American Century Value Investor Class NCSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number

811-07820

AMERICAN CENTURY CAPITAL PORTFOLIOS, INC.

(Exact name of registrant as specified in charter)

4500 MAIN STREET, KANSAS CITY, MISSOURI

64111

(Address of principal executive offices)

(Zip Code)

JOHN PAK
4500 MAIN STREET, KANSAS CITY, MISSOURI 64111

(Name and address of agent for service)

Registrant’s telephone number, including area code:

816-531-5575

Date of fiscal year end:

03-31

Date of reporting period:

09-30-2021

ITEM 1. REPORTS TO STOCKHOLDERS.

(a) Provided under separate cover.


SEMIANNUAL REPORT
SEPTEMBER 30, 2021


			AC Alternatives® Market Neutral Value Fund
			Investor Class (ACVVX)
			I Class (ACVKX)
			A Class (ACVQX)
			C Class (ACVHX)
			R Class (ACVWX)


Table of Contents


President’s Letter			2


Fund Characteristics			3
Shareholder Fee Example			4
Schedule of Investments			6
Statement of Assets and Liabilities			14
Statement of Operations			15
Statement of Changes in Net Assets			16
Notes to Financial Statements			17
Financial Highlights			25


Approval of Management Agreement			28


Additional Information			32

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


President’s Letter

Jonathan Thomas

Dear Investor:

Thank you for reviewing this semiannual report for the period ended September 30, 2021. It provides a market overview (below), followed by a schedule of fund investments and other financial information. For additional investment insights, please visit americancentury.com.

Stocks, Bonds Advanced Amid Growing Concerns

Broad market sentiment was upbeat to start the period. Investors generally looked beyond pandemic-related challenges to improving growth and corporate earnings data. Ongoing support from leading central banks and governments helped maintain investor confidence in the financial markets and strengthen the overall global economic outlook.

However, a summer surge in COVID-19 cases arising from the delta variant triggered worries about the recovery’s sustainability. Most economic and corporate earnings data remained favorable, but the labor market was a notable exception. Despite record job openings, job growth remained weak, complicating reopening efforts for many businesses.

In this climate, U.S. Treasury yields generally declined through early August. From there, yields rose amid soaring inflation triggered by mounting supply chain disruptions and rising energy and housing prices. Congressional debate on the debt ceiling and the $3.5 trillion "human infrastructure" bill added to inflation worries. Year-over-year headline inflation reached 5.4% in September, matching a 13-year high.

Meanwhile, in September, the Federal Reserve hinted it may start scaling back its monetary support by year-end. This prompted a spike in Treasury yields and a sell-off among stocks. A credit crisis in China’s troubled property sector also weighed on stocks. Overall, though, strong performance in the first half of the reporting period led to positive six-month returns for most broad stock and bond indices.

Several Factors Shaping Market Dynamics

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

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

Sincerely,

Jonathan Thomas

President and Chief Executive Officer

American Century Investments


Fund Characteristics


SEPTEMBER 30, 2021
Types of Investments in Portfolio			% of net assets
Common Stocks			61.5%
Convertible Bonds			14.1%
Exchange-Traded Funds			6.4%
Common Stocks Sold Short			(72.0)%
Exchange-Traded Funds Sold Short			(8.5)%
Temporary Cash Investments			14.8%
Other Assets and Liabilities			83.7%


Shareholder Fee Example

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

The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from April 1, 2021 to September 30, 2021.

Actual Expenses

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

If you hold Investor Class shares of any American Century Investments fund, or I Class shares of the American Century Diversified Bond Fund, in an American Century Investments account (i.e., not through a financial intermediary or employer-sponsored retirement plan account), American Century Investments may charge you a $25.00 annual account maintenance fee if the value of those shares is less than $10,000. We will redeem shares automatically in one of your accounts to pay the $25.00 fee. In determining your total eligible investment amount, we will include your investments in all personal accounts (including American Century Investments brokerage accounts) registered under your Social Security number. Personal accounts include individual accounts, joint accounts, UGMA/UTMA accounts, personal trusts, Coverdell Education Savings Accounts and IRAs (including traditional, Roth, Rollover, SEP-, SARSEP- and SIMPLE-IRAs), and certain other retirement accounts. If you have only business, business retirement, employer-sponsored or American Century Investments brokerage accounts, you are currently not subject to this fee. If you are subject to the account maintenance fee, your account value could be reduced by the fee amount.

Hypothetical Example for Comparison Purposes

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

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


	Beginning Account Value 4/1/21	Ending Account Value 9/30/21	Expenses Paid During Period(1) 4/1/21 - 9/30/21	Annualized Expense Ratio(1)
Actual
Investor Class	$1,000	$1,001.10	$16.86	3.36%
I Class	$1,000	$1,002.20	$15.86	3.16%
A Class	$1,000	$998.90	$18.09	3.61%
C Class	$1,000	$996.30	$21.82	4.36%
R Class	$1,000	$998.80	$19.34	3.86%
Hypothetical
Investor Class	$1,000	$1,008.22	$16.92	3.36%
I Class	$1,000	$1,009.23	$15.92	3.16%
A Class	$1,000	$1,006.97	$18.16	3.61%
C Class	$1,000	$1,003.21	$21.90	4.36%
R Class	$1,000	$1,005.72	$19.41	3.86%

(1)Expenses are equal to the class's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 183, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses.


Schedule of Investments

SEPTEMBER 30, 2021 (UNAUDITED)


	Shares/Principal Amount	Value
COMMON STOCKS — 61.5%
Aerospace and Defense — 5.0%
HEICO Corp., Class A(1)	15,738	$	1,863,851
Automobiles — 1.7%
General Motors Co.(2)	4,457	234,929
Toyota Motor Corp., ADR	521	92,608
Volkswagen AG, Preference Shares	1,351	301,141
		628,678
Banks — 2.9%
Commerce Bancshares, Inc.	2,330	162,355
JPMorgan Chase & Co.	2,741	448,674
Prosperity Bancshares, Inc.	1,610	114,519
Royal Bank of Canada	2,070	205,970
U.S. Bancorp	2,120	126,013
		1,057,531
Beverages — 1.3%
Heineken Holding NV	5,695	495,897
Building Products — 1.4%
AO Smith Corp.(1)	2,352	143,637
Johnson Controls International plc(1)	3,199	217,788
Masco Corp.(1)	2,698	149,874
		511,299
Capital Markets — 1.6%
AllianceBernstein Holding LP	6,450	319,791
Bank of New York Mellon Corp. (The)	1,496	77,553
Morgan Stanley	2,076	202,015
		599,359
Chemicals — 0.6%
Akzo Nobel NV	1,273	139,094
Linde plc	333	97,695
		236,789
Commercial Services and Supplies — 1.0%
Republic Services, Inc.	3,224	387,074
Communications Equipment — 0.6%
Cisco Systems, Inc.	3,954	215,216
Containers and Packaging — 0.6%
Amcor plc	9,535	110,511
Packaging Corp. of America	830	114,075
		224,586
Electric Utilities — 1.6%
Duke Energy Corp.	1,381	134,772
Edison International	2,345	130,077
Pinnacle West Capital Corp.	2,381	172,289
Xcel Energy, Inc.	2,322	145,125
		582,263
Electrical Equipment — 0.8%
Emerson Electric Co.(1)	3,057	287,969


	Shares/Principal Amount	Value
Electronic Equipment, Instruments and Components — 0.3%
Anritsu Corp.	5,700	$	101,718
Energy Equipment and Services — 0.5%
Baker Hughes Co.	8,056	199,225
Equity Real Estate Investment Trusts (REITs) — 1.0%
Equinix, Inc.	116	91,655
VICI Properties, Inc.	2,943	83,611
Welltower, Inc.	2,207	181,857
		357,123
Food and Staples Retailing — 2.0%
Koninklijke Ahold Delhaize NV	4,288	142,782
Sysco Corp.	5,465	429,003
Walmart, Inc.	1,109	154,572
		726,357
Food Products — 0.4%
Conagra Brands, Inc.	3,073	104,083
Mondelez International, Inc., Class A	975	56,725
		160,808
Gas Utilities — 1.7%
Atmos Energy Corp.	2,346	206,917
ONE Gas, Inc.	4,880	309,246
Spire, Inc.	1,906	116,609
		632,772
Health Care Equipment and Supplies — 1.2%
Becton Dickinson and Co.	266	65,388
Hill-Rom Holdings, Inc.	993	148,950
Medtronic plc	1,808	226,633
		440,971
Health Care Providers and Services — 0.4%
Centene Corp.(2)	959	59,756
Universal Health Services, Inc., Class B	698	96,582
		156,338
Health Care Technology — 0.6%
Cerner Corp.	3,243	228,696
Household Durables — 5.0%
Electrolux AB, Series B	4,648	107,386
Lennar Corp., Class B	22,673	1,759,198
		1,866,584
Industrial Conglomerates — 0.8%
Siemens AG(1)	691	113,014
Siemens AG, ADR(1)	2,232	183,336
		296,350
Insurance — 2.1%
Globe Life, Inc.	1,877	167,109
Hartford Financial Services Group, Inc. (The)	1,653	116,123
Marsh & McLennan Cos., Inc.	691	104,638
MetLife, Inc.	6,347	391,801
		779,671
IT Services — 0.7%
Automatic Data Processing, Inc.	900	179,928
Visa, Inc., Class A	397	88,432
		268,360


	Shares/Principal Amount	Value
Machinery — 6.1%
Alfa Laval AB(1)	1,913	$	71,352
Atlas Copco AB, B Shares(1)	33,392	1,697,202
Deere & Co.(1)	996	333,729
PACCAR, Inc.(1)	641	50,588
Schindler Holding AG, Bearer Participation Certificate(1)	466	125,107
		2,277,978
Media — 5.2%
Fox Corp., Class B	51,655	1,917,434
Metals and Mining — 1.0%
BHP Group plc, ADR	5,828	295,422
Freeport-McMoRan, Inc.	2,108	68,573
		363,995
Multi-Utilities — 0.3%
CMS Energy Corp.	1,864	111,337
Multiline Retail — 0.2%
Dollar Tree, Inc.(2)	925	88,541
Oil, Gas and Consumable Fuels — 5.9%
Enterprise Products Partners LP	5,527	119,604
Galp Energia SGPS SA	7,958	90,387
Royal Dutch Shell plc, Class B ADR	40,020	1,771,685
TotalEnergies SE, ADR	4,103	196,657
		2,178,333
Paper and Forest Products — 0.3%
Mondi plc	4,552	111,551
Personal Products — 1.3%
Unilever plc, ADR	9,185	498,011
Pharmaceuticals — 2.0%
Johnson & Johnson	1,693	273,419
Merck & Co., Inc.	2,643	198,516
Roche Holding AG, ADR	6,323	287,507
		759,442
Road and Rail — 1.1%
Heartland Express, Inc.	5,429	86,973
Norfolk Southern Corp.	528	126,324
Union Pacific Corp.	947	185,621
		398,918
Semiconductors and Semiconductor Equipment — 0.6%
Texas Instruments, Inc.	1,116	214,506
Software — 0.5%
Microsoft Corp.	657	185,222
Specialty Retail — 0.6%
Advance Auto Parts, Inc.	260	54,312
TJX Cos., Inc. (The)	2,439	160,925
		215,237
Textiles, Apparel and Luxury Goods — 0.3%
LVMH Moet Hennessy Louis Vuitton SE	134	95,979
Trading Companies and Distributors — 0.3%
Azelis Group NV(1)(2)	3,000	94,521
TOTAL COMMON STOCKS (Cost $16,244,775)		22,816,490


