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 | 811-06247 | |||||||||||||||||||
AMERICAN CENTURY WORLD 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: | 11-30 | |||||||||||||||||||
Date of reporting period: | 05-31-2024 |
ITEM 1. REPORTS TO STOCKHOLDERS.
(a)
SEMIANNUAL SHAREHOLDER REPORT
Emerging Markets Fund ![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
Investor Class (TWMIX) | May 31, 2024 |
This semi-annual shareholder report contains important information about Emerging Markets Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment) | ||||||||
The below table explains the costs that you would have paid within the reporting period. | ||||||||
Costs of $10,000 investment | Costs paid as a percentage of a $10,000 investment | |||||||
Investor Class | $67 | 1.28% | ||||||
Fund Statistics | |||||
Net Assets | $1,950,750,990 | ||||
Management Fees (dollars paid during the reporting period) | $6,874,889 | ||||
Portfolio Turnover Rate | 13 | % | |||
Total Number of Portfolio Holdings | 86 | ||||
Fund Holdings |
Types of Investments in Portfolio (as a % of net assets) | Top Five Countries (as a % of net assets) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stocks | 99.5% | China | 27.0% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Investments | 1.3% | India | 17.7% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets and Liabilities | (0.8)% | Taiwan | 16.7% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
South Korea | 11.5% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Brazil | 6.3% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs. |
![QR ACI Docs.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g2.jpg)
American Century Investment Services, Inc., Distributor | ||
©2024 American Century Proprietary Holdings, Inc. All rights reserved. |
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
(S-25086885)
SEMIANNUAL SHAREHOLDER REPORT
Emerging Markets Fund ![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
I Class (AMKIX) | May 31, 2024 |
This semi-annual shareholder report contains important information about Emerging Markets Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment) | ||||||||
The below table explains the costs that you would have paid within the reporting period. | ||||||||
Costs of $10,000 investment | Costs paid as a percentage of a $10,000 investment | |||||||
I Class | $57 | 1.08% | ||||||
Fund Statistics | |||||
Net Assets | $1,950,750,990 | ||||
Management Fees (dollars paid during the reporting period) | $6,874,889 | ||||
Portfolio Turnover Rate | 13 | % | |||
Total Number of Portfolio Holdings | 86 | ||||
Fund Holdings |
Types of Investments in Portfolio (as a % of net assets) | Top Five Countries (as a % of net assets) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stocks | 99.5% | China | 27.0% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Investments | 1.3% | India | 17.7% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets and Liabilities | (0.8)% | Taiwan | 16.7% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
South Korea | 11.5% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Brazil | 6.3% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs. |
![QR ACI Docs.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g2.jpg)
American Century Investment Services, Inc., Distributor | ||
©2024 American Century Proprietary Holdings, Inc. All rights reserved. |
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
(S-25086877)
SEMIANNUAL SHAREHOLDER REPORT
Emerging Markets Fund ![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
Y Class (AEYMX) | May 31, 2024 |
This semi-annual shareholder report contains important information about Emerging Markets Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment) | ||||||||
The below table explains the costs that you would have paid within the reporting period. | ||||||||
Costs of $10,000 investment | Costs paid as a percentage of a $10,000 investment | |||||||
Y Class | $49 | 0.93% | ||||||
Fund Statistics | |||||
Net Assets | $1,950,750,990 | ||||
Management Fees (dollars paid during the reporting period) | $6,874,889 | ||||
Portfolio Turnover Rate | 13 | % | |||
Total Number of Portfolio Holdings | 86 | ||||
Fund Holdings |
Types of Investments in Portfolio (as a % of net assets) | Top Five Countries (as a % of net assets) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stocks | 99.5% | China | 27.0% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Investments | 1.3% | India | 17.7% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets and Liabilities | (0.8)% | Taiwan | 16.7% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
South Korea | 11.5% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Brazil | 6.3% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs. |
![QR ACI Docs.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g2.jpg)
American Century Investment Services, Inc., Distributor | ||
©2024 American Century Proprietary Holdings, Inc. All rights reserved. |
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
(S-2509A885)
SEMIANNUAL SHAREHOLDER REPORT
Emerging Markets Fund ![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
A Class (AEMMX) | May 31, 2024 |
This semi-annual shareholder report contains important information about Emerging Markets Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment) | ||||||||
The below table explains the costs that you would have paid within the reporting period. | ||||||||
Costs of $10,000 investment | Costs paid as a percentage of a $10,000 investment | |||||||
A Class | $80 | 1.53% | ||||||
Fund Statistics | |||||
Net Assets | $1,950,750,990 | ||||
Management Fees (dollars paid during the reporting period) | $6,874,889 | ||||
Portfolio Turnover Rate | 13 | % | |||
Total Number of Portfolio Holdings | 86 | ||||
Fund Holdings |
Types of Investments in Portfolio (as a % of net assets) | Top Five Countries (as a % of net assets) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stocks | 99.5% | China | 27.0% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Investments | 1.3% | India | 17.7% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets and Liabilities | (0.8)% | Taiwan | 16.7% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
South Korea | 11.5% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Brazil | 6.3% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs. |
![QR ACI Docs.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g2.jpg)
American Century Investment Services, Inc., Distributor | ||
©2024 American Century Proprietary Holdings, Inc. All rights reserved. |
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
(S-25086851)
SEMIANNUAL SHAREHOLDER REPORT
Emerging Markets Fund ![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
C Class (ACECX) | May 31, 2024 |
This semi-annual shareholder report contains important information about Emerging Markets Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment) | ||||||||
The below table explains the costs that you would have paid within the reporting period. | ||||||||
Costs of $10,000 investment | Costs paid as a percentage of a $10,000 investment | |||||||
C Class | $119 | 2.28% | ||||||
Fund Statistics | |||||
Net Assets | $1,950,750,990 | ||||
Management Fees (dollars paid during the reporting period) | $6,874,889 | ||||
Portfolio Turnover Rate | 13 | % | |||
Total Number of Portfolio Holdings | 86 | ||||
Fund Holdings |
Types of Investments in Portfolio (as a % of net assets) | Top Five Countries (as a % of net assets) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stocks | 99.5% | China | 27.0% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Investments | 1.3% | India | 17.7% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets and Liabilities | (0.8)% | Taiwan | 16.7% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
South Korea | 11.5% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Brazil | 6.3% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs. |
![QR ACI Docs.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g2.jpg)
American Century Investment Services, Inc., Distributor | ||
©2024 American Century Proprietary Holdings, Inc. All rights reserved. |
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
(S-25086679)
SEMIANNUAL SHAREHOLDER REPORT
Emerging Markets Fund ![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
R Class (AEMRX) | May 31, 2024 |
This semi-annual shareholder report contains important information about Emerging Markets Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment) | ||||||||
The below table explains the costs that you would have paid within the reporting period. | ||||||||
Costs of $10,000 investment | Costs paid as a percentage of a $10,000 investment | |||||||
R Class | $93 | 1.78% | ||||||
Fund Statistics | |||||
Net Assets | $1,950,750,990 | ||||
Management Fees (dollars paid during the reporting period) | $6,874,889 | ||||
Portfolio Turnover Rate | 13 | % | |||
Total Number of Portfolio Holdings | 86 | ||||
Fund Holdings |
Types of Investments in Portfolio (as a % of net assets) | Top Five Countries (as a % of net assets) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stocks | 99.5% | China | 27.0% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Investments | 1.3% | India | 17.7% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets and Liabilities | (0.8)% | Taiwan | 16.7% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
South Korea | 11.5% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Brazil | 6.3% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs. |
![QR ACI Docs.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g2.jpg)
American Century Investment Services, Inc., Distributor | ||
©2024 American Century Proprietary Holdings, Inc. All rights reserved. |
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
(S-25086489)
SEMIANNUAL SHAREHOLDER REPORT
Emerging Markets Fund ![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
R5 Class (AEGMX) | May 31, 2024 |
This semi-annual shareholder report contains important information about Emerging Markets Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment) | ||||||||
The below table explains the costs that you would have paid within the reporting period. | ||||||||
Costs of $10,000 investment | Costs paid as a percentage of a $10,000 investment | |||||||
R5 Class | $57 | 1.08% | ||||||
Fund Statistics | |||||
Net Assets | $1,950,750,990 | ||||
Management Fees (dollars paid during the reporting period) | $6,874,889 | ||||
Portfolio Turnover Rate | 13 | % | |||
Total Number of Portfolio Holdings | 86 | ||||
Fund Holdings |
Types of Investments in Portfolio (as a % of net assets) | Top Five Countries (as a % of net assets) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stocks | 99.5% | China | 27.0% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Investments | 1.3% | India | 17.7% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets and Liabilities | (0.8)% | Taiwan | 16.7% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
South Korea | 11.5% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Brazil | 6.3% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs. |
![QR ACI Docs.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g2.jpg)
American Century Investment Services, Inc., Distributor | ||
©2024 American Century Proprietary Holdings, Inc. All rights reserved. |
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
(S-2509A802)
SEMIANNUAL SHAREHOLDER REPORT
Emerging Markets Fund ![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
R6 Class (AEDMX) | May 31, 2024 |
This semi-annual shareholder report contains important information about Emerging Markets Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment) | ||||||||
The below table explains the costs that you would have paid within the reporting period. | ||||||||
Costs of $10,000 investment | Costs paid as a percentage of a $10,000 investment | |||||||
R6 Class | $49 | 0.93% | ||||||
Fund Statistics | |||||
Net Assets | $1,950,750,990 | ||||
Management Fees (dollars paid during the reporting period) | $6,874,889 | ||||
Portfolio Turnover Rate | 13 | % | |||
Total Number of Portfolio Holdings | 86 | ||||
Fund Holdings |
Types of Investments in Portfolio (as a % of net assets) | Top Five Countries (as a % of net assets) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stocks | 99.5% | China | 27.0% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Investments | 1.3% | India | 17.7% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets and Liabilities | (0.8)% | Taiwan | 16.7% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
South Korea | 11.5% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Brazil | 6.3% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs. |
![QR ACI Docs.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g2.jpg)
American Century Investment Services, Inc., Distributor | ||
©2024 American Century Proprietary Holdings, Inc. All rights reserved. |
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
(S-25086422)
SEMIANNUAL SHAREHOLDER REPORT
Emerging Markets Fund ![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
G Class (ACADX) | May 31, 2024 |
This semi-annual shareholder report contains important information about Emerging Markets Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment) | ||||||||
The below table explains the costs that you would have paid within the reporting period. | ||||||||
Costs of $10,000 investment | Costs paid as a percentage of a $10,000 investment | |||||||
G Class | $2 | 0.03% | ||||||
Fund Statistics | |||||
Net Assets | $1,950,750,990 | ||||
Management Fees (dollars paid during the reporting period) | $6,874,889 | ||||
Portfolio Turnover Rate | 13 | % | |||
Total Number of Portfolio Holdings | 86 | ||||
Fund Holdings |
Types of Investments in Portfolio (as a % of net assets) | Top Five Countries (as a % of net assets) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stocks | 99.5% | China | 27.0% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Investments | 1.3% | India | 17.7% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets and Liabilities | (0.8)% | Taiwan | 16.7% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
South Korea | 11.5% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Brazil | 6.3% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs. |
![QR ACI Docs.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g2.jpg)
American Century Investment Services, Inc., Distributor | ||
©2024 American Century Proprietary Holdings, Inc. All rights reserved. |
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
(S-2509A729)
SEMIANNUAL SHAREHOLDER REPORT
Emerging Markets Small Cap Fund ![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
Investor Class (AECVX) | May 31, 2024 |
This semi-annual shareholder report contains important information about Emerging Markets Small Cap Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment) | ||||||||
The below table explains the costs that you would have paid within the reporting period. | ||||||||
Costs of $10,000 investment | Costs paid as a percentage of a $10,000 investment | |||||||
Investor Class | $73 | 1.39% | ||||||
Fund Statistics | |||||
Net Assets | $20,163,724 | ||||
Management Fees (dollars paid during the reporting period) | $108,290 | ||||
Portfolio Turnover Rate | 30 | % | |||
Total Number of Portfolio Holdings | 103 | ||||
Fund Holdings |
Types of Investments in Portfolio (as a % of net assets) | Top Five Countries (as a % of net assets) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stocks | 98.9% | India | 26.6% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exchange-Traded Funds | 0.8% | Taiwan | 17.2% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Investments | 2.1% | South Korea | 11.0% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets and Liabilities | (1.8)% | China | 8.5% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Brazil | 7.2% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs. |
![QR ACI Docs.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g2.jpg)
American Century Investment Services, Inc., Distributor | ||
©2024 American Century Proprietary Holdings, Inc. All rights reserved. |
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
(S-25086281)
SEMIANNUAL SHAREHOLDER REPORT
Emerging Markets Small Cap Fund ![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
I Class (AECSX) | May 31, 2024 |
This semi-annual shareholder report contains important information about Emerging Markets Small Cap Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment) | ||||||||
The below table explains the costs that you would have paid within the reporting period. | ||||||||
Costs of $10,000 investment | Costs paid as a percentage of a $10,000 investment | |||||||
I Class | $62 | 1.19% | ||||||
Fund Statistics | |||||
Net Assets | $20,163,724 | ||||
Management Fees (dollars paid during the reporting period) | $108,290 | ||||
Portfolio Turnover Rate | 30 | % | |||
Total Number of Portfolio Holdings | 103 | ||||
Fund Holdings |
Types of Investments in Portfolio (as a % of net assets) | Top Five Countries (as a % of net assets) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stocks | 98.9% | India | 26.6% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exchange-Traded Funds | 0.8% | Taiwan | 17.2% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Investments | 2.1% | South Korea | 11.0% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets and Liabilities | (1.8)% | China | 8.5% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Brazil | 7.2% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs. |
![QR ACI Docs.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g2.jpg)
American Century Investment Services, Inc., Distributor | ||
©2024 American Century Proprietary Holdings, Inc. All rights reserved. |
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
(S-25086273)
SEMIANNUAL SHAREHOLDER REPORT
Emerging Markets Small Cap Fund ![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
A Class (AECLX) | May 31, 2024 |
This semi-annual shareholder report contains important information about Emerging Markets Small Cap Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment) | ||||||||
The below table explains the costs that you would have paid within the reporting period. | ||||||||
Costs of $10,000 investment | Costs paid as a percentage of a $10,000 investment | |||||||
A Class | $86 | 1.64% | ||||||
Fund Statistics | |||||
Net Assets | $20,163,724 | ||||
Management Fees (dollars paid during the reporting period) | $108,290 | ||||
Portfolio Turnover Rate | 30 | % | |||
Total Number of Portfolio Holdings | 103 | ||||
Fund Holdings |
Types of Investments in Portfolio (as a % of net assets) | Top Five Countries (as a % of net assets) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stocks | 98.9% | India | 26.6% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exchange-Traded Funds | 0.8% | Taiwan | 17.2% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Investments | 2.1% | South Korea | 11.0% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets and Liabilities | (1.8)% | China | 8.5% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Brazil | 7.2% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs. |
![QR ACI Docs.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g2.jpg)
American Century Investment Services, Inc., Distributor | ||
©2024 American Century Proprietary Holdings, Inc. All rights reserved. |
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
(S-25086265)
SEMIANNUAL SHAREHOLDER REPORT
Emerging Markets Small Cap Fund ![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
C Class (AECHX) | May 31, 2024 |
This semi-annual shareholder report contains important information about Emerging Markets Small Cap Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment) | ||||||||
The below table explains the costs that you would have paid within the reporting period. | ||||||||
Costs of $10,000 investment | Costs paid as a percentage of a $10,000 investment | |||||||
C Class | $124 | 2.39% | ||||||
Fund Statistics | |||||
Net Assets | $20,163,724 | ||||
Management Fees (dollars paid during the reporting period) | $108,290 | ||||
Portfolio Turnover Rate | 30 | % | |||
Total Number of Portfolio Holdings | 103 | ||||
Fund Holdings |
Types of Investments in Portfolio (as a % of net assets) | Top Five Countries (as a % of net assets) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stocks | 98.9% | India | 26.6% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exchange-Traded Funds | 0.8% | Taiwan | 17.2% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Investments | 2.1% | South Korea | 11.0% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets and Liabilities | (1.8)% | China | 8.5% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Brazil | 7.2% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs. |
![QR ACI Docs.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g2.jpg)
American Century Investment Services, Inc., Distributor | ||
©2024 American Century Proprietary Holdings, Inc. All rights reserved. |
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
(S-25086257)
SEMIANNUAL SHAREHOLDER REPORT
Emerging Markets Small Cap Fund ![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
R Class (AECMX) | May 31, 2024 |
This semi-annual shareholder report contains important information about Emerging Markets Small Cap Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment) | ||||||||
The below table explains the costs that you would have paid within the reporting period. | ||||||||
Costs of $10,000 investment | Costs paid as a percentage of a $10,000 investment | |||||||
R Class | $98 | 1.89% | ||||||
Fund Statistics | |||||
Net Assets | $20,163,724 | ||||
Management Fees (dollars paid during the reporting period) | $108,290 | ||||
Portfolio Turnover Rate | 30 | % | |||
Total Number of Portfolio Holdings | 103 | ||||
Fund Holdings |
Types of Investments in Portfolio (as a % of net assets) | Top Five Countries (as a % of net assets) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stocks | 98.9% | India | 26.6% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exchange-Traded Funds | 0.8% | Taiwan | 17.2% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Investments | 2.1% | South Korea | 11.0% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets and Liabilities | (1.8)% | China | 8.5% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Brazil | 7.2% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs. |
![QR ACI Docs.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g2.jpg)
American Century Investment Services, Inc., Distributor | ||
©2024 American Century Proprietary Holdings, Inc. All rights reserved. |
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
(S-25086240)
SEMIANNUAL SHAREHOLDER REPORT
Emerging Markets Small Cap Fund ![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
R6 Class (AECTX) | May 31, 2024 |
This semi-annual shareholder report contains important information about Emerging Markets Small Cap Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment) | ||||||||
The below table explains the costs that you would have paid within the reporting period. | ||||||||
Costs of $10,000 investment | Costs paid as a percentage of a $10,000 investment | |||||||
R6 Class | $54 | 1.04% | ||||||
Fund Statistics | |||||
Net Assets | $20,163,724 | ||||
Management Fees (dollars paid during the reporting period) | $108,290 | ||||
Portfolio Turnover Rate | 30 | % | |||
Total Number of Portfolio Holdings | 103 | ||||
Fund Holdings |
Types of Investments in Portfolio (as a % of net assets) | Top Five Countries (as a % of net assets) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stocks | 98.9% | India | 26.6% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exchange-Traded Funds | 0.8% | Taiwan | 17.2% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Investments | 2.1% | South Korea | 11.0% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets and Liabilities | (1.8)% | China | 8.5% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Brazil | 7.2% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs. |
![QR ACI Docs.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g2.jpg)
American Century Investment Services, Inc., Distributor | ||
©2024 American Century Proprietary Holdings, Inc. All rights reserved. |
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
(S-25086232)
SEMIANNUAL SHAREHOLDER REPORT
Focused Global Growth Fund ![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
Investor Class (TWGGX) | May 31, 2024 |
This semi-annual shareholder report contains important information about Focused Global Growth Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment) | ||||||||
The below table explains the costs that you would have paid within the reporting period. | ||||||||
Costs of $10,000 investment | Costs paid as a percentage of a $10,000 investment | |||||||
Investor Class | $58 | 1.08% | ||||||
Fund Statistics | |||||
Net Assets | $622,292,285 | ||||
Management Fees (dollars paid during the reporting period) | $3,048,723 | ||||
Portfolio Turnover Rate | 29 | % | |||
Total Number of Portfolio Holdings | 35 | ||||
Fund Holdings |
Types of Investments in Portfolio (as a % of net assets) | Top Five Countries (as a % of net assets) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stocks | 98.7% | United States | 69.3% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Investments | 2.2% | United Kingdom | 6.1% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets and Liabilities | (0.9)% | Denmark | 3.6% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Netherlands | 3.3% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Japan | 2.8% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs. |
![QR ACI Docs.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g2.jpg)
American Century Investment Services, Inc., Distributor | ||
©2024 American Century Proprietary Holdings, Inc. All rights reserved. |
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
(S-25086844)
SEMIANNUAL SHAREHOLDER REPORT
Focused Global Growth Fund ![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
I Class (AGGIX) | May 31, 2024 |
This semi-annual shareholder report contains important information about Focused Global Growth Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment) | ||||||||
The below table explains the costs that you would have paid within the reporting period. | ||||||||
Costs of $10,000 investment | Costs paid as a percentage of a $10,000 investment | |||||||
I Class | $47 | 0.88% | ||||||
Fund Statistics | |||||
Net Assets | $622,292,285 | ||||
Management Fees (dollars paid during the reporting period) | $3,048,723 | ||||
Portfolio Turnover Rate | 29 | % | |||
Total Number of Portfolio Holdings | 35 | ||||
Fund Holdings |
Types of Investments in Portfolio (as a % of net assets) | Top Five Countries (as a % of net assets) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stocks | 98.7% | United States | 69.3% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Investments | 2.2% | United Kingdom | 6.1% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets and Liabilities | (0.9)% | Denmark | 3.6% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Netherlands | 3.3% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Japan | 2.8% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs. |
![QR ACI Docs.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g2.jpg)
American Century Investment Services, Inc., Distributor | ||
©2024 American Century Proprietary Holdings, Inc. All rights reserved. |
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
(S-25086836)
SEMIANNUAL SHAREHOLDER REPORT
Focused Global Growth Fund ![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
Y Class (AGYGX) | May 31, 2024 |
This semi-annual shareholder report contains important information about Focused Global Growth Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment) | ||||||||
The below table explains the costs that you would have paid within the reporting period. | ||||||||
Costs of $10,000 investment | Costs paid as a percentage of a $10,000 investment | |||||||
Y Class | $39 | 0.73% | ||||||
Fund Statistics | |||||
Net Assets | $622,292,285 | ||||
Management Fees (dollars paid during the reporting period) | $3,048,723 | ||||
Portfolio Turnover Rate | 29 | % | |||
Total Number of Portfolio Holdings | 35 | ||||
Fund Holdings |
Types of Investments in Portfolio (as a % of net assets) | Top Five Countries (as a % of net assets) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stocks | 98.7% | United States | 69.3% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Investments | 2.2% | United Kingdom | 6.1% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets and Liabilities | (0.9)% | Denmark | 3.6% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Netherlands | 3.3% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Japan | 2.8% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs. |
![QR ACI Docs.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g2.jpg)
American Century Investment Services, Inc., Distributor | ||
©2024 American Century Proprietary Holdings, Inc. All rights reserved. |
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
(S-2509A844)
SEMIANNUAL SHAREHOLDER REPORT
Focused Global Growth Fund ![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
A Class (AGGRX) | May 31, 2024 |
This semi-annual shareholder report contains important information about Focused Global Growth Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment) | ||||||||
The below table explains the costs that you would have paid within the reporting period. | ||||||||
Costs of $10,000 investment | Costs paid as a percentage of a $10,000 investment | |||||||
A Class | $71 | 1.33% | ||||||
Fund Statistics | |||||
Net Assets | $622,292,285 | ||||
Management Fees (dollars paid during the reporting period) | $3,048,723 | ||||
Portfolio Turnover Rate | 29 | % | |||
Total Number of Portfolio Holdings | 35 | ||||
Fund Holdings |
Types of Investments in Portfolio (as a % of net assets) | Top Five Countries (as a % of net assets) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stocks | 98.7% | United States | 69.3% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Investments | 2.2% | United Kingdom | 6.1% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets and Liabilities | (0.9)% | Denmark | 3.6% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Netherlands | 3.3% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Japan | 2.8% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs. |
![QR ACI Docs.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g2.jpg)
American Century Investment Services, Inc., Distributor | ||
©2024 American Century Proprietary Holdings, Inc. All rights reserved. |
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
(S-25086828)
SEMIANNUAL SHAREHOLDER REPORT
Focused Global Growth Fund ![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
C Class (AGLCX) | May 31, 2024 |
This semi-annual shareholder report contains important information about Focused Global Growth Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment) | ||||||||
The below table explains the costs that you would have paid within the reporting period. | ||||||||
Costs of $10,000 investment | Costs paid as a percentage of a $10,000 investment | |||||||
C Class | $111 | 2.08% | ||||||
Fund Statistics | |||||
Net Assets | $622,292,285 | ||||
Management Fees (dollars paid during the reporting period) | $3,048,723 | ||||
Portfolio Turnover Rate | 29 | % | |||
Total Number of Portfolio Holdings | 35 | ||||
Fund Holdings |
Types of Investments in Portfolio (as a % of net assets) | Top Five Countries (as a % of net assets) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stocks | 98.7% | United States | 69.3% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Investments | 2.2% | United Kingdom | 6.1% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets and Liabilities | (0.9)% | Denmark | 3.6% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Netherlands | 3.3% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Japan | 2.8% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs. |
![QR ACI Docs.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g2.jpg)
American Century Investment Services, Inc., Distributor | ||
©2024 American Century Proprietary Holdings, Inc. All rights reserved. |
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
(S-25086695)
SEMIANNUAL SHAREHOLDER REPORT
Focused Global Growth Fund ![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
R Class (AGORX) | May 31, 2024 |
This semi-annual shareholder report contains important information about Focused Global Growth Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment) | ||||||||
The below table explains the costs that you would have paid within the reporting period. | ||||||||
Costs of $10,000 investment | Costs paid as a percentage of a $10,000 investment | |||||||
R Class | $84 | 1.58% | ||||||
Fund Statistics | |||||
Net Assets | $622,292,285 | ||||
Management Fees (dollars paid during the reporting period) | $3,048,723 | ||||
Portfolio Turnover Rate | 29 | % | |||
Total Number of Portfolio Holdings | 35 | ||||
Fund Holdings |
Types of Investments in Portfolio (as a % of net assets) | Top Five Countries (as a % of net assets) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stocks | 98.7% | United States | 69.3% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Investments | 2.2% | United Kingdom | 6.1% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets and Liabilities | (0.9)% | Denmark | 3.6% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Netherlands | 3.3% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Japan | 2.8% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs. |
![QR ACI Docs.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g2.jpg)
American Century Investment Services, Inc., Distributor | ||
©2024 American Century Proprietary Holdings, Inc. All rights reserved. |
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
(S-25086620)
SEMIANNUAL SHAREHOLDER REPORT
Focused Global Growth Fund ![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
R5 Class (AGFGX) | May 31, 2024 |
This semi-annual shareholder report contains important information about Focused Global Growth Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment) | ||||||||
The below table explains the costs that you would have paid within the reporting period. | ||||||||
Costs of $10,000 investment | Costs paid as a percentage of a $10,000 investment | |||||||
R5 Class | $47 | 0.88% | ||||||
Fund Statistics | |||||
Net Assets | $622,292,285 | ||||
Management Fees (dollars paid during the reporting period) | $3,048,723 | ||||
Portfolio Turnover Rate | 29 | % | |||
Total Number of Portfolio Holdings | 35 | ||||
Fund Holdings |
Types of Investments in Portfolio (as a % of net assets) | Top Five Countries (as a % of net assets) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stocks | 98.7% | United States | 69.3% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Investments | 2.2% | United Kingdom | 6.1% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets and Liabilities | (0.9)% | Denmark | 3.6% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Netherlands | 3.3% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Japan | 2.8% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs. |
![QR ACI Docs.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g2.jpg)
American Century Investment Services, Inc., Distributor | ||
©2024 American Century Proprietary Holdings, Inc. All rights reserved. |
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
(S-2509A869)
SEMIANNUAL SHAREHOLDER REPORT
Focused Global Growth Fund ![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
R6 Class (AGGDX) | May 31, 2024 |
This semi-annual shareholder report contains important information about Focused Global Growth Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment) | ||||||||
The below table explains the costs that you would have paid within the reporting period. | ||||||||
Costs of $10,000 investment | Costs paid as a percentage of a $10,000 investment | |||||||
R6 Class | $39 | 0.73% | ||||||
Fund Statistics | |||||
Net Assets | $622,292,285 | ||||
Management Fees (dollars paid during the reporting period) | $3,048,723 | ||||
Portfolio Turnover Rate | 29 | % | |||
Total Number of Portfolio Holdings | 35 | ||||
Fund Holdings |
Types of Investments in Portfolio (as a % of net assets) | Top Five Countries (as a % of net assets) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stocks | 98.7% | United States | 69.3% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Investments | 2.2% | United Kingdom | 6.1% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets and Liabilities | (0.9)% | Denmark | 3.6% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Netherlands | 3.3% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Japan | 2.8% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs. |
![QR ACI Docs.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g2.jpg)
American Century Investment Services, Inc., Distributor | ||
©2024 American Century Proprietary Holdings, Inc. All rights reserved. |
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
(S-25086414)
SEMIANNUAL SHAREHOLDER REPORT
Focused International Growth Fund ![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
Investor Class (AFCNX) | May 31, 2024 |
This semi-annual shareholder report contains important information about Focused International Growth Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment) | ||||||||
The below table explains the costs that you would have paid within the reporting period. | ||||||||
Costs of $10,000 investment | Costs paid as a percentage of a $10,000 investment | |||||||
Investor Class | $57 | 1.09% | ||||||
Fund Statistics | |||||
Net Assets | $93,906,487 | ||||
Management Fees (dollars paid during the reporting period) | $241,323 | ||||
Portfolio Turnover Rate | 47 | % | |||
Total Number of Portfolio Holdings | 47 | ||||
Fund Holdings |
Types of Investments in Portfolio (as a % of net assets) | Top Five Countries (as a % of net assets) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stocks | 99.2% | United Kingdom | 15.2% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Investments | 1.3% | Japan | 14.2% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets and Liabilities | (0.5)% | Netherlands | 11.4% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
France | 11.0% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Switzerland | 6.6% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs. |
![QR ACI Docs.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g2.jpg)
American Century Investment Services, Inc., Distributor | ||
©2024 American Century Proprietary Holdings, Inc. All rights reserved. |
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
(S-25086224)
SEMIANNUAL SHAREHOLDER REPORT
Focused International Growth Fund ![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
I Class (AFCSX) | May 31, 2024 |
This semi-annual shareholder report contains important information about Focused International Growth Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment) | ||||||||
The below table explains the costs that you would have paid within the reporting period. | ||||||||
Costs of $10,000 investment | Costs paid as a percentage of a $10,000 investment | |||||||
I Class | $47 | 0.89% | ||||||
Fund Statistics | |||||
Net Assets | $93,906,487 | ||||
Management Fees (dollars paid during the reporting period) | $241,323 | ||||
Portfolio Turnover Rate | 47 | % | |||
Total Number of Portfolio Holdings | 47 | ||||
Fund Holdings |
Types of Investments in Portfolio (as a % of net assets) | Top Five Countries (as a % of net assets) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stocks | 99.2% | United Kingdom | 15.2% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Investments | 1.3% | Japan | 14.2% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets and Liabilities | (0.5)% | Netherlands | 11.4% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
France | 11.0% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Switzerland | 6.6% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs. |
![QR ACI Docs.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g2.jpg)
American Century Investment Services, Inc., Distributor | ||
©2024 American Century Proprietary Holdings, Inc. All rights reserved. |
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
(S-25086216)
SEMIANNUAL SHAREHOLDER REPORT
Focused International Growth Fund ![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
A Class (AFCLX) | May 31, 2024 |
This semi-annual shareholder report contains important information about Focused International Growth Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment) | ||||||||
The below table explains the costs that you would have paid within the reporting period. | ||||||||
Costs of $10,000 investment | Costs paid as a percentage of a $10,000 investment | |||||||
A Class | $70 | 1.34% | ||||||
Fund Statistics | |||||
Net Assets | $93,906,487 | ||||
Management Fees (dollars paid during the reporting period) | $241,323 | ||||
Portfolio Turnover Rate | 47 | % | |||
Total Number of Portfolio Holdings | 47 | ||||
Fund Holdings |
Types of Investments in Portfolio (as a % of net assets) | Top Five Countries (as a % of net assets) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stocks | 99.2% | United Kingdom | 15.2% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Investments | 1.3% | Japan | 14.2% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets and Liabilities | (0.5)% | Netherlands | 11.4% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
France | 11.0% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Switzerland | 6.6% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs. |
![QR ACI Docs.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g2.jpg)
American Century Investment Services, Inc., Distributor | ||
©2024 American Century Proprietary Holdings, Inc. All rights reserved. |
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
(S-25086190)
SEMIANNUAL SHAREHOLDER REPORT
Focused International Growth Fund ![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
C Class (AFCHX) | May 31, 2024 |
This semi-annual shareholder report contains important information about Focused International Growth Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment) | ||||||||
The below table explains the costs that you would have paid within the reporting period. | ||||||||
Costs of $10,000 investment | Costs paid as a percentage of a $10,000 investment | |||||||
C Class | $110 | 2.09% | ||||||
Fund Statistics | |||||
Net Assets | $93,906,487 | ||||
Management Fees (dollars paid during the reporting period) | $241,323 | ||||
Portfolio Turnover Rate | 47 | % | |||
Total Number of Portfolio Holdings | 47 | ||||
Fund Holdings |
Types of Investments in Portfolio (as a % of net assets) | Top Five Countries (as a % of net assets) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stocks | 99.2% | United Kingdom | 15.2% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Investments | 1.3% | Japan | 14.2% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets and Liabilities | (0.5)% | Netherlands | 11.4% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
France | 11.0% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Switzerland | 6.6% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs. |
![QR ACI Docs.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g2.jpg)
American Century Investment Services, Inc., Distributor | ||
©2024 American Century Proprietary Holdings, Inc. All rights reserved. |
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
(S-25086182)
SEMIANNUAL SHAREHOLDER REPORT
Focused International Growth Fund ![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
R Class (AFCWX) | May 31, 2024 |
This semi-annual shareholder report contains important information about Focused International Growth Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment) | ||||||||
The below table explains the costs that you would have paid within the reporting period. | ||||||||
Costs of $10,000 investment | Costs paid as a percentage of a $10,000 investment | |||||||
R Class | $84 | 1.59% | ||||||
Fund Statistics | |||||
Net Assets | $93,906,487 | ||||
Management Fees (dollars paid during the reporting period) | $241,323 | ||||
Portfolio Turnover Rate | 47 | % | |||
Total Number of Portfolio Holdings | 47 | ||||
Fund Holdings |
Types of Investments in Portfolio (as a % of net assets) | Top Five Countries (as a % of net assets) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stocks | 99.2% | United Kingdom | 15.2% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Investments | 1.3% | Japan | 14.2% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets and Liabilities | (0.5)% | Netherlands | 11.4% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
France | 11.0% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Switzerland | 6.6% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs. |
![QR ACI Docs.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g2.jpg)
American Century Investment Services, Inc., Distributor | ||
©2024 American Century Proprietary Holdings, Inc. All rights reserved. |
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
(S-25086174)
SEMIANNUAL SHAREHOLDER REPORT
Focused International Growth Fund ![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
R6 Class (AFCMX) | May 31, 2024 |
This semi-annual shareholder report contains important information about Focused International Growth Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment) | ||||||||
The below table explains the costs that you would have paid within the reporting period. | ||||||||
Costs of $10,000 investment | Costs paid as a percentage of a $10,000 investment | |||||||
R6 Class | $39 | 0.74% | ||||||
Fund Statistics | |||||
Net Assets | $93,906,487 | ||||
Management Fees (dollars paid during the reporting period) | $241,323 | ||||
Portfolio Turnover Rate | 47 | % | |||
Total Number of Portfolio Holdings | 47 | ||||
Fund Holdings |
Types of Investments in Portfolio (as a % of net assets) | Top Five Countries (as a % of net assets) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stocks | 99.2% | United Kingdom | 15.2% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Investments | 1.3% | Japan | 14.2% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets and Liabilities | (0.5)% | Netherlands | 11.4% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
France | 11.0% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Switzerland | 6.6% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs. |
![QR ACI Docs.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g2.jpg)
American Century Investment Services, Inc., Distributor | ||
©2024 American Century Proprietary Holdings, Inc. All rights reserved. |
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
(S-25086166)
SEMIANNUAL SHAREHOLDER REPORT
Focused International Growth Fund ![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
G Class (AFCGX) | May 31, 2024 |
This semi-annual shareholder report contains important information about Focused International Growth Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment) | ||||||||
The below table explains the costs that you would have paid within the reporting period. | ||||||||
Costs of $10,000 investment | Costs paid as a percentage of a $10,000 investment | |||||||
G Class | $0 | 0.00% | ||||||
Fund Statistics | |||||
Net Assets | $93,906,487 | ||||
Management Fees (dollars paid during the reporting period) | $241,323 | ||||
Portfolio Turnover Rate | 47 | % | |||
Total Number of Portfolio Holdings | 47 | ||||
Fund Holdings |
Types of Investments in Portfolio (as a % of net assets) | Top Five Countries (as a % of net assets) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stocks | 99.2% | United Kingdom | 15.2% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Investments | 1.3% | Japan | 14.2% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets and Liabilities | (0.5)% | Netherlands | 11.4% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
France | 11.0% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Switzerland | 6.6% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs. |
![QR ACI Docs.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g2.jpg)
American Century Investment Services, Inc., Distributor | ||
©2024 American Century Proprietary Holdings, Inc. All rights reserved. |
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
(S-2509A794)
SEMIANNUAL SHAREHOLDER REPORT
Global Small Cap Fund ![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
Investor Class (AGCVX) | May 31, 2024 |
This semi-annual shareholder report contains important information about Global Small Cap Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment) | ||||||||
The below table explains the costs that you would have paid within the reporting period. | ||||||||
Costs of $10,000 investment | Costs paid as a percentage of a $10,000 investment | |||||||
Investor Class | $60 | 1.11% | ||||||
Fund Statistics | |||||
Net Assets | $82,757,966 | ||||
Management Fees (dollars paid during the reporting period) | $400,566 | ||||
Portfolio Turnover Rate | 58 | % | |||
Total Number of Portfolio Holdings | 136 | ||||
Fund Holdings |
Types of Investments in Portfolio (as a % of net assets) | Top Five Countries (as a % of net assets) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stocks | 98.2% | United States | 54.0% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exchange-Traded Funds | 1.5% | Japan | 7.8% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Investments | 1.7% | Canada | 7.3% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets and Liabilities | (1.4)% | United Kingdom | 4.5% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
India | 3.6% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs. |
![QR ACI Docs.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g2.jpg)
American Century Investment Services, Inc., Distributor | ||
©2024 American Century Proprietary Holdings, Inc. All rights reserved. |
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
(S-2509A109)
SEMIANNUAL SHAREHOLDER REPORT
Global Small Cap Fund ![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
I Class (AGCSX) | May 31, 2024 |
This semi-annual shareholder report contains important information about Global Small Cap Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment) | ||||||||
The below table explains the costs that you would have paid within the reporting period. | ||||||||
Costs of $10,000 investment | Costs paid as a percentage of a $10,000 investment | |||||||
I Class | $49 | 0.91% | ||||||
Fund Statistics | |||||
Net Assets | $82,757,966 | ||||
Management Fees (dollars paid during the reporting period) | $400,566 | ||||
Portfolio Turnover Rate | 58 | % | |||
Total Number of Portfolio Holdings | 136 | ||||
Fund Holdings |
Types of Investments in Portfolio (as a % of net assets) | Top Five Countries (as a % of net assets) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stocks | 98.2% | United States | 54.0% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exchange-Traded Funds | 1.5% | Japan | 7.8% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Investments | 1.7% | Canada | 7.3% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets and Liabilities | (1.4)% | United Kingdom | 4.5% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
India | 3.6% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs. |
![QR ACI Docs.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g2.jpg)
American Century Investment Services, Inc., Distributor | ||
©2024 American Century Proprietary Holdings, Inc. All rights reserved. |
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
(S-2509A208)
SEMIANNUAL SHAREHOLDER REPORT
Global Small Cap Fund ![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
A Class (AGCLX) | May 31, 2024 |
This semi-annual shareholder report contains important information about Global Small Cap Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment) | ||||||||
The below table explains the costs that you would have paid within the reporting period. | ||||||||
Costs of $10,000 investment | Costs paid as a percentage of a $10,000 investment | |||||||
A Class | $73 | 1.36% | ||||||
Fund Statistics | |||||
Net Assets | $82,757,966 | ||||
Management Fees (dollars paid during the reporting period) | $400,566 | ||||
Portfolio Turnover Rate | 58 | % | |||
Total Number of Portfolio Holdings | 136 | ||||
Fund Holdings |
Types of Investments in Portfolio (as a % of net assets) | Top Five Countries (as a % of net assets) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stocks | 98.2% | United States | 54.0% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exchange-Traded Funds | 1.5% | Japan | 7.8% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Investments | 1.7% | Canada | 7.3% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets and Liabilities | (1.4)% | United Kingdom | 4.5% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
India | 3.6% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs. |
![QR ACI Docs.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g2.jpg)
American Century Investment Services, Inc., Distributor | ||
©2024 American Century Proprietary Holdings, Inc. All rights reserved. |
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
(S-2509A307)
SEMIANNUAL SHAREHOLDER REPORT
Global Small Cap Fund ![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
C Class (AGCHX) | May 31, 2024 |
This semi-annual shareholder report contains important information about Global Small Cap Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment) | ||||||||
The below table explains the costs that you would have paid within the reporting period. | ||||||||
Costs of $10,000 investment | Costs paid as a percentage of a $10,000 investment | |||||||
C Class | $113 | 2.11% | ||||||
Fund Statistics | |||||
Net Assets | $82,757,966 | ||||
Management Fees (dollars paid during the reporting period) | $400,566 | ||||
Portfolio Turnover Rate | 58 | % | |||
Total Number of Portfolio Holdings | 136 | ||||
Fund Holdings |
Types of Investments in Portfolio (as a % of net assets) | Top Five Countries (as a % of net assets) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stocks | 98.2% | United States | 54.0% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exchange-Traded Funds | 1.5% | Japan | 7.8% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Investments | 1.7% | Canada | 7.3% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets and Liabilities | (1.4)% | United Kingdom | 4.5% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
India | 3.6% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs. |
![QR ACI Docs.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g2.jpg)
American Century Investment Services, Inc., Distributor | ||
©2024 American Century Proprietary Holdings, Inc. All rights reserved. |
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
(S-2509A406)
SEMIANNUAL SHAREHOLDER REPORT
Global Small Cap Fund ![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
R Class (AGCWX) | May 31, 2024 |
This semi-annual shareholder report contains important information about Global Small Cap Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment) | ||||||||
The below table explains the costs that you would have paid within the reporting period. | ||||||||
Costs of $10,000 investment | Costs paid as a percentage of a $10,000 investment | |||||||
R Class | $86 | 1.61% | ||||||
Fund Statistics | |||||
Net Assets | $82,757,966 | ||||
Management Fees (dollars paid during the reporting period) | $400,566 | ||||
Portfolio Turnover Rate | 58 | % | |||
Total Number of Portfolio Holdings | 136 | ||||
Fund Holdings |
Types of Investments in Portfolio (as a % of net assets) | Top Five Countries (as a % of net assets) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stocks | 98.2% | United States | 54.0% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exchange-Traded Funds | 1.5% | Japan | 7.8% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Investments | 1.7% | Canada | 7.3% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets and Liabilities | (1.4)% | United Kingdom | 4.5% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
India | 3.6% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs. |
![QR ACI Docs.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g2.jpg)
American Century Investment Services, Inc., Distributor | ||
©2024 American Century Proprietary Holdings, Inc. All rights reserved. |
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
(S-2509A505)
SEMIANNUAL SHAREHOLDER REPORT
Global Small Cap Fund ![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
R6 Class (AGCTX) | May 31, 2024 |
This semi-annual shareholder report contains important information about Global Small Cap Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment) | ||||||||
The below table explains the costs that you would have paid within the reporting period. | ||||||||
Costs of $10,000 investment | Costs paid as a percentage of a $10,000 investment | |||||||
R6 Class | $41 | 0.76% | ||||||
Fund Statistics | |||||
Net Assets | $82,757,966 | ||||
Management Fees (dollars paid during the reporting period) | $400,566 | ||||
Portfolio Turnover Rate | 58 | % | |||
Total Number of Portfolio Holdings | 136 | ||||
Fund Holdings |
Types of Investments in Portfolio (as a % of net assets) | Top Five Countries (as a % of net assets) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stocks | 98.2% | United States | 54.0% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exchange-Traded Funds | 1.5% | Japan | 7.8% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Investments | 1.7% | Canada | 7.3% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets and Liabilities | (1.4)% | United Kingdom | 4.5% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
India | 3.6% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs. |
![QR ACI Docs.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g2.jpg)
American Century Investment Services, Inc., Distributor | ||
©2024 American Century Proprietary Holdings, Inc. All rights reserved. |
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
(S-2509A604)
SEMIANNUAL SHAREHOLDER REPORT
International Growth Fund ![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
Investor Class (TWIEX) | May 31, 2024 |
This semi-annual shareholder report contains important information about International Growth Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment) | ||||||||
The below table explains the costs that you would have paid within the reporting period. | ||||||||
Costs of $10,000 investment | Costs paid as a percentage of a $10,000 investment | |||||||
Investor Class | $66 | 1.25% | ||||||
Fund Statistics | |||||
Net Assets | $2,928,263,267 | ||||
Management Fees (dollars paid during the reporting period) | $7,806,415 | ||||
Portfolio Turnover Rate | 32 | % | |||
Total Number of Portfolio Holdings | 93 | ||||
Fund Holdings |
Types of Investments in Portfolio (as a % of net assets) | Top Five Countries (as a % of net assets) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stocks | 99.3% | United Kingdom | 18.4% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Investments | 1.7% | Japan | 16.9% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets and Liabilities | (1.0)% | France | 16.5% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Netherlands | 8.4% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Switzerland | 7.2% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs. |
![QR ACI Docs.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g2.jpg)
American Century Investment Services, Inc., Distributor | ||
©2024 American Century Proprietary Holdings, Inc. All rights reserved. |
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
(S-25086109)
SEMIANNUAL SHAREHOLDER REPORT
International Growth Fund ![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
I Class (TGRIX) | May 31, 2024 |
This semi-annual shareholder report contains important information about International Growth Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment) | ||||||||
The below table explains the costs that you would have paid within the reporting period. | ||||||||
Costs of $10,000 investment | Costs paid as a percentage of a $10,000 investment | |||||||
I Class | $55 | 1.05% | ||||||
Fund Statistics | |||||
Net Assets | $2,928,263,267 | ||||
Management Fees (dollars paid during the reporting period) | $7,806,415 | ||||
Portfolio Turnover Rate | 32 | % | |||
Total Number of Portfolio Holdings | 93 | ||||
Fund Holdings |
Types of Investments in Portfolio (as a % of net assets) | Top Five Countries (as a % of net assets) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stocks | 99.3% | United Kingdom | 18.4% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Investments | 1.7% | Japan | 16.9% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets and Liabilities | (1.0)% | France | 16.5% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Netherlands | 8.4% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Switzerland | 7.2% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs. |
![QR ACI Docs.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g2.jpg)
American Century Investment Services, Inc., Distributor | ||
©2024 American Century Proprietary Holdings, Inc. All rights reserved. |
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
(S-25086208)
SEMIANNUAL SHAREHOLDER REPORT
International Growth Fund ![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
Y Class (ATYGX) | May 31, 2024 |
This semi-annual shareholder report contains important information about International Growth Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment) | ||||||||
The below table explains the costs that you would have paid within the reporting period. | ||||||||
Costs of $10,000 investment | Costs paid as a percentage of a $10,000 investment | |||||||
Y Class | $48 | 0.90% | ||||||
Fund Statistics | |||||
Net Assets | $2,928,263,267 | ||||
Management Fees (dollars paid during the reporting period) | $7,806,415 | ||||
Portfolio Turnover Rate | 32 | % | |||
Total Number of Portfolio Holdings | 93 | ||||
Fund Holdings |
Types of Investments in Portfolio (as a % of net assets) | Top Five Countries (as a % of net assets) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stocks | 99.3% | United Kingdom | 18.4% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Investments | 1.7% | Japan | 16.9% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets and Liabilities | (1.0)% | France | 16.5% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Netherlands | 8.4% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Switzerland | 7.2% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs. |
![QR ACI Docs.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g2.jpg)
American Century Investment Services, Inc., Distributor | ||
©2024 American Century Proprietary Holdings, Inc. All rights reserved. |
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
(S-2509A703)
SEMIANNUAL SHAREHOLDER REPORT
International Growth Fund ![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
A Class (TWGAX) | May 31, 2024 |
This semi-annual shareholder report contains important information about International Growth Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment) | ||||||||
The below table explains the costs that you would have paid within the reporting period. | ||||||||
Costs of $10,000 investment | Costs paid as a percentage of a $10,000 investment | |||||||
A Class | $79 | 1.50% | ||||||
Fund Statistics | |||||
Net Assets | $2,928,263,267 | ||||
Management Fees (dollars paid during the reporting period) | $7,806,415 | ||||
Portfolio Turnover Rate | 32 | % | |||
Total Number of Portfolio Holdings | 93 | ||||
Fund Holdings |
Types of Investments in Portfolio (as a % of net assets) | Top Five Countries (as a % of net assets) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stocks | 99.3% | United Kingdom | 18.4% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Investments | 1.7% | Japan | 16.9% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets and Liabilities | (1.0)% | France | 16.5% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Netherlands | 8.4% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Switzerland | 7.2% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs. |
![QR ACI Docs.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g2.jpg)
American Century Investment Services, Inc., Distributor | ||
©2024 American Century Proprietary Holdings, Inc. All rights reserved. |
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
(S-25086406)
SEMIANNUAL SHAREHOLDER REPORT
International Growth Fund ![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
C Class (AIWCX) | May 31, 2024 |
This semi-annual shareholder report contains important information about International Growth Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment) | ||||||||
The below table explains the costs that you would have paid within the reporting period. | ||||||||
Costs of $10,000 investment | Costs paid as a percentage of a $10,000 investment | |||||||
C Class | $118 | 2.25% | ||||||
Fund Statistics | |||||
Net Assets | $2,928,263,267 | ||||
Management Fees (dollars paid during the reporting period) | $7,806,415 | ||||
Portfolio Turnover Rate | 32 | % | |||
Total Number of Portfolio Holdings | 93 | ||||
Fund Holdings |
Types of Investments in Portfolio (as a % of net assets) | Top Five Countries (as a % of net assets) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stocks | 99.3% | United Kingdom | 18.4% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Investments | 1.7% | Japan | 16.9% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets and Liabilities | (1.0)% | France | 16.5% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Netherlands | 8.4% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Switzerland | 7.2% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs. |
![QR ACI Docs.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g2.jpg)
American Century Investment Services, Inc., Distributor | ||
©2024 American Century Proprietary Holdings, Inc. All rights reserved. |
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
(S-25086687)
SEMIANNUAL SHAREHOLDER REPORT
International Growth Fund ![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
R Class (ATGRX) | May 31, 2024 |
This semi-annual shareholder report contains important information about International Growth Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment) | ||||||||
The below table explains the costs that you would have paid within the reporting period. | ||||||||
Costs of $10,000 investment | Costs paid as a percentage of a $10,000 investment | |||||||
R Class | $92 | 1.75% | ||||||
Fund Statistics | |||||
Net Assets | $2,928,263,267 | ||||
Management Fees (dollars paid during the reporting period) | $7,806,415 | ||||
Portfolio Turnover Rate | 32 | % | |||
Total Number of Portfolio Holdings | 93 | ||||
Fund Holdings |
Types of Investments in Portfolio (as a % of net assets) | Top Five Countries (as a % of net assets) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stocks | 99.3% | United Kingdom | 18.4% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Investments | 1.7% | Japan | 16.9% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets and Liabilities | (1.0)% | France | 16.5% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Netherlands | 8.4% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Switzerland | 7.2% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs. |
![QR ACI Docs.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g2.jpg)
American Century Investment Services, Inc., Distributor | ||
©2024 American Century Proprietary Holdings, Inc. All rights reserved. |
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
(S-25086646)
SEMIANNUAL SHAREHOLDER REPORT
International Growth Fund ![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
R5 Class (ATGGX) | May 31, 2024 |
This semi-annual shareholder report contains important information about International Growth Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment) | ||||||||
The below table explains the costs that you would have paid within the reporting period. | ||||||||
Costs of $10,000 investment | Costs paid as a percentage of a $10,000 investment | |||||||
R5 Class | $55 | 1.05% | ||||||
Fund Statistics | |||||
Net Assets | $2,928,263,267 | ||||
Management Fees (dollars paid during the reporting period) | $7,806,415 | ||||
Portfolio Turnover Rate | 32 | % | |||
Total Number of Portfolio Holdings | 93 | ||||
Fund Holdings |
Types of Investments in Portfolio (as a % of net assets) | Top Five Countries (as a % of net assets) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stocks | 99.3% | United Kingdom | 18.4% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Investments | 1.7% | Japan | 16.9% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets and Liabilities | (1.0)% | France | 16.5% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Netherlands | 8.4% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Switzerland | 7.2% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs. |
![QR ACI Docs.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g2.jpg)
American Century Investment Services, Inc., Distributor | ||
©2024 American Century Proprietary Holdings, Inc. All rights reserved. |
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
(S-2509A810)
SEMIANNUAL SHAREHOLDER REPORT
International Growth Fund ![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
R6 Class (ATGDX) | May 31, 2024 |
This semi-annual shareholder report contains important information about International Growth Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment) | ||||||||
The below table explains the costs that you would have paid within the reporting period. | ||||||||
Costs of $10,000 investment | Costs paid as a percentage of a $10,000 investment | |||||||
R6 Class | $48 | 0.90% | ||||||
Fund Statistics | |||||
Net Assets | $2,928,263,267 | ||||
Management Fees (dollars paid during the reporting period) | $7,806,415 | ||||
Portfolio Turnover Rate | 32 | % | |||
Total Number of Portfolio Holdings | 93 | ||||
Fund Holdings |
Types of Investments in Portfolio (as a % of net assets) | Top Five Countries (as a % of net assets) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stocks | 99.3% | United Kingdom | 18.4% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Investments | 1.7% | Japan | 16.9% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets and Liabilities | (1.0)% | France | 16.5% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Netherlands | 8.4% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Switzerland | 7.2% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs. |
![QR ACI Docs.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g2.jpg)
American Century Investment Services, Inc., Distributor | ||
©2024 American Century Proprietary Holdings, Inc. All rights reserved. |
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
(S-25086398)
SEMIANNUAL SHAREHOLDER REPORT
International Growth Fund ![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
G Class (ACAEX) | May 31, 2024 |
This semi-annual shareholder report contains important information about International Growth Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment) | ||||||||
The below table explains the costs that you would have paid within the reporting period. | ||||||||
Costs of $10,000 investment | Costs paid as a percentage of a $10,000 investment | |||||||
G Class | $1 | 0.01% | ||||||
Fund Statistics | |||||
Net Assets | $2,928,263,267 | ||||
Management Fees (dollars paid during the reporting period) | $7,806,415 | ||||
Portfolio Turnover Rate | 32 | % | |||
Total Number of Portfolio Holdings | 93 | ||||
Fund Holdings |
Types of Investments in Portfolio (as a % of net assets) | Top Five Countries (as a % of net assets) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stocks | 99.3% | United Kingdom | 18.4% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Investments | 1.7% | Japan | 16.9% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets and Liabilities | (1.0)% | France | 16.5% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Netherlands | 8.4% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Switzerland | 7.2% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs. |
![QR ACI Docs.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g2.jpg)
American Century Investment Services, Inc., Distributor | ||
©2024 American Century Proprietary Holdings, Inc. All rights reserved. |
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
(S-2509A737)
SEMIANNUAL SHAREHOLDER REPORT
International Opportunities Fund ![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
Investor Class (AIOIX) | May 31, 2024 |
This semi-annual shareholder report contains important information about International Opportunities Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment) | ||||||||
