American Century Ultra Fund - I Class NCSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number

811-00816

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:

10-31-2023

ITEM 1. REPORTS TO STOCKHOLDERS.

(a) Provided under separate cover.



			Annual Report

			October 31, 2023

			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			30
Statement of Operations			31
Statement of Changes in Net Assets			32
Notes to Financial Statements			33
Financial Highlights			41
Report of Independent Registered Public Accounting Firm			43
Management			44
Approval of Management Agreement			47


Additional Information			51

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


President’s Letter

Jonathan Thomas

Dear Investor:

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

Asset Class Performance Was Mixed as Volatility Reigned

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

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

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

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

Remaining Diligent in Uncertain Times

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

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

With appreciation and respect,

Jonathan Thomas

President and Chief Executive Officer

American Century Investments


Performance


Total Returns as of October 31, 2023
			Average Annual Returns
	Ticker Symbol	1 year	5 years	10 years	Since Inception	Inception Date
Investor Class	TWBIX	5.20%	5.32%	5.64%	—	10/20/88
Blended Index	—	6.26%	6.83%	7.21%	—	—
S&P 500 Index	—	10.14%	11.01%	11.18%	—	—
Bloomberg U.S. Aggregate Bond Index	—	0.36%	-0.06%	0.88%	—	—
I Class	ABINX	5.41%	5.53%	5.85%	—	5/1/00
R5 Class	ABGNX	5.41%	5.53%	—	5.61%	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, 2013
Performance for other share classes will vary due to differences in fee structure.


Value on October 31, 2023
			Investor Class — $17,305

			Blended Index — $20,053

			S&P 500 Index — $28,847

			Bloomberg U.S. Aggregate Bond Index — $10,921


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

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

Performance Summary

Balanced returned 5.20%* for the 12 months ended October 31, 2023. 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 6.26%. The fund’s return reflects operating expenses, while the index return does not.

Communication Services Hampered Equity Performance

Significant detractors in the communication services sector included Meta Platforms, where an underweight to Facebook’s parent company hampered relative performance. Meta beat sales and earnings estimates as digital advertising revenue is starting to recover and cost-cutting measures have proved helpful.

Elsewhere, NextEra Energy was a top detractor. Utilities generally underperformed on a combination of higher interest rates and investor rotation to growth-oriented sectors. Semiconductor company Broadcom detracted from relative performance because the fund did not own the benchmark component. Broadcom delivered solid results and recently detailed strong exposure to artificial intelligence, specifically in its custom ASIC and networking businesses. Keysight Technologies manufactures test and measurement instruments for use in communications, networking and electronics applications. It posted mixed results with revenues and earnings that beat expectations but new orders that lagged. The company also issued disappointing guidance

Information Technology Stocks Benefited Performance

Top contributors in the information technology sector included a pair of semiconductor stocks, led by NVIDIA. The chipmaker’s stock surged after increasing its future business guidance well above expectations. NVIDIA’s growth was driven by its data center business, which reflects the demand for computing power required for artificial intelligence applications. Applied Materials, a semiconductor equipment manufacturer, continued to benefit from management’s greater focus on margins and returns on capital. The company also was helped by industry consolidation and increased demand for chips.

Software company Microsoft reported better-than-expected revenue and earnings and offered upbeat guidance. Microsoft benefited from lower expenses and improved performance of its cloud unit. Other significant contributors included Novo Nordisk. The Denmark-based pharmaceutical company surged on its weight-loss drug Wegovy, and late-stage trial results also showed that Wegovy was beneficial for treating Type 2 diabetes and chronic kidney disease.

Bonds Also Lagged

The fiscal year includes the last two months of 2022, which concluded the worst calendar year on record for bond markets. Though inflation moderated and the Federal Reserve (Fed) paused rate hikes in June, the second quarter of 2023 was difficult amid better-than-expected economic data. What’s more, U.S. investment-grade bonds declined again in the third quarter of 2023. Surging Treasury yields and a still-hawkish Fed were among the key culprits. Indeed, the yield on the benchmark 10-year Treasury note touched 5% for the first time in 16 years in October 2023. In that environment, the fixed-income portion of the portfolio posted a loss in absolute terms and underperformed its benchmark.

*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.

Because the fund considers environmental, social and governance (ESG) metrics in addition to fundamental financial metrics when selecting securities, its portfolio may perform differently than funds that do not use ESG metrics. ESG considerations may prioritize long-term rather than short-term returns. Furthermore, when analyzing ESG criteria for securities, the portfolio management team relies on the information and scoring models published by third-party sources, there is a risk that this information might be incorrect or only take into account one of many ESG-related components of portfolio companies. Moreover, scores and ratings across third-party providers may be inconsistent or incomparable.


Fund Characteristics


OCTOBER 31, 2023
Types of Investments in Portfolio			% of net assets
Common Stocks			60.0%
U.S. Government Agency Mortgage-Backed Securities			13.6%
Corporate Bonds			9.6%
U.S. Treasury Securities			8.7%
Collateralized Loan Obligations			2.1%
Asset-Backed Securities			1.4%
Collateralized Mortgage Obligations			1.1%
Municipal Securities			0.5%
U.S. Government Agency Securities			0.5%
Sovereign Governments and Agencies			0.3%
Commercial Mortgage-Backed Securities			0.2%
Exchange-Traded Funds			—*
Short-Term Investments			2.4%
Other Assets and Liabilities			(0.4)%
*Category is less than 0.05% of total net assets.

Top Five Common Stocks Industries*			% of net assets
Software			7.1%
Interactive Media and Services			3.7%
Semiconductors and Semiconductor Equipment			3.6%
Technology Hardware, Storage and Peripherals			3.2%
Health Care Providers and Services			2.8%

*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, 2023 to October 31, 2023.

Actual Expenses

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

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

Hypothetical Example for Comparison Purposes

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

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


	Beginning Account Value 5/1/23	Ending Account Value 10/31/23	Expenses Paid During Period(1) 5/1/23 - 10/31/23	Annualized Expense Ratio(1)
Actual
Investor Class	$1,000	$979.10	$4.54	0.91%
I Class	$1,000	$979.50	$3.54	0.71%
R5 Class	$1,000	$980.10	$3.54	0.71%
Hypothetical
Investor Class	$1,000	$1,020.62	$4.63	0.91%
I Class	$1,000	$1,021.63	$3.62	0.71%
R5 Class	$1,000	$1,021.63	$3.62	0.71%

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


Schedule of Investments

OCTOBER 31, 2023


	Shares/Principal Amount	Value
COMMON STOCKS — 60.0%
Aerospace and Defense — 0.4%
Lockheed Martin Corp.	7,217	$	3,281,137
Air Freight and Logistics — 0.5%
FedEx Corp.	3,261	782,966
United Parcel Service, Inc., Class B	24,505	3,461,331
		4,244,297
Automobile Components — 0.5%
Aptiv PLC(1)	48,816	4,256,755
Automobiles — 0.7%
Tesla, Inc.(1)	27,192	5,461,241
Banks — 1.7%
Bank of America Corp.	149,879	3,947,813
JPMorgan Chase & Co.	52,269	7,268,527
Regions Financial Corp.	174,885	2,541,079
		13,757,419
Beverages — 0.8%
PepsiCo, Inc.	41,661	6,802,408
Biotechnology — 1.4%
AbbVie, Inc.	40,339	5,695,060
Amgen, Inc.	13,950	3,567,015
Vertex Pharmaceuticals, Inc.(1)	5,885	2,131,017
		11,393,092
Broadline Retail — 1.8%
Amazon.com, Inc.(1)	110,142	14,658,799
Building Products — 0.8%
Johnson Controls International PLC	90,191	4,421,163
Masco Corp.	43,377	2,259,508
		6,680,671
Capital Markets — 2.3%
Ameriprise Financial, Inc.	9,589	3,016,412
BlackRock, Inc.	5,892	3,607,554
Intercontinental Exchange, Inc.	22,438	2,410,739
Morgan Stanley	91,305	6,466,220
S&P Global, Inc.	8,372	2,924,423
		18,425,348
Chemicals — 1.3%
Air Products & Chemicals, Inc.	11,763	3,322,342
Ecolab, Inc.	12,804	2,147,743
Linde PLC	12,782	4,884,769
		10,354,854
Communications Equipment — 0.8%
Cisco Systems, Inc.	119,740	6,242,046
Consumer Finance — 0.3%
American Express Co.	17,068	2,492,440
Consumer Staples Distribution & Retail — 1.7%
Costco Wholesale Corp.	6,018	3,324,584
Kroger Co.	67,947	3,082,755


	Shares/Principal Amount	Value
Sysco Corp.	67,520	$	4,489,405
Target Corp.	26,617	2,948,898
		13,845,642
Containers and Packaging — 0.3%
Ball Corp.	43,804	2,109,163
Distributors — 0.4%
LKQ Corp.	70,645	3,102,728
Diversified Telecommunication Services — 0.7%
Verizon Communications, Inc.	161,406	5,670,193
Electric Utilities — 0.9%
NextEra Energy, Inc.	123,995	7,228,909
Electrical Equipment — 0.7%
Eaton Corp. PLC	23,874	4,963,643
Generac Holdings, Inc.(1)	5,482	460,872
		5,424,515
Electronic Equipment, Instruments and Components — 1.1%
CDW Corp.	23,872	4,783,949
Keysight Technologies, Inc.(1)	34,793	4,246,485
		9,030,434
Energy Equipment and Services — 0.9%
Schlumberger NV	125,898	7,007,483
Entertainment — 0.6%
Electronic Arts, Inc.	14,885	1,842,614
Liberty Media Corp.-Liberty Formula One, Class C(1)	16,020	1,036,334
Walt Disney Co.(1)	24,922	2,033,386
		4,912,334
Financial Services — 1.8%
Mastercard, Inc., Class A	14,867	5,595,195
Visa, Inc., Class A	37,977	8,928,393
		14,523,588
Food Products — 0.5%
Mondelez International, Inc., Class A	56,740	3,756,755
Ground Transportation — 0.7%
Uber Technologies, Inc.(1)	29,195	1,263,560
Union Pacific Corp.	20,195	4,192,684
		5,456,244
Health Care Equipment and Supplies — 0.4%
Dexcom, Inc.(1)	7,952	706,376
Intuitive Surgical, Inc.(1)	9,114	2,389,873
		3,096,249
Health Care Providers and Services — 2.8%
Cigna Group	26,139	8,082,179
CVS Health Corp.	56,429	3,894,165
UnitedHealth Group, Inc.	20,038	10,731,551
		22,707,895
Hotels, Restaurants and Leisure — 0.6%
Airbnb, Inc., Class A(1)	9,686	1,145,757
Chipotle Mexican Grill, Inc.(1)	610	1,184,742
Starbucks Corp.	26,466	2,441,224
		4,771,723


	Shares/Principal Amount	Value
Household Products — 0.8%
Colgate-Palmolive Co.	26,686	$	2,004,652
Procter & Gamble Co.	31,869	4,781,306
		6,785,958
Industrial Conglomerates — 0.5%
Honeywell International, Inc.	21,256	3,895,375
Industrial REITs — 0.9%
Prologis, Inc.	71,879	7,241,809
Insurance — 1.6%
Marsh & McLennan Cos., Inc.	21,070	3,995,926
MetLife, Inc.	29,042	1,742,810
Prudential Financial, Inc.	33,412	3,055,193
Travelers Cos., Inc.	23,647	3,959,454
		12,753,383
Interactive Media and Services — 3.7%
Alphabet, Inc., Class A(1)	173,921	21,580,118
Meta Platforms, Inc., Class A(1)	28,306	8,527,748
		30,107,866
IT Services — 1.3%
Accenture PLC, Class A	17,599	5,228,487
International Business Machines Corp.	33,286	4,814,487
		10,042,974
Life Sciences Tools and Services — 1.5%
Agilent Technologies, Inc.	34,352	3,550,966
Danaher Corp.	20,376	3,912,600
Thermo Fisher Scientific, Inc.	9,901	4,403,668
		11,867,234
Machinery — 1.4%
Cummins, Inc.	16,409	3,549,267
Deere & Co.	6,751	2,466,545
Parker-Hannifin Corp.	7,392	2,726,983
Xylem, Inc.	23,966	2,241,779
		10,984,574
Oil, Gas and Consumable Fuels — 1.9%
ConocoPhillips	68,386	8,124,257
EOG Resources, Inc.	55,069	6,952,461
		15,076,718
Pharmaceuticals — 2.3%
Bristol-Myers Squibb Co.	80,947	4,171,199
Eli Lilly & Co.	5,245	2,905,363
Merck & Co., Inc.	43,768	4,494,973
Novo Nordisk AS, Class B	37,324	3,600,878
Zoetis, Inc.	22,952	3,603,464
		18,775,877
Semiconductors and Semiconductor Equipment — 3.6%
Advanced Micro Devices, Inc.(1)	46,477	4,577,984
Analog Devices, Inc.	21,699	3,413,904
Applied Materials, Inc.	28,448	3,765,093
ASML Holding NV	2,124	1,276,780
GLOBALFOUNDRIES, Inc.(1)	17,663	876,438
NVIDIA Corp.	36,518	14,892,040
		28,802,239


	Shares/Principal Amount		Value
Software — 7.1%
Adobe, Inc.(1)	3,173		$	1,688,226
Cadence Design Systems, Inc.(1)	18,994		4,555,711
Microsoft Corp.	127,962		43,265,232
Salesforce, Inc.(1)	24,848		4,990,224
ServiceNow, Inc.(1)	2,187		1,272,506
Workday, Inc., Class A(1)	7,756		1,642,023
			57,413,922
Specialized REITs — 0.4%
Equinix, Inc.	3,909		2,852,163
Specialty Retail — 2.0%
CarMax, Inc.(1)	18,007		1,100,048
Home Depot, Inc.	27,548		7,842,640
TJX Cos., Inc.	60,536		5,331,405
Tractor Supply Co.	8,426		1,622,511
			15,896,604
Technology Hardware, Storage and Peripherals — 3.2%
Apple, Inc.	149,514		25,532,506
Textiles, Apparel and Luxury Goods — 0.4%
Deckers Outdoor Corp.(1)	4,820		2,877,829
TOTAL COMMON STOCKS (Cost $385,311,343)			481,601,393
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 13.6%
Adjustable-Rate U.S. Government Agency Mortgage-Backed Securities — 0.1%
FHLMC, VRN, 5.11%, (1-year H15T1Y plus 2.25%), 9/1/35	$	51,673	52,471
FHLMC, VRN, 5.30%, (1-year RFUCC plus 1.87%), 7/1/36	13,238		13,454
FHLMC, VRN, 6.04%, (1-year H15T1Y plus 2.14%), 10/1/36	42,387		43,172
FHLMC, VRN, 5.03%, (1-year H15T1Y plus 2.26%), 4/1/37	53,604		54,332
FHLMC, VRN, 5.67%, (1-year RFUCC plus 1.89%), 7/1/41	24,077		23,902
FHLMC, VRN, 3.60%, (1-year RFUCC plus 1.63%), 1/1/44	56,247		57,061
FHLMC, VRN, 5.51%, (1-year RFUCC plus 1.60%), 6/1/45	27,105		27,334
FHLMC, VRN, 5.76%, (1-year RFUCC plus 1.63%), 8/1/46	67,106		67,969
FHLMC, VRN, 3.11%, (1-year RFUCC plus 1.64%), 9/1/47	116,752		115,352
FNMA, VRN, 6.94%, (6-month RFUCC plus 1.57%), 6/1/35	21,690		22,045
FNMA, VRN, 6.94%, (6-month RFUCC plus 1.57%), 6/1/35	21,618		21,961
FNMA, VRN, 5.56%, (1-year H15T1Y plus 2.15%), 3/1/38	53,360		54,358
FNMA, VRN, 3.19%, (1-year RFUCC plus 1.61%), 3/1/47	98,507		92,174
FNMA, VRN, 3.12%, (1-year RFUCC plus 1.61%), 4/1/47	53,213		49,740
FNMA, VRN, 3.20%, (1-year RFUCC plus 1.62%), 5/1/47	78,330		78,842
			774,167
Fixed-Rate U.S. Government Agency Mortgage-Backed Securities — 13.5%
FHLMC, 2.00%, 6/1/36	1,799,868		1,538,708
FHLMC, 3.50%, 2/1/49	1,825,651		1,556,261
FHLMC, 3.00%, 1/1/50	1,664,242		1,336,526
FHLMC, 3.50%, 5/1/50	295,184		250,239
FHLMC, 2.50%, 5/1/51	1,961,945		1,516,547
FHLMC, 3.50%, 5/1/51	959,173		811,528
FHLMC, 3.00%, 7/1/51	744,119		601,083
FHLMC, 2.00%, 8/1/51	1,617,020		1,196,638
FHLMC, 2.50%, 8/1/51	1,764,500		1,359,764
FHLMC, 2.50%, 10/1/51	922,152		718,775
FHLMC, 3.00%, 12/1/51	1,138,094		913,934