	Shares/Principal Amount		Value
CONVERTIBLE BONDS — 14.1%
Automobiles — 5.6%
Tesla, Inc., 2.00%, 5/15/24	$	167,000	$	2,084,496
Semiconductors and Semiconductor Equipment — 8.5%
Microchip Technology, Inc., 0.125%, 11/15/24	1,163,000		1,320,522
Teradyne, Inc., 1.25%, 12/15/23	529,000		1,829,018
			3,149,540
TOTAL CONVERTIBLE BONDS (Cost $2,349,777)			5,234,036
EXCHANGE-TRADED FUNDS — 6.4%
Consumer Discretionary Select Sector SPDR Fund(1)	2,391		429,065
iShares Russell 1000 Value ETF(1)	12,418		1,943,541
TOTAL EXCHANGE-TRADED FUNDS (Cost $1,471,114)			2,372,606
TEMPORARY CASH INVESTMENTS — 14.8%
Repurchase Agreement, BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 0.125%, 5/15/23, valued at $1,020,215), in a joint trading account at 0.02%, dated 9/30/21, due 10/1/21 (Delivery value $999,892)			999,891
Repurchase Agreement, Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 3.375%, 11/15/48, valued at $3,399,773), at 0.01%, dated 9/30/21, due 10/1/21 (Delivery value $3,333,001)			3,333,000
State Street Institutional U.S. Government Money Market Fund, Premier Class	1,162,995		1,162,995
TOTAL TEMPORARY CASH INVESTMENTS (Cost $5,495,886)			5,495,886
TOTAL INVESTMENT SECURITIES BEFORE SECURITIES SOLD SHORT — 96.8% (Cost $25,561,552)			35,919,018
SECURITIES SOLD SHORT — (80.5)%
COMMON STOCKS SOLD SHORT — (72.0)%
Aerospace and Defense — (5.1)%
HEICO Corp.	(14,217)		(1,874,796)
Automobiles — (7.3)%
Ford Motor Co.	(16,746)		(237,123)
Honda Motor Co. Ltd., ADR	(3,025)		(92,777)
Tesla, Inc.	(2,696)		(2,090,694)
Volkswagen AG	(966)		(297,918)
			(2,718,512)
Banks — (2.9)%
Bank of America Corp.	(5,484)		(232,796)
Bank OZK	(3,767)		(161,906)
Citigroup, Inc.	(2,995)		(210,189)
First Financial Bankshares, Inc.	(2,524)		(115,978)
M&T Bank Corp.	(887)		(132,464)
National Bank of Canada	(2,717)		(208,677)
			(1,062,010)
Beverages — (1.3)%
Coca-Cola Co. (The)	(1,747)		(91,665)
Heineken NV	(3,853)		(402,156)
			(493,821)
Building Products — (1.0)%
Carrier Global Corp.	(2,193)		(113,510)
Daikin Industries Ltd.	(500)		(109,019)


	Shares/Principal Amount	Value
Fortune Brands Home & Security, Inc.	(1,599)	$	(142,982)
		(365,511)
Capital Markets — (1.6)%
Franklin Resources, Inc.	(10,693)	(317,796)
Goldman Sachs Group, Inc. (The)	(535)	(202,246)
State Street Corp.	(924)	(78,281)
		(598,323)
Chemicals — (0.6)%
Air Products and Chemicals, Inc.	(387)	(99,114)
PPG Industries, Inc.	(982)	(140,436)
		(239,550)
Commercial Services and Supplies — (1.0)%
Waste Management, Inc.	(2,602)	(388,635)
Communications Equipment — (0.6)%
Arista Networks, Inc.	(623)	(214,088)
Containers and Packaging — (0.6)%
International Paper Co.	(1,994)	(111,505)
Sealed Air Corp.	(1,995)	(109,306)
		(220,811)
Distributors — (0.2)%
Genuine Parts Co.	(463)	(56,130)
Electric Utilities — (1.0)%
American Electric Power Co., Inc.	(3,130)	(254,093)
Southern Co. (The)	(2,151)	(133,298)
		(387,391)
Electrical Equipment — (0.3)%
Mitsubishi Electric Corp.	(8,400)	(116,740)
Electronic Equipment, Instruments and Components — (0.3)%
Keysight Technologies, Inc.	(604)	(99,231)
Energy Equipment and Services — (0.5)%
Schlumberger NV	(6,674)	(197,817)
Entertainment — (0.3)%
Walt Disney Co. (The)	(578)	(97,780)
Equity Real Estate Investment Trusts (REITs) — (0.7)%
SL Green Realty Corp.	(1,297)	(91,880)
Ventas, Inc.	(3,354)	(185,174)
		(277,054)
Food and Staples Retailing — (1.5)%
Albertsons Cos., Inc., Class A	(4,582)	(142,638)
US Foods Holding Corp.	(12,334)	(427,496)
		(570,134)
Food Products — (0.4)%
Hormel Foods Corp.	(2,533)	(103,853)
McCormick & Co., Inc.	(667)	(54,047)
		(157,900)
Health Care Equipment and Supplies — (1.2)%
Abbott Laboratories	(558)	(65,916)
Baxter International, Inc.	(1,837)	(147,750)
Stryker Corp.	(850)	(224,162)
		(437,828)
Health Care Providers and Services — (0.4)%
HCA Healthcare, Inc.	(389)	(94,418)


	Shares/Principal Amount	Value
UnitedHealth Group, Inc.	(149)	$	(58,220)
		(152,638)
Household Durables — (5.4)%
Husqvarna AB, B Shares	(8,587)	(102,581)
Lennar Corp., Class A	(18,778)	(1,759,123)
Whirlpool Corp.	(705)	(143,721)
		(2,005,425)
Household Products — (1.3)%
Procter & Gamble Co. (The)	(3,499)	(489,160)
Industrial Conglomerates — (0.5)%
General Electric Co.	(1,743)	(179,581)
Insurance — (2.2)%
Aon plc, Class A	(386)	(110,307)
Prudential Financial, Inc.	(3,796)	(399,339)
Travelers Cos., Inc. (The)	(766)	(116,440)
Unum Group	(6,993)	(175,245)
		(801,331)
Internet and Direct Marketing Retail — (0.5)%
Amazon.com, Inc.	(58)	(190,532)
IT Services — (0.7)%
Mastercard, Inc., Class A	(269)	(93,526)
Paychex, Inc.	(1,579)	(177,558)
		(271,084)
Leisure Products — (0.2)%
Peloton Interactive, Inc., Class A	(964)	(83,916)
Machinery — (7.0)%
AGCO Corp.	(2,746)	(336,467)
Atlas Copco AB, A Shares	(29,400)	(1,775,338)
Caterpillar, Inc.	(1,498)	(287,571)
Kone Oyj, B Shares	(1,882)	(132,208)
Volvo AB, B Shares	(2,496)	(55,727)
		(2,587,311)
Media — (5.2)%
Fox Corp., Class A	(47,769)	(1,916,015)
Metals and Mining — (1.0)%
Antofagasta plc	(3,990)	(72,509)
BHP Group Ltd., ADR	(5,498)	(294,253)
		(366,762)
Multi-Utilities — (0.5)%
Consolidated Edison, Inc.	(2,451)	(177,918)
Multiline Retail — (0.2)%
Ollie's Bargain Outlet Holdings, Inc.	(1,428)	(86,080)
Oil, Gas and Consumable Fuels — (5.5)%
Chevron Corp.	(839)	(85,117)
Royal Dutch Shell plc, Class A ADR	(39,690)	(1,768,983)
Valero Energy Corp.	(2,776)	(195,902)
		(2,050,002)
Paper and Forest Products — (0.3)%
UPM-Kymmene Oyj	(3,125)	(110,607)
Pharmaceuticals — (2.1)%
AstraZeneca plc, ADR	(1,999)	(120,060)


	Shares/Principal Amount	Value
Bristol-Myers Squibb Co.	(5,250)	$	(310,643)
Pfizer, Inc.	(4,609)	(198,233)
Sanofi	(1,421)	(136,791)
		(765,727)
Road and Rail — (1.1)%
CSX Corp.	(10,442)	(310,545)
Werner Enterprises, Inc.	(1,975)	(87,433)
		(397,978)
Semiconductors and Semiconductor Equipment — (7.7)%
Intel Corp.	(4,010)	(213,653)
Microchip Technology, Inc.	(5,374)	(824,855)
Teradyne, Inc.	(16,779)	(1,831,764)
		(2,870,272)
Specialty Retail — (1.5)%
Burlington Stores, Inc.	(577)	(163,620)
Carvana Co.	(571)	(172,179)
Signet Jewelers Ltd.	(980)	(77,381)
Tractor Supply Co.	(765)	(154,997)
		(568,177)
Textiles, Apparel and Luxury Goods — (0.3)%
VF Corp.	(1,470)	(98,475)
TOTAL COMMON STOCKS SOLD SHORT (Proceeds $15,818,900)		(26,743,053)
EXCHANGE-TRADED FUNDS SOLD SHORT — (8.5)%
Alerian MLP ETF	(3,532)	(117,722)
ARK Innovation ETF	(933)	(103,125)
Health Care Select Sector SPDR Fund	(1,788)	(227,612)
iShares Russell 1000 Growth ETF	(6,757)	(1,851,688)
iShares U.S. Real Estate ETF	(836)	(85,598)
Utilities Select Sector SPDR Fund	(11,856)	(757,361)
TOTAL EXCHANGE-TRADED FUNDS SOLD SHORT (Proceeds $2,087,717)		(3,143,106)
TOTAL SECURITIES SOLD SHORT — (80.5)% (Proceeds $17,906,617)		(29,886,159)
OTHER ASSETS AND LIABILITIES — 83.7%		31,085,551
TOTAL NET ASSETS — 100.0%		$	37,118,410


FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS
Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
CAD	4,143	USD	3,275	Morgan Stanley	12/31/21	$	(4)
CAD	424	USD	333	Morgan Stanley	12/31/21	2
USD	137	CAD	174	Bank of America N.A.	12/31/21	(1)
USD	932	CAD	1,186	Morgan Stanley	12/31/21	(5)
USD	1,055	CAD	1,341	Morgan Stanley	12/31/21	(4)
USD	1,177	CAD	1,490	Morgan Stanley	12/31/21	—
CHF	9,676	USD	10,380	Morgan Stanley	12/30/21	26
USD	370,915	CHF	341,264	Morgan Stanley	12/30/21	3,877
USD	19,498	EUR	16,569	Credit Suisse AG	12/31/21	267
USD	18,195	EUR	15,518	Credit Suisse AG	12/31/21	184
USD	38,922	EUR	33,250	Credit Suisse AG	12/31/21	331
USD	71,982	EUR	62,078	Credit Suisse AG	12/31/21	(70)
USD	528,690	EUR	449,729	Goldman Sachs & Co.	12/31/21	6,709
USD	183,394	GBP	134,325	JPMorgan Chase Bank N.A.	12/31/21	2,362
USD	11,754	GBP	8,552	JPMorgan Chase Bank N.A.	12/31/21	229
USD	50,139	GBP	36,655	JPMorgan Chase Bank N.A.	12/31/21	738
USD	10,392	GBP	7,744	JPMorgan Chase Bank N.A.	12/31/21	(44)
USD	8,099	GBP	6,015	JPMorgan Chase Bank N.A.	12/31/21	(8)
JPY	12,750,170	USD	116,494	Bank of America N.A.	12/30/21	(1,826)
JPY	365,840	USD	3,301	Bank of America N.A.	12/30/21	(10)
USD	3,353	JPY	368,815	Bank of America N.A.	12/30/21	36
USD	3,711	JPY	413,610	Bank of America N.A.	12/30/21	(9)
USD	3,660	JPY	409,530	Bank of America N.A.	12/30/21	(24)
SEK	409,435	USD	47,345	UBS AG	12/30/21	(528)
SEK	21,320	USD	2,473	UBS AG	12/30/21	(35)
USD	1,887	SEK	16,393	UBS AG	12/30/21	12
USD	6,507	SEK	56,800	UBS AG	12/30/21	13
USD	1,110	SEK	9,755	UBS AG	12/30/21	(6)
USD	1,709	SEK	14,989	UBS AG	12/30/21	(5)
						$	12,207


NOTES TO SCHEDULE OF INVESTMENTS
ADR	-	American Depositary Receipt
CAD	-	Canadian Dollar
CHF	-	Swiss Franc
EUR	-	Euro
GBP	-	British Pound
JPY	-	Japanese Yen
SEK	-	Swedish Krona
USD	-	United States Dollar

(1)Security, or a portion thereof, has been pledged at the custodian bank or with a broker for collateral requirements on securities sold short. At the period end, the aggregate value of securities pledged was $6,672,263.