The below table explains the costs that you would have paid within the reporting period. | ||||||||
Costs of $10,000 investment | Costs paid as a percentage of a $10,000 investment | |||||||
Investor Class | $82 | 1.56% | ||||||
Fund Statistics | |||||
Net Assets | $442,882,044 | ||||
Management Fees (dollars paid during the reporting period) | $3,335,804 | ||||
Portfolio Turnover Rate | 61 | % | |||
Total Number of Portfolio Holdings | 135 | ||||
Fund Holdings |
Types of Investments in Portfolio (as a % of net assets) | Top Five Countries (as a % of net assets) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stocks | 100.2% | Japan | 16.5% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exchange-Traded Funds | 0.0% | Canada | 9.0% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Investments | 1.4% | India | 8.3% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets and Liabilities | (1.6)% | United Kingdom | 8.3% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Taiwan | 7.6% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs. |
![QR ACI Docs.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g2.jpg)
American Century Investment Services, Inc., Distributor | ||
©2024 American Century Proprietary Holdings, Inc. All rights reserved. |
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
(S-25086745)
SEMIANNUAL SHAREHOLDER REPORT
International Opportunities Fund ![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
I Class (ACIOX) | May 31, 2024 |
This semi-annual shareholder report contains important information about International Opportunities Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment) | ||||||||
The below table explains the costs that you would have paid within the reporting period. | ||||||||
Costs of $10,000 investment | Costs paid as a percentage of a $10,000 investment | |||||||
I Class | $72 | 1.36% | ||||||
Fund Statistics | |||||
Net Assets | $442,882,044 | ||||
Management Fees (dollars paid during the reporting period) | $3,335,804 | ||||
Portfolio Turnover Rate | 61 | % | |||
Total Number of Portfolio Holdings | 135 | ||||
Fund Holdings |
Types of Investments in Portfolio (as a % of net assets) | Top Five Countries (as a % of net assets) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stocks | 100.2% | Japan | 16.5% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exchange-Traded Funds | 0.0% | Canada | 9.0% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Investments | 1.4% | India | 8.3% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets and Liabilities | (1.6)% | United Kingdom | 8.3% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Taiwan | 7.6% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs. |
![QR ACI Docs.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g2.jpg)
American Century Investment Services, Inc., Distributor | ||
©2024 American Century Proprietary Holdings, Inc. All rights reserved. |
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
(S-25086737)
SEMIANNUAL SHAREHOLDER REPORT
International Opportunities Fund ![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
A Class (AIVOX) | May 31, 2024 |
This semi-annual shareholder report contains important information about International Opportunities Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment) | ||||||||
The below table explains the costs that you would have paid within the reporting period. | ||||||||
Costs of $10,000 investment | Costs paid as a percentage of a $10,000 investment | |||||||
A Class | $95 | 1.81% | ||||||
Fund Statistics | |||||
Net Assets | $442,882,044 | ||||
Management Fees (dollars paid during the reporting period) | $3,335,804 | ||||
Portfolio Turnover Rate | 61 | % | |||
Total Number of Portfolio Holdings | 135 | ||||
Fund Holdings |
Types of Investments in Portfolio (as a % of net assets) | Top Five Countries (as a % of net assets) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stocks | 100.2% | Japan | 16.5% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exchange-Traded Funds | 0.0% | Canada | 9.0% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Investments | 1.4% | India | 8.3% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets and Liabilities | (1.6)% | United Kingdom | 8.3% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Taiwan | 7.6% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs. |
![QR ACI Docs.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g2.jpg)
American Century Investment Services, Inc., Distributor | ||
©2024 American Century Proprietary Holdings, Inc. All rights reserved. |
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
(S-25086455)
SEMIANNUAL SHAREHOLDER REPORT
International Opportunities Fund ![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
C Class (AIOCX) | May 31, 2024 |
This semi-annual shareholder report contains important information about International Opportunities Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment) | ||||||||
The below table explains the costs that you would have paid within the reporting period. | ||||||||
Costs of $10,000 investment | Costs paid as a percentage of a $10,000 investment | |||||||
C Class | $134 | 2.56% | ||||||
Fund Statistics | |||||
Net Assets | $442,882,044 | ||||
Management Fees (dollars paid during the reporting period) | $3,335,804 | ||||
Portfolio Turnover Rate | 61 | % | |||
Total Number of Portfolio Holdings | 135 | ||||
Fund Holdings |
Types of Investments in Portfolio (as a % of net assets) | Top Five Countries (as a % of net assets) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stocks | 100.2% | Japan | 16.5% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exchange-Traded Funds | 0.0% | Canada | 9.0% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Investments | 1.4% | India | 8.3% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets and Liabilities | (1.6)% | United Kingdom | 8.3% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Taiwan | 7.6% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs. |
![QR ACI Docs.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g2.jpg)
American Century Investment Services, Inc., Distributor | ||
©2024 American Century Proprietary Holdings, Inc. All rights reserved. |
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
(S-25086448)
SEMIANNUAL SHAREHOLDER REPORT
International Opportunities Fund ![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
R Class (AIORX) | May 31, 2024 |
This semi-annual shareholder report contains important information about International Opportunities Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment) | ||||||||
The below table explains the costs that you would have paid within the reporting period. | ||||||||
Costs of $10,000 investment | Costs paid as a percentage of a $10,000 investment | |||||||
R Class | $108 | 2.06% | ||||||
Fund Statistics | |||||
Net Assets | $442,882,044 | ||||
Management Fees (dollars paid during the reporting period) | $3,335,804 | ||||
Portfolio Turnover Rate | 61 | % | |||
Total Number of Portfolio Holdings | 135 | ||||
Fund Holdings |
Types of Investments in Portfolio (as a % of net assets) | Top Five Countries (as a % of net assets) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stocks | 100.2% | Japan | 16.5% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exchange-Traded Funds | 0.0% | Canada | 9.0% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Investments | 1.4% | India | 8.3% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets and Liabilities | (1.6)% | United Kingdom | 8.3% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Taiwan | 7.6% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs. |
![QR ACI Docs.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g2.jpg)
American Century Investment Services, Inc., Distributor | ||
©2024 American Century Proprietary Holdings, Inc. All rights reserved. |
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
(S-25086430)
SEMIANNUAL SHAREHOLDER REPORT
International Small-Mid Cap Fund ![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
Investor Class (ANTSX) | May 31, 2024 |
This semi-annual shareholder report contains important information about International Small-Mid Cap Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment) | ||||||||
The below table explains the costs that you would have paid within the reporting period. | ||||||||
Costs of $10,000 investment | Costs paid as a percentage of a $10,000 investment | |||||||
Investor Class | $78 | 1.44% | ||||||
Fund Statistics | |||||
Net Assets | $564,397,983 | ||||
Management Fees (dollars paid during the reporting period) | $638,567 | ||||
Portfolio Turnover Rate | 55 | % | |||
Total Number of Portfolio Holdings | 118 | ||||
Fund Holdings |
Types of Investments in Portfolio (as a % of net assets) | Top Five Countries (as a % of net assets) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stocks | 99.1% | Japan | 26.4% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exchange-Traded Funds | 0.0% | United Kingdom | 13.0% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Investments | 0.5% | Australia | 9.9% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets and Liabilities | 0.4% | Canada | 6.9% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Spain | 5.8% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs. |
![QR ACI Docs.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g2.jpg)
American Century Investment Services, Inc., Distributor | ||
©2024 American Century Proprietary Holdings, Inc. All rights reserved. |
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
(S-25086323)
SEMIANNUAL SHAREHOLDER REPORT
International Small-Mid Cap Fund ![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
G Class (ANTMX) | May 31, 2024 |
This semi-annual shareholder report contains important information about International Small-Mid Cap Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment) | ||||||||
The below table explains the costs that you would have paid within the reporting period. | ||||||||
Costs of $10,000 investment | Costs paid as a percentage of a $10,000 investment | |||||||
G Class | $1 | 0.01% | ||||||
Fund Statistics | |||||
Net Assets | $564,397,983 | ||||
Management Fees (dollars paid during the reporting period) | $638,567 | ||||
Portfolio Turnover Rate | 55 | % | |||
Total Number of Portfolio Holdings | 118 | ||||
Fund Holdings |
Types of Investments in Portfolio (as a % of net assets) | Top Five Countries (as a % of net assets) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stocks | 99.1% | Japan | 26.4% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exchange-Traded Funds | 0.0% | United Kingdom | 13.0% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Investments | 0.5% | Australia | 9.9% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets and Liabilities | 0.4% | Canada | 6.9% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Spain | 5.8% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs. |
![QR ACI Docs.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g2.jpg)
American Century Investment Services, Inc., Distributor | ||
©2024 American Century Proprietary Holdings, Inc. All rights reserved. |
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
(S-25086315)
SEMIANNUAL SHAREHOLDER REPORT
International Value Fund ![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
Investor Class (ACEVX) | May 31, 2024 |
This semi-annual shareholder report contains important information about International Value Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment) | ||||||||
The below table explains the costs that you would have paid within the reporting period. | ||||||||
Costs of $10,000 investment | Costs paid as a percentage of a $10,000 investment | |||||||
Investor Class | $60 | 1.11% | ||||||
Fund Statistics | |||||
Net Assets | $1,555,231,363 | ||||
Management Fees (dollars paid during the reporting period) | $1,326,950 | ||||
Portfolio Turnover Rate | 34 | % | |||
Total Number of Portfolio Holdings | 169 | ||||
Fund Holdings |
Types of Investments in Portfolio (as a % of net assets) | Top Five Countries (as a % of net assets) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stocks | 98.9% | Japan | 24.0% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Investments | 4.1% | United Kingdom | 18.4% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets and Liabilities | (3.0)% | France | 11.9% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Germany | 7.3% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Italy | 6.4% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs. |
![QR ACI Docs.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g2.jpg)
American Century Investment Services, Inc., Distributor | ||
©2024 American Century Proprietary Holdings, Inc. All rights reserved. |
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
(S-25086588)
SEMIANNUAL SHAREHOLDER REPORT
International Value Fund ![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
I Class (ACVUX) | May 31, 2024 |
This semi-annual shareholder report contains important information about International Value Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment) | ||||||||
The below table explains the costs that you would have paid within the reporting period. | ||||||||
Costs of $10,000 investment | Costs paid as a percentage of a $10,000 investment | |||||||
I Class | $49 | 0.91% | ||||||
Fund Statistics | |||||
Net Assets | $1,555,231,363 | ||||
Management Fees (dollars paid during the reporting period) | $1,326,950 | ||||
Portfolio Turnover Rate | 34 | % | |||
Total Number of Portfolio Holdings | 169 | ||||
Fund Holdings |
Types of Investments in Portfolio (as a % of net assets) | Top Five Countries (as a % of net assets) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stocks | 98.9% | Japan | 24.0% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Investments | 4.1% | United Kingdom | 18.4% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets and Liabilities | (3.0)% | France | 11.9% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Germany | 7.3% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Italy | 6.4% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs. |
![QR ACI Docs.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g2.jpg)
American Century Investment Services, Inc., Distributor | ||
©2024 American Century Proprietary Holdings, Inc. All rights reserved. |
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
(S-25086570)
SEMIANNUAL SHAREHOLDER REPORT
International Value Fund ![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
A Class (MEQAX) | May 31, 2024 |
This semi-annual shareholder report contains important information about International Value Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment) | ||||||||
The below table explains the costs that you would have paid within the reporting period. | ||||||||
Costs of $10,000 investment | Costs paid as a percentage of a $10,000 investment | |||||||
A Class | $73 | 1.36% | ||||||
Fund Statistics | |||||
Net Assets | $1,555,231,363 | ||||
Management Fees (dollars paid during the reporting period) | $1,326,950 | ||||
Portfolio Turnover Rate | 34 | % | |||
Total Number of Portfolio Holdings | 169 | ||||
Fund Holdings |
Types of Investments in Portfolio (as a % of net assets) | Top Five Countries (as a % of net assets) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stocks | 98.9% | Japan | 24.0% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Investments | 4.1% | United Kingdom | 18.4% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets and Liabilities | (3.0)% | France | 11.9% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Germany | 7.3% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Italy | 6.4% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs. |
![QR ACI Docs.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g2.jpg)
American Century Investment Services, Inc., Distributor | ||
©2024 American Century Proprietary Holdings, Inc. All rights reserved. |
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
(S-25086562)
SEMIANNUAL SHAREHOLDER REPORT
International Value Fund ![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
C Class (ACCOX) | May 31, 2024 |
This semi-annual shareholder report contains important information about International Value Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment) | ||||||||
The below table explains the costs that you would have paid within the reporting period. | ||||||||
Costs of $10,000 investment | Costs paid as a percentage of a $10,000 investment | |||||||
C Class | $113 | 2.11% | ||||||
Fund Statistics | |||||
Net Assets | $1,555,231,363 | ||||
Management Fees (dollars paid during the reporting period) | $1,326,950 | ||||
Portfolio Turnover Rate | 34 | % | |||
Total Number of Portfolio Holdings | 169 | ||||
Fund Holdings |
Types of Investments in Portfolio (as a % of net assets) | Top Five Countries (as a % of net assets) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stocks | 98.9% | Japan | 24.0% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Investments | 4.1% | United Kingdom | 18.4% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets and Liabilities | (3.0)% | France | 11.9% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Germany | 7.3% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Italy | 6.4% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs. |
![QR ACI Docs.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g2.jpg)
American Century Investment Services, Inc., Distributor | ||
©2024 American Century Proprietary Holdings, Inc. All rights reserved. |
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
(S-25086547)
SEMIANNUAL SHAREHOLDER REPORT
International Value Fund ![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
R Class (ACVRX) | May 31, 2024 |
This semi-annual shareholder report contains important information about International Value Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment) | ||||||||
The below table explains the costs that you would have paid within the reporting period. | ||||||||
Costs of $10,000 investment | Costs paid as a percentage of a $10,000 investment | |||||||
R Class | $86 | 1.61% | ||||||
Fund Statistics | |||||
Net Assets | $1,555,231,363 | ||||
Management Fees (dollars paid during the reporting period) | $1,326,950 | ||||
Portfolio Turnover Rate | 34 | % | |||
Total Number of Portfolio Holdings | 169 | ||||
Fund Holdings |
Types of Investments in Portfolio (as a % of net assets) | Top Five Countries (as a % of net assets) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stocks | 98.9% | Japan | 24.0% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Investments | 4.1% | United Kingdom | 18.4% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets and Liabilities | (3.0)% | France | 11.9% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Germany | 7.3% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Italy | 6.4% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs. |
![QR ACI Docs.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g2.jpg)
American Century Investment Services, Inc., Distributor | ||
©2024 American Century Proprietary Holdings, Inc. All rights reserved. |
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
(S-25086539)
SEMIANNUAL SHAREHOLDER REPORT
International Value Fund ![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
R6 Class (ACVDX) | May 31, 2024 |
This semi-annual shareholder report contains important information about International Value Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment) | ||||||||
The below table explains the costs that you would have paid within the reporting period. | ||||||||
Costs of $10,000 investment | Costs paid as a percentage of a $10,000 investment | |||||||
R6 Class | $41 | 0.76% | ||||||
Fund Statistics | |||||
Net Assets | $1,555,231,363 | ||||
Management Fees (dollars paid during the reporting period) | $1,326,950 | ||||
Portfolio Turnover Rate | 34 | % | |||
Total Number of Portfolio Holdings | 169 | ||||
Fund Holdings |
Types of Investments in Portfolio (as a % of net assets) | Top Five Countries (as a % of net assets) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stocks | 98.9% | Japan | 24.0% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Investments | 4.1% | United Kingdom | 18.4% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets and Liabilities | (3.0)% | France | 11.9% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Germany | 7.3% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Italy | 6.4% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs. |
![QR ACI Docs.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g2.jpg)
American Century Investment Services, Inc., Distributor | ||
©2024 American Century Proprietary Holdings, Inc. All rights reserved. |
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
(S-25086380)
SEMIANNUAL SHAREHOLDER REPORT
International Value Fund ![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
G Class (ACAFX) | May 31, 2024 |
This semi-annual shareholder report contains important information about International Value Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment) | ||||||||
The below table explains the costs that you would have paid within the reporting period. | ||||||||
Costs of $10,000 investment | Costs paid as a percentage of a $10,000 investment | |||||||
G Class | $1 | 0.01% | ||||||
Fund Statistics | |||||
Net Assets | $1,555,231,363 | ||||
Management Fees (dollars paid during the reporting period) | $1,326,950 | ||||
Portfolio Turnover Rate | 34 | % | |||
Total Number of Portfolio Holdings | 169 | ||||
Fund Holdings |
Types of Investments in Portfolio (as a % of net assets) | Top Five Countries (as a % of net assets) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stocks | 98.9% | Japan | 24.0% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Investments | 4.1% | United Kingdom | 18.4% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets and Liabilities | (3.0)% | France | 11.9% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Germany | 7.3% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Italy | 6.4% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs. |
![QR ACI Docs.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g2.jpg)
American Century Investment Services, Inc., Distributor | ||
©2024 American Century Proprietary Holdings, Inc. All rights reserved. |
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
(S-2509A745)
SEMIANNUAL SHAREHOLDER REPORT
Non-U.S. Intrinsic Value Fund ![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
Investor Class (ANTUX) | May 31, 2024 |
This semi-annual shareholder report contains important information about Non-U.S. Intrinsic Value Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment) | ||||||||
The below table explains the costs that you would have paid within the reporting period. | ||||||||
Costs of $10,000 investment | Costs paid as a percentage of a $10,000 investment | |||||||
Investor Class | $63 | 1.19% | ||||||
Fund Statistics | |||||
Net Assets | $608,015,814 | ||||
Management Fees (dollars paid during the reporting period) | $620,847 | ||||
Portfolio Turnover Rate | 30 | % | |||
Total Number of Portfolio Holdings | 53 | ||||
Fund Holdings |
Types of Investments in Portfolio (as a % of net assets) | Top Five Countries (as a % of net assets) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stocks | 98.7% | United Kingdom | 28.7% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Investments | 0.6% | France | 16.8% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets and Liabilities | 0.7% | South Korea | 9.8% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Netherlands | 7.8% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Switzerland | 7.2% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs. |
![QR ACI Docs.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g2.jpg)
American Century Investment Services, Inc., Distributor | ||
©2024 American Century Proprietary Holdings, Inc. All rights reserved. |
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
(S-25086158)
SEMIANNUAL SHAREHOLDER REPORT
Non-U.S. Intrinsic Value Fund ![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
I Class (ANVHX) | May 31, 2024 |
This semi-annual shareholder report contains important information about Non-U.S. Intrinsic Value Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment) | ||||||||
The below table explains the costs that you would have paid within the reporting period. | ||||||||
Costs of $10,000 investment | Costs paid as a percentage of a $10,000 investment | |||||||
I Class | $53 | 0.99% | ||||||
Fund Statistics | |||||
Net Assets | $608,015,814 | ||||
Management Fees (dollars paid during the reporting period) | $620,847 | ||||
Portfolio Turnover Rate | 30 | % | |||
Total Number of Portfolio Holdings | 53 | ||||
Fund Holdings |
Types of Investments in Portfolio (as a % of net assets) | Top Five Countries (as a % of net assets) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stocks | 98.7% | United Kingdom | 28.7% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Investments | 0.6% | France | 16.8% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets and Liabilities | 0.7% | South Korea | 9.8% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Netherlands | 7.8% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Switzerland | 7.2% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs. |
![QR ACI Docs.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g2.jpg)
American Century Investment Services, Inc., Distributor | ||
©2024 American Century Proprietary Holdings, Inc. All rights reserved. |
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
(S-2509A786)
SEMIANNUAL SHAREHOLDER REPORT
Non-U.S. Intrinsic Value Fund ![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
A Class (ANVLX) | May 31, 2024 |
This semi-annual shareholder report contains important information about Non-U.S. Intrinsic Value Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment) | ||||||||
The below table explains the costs that you would have paid within the reporting period. | ||||||||
Costs of $10,000 investment | Costs paid as a percentage of a $10,000 investment | |||||||
A Class | $77 | 1.44% | ||||||
Fund Statistics | |||||
Net Assets | $608,015,814 | ||||
Management Fees (dollars paid during the reporting period) | $620,847 | ||||
Portfolio Turnover Rate | 30 | % | |||
Total Number of Portfolio Holdings | 53 | ||||
Fund Holdings |
Types of Investments in Portfolio (as a % of net assets) | Top Five Countries (as a % of net assets) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stocks | 98.7% | United Kingdom | 28.7% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Investments | 0.6% | France | 16.8% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets and Liabilities | 0.7% | South Korea | 9.8% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Netherlands | 7.8% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Switzerland | 7.2% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs. |
![QR ACI Docs.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g2.jpg)
American Century Investment Services, Inc., Distributor | ||
©2024 American Century Proprietary Holdings, Inc. All rights reserved. |
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
(S-2509A778)
SEMIANNUAL SHAREHOLDER REPORT
Non-U.S. Intrinsic Value Fund ![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
R Class (ANVRX) | May 31, 2024 |
This semi-annual shareholder report contains important information about Non-U.S. Intrinsic Value Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment) | ||||||||
The below table explains the costs that you would have paid within the reporting period. | ||||||||
Costs of $10,000 investment | Costs paid as a percentage of a $10,000 investment | |||||||
R Class | $90 | 1.69% | ||||||
Fund Statistics | |||||
Net Assets | $608,015,814 | ||||
Management Fees (dollars paid during the reporting period) | $620,847 | ||||
Portfolio Turnover Rate | 30 | % | |||
Total Number of Portfolio Holdings | 53 | ||||
Fund Holdings |
Types of Investments in Portfolio (as a % of net assets) | Top Five Countries (as a % of net assets) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stocks | 98.7% | United Kingdom | 28.7% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Investments | 0.6% | France | 16.8% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets and Liabilities | 0.7% | South Korea | 9.8% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Netherlands | 7.8% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Switzerland | 7.2% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs. |
![QR ACI Docs.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g2.jpg)
American Century Investment Services, Inc., Distributor | ||
©2024 American Century Proprietary Holdings, Inc. All rights reserved. |
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
(S-2509A760)
SEMIANNUAL SHAREHOLDER REPORT
Non-U.S. Intrinsic Value Fund ![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
R6 Class (ANVMX) | May 31, 2024 |
This semi-annual shareholder report contains important information about Non-U.S. Intrinsic Value Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment) | ||||||||
The below table explains the costs that you would have paid within the reporting period. | ||||||||
Costs of $10,000 investment | Costs paid as a percentage of a $10,000 investment | |||||||
R6 Class | $45 | 0.84% | ||||||
Fund Statistics | |||||
Net Assets | $608,015,814 | ||||
Management Fees (dollars paid during the reporting period) | $620,847 | ||||
Portfolio Turnover Rate | 30 | % | |||
Total Number of Portfolio Holdings | 53 | ||||
Fund Holdings |
Types of Investments in Portfolio (as a % of net assets) | Top Five Countries (as a % of net assets) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stocks | 98.7% | United Kingdom | 28.7% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Investments | 0.6% | France | 16.8% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets and Liabilities | 0.7% | South Korea | 9.8% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Netherlands | 7.8% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Switzerland | 7.2% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs. |
![QR ACI Docs.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g2.jpg)
American Century Investment Services, Inc., Distributor | ||
©2024 American Century Proprietary Holdings, Inc. All rights reserved. |
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
(S-2509A752)
SEMIANNUAL SHAREHOLDER REPORT
Non-U.S. Intrinsic Value Fund ![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
G Class (ANTGX) | May 31, 2024 |
This semi-annual shareholder report contains important information about Non-U.S. Intrinsic Value Fund for the period December 1, 2023 to May 31, 2024. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment) | ||||||||
The below table explains the costs that you would have paid within the reporting period. | ||||||||
Costs of $10,000 investment | Costs paid as a percentage of a $10,000 investment | |||||||
G Class | $2 | 0.04% | ||||||
Fund Statistics | |||||
Net Assets | $608,015,814 | ||||
Management Fees (dollars paid during the reporting period) | $620,847 | ||||
Portfolio Turnover Rate | 30 | % | |||
Total Number of Portfolio Holdings | 53 | ||||
Fund Holdings |
Types of Investments in Portfolio (as a % of net assets) | Top Five Countries (as a % of net assets) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stocks | 98.7% | United Kingdom | 28.7% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Investments | 0.6% | France | 16.8% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets and Liabilities | 0.7% | South Korea | 9.8% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Netherlands | 7.8% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Switzerland | 7.2% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs. |
![QR ACI Docs.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g2.jpg)
American Century Investment Services, Inc., Distributor | ||
©2024 American Century Proprietary Holdings, Inc. All rights reserved. |
![ACI logo.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g1.jpg)
(S-25086141)
ITEM 2. CODE OF ETHICS.
Not applicable for semiannual report filings.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable for semiannual report filings.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable for semiannual report filings.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable for semiannual report filings.
ITEM 6. INVESTMENTS.
(a) The schedule of investments is included as part of the report to stockholders filed under Item 7 of this Form.
(b) Not applicable.
ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
(a)
![acihorizblkd50.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g3.jpg)
Semiannual Financial Statements and Other Information | |||||
May 31, 2024 | |||||
Emerging Markets Fund | |||||
Investor Class (TWMIX) | |||||
I Class (AMKIX) | |||||
Y Class (AEYMX) | |||||
A Class (AEMMX) | |||||
C Class (ACECX) | |||||
R Class (AEMRX) | |||||
R5 Class (AEGMX) | |||||
R6 Class (AEDMX) | |||||
G Class (ACADX) |
Table of Contents |
Schedule of Investments | |||||
Statement of Assets and Liabilities | |||||
Statement of Operations | |||||
Statement of Changes in Net Assets | |||||
Notes to Financial Statements | |||||
Financial Highlights | |||||
Schedule of Investments |
MAY 31, 2024 (UNAUDITED)
Shares | Value | |||||||
COMMON STOCKS — 99.5% | ||||||||
Brazil — 6.3% | ||||||||
Banco BTG Pactual SA | 3,089,100 | $ | 18,637,317 | |||||
Embraer SA, ADR(1) | 1,055,068 | 29,320,340 | ||||||
Hapvida Participacoes e Investimentos SA(1) | 14,785,355 | 11,150,470 | ||||||
NU Holdings Ltd., Class A(1) | 2,054,071 | 24,402,363 | ||||||
PRIO SA | 1,071,200 | 8,474,290 | ||||||
Sendas Distribuidora SA(1) | 3,810,300 | 8,896,433 | ||||||
Vale SA, ADR | 867,032 | 10,447,735 | ||||||
WEG SA | 1,674,200 | 12,042,609 | ||||||
123,371,557 | ||||||||
China — 27.0% | ||||||||
Aier Eye Hospital Group Co. Ltd., Class A | 4,365,890 | 7,274,993 | ||||||
Alibaba Group Holding Ltd., ADR | 228,767 | 17,921,607 | ||||||
BYD Co. Ltd., H Shares | 1,123,500 | 31,524,579 | ||||||
China Construction Bank Corp., H Shares | 62,689,000 | 44,491,891 | ||||||
China Railway Group Ltd., H Shares | 18,300,000 | 9,860,406 | ||||||
China State Construction International Holdings Ltd. | 19,346,000 | 25,614,204 | ||||||
Contemporary Amperex Technology Co. Ltd., Class A | 581,560 | 15,790,576 | ||||||
ENN Energy Holdings Ltd. | 1,952,800 | 18,040,000 | ||||||
H World Group Ltd., ADR | 321,717 | 11,977,524 | ||||||
Industrial & Commercial Bank of China Ltd., H Shares | 33,521,740 | 18,991,323 | ||||||
Kweichow Moutai Co. Ltd., A Shares | 146,810 | 33,304,054 | ||||||
Meituan, Class B(1) | 1,444,340 | 19,680,832 | ||||||
NetEase, Inc. | 1,733,600 | 30,829,939 | ||||||
New Oriental Education & Technology Group, Inc., ADR(1)(2) | 239,283 | 19,125,890 | ||||||
Ping An Insurance Group Co. of China Ltd., H Shares | 3,049,500 | 15,510,563 | ||||||
Shenzhou International Group Holdings Ltd. | 1,805,200 | 18,182,868 | ||||||
Sungrow Power Supply Co. Ltd., A Shares | 835,799 | 11,354,407 | ||||||
Tencent Holdings Ltd. | 2,386,300 | 110,708,954 | ||||||
Trip.com Group Ltd.(1) | 813,400 | 41,572,099 | ||||||
Weichai Power Co. Ltd., H Shares | 5,346,000 | 9,603,175 | ||||||
Yantai Jereh Oilfield Services Group Co. Ltd., A Shares | 3,192,929 | 15,382,526 | ||||||
526,742,410 | ||||||||
Hong Kong — 0.9% | ||||||||
Sands China Ltd.(1) | 6,974,000 | 16,714,370 | ||||||
India — 17.7% | ||||||||
Apollo Hospitals Enterprise Ltd. | 338,488 | 23,716,545 | ||||||
Bajaj Auto Ltd. | 250,020 | 27,229,926 | ||||||
DLF Ltd. | 1,123,059 | 11,000,705 | ||||||
Godrej Consumer Products Ltd. | 1,443,769 | 22,019,145 | ||||||
HDFC Bank Ltd. | 867,319 | 15,931,643 | ||||||
ICICI Bank Ltd., ADR | 2,088,358 | 55,842,693 | ||||||
Infosys Ltd., ADR(2) | 594,469 | 9,957,356 | ||||||
InterGlobe Aviation Ltd.(1) | 313,690 | 15,742,404 | ||||||
MakeMyTrip Ltd.(1) | 406,568 | 30,732,475 | ||||||
Reliance Industries Ltd. | 1,655,942 | 56,808,553 | ||||||
Sun Pharmaceutical Industries Ltd. | 1,556,580 | 27,261,067 | ||||||
Varun Beverages Ltd. | 1,398,589 | 23,930,112 |
2
Shares | Value | |||||||
Zomato Ltd.(1) | 11,349,919 | $ | 24,423,904 | |||||
344,596,528 | ||||||||
Indonesia — 0.6% | ||||||||
Bank Rakyat Indonesia Persero Tbk. PT | 45,326,900 | 12,149,386 | ||||||
Malaysia — 0.8% | ||||||||
CIMB Group Holdings Bhd. | 11,113,709 | 16,181,480 | ||||||
Mexico — 2.8% | ||||||||
Cemex SAB de CV, ADR(1) | 3,279,686 | 24,696,035 | ||||||
Fomento Economico Mexicano SAB de CV, ADR | 129,243 | 14,813,833 | ||||||
Grupo Financiero Banorte SAB de CV, Class O | 1,582,948 | 15,036,910 | ||||||
54,546,778 | ||||||||
Peru — 0.9% | ||||||||
Credicorp Ltd. | 108,625 | 17,957,885 | ||||||
Philippines — 0.5% | ||||||||
Ayala Land, Inc. | 20,581,480 | 9,255,517 | ||||||
Russia(3) — 0.0% | ||||||||
Novatek PJSC | 1,100,400 | 1 | ||||||
Saudi Arabia — 3.8% | ||||||||
Al Rajhi Bank | 681,065 | 13,873,083 | ||||||
Alinma Bank | 1,171,026 | 9,570,011 | ||||||
Arabian Contracting Services Co. | 249,118 | 13,474,571 | ||||||
Elm Co. | 87,906 | 18,770,564 | ||||||
Saudi Arabian Oil Co. | 2,326,709 | 17,987,250 | ||||||
73,675,479 | ||||||||
South Africa — 3.2% | ||||||||
Capitec Bank Holdings Ltd. | 152,939 | 17,356,847 | ||||||
Naspers Ltd., N Shares | 160,517 | 31,819,772 | ||||||
Shoprite Holdings Ltd. | 973,672 | 12,945,622 | ||||||
62,122,241 | ||||||||
South Korea — 11.5% | ||||||||
Hyundai Motor Co. | 73,950 | 13,570,106 | ||||||
KB Financial Group, Inc. | 384,075 | 22,080,583 | ||||||
NAVER Corp. | 74,736 | 9,252,240 | ||||||
Samsung Biologics Co. Ltd.(1) | 17,800 | 9,390,311 | ||||||
Samsung Electro-Mechanics Co. Ltd. | 66,173 | 7,432,422 | ||||||
Samsung Electronics Co. Ltd. | 1,980,890 | 104,953,100 | ||||||
SK Hynix, Inc. | 416,882 | 57,441,438 | ||||||
224,120,200 | ||||||||
Taiwan — 16.7% | ||||||||
Asustek Computer, Inc. | 715,000 | 11,383,055 | ||||||
Chailease Holding Co. Ltd. | 2,090,112 | 9,843,734 | ||||||
Delta Electronics, Inc. | 1,337,000 | 13,472,287 | ||||||
E Ink Holdings, Inc. | 1,962,000 | 13,342,678 | ||||||
E.Sun Financial Holding Co. Ltd. | 14,758,624 | 13,051,261 | ||||||
MediaTek, Inc. | 555,000 | 21,253,211 | ||||||
Nanya Technology Corp. | 5,566,000 | 11,133,683 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 7,904,713 | 202,423,347 | ||||||
Wiwynn Corp. | 384,000 | 29,389,236 | ||||||
325,292,492 | ||||||||
Thailand — 2.7% | ||||||||
CP ALL PCL | 12,607,700 | 19,635,575 | ||||||
Minor International PCL | 18,402,700 | 15,774,051 | ||||||
PTT Exploration & Production PCL | 4,138,300 | 17,390,757 | ||||||
52,800,383 |
3
Shares | Value | |||||||
Turkey — 1.9% | ||||||||
BIM Birlesik Magazalar AS | 2,483,101 | $ | 36,982,877 | |||||
United Arab Emirates — 1.3% | ||||||||
Emaar Properties PJSC | 12,637,408 | 26,357,053 | ||||||
United States — 0.9% | ||||||||
MercadoLibre, Inc.(1) | 10,503 | 18,123,767 | ||||||
TOTAL COMMON STOCKS (Cost $1,434,916,940) | 1,940,990,404 | |||||||
SHORT-TERM INVESTMENTS — 1.3% | ||||||||
Money Market Funds — 0.5% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 68,251 | 68,251 | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio(4) | 10,870,658 | 10,870,658 | ||||||
10,938,909 | ||||||||
Repurchase Agreements — 0.8% | ||||||||
BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 3.00%, 5/15/45 - 2/15/49, valued at $1,052,087), in a joint trading account at 5.29%, dated 5/31/24, due 6/3/24 (Delivery value $1,024,301) | 1,023,850 | |||||||
Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 2.75%, 4/30/27, valued at $10,354,046), at 5.31%, dated 5/31/24, due 6/3/24 (Delivery value $10,155,492) | 10,151,000 | |||||||
TD Securities (USA) LLC, (collateralized by various U.S. Treasury obligations, 1.00% - 3.625%, 10/31/26 - 2/15/53, valued at $4,184,903), at 5.30%, dated 5/31/24, due 6/3/24 (Delivery value $4,102,811) | 4,101,000 | |||||||
15,275,850 | ||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $26,214,759) | 26,214,759 | |||||||
TOTAL INVESTMENT SECURITIES — 100.8% (Cost $1,461,131,699) | 1,967,205,163 | |||||||
OTHER ASSETS AND LIABILITIES — (0.8)% | (16,454,173) | |||||||
TOTAL NET ASSETS — 100.0% | $ | 1,950,750,990 |
MARKET SECTOR DIVERSIFICATION | |||||
(as a % of net assets) | |||||
Information Technology | 25.7% | ||||
Financials | 17.5% | ||||
Consumer Discretionary | 17.4% | ||||
Consumer Staples | 8.8% | ||||
Communication Services | 8.4% | ||||
Industrials | 6.6% | ||||
Energy | 6.0% | ||||
Health Care | 4.0% | ||||
Real Estate | 2.4% | ||||
Materials | 1.8% | ||||
Utilities | 0.9% | ||||
Short-Term Investments | 1.3% | ||||
Other Assets and Liabilities | (0.8)% |
NOTES TO SCHEDULE OF INVESTMENTS | ||||||||
ADR | – | American Depositary Receipt |
(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 $10,559,708. 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)Securities may be subject to resale, redemption or transferability restrictions.
(4)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $10,870,658.
See Notes to Financial Statements.
4
Statement of Assets and Liabilities |
MAY 31, 2024 (UNAUDITED) | |||||
Assets | |||||
Investment securities, at value (cost of $1,450,261,041) — including $10,559,708 of securities on loan | $ | 1,956,334,505 | |||
Investment made with cash collateral received for securities on loan, at value (cost of $10,870,658) | 10,870,658 | ||||
Total investment securities, at value (cost of $1,461,131,699) | 1,967,205,163 | ||||
Foreign currency holdings, at value (cost of $1,058,490) | 1,058,059 | ||||
Receivable for capital shares sold | 1,633,119 | ||||
Dividends and interest receivable | 1,638,231 | ||||
Securities lending receivable | 7,348 | ||||
Other assets | 200,603 | ||||
1,971,742,523 | |||||
Liabilities | |||||
Payable for collateral received for securities on loan | 10,870,658 | ||||
Payable for capital shares redeemed | 2,250,338 | ||||
Accrued management fees | 1,087,237 | ||||
Distribution and service fees payable | 16,701 | ||||
Accrued foreign taxes | 6,766,599 | ||||
20,991,533 | |||||
Net Assets | $ | 1,950,750,990 | |||
Net Assets Consist of: | |||||
Capital (par value and paid-in surplus) | $ | 2,279,342,718 | |||
Distributable earnings (loss) | (328,591,728) | ||||
$ | 1,950,750,990 |
Net Assets | Shares Outstanding | Net Asset Value Per Share* | |||||||||
Investor Class, $0.01 Par Value | $314,991,917 | 29,733,819 | $10.59 | ||||||||
I Class, $0.01 Par Value | $433,520,594 | 39,842,075 | $10.88 | ||||||||
Y Class, $0.01 Par Value | $40,977,063 | 3,759,155 | $10.90 | ||||||||
A Class, $0.01 Par Value | $36,096,504 | 3,538,114 | $10.20 | ||||||||
C Class, $0.01 Par Value | $7,191,246 | 782,540 | $9.19 | ||||||||
R Class, $0.01 Par Value | $5,646,869 | 551,071 | $10.25 | ||||||||
R5 Class, $0.01 Par Value | $1,244,990 | 114,333 | $10.89 | ||||||||
R6 Class, $0.01 Par Value | $325,697,392 | 29,922,968 | $10.88 | ||||||||
G Class, $0.01 Par Value | $785,384,415 | 71,613,977 | $10.97 |
*Maximum offering price per share was equal to the net asset value per share for all share classes, except A Class, for which the maximum offering price per share was $10.82 (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.
5
Statement of Operations |
FOR THE SIX MONTHS ENDED MAY 31, 2024 (UNAUDITED) | |||||
Investment Income (Loss) | |||||
Income: | |||||
Dividends (net of foreign taxes withheld of $1,742,945) | $ | 17,539,037 | |||
Interest | 222,215 | ||||
Securities lending, net | 12,502 | ||||
17,773,754 | |||||
Expenses: | |||||
Management fees | 10,423,306 | ||||
Distribution and service fees: | |||||
A Class | 46,965 | ||||
C Class | 40,321 | ||||
R Class | 13,569 | ||||
Directors' fees and expenses | 30,237 | ||||
Other expenses | 233,527 | ||||
10,787,925 | |||||
Fees waived - G Class | (3,548,417) | ||||
7,239,508 | |||||
Net investment income (loss) | 10,534,246 | ||||
Realized and Unrealized Gain (Loss) | |||||
Net realized gain (loss) on: | |||||
Investment transactions (net of foreign tax expenses paid (refunded) of $2,457,553) | 50,336,943 | ||||
Foreign currency translation transactions | (569,739) | ||||
49,767,204 | |||||
Change in net unrealized appreciation (depreciation) on: | |||||
Investments (includes (increase) decrease in accrued foreign taxes of $(3,470,651)) | 138,320,518 | ||||
Translation of assets and liabilities in foreign currencies | 6,547 | ||||
138,327,065 | |||||
Net realized and unrealized gain (loss) | 188,094,269 | ||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 198,628,515 |
See Notes to Financial Statements.
6
Statement of Changes in Net Assets |
SIX MONTHS ENDED MAY 31, 2024 (UNAUDITED) AND YEAR ENDED NOVEMBER 30, 2023 | ||||||||
Increase (Decrease) in Net Assets | May 31, 2024 | November 30, 2023 | ||||||
Operations | ||||||||
Net investment income (loss) | $ | 10,534,246 | $ | 38,370,735 | ||||
Net realized gain (loss) | 49,767,204 | (275,108,189) | ||||||
Change in net unrealized appreciation (depreciation) | 138,327,065 | 243,204,662 | ||||||
Net increase (decrease) in net assets resulting from operations | 198,628,515 | 6,467,208 | ||||||
Distributions to Shareholders | ||||||||
From earnings: | ||||||||
Investor Class | (4,361,760) | (7,908,718) | ||||||
I Class | (7,257,740) | (17,845,842) | ||||||
Y Class | (551,472) | (843,213) | ||||||
A Class | (430,427) | (1,076,143) | ||||||
C Class | (32,481) | (214,857) | ||||||
R Class | (44,517) | (112,728) | ||||||
R5 Class | (139,050) | (237,310) | ||||||
R6 Class | (7,344,369) | (15,916,126) | ||||||
G Class | (18,625,613) | (20,631,687) | ||||||
Decrease in net assets from distributions | (38,787,429) | (64,786,624) | ||||||
Capital Share Transactions | ||||||||
Net increase (decrease) in net assets from capital share transactions (Note 5) | (344,391,150) | (542,582,034) | ||||||
Net increase (decrease) in net assets | (184,550,064) | (600,901,450) | ||||||
Net Assets | ||||||||
Beginning of period | 2,135,301,054 | 2,736,202,504 | ||||||
End of period | $ | 1,950,750,990 | $ | 2,135,301,054 |
See Notes to Financial Statements.
7
Notes to Financial Statements |
MAY 31, 2024 (UNAUDITED)
1. Organization
American Century World 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. Emerging Markets Fund (the fund) is one fund in a series issued by the corporation. The fund’s investment objective is to seek capital growth.
The fund offers the Investor Class, I Class, Y Class, A Class, C Class, R Class, R5 Class, R6 Class and G Class. The A Class may incur an initial sales charge. The A Class and C Class may be subject to a contingent deferred sales charge.
2. Significant Accounting Policies
The following is a summary of significant accounting policies consistently followed by the fund in preparation of its financial statements. The fund is an investment company and follows accounting and reporting guidance in accordance with accounting principles generally accepted in the United States of America. This may require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from these estimates. Management evaluated the impact of events or transactions occurring through the date the financial statements were issued that would merit recognition or disclosure.
Investment Valuations — The fund determines the fair value of its investments and computes its net asset value (NAV) per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. The value of investments of the fund is determined by American Century Investment Management, Inc. (ACIM) (the investment advisor), as the valuation designee, pursuant to its valuation policies and procedures. The Board of Directors oversees the valuation designee and reviews its valuation policies and procedures at least annually.
Equity securities that are listed or traded on a domestic securities exchange are valued at the last reported sales price or at the official closing price as provided by the exchange. Equity securities traded on foreign securities exchanges are generally valued at the closing price of such securities on the exchange where primarily traded or at the close of the NYSE, if that is earlier. If no last sales price is reported, or if local convention or regulation so provides, the mean of the latest bid and asked prices may be used. Securities traded over-the-counter are valued at the mean of the latest bid and asked prices, the last sales price, or the official closing price.
Open-end management investment companies are valued at the reported NAV per share. Repurchase agreements are valued at cost, which approximates fair value.
If the valuation designee determines that the market price for a portfolio security is not readily available or is believed by the valuation designee to be unreliable, such security is valued at fair value as determined in good faith by the valuation designee, in accordance with its policies and procedures. Circumstances that may cause the fund to determine that market quotations are not available or reliable include, but are not limited to: when there is a significant event subsequent to the market quotation; trading in a security has been halted during the trading day; or trading in a security is insufficient or did not take place due to a closure or holiday.
The valuation designee monitors for significant events occurring after the close of an investment’s primary exchange but before the fund’s NAV per share is determined. Significant events may include, but are not limited to: corporate announcements and transactions; regulatory news, governmental action and political unrest that could impact a specific investment or an investment sector; or armed conflicts, natural disasters and similar events that could affect investments in a specific country or region. The valuation designee also monitors for significant fluctuations between domestic and foreign markets, as evidenced by the U.S. market or such other indicators that it deems appropriate. The valuation designee may apply a model-derived factor to the closing price of equity securities traded on foreign securities exchanges. The factor is based on observable market data as provided by an independent pricing service.
Foreign Currency Translations — All assets and liabilities, including investment securities and other financial instruments, initially expressed in foreign currencies are translated into U.S. dollars each day at the mean of the appropriate currency exchange rate at the close of the NYSE as provided by an independent pricing service. 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.
Security Transactions — Security transactions are accounted for as of the trade date. Net realized gains and losses are determined on the identified cost basis, which is also used for federal income tax purposes. Certain countries impose taxes on realized gains on the sale of securities registered in their country. The fund records the foreign tax expense, if any, on an accrual basis. The foreign tax expense on realized gains and unrealized appreciation reduces the net realized gain (loss) on investment transactions and net unrealized appreciation (depreciation) on investments, respectively.
8
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.
Income Tax Status — It is the fund's policy to distribute substantially all net investment income and net realized gains to shareholders and to otherwise qualify as a regulated investment company under provisions of the Internal Revenue Code. Accordingly, no provision has been made for income taxes. The fund files U.S. federal, state, local and non-U.S. tax returns as applicable. The fund's tax returns are subject to examination by the relevant taxing authority until expiration of the applicable statute of limitations, which is generally three years from the date of filing but can be longer in certain jurisdictions. At this time, management believes there are no uncertain tax positions which, based on their technical merit, would not be sustained upon examination and for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
Multiple Class — All shares of the fund represent an equal pro rata interest in the net assets of the class to which such shares belong, and have identical voting, dividend, liquidation and other rights and the same terms and conditions, except for class specific expenses and exclusive rights to vote on matters affecting only individual classes. Income, non-class specific expenses, and realized and unrealized capital gains and losses of the fund are allocated to each class of shares based on their relative net assets.
Distributions to Shareholders — Distributions from net investment income and net realized gains, if any, are generally declared and paid annually. The fund may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code, in all events in a manner consistent with provisions of the 1940 Act.
Indemnifications — Under the corporation’s organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the fund. In addition, in the normal course of business, the fund enters into contracts that provide general indemnifications. The maximum exposure under these arrangements is unknown as this would involve future claims that may be made against a fund. The risk of material loss from such claims is considered by management to be remote.
Securities Lending — Securities are lent to qualified financial institutions and brokers. State Street Bank & Trust Co. serves as securities lending agent to the fund pursuant to a Securities Lending Agreement. The lending of securities exposes the fund to risks such as: the borrowers may fail to return the loaned securities, the borrowers may not be able to provide additional collateral, the fund may experience delays in recovery of the loaned securities or delays in access to collateral, or the fund may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge collateral in the form of cash and/or securities. The lending agent has agreed to indemnify the fund in the case of default of any securities borrowed. Cash collateral received is invested in the State Street Navigator Securities Lending Government Money Market Portfolio, a money market mutual fund registered under the 1940 Act. The loans may also be secured by U.S. government securities in an amount at least equal to the market value of the securities loaned, plus accrued interest and dividends, determined on a daily basis and adjusted accordingly. By lending securities, the fund seeks to increase its net investment income through the receipt of interest and fees. Such income is reflected separately within the Statement of Operations. The value of loaned securities and related collateral outstanding at period end, if any, are shown on a gross basis within the Schedule of Investments and Statement of Assets and Liabilities.
The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged, and the remaining contractual maturity of those transactions as of May 31, 2024.
Remaining Contractual Maturity of Agreements | |||||||||||||||||
Overnight and Continuous | <30 days | Between 30 & 90 days | >90 days | Total | |||||||||||||
Securities Lending Transactions(1) | |||||||||||||||||
Common Stocks | $ | 10,870,658 | — | — | — | $ | 10,870,658 | ||||||||||
Gross amount of recognized liabilities for securities lending transactions | $ | 10,870,658 |
(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.
9
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, 25% of the shares of the fund. Related parties do not invest in the fund for the purpose of exercising management or control.
Management Fees — The corporation has entered into a management agreement with ACIM, under which ACIM provides the fund with investment advisory and management services in exchange for a single, unified management fee (the fee) per class. The agreement provides that ACIM will pay all expenses of managing and operating the fund, except brokerage expenses, taxes, interest, fees and expenses of the independent directors (including legal counsel fees), extraordinary expenses, and expenses incurred in connection with the provision of shareholder services and distribution services under a plan adopted pursuant to Rule 12b-1 under the 1940 Act. The fee is computed and accrued daily based on each class's daily net assets and paid monthly in arrears. The difference in the fee among the classes is a result of their separate arrangements for non-Rule 12b-1 shareholder services. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund’s assets, which do not vary by class. The investment advisor agreed to waive the G Class's management fee in its entirety. The investment advisor expects this waiver to remain in effect permanently and cannot terminate it without the approval of the Board of Directors.
The annual management fee for each class is as follows:
Investor Class | I Class | Y Class | A Class | C Class | R Class | R5 Class | R6 Class | G Class | ||||||||||||||||||
1.25% | 1.05% | 0.90% | 1.25% | 1.25% | 1.25% | 1.05% | 0.90% | 0.00%(1) |
(1)Annual management fee before waiver was 0.90%.
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 May 31, 2024 are detailed in the Statement of Operations.
Directors' Fees and Expenses — The Board of Directors is responsible for overseeing the investment advisor’s management and operations of the fund. The directors receive detailed information about the fund and its investment advisor regularly throughout the year, and meet at least quarterly with management of the investment advisor to review reports about fund operations. The fund's officers do not receive compensation from the fund.
Other Expenses — A fund’s other expenses may include interest charges, clearing exchange fees, proxy solicitation expenses, fees associated with the recovery of foreign tax reclaims and other miscellaneous expenses.
Interfund Transactions — The fund may enter into security transactions with other American Century Investments funds and other client accounts of the investment advisor, in accordance with the 1940 Act rules and procedures adopted by the Board of Directors. The rules and procedures require, among other things, that these transactions be effected at the independent current market price of the security. There were no interfund transactions during the period.
4. Investment Transactions
Purchases and sales of investment securities, excluding short-term investments, for the period ended May 31, 2024 were $279,403,654 and $663,546,585, respectively.
10
5. Capital Share Transactions
Transactions in shares of the fund were as follows:
Six months ended May 31, 2024 | Year ended November 30, 2023 | |||||||||||||
Shares | Amount | Shares | Amount | |||||||||||
Investor Class/Shares Authorized | 1,000,000,000 | 1,000,000,000 | ||||||||||||
Sold | 3,143,557 | $ | 30,976,926 | 3,656,054 | $ | 36,283,668 | ||||||||
Issued in reinvestment of distributions | 432,357 | 4,258,569 | 800,057 | 7,704,547 | ||||||||||
Redeemed | (5,061,614) | (52,356,152) | (9,949,067) | (98,170,889) | ||||||||||
(1,485,700) | (17,120,657) | (5,492,956) | (54,182,674) | |||||||||||
I Class/Shares Authorized | 1,400,000,000 | 1,400,000,000 | ||||||||||||
Sold | 4,556,751 | 47,544,167 | 18,371,410 | 186,971,811 | ||||||||||
Issued in reinvestment of distributions | 653,946 | 6,611,393 | 1,688,115 | 16,678,573 | ||||||||||
Redeemed | (15,703,624) | (163,615,809) | (50,178,089) | (504,979,214) | ||||||||||
(10,492,927) | (109,460,249) | (30,118,564) | (301,328,830) | |||||||||||
Y Class/Shares Authorized | 40,000,000 | 40,000,000 | ||||||||||||
Sold | 724,929 | 7,511,510 | 1,864,558 | 18,995,855 | ||||||||||
Issued in reinvestment of distributions | 53,344 | 539,843 | 82,397 | 814,907 | ||||||||||
Redeemed | (305,948) | (3,200,144) | (2,331,774) | (23,804,303) | ||||||||||
472,325 | 4,851,209 | (384,819) | (3,993,541) | |||||||||||
A Class/Shares Authorized | 100,000,000 | 100,000,000 | ||||||||||||
Sold | 412,268 | 4,069,973 | 1,531,564 | 14,418,387 | ||||||||||
Issued in reinvestment of distributions | 31,114 | 295,579 | 62,812 | 583,523 | ||||||||||
Redeemed | (1,000,357) | (9,793,620) | (2,816,817) | (26,851,961) | ||||||||||
(556,975) | (5,428,068) | (1,222,441) | (11,850,051) | |||||||||||
C Class/Shares Authorized | 45,000,000 | 45,000,000 | ||||||||||||
Sold | 43,957 | 386,675 | 72,259 | 620,177 | ||||||||||
Issued in reinvestment of distributions | 3,353 | 28,771 | 22,066 | 185,358 | ||||||||||
Redeemed | (320,095) | (2,838,314) | (557,756) | (4,757,802) | ||||||||||
(272,785) | (2,422,868) | (463,431) | (3,952,267) | |||||||||||
R Class/Shares Authorized | 25,000,000 | 25,000,000 | ||||||||||||
Sold | 84,602 | 850,447 | 185,739 | 1,770,769 | ||||||||||
Issued in reinvestment of distributions | 4,661 | 44,517 | 12,069 | 112,728 | ||||||||||
Redeemed | (99,458) | (976,748) | (262,324) | (2,443,366) | ||||||||||
(10,195) | (81,784) | (64,516) | (559,869) | |||||||||||
R5 Class/Shares Authorized | 25,000,000 | 25,000,000 | ||||||||||||
Sold | 46,427 | 481,314 | 206,002 | 2,077,788 | ||||||||||
Issued in reinvestment of distributions | 13,723 | 138,877 | 23,973 | 237,095 | ||||||||||
Redeemed | (863,170) | (9,175,783) | (352,740) | (3,615,826) | ||||||||||
(803,020) | (8,555,592) | (122,765) | (1,300,943) | |||||||||||
R6 Class/Shares Authorized | 750,000,000 | 750,000,000 | ||||||||||||
Sold | 5,332,512 | 55,750,783 | 15,693,581 | 158,454,648 | ||||||||||
Issued in reinvestment of distributions | 709,900 | 7,177,086 | 1,563,411 | 15,446,501 | ||||||||||
Redeemed | (21,821,871) | (228,581,194) | (38,268,284) | (385,099,436) | ||||||||||
(15,779,459) | (165,653,325) | (21,011,292) | (211,198,287) | |||||||||||
G Class/Shares Authorized | 750,000,000 | 750,000,000 | ||||||||||||
Sold | 4,767,969 | 48,768,059 | 10,079,379 | 101,110,315 | ||||||||||
Issued in reinvestment of distributions | 1,836,846 | 18,625,613 | 2,081,906 | 20,631,687 | ||||||||||
Redeemed | (10,096,403) | (107,913,488) | (7,434,199) | (75,957,574) | ||||||||||
(3,491,588) | (40,519,816) | 4,727,086 | 45,784,428 | |||||||||||
Net increase (decrease) | (32,420,324) | $ | (344,391,150) | (54,153,698) | $ | (542,582,034) |
11
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 | |||||||||||
Brazil | $ | 64,170,438 | $ | 59,201,119 | — | ||||||
China | 49,025,021 | 477,717,389 | — | ||||||||
India | 96,532,524 | 248,064,004 | — | ||||||||
Mexico | 39,509,868 | 15,036,910 | — | ||||||||
Peru | 17,957,885 | — | — | ||||||||
United States | 18,123,767 | — | — | ||||||||
Other Countries | — | 855,651,479 | — | ||||||||
Short-Term Investments | 10,938,909 | 15,275,850 | — | ||||||||
$ | 296,258,412 | $ | 1,670,946,751 | — |
7. Risk Factors
The value of the fund’s shares will go up and down, sometimes rapidly or unpredictably, based on the performance of the securities owned by the fund and other factors generally affecting the securities market. Market risks, including political, regulatory, economic and social developments, can affect the value of the fund’s investments. Natural disasters, public health emergencies, war, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.
There are certain risks involved in investing in foreign securities. These risks include those resulting from political events (such as civil unrest, national elections and imposition of exchange controls), social and economic events (such as labor strikes and rising inflation), and natural disasters. Securities of foreign issuers may be less liquid and more volatile. Investing in emerging markets or a significant portion of assets in one country or region may accentuate these risks.
8. Federal Tax Information
The book-basis character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts on the financial statements.
As of period end, the components of investments for federal income tax purposes were as follows:
Federal tax cost of investments | $ | 1,466,251,049 | |||
Gross tax appreciation of investments | $ | 605,603,093 | |||
Gross tax depreciation of investments | (104,648,979) | ||||
Net tax appreciation (depreciation) of investments | $ | 500,954,114 |
The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales.
As of November 30, 2023, the fund had accumulated short-term capital losses of $(671,425,496) and accumulated long-term capital losses of $(188,374,163), which 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.
12
Financial Highlights |
For a Share Outstanding Throughout the Years Ended November 30 (except as noted) | |||||||||||||||||||||||||||||||||||||||||
Per-Share Data | Ratios and Supplemental Data | ||||||||||||||||||||||||||||||||||||||||
Income From Investment Operations*: | Ratio to Average Net Assets of†: | ||||||||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | Distributions From Net Investment Income | 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 | |||||||||||||||||||||||||||||||||||||||||
2024(3) | $9.80 | 0.02 | 0.90 | 0.92 | (0.13) | $10.59 | 9.50% | 1.28% | 1.28% | 0.42% | 0.42% | 13% | $314,992 | ||||||||||||||||||||||||||||
2023 | $10.04 | 0.10 | (0.13) | (0.03) | (0.21) | $9.80 | (0.22)% | 1.27% | 1.27% | 1.05% | 1.05% | 29% | $305,994 | ||||||||||||||||||||||||||||
2022 | $13.67 | 0.09 | (3.61) | (3.52) | (0.11) | $10.04 | (25.84)% | 1.26% | 1.26% | 0.84% | 0.84% | 52% | $368,506 | ||||||||||||||||||||||||||||
2021 | $13.62 | 0.05 | 0.08 | 0.13 | (0.08) | $13.67 | 0.91% | 1.25% | 1.25% | 0.36% | 0.36% | 35% | $554,001 | ||||||||||||||||||||||||||||
2020 | $11.25 | 0.04 | 2.48 | 2.52 | (0.15) | $13.62 | 22.79% | 1.26% | 1.26% | 0.33% | 0.33% | 30% | $582,036 | ||||||||||||||||||||||||||||
2019 | $10.19 | 0.17 | 0.94 | 1.11 | (0.05) | $11.25 | 10.99% | 1.25% | 1.25% | 1.59% | 1.59% | 39% | $606,668 | ||||||||||||||||||||||||||||
I Class | |||||||||||||||||||||||||||||||||||||||||
2024(3) | $10.07 | 0.03 | 0.93 | 0.96 | (0.15) | $10.88 | 9.65% | 1.08% | 1.08% | 0.62% | 0.62% | 13% | $433,521 | ||||||||||||||||||||||||||||
2023 | $10.30 | 0.13 | (0.13) | — | (0.23) | $10.07 | 0.02% | 1.07% | 1.07% | 1.25% | 1.25% | 29% | $507,013 | ||||||||||||||||||||||||||||
2022 | $14.02 | 0.11 | (3.70) | (3.59) | (0.13) | $10.30 | (25.69)% | 1.06% | 1.06% | 1.04% | 1.04% | 52% | $828,883 | ||||||||||||||||||||||||||||
2021 | $13.97 | 0.09 | 0.07 | 0.16 | (0.11) | $14.02 | 1.09% | 1.05% | 1.05% | 0.56% | 0.56% | 35% | $1,661,545 | ||||||||||||||||||||||||||||
2020 | $11.56 | 0.06 | 2.54 | 2.60 | (0.19) | $13.97 | 22.94% | 1.06% | 1.06% | 0.53% | 0.53% | 30% | $1,534,445 | ||||||||||||||||||||||||||||
2019 | $10.46 | 0.20 | 0.97 | 1.17 | (0.07) | $11.56 | 11.20% | 1.05% | 1.05% | 1.79% | 1.79% | 39% | $1,325,801 | ||||||||||||||||||||||||||||
Y Class | |||||||||||||||||||||||||||||||||||||||||
2024(3) | $10.10 | 0.04 | 0.93 | 0.97 | (0.17) | $10.90 | 9.69% | 0.93% | 0.93% | 0.77% | 0.77% | 13% | $40,977 | ||||||||||||||||||||||||||||
2023 | $10.32 | 0.13 | (0.11) | 0.02 | (0.24) | $10.10 | 0.23% | 0.92% | 0.92% | 1.40% | 1.40% | 29% | $33,189 | ||||||||||||||||||||||||||||
2022 | $14.05 | 0.13 | (3.71) | (3.58) | (0.15) | $10.32 | (25.60)% | 0.91% | 0.91% | 1.19% | 1.19% | 52% | $37,909 | ||||||||||||||||||||||||||||
2021 | $14.00 | 0.10 | 0.08 | 0.18 | (0.13) | $14.05 | 1.24% | 0.90% | 0.90% | 0.71% | 0.71% | 35% | $39,377 | ||||||||||||||||||||||||||||
2020 | $11.60 | 0.08 | 2.54 | 2.62 | (0.22) | $14.00 | 23.09% | 0.91% | 0.91% | 0.68% | 0.68% | 30% | $30,169 | ||||||||||||||||||||||||||||
2019 | $10.49 | 0.26 | 0.94 | 1.20 | (0.09) | $11.60 | 11.43% | 0.90% | 0.90% | 1.94% | 1.94% | 39% | $14,638 | ||||||||||||||||||||||||||||
A Class | |||||||||||||||||||||||||||||||||||||||||
2024(3) | $9.43 | 0.01 | 0.87 | 0.88 | (0.11) | $10.20 | 9.37% | 1.53% | 1.53% | 0.17% | 0.17% | 13% | $36,097 | ||||||||||||||||||||||||||||
2023 | $9.67 | 0.08 | (0.12) | (0.04) | (0.20) | $9.43 | (0.41)% | 1.52% | 1.52% | 0.80% | 0.80% | 29% | $38,620 | ||||||||||||||||||||||||||||
2022 | $13.17 | 0.06 | (3.48) | (3.42) | (0.08) | $9.67 | (26.03)% | 1.51% | 1.51% | 0.59% | 0.59% | 52% | $51,434 | ||||||||||||||||||||||||||||
2021 | $13.13 | 0.01 | 0.07 | 0.08 | (0.04) | $13.17 | 0.60% | 1.50% | 1.50% | 0.11% | 0.11% | 35% | $94,363 | ||||||||||||||||||||||||||||
2020 | $10.84 | 0.01 | 2.40 | 2.41 | (0.12) | $13.13 | 22.50% | 1.51% | 1.51% | 0.08% | 0.08% | 30% | $88,485 | ||||||||||||||||||||||||||||
2019 | $9.81 | 0.14 | 0.91 | 1.05 | (0.02) | $10.84 | 10.71% | 1.50% | 1.50% | 1.34% | 1.34% | 39% | $78,704 |
For a Share Outstanding Throughout the Years Ended November 30 (except as noted) | |||||||||||||||||||||||||||||||||||||||||
Per-Share Data | Ratios and Supplemental Data | ||||||||||||||||||||||||||||||||||||||||
Income From Investment Operations*: | Ratio to Average Net Assets of†: | ||||||||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | Distributions From Net Investment Income | Net Asset Value, End of Period | Total Return(2) | Operating Expenses | Operating Expenses (before expense waiver) | Net Investment Income (Loss) | Net Investment Income (Loss) (before expense waiver) | Portfolio Turnover Rate | Net Assets, End of Period (in thousands) | |||||||||||||||||||||||||||||
C Class | |||||||||||||||||||||||||||||||||||||||||
2024(3) | $8.46 | (0.03) | 0.79 | 0.76 | (0.03) | $9.19 | 9.03% | 2.28% | 2.28% | (0.58)% | (0.58)% | 13% | $7,191 | ||||||||||||||||||||||||||||
2023 | $8.71 | 0.01 | (0.11) | (0.10) | (0.15) | $8.46 | (1.18)% | 2.27% | 2.27% | 0.05% | 0.05% | 29% | $8,932 | ||||||||||||||||||||||||||||
2022 | $11.87 | (0.02) | (3.14) | (3.16) | — | $8.71 | (26.56)% | 2.26% | 2.26% | (0.16)% | (0.16)% | 52% | $13,231 | ||||||||||||||||||||||||||||
2021 | $11.88 | (0.08) | 0.07 | (0.01) | — | $11.87 | (0.17)% | 2.25% | 2.25% | (0.64)% | (0.64)% | 35% | $25,448 | ||||||||||||||||||||||||||||
2020 | $9.82 | (0.07) | 2.17 | 2.10 | (0.04) | $11.88 | 21.48% | 2.26% | 2.26% | (0.67)% | (0.67)% | 30% | $27,101 | ||||||||||||||||||||||||||||
2019 | $8.93 | 0.05 | 0.84 | 0.89 | — | $9.82 | 9.97% | 2.25% | 2.25% | 0.59% | 0.59% | 39% | $30,004 | ||||||||||||||||||||||||||||
R Class | |||||||||||||||||||||||||||||||||||||||||
2024(3) | $9.46 | —(4) | 0.87 | 0.87 | (0.08) | $10.25 | 9.27% | 1.78% | 1.78% | (0.08)% | (0.08)% | 13% | $5,647 | ||||||||||||||||||||||||||||
2023 | $9.71 | 0.05 | (0.12) | (0.07) | (0.18) | $9.46 | (0.69)% | 1.77% | 1.77% | 0.55% | 0.55% | 29% | $5,309 | ||||||||||||||||||||||||||||
2022 | $13.22 | 0.03 | (3.49) | (3.46) | (0.05) | $9.71 | (26.20)% | 1.76% | 1.76% | 0.34% | 0.34% | 52% | $6,075 | ||||||||||||||||||||||||||||
2021 | $13.17 | (0.02) | 0.08 | 0.06 | (0.01) | $13.22 | 0.41% | 1.75% | 1.75% | (0.14)% | (0.14)% | 35% | $7,687 | ||||||||||||||||||||||||||||
2020 | $10.88 | (0.02) | 2.40 | 2.38 | (0.09) | $13.17 | 22.11% | 1.76% | 1.76% | (0.17)% | (0.17)% | 30% | $7,466 | ||||||||||||||||||||||||||||
2019 | $9.85 | 0.12 | 0.91 | 1.03 | — | $10.88 | 10.46% | 1.75% | 1.75% | 1.09% | 1.09% | 39% | $6,825 | ||||||||||||||||||||||||||||
R5 Class | |||||||||||||||||||||||||||||||||||||||||
2024(3) | $10.08 | 0.03 | 0.93 | 0.96 | (0.15) | $10.89 | 9.64% | 1.08% | 1.08% | 0.62% | 0.62% | 13% | $1,245 | ||||||||||||||||||||||||||||
2023 | $10.31 | 0.12 | (0.12) | — | (0.23) | $10.08 | 0.02% | 1.07% | 1.07% | 1.25% | 1.25% | 29% | $9,249 | ||||||||||||||||||||||||||||
2022 | $14.04 | 0.11 | (3.71) | (3.60) | (0.13) | $10.31 | (25.67)% | 1.06% | 1.06% | 1.04% | 1.04% | 52% | $10,725 | ||||||||||||||||||||||||||||
2021 | $13.98 | 0.06 | 0.11 | 0.17 | (0.11) | $14.04 | 1.09% | 1.05% | 1.05% | 0.56% | 0.56% | 35% | $12,172 | ||||||||||||||||||||||||||||
2020 | $11.57 | 0.06 | 2.54 | 2.60 | (0.19) | $13.98 | 22.92% | 1.06% | 1.06% | 0.53% | 0.53% | 30% | $3,863 | ||||||||||||||||||||||||||||
2019 | $10.47 | 0.20 | 0.97 | 1.17 | (0.07) | $11.57 | 11.19% | 1.05% | 1.05% | 1.79% | 1.79% | 39% | $2,444 | ||||||||||||||||||||||||||||
R6 Class | |||||||||||||||||||||||||||||||||||||||||
2024(3) | $10.08 | 0.04 | 0.93 | 0.97 | (0.17) | $10.88 | 9.70% | 0.93% | 0.93% | 0.77% | 0.77% | 13% | $325,697 | ||||||||||||||||||||||||||||
2023 | $10.31 | 0.14 | (0.13) | 0.01 | (0.24) | $10.08 | 0.13% | 0.92% | 0.92% | 1.40% | 1.40% | 29% | $460,847 | ||||||||||||||||||||||||||||
2022 | $14.03 | 0.13 | (3.70) | (3.57) | (0.15) | $10.31 | (25.56)% | 0.91% | 0.91% | 1.19% | 1.19% | 52% | $687,720 | ||||||||||||||||||||||||||||
2021 | $13.98 | 0.11 | 0.07 | 0.18 | (0.13) | $14.03 | 1.24% | 0.90% | 0.90% | 0.71% | 0.71% | 35% | $851,240 | ||||||||||||||||||||||||||||
2020 | $11.58 | 0.08 | 2.54 | 2.62 | (0.22) | $13.98 | 23.13% | 0.91% | 0.91% | 0.68% | 0.68% | 30% | $570,868 | ||||||||||||||||||||||||||||
2019 | $10.48 | 0.23 | 0.96 | 1.19 | (0.09) | $11.58 | 11.45% | 0.90% | 0.90% | 1.94% | 1.94% | 39% | $405,776 | ||||||||||||||||||||||||||||
G Class | |||||||||||||||||||||||||||||||||||||||||
2024(3) | $10.20 | 0.09 | 0.93 | 1.02 | (0.25) | $10.97 | 10.25% | 0.03% | 0.93% | 1.67% | 0.77% | 13% | $785,384 | ||||||||||||||||||||||||||||
2023 | $10.40 | 0.23 | (0.13) | 0.10 | (0.30) | $10.20 | 1.04% | 0.02% | 0.92% | 2.30% | 1.40% | 29% | $766,148 | ||||||||||||||||||||||||||||
2022(5) | $12.44 | 0.16 | (2.08) | (1.92) | (0.12) | $10.40 | (15.56)% | 0.01% | 0.91% | 2.42% | 1.52% | 52%(6) | $731,719 |
Notes to Financial Highlights |
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day and do not reflect applicable sales charges, if any. Total returns for periods less than one year are not annualized.
