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0.1678 -0.0314 0.0390 0.1053 0.1191 0.1531 0.1112 -0.0793 0.2761 0.0251 0.1797 0.0171 0.0606 0.1103 0.1641 0.2284 0.1158 -0.1301 0.2888 0.0162 0.2314 -0.0147 0.0615 0.0855 0.0889 0.0885 0.1105 -0.0441 0.2601 0.1026 -0.1707 0.3351 0.0893 0.3691 -0.1472 0.1608 0.0720 -0.0327 0.2022 0.0847 -0.0935 0.2688 0.0065 0.2421 0.0016 0.0873 0.0912 0.1579 2026-07-29 N-1A American Century Capital Portfolios, Inc. 2026-08-01 Equity Income Fund Investment Objective The fund seeks current income. Capital appreciation is a secondary objective. Fees and Expenses <span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. You may qualify for A Class sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in American Century Investments funds. More information about these and other discounts is available from your financial professional and in </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Calculation of Sales Charges</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> on page 14 of the fund’s prospectus, </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Appendix A</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> of the fund’s prospectus and </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Sales Charges</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> in </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Appendix B</span> of the statement of additional information. You may qualify for A Class sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in American Century Investments funds. 50000 Shareholder Fees (fees paid directly from your investment) 0 0 0 0.0575 0 0 0 0 0 0 0 0 0 0.0100 0 0 0 0 25 0 0 0 0 0 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0094 0.0074 0.0059 0.0094 0.0094 0.0094 0.0074 0.0059 0.0059 0 0 0 0.0025 0.0100 0.0050 0 0 0 0.0001 0.0001 0.0001 0.0001 0.0001 0.0001 0.0001 0.0001 0.0001 0.0095 0.0075 0.0060 0.0120 0.0195 0.0145 0.0075 0.0060 0.0060 0 0 0 0 0 0 0 0 -0.0059 0.0095 0.0075 0.0060 0.0120 0.0195 0.0145 0.0075 0.0060 0.0001 Purchases of $1 million or more may be subject to a contingent deferred sales charge of 1.00% if the shares are redeemed within one year of the date of the purchase. Example The example below is intended to help you compare the costs of investing in the fund with the costs of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods and that you earn a 5% return each year. The example also assumes that the fund’s operating expenses remain the same, except that it reflects the rate and duration of any fee waivers noted in the table above. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 97 303 526 1166 77 240 417 931 61 193 335 751 690 935 1197 1946 198 613 1053 2078 148 459 793 1734 77 240 417 931 61 193 335 751 1 3 6 13 Portfolio Turnover <div style="margin-bottom:3pt;margin-top:3pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 38% of the average value of its portfolio.</span></div> 0.38 Principal Investment Strategies <div style="margin-bottom:3pt;margin-top:3pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The portfolio managers look for equity securities of companies with a favorable income-paying history that have prospects for income payments to continue or increase. The portfolio managers also look for equity securities of companies that they believe are undervalued and have the potential for an increase in price. To identify these undervalued companies, the portfolio managers look for companies with earnings, cash flows and/or assets that may not be reflected in the companies’ stock prices or may be outside the companies’ historical ranges. The portfolio managers use a variety of analytical research tools and techniques to help them make decisions about buying or holding securities of companies that meet their investment criteria and selling the securities of companies that do not. </span></div><div style="margin-bottom:3pt;margin-top:3pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The fund may invest a portion of its assets in foreign securities when these securities meet the portfolio managers’ standards of selection.</span></div><div style="margin-bottom:3pt;margin-top:3pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Under normal market conditions, the portfolio managers will invest at least 80% of the fund’s net assets in equity securities (including equity-equivalent securities, such as convertible securities) regardless of the movement of stock prices generally.</span></div><div style="margin-bottom:3pt;margin-top:3pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The portfolio managers may sell stocks from the fund’s portfolio if they believe a stock no longer meets their valuation criteria, a stock’s risk parameters outweigh its return opportunity, more attractive alternatives are identified or specific events alter a stock’s prospects.</span></div> <div style="margin-bottom:3pt;margin-top:3pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Under normal market conditions, the portfolio managers will invest at least 80% of the fund’s net assets in equity securities (including equity-equivalent securities, such as convertible securities) regardless of the movement of stock prices generally.</span></div> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Discontinuance of Dividend Payments Risk</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> – If the stocks purchased by the fund do not continue dividend payments, the value of the fund’s shares may decline, even if stock prices generally are rising.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Style Risk</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> – If the market does not consider the individual stocks purchased by the fund to be undervalued, the value of the fund’s shares may decline, even if stock prices generally are rising.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Convertible Securities Risk</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> – The fund invests in convertible securities, which may be affected by changes in interest rates, the credit of the issuer and the value of the underlying common stock. In addition, because these securities are convertible into common stock, they are subject to general stock market risk, though to a lesser degree.