(2)Non-income producing.

See Notes to Financial Statements.


Statement of Assets and Liabilities


SEPTEMBER 30, 2021 (UNAUDITED)
Assets
Investment securities, at value (cost of $25,561,552)	$	35,919,018
Deposits for securities sold short	31,043,173
Foreign currency holdings, at value (cost of $1,549)	1,544
Receivable for investments sold	550,919
Receivable for capital shares sold	44,309
Unrealized appreciation on forward foreign currency exchange contracts	14,786
Dividends and interest receivable	61,887
	67,635,636

Liabilities
Securities sold short, at value (proceeds of $17,906,617)	29,886,159
Disbursements in excess of demand deposit cash	3,138
Payable for investments purchased	477,759
Payable for capital shares redeemed	69,887
Unrealized depreciation on forward foreign currency exchange contracts	2,579
Accrued management fees	48,408
Distribution and service fees payable	1,490
Dividend expense payable on securities sold short	16,448
Fees and charges payable on borrowings for securities sold short	11,358
	30,517,226

Net Assets	$	37,118,410

Net Assets Consist of:
Capital (par value and paid-in surplus)	$	84,468,387
Distributable earnings	(47,349,977)
	$	37,118,410


	Net Assets	Shares Outstanding	Net Asset Value Per Share
Investor Class, $0.01 Par Value	$5,593,776	629,157	$8.89
I Class, $0.01 Par Value	$29,142,239	3,217,877	$9.06
A Class, $0.01 Par Value	$693,369	79,657	$8.70*
C Class, $0.01 Par Value	$1,487,792	184,825	$8.05
R Class, $0.01 Par Value	$201,234	23,704	$8.49

*Maximum offering price $9.23 (net asset value divided by 0.9425).

See Notes to Financial Statements.


Statement of Operations


FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2021 (UNAUDITED)
Investment Income (Loss)
Income:
Dividends (net of foreign taxes withheld of $9,663)	$	305,500
Interest	6,612
	312,112

Expenses:
Dividend expense on securities sold short	315,042
Fees and charges on borrowings for securities sold short	76,744
Management fees	342,558
Distribution and service fees:
A Class	909
C Class	8,273
R Class	482
Directors' fees and expenses	630
Other expenses	75
	744,713

Net investment income (loss)	(432,601)

Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions	5,251,631
Securities sold short transactions	(4,465,549)
Forward foreign currency exchange contract transactions	3,119
Foreign currency translation transactions	(438)
	788,763

Change in net unrealized appreciation (depreciation) on:
Investments	(3,583,136)
Securities sold short	3,255,895
Forward foreign currency exchange contracts	(2,628)
Translation of assets and liabilities in foreign currencies	(104)
	(329,973)

Net realized and unrealized gain (loss)	458,790

Net Increase (Decrease) in Net Assets Resulting from Operations	$	26,189

See Notes to Financial Statements.


Statement of Changes in Net Assets


SIX MONTHS ENDED SEPTEMBER 30, 2021 (UNAUDITED) AND YEAR ENDED MARCH 31, 2021
Increase (Decrease) in Net Assets	September 30, 2021		March 31, 2021
Operations
Net investment income (loss)	$	(432,601)	$	(1,142,468)
Net realized gain (loss)	788,763		578,912
Change in net unrealized appreciation (depreciation)	(329,973)		(3,550,523)
Net increase (decrease) in net assets resulting from operations	26,189		(4,114,079)

Distributions to Shareholders
From earnings:
Investor Class	—		(23,722)
I Class	—		(207,288)
A Class	—		(366)
Decrease in net assets from distributions	—		(231,376)

Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions (Note 5)	(13,495,737)		(20,758,122)

Net increase (decrease) in net assets	(13,469,548)		(25,103,577)

Net Assets
Beginning of period	50,587,958		75,691,535
End of period	$	37,118,410	$	50,587,958

See Notes to Financial Statements.


Notes to Financial Statements

SEPTEMBER 30, 2021 (UNAUDITED)

1. Organization

American Century Capital Portfolios, Inc. (the corporation) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company and is organized as a Maryland corporation. AC Alternatives Market Neutral 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, independent of equity market conditions.

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 Board of Directors has adopted valuation policies and procedures to guide the investment advisor in the fund’s investment valuation process and to provide methodologies for the oversight of the fund’s pricing function.

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

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

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

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

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

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

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

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. For convertible bonds, the premiums attributable only to the debt instrument are amortized.

Securities Sold Short — The fund enters into short sales, which is selling securities it does not own, as part of its normal investment activities. Upon selling a security short, the fund will segregate cash, cash equivalents or other appropriate liquid securities in at least an amount equal to the current market value of the securities sold short until the fund replaces the borrowed security. Interest earned on segregated cash for securities sold short, if any, is reflected as interest income. The fund is required to pay any dividends or interest due on securities sold short. Such dividends and interest are recorded as an expense. The fund may pay fees or charges on the assets borrowed for securities sold short. These fees are calculated daily based upon the value of each security sold short and a rate that is dependent on the availability of such security. Liabilities for securities sold short are valued daily and changes in value are recorded as change in net unrealized appreciation (depreciation) on securities sold short. The fund records realized gain (loss) on a security sold short when it is terminated by the fund and includes as a component of net realized gain (loss) on securities sold short transactions.

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

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

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.

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

3. Fees and Transactions with Related Parties

The annual management fee for each class is as follows:


Investor Class	I Class	A Class	C Class	R Class
1.65%	1.45%	1.65%	1.65%	1.65%

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 September 30, 2021 are detailed in the Statement of Operations.

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

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

4. Investment Transactions

Purchases and sales of investment securities and securities sold short, excluding short-term investments, for the period ended September 30, 2021 were $31,095,342 and $31,664,531, respectively.

5. Capital Share Transactions

Transactions in shares of the fund were as follows:


	Six months ended September 30, 2021			Year ended March 31, 2021
	Shares	Amount		Shares	Amount
Investor Class/Shares Authorized	80,000,000			80,000,000
Sold	48,899	$	433,012	249,059	$	2,284,342
Issued in reinvestment of distributions	—	—		2,606	23,476
Redeemed	(265,037)	(2,350,435)		(639,488)	(5,843,159)
	(216,138)	(1,917,423)		(387,823)	(3,535,341)
I Class/Shares Authorized	80,000,000			80,000,000
Sold	447,504	4,037,632		2,865,984	26,725,355
Issued in reinvestment of distributions	—	—		22,594	207,187
Redeemed	(1,699,163)	(15,321,608)		(4,322,747)	(40,550,020)
	(1,251,659)	(11,283,976)		(1,434,169)	(13,617,478)
A Class/Shares Authorized	30,000,000			30,000,000
Sold	7,770	67,518		44,856	398,075
Issued in reinvestment of distributions	—	—		41	366
Redeemed	(15,527)	(134,705)		(206,377)	(1,825,909)
	(7,757)	(67,187)		(161,480)	(1,427,468)
C Class/Shares Authorized	20,000,000			20,000,000
Sold	5,379	43,244		21,045	175,697
Redeemed	(36,663)	(294,530)		(286,428)	(2,397,931)
	(31,284)	(251,286)		(265,383)	(2,222,234)
R Class/Shares Authorized	25,000,000			25,000,000
Sold	3,328	28,191		21,883	192,879
Redeemed	(480)	(4,056)		(16,960)	(148,480)
	2,848	24,135		4,923	44,399
Net increase (decrease)	(1,503,990)	$	(13,495,737)	(2,243,932)	$	(20,758,122)

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
Automobiles	$	327,537	$	301,141	—
Banks	851,561		205,970		—
Beverages	—		495,897		—
Chemicals	97,695		139,094		—
Electronic Equipment, Instruments and Components	—		101,718		—
Food and Staples Retailing	583,575		142,782		—
Household Durables	1,759,198		107,386		—
Industrial Conglomerates	183,336		113,014		—
Machinery	384,317		1,893,661		—
Oil, Gas and Consumable Fuels	2,087,946		90,387		—
Paper and Forest Products	—		111,551		—
Textiles, Apparel and Luxury Goods	—		95,979		—
Trading Companies and Distributors	—		94,521		—
Other Industries	12,648,224		—		—
Convertible Bonds	—		5,234,036		—
Exchange-Traded Funds	2,372,606		—		—
Temporary Cash Investments	1,162,995		4,332,891		—
	$	22,458,990	$	13,460,028	—
Other Financial Instruments
Forward Foreign Currency Exchange Contracts	—		$	14,786	—

Liabilities
Securities Sold Short
Common Stocks
Automobiles	$	2,420,594	$	297,918	—
Banks	853,333		208,677		—
Beverages	91,665		402,156		—
Building Products	256,492		109,019		—
Electrical Equipment	—		116,740		—
Household Durables	1,902,844		102,581		—
Machinery	624,038		1,963,273		—
Metals and Mining	294,253		72,509		—
Paper and Forest Products	—		110,607		—
Pharmaceuticals	628,936		136,791		—
Other Industries	16,150,627		—		—
Exchange-Traded Funds	3,143,106		—		—
	$	26,365,888	$	3,520,271	—
Other Financial Instruments
Forward Foreign Currency Exchange Contracts	—		$	2,579	—

7. Derivative Instruments

Foreign Currency Risk — The fund is subject to foreign currency exchange rate risk in the normal course of pursuing its investment objectives. The value of foreign investments held by a fund may be significantly affected by changes in foreign currency exchange rates. The dollar value of a foreign security generally decreases when the value of the dollar rises against the foreign currency in which the security is denominated and tends to increase when the value of the dollar declines against such foreign currency. A fund may enter into forward foreign currency exchange contracts to reduce a fund's exposure to foreign currency exchange rate fluctuations. The net U.S. dollar value of foreign currency underlying all contractual commitments held by a fund and the resulting unrealized appreciation or depreciation are determined daily. Realized gain or loss is recorded upon settlement of the contract. Net realized and unrealized gains or losses occurring during the holding period of forward foreign currency exchange contracts are a component of net realized gain (loss) on forward foreign currency exchange contract transactions and change in net unrealized appreciation (depreciation) on forward foreign currency exchange contracts, respectively. A fund bears the risk of an unfavorable change in the foreign currency exchange rate underlying the forward contract. Additionally, losses, up to the fair value, may arise if the counterparties do not perform under the contract terms. The fund's average U.S. dollar exposure to foreign currency risk derivative instruments held during the period was $2,494,129.

The value of foreign currency risk derivative instruments as of September 30, 2021, is disclosed on the Statement of Assets and Liabilities as an asset of $14,786 in unrealized appreciation on forward foreign currency exchange contracts and a liability of $2,579 in unrealized depreciation on forward foreign currency exchange contracts. For the six months ended September 30, 2021, the effect of foreign currency risk derivative instruments on the Statement of Operations was $3,119 in net realized gain (loss) on forward foreign currency exchange contract transactions and $(2,628) in change in net unrealized appreciation (depreciation) on forward foreign currency exchange contracts.