(3)Six months ended May 31, 2024 (unaudited).
(4)Per-share amount was less than $0.005.
(5)April 1, 2022 (commencement of sale) through November 30, 2022.
(6)Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended November 30, 2022.
*The amount shown for a share outstanding throughout the period may not correlate with the Statement(s) of Operations or precisely reflect the class expense differentials due to the timing of transactions in shares of a fund in relation to income earned and/or fluctuations in the fair value of a fund's investments.
†Ratios for periods less than one year are annualized. Zero balances may reflect amounts less than 0.005%.
See Notes to Financial Statements.
Contact Us | americancentury.com | |||||||
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Investor Services Representative | 1-800-345-2021 or 816-531-5575 | |||||||
Banks and Trust Companies, Broker-Dealers, Financial Professionals, Insurance Companies | 1-800-345-6488 | |||||||
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. | ||||||||
©2024 American Century Proprietary Holdings, Inc. All rights reserved. CL-SAN-92633 2407 |
![Image5.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g3.jpg)
Semiannual Financial Statements and Other Information | |||||
May 31, 2024 | |||||
Emerging Markets Small Cap Fund | |||||
Investor Class (AECVX) | |||||
I Class (AECSX) | |||||
A Class (AECLX) | |||||
C Class (AECHX) | |||||
R Class (AECMX) | |||||
R6 Class (AECTX) |
Table of Contents |
Schedule of Investments | |||||
Statement of Assets and Liabilities | |||||
Statement of Operations | |||||
Statement of Changes in Net Assets | |||||
Notes to Financial Statements | |||||
Financial Highlights | |||||
Schedule of Investments |
MAY 31, 2024 (UNAUDITED)
Shares | Value | |||||||
COMMON STOCKS — 98.9% | ||||||||
Brazil — 7.2% | ||||||||
Cyrela Brazil Realty SA Empreendimentos e Participacoes | 45,700 | $ | 165,971 | |||||
Embraer SA, ADR(1) | 8,638 | 240,050 | ||||||
Fleury SA | 29,100 | 77,199 | ||||||
Marcopolo SA, Preference Shares | 255,240 | 313,527 | ||||||
PRIO SA | 11,100 | 87,812 | ||||||
Santos Brasil Participacoes SA | 107,200 | 235,596 | ||||||
Sendas Distribuidora SA(1) | 68,300 | 159,469 | ||||||
VTEX, Class A(1) | 26,097 | 179,026 | ||||||
1,458,650 | ||||||||
Canada — 1.2% | ||||||||
ERO Copper Corp.(1)(2) | 11,752 | 250,224 | ||||||
China — 8.5% | ||||||||
Atour Lifestyle Holdings Ltd., ADR(2) | 5,445 | 96,975 | ||||||
BOC Aviation Ltd. | 29,500 | 219,139 | ||||||
China Lesso Group Holdings Ltd.(1) | 188,000 | 86,655 | ||||||
China Overseas Property Holdings Ltd. | 265,000 | 179,879 | ||||||
Far East Horizon Ltd. | 171,000 | 137,465 | ||||||
Haitian International Holdings Ltd. | 86,000 | 263,778 | ||||||
Henan Pinggao Electric Co. Ltd., Class A | 96,400 | 188,673 | ||||||
Shenzhen Envicool Technology Co. Ltd., Class A | 76,440 | 248,805 | ||||||
Tongcheng Travel Holdings Ltd.(1) | 123,200 | 282,075 | ||||||
1,703,444 | ||||||||
Greece — 1.4% | ||||||||
OPAP SA | 6,392 | 101,610 | ||||||
Piraeus Financial Holdings SA(1) | 46,363 | 182,139 | ||||||
283,749 | ||||||||
Hong Kong — 1.3% | ||||||||
MGM China Holdings Ltd. | 148,400 | 264,011 | ||||||
India — 26.6% | ||||||||
Alembic Pharmaceuticals Ltd. | 20,004 | 221,372 | ||||||
CMS Info Systems Ltd. | 19,311 | 102,756 | ||||||
Crompton Greaves Consumer Electricals Ltd. | 68,907 | 323,906 | ||||||
Fortis Healthcare Ltd. | 69,157 | 393,295 | ||||||
Indian Hotels Co. Ltd. | 67,833 | 454,006 | ||||||
Jyothy Labs Ltd. | 52,208 | 251,390 | ||||||
KEI Industries Ltd. | 7,193 | 353,954 | ||||||
MakeMyTrip Ltd.(1) | 4,411 | 333,427 | ||||||
PB Fintech Ltd.(1) | 25,893 | 401,395 | ||||||
Persistent Systems Ltd. | 2,531 | 103,458 | ||||||
Phoenix Mills Ltd. | 12,856 | 477,920 | ||||||
Poly Medicure Ltd. | 13,827 | 298,739 | ||||||
Prestige Estates Projects Ltd. | 24,735 | 474,159 | ||||||
Shriram Finance Ltd. | 7,692 | 217,291 | ||||||
Supreme Industries Ltd. | 3,089 | 195,783 | ||||||
Torrent Pharmaceuticals Ltd. | 5,695 | 184,178 | ||||||
Varun Beverages Ltd. | 26,218 | 448,595 | ||||||
Wonderla Holidays Ltd. | 13,203 | 133,345 | ||||||
5,368,969 |
2
Shares | Value | |||||||
Indonesia — 1.5% | ||||||||
Ace Hardware Indonesia Tbk. PT | 2,319,400 | $ | 117,265 | |||||
Ciputra Development Tbk. PT | 1,430,200 | 96,781 | ||||||
United Tractors Tbk. PT | 63,000 | 85,667 | ||||||
299,713 | ||||||||
Malaysia — 2.5% | ||||||||
Carlsberg Brewery Malaysia Bhd. | 18,800 | 79,100 | ||||||
Gamuda Bhd. | 321,900 | 414,791 | ||||||
493,891 | ||||||||
Mexico — 6.6% | ||||||||
Corp. Inmobiliaria Vesta SAB de CV(2) | 73,921 | 258,102 | ||||||
GCC SAB de CV | 23,492 | 256,914 | ||||||
Gentera SAB de CV | 213,229 | 329,398 | ||||||
Qualitas Controladora SAB de CV(2) | 38,150 | 489,599 | ||||||
1,334,013 | ||||||||
Philippines — 1.3% | ||||||||
Bloomberry Resorts Corp.(1) | 907,300 | 164,398 | ||||||
International Container Terminal Services, Inc. | 17,560 | 102,617 | ||||||
267,015 | ||||||||
Russia(3) — 0.0% | ||||||||
HeadHunter Group PLC, ADR(1) | 776 | — | ||||||
Saudi Arabia — 5.4% | ||||||||
Arabian Contracting Services Co. | 3,512 | 189,961 | ||||||
Catrion Catering Holding Co. | 2,967 | 88,059 | ||||||
Leejam Sports Co. JSC | 5,105 | 269,709 | ||||||
National Medical Care Co. | 5,106 | 252,228 | ||||||
Riyadh Cables Group Co. | 5,493 | 140,834 | ||||||
SAL Saudi Logistics Services | 2,054 | 141,079 | ||||||
1,081,870 | ||||||||
South Africa — 1.6% | ||||||||
Capitec Bank Holdings Ltd. | 702 | 79,669 | ||||||
Clicks Group Ltd. | 15,496 | 243,222 | ||||||
322,891 | ||||||||
South Korea — 11.0% | ||||||||
Cosmax, Inc. | 3,179 | 391,687 | ||||||
Dentium Co. Ltd. | 1,436 | 116,918 | ||||||
Fila Holdings Corp. | 3,341 | 95,305 | ||||||
Han Kuk Carbon Co. Ltd. | 8,482 | 66,395 | ||||||
Hankook Tire & Technology Co. Ltd. | 2,647 | 83,875 | ||||||
HD HYUNDAI MIPO(1) | 1,216 | 63,757 | ||||||
Hyundai Autoever Corp. | 880 | 94,328 | ||||||
IsuPetasys Co. Ltd. | 5,420 | 189,952 | ||||||
Jeisys Medical, Inc.(1) | 13,167 | 112,697 | ||||||
LG H&H Co. Ltd. | 966 | 292,213 | ||||||
LG Innotek Co. Ltd. | 428 | 76,784 | ||||||
Park Systems Corp. | 838 | 109,308 | ||||||
Samsung E&A Co. Ltd.(1) | 13,099 | 221,857 | ||||||
Soulbrain Co. Ltd. | 1,252 | 299,564 | ||||||
2,214,640 | ||||||||
Taiwan — 16.4% | ||||||||
Accton Technology Corp. | 11,000 | 172,242 | ||||||
Airtac International Group | 2,000 | 63,282 | ||||||
Alchip Technologies Ltd. | 1,000 | 89,343 | ||||||
Asia Vital Components Co. Ltd. | 15,000 | 356,050 |
3
Shares | Value | |||||||
ASMedia Technology, Inc. | 5,000 | $ | 310,419 | |||||
ASPEED Technology, Inc. | 4,000 | 452,705 | ||||||
Bizlink Holding, Inc. | 7,067 | 60,688 | ||||||
Chailease Holding Co. Ltd. | 12,595 | 59,318 | ||||||
Chroma ATE, Inc. | 17,000 | 150,924 | ||||||
Eclat Textile Co. Ltd. | 10,000 | 150,046 | ||||||
Global Unichip Corp. | 7,000 | 317,103 | ||||||
King Yuan Electronics Co. Ltd. | 104,000 | 284,798 | ||||||
Lotes Co. Ltd. | 7,000 | 349,390 | ||||||
Nien Made Enterprise Co. Ltd. | 13,000 | 141,091 | ||||||
Pegavision Corp. | 8,000 | 117,050 | ||||||
Simplo Technology Co. Ltd. | 7,000 | 89,246 | ||||||
Winbond Electronics Corp. | 190,467 | 147,953 | ||||||
3,311,648 | ||||||||
Thailand — 3.4% | ||||||||
Bumrungrad Hospital PCL | 20,100 | 132,327 | ||||||
Minor International PCL | 297,600 | 255,091 | ||||||
Thai Oil PCL | 64,200 | 90,641 | ||||||
WHA Corp. PCL | 1,415,400 | 210,235 | ||||||
688,294 | ||||||||
Turkey — 1.6% | ||||||||
Mavi Giyim Sanayi Ve Ticaret AS, B Shares | 77,197 | 228,802 | ||||||
Sok Marketler Ticaret AS | 55,300 | 100,762 | ||||||
329,564 | ||||||||
United Arab Emirates — 1.4% | ||||||||
Burjeel Holdings PLC | 225,754 | 169,191 | ||||||
Emirates Central Cooling Systems Corp. | 253,653 | 105,654 | ||||||
274,845 | ||||||||
TOTAL COMMON STOCKS (Cost $16,000,584) | 19,947,431 | |||||||
EXCHANGE-TRADED FUNDS — 0.8% | ||||||||
Fubon Taiwan Small-Mid Cap Alpha Momentum 50 ETF (Cost $138,977) | 93,000 | 168,751 | ||||||
SHORT-TERM INVESTMENTS — 2.1% | ||||||||
Money Market Funds — 1.4% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 1,820 | 1,820 | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio(4) | 271,792 | 271,792 | ||||||
273,612 | ||||||||
Repurchase Agreements — 0.7% | ||||||||
BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 3.00%, 5/15/45 - 2/15/49, valued at $10,052), in a joint trading account at 5.29%, dated 5/31/24, due 6/3/24 (Delivery value $9,786) | 9,782 | |||||||
Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 0.50%, 4/30/27, valued at $137,732), at 5.31%, dated 5/31/24, due 6/3/24 (Delivery value $135,060) | 135,000 | |||||||
144,782 | ||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $418,394) | 418,394 | |||||||
TOTAL INVESTMENT SECURITIES — 101.8% (Cost $16,557,955) | 20,534,576 | |||||||
OTHER ASSETS AND LIABILITIES — (1.8)% | (370,852) | |||||||
TOTAL NET ASSETS — 100.0% | $ | 20,163,724 |
4
MARKET SECTOR DIVERSIFICATION | |||||
(as a % of net assets) | |||||
Consumer Discretionary | 18.2% | ||||
Industrials | 17.6% | ||||
Information Technology | 16.3% | ||||
Health Care | 10.3% | ||||
Consumer Staples | 9.8% | ||||
Financials | 9.4% | ||||
Real Estate | 8.4% | ||||
Materials | 5.3% | ||||
Communication Services | 1.8% | ||||
Energy | 1.3% | ||||
Utilities | 0.5% | ||||
Exchange-Traded Funds | 0.8% | ||||
Short-Term Investments | 2.1% | ||||
Other Assets and Liabilities | (1.8)% |
NOTES TO SCHEDULE OF INVESTMENTS | ||||||||
ADR | – | American Depositary Receipt |
(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 $606,424. 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)Securities may be subject to resale, redemption or transferability restrictions.
(4)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $636,231, which includes securities collateral of $364,439.
See Notes to Financial Statements.
5
Statement of Assets and Liabilities |
MAY 31, 2024 (UNAUDITED) | |||||
Assets | |||||
Investment securities, at value (cost of $16,286,163) — including $606,424 of securities on loan | $ | 20,262,784 | |||
Investment made with cash collateral received for securities on loan, at value (cost of $271,792) | 271,792 | ||||
Total investment securities, at value (cost of $16,557,955) | 20,534,576 | ||||
Foreign currency holdings, at value (cost of $5) | 5 | ||||
Receivable for investments sold | 212,039 | ||||
Receivable for capital shares sold | 39,222 | ||||
Dividends and interest receivable | 17,415 | ||||
Securities lending receivable | 529 | ||||
Other assets | 516 | ||||
20,804,302 | |||||
Liabilities | |||||
Payable for collateral received for securities on loan | 271,792 | ||||
Payable for investments purchased | 104,137 | ||||
Payable for capital shares redeemed | 935 | ||||
Accrued management fees | 20,936 | ||||
Distribution and service fees payable | 414 | ||||
Accrued foreign taxes | 242,364 | ||||
640,578 | |||||
Net Assets | $ | 20,163,724 | |||
Net Assets Consist of: | |||||
Capital (par value and paid-in surplus) | $ | 17,208,316 | |||
Distributable earnings (loss) | 2,955,408 | ||||
$ | 20,163,724 |
Net Assets | Shares Outstanding | Net Asset Value Per Share* | |||||||||
Investor Class, $0.01 Par Value | $3,050,397 | 208,976 | $14.60 | ||||||||
I Class, $0.01 Par Value | $13,600,464 | 927,072 | $14.67 | ||||||||
A Class, $0.01 Par Value | $405,339 | 27,987 | $14.48 | ||||||||
C Class, $0.01 Par Value | $14,782 | 1,060 | $13.95 | ||||||||
R Class, $0.01 Par Value | $736,932 | 51,412 | $14.33 | ||||||||
R6 Class, $0.01 Par Value | $2,355,810 | 159,999 | $14.72 |
*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 $15.36 (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.
6
Statement of Operations |
FOR THE SIX MONTHS ENDED MAY 31, 2024 (UNAUDITED) | |||||
Investment Income (Loss) | |||||
Income: | |||||
Dividends (net of foreign taxes withheld of $13,762) | $ | 149,823 | |||
Interest | 10,836 | ||||
Securities lending, net | 881 | ||||
161,540 | |||||
Expenses: | |||||
Management fees | 108,290 | ||||
Distribution and service fees: | |||||
A Class | 573 | ||||
C Class | 73 | ||||
R Class | 1,724 | ||||
Directors' fees and expenses | 247 | ||||
Other expenses | 75 | ||||
110,982 | |||||
Net investment income (loss) | 50,558 | ||||
Realized and Unrealized Gain (Loss) | |||||
Net realized gain (loss) on: | |||||
Investment transactions (net of foreign tax expenses paid (refunded) of $52,485) | 272,325 | ||||
Foreign currency translation transactions | (12,836) | ||||
259,489 | |||||
Change in net unrealized appreciation (depreciation) on: | |||||
Investments (includes (increase) decrease in accrued foreign taxes of $(63,565)) | 956,246 | ||||
Translation of assets and liabilities in foreign currencies | 113 | ||||
956,359 | |||||
Net realized and unrealized gain (loss) | 1,215,848 | ||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 1,266,406 |
See Notes to Financial Statements.
7
Statement of Changes in Net Assets |
SIX MONTHS ENDED MAY 31, 2024 (UNAUDITED) AND YEAR ENDED NOVEMBER 30, 2023 | ||||||||
Increase (Decrease) in Net Assets | May 31, 2024 | November 30, 2023 | ||||||
Operations | ||||||||
Net investment income (loss) | $ | 50,558 | $ | 117,194 | ||||
Net realized gain (loss) | 259,489 | (300,120) | ||||||
Change in net unrealized appreciation (depreciation) | 956,359 | 1,750,190 | ||||||
Net increase (decrease) in net assets resulting from operations | 1,266,406 | 1,567,264 | ||||||
Distributions to Shareholders | ||||||||
From earnings: | ||||||||
Investor Class | (23,263) | (50,517) | ||||||
I Class | (103,777) | (137,593) | ||||||
A Class | (2,472) | (4,405) | ||||||
C Class | — | (135) | ||||||
R Class | (1,872) | (7,964) | ||||||
R6 Class | (24,395) | (26,437) | ||||||
Decrease in net assets from distributions | (155,779) | (227,051) | ||||||
Capital Share Transactions | ||||||||
Net increase (decrease) in net assets from capital share transactions (Note 5) | 4,653,387 | 2,422,828 | ||||||
Net increase (decrease) in net assets | 5,764,014 | 3,763,041 | ||||||
Net Assets | ||||||||
Beginning of period | 14,399,710 | 10,636,669 | ||||||
End of period | $ | 20,163,724 | $ | 14,399,710 |
See Notes to Financial Statements.
8
Notes to Financial Statements |
MAY 31, 2024 (UNAUDITED)
1. Organization
American Century World 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. Emerging Markets Small Cap Fund (the fund) is one fund in a series issued by the corporation. The fund’s investment objective is to seek capital growth.
The fund offers the Investor Class, I Class, A Class, C Class, R Class and R6 Class. The A Class may incur an initial sales charge. The A Class and C Class may be subject to a contingent deferred sales charge.
2. Significant Accounting Policies
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.
Open-end management investment companies are valued at the reported NAV per share. Repurchase agreements are valued at cost, which approximates fair value.
If the valuation designee determines that the market price for a portfolio security is not readily available or is believed by the valuation designee to be unreliable, such security is valued at fair value as determined in good faith by the valuation designee, in accordance with its policies and procedures. Circumstances that may cause the fund to determine that market quotations are not available or reliable include, but are not limited to: when there is a significant event subsequent to the market quotation; trading in a security has been halted during the trading day; or trading in a security is insufficient or did not take place due to a closure or holiday.
The valuation designee monitors for significant events occurring after the close of an investment’s primary exchange but before the fund’s NAV per share is determined. Significant events may include, but are not limited to: corporate announcements and transactions; regulatory news, governmental action and political unrest that could impact a specific investment or an investment sector; or armed conflicts, natural disasters and similar events that could affect investments in a specific country or region. The valuation designee also monitors for significant fluctuations between domestic and foreign markets, as evidenced by the U.S. market or such other indicators that it deems appropriate. The valuation designee may apply a model-derived factor to the closing price of equity securities traded on foreign securities exchanges. The factor is based on observable market data as provided by an independent pricing service.
Foreign Currency Translations — All assets and liabilities, including investment securities and other financial instruments, initially expressed in foreign currencies are translated into U.S. dollars each day at the mean of the appropriate currency exchange rate at the close of the NYSE as provided by an independent pricing service. 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.
Security Transactions — Security transactions are accounted for as of the trade date. Net realized gains and losses are determined on the identified cost basis, which is also used for federal income tax purposes. Certain countries impose taxes on realized gains on the sale of securities registered in their country. The fund records the foreign tax expense, if any, on an accrual basis. The foreign tax expense on realized gains and unrealized appreciation reduces the net realized gain (loss) on investment transactions and net unrealized appreciation (depreciation) on investments, respectively.
9
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.
Income Tax Status — It is the fund's policy to distribute substantially all net investment income and net realized gains to shareholders and to otherwise qualify as a regulated investment company under provisions of the Internal Revenue Code. Accordingly, no provision has been made for income taxes. The fund files U.S. federal, state, local and non-U.S. tax returns as applicable. The fund's tax returns are subject to examination by the relevant taxing authority until expiration of the applicable statute of limitations, which is generally three years from the date of filing but can be longer in certain jurisdictions. At this time, management believes there are no uncertain tax positions which, based on their technical merit, would not be sustained upon examination and for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
Multiple Class — All shares of the fund represent an equal pro rata interest in the net assets of the class to which such shares belong, and have identical voting, dividend, liquidation and other rights and the same terms and conditions, except for class specific expenses and exclusive rights to vote on matters affecting only individual classes. Income, non-class specific expenses, and realized and unrealized capital gains and losses of the fund are allocated to each class of shares based on their relative net assets.
Distributions to Shareholders — Distributions from net investment income and net realized gains, if any, are generally declared and paid annually. The fund may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code, in all events in a manner consistent with provisions of the 1940 Act.
Indemnifications — Under the corporation’s organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the fund. In addition, in the normal course of business, the fund enters into contracts that provide general indemnifications. The maximum exposure under these arrangements is unknown as this would involve future claims that may be made against a fund. The risk of material loss from such claims is considered by management to be remote.
Securities Lending — Securities are lent to qualified financial institutions and brokers. State Street Bank & Trust Co. serves as securities lending agent to the fund pursuant to a Securities Lending Agreement. The lending of securities exposes the fund to risks such as: the borrowers may fail to return the loaned securities, the borrowers may not be able to provide additional collateral, the fund may experience delays in recovery of the loaned securities or delays in access to collateral, or the fund may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge collateral in the form of cash and/or securities. The lending agent has agreed to indemnify the fund in the case of default of any securities borrowed. Cash collateral received is invested in the State Street Navigator Securities Lending Government Money Market Portfolio, a money market mutual fund registered under the 1940 Act. The loans may also be secured by U.S. government securities in an amount at least equal to the market value of the securities loaned, plus accrued interest and dividends, determined on a daily basis and adjusted accordingly. By lending securities, the fund seeks to increase its net investment income through the receipt of interest and fees. Such income is reflected separately within the Statement of Operations. The value of loaned securities and related collateral outstanding at period end, if any, are shown on a gross basis within the Schedule of Investments and Statement of Assets and Liabilities.
The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged, and the remaining contractual maturity of those transactions as of May 31, 2024.
Remaining Contractual Maturity of Agreements | |||||||||||||||||
Overnight and Continuous | <30 days | Between 30 & 90 days | >90 days | Total | |||||||||||||
Securities Lending Transactions(1) | |||||||||||||||||
Common Stocks | $ | 271,792 | — | — | — | $ | 271,792 | ||||||||||
Gross amount of recognized liabilities for securities lending transactions | $ | 271,792 |
(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.
10
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.
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 annual management fee for each class is as follows:
Investor Class | I Class | A Class | C Class | R Class | R6 Class | ||||||||||||
1.39% | 1.19% | 1.39% | 1.39% | 1.39% | 1.04% |
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 May 31, 2024 are detailed in the Statement of Operations.
Directors' Fees and Expenses — The Board of Directors is responsible for overseeing the investment advisor’s management and operations of the fund. The directors receive detailed information about the fund and its investment advisor regularly throughout the year, and meet at least quarterly with management of the investment advisor to review reports about fund operations. The fund's officers do not receive compensation from the fund.
Other Expenses — A fund’s other expenses may include interest charges, clearing exchange fees, proxy solicitation expenses, fees associated with the recovery of foreign tax reclaims and other miscellaneous expenses.
Interfund Transactions — The fund may enter into security transactions with other American Century Investments funds and other client accounts of the investment advisor, in accordance with the 1940 Act rules and procedures adopted by the Board of Directors. The rules and procedures require, among other things, that these transactions be effected at the independent current market price of the security. There were no interfund transactions during the period.
4. Investment Transactions
Purchases and sales of investment securities, excluding short-term investments, for the period ended May 31, 2024 were $9,554,178 and $5,319,769, respectively.
11
5. Capital Share Transactions
Transactions in shares of the fund were as follows:
Six months ended May 31, 2024 | Year ended November 30, 2023 | |||||||||||||
Shares | Amount | Shares | Amount | |||||||||||
Investor Class/Shares Authorized | 35,000,000 | 35,000,000 | ||||||||||||
Sold | 47,729 | $ | 696,834 | 24,632 | $ | 307,215 | ||||||||
Issued in reinvestment of distributions | 1,569 | 22,840 | 4,214 | 49,679 | ||||||||||
Redeemed | (23,938) | (350,553) | (44,108) | (556,922) | ||||||||||
25,360 | 369,121 | (15,262) | (200,028) | |||||||||||
I Class/Shares Authorized | 30,000,000 | 30,000,000 | ||||||||||||
Sold | 375,057 | 5,506,454 | 223,069 | 2,890,187 | ||||||||||
Issued in reinvestment of distributions | 7,098 | 103,777 | 11,621 | 137,593 | ||||||||||
Redeemed | (88,012) | (1,286,061) | (115,512) | (1,448,980) | ||||||||||
294,143 | 4,324,170 | 119,178 | 1,578,800 | |||||||||||
A Class/Shares Authorized | 25,000,000 | 25,000,000 | ||||||||||||
Sold | 1,923 | 27,554 | 15,288 | 190,423 | ||||||||||
Issued in reinvestment of distributions | 171 | 2,472 | 376 | 4,405 | ||||||||||
Redeemed | (7,717) | (111,763) | (2,185) | (29,298) | ||||||||||
(5,623) | (81,737) | 13,479 | 165,530 | |||||||||||
C Class/Shares Authorized | 25,000,000 | 25,000,000 | ||||||||||||
Issued in reinvestment of distributions | — | — | 12 | 135 | ||||||||||
R Class/Shares Authorized | 20,000,000 | 20,000,000 | ||||||||||||
Sold | 21,364 | 303,622 | 22,964 | 283,693 | ||||||||||
Issued in reinvestment of distributions | 131 | 1,872 | 687 | 7,964 | ||||||||||
Redeemed | (13,183) | (189,317) | (24,307) | (294,988) | ||||||||||
8,312 | 116,177 | (656) | (3,331) | |||||||||||
R6 Class/Shares Authorized | 20,000,000 | 20,000,000 | ||||||||||||
Sold | 21,059 | 312,142 | 116,870 | 1,406,437 | ||||||||||
Issued in reinvestment of distributions | 1,663 | 24,395 | 2,227 | 26,437 | ||||||||||
Redeemed | (28,354) | (410,881) | (44,300) | (551,152) | ||||||||||
(5,632) | (74,344) | 74,797 | 881,722 | |||||||||||
Net increase (decrease) | 316,560 | $ | 4,653,387 | 191,548 | $ | 2,422,828 |
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.
12
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 | $ | 849,478 | $ | 19,097,953 | — | ||||||
Exchange-Traded Funds | — | 168,751 | — | ||||||||
Short-Term Investments | 273,612 | 144,782 | — | ||||||||
$ | 1,123,090 | $ | 19,411,486 | — |
7. Risk Factors
The value of the fund’s shares will go up and down, sometimes rapidly or unpredictably, based on the performance of the securities owned by the fund and other factors generally affecting the securities market. Market risks, including political, regulatory, economic and social developments, can affect the value of the fund’s investments. Natural disasters, public health emergencies, war, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.
There are certain risks involved in investing in foreign securities. These risks include those resulting from political events (such as civil unrest, national elections and imposition of exchange controls), social and economic events (such as labor strikes and rising inflation), and natural disasters. Securities of foreign issuers may be less liquid and more volatile. Investing in emerging markets or a significant portion of assets in one country or region may accentuate these risks.
The fund invests in common stocks of small companies. Because of this, the fund may be subject to greater risk and market fluctuations than a fund investing in larger, more established companies.
8. Federal Tax Information
The book-basis character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts on the financial statements.
As of period end, the components of investments for federal income tax purposes were as follows:
Federal tax cost of investments | $ | 16,562,154 | |||
Gross tax appreciation of investments | $ | 4,575,688 | |||
Gross tax depreciation of investments | (603,266) | ||||
Net tax appreciation (depreciation) of investments | $ | 3,972,422 |
The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales.
As of November 30, 2023, the fund had accumulated short-term capital losses of $(908,919), which 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.
13
Financial Highlights |
For a Share Outstanding Throughout the Years Ended November 30 (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 | |||||||||||||||||||||||||||||||||||||||||
2024(3) | $13.53 | 0.03 | 1.15 | 1.18 | (0.11) | — | (0.11) | $14.60 | 8.67% | 1.39% | 0.43% | 30% | $3,050 | ||||||||||||||||||||||||||||
2023 | $12.21 | 0.10 | 1.47 | 1.57 | (0.25) | — | (0.25) | $13.53 | 13.15% | 1.40% | 0.83% | 48% | $2,484 | ||||||||||||||||||||||||||||
2022 | $16.48 | 0.15 | (3.20) | (3.05) | (0.02) | (1.20) | (1.22) | $12.21 | (19.90)% | 1.41% | 1.21% | 64% | $2,428 | ||||||||||||||||||||||||||||
2021 | $14.23 | 0.04 | 2.82 | 2.86 | — | (0.61) | (0.61) | $16.48 | 20.69% | 1.39% | 0.25% | 52% | $3,451 | ||||||||||||||||||||||||||||
2020 | $12.52 | 0.04 | 1.72 | 1.76 | (0.05) | — | (0.05) | $14.23 | 14.07% | 1.54% | 0.37% | 60% | $2,984 | ||||||||||||||||||||||||||||
2019 | $11.68 | 0.05 | 1.20 | 1.25 | — | (0.41) | (0.41) | $12.52 | 11.36% | 1.61% | 0.43% | 67% | $4,764 | ||||||||||||||||||||||||||||
I Class | |||||||||||||||||||||||||||||||||||||||||
2024(3) | $13.61 | 0.05 | 1.15 | 1.20 | (0.14) | — | (0.14) | $14.67 | 8.76% | 1.19% | 0.63% | 30% | $13,600 | ||||||||||||||||||||||||||||
2023 | $12.28 | 0.13 | 1.47 | 1.60 | (0.27) | — | (0.27) | $13.61 | 13.38% | 1.20% | 1.03% | 48% | $8,615 | ||||||||||||||||||||||||||||
2022 | $16.57 | 0.18 | (3.22) | (3.04) | (0.05) | (1.20) | (1.25) | $12.28 | (19.80)% | 1.21% | 1.41% | 64% | $6,309 | ||||||||||||||||||||||||||||
2021 | $14.27 | 0.07 | 2.84 | 2.91 | — | (0.61) | (0.61) | $16.57 | 21.06% | 1.19% | 0.45% | 52% | $6,090 | ||||||||||||||||||||||||||||
2020 | $12.56 | 0.07 | 1.71 | 1.78 | (0.07) | — | (0.07) | $14.27 | 14.25% | 1.34% | 0.57% | 60% | $3,932 | ||||||||||||||||||||||||||||
2019 | $11.69 | 0.07 | 1.21 | 1.28 | — | (0.41) | (0.41) | $12.56 | 11.52% | 1.41% | 0.63% | 67% | $2,386 | ||||||||||||||||||||||||||||
A Class | |||||||||||||||||||||||||||||||||||||||||
2024(3) | $13.41 | —(4) | 1.15 | 1.15 | (0.08) | — | (0.08) | $14.48 | 8.54% | 1.64% | 0.18% | 30% | $405 | ||||||||||||||||||||||||||||
2023 | $12.10 | 0.07 | 1.46 | 1.53 | (0.22) | — | (0.22) | $13.41 | 12.90% | 1.65% | 0.58% | 48% | $451 | ||||||||||||||||||||||||||||
2022 | $16.36 | 0.12 | (3.18) | (3.06) | — | (1.20) | (1.20) | $12.10 | (20.13)% | 1.66% | 0.96% | 64% | $244 | ||||||||||||||||||||||||||||
2021 | $14.17 | (0.01) | 2.81 | 2.80 | — | (0.61) | (0.61) | $16.36 | 20.41% | 1.64% | 0.00% | 52% | $305 | ||||||||||||||||||||||||||||
2020 | $12.47 | 0.02 | 1.69 | 1.71 | (0.01) | — | (0.01) | $14.17 | 13.76% | 1.79% | 0.12% | 60% | $206 | ||||||||||||||||||||||||||||
2019 | $11.66 | 0.02 | 1.20 | 1.22 | — | (0.41) | (0.41) | $12.47 | 11.11% | 1.86% | 0.18% | 67% | $853 | ||||||||||||||||||||||||||||
C Class | |||||||||||||||||||||||||||||||||||||||||
2024(3) | $12.90 | (0.04) | 1.09 | 1.05 | — | — | — | $13.95 | 8.06% | 2.39% | (0.57)% | 30% | $15 | ||||||||||||||||||||||||||||
2023 | $11.64 | (0.02) | 1.41 | 1.39 | (0.13) | — | (0.13) | $12.90 | 12.09% | 2.40% | (0.17)% | 48% | $14 | ||||||||||||||||||||||||||||
2022 | $15.90 | 0.04 | (3.10) | (3.06) | — | (1.20) | (1.20) | $11.64 | (20.75)% | 2.41% | 0.21% | 64% | $12 | ||||||||||||||||||||||||||||
2021 | $13.88 | (0.12) | 2.75 | 2.63 | — | (0.61) | (0.61) | $15.90 | 19.58% | 2.39% | (0.75)% | 52% | $10 | ||||||||||||||||||||||||||||
2020 | $12.29 | (0.07) | 1.66 | 1.59 | — | — | — | $13.88 | 12.94% | 2.54% | (0.63)% | 60% | $8 | ||||||||||||||||||||||||||||
2019 | $11.58 | (0.07) | 1.19 | 1.12 | — | (0.41) | (0.41) | $12.29 | 10.20% | 2.61% | (0.57)% | 67% | $684 |
For a Share Outstanding Throughout the Years Ended November 30 (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) | |||||||||||||||||||||||||||||
R Class | |||||||||||||||||||||||||||||||||||||||||
2024(3) | $13.25 | (0.01) | 1.13 | 1.12 | (0.04) | — | (0.04) | $14.33 | 8.44% | 1.89% | (0.07)% | 30% | $737 | ||||||||||||||||||||||||||||
2023 | $11.96 | 0.04 | 1.44 | 1.48 | (0.19) | — | (0.19) | $13.25 | 12.59% | 1.90% | 0.33% | 48% | $571 | ||||||||||||||||||||||||||||
2022 | $16.23 | 0.09 | (3.16) | (3.07) | — | (1.20) | (1.20) | $11.96 | (20.37)% | 1.91% | 0.71% | 64% | $523 | ||||||||||||||||||||||||||||
2021 | $14.09 | (0.04) | 2.79 | 2.75 | — | (0.61) | (0.61) | $16.23 | 20.16% | 1.89% | (0.25)% | 52% | $521 | ||||||||||||||||||||||||||||
2020 | $12.42 | (0.01) | 1.68 | 1.67 | — | — | — | $14.09 | 13.54% | 2.04% | (0.13)% | 60% | $268 | ||||||||||||||||||||||||||||
2019 | $11.64 | (0.01) | 1.20 | 1.19 | — | (0.41) | (0.41) | $12.42 | 10.68% | 2.11% | (0.07)% | 67% | $336 | ||||||||||||||||||||||||||||
R6 Class | |||||||||||||||||||||||||||||||||||||||||
2024(3) | $13.67 | 0.05 | 1.16 | 1.21 | (0.16) | — | (0.16) | $14.72 | 8.89% | 1.04% | 0.78% | 30% | $2,356 | ||||||||||||||||||||||||||||
2023 | $12.33 | 0.15 | 1.48 | 1.63 | (0.29) | — | (0.29) | $13.67 | 13.58% | 1.05% | 1.18% | 48% | $2,265 | ||||||||||||||||||||||||||||
2022 | $16.64 | 0.20 | (3.24) | (3.04) | (0.07) | (1.20) | (1.27) | $12.33 | (19.66)% | 1.06% | 1.56% | 64% | $1,120 | ||||||||||||||||||||||||||||
2021 | $14.31 | 0.10 | 2.84 | 2.94 | — | (0.61) | (0.61) | $16.64 | 21.15% | 1.04% | 0.60% | 52% | $18 | ||||||||||||||||||||||||||||
2020 | $12.59 | 0.10 | 1.71 | 1.81 | (0.09) | — | (0.09) | $14.31 | 14.47% | 1.19% | 0.72% | 60% | $15 | ||||||||||||||||||||||||||||
2019 | $11.70 | 0.09 | 1.21 | 1.30 | — | (0.41) | (0.41) | $12.59 | 11.68% | 1.26% | 0.78% | 67% | $144 |
Notes to Financial Highlights |
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day and do not reflect applicable sales charges, if any. Total returns for periods less than one year are not annualized.
(3)Six months ended May 31, 2024 (unaudited).
(4)Per-share amount was less than $0.005.
*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.
†Ratios for periods less than one year are annualized. Zero balances may reflect amounts less than 0.005%.
See Notes to Financial Statements.
Contact Us | americancentury.com | |||||||
Automated Information Line | 1-800-345-8765 | |||||||
Investor Services Representative | 1-800-345-2021 or 816-531-5575 | |||||||
Banks and Trust Companies, Broker-Dealers, Financial Professionals, Insurance Companies | 1-800-345-6488 | |||||||
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. | ||||||||
©2024 American Century Proprietary Holdings, Inc. All rights reserved. CL-SAN-92636 2407 |
![Image9.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g3.jpg)
Semiannual Financial Statements and Other Information | |||||
May 31, 2024 | |||||
Focused Global Growth Fund | |||||
Investor Class (TWGGX) | |||||
I Class (AGGIX) | |||||
Y Class (AGYGX) | |||||
A Class (AGGRX) | |||||
C Class (AGLCX) | |||||
R Class (AGORX) | |||||
R5 Class (AGFGX) | |||||
R6 Class (AGGDX) |
Table of Contents |
Schedule of Investments | |||||
Statement of Assets and Liabilities | |||||
Statement of Operations | |||||
Statement of Changes in Net Assets | |||||
Notes to Financial Statements | |||||
Financial Highlights | |||||
Schedule of Investments |
MAY 31, 2024 (UNAUDITED)
Shares | Value | |||||||
COMMON STOCKS — 98.7% | ||||||||
Canada — 2.7% | ||||||||
Canadian Pacific Kansas City Ltd. | 212,970 | $ | 16,901,299 | |||||
Denmark — 3.6% | ||||||||
Novo Nordisk AS, Class B | 165,530 | 22,427,341 | ||||||
France — 2.7% | ||||||||
AXA SA | 465,660 | 16,813,317 | ||||||
India — 2.7% | ||||||||
HDFC Bank Ltd. | 914,110 | 16,791,139 | ||||||
Indonesia — 2.4% | ||||||||
Bank Central Asia Tbk. PT | 26,270,400 | 14,947,131 | ||||||
Ireland — 2.8% | ||||||||
ICON PLC(1) | 53,340 | 17,325,899 | ||||||
Japan — 2.8% | ||||||||
Keyence Corp. | 38,500 | 17,354,314 | ||||||
Netherlands — 3.3% | ||||||||
ASML Holding NV | 21,130 | 20,216,551 | ||||||
Spain — 2.5% | ||||||||
Cellnex Telecom SA | 433,730 | 15,844,172 | ||||||
United Kingdom — 6.1% | ||||||||
AstraZeneca PLC | 134,030 | 20,834,835 | ||||||
London Stock Exchange Group PLC | 146,330 | 17,152,292 | ||||||
37,987,127 | ||||||||
United States — 67.1% | ||||||||
Amazon.com, Inc.(1) | 172,600 | 30,453,544 | ||||||
Arthur J Gallagher & Co. | 66,790 | 16,919,911 | ||||||
Booz Allen Hamilton Holding Corp. | 110,610 | 16,835,948 | ||||||
CoStar Group, Inc.(1) | 179,300 | 14,015,881 | ||||||
Danaher Corp. | 71,940 | 18,474,192 | ||||||
Entegris, Inc. | 126,490 | 15,982,011 | ||||||
Ferguson PLC | 77,970 | 16,041,548 | ||||||
Howmet Aerospace, Inc. | 241,210 | 20,418,426 | ||||||
Mastercard, Inc., Class A | 42,877 | 19,169,020 | ||||||
Meta Platforms, Inc., Class A | 54,010 | 25,213,488 | ||||||
Microsoft Corp. | 102,230 | 42,438,740 | ||||||
NVIDIA Corp. | 40,920 | 44,861,824 | ||||||
NXP Semiconductors NV | 72,470 | 19,719,087 | ||||||
Progressive Corp. | 84,300 | 17,802,474 | ||||||
Prologis, Inc. | 136,070 | 15,034,374 | ||||||
S&P Global, Inc. | 38,370 | 16,403,559 | ||||||
SBA Communications Corp. | 72,660 | 14,290,769 | ||||||
TransDigm Group, Inc. | 13,620 | 18,294,793 | ||||||
Williams Cos., Inc. | 416,090 | 17,271,896 | ||||||
Xylem, Inc. | 125,430 | 17,688,139 | ||||||
417,329,624 | ||||||||
TOTAL COMMON STOCKS (Cost $490,633,731) | 613,937,914 | |||||||
SHORT-TERM INVESTMENTS — 2.2% | ||||||||
Money Market Funds — 0.0% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 61,870 | 61,870 |
2
Shares | Value | |||||||
Repurchase Agreements — 2.2% | ||||||||
BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 3.00%, 5/15/45 - 2/15/49, valued at $958,313), in a joint trading account at 5.29%, dated 5/31/24, due 6/3/24 (Delivery value $933,004) | $ | 932,593 | ||||||
Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 0.50% - 2.75%, 4/30/27, valued at $9,431,016), at 5.31%, dated 5/31/24, due 6/3/24 (Delivery value $9,250,091) | 9,246,000 | |||||||
TD Securities (USA) LLC, (collateralized by various U.S. Treasury obligations, 1.125% - 3.875%, 9/30/25 - 2/15/32, valued at $3,812,413), at 5.30%, dated 5/31/24, due 6/3/24 (Delivery value $3,737,650) | 3,736,000 | |||||||
13,914,593 | ||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $13,976,463) | 13,976,463 | |||||||
TOTAL INVESTMENT SECURITIES — 100.9% (Cost $504,610,194) | 627,914,377 | |||||||
OTHER ASSETS AND LIABILITIES — (0.9)% | (5,622,092) | |||||||
TOTAL NET ASSETS — 100.0% | $ | 622,292,285 |
MARKET SECTOR DIVERSIFICATION | |||||
(as a % of net assets) | |||||
Information Technology | 25.8% | ||||
Financials | 21.8% | ||||
Industrials | 17.1% | ||||
Health Care | 12.7% | ||||
Real Estate | 7.0% | ||||
Communication Services | 6.6% | ||||
Consumer Discretionary | 4.9% | ||||
Energy | 2.8% | ||||
Short-Term Investments | 2.2% | ||||
Other Assets and Liabilities | (0.9)% |
NOTES TO SCHEDULE OF INVESTMENTS |
(1)Non-income producing.
See Notes to Financial Statements.
3
Statement of Assets and Liabilities |
MAY 31, 2024 (UNAUDITED) | |||||
Assets | |||||
Investment securities, at value (cost of $504,610,194) | $ | 627,914,377 | |||
Receivable for investments sold | 9,958,359 | ||||
Receivable for capital shares sold | 68,358 | ||||
Dividends and interest receivable | 840,857 | ||||
Other assets | 1,052 | ||||
638,783,003 | |||||
Liabilities | |||||
Payable for investments purchased | 15,400,434 | ||||
Payable for capital shares redeemed | 184,449 | ||||
Accrued management fees | 523,561 | ||||
Distribution and service fees payable | 10,205 | ||||
Accrued foreign taxes | 372,069 | ||||
16,490,718 | |||||
Net Assets | $ | 622,292,285 | |||
Net Assets Consist of: | |||||
Capital (par value and paid-in surplus) | $ | 476,993,139 | |||
Distributable earnings (loss) | 145,299,146 | ||||
$ | 622,292,285 |
Net Assets | Shares Outstanding | Net Asset Value Per Share* | |||||||||
Investor Class, $0.01 Par Value | $420,662,173 | 35,909,986 | $11.71 | ||||||||
I Class, $0.01 Par Value | $72,222,278 | 5,932,719 | $12.17 | ||||||||
Y Class, $0.01 Par Value | $349,939 | 28,395 | $12.32 | ||||||||
A Class, $0.01 Par Value | $27,425,058 | 2,498,979 | $10.97 | ||||||||
C Class, $0.01 Par Value | $2,098,378 | 275,856 | $7.61 | ||||||||
R Class, $0.01 Par Value | $6,230,593 | 595,191 | $10.47 | ||||||||
R5 Class, $0.01 Par Value | $10,970 | 901 | $12.18 | ||||||||
R6 Class, $0.01 Par Value | $93,292,896 | 7,585,070 | $12.30 |
*Maximum offering price per share was equal to the net asset value per share for all share classes, except A Class, for which the maximum offering price per share was $11.64 (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.
4
Statement of Operations |
FOR THE SIX MONTHS ENDED MAY 31, 2024 (UNAUDITED) | |||||
Investment Income (Loss) | |||||
Income: | |||||
Dividends (net of foreign taxes withheld of $267,632) | $ | 3,429,952 | |||
Interest | 62,363 | ||||
3,492,315 | |||||
Expenses: | |||||
Management fees | 3,048,723 | ||||
Distribution and service fees: | |||||
A Class | 33,129 | ||||
C Class | 10,809 | ||||
R Class | 14,805 | ||||
Directors' fees and expenses | 8,806 | ||||
Other expenses | 14,226 | ||||
3,130,498 | |||||
Net investment income (loss) | 361,817 | ||||
Realized and Unrealized Gain (Loss) | |||||
Net realized gain (loss) on: | |||||
Investment transactions | 27,744,038 | ||||
Foreign currency translation transactions | (32,851) | ||||
27,711,187 | |||||
Change in net unrealized appreciation (depreciation) on: | |||||
Investments (includes (increase) decrease in accrued foreign taxes of $3,082) | 48,846,706 | ||||
Translation of assets and liabilities in foreign currencies | (8,136) | ||||
48,838,570 | |||||
Net realized and unrealized gain (loss) | 76,549,757 | ||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 76,911,574 |
See Notes to Financial Statements.
5
Statement of Changes in Net Assets |
SIX MONTHS ENDED MAY 31, 2024 (UNAUDITED) AND YEAR ENDED NOVEMBER 30, 2023 | ||||||||
Increase (Decrease) in Net Assets | May 31, 2024 | November 30, 2023 | ||||||
Operations | ||||||||
Net investment income (loss) | $ | 361,817 | $ | 3,252,179 | ||||
Net realized gain (loss) | 27,711,187 | 20,963,058 | ||||||
Change in net unrealized appreciation (depreciation) | 48,838,570 | 24,541,115 | ||||||
Net increase (decrease) in net assets resulting from operations | 76,911,574 | 48,756,352 | ||||||
Distributions to Shareholders | ||||||||
From earnings: | ||||||||
Investor Class | (14,740,592) | (41,136,845) | ||||||
I Class | (2,922,662) | (8,447,283) | ||||||
Y Class | (12,763) | (34,387) | ||||||
A Class | (939,440) | (2,818,294) | ||||||
C Class | (106,841) | (404,907) | ||||||
R Class | (204,720) | (677,257) | ||||||
R5 Class | (372) | (932) | ||||||
R6 Class | (3,508,992) | (8,363,717) | ||||||
Decrease in net assets from distributions | (22,436,382) | (61,883,622) | ||||||
Capital Share Transactions | ||||||||
Net increase (decrease) in net assets from capital share transactions (Note 5) | (22,266,550) | 17,634,212 | ||||||
Net increase (decrease) in net assets | 32,208,642 | 4,506,942 | ||||||
Net Assets | ||||||||
Beginning of period | 590,083,643 | 585,576,701 | ||||||
End of period | $ | 622,292,285 | $ | 590,083,643 |
See Notes to Financial Statements.
6
Notes to Financial Statements |
MAY 31, 2024 (UNAUDITED)
1. Organization
American Century World 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. Focused Global Growth Fund (the fund) is one fund in a series issued by the corporation. The fund's investment objective is to seek capital growth.
The fund offers the Investor Class, I Class, Y Class, A Class, C Class, R Class, R5 Class and R6 Class. The A Class may incur an initial sales charge. The A Class and C Class may be subject to a contingent deferred sales charge.
2. Significant Accounting Policies
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.
Open-end management investment companies are valued at the reported NAV per share. Repurchase agreements are valued at cost, which approximates fair value.
If the valuation designee determines that the market price for a portfolio security is not readily available or is believed by the valuation designee to be unreliable, such security is valued at fair value as determined in good faith by the valuation designee, in accordance with its policies and procedures. Circumstances that may cause the fund to determine that market quotations are not available or reliable include, but are not limited to: when there is a significant event subsequent to the market quotation; trading in a security has been halted during the trading day; or trading in a security is insufficient or did not take place due to a closure or holiday.
The valuation designee monitors for significant events occurring after the close of an investment’s primary exchange but before the fund’s NAV per share is determined. Significant events may include, but are not limited to: corporate announcements and transactions; regulatory news, governmental action and political unrest that could impact a specific investment or an investment sector; or armed conflicts, natural disasters and similar events that could affect investments in a specific country or region. The valuation designee also monitors for significant fluctuations between domestic and foreign markets, as evidenced by the U.S. market or such other indicators that it deems appropriate. The valuation designee may apply a model-derived factor to the closing price of equity securities traded on foreign securities exchanges. The factor is based on observable market data as provided by an independent pricing service.
Foreign Currency Translations — All assets and liabilities, including investment securities and other financial instruments, initially expressed in foreign currencies are translated into U.S. dollars each day at the mean of the appropriate currency exchange rate at the close of the NYSE as provided by an independent pricing service. 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.
Security Transactions — Security transactions are accounted for as of the trade date. Net realized gains and losses are determined on the identified cost basis, which is also used for federal income tax purposes. Certain countries impose taxes on realized gains on the sale of securities registered in their country. The fund records the foreign tax expense, if any, on an accrual basis. The foreign tax expense on realized gains and unrealized appreciation reduces the net realized gain (loss) on investment transactions and net unrealized appreciation (depreciation) on investments, respectively.
7
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.
Repurchase Agreements — The fund may enter into repurchase agreements with institutions that ACIM has determined are creditworthy pursuant to criteria adopted by the Board of Directors. The fund requires that the collateral, represented by securities, received in a repurchase transaction be transferred to the custodian in a manner sufficient to enable the fund to obtain those securities in the event of a default under the repurchase agreement. ACIM monitors, on a daily basis, the securities transferred to ensure the value, including accrued interest, of the securities under each repurchase agreement is equal to or greater than amounts owed to the fund under each repurchase agreement.
Joint Trading Account — Pursuant to an Exemptive Order issued by the Securities and Exchange Commission, the fund, along with certain other funds in the American Century Investments family of funds, may transfer uninvested cash balances into a joint trading account. These balances are invested in one or more repurchase agreements that are collateralized by U.S. Treasury or Agency obligations.
Income Tax Status — It is the fund's policy to distribute substantially all net investment income and net realized gains to shareholders and to otherwise qualify as a regulated investment company under provisions of the Internal Revenue Code. Accordingly, no provision has been made for income taxes. The fund files U.S. federal, state, local and non-U.S. tax returns as applicable. The fund's tax returns are subject to examination by the relevant taxing authority until expiration of the applicable statute of limitations, which is generally three years from the date of filing but can be longer in certain jurisdictions. At this time, management believes there are no uncertain tax positions which, based on their technical merit, would not be sustained upon examination and for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
Multiple Class — All shares of the fund represent an equal pro rata interest in the net assets of the class to which such shares belong, and have identical voting, dividend, liquidation and other rights and the same terms and conditions, except for class specific expenses and exclusive rights to vote on matters affecting only individual classes. Income, non-class specific expenses, and realized and unrealized capital gains and losses of the fund are allocated to each class of shares based on their relative net assets.
Distributions to Shareholders — Distributions from net investment income and net realized gains, if any, are generally declared and paid annually. The fund may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code, in all events in a manner consistent with provisions of the 1940 Act.
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
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.
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).
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The management fee schedule range and the effective annual management fee for each class for the period ended May 31, 2024 are as follows:
Management Fee Schedule Range | Effective Annual Management Fee | |||||||
Investor Class | 1.050% to 1.300% | 1.07% | ||||||
I Class | 0.850% to 1.100% | 0.87% | ||||||
Y Class | 0.700% to 0.950% | 0.72% | ||||||
A Class | 1.050% to 1.300% | 1.07% | ||||||
C Class | 1.050% to 1.300% | 1.07% | ||||||
R Class | 1.050% to 1.300% | 1.07% | ||||||
R5 Class | 0.850% to 1.100% | 0.87% | ||||||
R6 Class | 0.700% to 0.950% | 0.72% |
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 May 31, 2024 are detailed in the Statement of Operations.
Directors' Fees and Expenses — The Board of Directors is responsible for overseeing the investment advisor’s management and operations of the fund. The directors receive detailed information about the fund and its investment advisor regularly throughout the year, and meet at least quarterly with management of the investment advisor to review reports about fund operations. The fund's officers do not receive compensation from the fund.
Other Expenses — A fund’s other expenses may include interest charges, clearing exchange fees, proxy solicitation expenses, fees associated with the recovery of foreign tax reclaims and other miscellaneous expenses.