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Foreign Securities Risk </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> – The fund may invest in foreign securities, which can be riskier than investing in U.S. securities. Securities of foreign issuers may be less liquid, more volatile and harder to value than U.S. stocks.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Market Risk</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> – The value of the fund’s shares will go up and down based on the performance of the companies whose securities it owns and other factors generally affecting the securities market. Market risks, including political, regulatory, economic and social developments, can affect the value of the fund’s investments. Natural disasters, public health emergencies, war, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Principal Loss Risk</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> – At any given time your shares may be worth less than the price you paid for them. In other words, it is possible to lose money by investing in the fund.</span> <div style="margin-bottom:3pt;margin-top:3pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">An investment in the fund is not a bank deposit, and it is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency.</span></div> Fund Performance <div style="margin-bottom:3pt;margin-top:3pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The following bar chart and table provide some indication of the risks of investing in the fund. The bar chart shows changes in the fund’s performance from year to year for Investor Class shares. The table shows how the fund’s average annual returns for the periods shown compared with those of a broad measure of market performance. The table also shows returns for the Russell 3000</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> Value Index, which the advisor considers to be more representative of the fund’s investment strategy. The fund’s past performance (before </span></div><div style="margin-bottom:3pt;margin-top:3pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">and after taxes) is not necessarily an indication of how the fund will perform in the future. For current performance information, please visit americancentury.com.</span></div>Sales charges and account fees, if applicable, are not reflected in the bar chart. If those charges were included, returns would be less than those shown. The following bar chart and table provide some indication of the risks of investing in the fund. The bar chart shows changes in the fund’s performance from year to year for Investor Class shares. The table shows how the fund’s average annual returns for the periods shown compared with those of a broad measure of market performance. The table also shows returns for the Russell 3000® Value Index, which the advisor considers to be more representative of the fund’s investment strategy. The fund’s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. americancentury.com Sales charges and account fees, if applicable, are not reflected in the bar chart. If those charges were included, returns would be less than those shown. Calendar Year Total Returns <div style="margin-bottom:3pt;margin-top:3pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Highest Performance Quarter </span><span style="color:#333333;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">(2Q 2020): 12.23%</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%"> Lowest Performance Quarter </span><span style="color:#333333;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">(1Q 2020): -21.50% </span></div><div style="margin-bottom:3pt;margin-top:3pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">As of June 30, 2026, the most recent calendar quarter end, the fund’s Investor Class year-to-date return was 8.63%.</span></div> Highest Performance Quarter 2020-06-30 0.1223 Lowest Performance Quarter 2020-03-31 -0.2150 2026-06-30 Investor Class year-to-date return 0.0863 Average Annual Total ReturnsFor the calendar year ended December 31, 2025 Investor Class Return Before Taxes 0.1191 0.0777 0.0897 1994-08-01 Return After Taxes on Distributions 0.0921 0.0549 0.0681 1994-08-01 Return After Taxes on Distributions and Sale of Fund Shares 0.0869 0.0577 0.0676 1994-08-01 I Class Return Before Taxes 0.1210 0.0797 0.0919 1998-07-08 Y Class1 Return Before Taxes 0.1239 0.0815 0.0935 2017-04-10 A Class Return Before Taxes 0.0521 0.0623 0.0806 1997-03-07 C Class2  Return Before Taxes 0.1078 0.0670 0.0805 2001-07-13 R Class Return Before Taxes 0.1128 0.0722 0.0842 2003-08-29 R5 Class3 Return Before Taxes 0.1213 0.0798 0.0919 2017-04-10 R6 Class Return Before Taxes 0.1226 0.0812 0.0934 2013-07-26 G Class Return Before Taxes 0.1291 0.0876 0.0831 2019-08-01 Russell 3000® Index   (reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) 0.1715 0.1315 0.1429 Russell 3000® Value Index   (reflects no deduction for fees, expenses or taxes) 0.1571 0.1118 0.1046 The after-tax returns are shown only for Investor Class shares. After-tax returns for other share classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as 401(k) plans or IRAs. The after-tax returns are shown only for Investor Class shares. After-tax returns for other share classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as 401(k) plans or IRAs. Focused Large Cap Value Fund Investment Objective The fund seeks long-term capital growth. Income is a secondary objective. Fees and Expenses <span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in American Century Investments funds. More information about these and other discounts is available from your financial professional and in </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Calculation of Sales Charges</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> on page 14 of the fund’s prospectus, </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Appendix A</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> of the fund’s prospectus and </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Sales Charges</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> in </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Appendix B</span> of the statement of additional information. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in American Century Investments funds. 50000 Shareholder Fees (fees paid directly from your investment) 0 0 0.0575 0 0 0 0 0 0 0 0 0.0100 0 0 0 0 25 0 0 0 0 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0083 0.0063 0.0083 0.0083 0.0083 0.0063 0.0048 0.0048 0 0 0.0025 0.0100 0.0050 0 0 0 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0083 0.0063 0.0108 0.0183 0.0133 0.0063 0.0048 0.0048 0 0 0 0 0 0 0 -0.0048 0.0083 0.0063 0.0108 0.0183 0.0133 0.0063 0.0048 0.0000 Purchases of $1 million or more may be subject to a contingent deferred sales charge of 1.00% if the shares are redeemed within one year of the date of the purchase. Example The example below is intended to help you compare the costs of investing in the fund with the costs of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods and that you earn a 5% return each year. The example also assumes that the fund’s operating expenses remain the same, except that it reflects the rate and duration of any fee waivers noted in the table above. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 85 265 461 1026 65 202 352 787 679 899 1137 1816 186 576 991 1950 136 422 730 1601 65 202 352 787 49 154 269 604 0 0 0 0 Portfolio Turnover <div style="margin-bottom:3pt;margin-top:3pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 84% of the average value of its portfolio.</span></div> 0.84 Principal Investment Strategies <div style="margin-bottom:3pt;margin-top:3pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Under normal market conditions, the portfolio managers will invest at least 80% of the fund’s assets in securities of large capitalization value companies. For purposes of this 80% test, the fund defines large capitalization companies as those with capitalizations within the range of the Russell 1000</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> Index. Though market capitalization may change from time to time, as of June 30, 2026, the market capitalization range of the Russell 1000</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> Index was approximately $2.26 billion to $4.85 trillion. The portfolio managers consider a company to be a value company if it meets any of the following criteria:</span></div><div style="margin-bottom:3pt;margin-top:3pt;padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">it is included in an appropriate third-party value-oriented index;</span></div><div style="margin-bottom:3pt;margin-top:3pt;padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">its price-to-book ratio, price-to-cash flow ratio, price-to-earnings ratio, or enterprise value to EBITDA ratio is less than the median of a broad-based securities market index;</span></div><div style="margin-bottom:3pt;margin-top:3pt;padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">its book-to-market ratio is greater than the median of a broad-based securities market index; or</span></div><div style="margin-bottom:3pt;margin-top:3pt;padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">it pays a dividend.</span></div><div style="margin-bottom:3pt;margin-top:3pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">In selecting stocks for the fund, the portfolio managers look for companies whose stock price may not adequately reflect the company’s value. The managers attempt to purchase the stocks of these undervalued companies and hold each stock until the price has increased to, or is higher than, a level the managers believe more accurately reflects the fair value of the company. The portfolio managers use a variety of analytical research tools and techniques to help them make decisions about buying or holding securities of companies that meet their investment criteria and selling the securities of companies that do not. The fund normally invests in a relatively limited number of companies, generally 30-50. The fund may invest a portion of its assets in foreign securities when these securities meet the portfolio managers’ standards of selection.</span></div><div style="margin-bottom:3pt;margin-top:3pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The portfolio managers may sell stocks from the fund’s portfolio if they believe a stock no longer meets their valuation criteria.</span></div> Under normal market conditions, the portfolio managers will invest at least 80% of the fund’s assets in securities of large capitalization value companies. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Style Risk</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> — If the market does not consider the individual stocks purchased by the fund to be undervalued, the value of the fund’s shares may decline, even if stock prices generally are rising.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Focused Portfolio Risk</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> — Investing in a limited number of companies carries more risk because changes in the value of a single company may have a more significant effect, either negative or positive on the fund’s value.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Foreign Securities Risk</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> — The fund may invest in foreign securities, which can be riskier than investing in U.S. securities. Securities of foreign issuers may be less liquid, more volatile and harder to value than U.S. stocks.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Market Risk</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> — The value of the fund’s shares will go up and down based on the performance of the companies whose securities it owns and other factors generally affecting the securities market. Market risks, including political, regulatory, economic and social developments, can affect the value of the fund’s investments. Natural disasters, public health emergencies, war, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Price Volatility Risk</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> — The value of the fund’s shares may fluctuate significantly in the short term.