8. Risk Factors

The value of the fund’s shares will go up and down, sometimes rapidly or unpredictably, based on the performance of the companies whose securities it owns in its long portfolio, or in which the fund has taken a short position as well as other factors generally affecting the securities market. Market risks, including political, regulatory, economic and social developments, can affect the value of the fund’s investments. Natural disasters, public health emergencies, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.

The fund’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.

The fund is subject to short sales risk. If the market price of a security increases after the fund borrows the security, the fund may suffer a loss when it replaces the borrowed security at the higher price. Any loss will be increased by the amount of compensation, interest or dividends, and transaction costs the fund must pay to the lender of the borrowed security.

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.

9. 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	$	26,081,007
Gross tax appreciation of investments	$	10,066,333
Gross tax depreciation of investments	(228,322)
Net tax appreciation (depreciation) of investments	$	9,838,011
Gross tax appreciation on securities sold short	168,526
Gross tax depreciation on securities sold short	(12,327,693)
Net tax appreciation (depreciation)	$	(2,321,156)

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 March 31, 2021, the fund had accumulated short-term capital losses of $(39,283,282), 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.

As of March 31, 2021, the fund had late-year ordinary loss deferrals of $(245,851), which represent certain qualified losses that the fund has elected to treat as having been incurred in the following fiscal year for federal income tax purposes.


Financial Highlights


For a Share Outstanding Throughout the Years Ended March 31 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return(2)	Operating Expenses	Operating Expenses (before expense waiver)	Operating Expenses (excluding expenses on securities sold short)	Net Investment Income (Loss)	Net Investment Income (Loss) (before expense waiver)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
Investor Class
2021(3)	$8.88	(0.09)	0.10	0.01	—	—	—	$8.89	0.11%	3.36%(4)	3.36%(4)	1.65%(4)	(2.00)%(4)	(2.00)%(4)	85%	$5,594
2021	$9.53	(0.19)	(0.44)	(0.63)	(0.02)	—	(0.02)	$8.88	(6.57)%	3.77%	3.77%	1.67%	(2.03)%	(2.03)%	299%	$7,507
2020	$9.45	—(5)	0.14	0.14	(0.06)	—	(0.06)	$9.53	1.52%	3.47%	3.47%	1.66%	0.04%	0.04%	580%	$11,753
2019	$10.27	0.02	(0.33)	(0.31)	—	(0.51)	(0.51)	$9.45	(3.04)%	3.48%	3.58%	1.66%	0.26%	0.16%	324%	$73,871
2018	$10.76	(0.12)	(0.13)	(0.25)	—	(0.24)	(0.24)	$10.27	(2.36)%	3.82%	4.07%	1.66%	(1.10)%	(1.35)%	307%	$232,629
2017	$10.73	(0.18)	0.49	0.31	—	(0.28)	(0.28)	$10.76	2.97%	3.68%	3.94%	1.64%	(1.65)%	(1.91)%	374%	$419,925
I Class
2021(3)	$9.04	(0.08)	0.10	0.02	—	—	—	$9.06	0.22%	3.16%(4)	3.16%(4)	1.45%(4)	(1.80)%(4)	(1.80)%(4)	85%	$29,142
2021	$9.70	(0.17)	(0.45)	(0.62)	(0.04)	—	(0.04)	$9.04	(6.37)%	3.57%	3.57%	1.47%	(1.83)%	(1.83)%	299%	$40,396
2020	$9.61	0.02	0.15	0.17	(0.08)	—	(0.08)	$9.70	1.80%	3.27%	3.27%	1.46%	0.24%	0.24%	580%	$57,261
2019	$10.42	0.05	(0.35)	(0.30)	—	(0.51)	(0.51)	$9.61	(2.90)%	3.28%	3.38%	1.46%	0.46%	0.36%	324%	$188,718
2018	$10.89	(0.09)	(0.14)	(0.23)	—	(0.24)	(0.24)	$10.42	(2.15)%	3.62%	3.87%	1.46%	(0.90)%	(1.15)%	307%	$261,906
2017	$10.83	(0.16)	0.50	0.34	—	(0.28)	(0.28)	$10.89	3.23%	3.48%	3.74%	1.44%	(1.45)%	(1.71)%	374%	$184,717


For a Share Outstanding Throughout the Years Ended March 31 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return(2)	Operating Expenses	Operating Expenses (before expense waiver)	Operating Expenses (excluding expenses on securities sold short)	Net Investment Income (Loss)	Net Investment Income (Loss) (before expense waiver)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
A Class
2021(3)	$8.71	(0.10)	0.09	(0.01)	—	—	—	$8.70	(0.11)%	3.61%(4)	3.61%(4)	1.90%(4)	(2.25)%(4)	(2.25)%(4)	85%	$693
2021	$9.34	(0.21)	(0.42)	(0.63)	—(5)	—	—(5)	$8.71	(6.72)%	4.02%	4.02%	1.92%	(2.28)%	(2.28)%	299%	$761
2020	$9.26	(0.04)	0.16	0.12	(0.04)	—	(0.04)	$9.34	1.29%	3.72%	3.72%	1.91%	(0.21)%	(0.21)%	580%	$2,325
2019	$10.10	(0.01)	(0.32)	(0.33)	—	(0.51)	(0.51)	$9.26	(3.29)%	3.73%	3.83%	1.91%	0.01%	(0.09)%	324%	$3,926
2018	$10.61	(0.15)	(0.12)	(0.27)	—	(0.24)	(0.24)	$10.10	(2.58)%	4.07%	4.32%	1.91%	(1.35)%	(1.60)%	307%	$12,055
2017	$10.61	(0.20)	0.48	0.28	—	(0.28)	(0.28)	$10.61	2.72%	3.93%	4.19%	1.89%	(1.90)%	(2.16)%	374%	$106,662
C Class
2021(3)	$8.08	(0.12)	0.09	(0.03)	—	—	—	$8.05	(0.37)%	4.36%(4)	4.36%(4)	2.65%(4)	(3.00)%(4)	(3.00)%(4)	85%	$1,488
2021	$8.74	(0.25)	(0.41)	(0.66)	—	—	—	$8.08	(7.55)%	4.77%	4.77%	2.67%	(3.03)%	(3.03)%	299%	$1,746
2020	$8.69	(0.09)	0.14	0.05	—	—	—	$8.74	0.58%	4.47%	4.47%	2.66%	(0.96)%	(0.96)%	580%	$4,206
2019	$9.58	(0.07)	(0.31)	(0.38)	—	(0.51)	(0.51)	$8.69	(4.00)%	4.48%	4.58%	2.66%	(0.74)%	(0.84)%	324%	$10,648
2018	$10.16	(0.21)	(0.13)	(0.34)	—	(0.24)	(0.24)	$9.58	(3.39)%	4.82%	5.07%	2.66%	(2.10)%	(2.35)%	307%	$22,629
2017	$10.24	(0.27)	0.47	0.20	—	(0.28)	(0.28)	$10.16	2.03%	4.68%	4.94%	2.64%	(2.65)%	(2.91)%	374%	$34,958


For a Share Outstanding Throughout the Years Ended March 31 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return(2)	Operating Expenses	Operating Expenses (before expense waiver)	Operating Expenses (excluding expenses on securities sold short)	Net Investment Income (Loss)	Net Investment Income (Loss) (before expense waiver)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
R Class
2021(3)	$8.50	(0.10)	0.09	(0.01)	—	—	—	$8.49	(0.12)%	3.86%(4)	3.86%(4)	2.15%(4)	(2.50)%(4)	(2.50)%(4)	85%	$201
2021	$9.15	(0.22)	(0.43)	(0.65)	—	—	��	$8.50	(7.10)%	4.27%	4.27%	2.17%	(2.53)%	(2.53)%	299%	$177
2020	$9.07	(0.08)	0.18	0.10	(0.02)	—	(0.02)	$9.15	1.06%	3.97%	3.97%	2.16%	(0.46)%	(0.46)%	580%	$146
2019	$9.92	(0.03)	(0.31)	(0.34)	—	(0.51)	(0.51)	$9.07	(3.45)%	3.98%	4.08%	2.16%	(0.24)%	(0.34)%	324%	$40
2018	$10.46	(0.16)	(0.14)	(0.30)	—	(0.24)	(0.24)	$9.92	(2.91)%	4.32%	4.57%	2.16%	(1.60)%	(1.85)%	307%	$79
2017	$10.49	(0.22)	0.47	0.25	—	(0.28)	(0.28)	$10.46	2.47%	4.18%	4.44%	2.14%	(2.15)%	(2.41)%	374%	$123


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 September 30, 2021 (unaudited).

(4)Annualized.

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

See Notes to Financial Statements.


Approval of Management Agreement

At a meeting held on June 30, 2021, the Fund’s Board of Directors (the "Board") unanimously approved the renewal of the management agreement pursuant to which American Century Investment Management, Inc. (the “Advisor”) acts as the investment advisor for the Fund. Under Section 15(c) of the Investment Company Act, contracts for investment advisory services are required to be reviewed, evaluated, and approved by a majority of a fund’s directors (the “Directors”), including a majority of the independent Directors, each year.

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

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

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

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

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

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

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

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

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

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

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

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

•acquired fund fees and expenses;

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

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

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

Factors Considered

The Directors considered all of the information provided by the Advisor, the independent data providers, and independent counsel in connection with the approval. They determined that the information was sufficient for them to evaluate the management agreement for the Fund. In connection with their review, the Directors did not identify any single factor as being all-important or controlling, and each Director may have attributed different levels of importance to different factors. In deciding to renew the management agreement, the Board based its decision on a number of factors, including without limitation the following:

Nature, Extent and Quality of Services — Generally. Under the management agreement, the Advisor is responsible for providing or arranging for all services necessary for the operation of the Fund. The Board noted that the Advisor provides or arranges at its own expense a wide variety of services which include the following:

•constructing and designing the Fund

•portfolio research and security selection

•initial capitalization/funding

•securities trading

•Fund administration

•custody of Fund assets

•daily valuation of the Fund’s portfolio

•liquidity monitoring and management

•risk management, including cyber security

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

•legal services (except the independent Directors’ counsel)

•regulatory and portfolio compliance

•financial reporting

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

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

Investment Management Services. The nature of the investment management services provided to the Fund is quite complex and allows Fund shareholders access to professional money management, instant diversification of their investments within an asset class, the opportunity to easily diversify among asset classes by investing in or exchanging among various American Century Investments funds, and liquidity. In evaluating investment performance, the Board expects the Advisor to manage the Fund in accordance with its investment objectives and approved strategies. Further, the Directors recognize that the Advisor has an obligation to monitor trading activities, and in particular to seek the best execution of fund trades, and to evaluate the use of and payment for research. In providing these services, the Advisor utilizes teams of investment professionals (portfolio managers, analysts, research assistants, and securities traders) who require extensive information technology, research, training, compliance, and other systems to conduct their business. The Board, directly and through its Fund Performance Review Committee, provides oversight of the investment performance process. It regularly reviews investment performance information for the Fund, together with comparative information for appropriate benchmarks and/or peer groups of similarly-managed funds, over different time horizons. The Directors also review investment performance information during the management agreement renewal process. If performance concerns are identified, the Fund receives special reviews until performance improves, during which the Board discusses with the Advisor the reasons for such results (e.g., market conditions, security selection) and any efforts being undertaken to improve performance. The Fund’s performance was below its benchmark for the one-, three-, and five-year periods reviewed by the Board. The Board discussed the Fund's performance with the Advisor, including steps being taken to address underperformance, and was satisfied with the efforts being

undertaken by the Advisor. The Board found the investment management services provided by the Advisor to the Fund to be satisfactory and consistent with the management agreement.

