
2022	$59.53	(0.30)	(16.25)	(16.55)	(1.39)	$41.59	(28.42)%	0.86%	0.86%	(0.58)%	(0.58)%	23%	$735,963
2021	$44.02	(0.31)	16.15	15.84	(0.33)	$59.53	36.09%	0.84%	1.01%	(0.58)%	(0.75)%	12%	$1,361,233
2020	$29.60	(0.21)	14.63	14.42	—	$44.02	48.72%	0.85%	1.02%	(0.62)%	(0.79)%	27%	$642,987
2019	$26.49	(0.14)	3.25	3.11	—	$29.60	11.74%	0.89%	1.02%	(0.52)%	(0.65)%	23%	$160,079
2018	$20.08	(0.16)	6.57	6.41	—	$26.49	31.92%	1.02%	1.10%	(0.68)%	(0.76)%	29%	$82,826
I Class
2023(3)	$42.18	(0.04)	(1.79)	(1.83)	—	$40.35	(4.34)%	0.66%(4)	0.66%(4)	(0.21)%(4)	(0.21)%(4)	3%	$353,991
2022	$60.22	(0.20)	(16.45)	(16.65)	(1.39)	$42.18	(28.26)%	0.66%	0.66%	(0.38)%	(0.38)%	23%	$421,105
2021	$44.44	(0.21)	16.32	16.11	(0.33)	$60.22	36.35%	0.64%	0.81%	(0.38)%	(0.55)%	12%	$762,419
2020	$29.83	(0.16)	14.77	14.61	—	$44.44	48.98%	0.65%	0.82%	(0.42)%	(0.59)%	27%	$290,523
2019	$26.64	(0.09)	3.28	3.19	—	$29.83	11.97%	0.69%	0.82%	(0.32)%	(0.45)%	23%	$32,275
2018	$20.16	(0.12)	6.60	6.48	—	$26.64	32.14%	0.82%	0.90%	(0.48)%	(0.56)%	29%	$614


For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
Per-Share Data								Ratios and Supplemental Data
		Income From Investment Operations:						Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Distributions From Net Realized Gains	Net Asset Value, End of Period	Total Return(2)	Operating Expenses	Operating Expenses (before expense waiver)	Net Investment Income (Loss)	Net Investment Income (Loss) (before expense waiver)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
A Class
2023(3)	$40.78	(0.13)	(1.73)	(1.86)	—	$38.92	(4.56)%	1.11%(4)	1.11%(4)	(0.66)%(4)	(0.66)%(4)	3%	$13,486
2022	$58.54	(0.41)	(15.96)	(16.37)	(1.39)	$40.78	(28.58)%	1.11%	1.11%	(0.83)%	(0.83)%	23%	$14,840
2021	$43.39	(0.46)	15.94	15.48	(0.33)	$58.54	35.76%	1.09%	1.26%	(0.83)%	(1.00)%	12%	$21,648
2020	$29.26	(0.30)	14.43	14.13	—	$43.39	48.29%	1.10%	1.27%	(0.87)%	(1.04)%	27%	$7,430
2019	$26.24	(0.21)	3.23	3.02	—	$29.26	11.51%	1.14%	1.27%	(0.77)%	(0.90)%	23%	$1,202
2018	$19.95	(0.21)	6.50	6.29	—	$26.24	31.53%	1.27%	1.35%	(0.93)%	(1.01)%	29%	$639
R Class
2023(3)	$39.96	(0.17)	(1.70)	(1.87)	—	$38.09	(4.68)%	1.36%(4)	1.36%(4)	(0.91)%(4)	(0.91)%(4)	3%	$12,705
2022	$57.53	(0.53)	(15.65)	(16.18)	(1.39)	$39.96	(28.77)%	1.36%	1.36%	(1.08)%	(1.08)%	23%	$11,634
2021	$42.76	(0.56)	15.66	15.10	(0.33)	$57.53	35.42%	1.34%	1.51%	(1.08)%	(1.25)%	12%	$15,138
2020	$28.90	(0.36)	14.22	13.86	—	$42.76	47.96%	1.35%	1.52%	(1.12)%	(1.29)%	27%	$6,399
2019	$25.99	(0.27)	3.18	2.91	—	$28.90	11.20%	1.39%	1.52%	(1.02)%	(1.15)%	23%	$2,192
2018	$19.81	(0.28)	6.46	6.18	—	$25.99	31.20%	1.52%	1.60%	(1.18)%	(1.26)%	29%	$613