Interfund Transactions — The fund may enter into security transactions with other American Century Investments funds and other client accounts of the investment advisor, in accordance with the 1940 Act rules and procedures adopted by the Board of Directors. The rules and procedures require, among other things, that these transactions be effected at the independent current market price of the security. There were no interfund transactions during the period.
4. Investment Transactions
Purchases and sales of investment securities, excluding short-term investments, for the period ended May 31, 2024 were $175,225,458 and $218,837,153, respectively.
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5. Capital Share Transactions
Transactions in shares of the fund were as follows:
Six months ended May 31, 2024 | Year ended November 30, 2023 | |||||||||||||
Shares | Amount | Shares | Amount | |||||||||||
Investor Class/Shares Authorized | 450,000,000 | 450,000,000 | ||||||||||||
Sold | 710,586 | $ | 7,966,504 | 1,330,890 | $ | 13,536,718 | ||||||||
Issued in reinvestment of distributions | 1,331,834 | 14,130,756 | 4,185,379 | 39,468,121 | ||||||||||
Redeemed | (2,561,675) | (28,501,229) | (4,095,358) | (41,949,103) | ||||||||||
(519,255) | (6,403,969) | 1,420,911 | 11,055,736 | |||||||||||
I Class/Shares Authorized | 100,000,000 | 100,000,000 | ||||||||||||
Sold | 233,413 | 2,676,552 | 1,039,876 | 11,007,895 | ||||||||||
Issued in reinvestment of distributions | 265,137 | 2,921,805 | 863,486 | 8,444,893 | ||||||||||
Redeemed | (1,485,841) | (17,274,081) | (2,119,457) | (22,483,236) | ||||||||||
(987,291) | (11,675,724) | (216,095) | (3,030,448) | |||||||||||
Y Class/Shares Authorized | 20,000,000 | 20,000,000 | ||||||||||||
Sold | 126 | 1,477 | 8,554 | 91,496 | ||||||||||
Issued in reinvestment of distributions | 1,145 | 12,763 | 3,477 | 34,387 | ||||||||||
Redeemed | (2,375) | (27,488) | (10,963) | (122,314) | ||||||||||
(1,104) | (13,248) | 1,068 | 3,569 | |||||||||||
A Class/Shares Authorized | 40,000,000 | 40,000,000 | ||||||||||||
Sold | 166,212 | 1,735,456 | 514,710 | 4,928,940 | ||||||||||
Issued in reinvestment of distributions | 92,542 | 920,792 | 312,247 | 2,769,627 | ||||||||||
Redeemed | (294,052) | (3,068,792) | (779,154) | (7,579,406) | ||||||||||
(35,298) | (412,544) | 47,803 | 119,161 | |||||||||||
C Class/Shares Authorized | 25,000,000 | 25,000,000 | ||||||||||||
Sold | 11,977 | 89,182 | 15,900 | 110,764 | ||||||||||
Issued in reinvestment of distributions | 15,433 | 106,798 | 63,840 | 401,551 | ||||||||||
Redeemed | (59,679) | (432,955) | (135,365) | (917,748) | ||||||||||
(32,269) | (236,975) | (55,625) | (405,433) | |||||||||||
R Class/Shares Authorized | 25,000,000 | 25,000,000 | ||||||||||||
Sold | 44,975 | 451,823 | 87,214 | 805,743 | ||||||||||
Issued in reinvestment of distributions | 21,549 | 204,720 | 79,865 | 677,257 | ||||||||||
Redeemed | (46,187) | (457,936) | (192,108) | (1,753,944) | ||||||||||
20,337 | 198,607 | (25,029) | (270,944) | |||||||||||
R5 Class/Shares Authorized | 20,000,000 | 20,000,000 | ||||||||||||
Issued in reinvestment of distributions | 34 | 372 | 95 | 932 | ||||||||||
R6 Class/Shares Authorized | 75,000,000 | 75,000,000 | ||||||||||||
Sold | 688,268 | 8,057,793 | 1,862,989 | 19,904,062 | ||||||||||
Issued in reinvestment of distributions | 285,757 | 3,177,617 | 763,180 | 7,532,585 | ||||||||||
Redeemed | (1,262,876) | (14,958,479) | (1,630,838) | (17,275,008) | ||||||||||
(288,851) | (3,723,069) | 995,331 | 10,161,639 | |||||||||||
Net increase (decrease) | (1,843,697) | $ | (22,266,550) | 2,168,459 | $ | 17,634,212 |
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.
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•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 | |||||||||||
Denmark | — | $ | 22,427,341 | — | |||||||
France | — | 16,813,317 | — | ||||||||
India | — | 16,791,139 | — | ||||||||
Indonesia | — | 14,947,131 | — | ||||||||
Japan | — | 17,354,314 | — | ||||||||
Netherlands | — | 20,216,551 | — | ||||||||
Spain | — | 15,844,172 | — | ||||||||
United Kingdom | — | 37,987,127 | — | ||||||||
Other Countries | $ | 451,556,822 | — | — | |||||||
Short-Term Investments | 61,870 | 13,914,593 | — | ||||||||
$ | 451,618,692 | $ | 176,295,685 | — |
7. Risk Factors
The value of the fund’s shares will go up and down, sometimes rapidly or unpredictably, based on the performance of the securities owned by the fund and other factors generally affecting the securities market. Market risks, including political, regulatory, economic and social developments, can affect the value of the fund’s investments. Natural disasters, public health emergencies, war, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.
There are certain risks involved in investing in foreign securities. These risks include those resulting from political events (such as civil unrest, national elections and imposition of exchange controls), social and economic events (such as labor strikes and rising inflation), and natural disasters. Securities of foreign issuers may be less liquid and more volatile. Investing in emerging markets or a significant portion of assets in one country or region may accentuate these risks.
8. Federal Tax Information
The book-basis character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts on the financial statements.
As of period end, the components of investments for federal income tax purposes were as follows:
Federal tax cost of investments | $ | 505,224,227 | |||
Gross tax appreciation of investments | $ | 136,217,433 | |||
Gross tax depreciation of investments | (13,527,283) | ||||
Net tax appreciation (depreciation) of investments | $ | 122,690,150 |
The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales.
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Financial Highlights |
For a Share Outstanding Throughout the Years Ended November 30 (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 | |||||||||||||||||||||||||||||||||||||||||
2024(3) | $10.73 | —(4) | 1.39 | 1.39 | (0.05) | (0.36) | (0.41) | $11.71 | 13.32% | 1.08% | 0.06% | 29% | $420,662 | ||||||||||||||||||||||||||||
2023 | $11.10 | 0.05 | 0.77 | 0.82 | (0.06) | (1.13) | (1.19) | $10.73 | 8.84% | 1.09% | 0.50% | 79% | $390,767 | ||||||||||||||||||||||||||||
2022 | $15.00 | 0.06 | (2.16) | (2.10) | (0.03) | (1.77) | (1.80) | $11.10 | (16.07)% | 1.10% | 0.54% | 45% | $388,619 | ||||||||||||||||||||||||||||
2021 | $14.56 | 0.04 | 1.84 | 1.88 | — | (1.44) | (1.44) | $15.00 | 14.18% | 1.07% | 0.26% | 40% | $495,712 | ||||||||||||||||||||||||||||
2020 | $13.54 | (0.02) | 3.16 | 3.14 | —(4) | (2.12) | (2.12) | $14.56 | 27.02% | 1.07% | (0.14)% | 73% | $462,781 | ||||||||||||||||||||||||||||
2019 | $12.32 | 0.01 | 2.33 | 2.34 | (0.01) | (1.11) | (1.12) | $13.54 | 21.82% | 1.07% | 0.07% | 68% | $450,413 | ||||||||||||||||||||||||||||
I Class | |||||||||||||||||||||||||||||||||||||||||
2024(3) | $11.14 | 0.01 | 1.45 | 1.46 | (0.07) | (0.36) | (0.43) | $12.17 | 13.50% | 0.88% | 0.26% | 29% | $72,222 | ||||||||||||||||||||||||||||
2023 | $11.48 | 0.07 | 0.80 | 0.87 | (0.08) | (1.13) | (1.21) | $11.14 | 9.03% | 0.89% | 0.70% | 79% | $77,104 | ||||||||||||||||||||||||||||
2022 | $15.46 | 0.09 | (2.24) | (2.15) | (0.06) | (1.77) | (1.83) | $11.48 | (15.93)% | 0.90% | 0.74% | 45% | $81,949 | ||||||||||||||||||||||||||||
2021 | $14.93 | 0.07 | 1.90 | 1.97 | — | (1.44) | (1.44) | $15.46 | 14.45% | 0.87% | 0.46% | 40% | $103,394 | ||||||||||||||||||||||||||||
2020 | $13.84 | —(4) | 3.24 | 3.24 | (0.03) | (2.12) | (2.15) | $14.93 | 27.21% | 0.87% | 0.06% | 73% | $94,888 | ||||||||||||||||||||||||||||
2019 | $12.57 | 0.03 | 2.39 | 2.42 | (0.04) | (1.11) | (1.15) | $13.84 | 22.04% | 0.87% | 0.27% | 68% | $28,238 | ||||||||||||||||||||||||||||
Y Class | |||||||||||||||||||||||||||||||||||||||||
2024(3) | $11.28 | 0.02 | 1.47 | 1.49 | (0.09) | (0.36) | (0.45) | $12.32 | 13.58% | 0.73% | 0.41% | 29% | $350 | ||||||||||||||||||||||||||||
2023 | $11.61 | 0.09 | 0.81 | 0.90 | (0.10) | (1.13) | (1.23) | $11.28 | 9.18% | 0.74% | 0.85% | 79% | $333 | ||||||||||||||||||||||||||||
2022 | $15.62 | 0.11 | (2.27) | (2.16) | (0.08) | (1.77) | (1.85) | $11.61 | (15.82)% | 0.75% | 0.89% | 45% | $330 | ||||||||||||||||||||||||||||
2021 | $15.05 | 0.08 | 1.93 | 2.01 | — | (1.44) | (1.44) | $15.62 | 14.62% | 0.72% | 0.61% | 40% | $311 | ||||||||||||||||||||||||||||
2020 | $13.93 | 0.03 | 3.26 | 3.29 | (0.05) | (2.12) | (2.17) | $15.05 | 27.48% | 0.72% | 0.21% | 73% | $167 | ||||||||||||||||||||||||||||
2019 | $12.65 | 0.01 | 2.43 | 2.44 | (0.05) | (1.11) | (1.16) | $13.93 | 22.18% | 0.72% | 0.42% | 68% | $299 | ||||||||||||||||||||||||||||
A Class | |||||||||||||||||||||||||||||||||||||||||
2024(3) | $10.06 | (0.01) | 1.30 | 1.29 | (0.02) | (0.36) | (0.38) | $10.97 | 13.21% | 1.33% | (0.19)% | 29% | $27,425 | ||||||||||||||||||||||||||||
2023 | $10.48 | 0.02 | 0.72 | 0.74 | (0.03) | (1.13) | (1.16) | $10.06 | 8.56% | 1.34% | 0.25% | 79% | $25,494 | ||||||||||||||||||||||||||||
2022 | $14.27 | 0.03 | (2.05) | (2.02) | — | (1.77) | (1.77) | $10.48 | (16.32)% | 1.35% | 0.29% | 45% | $26,064 | ||||||||||||||||||||||||||||
2021 | $13.94 | —(4) | 1.77 | 1.77 | — | (1.44) | (1.44) | $14.27 | 13.99% | 1.32% | 0.01% | 40% | $34,059 | ||||||||||||||||||||||||||||
2020 | $13.08 | (0.05) | 3.03 | 2.98 | — | (2.12) | (2.12) | $13.94 | 26.66% | 1.32% | (0.39)% | 73% | $30,537 | ||||||||||||||||||||||||||||
2019 | $11.96 | (0.02) | 2.25 | 2.23 | — | (1.11) | (1.11) | $13.08 | 21.48% | 1.32% | (0.18)% | 68% | $26,932 |
For a Share Outstanding Throughout the Years Ended November 30 (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) | |||||||||||||||||||||||||||||
C Class | |||||||||||||||||||||||||||||||||||||||||
2024(3) | $7.09 | (0.03) | 0.91 | 0.88 | — | (0.36) | (0.36) | $7.61 | 12.87% | 2.08% | (0.94)% | 29% | $2,098 | ||||||||||||||||||||||||||||
2023 | $7.76 | (0.03) | 0.49 | 0.46 | — | (1.13) | (1.13) | $7.09 | 7.72% | 2.09% | (0.50)% | 79% | $2,184 | ||||||||||||||||||||||||||||
2022 | $11.08 | (0.04) | (1.51) | (1.55) | — | (1.77) | (1.77) | $7.76 | (16.87)% | 2.10% | (0.46)% | 45% | $2,822 | ||||||||||||||||||||||||||||
2021 | $11.23 | (0.08) | 1.37 | 1.29 | — | (1.44) | (1.44) | $11.08 | 12.99% | 2.07% | (0.74)% | 40% | $5,426 | ||||||||||||||||||||||||||||
2020 | $11.00 | (0.11) | 2.46 | 2.35 | — | (2.12) | (2.12) | $11.23 | 25.84% | 2.07% | (1.14)% | 73% | $5,302 | ||||||||||||||||||||||||||||
2019 | $10.32 | (0.09) | 1.88 | 1.79 | — | (1.11) | (1.11) | $11.00 | 20.53% | 2.07% | (0.93)% | 68% | $4,960 | ||||||||||||||||||||||||||||
R Class | |||||||||||||||||||||||||||||||||||||||||
2024(3) | $9.60 | (0.02) | 1.25 | 1.23 | — | (0.36) | (0.36) | $10.47 | 13.16% | 1.58% | (0.44)% | 29% | $6,231 | ||||||||||||||||||||||||||||
2023 | $10.06 | —(4) | 0.68 | 0.68 | (0.01) | (1.13) | (1.14) | $9.60 | 8.20% | 1.59% | 0.00% | 79% | $5,520 | ||||||||||||||||||||||||||||
2022 | $13.79 | —(4) | (1.96) | (1.96) | — | (1.77) | (1.77) | $10.06 | (16.48)% | 1.60% | 0.04% | 45% | $6,033 | ||||||||||||||||||||||||||||
2021 | $13.55 | (0.03) | 1.71 | 1.68 | — | (1.44) | (1.44) | $13.79 | 13.71% | 1.57% | (0.24)% | 40% | $8,411 | ||||||||||||||||||||||||||||
2020 | $12.80 | (0.07) | 2.94 | 2.87 | — | (2.12) | (2.12) | $13.55 | 26.34% | 1.57% | (0.64)% | 73% | $8,931 | ||||||||||||||||||||||||||||
2019 | $11.75 | (0.05) | 2.21 | 2.16 | — | (1.11) | (1.11) | $12.80 | 21.24% | 1.57% | (0.43)% | 68% | $7,448 | ||||||||||||||||||||||||||||
R5 Class | |||||||||||||||||||||||||||||||||||||||||
2024(3) | $11.15 | 0.02 | 1.44 | 1.46 | (0.07) | (0.36) | (0.43) | $12.18 | 13.49% | 0.88% | 0.26% | 29% | $11 | ||||||||||||||||||||||||||||
2023 | $11.49 | 0.07 | 0.80 | 0.87 | (0.08) | (1.13) | (1.21) | $11.15 | 9.03% | 0.89% | 0.70% | 79% | $10 | ||||||||||||||||||||||||||||
2022 | $15.46 | 0.09 | (2.23) | (2.14) | (0.06) | (1.77) | (1.83) | $11.49 | (15.86)% | 0.90% | 0.74% | 45% | $9 | ||||||||||||||||||||||||||||
2021 | $14.93 | 0.07 | 1.90 | 1.97 | — | (1.44) | (1.44) | $15.46 | 14.45% | 0.87% | 0.46% | 40% | $11 | ||||||||||||||||||||||||||||
2020 | $13.84 | 0.01 | 3.23 | 3.24 | (0.03) | (2.12) | (2.15) | $14.93 | 27.21% | 0.87% | 0.06% | 73% | $9 | ||||||||||||||||||||||||||||
2019 | $12.57 | 0.03 | 2.39 | 2.42 | (0.04) | (1.11) | (1.15) | $13.84 | 22.04% | 0.87% | 0.27% | 68% | $7 | ||||||||||||||||||||||||||||
R6 Class | |||||||||||||||||||||||||||||||||||||||||
2024(3) | $11.26 | 0.02 | 1.47 | 1.49 | (0.09) | (0.36) | (0.45) | $12.30 | 13.61% | 0.73% | 0.41% | 29% | $93,293 | ||||||||||||||||||||||||||||
2023 | $11.59 | 0.09 | 0.81 | 0.90 | (0.10) | (1.13) | (1.23) | $11.26 | 9.20% | 0.74% | 0.85% | 79% | $88,671 | ||||||||||||||||||||||||||||
2022 | $15.59 | 0.11 | (2.26) | (2.15) | (0.08) | (1.77) | (1.85) | $11.59 | (15.79)% | 0.75% | 0.89% | 45% | $79,749 | ||||||||||||||||||||||||||||
2021 | $15.03 | 0.09 | 1.91 | 2.00 | — | (1.44) | (1.44) | $15.59 | 14.57% | 0.72% | 0.61% | 40% | $98,318 | ||||||||||||||||||||||||||||
2020 | $13.92 | 0.03 | 3.25 | 3.28 | (0.05) | (2.12) | (2.17) | $15.03 | 27.44% | 0.72% | 0.21% | 73% | $90,433 | ||||||||||||||||||||||||||||
2019 | $12.63 | 0.05 | 2.40 | 2.45 | (0.05) | (1.11) | (1.16) | $13.92 | 22.30% | 0.72% | 0.42% | 68% | $65,850 |
Notes to Financial Highlights |
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day and do not reflect applicable sales charges, if any. Total returns for periods less than one year are not annualized.
(3)Six months ended May 31, 2024 (unaudited).
(4)Per-share amount was less than $0.005.
*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.
†Ratios for periods less than one year are annualized. Zero balances may reflect amounts less than 0.005%.
See Notes to Financial Statements.
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Semiannual Financial Statements and Other Information | |||||
May 31, 2024 | |||||
Focused International Growth Fund | |||||
Investor Class (AFCNX) | |||||
I Class (AFCSX) | |||||
A Class (AFCLX) | |||||
C Class (AFCHX) | |||||
R Class (AFCWX) | |||||
R6 Class (AFCMX) | |||||
G Class (AFCGX) |
Table of Contents |
Schedule of Investments | |||||
Statement of Assets and Liabilities | |||||
Statement of Operations | |||||
Statement of Changes in Net Assets | |||||
Notes to Financial Statements | |||||
Financial Highlights | |||||
Schedule of Investments |
MAY 31, 2024 (UNAUDITED)
Shares | Value | |||||||
COMMON STOCKS — 99.2% | ||||||||
Australia — 5.8% | ||||||||
CSL Ltd. | 8,720 | $ | 1,632,282 | |||||
James Hardie Industries PLC(1) | 30,540 | 952,015 | ||||||
NEXTDC Ltd.(1) | 236,782 | 2,826,414 | ||||||
5,410,711 | ||||||||
Brazil — 1.9% | ||||||||
NU Holdings Ltd., Class A(1) | 153,200 | 1,820,016 | ||||||
Canada — 2.1% | ||||||||
Canadian Pacific Kansas City Ltd.(2) | 24,660 | 1,962,921 | ||||||
China — 3.9% | ||||||||
H World Group Ltd., ADR | 36,290 | 1,351,076 | ||||||
Tencent Holdings Ltd. | 49,100 | 2,277,924 | ||||||
3,629,000 | ||||||||
Denmark — 5.6% | ||||||||
Novo Nordisk AS, Class B | 39,074 | 5,294,061 | ||||||
France — 11.0% | ||||||||
Air Liquide SA | 13,631 | 2,683,587 | ||||||
Edenred SE | 38,150 | 1,780,136 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 3,243 | 2,593,567 | ||||||
Schneider Electric SE | 13,226 | 3,299,624 | ||||||
10,356,914 | ||||||||
Germany — 4.8% | ||||||||
Infineon Technologies AG | 34,055 | 1,377,812 | ||||||
SAP SE | 16,880 | 3,078,209 | ||||||
4,456,021 | ||||||||
India — 1.8% | ||||||||
MakeMyTrip Ltd.(1) | 22,160 | 1,675,074 | ||||||
Indonesia — 2.2% | ||||||||
Bank Central Asia Tbk. PT | 3,665,800 | 2,085,739 | ||||||
Ireland — 3.1% | ||||||||
ICON PLC(1) | 9,030 | 2,933,125 | ||||||
Italy — 3.8% | ||||||||
Davide Campari-Milano NV | 180,550 | 1,808,701 | ||||||
Ferrari NV | 4,290 | 1,767,832 | ||||||
3,576,533 | ||||||||
Japan — 14.2% | ||||||||
Keyence Corp. | 6,200 | 2,794,721 | ||||||
NEC Corp. | 24,900 | 1,853,500 | ||||||
NTT Data Group Corp. | 120,400 | 1,851,478 | ||||||
Pan Pacific International Holdings Corp. | 76,600 | 1,981,415 | ||||||
Shin-Etsu Chemical Co. Ltd. | 45,900 | 1,713,381 | ||||||
Terumo Corp. | 127,600 | 2,173,535 | ||||||
Tokio Marine Holdings, Inc. | 28,900 | 1,001,249 | ||||||
13,369,279 | ||||||||
Netherlands — 11.4% | ||||||||
Adyen NV(1) | 1,290 | 1,672,850 | ||||||
ASML Holding NV | 4,580 | 4,382,007 | ||||||
DSM-Firmenich AG | 22,680 | 2,625,279 | ||||||
Universal Music Group NV(2) | 64,890 | 2,022,210 | ||||||
10,702,346 |
2
Shares | Value | |||||||
Switzerland — 6.6% | ||||||||
Galderma Group AG(1) | 19,566 | $ | 1,588,741 | |||||
Lonza Group AG | 3,210 | 1,742,551 | ||||||
Nestle SA | 7,716 | 817,134 | ||||||
On Holding AG, Class A(1)(2) | 48,400 | 2,058,936 | ||||||
6,207,362 | ||||||||
Taiwan — 5.8% | ||||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 213,000 | 5,454,489 | ||||||
United Kingdom — 15.2% | ||||||||
Barclays PLC | 772,260 | 2,181,099 | ||||||
CRH PLC | 21,170 | 1,730,859 | ||||||
Haleon PLC | 415,207 | 1,725,350 | ||||||
London Stock Exchange Group PLC | 23,006 | 2,696,683 | ||||||
Melrose Industries PLC | 204,483 | 1,618,099 | ||||||
RELX PLC | 65,860 | 2,889,073 | ||||||
Unilever PLC | 25,900 | 1,418,364 | ||||||
14,259,527 | ||||||||
TOTAL COMMON STOCKS (Cost $78,329,818) | 93,193,118 | |||||||
SHORT-TERM INVESTMENTS — 1.3% | ||||||||
Money Market Funds — 0.1% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 5,470 | 5,470 | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio(3) | 106,358 | 106,358 | ||||||
111,828 | ||||||||
Repurchase Agreements — 1.2% | ||||||||
BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 3.00%, 5/15/45 - 2/15/49, valued at $78,499), in a joint trading account at 5.29%, dated 5/31/24, due 6/3/24 (Delivery value $76,426) | 76,392 | |||||||
Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 2.75%, 4/30/27, valued at $772,188), at 5.31%, dated 5/31/24, due 6/3/24 (Delivery value $757,335) | 757,000 | |||||||
TD Securities (USA) LLC, (collateralized by various U.S. Treasury obligations, 2.75% - 4.50%, 7/31/25 - 11/15/33, valued at $312,353), at 5.30%, dated 5/31/24, due 6/3/24 (Delivery value $306,135) | 306,000 | |||||||
1,139,392 | ||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $1,251,220) | 1,251,220 | |||||||
TOTAL INVESTMENT SECURITIES — 100.5% (Cost $79,581,038) | 94,444,338 | |||||||
OTHER ASSETS AND LIABILITIES — (0.5)% | (537,851) | |||||||
TOTAL NET ASSETS — 100.0% | $ | 93,906,487 |
MARKET SECTOR DIVERSIFICATION | |||||
(as a % of net assets) | |||||
Information Technology | 25.1% | ||||
Health Care | 16.4% | ||||
Financials | 14.1% | ||||
Consumer Discretionary | 12.2% | ||||
Industrials | 10.4% | ||||
Materials | 10.3% | ||||
Consumer Staples | 6.1% | ||||
Communication Services | 4.6% | ||||
Short-Term Investments | 1.3% | ||||
Other Assets and Liabilities | (0.5)% |
3
NOTES TO SCHEDULE OF INVESTMENTS | ||||||||
ADR | – | American Depositary Receipt |
(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 $2,085,672. 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 $2,170,879, which includes securities collateral of $2,064,521.
See Notes to Financial Statements.
4
Statement of Assets and Liabilities |
MAY 31, 2024 (UNAUDITED) | |||||
Assets | |||||
Investment securities, at value (cost of $79,474,680) — including $2,085,672 of securities on loan | $ | 94,337,980 | |||
Investment made with cash collateral received for securities on loan, at value (cost of $106,358) | 106,358 | ||||
Total investment securities, at value (cost of $79,581,038) | 94,444,338 | ||||
Foreign currency holdings, at value (cost of $21,367) | 21,358 | ||||
Receivable for investments sold | 455,027 | ||||
Receivable for capital shares sold | 278,111 | ||||
Dividends and interest receivable | 196,267 | ||||
Securities lending receivable | 702 | ||||
95,395,803 | |||||
Liabilities | |||||
Payable for collateral received for securities on loan | 106,358 | ||||
Payable for investments purchased | 816,337 | ||||
Payable for capital shares redeemed | 525,447 | ||||
Accrued management fees | 40,663 | ||||
Distribution and service fees payable | 511 | ||||
1,489,316 | |||||
Net Assets | $ | 93,906,487 | |||
Net Assets Consist of: | |||||
Capital (par value and paid-in surplus) | $ | 93,050,061 | |||
Distributable earnings (loss) | 856,426 | ||||
$ | 93,906,487 |
Net Assets | Shares Outstanding | Net Asset Value Per Share* | |||||||||
Investor Class, $0.01 Par Value | $13,751,238 | 825,339 | $16.66 | ||||||||
I Class, $0.01 Par Value | $28,566,713 | 1,699,900 | $16.80 | ||||||||
A Class, $0.01 Par Value | $675,469 | 41,009 | $16.47 | ||||||||
C Class, $0.01 Par Value | $47,922 | 3,064 | $15.64 | ||||||||
R Class, $0.01 Par Value | $721,681 | 44,395 | $16.26 | ||||||||
R6 Class, $0.01 Par Value | $8,284,679 | 490,276 | $16.90 | ||||||||
G Class, $0.01 Par Value | $41,858,785 | 2,425,857 | $17.26 |
*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 $17.47 (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.
5
Statement of Operations |
FOR THE SIX MONTHS ENDED MAY 31, 2024 (UNAUDITED) | |||||
Investment Income (Loss) | |||||
Income: | |||||
Dividends (net of foreign taxes withheld of $79,732) | $ | 709,984 | |||
Interest | 33,283 | ||||
Securities lending, net | 3,710 | ||||
746,977 | |||||
Expenses: | |||||
Management fees | 390,924 | ||||
Distribution and service fees: | |||||
A Class | 811 | ||||
C Class | 204 | ||||
R Class | 1,941 | ||||
Directors' fees and expenses | 1,325 | ||||
Other expenses | 429 | ||||
395,634 | |||||
Fees waived - G Class | (149,601) | ||||
246,033 | |||||
Net investment income (loss) | 500,944 | ||||
Realized and Unrealized Gain (Loss) | |||||
Net realized gain (loss) on: | |||||
Investment transactions | 727,501 | ||||
Foreign currency translation transactions | 7,718 | ||||
735,219 | |||||
Change in net unrealized appreciation (depreciation) on: | |||||
Investments | 8,182,237 | ||||
Translation of assets and liabilities in foreign currencies | (320) | ||||
8,181,917 | |||||
Net realized and unrealized gain (loss) | 8,917,136 | ||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 9,418,080 |
See Notes to Financial Statements.
6
Statement of Changes in Net Assets |
SIX MONTHS ENDED MAY 31, 2024 (UNAUDITED) AND YEAR ENDED NOVEMBER 30, 2023 | ||||||||
Increase (Decrease) in Net Assets | May 31, 2024 | November 30, 2023 | ||||||
Operations | ||||||||
Net investment income (loss) | $ | 500,944 | $ | 807,933 | ||||
Net realized gain (loss) | 735,219 | (7,069,953) | ||||||
Change in net unrealized appreciation (depreciation) | 8,181,917 | 6,996,183 | ||||||
Net increase (decrease) in net assets resulting from operations | 9,418,080 | 734,163 | ||||||
Distributions to Shareholders | ||||||||
From earnings: | ||||||||
Investor Class | (49,886) | (53,821) | ||||||
I Class | (156,977) | (171,794) | ||||||
A Class | (662) | (156) | ||||||
R6 Class | (56,368) | (40,405) | ||||||
G Class | (528,074) | (383,934) | ||||||
Decrease in net assets from distributions | (791,967) | (650,110) | ||||||
Capital Share Transactions | ||||||||
Net increase (decrease) in net assets from capital share transactions (Note 5) | (1,714,596) | 4,147,257 | ||||||
Net increase (decrease) in net assets | 6,911,517 | 4,231,310 | ||||||
Net Assets | ||||||||
Beginning of period | 86,994,970 | 82,763,660 | ||||||
End of period | $ | 93,906,487 | $ | 86,994,970 |
See Notes to Financial Statements.
7
Notes to Financial Statements |
MAY 31, 2024 (UNAUDITED)
1. Organization
American Century World 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. Focused International Growth Fund (the fund) is one fund in a series issued by the corporation. The fund's investment objective is to seek capital growth.
The fund offers the Investor Class, I Class, A Class, C Class, R Class, R6 Class and G Class. The A Class may incur an initial sales charge. The A Class and C Class may be subject to a contingent deferred sales charge.
2. Significant Accounting Policies
The following is a summary of significant accounting policies consistently followed by the fund in preparation of its financial statements. The fund is an investment company and follows accounting and reporting guidance in accordance with accounting principles generally accepted in the United States of America. This may require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from these estimates. Management evaluated the impact of events or transactions occurring through the date the financial statements were issued that would merit recognition or disclosure.
Investment Valuations — The fund determines the fair value of its investments and computes its net asset value (NAV) per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. The value of investments of the fund is determined by American Century Investment Management, Inc. (ACIM) (the investment advisor), as the valuation designee, pursuant to its valuation policies and procedures. The Board of Directors oversees the valuation designee and reviews its valuation policies and procedures at least annually.
Equity securities that are listed or traded on a domestic securities exchange are valued at the last reported sales price or at the official closing price as provided by the exchange. Equity securities traded on foreign securities exchanges are generally valued at the closing price of such securities on the exchange where primarily traded or at the close of the NYSE, if that is earlier. If no last sales price is reported, or if local convention or regulation so provides, the mean of the latest bid and asked prices may be used. Securities traded over-the-counter are valued at the mean of the latest bid and asked prices, the last sales price, or the official closing price.
Open-end management investment companies are valued at the reported NAV per share. Repurchase agreements are valued at cost, which approximates fair value.
If the valuation designee determines that the market price for a portfolio security is not readily available or is believed by the valuation designee to be unreliable, such security is valued at fair value as determined in good faith by the valuation designee, in accordance with its policies and procedures. Circumstances that may cause the fund to determine that market quotations are not available or reliable include, but are not limited to: when there is a significant event subsequent to the market quotation; trading in a security has been halted during the trading day; or trading in a security is insufficient or did not take place due to a closure or holiday.
The valuation designee monitors for significant events occurring after the close of an investment’s primary exchange but before the fund’s NAV per share is determined. Significant events may include, but are not limited to: corporate announcements and transactions; regulatory news, governmental action and political unrest that could impact a specific investment or an investment sector; or armed conflicts, natural disasters and similar events that could affect investments in a specific country or region. The valuation designee also monitors for significant fluctuations between domestic and foreign markets, as evidenced by the U.S. market or such other indicators that it deems appropriate. The valuation designee may apply a model-derived factor to the closing price of equity securities traded on foreign securities exchanges. The factor is based on observable market data as provided by an independent pricing service.
Foreign Currency Translations — All assets and liabilities, including investment securities and other financial instruments, initially expressed in foreign currencies are translated into U.S. dollars each day at the mean of the appropriate currency exchange rate at the close of the NYSE as provided by an independent pricing service. 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.
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.
8
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.
Income Tax Status — It is the fund's policy to distribute substantially all net investment income and net realized gains to shareholders and to otherwise qualify as a regulated investment company under provisions of the Internal Revenue Code. Accordingly, no provision has been made for income taxes. The fund files U.S. federal, state, local and non-U.S. tax returns as applicable. The fund's tax returns are subject to examination by the relevant taxing authority until expiration of the applicable statute of limitations, which is generally three years from the date of filing but can be longer in certain jurisdictions. At this time, management believes there are no uncertain tax positions which, based on their technical merit, would not be sustained upon examination and for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
Multiple Class — All shares of the fund represent an equal pro rata interest in the net assets of the class to which such shares belong, and have identical voting, dividend, liquidation and other rights and the same terms and conditions, except for class specific expenses and exclusive rights to vote on matters affecting only individual classes. Income, non-class specific expenses, and realized and unrealized capital gains and losses of the fund are allocated to each class of shares based on their relative net assets.
Distributions to Shareholders — Distributions from net investment income and net realized gains, if any, are generally declared and paid annually. The fund may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code, in all events in a manner consistent with provisions of the 1940 Act.
Indemnifications — Under the corporation’s organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the fund. In addition, in the normal course of business, the fund enters into contracts that provide general indemnifications. The maximum exposure under these arrangements is unknown as this would involve future claims that may be made against a fund. The risk of material loss from such claims is considered by management to be remote.
Securities Lending — Securities are lent to qualified financial institutions and brokers. State Street Bank & Trust Co. serves as securities lending agent to the fund pursuant to a Securities Lending Agreement. The lending of securities exposes the fund to risks such as: the borrowers may fail to return the loaned securities, the borrowers may not be able to provide additional collateral, the fund may experience delays in recovery of the loaned securities or delays in access to collateral, or the fund may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge collateral in the form of cash and/or securities. The lending agent has agreed to indemnify the fund in the case of default of any securities borrowed. Cash collateral received is invested in the State Street Navigator Securities Lending Government Money Market Portfolio, a money market mutual fund registered under the 1940 Act. The loans may also be secured by U.S. government securities in an amount at least equal to the market value of the securities loaned, plus accrued interest and dividends, determined on a daily basis and adjusted accordingly. By lending securities, the fund seeks to increase its net investment income through the receipt of interest and fees. Such income is reflected separately within the Statement of Operations. The value of loaned securities and related collateral outstanding at period end, if any, are shown on a gross basis within the Schedule of Investments and Statement of Assets and Liabilities.
The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged, and the remaining contractual maturity of those transactions as of May 31, 2024.
Remaining Contractual Maturity of Agreements | |||||||||||||||||
Overnight and Continuous | <30 days | Between 30 & 90 days | >90 days | Total | |||||||||||||
Securities Lending Transactions(1) | |||||||||||||||||
Common Stocks | $ | 106,358 | — | — | — | $ | 106,358 | ||||||||||
Gross amount of recognized liabilities for securities lending transactions | $ | 106,358 |
(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.
9
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, 13% 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 investment advisor agreed to waive the G Class's management fee in its entirety. The investment advisor expects this waiver to remain in effect permanently and cannot terminate it without the approval of the Board of Directors.
The annual management fee for each class is as follows:
Investor Class | I Class | A Class | C Class | R Class | R6 Class | G Class | ||||||||||||||
1.09% | 0.89% | 1.09% | 1.09% | 1.09% | 0.74% | 0.00%(1) |
(1)Annual management fee before waiver was 0.74%.
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 May 31, 2024 are detailed in the Statement of Operations.
Directors' Fees and Expenses — The Board of Directors is responsible for overseeing the investment advisor’s management and operations of the fund. The directors receive detailed information about the fund and its investment advisor regularly throughout the year, and meet at least quarterly with management of the investment advisor to review reports about fund operations. The fund's officers do not receive compensation from the fund.
Other Expenses — A fund’s other expenses may include interest charges, clearing exchange fees, proxy solicitation expenses, fees associated with the recovery of foreign tax reclaims and other miscellaneous expenses.
Interfund Transactions — The fund may enter into security transactions with other American Century Investments funds and other client accounts of the investment advisor, in accordance with the 1940 Act rules and procedures adopted by the Board of Directors. The rules and procedures require, among other things, that these transactions be effected at the independent current market price of the security. There were no interfund transactions during the period.
4. Investment Transactions
Purchases and sales of investment securities, excluding short-term investments, for the period ended May 31, 2024 were $42,593,146 and $44,583,485, respectively.
10
5. Capital Share Transactions
Transactions in shares of the fund were as follows:
Six months ended May 31, 2024 | Year ended November 30, 2023 | |||||||||||||
Shares | Amount | Shares | Amount | |||||||||||
Investor Class/Shares Authorized | 50,000,000 | 50,000,000 | ||||||||||||
Sold | 83,406 | $ | 1,350,033 | 222,961 | $ | 3,473,694 | ||||||||
Issued in reinvestment of distributions | 3,154 | 49,305 | 3,584 | 52,535 | ||||||||||
Redeemed | (162,563) | (2,612,296) | (320,179) | (4,895,744) | ||||||||||
(76,003) | (1,212,958) | (93,634) | (1,369,515) | |||||||||||
I Class/Shares Authorized | 25,000,000 | 25,000,000 | ||||||||||||
Sold | 554,874 | 8,911,069 | 483,105 | 7,399,760 | ||||||||||
Issued in reinvestment of distributions | 9,967 | 156,977 | 11,631 | 171,794 | ||||||||||
Redeemed | (633,679) | (10,116,814) | (938,362) | (14,162,798) | ||||||||||
(68,838) | (1,048,768) | (443,626) | (6,591,244) | |||||||||||
A Class/Shares Authorized | 20,000,000 | 20,000,000 | ||||||||||||
Sold | 8,035 | 123,517 | 38,047 | 515,691 | ||||||||||
Issued in reinvestment of distributions | 43 | 662 | 11 | 156 | ||||||||||
Redeemed | (6,390) | (101,693) | (5,292) | (79,076) | ||||||||||
1,688 | 22,486 | 32,766 | 436,771 | |||||||||||
C Class/Shares Authorized | 20,000,000 | 20,000,000 | ||||||||||||
Sold | 554 | 8,647 | 257 | 3,735 | ||||||||||
Redeemed | — | — | (1,131) | (16,767) | ||||||||||
554 | 8,647 | (874) | (13,032) | |||||||||||
R Class/Shares Authorized | 20,000,000 | 20,000,000 | ||||||||||||
Sold | 9,916 | 155,680 | 27,534 | 414,806 | ||||||||||
Redeemed | (17,415) | (275,416) | (50,538) | (699,364) | ||||||||||
(7,499) | (119,736) | (23,004) | (284,558) | |||||||||||
R6 Class/Shares Authorized | 20,000,000 | 20,000,000 | ||||||||||||
Sold | 55,807 | 906,036 | 249,710 | 3,967,587 | ||||||||||
Issued in reinvestment of distributions | 3,561 | 56,368 | 2,723 | 40,405 | ||||||||||
Redeemed | (76,224) | (1,273,653) | (131,645) | (2,074,557) | ||||||||||
(16,856) | (311,249) | 120,788 | 1,933,435 | |||||||||||
G Class/Shares Authorized | 30,000,000 | 30,000,000 | ||||||||||||
Sold | 349,024 | 5,717,304 | 896,696 | 14,020,911 | ||||||||||
Issued in reinvestment of distributions | 32,779 | 528,074 | 25,426 | 383,934 | ||||||||||
Redeemed | (312,456) | (5,298,396) | (273,394) | (4,369,445) | ||||||||||
69,347 | 946,982 | 648,728 | 10,035,400 | |||||||||||
Net increase (decrease) | (97,607) | $ | (1,714,596) | 241,144 | $ | 4,147,257 |
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.
11
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 | |||||||||||
Brazil | $ | 1,820,016 | — | — | |||||||
China | 1,351,076 | $ | 2,277,924 | — | |||||||
India | 1,675,074 | — | — | ||||||||
Ireland | 2,933,125 | — | — | ||||||||
Switzerland | 2,058,936 | 4,148,426 | — | ||||||||
United Kingdom | 1,730,859 | 12,528,668 | — | ||||||||
Other Countries | — | 62,669,014 | — | ||||||||
Short-Term Investments | 111,828 | 1,139,392 | — | ||||||||
$ | 11,680,914 | $ | 82,763,424 | — |
7. Risk Factors
The value of the fund’s shares will go up and down, sometimes rapidly or unpredictably, based on the performance of the securities owned by the fund and other factors generally affecting the securities market. Market risks, including political, regulatory, economic and social developments, can affect the value of the fund’s investments. Natural disasters, public health emergencies, war, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.
There are certain risks involved in investing in foreign securities. These risks include those resulting from political events (such as civil unrest, national elections and imposition of exchange controls), social and economic events (such as labor strikes and rising inflation), and natural disasters. Securities of foreign issuers may be less liquid and more volatile. Investing in emerging markets or a significant portion of assets in one country or region may accentuate these risks.
8. Federal Tax Information
The book-basis character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts on the financial statements.
As of period end, the components of investments for federal income tax purposes were as follows:
Federal tax cost of investments | $ | 79,836,675 | |||
Gross tax appreciation of investments | $ | 17,357,622 | |||
Gross tax depreciation of investments | (2,749,959) | ||||
Net tax appreciation (depreciation) of investments | $ | 14,607,663 |
The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales.
As of November 30, 2023, the fund had accumulated short-term capital losses of $(10,595,950) and accumulated long-term capital losses of $(4,195,898), which 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.
12
Financial Highlights |
For a Share Outstanding Throughout the Years Ended November 30 (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 | |||||||||||||||||||||||||||||||||||||||||||||||
2024(3) | $15.14 | 0.04 | 1.54 | 1.58 | (0.06) | — | (0.06) | $16.66 | 10.43% | 1.09% | 1.09% | 0.52% | 0.52% | 47% | $13,751 | ||||||||||||||||||||||||||||||||
2023 | $15.10 | 0.08 | 0.02 | 0.10 | (0.06) | — | (0.06) | $15.14 | 0.65% | 1.09% | 1.09% | 0.47% | 0.47% | 61% | $13,645 | ||||||||||||||||||||||||||||||||
2022 | $20.04 | 0.12 | (4.56) | (4.44) | — | (0.50) | (0.50) | $15.10 | (22.71)% | 1.10% | 1.10% | 0.59% | 0.59% | 51% | $15,028 | ||||||||||||||||||||||||||||||||
2021 | $18.20 | (0.03) | 1.87 | 1.84 | — | — | — | $20.04 | 10.11% | 1.10% | 1.10% | (0.12)% | (0.12)% | 71% | $22,250 | ||||||||||||||||||||||||||||||||
2020 | $14.34 | (0.01) | 4.33 | 4.32 | — | (0.46) | (0.46) | $18.20 | 31.15% | 1.18% | 1.18% | (0.09)% | (0.09)% | 92% | $9,749 | ||||||||||||||||||||||||||||||||
2019 | $11.92 | 0.02 | 2.46 | 2.48 | (0.06) | — | (0.06) | $14.34 | 20.96% | 1.24% | 1.24% | 0.13% | 0.13% | 96% | $6,677 | ||||||||||||||||||||||||||||||||
I Class | |||||||||||||||||||||||||||||||||||||||||||||||
2024(3) | $15.28 | 0.06 | 1.55 | 1.61 | (0.09) | — | (0.09) | $16.80 | 10.48% | 0.89% | 0.89% | 0.72% | 0.72% | 47% | $28,567 | ||||||||||||||||||||||||||||||||
2023 | $15.25 | 0.11 | 0.01 | 0.12 | (0.09) | — | (0.09) | $15.28 | 0.91% | 0.89% | 0.89% | 0.67% | 0.67% | 61% | $27,034 | ||||||||||||||||||||||||||||||||
2022 | $20.19 | 0.11 | (4.55) | (4.44) | — | (0.50) | (0.50) | $15.25 | (22.59)% | 0.90% | 0.90% | 0.79% | 0.79% | 51% | $33,731 | ||||||||||||||||||||||||||||||||
2021 | $18.30 | 0.01 | 1.88 | 1.89 | — | — | — | $20.19 | 10.33% | 0.90% | 0.90% | 0.08% | 0.08% | 71% | $19,111 | ||||||||||||||||||||||||||||||||
2020 | $14.39 | 0.01 | 4.36 | 4.37 | — | (0.46) | (0.46) | $18.30 | 31.39% | 0.98% | 0.98% | 0.11% | 0.11% | 92% | $5,585 | ||||||||||||||||||||||||||||||||
2019 | $11.96 | 0.02 | 2.49 | 2.51 | (0.08) | — | (0.08) | $14.39 | 21.21% | 1.04% | 1.04% | 0.33% | 0.33% | 96% | $2,605 | ||||||||||||||||||||||||||||||||
A Class | |||||||||||||||||||||||||||||||||||||||||||||||
2024(3) | $14.95 | 0.02 | 1.52 | 1.54 | (0.02) | — | (0.02) | $16.47 | 10.29% | 1.34% | 1.34% | 0.27% | 0.27% | 47% | $675 | ||||||||||||||||||||||||||||||||
2023 | $14.91 | (0.01) | 0.07 | 0.06 | (0.02) | — | (0.02) | $14.95 | 0.41% | 1.34% | 1.34% | 0.22% | 0.22% | 61% | $588 | ||||||||||||||||||||||||||||||||
2022 | $19.85 | 0.07 | (4.51) | (4.44) | — | (0.50) | (0.50) | $14.91 | (22.94)% | 1.35% | 1.35% | 0.34% | 0.34% | 51% | $98 | ||||||||||||||||||||||||||||||||
2021 | $18.07 | (0.07) | 1.85 | 1.78 | — | — | — | $19.85 | 9.85% | 1.35% | 1.35% | (0.37)% | (0.37)% | 71% | $99 | ||||||||||||||||||||||||||||||||
2020 | $14.28 | (0.04) | 4.29 | 4.25 | — | (0.46) | (0.46) | $18.07 | 30.78% | 1.43% | 1.43% | (0.34)% | (0.34)% | 92% | $85 | ||||||||||||||||||||||||||||||||
2019 | $11.87 | —(4) | 2.44 | 2.44 | (0.03) | — | (0.03) | $14.28 | 20.66% | 1.49% | 1.49% | (0.12)% | (0.12)% | 96% | $822 | ||||||||||||||||||||||||||||||||
C Class | |||||||||||||||||||||||||||||||||||||||||||||||
2024(3) | $14.23 | (0.03) | 1.44 | 1.41 | — | — | — | $15.64 | 9.91% | 2.09% | 2.09% | (0.48)% | (0.48)% | 47% | $48 | ||||||||||||||||||||||||||||||||
2023 | $14.29 | (0.08) | 0.02 | (0.06) | — | — | — | $14.23 | (0.35)% | 2.09% | 2.09% | (0.53)% | (0.53)% | 61% | $36 | ||||||||||||||||||||||||||||||||
2022 | $19.17 | (0.04) | (4.34) | (4.38) | — | (0.50) | (0.50) | $14.29 | (23.54)% | 2.10% | 2.10% | (0.41)% | (0.41)% | 51% | $48 | ||||||||||||||||||||||||||||||||
2021 | $17.59 | (0.22) | 1.80 | 1.58 | — | — | — | $19.17 | 9.04% | 2.10% | 2.10% | (1.12)% | (1.12)% | 71% | $58 | ||||||||||||||||||||||||||||||||
2020 | $14.01 | (0.14) | 4.18 | 4.04 | — | (0.46) | (0.46) | $17.59 | 29.84% | 2.18% | 2.18% | (1.09)% | (1.09)% | 92% | $49 | ||||||||||||||||||||||||||||||||
2019 | $11.70 | (0.09) | 2.40 | 2.31 | — | — | — | $14.01 | 19.85% | 2.24% | 2.24% | (0.87)% | (0.87)% | 96% | $787 |
For a Share Outstanding Throughout the Years Ended November 30 (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 | |||||||||||||||||||||||||||||||||||||||||||||||
2024(3) | $14.75 | —(4) | 1.51 | 1.51 | — | — | — | $16.26 | 10.09% | 1.59% | 1.59% | 0.02% | 0.02% | 47% | $722 | ||||||||||||||||||||||||||||||||
2023 | $14.74 | —(4) | 0.01 | 0.01 | — | — | — | $14.75 | 0.20% | 1.59% | 1.59% | (0.03)% | (0.03)% | 61% | $766 | ||||||||||||||||||||||||||||||||
2022 | $19.67 | 0.03 | (4.46) | (4.43) | — | (0.50) | (0.50) | $14.74 | (23.15)% | 1.60% | 1.60% | 0.09% | 0.09% | 51% | $1,104 | ||||||||||||||||||||||||||||||||
2021 | $17.95 | (0.12) | 1.84 | 1.72 | — | — | — | $19.67 | 9.58% | 1.60% | 1.60% | (0.62)% | (0.62)% | 71% | $1,148 | ||||||||||||||||||||||||||||||||
2020 | $14.22 | (0.08) | 4.27 | 4.19 | — | (0.46) | (0.46) | $17.95 | 30.47% | 1.68% | 1.68% | (0.59)% | (0.59)% | 92% | $683 | ||||||||||||||||||||||||||||||||
2019 | $11.82 | (0.04) | 2.44 | 2.40 | —(4) | — | —(4) | $14.22 | 20.36% | 1.74% | 1.74% | (0.37)% | (0.37)% | 96% | $468 | ||||||||||||||||||||||||||||||||
R6 Class | |||||||||||||||||||||||||||||||||||||||||||||||
2024(3) | $15.38 | 0.07 | 1.56 | 1.63 | (0.11) | — | (0.11) | $16.90 | 10.65% | 0.74% | 0.74% | 0.87% | 0.87% | 47% | $8,285 | ||||||||||||||||||||||||||||||||
2023 | $15.34 | 0.13 | 0.02 | 0.15 | (0.11) | — | (0.11) | $15.38 | 0.99% | 0.74% | 0.74% | 0.82% | 0.82% | 61% | $7,799 | ||||||||||||||||||||||||||||||||
2022 | $20.30 | 0.05 | (4.49) | (4.44) | (0.02) | (0.50) | (0.52) | $15.34 | (22.44)% | 0.75% | 0.75% | 0.94% | 0.94% | 51% | $5,927 | ||||||||||||||||||||||||||||||||
2021 | $18.37 | 0.02 | 1.91 | 1.93 | — | — | — | $20.30 | 10.51% | 0.75% | 0.75% | 0.23% | 0.23% | 71% | $674 | ||||||||||||||||||||||||||||||||
2020 | $14.42 | 0.05 | 4.36 | 4.41 | — | (0.46) | (0.46) | $18.37 | 31.61% | 0.83% | 0.83% | 0.26% | 0.26% | 92% | $190 | ||||||||||||||||||||||||||||||||
2019 | $11.99 | 0.08 | 2.45 | 2.53 | (0.10) | — | (0.10) | $14.42 | 21.34% | 0.89% | 0.89% | 0.48% | 0.48% | 96% | $182 | ||||||||||||||||||||||||||||||||
G Class | |||||||||||||||||||||||||||||||||||||||||||||||
2024(3) | $15.76 | 0.13 | 1.60 | 1.73 | (0.23) | — | (0.23) | $17.26 | 11.05% | 0.00% | 0.74% | 1.61% | 0.87% | 47% | $41,859 | ||||||||||||||||||||||||||||||||
2023 | $15.71 | 0.24 | 0.03 | 0.27 | (0.22) | — | (0.22) | $15.76 | 1.81% | 0.00% | 0.74% | 1.56% | 0.82% | 61% | $37,128 | ||||||||||||||||||||||||||||||||
2022 | $20.74 | 0.27 | (4.67) | (4.40) | (0.13) | (0.50) | (0.63) | $15.71 | (21.92)% | 0.01% | 0.75% | 1.68% | 0.94% | 51% | $26,828 | ||||||||||||||||||||||||||||||||
2021 | $18.65 | 0.21 | 1.89 | 2.10 | (0.01) | — | (0.01) | $20.74 | 11.28% | 0.01% | 0.75% | 0.97% | 0.23% | 71% | $16,684 | ||||||||||||||||||||||||||||||||
2020 | $14.51 | 0.17 | 4.43 | 4.60 | — | (0.46) | (0.46) | $18.65 | 32.75% | 0.00% | 0.83% | 1.09% | 0.26% | 92% | $4,356 | ||||||||||||||||||||||||||||||||
2019(5) | $12.94 | 0.12 | 1.45 | 1.57 | — | — | — | $14.51 | 12.13% | 0.01% | 0.89% | 1.29% | 0.41% | 96%(6) | $1,163 |
Notes to Financial Highlights |
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day and do not reflect applicable sales charges, if any. Total returns for periods less than one year are not annualized.
(3)Six months ended May 31, 2024 (unaudited).
(4)Per-share amount was less than $0.005.
(5)April 1, 2019 (commencement of sale) through November 30, 2019.
(6)Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended November 30, 2019.
*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.
†Ratios for periods less than one year are annualized. Zero balances may reflect amounts less than 0.005%.
See Notes to Financial Statements.