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

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

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

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

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

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

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

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

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

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


Additional Information

Retirement Account Information

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

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

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

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

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

Proxy Voting Policies

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

Quarterly Portfolio Disclosure

The fund files its complete schedule of portfolio holdings with the Securities and Exchange

Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on

Form N-PORT. These portfolio holdings are available on the fund's website at

americancentury.com and, upon request, by calling 1-800-345-2021. The fund’s Form N-PORT

reports are available on the SEC’s website at sec.gov.




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

American Century Capital Portfolios, Inc.

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

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

©2021 American Century Proprietary Holdings, Inc. All rights reserved. CL-SAN-90804 2111



			Semiannual Report

			September 30, 2021

			Equity Income Fund
			Investor Class (TWEIX)
			I Class (ACIIX)
			Y Class (AEIYX)
			A Class (TWEAX)
			C Class (AEYIX)
			R Class (AEURX)
			R5 Class (AEIUX)
			R6 Class (AEUDX)
			G Class (AEIMX)


Table of Contents


President’s Letter			2


Fund Characteristics			3
Shareholder Fee Example			4
Schedule of Investments			6
Statement of Assets and Liabilities			12
Statement of Operations			13
Statement of Changes in Net Assets			14
Notes to Financial Statements			15
Financial Highlights			25


Approval of Management Agreement			29


Additional Information			33


President’s Letter

Jonathan Thomas

Dear Investor:

Stocks, Bonds Advanced Amid Growing Concerns

Several Factors Shaping Market Dynamics

Sincerely,

Jonathan Thomas

President and Chief Executive Officer

American Century Investments


Fund Characteristics


SEPTEMBER 30, 2021
Types of Investments in Portfolio			% of net assets
Common Stocks			81.5%
Preferred Stocks			10.0%
Convertible Bonds			3.2%
Convertible Preferred Stocks			1.7%
Exchange-Traded Funds			0.5%
Corporate Bonds			0.2%
Temporary Cash Investments			2.8%
Temporary Cash Investments - Securities Lending Collateral			0.6%
Other Assets and Liabilities			(0.5)%

Top Five Industries*			% of net assets
Banks			10.3%
Pharmaceuticals			7.7%
Health Care Equipment and Supplies			6.3%
Insurance			6.3%
Capital Markets			5.6%

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


Shareholder Fee Example

The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from April 1, 2021 to September 30, 2021.

Actual Expenses

Hypothetical Example for Comparison Purposes


	Beginning Account Value 4/1/21	Ending Account Value 9/30/21	Expenses Paid During Period(1) 4/1/21 - 9/30/21	Annualized Expense Ratio(1)
Actual
Investor Class	$1,000	$1,040.60	$4.60	0.90%
I Class	$1,000	$1,040.50	$3.58	0.70%
Y Class	$1,000	$1,041.20	$2.81	0.55%
A Class	$1,000	$1,039.30	$5.88	1.15%
C Class	$1,000	$1,034.30	$9.69	1.90%
R Class	$1,000	$1,038.10	$7.15	1.40%
R5 Class	$1,000	$1,040.50	$3.58	0.70%
R6 Class	$1,000	$1,042.30	$2.82	0.55%
G Class	$1,000	$1,045.10	$0.00	0.00%(2)
Hypothetical
Investor Class	$1,000	$1,020.56	$4.56	0.90%
I Class	$1,000	$1,021.56	$3.55	0.70%
Y Class	$1,000	$1,022.31	$2.79	0.55%
A Class	$1,000	$1,019.30	$5.82	1.15%
C Class	$1,000	$1,015.54	$9.60	1.90%
R Class	$1,000	$1,018.05	$7.08	1.40%
R5 Class	$1,000	$1,021.56	$3.55	0.70%
R6 Class	$1,000	$1,022.31	$2.79	0.55%
G Class	$1,000	$1,025.07	$0.00	0.00%(2)

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


Schedule of Investments

SEPTEMBER 30, 2021 (UNAUDITED)


	Shares/ Principal Amount	Value
COMMON STOCKS — 81.5%
Aerospace and Defense — 1.5%
Raytheon Technologies Corp.	1,999,327	$	171,862,149
Air Freight and Logistics — 0.4%
United Parcel Service, Inc., Class B	253,664	46,192,214
Auto Components — 0.4%
Bridgestone Corp.	997,900	47,211,840
Automobiles — 0.4%
Toyota Motor Corp.	2,499,500	44,534,557
Banks — 3.3%
Commerce Bancshares, Inc.	550,574	38,363,996
JPMorgan Chase & Co.	1,299,900	212,780,631
PNC Financial Services Group, Inc. (The)	392,223	76,734,508
U.S. Bancorp	997,300	59,279,512
		387,158,647
Beverages — 2.0%
PepsiCo, Inc.	1,598,093	240,369,168
Building Products — 0.1%
Assa Abloy AB, B Shares	516,300	14,976,110
Capital Markets — 4.1%
Ameriprise Financial, Inc.	371,799	98,199,552
Bank of New York Mellon Corp. (The)	3,294,208	170,771,743
BlackRock, Inc.	49,875	41,828,167
Janus Henderson Group plc	269,693	11,146,412
Northern Trust Corp.	1,096,232	118,184,772
T. Rowe Price Group, Inc.	199,787	39,298,103
		479,428,749
Chemicals — 3.3%
Akzo Nobel NV	898,010	98,120,709
Linde plc	988,731	290,073,901
		388,194,610
Commercial Services and Supplies — 0.8%
Republic Services, Inc.	792,375	95,132,542
Communications Equipment — 2.1%
Cisco Systems, Inc.	4,497,777	244,814,002
Containers and Packaging — 1.1%
Amcor plc	3,999,700	46,356,523
Packaging Corp. of America	600,021	82,466,886
		128,823,409
Diversified Telecommunication Services — 2.8%
Verizon Communications, Inc.	5,999,155	324,014,361
Electric Utilities — 1.7%
Duke Energy Corp.	998,459	97,439,614
Evergy, Inc.	379,603	23,611,307
Eversource Energy	993,495	81,228,151
		202,279,072
Electrical Equipment — 4.2%
ABB Ltd.	489,642	16,379,413


	Shares/ Principal Amount	Value
Emerson Electric Co.	3,494,090	$	329,143,278
Hubbell, Inc.	798,635	144,289,385
		489,812,076
Electronic Equipment, Instruments and Components — 0.9%
Corning, Inc.	2,998,521	109,416,031
Energy Equipment and Services — 0.2%
Baker Hughes Co.	999,992	24,729,802
Equity Real Estate Investment Trusts (REITs) — 1.4%
American Tower Corp.	199,779	53,023,345
Equinix, Inc.	79,956	63,175,634
Welltower, Inc.	597,635	49,245,124
		165,444,103
Food and Staples Retailing — 3.6%
Koninklijke Ahold Delhaize NV	2,997,309	99,804,789
Walmart, Inc.	2,298,895	320,419,985
		420,224,774
Food Products — 3.6%
Hershey Co. (The)	599,163	101,408,338
Mondelez International, Inc., Class A	2,538,596	147,695,515
Nestle SA	1,399,836	168,666,266
		417,770,119
Gas Utilities — 4.5%
Atmos Energy Corp.	1,974,902	174,186,357
ONE Gas, Inc.(1)	3,099,828	196,436,100
Spire, Inc.	2,499,896	152,943,637
		523,566,094
Health Care Equipment and Supplies — 5.1%
Becton Dickinson and Co.	440,122	108,190,790
Medtronic plc	3,897,604	488,564,661
		596,755,451
Health Care Providers and Services — 1.9%
Cardinal Health, Inc.	930,100	46,002,746
Cigna Corp.	95,779	19,171,125
Quest Diagnostics, Inc.	651,923	94,730,931
UnitedHealth Group, Inc.	169,900	66,386,726
		226,291,528
Health Care Technology — 1.2%
Cerner Corp.	1,997,553	140,867,438
Household Durables — 0.1%
Electrolux AB, Series B(2)	499,900	11,549,545
Household Products — 2.9%
Colgate-Palmolive Co.	3,155,135	238,465,103
Procter & Gamble Co. (The)	715,720	100,057,656
		338,522,759
Insurance — 5.9%
Aflac, Inc.	1,385,248	72,212,978
Allstate Corp. (The)	275,707	35,100,258
Chubb Ltd.	992,182	172,123,734
Hartford Financial Services Group, Inc. (The)	999,965	70,247,541
Marsh & McLennan Cos., Inc.	2,185,641	330,971,617
MetLife, Inc.	199,900	12,339,827
		692,995,955


	Shares/ Principal Amount	Value
IT Services — 1.5%
Automatic Data Processing, Inc.	873,405	$	174,611,128
Machinery — 0.3%
PACCAR, Inc.	391,138	30,868,611
Oil, Gas and Consumable Fuels — 4.4%
Chevron Corp.	1,999,683	202,867,840
Enterprise Products Partners LP	8,999,756	194,754,720
TotalEnergies SE	2,599,317	124,242,007
		521,864,567
Personal Products — 1.8%
Unilever plc	3,999,114	216,016,551
Pharmaceuticals — 7.7%
Johnson & Johnson	3,594,839	580,566,499
Merck & Co., Inc.	499,800	37,539,978
Roche Holding AG	799,962	291,961,933
		910,068,410
Road and Rail — 1.3%
Norfolk Southern Corp.	655,319	156,785,071
Semiconductors and Semiconductor Equipment — 1.4%
Texas Instruments, Inc.	872,913	167,782,608
Software — 2.8%
Microsoft Corp.	799,706	225,453,115
Oracle Corp. (New York)	1,251,645	109,055,829
		334,508,944
Thrifts and Mortgage Finance — 0.8%
Capitol Federal Financial, Inc.(1)	7,914,186	90,933,997
TOTAL COMMON STOCKS (Cost $7,199,800,355)		9,576,376,992
PREFERRED STOCKS — 10.0%
Banks — 6.5%
Bank of America Corp., 4.30%	35,954,000	36,628,138
Bank of America Corp., 5.875%	102,202,000	116,776,005
Citigroup, Inc., 5.95%	68,062,000	70,997,174
JPMorgan Chase & Co., 3.60%	82,210,000	82,660,485
JPMorgan Chase & Co., 4.60%	89,013,000	91,127,059
JPMorgan Chase & Co., 5.00%	161,224,000	168,378,315
U.S. Bancorp, 5.30%	137,380,000	157,355,052
Wells Fargo & Co., 3.90%	39,511,000	40,770,413
		764,692,641
Capital Markets — 1.5%
Bank of New York Mellon Corp. (The), 3.54%	28,615,000	28,763,118
Bank of New York Mellon Corp. (The), 4.70%	9,871,000	10,858,100
Charles Schwab Corp. (The), 5.00%(2)	6,681,000	7,127,589
Charles Schwab Corp. (The), 5.375%	34,310,000	38,212,763
Charles Schwab Corp. (The), Series I, 4.00%	89,859,000	93,902,655
		178,864,225
Electric Utilities — 1.0%
Duke Energy Corp., 4.875%	102,852,000	110,180,205
Insurance — 0.4%
Progressive Corp. (The), 5.375%	40,146,000	41,751,840