	Shares/Principal Amount		Value
FHLMC, 3.00%, 2/1/52	$	1,022,329	$	823,745
FHLMC, 3.50%, 5/1/52	1,240,906		1,049,461
FHLMC, 4.00%, 5/1/52	1,525,837		1,320,433
FHLMC, 4.00%, 5/1/52	1,091,204		952,001
FHLMC, 4.00%, 6/1/52	3,323,205		2,898,479
FHLMC, 5.00%, 7/1/52	663,536		617,350
FHLMC, 4.50%, 10/1/52	2,314,759		2,069,371
FHLMC, 4.50%, 10/1/52	1,733,157		1,550,282
FHLMC, 6.00%, 11/1/52	3,023,491		2,961,664
FHLMC, 5.50%, 12/1/52	486,961		462,669
FHLMC, 6.00%, 1/1/53	1,636,006		1,601,275
FNMA, 2.00%, 5/1/36	822,078		701,810
FNMA, 2.00%, 11/1/36	2,802,366		2,390,531
FNMA, 2.50%, 12/1/36	1,973,180		1,732,811
FNMA, 2.00%, 1/1/37	1,120,312		955,717
FNMA, 4.50%, 9/1/41	133,043		122,688
FNMA, 3.50%, 5/1/42	640,827		563,139
FNMA, 3.50%, 6/1/42	211,392		185,764
FNMA, 3.00%, 2/1/50	251,310		203,378
FNMA, 2.50%, 6/1/50	955,642		742,609
FNMA, 2.50%, 10/1/50	1,997,025		1,535,268
FNMA, 2.50%, 12/1/50	1,374,566		1,059,366
FNMA, 2.50%, 2/1/51	2,473,830		1,917,259
FNMA, 3.00%, 6/1/51	130,051		106,574
FNMA, 2.50%, 12/1/51	1,066,032		820,863
FNMA, 2.50%, 2/1/52	590,042		456,218
FNMA, 3.00%, 2/1/52	1,940,375		1,563,451
FNMA, 3.00%, 2/1/52	1,100,864		887,005
FNMA, 2.00%, 3/1/52	2,897,490		2,148,171
FNMA, 2.50%, 3/1/52	1,348,770		1,047,017
FNMA, 3.00%, 3/1/52	1,990,327		1,620,889
FNMA, 3.00%, 4/1/52	445,596		359,116
FNMA, 3.50%, 4/1/52	733,458		611,917
FNMA, 4.00%, 4/1/52	1,414,054		1,228,072
FNMA, 4.00%, 4/1/52	638,690		557,253
FNMA, 4.00%, 4/1/52	462,971		401,283
FNMA, 3.00%, 5/1/52	1,158,207		946,025
FNMA, 3.50%, 5/1/52	2,034,291		1,703,075
FNMA, 3.50%, 5/1/52	1,808,977		1,509,770
FNMA, 3.50%, 5/1/52	1,735,756		1,472,336
FNMA, 4.00%, 5/1/52	1,944,107		1,683,199
FNMA, 3.00%, 6/1/52	510,181		416,714
FNMA, 3.50%, 6/1/52	1,658,576		1,408,193
FNMA, 4.50%, 7/1/52	1,492,976		1,335,345
FNMA, 5.00%, 8/1/52	3,294,120		3,042,151
FNMA, 4.50%, 9/1/52	815,481		738,623
FNMA, 5.00%, 9/1/52	987,977		919,270
FNMA, 5.50%, 10/1/52	1,607,430		1,526,562
FNMA, 5.50%, 1/1/53	2,725,318		2,590,046
FNMA, 6.50%, 1/1/53	2,772,926		2,759,335
FNMA, 5.00%, 8/1/53	1,716,463		1,595,036


	Shares/Principal Amount		Value
FNMA, 6.00%, 9/1/53	$	1,621,969	$	1,580,387
FNMA, 6.00%, 9/1/53	1,613,389		1,572,151
GNMA, 7.00%, 4/20/26	5,061		5,130
GNMA, 7.50%, 8/15/26	4,088		4,098
GNMA, 7.00%, 5/15/31	13,810		14,080
GNMA, 5.50%, 11/15/32	33,924		33,306
GNMA, 4.50%, 6/15/41	137,423		129,549
GNMA, 3.50%, 6/20/42	244,060		212,755
GNMA, 3.00%, 4/20/50	522,307		434,971
GNMA, 3.00%, 5/20/50	534,003		444,463
GNMA, 3.00%, 6/20/50	798,608		665,461
GNMA, 3.00%, 7/20/50	1,409,181		1,171,018
GNMA, 2.00%, 10/20/50	4,379,565		3,402,068
GNMA, 2.50%, 11/20/50	1,890,707		1,475,819
GNMA, 2.50%, 2/20/51	1,351,193		1,078,954
GNMA, 3.50%, 6/20/51	927,357		796,108
GNMA, 2.50%, 9/20/51	1,158,247		924,427
GNMA, 2.50%, 12/20/51	1,772,795		1,414,868
GNMA, 4.00%, 9/20/52	3,571,245		3,142,614
GNMA, 4.50%, 9/20/52	3,422,896		3,098,470
GNMA, 4.50%, 10/20/52	2,785,463		2,519,727
GNMA, 5.00%, 4/20/53	1,596,432		1,487,920
GNMA, 5.50%, 4/20/53	2,004,765		1,919,066
GNMA, 6.00%, TBA	1,660,000		1,626,391
GNMA, 6.50%, TBA	987,000		984,798
UMBS, 5.00%, TBA	2,522,000		2,433,064
			108,242,245
TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Cost $119,349,170)			109,016,412
CORPORATE BONDS — 9.6%
Aerospace and Defense — 0.1%
Boeing Co., 5.81%, 5/1/50	168,000		144,769
Northrop Grumman Corp., 5.15%, 5/1/40	195,000		171,058
RTX Corp., 4.125%, 11/16/28	520,000		477,720
RTX Corp., 3.125%, 7/1/50	165,000		95,806
			889,353
Air Freight and Logistics†
GXO Logistics, Inc., 2.65%, 7/15/31	257,000		190,794
Automobiles — 0.3%
Ford Motor Credit Co. LLC, 7.20%, 6/10/30	260,000		260,104
General Motors Financial Co., Inc., 2.75%, 6/20/25	700,000		660,821
Hyundai Capital America, 6.50%, 1/16/29(2)(3)	117,000		116,692
Hyundai Capital America, 6.20%, 9/21/30(2)	233,000		226,432
Toyota Motor Credit Corp., 5.25%, 9/11/28	310,000		305,257
Toyota Motor Credit Corp., 4.55%, 5/17/30	490,000		458,625
			2,027,931
Banks — 2.0%
Banco Santander SA, 6.94%, 11/7/33(3)	200,000		200,754
Banco Santander SA, VRN, 1.72%, 9/14/27	400,000		346,841
Bank of America Corp., VRN, 5.82%, 9/15/29	380,000		370,110
Bank of America Corp., VRN, 2.88%, 10/22/30	1,421,000		1,163,254


	Shares/Principal Amount		Value
Bank of America Corp., VRN, 2.57%, 10/20/32	$	225,000	$	168,573
Bank of America Corp., VRN, 4.57%, 4/27/33	375,000		323,537
Bank of America Corp., VRN, 5.29%, 4/25/34	340,000		307,217
Barclays PLC, VRN, 2.28%, 11/24/27	267,000		233,793
Barclays PLC, VRN, 6.69%, 9/13/34	200,000		189,250
BNP Paribas SA, VRN, 5.34%, 6/12/29(2)	295,000		283,341
BPCE SA, VRN, 7.00%, 10/19/34(2)	260,000		252,778
Canadian Imperial Bank of Commerce, 5.00%, 4/28/28	350,000		333,399
Canadian Imperial Bank of Commerce, 6.09%, 10/3/33	145,000		139,733
Citigroup, Inc., VRN, 3.07%, 2/24/28	376,000		338,533
Citigroup, Inc., VRN, 3.52%, 10/27/28	178,000		160,063
Citigroup, Inc., VRN, 3.98%, 3/20/30	273,000		241,607
Citigroup, Inc., VRN, 4.41%, 3/31/31	120,000		106,206
Citigroup, Inc., VRN, 3.06%, 1/25/33	560,000		431,341
Citigroup, Inc., VRN, 6.27%, 11/17/33	160,000		155,420
Credit Agricole SA, VRN, 6.32%, 10/3/29(2)	377,000		370,552
Credit Agricole SA, VRN, 4.00%, 1/10/33(2)	555,000		483,354
Danske Bank A/S, VRN, 1.55%, 9/10/27(2)	385,000		334,425
HSBC Holdings PLC, VRN, 5.89%, 8/14/27	330,000		324,279
HSBC Holdings PLC, VRN, 2.80%, 5/24/32	415,000		312,571
Huntington Bancshares, Inc., VRN, 6.21%, 8/21/29	206,000		198,084
Intesa Sanpaolo SpA, 6.625%, 6/20/33(2)	380,000		348,817
JPMorgan Chase & Co., VRN, 4.01%, 4/23/29	347,000		316,130
JPMorgan Chase & Co., VRN, 2.07%, 6/1/29	862,000		716,693
JPMorgan Chase & Co., VRN, 2.52%, 4/22/31	550,000		437,609
JPMorgan Chase & Co., VRN, 2.58%, 4/22/32	375,000		289,734
JPMorgan Chase & Co., VRN, 6.25%, 10/23/34	190,000		187,513
KeyBank NA, 3.40%, 5/20/26	370,000		325,737
KeyCorp, VRN, 3.88%, 5/23/25	330,000		315,935
Lloyds Banking Group PLC, VRN, 5.99%, 8/7/27	314,000		309,544
PNC Financial Services Group, Inc., VRN, 6.62%, 10/20/27	320,000		320,879
PNC Financial Services Group, Inc., VRN, 5.58%, 6/12/29	144,000		137,923
PNC Financial Services Group, Inc., VRN, 5.94%, 8/18/34	205,000		191,174
PNC Financial Services Group, Inc., VRN, 6.875%, 10/20/34	210,000		209,961
Societe Generale SA, VRN, 6.69%, 1/10/34(2)	286,000		267,998
Truist Bank, 3.625%, 9/16/25	250,000		235,932
Truist Bank, 3.30%, 5/15/26	495,000		453,399
Truist Bank, VRN, 2.64%, 9/17/29	270,000		249,145
Truist Financial Corp., VRN, 7.16%, 10/30/29	123,000		123,758
U.S. Bancorp, VRN, 6.79%, 10/26/27	475,000		478,680
U.S. Bancorp, VRN, 5.78%, 6/12/29	521,000		501,129
Wells Fargo & Co., VRN, 5.57%, 7/25/29	220,000		212,200
Wells Fargo & Co., VRN, 6.30%, 10/23/29	145,000		143,838
Wells Fargo & Co., VRN, 5.39%, 4/24/34	841,000		761,705
Wells Fargo & Co., VRN, 5.56%, 7/25/34	372,000		340,672
			15,645,120
Beverages — 0.2%
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc., 4.70%, 2/1/36	840,000		739,680
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc., 4.90%, 2/1/46	795,000		662,630
			1,402,310


	Shares/Principal Amount		Value
Biotechnology — 0.3%
AbbVie, Inc., 4.40%, 11/6/42	$	260,000	$	206,636
Amgen, Inc., 4.05%, 8/18/29	740,000		677,078
Amgen, Inc., 5.25%, 3/2/33	428,000		399,360
Amgen, Inc., 5.65%, 3/2/53	465,000		409,308
Gilead Sciences, Inc., 5.55%, 10/15/53	450,000		406,822
			2,099,204
Capital Markets — 0.8%
Bank of New York Mellon Corp., VRN, 6.47%, 10/25/34	480,000		481,800
Blue Owl Capital Corp., 3.40%, 7/15/26	72,000		64,264
Blue Owl Credit Income Corp., 3.125%, 9/23/26	183,000		160,653
Charles Schwab Corp., VRN, 5.85%, 5/19/34	358,000		328,524
Charles Schwab Corp., VRN, 6.14%, 8/24/34	180,000		168,692
Deutsche Bank AG, VRN, 7.15%, 7/13/27	315,000		314,859
Goldman Sachs Group, Inc., VRN, 1.76%, 1/24/25	199,000		196,566
Goldman Sachs Group, Inc., VRN, 1.95%, 10/21/27	714,000		626,369
Goldman Sachs Group, Inc., VRN, 6.48%, 10/24/29	290,000		290,005
Goldman Sachs Group, Inc., VRN, 1.99%, 1/27/32	225,000		165,131
Goldman Sachs Group, Inc., VRN, 2.65%, 10/21/32	220,000		165,481
Golub Capital BDC, Inc., 2.50%, 8/24/26	168,000		147,047
Morgan Stanley, VRN, 1.16%, 10/21/25	544,000		514,747
Morgan Stanley, VRN, 2.63%, 2/18/26	209,000		199,035
Morgan Stanley, VRN, 3.59%, 7/22/28	65,000		58,970
Morgan Stanley, VRN, 5.12%, 2/1/29	118,000		112,380
Morgan Stanley, VRN, 5.16%, 4/20/29	311,000		295,973
Morgan Stanley, VRN, 2.70%, 1/22/31	540,000		434,033
Morgan Stanley, VRN, 2.51%, 10/20/32	460,000		344,212
Morgan Stanley, VRN, 5.42%, 7/21/34	172,000		157,040
Morgan Stanley, VRN, 6.63%, 11/1/34(3)	320,000		319,866
Nasdaq, Inc., 5.55%, 2/15/34	261,000		242,225
Nasdaq, Inc., 5.95%, 8/15/53	116,000		103,607
UBS AG, 5.80%, 9/11/25	295,000		293,509
UBS Group AG, 4.28%, 1/9/28(2)	319,000		291,138
UBS Group AG, VRN, 6.30%, 9/22/34(2)	255,000		241,636
			6,717,762
Chemicals†
CF Industries, Inc., 4.95%, 6/1/43	195,000		150,744
Commercial Services and Supplies — 0.2%
Republic Services, Inc., 2.30%, 3/1/30	358,000		290,598
Veralto Corp., 5.45%, 9/18/33(2)	510,000		476,836
Waste Connections, Inc., 3.20%, 6/1/32	335,000		271,377
Waste Management, Inc., 4.625%, 2/15/33	170,000		154,286
			1,193,097
Construction and Engineering†
Quanta Services, Inc., 2.35%, 1/15/32	410,000		295,367
Consumer Finance — 0.1%
American Express Co., VRN, 6.34%, 10/30/26	500,000		501,508
Containers and Packaging†
WRKCo, Inc., 3.00%, 9/15/24	201,000		195,814
Distributors†
Genuine Parts Co., 6.50%, 11/1/28(3)	204,000		204,070