Contact Us | americancentury.com | |||||||
Automated Information Line | 1-800-345-8765 | |||||||
Investor Services Representative | 1-800-345-2021 or 816-531-5575 | |||||||
Banks and Trust Companies, Broker-Dealers, Financial Professionals, Insurance Companies | 1-800-345-6488 | |||||||
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. | ||||||||
©2024 American Century Proprietary Holdings, Inc. All rights reserved. CL-SAN-92637 2407 |
![Image17.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g3.jpg)
Semiannual Financial Statements and Other Information | |||||
May 31, 2024 | |||||
Global Small Cap Fund | |||||
Investor Class (AGCVX) | |||||
I Class (AGCSX) | |||||
A Class (AGCLX) | |||||
C Class (AGCHX) | |||||
R Class (AGCWX) | |||||
R6 Class (AGCTX) |
Table of Contents |
Schedule of Investments | |||||
Statement of Assets and Liabilities | |||||
Statement of Operations | |||||
Statement of Changes in Net Assets | |||||
Notes to Financial Statements | |||||
Financial Highlights | |||||
Schedule of Investments |
MAY 31, 2024 (UNAUDITED)
Shares | Value | |||||||
COMMON STOCKS — 98.2% | ||||||||
Australia — 1.8% | ||||||||
Bellevue Gold Ltd.(1) | 547,160 | $ | 715,159 | |||||
CAR Group Ltd. | 33,366 | 779,114 | ||||||
1,494,273 | ||||||||
Belgium — 0.5% | ||||||||
D'ieteren Group | 1,720 | 375,598 | ||||||
Brazil — 0.9% | ||||||||
Direcional Engenharia SA | 87,700 | 410,366 | ||||||
VTEX, Class A(1) | 49,740 | 341,216 | ||||||
751,582 | ||||||||
Canada — 7.3% | ||||||||
AtkinsRealis Group, Inc. | 10,138 | 396,758 | ||||||
Boardwalk Real Estate Investment Trust | 13,919 | 718,647 | ||||||
Capstone Copper Corp.(1) | 183,744 | 1,294,209 | ||||||
Celestica, Inc.(1) | 12,396 | 693,184 | ||||||
Docebo, Inc.(1) | 9,189 | 316,065 | ||||||
Element Fleet Management Corp. | 43,874 | 779,653 | ||||||
FirstService Corp. | 3,753 | 550,992 | ||||||
goeasy Ltd. | 4,920 | 658,936 | ||||||
Stantec, Inc. | 7,288 | 588,195 | ||||||
5,996,639 | ||||||||
China — 0.9% | ||||||||
Tongcheng Travel Holdings Ltd.(1) | 313,600 | 718,009 | ||||||
France — 3.1% | ||||||||
Gaztransport Et Technigaz SA(2) | 3,052 | 445,240 | ||||||
SPIE SA | 29,147 | 1,205,716 | ||||||
Technip Energies NV | 22,507 | 544,521 | ||||||
VusionGroup(1)(2) | 2,512 | 401,181 | ||||||
2,596,658 | ||||||||
Germany — 2.7% | ||||||||
CTS Eventim AG & Co. KGaA | 5,849 | 507,411 | ||||||
KION Group AG | 11,105 | 525,360 | ||||||
Redcare Pharmacy NV(1) | 6,522 | 817,479 | ||||||
RENK Group AG(1) | 14,193 | 411,521 | ||||||
2,261,771 | ||||||||
Greece — 0.7% | ||||||||
Jumbo SA | 19,320 | 553,988 | ||||||
Hong Kong — 0.8% | ||||||||
Samsonite International SA(1) | 218,700 | 695,091 | ||||||
India — 3.6% | ||||||||
Kalyan Jewellers India Ltd. | 111,399 | 519,770 | ||||||
KEI Industries Ltd. | 14,501 | 713,567 | ||||||
Lemon Tree Hotels Ltd.(1) | 337,931 | 553,158 | ||||||
Max Financial Services Ltd.(1) | 50,109 | 551,835 | ||||||
Max Healthcare Institute Ltd. | 73,550 | 663,617 | ||||||
3,001,947 | ||||||||
Israel — 2.0% | ||||||||
CyberArk Software Ltd.(1) | 3,275 | 750,794 | ||||||
Nova Ltd.(1) | 4,162 | 868,401 | ||||||
1,619,195 |
2
Shares | Value | |||||||
Italy — 1.5% | ||||||||
BPER Banca SpA | 227,566 | $ | 1,224,698 | |||||
Japan — 7.8% | ||||||||
Asics Corp. | 20,900 | 1,161,026 | ||||||
CyberAgent, Inc. | 103,200 | 622,076 | ||||||
Invincible Investment Corp. | 1,743 | 757,700 | ||||||
Mebuki Financial Group, Inc. | 274,100 | 1,101,523 | ||||||
Money Forward, Inc.(1) | 16,300 | 538,870 | ||||||
Nippon Gas Co. Ltd. | 35,900 | 547,936 | ||||||
Ryohin Keikaku Co. Ltd. | 36,800 | 604,558 | ||||||
Santen Pharmaceutical Co. Ltd. | 60,000 | 622,984 | ||||||
Yamazaki Baking Co. Ltd. | 23,900 | 525,543 | ||||||
6,482,216 | ||||||||
Mexico — 0.6% | ||||||||
Corp. Inmobiliaria Vesta SAB de CV(2) | 131,242 | 458,243 | ||||||
Netherlands — 2.8% | ||||||||
Aalberts NV(2) | 12,560 | 600,970 | ||||||
Arcadis NV(2) | 12,962 | 850,571 | ||||||
Fugro NV(2) | 33,469 | 898,015 | ||||||
2,349,556 | ||||||||
Norway — 1.1% | ||||||||
Subsea 7 SA | 48,623 | 902,882 | ||||||
South Korea — 0.5% | ||||||||
KIWOOM Securities Co. Ltd. | 4,070 | 394,742 | ||||||
Spain — 0.8% | ||||||||
Sacyr SA | 174,031 | 656,087 | ||||||
Sweden — 1.2% | ||||||||
Thule Group AB | 16,985 | 512,735 | ||||||
Trelleborg AB, B Shares | 11,912 | 466,112 | ||||||
978,847 | ||||||||
Taiwan — 2.3% | ||||||||
Airtac International Group | 23,000 | 727,748 | ||||||
Gold Circuit Electronics Ltd.(1) | 81,000 | 500,672 | ||||||
Phison Electronics Corp. | 9,000 | 166,062 | ||||||
Wiwynn Corp. | 7,000 | 535,741 | ||||||
1,930,223 | ||||||||
United Kingdom — 4.5% | ||||||||
ConvaTec Group PLC | 161,389 | 514,526 | ||||||
Howden Joinery Group PLC | 64,603 | 753,453 | ||||||
Intermediate Capital Group PLC | 43,922 | 1,308,633 | ||||||
Rotork PLC | 101,206 | 439,268 | ||||||
Tritax Big Box REIT PLC | 349,891 | 707,953 | ||||||
3,723,833 | ||||||||
United States — 50.8% | ||||||||
AAR Corp.(1) | 10,592 | 751,926 | ||||||
ADMA Biologics, Inc.(1) | 123,905 | 1,183,293 | ||||||
Alphatec Holdings, Inc.(1) | 41,491 | 402,878 | ||||||
Arhaus, Inc. | 38,782 | 729,489 | ||||||
ATI, Inc.(1) | 15,903 | 975,490 | ||||||
AZEK Co., Inc.(1) | 16,399 | 786,496 | ||||||
Bancorp, Inc.(1) | 12,582 | 422,629 | ||||||
BellRing Brands, Inc.(1) | 10,234 | 595,312 | ||||||
Bowhead Specialty Holdings, Inc.(1) | 18,218 | 488,242 | ||||||
Bridgebio Pharma, Inc.(1) | 6,827 | 191,224 |
3
Shares | Value | |||||||
Carpenter Technology Corp. | 7,527 | $ | 834,518 | |||||
Clean Harbors, Inc.(1) | 3,886 | 841,669 | ||||||
Cohen & Steers, Inc. | 2,972 | 208,902 | ||||||
Commerce Bancshares, Inc. | 7,661 | 426,258 | ||||||
Construction Partners, Inc., Class A(1) | 9,139 | 531,981 | ||||||
Credo Technology Group Holding Ltd.(1) | 28,322 | 738,355 | ||||||
Donnelley Financial Solutions, Inc.(1) | 13,054 | 795,772 | ||||||
Duolingo, Inc.(1) | 2,477 | 474,098 | ||||||
Element Solutions, Inc. | 21,564 | 518,183 | ||||||
elf Beauty, Inc.(1) | 2,516 | 470,266 | ||||||
Evercore, Inc., Class A | 4,735 | 960,921 | ||||||
Evolent Health, Inc., Class A(1) | 5,376 | 113,917 | ||||||
Expro Group Holdings NV(1) | 31,347 | 688,067 | ||||||
FormFactor, Inc.(1) | 10,534 | 576,420 | ||||||
Freshpet, Inc.(1) | 5,598 | 734,290 | ||||||
FTAI Aviation Ltd. | 7,246 | 610,983 | ||||||
FTI Consulting, Inc.(1) | 3,077 | 660,940 | ||||||
Graphic Packaging Holding Co. | 20,507 | 580,758 | ||||||
Grocery Outlet Holding Corp.(1) | 15,136 | 332,841 | ||||||
Guidewire Software, Inc.(1) | 6,544 | 745,492 | ||||||
GXO Logistics, Inc.(1) | 13,180 | 662,031 | ||||||
Hamilton Lane, Inc., Class A | 5,277 | 662,211 | ||||||
Hayward Holdings, Inc.(1) | 30,741 | 445,437 | ||||||
Huron Consulting Group, Inc.(1) | 6,326 | 558,649 | ||||||
Inter Parfums, Inc. | 4,485 | 537,213 | ||||||
JFrog Ltd.(1) | 12,208 | 392,731 | ||||||
Kinsale Capital Group, Inc. | 438 | 168,026 | ||||||
Knight-Swift Transportation Holdings, Inc. | 10,067 | 485,733 | ||||||
Korn Ferry | 6,737 | 444,238 | ||||||
Kosmos Energy Ltd.(1) | 125,993 | 768,557 | ||||||
Levi Strauss & Co., Class A | 18,148 | 435,733 | ||||||
Louisiana-Pacific Corp. | 6,460 | 592,253 | ||||||
MACOM Technology Solutions Holdings, Inc.(1) | 6,232 | 630,304 | ||||||
Mirion Technologies, Inc.(1) | 39,043 | 424,007 | ||||||
Modine Manufacturing Co.(1) | 11,822 | 1,193,076 | ||||||
Natera, Inc.(1) | 8,817 | 939,275 | ||||||
NeoGenomics, Inc.(1) | 24,905 | 341,448 | ||||||
Newmark Group, Inc., Class A | 60,443 | 629,212 | ||||||
Ollie's Bargain Outlet Holdings, Inc.(1) | 8,078 | 665,870 | ||||||
Onto Innovation, Inc.(1) | 5,249 | 1,137,458 | ||||||
Progyny, Inc.(1) | 18,100 | 487,795 | ||||||
Q2 Holdings, Inc.(1) | 13,182 | 801,729 | ||||||
R1 RCM, Inc.(1) | 37,371 | 480,591 | ||||||
RadNet, Inc.(1) | 15,907 | 932,786 | ||||||
Rambus, Inc.(1) | 7,245 | 400,359 | ||||||
RLI Corp. | 3,667 | 535,309 | ||||||
Ryman Hospitality Properties, Inc. | 7,925 | 832,680 | ||||||
Shift4 Payments, Inc., Class A(1)(2) | 10,853 | 730,190 | ||||||
Skyline Champion Corp.(1) | 6,232 | 433,810 | ||||||
Summit Materials, Inc., Class A(1) | 22,966 | 887,406 | ||||||
Tenable Holdings, Inc.(1) | 13,541 | 571,295 | ||||||
Terreno Realty Corp. | 4,710 | 266,492 | ||||||
Toll Brothers, Inc. | 8,124 | 988,203 | ||||||
Transocean Ltd.(1) | 117,484 | 728,401 |
4
Shares | Value | |||||||
Triumph Financial, Inc.(1) | 5,387 | $ | 400,254 | |||||
Twist Bioscience Corp.(1) | 5,280 | 221,232 | ||||||
Uranium Energy Corp.(1) | 60,065 | 428,864 | ||||||
Wayfair, Inc., Class A(1) | 7,990 | 475,325 | ||||||
Wingstop, Inc. | 1,089 | 401,460 | ||||||
Wintrust Financial Corp. | 5,869 | 578,742 | ||||||
42,067,995 | ||||||||
TOTAL COMMON STOCKS (Cost $62,653,571) | 81,234,073 | |||||||
EXCHANGE-TRADED FUNDS — 1.5% | ||||||||
Schwab International Small-Cap Equity ETF | 17,271 | 632,291 | ||||||
Schwab U.S. Small-Cap ETF | 12,778 | 615,133 | ||||||
TOTAL EXCHANGE-TRADED FUNDS (Cost $1,215,040) | 1,247,424 | |||||||
SHORT-TERM INVESTMENTS — 1.7% | ||||||||
Money Market Funds — 1.2% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 3,106 | 3,106 | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio(3) | 1,033,186 | 1,033,186 | ||||||
1,036,292 | ||||||||
Repurchase Agreements — 0.5% | ||||||||
BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 3.00%, 5/15/45 - 2/15/49, valued at $27,926), in a joint trading account at 5.29%, dated 5/31/24, due 6/3/24 (Delivery value $27,188) | 27,176 | |||||||
Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 2.75%, 4/30/27, valued at $384,589), at 5.31%, dated 5/31/24, due 6/3/24 (Delivery value $377,167) | 377,000 | |||||||
404,176 | ||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $1,440,468) | 1,440,468 | |||||||
TOTAL INVESTMENT SECURITIES — 101.4% (Cost $65,309,079) | 83,921,965 | |||||||
OTHER ASSETS AND LIABILITIES — (1.4)% | (1,163,999) | |||||||
TOTAL NET ASSETS — 100.0% | $ | 82,757,966 |
MARKET SECTOR DIVERSIFICATION | |||||
(as a % of net assets) | |||||
Industrials | 20.3% | ||||
Consumer Discretionary | 14.4% | ||||
Financials | 14.0% | ||||
Information Technology | 13.5% | ||||
Health Care | 8.6% | ||||
Materials | 7.7% | ||||
Real Estate | 6.0% | ||||
Energy | 5.4% | ||||
Consumer Staples | 4.9% | ||||
Communication Services | 2.7% | ||||
Utilities | 0.7% | ||||
Exchange-Traded Funds | 1.5% | ||||
Short-Term Investments | 1.7% | ||||
Other Assets and Liabilities | (1.4)% |
5
NOTES TO SCHEDULE OF INVESTMENTS |
(1)Non-income producing.
(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $3,542,751. 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 $3,659,874, which includes securities collateral of $2,626,688.
See Notes to Financial Statements.
6
Statement of Assets and Liabilities |
MAY 31, 2024 (UNAUDITED) | |||||
Assets | |||||
Investment securities, at value (cost of $64,275,893) — including $3,542,751 of securities on loan | $ | 82,888,779 | |||
Investment made with cash collateral received for securities on loan, at value (cost of $1,033,186) | 1,033,186 | ||||
Total investment securities, at value (cost of $65,309,079) | 83,921,965 | ||||
Foreign currency holdings, at value (cost of $33) | 33 | ||||
Receivable for investments sold | 355,862 | ||||
Receivable for capital shares sold | 34,408 | ||||
Dividends and interest receivable | 78,460 | ||||
Securities lending receivable | 2,028 | ||||
Other assets | 1,412 | ||||
84,394,168 | |||||
Liabilities | |||||
Payable for collateral received for securities on loan | 1,033,186 | ||||
Payable for investments purchased | 461,418 | ||||
Payable for capital shares redeemed | 30,001 | ||||
Accrued management fees | 67,015 | ||||
Distribution and service fees payable | 1,704 | ||||
Accrued foreign taxes | 42,878 | ||||
1,636,202 | |||||
Net Assets | $ | 82,757,966 | |||
Net Assets Consist of: | |||||
Capital (par value and paid-in surplus) | $ | 80,370,847 | |||
Distributable earnings (loss) | 2,387,119 | ||||
$ | 82,757,966 |
Net Assets | Shares Outstanding | Net Asset Value Per Share* | |||||||||
Investor Class, $0.01 Par Value | $36,250,129 | 2,016,127 | $17.98 | ||||||||
I Class, $0.01 Par Value | $18,942,686 | 1,038,662 | $18.24 | ||||||||
A Class, $0.01 Par Value | $4,351,319 | 246,328 | $17.66 | ||||||||
C Class, $0.01 Par Value | $160,764 | 9,787 | $16.43 | ||||||||
R Class, $0.01 Par Value | $1,555,406 | 90,025 | $17.28 | ||||||||
R6 Class, $0.01 Par Value | $21,497,662 | 1,166,544 | $18.43 |
*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 $18.74 (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.
7
Statement of Operations |
FOR THE SIX MONTHS ENDED MAY 31, 2024 (UNAUDITED) | |||||
Investment Income (Loss) | |||||
Income: | |||||
Dividends (net of foreign taxes withheld of $51,036) | $ | 491,504 | |||
Interest | 12,138 | ||||
Securities lending, net | 10,697 | ||||
514,339 | |||||
Expenses: | |||||
Management fees | 400,566 | ||||
Distribution and service fees: | |||||
A Class | 5,217 | ||||
C Class | 1,391 | ||||
R Class | 3,539 | ||||
Directors' fees and expenses | 1,199 | ||||
Other expenses | 2,390 | ||||
414,302 | |||||
Net investment income (loss) | 100,037 | ||||
Realized and Unrealized Gain (Loss) | |||||
Net realized gain (loss) on: | |||||
Investment transactions | 4,104,267 | ||||
Foreign currency translation transactions | (21,112) | ||||
4,083,155 | |||||
Change in net unrealized appreciation (depreciation) on: | |||||
Investments (includes (increase) decrease in accrued foreign taxes of $(42,878)) | 7,208,618 | ||||
Translation of assets and liabilities in foreign currencies | (1,541) | ||||
7,207,077 | |||||
Net realized and unrealized gain (loss) | 11,290,232 | ||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 11,390,269 |
See Notes to Financial Statements.
8
Statement of Changes in Net Assets |
SIX MONTHS ENDED MAY 31, 2024 (UNAUDITED) AND YEAR ENDED NOVEMBER 30, 2023 | ||||||||
Increase (Decrease) in Net Assets | May 31, 2024 | November 30, 2023 | ||||||
Operations | ||||||||
Net investment income (loss) | $ | 100,037 | $ | 108,183 | ||||
Net realized gain (loss) | 4,083,155 | (6,115,232) | ||||||
Change in net unrealized appreciation (depreciation) | 7,207,077 | 4,443,113 | ||||||
Net increase (decrease) in net assets resulting from operations | 11,390,269 | (1,563,936) | ||||||
Distributions to Shareholders | ||||||||
From earnings: | ||||||||
Investor Class | (179,269) | (92,695) | ||||||
I Class | (155,028) | (98,318) | ||||||
A Class | (11,127) | — | ||||||
R6 Class | (185,410) | (88,224) | ||||||
Decrease in net assets from distributions | (530,834) | (279,237) | ||||||
Capital Share Transactions | ||||||||
Net increase (decrease) in net assets from capital share transactions (Note 5) | (6,205,348) | (1,610,437) | ||||||
Net increase (decrease) in net assets | 4,654,087 | (3,453,610) | ||||||
Net Assets | ||||||||
Beginning of period | 78,103,879 | 81,557,489 | ||||||
End of period | $ | 82,757,966 | $ | 78,103,879 |
See Notes to Financial Statements.
9
Notes to Financial Statements |
MAY 31, 2024 (UNAUDITED)
1. Organization
American Century World 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. Global Small Cap Fund (the fund) is one fund in a series issued by the corporation. The fund’s investment objective is to seek capital growth.
The fund offers the Investor Class, I Class, A Class, C Class, R Class and R6 Class. The A Class may incur an initial sales charge. The A Class and C Class may be subject to a contingent deferred sales charge.
2. Significant Accounting Policies
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.
Open-end management investment companies are valued at the reported NAV per share. Repurchase agreements are valued at cost, which approximates fair value.
If the valuation designee determines that the market price for a portfolio security is not readily available or is believed by the valuation designee to be unreliable, such security is valued at fair value as determined in good faith by the valuation designee, in accordance with its policies and procedures. Circumstances that may cause the fund to determine that market quotations are not available or reliable include, but are not limited to: when there is a significant event subsequent to the market quotation; trading in a security has been halted during the trading day; or trading in a security is insufficient or did not take place due to a closure or holiday.
The valuation designee monitors for significant events occurring after the close of an investment’s primary exchange but before the fund’s NAV per share is determined. Significant events may include, but are not limited to: corporate announcements and transactions; regulatory news, governmental action and political unrest that could impact a specific investment or an investment sector; or armed conflicts, natural disasters and similar events that could affect investments in a specific country or region. The valuation designee also monitors for significant fluctuations between domestic and foreign markets, as evidenced by the U.S. market or such other indicators that it deems appropriate. The valuation designee may apply a model-derived factor to the closing price of equity securities traded on foreign securities exchanges. The factor is based on observable market data as provided by an independent pricing service.
Foreign Currency Translations — All assets and liabilities, including investment securities and other financial instruments, initially expressed in foreign currencies are translated into U.S. dollars each day at the mean of the appropriate currency exchange rate at the close of the NYSE as provided by an independent pricing service. 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.
Security Transactions — Security transactions are accounted for as of the trade date. Net realized gains and losses are determined on the identified cost basis, which is also used for federal income tax purposes. Certain countries impose taxes on realized gains on the sale of securities registered in their country. The fund records the foreign tax expense, if any, on an accrual basis. The foreign tax expense on realized gains and unrealized appreciation reduces the net realized gain (loss) on investment transactions and net unrealized appreciation (depreciation) on investments, respectively.
10
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.
Income Tax Status — It is the fund's policy to distribute substantially all net investment income and net realized gains to shareholders and to otherwise qualify as a regulated investment company under provisions of the Internal Revenue Code. Accordingly, no provision has been made for income taxes. The fund files U.S. federal, state, local and non-U.S. tax returns as applicable. The fund's tax returns are subject to examination by the relevant taxing authority until expiration of the applicable statute of limitations, which is generally three years from the date of filing but can be longer in certain jurisdictions. At this time, management believes there are no uncertain tax positions which, based on their technical merit, would not be sustained upon examination and for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
Multiple Class — All shares of the fund represent an equal pro rata interest in the net assets of the class to which such shares belong, and have identical voting, dividend, liquidation and other rights and the same terms and conditions, except for class specific expenses and exclusive rights to vote on matters affecting only individual classes. Income, non-class specific expenses, and realized and unrealized capital gains and losses of the fund are allocated to each class of shares based on their relative net assets.
Distributions to Shareholders — Distributions from net investment income and net realized gains, if any, are generally declared and paid annually. The fund may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code, in all events in a manner consistent with provisions of the 1940 Act.
Indemnifications — Under the corporation’s organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the fund. In addition, in the normal course of business, the fund enters into contracts that provide general indemnifications. The maximum exposure under these arrangements is unknown as this would involve future claims that may be made against a fund. The risk of material loss from such claims is considered by management to be remote.
Securities Lending — Securities are lent to qualified financial institutions and brokers. State Street Bank & Trust Co. serves as securities lending agent to the fund pursuant to a Securities Lending Agreement. The lending of securities exposes the fund to risks such as: the borrowers may fail to return the loaned securities, the borrowers may not be able to provide additional collateral, the fund may experience delays in recovery of the loaned securities or delays in access to collateral, or the fund may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge collateral in the form of cash and/or securities. The lending agent has agreed to indemnify the fund in the case of default of any securities borrowed. Cash collateral received is invested in the State Street Navigator Securities Lending Government Money Market Portfolio, a money market mutual fund registered under the 1940 Act. The loans may also be secured by U.S. government securities in an amount at least equal to the market value of the securities loaned, plus accrued interest and dividends, determined on a daily basis and adjusted accordingly. By lending securities, the fund seeks to increase its net investment income through the receipt of interest and fees. Such income is reflected separately within the Statement of Operations. The value of loaned securities and related collateral outstanding at period end, if any, are shown on a gross basis within the Schedule of Investments and Statement of Assets and Liabilities.
The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged, and the remaining contractual maturity of those transactions as of May 31, 2024.
Remaining Contractual Maturity of Agreements | |||||||||||||||||
Overnight and Continuous | <30 days | Between 30 & 90 days | >90 days | Total | |||||||||||||
Securities Lending Transactions(1) | |||||||||||||||||
Common Stocks | $ | 1,033,186 | — | — | — | $ | 1,033,186 | ||||||||||
Gross amount of recognized liabilities for securities lending transactions | $ | 1,033,186 |
(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.
11
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.
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 annual management fee for each class is as follows:
Investor Class | I Class | A Class | C Class | R Class | R6 Class | ||||||||||||
1.10% | 0.90% | 1.10% | 1.10% | 1.10% | 0.75% |
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 May 31, 2024 are detailed in the Statement of Operations.
Directors' Fees and Expenses — The Board of Directors is responsible for overseeing the investment advisor’s management and operations of the fund. The directors receive detailed information about the fund and its investment advisor regularly throughout the year, and meet at least quarterly with management of the investment advisor to review reports about fund operations. The fund's officers do not receive compensation from the fund.
Other Expenses — A fund’s other expenses may include interest charges, clearing exchange fees, proxy solicitation expenses, fees associated with the recovery of foreign tax reclaims and other miscellaneous expenses.
Interfund Transactions — The fund may enter into security transactions with other American Century Investments funds and other client accounts of the investment advisor, in accordance with the 1940 Act rules and procedures adopted by the Board of Directors. The rules and procedures require, among other things, that these transactions be effected at the independent current market price of the security. There were no interfund transactions during the period.
4. Investment Transactions
Purchases and sales of investment securities, excluding short-term investments, for the period ended May 31, 2024 were $47,988,899 and $54,501,439, respectively.
12
5. Capital Share Transactions
Transactions in shares of the fund were as follows:
Six months ended May 31, 2024 | Year ended November 30, 2023 | |||||||||||||
Shares | Amount | Shares | Amount | |||||||||||
Investor Class/Shares Authorized | 40,000,000 | 40,000,000 | ||||||||||||
Sold | 140,854 | $ | 2,432,863 | 453,528 | $ | 7,259,926 | ||||||||
Issued in reinvestment of distributions | 10,007 | 176,821 | 5,811 | 91,465 | ||||||||||
Redeemed | (335,713) | (5,701,940) | (686,681) | (10,844,446) | ||||||||||
(184,852) | (3,092,256) | (227,342) | (3,493,055) | |||||||||||
I Class/Shares Authorized | 25,000,000 | 25,000,000 | ||||||||||||
Sold | 188,477 | 3,277,095 | 286,831 | 4,658,833 | ||||||||||
Issued in reinvestment of distributions | 8,651 | 155,028 | 6,164 | 98,318 | ||||||||||
Redeemed | (383,799) | (6,899,169) | (630,237) | (9,983,116) | ||||||||||
(186,671) | (3,467,046) | (337,242) | (5,225,965) | |||||||||||
A Class/Shares Authorized | 20,000,000 | 20,000,000 | ||||||||||||
Sold | 24,087 | 402,219 | 340,447 | 5,173,279 | ||||||||||
Issued in reinvestment of distributions | 641 | 11,127 | — | — | ||||||||||
Redeemed | (23,021) | (388,781) | (119,735) | (1,941,925) | ||||||||||
1,707 | 24,565 | 220,712 | 3,231,354 | |||||||||||
C Class/Shares Authorized | 20,000,000 | 20,000,000 | ||||||||||||
Sold | 388 | 6,111 | 12,380 | 179,782 | ||||||||||
Redeemed | (18,241) | (287,772) | (11,051) | (157,882) | ||||||||||
(17,853) | (281,661) | 1,329 | 21,900 | |||||||||||
R Class/Shares Authorized | 20,000,000 | 20,000,000 | ||||||||||||
Sold | 16,536 | 273,517 | 34,731 | 535,463 | ||||||||||
Redeemed | (7,737) | (127,817) | (68,861) | (1,005,678) | ||||||||||
8,799 | 145,700 | (34,130) | (470,215) | |||||||||||
R6 Class/Shares Authorized | 20,000,000 | 20,000,000 | ||||||||||||
Sold | 158,998 | 2,677,785 | 590,570 | 9,415,393 | ||||||||||
Issued in reinvestment of distributions | 10,244 | 185,410 | 5,476 | 88,224 | ||||||||||
Redeemed | (134,771) | (2,397,845) | (313,436) | (5,178,073) | ||||||||||
34,471 | 465,350 | 282,610 | 4,325,544 | |||||||||||
Net increase (decrease) | (344,399) | $ | (6,205,348) | (94,063) | $ | (1,610,437) |
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.
13
The following is a summary of the level classifications as of period end. The Schedule of Investments provides additional information on the fund's portfolio holdings.
Level 1 | Level 2 | Level 3 | |||||||||
Assets | |||||||||||
Investment Securities | |||||||||||
Common Stocks | |||||||||||
Australia | — | $ | 1,494,273 | — | |||||||
Belgium | — | 375,598 | — | ||||||||
Brazil | $ | 341,216 | 410,366 | — | |||||||
Canada | 693,184 | 5,303,455 | — | ||||||||
China | — | 718,009 | — | ||||||||
France | — | 2,596,658 | — | ||||||||
Germany | — | 2,261,771 | — | ||||||||
Greece | — | 553,988 | — | ||||||||
Hong Kong | — | 695,091 | — | ||||||||
India | — | 3,001,947 | — | ||||||||
Italy | — | 1,224,698 | — | ||||||||
Japan | — | 6,482,216 | — | ||||||||
Mexico | — | 458,243 | — | ||||||||
Netherlands | — | 2,349,556 | — | ||||||||
Norway | — | 902,882 | — | ||||||||
South Korea | — | 394,742 | — | ||||||||
Spain | — | 656,087 | — | ||||||||
Sweden | — | 978,847 | — | ||||||||
Taiwan | — | 1,930,223 | — | ||||||||
United Kingdom | — | 3,723,833 | — | ||||||||
Other Countries | 43,687,190 | — | — | ||||||||
Exchange-Traded Funds | 1,247,424 | — | — | ||||||||
Short-Term Investments | 1,036,292 | 404,176 | — | ||||||||
$ | 47,005,306 | $ | 36,916,659 | — |
7. Risk Factors
The value of the fund’s shares will go up and down, sometimes rapidly or unpredictably, based on the performance of the securities owned by the fund and other factors generally affecting the securities market. Market risks, including political, regulatory, economic and social developments, can affect the value of the fund’s investments. Natural disasters, public health emergencies, war, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.
There are certain risks involved in investing in foreign securities. These risks include those resulting from political events (such as civil unrest, national elections and imposition of exchange controls), social and economic events (such as labor strikes and rising inflation), and natural disasters. Securities of foreign issuers may be less liquid and more volatile. Investing in emerging markets or a significant portion of assets in one country or region may accentuate these risks.
The fund invests in common stocks of small companies. Because of this, the fund may be subject to greater risk and market fluctuations than a fund investing in larger, more established companies.
The fund's investment process may result in high portfolio turnover, which could mean high transaction costs, affecting both performance and capital gains tax liabilities to investors.
8. Federal Tax Information
The 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.
14
As of period end, the components of investments for federal income tax purposes were as follows:
Federal tax cost of investments | $ | 66,110,023 | |||
Gross tax appreciation of investments | $ | 19,151,634 | |||
Gross tax depreciation of investments | (1,339,692) | ||||
Net tax appreciation (depreciation) of investments | $ | 17,811,942 |
The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales.
As of November 30, 2023, the fund had accumulated short-term capital losses of $(18,324,960), which 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.
15
Financial Highlights |
For a Share Outstanding Throughout the Years Ended November 30 (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 | |||||||||||||||||||||||||||||||||||||||||
2024(3) | $15.78 | 0.01 | 2.28 | 2.29 | (0.09) | — | (0.09) | $17.98 | 14.52% | 1.11% | 0.12% | 58% | $36,250 | ||||||||||||||||||||||||||||
2023 | $16.17 | 0.01 | (0.36) | (0.35) | (0.04) | — | (0.04) | $15.78 | (2.18)% | 1.11% | 0.03% | 130% | $34,727 | ||||||||||||||||||||||||||||
2022 | $24.94 | 0.03 | (5.23) | (5.20) | (0.04) | (3.53) | (3.57) | $16.17 | (24.11)% | 1.11% | 0.17% | 115% | $39,261 | ||||||||||||||||||||||||||||
2021 | $21.11 | (0.10) | 5.29 | 5.19 | — | (1.36) | (1.36) | $24.94 | 25.57% | 1.11% | (0.40)% | 136% | $41,838 | ||||||||||||||||||||||||||||
2020 | $15.81 | (0.11) | 6.19 | 6.08 | — | (0.78) | (0.78) | $21.11 | 40.28% | 1.39% | (0.63)% | 204% | $21,562 | ||||||||||||||||||||||||||||
2019 | $13.66 | (0.06) | 2.44 | 2.38 | — | (0.23) | (0.23) | $15.81 | 17.93% | 1.51% | (0.39)% | 161% | $15,005 | ||||||||||||||||||||||||||||
I Class | |||||||||||||||||||||||||||||||||||||||||
2024(3) | $16.02 | 0.03 | 2.31 | 2.34 | (0.12) | — | (0.12) | $18.24 | 14.65% | 0.91% | 0.32% | 58% | $18,943 | ||||||||||||||||||||||||||||
2023 | $16.41 | 0.04 | (0.36) | (0.32) | (0.07) | — | (0.07) | $16.02 | (1.96)% | 0.91% | 0.23% | 130% | $19,628 | ||||||||||||||||||||||||||||
2022 | $25.27 | 0.06 | (5.30) | (5.24) | (0.09) | (3.53) | (3.62) | $16.41 | (23.98)% | 0.91% | 0.37% | 115% | $25,641 | ||||||||||||||||||||||||||||
2021 | $21.33 | (0.04) | 5.34 | 5.30 | — | (1.36) | (1.36) | $25.27 | 25.84% | 0.91% | (0.20)% | 136% | $11,067 | ||||||||||||||||||||||||||||
2020 | $15.94 | (0.08) | 6.25 | 6.17 | — | (0.78) | (0.78) | $21.33 | 40.62% | 1.19% | (0.43)% | 204% | $587 | ||||||||||||||||||||||||||||
2019 | $13.74 | (0.02) | 2.45 | 2.43 | — | (0.23) | (0.23) | $15.94 | 18.12% | 1.31% | (0.19)% | 161% | $557 | ||||||||||||||||||||||||||||
A Class | |||||||||||||||||||||||||||||||||||||||||
2024(3) | $15.48 | (0.01) | 2.24 | 2.23 | (0.05) | — | (0.05) | $17.66 | 14.38% | 1.36% | (0.13)% | 58% | $4,351 | ||||||||||||||||||||||||||||
2023 | $15.87 | (0.04) | (0.35) | (0.39) | — | — | — | $15.48 | (2.46)% | 1.36% | (0.22)% | 130% | $3,787 | ||||||||||||||||||||||||||||
2022 | $24.55 | (0.01) | (5.14) | (5.15) | — | (3.53) | (3.53) | $15.87 | (24.28)% | 1.36% | (0.08)% | 115% | $379 | ||||||||||||||||||||||||||||
2021 | $20.85 | (0.16) | 5.22 | 5.06 | — | (1.36) | (1.36) | $24.55 | 25.25% | 1.36% | (0.65)% | 136% | $317 | ||||||||||||||||||||||||||||
2020 | $15.66 | (0.15) | 6.12 | 5.97 | — | (0.78) | (0.78) | $20.85 | 39.95% | 1.64% | (0.88)% | 204% | $63 | ||||||||||||||||||||||||||||
2019 | $13.57 | (0.08) | 2.40 | 2.32 | — | (0.23) | (0.23) | $15.66 | 17.60% | 1.76% | (0.64)% | 161% | $671 | ||||||||||||||||||||||||||||
C Class | |||||||||||||||||||||||||||||||||||||||||
2024(3) | $14.41 | (0.08) | 2.10 | 2.02 | — | — | — | $16.43 | 13.95% | 2.11% | (0.88)% | 58% | $161 | ||||||||||||||||||||||||||||
2023 | $14.88 | (0.14) | (0.33) | (0.47) | — | — | — | $14.41 | (3.16)% | 2.11% | (0.97)% | 130% | $398 | ||||||||||||||||||||||||||||
2022 | $23.41 | (0.13) | (4.87) | (5.00) | — | (3.53) | (3.53) | $14.88 | (24.91)% | 2.11% | (0.83)% | 115% | $392 | ||||||||||||||||||||||||||||
2021 | $20.08 | (0.33) | 5.02 | 4.69 | — | (1.36) | (1.36) | $23.41 | 24.32% | 2.11% | (1.40)% | 136% | $178 | ||||||||||||||||||||||||||||
2020 | $15.22 | (0.26) | 5.90 | 5.64 | — | (0.78) | (0.78) | $20.08 | 38.88% | 2.39% | (1.63)% | 204% | $45 | ||||||||||||||||||||||||||||
2019 | $13.29 | (0.18) | 2.34 | 2.16 | — | (0.23) | (0.23) | $15.22 | 16.75% | 2.51% | (1.39)% | 161% | $595 |
For a Share Outstanding Throughout the Years Ended November 30 (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) | |||||||||||||||||||||||||||||
R Class | |||||||||||||||||||||||||||||||||||||||||
2024(3) | $15.12 | (0.03) | 2.19 | 2.16 | — | — | — | $17.28 | 14.29% | 1.61% | (0.38)% | 58% | $1,555 | ||||||||||||||||||||||||||||
2023 | $15.54 | (0.07) | (0.35) | (0.42) | — | — | — | $15.12 | (2.70)% | 1.61% | (0.47)% | 130% | $1,228 | ||||||||||||||||||||||||||||
2022 | $24.17 | (0.06) | (5.04) | (5.10) | — | (3.53) | (3.53) | $15.54 | (24.49)% | 1.61% | (0.33)% | 115% | $1,792 | ||||||||||||||||||||||||||||
2021 | $20.59 | (0.21) | 5.15 | 4.94 | — | (1.36) | (1.36) | $24.17 | 24.97% | 1.61% | (0.90)% | 136% | $1,937 | ||||||||||||||||||||||||||||
2020 | $15.52 | (0.18) | 6.03 | 5.85 | — | (0.78) | (0.78) | $20.59 | 39.52% | 1.89% | (1.13)% | 204% | $839 | ||||||||||||||||||||||||||||
2019 | $13.48 | (0.12) | 2.39 | 2.27 | — | (0.23) | (0.23) | $15.52 | 17.34% | 2.01% | (0.89)% | 161% | $523 | ||||||||||||||||||||||||||||
R6 Class | |||||||||||||||||||||||||||||||||||||||||
2024(3) | $16.20 | 0.04 | 2.34 | 2.38 | (0.15) | — | (0.15) | $18.43 | 14.71% | 0.76% | 0.47% | 58% | $21,498 | ||||||||||||||||||||||||||||
2023 | $16.59 | 0.06 | (0.36) | (0.30) | (0.09) | — | (0.09) | $16.20 | (1.80)% | 0.76% | 0.38% | 130% | $18,335 | ||||||||||||||||||||||||||||
2022 | $25.51 | 0.09 | (5.35) | (5.26) | (0.13) | (3.53) | (3.66) | $16.59 | (23.87)% | 0.76% | 0.52% | 115% | $14,092 | ||||||||||||||||||||||||||||
2021 | $21.49 | (0.01) | 5.39 | 5.38 | — | (1.36) | (1.36) | $25.51 | 26.03% | 0.76% | (0.05)% | 136% | $15,878 | ||||||||||||||||||||||||||||
2020 | $16.03 | (0.03) | 6.27 | 6.24 | — | (0.78) | (0.78) | $21.49 | 40.75% | 1.04% | (0.28)% | 204% | $24,743 | ||||||||||||||||||||||||||||
2019 | $13.79 | —(4) | 2.47 | 2.47 | — | (0.23) | (0.23) | $16.03 | 18.34% | 1.16% | (0.04)% | 161% | $207 |
Notes to Financial Highlights |
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day and do not reflect applicable sales charges, if any. Total returns for periods less than one year are not annualized.
(3)Six months ended May 31, 2024 (unaudited).
(4)Per-share amount was less than $0.005.
*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.
†Ratios for periods less than one year are annualized. Zero balances may reflect amounts less than 0.005%.
See Notes to Financial Statements.
Contact Us | americancentury.com | |||||||
Automated Information Line | 1-800-345-8765 | |||||||
Investor Services Representative | 1-800-345-2021 or 816-531-5575 | |||||||
Banks and Trust Companies, Broker-Dealers, Financial Professionals, Insurance Companies | 1-800-345-6488 | |||||||
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. | ||||||||
©2024 American Century Proprietary Holdings, Inc. All rights reserved. CL-SAN-92638 2407 |
![Image21.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g3.jpg)
Semiannual Financial Statements and Other Information | |||||
May 31, 2024 | |||||
International Growth Fund | |||||
Investor Class (TWIEX) | |||||
I Class (TGRIX) | |||||
Y Class (ATYGX) | |||||
A Class (TWGAX) | |||||
C Class (AIWCX) | |||||
R Class (ATGRX) | |||||
R5 Class (ATGGX) | |||||
R6 Class (ATGDX) | |||||
G Class (ACAEX) |
Table of Contents |
Schedule of Investments | |||||
Statement of Assets and Liabilities | |||||
Statement of Operations | |||||
Statement of Changes in Net Assets | |||||
Notes to Financial Statements | |||||
Financial Highlights | |||||
Schedule of Investments |
MAY 31, 2024 (UNAUDITED)
Shares | Value | |||||||
COMMON STOCKS — 99.3% | ||||||||
Australia — 3.1% | ||||||||
CSL Ltd. | 200,340 | $ | 37,501,306 | |||||
James Hardie Industries PLC(1) | 518,770 | 16,171,479 | ||||||
NEXTDC Ltd.(1) | 3,229,578 | 38,550,749 | ||||||
92,223,534 | ||||||||
Brazil — 0.7% | ||||||||
NU Holdings Ltd., Class A(1) | 1,631,650 | 19,384,002 | ||||||
Canada — 3.0% | ||||||||
Canadian Pacific Kansas City Ltd. | 414,790 | 33,017,035 | ||||||
Capstone Copper Corp.(1) | 2,600,540 | 18,317,021 | ||||||
Intact Financial Corp. | 123,580 | 20,676,608 | ||||||
Shopify, Inc., Class A(1) | 275,690 | 16,315,459 | ||||||
88,326,123 | ||||||||
China — 0.5% | ||||||||
H World Group Ltd., ADR | 423,500 | 15,766,905 | ||||||
Denmark — 5.9% | ||||||||
Novo Nordisk AS, Class B | 1,278,686 | 173,246,706 | ||||||
France — 16.5% | ||||||||
Air Liquide SA | 358,762 | 70,630,839 | ||||||
Airbus SE | 311,810 | 53,039,377 | ||||||
Arkema SA | 191,453 | 19,619,325 | ||||||
Capgemini SE | 27,130 | 5,496,591 | ||||||
Dassault Systemes SE | 251,390 | 10,216,968 | ||||||
Edenred SE | 780,607 | 36,424,285 | ||||||
Hermes International SCA | 11,940 | 28,341,011 | ||||||
L'Oreal SA | 97,010 | 47,884,147 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 86,681 | 69,322,541 | ||||||
Pernod Ricard SA | 67,880 | 10,165,224 | ||||||
Publicis Groupe SA | 187,150 | 21,021,582 | ||||||
Safran SA | 93,550 | 21,909,895 | ||||||
Sartorius Stedim Biotech | 85,360 | 17,004,149 | ||||||
Schneider Electric SE | 284,227 | 70,908,983 | ||||||
481,984,917 | ||||||||
Germany — 6.1% | ||||||||
adidas AG | 89,660 | 22,708,215 | ||||||
Infineon Technologies AG | 1,060,491 | 42,905,816 | ||||||
SAP SE | 381,600 | 69,587,939 | ||||||
Symrise AG | 365,940 | 43,711,741 | ||||||
178,913,711 | ||||||||
Hong Kong — 2.0% | ||||||||
AIA Group Ltd. | 2,883,400 | 22,395,933 | ||||||
Techtronic Industries Co. Ltd. | 2,873,000 | 35,342,935 | ||||||
57,738,868 | ||||||||
India — 0.4% | ||||||||
MakeMyTrip Ltd.(1) | 172,310 | 13,024,913 | ||||||
Indonesia — 0.6% | ||||||||
Bank Central Asia Tbk. PT | 31,809,600 | 18,098,782 | ||||||
Ireland — 2.9% | ||||||||
Bank of Ireland Group PLC | 2,075,030 | 23,848,423 | ||||||
ICON PLC(1) | 140,850 | 45,750,897 | ||||||
Kerry Group PLC, A Shares | 166,540 | 14,109,646 | ||||||
83,708,966 |
2
Shares | Value | |||||||
Italy — 4.0% | ||||||||
Davide Campari-Milano NV | 2,628,810 | $ | 26,334,711 | |||||
Ferrari NV | 104,830 | 43,198,555 | ||||||
Prysmian SpA | 465,660 | 30,626,331 | ||||||
Saipem SpA(1) | 6,885,570 | 17,195,961 | ||||||
117,355,558 | ||||||||
Japan — 16.9% | ||||||||
Denso Corp. | 1,059,500 | 17,217,448 | ||||||
Disco Corp. | 56,900 | 22,382,120 | ||||||
Fast Retailing Co. Ltd. | 104,500 | 26,838,449 | ||||||
Hoya Corp. | 255,700 | 31,127,129 | ||||||
Keyence Corp. | 126,300 | 56,931,165 | ||||||
Kobe Bussan Co. Ltd.(2) | 551,000 | 12,187,366 | ||||||
Mitsubishi Electric Corp. | 1,369,300 | 23,794,792 | ||||||
Mitsubishi Heavy Industries Ltd. | 3,858,500 | 33,753,209 | ||||||
Murata Manufacturing Co. Ltd. | 785,200 | 14,852,380 | ||||||
NEC Corp. | 354,800 | 26,410,522 | ||||||
NTT Data Group Corp. | 733,400 | 11,278,020 | ||||||
Obic Co. Ltd. | 98,800 | 12,826,635 | ||||||
Pan Pacific International Holdings Corp. | 1,188,100 | 30,732,629 | ||||||
Recruit Holdings Co. Ltd. | 490,000 | 24,736,127 | ||||||
Shin-Etsu Chemical Co. Ltd. | 774,300 | 28,903,498 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 688,600 | 45,068,240 | ||||||
Terumo Corp. | 2,064,800 | 35,171,756 | ||||||
Tokio Marine Holdings, Inc. | 447,900 | 15,517,621 | ||||||
Tokyo Electron Ltd. | 114,200 | 24,251,351 | ||||||
493,980,457 | ||||||||
Netherlands — 8.4% | ||||||||
Adyen NV(1) | 16,460 | 21,345,050 | ||||||
ASML Holding NV | 135,980 | 130,101,594 | ||||||
DSM-Firmenich AG | 339,729 | 39,324,669 | ||||||
Heineken NV | 267,410 | 26,831,403 | ||||||
Universal Music Group NV(2) | 920,700 | 28,692,379 | ||||||
246,295,095 | ||||||||
Spain — 0.8% | ||||||||
Iberdrola SA | 1,816,662 | 23,977,687 | ||||||
Sweden — 0.7% | ||||||||
Hexagon AB, B Shares | 1,759,390 | 19,379,500 | ||||||
Switzerland — 7.2% | ||||||||
Cie Financiere Richemont SA, Class A | 241,370 | 38,840,485 | ||||||
Galderma Group AG(1) | 208,595 | 16,937,725 | ||||||
Lonza Group AG | 44,510 | 24,162,282 | ||||||
Nestle SA | 250,298 | 26,506,873 | ||||||
On Holding AG, Class A(1)(2) | 948,680 | 40,356,847 | ||||||
Partners Group Holding AG | 11,390 | 15,328,970 | ||||||
Sika AG | 100,129 | 30,524,132 | ||||||
Zurich Insurance Group AG | 35,380 | 18,620,724 | ||||||
211,278,038 | ||||||||
Taiwan — 1.2% | ||||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 1,370,000 | 35,082,866 |
3
Shares | Value | |||||||
United Kingdom — 18.4% | ||||||||
AstraZeneca PLC | 579,630 | $ | 90,102,928 | |||||
BAE Systems PLC | 1,555,280 | 27,693,342 | ||||||
Barclays PLC | 16,776,150 | 47,380,987 | ||||||
BP PLC | 5,375,950 | 33,629,173 | ||||||
Compass Group PLC | 1,041,110 | 29,230,414 | ||||||
CRH PLC | 491,860 | 40,214,474 | ||||||
Haleon PLC | 8,683,291 | 36,082,525 | ||||||
London Stock Exchange Group PLC | 525,805 | 61,633,027 | ||||||
Melrose Industries PLC | 1,883,026 | 14,900,618 | ||||||
Persimmon PLC | 717,660 | 13,407,501 | ||||||
RELX PLC | 1,264,070 | 55,450,803 | ||||||
Segro PLC | 3,105,331 | 36,466,908 | ||||||
Unilever PLC | 765,950 | 41,945,777 | ||||||
Whitbread PLC | 267,666 | 10,150,402 | ||||||
538,288,879 | ||||||||
TOTAL COMMON STOCKS (Cost $2,128,787,886) | 2,908,055,507 | |||||||
SHORT-TERM INVESTMENTS — 1.7% | ||||||||
Money Market Funds — 1.1% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 73,480 | 73,480 | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio(3) | 31,713,833 | 31,713,833 | ||||||
31,787,313 | ||||||||
Repurchase Agreements — 0.6% | ||||||||
BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 3.00%, 5/15/45 - 2/15/49, valued at $1,140,780), in a joint trading account at 5.29%, dated 5/31/24, due 6/3/24 (Delivery value $1,110,652) | 1,110,163 | |||||||
Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 2.75%, 4/30/27, valued at $11,227,257), at 5.31%, dated 5/31/24, due 6/3/24 (Delivery value $11,011,871) | 11,007,000 | |||||||
TD Securities (USA) LLC, (collateralized by various U.S. Treasury obligations, 0.50% - 4.875%, 6/30/27 - 10/31/30, valued at $4,537,967), at 5.30%, dated 5/31/24, due 6/3/24 (Delivery value $4,448,964) | 4,447,000 | |||||||
16,564,163 | ||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $48,351,476) | 48,351,476 | |||||||
TOTAL INVESTMENT SECURITIES — 101.0% (Cost $2,177,139,362) | 2,956,406,983 | |||||||
OTHER ASSETS AND LIABILITIES — (1.0)% | (28,143,716) | |||||||
TOTAL NET ASSETS — 100.0% | $ | 2,928,263,267 |
MARKET SECTOR DIVERSIFICATION | |||||
(as a % of net assets) | |||||
Information Technology | 18.3% | ||||
Health Care | 16.1% | ||||
Industrials | 14.5% | ||||
Consumer Discretionary | 13.6% | ||||
Financials | 12.5% | ||||
Materials | 10.5% | ||||
Consumer Staples | 8.3% | ||||
Energy | 1.7% | ||||
Communication Services | 1.7% | ||||
Real Estate | 1.3% | ||||
Utilities | 0.8% | ||||
Short-Term Investments | 1.7% | ||||
Other Assets and Liabilities | (1.0)% |
4
NOTES TO SCHEDULE OF INVESTMENTS | ||||||||
ADR | – | American Depositary Receipt |
(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 $32,589,077. 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 $33,409,411, which includes securities collateral of $1,695,578.
See Notes to Financial Statements.
5
Statement of Assets and Liabilities |
MAY 31, 2024 (UNAUDITED) | |||||
Assets | |||||
Investment securities, at value (cost of $2,145,425,529) — including $32,589,077 of securities on loan | $ | 2,924,693,150 | |||
Investment made with cash collateral received for securities on loan, at value (cost of $31,713,833) | 31,713,833 | ||||
Total investment securities, at value (cost of $2,177,139,362) | 2,956,406,983 | ||||
Foreign currency holdings, at value (cost of $202,064) | 202,918 | ||||
Receivable for investments sold | 24,841,942 | ||||
Receivable for capital shares sold | 294,132 | ||||
Dividends and interest receivable | 13,371,796 | ||||
Securities lending receivable | 10,768 | ||||
Other assets | 67,421 | ||||
2,995,195,960 | |||||
Liabilities | |||||
Payable for collateral received for securities on loan | 31,713,833 | ||||
Payable for investments purchased | 26,482,886 | ||||
Payable for capital shares redeemed | 4,002,115 | ||||
Accrued management fees | 1,324,869 | ||||
Distribution and service fees payable | 17,422 | ||||
Accrued IRS compliance fees | 3,373,730 | ||||
Accrued other expenses | 17,838 | ||||
66,932,693 | |||||
Net Assets | $ | 2,928,263,267 | |||
Net Assets Consist of: | |||||
Capital (par value and paid-in surplus) | $ | 2,346,274,854 | |||
Distributable earnings (loss) | 581,988,413 | ||||
$ | 2,928,263,267 |
Net Assets | Shares Outstanding | Net Asset Value Per Share* | |||||||||
Investor Class, $0.01 Par Value | $890,497,813 | 69,766,457 | $12.76 | ||||||||
I Class, $0.01 Par Value | $298,999,333 | 23,611,335 | $12.66 | ||||||||
Y Class, $0.01 Par Value | $56,572,969 | 4,460,177 | $12.68 | ||||||||
A Class, $0.01 Par Value | $65,498,446 | 5,107,745 | $12.82 | ||||||||
C Class, $0.01 Par Value | $383,605 | 32,226 | $11.90 | ||||||||
R Class, $0.01 Par Value | $7,808,537 | 605,437 | $12.90 | ||||||||
R5 Class, $0.01 Par Value | $8,073 | 637 | $12.67 | ||||||||
R6 Class, $0.01 Par Value | $28,078,944 | 2,216,154 | $12.67 | ||||||||
G Class, $0.01 Par Value | $1,580,415,547 | 123,285,851 | $12.82 |
*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 $13.60 (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.
6
Statement of Operations |
FOR THE SIX MONTHS ENDED MAY 31, 2024 (UNAUDITED) | |||||
Investment Income (Loss) | |||||
Income: | |||||
Dividends (net of foreign taxes withheld of $2,919,680) | $ | 28,242,031 | |||
Interest | 822,589 | ||||
Securities lending, net | 67,442 | ||||
29,132,062 | |||||
Expenses: | |||||
Management fees | 14,617,380 | ||||
Distribution and service fees: | |||||
A Class | 84,145 | ||||
C Class | 2,064 | ||||
R Class | 18,633 | ||||
Directors' fees and expenses | 41,234 | ||||
Other expenses | 128,560 | ||||
14,892,016 | |||||
Fees waived - G Class | (6,810,965) | ||||
8,081,051 | |||||
Net investment income (loss) | 21,051,011 | ||||
Realized and Unrealized Gain (Loss) | |||||
Net realized gain (loss) on: | |||||
Investment transactions (net of foreign tax expenses paid (refunded) of $574,855) | 33,406,525 | ||||
Foreign currency translation transactions | 101,308 | ||||
33,507,833 | |||||
Change in net unrealized appreciation (depreciation) on: | |||||
Investments (includes (increase) decrease in accrued foreign taxes of $660,448) | 258,089,891 | ||||
Translation of assets and liabilities in foreign currencies | (161,738) | ||||
257,928,153 | |||||
Net realized and unrealized gain (loss) | 291,435,986 | ||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 312,486,997 |
See Notes to Financial Statements.
7
Statement of Changes in Net Assets |
SIX MONTHS ENDED MAY 31, 2024 (UNAUDITED) AND YEAR ENDED NOVEMBER 30, 2023 | ||||||||
Increase (Decrease) in Net Assets | May 31, 2024 | November 30, 2023 | ||||||
Operations | ||||||||
Net investment income (loss) | $ | 21,051,011 | $ | 31,340,690 | ||||
Net realized gain (loss) | 33,507,833 | (99,172,745) | ||||||
Change in net unrealized appreciation (depreciation) | 257,928,153 | 188,671,789 | ||||||
Net increase (decrease) in net assets resulting from operations | 312,486,997 | 120,839,734 | ||||||
Distributions to Shareholders | ||||||||
From earnings: | ||||||||
Investor Class | (4,397,930) | — | ||||||
I Class | (2,048,613) | — | ||||||
Y Class | (466,755) | — | ||||||
A Class | (161,260) | — | ||||||
R5 Class | (55) | — | ||||||
R6 Class | (199,461) | — | ||||||
G Class | (26,731,358) | — | ||||||
Decrease in net assets from distributions | (34,005,432) | — | ||||||
Capital Share Transactions | ||||||||
Net increase (decrease) in net assets from capital share transactions (Note 5) | (115,296,084) | (22,208,949) | ||||||
Net increase (decrease) in net assets | 163,185,481 | 98,630,785 | ||||||
Net Assets | ||||||||
Beginning of period | 2,765,077,786 | 2,666,447,001 | ||||||
End of period | $ | 2,928,263,267 | $ | 2,765,077,786 |
See Notes to Financial Statements.
8
Notes to Financial Statements |
MAY 31, 2024 (UNAUDITED)
1. Organization
American Century World 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. International Growth Fund (the fund) is one fund in a series issued by the corporation. The fund's investment objective is to seek capital growth.
The fund offers the Investor Class, I Class, Y Class, A Class, C Class, R Class, R5 Class, R6 Class and G Class. The A Class may incur an initial sales charge. The A Class and C Class may be subject to a contingent deferred sales charge.
2. Significant Accounting Policies
The following is a summary of significant accounting policies consistently followed by the fund in preparation of its financial statements. The fund is an investment company and follows accounting and reporting guidance in accordance with accounting principles generally accepted in the United States of America. This may require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from these estimates. Management evaluated the impact of events or transactions occurring through the date the financial statements were issued that would merit recognition or disclosure.
Investment Valuations — The fund determines the fair value of its investments and computes its net asset value (NAV) per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. The value of investments of the fund is determined by American Century Investment Management, Inc. (ACIM) (the investment advisor), as the valuation designee, pursuant to its valuation policies and procedures. The Board of Directors oversees the valuation designee and reviews its valuation policies and procedures at least annually.
Equity securities that are listed or traded on a domestic securities exchange are valued at the last reported sales price or at the official closing price as provided by the exchange. Equity securities traded on foreign securities exchanges are generally valued at the closing price of such securities on the exchange where primarily traded or at the close of the NYSE, if that is earlier. If no last sales price is reported, or if local convention or regulation so provides, the mean of the latest bid and asked prices may be used. Securities traded over-the-counter are valued at the mean of the latest bid and asked prices, the last sales price, or the official closing price.
Open-end management investment companies are valued at the reported NAV per share. Repurchase agreements are valued at cost, which approximates fair value.
If the valuation designee determines that the market price for a portfolio security is not readily available or is believed by the valuation designee to be unreliable, such security is valued at fair value as determined in good faith by the valuation designee, in accordance with its policies and procedures. Circumstances that may cause the fund to determine that market quotations are not available or reliable include, but are not limited to: when there is a significant event subsequent to the market quotation; trading in a security has been halted during the trading day; or trading in a security is insufficient or did not take place due to a closure or holiday.
The valuation designee monitors for significant events occurring after the close of an investment’s primary exchange but before the fund’s NAV per share is determined. Significant events may include, but are not limited to: corporate announcements and transactions; regulatory news, governmental action and political unrest that could impact a specific investment or an investment sector; or armed conflicts, natural disasters and similar events that could affect investments in a specific country or region. The valuation designee also monitors for significant fluctuations between domestic and foreign markets, as evidenced by the U.S. market or such other indicators that it deems appropriate. The valuation designee may apply a model-derived factor to the closing price of equity securities traded on foreign securities exchanges. The factor is based on observable market data as provided by an independent pricing service.
Foreign Currency Translations — All assets and liabilities, including investment securities and other financial instruments, initially expressed in foreign currencies are translated into U.S. dollars each day at the mean of the appropriate currency exchange rate at the close of the NYSE as provided by an independent pricing service. 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.
Security Transactions — Security transactions are accounted for as of the trade date. Net realized gains and losses are determined on the identified cost basis, which is also used for federal income tax purposes. Certain countries impose taxes on realized gains on the sale of securities registered in their country. The fund records the foreign tax expense, if any, on an accrual basis. The foreign tax expense on realized gains and unrealized appreciation reduces the net realized gain (loss) on investment transactions and net unrealized appreciation (depreciation) on investments, respectively.
9
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.
Income Tax Status — It is the fund's policy to distribute substantially all net investment income and net realized gains to shareholders and to otherwise qualify as a regulated investment company under provisions of the Internal Revenue Code. Accordingly, no provision has been made for income taxes. The fund files U.S. federal, state, local and non-U.S. tax returns as applicable. The fund's tax returns are subject to examination by the relevant taxing authority until expiration of the applicable statute of limitations, which is generally three years from the date of filing but can be longer in certain jurisdictions. At this time, management believes there are no uncertain tax positions which, based on their technical merit, would not be sustained upon examination and for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
Multiple Class — All shares of the fund represent an equal pro rata interest in the net assets of the class to which such shares belong, and have identical voting, dividend, liquidation and other rights and the same terms and conditions, except for class specific expenses and exclusive rights to vote on matters affecting only individual classes. Income, non-class specific expenses, and realized and unrealized capital gains and losses of the fund are allocated to each class of shares based on their relative net assets.
Distributions to Shareholders — Distributions from net investment income and net realized gains, if any, are generally declared and paid annually. The fund may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code, in all events in a manner consistent with provisions of the 1940 Act.
Indemnifications — Under the corporation’s organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the fund. In addition, in the normal course of business, the fund enters into contracts that provide general indemnifications. The maximum exposure under these arrangements is unknown as this would involve future claims that may be made against a fund. The risk of material loss from such claims is considered by management to be remote.
Securities Lending — Securities are lent to qualified financial institutions and brokers. State Street Bank & Trust Co. serves as securities lending agent to the fund pursuant to a Securities Lending Agreement. The lending of securities exposes the fund to risks such as: the borrowers may fail to return the loaned securities, the borrowers may not be able to provide additional collateral, the fund may experience delays in recovery of the loaned securities or delays in access to collateral, or the fund may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge collateral in the form of cash and/or securities. The lending agent has agreed to indemnify the fund in the case of default of any securities borrowed. Cash collateral received is invested in the State Street Navigator Securities Lending Government Money Market Portfolio, a money market mutual fund registered under the 1940 Act. The loans may also be secured by U.S. government securities in an amount at least equal to the market value of the securities loaned, plus accrued interest and dividends, determined on a daily basis and adjusted accordingly. By lending securities, the fund seeks to increase its net investment income through the receipt of interest and fees. Such income is reflected separately within the Statement of Operations. The value of loaned securities and related collateral outstanding at period end, if any, are shown on a gross basis within the Schedule of Investments and Statement of Assets and Liabilities.
The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged, and the remaining contractual maturity of those transactions as of May 31, 2024.
Remaining Contractual Maturity of Agreements | |||||||||||||||||
Overnight and Continuous | <30 days | Between 30 & 90 days | >90 days | Total | |||||||||||||
Securities Lending Transactions(1) | |||||||||||||||||
Common Stocks | $ | 31,713,833 | — | — | — | $ | 31,713,833 | ||||||||||
Gross amount of recognized liabilities for securities lending transactions | $ | 31,713,833 |
(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.
10
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, 33% of the shares of the fund. Related parties do not invest in the fund for the purpose of exercising management or control.
Management Fees — The corporation has entered into a management agreement with ACIM, under which ACIM provides the fund with investment advisory and management services in exchange for a single, unified management fee (the fee) per class. The agreement provides that ACIM will pay all expenses of managing and operating the fund, except brokerage expenses, taxes, interest, fees and expenses of the independent directors (including legal counsel fees), extraordinary expenses, and expenses incurred in connection with the provision of shareholder services and distribution services under a plan adopted pursuant to Rule 12b-1 under the 1940 Act. The fee is computed and accrued daily based on each class's daily net assets and paid monthly in arrears. The difference in the fee among the classes is a result of their separate arrangements for non-Rule 12b-1 shareholder services. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class. The rate of the fee is determined by applying a fee rate calculation formula. This formula takes into account the fund's assets as well as certain assets, if any, of other clients of the investment advisor outside the American Century Investments family of funds (such as subadvised funds and separate accounts), as well as exchange-traded funds managed by the investment advisor, that use very similar investment teams and strategies (strategy assets). The investment advisor agreed to waive the G Class's management fee in its entirety. The investment advisor expects this waiver to remain in effect permanently and cannot terminate it without the approval of the Board of Directors.
The management fee schedule range and the effective annual management fee for each class for the period ended May 31, 2024 are as follows:
Management Fee Schedule Range | Effective Annual Management Fee | |||||||
Investor Class | 1.050% to 1.500% | 1.24% | ||||||
I Class | 0.850% to 1.300% | 1.04% | ||||||
Y Class | 0.700% to 1.150% | 0.89% | ||||||
A Class | 1.050% to 1.500% | 1.24% | ||||||
C Class | 1.050% to 1.500% | 1.24% | ||||||
R Class | 1.050% to 1.500% | 1.24% | ||||||
R5 Class | 0.850% to 1.300% | 1.04% | ||||||
R6 Class | 0.700% to 1.150% | 0.89% | ||||||
G Class | 0.700% to 1.150% | 0.00%(1) |
(1)Effective annual management fee before waiver was 0.89%.
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 May 31, 2024 are detailed in the Statement of Operations.
Directors' Fees and Expenses — The Board of Directors is responsible for overseeing the investment advisor’s management and operations of the fund. The directors receive detailed information about the fund and its investment advisor regularly throughout the year, and meet at least quarterly with management of the investment advisor to review reports about fund operations. The fund's officers do not receive compensation from the fund.
Other Expenses — A fund’s other expenses may include interest charges, clearing exchange fees, proxy solicitation expenses, fees associated with the recovery of foreign tax reclaims and other miscellaneous expenses.
Interfund Transactions — The fund may enter into security transactions with other American Century Investments funds and other client accounts of the investment advisor, in accordance with the 1940 Act rules and procedures adopted by the Board of Directors. The rules and procedures require, among other things, that these transactions be effected at the independent current market price of the security. During the period, the interfund sales were $342,101 and there were no interfund purchases. The effect of interfund transactions on the Statement of Operations was $(81,291) in net realized gain (loss) on investment transactions.