	Shares/ Principal Amount		Value
Multi-Utilities — 0.6%
Dominion Energy, Inc., 4.65%	69,238,000		$	74,347,764
TOTAL PREFERRED STOCKS (Cost $1,105,910,647)			1,169,836,675
CONVERTIBLE BONDS — 3.2%
Airlines — 0.1%
Southwest Airlines Co., 1.25%, 5/1/25	$	7,060,000	10,572,350
Construction Materials — 0.2%
Citigroup Global Markets Holdings, Inc., (convertible into Martin Marietta Materials, Inc.), 3.43%, 2/2/22(3)(4)	49,900		18,069,740
Diversified Financial Services — 0.8%
Merrill Lynch International & Co. CV, (convertible into Berkshire Hathaway, Inc., Class B), 1.30%, 1/24/22(3)(4)	129,900		35,080,862
Merrill Lynch International & Co. CV, (convertible into Berkshire Hathaway, Inc., Class B), 4.25%, 3/24/22(3)(4)	129,900		35,101,026
UBS AG, (convertible into Berkshire Hathaway, Inc., Class B), 0.55%, 10/4/21(3)(4)	98,979		26,056,643
			96,238,531
Hotels, Restaurants and Leisure — 0.4%
Cracker Barrel Old Country Store, Inc., 0.625%, 6/15/26(3)	49,969,000		50,624,843
Metals and Mining — 0.4%
JPMorgan Chase Bank N.A., (convertible into Freeport-McMoRan, Inc.), 18.15%, 10/26/21(3)(4)	799,000		28,140,958
JPMorgan Chase Bank N.A., (convertible into Freeport-McMoRan, Inc.), 16.90%, 11/5/21(3)(4)	334,500		12,375,712
JPMorgan Chase Bank N.A., (convertible into Freeport-McMoRan, Inc.), 16.61%, 12/21/21(3)(4)	20,000		683,740
			41,200,410
Multiline Retail — 0.2%
Citigroup Global Markets Holdings, Inc., (convertible into Dollar Tree, Inc.), 3.36%, 12/2/21(3)(4)	185,700		18,753,001
Oil, Gas and Consumable Fuels — 0.1%
Pioneer Natural Resources Co., 0.25%, 5/15/25	9,996,000		16,183,524
Semiconductors and Semiconductor Equipment — 0.8%
Microchip Technology, Inc., 0.125%, 11/15/24	80,983,000		91,951,733
Specialty Retail — 0.2%
Citigroup Global Markets Holdings, Inc., (convertible into Advance Auto Parts, Inc.), 7.42%, 11/18/21(3)(4)	139,900		28,945,988
TOTAL CONVERTIBLE BONDS (Cost $357,864,245)			372,540,120
CONVERTIBLE PREFERRED STOCKS — 1.7%
Banks — 0.5%
Bank of America Corp., 7.25%	39,900		57,543,780
Health Care Equipment and Supplies — 1.2%
Becton Dickinson and Co., 6.00%, 6/1/23(2)	2,716,662		146,645,415
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $197,516,878)			204,189,195
EXCHANGE-TRADED FUNDS — 0.5%
iShares Russell 1000 Value ETF (Cost $50,764,071)	399,548		62,533,257
CORPORATE BONDS — 0.2%
Electric Utilities — 0.2%
NextEra Energy Capital Holdings, Inc., VRN, 5.65%, 5/1/79(2) (Cost $19,805,909)	$	19,778,000	23,222,140


	Shares/ Principal Amount		Value
TEMPORARY CASH INVESTMENTS — 2.8%
Federal Home Loan Bank Discount Notes, 0.00%, 10/1/21(5)	$	100,000,000	$	100,000,000
Repurchase Agreement, BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 0.125%, 5/15/23, valued at $43,446,613), in a joint trading account at 0.02%, dated 9/30/21, due 10/1/21 (Delivery value $42,581,138)			42,581,114
Repurchase Agreement, Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 3.125%, 11/15/41, valued at $144,810,488), at 0.01%, dated 9/30/21, due 10/1/21 (Delivery value $141,971,039)			141,971,000
State Street Institutional U.S. Government Money Market Fund, Premier Class	49,602,553		49,602,553
TOTAL TEMPORARY CASH INVESTMENTS (Cost $334,154,667)			334,154,667
TEMPORARY CASH INVESTMENTS - SECURITIES LENDING COLLATERAL(6) — 0.6%
State Street Navigator Securities Lending Government Money Market Portfolio (Cost $66,429,283)	66,429,283		66,429,283
TOTAL INVESTMENT SECURITIES — 100.5% (Cost $9,332,246,055)			11,809,282,329
OTHER ASSETS AND LIABILITIES — (0.5)%			(63,128,902)
TOTAL NET ASSETS — 100.0%			$	11,746,153,427


WRITTEN OPTIONS CONTRACTS
Reference Entity	Contracts	Type	Exercise Price		Expiration Date	Underlying Notional Amount		Premiums Received		Value
Medtronic plc	1,100	Put	$	126.00	10/15/21	$	13,788,500	$	(141,370)	$	(246,400)


FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS
Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
CHF	11,446,515	USD	12,279,918	Morgan Stanley	12/30/21	$	31,106
USD	438,254,576	CHF	403,220,505	Morgan Stanley	12/30/21	4,580,489
USD	485,427,966	EUR	412,928,112	Goldman Sachs & Co.	12/31/21	6,159,850
USD	84,268,401	JPY	9,229,833,720	Bank of America N.A.	12/30/21	1,259,954
USD	2,223,009	JPY	247,772,160	Bank of America N.A.	12/30/21	(5,328)
USD	24,493,177	SEK	211,815,522	UBS AG	12/30/21	273,200
						$	12,299,271


NOTES TO SCHEDULE OF INVESTMENTS
CHF	-	Swiss Franc
EUR	-	Euro
JPY	-	Japanese Yen
SEK	-	Swedish Krona
USD	-	United States Dollar
VRN	-	Variable Rate Note. The rate adjusts periodically based upon the terms set forth in the security’s offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. The security's effective maturity date may be shorter than the final maturity date shown.

(1)Affiliated Company: the fund’s holding represents ownership of 5% or more of the voting securities of the company; therefore, the company is affiliated as defined in the Investment Company Act of 1940.

(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $69,136,619. 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)Security was purchased pursuant to Rule 144A or Section 4(2) under the Securities Act of 1933 and may be sold in transactions exempt from registration, normally to qualified institutional investors. The aggregate value of these securities at the period end was $253,832,513, which represented 2.2% of total net assets. Of these securities, 0.4% of total net assets were deemed illiquid under policies approved by the Board of Directors.

(4)Equity-linked debt security. The aggregated value of these securities at the period end was $203,207,670, which represented 1.7% of total net assets.

(5)The rate indicated is the yield to maturity at purchase.

(6)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $71,376,956, which includes securities collateral of $4,947,673.

See Notes to Financial Statements.


Statement of Assets and Liabilities


SEPTEMBER 30, 2021 (UNAUDITED)
Assets
Investment securities - unaffiliated, at value (cost of $9,026,697,481) — including $69,136,619 of securities on loan	$	11,455,482,949
Investment securities - affiliated, at value (cost of $239,119,291)	287,370,097
Investment made with cash collateral received for securities on loan, at value (cost of $66,429,283)	66,429,283
Total investment securities, at value (cost of $9,332,246,055)	11,809,282,329
Deposits with broker for options contracts	3,780,000
Receivable for investments sold	12,353,829
Receivable for capital shares sold	3,893,508
Unrealized appreciation on forward foreign currency exchange contracts	12,304,599
Dividends and interest receivable	30,910,259
Securities lending receivable	44,731
	11,872,569,255

Liabilities
Written options, at value (premiums received $141,370)	246,400
Payable for collateral received for securities on loan	66,429,283
Payable for investments purchased	39,285,512
Payable for capital shares redeemed	12,276,682
Unrealized depreciation on forward foreign currency exchange contracts	5,328
Accrued management fees	7,727,101
Distribution and service fees payable	445,522
	126,415,828

Net Assets	$	11,746,153,427

Net Assets Consist of:
Capital (par value and paid-in surplus)	$	8,770,150,463
Distributable earnings	2,976,002,964
	$	11,746,153,427


	Net Assets	Shares Outstanding	Net Asset Value Per Share
Investor Class, $0.01 Par Value	$4,152,738,320	426,949,280	$9.73
I Class, $0.01 Par Value	$5,037,267,199	517,208,352	$9.74
Y Class, $0.01 Par Value	$277,966,749	28,508,388	$9.75
A Class, $0.01 Par Value	$861,936,720	88,625,480	$9.73*
C Class, $0.01 Par Value	$283,784,859	29,183,661	$9.72
R Class, $0.01 Par Value	$49,905,760	5,152,776	$9.69
R5 Class, $0.01 Par Value	$61,068,745	6,276,771	$9.73
R6 Class, $0.01 Par Value	$1,021,479,033	104,777,019	$9.75
G Class, $0.01 Par Value	$6,042	619	$9.76

*Maximum offering price $10.32 (net asset value divided by 0.9425).

See Notes to Financial Statements.


Statement of Operations


FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2021 (UNAUDITED)
Investment Income (Loss)
Income:
Dividends (including $8,081,251 from affiliates and net of foreign taxes withheld of $2,251,722)	$	134,777,481
Interest	26,526,360
Securities lending, net	114,082
	161,417,923

Expenses:
Management fees	47,626,339
Distribution and service fees:
A Class	1,119,764
C Class	1,514,861
R Class	135,963
Directors' fees and expenses	162,508
Other expenses	1,747
	50,561,182
Fees waived - G Class	(16)
	50,561,166

Net investment income (loss)	110,856,757

Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions (including $1,643,357 from affiliates) (Note 4)	472,447,979
Forward foreign currency exchange contract transactions	9,394,780
Written options contract transactions	701,286
Foreign currency translation transactions	175,920
	482,719,965

Change in net unrealized appreciation (depreciation) on:
Investments (including $(57,285,591) from affiliates)	(96,852,768)
Forward foreign currency exchange contracts	(5,217,934)
Written options contracts	(153,538)
Translation of assets and liabilities in foreign currencies	(93,843)
	(102,318,083)

Net realized and unrealized gain (loss)	380,401,882

Net Increase (Decrease) in Net Assets Resulting from Operations	$	491,258,639

See Notes to Financial Statements.


Statement of Changes in Net Assets


SIX MONTHS ENDED SEPTEMBER 30, 2021 (UNAUDITED) AND YEAR ENDED MARCH 31, 2021
Increase (Decrease) in Net Assets	September 30, 2021		March 31, 2021
Operations
Net investment income (loss)	$	110,856,757	$	245,864,202
Net realized gain (loss)	482,719,965		401,852,680
Change in net unrealized appreciation (depreciation)	(102,318,083)		2,734,453,371
Net increase (decrease) in net assets resulting from operations	491,258,639		3,382,170,253

Distributions to Shareholders
From earnings:
Investor Class	(44,929,520)		(89,824,916)
I Class	(59,463,971)		(116,672,660)
Y Class	(3,474,682)		(6,594,058)
A Class	(8,206,980)		(14,576,470)
C Class	(1,653,056)		(4,417,051)
R Class	(429,558)		(1,002,485)
R5 Class	(730,467)		(1,336,997)
R6 Class	(12,869,357)		(24,137,281)
G Class	(91)		(160)
Decrease in net assets from distributions	(131,757,682)		(258,562,078)

Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions (Note 5)	(606,436,307)		(1,141,632,398)

Net increase (decrease) in net assets	(246,935,350)		1,981,975,777

Net Assets
Beginning of period	11,993,088,777		10,011,113,000
End of period	$	11,746,153,427	$	11,993,088,777

See Notes to Financial Statements.


Notes to Financial Statements

SEPTEMBER 30, 2021 (UNAUDITED)

1. Organization

American Century Capital Portfolios, Inc. (the corporation) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company and is organized as a Maryland corporation. Equity Income Fund (the fund) is one fund in a series issued by the corporation. The fund’s investment objective is to seek current income. Capital appreciation is a secondary objective.