	Shares/Principal Amount		Value
Diversified Consumer Services†
Novant Health, Inc., 3.17%, 11/1/51	$	245,000	$	147,979
Pepperdine University, 3.30%, 12/1/59	355,000		203,589
			351,568
Diversified REITs — 0.2%
Agree LP, 2.90%, 10/1/30	400,000		318,768
Essex Portfolio LP, 3.00%, 1/15/30	247,000		201,824
Extra Space Storage LP, 5.50%, 7/1/30	136,000		128,709
Extra Space Storage LP, 2.20%, 10/15/30	120,000		91,629
Federal Realty OP LP, 3.50%, 6/1/30	380,000		317,903
GLP Capital LP / GLP Financing II, Inc., 5.375%, 4/15/26	200,000		191,866
Kilroy Realty LP, 3.05%, 2/15/30	125,000		96,089
Kilroy Realty LP, 2.50%, 11/15/32	165,000		109,338
Kilroy Realty LP, 2.65%, 11/15/33	16,000		10,471
Spirit Realty LP, 3.20%, 2/15/31	192,000		151,269
			1,617,866
Diversified Telecommunication Services — 0.3%
AT&T, Inc., 5.40%, 2/15/34	453,000		416,389
AT&T, Inc., 4.50%, 5/15/35	357,000		297,841
AT&T, Inc., 4.90%, 8/15/37	286,000		240,971
AT&T, Inc., 4.85%, 3/1/39	390,000		318,383
Ooredoo International Finance Ltd., 2.625%, 4/8/31(2)	323,000		262,612
Sprint Capital Corp., 6.875%, 11/15/28	291,000		298,860
Sprint Capital Corp., 8.75%, 3/15/32	545,000		614,161
Telefonica Emisiones SA, 4.90%, 3/6/48	285,000		205,486
Verizon Communications, Inc., 4.81%, 3/15/39	145,000		120,241
			2,774,944
Electric Utilities — 0.8%
Baltimore Gas & Electric Co., 2.25%, 6/15/31	207,000		161,190
CenterPoint Energy Houston Electric LLC, 4.95%, 4/1/33	153,000		141,407
CenterPoint Energy Houston Electric LLC, 4.45%, 10/1/32	340,000		304,436
Commonwealth Edison Co., 5.30%, 2/1/53	264,000		228,156
Duke Energy Carolinas LLC, 2.55%, 4/15/31	154,000		123,234
Duke Energy Corp., 2.55%, 6/15/31	230,000		177,439
Duke Energy Corp., 5.00%, 8/15/52	230,000		178,810
Duke Energy Florida LLC, 1.75%, 6/15/30	370,000		284,941
Duke Energy Florida LLC, 3.85%, 11/15/42	220,000		156,544
Duke Energy Progress LLC, 2.00%, 8/15/31	440,000		331,080
Duke Energy Progress LLC, 4.15%, 12/1/44	335,000		245,070
Duke Energy Progress LLC, 5.35%, 3/15/53	120,000		102,310
Exelon Corp., 5.15%, 3/15/28	203,000		197,030
Florida Power & Light Co., 2.45%, 2/3/32	391,000		305,139
Florida Power & Light Co., 4.125%, 2/1/42	169,000		131,260
Georgia Power Co., 4.95%, 5/17/33	150,000		137,005
MidAmerican Energy Co., 4.40%, 10/15/44	265,000		205,139
MidAmerican Energy Co., 3.15%, 4/15/50	200,000		119,970
MidAmerican Energy Co., 5.85%, 9/15/54	90,000		84,396
Nevada Power Co., 6.00%, 3/15/54	90,000		82,837
NextEra Energy Capital Holdings, Inc., 4.90%, 2/28/28	280,000		267,709
NextEra Energy Capital Holdings, Inc., 5.05%, 2/28/33	170,000		154,394
NextEra Energy Capital Holdings, Inc., 5.25%, 2/28/53	240,000		195,028


	Shares/Principal Amount		Value
Northern States Power Co., 3.20%, 4/1/52	$	240,000	$	143,748
Northern States Power Co., 5.10%, 5/15/53	260,000		220,481
Oncor Electric Delivery Co. LLC, 4.95%, 9/15/52(2)	150,000		123,375
Pacific Gas & Electric Co., 6.40%, 6/15/33	80,000		75,113
Pacific Gas & Electric Co., 4.20%, 6/1/41	155,000		103,399
PECO Energy Co., 4.375%, 8/15/52	340,000		256,067
Public Service Co. of Colorado, 1.875%, 6/15/31	312,000		234,289
Southern Co., 5.20%, 6/15/33	182,000		167,439
Southern Co. Gas Capital Corp., 1.75%, 1/15/31	200,000		147,728
Union Electric Co., 3.90%, 4/1/52	238,000		164,154
Union Electric Co., 5.45%, 3/15/53	240,000		209,311
Xcel Energy, Inc., 3.40%, 6/1/30	174,000		147,483
Xcel Energy, Inc., 4.60%, 6/1/32	136,000		120,318
			6,427,429
Energy Equipment and Services†
Schlumberger Investment SA, 4.85%, 5/15/33	150,000		138,145
Entertainment — 0.1%
Warnermedia Holdings, Inc., 3.64%, 3/15/25	111,000		107,307
Warnermedia Holdings, Inc., 3.79%, 3/15/25	93,000		89,952
Warnermedia Holdings, Inc., 3.76%, 3/15/27	83,000		76,430
Warnermedia Holdings, Inc., 5.05%, 3/15/42	250,000		185,309
Warnermedia Holdings, Inc., 5.14%, 3/15/52	330,000		233,688
			692,686
Financial Services — 0.1%
Antares Holdings LP, 2.75%, 1/15/27(2)	256,000		215,167
Corebridge Financial, Inc., 3.90%, 4/5/32	375,000		306,986
GE Capital Funding LLC, 4.55%, 5/15/32	360,000		323,560
			845,713
Food Products — 0.3%
J M Smucker Co., 5.90%, 11/15/28	573,000		568,728
JDE Peet's NV, 2.25%, 9/24/31(2)	325,000		236,581
Kraft Heinz Foods Co., 5.00%, 6/4/42	985,000		812,401
Mars, Inc., 4.75%, 4/20/33(2)	352,000		323,352
Mars, Inc., 3.875%, 4/1/39(2)	109,000		83,580
Mondelez International, Inc., 2.625%, 3/17/27	310,000		280,637
Nestle Holdings, Inc., 4.85%, 3/14/33(2)	310,000		291,077
			2,596,356
Ground Transportation — 0.2%
Ashtead Capital, Inc., 5.50%, 8/11/32(2)	304,000		272,199
Ashtead Capital, Inc., 5.95%, 10/15/33(2)	400,000		365,174
Burlington Northern Santa Fe LLC, 4.15%, 4/1/45	300,000		224,476
Burlington Northern Santa Fe LLC, 3.30%, 9/15/51	175,000		109,216
Burlington Northern Santa Fe LLC, 5.20%, 4/15/54	162,000		140,049
CSX Corp., 4.25%, 3/15/29	224,000		209,129
Union Pacific Corp., 3.55%, 8/15/39	480,000		354,558
United Rentals North America, Inc., 6.00%, 12/15/29(2)	170,000		163,699
			1,838,500
Health Care Equipment and Supplies — 0.2%
GE HealthCare Technologies, Inc., 5.65%, 11/15/27	735,000		727,726
Zimmer Biomet Holdings, Inc., 1.45%, 11/22/24	750,000		714,324
			1,442,050


	Shares/Principal Amount		Value
Health Care Providers and Services — 0.6%
Centene Corp., 2.45%, 7/15/28	$	560,000	$	471,590
Centene Corp., 4.625%, 12/15/29	214,000		191,346
Centene Corp., 3.375%, 2/15/30	349,000		288,884
CVS Health Corp., 4.78%, 3/25/38	160,000		132,452
CVS Health Corp., 5.05%, 3/25/48	400,000		314,729
CVS Health Corp., 5.625%, 2/21/53	505,000		428,325
Duke University Health System, Inc., 3.92%, 6/1/47	160,000		116,183
HCA, Inc., 5.20%, 6/1/28	310,000		295,273
HCA, Inc., 2.375%, 7/15/31	250,000		186,000
HCA, Inc., 5.50%, 6/1/33	307,000		280,218
HCA, Inc., 5.90%, 6/1/53	335,000		283,450
Kaiser Foundation Hospitals, 3.00%, 6/1/51	220,000		129,331
Quest Diagnostics, Inc., 6.40%, 11/30/33(3)	300,000		299,427
Roche Holdings, Inc., 2.61%, 12/13/51(2)	440,000		244,185
UnitedHealth Group, Inc., 5.05%, 4/15/53	540,000		454,599
Universal Health Services, Inc., 1.65%, 9/1/26	377,000		332,614
			4,448,606
Hotels, Restaurants and Leisure — 0.1%
Marriott International, Inc., 3.50%, 10/15/32	212,000		168,407
Starbucks Corp., 2.55%, 11/15/30	475,000		383,321
			551,728
Household Durables†
DR Horton, Inc., 2.50%, 10/15/24	310,000		299,879
Household Products†
Clorox Co., 1.80%, 5/15/30	385,000		296,350
Insurance — 0.1%
Belrose Funding Trust, 2.33%, 8/15/30(2)	358,000		260,727
Five Corners Funding Trust III, 5.79%, 2/15/33(2)	184,000		174,106
MetLife, Inc., 5.375%, 7/15/33	199,000		186,225
			621,058
IT Services — 0.1%
Black Knight InfoServ LLC, 3.625%, 9/1/28(2)	715,000		638,241
Kyndryl Holdings, Inc., 3.15%, 10/15/31	79,000		57,614
			695,855
Machinery — 0.1%
Ingersoll Rand, Inc., 5.70%, 8/14/33	197,000		186,232
John Deere Capital Corp., 4.95%, 7/14/28	430,000		419,651
John Deere Capital Corp., 4.70%, 6/10/30	283,000		266,533
John Deere Capital Corp., Series I, 5.15%, 9/8/33	180,000		171,269
			1,043,685
Media — 0.4%
Charter Communications Operating LLC / Charter Communications Operating Capital, 6.48%, 10/23/45	290,000		243,956
Charter Communications Operating LLC / Charter Communications Operating Capital, 5.125%, 7/1/49	235,000		162,700
Comcast Corp., 3.20%, 7/15/36	320,000		236,336
Comcast Corp., 3.75%, 4/1/40	440,000		323,558
Comcast Corp., 2.94%, 11/1/56	285,000		151,115
Cox Communications, Inc., 3.15%, 8/15/24(2)	96,000		93,758
Cox Communications, Inc., 3.85%, 2/1/25(2)	172,000		167,038
Cox Communications, Inc., 5.70%, 6/15/33(2)	149,000		140,195


	Shares/Principal Amount		Value
Cox Communications, Inc., 4.50%, 6/30/43(2)	$	83,000	$	59,718
Fox Corp., 6.50%, 10/13/33	255,000		249,167
Paramount Global, 4.00%, 1/15/26	495,000		469,945
Paramount Global, 4.95%, 1/15/31	525,000		438,615
WPP Finance 2010, 3.75%, 9/19/24	316,000		308,416
			3,044,517
Metals and Mining — 0.1%
Glencore Funding LLC, 6.375%, 10/6/30(2)	165,000		161,746
Glencore Funding LLC, 2.625%, 9/23/31(2)	440,000		331,626
South32 Treasury Ltd., 4.35%, 4/14/32(2)	285,000		234,374
			727,746
Multi-Utilities — 0.3%
Ameren Corp., 3.50%, 1/15/31	430,000		360,739
Ameren Illinois Co., 4.95%, 6/1/33	170,000		156,703
CenterPoint Energy, Inc., 2.65%, 6/1/31	255,000		199,186
Dominion Energy, Inc., 4.90%, 8/1/41	270,000		216,110
DTE Energy Co., 4.875%, 6/1/28	200,000		190,347
Public Service Enterprise Group, Inc., 6.125%, 10/15/33	480,000		468,765
Sempra, 3.25%, 6/15/27	180,000		163,238
Sempra, 5.50%, 8/1/33	400,000		372,242
WEC Energy Group, Inc., 1.375%, 10/15/27	60,000		50,621
			2,177,951
Oil, Gas and Consumable Fuels — 0.7%
Aker BP ASA, 6.00%, 6/13/33(2)	480,000		452,474
BP Capital Markets America, Inc., 3.06%, 6/17/41	250,000		165,506
Cenovus Energy, Inc., 2.65%, 1/15/32	255,000		192,849
Columbia Pipelines Operating Co. LLC, 6.04%, 11/15/33(2)	370,000		351,529
ConocoPhillips Co., 5.55%, 3/15/54	83,000		74,263
Diamondback Energy, Inc., 6.25%, 3/15/33	320,000		316,017
Enbridge, Inc., 5.70%, 3/8/33	323,000		302,166
Energy Transfer LP, 5.75%, 2/15/33	312,000		292,717
Energy Transfer LP, 6.55%, 12/1/33	156,000		154,079
Energy Transfer LP, 4.90%, 3/15/35	270,000		229,444
Energy Transfer LP, 6.125%, 12/15/45	140,000		121,068
Enterprise Products Operating LLC, 4.85%, 3/15/44	237,000		196,451
Equinor ASA, 3.25%, 11/18/49	230,000		146,250
Kinder Morgan Energy Partners LP, 6.50%, 9/1/39	173,000		160,605
Occidental Petroleum Corp., 6.625%, 9/1/30	527,000		529,027
Occidental Petroleum Corp., 6.45%, 9/15/36	150,000		145,817
ONEOK, Inc., 6.05%, 9/1/33	125,000		119,856
Petroleos Mexicanos, 6.625%, 6/15/35	50,000		33,010
Sabine Pass Liquefaction LLC, 5.00%, 3/15/27	460,000		443,170
Shell International Finance BV, 2.375%, 11/7/29	290,000		242,763
Shell International Finance BV, 4.375%, 5/11/45	180,000		140,685
Western Midstream Operating LP, 6.15%, 4/1/33	195,000		184,611
Williams Cos., Inc., 5.30%, 8/15/28	215,000		207,307
			5,201,664
Personal Care Products — 0.1%
Kenvue, Inc., 4.90%, 3/22/33	1,020,000		956,427
Pharmaceuticals — 0.2%
Eli Lilly & Co., 4.875%, 2/27/53	255,000		221,205
Pfizer Investment Enterprises Pte. Ltd., 5.11%, 5/19/43	525,000		461,142