4. Investment Transactions
Purchases and sales of investment securities, excluding short-term investments, for the period ended May 31, 2024 were $909,989,984 and $1,043,677,208, respectively.
11
5. Capital Share Transactions
Transactions in shares of the fund were as follows:
Six months ended May 31, 2024 | Year ended November 30, 2023 | |||||||||||||
Shares | Amount | Shares | Amount | |||||||||||
Investor Class/Shares Authorized | 1,250,000,000 | 1,250,000,000 | ||||||||||||
Sold | 504,036 | $ | 6,124,199 | 5,034,273 | $ | 57,254,810 | ||||||||
Issued in reinvestment of distributions | 330,949 | 4,232,837 | — | — | ||||||||||
Redeemed | (5,523,581) | (67,994,060) | (10,453,580) | (121,780,199) | ||||||||||
(4,688,596) | (57,637,024) | (5,419,307) | (64,525,389) | |||||||||||
I Class/Shares Authorized | 300,000,000 | 300,000,000 | ||||||||||||
Sold | 749,652 | 9,080,397 | 1,981,790 | 22,596,027 | ||||||||||
Issued in reinvestment of distributions | 160,661 | 2,038,788 | — | — | ||||||||||
Redeemed | (1,000,515) | (12,266,758) | (2,854,292) | (32,440,009) | ||||||||||
(90,202) | (1,147,573) | (872,502) | (9,843,982) | |||||||||||
Y Class/Shares Authorized | 40,000,000 | 40,000,000 | ||||||||||||
Sold | 460,637 | 5,642,314 | 903,775 | 10,364,996 | ||||||||||
Issued in reinvestment of distributions | 36,752 | 466,755 | — | — | ||||||||||
Redeemed | (348,878) | (4,272,283) | (1,209,253) | (14,166,235) | ||||||||||
148,511 | 1,836,786 | (305,478) | (3,801,239) | |||||||||||
A Class/Shares Authorized | 80,000,000 | 80,000,000 | ||||||||||||
Sold | 142,958 | 1,749,023 | 422,314 | 4,870,116 | ||||||||||
Issued in reinvestment of distributions | 12,422 | 159,746 | — | — | ||||||||||
Redeemed | (656,369) | (8,151,262) | (799,056) | (9,293,280) | ||||||||||
(500,989) | (6,242,493) | (376,742) | (4,423,164) | |||||||||||
C Class/Shares Authorized | 20,000,000 | 20,000,000 | ||||||||||||
Sold | 729 | 8,392 | 1,057 | 11,435 | ||||||||||
Redeemed | (5,297) | (61,832) | (35,891) | (391,329) | ||||||||||
(4,568) | (53,440) | (34,834) | (379,894) | |||||||||||
R Class/Shares Authorized | 25,000,000 | 25,000,000 | ||||||||||||
Sold | 59,648 | 738,836 | 179,185 | 2,093,889 | ||||||||||
Redeemed | (54,515) | (680,250) | (155,230) | (1,749,459) | ||||||||||
5,133 | 58,586 | 23,955 | 344,430 | |||||||||||
R5 Class/Shares Authorized | 20,000,000 | 20,000,000 | ||||||||||||
Issued in reinvestment of distributions | 4 | 55 | — | — | ||||||||||
R6 Class/Shares Authorized | 45,000,000 | 45,000,000 | ||||||||||||
Sold | 588,615 | 7,304,100 | 864,536 | 9,867,063 | ||||||||||
Issued in reinvestment of distributions | 15,560 | 197,451 | — | — | ||||||||||
Redeemed | (366,003) | (4,495,293) | (1,356,933) | (15,642,883) | ||||||||||
238,172 | 3,006,258 | (492,397) | (5,775,820) | |||||||||||
G Class/Shares Authorized | 1,500,000,000 | 1,500,000,000 | ||||||||||||
Sold | 7,101,016 | 86,685,563 | 23,293,156 | 268,627,206 | ||||||||||
Issued in reinvestment of distributions | 2,085,129 | 26,731,358 | — | — | ||||||||||
Redeemed | (13,705,669) | (168,534,160) | (17,441,413) | (202,431,097) | ||||||||||
(4,519,524) | (55,117,239) | 5,851,743 | 66,196,109 | |||||||||||
Net increase (decrease) | (9,412,059) | $ | (115,296,084) | (1,625,562) | $ | (22,208,949) |
12
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 | |||||||||||
Brazil | $ | 19,384,002 | — | — | |||||||
China | 15,766,905 | — | — | ||||||||
India | 13,024,913 | — | — | ||||||||
Ireland | 45,750,897 | $ | 37,958,069 | — | |||||||
Switzerland | 40,356,847 | 170,921,191 | — | ||||||||
United Kingdom | 40,214,474 | 498,074,405 | — | ||||||||
Other Countries | — | 2,026,603,804 | — | ||||||||
Short-Term Investments | 31,787,313 | 16,564,163 | — | ||||||||
$ | 206,285,351 | $ | 2,750,121,632 | — |
7. Risk Factors
The value of the fund’s shares will go up and down, sometimes rapidly or unpredictably, based on the performance of the securities owned by the fund and other factors generally affecting the securities market. Market risks, including political, regulatory, economic and social developments, can affect the value of the fund’s investments. Natural disasters, public health emergencies, war, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.
There are certain risks involved in investing in foreign securities. These risks include those resulting from political events (such as civil unrest, national elections and imposition of exchange controls), social and economic events (such as labor strikes and rising inflation), and natural disasters. Securities of foreign issuers may be less liquid and more volatile. Investing in emerging markets or a significant portion of assets in one country or region may accentuate these risks.
8. Federal Tax Information
The book-basis character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts on the financial statements.
13
As of period end, the components of investments for federal income tax purposes were as follows:
Federal tax cost of investments | $ | 2,186,900,599 | |||
Gross tax appreciation of investments | $ | 820,168,297 | |||
Gross tax depreciation of investments | (50,661,913) | ||||
Net tax appreciation (depreciation) of investments | $ | 769,506,384 |
The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales.
As of November 30, 2023, the fund had accumulated short-term capital losses of $(220,449,315) and accumulated long-term capital losses of $(20,783,845), which 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.
14
Financial Highlights |
For a Share Outstanding Throughout the Years Ended November 30 (except as noted) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Per-Share Data | Ratios and Supplemental Data | |||||||||||||||||||||||||||||||||||||||||||||||||
Income From Investment Operations*: | Distributions From: | Ratio to Average Net Assets of†: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | Net Investment Income | Net Realized Gains | Tax Return of Capital | Total Distributions | Net Asset Value, End of Period | Total Return(2) | Operating Expenses | Operating Expenses (before expense waiver) | Net Investment Income (Loss) | Net Investment Income (Loss) (before expense waiver) | Portfolio Turnover Rate | Net Assets, End of Period (in thousands) | |||||||||||||||||||||||||||||||||||
Investor Class | ||||||||||||||||||||||||||||||||||||||||||||||||||
2024(3) | $11.54 | 0.05 | 1.23 | 1.28 | (0.06) | — | — | (0.06) | $12.76 | 11.10% | 1.25% | 1.25% | 0.79% | 0.79% | 32% | $890,498 | ||||||||||||||||||||||||||||||||||
2023 | $11.13 | 0.06 | 0.35 | 0.41 | — | — | — | — | $11.54 | 3.68% | 1.26% | 1.26% | 0.48% | 0.48% | 54% | $859,014 | ||||||||||||||||||||||||||||||||||
2022 | $16.24 | 0.14 | (3.17) | (3.03) | (0.38) | (1.67) | (0.03) | (2.08) | $11.13 | (20.99)% | 1.36% | 1.36% | 1.09% | 1.09% | 38% | $888,748 | ||||||||||||||||||||||||||||||||||
2021 | $15.32 | 0.09 | 1.51 | 1.60 | —(4) | (0.68) | — | (0.68) | $16.24 | 10.83% | 1.21% | 1.21% | 0.56% | 0.56% | 51% | $1,163,803 | ||||||||||||||||||||||||||||||||||
2020 | $12.35 | 0.01 | 3.01 | 3.02 | (0.01) | (0.04) | — | (0.05) | $15.32 | 24.57% | 1.18% | 1.18% | 0.06% | 0.06% | 51% | $1,243,217 | ||||||||||||||||||||||||||||||||||
2019 | $11.83 | 0.05 | 1.66 | 1.71 | (0.12) | (1.07) | — | (1.19) | $12.35 | 16.82% | 1.18% | 1.18% | 0.43% | 0.43% | 68% | $1,162,998 | ||||||||||||||||||||||||||||||||||
I Class | ||||||||||||||||||||||||||||||||||||||||||||||||||
2024(3) | $11.46 | 0.06 | 1.23 | 1.29 | (0.09) | — | — | (0.09) | $12.66 | 11.23% | 1.05% | 1.05% | 0.99% | 0.99% | 32% | $298,999 | ||||||||||||||||||||||||||||||||||
2023 | $11.03 | 0.08 | 0.35 | 0.43 | — | — | — | — | $11.46 | 3.90% | 1.06% | 1.06% | 0.68% | 0.68% | 54% | $271,586 | ||||||||||||||||||||||||||||||||||
2022 | $16.13 | 0.16 | (3.14) | (2.98) | (0.42) | (1.67) | (0.03) | (2.12) | $11.03 | (20.86)% | 1.16% | 1.16% | 1.29% | 1.29% | 38% | $271,018 | ||||||||||||||||||||||||||||||||||
2021 | $15.22 | 0.14 | 1.48 | 1.62 | (0.03) | (0.68) | — | (0.71) | $16.13 | 11.07% | 1.01% | 1.01% | 0.76% | 0.76% | 51% | $265,248 | ||||||||||||||||||||||||||||||||||
2020 | $12.27 | 0.03 | 3.00 | 3.03 | (0.04) | (0.04) | — | (0.08) | $15.22 | 24.82% | 0.98% | 0.98% | 0.26% | 0.26% | 51% | $82,222 | ||||||||||||||||||||||||||||||||||
2019 | $11.76 | 0.07 | 1.66 | 1.73 | (0.15) | (1.07) | — | (1.22) | $12.27 | 17.09% | 0.98% | 0.98% | 0.63% | 0.63% | 68% | $74,688 | ||||||||||||||||||||||||||||||||||
Y Class | ||||||||||||||||||||||||||||||||||||||||||||||||||
2024(3) | $11.49 | 0.07 | 1.23 | 1.30 | (0.11) | — | — | (0.11) | $12.68 | 11.28% | 0.90% | 0.90% | 1.14% | 1.14% | 32% | $56,573 | ||||||||||||||||||||||||||||||||||
2023 | $11.04 | 0.10 | 0.35 | 0.45 | — | — | — | — | $11.49 | 4.08% | 0.91% | 0.91% | 0.83% | 0.83% | 54% | $49,523 | ||||||||||||||||||||||||||||||||||
2022 | $16.15 | 0.16 | (3.12) | (2.96) | (0.45) | (1.67) | (0.03) | (2.15) | $11.04 | (20.73)% | 1.01% | 1.01% | 1.44% | 1.44% | 38% | $50,967 | ||||||||||||||||||||||||||||||||||
2021 | $15.24 | 0.16 | 1.49 | 1.65 | (0.06) | (0.68) | — | (0.74) | $16.15 | 11.23% | 0.86% | 0.86% | 0.91% | 0.91% | 51% | $47,542 | ||||||||||||||||||||||||||||||||||
2020 | $12.29 | 0.05 | 2.99 | 3.04 | (0.05) | (0.04) | — | (0.09) | $15.24 | 24.97% | 0.83% | 0.83% | 0.41% | 0.41% | 51% | $29,299 | ||||||||||||||||||||||||||||||||||
2019 | $11.78 | 0.08 | 1.66 | 1.74 | (0.16) | (1.07) | — | (1.23) | $12.29 | 17.27% | 0.83% | 0.83% | 0.78% | 0.78% | 68% | $18,691 | ||||||||||||||||||||||||||||||||||
A Class | ||||||||||||||||||||||||||||||||||||||||||||||||||
2024(3) | $11.58 | 0.03 | 1.24 | 1.27 | (0.03) | — | — | (0.03) | $12.82 | 10.96% | 1.50% | 1.50% | 0.54% | 0.54% | 32% | $65,498 | ||||||||||||||||||||||||||||||||||
2023 | $11.19 | 0.03 | 0.36 | 0.39 | — | — | — | — | $11.58 | 3.49% | 1.51% | 1.51% | 0.23% | 0.23% | 54% | $64,930 | ||||||||||||||||||||||||||||||||||
2022 | $16.31 | 0.11 | (3.19) | (3.08) | (0.34) | (1.67) | (0.03) | (2.04) | $11.19 | (21.24)% | 1.61% | 1.61% | 0.84% | 0.84% | 38% | $66,993 | ||||||||||||||||||||||||||||||||||
2021 | $15.42 | 0.05 | 1.52 | 1.57 | — | (0.68) | — | (0.68) | $16.31 | 10.53% | 1.46% | 1.46% | 0.31% | 0.31% | 51% | $87,967 | ||||||||||||||||||||||||||||||||||
2020 | $12.45 | (0.02) | 3.03 | 3.01 | — | (0.04) | — | (0.04) | $15.42 | 24.27% | 1.43% | 1.43% | (0.19)% | (0.19)% | 51% | $81,088 | ||||||||||||||||||||||||||||||||||
2019 | $11.91 | 0.02 | 1.69 | 1.71 | (0.10) | (1.07) | — | (1.17) | $12.45 | 16.56% | 1.43% | 1.43% | 0.18% | 0.18% | 68% | $67,857 |
For a Share Outstanding Throughout the Years Ended November 30 (except as noted) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Per-Share Data | Ratios and Supplemental Data | |||||||||||||||||||||||||||||||||||||||||||||||||
Income From Investment Operations*: | Distributions From: | Ratio to Average Net Assets of†: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | Net Investment Income | Net Realized Gains | Tax Return of Capital | Total Distributions | Net Asset Value, End of Period | Total Return(2) | Operating Expenses | Operating Expenses (before expense waiver) | Net Investment Income (Loss) | Net Investment Income (Loss) (before expense waiver) | Portfolio Turnover Rate | Net Assets, End of Period (in thousands) | |||||||||||||||||||||||||||||||||||
C Class | ||||||||||||||||||||||||||||||||||||||||||||||||||
2024(3) | $10.76 | (0.01) | 1.15 | 1.14 | — | — | — | — | $11.90 | 10.59% | 2.25% | 2.25% | (0.21)% | (0.21)% | 32% | $384 | ||||||||||||||||||||||||||||||||||
2023 | $10.48 | (0.05) | 0.33 | 0.28 | — | — | — | — | $10.76 | 2.67% | 2.26% | 2.26% | (0.52)% | (0.52)% | 54% | $396 | ||||||||||||||||||||||||||||||||||
2022 | $15.41 | 0.03 | (3.02) | (2.99) | (0.24) | (1.67) | (0.03) | (1.94) | $10.48 | (21.81)% | 2.36% | 2.36% | 0.09% | 0.09% | 38% | $751 | ||||||||||||||||||||||||||||||||||
2021 | $14.71 | (0.08) | 1.46 | 1.38 | — | (0.68) | — | (0.68) | $15.41 | 9.72% | 2.21% | 2.21% | (0.44)% | (0.44)% | 51% | $1,462 | ||||||||||||||||||||||||||||||||||
2020 | $11.97 | (0.11) | 2.89 | 2.78 | — | (0.04) | — | (0.04) | $14.71 | 23.32% | 2.18% | 2.18% | (0.94)% | (0.94)% | 51% | $1,855 | ||||||||||||||||||||||||||||||||||
2019 | $11.49 | (0.06) | 1.62 | 1.56 | (0.01) | (1.07) | — | (1.08) | $11.97 | 15.66% | 2.18% | 2.18% | (0.57)% | (0.57)% | 68% | $2,694 | ||||||||||||||||||||||||||||||||||
R Class | ||||||||||||||||||||||||||||||||||||||||||||||||||
2024(3) | $11.63 | 0.02 | 1.25 | 1.27 | — | — | — | — | $12.90 | 10.92% | 1.75% | 1.75% | 0.29% | 0.29% | 32% | $7,809 | ||||||||||||||||||||||||||||||||||
2023 | $11.27 | —(4) | 0.36 | 0.36 | — | — | — | — | $11.63 | 3.19% | 1.76% | 1.76% | (0.02)% | (0.02)% | 54% | $6,982 | ||||||||||||||||||||||||||||||||||
2022 | $16.40 | 0.07 | (3.21) | (3.14) | (0.29) | (1.67) | (0.03) | (1.99) | $11.27 | (21.45)% | 1.86% | 1.86% | 0.59% | 0.59% | 38% | $6,498 | ||||||||||||||||||||||||||||||||||
2021 | $15.54 | 0.01 | 1.53 | 1.54 | — | (0.68) | — | (0.68) | $16.40 | 10.25% | 1.71% | 1.71% | 0.06% | 0.06% | 51% | $7,589 | ||||||||||||||||||||||||||||||||||
2020 | $12.58 | (0.06) | 3.06 | 3.00 | — | (0.04) | — | (0.04) | $15.54 | 24.04% | 1.68% | 1.68% | (0.44)% | (0.44)% | 51% | $6,701 | ||||||||||||||||||||||||||||||||||
2019 | $12.02 | (0.01) | 1.71 | 1.70 | (0.07) | (1.07) | — | (1.14) | $12.58 | 16.17% | 1.68% | 1.68% | (0.07)% | (0.07)% | 68% | $6,069 | ||||||||||||||||||||||||||||||||||
R5 Class | ||||||||||||||||||||||||||||||||||||||||||||||||||
2024(3) | $11.47 | 0.06 | 1.23 | 1.29 | (0.09) | — | — | (0.09) | $12.67 | 11.22% | 1.05% | 1.05% | 0.99% | 0.99% | 32% | $8 | ||||||||||||||||||||||||||||||||||
2023 | $11.04 | 0.08 | 0.35 | 0.43 | — | — | — | — | $11.47 | 3.99% | 1.06% | 1.06% | 0.68% | 0.68% | 54% | $7 | ||||||||||||||||||||||||||||||||||
2022 | $16.14 | 0.16 | (3.14) | (2.98) | (0.42) | (1.67) | (0.03) | (2.12) | $11.04 | (20.92)% | 1.16% | 1.16% | 1.29% | 1.29% | 38% | $7 | ||||||||||||||||||||||||||||||||||
2021 | $15.23 | 0.11 | 1.51 | 1.62 | (0.03) | (0.68) | — | (0.71) | $16.14 | 11.06% | 1.01% | 1.01% | 0.76% | 0.76% | 51% | $9 | ||||||||||||||||||||||||||||||||||
2020 | $12.28 | 0.03 | 3.00 | 3.03 | (0.04) | (0.04) | — | (0.08) | $15.23 | 24.80% | 0.98% | 0.98% | 0.26% | 0.26% | 51% | $11 | ||||||||||||||||||||||||||||||||||
2019 | $11.77 | 0.07 | 1.66 | 1.73 | (0.15) | (1.07) | — | (1.22) | $12.28 | 17.09% | 0.98% | 0.98% | 0.63% | 0.63% | 68% | $6 | ||||||||||||||||||||||||||||||||||
R6 Class | ||||||||||||||||||||||||||||||||||||||||||||||||||
2024(3) | $11.47 | 0.07 | 1.24 | 1.31 | (0.11) | — | — | (0.11) | $12.67 | 11.39% | 0.90% | 0.90% | 1.14% | 1.14% | 32% | $28,079 | ||||||||||||||||||||||||||||||||||
2023 | $11.03 | 0.09 | 0.35 | 0.44 | — | — | — | — | $11.47 | 3.99% | 0.91% | 0.91% | 0.83% | 0.83% | 54% | $22,695 | ||||||||||||||||||||||||||||||||||
2022 | $16.14 | 0.18 | (3.14) | (2.96) | (0.45) | (1.67) | (0.03) | (2.15) | $11.03 | (20.75)% | 1.01% | 1.01% | 1.44% | 1.44% | 38% | $27,243 | ||||||||||||||||||||||||||||||||||
2021 | $15.23 | 0.14 | 1.51 | 1.65 | (0.06) | (0.68) | — | (0.74) | $16.14 | 11.23% | 0.86% | 0.86% | 0.91% | 0.91% | 51% | $31,350 | ||||||||||||||||||||||||||||||||||
2020 | $12.28 | 0.05 | 2.99 | 3.04 | (0.05) | (0.04) | — | (0.09) | $15.23 | 24.99% | 0.83% | 0.83% | 0.41% | 0.41% | 51% | $55,137 | ||||||||||||||||||||||||||||||||||
2019 | $11.77 | 0.09 | 1.65 | 1.74 | (0.16) | (1.07) | — | (1.23) | $12.28 | 17.28% | 0.83% | 0.83% | 0.78% | 0.78% | 68% | $37,088 | ||||||||||||||||||||||||||||||||||
G Class | ||||||||||||||||||||||||||||||||||||||||||||||||||
2024(3) | $11.66 | 0.13 | 1.25 | 1.38 | (0.22) | — | — | (0.22) | $12.82 | 11.84% | 0.01% | 0.90% | 2.03% | 1.14% | 32% | $1,580,416 | ||||||||||||||||||||||||||||||||||
2023 | $11.10 | 0.20 | 0.36 | 0.56 | — | — | — | — | $11.66 | 5.05% | 0.02% | 0.91% | 1.72% | 0.83% | 54% | $1,489,943 | ||||||||||||||||||||||||||||||||||
2022(5) | $12.81 | 0.15 | (1.54) | (1.39) | (0.29) | — | (0.03) | (0.32) | $11.10 | (11.03)% | 0.07% | 0.95% | 2.20% | 1.32% | 38%(6) | $1,354,224 |
Notes to Financial Highlights |
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day and do not reflect applicable sales charges, if any. Total returns for periods less than one year are not annualized.
(3)Six months ended May 31, 2024 (unaudited).
(4)Per-share amount was less than $0.005.
(5)April 1, 2022 (commencement of sale) through November 30, 2022.
(6)Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended November 30, 2022.
*The amount shown for a share outstanding throughout the period may not correlate with the Statement(s) of Operations or precisely reflect the class expense differentials due to the timing of transactions in shares of a fund in relation to income earned and/or fluctuations in the fair value of a fund's investments.
†Ratios for periods less than one year are annualized. Zero balances may reflect amounts less than 0.005%.
See Notes to Financial Statements.
Contact Us | americancentury.com | |||||||
Automated Information Line | 1-800-345-8765 | |||||||
Investor Services Representative | 1-800-345-2021 or 816-531-5575 | |||||||
Banks and Trust Companies, Broker-Dealers, Financial Professionals, Insurance Companies | 1-800-345-6488 | |||||||
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. | ||||||||
©2024 American Century Proprietary Holdings, Inc. All rights reserved. CL-SAN-92630 2407 |
![Image25.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g3.jpg)
Semiannual Financial Statements and Other Information | |||||
May 31, 2024 | |||||
International Opportunities Fund | |||||
Investor Class (AIOIX) | |||||
I Class (ACIOX) | |||||
A Class (AIVOX) | |||||
C Class (AIOCX) | |||||
R Class (AIORX) |
Table of Contents |
Schedule of Investments | |||||
Statement of Assets and Liabilities | |||||
Statement of Operations | |||||
Statement of Changes in Net Assets | |||||
Notes to Financial Statements | |||||
Financial Highlights | |||||
Schedule of Investments |
MAY 31, 2024 (UNAUDITED)
Shares | Value | |||||||
COMMON STOCKS — 100.2% | ||||||||
Australia — 7.0% | ||||||||
CAR Group Ltd. | 235,113 | $ | 5,490,016 | |||||
Lovisa Holdings Ltd. | 133,275 | 3,035,550 | ||||||
Megaport Ltd.(1) | 297,834 | 2,718,818 | ||||||
NEXTDC Ltd.(1) | 584,961 | 6,982,548 | ||||||
Paladin Energy Ltd.(1) | 417,425 | 4,462,494 | ||||||
Pro Medicus Ltd.(2) | 40,408 | 3,251,262 | ||||||
Seven Group Holdings Ltd. | 193,278 | 5,066,081 | ||||||
31,006,769 | ||||||||
Brazil — 1.6% | ||||||||
Direcional Engenharia SA | 514,200 | 2,406,044 | ||||||
Embraer SA, ADR(1) | 166,781 | 4,634,844 | ||||||
7,040,888 | ||||||||
Canada — 9.0% | ||||||||
Alamos Gold, Inc., Class A | 341,496 | 5,710,183 | ||||||
Aritzia, Inc.(1) | 81,819 | 2,044,049 | ||||||
AtkinsRealis Group, Inc. | 141,127 | 5,523,103 | ||||||
Capstone Copper Corp.(1) | 663,444 | 4,672,998 | ||||||
Cargojet, Inc.(2) | 26,289 | 2,141,774 | ||||||
Celestica, Inc.(1) | 81,336 | 4,548,309 | ||||||
Descartes Systems Group, Inc.(1) | 46,877 | 4,328,801 | ||||||
ERO Copper Corp.(1)(2) | 156,931 | 3,341,383 | ||||||
FirstService Corp. | 7,798 | 1,147,242 | ||||||
Lundin Gold, Inc. | 286,096 | 4,225,476 | ||||||
Stantec, Inc. | 27,582 | 2,226,068 | ||||||
39,909,386 | ||||||||
China — 2.8% | ||||||||
Bosideng International Holdings Ltd. | 3,414,000 | 1,975,412 | ||||||
Kanzhun Ltd., ADR | 222,850 | 4,735,563 | ||||||
Tongcheng Travel Holdings Ltd.(1) | 1,632,800 | 3,738,408 | ||||||
Yihai International Holding Ltd.(2) | 1,157,000 | 2,151,921 | ||||||
12,601,304 | ||||||||
Denmark — 2.9% | ||||||||
Ambu AS, Class B(1) | 170,898 | 3,281,141 | ||||||
NKT AS(1) | 41,050 | 3,564,506 | ||||||
Royal Unibrew AS(1) | 49,114 | 4,036,739 | ||||||
Zealand Pharma AS(1) | 23,304 | 2,186,224 | ||||||
13,068,610 | ||||||||
France — 4.1% | ||||||||
Elis SA | 319,369 | 8,119,719 | ||||||
Gaztransport Et Technigaz SA | 15,107 | 2,203,882 | ||||||
SPIE SA | 27,277 | 1,122,906 | ||||||
Verallia SA | 81,646 | 3,380,459 | ||||||
VusionGroup(1)(2) | 20,466 | 3,268,536 | ||||||
18,095,502 | ||||||||
Germany — 4.0% | ||||||||
Bilfinger SE | 42,183 | 2,312,892 | ||||||
CTS Eventim AG & Co. KGaA | 35,159 | 3,050,106 | ||||||
Gerresheimer AG | 6,109 | 699,793 |
2
Shares | Value | |||||||
KION Group AG | 86,870 | $ | 4,109,681 | |||||
Redcare Pharmacy NV(1) | 36,021 | 4,514,936 | ||||||
Scout24 SE | 42,237 | 3,177,212 | ||||||
17,864,620 | ||||||||
Greece — 1.7% | ||||||||
National Bank of Greece SA(1) | 851,348 | 7,397,391 | ||||||
Hong Kong — 1.3% | ||||||||
Samsonite International SA(1) | 1,092,600 | 3,472,597 | ||||||
Xinyi Glass Holdings Ltd.(2) | 1,793,000 | 2,221,757 | ||||||
5,694,354 | ||||||||
India — 8.3% | ||||||||
Honasa Consumer Ltd.(1) | 426,250 | 2,255,552 | ||||||
Kalyan Jewellers India Ltd. | 829,718 | 3,871,335 | ||||||
KEI Industries Ltd. | 96,601 | 4,753,553 | ||||||
Lemon Tree Hotels Ltd.(1) | 1,756,210 | 2,874,736 | ||||||
Max Financial Services Ltd.(1) | 454,630 | 5,006,697 | ||||||
Max Healthcare Institute Ltd. | 732,490 | 6,609,010 | ||||||
Phoenix Mills Ltd. | 81,676 | 3,036,294 | ||||||
Prestige Estates Projects Ltd. | 192,184 | 3,684,084 | ||||||
Rainbow Children's Medicare Ltd. | 152,604 | 2,379,193 | ||||||
Varun Beverages Ltd. | 131,751 | 2,254,284 | ||||||
36,724,738 | ||||||||
Indonesia — 0.5% | ||||||||
Ace Hardware Indonesia Tbk. PT | 46,007,600 | 2,326,063 | ||||||
Ireland — 1.0% | ||||||||
Glanbia PLC | 222,993 | 4,582,960 | ||||||
Israel — 3.5% | ||||||||
Camtek Ltd. | 53,294 | 5,457,838 | ||||||
CyberArk Software Ltd.(1) | 19,211 | 4,404,122 | ||||||
Nova Ltd.(1) | 26,306 | 5,488,747 | ||||||
15,350,707 | ||||||||
Italy — 0.6% | ||||||||
De' Longhi SpA | 76,529 | 2,693,381 | ||||||
Japan — 16.5% | ||||||||
Amvis Holdings, Inc. | 130,400 | 1,649,976 | ||||||
Asics Corp. | 99,900 | 5,549,594 | ||||||
Coca-Cola Bottlers Japan Holdings, Inc. | 189,500 | 2,208,481 | ||||||
CyberAgent, Inc. | 721,900 | 4,351,517 | ||||||
FP Partner, Inc.(2) | 108,600 | 2,888,663 | ||||||
GMO Payment Gateway, Inc. | 29,700 | 1,282,456 | ||||||
Horiba Ltd. | 27,500 | 2,174,057 | ||||||
Hoshizaki Corp. | 95,200 | 3,418,727 | ||||||
Kyoritsu Maintenance Co. Ltd. | 98,200 | 1,936,445 | ||||||
MISUMI Group, Inc. | 124,800 | 2,149,570 | ||||||
Money Forward, Inc.(1) | 92,100 | 3,044,780 | ||||||
Nihon M&A Center Holdings, Inc. | 250,600 | 1,161,938 | ||||||
Nissan Chemical Corp. | 36,000 | 1,000,937 | ||||||
Rakuten Bank Ltd.(1) | 164,400 | 3,008,633 | ||||||
Ryohin Keikaku Co. Ltd. | 218,800 | 3,594,488 | ||||||
Sanrio Co. Ltd. | 274,800 | 4,245,031 | ||||||
Santen Pharmaceutical Co. Ltd. | 332,900 | 3,456,521 | ||||||
Socionext, Inc. | 94,500 | 2,776,075 | ||||||
Taiheiyo Cement Corp. | 173,300 | 4,327,714 | ||||||
Tokyo Ohka Kogyo Co. Ltd. | 125,800 | 3,298,804 |
3
Shares | Value | |||||||
Toyo Suisan Kaisha Ltd. | 62,800 | $ | 4,527,555 | |||||
Toyo Tire Corp. | 242,900 | 4,352,984 | ||||||
U-Next Holdings Co. Ltd. | 81,500 | 2,410,041 | ||||||
Visional, Inc.(1) | 23,900 | 1,144,272 | ||||||
WealthNavi, Inc.(1)(2) | 118,900 | 886,792 | ||||||
Yokogawa Electric Corp. | 87,600 | 2,256,302 | ||||||
73,102,353 | ||||||||
Mexico — 2.6% | ||||||||
BBB Foods, Inc., Class A(1) | 114,744 | 3,125,627 | ||||||
Corp. Inmobiliaria Vesta SAB de CV, ADR | 93,436 | 3,255,310 | ||||||
Vista Energy SAB de CV, ADR(1) | 110,345 | 5,346,215 | ||||||
11,727,152 | ||||||||
Netherlands — 2.8% | ||||||||
Aalberts NV | 59,626 | 2,852,981 | ||||||
BE Semiconductor Industries NV | 14,611 | 2,173,646 | ||||||
Fugro NV | 83,526 | 2,241,106 | ||||||
InPost SA(1) | 275,405 | 4,963,865 | ||||||
12,231,598 | ||||||||
Norway — 1.4% | ||||||||
Bakkafrost P | 54,477 | 3,001,509 | ||||||
Seadrill Ltd.(1) | 58,990 | 3,059,811 | ||||||
6,061,320 | ||||||||
South Africa — 1.1% | ||||||||
Aspen Pharmacare Holdings Ltd.(2) | 380,870 | 4,727,314 | ||||||
South Korea — 3.4% | ||||||||
Dentium Co. Ltd. | 12,537 | 1,020,750 | ||||||
Douzone Bizon Co. Ltd. | 51,482 | 2,293,600 | ||||||
Eugene Technology Co. Ltd. | 108,709 | 4,006,340 | ||||||
Kumho Petrochemical Co. Ltd. | 25,139 | 2,685,752 | ||||||
LG H&H Co. Ltd. | 10,314 | 3,119,960 | ||||||
Soop Co. Ltd. | 27,272 | 2,194,974 | ||||||
15,321,376 | ||||||||
Spain — 2.0% | ||||||||
Fluidra SA | 102,007 | 2,488,972 | ||||||
Indra Sistemas SA | 271,936 | 6,285,961 | ||||||
8,774,933 | ||||||||
Sweden — 3.3% | ||||||||
Beijer Ref AB(2) | 212,100 | 3,472,029 | ||||||
Hemnet Group AB | 106,899 | 2,947,597 | ||||||
Saab AB, Class B | 238,464 | 5,788,171 | ||||||
Trelleborg AB, B Shares | 58,217 | 2,278,008 | ||||||
14,485,805 | ||||||||
Switzerland — 1.7% | ||||||||
Siegfried Holding AG(1) | 2,857 | 2,859,854 | ||||||
Swissquote Group Holding SA | 13,182 | 4,051,293 | ||||||
Tecan Group AG | 1,342 | 477,689 | ||||||
7,388,836 | ||||||||
Taiwan — 7.6% | ||||||||
Airtac International Group(2) | 123,000 | 3,891,866 | ||||||
ASPEED Technology, Inc. | 39,000 | 4,413,870 | ||||||
Elan Microelectronics Corp.(2) | 445,000 | 2,247,821 | ||||||
Gold Circuit Electronics Ltd.(1)(2) | 788,000 | 4,870,737 | ||||||
Lotes Co. Ltd. | 85,000 | 4,242,597 | ||||||
Nien Made Enterprise Co. Ltd. | 202,000 | 2,192,335 |
4
Shares | Value | |||||||
Phison Electronics Corp.(2) | 224,000 | $ | 4,133,104 | |||||
Silergy Corp.(2) | 174,000 | 2,548,123 | ||||||
Tong Yang Industry Co. Ltd. | 660,000 | 2,299,119 | ||||||
Wiwynn Corp.(2) | 38,000 | 2,908,310 | ||||||
33,747,882 | ||||||||
United Kingdom — 8.3% | ||||||||
ConvaTec Group PLC | 1,069,659 | 3,410,195 | ||||||
Diploma PLC | 104,134 | 5,458,660 | ||||||
Greggs PLC | 62,078 | 2,334,589 | ||||||
Intermediate Capital Group PLC | 207,939 | 6,195,433 | ||||||
Marks & Spencer Group PLC | 988,570 | 3,824,508 | ||||||
Melrose Industries PLC | 540,106 | 4,273,926 | ||||||
Persimmon PLC | 127,867 | 2,388,843 | ||||||
Softcat PLC | 167,282 | 3,554,057 | ||||||
Weir Group PLC | 186,840 | 5,105,992 | ||||||
36,546,203 | ||||||||
United States — 1.2% | ||||||||
JFrog Ltd.(1) | 65,950 | 2,121,612 | ||||||
TechnipFMC PLC | 123,591 | 3,236,848 | ||||||
5,358,460 | ||||||||
TOTAL COMMON STOCKS (Cost $360,275,961) | 443,829,905 | |||||||
EXCHANGE-TRADED FUNDS — 0.0% | ||||||||
Schwab International Small-Cap Equity ETF (Cost $49,514) | 1,803 | 66,008 | ||||||
SHORT-TERM INVESTMENTS — 1.4% | ||||||||
Money Market Funds — 1.2% | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio(3) | 5,368,690 | 5,368,690 | ||||||
Repurchase Agreements — 0.2% | ||||||||
BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 3.00%, 5/15/45 - 2/15/49, valued at $66,281), in a joint trading account at 5.29%, dated 5/31/24, due 6/3/24 (Delivery value $64,530) | 64,502 | |||||||
Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 2.75%, 4/30/27, valued at $651,851), at 5.31%, dated 5/31/24, due 6/3/24 (Delivery value $639,283) | 639,000 | |||||||
TD Securities (USA) LLC, (collateralized by various U.S. Treasury obligations, 1.75% - 2.625%, 1/31/26 - 12/31/26, valued at $263,297), at 5.30%, dated 5/31/24, due 6/3/24 (Delivery value $258,114) | 258,000 | |||||||
961,502 | ||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $6,330,192) | 6,330,192 | |||||||
TOTAL INVESTMENT SECURITIES — 101.6% (Cost $366,655,667) | 450,226,105 | |||||||
OTHER ASSETS AND LIABILITIES — (1.6)% | (7,344,061) | |||||||
TOTAL NET ASSETS — 100.0% | $ | 442,882,044 |
5
MARKET SECTOR DIVERSIFICATION | |||||
(as a % of net assets) | |||||
Industrials | 21.5% | ||||
Information Technology | 21.1% | ||||
Consumer Discretionary | 13.0% | ||||
Consumer Staples | 8.9% | ||||
Health Care | 8.1% | ||||
Materials | 7.4% | ||||
Financials | 7.2% | ||||
Communication Services | 6.4% | ||||
Energy | 4.1% | ||||
Real Estate | 2.5% | ||||
Exchange-Traded Funds | 0.0% | ||||
Short-Term Investments | 1.4% | ||||
Other Assets and Liabilities | (1.6)% |
NOTES TO SCHEDULE OF INVESTMENTS | ||||||||
ADR | – | American Depositary Receipt |
(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 $23,240,084. 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 $24,316,187, which includes securities collateral of $18,947,497.
See Notes to Financial Statements.
6
Statement of Assets and Liabilities |
MAY 31, 2024 (UNAUDITED) | |||||
Assets | |||||
Investment securities, at value (cost of $361,286,977) — including $23,240,084 of securities on loan | $ | 444,857,415 | |||
Investment made with cash collateral received for securities on loan, at value (cost of $5,368,690) | 5,368,690 | ||||
Total investment securities, at value (cost of $366,655,667) | 450,226,105 | ||||
Foreign currency holdings, at value (cost of $49,487) | 49,528 | ||||
Receivable for investments sold | 3,967,801 | ||||
Receivable for capital shares sold | 103,633 | ||||
Dividends and interest receivable | 923,907 | ||||
Securities lending receivable | 10,394 | ||||
Other assets | 116,211 | ||||
455,397,579 | |||||
Liabilities | |||||
Disbursements in excess of demand deposit cash | 131,071 | ||||
Payable for collateral received for securities on loan | 5,368,690 | ||||
Payable for investments purchased | 4,550,362 | ||||
Payable for capital shares redeemed | 134,847 | ||||
Accrued management fees | 569,522 | ||||
Distribution and service fees payable | 1,685 | ||||
Accrued foreign taxes | 1,513,127 | ||||
Accrued IRS compliance fees | 240,189 | ||||
Accrued other expenses | 6,042 | ||||
12,515,535 | |||||
Net Assets | $ | 442,882,044 | |||
Net Assets Consist of: | |||||
Capital (par value and paid-in surplus) | $ | 478,433,814 | |||
Distributable earnings (loss) | (35,551,770) | ||||
$ | 442,882,044 |
Net Assets | Shares Outstanding | Net Asset Value Per Share* | |||||||||
Investor Class, $0.01 Par Value | $347,517,227 | 37,064,689 | $9.38 | ||||||||
I Class, $0.01 Par Value | $89,063,113 | 9,351,025 | $9.52 | ||||||||
A Class, $0.01 Par Value | $5,054,818 | 546,604 | $9.25 | ||||||||
C Class, $0.01 Par Value | $177,545 | 20,893 | $8.50 | ||||||||
R Class, $0.01 Par Value | $1,069,341 | 118,136 | $9.05 |
*Maximum offering price per share was equal to the net asset value per share for all share classes, except A Class, for which the maximum offering price per share was $9.81 (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.
7
Statement of Operations |
FOR THE SIX MONTHS ENDED MAY 31, 2024 (UNAUDITED) | |||||
Investment Income (Loss) | |||||
Income: | |||||
Dividends (net of foreign taxes withheld of $325,821) | $ | 2,748,104 | |||
Securities lending, net | 89,846 | ||||
Interest | 34,755 | ||||
2,872,705 | |||||
Expenses: | |||||
Management fees | 3,335,804 | ||||
Distribution and service fees: | |||||
A Class | 6,402 | ||||
C Class | 983 | ||||
R Class | 2,739 | ||||
Directors' fees and expenses | 6,360 | ||||
Other expenses | 21,329 | ||||
3,373,617 | |||||
Net investment income (loss) | (500,912) | ||||
Realized and Unrealized Gain (Loss) | |||||
Net realized gain (loss) on: | |||||
Investment transactions (net of foreign tax expenses paid (refunded) of $912,848) | 12,318,706 | ||||
Foreign currency translation transactions | (166,819) | ||||
12,151,887 | |||||
Change in net unrealized appreciation (depreciation) on: | |||||
Investments (includes (increase) decrease in accrued foreign taxes of $100,038) | 32,618,275 | ||||
Translation of assets and liabilities in foreign currencies | (24,757) | ||||
32,593,518 | |||||
Net realized and unrealized gain (loss) | 44,745,405 | ||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 44,244,493 |
See Notes to Financial Statements.
8
Statement of Changes in Net Assets |
SIX MONTHS ENDED MAY 31, 2024 (UNAUDITED) AND YEAR ENDED NOVEMBER 30, 2023 | ||||||||
Increase (Decrease) in Net Assets | May 31, 2024 | November 30, 2023 | ||||||
Operations | ||||||||
Net investment income (loss) | $ | (500,912) | $ | 257,057 | ||||
Net realized gain (loss) | 12,151,887 | (44,478,751) | ||||||
Change in net unrealized appreciation (depreciation) | 32,593,518 | 36,832,093 | ||||||
Net increase (decrease) in net assets resulting from operations | 44,244,493 | (7,389,601) | ||||||
Distributions to Shareholders | ||||||||
From earnings: | ||||||||
Investor Class | (749,060) | (883,194) | ||||||
I Class | (354,084) | (395,627) | ||||||
Decrease in net assets from distributions | (1,103,144) | (1,278,821) | ||||||
Capital Share Transactions | ||||||||
Net increase (decrease) in net assets from capital share transactions (Note 5) | (23,071,718) | (45,954,756) | ||||||
Net increase (decrease) in net assets | 20,069,631 | (54,623,178) | ||||||
Net Assets | ||||||||
Beginning of period | 422,812,413 | 477,435,591 | ||||||
End of period | $ | 442,882,044 | $ | 422,812,413 |
See Notes to Financial Statements.
9
Notes to Financial Statements |
MAY 31, 2024 (UNAUDITED)
1. Organization
American Century World 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. International Opportunities Fund (the fund) is one fund in a series issued by the corporation. The fund's investment objective is to seek capital growth.
The fund offers the Investor Class, I Class, A Class, C Class and R Class. The A Class may incur an initial sales charge. The A Class and C Class may be subject to a contingent deferred sales charge.
2. Significant Accounting Policies
The following is a summary of significant accounting policies consistently followed by the fund in preparation of its financial statements. The fund is an investment company and follows accounting and reporting guidance in accordance with accounting principles generally accepted in the United States of America. This may require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from these estimates. Management evaluated the impact of events or transactions occurring through the date the financial statements were issued that would merit recognition or disclosure.
Investment Valuations — The fund determines the fair value of its investments and computes its net asset value (NAV) per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. The value of investments of the fund is determined by American Century Investment Management, Inc. (ACIM) (the investment advisor), as the valuation designee, pursuant to its valuation policies and procedures. The Board of Directors oversees the valuation designee and reviews its valuation policies and procedures at least annually.
Equity securities that are listed or traded on a domestic securities exchange are valued at the last reported sales price or at the official closing price as provided by the exchange. Equity securities traded on foreign securities exchanges are generally valued at the closing price of such securities on the exchange where primarily traded or at the close of the NYSE, if that is earlier. If no last sales price is reported, or if local convention or regulation so provides, the mean of the latest bid and asked prices may be used. Securities traded over-the-counter are valued at the mean of the latest bid and asked prices, the last sales price, or the official closing price.
Open-end management investment companies are valued at the reported NAV per share. Repurchase agreements are valued at cost, which approximates fair value.
If the valuation designee determines that the market price for a portfolio security is not readily available or is believed by the valuation designee to be unreliable, such security is valued at fair value as determined in good faith by the valuation designee, in accordance with its policies and procedures. Circumstances that may cause the fund to determine that market quotations are not available or reliable include, but are not limited to: when there is a significant event subsequent to the market quotation; trading in a security has been halted during the trading day; or trading in a security is insufficient or did not take place due to a closure or holiday.
The valuation designee monitors for significant events occurring after the close of an investment’s primary exchange but before the fund’s NAV per share is determined. Significant events may include, but are not limited to: corporate announcements and transactions; regulatory news, governmental action and political unrest that could impact a specific investment or an investment sector; or armed conflicts, natural disasters and similar events that could affect investments in a specific country or region. The valuation designee also monitors for significant fluctuations between domestic and foreign markets, as evidenced by the U.S. market or such other indicators that it deems appropriate. The valuation designee may apply a model-derived factor to the closing price of equity securities traded on foreign securities exchanges. The factor is based on observable market data as provided by an independent pricing service.
Foreign Currency Translations — All assets and liabilities, including investment securities and other financial instruments, initially expressed in foreign currencies are translated into U.S. dollars each day at the mean of the appropriate currency exchange rate at the close of the NYSE as provided by an independent pricing service. 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.
Security Transactions — Security transactions are accounted for as of the trade date. Net realized gains and losses are determined on the identified cost basis, which is also used for federal income tax purposes. Certain countries impose taxes on realized gains on the sale of securities registered in their country. The fund records the foreign tax expense, if any, on an accrual basis. The foreign tax expense on realized gains and unrealized appreciation reduces the net realized gain (loss) on investment transactions and net unrealized appreciation (depreciation) on investments, respectively.
10
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.
Income Tax Status — It is the fund's policy to distribute substantially all net investment income and net realized gains to shareholders and to otherwise qualify as a regulated investment company under provisions of the Internal Revenue Code. Accordingly, no provision has been made for income taxes. The fund files U.S. federal, state, local and non-U.S. tax returns as applicable. The fund's tax returns are subject to examination by the relevant taxing authority until expiration of the applicable statute of limitations, which is generally three years from the date of filing but can be longer in certain jurisdictions. At this time, management believes there are no uncertain tax positions which, based on their technical merit, would not be sustained upon examination and for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
Multiple Class — All shares of the fund represent an equal pro rata interest in the net assets of the class to which such shares belong, and have identical voting, dividend, liquidation and other rights and the same terms and conditions, except for class specific expenses and exclusive rights to vote on matters affecting only individual classes. Income, non-class specific expenses, and realized and unrealized capital gains and losses of the fund are allocated to each class of shares based on their relative net assets.
Distributions to Shareholders — Distributions from net investment income and net realized gains, if any, are generally declared and paid annually. The fund may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code, in all events in a manner consistent with provisions of the 1940 Act.
Indemnifications — Under the corporation’s organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the fund. In addition, in the normal course of business, the fund enters into contracts that provide general indemnifications. The maximum exposure under these arrangements is unknown as this would involve future claims that may be made against a fund. The risk of material loss from such claims is considered by management to be remote.
Securities Lending — Securities are lent to qualified financial institutions and brokers. State Street Bank & Trust Co. serves as securities lending agent to the fund pursuant to a Securities Lending Agreement. The lending of securities exposes the fund to risks such as: the borrowers may fail to return the loaned securities, the borrowers may not be able to provide additional collateral, the fund may experience delays in recovery of the loaned securities or delays in access to collateral, or the fund may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge collateral in the form of cash and/or securities. The lending agent has agreed to indemnify the fund in the case of default of any securities borrowed. Cash collateral received is invested in the State Street Navigator Securities Lending Government Money Market Portfolio, a money market mutual fund registered under the 1940 Act. The loans may also be secured by U.S. government securities in an amount at least equal to the market value of the securities loaned, plus accrued interest and dividends, determined on a daily basis and adjusted accordingly. By lending securities, the fund seeks to increase its net investment income through the receipt of interest and fees. Such income is reflected separately within the Statement of Operations. The value of loaned securities and related collateral outstanding at period end, if any, are shown on a gross basis within the Schedule of Investments and Statement of Assets and Liabilities.
The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged, and the remaining contractual maturity of those transactions as of May 31, 2024.
Remaining Contractual Maturity of Agreements | |||||||||||||||||
Overnight and Continuous | <30 days | Between 30 & 90 days | >90 days | Total | |||||||||||||
Securities Lending Transactions(1) | |||||||||||||||||
Common Stocks | $ | 5,368,690 | — | — | — | $ | 5,368,690 | ||||||||||
Gross amount of recognized liabilities for securities lending transactions | $ | 5,368,690 |
(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.
11
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.
Management Fees — The corporation has entered into a management agreement with ACIM, under which ACIM provides the fund with investment advisory and management services in exchange for a single, unified management fee (the fee) per class. The agreement provides that ACIM will pay all expenses of managing and operating the fund, except brokerage expenses, taxes, interest, fees and expenses of the independent directors (including legal counsel fees), extraordinary expenses, and expenses incurred in connection with the provision of shareholder services and distribution services under a plan adopted pursuant to Rule 12b-1 under the 1940 Act. The fee is computed and accrued daily based on each class's daily net assets and paid monthly in arrears. The difference in the fee among the classes is a result of their separate arrangements for non-Rule 12b-1 shareholder services. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class. The rate of the fee is determined by applying a fee rate calculation formula. This formula takes into account the fund's assets as well as certain assets, if any, of other clients of the investment advisor outside the American Century Investments family of funds (such as subadvised funds and separate accounts), as well as exchange-traded funds managed by the investment advisor, that use very similar investment teams and strategies (strategy assets).
The management fee schedule range and the effective annual management fee for each class for the period ended May 31, 2024 are as follows:
Management Fee Schedule Range | Effective Annual Management Fee | |||||||
Investor Class | 1.200% to 1.550% | 1.55% | ||||||
I Class | 1.000% to 1.350% | 1.35% | ||||||
A Class | 1.200% to 1.550% | 1.55% | ||||||
C Class | 1.200% to 1.550% | 1.55% | ||||||
R Class | 1.200% to 1.550% | 1.55% |
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 May 31, 2024 are detailed in the Statement of Operations.
Directors' Fees and Expenses — The Board of Directors is responsible for overseeing the investment advisor’s management and operations of the fund. The directors receive detailed information about the fund and its investment advisor regularly throughout the year, and meet at least quarterly with management of the investment advisor to review reports about fund operations. The fund's officers do not receive compensation from the fund.
Other Expenses — A fund’s other expenses may include interest charges, clearing exchange fees, proxy solicitation expenses, fees associated with the recovery of foreign tax reclaims and other miscellaneous expenses.
Interfund Transactions — The fund may enter into security transactions with other American Century Investments funds and other client accounts of the investment advisor, in accordance with the 1940 Act rules and procedures adopted by the Board of Directors. The rules and procedures require, among other things, that these transactions be effected at the independent current market price of the security. During the period, the interfund purchases were $112,918 and there were no interfund sales.
4. Investment Transactions
Purchases and sales of investment securities, excluding short-term investments, for the period ended May 31, 2024 were $266,502,186 and $286,910,963, respectively.
12
5. Capital Share Transactions
Transactions in shares of the fund were as follows:
Six months ended May 31, 2024 | Year ended November 30, 2023 | |||||||||||||
Shares | Amount | Shares | Amount | |||||||||||
Investor Class/Shares Authorized | 670,000,000 | 670,000,000 | ||||||||||||
Sold | 436,813 | $ | 3,958,142 | 1,013,081 | $ | 8,768,619 | ||||||||
Issued in reinvestment of distributions | 75,554 | 706,427 | 97,008 | 833,302 | ||||||||||
Redeemed | (3,487,889) | (31,662,195) | (5,278,674) | (45,813,227) | ||||||||||
(2,975,522) | (26,997,626) | (4,168,585) | (36,211,306) | |||||||||||
I Class/Shares Authorized | 120,000,000 | 120,000,000 | ||||||||||||
Sold | 1,209,736 | 11,141,219 | 2,128,189 | 18,499,251 | ||||||||||
Issued in reinvestment of distributions | 37,272 | 354,084 | 45,265 | 394,713 | ||||||||||
Redeemed | (769,660) | (7,034,639) | (3,221,450) | (27,924,308) | ||||||||||
477,348 | 4,460,664 | (1,047,996) | (9,030,344) | |||||||||||
A Class/Shares Authorized | 35,000,000 | 35,000,000 | ||||||||||||
Sold | 27,691 | 248,070 | 90,793 | 731,925 | ||||||||||
Redeemed | (67,135) | (600,576) | (98,863) | (828,741) | ||||||||||
(39,444) | (352,506) | (8,070) | (96,816) | |||||||||||
C Class/Shares Authorized | 25,000,000 | 25,000,000 | ||||||||||||
Sold | 108 | 912 | 1,909 | 15,094 | ||||||||||
Redeemed | (6,904) | (56,420) | (7,441) | (59,422) | ||||||||||
(6,796) | (55,508) | (5,532) | (44,328) | |||||||||||
R Class/Shares Authorized | 25,000,000 | 25,000,000 | ||||||||||||
Sold | 22,654 | 201,685 | 38,883 | 330,925 | ||||||||||
Redeemed | (37,333) | (328,427) | (112,767) | (902,887) | ||||||||||
(14,679) | (126,742) | (73,884) | (571,962) | |||||||||||
Net increase (decrease) | (2,559,093) | $ | (23,071,718) | (5,304,067) | $ | (45,954,756) |
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.
13
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 | |||||||||||
Brazil | $ | 4,634,844 | $ | 2,406,044 | — | ||||||
Canada | 5,695,551 | 34,213,835 | — | ||||||||
China | 4,735,563 | 7,865,741 | — | ||||||||
Israel | 15,350,707 | — | — | ||||||||
Mexico | 11,727,152 | — | — | ||||||||
Norway | 3,059,811 | 3,001,509 | — | ||||||||
United States | 5,358,460 | — | — | ||||||||
Other Countries | — | 345,780,688 | — | ||||||||
Exchange-Traded Funds | 66,008 | — | — | ||||||||
Short-Term Investments | 5,368,690 | 961,502 | — | ||||||||
$ | 55,996,786 | $ | 394,229,319 | — |
7. Risk Factors
The value of the fund’s shares will go up and down, sometimes rapidly or unpredictably, based on the performance of the securities owned by the fund and other factors generally affecting the securities market. Market risks, including political, regulatory, economic and social developments, can affect the value of the fund’s investments. Natural disasters, public health emergencies, war, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.
There are certain risks involved in investing in foreign securities. These risks include those resulting from political events (such as civil unrest, national elections and imposition of exchange controls), social and economic events (such as labor strikes and rising inflation), and natural disasters. Securities of foreign issuers may be less liquid and more volatile. Investing in emerging markets or a significant portion of assets in one country or region may accentuate these risks.
The fund invests in common stocks of small companies. Because of this, the fund may be subject to greater risk and market fluctuations than a fund investing in larger, more established companies.
The fund's investment process may result in high portfolio turnover, which could mean high transaction costs, affecting both performance and capital gains tax liabilities to investors.
8. Federal Tax Information
The book-basis character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts on the financial statements.
As of period end, the components of investments for federal income tax purposes were as follows:
Federal tax cost of investments | $ | 368,752,472 | |||
Gross tax appreciation of investments | $ | 91,332,570 | |||
Gross tax depreciation of investments | (9,858,937) | ||||
Net tax appreciation (depreciation) of investments | $ | 81,473,633 |
The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales.
As of November 30, 2023, the fund had accumulated short-term capital losses of $(114,708,532) and accumulated long-term capital losses of $(8,833,666), which 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.
14
Financial Highlights |
For a Share Outstanding Throughout the Years Ended November 30 (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 | |||||||||||||||||||||||||||||||||||||||||
2024(3) | $8.49 | (0.01) | 0.92 | 0.91 | (0.02) | — | (0.02) | $9.38 | 10.60% | 1.56% | (0.26)% | 61% | $347,517 | ||||||||||||||||||||||||||||
2023 | $8.66 | —(4) | (0.15) | (0.15) | (0.02) | — | (0.02) | $8.49 | (1.73)% | 1.53% | 0.03% | 110% | $339,990 | ||||||||||||||||||||||||||||
2022 | $13.79 | 0.01 | (3.00) | (2.99) | (0.05) | (2.09) | (2.14) | $8.66 | (25.53)% | 1.48% | 0.15% | 108% | $382,973 | ||||||||||||||||||||||||||||
2021 | $12.95 | (0.04) | 1.31 | 1.27 | — | (0.43) | (0.43) | $13.79 | 10.01% | 1.37% | (0.30)% | 127% | $576,312 | ||||||||||||||||||||||||||||
2020 | $10.17 | (0.01) | 2.89 | 2.88 | (0.10) | — | (0.10) | $12.95 | 28.52% | 1.40% | (0.12)% | 131% | $565,150 | ||||||||||||||||||||||||||||
2019 | $9.33 | 0.01 | 1.13 | 1.14 | (0.05) | (0.25) | (0.30) | $10.17 | 12.88% | 1.46% | 0.23% | 124% | $499,296 | ||||||||||||||||||||||||||||
I Class | |||||||||||||||||||||||||||||||||||||||||
2024(3) | $8.63 | —(4) | 0.93 | 0.93 | (0.04) | — | (0.04) | $9.52 | 10.76% | 1.36% | (0.06)% | 61% | $89,063 | ||||||||||||||||||||||||||||
2023 | $8.81 | 0.02 | (0.16) | (0.14) | (0.04) | — | (0.04) | $8.63 | (1.62)% | 1.33% | 0.23% | 110% | $76,614 | ||||||||||||||||||||||||||||
2022 | $13.98 | 0.04 | (3.05) | (3.01) | (0.07) | (2.09) | (2.16) | $8.81 | (25.29)% | 1.28% | 0.35% | 108% | $87,392 | ||||||||||||||||||||||||||||
2021 | $13.10 | (0.01) | 1.32 | 1.31 | — | (0.43) | (0.43) | $13.98 | 10.12% | 1.17% | (0.10)% | 127% | $141,573 | ||||||||||||||||||||||||||||
2020 | $10.29 | 0.01 | 2.92 | 2.93 | (0.12) | — | (0.12) | $13.10 | 28.84% | 1.20% | 0.08% | 131% | $94,818 | ||||||||||||||||||||||||||||
2019 | $9.44 | 0.03 | 1.14 | 1.17 | (0.07) | (0.25) | (0.32) | $10.29 | 13.06% | 1.26% | 0.43% | 124% | $78,575 | ||||||||||||||||||||||||||||
A Class | |||||||||||||||||||||||||||||||||||||||||
2024(3) | $8.37 | (0.02) | 0.90 | 0.88 | — | — | — | $9.25 | 10.51% | 1.81% | (0.51)% | 61% | $5,055 | ||||||||||||||||||||||||||||
2023 | $8.54 | (0.02) | (0.15) | (0.17) | — | — | — | $8.37 | (1.99)% | 1.78% | (0.22)% | 110% | $4,905 | ||||||||||||||||||||||||||||
2022 | $13.62 | (0.01) | (2.97) | (2.98) | (0.01) | (2.09) | (2.10) | $8.54 | (25.68)% | 1.73% | (0.10)% | 108% | $5,073 | ||||||||||||||||||||||||||||
2021 | $12.83 | (0.08) | 1.30 | 1.22 | — | (0.43) | (0.43) | $13.62 | 9.70% | 1.62% | (0.55)% | 127% | $8,220 | ||||||||||||||||||||||||||||
2020 | $10.07 | (0.04) | 2.87 | 2.83 | (0.07) | — | (0.07) | $12.83 | 28.28% | 1.65% | (0.37)% | 131% | $7,214 | ||||||||||||||||||||||||||||
2019 | $9.24 | (0.02) | 1.13 | 1.11 | (0.03) | (0.25) | (0.28) | $10.07 | 12.60% | 1.71% | (0.02)% | 124% | $6,067 | ||||||||||||||||||||||||||||
C Class | |||||||||||||||||||||||||||||||||||||||||
2024(3) | $7.72 | (0.05) | 0.83 | 0.78 | — | — | — | $8.50 | 10.10% | 2.56% | (1.26)% | 61% | $178 | ||||||||||||||||||||||||||||
2023 | $7.93 | (0.08) | (0.13) | (0.21) | — | — | — | $7.72 | (2.65)% | 2.53% | (0.97)% | 110% | $214 | ||||||||||||||||||||||||||||
2022 | $12.87 | (0.09) | (2.76) | (2.85) | — | (2.09) | (2.09) | $7.93 | (26.27)% | 2.48% | (0.85)% | 108% | $264 | ||||||||||||||||||||||||||||
2021 | $12.23 | (0.17) | 1.24 | 1.07 | — | (0.43) | (0.43) | $12.87 | 8.93% | 2.37% | (1.30)% | 127% | $667 | ||||||||||||||||||||||||||||
2020 | $9.61 | (0.11) | 2.73 | 2.62 | — | — | — | $12.23 | 27.26% | 2.40% | (1.12)% | 131% | $981 | ||||||||||||||||||||||||||||
2019 | $8.86 | (0.07) | 1.07 | 1.00 | — | (0.25) | (0.25) | $9.61 | 11.77% | 2.46% | (0.77)% | 124% | $1,044 |
For a Share Outstanding Throughout the Years Ended November 30 (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) | |||||||||||||||||||||||||||||
R Class | |||||||||||||||||||||||||||||||||||||||||
2024(3) | $8.20 | (0.03) | 0.88 | 0.85 | — | — | — | $9.05 | 10.37% | 2.06% | (0.76)% | 61% | $1,069 | ||||||||||||||||||||||||||||
2023 | $8.39 | (0.04) | (0.15) | (0.19) | — | — | — | $8.20 | (2.26)% | 2.03% | (0.47)% | 110% | $1,089 | ||||||||||||||||||||||||||||
2022 | $13.43 | (0.03) | (2.92) | (2.95) | — | (2.09) | (2.09) | $8.39 | (25.85)% | 1.98% | (0.35)% | 108% | $1,734 | ||||||||||||||||||||||||||||
2021 | $12.69 | (0.11) | 1.28 | 1.17 | — | (0.43) | (0.43) | $13.43 | 9.41% | 1.87% | (0.80)% | 127% | $1,954 | ||||||||||||||||||||||||||||
2020 | $9.96 | (0.07) | 2.84 | 2.77 | (0.04) | — | (0.04) | $12.69 | 27.96% | 1.90% | (0.62)% | 131% | $1,398 | ||||||||||||||||||||||||||||
2019 | $9.14 | (0.04) | 1.12 | 1.08 | (0.01) | (0.25) | (0.26) | $9.96 | 12.33% | 1.96% | (0.27)% | 124% | $1,962 |
Notes to Financial Highlights |
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day and do not reflect applicable sales charges, if any. Total returns for periods less than one year are not annualized.