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

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

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

Equity-Linked Debt and Linked-Equity Securities — The fund may invest in hybrid equity securities, which usually convert into common stock at a date predetermined by the issuer. These securities generally offer a higher dividend yield than that of the common stock to which the security is linked. These instruments are issued by a company other than the one to which the security is linked and carry the credit of the issuer, not that of the underlying common stock. The securities’ appreciation is limited based on a predetermined final cap price at the date of the conversion. Risks of investing in these securities include, but are not limited to, a set time to capture the yield advantage, limited appreciation potential, decline in value of the underlying stock, and failure of the issuer to pay dividends or to deliver common stock at maturity.

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

may transfer uninvested cash balances into a joint trading account. These balances are invested in one or more repurchase agreements that are collateralized by U.S. Treasury or Agency obligations.

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

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 September 30, 2021.


Remaining Contractual Maturity of Agreements
	Overnight and Continuous		<30 days	Between 30 & 90 days	>90 days	Total
Securities Lending Transactions(1)
Common Stocks	$	10,207,333	—	��	—	$	10,207,333
Convertible Preferred Stocks	52,331,449		—	—	—	52,331,449
Corporate Bonds	263,241		—	—	—	263,241
Preferred Stocks	3,627,260		—	—	—	3,627,260
Total Borrowings	$	66,429,283	—	—	—	$	66,429,283
Gross amount of recognized liabilities for securities lending transactions						$	66,429,283

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

3. Fees and Transactions with Related Parties

Management Fees — The corporation has entered into a management agreement with ACIM, under which ACIM provides the fund with investment advisory and management services in exchange for a single, unified management fee (the fee) per class. The agreement provides that ACIM will pay all expenses of managing and operating the fund, except brokerage expenses, taxes, interest, fees and expenses of the independent directors (including legal counsel fees), extraordinary expenses, and expenses incurred in connection with the provision of shareholder services and distribution services under a plan adopted pursuant to Rule 12b-1 under the 1940 Act. The fee is computed and accrued daily based on each class's daily net assets and paid monthly in arrears. The difference in the fee among the classes is a result of their separate arrangements for non-Rule 12b-1 shareholder services. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund’s assets, which do not vary by class. The rate of the fee is determined by applying a fee rate calculation formula. This formula takes into account the fund’s assets as well as certain assets, if any, of other clients of the investment advisor outside the American Century Investments family of funds (such as subadvised funds and separate accounts) that use very similar investment teams and strategies (strategy assets). The 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 September 30, 2021 are as follows:


	Management Fee Schedule Range	Effective Annual Management Fee
Investor Class	0.80% to 1.00%	0.90%
I Class	0.60% to 0.80%	0.70%
Y Class	0.45% to 0.65%	0.55%
A Class	0.80% to 1.00%	0.90%
C Class	0.80% to 1.00%	0.90%
R Class	0.80% to 1.00%	0.90%
R5 Class	0.60% to 0.80%	0.70%
R6 Class	0.45% to 0.65%	0.55%
G Class	0.45% to 0.65%	0.00%(1)

(1)Effective annual management fee before waiver was 0.55%.

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 $1,599,640 and $2,813,252, respectively. The effect of interfund transactions on the Statement of Operations was $484,712 in net realized gain (loss) on investment transactions.

4. Investment Transactions

Purchases and sales of investment securities, excluding short-term investments and in kind transactions, for the period ended September 30, 2021 were $1,432,884,688 and $1,778,294,817, respectively.

For the period ended September 30, 2021, the fund incurred net realized gains of $42,264,917 from redemptions in kind. A redemption in kind occurs when a fund delivers securities from its portfolio in lieu of cash as payment to a redeeming shareholder.

5. Capital Share Transactions

Transactions in shares of the fund were as follows:


	Six months ended September 30, 2021			Year ended March 31, 2021
	Shares	Amount		Shares	Amount
Investor Class/Shares Authorized	3,600,000,000			3,600,000,000
Sold	17,198,477	$	169,712,567	66,931,155	$	558,165,028
Issued in reinvestment of distributions	4,461,420	43,660,742		10,296,106	86,745,797
Redeemed	(40,250,062)	(398,902,235)		(144,331,250)	(1,220,193,872)
	(18,590,165)	(185,528,926)		(67,103,989)	(575,283,047)
I Class/Shares Authorized	3,850,000,000			3,850,000,000
Sold	46,120,933	456,246,742		161,889,860	1,356,311,143
Issued in reinvestment of distributions	5,789,577	56,715,697		13,122,030	110,995,416
Redeemed	(80,621,934)	(797,653,175)		(210,474,171)	(1,780,200,380)
	(28,711,424)	(284,690,736)		(35,462,281)	(312,893,821)
Y Class/Shares Authorized	200,000,000			200,000,000
Sold	1,727,299	17,116,707		6,952,418	58,596,972
Issued in reinvestment of distributions	339,764	3,331,767		748,529	6,345,832
Redeemed	(3,278,761)	(32,489,770)		(9,109,803)	(76,780,263)
	(1,211,698)	(12,041,296)		(1,408,856)	(11,837,459)
A Class/Shares Authorized	720,000,000			720,000,000
Sold	5,151,486	50,953,502		27,235,924	231,711,362
Issued in reinvestment of distributions	782,889	7,661,713		1,610,153	13,580,326
Redeemed	(9,261,674)	(91,671,980)		(34,722,510)	(285,333,015)
	(3,327,299)	(33,056,765)		(5,876,433)	(40,041,327)
C Class/Shares Authorized	275,000,000			275,000,000
Sold	1,063,918	10,500,745		3,214,897	26,939,727
Issued in reinvestment of distributions	160,673	1,572,578		494,459	4,109,198
Redeemed	(4,124,154)	(40,757,426)		(26,853,941)	(228,095,966)
	(2,899,563)	(28,684,103)		(23,144,585)	(197,047,041)
R Class/Shares Authorized	70,000,000			70,000,000
Sold	257,542	2,534,041		950,355	8,012,700
Issued in reinvestment of distributions	44,067	429,516		116,317	968,783
Redeemed	(1,207,551)	(11,832,159)		(2,938,398)	(24,840,585)
	(905,942)	(8,868,602)		(1,871,726)	(15,859,102)
R5 Class/Shares Authorized	50,000,000			50,000,000
Sold	369,695	3,665,447		7,141,230	57,602,916
Issued in reinvestment of distributions	74,642	730,467		157,987	1,336,997
Redeemed	(788,990)	(7,923,690)		(805,398)	(6,991,331)
	(344,653)	(3,527,776)		6,493,819	51,948,582
R6 Class/Shares Authorized	800,000,000			800,000,000
Sold	16,684,779	163,902,172		25,998,150	221,466,928
Issued in reinvestment of distributions	1,311,080	12,856,597		2,848,378	24,137,221
Redeemed	(23,065,850)	(226,796,963)		(33,581,581)	(286,223,492)
	(5,069,991)	(50,038,194)		(4,735,053)	(40,619,343)
G Class/Shares Authorized	65,000,000			65,000,000
Issued in reinvestment of distributions	9	91		19	160
Net increase (decrease)	(61,060,726)	$	(606,436,307)	(133,109,085)	$	(1,141,632,398)

6. Affiliated Company Transactions

If a fund's holding represents ownership of 5% or more of the voting securities of a company, the company is affiliated as defined in the 1940 Act. A summary of transactions for each company which is or was an affiliate at or during the period ended September 30, 2021 follows (amounts in thousands):


Company	Beginning Value		Purchase Cost		Sales Cost		Change in Net Unrealized Appreciation (Depreciation)		Ending Value		Ending Shares	Net Realized Gain (Loss)		Income
Capitol Federal Financial, Inc.	$	105,799	—		$	736	$	(14,129)	$	90,934	7,914	$	239	$	4,511
ONE Gas, Inc.	238,361		$	2,152	920		(43,157)		196,436		3,100	1,404		3,570
	$	344,160	$	2,152	$	1,656	$	(57,286)	$	287,370	11,014	$	1,643	$	8,081

7. Fair Value Measurements

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

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

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


	Level 1		Level 2		Level 3
Assets
Investment Securities
Common Stocks
Auto Components	—		$	47,211,840	—
Automobiles	—		44,534,557		—
Building Products	—		14,976,110		—
Chemicals	$	290,073,901	98,120,709		—
Electrical Equipment	473,432,663		16,379,413		—
Food and Staples Retailing	320,419,985		99,804,789		—
Food Products	249,103,853		168,666,266		—
Household Durables	—		11,549,545		—
Oil, Gas and Consumable Fuels	397,622,560		124,242,007		—
Personal Products	—		216,016,551		—
Pharmaceuticals	618,106,477		291,961,933		—
Other Industries	6,094,153,833		—		—
Preferred Stocks	—		1,169,836,675		—
Convertible Bonds	—		372,540,120		—
Convertible Preferred Stocks	—		204,189,195		—
Exchange-Traded Funds	62,533,257		—		—
Corporate Bonds	—		23,222,140		—
Temporary Cash Investments	49,602,553		284,552,114		—
Temporary Cash Investments - Securities Lending Collateral	66,429,283		—		—
	$	8,621,478,365	$	3,187,803,964	—
Other Financial Instruments
Forward Foreign Currency Exchange Contracts	—		$	12,304,599	—

Liabilities
Other Financial Instruments
Forward Foreign Currency Exchange Contracts	—		$	5,328	—
Written Options Contracts	$	246,400	—		—
	$	246,400	$	5,328	—

8. Derivative Instruments

Equity Price Risk — The fund is subject to equity price risk in the normal course of pursuing its investment objectives. A fund may enter into options contracts based on an equity index or specific security in order to manage its exposure to changes in market conditions. The risks of entering into equity price risk derivative instruments include the possible lack of liquidity, failure of the counterparty to meet its obligations, and that there may be unfavorable changes in the underlying investments or instruments. A fund may purchase or write an option contract to protect against declines in market value on the underlying index or security. A purchased option contract provides the fund a right, but not an obligation, to buy (call) or sell (put) an equity-related asset at a specified exercise price within a certain period or on a specific date. A written option contract holds the corresponding obligation to sell (call writing) or buy (put writing) the underlying equity-related asset if the purchaser exercises the option contract. The buyer pays the seller an initial purchase price (premium) for this right. Option contracts purchased by a fund are accounted for in the same manner as marketable portfolio securities. The premium received by a fund for option contracts written is recorded as a liability and valued daily. The proceeds from securities sold through the exercise of option contracts are decreased by the premium paid to purchase the option contracts. A fund may recognize a realized gain or loss when the option contract is closed, exercised or expires. Net realized and unrealized gains or losses occurring during the holding period of purchased options contracts are a component of net realized gain (loss) on investment transactions and change in net unrealized appreciation (depreciation) on investments, respectively. Net realized and unrealized gains or losses occurring during the holding period of written options contracts are a component of net realized gain (loss) on written options contract transactions and change in net unrealized appreciation (depreciation) on written options contracts, respectively. The fund’s average exposure to equity price risk derivative instruments held during the period was 1,664 written options contracts.