	Shares/Principal Amount		Value
Pfizer Investment Enterprises Pte. Ltd., 5.30%, 5/19/53	$	335,000	$	293,328
Utah Acquisition Sub, Inc., 3.95%, 6/15/26	675,000		632,439
Viatris, Inc., 4.00%, 6/22/50	91,000		52,395
			1,660,509
Residential REITs†
Invitation Homes Operating Partnership LP, 5.50%, 8/15/33	140,000		127,023
Retail REITs — 0.1%
Kimco Realty OP LLC, 4.60%, 2/1/33	520,000		449,684
NNN REIT, Inc., 5.60%, 10/15/33	405,000		373,569
NNN REIT, Inc., 4.80%, 10/15/48	270,000		199,418
			1,022,671
Semiconductors and Semiconductor Equipment — 0.1%
Broadcom, Inc., 3.42%, 4/15/33(2)	380,000		295,582
Intel Corp., 5.70%, 2/10/53	316,000		283,025
NXP BV / NXP Funding LLC / NXP USA, Inc., 2.50%, 5/11/31	495,000		378,220
			956,827
Software — 0.1%
Oracle Corp., 3.85%, 7/15/36	153,000		116,767
Oracle Corp., 3.60%, 4/1/40	422,000		289,951
			406,718
Specialized REITs — 0.1%
American Tower Corp., 5.55%, 7/15/33	457,000		421,197
Crown Castle, Inc., 4.15%, 7/1/50	221,000		147,676
			568,873
Specialty Retail — 0.1%
AutoZone, Inc., 4.00%, 4/15/30	280,000		246,756
AutoZone, Inc., 6.55%, 11/1/33	203,000		203,642
Lowe's Cos., Inc., 5.625%, 4/15/53	595,000		514,541
			964,939
Technology Hardware, Storage and Peripherals — 0.1%
Apple, Inc., 3.95%, 8/8/52	545,000		404,419
Dell International LLC / EMC Corp., 5.75%, 2/1/33	230,000		217,583
			622,002
Trading Companies and Distributors†
Aircastle Ltd., 5.25%, 8/11/25(2)	196,000		190,888
Water Utilities†
Essential Utilities, Inc., 2.70%, 4/15/30	380,000		307,132
Wireless Telecommunication Services†
Vodafone Group PLC, 6.15%, 2/27/37	210,000		199,474
TOTAL CORPORATE BONDS (Cost $86,245,204)			77,330,853
U.S. TREASURY SECURITIES — 8.7%
U.S. Treasury Bonds, 5.00%, 5/15/37	200,000		200,461
U.S. Treasury Bonds, 4.375%, 11/15/39	300,000		273,586
U.S. Treasury Bonds, 1.375%, 11/15/40	200,000		112,817
U.S. Treasury Bonds, 4.375%, 5/15/41	1,400,000		1,263,500
U.S. Treasury Bonds, 3.25%, 5/15/42	1,500,000		1,142,754
U.S. Treasury Bonds, 3.375%, 8/15/42	600,000		464,426
U.S. Treasury Bonds, 2.75%, 11/15/42	750,000		522,861
U.S. Treasury Bonds, 4.00%, 11/15/42	1,900,000		1,611,252
U.S. Treasury Bonds, 3.875%, 2/15/43	1,400,000		1,164,297
U.S. Treasury Bonds, 2.875%, 5/15/43	1,300,000		919,877


	Shares/Principal Amount		Value
U.S. Treasury Bonds, 3.875%, 5/15/43	$	2,400,000	$	1,993,688
U.S. Treasury Bonds, 4.375%, 8/15/43	780,000		695,784
U.S. Treasury Bonds, 3.75%, 11/15/43	600,000		487,172
U.S. Treasury Bonds, 3.00%, 11/15/44	600,000		426,281
U.S. Treasury Bonds, 2.50%, 2/15/45	1,500,000		968,408
U.S. Treasury Bonds, 2.375%, 11/15/49	1,400,000		841,477
U.S. Treasury Bonds, 3.00%, 8/15/52	100,000		68,617
U.S. Treasury Bonds, 4.00%, 11/15/52	3,100,000		2,591,406
U.S. Treasury Bonds, 3.625%, 2/15/53	200,000		155,875
U.S. Treasury Bonds, 4.125%, 8/15/53	500,000		427,813
U.S. Treasury Notes, 1.50%, 2/15/25(4)	1,500,000		1,429,277
U.S. Treasury Notes, 2.875%, 6/15/25(4)	500,000		482,188
U.S. Treasury Notes, 0.875%, 6/30/26	200,000		180,195
U.S. Treasury Notes, 4.375%, 8/15/26	3,500,000		3,450,234
U.S. Treasury Notes, 4.625%, 9/15/26	18,060,000		17,928,783
U.S. Treasury Notes, 1.625%, 10/31/26	100,000		90,965
U.S. Treasury Notes, 1.75%, 12/31/26	700,000		636,371
U.S. Treasury Notes, 1.125%, 2/29/28	1,000,000		855,625
U.S. Treasury Notes, 3.625%, 5/31/28	6,000,000		5,706,328
U.S. Treasury Notes, 4.375%, 8/31/28	9,300,000		9,123,445
U.S. Treasury Notes, 3.125%, 11/15/28	6,000,000		5,533,359
U.S. Treasury Notes, 1.875%, 2/28/29	1,500,000		1,289,766
U.S. Treasury Notes, 2.875%, 4/30/29	700,000		632,051
U.S. Treasury Notes, 3.875%, 11/30/29	700,000		661,664
U.S. Treasury Notes, 3.875%, 12/31/29	1,000,000		944,492
U.S. Treasury Notes, 4.125%, 8/31/30	1,600,000		1,526,500
U.S. Treasury Notes, 4.875%, 10/31/30	2,880,000		2,874,600
TOTAL U.S. TREASURY SECURITIES (Cost $74,643,715)			69,678,195
COLLATERALIZED LOAN OBLIGATIONS — 2.1%
ABPCI Direct Lending Fund CLO IV Ltd., Series 2017-2A, Class BR, VRN, 7.55%, (3-month SOFR plus 2.16%), 10/27/33(2)	600,000		572,960
ACREC LLC, Series 2023-FL2, Class A, VRN, 7.56%, (1-month SOFR plus 2.23%), 2/19/38(2)	474,000		473,463
AIMCO CLO Ltd., Series 2019-10A, Class BR, VRN, 7.27%, (3-month SOFR plus 1.86%), 7/22/32(2)	650,000		641,570
Arbor Realty Commercial Real Estate Notes Ltd., Series 2021-FL1, Class A, VRN, 6.42%, (1-month SOFR plus 1.08%), 12/15/35(2)	506,083		499,271
Arbor Realty Commercial Real Estate Notes Ltd., Series 2021-FL2, Class A, VRN, 6.55%, (1-month SOFR plus 1.21%), 5/15/36(2)	545,000		537,626
Ares XL CLO Ltd., Series 2016-40A, Class BRR, VRN, 7.46%, (3-month SOFR plus 2.06%), 1/15/29(2)	500,000		493,716
Barings Private Credit Corp. CLO Ltd., Series 2023-1A, Class A1, VRN, 7.81%, (3-month SOFR plus 2.40%), 7/15/31(2)	500,000		500,189
BDS Ltd., Series 2021-FL8, Class A, VRN, 6.37%, (1-month SOFR plus 1.03%), 1/18/36(2)	482,488		474,683
BDS Ltd., Series 2021-FL8, Class D, VRN, 7.35%, (1-month SOFR plus 2.01%), 1/18/36(2)	400,000		371,418
BXMT Ltd., Series 2020-FL2, Class C, VRN, 7.10%, (1-month SOFR plus 1.76%), 2/15/38(2)	1,090,000		943,146
Canyon Capital CLO Ltd., Series 2017-1A, Class BR, VRN, 7.26%, (3-month SOFR plus 1.86%), 7/15/30(2)	350,000		345,297


	Shares/Principal Amount		Value
Carlyle Global Market Strategies CLO Ltd., Series 2013-1A, Class BRR, VRN, 7.83%, (3-month SOFR plus 2.46%), 8/14/30(2)	$	450,000	$	449,347
Cerberus Loan Funding XXXI LP, Series 2021-1A, Class A, VRN, 7.16%, (3-month SOFR plus 1.76%), 4/15/32(2)	398,842		397,618
Cerberus Loan Funding XXXIX LP, Series 2022-3A, Class A, VRN, 7.79%, (3-month SOFR plus 2.40%), 1/20/33(2)	687,015		684,705
Cerberus Loan Funding XXXVI LP, Series 2021-6A, Class A, VRN, 7.06%, (3-month SOFR plus 1.66%), 11/22/33(2)	106,465		106,129
FS Rialto Issuer LLC, Series 2022-FL6, Class A, SEQ, VRN, 7.91%, (1-month SOFR plus 2.58%), 8/17/37(2)	566,000		567,891
KKR CLO Ltd., Series 2018, Class BR, VRN, 7.26%, (3-month SOFR plus 1.86%), 7/18/30(2)	575,000		568,477
KKR CLO Ltd., Series 2022A, Class A, VRN, 6.83%, (3-month SOFR plus 1.41%), 7/20/31(2)	442,217		440,352
KREF Ltd., Series 2021-FL2, Class B, VRN, 7.10%, (1-month SOFR plus 1.76%), 2/15/39(2)	800,000		742,862
MF1 Ltd., Series 2021-FL7, Class AS, VRN, 6.90%, (1-month SOFR plus 1.56%), 10/16/36(2)	1,075,000		1,041,483
Mountain View CLO LLC, Series 2017-2A, Class B, VRN, 7.36%, (3-month SOFR plus 1.96%), 1/16/31(2)	375,000		369,256
Octagon Investment Partners XV Ltd., Series 2013-1A, Class BRR, VRN, 7.16%, (3-month SOFR plus 1.76%), 7/19/30(2)	700,000		687,803
Palmer Square CLO Ltd., Series 2023-4A, Class B, VRN, 7.56%, (3-month SOFR plus 2.15%), 10/20/33(2)	650,000		649,217
Palmer Square Loan Funding Ltd., Series 2022-2A, Class A2, VRN, 7.29%, (3-month SOFR plus 1.90%), 10/15/30(2)	550,000		547,857
PFP Ltd., Series 2021-8, Class C, VRN, 7.25%, (1-month SOFR plus 1.91%), 8/9/37(2)	807,000		769,554
Shelter Growth CRE Issuer Ltd., Series 2023-FL5, Class A, VRN, 8.09%, (1-month SOFR plus 2.75%), 5/19/38(2)	475,500		473,635
Sound Point CLO XXII Ltd., Series 2019-1A, Class BR, VRN, 7.38%, (3-month SOFR plus 1.96%), 1/20/32(2)	500,000		491,000
TCW CLO Ltd., Series 2018-1A, Class BR, VRN, 7.29%, (3-month SOFR plus 1.91%), 4/25/31(2)	725,000		718,267
THL Credit Wind River CLO Ltd., Series 2013-2A, Class BR2, VRN, 7.23%, (3-month SOFR plus 1.83%), 10/18/30(2)	525,000		516,438
THL Credit Wind River CLO Ltd., Series 2017-4A, Class B, VRN, 7.09%, (3-month SOFR plus 1.71%), 11/20/30(2)	300,000		294,703
TSTAT Ltd., Series 2022-1A, Class B, VRN, 8.60%, (3-month SOFR plus 3.27%), 7/20/31(2)	500,000		500,482
Wind River CLO Ltd., Series 2013-1A, Class A1RR, VRN, 6.66%, (3-month SOFR plus 1.24%), 7/20/30(2)	228,777		227,899
TOTAL COLLATERALIZED LOAN OBLIGATIONS (Cost $17,480,146)			17,098,314
ASSET-BACKED SECURITIES — 1.4%
Aaset Trust, Series 2021-2A, Class A, SEQ, 2.80%, 1/15/47(2)	698,466		588,479
Aligned Data Centers Issuer LLC, Series 2021-1A, Class B, 2.48%, 8/15/46(2)	642,000		550,089
Blackbird Capital Aircraft, Series 2021-1A, Class A, SEQ, 2.44%, 7/15/46(2)	699,287		591,475
Castlelake Aircraft Structured Trust, Series 2017-1R, Class A, SEQ, 2.74%, 8/15/41(2)	350,794		318,734
Clsec Holdings 22t LLC, Series 2021-1, Class B, 3.46%, 5/11/37(2)	1,428,959		1,168,857
DI Issuer LLC, Series 2021-1A, Class A2, SEQ, 3.72%, 9/15/51(2)	1,826,955		1,609,170
Edgeconnex Data Centers Issuer LLC, Series 2022-1, Class A2, SEQ, 4.25%, 3/25/52(2)	930,225		834,674


	Shares/Principal Amount		Value
FirstKey Homes Trust, Series 2021-SFR1, Class D, 2.19%, 8/17/38(2)	$	600,000	$	520,189
Flexential Issuer, Series 2021-1A, Class A2, SEQ, 3.25%, 11/27/51(2)	1,150,000		997,832
Goodgreen Trust, Series 2018-1A, Class A, VRN, 3.93%, 10/15/53(2)	298,386		271,533
Goodgreen Trust, Series 2020-1A, Class A, SEQ, 2.63%, 4/15/55(2)	559,395		459,716
Goodgreen Trust, Series 2021-1A, Class A, SEQ, 2.66%, 10/15/56(2)	389,297		316,627
J.G. Wentworth XL LLC, Series 2017-3A, Class B, 5.43%, 2/15/69(2)	81,602		68,496
J.G. Wentworth XLII LLC, Series 2018-2A, Class B, 4.70%, 10/15/77(2)	509,320		420,784
J.G. Wentworth XXXIX LLC, Series 2017-2A, Class B, 5.09%, 9/17/74(2)	153,527		126,405
J.G. Wentworth XXXVIII LLC, Series 2017-1A, Class B, 5.43%, 8/15/62(2)	185,953		157,793
MAPS Trust, Series 2021-1A, Class A, SEQ, 2.52%, 6/15/46(2)	931,946		804,959
New Economy Assets Phase 1 Sponsor LLC, Series 2021-1, Class B1, 2.41%, 10/20/61(2)	1,310,000		1,094,490
Sierra Timeshare Receivables Funding LLC, Series 2021-1A, Class C, 1.79%, 11/20/37(2)	152,924		142,350
VSE VOI Mortgage LLC, Series 2018-A, Class B, 3.72%, 2/20/36(2)	133,306		129,255
TOTAL ASSET-BACKED SECURITIES (Cost $13,178,755)			11,171,907
COLLATERALIZED MORTGAGE OBLIGATIONS — 1.1%
Private Sponsor Collateralized Mortgage Obligations — 1.1%
ABN Amro Mortgage Corp., Series 2003-4, Class A4, 5.50%, 3/25/33	3,014		2,631
Bellemeade Re Ltd., Series 2019-3A, Class B1, VRN, 7.94%, (1-month LIBOR plus 2.50%), 7/25/29(2)	400,000		401,777
Bellemeade Re Ltd., Series 2019-3A, Class M1C, VRN, 7.39%, (1-month LIBOR plus 1.95%), 7/25/29(2)	198,300		198,858
CHL Mortgage Pass-Through Trust, Series 2005-17, Class 1A11, 5.50%, 9/25/35	996		897
CHNGE Mortgage Trust, Series 2022-1, Class A1, SEQ, VRN, 3.01%, 1/25/67(2)	614,244		537,909
Credit Suisse Mortgage Trust, Series 2021-NQM2, Class A2, SEQ, VRN, 1.38%, 2/25/66(2)	260,307		213,731
Credit Suisse Mortgage Trust, Series 2021-NQM6, Class A1, SEQ, VRN, 1.17%, 7/25/66(2)	230,775		177,074
Credit Suisse Mortgage Trust, Series 2021-NQM6, Class A3, SEQ, VRN, 1.59%, 7/25/66(2)	618,147		472,292
Credit Suisse Mortgage Trust, Series 2022-NQM4, Class A3, SEQ, 4.82%, 6/25/67(2)	472,045		445,127
Deephaven Residential Mortgage Trust, Series 2020-2, Class M1, VRN, 4.11%, 5/25/65(2)	525,000		484,837
Eagle RE Ltd., Series 2021-1, Class M1C, VRN, 8.02%, (30-day average SOFR plus 2.70%), 10/25/33(2)	343,890		345,479
FS Commercial Mortgage Trust, Series 2023-4SZN, Class A, SEQ, 7.07%, 11/10/27(2)(3)	760,000		764,702
GCAT Trust, Series 2021-CM2, Class A1, SEQ, VRN, 2.35%, 8/25/66(2)	942,134		841,169
GCAT Trust, Series 2021-NQM1, Class A3, SEQ, VRN, 1.15%, 1/25/66(2)	203,078		159,230
GCAT Trust, Series 2023-NQM3, Class A2, VRN, 7.19%, 8/25/68(2)	572,390		571,805