(3)Six months ended May 31, 2024 (unaudited).
(4)Per-share amount was less than $0.005.
*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.
†Ratios for periods less than one year are annualized. Zero balances may reflect amounts less than 0.005%.
See Notes to Financial Statements.
Contact Us | americancentury.com | |||||||
Automated Information Line | 1-800-345-8765 | |||||||
Investor Services Representative | 1-800-345-2021 or 816-531-5575 | |||||||
Banks and Trust Companies, Broker-Dealers, Financial Professionals, Insurance Companies | 1-800-345-6488 | |||||||
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. | ||||||||
©2024 American Century Proprietary Holdings, Inc. All rights reserved. CL-SAN-92635 2407 |
![Image41.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g3.jpg)
Semiannual Financial Statements and Other Information | |||||
May 31, 2024 | |||||
International Small-Mid Cap Fund | |||||
Investor Class (ANTSX) | |||||
G Class (ANTMX) |
Table of Contents |
Schedule of Investments | |||||
Statement of Assets and Liabilities | |||||
Statement of Operations | |||||
Statement of Changes in Net Assets | |||||
Notes to Financial Statements | |||||
Financial Highlights | |||||
Schedule of Investments |
MAY 31, 2024 (UNAUDITED)
Shares | Value | |||||||
COMMON STOCKS — 99.1% | ||||||||
Australia — 9.9% | ||||||||
Breville Group Ltd.(1) | 175,841 | $ | 3,137,741 | |||||
CAR Group Ltd. | 245,544 | 5,733,586 | ||||||
Charter Hall Retail REIT | 1,892,236 | 4,136,932 | ||||||
Lovisa Holdings Ltd. | 132,373 | 3,015,005 | ||||||
Megaport Ltd.(2) | 147,294 | 1,344,593 | ||||||
NEXTDC Ltd.(2) | 716,450 | 8,552,103 | ||||||
Paladin Energy Ltd.(2) | 513,939 | 5,494,280 | ||||||
Pro Medicus Ltd.(1) | 50,646 | 4,075,021 | ||||||
Reliance Worldwide Corp. Ltd. | 1,829,275 | 5,928,547 | ||||||
Sandfire Resources Ltd.(2) | 1,023,754 | 6,325,438 | ||||||
Seven Group Holdings Ltd.(1) | 242,560 | 6,357,829 | ||||||
Ventia Services Group Pty. Ltd. | 833,049 | 2,000,363 | ||||||
56,101,438 | ||||||||
Belgium — 1.6% | ||||||||
Aedifica SA | 49,321 | 3,207,758 | ||||||
D'ieteren Group | 13,223 | 2,887,518 | ||||||
Warehouses De Pauw CVA | 99,746 | 2,923,505 | ||||||
9,018,781 | ||||||||
Canada — 6.9% | ||||||||
Alamos Gold, Inc., Class A | 366,162 | 6,122,625 | ||||||
AtkinsRealis Group, Inc. | 162,314 | 6,352,272 | ||||||
Capstone Copper Corp.(2) | 913,648 | 6,435,321 | ||||||
Cargojet, Inc. | 33,048 | 2,692,432 | ||||||
Celestica, Inc.(2) | 118,787 | 6,640,288 | ||||||
Descartes Systems Group, Inc.(2) | 60,061 | 5,546,262 | ||||||
FirstService Corp. | 16,968 | 2,496,332 | ||||||
Stella-Jones, Inc. | 46,504 | 2,776,012 | ||||||
39,061,544 | ||||||||
Denmark — 2.1% | ||||||||
ALK-Abello AS(2) | 311,311 | 6,953,107 | ||||||
Royal Unibrew AS(2) | 61,825 | 5,081,472 | ||||||
12,034,579 | ||||||||
Finland — 1.7% | ||||||||
Huhtamaki OYJ | 70,135 | 2,829,252 | ||||||
Konecranes OYJ | 118,052 | 6,793,743 | ||||||
9,622,995 | ||||||||
France — 5.5% | ||||||||
Elis SA | 452,695 | 11,509,433 | ||||||
Gaztransport Et Technigaz SA(1) | 20,978 | 3,060,372 | ||||||
SPIE SA | 215,018 | 8,894,590 | ||||||
Verallia SA | 111,867 | 4,631,725 | ||||||
Virbac SACA | 7,111 | 2,775,068 | ||||||
30,871,188 | ||||||||
Germany — 4.2% | ||||||||
CTS Eventim AG & Co. KGaA | 38,674 | 3,355,038 | ||||||
Gerresheimer AG | 7,967 | 912,630 | ||||||
KION Group AG | 85,863 | 4,062,041 | ||||||
Redcare Pharmacy NV(2) | 44,216 | 5,542,112 |
2
Shares | Value | |||||||
Scout24 SE | 63,082 | $ | 4,745,244 | |||||
Stroeer SE & Co. KGaA | 69,787 | 4,978,691 | ||||||
23,595,756 | ||||||||
Ireland — 1.3% | ||||||||
Glanbia PLC | 351,431 | 7,222,622 | ||||||
Israel — 2.6% | ||||||||
Camtek Ltd. | 36,444 | 3,732,230 | ||||||
CyberArk Software Ltd.(2) | 18,672 | 4,280,556 | ||||||
Nova Ltd.(2) | 31,949 | 6,666,159 | ||||||
14,678,945 | ||||||||
Italy — 1.5% | ||||||||
BPER Banca SpA | 1,615,007 | 8,691,525 | ||||||
Japan — 26.4% | ||||||||
Amvis Holdings, Inc. | 166,200 | 2,102,960 | ||||||
Asics Corp. | 117,200 | 6,510,635 | ||||||
BIPROGY, Inc. | 65,500 | 1,734,906 | ||||||
Coca-Cola Bottlers Japan Holdings, Inc. | 242,500 | 2,826,156 | ||||||
CyberAgent, Inc. | 973,100 | 5,865,717 | ||||||
Daiei Kankyo Co. Ltd. | 319,700 | 5,075,016 | ||||||
Fukuoka Financial Group, Inc. | 278,400 | 8,145,401 | ||||||
Hoshizaki Corp. | 120,900 | 4,341,640 | ||||||
Integral Corp.(2) | 121,500 | 3,069,013 | ||||||
Invincible Investment Corp. | 18,984 | 8,252,544 | ||||||
Kinden Corp. | 310,900 | 6,622,871 | ||||||
Kyoritsu Maintenance Co. Ltd. | 120,500 | 2,376,187 | ||||||
Mebuki Financial Group, Inc. | 1,861,400 | 7,480,389 | ||||||
Money Forward, Inc.(2) | 89,500 | 2,958,825 | ||||||
Morinaga & Co. Ltd. | 187,400 | 2,997,301 | ||||||
Nifco, Inc. | 127,100 | 3,042,103 | ||||||
Nippon Gas Co. Ltd. | 293,400 | 4,478,121 | ||||||
Nissan Chemical Corp. | 44,600 | 1,240,050 | ||||||
Organo Corp. | 103,900 | 5,852,500 | ||||||
Ryohin Keikaku Co. Ltd. | 340,700 | 5,597,085 | ||||||
Sanrio Co. Ltd. | 331,200 | 5,116,282 | ||||||
Santen Pharmaceutical Co. Ltd. | 577,600 | 5,997,256 | ||||||
Socionext, Inc. | 115,500 | 3,392,981 | ||||||
Taiheiyo Cement Corp. | 266,000 | 6,642,654 | ||||||
Tokyo Ohka Kogyo Co. Ltd. | 142,000 | 3,723,611 | ||||||
Tokyo Tatemono Co. Ltd. | 389,200 | 6,303,242 | ||||||
Toyo Suisan Kaisha Ltd. | 82,500 | 5,947,823 | ||||||
Toyo Tire Corp. | 405,500 | 7,266,920 | ||||||
U-Next Holdings Co. Ltd. | 214,600 | 6,345,947 | ||||||
Yamazaki Baking Co. Ltd. | 206,800 | 4,547,374 | ||||||
Yokogawa Electric Corp. | 111,000 | 2,859,013 | ||||||
148,712,523 | ||||||||
Netherlands — 4.2% | ||||||||
Aalberts NV(1) | 117,057 | 5,600,935 | ||||||
Allfunds Group PLC | 611,090 | 3,673,146 | ||||||
Fugro NV(1) | 323,861 | 8,689,592 | ||||||
InPost SA(2) | 329,467 | 5,938,271 | ||||||
23,901,944 | ||||||||
Norway — 1.8% | ||||||||
Seadrill Ltd.(2) | 71,465 | 3,706,890 | ||||||
Subsea 7 SA | 356,722 | 6,623,985 | ||||||
10,330,875 |
3
Shares | Value | |||||||
Spain — 5.8% | ||||||||
Bankinter SA(1) | 1,008,255 | $ | 8,906,145 | |||||
Fluidra SA | 123,545 | 3,014,500 | ||||||
Indra Sistemas SA(1) | 382,496 | 8,841,620 | ||||||
Melia Hotels International SA(2) | 672,069 | 5,803,162 | ||||||
Sacyr SA | 1,577,444 | 5,946,878 | ||||||
32,512,305 | ||||||||
Sweden — 5.7% | ||||||||
AAK AB | 173,530 | 4,873,286 | ||||||
AddTech AB, B Shares | 124,318 | 2,945,604 | ||||||
Beijer Ref AB(1) | 265,578 | 4,347,451 | ||||||
Hemnet Group AB | 121,338 | 3,345,733 | ||||||
Munters Group AB | 194,423 | 4,256,166 | ||||||
Saab AB, Class B | 228,060 | 5,535,637 | ||||||
Thule Group AB | 119,588 | 3,610,068 | ||||||
Trelleborg AB, B Shares | 79,283 | 3,102,312 | ||||||
32,016,257 | ||||||||
Switzerland — 4.2% | ||||||||
Flughafen Zurich AG | 27,516 | 5,866,776 | ||||||
PSP Swiss Property AG | 41,329 | 5,199,633 | ||||||
Swissquote Group Holding SA | 18,173 | 5,585,203 | ||||||
Tecan Group AG | 1,610 | 573,085 | ||||||
Ypsomed Holding AG | 14,433 | 6,151,809 | ||||||
23,376,506 | ||||||||
United Kingdom — 13.0% | ||||||||
4imprint Group PLC | 41,356 | 3,498,055 | ||||||
Bellway PLC | 167,125 | 5,754,686 | ||||||
Bytes Technology Group PLC | 555,998 | 3,981,765 | ||||||
ConvaTec Group PLC | 1,364,691 | 4,350,790 | ||||||
Diploma PLC | 141,330 | 7,408,458 | ||||||
Greggs PLC | 81,934 | 3,081,321 | ||||||
Howden Joinery Group PLC | 438,429 | 5,113,314 | ||||||
Intermediate Capital Group PLC | 312,026 | 9,296,650 | ||||||
Man Group PLC | 1,648,813 | 5,572,979 | ||||||
Marks & Spencer Group PLC | 1,756,399 | 6,795,030 | ||||||
Melrose Industries PLC | 540,340 | 4,275,778 | ||||||
Tritax Big Box REIT PLC | 1,479,091 | 2,992,724 | ||||||
UNITE Group PLC | 353,514 | 4,216,650 | ||||||
Weir Group PLC | 261,453 | 7,145,028 | ||||||
73,483,228 | ||||||||
United States — 0.7% | ||||||||
TechnipFMC PLC | 148,586 | 3,891,467 | ||||||
TOTAL COMMON STOCKS (Cost $447,357,507) | 559,124,478 | |||||||
EXCHANGE-TRADED FUNDS — 0.0% | ||||||||
iShares MSCI EAFE Small-Cap ETF (Cost $222,959) | 4,071 | 262,702 | ||||||
SHORT-TERM INVESTMENTS — 0.5% | ||||||||
Money Market Funds — 0.1% | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio(3) | 206,048 | 206,048 | ||||||
Repurchase Agreements — 0.4% | ||||||||
BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 3.00%, 5/15/45 - 2/15/49, valued at $164,097), in a joint trading account at 5.29%, dated 5/31/24, due 6/3/24 (Delivery value $159,763) | 159,693 | |||||||
Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 2.75%, 4/30/27, valued at $1,615,800), at 5.31%, dated 5/31/24, due 6/3/24 (Delivery value $1,584,701) | 1,584,000 |
4
Shares | Value | |||||||
TD Securities (USA) LLC, (collateralized by various U.S. Treasury obligations, 1.25% - 2.75%, 6/30/28 - 8/15/32, valued at $652,131), at 5.30%, dated 5/31/24, due 6/3/24 (Delivery value $639,282) | $ | 639,000 | ||||||
2,382,693 | ||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $2,588,741) | 2,588,741 | |||||||
TOTAL INVESTMENT SECURITIES — 99.6% (Cost $450,169,207) | 561,975,921 | |||||||
OTHER ASSETS AND LIABILITIES — 0.4% | 2,422,062 | |||||||
TOTAL NET ASSETS — 100.0% | $ | 564,397,983 |
MARKET SECTOR DIVERSIFICATION | |||||
(as a % of net assets) | |||||
Industrials | 27.6% | ||||
Information Technology | 10.7% | ||||
Financials | 10.7% | ||||
Consumer Discretionary | 10.2% | ||||
Consumer Staples | 8.1% | ||||
Materials | 7.2% | ||||
Real Estate | 7.1% | ||||
Communication Services | 6.7% | ||||
Health Care | 6.0% | ||||
Energy | 4.0% | ||||
Utilities | 0.8% | ||||
Exchange-Traded Funds | 0.0% | ||||
Short-Term Investments | 0.5% | ||||
Other Assets and Liabilities | 0.4% |
NOTES TO SCHEDULE OF INVESTMENTS | ||||||||
CVA | – | Certificaten Van Aandelen |
(1)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $18,774,013. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(2)Non-income producing.
(3)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $19,547,313, which includes securities collateral of $19,341,265.
See Notes to Financial Statements.
5
Statement of Assets and Liabilities |
MAY 31, 2024 (UNAUDITED) | |||||
Assets | |||||
Investment securities, at value (cost of $449,963,159) — including $18,774,013 of securities on loan | $ | 561,769,873 | |||
Investment made with cash collateral received for securities on loan, at value (cost of $206,048) | 206,048 | ||||
Total investment securities, at value (cost of $450,169,207) | 561,975,921 | ||||
Foreign currency holdings, at value (cost of $69,380) | 69,440 | ||||
Receivable for investments sold | 5,558,424 | ||||
Dividends and interest receivable | 2,033,647 | ||||
Securities lending receivable | 11,437 | ||||
569,648,869 | |||||
Liabilities | |||||
Disbursements in excess of demand deposit cash | 130,432 | ||||
Payable for collateral received for securities on loan | 206,048 | ||||
Payable for investments purchased | 1,375,089 | ||||
Payable for capital shares redeemed | 3,426,203 | ||||
Accrued management fees | 113,114 | ||||
5,250,886 | |||||
Net Assets | $ | 564,397,983 | |||
Net Assets Consist of: | |||||
Capital (par value and paid-in surplus) | $ | 552,517,087 | |||
Distributable earnings (loss) | 11,880,896 | ||||
$ | 564,397,983 |
Net Assets | Shares Outstanding | Net Asset Value Per Share | |||||||||
Investor Class, $0.01 Par Value | $95,371,361 | 9,418,294 | $10.13 | ||||||||
G Class, $0.01 Par Value | $469,026,622 | 45,037,958 | $10.41 |
See Notes to Financial Statements.
6
Statement of Operations |
FOR THE SIX MONTHS ENDED MAY 31, 2024 (UNAUDITED) | |||||
Investment Income (Loss) | |||||
Income: | |||||
Dividends (net of foreign taxes withheld of $689,241) | $ | 6,015,430 | |||
Interest | 98,689 | ||||
Securities lending, net | 27,335 | ||||
6,141,454 | |||||
Expenses: | |||||
Management fees | 3,058,039 | ||||
Directors' fees and expenses | 7,735 | ||||
Other expenses | 14,688 | ||||
3,080,462 | |||||
Fees waived - G Class | (2,419,472) | ||||
660,990 | |||||
Net investment income (loss) | 5,480,464 | ||||
Realized and Unrealized Gain (Loss) | |||||
Net realized gain (loss) on: | |||||
Investment transactions | 18,587,359 | ||||
Foreign currency translation transactions | 92,988 | ||||
18,680,347 | |||||
Change in net unrealized appreciation (depreciation) on: | |||||
Investments | 59,513,954 | ||||
Translation of assets and liabilities in foreign currencies | (52,733) | ||||
59,461,221 | |||||
Net realized and unrealized gain (loss) | 78,141,568 | ||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 83,622,032 |
See Notes to Financial Statements.
7
Statement of Changes in Net Assets |
SIX MONTHS ENDED MAY 31, 2024 (UNAUDITED) AND YEAR ENDED NOVEMBER 30, 2023 | ||||||||
Increase (Decrease) in Net Assets | May 31, 2024 | November 30, 2023 | ||||||
Operations | ||||||||
Net investment income (loss) | $ | 5,480,464 | $ | 8,095,161 | ||||
Net realized gain (loss) | 18,680,347 | (45,354,758) | ||||||
Change in net unrealized appreciation (depreciation) | 59,461,221 | 22,871,731 | ||||||
Net increase (decrease) in net assets resulting from operations | 83,622,032 | (14,387,866) | ||||||
Distributions to Shareholders | ||||||||
From earnings: | ||||||||
Investor Class | (954,897) | — | ||||||
G Class | (9,336,855) | (2,818,350) | ||||||
Decrease in net assets from distributions | (10,291,752) | (2,818,350) | ||||||
Capital Share Transactions | ||||||||
Net increase (decrease) in net assets from capital share transactions (Note 5) | (22,944,598) | 62,229,419 | ||||||
Net increase (decrease) in net assets | 50,385,682 | 45,023,203 | ||||||
Net Assets | ||||||||
Beginning of period | 514,012,301 | 468,989,098 | ||||||
End of period | $ | 564,397,983 | $ | 514,012,301 |
See Notes to Financial Statements.
8
Notes to Financial Statements |
MAY 31, 2024 (UNAUDITED)
1. Organization
American Century World 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. International Small-Mid Cap Fund (the fund) is one fund in a series issued by the corporation. The fund’s investment objective is to seek capital growth. The fund offers the Investor Class and G 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.
Open-end management investment companies are valued at the reported NAV per share. Repurchase agreements are valued at cost, which approximates fair value.
If the valuation designee determines that the market price for a portfolio security is not readily available or is believed by the valuation designee to be unreliable, such security is valued at fair value as determined in good faith by the valuation designee, in accordance with its policies and procedures. Circumstances that may cause the fund to determine that market quotations are not available or reliable include, but are not limited to: when there is a significant event subsequent to the market quotation; trading in a security has been halted during the trading day; or trading in a security is insufficient or did not take place due to a closure or holiday.
The valuation designee monitors for significant events occurring after the close of an investment’s primary exchange but before the fund’s NAV per share is determined. Significant events may include, but are not limited to: corporate announcements and transactions; regulatory news, governmental action and political unrest that could impact a specific investment or an investment sector; or armed conflicts, natural disasters and similar events that could affect investments in a specific country or region. The valuation designee also monitors for significant fluctuations between domestic and foreign markets, as evidenced by the U.S. market or such other indicators that it deems appropriate. The valuation designee may apply a model-derived factor to the closing price of equity securities traded on foreign securities exchanges. The factor is based on observable market data as provided by an independent pricing service.
Foreign Currency Translations — All assets and liabilities, including investment securities and other financial instruments, initially expressed in foreign currencies are translated into U.S. dollars each day at the mean of the appropriate currency exchange rate at the close of the NYSE as provided by an independent pricing service. 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.
Security Transactions — Security transactions are accounted for as of the trade date. Net realized gains and losses are determined on the identified cost basis, which is also used for federal income tax purposes.
Investment Income — Dividend income less foreign taxes withheld, if any, is recorded as of the ex-dividend date. Distributions received on securities that represent a return of capital or long-term capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The fund may estimate the components of distributions received that may be considered nontaxable distributions or long-term capital gain distributions for income tax purposes. Interest income is recorded on the accrual basis and includes accretion of discounts and amortization of premiums. Securities lending income is net of fees and rebates earned by the lending agent for its services.
9
Repurchase Agreements — The fund may enter into repurchase agreements with institutions that ACIM has determined are creditworthy pursuant to criteria adopted by the Board of Directors. The fund requires that the collateral, represented by securities, received in a repurchase transaction be transferred to the custodian in a manner sufficient to enable the fund to obtain those securities in the event of a default under the repurchase agreement. ACIM monitors, on a daily basis, the securities transferred to ensure the value, including accrued interest, of the securities under each repurchase agreement is equal to or greater than amounts owed to the fund under each repurchase agreement.
Joint Trading Account — Pursuant to an Exemptive Order issued by the Securities and Exchange Commission, the fund, along with certain other funds in the American Century Investments family of funds, may transfer uninvested cash balances into a joint trading account. These balances are invested in one or more repurchase agreements that are collateralized by U.S. Treasury or Agency obligations.
Income Tax Status — It is the fund's policy to distribute substantially all net investment income and net realized gains to shareholders and to otherwise qualify as a regulated investment company under provisions of the Internal Revenue Code. Accordingly, no provision has been made for income taxes. The fund files U.S. federal, state, local and non-U.S. tax returns as applicable. The fund's tax returns are subject to examination by the relevant taxing authority until expiration of the applicable statute of limitations, which is generally three years from the date of filing but can be longer in certain jurisdictions. At this time, management believes there are no uncertain tax positions which, based on their technical merit, would not be sustained upon examination and for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
Multiple Class — All shares of the fund represent an equal pro rata interest in the net assets of the class to which such shares belong, and have identical voting, dividend, liquidation and other rights and the same terms and conditions, except for class specific expenses and exclusive rights to vote on matters affecting only individual classes. Income, non-class specific expenses, and realized and unrealized capital gains and losses of the fund are allocated to each class of shares based on their relative net assets.
Distributions to Shareholders — Distributions from net investment income and net realized gains, if any, are generally declared and paid annually. The fund may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code, in all events in a manner consistent with provisions of the 1940 Act.
Indemnifications — Under the corporation’s organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the fund. In addition, in the normal course of business, the fund enters into contracts that provide general indemnifications. The maximum exposure under these arrangements is unknown as this would involve future claims that may be made against a fund. The risk of material loss from such claims is considered by management to be remote.
Securities Lending — Securities are lent to qualified financial institutions and brokers. State Street Bank & Trust Co. serves as securities lending agent to the fund pursuant to a Securities Lending Agreement. The lending of securities exposes the fund to risks such as: the borrowers may fail to return the loaned securities, the borrowers may not be able to provide additional collateral, the fund may experience delays in recovery of the loaned securities or delays in access to collateral, or the fund may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge collateral in the form of cash and/or securities. The lending agent has agreed to indemnify the fund in the case of default of any securities borrowed. Cash collateral received is invested in the State Street Navigator Securities Lending Government Money Market Portfolio, a money market mutual fund registered under the 1940 Act. The loans may also be secured by U.S. government securities in an amount at least equal to the market value of the securities loaned, plus accrued interest and dividends, determined on a daily basis and adjusted accordingly. By lending securities, the fund seeks to increase its net investment income through the receipt of interest and fees. Such income is reflected separately within the Statement of Operations. The value of loaned securities and related collateral outstanding at period end, if any, are shown on a gross basis within the Schedule of Investments and Statement of Assets and Liabilities.
The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged, and the remaining contractual maturity of those transactions as of May 31, 2024.
Remaining Contractual Maturity of Agreements | |||||||||||||||||
Overnight and Continuous | <30 days | Between 30 & 90 days | >90 days | Total | |||||||||||||
Securities Lending Transactions(1) | |||||||||||||||||
Common Stocks | $ | 206,048 | — | — | — | $ | 206,048 | ||||||||||
Gross amount of recognized liabilities for securities lending transactions | $ | 206,048 |
(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., 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, 52% of the shares of the fund. Related parties do not invest in the fund for the purpose of exercising management or control.
10
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), and extraordinary expenses. 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 investment advisor agreed to waive the G Class's management fee in its entirety. The investment advisor expects this waiver to remain in effect permanently and cannot terminate it without the approval of the Board of Directors.
The annual management fee for each class is as follows:
Annual Management Fee | |||||
Investor Class | 1.43% | ||||
G Class | 0.00%(1) |
(1)Annual management fee before waiver was 1.08%.
Directors' Fees and Expenses — The Board of Directors is responsible for overseeing the investment advisor’s management and operations of the fund. The directors receive detailed information about the fund and its investment advisor regularly throughout the year, and meet at least quarterly with management of the investment advisor to review reports about fund operations. The fund's officers do not receive compensation from the fund.
Other Expenses — A fund’s other expenses may include interest charges, clearing exchange fees, proxy solicitation expenses, fees associated with the recovery of foreign tax reclaims and other miscellaneous expenses.
Interfund Transactions — The fund may enter into security transactions with other American Century Investments funds and other client accounts of the investment advisor, in accordance with the 1940 Act rules and procedures adopted by the Board of Directors. The rules and procedures require, among other things, that these transactions be effected at the independent current market price of the security. During the period, the interfund purchases were $141,006 and there were no interfund sales.
4. Investment Transactions
Purchases and sales of investment securities, excluding short-term investments, for the period ended May 31, 2024 were $293,500,371 and $322,268,175, respectively.
5. Capital Share Transactions
Transactions in shares of the fund were as follows:
Six months ended May 31, 2024 | Year ended November 30, 2023 | |||||||||||||
Shares | Amount | Shares | Amount | |||||||||||
Investor Class/Shares Authorized | 120,000,000 | 120,000,000 | ||||||||||||
Sold | 113,436 | $ | 1,012,985 | 851,862 | $ | 7,722,842 | ||||||||
Issued in reinvestment of distributions | 105,165 | 954,897 | — | — | ||||||||||
Redeemed | (124,684) | (1,143,044) | (77,887) | (720,167) | ||||||||||
93,917 | 824,838 | 773,975 | 7,002,675 | |||||||||||
G Class/Shares Authorized | 500,000,000 | 500,000,000 | ||||||||||||
Sold | 1,300,015 | 12,375,191 | 8,197,516 | 75,190,723 | ||||||||||
Issued in reinvestment of distributions | 1,006,127 | 9,336,855 | 303,048 | 2,818,350 | ||||||||||
Redeemed | (4,706,102) | (45,481,482) | (2,416,150) | (22,782,329) | ||||||||||
(2,399,960) | (23,769,436) | 6,084,414 | 55,226,744 | |||||||||||
Net increase (decrease) | (2,306,043) | $ | (22,944,598) | 6,858,389 | $ | 62,229,419 |
11
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 | |||||||||||
Canada | $ | 2,496,332 | $ | 36,565,212 | — | ||||||
Israel | 14,678,945 | — | — | ||||||||
Norway | 3,706,890 | 6,623,985 | — | ||||||||
United States | 3,891,467 | — | — | ||||||||
Other Countries | — | 491,161,647 | — | ||||||||
Exchange-Traded Funds | 262,702 | — | — | ||||||||
Short-Term Investments | 206,048 | 2,382,693 | — | ||||||||
$ | 25,242,384 | $ | 536,733,537 | — |
7. Risk Factors
The value of the fund’s shares will go up and down, sometimes rapidly or unpredictably, based on the performance of the securities owned by the fund and other factors generally affecting the securities market. Market risks, including political, regulatory, economic and social developments, can affect the value of the fund’s investments. Natural disasters, public health emergencies, war, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.
The majority of the fund is owned by a relatively small number of shareholders. To the extent that a large shareholder (including a fund of funds) invests in the fund, the fund may experience relatively large redemptions as such shareholder reallocates its assets. In the event of a large shareholder redemption, the ongoing operations of the fund may be at risk.
There are certain risks involved in investing in foreign securities. These risks include those resulting from political events (such as civil unrest, national elections and imposition of exchange controls), social and economic events (such as labor strikes and rising inflation), and natural disasters. Securities of foreign issuers may be less liquid and more volatile. Investing a significant portion of assets in one country or region may accentuate these risks.
The fund invests in common stocks of small companies. Because of this, the fund may be subject to greater risk and market fluctuations than a fund investing in larger, more established companies.
The fund's investment process may result in high portfolio turnover, which could mean high transaction costs, affecting both performance and capital gains tax liabilities to investors.
8. Federal Tax Information
The 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.
12
As of period end, the components of investments for federal income tax purposes were as follows:
Federal tax cost of investments | $ | 451,638,722 | |||
Gross tax appreciation of investments | $ | 115,441,574 | |||
Gross tax depreciation of investments | (5,104,375) | ||||
Net tax appreciation (depreciation) of investments | $ | 110,337,199 |
The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales.
As of November 30, 2023, the fund had accumulated short-term capital losses of $(116,592,662), which 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.
13
Financial Highlights |
For a Share Outstanding Throughout the Years Ended November 30 (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 | |||||||||||||||||||||||||||||||||||||||||||||||
2024(3) | $8.82 | 0.04 | 1.37 | 1.41 | (0.10) | — | (0.10) | $10.13 | 16.14% | 1.44% | 1.44% | 0.85% | 0.85% | 55% | $95,371 | ||||||||||||||||||||||||||||||||
2023 | $9.21 | 0.04 | (0.43) | (0.39) | — | — | — | $8.82 | (4.23)% | 1.43% | 1.46% | 0.45% | 0.42% | 123% | $82,247 | ||||||||||||||||||||||||||||||||
2022 | $15.01 | 0.02 | (3.12) | (3.10) | (0.10) | (2.60) | (2.70) | $9.21 | (24.94)% | 1.44% | 1.48% | 0.20% | 0.16% | 107% | $78,762 | ||||||||||||||||||||||||||||||||
2021 | $13.16 | (0.06) | 2.34 | 2.28 | — | (0.43) | (0.43) | $15.01 | 17.70% | 1.44% | 1.48% | (0.39)% | (0.43)% | 113% | $105,938 | ||||||||||||||||||||||||||||||||
2020 | $10.61 | (0.03) | 2.76 | 2.73 | (0.18) | — | (0.18) | $13.16 | 26.24% | 1.47% | 1.48% | (0.25)% | (0.26)% | 131% | $97,901 | ||||||||||||||||||||||||||||||||
2019 | $10.56 | 0.01 | 1.14 | 1.15 | (0.04) | (1.06) | (1.10) | $10.61 | 13.13% | 1.48% | 1.48% | 0.14% | 0.14% | 133% | $93,941 | ||||||||||||||||||||||||||||||||
G Class | |||||||||||||||||||||||||||||||||||||||||||||||
2024(3) | $9.10 | 0.11 | 1.40 | 1.51 | (0.20) | — | (0.20) | $10.41 | 16.90% | 0.01% | 1.09% | 2.28% | 1.20% | 55% | $469,027 | ||||||||||||||||||||||||||||||||
2023 | $9.44 | 0.18 | (0.45) | (0.27) | (0.07) | — | (0.07) | $9.10 | (2.92)% | 0.00% | 1.11% | 1.88% | 0.77% | 123% | $431,766 | ||||||||||||||||||||||||||||||||
2022 | $15.34 | 0.17 | (3.16) | (2.99) | (0.31) | (2.60) | (2.91) | $9.44 | (23.82)% | 0.01% | 1.13% | 1.63% | 0.51% | 107% | $390,227 | ||||||||||||||||||||||||||||||||
2021 | $13.36 | 0.16 | 2.35 | 2.51 | (0.10) | (0.43) | (0.53) | $15.34 | 19.45% | 0.01% | 1.13% | 1.04% | (0.08)% | 113% | $430,778 | ||||||||||||||||||||||||||||||||
2020 | $10.77 | 0.13 | 2.80 | 2.93 | (0.34) | — | (0.34) | $13.36 | 28.03% | 0.01% | 1.13% | 1.21% | 0.09% | 131% | $397,066 | ||||||||||||||||||||||||||||||||
2019 | $10.72 | 0.16 | 1.13 | 1.29 | (0.18) | (1.06) | (1.24) | $10.77 | 14.77% | 0.01% | 1.13% | 1.61% | 0.49% | 133% | $239,174 |
Notes to Financial Highlights |
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Six months ended May 31, 2024 (unaudited).
*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.
†Ratios for periods less than one year are annualized. Zero balances may reflect amounts less than 0.005%.
See Notes to Financial Statements.
Contact Us | americancentury.com | |||||||
Automated Information Line | 1-800-345-8765 | |||||||
Investor Services Representative | 1-800-345-2021 or 816-531-5575 | |||||||
Banks and Trust Companies, Broker-Dealers, Financial Professionals, Insurance Companies | 1-800-345-6488 | |||||||
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. | ||||||||
©2024 American Century Proprietary Holdings, Inc. All rights reserved. CL-SAN-92628 2407 |
![Image29.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g3.jpg)
Semiannual Financial Statements and Other Information | |||||
May 31, 2024 | |||||
International Value Fund | |||||
Investor Class (ACEVX) | |||||
I Class (ACVUX) | |||||
A Class (MEQAX) | |||||
C Class (ACCOX) | |||||
R Class (ACVRX) | |||||
R6 Class (ACVDX) | |||||
G Class (ACAFX) |
Table of Contents |
Schedule of Investments | |||||
Statement of Assets and Liabilities | |||||
Statement of Operations | |||||
Statement of Changes in Net Assets | |||||
Notes to Financial Statements | |||||
Financial Highlights | |||||
Schedule of Investments |
MAY 31, 2024 (UNAUDITED)
Shares | Value | |||||||
COMMON STOCKS — 98.9% | ||||||||
Australia — 5.2% | ||||||||
Ampol Ltd. | 116,113 | $ | 2,692,506 | |||||
ANZ Group Holdings Ltd. | 685,370 | 12,935,606 | ||||||
BHP Group Ltd. | 857,845 | 25,531,470 | ||||||
BlueScope Steel Ltd. | 182,665 | 2,577,748 | ||||||
Dexus | 430,103 | 1,951,346 | ||||||
Fortescue Ltd. | 835,549 | 13,807,578 | ||||||
GPT Group | 797,902 | 2,238,361 | ||||||
Origin Energy Ltd. | 387,109 | 2,634,436 | ||||||
Rio Tinto Ltd. | 30,295 | 2,605,808 | ||||||
Scentre Group | 2,349,011 | 4,956,669 | ||||||
Sonic Healthcare Ltd. | 150,605 | 2,451,410 | ||||||
Vicinity Ltd. | 3,884,153 | 5,077,283 | ||||||
Westpac Banking Corp. | 60,976 | 1,058,877 | ||||||
80,519,098 | ||||||||
Austria — 1.8% | ||||||||
Erste Group Bank AG | 353,054 | 17,349,138 | ||||||
Verbund AG | 131,210 | 10,773,250 | ||||||
28,122,388 | ||||||||
Belgium — 1.4% | ||||||||
Ageas SA | 161,277 | 8,045,739 | ||||||
UCB SA | 92,684 | 13,000,838 | ||||||
21,046,577 | ||||||||
Canada — 2.6% | ||||||||
Great-West Lifeco, Inc.(1) | 114,764 | 3,442,204 | ||||||
iA Financial Corp., Inc. | 29,362 | 1,911,724 | ||||||
Manulife Financial Corp. | 318,601 | 8,275,047 | ||||||
Nutrien Ltd. | 118,851 | 6,964,767 | ||||||
Power Corp. of Canada | 420,948 | 12,221,220 | ||||||
RioCan Real Estate Investment Trust | 75,924 | 963,151 | ||||||
Suncor Energy, Inc. | 172,803 | 7,049,303 | ||||||
40,827,416 | ||||||||
Denmark — 0.1% | ||||||||
AP Moller - Maersk AS, B Shares | 771 | 1,401,817 | ||||||
Svitzer AS(2) | 1,542 | 60,453 | ||||||
1,462,270 | ||||||||
Finland — 1.1% | ||||||||
Nokia OYJ | 2,210,259 | 8,645,200 | ||||||
UPM-Kymmene OYJ | 236,381 | 9,036,159 | ||||||
17,681,359 | ||||||||
France — 11.9% | ||||||||
ArcelorMittal SA | 41,894 | 1,105,271 | ||||||
AXA SA | 55,123 | 1,990,294 | ||||||
BNP Paribas SA | 148,830 | 10,986,127 | ||||||
Cie de Saint-Gobain SA | 315,824 | 27,884,501 | ||||||
Credit Agricole SA(1) | 655,741 | 10,669,483 | ||||||
Eiffage SA | 45,988 | 5,088,113 | ||||||
Engie SA | 1,078,090 | 18,264,572 | ||||||
Gecina SA | 44,969 | 4,853,834 |
2
Shares | Value | |||||||
L'Oreal SA | 15,759 | $ | 7,778,644 | |||||
Publicis Groupe SA | 128,899 | 14,478,551 | ||||||
Sanofi SA | 284,185 | 27,822,265 | ||||||
Societe Generale SA(1) | 390,544 | 11,697,898 | ||||||
Sodexo SA | 50,169 | 4,672,644 | ||||||
STMicroelectronics NV | 96,575 | 4,078,225 | ||||||
TotalEnergies SE | 212,041 | 15,535,066 | ||||||
Unibail-Rodamco-Westfield | 40,347 | 3,554,966 | ||||||
Veolia Environnement SA | 276,697 | 9,262,941 | ||||||
Vinci SA | 41,581 | 5,188,978 | ||||||
184,912,373 | ||||||||
Germany — 7.3% | ||||||||
Allianz SE | 78,674 | 23,030,844 | ||||||
BASF SE | 370,738 | 19,621,905 | ||||||
Bayerische Motoren Werke AG | 26,862 | 2,739,989 | ||||||
Commerzbank AG | 432,187 | 7,338,267 | ||||||
E.ON SE | 1,504,959 | 20,154,592 | ||||||
Evonik Industries AG | 119,614 | 2,634,918 | ||||||
Fresenius SE & Co. KGaA(2) | 88,161 | 2,812,890 | ||||||
Heidelberg Materials AG | 23,257 | 2,439,040 | ||||||
Henkel AG & Co. KGaA, Preference Shares | 45,221 | 4,093,875 | ||||||
RWE AG | 168,103 | 6,388,613 | ||||||
Siemens AG | 113,555 | 21,886,709 | ||||||
113,141,642 | ||||||||
Hong Kong — 2.5% | ||||||||
BOC Hong Kong Holdings Ltd. | 1,596,000 | 5,016,860 | ||||||
CK Asset Holdings Ltd. | 1,583,000 | 6,270,001 | ||||||
CK Hutchison Holdings Ltd. | 2,323,500 | 11,345,845 | ||||||
CK Infrastructure Holdings Ltd. | 231,000 | 1,336,111 | ||||||
Link REIT | 435,100 | 1,834,561 | ||||||
Power Assets Holdings Ltd. | 858,500 | 4,766,682 | ||||||
Sun Hung Kai Properties Ltd. | 598,000 | 5,778,180 | ||||||
WH Group Ltd. | 3,733,500 | 2,544,215 | ||||||
38,892,455 | ||||||||
Ireland — 0.5% | ||||||||
Bank of Ireland Group PLC | 683,123 | 7,851,167 | ||||||
Italy — 6.4% | ||||||||
Assicurazioni Generali SpA | 950,360 | 24,460,919 | ||||||
Enel SpA | 1,431,212 | 10,391,608 | ||||||
Intesa Sanpaolo SpA | 8,323,451 | 32,788,003 | ||||||
Mediobanca Banca di Credito Finanziario SpA | 268,967 | 4,257,109 | ||||||
Stellantis NV | 985,187 | 21,827,831 | ||||||
UniCredit SpA | 157,789 | 6,281,992 | ||||||
100,007,462 | ||||||||
Japan — 24.0% | ||||||||
Asahi Group Holdings Ltd. | 199,000 | 7,300,601 | ||||||
Astellas Pharma, Inc. | 318,200 | 3,123,953 | ||||||
Brother Industries Ltd. | 99,400 | 1,913,103 | ||||||
Canon, Inc.(1) | 445,900 | 12,976,635 | ||||||
Dai-ichi Life Holdings, Inc. | 168,500 | 4,533,655 | ||||||
Daiwa House Industry Co. Ltd. | 136,100 | 3,621,164 | ||||||
Dentsu Group, Inc. | 61,400 | 1,625,364 | ||||||
Hitachi Ltd. | 35,000 | 3,604,569 | ||||||
Honda Motor Co. Ltd. | 2,244,000 | 25,410,402 |
3
Shares | Value | |||||||
Inpex Corp. | 655,300 | $ | 10,111,120 | |||||
ITOCHU Corp.(1) | 548,000 | 25,869,216 | ||||||
Japan Post Bank Co. Ltd. | 499,100 | 4,943,996 | ||||||
Japan Post Holdings Co. Ltd. | 814,000 | 7,860,378 | ||||||
JFE Holdings, Inc. | 393,800 | 5,961,934 | ||||||
Kawasaki Kisen Kaisha Ltd. | 97,200 | 1,444,617 | ||||||
KDDI Corp. | 32,800 | 903,796 | ||||||
Marubeni Corp. | 812,400 | 15,911,290 | ||||||
Mitsubishi Chemical Group Corp. | 1,018,400 | 5,393,620 | ||||||
Mitsubishi Corp. | 1,464,000 | 30,899,760 | ||||||
Mitsubishi Electric Corp. | 565,900 | 9,833,837 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 1,010,700 | 10,735,321 | ||||||
Mitsui & Co. Ltd. | 546,300 | 27,814,424 | ||||||
Mitsui OSK Lines Ltd.(1) | 180,000 | 5,933,229 | ||||||
Mizuho Financial Group, Inc. | 524,000 | 10,733,793 | ||||||
MS&AD Insurance Group Holdings, Inc. | 1,454,400 | 30,251,390 | ||||||
Nintendo Co. Ltd. | 16,700 | 908,154 | ||||||
Nippon Yusen KK(1) | 158,700 | 5,031,603 | ||||||
Obayashi Corp. | 134,900 | 1,570,434 | ||||||
Otsuka Holdings Co. Ltd. | 110,800 | 4,574,427 | ||||||
Renesas Electronics Corp. | 788,200 | 14,523,857 | ||||||
Sekisui Chemical Co. Ltd. | 158,300 | 2,272,030 | ||||||
SoftBank Group Corp. | 101,800 | 5,890,909 | ||||||
Sompo Holdings, Inc. | 111,000 | 2,349,285 | ||||||
Sumitomo Corp. | 388,800 | 10,117,544 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 310,900 | 20,348,120 | ||||||
Takeda Pharmaceutical Co. Ltd. | 144,000 | 3,833,995 | ||||||
Tokyo Gas Co. Ltd. | 87,300 | 1,960,880 | ||||||
Toyota Motor Corp. | 1,120,800 | 24,414,033 | ||||||
Toyota Tsusho Corp. | 118,100 | 7,212,243 | ||||||
373,718,681 | ||||||||
Netherlands — 3.9% | ||||||||
ABN AMRO Bank NV, CVA | 289,689 | 4,955,426 | ||||||
ASR Nederland NV(1) | 104,681 | 5,066,391 | ||||||
ING Groep NV | 836,066 | 14,936,615 | ||||||
Koninklijke Ahold Delhaize NV | 620,123 | 19,231,886 | ||||||
Koninklijke Philips NV(2) | 292,762 | 7,996,751 | ||||||
NN Group NV(1) | 117,678 | 5,490,748 | ||||||
Randstad NV | 57,474 | 3,037,605 | ||||||
60,715,422 | ||||||||
Norway — 1.3% | ||||||||
DNB Bank ASA | 82,874 | 1,622,806 | ||||||
Equinor ASA | 246,025 | 7,141,547 | ||||||
Norsk Hydro ASA | 739,922 | 5,010,485 | ||||||
Telenor ASA | 120,539 | 1,404,392 | ||||||
Yara International ASA | 140,667 | 4,374,102 | ||||||
19,553,332 | ||||||||
Singapore — 0.2% | ||||||||
Mapletree Pan Asia Commercial Trust(1) | 984,200 | 892,813 | ||||||
Wilmar International Ltd. | 732,000 | 1,678,749 | ||||||
2,571,562 | ||||||||
Spain — 4.6% | ||||||||
Banco Bilbao Vizcaya Argentaria SA | 2,794,599 | 30,325,185 | ||||||
Banco Santander SA | 2,590,215 | 13,660,136 |
4
Shares | Value | |||||||
Enagas SA(1) | 151,968 | $ | 2,337,069 | |||||
Endesa SA | 187,865 | 3,741,682 | ||||||
Iberdrola SA | 170,696 | 2,252,976 | ||||||
Repsol SA | 638,655 | 10,425,846 | ||||||
Telefonica SA | 2,049,391 | 9,577,422 | ||||||
72,320,316 | ||||||||
Sweden — 1.5% | ||||||||
H & M Hennes & Mauritz AB, B Shares(1) | 443,073 | 7,834,508 | ||||||
Securitas AB, B Shares(1) | 197,243 | 2,029,881 | ||||||
SKF AB, B Shares | 107,883 | 2,370,216 | ||||||
Svenska Handelsbanken AB, A Shares | 404,827 | 3,809,671 | ||||||
Volvo AB, B Shares | 299,030 | 8,048,359 | ||||||
24,092,635 | ||||||||
Switzerland — 4.2% | ||||||||
Avolta AG(2) | 7,799 | 316,671 | ||||||
Novartis AG | 467,633 | 48,399,055 | ||||||
Roche Holding AG | 37,517 | 9,578,719 | ||||||
Sandoz Group AG | 27,752 | 981,698 | ||||||
Swiss Re AG | 42,667 | 5,441,240 | ||||||
64,717,383 | ||||||||
United Kingdom — 18.4% | ||||||||
3i Group PLC | 262,179 | 9,660,494 | ||||||
Barclays PLC | 8,212,548 | 23,194,751 | ||||||
Barratt Developments PLC | 575,642 | 3,732,723 | ||||||
BP PLC | 5,913,068 | 36,989,106 | ||||||
CRH PLC | 54,242 | 4,280,586 | ||||||
Glencore PLC | 2,548,110 | 15,705,774 | ||||||
GSK PLC | 550,272 | 12,347,008 | ||||||
HSBC Holdings PLC | 3,002,792 | 26,763,527 | ||||||
J Sainsbury PLC | 1,014,529 | 3,596,955 | ||||||
Kingfisher PLC | 1,891,632 | 6,403,950 | ||||||
Land Securities Group PLC | 217,719 | 1,827,661 | ||||||
Legal & General Group PLC | 3,230,623 | 10,361,088 | ||||||
Lloyds Banking Group PLC | 10,245,664 | 7,313,976 | ||||||
NatWest Group PLC | 5,882,077 | 23,794,749 | ||||||
Rio Tinto PLC | 251,568 | 17,709,728 | ||||||
Schroders PLC | 109,623 | 552,999 | ||||||
Shell PLC | 989,318 | 35,709,184 | ||||||
Standard Chartered PLC | 857,180 | 8,538,023 | ||||||
Taylor Wimpey PLC | 886,195 | 1,677,753 | ||||||
Tesco PLC | 4,342,562 | 17,274,269 | ||||||
Vodafone Group PLC | 13,076,725 | 12,642,570 | ||||||
WPP PLC | 537,493 | 5,625,978 | ||||||
285,702,852 | ||||||||
TOTAL COMMON STOCKS (Cost $1,209,879,821) | 1,537,856,390 | |||||||
SHORT-TERM INVESTMENTS — 4.1% | ||||||||
Money Market Funds — 3.8% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 24,540 | 24,540 | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio(3) | 58,651,806 | 58,651,806 | ||||||
58,676,346 | ||||||||
Repurchase Agreements — 0.3% | ||||||||
BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 3.00%, 5/15/45 - 2/15/49, valued at $367,317), in a joint trading account at 5.29%, dated 5/31/24, due 6/3/24 (Delivery value $357,617) | 357,459 |
5
Shares | Value | |||||||
Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 0.50%, 4/30/27, valued at $3,614,007), at 5.31%, dated 5/31/24, due 6/3/24 (Delivery value $3,544,568) | $ | 3,543,000 | ||||||
TD Securities (USA) LLC, (collateralized by various U.S. Treasury obligations, 1.875% - 4.125%, 11/15/25 - 11/15/32, valued at $1,461,366), at 5.30%, dated 5/31/24, due 6/3/24 (Delivery value $1,432,632) | 1,432,000 | |||||||
5,332,459 | ||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $64,008,805) | 64,008,805 | |||||||
TOTAL INVESTMENT SECURITIES — 103.0% (Cost $1,273,888,626) | 1,601,865,195 | |||||||
OTHER ASSETS AND LIABILITIES — (3.0)% | (46,633,832) | |||||||
TOTAL NET ASSETS — 100.0% | $ | 1,555,231,363 |
MARKET SECTOR DIVERSIFICATION | |||||
(as a % of net assets) | |||||
Financials | 32.1% | ||||
Industrials | 15.0% | ||||
Materials | 9.3% | ||||
Health Care | 8.8% | ||||
Energy | 8.1% | ||||
Consumer Discretionary | 6.5% | ||||
Utilities | 6.1% | ||||
Consumer Staples | 4.1% | ||||
Communication Services | 3.4% | ||||
Real Estate | 2.8% | ||||
Information Technology | 2.7% | ||||
Short-Term Investments | 4.1% | ||||
Other Assets and Liabilities | (3.0)% |
NOTES TO SCHEDULE OF INVESTMENTS | ||||||||
CVA | – | Certificaten Van Aandelen |
(1)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $64,667,840. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(2)Non-income producing.
(3)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $68,193,943, which includes securities collateral of $9,542,137.
See Notes to Financial Statements.
6
Statement of Assets and Liabilities |
MAY 31, 2024 (UNAUDITED) | |||||
Assets | |||||
Investment securities, at value (cost of $1,215,236,820) — including $64,667,840 of securities on loan | $ | 1,543,213,389 | |||
Investment made with cash collateral received for securities on loan, at value (cost of $58,651,806) | 58,651,806 | ||||
Total investment securities, at value (cost of $1,273,888,626) | 1,601,865,195 | ||||
Foreign currency holdings, at value (cost of $634,482) | 635,686 | ||||
Receivable for capital shares sold | 98,047 | ||||
Dividends and interest receivable | 16,417,154 | ||||
Securities lending receivable | 75,073 | ||||
1,619,091,155 | |||||
Liabilities | |||||
Payable for collateral received for securities on loan | 58,651,806 | ||||
Payable for capital shares redeemed | 4,973,111 | ||||
Accrued management fees | 233,010 | ||||
Distribution and service fees payable | 1,865 | ||||
63,859,792 | |||||
Net Assets | $ | 1,555,231,363 | |||
Net Assets Consist of: | |||||
Capital (par value and paid-in surplus) | $ | 1,391,074,243 | |||
Distributable earnings (loss) | 164,157,120 | ||||
$ | 1,555,231,363 |
Net Assets | Shares Outstanding | Net Asset Value Per Share* | |||||||||
Investor Class, $0.01 Par Value | $189,752,384 | 20,891,369 | $9.08 | ||||||||
I Class, $0.01 Par Value | $61,614,974 | 6,800,678 | $9.06 | ||||||||
A Class, $0.01 Par Value | $6,909,324 | 755,330 | $9.15 | ||||||||
C Class, $0.01 Par Value | $226,367 | 24,836 | $9.11 | ||||||||
R Class, $0.01 Par Value | $571,725 | 62,793 | $9.10 | ||||||||
R6 Class, $0.01 Par Value | $761,768 | 84,123 | $9.06 | ||||||||
G Class, $0.01 Par Value | $1,295,394,821 | 142,361,049 | $9.10 |
*Maximum offering price per share was equal to the net asset value per share for all share classes, except A Class, for which the maximum offering price per share was $9.71 (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.
7
Statement of Operations |
FOR THE SIX MONTHS ENDED MAY 31, 2024 (UNAUDITED) | |||||
Investment Income (Loss) | |||||
Income: | |||||
Dividends (net of foreign taxes withheld of $4,882,909) | $ | 41,595,907 | |||
Interest | 332,443 | ||||
Securities lending, net | 199,075 | ||||
42,127,425 | |||||
Expenses: | |||||
Management fees | 5,995,102 | ||||
Distribution and service fees: | |||||
A Class | 8,277 | ||||
C Class | 1,271 | ||||
R Class | 1,223 | ||||
Directors' fees and expenses | 21,600 | ||||
Other expenses | 38,745 | ||||
6,066,218 | |||||
Fees waived - G Class | (4,668,152) | ||||
1,398,066 | |||||
Net investment income (loss) | 40,729,359 | ||||
Realized and Unrealized Gain (Loss) | |||||
Net realized gain (loss) on: | |||||
Investment transactions | 7,177,777 | ||||
Foreign currency translation transactions | (98,905) | ||||
7,078,872 | |||||
Change in net unrealized appreciation (depreciation) on: | |||||
Investments | 164,845,401 | ||||
Translation of assets and liabilities in foreign currencies | (198,957) | ||||
164,646,444 | |||||
Net realized and unrealized gain (loss) | 171,725,316 | ||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 212,454,675 |
See Notes to Financial Statements.
8
Statement of Changes in Net Assets |
SIX MONTHS ENDED MAY 31, 2024 (UNAUDITED) AND YEAR ENDED NOVEMBER 30, 2023 | ||||||||
Increase (Decrease) in Net Assets | May 31, 2024 | November 30, 2023 | ||||||
Operations | ||||||||
Net investment income (loss) | $ | 40,729,359 | $ | 68,343,907 | ||||
Net realized gain (loss) | 7,078,872 | 19,861,194 | ||||||
Change in net unrealized appreciation (depreciation) | 164,646,444 | 109,123,985 | ||||||
Net increase (decrease) in net assets resulting from operations | 212,454,675 | 197,329,086 | ||||||
Distributions to Shareholders | ||||||||
From earnings: | ||||||||
Investor Class | (8,156,532) | (5,178,587) | ||||||
I Class | (2,664,629) | (1,348,681) | ||||||
A Class | (272,135) | (126,749) | ||||||
C Class | (10,921) | (6,798) | ||||||
R Class | (17,081) | (11,230) | ||||||
R6 Class | (37,427) | (21,073) | ||||||
G Class | (66,665,893) | (37,229,430) | ||||||
Decrease in net assets from distributions | (77,824,618) | (43,922,548) | ||||||
Capital Share Transactions | ||||||||
Net increase (decrease) in net assets from capital share transactions (Note 5) | (24,565,615) | (31,753,133) | ||||||
Net increase (decrease) in net assets | 110,064,442 | 121,653,405 | ||||||
Net Assets | ||||||||
Beginning of period | 1,445,166,921 | 1,323,513,516 | ||||||
End of period | $ | 1,555,231,363 | $ | 1,445,166,921 |
See Notes to Financial Statements.
9
Notes to Financial Statements |
MAY 31, 2024 (UNAUDITED)
1. Organization
American Century World 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. International Value Fund (the fund) is one fund in a series issued by the corporation. The fund’s investment objective is to seek long-term capital growth.
The fund offers the Investor Class, I Class, A Class, C Class, R Class, R6 Class and G Class. The A Class may incur an initial sales charge. The A Class and C Class may be subject to a contingent deferred sales charge.
2. Significant Accounting Policies
The following is a summary of significant accounting policies consistently followed by the fund in preparation of its financial statements. The fund is an investment company and follows accounting and reporting guidance in accordance with accounting principles generally accepted in the United States of America. This may require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from these estimates. Management evaluated the impact of events or transactions occurring through the date the financial statements were issued that would merit recognition or disclosure.
Investment Valuations — The fund determines the fair value of its investments and computes its net asset value (NAV) per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. The value of investments of the fund is determined by American Century Investment Management, Inc. (ACIM) (the investment advisor), as the valuation designee, pursuant to its valuation policies and procedures. The Board of Directors oversees the valuation designee and reviews its valuation policies and procedures at least annually.
Equity securities that are listed or traded on a domestic securities exchange are valued at the last reported sales price or at the official closing price as provided by the exchange. Equity securities traded on foreign securities exchanges are generally valued at the closing price of such securities on the exchange where primarily traded or at the close of the NYSE, if that is earlier. If no last sales price is reported, or if local convention or regulation so provides, the mean of the latest bid and asked prices may be used. Securities traded over-the-counter are valued at the mean of the latest bid and asked prices, the last sales price, or the official closing price.
Open-end management investment companies are valued at the reported NAV per share. Repurchase agreements are valued at cost, which approximates fair value.
If the valuation designee determines that the market price for a portfolio security is not readily available or is believed by the valuation designee to be unreliable, such security is valued at fair value as determined in good faith by the valuation designee, in accordance with its policies and procedures. Circumstances that may cause the fund to determine that market quotations are not available or reliable include, but are not limited to: when there is a significant event subsequent to the market quotation; trading in a security has been halted during the trading day; or trading in a security is insufficient or did not take place due to a closure or holiday.