Value of Derivative Instruments as of September 30, 2021


	Asset Derivatives			Liability Derivatives
Type of Risk Exposure	Location on Statement of Assets and Liabilities	Value		Location on Statement of Assets and Liabilities	Value
Equity Price Risk	Written Options	—		Written Options	$	246,400
Foreign Currency Risk	Unrealized appreciation on forward foreign currency exchange contracts	$	12,304,599	Unrealized depreciation on forward foreign currency exchange contracts	5,328
		$	12,304,599		$	251,728

Effect of Derivative Instruments on the Statement of Operations for the Six Months Ended September 30, 2021


	Net Realized Gain (Loss)			Change in Net Unrealized Appreciation (Depreciation)
Type of Risk Exposure	Location on Statement of Operations	Value		Location on Statement of Operations	Value
Equity Price Risk	Net realized gain (loss) on written options contract transactions	$	701,286	Change in net unrealized appreciation (depreciation) on written options contracts	$	(153,538)
Foreign Currency Risk	Net realized gain (loss) on forward foreign currency exchange contract transactions	9,394,780		Change in net unrealized appreciation (depreciation) on forward foreign currency exchange contracts	(5,217,934)
		$	10,096,066		$	(5,371,472)

9. Risk Factors

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

10. Federal Tax Information

As of period end, the components of investments for federal income tax purposes were as follows:


Federal tax cost of investments	$	9,423,847,656
Gross tax appreciation of investments	$	2,487,187,930
Gross tax depreciation of investments	(101,753,257)
Net tax appreciation (depreciation) of investments	$	2,385,434,673

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


Financial Highlights


For a Share Outstanding Throughout the Years Ended March 31 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return(2)	Operating Expenses	Operating Expenses (before expense waiver)	Net Investment Income (Loss)	Net Investment Income (Loss) (before expense waiver)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
Investor Class
2021(3)	$9.45	0.08	0.30	0.38	(0.10)	—	(0.10)	$9.73	4.06%	0.90%(4)	0.90%(4)	1.73%(4)	1.73%(4)	12%	$4,152,738
2021	$7.14	0.17	2.33	2.50	(0.19)	—	(0.19)	$9.45	35.30%	0.91%	0.91%	2.10%	2.10%	52%	$4,211,554
2020	$8.69	0.18	(1.07)	(0.89)	(0.19)	(0.47)	(0.66)	$7.14	(11.81)%	0.91%	0.91%	2.07%	2.07%	85%	$3,660,808
2019	$8.60	0.18	0.56	0.74	(0.18)	(0.47)	(0.65)	$8.69	9.07%	0.91%	0.91%	2.13%	2.13%	80%	$6,081,355
2018	$9.13	0.17	0.37	0.54	(0.17)	(0.90)	(1.07)	$8.60	5.61%	0.91%	0.91%	1.86%	1.86%	75%	$6,496,269
2017	$8.41	0.17	1.24	1.41	(0.17)	(0.52)	(0.69)	$9.13	17.14%	0.91%	0.91%	1.91%	1.91%	93%	$7,327,473
I Class
2021(3)	$9.47	0.10	0.28	0.38	(0.11)	—	(0.11)	$9.74	4.05%	0.70%(4)	0.70%(4)	1.93%(4)	1.93%(4)	12%	$5,037,267
2021	$7.15	0.20	2.32	2.52	(0.20)	—	(0.20)	$9.47	35.67%	0.71%	0.71%	2.30%	2.30%	52%	$5,167,202
2020	$8.70	0.21	(1.08)	(0.87)	(0.21)	(0.47)	(0.68)	$7.15	(11.62)%	0.71%	0.71%	2.27%	2.27%	85%	$4,157,382
2019	$8.61	0.20	0.56	0.76	(0.20)	(0.47)	(0.67)	$8.70	9.27%	0.71%	0.71%	2.33%	2.33%	80%	$2,826,256
2018	$9.14	0.19	0.37	0.56	(0.19)	(0.90)	(1.09)	$8.61	5.82%	0.71%	0.71%	2.06%	2.06%	75%	$2,621,898
2017	$8.42	0.19	1.24	1.43	(0.19)	(0.52)	(0.71)	$9.14	17.36%	0.71%	0.71%	2.11%	2.11%	93%	$1,515,758


For a Share Outstanding Throughout the Years Ended March 31 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return(2)	Operating Expenses	Operating Expenses (before expense waiver)	Net Investment Income (Loss)	Net Investment Income (Loss) (before expense waiver)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
Y Class
2021(3)	$9.48	0.10	0.29	0.39	(0.12)	—	(0.12)	$9.75	4.12%	0.55%(4)	0.55%(4)	2.08%(4)	2.08%(4)	12%	$277,967
2021	$7.16	0.21	2.33	2.54	(0.22)	—	(0.22)	$9.48	35.83%	0.56%	0.56%	2.45%	2.45%	52%	$281,614
2020	$8.71	0.22	(1.08)	(0.86)	(0.22)	(0.47)	(0.69)	$7.16	(11.48)%	0.56%	0.56%	2.42%	2.42%	85%	$222,844
2019	$8.62	0.22	0.55	0.77	(0.21)	(0.47)	(0.68)	$8.71	9.43%	0.56%	0.56%	2.48%	2.48%	80%	$230,773
2018(5)	$9.16	0.20	0.36	0.56	(0.20)	(0.90)	(1.10)	$8.62	5.83%	0.56%(4)	0.56%(4)	2.25%(4)	2.25%(4)	75%(6)	$216,014
A Class
2021(3)	$9.45	0.07	0.30	0.37	(0.09)	—	(0.09)	$9.73	3.93%	1.15%(4)	1.15%(4)	1.48%(4)	1.48%(4)	12%	$861,937
2021	$7.14	0.16	2.31	2.47	(0.16)	—	(0.16)	$9.45	34.95%	1.16%	1.16%	1.85%	1.85%	52%	$869,137
2020	$8.69	0.16	(1.07)	(0.91)	(0.17)	(0.47)	(0.64)	$7.14	(12.02)%	1.16%	1.16%	1.82%	1.82%	85%	$698,473
2019	$8.60	0.16	0.56	0.72	(0.16)	(0.47)	(0.63)	$8.69	8.80%	1.16%	1.16%	1.88%	1.88%	80%	$850,117
2018	$9.13	0.14	0.38	0.52	(0.15)	(0.90)	(1.05)	$8.60	5.36%	1.16%	1.16%	1.61%	1.61%	75%	$931,567
2017	$8.41	0.15	1.24	1.39	(0.15)	(0.52)	(0.67)	$9.13	16.85%	1.16%	1.16%	1.66%	1.66%	93%	$2,139,411
C Class
2021(3)	$9.45	0.04	0.28	0.32	(0.05)	—	(0.05)	$9.72	3.43%	1.90%(4)	1.90%(4)	0.73%(4)	0.73%(4)	12%	$283,785
2021	$7.14	0.09	2.32	2.41	(0.10)	—	(0.10)	$9.45	33.90%	1.91%	1.91%	1.10%	1.10%	52%	$303,205
2020	$8.69	0.10	(1.08)	(0.98)	(0.10)	(0.47)	(0.57)	$7.14	(12.66)%	1.91%	1.91%	1.07%	1.07%	85%	$394,129
2019	$8.60	0.10	0.55	0.65	(0.09)	(0.47)	(0.56)	$8.69	8.00%	1.91%	1.91%	1.13%	1.13%	80%	$538,726
2018	$9.13	0.08	0.37	0.45	(0.08)	(0.90)	(0.98)	$8.60	4.58%	1.91%	1.91%	0.86%	0.86%	75%	$627,651
2017	$8.41	0.08	1.24	1.32	(0.08)	(0.52)	(0.60)	$9.13	15.97%	1.91%	1.91%	0.91%	0.91%	93%	$711,149


For a Share Outstanding Throughout the Years Ended March 31 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return(2)	Operating Expenses	Operating Expenses (before expense waiver)	Net Investment Income (Loss)	Net Investment Income (Loss) (before expense waiver)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
R Class
2021(3)	$9.41	0.06	0.30	0.36	(0.08)	—	(0.08)	$9.69	3.81%	1.40%(4)	1.40%(4)	1.23%(4)	1.23%(4)	12%	$49,906
2021	$7.11	0.14	2.30	2.44	(0.14)	—	(0.14)	$9.41	34.60%	1.41%	1.41%	1.60%	1.60%	52%	$57,032
2020	$8.66	0.14	(1.07)	(0.93)	(0.15)	(0.47)	(0.62)	$7.11	(12.28)%	1.41%	1.41%	1.57%	1.57%	85%	$56,388
2019	$8.57	0.14	0.56	0.70	(0.14)	(0.47)	(0.61)	$8.66	8.57%	1.41%	1.41%	1.63%	1.63%	80%	$88,499
2018	$9.10	0.13	0.36	0.49	(0.12)	(0.90)	(1.02)	$8.57	5.11%	1.41%	1.41%	1.36%	1.36%	75%	$93,154
2017	$8.39	0.13	1.22	1.35	(0.12)	(0.52)	(0.64)	$9.10	16.48%	1.41%	1.41%	1.41%	1.41%	93%	$114,762
R5 Class
2021(3)	$9.46	0.10	0.28	0.38	(0.11)	–	(0.11)	$9.73	4.05%	0.70%(4)	0.70%(4)	1.93%(4)	1.93%(4)	12%	$61,069
2021	$7.14	0.19	2.33	2.52	(0.20)	–	(0.20)	$9.46	35.72%	0.71%	0.71%	2.30%	2.30%	52%	$62,610
2020	$8.70	0.21	(1.09)	(0.88)	(0.21)	(0.47)	(0.68)	$7.14	(11.74)%	0.71%	0.71%	2.27%	2.27%	85%	$912
2019	$8.60	0.20	0.57	0.77	(0.20)	(0.47)	(0.67)	$8.70	9.41%	0.71%	0.71%	2.33%	2.33%	80%	$892
2018(5)	$9.15	0.21	0.33	0.54	(0.19)	(0.90)	(1.09)	$8.60	5.57%	0.71%(4)	0.71%(4)	2.51%(4)	2.51%(4)	75%(6)	$653
R6 Class
2021(3)	$9.47	0.10	0.30	0.40	(0.12)	—	(0.12)	$9.75	4.23%	0.55%(4)	0.55%(4)	2.08%(4)	2.08%(4)	12%	$1,021,479
2021	$7.16	0.21	2.32	2.53	(0.22)	—	(0.22)	$9.47	35.68%	0.56%	0.56%	2.45%	2.45%	52%	$1,040,730
2020	$8.71	0.22	(1.08)	(0.86)	(0.22)	(0.47)	(0.69)	$7.16	(11.48)%	0.56%	0.56%	2.42%	2.42%	85%	$820,173
2019	$8.62	0.22	0.55	0.77	(0.21)	(0.47)	(0.68)	$8.71	9.43%	0.56%	0.56%	2.48%	2.48%	80%	$796,417
2018	$9.15	0.21	0.36	0.57	(0.20)	(0.90)	(1.10)	$8.62	5.97%	0.56%	0.56%	2.21%	2.21%	75%	$691,393
2017	$8.42	0.20	1.25	1.45	(0.20)	(0.52)	(0.72)	$9.15	17.66%	0.56%	0.56%	2.26%	2.26%	93%	$492,622


For a Share Outstanding Throughout the Years Ended March 31 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return(2)	Operating Expenses	Operating Expenses (before expense waiver)	Net Investment Income (Loss)	Net Investment Income (Loss) (before expense waiver)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
G Class
2021(3)	$9.48	0.14	0.29	0.43	(0.15)	—	(0.15)	$9.76	4.51%	0.00%(4)(7)	0.55%(4)	2.63%(4)	2.08%(4)	12%	$6
2021	$7.16	0.27	2.32	2.59	(0.27)	—	(0.27)	$9.48	36.61%	0.00%(7)	0.56%	3.01%	2.45%	52%	$6
2020(8)	$9.06	0.18	(1.43)	(1.25)	(0.18)	(0.47)	(0.65)	$7.16	(15.32)%	0.00%(4)(7)	0.56%(4)	3.02%(4)	2.46%(4)	85%(9)	$4


Notes to Financial Highlights

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

(3)Six months ended September 30, 2021 (unaudited).

(4)Annualized.

(5)April 10, 2017 (commencement of sale) through March 31, 2018.

(6)Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended March 31, 2018.

(7)Ratio was less than 0.005%.

(8)August 1, 2019 (commencement of sale) through March 31, 2020.

(9)Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended March 31, 2020.

See Notes to Financial Statements.


Approval of Management Agreement