	Shares/Principal Amount		Value
Home RE Ltd., Series 2022-1, Class M1A, VRN, 8.17%, (30-day average SOFR plus 2.85%), 10/25/34(2)	$	350,244	$	352,850
JP Morgan Mortgage Trust, Series 2017-1, Class A2, VRN, 3.45%, 1/25/47(2)	115,786		97,365
JP Morgan Mortgage Trust, Series 2020-3, Class A15, VRN, 3.50%, 8/25/50(2)	172,134		142,607
MFA Trust, Series 2021-INV2, Class A3, SEQ, VRN, 2.26%, 11/25/56(2)	673,825		549,712
NewRez Warehouse Securitization Trust, Series 2021-1, Class A, VRN, 6.19%, (1-month SOFR plus 0.86%), 5/25/55(2)	650,000		648,745
PRMI Securitization Trust, Series 2021-1, Class A5, VRN, 2.50%, 4/25/51(2)	815,606		584,736
Sofi Mortgage Trust, Series 2016-1A, Class 1A4, SEQ, VRN, 3.00%, 11/25/46(2)	37,424		31,204
Starwood Mortgage Residential Trust, Series 2020-2, Class B1E, VRN, 3.00%, 4/25/60(2)	446,000		402,193
Verus Securitization Trust, Series 2021-6, Class A2, VRN, 1.78%, 10/25/66(2)	181,708		142,997
Verus Securitization Trust, Series 2021-R2, Class A2, VRN, 1.12%, 2/25/64(2)	201,079		171,546
Verus Securitization Trust, Series 2021-R2, Class A3, VRN, 1.23%, 2/25/64(2)	229,941		196,264
			8,937,737
U.S. Government Agency Collateralized Mortgage Obligations†
FHLMC, Series 2023-HQA2, Class M1A, VRN, 7.32%, (30-day average SOFR plus 2.00%), 6/25/43(2)	221,567		222,544
FNMA, Series 2014-C02, Class 2M2, VRN, 8.04%, (30-day average SOFR plus 2.71%), 5/25/24	97,023		97,702
FNMA, Series 2017-C03, Class 1M2C, VRN, 8.44%, (30-day average SOFR plus 3.11%), 10/25/29	110,000		113,326
			433,572
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $10,213,470)			9,371,309
MUNICIPAL SECURITIES — 0.5%
Bay Area Toll Authority Rev., 6.92%, 4/1/40	295,000		316,860
California State University Rev., 2.98%, 11/1/51	500,000		298,711
Foothill-Eastern Transportation Corridor Agency Rev., 4.09%, 1/15/49	275,000		198,156
Golden State Tobacco Securitization Corp. Rev., 2.75%, 6/1/34	660,000		504,286
Houston GO, 3.96%, 3/1/47	120,000		94,373
Michigan Strategic Fund Rev., (Flint Water Advocacy Fund), 3.23%, 9/1/47	570,000		388,261
Missouri Highway & Transportation Commission Rev., 5.45%, 5/1/33	130,000		127,660
New Jersey Turnpike Authority Rev., 7.41%, 1/1/40	200,000		225,279
New Jersey Turnpike Authority Rev., 7.10%, 1/1/41	95,000		104,072
New York City GO, 6.27%, 12/1/37	95,000		97,560
Ohio Turnpike & Infrastructure Commission Rev., 3.22%, 2/15/48	330,000		213,240
Port Authority of New York & New Jersey Rev., 4.93%, 10/1/51	50,000		42,957
Regents of the University of California Medical Center Pooled Rev., 3.26%, 5/15/60	245,000		143,034
Rutgers The State University of New Jersey Rev., 5.67%, 5/1/40	300,000		292,343
Sacramento Municipal Utility District Rev., 6.16%, 5/15/36	210,000		214,493
San Francisco Public Utilities Commission Water Rev., 6.00%, 11/1/40	105,000		104,336


		Shares/Principal Amount		Value
State of California GO, 4.60%, 4/1/38		$	180,000	$	157,090
State of California GO, 7.55%, 4/1/39		100,000		114,326
State of California GO, 7.30%, 10/1/39		160,000		176,690
State of California GO, 7.60%, 11/1/40		80,000		91,668
Texas Natural Gas Securitization Finance Corp. Rev., 5.17%, 4/1/41		185,000		171,354
University of California Rev., 3.07%, 5/15/51		180,000		107,323
TOTAL MUNICIPAL SECURITIES (Cost $5,183,787)				4,184,072
U.S. GOVERNMENT AGENCY SECURITIES — 0.5%
FHLMC, 6.25%, 7/15/32		700,000		756,011
FNMA, 0.75%, 10/8/27		2,000,000		1,702,675
FNMA, 0.875%, 8/5/30		1,200,000		909,841
FNMA, 6.625%, 11/15/30		400,000		433,994
Tennessee Valley Authority, 1.50%, 9/15/31		300,000		227,082
TOTAL U.S. GOVERNMENT AGENCY SECURITIES (Cost $4,564,146)				4,029,603
SOVEREIGN GOVERNMENTS AND AGENCIES — 0.3%
Germany — 0.2%
Bundesrepublik Deutschland Bundesanleihe, 0.00%, 5/15/35(5)	EUR	1,700,000		1,290,441
Mexico — 0.1%
Mexico Government International Bond, 4.15%, 3/28/27		$	600,000	576,266
Peru†
Peruvian Government International Bond, 5.625%, 11/18/50		170,000		150,606
Philippines†
Philippine Government International Bond, 6.375%, 10/23/34		150,000		154,264
TOTAL SOVEREIGN GOVERNMENTS AND AGENCIES (Cost $2,347,172)				2,171,577
COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.2%
BX Commercial Mortgage Trust, Series 2020-VIV2, Class C, VRN, 3.54%, 3/9/44(2)		537,839		425,780
BX Commercial Mortgage Trust, Series 2021-VOLT, Class F, VRN, 7.85%, (1-month SOFR plus 2.51%), 9/15/36(2)		600,000		559,028
BX Trust, Series 2018-GW, Class A, VRN, 6.43%, (1-month SOFR plus 1.10%), 5/15/35(2)		492,000		486,764
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $1,644,283)				1,471,572
EXCHANGE-TRADED FUNDS†
SPDR S&P 500 ETF Trust (Cost $232,107)		549		229,592
SHORT-TERM INVESTMENTS — 2.4%
Money Market Funds — 2.0%
State Street Institutional U.S. Government Money Market Fund, Premier Class		15,698,034		15,698,034
Treasury Bills(6) — 0.4%
U.S. Treasury Bills, 4.21%, 10/3/24		$	3,500,000	3,330,447
TOTAL SHORT-TERM INVESTMENTS (Cost $19,029,808)				19,028,481
TOTAL INVESTMENT SECURITIES — 100.4% (Cost $739,423,106)				806,383,280
OTHER ASSETS AND LIABILITIES — (0.4)%				(3,295,233)
TOTAL NET ASSETS — 100.0%				$	803,088,047


FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS
Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
EUR	25,048	USD	26,636	Bank of America N.A.	12/15/23	$	(81)
EUR	20,315	USD	21,553	Bank of America N.A.	12/15/23	(16)
EUR	21,540	USD	22,812	Bank of America N.A.	12/15/23	23
EUR	27,262	USD	28,823	Bank of America N.A.	12/22/23	90
EUR	958,564	USD	1,014,072	Morgan Stanley	12/22/23	2,566
EUR	36,830	USD	39,103	Morgan Stanley	12/22/23	(41)
USD	1,322,184	EUR	1,225,118	Bank of America N.A.	12/15/23	23,381
USD	30,867	EUR	29,002	JPMorgan Chase Bank N.A.	12/15/23	121
USD	696,254	EUR	655,025	Bank of America N.A.	12/22/23	1,545
USD	31,592	EUR	29,970	Bank of America N.A.	12/22/23	(194)
USD	696,380	EUR	655,025	JPMorgan Chase Bank N.A.	12/22/23	1,671
USD	696,520	EUR	655,025	Morgan Stanley	12/22/23	1,810
USD	28,038	EUR	26,359	Morgan Stanley	12/22/23	82
						$	30,957


FUTURES CONTRACTS PURCHASED
Reference Entity	Contracts	Expiration Date	Notional Amount		Unrealized Appreciation (Depreciation)^
U.S. Treasury 2-Year Notes	266	December 2023	$	53,844,219	$	(34,086)
U.S. Treasury 5-Year Notes	207	December 2023	21,626,649		(70,004)
U.S. Treasury 10-Year Notes	25	December 2023	2,654,297		4,210
U.S. Treasury 10-Year Ultra Notes	13	December 2023	1,414,766		(6,119)
U.S. Treasury Long Bonds	1	December 2023	109,437		(1,096)
U.S. Treasury Ultra Bonds	42	December 2023	4,727,625		(200,036)
			$	84,376,993	$	(307,131)

^Amount represents value and unrealized appreciation (depreciation).


CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS
Reference Entity	Type‡	Fixed Rate Received (Paid) Quarterly	Termination Date	Notional Amount		Premiums Paid (Received)		Unrealized Appreciation (Depreciation)		Value^
Markit CDX North America Investment Grade Index Series 41	Sell	1.00%	12/20/28	$	6,400,000	$	55,523	$	10,747	$	66,270

‡The maximum potential amount the fund could be required to deliver as a seller of credit protection if a credit event occurs as defined under the terms of the agreement is the notional amount. The maximum potential amount may be partially offset by any recovery values of the reference entities and upfront payments received upon entering into the agreement.

^The value for credit default swap agreements serves as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability or profit at the period end. Increasing values in absolute terms when compared to the notional amount of the credit default swap agreement represent a deterioration of the referenced entity's credit soundness and an increased likelihood or risk of a credit event occurring as defined in the agreement.


NOTES TO SCHEDULE OF INVESTMENTS
CDX	–	Credit Derivatives Indexes
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
LIBOR	–	London Interbank Offered Rate
RFUCC	–	Refinitiv USD IBOR Consumer Cash Fallbacks
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 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 $48,725,548, which represented 6.1% of total net assets.

(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, 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 $1,333,996.

(5)Security is a zero-coupon bond. Zero-coupon securities may be issued at a substantial discount from their value at maturity.

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

See Notes to Financial Statements.


Statement of Assets and Liabilities


OCTOBER 31, 2023
Assets
Investment securities, at value (cost of $739,423,106)	$	806,383,280
Cash	62,842
Receivable for investments sold	1,351,561
Receivable for capital shares sold	1,238,400
Receivable for variation margin on swap agreements	4,757
Unrealized appreciation on forward foreign currency exchange contracts	31,289
Interest and dividends receivable	2,739,408
	811,811,537

Liabilities
Payable for investments purchased	7,769,072
Payable for capital shares redeemed	301,359
Payable for variation margin on futures contracts	41,703
Unrealized depreciation on forward foreign currency exchange contracts	332
Accrued management fees	611,024
	8,723,490

Net Assets	$	803,088,047

Net Assets Consist of:
Capital (par value and paid-in surplus)	$	816,894,424
Distributable earnings (loss)	(13,806,377)
	$	803,088,047


	Net Assets	Shares Outstanding	Net Asset Value Per Share
Investor Class, $0.01 Par Value	$727,083,397	45,088,934	$16.13
I Class, $0.01 Par Value	$74,455,129	4,612,921	$16.14
R5 Class, $0.01 Par Value	$1,549,521	96,027	$16.14

See Notes to Financial Statements.


Statement of Operations


YEAR ENDED OCTOBER 31, 2023
Investment Income (Loss)
Income:
Interest	$	13,963,908
Dividends (net of foreign taxes withheld of $11,758)	8,459,281
	22,423,189

Expenses:
Management fees	7,473,825
Directors' fees and expenses	28,558
Other expenses	14,663
	7,517,046

Net investment income (loss)	14,906,143

Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions	(29,275,821)
Forward foreign currency exchange contract transactions	(149,157)
Futures contract transactions	(4,138,905)
Swap agreement transactions	(478,922)
Foreign currency translation transactions	(2,580)
	(34,045,385)

Change in net unrealized appreciation (depreciation) on:
Investments	63,335,860
Forward foreign currency exchange contracts	50,480
Futures contracts	(155,618)
Swap agreements	97,806
Translation of assets and liabilities in foreign currencies	280
	63,328,808

Net realized and unrealized gain (loss)	29,283,423

Net Increase (Decrease) in Net Assets Resulting from Operations	$	44,189,566

See Notes to Financial Statements.


Statement of Changes in Net Assets


YEARS ENDED OCTOBER 31, 2023 AND OCTOBER 31, 2022
Increase (Decrease) in Net Assets	October 31, 2023		October 31, 2022
Operations
Net investment income (loss)	$	14,906,143	$	9,929,564
Net realized gain (loss)	(34,045,385)		(45,718,048)
Change in net unrealized appreciation (depreciation)	63,328,808		(147,043,622)
Net increase (decrease) in net assets resulting from operations	44,189,566		(182,832,106)

Distributions to Shareholders
From earnings:
Investor Class	(13,812,825)		(182,013,217)
I Class	(1,594,809)		(19,755,430)
R5 Class	(31,717)		(1,288,948)
Decrease in net assets from distributions	(15,439,351)		(203,057,595)

Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions (Note 5)	(59,916,954)		102,479,503

Net increase (decrease) in net assets	(31,166,739)		(283,410,198)

Net Assets
Beginning of period	834,254,786		1,117,664,984
End of period	$	803,088,047	$	834,254,786

See Notes to Financial Statements.


Notes to Financial Statements

OCTOBER 31, 2023

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 value of investments of the fund is determined by American Century Investment Management, Inc. (ACIM) (the investment advisor), as the valuation designee, pursuant to its valuation policies and procedures. The Board of Directors oversees the valuation designee and reviews its valuation policies and procedures at least annually.

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

Fixed income securities are valued at the evaluated mean as provided by independent pricing services or at the mean of the most recent bid and asked prices as provided by investment dealers. Corporate bonds, U.S. Treasury and Government Agency securities, 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. Fixed income securities initially expressed in local currencies are translated into U.S. dollars at the mean of the appropriate currency exchange rate at the close of the NYSE as provided by an independent pricing service.

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

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

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

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 — Interest income 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. 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.

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.

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.

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, 2023 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.

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

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

4. Investment Transactions

Purchases of investment securities, excluding short-term investments, for the period ended October 31, 2023 totaled $606,925,410, of which $332,891,286 represented U.S. Treasury and Government Agency obligations.