For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
Per-Share Data								Ratios and Supplemental Data
		Income From Investment Operations:						Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Distributions From Net Realized Gains	Net Asset Value, End of Period	Total Return(2)	Operating Expenses	Operating Expenses (before expense waiver)	Net Investment Income (Loss)	Net Investment Income (Loss) (before expense waiver)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
R6 Class
2023(3)	$43.06	(0.01)	(1.82)	(1.83)	—	$41.23	(4.25)%	0.51%(4)	0.51%(4)	(0.06)%(4)	(0.06)%(4)	3%	$35,025
2022	$61.37	(0.12)	(16.80)	(16.92)	(1.39)	$43.06	(28.17)%	0.51%	0.51%	(0.23)%	(0.23)%	23%	$41,752
2021	$45.22	(0.18)	16.66	16.48	(0.33)	$61.37	36.55%	0.49%	0.66%	(0.23)%	(0.40)%	12%	$38,973
2020	$30.30	(0.07)	14.99	14.92	—	$45.22	49.24%	0.50%	0.67%	(0.27)%	(0.44)%	27%	$438
2019	$27.02	(0.05)	3.33	3.28	—	$30.30	12.14%	0.54%	0.67%	(0.17)%	(0.30)%	23%	$8,072
2018	$20.41	(0.07)	6.68	6.61	—	$27.02	32.39%	0.67%	0.75%	(0.33)%	(0.41)%	29%	$41
G Class
2023(3)	$43.80	0.09	(1.85)	(1.76)	—	$42.04	(4.02)%	0.01%(4)	0.51%(4)	0.44%(4)	(0.06)%(4)	3%	$461,328
2022	$62.09	0.14	(17.04)	(16.90)	(1.39)	$43.80	(27.80)%	0.01%	0.51%	0.27%	(0.23)%	23%	$454,815
2021	$45.52	0.14	16.76	16.90	(0.33)	$62.09	37.23%	0.00%(5)	0.66%	0.26%	(0.40)%	12%	$526,543
2020	$30.35	0.08	15.09	15.17	—	$45.52	49.98%	0.00%(5)	0.67%	0.23%	(0.44)%	27%	$438,327
2019(6)	$28.72	0.02	1.61	1.63	—	$30.35	5.68%	0.00%(4)(5)	0.67%(4)	0.16%(4)	(0.51)%(4)	23%(7)	$88

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

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

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

*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.

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.




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 Growth 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.

©2023 American Century Proprietary Holdings, Inc. All rights reserved. CL-SAN-91636 2303

(a) The registrant's principal executive officer and principal financial officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are effective based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.



			Semiannual Report

			January 31, 2023

			Focused Dynamic Growth Fund
			Investor Class (ACFOX)
			I Class (ACFSX)
			A Class (ACFDX)
			R Class (ACFCX)
			R6 Class (ACFNX)
			G Class (ACFGX)


NOTES TO SCHEDULE OF INVESTMENTS
ADR	–	American Depositary Receipt


Federal tax cost of investments	$	1,263,527,671
Gross tax appreciation of investments	$	353,295,535
Gross tax depreciation of investments	(95,349,649)
Net tax appreciation (depreciation) of investments	$	257,945,886


	Affirmative		Withhold
Brian Bulatao	$	828,522,589	$	24,926,395
Chris H. Cheesman	$	827,003,949	$	26,445,035
Rajesh K. Gupta	$	824,050,223	$	29,398,761
Lynn M. Jenkins	$	824,935,789	$	28,513,195
Gary C. Meltzer	$	827,136,882	$	26,312,102


Registrant:	American Century Growth Funds, Inc.


By:	/s/ Patrick Bannigan
	Name:	Patrick Bannigan
	Title:	President

Date:	March 30, 2023


President’s Letter			2


Fund Characteristics			3
Shareholder Fee Example			4
Schedule of Investments			6
Statement of Assets and Liabilities			8
Statement of Operations			9
Statement of Changes in Net Assets			10
Notes to Financial Statements			11
Financial Highlights			17




Proxy Voting Results			21
Additional Information			22


JANUARY 31, 2023
Types of Investments in Portfolio			% of net assets
Common Stocks			97.9%
Short-Term Investments			2.2%
Other Assets and Liabilities			(0.1)%

Top Five Industries			% of net assets
IT Services			13.1%
Biotechnology			10.9%
Software			10.0%
Internet and Direct Marketing Retail			7.8%
Machinery			7.8%


	Management Fee Schedule Range	Effective Annual Management Fee
Investor Class	0.80% to 0.85%	0.85%
I Class	0.60% to 0.65%	0.65%
A Class	0.80% to 0.85%	0.85%
R Class	0.80% to 0.85%	0.85%
R6 Class	0.45% to 0.50%	0.50%
G Class	0.45% to 0.50%	0.00%(1)


	Level 1		Level 2		Level 3
Assets
Investment Securities
Common Stocks	$	1,447,224,338	$	41,310,018	—
Short-Term Investments	42,006		32,897,195		—
	$	1,447,266,344	$	74,207,213	—


By:	/s/ R. Wes Campbell
	Name:	R. Wes Campbell
	Title:	Treasurer and
		Chief Financial Officer
		(principal financial officer)

Date:	March 30, 2023


Table of Contents