The valuation designee monitors for significant events occurring after the close of an investment’s primary exchange but before the fund’s NAV per share is determined. Significant events may include, but are not limited to: corporate announcements and transactions; regulatory news, governmental action and political unrest that could impact a specific investment or an investment sector; or armed conflicts, natural disasters and similar events that could affect investments in a specific country or region. The valuation designee also monitors for significant fluctuations between domestic and foreign markets, as evidenced by the U.S. market or such other indicators that it deems appropriate. The valuation designee may apply a model-derived factor to the closing price of equity securities traded on foreign securities exchanges. The factor is based on observable market data as provided by an independent pricing service.
Foreign Currency Translations — All assets and liabilities, including investment securities and other financial instruments, initially expressed in foreign currencies are translated into U.S. dollars each day at the mean of the appropriate currency exchange rate at the close of the NYSE as provided by an independent pricing service. 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.
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.
10
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.
Income Tax Status — It is the fund's policy to distribute substantially all net investment income and net realized gains to shareholders and to otherwise qualify as a regulated investment company under provisions of the Internal Revenue Code. Accordingly, no provision has been made for income taxes. The fund files U.S. federal, state, local and non-U.S. tax returns as applicable. The fund's tax returns are subject to examination by the relevant taxing authority until expiration of the applicable statute of limitations, which is generally three years from the date of filing but can be longer in certain jurisdictions. At this time, management believes there are no uncertain tax positions which, based on their technical merit, would not be sustained upon examination and for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
Multiple Class — All shares of the fund represent an equal pro rata interest in the net assets of the class to which such shares belong, and have identical voting, dividend, liquidation and other rights and the same terms and conditions, except for class specific expenses and exclusive rights to vote on matters affecting only individual classes. Income, non-class specific expenses, and realized and unrealized capital gains and losses of the fund are allocated to each class of shares based on their relative net assets.
Distributions to Shareholders — Distributions from net investment income and net realized gains, if any, are generally declared and paid annually. The fund may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code, in all events in a manner consistent with provisions of the 1940 Act.
Indemnifications — Under the corporation’s organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the fund. In addition, in the normal course of business, the fund enters into contracts that provide general indemnifications. The maximum exposure under these arrangements is unknown as this would involve future claims that may be made against a fund. The risk of material loss from such claims is considered by management to be remote.
Securities Lending — Securities are lent to qualified financial institutions and brokers. State Street Bank & Trust Co. serves as securities lending agent to the fund pursuant to a Securities Lending Agreement. The lending of securities exposes the fund to risks such as: the borrowers may fail to return the loaned securities, the borrowers may not be able to provide additional collateral, the fund may experience delays in recovery of the loaned securities or delays in access to collateral, or the fund may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge collateral in the form of cash and/or securities. The lending agent has agreed to indemnify the fund in the case of default of any securities borrowed. Cash collateral received is invested in the State Street Navigator Securities Lending Government Money Market Portfolio, a money market mutual fund registered under the 1940 Act. The loans may also be secured by U.S. government securities in an amount at least equal to the market value of the securities loaned, plus accrued interest and dividends, determined on a daily basis and adjusted accordingly. By lending securities, the fund seeks to increase its net investment income through the receipt of interest and fees. Such income is reflected separately within the Statement of Operations. The value of loaned securities and related collateral outstanding at period end, if any, are shown on a gross basis within the Schedule of Investments and Statement of Assets and Liabilities.
The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged, and the remaining contractual maturity of those transactions as of May 31, 2024.
Remaining Contractual Maturity of Agreements | |||||||||||||||||
Overnight and Continuous | <30 days | Between 30 & 90 days | >90 days | Total | |||||||||||||
Securities Lending Transactions(1) | |||||||||||||||||
Common Stocks | $ | 58,651,806 | — | — | — | $ | 58,651,806 | ||||||||||
Gross amount of recognized liabilities for securities lending transactions | $ | 58,651,806 |
(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.
11
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, 49% of the shares of the fund. Related parties do not invest in the fund for the purpose of exercising management or control.
Management Fees — The corporation has entered into a management agreement with ACIM, under which ACIM provides the fund with investment advisory and management services in exchange for a single, unified management fee (the fee) per class. The agreement provides that ACIM will pay all expenses of managing and operating the fund, except brokerage expenses, taxes, interest, fees and expenses of the independent directors (including legal counsel fees), extraordinary expenses, and expenses incurred in connection with the provision of shareholder services and distribution services under a plan adopted pursuant to Rule 12b-1 under the 1940 Act. The fee is computed and accrued daily based on each class's daily net assets and paid monthly in arrears. The difference in the fee among the classes is a result of their separate arrangements for non-Rule 12b-1 shareholder services. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund’s assets, which do not vary by class. The investment advisor agreed to waive the G Class's management fee in its entirety. The investment advisor expects this waiver to remain in effect permanently and cannot terminate it without the approval of the Board of Directors.
The annual management fee for each class is as follows:
Investor Class | I Class | A Class | C Class | R Class | R6 Class | G Class | ||||||||||||||
1.10% | 0.90% | 1.10% | 1.10% | 1.10% | 0.75% | 0.00%(1) |
(1)Annual management fee before waiver was 0.75%.
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 May 31, 2024 are detailed in the Statement of Operations.
Directors' Fees and Expenses — The Board of Directors is responsible for overseeing the investment advisor’s management and operations of the fund. The directors receive detailed information about the fund and its investment advisor regularly throughout the year, and meet at least quarterly with management of the investment advisor to review reports about fund operations. The fund's officers do not receive compensation from the fund.
Other Expenses — A fund’s other expenses may include interest charges, clearing exchange fees, proxy solicitation expenses, fees associated with the recovery of foreign tax reclaims and other miscellaneous expenses.
Interfund Transactions — The fund may enter into security transactions with other American Century Investments funds and other client accounts of the investment advisor, in accordance with the 1940 Act rules and procedures adopted by the Board of Directors. The rules and procedures require, among other things, that these transactions be effected at the independent current market price of the security. During the period, the interfund purchases and sales were $4,652,149 and $448,093, respectively. The effect of interfund transactions on the Statement of Operations was $(18,704) in net realized gain (loss) on investment transactions.
4. Investment Transactions
Purchases and sales of investment securities, excluding short-term investments, for the period ended May 31, 2024 were $505,274,037 and $564,169,539, respectively.
12
5. Capital Share Transactions
Transactions in shares of the fund were as follows:
Six months ended May 31, 2024 | Year ended November 30, 2023 | |||||||||||||
Shares | Amount | Shares | Amount | |||||||||||
Investor Class/Shares Authorized | 500,000,000 | 500,000,000 | ||||||||||||
Sold | 184,184 | $ | 1,578,282 | 894,111 | $ | 6,952,626 | ||||||||
Issued in reinvestment of distributions | 991,651 | 8,141,458 | 709,366 | 5,171,278 | ||||||||||
Redeemed | (2,775,267) | (24,013,334) | (7,105,614) | (57,002,444) | ||||||||||
(1,599,432) | (14,293,594) | (5,502,137) | (44,878,540) | |||||||||||
I Class/Shares Authorized | 100,000,000 | 100,000,000 | ||||||||||||
Sold | 658,503 | 5,548,447 | 1,427,983 | 11,224,745 | ||||||||||
Issued in reinvestment of distributions | 325,749 | 2,664,629 | 185,361 | 1,347,573 | ||||||||||
Redeemed | (885,989) | (7,369,791) | (1,833,240) | (14,350,344) | ||||||||||
98,263 | 843,285 | (219,896) | (1,778,026) | |||||||||||
A Class/Shares Authorized | 25,000,000 | 25,000,000 | ||||||||||||
Sold | 24,323 | 205,501 | 97,914 | 757,861 | ||||||||||
Issued in reinvestment of distributions | 32,645 | 270,299 | 17,125 | 125,866 | ||||||||||
Redeemed | (63,247) | (548,203) | (86,860) | (685,997) | ||||||||||
(6,279) | (72,403) | 28,179 | 197,730 | |||||||||||
C Class/Shares Authorized | 25,000,000 | 25,000,000 | ||||||||||||
Sold | — | — | 1,826 | 14,651 | ||||||||||
Issued in reinvestment of distributions | 1,321 | 10,921 | 925 | 6,798 | ||||||||||
Redeemed | (16,146) | (134,479) | (13,697) | (102,669) | ||||||||||
(14,825) | (123,558) | (10,946) | (81,220) | |||||||||||
R Class/Shares Authorized | 25,000,000 | 25,000,000 | ||||||||||||
Sold | 19,194 | 161,377 | 34,064 | 266,406 | ||||||||||
Issued in reinvestment of distributions | 2,062 | 17,011 | 1,528 | 11,197 | ||||||||||
Redeemed | (8,170) | (69,297) | (89,153) | (680,082) | ||||||||||
13,086 | 109,091 | (53,561) | (402,479) | |||||||||||
R6 Class/Shares Authorized | 30,000,000 | 30,000,000 | ||||||||||||
Sold | 4,751 | 39,920 | 14,846 | 114,980 | ||||||||||
Issued in reinvestment of distributions | 4,581 | 37,427 | 2,903 | 21,073 | ||||||||||
Redeemed | (36,043) | (304,452) | (10,660) | (81,333) | ||||||||||
(26,711) | (227,105) | 7,089 | 54,720 | |||||||||||
G Class/Shares Authorized | 1,750,000,000 | 1,750,000,000 | ||||||||||||
Sold | 9,230,125 | 75,998,629 | 24,815,675 | 190,331,839 | ||||||||||
Issued in reinvestment of distributions | 8,149,865 | 66,665,893 | 5,120,967 | 37,229,430 | ||||||||||
Redeemed | (17,840,493) | (153,465,853) | (27,331,085) | (212,426,587) | ||||||||||
(460,503) | (10,801,331) | 2,605,557 | 15,134,682 | |||||||||||
Net increase (decrease) | (1,996,401) | $ | (24,565,615) | (3,145,715) | $ | (31,753,133) |
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).
13
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 | — | $ | 1,537,856,390 | — | |||||||
Short-Term Investments | $ | 58,676,346 | 5,332,459 | — | |||||||
$ | 58,676,346 | $ | 1,543,188,849 | — |
7. Risk Factors
The value of the fund’s shares will go up and down, sometimes rapidly or unpredictably, based on the performance of the securities owned by the fund and other factors generally affecting the securities market. Market risks, including political, regulatory, economic and social developments, can affect the value of the fund’s investments. Natural disasters, public health emergencies, war, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.
The majority of the fund is owned by a relatively small number of shareholders. To the extent that a large shareholder (including a fund of funds) invests in the fund, the fund may experience relatively large redemptions as such shareholder reallocates its assets. In the event of a large shareholder redemption, the ongoing operations of the fund may be at risk.
There are certain risks involved in investing in foreign securities. These risks include those resulting from political events (such as civil unrest, national elections and imposition of exchange controls), social and economic events (such as labor strikes and rising inflation), and natural disasters. Securities of foreign issuers may be less liquid and more volatile. Investing in emerging markets or a significant portion of assets in one country or region may accentuate these risks.
The fund invests in common stocks of small companies. Because of this, the fund may be subject to greater risk and market fluctuations than a fund investing in larger, more established companies.
8. Federal Tax Information
The book-basis character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts on the financial statements.
As of period end, the components of investments for federal income tax purposes were as follows:
Federal tax cost of investments | $ | 1,277,516,412 | |||
Gross tax appreciation of investments | $ | 348,963,348 | |||
Gross tax depreciation of investments | (24,614,565) | ||||
Net tax appreciation (depreciation) of investments | $ | 324,348,783 |
The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales.
As of November 30, 2023, the fund had accumulated short-term capital losses of $(177,309,602) and accumulated long-term capital losses of $(18,479,922), which 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.
14
Financial Highlights |
For a Share Outstanding Throughout the Years Ended November 30 (except as noted) | |||||||||||||||||||||||||||||||||||||||||
Per-Share Data | Ratios and Supplemental Data | ||||||||||||||||||||||||||||||||||||||||
Income From Investment Operations*: | Ratio to Average Net Assets of†: | ||||||||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | Distributions From Net Investment Income | 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 | |||||||||||||||||||||||||||||||||||||||||
2024(3) | $8.30 | 0.19 | 0.97 | 1.16 | (0.38) | $9.08 | 14.47% | 1.11% | 1.11% | 4.52% | 4.52% | 34% | $189,752 | ||||||||||||||||||||||||||||
2023 | $7.49 | 0.32 | 0.68 | 1.00 | (0.19) | $8.30 | 13.64% | 1.11% | 1.11% | 3.96% | 3.96% | 77% | $186,766 | ||||||||||||||||||||||||||||
2022 | $8.37 | 0.35 | (0.84) | (0.49) | (0.39) | $7.49 | (6.24)% | 1.14% | 1.14% | 4.89% | 4.89% | 151% | $209,685 | ||||||||||||||||||||||||||||
2021 | $7.82 | 0.23 | 0.50 | 0.73 | (0.18) | $8.37 | 9.30% | 1.10% | 1.10% | 2.57% | 2.57% | 124% | $14,827 | ||||||||||||||||||||||||||||
2020 | $7.57 | 0.15 | 0.33 | 0.48 | (0.23) | $7.82 | 6.69% | 1.21% | 1.22% | 2.16% | 2.15% | 91% | $12,633 | ||||||||||||||||||||||||||||
2019 | $7.61 | 0.23 | 0.02 | 0.25 | (0.29) | $7.57 | 3.41% | 1.34% | 1.34% | 3.13% | 3.13% | 87% | $9,136 | ||||||||||||||||||||||||||||
I Class | |||||||||||||||||||||||||||||||||||||||||
2024(3) | $8.29 | 0.20 | 0.97 | 1.17 | (0.40) | $9.06 | 14.60% | 0.91% | 0.91% | 4.72% | 4.72% | 34% | $61,615 | ||||||||||||||||||||||||||||
2023 | $7.48 | 0.33 | 0.68 | 1.01 | (0.20) | $8.29 | 13.82% | 0.91% | 0.91% | 4.16% | 4.16% | 77% | $55,583 | ||||||||||||||||||||||||||||
2022 | $8.36 | 0.33 | (0.80) | (0.47) | (0.41) | $7.48 | (6.04)% | 0.94% | 0.94% | 5.09% | 5.09% | 151% | $51,756 | ||||||||||||||||||||||||||||
2021 | $7.81 | 0.24 | 0.51 | 0.75 | (0.20) | $8.36 | 9.54% | 0.90% | 0.90% | 2.77% | 2.77% | 124% | $46,842 | ||||||||||||||||||||||||||||
2020 | $7.57 | 0.16 | 0.33 | 0.49 | (0.25) | $7.81 | 6.93% | 1.01% | 1.02% | 2.36% | 2.35% | 91% | $29,898 | ||||||||||||||||||||||||||||
2019 | $7.62 | 0.25 | 0.01 | 0.26 | (0.31) | $7.57 | 3.53% | 1.14% | 1.14% | 3.33% | 3.33% | 87% | $18,981 | ||||||||||||||||||||||||||||
A Class | |||||||||||||||||||||||||||||||||||||||||
2024(3) | $8.35 | 0.18 | 0.98 | 1.16 | (0.36) | $9.15 | 14.34% | 1.36% | 1.36% | 4.27% | 4.27% | 34% | $6,909 | ||||||||||||||||||||||||||||
2023 | $7.54 | 0.30 | 0.68 | 0.98 | (0.17) | $8.35 | 13.35% | 1.36% | 1.36% | 3.71% | 3.71% | 77% | $6,359 | ||||||||||||||||||||||||||||
2022 | $8.42 | 0.30 | (0.81) | (0.51) | (0.37) | $7.54 | (6.46)% | 1.39% | 1.39% | 4.64% | 4.64% | 151% | $5,527 | ||||||||||||||||||||||||||||
2021 | $7.86 | 0.20 | 0.52 | 0.72 | (0.16) | $8.42 | 9.10% | 1.35% | 1.35% | 2.32% | 2.32% | 124% | $6,407 | ||||||||||||||||||||||||||||
2020 | $7.60 | 0.13 | 0.33 | 0.46 | (0.20) | $7.86 | 6.32% | 1.46% | 1.47% | 1.91% | 1.90% | 91% | $6,176 | ||||||||||||||||||||||||||||
2019 | $7.64 | 0.22 | 0.01 | 0.23 | (0.27) | $7.60 | 3.08% | 1.59% | 1.59% | 2.88% | 2.88% | 87% | $6,532 | ||||||||||||||||||||||||||||
C Class | |||||||||||||||||||||||||||||||||||||||||
2024(3) | $8.29 | 0.12 | 1.00 | 1.12 | (0.30) | $9.11 | 13.82% | 2.11% | 2.11% | 3.52% | 3.52% | 34% | $226 | ||||||||||||||||||||||||||||
2023 | $7.50 | 0.23 | 0.69 | 0.92 | (0.13) | $8.29 | 12.55% | 2.11% | 2.11% | 2.96% | 2.96% | 77% | $329 | ||||||||||||||||||||||||||||
2022 | $8.37 | 0.23 | (0.80) | (0.57) | (0.30) | $7.50 | (7.13)% | 2.14% | 2.14% | 3.89% | 3.89% | 151% | $379 | ||||||||||||||||||||||||||||
2021 | $7.82 | 0.12 | 0.52 | 0.64 | (0.09) | $8.37 | 8.19% | 2.10% | 2.10% | 1.57% | 1.57% | 124% | $734 | ||||||||||||||||||||||||||||
2020 | $7.51 | 0.07 | 0.34 | 0.41 | (0.10) | $7.82 | 5.65% | 2.21% | 2.22% | 1.16% | 1.15% | 91% | $926 | ||||||||||||||||||||||||||||
2019 | $7.54 | 0.16 | 0.01 | 0.17 | (0.20) | $7.51 | 2.29% | 2.34% | 2.34% | 2.13% | 2.13% | 87% | $1,400 |
For a Share Outstanding Throughout the Years Ended November 30 (except as noted) | |||||||||||||||||||||||||||||||||||||||||
Per-Share Data | Ratios and Supplemental Data | ||||||||||||||||||||||||||||||||||||||||
Income From Investment Operations*: | Ratio to Average Net Assets of†: | ||||||||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | Distributions From Net Investment Income | 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 | |||||||||||||||||||||||||||||||||||||||||
2024(3) | $8.30 | 0.18 | 0.96 | 1.14 | (0.34) | $9.10 | 14.13% | 1.61% | 1.61% | 4.02% | 4.02% | 34% | $572 | ||||||||||||||||||||||||||||
2023 | $7.50 | 0.28 | 0.68 | 0.96 | (0.16) | $8.30 | 13.09% | 1.61% | 1.61% | 3.46% | 3.46% | 77% | $413 | ||||||||||||||||||||||||||||
2022 | $8.38 | 0.27 | (0.81) | (0.54) | (0.34) | $7.50 | (6.74)% | 1.64% | 1.64% | 4.39% | 4.39% | 151% | $775 | ||||||||||||||||||||||||||||
2021 | $7.83 | 0.18 | 0.51 | 0.69 | (0.14) | $8.38 | 8.73% | 1.60% | 1.60% | 2.07% | 2.07% | 124% | $893 | ||||||||||||||||||||||||||||
2020 | $7.55 | 0.12 | 0.33 | 0.45 | (0.17) | $7.83 | 6.16% | 1.71% | 1.72% | 1.66% | 1.65% | 91% | $848 | ||||||||||||||||||||||||||||
2019 | $7.58 | 0.19 | 0.02 | 0.21 | (0.24) | $7.55 | 2.91% | 1.84% | 1.84% | 2.63% | 2.63% | 87% | $575 | ||||||||||||||||||||||||||||
R6 Class | |||||||||||||||||||||||||||||||||||||||||
2024(3) | $8.30 | 0.19 | 0.98 | 1.17 | (0.41) | $9.06 | 14.64% | 0.76% | 0.76% | 4.87% | 4.87% | 34% | $762 | ||||||||||||||||||||||||||||
2023 | $7.48 | 0.35 | 0.67 | 1.02 | (0.20) | $8.30 | 14.08% | 0.76% | 0.76% | 4.31% | 4.31% | 77% | $919 | ||||||||||||||||||||||||||||
2022 | $8.36 | 0.34 | (0.80) | (0.46) | (0.42) | $7.48 | (5.89)% | 0.79% | 0.79% | 5.24% | 5.24% | 151% | $776 | ||||||||||||||||||||||||||||
2021 | $7.81 | 0.27 | 0.49 | 0.76 | (0.21) | $8.36 | 9.71% | 0.75% | 0.75% | 2.92% | 2.92% | 124% | $786 | ||||||||||||||||||||||||||||
2020 | $7.58 | 0.18 | 0.32 | 0.50 | (0.27) | $7.81 | 7.08% | 0.86% | 0.87% | 2.51% | 2.50% | 91% | $1,027 | ||||||||||||||||||||||||||||
2019 | $7.63 | 0.26 | 0.01 | 0.27 | (0.32) | $7.58 | 3.72% | 0.99% | 0.99% | 3.48% | 3.48% | 87% | $6,513 | ||||||||||||||||||||||||||||
G Class | |||||||||||||||||||||||||||||||||||||||||
2024(3) | $8.37 | 0.24 | 0.96 | 1.20 | (0.47) | $9.10 | 15.03% | 0.01% | 0.76% | 5.62% | 4.87% | 34% | $1,295,395 | ||||||||||||||||||||||||||||
2023 | $7.52 | 0.40 | 0.69 | 1.09 | (0.24) | $8.37 | 15.02% | 0.01% | 0.76% | 5.06% | 4.31% | 77% | $1,194,798 | ||||||||||||||||||||||||||||
2022(4) | $8.18 | 0.28 | (0.83) | (0.55) | (0.11) | $7.52 | (6.80)% | 0.03% | 0.78% | 6.05% | 5.30% | 151%(5) | $1,054,615 |
Notes to Financial Highlights |
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day and do not reflect applicable sales charges, if any. Total returns for periods less than one year are not annualized.
(3)Six months ended May 31, 2024 (unaudited).
(4)April 1, 2022 (commencement of sale) through November 30, 2022.
(5)Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended November 30, 2022.
*The amount shown for a share outstanding throughout the period may not correlate with the Statement(s) of Operations or precisely reflect the class expense differentials due to the timing of transactions in shares of a fund in relation to income earned and/or fluctuations in the fair value of a fund's investments.
†Ratios for periods less than one year are annualized. Zero balances may reflect amounts less than 0.005%.
See Notes to Financial Statements.
Contact Us | americancentury.com | |||||||
Automated Information Line | 1-800-345-8765 | |||||||
Investors Using Advisors | 1-800-378-9878 | |||||||
Banks and Trust Companies, Broker-Dealers, Financial Professionals, Insurance Companies | 1-800-345-6488 | |||||||
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. | ||||||||
©2024 American Century Proprietary Holdings, Inc. All rights reserved. CL-SAN-92632 2407 |
![Image33.jpg](https://capedge.com/proxy/N-CSRS/0000872825-24-000033/ck0000872825-20240531_g3.jpg)
Semiannual Financial Statements and Other Information | |||||
May 31, 2024 | |||||
Non-U.S. Intrinsic Value Fund | |||||
Investor Class (ANTUX) | |||||
I Class (ANVHX) | |||||
A Class (ANVLX) | |||||
R Class (ANVRX) | |||||
R6 Class (ANVMX) | |||||
G Class (ANTGX) |
Table of Contents |
Schedule of Investments | |||||
Statement of Assets and Liabilities | |||||
Statement of Operations | |||||
Statement of Changes in Net Assets | |||||
Notes to Financial Statements | |||||
Financial Highlights | |||||
Schedule of Investments |
MAY 31, 2024 (UNAUDITED)
Shares | Value | |||||||
COMMON STOCKS — 98.7% | ||||||||
Belgium — 2.1% | ||||||||
UCB SA | 91,930 | $ | 12,895,075 | |||||
Brazil — 1.7% | ||||||||
Ambev SA | 4,645,300 | 10,297,528 | ||||||
Canada — 2.3% | ||||||||
ERO Copper Corp.(1) | 199,487 | 4,247,487 | ||||||
Linamar Corp. | 182,666 | 9,516,940 | ||||||
13,764,427 | ||||||||
China — 6.3% | ||||||||
Alibaba Group Holding Ltd. | 1,055,400 | 10,305,490 | ||||||
Autohome, Inc., ADR | 259,129 | 7,359,264 | ||||||
Baidu, Inc., Class A(1) | 343,900 | 4,167,379 | ||||||
JD.com, Inc., Class A | 252,664 | 3,745,372 | ||||||
Tencent Holdings Ltd. | 278,200 | 12,906,689 | ||||||
38,484,194 | ||||||||
France — 16.8% | ||||||||
Arkema SA | 69,232 | 7,094,614 | ||||||
BNP Paribas SA | 91,149 | 6,728,311 | ||||||
Eiffage SA | 161,266 | 17,842,474 | ||||||
Rexel SA | 456,335 | 13,867,957 | ||||||
Sanofi SA | 248,721 | 24,350,270 | ||||||
Teleperformance SE | 190,715 | 21,816,251 | ||||||
Verallia SA | 253,038 | 10,476,747 | ||||||
102,176,624 | ||||||||
Germany — 6.9% | ||||||||
Bayerische Motoren Werke AG | 140,960 | 14,378,260 | ||||||
Continental AG | 182,312 | 12,425,386 | ||||||
Mercedes-Benz Group AG | 211,585 | 15,356,260 | ||||||
42,159,906 | ||||||||
Ireland — 3.0% | ||||||||
Smurfit Kappa Group PLC | 379,584 | 18,513,443 | ||||||
Japan — 4.0% | ||||||||
SUMCO Corp. | 1,598,300 | 24,027,762 | ||||||
Mexico — 0.4% | ||||||||
Bolsa Mexicana de Valores SAB de CV | 1,458,432 | 2,650,991 | ||||||
Netherlands — 7.8% | ||||||||
ING Groep NV | 909,853 | 16,254,846 | ||||||
NN Group NV | 422,906 | 19,732,409 | ||||||
Signify NV | 407,341 | 11,130,557 | ||||||
47,117,812 | ||||||||
Russia(2) — 0.0% | ||||||||
GMK Norilskiy Nickel PAO | 7,693,300 | 85 | ||||||
South Korea — 9.8% | ||||||||
BGF retail Co. Ltd. | 51,090 | 4,305,256 | ||||||
Hana Financial Group, Inc. | 97,991 | 4,375,846 | ||||||
Hyundai Mobis Co. Ltd. | 64,393 | 10,039,827 | ||||||
KT&G Corp. | 256,816 | 15,501,855 | ||||||
LG Corp. | 125,054 | 7,358,132 | ||||||
LG Uplus Corp. | 807,531 | 5,639,480 |
2
Shares | Value | |||||||
Samsung Electronics Co. Ltd. | 232,076 | $ | 12,296,036 | |||||
59,516,432 | ||||||||
Sweden — 1.2% | ||||||||
Volvo Car AB, Class B(1) | 2,218,595 | 7,471,785 | ||||||
Switzerland — 7.2% | ||||||||
Adecco Group AG | 531,696 | 20,178,293 | ||||||
Roche Holding AG | 92,831 | 23,701,310 | ||||||
43,879,603 | ||||||||
United Kingdom — 28.7% | ||||||||
AstraZeneca PLC, ADR | 238,033 | 18,571,335 | ||||||
Barclays PLC | 6,337,021 | 17,897,689 | ||||||
Barratt Developments PLC | 1,121,872 | 7,274,725 | ||||||
British American Tobacco PLC | 779,515 | 24,106,370 | ||||||
GSK PLC | 1,358,137 | 30,473,891 | ||||||
Hikma Pharmaceuticals PLC | 247,661 | 6,123,065 | ||||||
IMI PLC | 161,605 | 3,862,594 | ||||||
Kingfisher PLC | 4,629,454 | 15,672,599 | ||||||
Nomad Foods Ltd. | 255,079 | 4,479,187 | ||||||
Reckitt Benckiser Group PLC | 314,644 | 18,008,127 | ||||||
Taylor Wimpey PLC | 6,487,037 | 12,281,324 | ||||||
WPP PLC | 1,497,637 | 15,675,874 | ||||||
174,426,780 | ||||||||
United States — 0.5% | ||||||||
CNH Industrial NV | 265,644 | 2,805,201 | ||||||
TOTAL COMMON STOCKS (Cost $556,711,068) | 600,187,648 | |||||||
SHORT-TERM INVESTMENTS — 0.6% | ||||||||
Money Market Funds — 0.1% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 332,377 | 332,377 | ||||||
Repurchase Agreements — 0.5% | ||||||||
BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 3.00%, 5/15/45 - 2/15/49, valued at $218,273), in a joint trading account at 5.29%, dated 5/31/24, due 6/3/24 (Delivery value $212,508) | 212,414 | |||||||
Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 0.50%, 4/30/27, valued at $2,148,189), at 5.31%, dated 5/31/24, due 6/3/24 (Delivery value $2,106,932) | 2,106,000 | |||||||
TD Securities (USA) LLC, (collateralized by various U.S. Treasury obligations, 0.375% - 4.00%, 1/31/26 - 2/15/53, valued at $867,430), at 5.30%, dated 5/31/24, due 6/3/24 (Delivery value $850,375) | 850,000 | |||||||
3,168,414 | ||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $3,500,791) | 3,500,791 | |||||||
TOTAL INVESTMENT SECURITIES — 99.3% (Cost $560,211,859) | 603,688,439 | |||||||
OTHER ASSETS AND LIABILITIES — 0.7% | 4,327,375 | |||||||
TOTAL NET ASSETS — 100.0% | $ | 608,015,814 |
3
MARKET SECTOR DIVERSIFICATION | |||||
(as a % of net assets) | |||||
Consumer Discretionary | 19.5% | ||||
Health Care | 19.1% | ||||
Industrials | 16.3% | ||||
Consumer Staples | 12.6% | ||||
Financials | 11.1% | ||||
Communication Services | 7.5% | ||||
Materials | 6.6% | ||||
Information Technology | 6.0% | ||||
Short-Term Investments | 0.6% | ||||
Other Assets and Liabilities | 0.7% |
NOTES TO SCHEDULE OF INVESTMENTS | ||||||||
ADR | – | American Depositary Receipt |
(1)Non-income producing.
(2)Securities may be subject to resale, redemption or transferability restrictions.
See Notes to Financial Statements.
4
Statement of Assets and Liabilities |
MAY 31, 2024 (UNAUDITED) | |||||
Assets | |||||
Investment securities, at value (cost of $560,211,859) | $ | 603,688,439 | |||
Foreign currency holdings, at value (cost of $1,509,760) | 123,794 | ||||
Receivable for capital shares sold | 70,110 | ||||
Dividends and interest receivable | 5,384,290 | ||||
609,266,633 | |||||
Liabilities | |||||
Payable for capital shares redeemed | 1,052,108 | ||||
Accrued management fees | 106,972 | ||||
Distribution and service fees payable | 76 | ||||
Accrued foreign withholding tax reclaim expenses | 91,663 | ||||
1,250,819 | |||||
Net Assets | $ | 608,015,814 | |||
Net Assets Consist of: | |||||
Capital (par value and paid-in surplus) | $ | 546,816,405 | |||
Distributable earnings (loss) | 61,199,409 | ||||
$ | 608,015,814 |
Net Assets | Shares Outstanding | Net Asset Value Per Share* | |||||||||
Investor Class, $0.01 Par Value | $92,861,203 | 9,420,240 | $9.86 | ||||||||
I Class, $0.01 Par Value | $20,753,706 | 2,105,145 | $9.86 | ||||||||
A Class, $0.01 Par Value | $156,552 | 15,907 | $9.84 | ||||||||
R Class, $0.01 Par Value | $104,124 | 10,598 | $9.82 | ||||||||
R6 Class, $0.01 Par Value | $6,250 | 621 | $10.06 | ||||||||
G Class, $0.01 Par Value | $494,133,979 | 49,694,115 | $9.94 |
*Maximum offering price per share was equal to the net asset value per share for all share classes, except A Class, for which the maximum offering price per share was $10.44 (net asset value divided by 0.9425). A contingent deferred sales charge may be imposed on redemptions of A Class.
See Notes to Financial Statements.
5
Statement of Operations |
FOR THE SIX MONTHS ENDED MAY 31, 2024 (UNAUDITED) | |||||
Investment Income (Loss) | |||||
Income: | |||||
Dividends (net of foreign taxes withheld of $2,141,479) | $ | 18,729,963 | |||
Interest | 233,676 | ||||
18,963,639 | |||||
Expenses: | |||||
Management fees | 2,526,977 | ||||
Distribution and service fees: | |||||
A Class | 180 | ||||
R Class | 248 | ||||
Directors' fees and expenses | 8,484 | ||||
Foreign withholding tax reclaim expenses | 97,260 | ||||
Other expenses | 1,450 | ||||
2,634,599 | |||||
Fees waived - G Class | (1,906,130) | ||||
728,469 | |||||
Net investment income (loss) | 18,235,170 | ||||
Realized and Unrealized Gain (Loss) | |||||
Net realized gain (loss) on: | |||||
Investment transactions | 14,841,290 | ||||
Foreign currency translation transactions | (139,256) | ||||
14,702,034 | |||||
Change in net unrealized appreciation (depreciation) on: | |||||
Investments | 44,717,854 | ||||
Translation of assets and liabilities in foreign currencies | (55,297) | ||||
44,662,557 | |||||
Net realized and unrealized gain (loss) | 59,364,591 | ||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 77,599,761 |
See Notes to Financial Statements.
6
Statement of Changes in Net Assets |
SIX MONTHS ENDED MAY 31, 2024 (UNAUDITED) AND YEAR ENDED NOVEMBER 30, 2023 | ||||||||
Increase (Decrease) in Net Assets | May 31, 2024 | November 30, 2023 | ||||||
Operations | ||||||||
Net investment income (loss) | $ | 18,235,170 | $ | 21,503,899 | ||||
Net realized gain (loss) | 14,702,034 | 48,457,400 | ||||||
Change in net unrealized appreciation (depreciation) | 44,662,557 | 18,898,022 | ||||||
Net increase (decrease) in net assets resulting from operations | 77,599,761 | 88,859,321 | ||||||
Distributions to Shareholders | ||||||||
From earnings: | ||||||||
Investor Class | (12,641,256) | (4,999,905) | ||||||
I Class | (56,925) | (65,407) | ||||||
A Class | (14,422) | (593) | ||||||
R Class | (11,877) | (3,141) | ||||||
R6 Class | (663) | (228) | ||||||
G Class | (57,386,258) | (24,116,165) | ||||||
Decrease in net assets from distributions | (70,111,401) | (29,185,439) | ||||||
Capital Share Transactions | ||||||||
Net increase (decrease) in net assets from capital share transactions (Note 5) | 16,528,507 | (81,376,559) | ||||||
Net increase (decrease) in net assets | 24,016,867 | (21,702,677) | ||||||
Net Assets | ||||||||
Beginning of period | 583,998,947 | 605,701,624 | ||||||
End of period | $ | 608,015,814 | $ | 583,998,947 |
See Notes to Financial Statements.
7
Notes to Financial Statements |
MAY 31, 2024 (UNAUDITED)
1. Organization
American Century World 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. Non-U.S. Intrinsic Value Fund (the fund) is one fund in a series issued by the corporation. The fund’s investment objective is to seek capital appreciation.
The fund offers the Investor Class, I Class, A Class, R Class, R6 Class and G Class. The A Class may incur an initial sales charge and may be subject to a contingent deferred sales charge.
2. Significant Accounting Policies
The following is a summary of significant accounting policies consistently followed by the fund in preparation of its financial statements. The fund is an investment company and follows accounting and reporting guidance in accordance with accounting principles generally accepted in the United States of America. This may require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from these estimates. Management evaluated the impact of events or transactions occurring through the date the financial statements were issued that would merit recognition or disclosure.
Investment Valuations — The fund determines the fair value of its investments and computes its net asset value (NAV) per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. The value of investments of the fund is determined by American Century Investment Management, Inc. (ACIM) (the investment advisor), as the valuation designee, pursuant to its valuation policies and procedures. The Board of Directors oversees the valuation designee and reviews its valuation policies and procedures at least annually.
Equity securities that are listed or traded on a domestic securities exchange are valued at the last reported sales price or at the official closing price as provided by the exchange. Equity securities traded on foreign securities exchanges are generally valued at the closing price of such securities on the exchange where primarily traded or at the close of the NYSE, if that is earlier. If no last sales price is reported, or if local convention or regulation so provides, the mean of the latest bid and asked prices may be used. Securities traded over-the-counter are valued at the mean of the latest bid and asked prices, the last sales price, or the official closing price.
Open-end management investment companies are valued at the reported NAV per share. Repurchase agreements are valued at cost, which approximates fair value.
If the valuation designee determines that the market price for a portfolio security is not readily available or is believed by the valuation designee to be unreliable, such security is valued at fair value as determined in good faith by the valuation designee, in accordance with its policies and procedures. Circumstances that may cause the fund to determine that market quotations are not available or reliable include, but are not limited to: when there is a significant event subsequent to the market quotation; trading in a security has been halted during the trading day; or trading in a security is insufficient or did not take place due to a closure or holiday.
The valuation designee monitors for significant events occurring after the close of an investment’s primary exchange but before the fund’s NAV per share is determined. Significant events may include, but are not limited to: corporate announcements and transactions; regulatory news, governmental action and political unrest that could impact a specific investment or an investment sector; or armed conflicts, natural disasters and similar events that could affect investments in a specific country or region. The valuation designee also monitors for significant fluctuations between domestic and foreign markets, as evidenced by the U.S. market or such other indicators that it deems appropriate. The valuation designee may apply a model-derived factor to the closing price of equity securities traded on foreign securities exchanges. The factor is based on observable market data as provided by an independent pricing service.
Foreign Currency Translations — All assets and liabilities, including investment securities and other financial instruments, initially expressed in foreign currencies are translated into U.S. dollars each day at the mean of the appropriate currency exchange rate at the close of the NYSE as provided by an independent pricing service. 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.
Security Transactions — Security transactions are accounted for as of the trade date. Net realized gains and losses are determined on the identified cost basis, which is also used for federal income tax purposes.
Investment Income — Dividend income less foreign taxes withheld, if any, is recorded as of the ex-dividend date. Distributions received on securities that represent a return of capital or long-term capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The fund may estimate the components of distributions received that may be considered nontaxable distributions or long-term capital gain distributions for income tax purposes. Interest income is recorded on the accrual basis and includes accretion of discounts and amortization of premiums.
8
Repurchase Agreements — The fund may enter into repurchase agreements with institutions that ACIM has determined are creditworthy pursuant to criteria adopted by the Board of Directors. The fund requires that the collateral, represented by securities, received in a repurchase transaction be transferred to the custodian in a manner sufficient to enable the fund to obtain those securities in the event of a default under the repurchase agreement. ACIM monitors, on a daily basis, the securities transferred to ensure the value, including accrued interest, of the securities under each repurchase agreement is equal to or greater than amounts owed to the fund under each repurchase agreement.
Joint Trading Account — Pursuant to an Exemptive Order issued by the Securities and Exchange Commission, the fund, along with certain other funds in the American Century Investments family of funds, may transfer uninvested cash balances into a joint trading account. These balances are invested in one or more repurchase agreements that are collateralized by U.S. Treasury or Agency obligations.
Income Tax Status — It is the fund's policy to distribute substantially all net investment income and net realized gains to shareholders and to otherwise qualify as a regulated investment company under provisions of the Internal Revenue Code. Accordingly, no provision has been made for income taxes. The fund files U.S. federal, state, local and non-U.S. tax returns as applicable. The fund's tax returns are subject to examination by the relevant taxing authority until expiration of the applicable statute of limitations, which is generally three years from the date of filing but can be longer in certain jurisdictions. At this time, management believes there are no uncertain tax positions which, based on their technical merit, would not be sustained upon examination and for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
Multiple Class — All shares of the fund represent an equal pro rata interest in the net assets of the class to which such shares belong, and have identical voting, dividend, liquidation and other rights and the same terms and conditions, except for class specific expenses and exclusive rights to vote on matters affecting only individual classes. Income, non-class specific expenses, and realized and unrealized capital gains and losses of the fund are allocated to each class of shares based on their relative net assets.
Distributions to Shareholders — Distributions from net investment income and net realized gains, if any, are generally declared and paid annually. The fund may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code, in all events in a manner consistent with provisions of the 1940 Act. The fund may elect to treat a portion of its payment to a redeeming shareholder, which represents the pro rata share of undistributed net investment income and net realized gains, as a distribution for federal income tax purposes (tax equalization).
Indemnifications — Under the corporation’s organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the fund. In addition, in the normal course of business, the fund enters into contracts that provide general indemnifications. The maximum exposure under these arrangements is unknown as this would involve future claims that may be made against a fund. The risk of material loss from such claims is considered by management to be remote.
3. Fees and Transactions with Related Parties
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, 48% of the shares of the fund. Related parties do not invest in the fund for the purpose of exercising management or control.
Management Fees — The corporation has entered into a management agreement with ACIM, under which ACIM provides the fund with investment advisory and management services in exchange for a single, unified management fee (the fee) per class. The agreement provides that ACIM will pay all expenses of managing and operating the fund, except brokerage expenses, taxes, interest, fees and expenses of the independent directors (including legal counsel fees), extraordinary expenses, and expenses incurred in connection with the provision of shareholder services and distribution services under a plan adopted pursuant to Rule 12b-1 under the 1940 Act. The fee is computed and accrued daily based on each class's daily net assets and paid monthly in arrears. The difference in the fee among the classes is a result of their separate arrangements for non-Rule 12b-1 shareholder services. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund’s assets, which do not vary by class. The investment advisor agreed to waive the G Class's management fee in its entirety. The investment advisor expects this waiver to remain in effect permanently and cannot terminate it without the approval of the Board of Directors.
The annual management fee for each class is as follows:
Investor Class | I Class | A Class | R Class | R6 Class | G Class | ||||||||||||
1.15% | 0.95% | 1.15% | 1.15% | 0.80% | 0.00%(1) |
(1)Annual management fee before waiver was 0.80%.
Distribution and Service Fees — The Board of Directors has adopted a separate Master Distribution and Individual Shareholder Services Plan for each of the A Class and R Class (collectively the plans), pursuant to Rule 12b-1 of the 1940 Act. The plans provide that the A Class will pay ACIS an annual distribution and service fee of 0.25%. The plans provide that the R Class will pay ACIS an annual distribution and service fee of 0.50%. The fees are computed and accrued daily based on each class’s daily net assets and paid monthly in arrears. The fees are used to pay financial intermediaries for distribution and individual shareholder services. Fees incurred under the plans during the period ended May 31, 2024 are detailed in the Statement of Operations.
Directors' Fees and Expenses — The Board of Directors is responsible for overseeing the investment advisor’s management and operations of the fund. The directors receive detailed information about the fund and its investment advisor regularly throughout the year, and meet at least quarterly with management of the investment advisor to review reports about fund operations. The fund's officers do not receive compensation from the fund.
9
Foreign Withholding Tax Reclaim Expenses — The fund may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The fund may incur expenses in association with recovery of such taxes. The impact of foreign withholding tax reclaim expenses to the annualized ratio of operating expenses to average net assets was 0.03% for the period ended May 31, 2024.
Other Expenses — A fund’s other expenses may include interest charges, clearing exchange fees, proxy solicitation expenses, fees associated with the recovery of foreign tax reclaims and other miscellaneous expenses.
Interfund Transactions — The fund may enter into security transactions with other American Century Investments funds and other client accounts of the investment advisor, in accordance with the 1940 Act rules and procedures adopted by the Board of Directors. The rules and procedures require, among other things, that these transactions be effected at the independent current market price of the security. During the period, the interfund purchases and sales were $448,093 and $317,405, respectively. The effect of interfund transactions on the Statement of Operations was $16,303 in net realized gain (loss) on investment transactions.
4. Investment Transactions
Purchases and sales of investment securities, excluding short-term investments, for the period ended May 31, 2024 were $173,110,609 and $200,838,658, respectively.
5. Capital Share Transactions
Transactions in shares of the fund were as follows:
Six months ended May 31, 2024 | Year ended November 30, 2023 | |||||||||||||
Shares | Amount | Shares | Amount | |||||||||||
Investor Class/Shares Authorized | 150,000,000 | 150,000,000 | ||||||||||||
Sold | 97,978 | $ | 910,083 | 1,401,342 | $ | 13,564,751 | ||||||||
Issued in reinvestment of distributions | 1,383,983 | 12,635,761 | 585,447 | 4,999,719 | ||||||||||
Redeemed | (3,697,572) | (34,189,910) | (5,940,162) | (54,813,895) | ||||||||||
(2,215,611) | (20,644,066) | (3,953,373) | (36,249,425) | |||||||||||
I Class/Shares Authorized | 40,000,000 | 40,000,000 | ||||||||||||
Sold | 2,338,526 | 21,126,657 | 301,057 | 2,879,298 | ||||||||||
Issued in reinvestment of distributions | 4,875 | 44,464 | 1,418 | 12,093 | ||||||||||
Redeemed | (285,576) | (2,635,855) | (410,073) | (3,954,832) | ||||||||||
2,057,825 | 18,535,266 | (107,598) | (1,063,441) | |||||||||||
A Class/Shares Authorized | 35,000,000 | 35,000,000 | ||||||||||||
Sold | 2,242 | 20,467 | 12,750 | 117,156 | ||||||||||
Issued in reinvestment of distributions | 1,581 | 14,422 | 70 | 593 | ||||||||||
Redeemed | (2,165) | (21,035) | (122) | (1,203) | ||||||||||
1,658 | 13,854 | 12,698 | 116,546 | |||||||||||
R Class/Shares Authorized | 35,000,000 | 35,000,000 | ||||||||||||
Sold | 5,262 | 49,091 | 26,800 | 253,974 | ||||||||||
Issued in reinvestment of distributions | 1,302 | 11,877 | 368 | 3,141 | ||||||||||
Redeemed | (6,235) | (56,437) | (25,497) | (235,798) | ||||||||||
329 | 4,531 | 1,671 | 21,317 | |||||||||||
R6 Class/Shares Authorized | 35,000,000 | 35,000,000 | ||||||||||||
Issued in reinvestment of distributions | 71 | 663 | 26 | 228 | ||||||||||
G Class/Shares Authorized | 600,000,000 | 600,000,000 | ||||||||||||
Sold | 2,902,284 | 26,455,169 | 3,863,635 | 36,695,588 | ||||||||||
Issued in reinvestment of distributions | 6,264,875 | 57,386,258 | 2,817,309 | 24,116,165 | ||||||||||
Redeemed | (6,665,622) | (65,223,168) | (11,289,069) | (105,013,537) | ||||||||||
2,501,537 | 18,618,259 | (4,608,125) | (44,201,784) | |||||||||||
Net increase (decrease) | 2,345,809 | $ | 16,528,507 | (8,654,701) | $ | (81,376,559) |
10
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 | |||||||||||
China | $ | 7,359,264 | $ | 31,124,930 | — | ||||||
United Kingdom | 23,050,522 | 151,376,258 | — | ||||||||
United States | 2,805,201 | — | — | ||||||||
Other Countries | — | 384,471,473 | — | ||||||||
Short-Term Investments | 332,377 | 3,168,414 | — | ||||||||
$ | 33,547,364 | $ | 570,141,075 | — |
7. Risk Factors
The value of the fund’s shares will go up and down, sometimes rapidly or unpredictably, based on the performance of the securities owned by the fund and other factors generally affecting the securities market. Market risks, including political, regulatory, economic and social developments, can affect the value of the fund’s investments. Natural disasters, public health emergencies, war, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.
There are certain risks involved in investing in foreign securities. These risks include those resulting from political events (such as civil unrest, national elections and imposition of exchange controls), social and economic events (such as labor strikes and rising inflation), and natural disasters. Securities of foreign issuers may be less liquid and more volatile. Investing in emerging markets or a significant portion of assets in one country or region may accentuate these risks.
The majority of the fund is owned by a relatively small number of shareholders. To the extent that a large shareholder (including a fund of funds) invests in the fund, the fund may experience relatively large redemptions as such shareholder reallocates its assets. In the event of a large shareholder redemption, the ongoing operations of the fund may be at risk.
8. Federal Tax Information
The book-basis character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts on the financial statements.
As of period end, the components of investments for federal income tax purposes were as follows:
Federal tax cost of investments | $ | 573,356,057 | |||
Gross tax appreciation of investments | $ | 84,566,587 | |||
Gross tax depreciation of investments | (54,234,205) | ||||
Net tax appreciation (depreciation) of investments | $ | 30,332,382 |
The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales.
11
Financial Highlights |
For a Share Outstanding Throughout the Years Ended November 30 (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 | |||||||||||||||||||||||||||||||||||||||||||||||
2024(3) | $9.81 | 0.23 | 0.99 | 1.22 | (0.28) | (0.89) | (1.17) | $9.86 | 13.38% | 1.19% | 1.19% | 5.28% | 5.28% | 30% | $92,861 | ||||||||||||||||||||||||||||||||
2023 | $8.88 | 0.28 | 1.05 | 1.33 | (0.34) | (0.06) | (0.40) | $9.81 | 15.84% | 1.19% | 1.19% | 2.84% | 2.84% | 62% | $114,111 | ||||||||||||||||||||||||||||||||
2022 | $9.76 | 0.32 | (0.76) | (0.44) | (0.16) | (0.28) | (0.44) | $8.88 | (5.03)% | 1.16% | 1.16% | 3.59% | 3.59% | 67% | $138,382 | ||||||||||||||||||||||||||||||||
2021 | $8.98 | 0.18 | 0.72 | 0.90 | (0.12) | — | (0.12) | $9.76 | 10.15% | 1.25% | 1.25% | 1.76% | 1.76% | 54% | $152,993 | ||||||||||||||||||||||||||||||||
2020 | $10.61 | 0.13 | (1.31) | (1.18) | (0.32) | (0.13) | (0.45) | $8.98 | (11.75)% | 1.31% | 1.31% | 1.60% | 1.60% | 68% | $107,655 | ||||||||||||||||||||||||||||||||
2019(4) | $10.00 | 0.31 | 0.34 | 0.65 | (0.04) | — | (0.04) | $10.61 | 6.59% | 1.31% | 1.31% | 3.04% | 3.04% | 85% | $101,934 | ||||||||||||||||||||||||||||||||
I Class | |||||||||||||||||||||||||||||||||||||||||||||||
2024(3) | $9.82 | 0.37 | 0.86 | 1.23 | (0.30) | (0.89) | (1.19) | $9.86 | 13.50% | 0.99% | 0.99% | 5.48% | 5.48% | 30% | $20,754 | ||||||||||||||||||||||||||||||||
2023 | $8.89 | 0.38 | 0.97 | 1.35 | (0.36) | (0.06) | (0.42) | $9.82 | 15.93% | 0.99% | 0.99% | 3.04% | 3.04% | 62% | $464 | ||||||||||||||||||||||||||||||||
2022 | $9.78 | 0.33 | (0.76) | (0.43) | (0.18) | (0.28) | (0.46) | $8.89 | (4.81)% | 0.96% | 0.96% | 3.79% | 3.79% | 67% | $1,377 | ||||||||||||||||||||||||||||||||
2021 | $8.99 | 0.19 | 0.74 | 0.93 | (0.14) | — | (0.14) | $9.78 | 10.47% | 1.05% | 1.05% | 1.96% | 1.96% | 54% | $194 | ||||||||||||||||||||||||||||||||
2020(5) | $10.45 | 0.15 | (1.16) | (1.01) | (0.32) | (0.13) | (0.45) | $8.99 | (10.29)% | 1.11% | 1.11% | 1.80% | 1.80% | 68%(6) | $4 | ||||||||||||||||||||||||||||||||
A Class | |||||||||||||||||||||||||||||||||||||||||||||||
2024(3) | $9.78 | 0.24 | 0.97 | 1.21 | (0.26) | (0.89) | (1.15) | $9.84 | 13.23% | 1.44% | 1.44% | 5.03% | 5.03% | 30% | $157 | ||||||||||||||||||||||||||||||||
2023 | $8.85 | 0.16 | 1.15 | 1.31 | (0.32) | (0.06) | (0.38) | $9.78 | 15.46% | 1.44% | 1.44% | 2.59% | 2.59% | 62% | $139 | ||||||||||||||||||||||||||||||||
2022 | $9.73 | 0.29 | (0.76) | (0.47) | (0.13) | (0.28) | (0.41) | $8.85 | (5.28)% | 1.41% | 1.41% | 3.34% | 3.34% | 67% | $14 | ||||||||||||||||||||||||||||||||
2021 | $8.96 | 0.16 | 0.71 | 0.87 | (0.10) | — | (0.10) | $9.73 | 9.89% | 1.50% | 1.50% | 1.51% | 1.51% | 54% | $13 | ||||||||||||||||||||||||||||||||
2020(5) | $10.45 | 0.11 | (1.15) | (1.04) | (0.32) | (0.13) | (0.45) | $8.96 | (10.62)% | 1.56% | 1.56% | 1.35% | 1.35% | 68%(6) | $4 | ||||||||||||||||||||||||||||||||
R Class | |||||||||||||||||||||||||||||||||||||||||||||||
2024(3) | $9.75 | 0.21 | 0.98 | 1.19 | (0.23) | (0.89) | (1.12) | $9.82 | 13.06% | 1.69% | 1.69% | 4.78% | 4.78% | 30% | $104 | ||||||||||||||||||||||||||||||||
2023 | $8.83 | 0.25 | 1.03 | 1.28 | (0.30) | (0.06) | (0.36) | $9.75 | 15.09% | 1.69% | 1.69% | 2.34% | 2.34% | 62% | $100 | ||||||||||||||||||||||||||||||||
2022 | $9.71 | 0.26 | (0.75) | (0.49) | (0.11) | (0.28) | (0.39) | $8.83 | (5.43)% | 1.66% | 1.66% | 3.09% | 3.09% | 67% | $76 | ||||||||||||||||||||||||||||||||
2021 | $8.93 | 0.15 | 0.71 | 0.86 | (0.08) | — | (0.08) | $9.71 | 9.65% | 1.75% | 1.75% | 1.26% | 1.26% | 54% | $31 | ||||||||||||||||||||||||||||||||
2020(5) | $10.45 | 0.09 | (1.16) | (1.07) | (0.32) | (0.13) | (0.45) | $8.93 | (10.93)% | 1.81% | 1.81% | 1.10% | 1.10% | 68%(6) | $6 | ||||||||||||||||||||||||||||||||
R6 Class | |||||||||||||||||||||||||||||||||||||||||||||||
2024(3) | $10.00 | 0.27 | 1.00 | 1.27 | (0.32) | (0.89) | (1.21) | $10.06 | 13.63% | 0.84% | 0.84% | 5.63% | 5.63% | 30% | $6 | ||||||||||||||||||||||||||||||||
2023 | $9.04 | 0.32 | 1.07 | 1.39 | (0.37) | (0.06) | (0.43) | $10.00 | 16.17% | 0.84% | 0.84% | 3.19% | 3.19% | 62% | $6 | ||||||||||||||||||||||||||||||||
2022 | $9.94 | 0.35 | (0.78) | (0.43) | (0.19) | (0.28) | (0.47) | $9.04 | (4.70)% | 0.81% | 0.81% | 3.94% | 3.94% | 67% | $5 | ||||||||||||||||||||||||||||||||
2021 | $9.14 | 0.22 | 0.73 | 0.95 | (0.15) | — | (0.15) | $9.94 | 10.57% | 0.90% | 0.90% | 2.11% | 2.11% | 54% | $5 | ||||||||||||||||||||||||||||||||
2020(5) | $10.60 | 0.16 | (1.16) | (1.00) | (0.33) | (0.13) | (0.46) | $9.14 | (10.12)% | 0.96% | 0.96% | 1.95% | 1.95% | 68%(6) | $4 |
For a Share Outstanding Throughout the Years Ended November 30 (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 | |||||||||||||||||||||||||||||||||||||||||||||||
2024(3) | $9.94 | 0.30 | 0.99 | 1.29 | (0.40) | (0.89) | (1.29) | $9.94 | 14.04% | 0.04% | 0.84% | 6.43% | 5.63% | 30% | $494,134 | ||||||||||||||||||||||||||||||||
2023 | $8.99 | 0.38 | 1.07 | 1.45 | (0.44) | (0.06) | (0.50) | $9.94 | 17.10% | 0.04% | 0.84% | 3.99% | 3.19% | 62% | $469,178 | ||||||||||||||||||||||||||||||||
2022 | $9.90 | 0.42 | (0.77) | (0.35) | (0.28) | (0.28) | (0.56) | $8.99 | (3.94)% | 0.01% | 0.81% | 4.74% | 3.94% | 67% | $465,848 | ||||||||||||||||||||||||||||||||
2021 | $9.11 | 0.31 | 0.72 | 1.03 | (0.24) | — | (0.24) | $9.90 | 11.56% | 0.00% | 0.90% | 3.01% | 2.11% | 54% | $497,745 | ||||||||||||||||||||||||||||||||
2020 | $10.76 | 0.24 | (1.29) | (1.05) | (0.47) | (0.13) | (0.60) | $9.11 | (10.58)% | 0.01% | 0.96% | 2.90% | 1.95% | 68% | $463,081 | ||||||||||||||||||||||||||||||||
2019(4) | $10.00 | 0.43 | 0.37 | 0.80 | (0.04) | — | (0.04) | $10.76 | 8.00% | 0.01% | 0.96% | 4.34% | 3.39% | 85% | $264,529 |
Notes to Financial Highlights |
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day and do not reflect applicable sales charges, if any. Total returns for periods less than one year are not annualized.
(3)Six months ended May 31, 2024 (unaudited).
(4)December 6, 2018 (fund inception) through November 30, 2019.
(5)December 3, 2019 (commencement of sale) through November 30, 2020.
(6)Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended November 30, 2020.
*The amount shown for a share outstanding throughout the period may not correlate with the Statement(s) of Operations or precisely reflect the class expense differentials due to the timing of transactions in shares of a fund in relation to income earned and/or fluctuations in the fair value of a fund's investments.
†Ratios for periods less than one year are annualized. Zero balances may reflect amounts less than 0.005%.
See Notes to Financial Statements.
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(b) The information required by Item 13 of Form N-1A is included as part of the financial statements filed under Item 7(a) of this Form.
ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
None.
ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
None.
ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.
The remuneration paid to directors, officers and others is included as part of the report to stockholders filed under Item 7 of this Form.
ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.
None. |
ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
During the reporting period, there were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board.
ITEM 16. CONTROLS AND PROCEDURES.
(a) The registrant's principal executive officer and principal financial officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are effective based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.
ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.
(a) Not applicable.
(b) Not applicable.
ITEM 19. EXHIBITS.
(a)(1) Not applicable for semiannual report filings.
(a)(2) Not applicable for semiannual report filings.
(a)(3) Separate certifications by the registrant’s principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(a) under the Investment Company Act of 1940, are filed and attached hereto as EX-99.CERT.
(a)(4) Not applicable.
(a)(5) Not applicable.
(b) A certification by the registrant’s chief executive officer and chief financial officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, is furnished and attached hereto as EX- 99.906CERT.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant: | American Century World Mutual Funds, Inc. | ||||||||||
By: | /s/ Patrick Bannigan | ||||||||||
Name: | Patrick Bannigan | ||||||||||
Title: | President | ||||||||||
Date: | July 25, 2024 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ Patrick Bannigan | ||||||||||
Name: | Patrick Bannigan | ||||||||||
Title: | President | ||||||||||
(principal executive officer) | |||||||||||
Date: | July 25, 2024 |
By: | /s/ R. Wes Campbell | ||||||||||
Name: | R. Wes Campbell | ||||||||||
Title: | Treasurer and | ||||||||||
Chief Financial Officer | |||||||||||
(principal financial officer) | |||||||||||
Date: | July 25, 2024 |