Sales of investment securities, excluding short-term investments, for the period ended October 31, 2023 totaled $686,985,435, of which $313,288,103 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, 2023			Year ended October 31, 2022
	Shares	Amount		Shares	Amount
Investor Class/Shares Authorized	530,000,000			530,000,000
Sold	2,145,009	$	35,573,892	3,005,843	$	55,164,090
Issued in reinvestment of distributions	815,337	13,421,174		9,390,770	177,010,306
Redeemed	(6,475,000)	(106,569,604)		(7,454,780)	(129,723,101)
	(3,514,654)	(57,574,538)		4,941,833	102,451,295
I Class/Shares Authorized	100,000,000			50,000,000
Sold	870,449	14,326,672		655,830	11,760,961
Issued in reinvestment of distributions	96,717	1,594,096		1,047,229	19,742,816
Redeemed	(1,105,908)	(18,192,814)		(1,644,932)	(28,254,238)
	(138,742)	(2,272,046)		58,127	3,249,539
R5 Class/Shares Authorized	20,000,000			20,000,000
Sold	8,706	144,578		28,087	525,838
Issued in reinvestment of distributions	1,925	31,717		68,140	1,288,948
Redeemed	(14,966)	(246,665)		(302,630)	(5,036,117)
	(4,335)	(70,370)		(206,403)	(3,221,331)
Net increase (decrease)	(3,657,731)	$	(59,916,954)	4,793,557	$	102,479,503

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	$	476,723,735	$	4,877,658	—
U.S. Government Agency Mortgage-Backed Securities	—		109,016,412		—
Corporate Bonds	—		77,330,853		—
U.S. Treasury Securities	—		69,678,195		—
Collateralized Loan Obligations	—		17,098,314		—
Asset-Backed Securities	—		11,171,907		—
Collateralized Mortgage Obligations	—		9,371,309		—
Municipal Securities	—		4,184,072		—
U.S. Government Agency Securities	—		4,029,603		—
Sovereign Governments and Agencies	—		2,171,577		—
Commercial Mortgage-Backed Securities	—		1,471,572		—
Exchange-Traded Funds	229,592		—		—
Short-Term Investments	15,698,034		3,330,447		—
	$	492,651,361	$	313,731,919	—
Other Financial Instruments
Futures Contracts	$	4,210	—		—
Swap Agreements	—		$	66,270	—
Forward Foreign Currency Exchange Contracts	—		31,289		—
	$	4,210	$	97,559	—

Liabilities
Other Financial Instruments
Futures Contracts	$	311,341	—		—
Forward Foreign Currency Exchange Contracts	—		$	332	—
	$	311,341	$	332	—

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. A fund may incur charges or earn income on cash deposit balances, which are reflected in interest expenses or interest income, respectively. 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 $16,060,815.

Foreign Currency Risk — The fund is subject to foreign currency exchange rate risk in the normal course of pursuing its investment objectives. The value of foreign investments held by a fund may be significantly affected by changes in foreign currency exchange rates. The dollar value of a foreign security generally decreases when the value of the dollar rises against the foreign currency in which the security is denominated and tends to increase when the value of the dollar declines against such foreign currency. A fund may enter into forward foreign currency exchange contracts to reduce a fund's exposure to foreign currency exchange rate fluctuations. A fund will segregate cash, cash equivalents or other appropriate liquid securities on its records in amounts sufficient to meet requirements. The net U.S. dollar value of foreign currency underlying all contractual commitments held by a fund and the resulting unrealized appreciation or depreciation are determined daily. Realized gain or loss is recorded upon settlement of the contract. Net realized and unrealized gains or losses occurring during the holding period of forward foreign currency exchange contracts are a component of net realized gain (loss) on forward foreign currency exchange contract transactions and change in net unrealized appreciation (depreciation) on forward foreign currency exchange contracts, respectively. A fund bears the risk of an unfavorable change in the foreign currency exchange rate underlying the forward contract. Additionally, losses, up to the fair value, may arise if the counterparties do not perform under the contract terms. The fund's average U.S. dollar exposure to foreign currency risk derivative instruments held during the period was $4,909,452.

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. A fund may incur charges or earn income on cash deposit balances, which are reflected in interest expenses or interest income, respectively. 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 $57,046,865 futures contracts purchased.

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. A fund may incur charges or earn income on cash deposit balances, which are reflected in interest expenses or interest income, respectively. 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 $5,750,000.

Value of Derivative Instruments as of October 31, 2023


	Asset Derivatives			Liability Derivatives
Type of Risk Exposure	Location on Statement of Assets and Liabilities	Value		Location on Statement of Assets and Liabilities	Value
Credit Risk	Receivable for variation margin on swap agreements*	$	4,757	Payable for variation margin on swap agreements*	—
Foreign Currency Risk	Unrealized appreciation on forward foreign currency exchange contracts	31,289		Unrealized depreciation on forward foreign currency exchange contracts	$	332
Interest Rate Risk	Receivable for variation margin on futures contracts*	—		Payable for variation margin on futures contracts*	41,703
		$	36,046		$	42,035

*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, 2023


	Net Realized Gain (Loss)			Change in Net Unrealized Appreciation (Depreciation)
Type of Risk Exposure	Location on Statement of Operations	Value		Location on Statement of Operations	Value
Credit Risk	Net realized gain (loss) on swap agreement transactions	$	(501,519)	Change in net unrealized appreciation (depreciation) on swap agreements	$	108,332
Foreign Currency Risk	Net realized gain (loss) on forward foreign currency exchange contract transactions	(149,157)		Change in net unrealized appreciation (depreciation) on forward foreign currency exchange contracts	50,480
Interest Rate Risk	Net realized gain (loss) on futures contract transactions	(4,138,905)		Change in net unrealized appreciation (depreciation) on futures contracts	(155,618)
Other Contracts	Net realized gain (loss) on swap agreement transactions	22,597		Change in net unrealized appreciation (depreciation) on swap agreements	(10,526)
		$	(4,766,984)		$	(7,332)

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, war, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.

The fund 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. Financial institutions have started the process of phasing out LIBOR and the transition process to a replacement rate 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 or a change in the cost of temporary borrowing for the fund.

9. Federal Tax Information

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


	2023		2022
Distributions Paid From
Ordinary income	$	15,439,351	$	96,155,315
Long-term capital gains	—		$	106,902,280

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	$	742,234,192
Gross tax appreciation of investments	$	136,054,239
Gross tax depreciation of investments	(71,905,151)
Net tax appreciation (depreciation) of investments	64,149,088
Net tax appreciation (depreciation) on derivatives and translation of assets and liabilities in foreign currencies	3,062
Net tax appreciation (depreciation)	$	64,152,150
Undistributed ordinary income	$	1,860,231
Accumulated short-term capital losses	$	(50,797,465)
Accumulated long-term capital losses	$	(29,021,293)

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

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


Financial Highlights


For a Share Outstanding Throughout the Years Ended October 31 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations*:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return(2)	Operating Expenses	Net Investment Income (Loss)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
Investor Class
2023	$15.61	0.29	0.53	0.82	(0.30)	—	(0.30)	$16.13	5.20%	0.91%	1.72%	72%	$727,083
2022	$22.97	0.18	(3.38)	(3.20)	(0.15)	(4.01)	(4.16)	$15.61	(16.94)%	0.91%	1.00%	94%	$758,468
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
I Class
2023	$15.62	0.32	0.53	0.85	(0.33)	—	(0.33)	$16.14	5.41%	0.71%	1.92%	72%	$74,455
2022	$22.98	0.21	(3.37)	(3.16)	(0.19)	(4.01)	(4.20)	$15.62	(16.76)%	0.71%	1.20%	94%	$74,220
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
R5 Class
2023	$15.62	0.32	0.53	0.85	(0.33)	—	(0.33)	$16.14	5.41%	0.71%	1.92%	72%	$1,550
2022	$22.98	0.19	(3.35)	(3.16)	(0.19)	(4.01)	(4.20)	$15.62	(16.76)%	0.71%	1.20%	94%	$1,567
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


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.

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

See Notes to Financial Statements.


Report of Independent Registered Public Accounting Firm

To the Shareholders of the Balanced Fund 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, 2023, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2023, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

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

/s/ Deloitte & Touche LLP

Kansas City, Missouri

December 18, 2023

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


Management

The Board of Directors

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

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

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

Name
(Year of Birth)

Position(s) Held with Funds

Length of Time Served

Principal Occupation(s) During Past 5 Years

Number of American Century Portfolios Overseen by Director

Other Directorships Held During Past 5 Years

Independent Directors

Brian Bulatao
(1964)

Director

Since 2022

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

None

Thomas W. Bunn (1953)

Director

Since 2017

Retired

None

Chris H. Cheesman
(1962)

Director

Since 2019

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

Alleghany Corporation (2021 to 2022)

Barry Fink
(1955)

Director

Since 2012 (independent since 2016)

Retired

None

Rajesh K. Gupta
(1960)

Director

Since 2019

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

None

Name
(Year of Birth)

Position(s) Held with Funds

Length of Time Served

Principal Occupation(s) During Past 5 Years

Number of American Century Portfolios Overseen by Director

Other Directorships Held During Past 5 Years

Independent Directors

Lynn Jenkins
(1963)

Director

Since 2019

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

MGP Ingredients, Inc. (2019 to 2021)

Jan M. Lewis
(1957)

Director and Board Chair

Since 2011 (Board Chair since 2022)

Retired

None

Gary C. Meltzer
(1963)

Director

Since 2022

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

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

Stephen E. Yates
(1948)

Director

Since 2012

Retired

115

None

Interested Director

Jonathan S. Thomas
(1963)

Director

Since 2007

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

147

None

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

Officers

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


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


Approval of Management Agreement

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Factors Considered

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

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

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

•constructing and designing the Fund

•portfolio research and security selection

•initial capitalization/funding

•securities trading

•Fund administration

•custody of Fund assets

•daily valuation of the Fund’s portfolio

•liquidity monitoring and management

•risk management, including information security

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

•legal services (except the independent Directors’ counsel)

•regulatory and portfolio compliance

•financial reporting

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

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

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

Shareholder and Other Services. Under the management agreement, the Advisor provides the Fund with a comprehensive package of transfer agency, shareholder, and other services. The Board, directly and through its various committees, regularly reviews reports and evaluations of such services at its regular meetings. These reports include, but are not limited to, information regarding the operational efficiency and accuracy of the shareholder and transfer agency services

provided, staffing levels, shareholder satisfaction, technology support (including information security), new products and services offered to Fund shareholders, securities trading activities, portfolio valuation services, auditing services, and legal and operational compliance activities. The Board found the services provided by the Advisor to the Fund under the management agreement to be competitive and of high quality.

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

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

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

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

observed that these varying types of client accounts require different services and involve different regulatory and entrepreneurial risks than the management of the Fund. The Board analyzed this information and concluded that the fees charged and services provided to the Fund were reasonable by comparison.

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

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

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

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


Additional Information

Retirement Account Information

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

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

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

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

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

Proxy Voting Policies

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

Quarterly Portfolio Disclosure

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

Other Tax Information

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

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

the fiscal year ended October 31, 2023.

For corporate taxpayers, the fund hereby designates $7,407,708 or up to the maximum amount

allowable, of ordinary income distributions paid during the fiscal year ended October 31, 2023 as

qualified for the corporate dividends received deduction.




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

American Century 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.

©2023 American Century Proprietary Holdings, Inc. All rights reserved. CL-ANN-90968 2312



			Annual Report

			October 31, 2023

			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)
			G Class (ACIHX)


Table of Contents


President’s Letter			2
Performance			3
Portfolio Commentary			5
Fund Characteristics			6
Shareholder Fee Example			7
Schedule of Investments			9
Statement of Assets and Liabilities			13
Statement of Operations			14
Statement of Changes in Net Assets			15
Notes to Financial Statements			16
Financial Highlights			25
Report of Independent Registered Public Accounting Firm			29
Management			30
Approval of Management Agreement			33


Additional Information			37


President’s Letter

Jonathan Thomas

Dear Investor:

Asset Class Performance Was Mixed as Volatility Reigned

Remaining Diligent in Uncertain Times

With appreciation and respect,

Jonathan Thomas

President and Chief Executive Officer

American Century Investments


Performance


Total Returns as of October 31, 2023
			Average Annual Returns
	Ticker Symbol	1 year	5 years	10 years	Since Inception	Inception Date
Investor Class	TWCGX	20.47%	12.85%	12.43%	—	6/30/71
Russell 1000 Growth Index	—	18.95%	14.22%	13.82%	—	—
I Class	TWGIX	20.72%	13.08%	12.65%	—	6/16/97
Y Class	AGYWX	20.91%	13.25%	—	14.03%	4/10/17
A Class	TCRAX					6/4/97
No sales charge		20.18%	12.57%	12.14%	—
With sales charge		13.27%	11.24%	11.48%	—
C Class	TWRCX	19.27%	11.73%	11.31%	—	3/1/10
R Class	AGWRX	19.84%	12.29%	11.86%	—	8/29/03
R5 Class	AGWUX	20.70%	13.07%	—	13.86%	4/10/17
R6 Class	AGRDX	20.89%	13.25%	12.82%	—	7/26/13
G Class	ACIHX	21.60%	—	—	0.25%	3/1/22

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

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

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


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


Value on October 31, 2023
			Investor Class — $32,258

			Russell 1000 Growth Index — $36,502

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


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


Portfolio Commentary

Portfolio Managers: Joe Reiland, Justin Brown and Scott Marolf

Performance Summary

Growth returned 20.47%* for the 12 months ended October 31, 2023, versus the 18.95% return of the fund’s benchmark, the Russell 1000 Growth Index. The fund’s return reflects operating expenses, while the index return does not.

Stock selection in the information technology and health care sectors helped drive outperformance relative to the benchmark. Stock decisions in the real estate sector detracted.

Information Technology Benefited Performance

Semiconductors and semiconductor equipment stocks were top contributors in information technology. NVIDIA beat revenue and earnings expectations and raised guidance due to demand for its graphics processing units for generative artificial intelligence (AI), which relies on NVIDIA for training models and inference (utilizing the model to perform a function). Advanced Micro Devices continued to gain share in data and also received a boost from improving sentiment toward AI. Strong performance of its business segment and better expense management drove solid earnings for software company Microsoft, which is also well positioned in AI, having taken an ownership stake in OpenAI (ChatGPT’s parent). Cybersecurity company Splunk’s stock jumped on news that it would be acquired by Cisco Systems.

Elsewhere, Novo Nordisk, a Denmark-based pharmaceutical company, surged on its weight-loss drug Wegovy, and late-stage trial results also showed that Wegovy was beneficial for treating Type 2 diabetes and chronic kidney disease.

Real Estate Stocks Weighed on Performance

SBA Communications was a significant detractor in the real estate sector. Tower real estate investment trusts such as SBA are experiencing depressed growth following initial investments in 5G. We eliminated our position.

Other detractors included lack of exposure to benchmark component Broadcom. The semiconductor company delivered solid results and has strong exposure to artificial intelligence. Keysight Technologies, a manufacturer of test and measurement instruments, posted mixed results with revenues and earnings that beat expectations but new orders that lagged. The company also issued disappointing guidance. Headwinds in the managed care industry weighed on Cigna Group. In addition, there is increased congressional scrutiny of pharmacy benefit managers (PBM), and Cigna has the highest mix of PBM earnings within the group of publicly traded managed care companies. The stock of UnitedHealth Group, the world’s largest private health insurer, fell after a company executive said health care costs were likely to soar as people resume elective procedures.

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


Fund Characteristics


OCTOBER 31, 2023
Types of Investments in Portfolio			% of net assets
Common Stocks			99.5%
Short-Term Investments			0.5%
Other Assets and Liabilities			—*
*Category is less than 0.05% of total net assets.

Top Five Industries			% of net assets
Software			19.4%
Interactive Media and Services			11.0%
Technology Hardware, Storage and Peripherals			10.3%
Semiconductors and Semiconductor Equipment			8.5%
Broadline Retail			5.4%


Shareholder Fee Example

The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from May 1, 2023 to October 31, 2023.

Actual Expenses

Hypothetical Example for Comparison Purposes


	Beginning Account Value 5/1/23	Ending Account Value 10/31/23	Expenses Paid During Period(1) 5/1/23 - 10/31/23	Annualized Expense Ratio(1)
Actual
Investor Class	$1,000	$1,064.90	$4.84	0.93%
I Class	$1,000	$1,065.80	$3.80	0.73%
Y Class	$1,000	$1,066.70	$3.02	0.58%
A Class	$1,000	$1,063.30	$6.14	1.18%
C Class	$1,000	$1,059.40	$10.02	1.93%
R Class	$1,000	$1,062.20	$7.43	1.43%
R5 Class	$1,000	$1,065.70	$3.80	0.73%
R6 Class	$1,000	$1,066.80	$3.02	0.58%
G Class	$1,000	$1,069.80	$0.00	0.00%(2)
Hypothetical
Investor Class	$1,000	$1,020.52	$4.74	0.93%
I Class	$1,000	$1,021.53	$3.72	0.73%
Y Class	$1,000	$1,022.28	$2.96	0.58%
A Class	$1,000	$1,019.26	$6.01	1.18%
C Class	$1,000	$1,015.48	$9.80	1.93%
R Class	$1,000	$1,018.00	$7.27	1.43%
R5 Class	$1,000	$1,021.53	$3.72	0.73%
R6 Class	$1,000	$1,022.28	$2.96	0.58%
G Class	$1,000	$1,025.21	$0.00	0.00%(2)

(2)Other expenses, which include directors' fees and expenses, did not exceed 0.005%.


Schedule of Investments

OCTOBER 31, 2023


	Shares	Value
COMMON STOCKS — 99.5%
Aerospace and Defense — 0.8%
Lockheed Martin Corp.	201,898	$	91,790,907
Air Freight and Logistics — 0.5%
United Parcel Service, Inc., Class B	402,657	56,875,301
Automobile Components — 0.5%
Aptiv PLC(1)	708,459	61,777,625
Automobiles — 2.2%
Tesla, Inc.(1)	1,292,220	259,529,465
Beverages — 1.1%
PepsiCo, Inc.	816,552	133,326,610
Biotechnology — 3.1%
AbbVie, Inc.	1,825,097	257,667,195
Vertex Pharmaceuticals, Inc.(1)	315,831	114,365,563
		372,032,758
Broadline Retail — 5.4%
Amazon.com, Inc.(1)	4,891,384	650,994,296
Building Products — 0.4%
Trex Co., Inc.(1)	923,357	51,901,897
Capital Markets — 0.7%
S&P Global, Inc.	249,978	87,319,815
Chemicals — 0.5%
Air Products & Chemicals, Inc.	220,429	62,257,967
Consumer Staples Distribution & Retail — 1.7%
Costco Wholesale Corp.	126,977	70,147,174
Sysco Corp.	719,580	47,844,874
Target Corp.	724,369	80,252,842
		198,244,890
Electrical Equipment — 0.7%
Eaton Corp. PLC	327,298	68,048,527
Generac Holdings, Inc.(1)	225,953	18,995,869
		87,044,396
Electronic Equipment, Instruments and Components — 1.6%
CDW Corp.	537,939	107,802,975
Keysight Technologies, Inc.(1)	688,453	84,025,689
		191,828,664
Energy Equipment and Services — 0.5%
Schlumberger NV	955,811	53,200,440
Entertainment — 0.8%
Liberty Media Corp.-Liberty Formula One, Class C(1)	907,269	58,691,232
Take-Two Interactive Software, Inc.(1)	226,518	30,296,782
		88,988,014
Financial Services — 4.9%
Adyen NV(1)	29,978	20,219,737
Block, Inc.(1)	744,884	29,981,581
Visa, Inc., Class A	2,290,900	538,590,590
		588,791,908
Food Products — 0.5%
Mondelez International, Inc., Class A	784,115	51,916,254


	Shares	Value
Vital Farms, Inc.(1)	975,643	$	10,790,612
		62,706,866
Ground Transportation — 1.7%
Uber Technologies, Inc.(1)	2,520,397	109,082,782
Union Pacific Corp.	458,695	95,229,669
		204,312,451
Health Care Equipment and Supplies — 2.0%
Dexcom, Inc.(1)	818,690	72,724,233
IDEXX Laboratories, Inc.(1)	126,089	50,368,773
Intuitive Surgical, Inc.(1)	317,004	83,124,789
Shockwave Medical, Inc.(1)	156,243	32,226,681
		238,444,476
Health Care Providers and Services — 2.9%
Cigna Group	249,643	77,189,616
UnitedHealth Group, Inc.	510,706	273,513,705
		350,703,321
Hotels, Restaurants and Leisure — 3.0%
Airbnb, Inc., Class A(1)	463,217	54,793,939
Chipotle Mexican Grill, Inc.(1)	67,227	130,568,280
Dutch Bros, Inc., Class A(1)	1,120,539	27,273,919
Expedia Group, Inc.(1)	283,939	27,056,547
Starbucks Corp.	1,320,557	121,808,178
		361,500,863
Household Products — 0.6%
Procter & Gamble Co.	502,611	75,406,728
Insurance — 0.9%
Progressive Corp.	703,396	111,199,874
Interactive Media and Services — 11.0%
Alphabet, Inc., Class A(1)	7,264,223	901,344,790
Meta Platforms, Inc., Class A(1)	1,383,607	416,839,281
		1,318,184,071
IT Services — 3.0%
Accenture PLC, Class A	682,622	202,800,170
Okta, Inc.(1)	776,089	52,316,159
Snowflake, Inc., Class A(1)	499,069	72,429,884
Twilio, Inc., Class A(1)	504,841	25,878,150
		353,424,363
Life Sciences Tools and Services — 0.5%
Agilent Technologies, Inc.	578,227	59,771,325
Machinery — 1.0%
Parker-Hannifin Corp.	161,188	59,463,865
Xylem, Inc.	677,101	63,336,028
		122,799,893
Personal Care Products — 0.2%
Estee Lauder Cos., Inc., Class A	198,253	25,548,864
Pharmaceuticals — 4.0%
Eli Lilly & Co.	529,711	293,422,814
Novo Nordisk AS, Class B	1,168,723	112,753,962
Zoetis, Inc.	470,031	73,794,867
		479,971,643
Professional Services — 0.1%
Paycor HCM, Inc.(1)(2)	486,219	10,492,606


	Shares	Value
Semiconductors and Semiconductor Equipment — 8.5%
Advanced Micro Devices, Inc.(1)	1,410,349	$	138,919,377
Analog Devices, Inc.	563,708	88,688,180
Applied Materials, Inc.	797,909	105,603,256
ASML Holding NV	119,251	71,684,216
GLOBALFOUNDRIES, Inc.(1)(2)	415,670	20,625,545
NVIDIA Corp.	1,439,993	587,229,145
		1,012,749,719
Software — 19.4%
Cadence Design Systems, Inc.(1)	492,534	118,134,280
Crowdstrike Holdings, Inc., Class A(1)	570,434	100,835,618
Datadog, Inc., Class A(1)	871,575	71,007,215
Microsoft Corp.	5,029,866	1,700,647,993
PagerDuty, Inc.(1)	1,292,548	26,070,693
Salesforce, Inc.(1)	565,125	113,494,054
Splunk, Inc.(1)	553,022	81,382,718
Workday, Inc., Class A(1)	513,792	108,774,904
		2,320,347,475
Specialized REITs — 0.6%
Equinix, Inc.	103,481	75,503,877
Specialty Retail — 2.7%
CarMax, Inc.(1)	453,720	27,717,755
Home Depot, Inc.	379,841	108,136,934
Ross Stores, Inc.	583,689	67,690,413
TJX Cos., Inc.	1,398,951	123,205,615
		326,750,717
Technology Hardware, Storage and Peripherals — 10.3%
Apple, Inc.	7,237,630	1,235,970,075
Textiles, Apparel and Luxury Goods — 1.2%
Deckers Outdoor Corp.(1)	94,154	56,215,587
NIKE, Inc., Class B	777,803	79,934,814
		136,150,401
TOTAL COMMON STOCKS (Cost $6,044,031,143)		11,917,844,561
SHORT-TERM INVESTMENTS — 0.5%
Money Market Funds†
State Street Institutional U.S. Government Money Market Fund, Premier Class	235,314	235,314
State Street Navigator Securities Lending Government Money Market Portfolio(3)	1,089,903	1,089,903
		1,325,217
Repurchase Agreements — 0.5%
BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 1.50% - 4.00%, 11/30/28 - 11/15/52, valued at $4,556,819), in a joint trading account at 5.26%, dated 10/31/23, due 11/1/23 (Delivery value $4,449,551)		4,448,901
Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 2.375%, 10/15/28, valued at $57,184,330), at 5.28%, dated 10/31/23, due 11/1/23 (Delivery value $56,071,223)		56,063,000
		60,511,901
TOTAL SHORT-TERM INVESTMENTS (Cost $61,837,118)		61,837,118
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $6,105,868,261)		11,979,681,679
OTHER ASSETS AND LIABILITIES†		(3,943,786)
TOTAL NET ASSETS — 100.0%		$	11,975,737,893


FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS
Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
EUR	2,238,967	USD	2,367,215	Bank of America N.A.	12/22/23	$	7,398
EUR	5,510,187	USD	5,863,114	JPMorgan Chase Bank N.A.	12/22/23	(19,097)
EUR	1,798,305	USD	1,906,281	JPMorgan Chase Bank N.A.	12/22/23	974
EUR	2,656,430	USD	2,820,351	Morgan Stanley	12/22/23	(2,983)
USD	25,928,644	EUR	24,393,259	Bank of America N.A.	12/22/23	57,539
USD	3,427,585	EUR	3,255,561	Bank of America N.A.	12/22/23	(25,212)
USD	2,246,436	EUR	2,131,102	Bank of America N.A.	12/22/23	(13,778)
USD	25,933,328	EUR	24,393,260	JPMorgan Chase Bank N.A.	12/22/23	62,222
USD	25,938,524	EUR	24,393,260	Morgan Stanley	12/22/23	67,418
USD	3,424,300	EUR	3,249,900	Morgan Stanley	12/22/23	(22,493)
USD	2,627,121	EUR	2,469,779	Morgan Stanley	12/22/23	7,712
						$	119,700

FUTURES CONTRACTS PURCHASED

Reference Entity

Contracts

Expiration Date

Notional
Amount

Unrealized
Appreciation
(Depreciation)^

Nasdaq 100 E-Mini

114

December 2023

33,037,770

(1,905,055)

^Amount represents value and unrealized appreciation (depreciation).


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

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

(1)Non-income producing.

(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $1,063,523. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(3)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $1,089,903.

See Notes to Financial Statements.


Statement of Assets and Liabilities


OCTOBER 31, 2023
Assets
Investment securities, at value (cost of $6,104,778,358) — including $1,063,523 of securities on loan	$	11,978,591,776
Investment made with cash collateral received for securities on loan, at value (cost of $1,089,903)	1,089,903
Total investment securities, at value (cost of $6,105,868,261)	11,979,681,679
Deposits with broker for futures contracts	1,915,200
Receivable for investments sold	17,939,753
Receivable for capital shares sold	2,077,083
Receivable for variation margin on futures contracts	546,347
Unrealized appreciation on forward foreign currency exchange contracts	203,263
Dividends and interest receivable	5,167,524
Securities lending receivable	36,190
	12,007,567,039

Liabilities
Payable for collateral received for securities on loan	1,089,903
Payable for investments purchased	17,951,066
Payable for capital shares redeemed	4,787,150
Unrealized depreciation on forward foreign currency exchange contracts	83,563
Accrued management fees	7,849,755
Distribution and service fees payable	67,709
	31,829,146

Net Assets	$	11,975,737,893

Net Assets Consist of:
Capital (par value and paid-in surplus)	$	5,473,954,361
Distributable earnings (loss)	6,501,783,532
	$	11,975,737,893


	Net Assets	Shares Outstanding	Net Asset Value Per Share*
Investor Class, $0.01 Par Value	$7,846,335,436	178,429,099	$43.97
I Class, $0.01 Par Value	$1,503,056,335	33,136,394	$45.36
Y Class, $0.01 Par Value	$10,658,394	233,847	$45.58
A Class, $0.01 Par Value	$122,252,560	2,935,952	$41.64
C Class, $0.01 Par Value	$9,153,350	246,731	$37.10
R Class, $0.01 Par Value	$74,850,870	1,888,146	$39.64
R5 Class, $0.01 Par Value	$2,489,859	54,829	$45.41
R6 Class, $0.01 Par Value	$1,098,477,463	24,144,005	$45.50
G Class, $0.01 Par Value	$1,308,463,626	28,646,138	$45.68

*Maximum offering price per share was equal to the net asset value per share for all share classes, except A Class, for which the maximum offering price per share was $44.18 (net asset value divided by 0.9425). A contingent deferred sales charge may be imposed on redemptions of A Class and C Class.

See Notes to Financial Statements.


Statement of Operations


YEAR ENDED OCTOBER 31, 2023
Investment Income (Loss)
Income:
Dividends (net of foreign taxes withheld of $426,785)	$	100,145,095
Interest	3,238,000
Securities lending, net	1,262,712
	104,645,807

Expenses:
Management fees	101,338,507
Distribution and service fees:
A Class	278,893
C Class	95,367
R Class	387,846
Directors' fees and expenses	391,146
Other expenses	5,536
	102,497,295
Fees waived(1)	(12,226,058)
	90,271,237

Net investment income (loss)	14,374,570

Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions	661,595,344
Forward foreign currency exchange contract transactions	(5,737,006)
Futures contract transactions	1,459,265
Foreign currency translation transactions	8,678
	657,326,281

Change in net unrealized appreciation (depreciation) on:
Investments	1,479,328,462
Forward foreign currency exchange contracts	834,337
Futures contracts	(584,661)
Translation of assets and liabilities in foreign currencies	27,230
	1,479,605,368

Net realized and unrealized gain (loss)	2,136,931,649

Net Increase (Decrease) in Net Assets Resulting from Operations	$	2,151,306,219

(1)Amount consists of $2,887,826, $581,299, $3,052, $42,610, $3,631, $29,562, $907, $391,248 and $8,285,923 for Investor Class, I Class, Y Class, A Class, C Class, R Class, R5 Class, R6 Class and G Class, respectively.

See Notes to Financial Statements.


Statement of Changes in Net Assets


YEARS ENDED OCTOBER 31, 2023 AND OCTOBER 31, 2022
Increase (Decrease) in Net Assets	October 31, 2023		October 31, 2022
Operations
Net investment income (loss)	$	14,374,570	$	(9,631,518)
Net realized gain (loss)	657,326,281		485,747,879
Change in net unrealized appreciation (depreciation)	1,479,605,368		(4,518,219,436)
Net increase (decrease) in net assets resulting from operations	2,151,306,219		(4,042,103,075)

Distributions to Shareholders
From earnings:
Investor Class	(130,923,030)		(1,115,919,430)
I Class	(28,431,909)		(218,489,765)
Y Class	(77,719)		(6,859,773)
A Class	(2,025,018)		(16,507,216)
C Class	(200,352)		(1,609,267)
R Class	(1,501,407)		(13,326,719)
R5 Class	(39,996)		(495,405)
R6 Class	(19,062,256)		(94,719,581)
G Class	(34,721,085)		(53)
Decrease in net assets from distributions	(216,982,772)		(1,467,927,209)

Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions (Note 5)	(598,653,692)		2,682,027,313

Net increase (decrease) in net assets	1,335,669,755		(2,828,002,971)

Net Assets
Beginning of period	10,640,068,138		13,468,071,109
End of period	$	11,975,737,893	$	10,640,068,138

See Notes to Financial Statements.


Notes to Financial Statements

OCTOBER 31, 2023

1. Organization

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

2. Significant Accounting Policies

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 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.

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, 2023.


Remaining Contractual Maturity of Agreements
	Overnight and Continuous		<30 days	Between 30 & 90 days	>90 days	Total
Securities Lending Transactions(1)
Common Stocks	$	1,089,903	—	—	—	$	1,089,903
Gross amount of recognized liabilities for securities lending transactions						$	1,089,903

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

3. Fees and Transactions with Related Parties

Certain officers and directors of the corporation are also officers and/or directors of American Century Companies, Inc. (ACC). The corporation's investment advisor, ACIM, the corporation's distributor, American Century Investment Services, Inc. (ACIS), and the corporation's transfer agent, American Century Services, LLC, are wholly owned, directly or indirectly, by ACC. Various funds issued by American Century Asset Allocation Portfolios, Inc. own, in aggregate, 7% 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). From November 1, 2022 through July 31, 2023, the investment advisor agreed to waive a portion of the fund’s management fee such that the management fee does not exceed 0.936% for Investor Class, A Class, C Class and R Class, 0.736% for I Class and R5 Class, and 0.586% for Y Class and R6 Class. Effective August 1, 2023, the investment advisor agreed to waive a portion of the fund’s management fee such that the management fee does not exceed 0.915% for Investor Class, A Class, C Class and R Class, 0.715% for I Class and R5 Class, and 0.565% for Y Class and R6 Class. The investment advisor expects this waiver arrangement to continue until July 31, 2024 and cannot terminate it prior to such date without the approval of the Board of Directors. The investment advisor agreed to waive the G Class's management fee in its entirety. The investment advisor expects this waiver to remain in effect permanently and cannot terminate it without the approval of the Board of Directors.

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


	Management Fee Schedule Range	Effective Annual Management Fee
		Before Waiver	After Waiver
Investor Class	0.800% to 0.990%	0.97%	0.93%
I Class	0.600% to 0.790%	0.77%	0.73%
Y Class	0.450% to 0.640%	0.62%	0.58%
A Class	0.800% to 0.990%	0.97%	0.93%
C Class	0.800% to 0.990%	0.97%	0.93%
R Class	0.800% to 0.990%	0.97%	0.93%
R5 Class	0.600% to 0.790%	0.77%	0.73%
R6 Class	0.450% to 0.640%	0.62%	0.58%
G Class	0.450% to 0.640%	0.62%	0.00%

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

4. Investment Transactions

Purchases and sales of investment securities, excluding short-term investments, for the period ended October 31, 2023 were $2,374,548,673 and $3,159,137,536, respectively.

5. Capital Share Transactions

Transactions in shares of the fund were as follows:


	Year ended October 31, 2023			Year ended October 31, 2022(1)
	Shares	Amount		Shares	Amount
Investor Class/Shares Authorized	2,100,000,000			2,100,000,000
Sold	5,003,563	$	209,159,760	6,391,740	$	297,390,697
Issued in reinvestment of distributions	3,478,510	125,885,867		20,434,759	1,074,423,880
Redeemed	(14,333,740)	(589,337,794)		(17,480,300)	(782,195,190)
	(5,851,667)	(254,292,167)		9,346,199	589,619,387
I Class/Shares Authorized	460,000,000			460,000,000
Sold	3,889,383	159,997,823		5,934,225	266,630,922
Issued in reinvestment of distributions	755,840	28,162,602		4,000,612	216,189,001
Redeemed	(8,490,684)	(367,145,727)		(7,491,997)	(347,687,734)
	(3,845,461)	(178,985,302)		2,442,840	135,132,189
Y Class/Shares Authorized	30,000,000			40,000,000
Sold	176,638	8,054,735		225,208	10,058,408
Issued in reinvestment of distributions	1,679	62,797		124,070	6,727,246
Redeemed	(1,123,917)	(44,653,042)		(287,650)	(13,390,946)
	(945,600)	(36,535,510)		61,628	3,394,708
A Class/Shares Authorized	40,000,000			40,000,000
Sold	733,176	29,013,946		631,470	26,719,672
Issued in reinvestment of distributions	54,233	1,862,349		302,755	15,172,225
Redeemed	(687,738)	(26,909,622)		(693,020)	(29,569,792)
	99,671	3,966,673		241,205	12,322,105
C Class/Shares Authorized	20,000,000			20,000,000
Sold	52,077	1,837,383		116,881	4,505,694
Issued in reinvestment of distributions	6,237	192,040		33,783	1,532,167
Redeemed	(97,406)	(3,410,654)		(112,566)	(4,159,173)
	(39,092)	(1,381,231)		38,098	1,878,688
R Class/Shares Authorized	40,000,000			40,000,000
Sold	394,197	15,015,805		319,143	12,981,909
Issued in reinvestment of distributions	45,822	1,501,361		277,158	13,325,583
Redeemed	(695,231)	(26,332,522)		(576,540)	(24,349,882)
	(255,212)	(9,815,356)		19,761	1,957,610
R5 Class/Shares Authorized	20,000,000			20,000,000
Sold	9,502	443,429		3,880	180,466
Issued in reinvestment of distributions	990	36,932		8,690	471,376
Redeemed	(20,023)	(852,243)		(31,042)	(1,503,613)
	(9,531)	(371,882)		(18,472)	(851,771)
R6 Class/Shares Authorized	300,000,000			200,000,000
Sold	4,928,009	214,001,505		9,854,771	425,174,120
Issued in reinvestment of distributions	509,251	19,010,326		1,749,733	94,651,353
Redeemed	(4,169,726)	(180,290,513)		(3,392,419)	(153,693,823)
	1,267,534	52,721,318		8,212,085	366,131,650
G Class/Shares Authorized	780,000,000			780,000,000
Sold	2,923,661	116,695,506		3,787,174	153,740,082
Issued in connection with reorganization (Note 10)	—	—		31,393,184	1,540,737,439
Issued in reinvestment of distributions	931,110	34,721,085		1	53
Redeemed	(7,627,884)	(325,376,826)		(2,761,108)	(122,034,827)
	(3,773,113)	(173,960,235)		32,419,251	1,572,442,747
Net increase (decrease)	(13,352,471)	$	(598,653,692)	52,762,595	$	2,682,027,313

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

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	$	11,713,186,646	$	204,657,915	—
Short-Term Investments	1,325,217		60,511,901		—
	$	11,714,511,863	$	265,169,816	—
Other Financial Instruments
Forward Foreign Currency Exchange Contracts	—		$	203,263	—

Liabilities
Other Financial Instruments
Futures Contracts	$	1,905,055	—		—
Forward Foreign Currency Exchange Contracts	—		$	83,563	—
	$	1,905,055	$	83,563	—

7. Derivative Instruments

Equity Price Risk — The fund is subject to equity price risk in the normal course of pursuing its investment objectives. A fund may enter into 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). A fund may incur charges or earn income on cash deposit balances, which are reflected in interest expenses or interest income, respectively. 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 $34,089,343 futures contracts purchased.

Value of Derivative Instruments as of October 31, 2023


	Asset Derivatives			Liability Derivatives
Type of Risk Exposure	Location on Statement of Assets and Liabilities	Value		Location on Statement of Assets and Liabilities	Value
Equity Price Risk	Receivable for variation margin on futures contracts*	$	546,347	Payable for variation margin on futures contracts*	—
Foreign Currency Risk	Unrealized appreciation on forward foreign currency exchange contracts	203,263		Unrealized depreciation on forward foreign currency exchange contracts	$	83,563
		$	749,610		$	83,563

*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, 2023


	Net Realized Gain (Loss)			Change in Net Unrealized Appreciation (Depreciation)
Type of Risk Exposure	Location on Statement of Operations	Value		Location on Statement of Operations	Value
Equity Price Risk	Net realized gain (loss) on futures contract transactions	$	1,459,265	Change in net unrealized appreciation (depreciation) on futures contracts	$	(584,661)
Foreign Currency Risk	Net realized gain (loss) on forward foreign currency exchange contract transactions	(5,737,006)		Change in net unrealized appreciation (depreciation) on forward foreign currency exchange contracts	834,337
		$	(4,277,741)		$	249,676

8. Risk Factors

9. Federal Tax Information

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


	2023		2022
Distributions Paid From
Ordinary income	$	15,441,373	$	79,614,038
Long-term capital gains	$	201,541,399	$	1,388,313,171

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	$	6,108,985,190
Gross tax appreciation of investments	$	6,217,873,993
Gross tax depreciation of investments	(347,177,504)
Net tax appreciation (depreciation) of investments	5,870,696,489
Net tax appreciation (depreciation) on derivatives and translation of assets and liabilities in foreign currencies	(31,859)
Net tax appreciation (depreciation)	$	5,870,664,630
Undistributed ordinary income	$	8,151,136
Accumulated long-term gains	$	622,967,766

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

10. Reorganization

On December 2, 2021, the Board of Directors approved an agreement and plan of reorganization (the reorganization), whereby the net assets of NT 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 March 25, 2022.

The reorganization was accomplished by a tax-free exchange of shares. On March 25, 2022, NT Growth Fund exchanged its shares for shares of Growth Fund as follows:


Original Fund/Class	Shares Exchanged	New Fund/Class	Shares Received
NT Growth Fund – G Class	71,233,354	Growth Fund – G Class	31,393,184

The net assets of NT Growth Fund and Growth Fund immediately before the reorganization were $1,540,737,439 and $12,083,608,261, respectively. NT Growth Fund's unrealized appreciation of $732,269,787 was combined with that of Growth Fund. Immediately after the reorganization, the combined net assets were $13,624,345,700.


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
2023	$37.23	(0.01)	7.47	7.46	—	(0.72)	(0.72)	$43.97	20.47%	0.93%	0.97%	(0.03)%	(0.07)%	20%	$7,846,335
2022	$58.23	(0.09)	(14.59)	(14.68)	—	(6.32)	(6.32)	$37.23	(28.26)%	0.95%	0.97%	(0.19)%	(0.21)%	25%	$6,859,912
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
I Class
2023	$38.35	0.07	7.71	7.78	(0.05)	(0.72)	(0.77)	$45.36	20.72%	0.73%	0.77%	0.17%	0.13%	20%	$1,503,056
2022	$59.70	—(3)	(15.03)	(15.03)	—	(6.32)	(6.32)	$38.35	(28.14)%	0.75%	0.77%	0.01%	(0.01)%	25%	$1,418,404
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


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
2023	$38.53	0.15	7.73	7.88	(0.11)	(0.72)	(0.83)	$45.58	20.91%	0.58%	0.62%	0.32%	0.28%	20%	$10,658
2022	$59.86	0.07	(15.08)	(15.01)	—	(6.32)	(6.32)	$38.53	(28.02)%	0.60%	0.62%	0.16%	0.14%	25%	$45,448
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
A Class
2023	$35.37	(0.11)	7.10	6.99	—	(0.72)	(0.72)	$41.64	20.18%	1.18%	1.22%	(0.28)%	(0.32)%	20%	$122,253
2022	$55.78	(0.19)	(13.90)	(14.09)	—	(6.32)	(6.32)	$35.37	(28.46)%	1.20%	1.22%	(0.44)%	(0.46)%	25%	$100,332
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	—(3)	4.54	4.54	—	(3.84)	(3.84)	$34.52	16.06%	1.23%	1.23%	(0.01)%	(0.01)%	30%	$93,422
C Class
2023	$31.83	(0.36)	6.35	5.99	—	(0.72)	(0.72)	$37.10	19.27%	1.93%	1.97%	(1.03)%	(1.07)%	20%	$9,153
2022	$51.16	(0.46)	(12.55)	(13.01)	—	(6.32)	(6.32)	$31.83	(28.97)%	1.95%	1.97%	(1.19)%	(1.21)%	25%	$9,097
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


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
2023	$33.80	(0.20)	6.76	6.56	—	(0.72)	(0.72)	$39.64	19.84%	1.43%	1.47%	(0.53)%	(0.57)%	20%	$74,851
2022	$53.69	(0.29)	(13.28)	(13.57)	—	(6.32)	(6.32)	$33.80	(28.62)%	1.45%	1.47%	(0.69)%	(0.71)%	25%	$72,437
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
R5 Class
2023	$38.40	0.07	7.71	7.78	(0.05)	(0.72)	(0.77)	$45.41	20.70%	0.73%	0.77%	0.17%	0.13%	20%	$2,490
2022	$59.76	(0.01)	(15.03)	(15.04)	—	(6.32)	(6.32)	$38.40	(28.12)%	0.75%	0.77%	0.01%	(0.01)%	25%	$2,471
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
R6 Class
2023	$38.47	0.13	7.73	7.86	(0.11)	(0.72)	(0.83)	$45.50	20.89%	0.58%	0.62%	0.32%	0.28%	20%	$1,098,477
2022	$59.77	0.07	(15.05)	(14.98)	—	(6.32)	(6.32)	$38.47	(28.01)%	0.60%	0.62%	0.16%	0.14%	25%	$879,964
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


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)
G Class
2023	$38.62	0.39	7.72	8.11	(0.33)	(0.72)	(1.05)	$45.68	21.60%	0.00%(4)	0.62%	0.90%	0.28%	20%	$1,308,464
2022(5)	$47.73	0.23	(8.33)	(8.10)	—	(1.01)	(1.01)	$38.62	(17.41)%	0.00%(4)(6)	0.62%(6)	0.82%(6)	0.20%(6)	25%(7)	$1,252,003


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)Per-share amount was less than $0.005.

(4)Ratio was less than 0.005%.

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

(6)Annualized.

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

See Notes to Financial Statements.


Report of Independent Registered Public Accounting Firm

To the Shareholders of the Growth Fund 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, 2023, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2023, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/ Deloitte & Touche LLP

Kansas City, Missouri

December 18, 2023

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


Management

The Board of Directors

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

Name
(Year of Birth)

Position(s) Held with Funds

Length of Time Served

Principal Occupation(s) During Past 5 Years

Number of American Century Portfolios Overseen by Director

Other Directorships Held During Past 5 Years

Independent Directors

Brian Bulatao
(1964)

Director

Since 2022

None

Thomas W. Bunn (1953)

Director

Since 2017

Retired

None

Chris H. Cheesman
(1962)

Director

Since 2019

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

Alleghany Corporation (2021 to 2022)

Barry Fink
(1955)

Director

Since 2012 (independent since 2016)

Retired

None

Rajesh K. Gupta
(1960)

Director

Since 2019

None

Name
(Year of Birth)

Position(s) Held with Funds

Length of Time Served

Principal Occupation(s) During Past 5 Years

Number of American Century Portfolios Overseen by Director

Other Directorships Held During Past 5 Years

Independent Directors

Lynn Jenkins
(1963)

Director

Since 2019

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

MGP Ingredients, Inc. (2019 to 2021)

Jan M. Lewis
(1957)

Director and Board Chair

Since 2011 (Board Chair since 2022)

Retired

None

Gary C. Meltzer
(1963)

Director

Since 2022

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

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

Stephen E. Yates
(1948)

Director

Since 2012

Retired

115

None

Interested Director

Jonathan S. Thomas
(1963)

Director

Since 2007

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

147

None

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

Officers


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


Approval of Management Agreement