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Redemption Risk</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> — The fund may need to sell securities at times it would not otherwise do so in order to meet shareholder redemption requests. Selling securities to meet such redemptions may cause the fund to experience a loss, increase the fund’s transaction costs and/or have adverse tax consequences. Redemption activity can occur for many reasons, including shareholder reactions to market events or product changes. To the extent that a large shareholder (including the advisor, another account advised by the advisor, a fund of funds or 529 college savings plan) invests in the fund, the fund may experience relatively large redemptions as such shareholder reallocates its assets.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Principal Loss Risk</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> — At any given time your shares may be worth less than the price you paid for them. In other words, it is possible to lose money by investing in the fund.</span> An investment in the fund is not a bank deposit, and it is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. Fund Performance <div style="margin-bottom:3pt;margin-top:3pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The following bar chart and table provide some indication of the risks of investing in the fund. The bar chart shows changes in the fund’s performance from year to year for Investor Class shares. The table shows how the fund’s average annual returns for the periods shown compared with those of a broad measure of market performance. The table also shows returns for the Russell 1000</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> Value Index, which the advisor considers to be more representative of the fund’s investment strategy. The fund’s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. For current performance information, please visit americancentury.com.</span></div>Sales charges and account fees, if applicable, are not reflected in the bar chart. If those charges were included, returns would be less than those shown. The following bar chart and table provide some indication of the risks of investing in the fund. The bar chart shows changes in the fund’s performance from year to year for Investor Class shares. The table shows how the fund’s average annual returns for the periods shown compared with those of a broad measure of market performance. The table also shows returns for the Russell 1000® Value Index, which the advisor considers to be more representative of the fund’s investment strategy. The fund’s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. americancentury.com Sales charges and account fees, if applicable, are not reflected in the bar chart. If those charges were included, returns would be less than those shown. Calendar Year Total Returns <div style="margin-bottom:3pt;margin-top:3pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Highest Performance Quarter </span><span style="color:#333333;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">(4Q 2022): 13.62% </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Lowest Performance Quarter </span><span style="color:#333333;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">(1Q 2020): -24.90% </span></div><div style="margin-bottom:3pt;margin-top:3pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">As of June 30, 2026, the most recent calendar quarter end, the fund’s Investor Class year-to-date return was 8.78%.</span></div> Highest Performance Quarter 2022-12-31 0.1362 Lowest Performance Quarter 2020-03-31 -0.2490 2026-06-30 Investor Class year-to-date return 0.0878 Average Annual Total ReturnsFor the calendar year ended December 31, 2025 Investor Class Return Before Taxes 0.1641 0.1046 0.0976 1999-07-30 Return After Taxes on Distributions 0.1304 0.0734 0.0773 1999-07-30 Return After Taxes on Distributions and Sale of Fund Shares 0.1172 0.0753 0.0746 1999-07-30 I Class Return Before Taxes 0.1662 0.1072 0.1000 2001-08-10 A Class Return Before Taxes 0.0944 0.0891 0.0886 2000-10-26 C Class1 Return Before Taxes 0.1523 0.0940 0.0884 2001-11-07 R Class Return Before Taxes 0.1579 0.0994 0.0923 2003-08-29 R5 Class2 Return Before Taxes 0.1660 0.1069 0.0999 2017-04-10 R6 Class Return Before Taxes 0.1681 0.1087 0.1015 2013-07-26 G Class Return Before Taxes 0.1734 0.1049 2022-03-15 Russell 1000® Index   (reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) 0.1737 0.1359 0.1459 Russell 1000® Value Index   (reflects no deduction for fees, expenses or taxes) 0.1591 0.1133 0.1053 <div style="margin-bottom:3pt;margin-top:10pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The after-tax returns are shown only for Investor Class shares. After-tax returns for other share classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as 401(k) plans or IRAs.</span></div> The after-tax returns are shown only for Investor Class shares. After-tax returns for other share classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as 401(k) plans or IRAs. Mid Cap Value Fund Investment Objective The fund seeks long-term capital growth. Income is a secondary objective. Fees and Expenses <div style="margin-bottom:3pt;margin-top:3pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in American Century Investments funds. More information about these and other discounts is available from your financial professional and in </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Calculation of Sales Charges</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> on page 14 of the fund’s prospectus, </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Appendix A</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> of the fund’s prospectus and </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Sales Charges</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> in </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Appendix B</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> of the statement of additional information.</span></div> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in American Century Investments funds. 50000 Shareholder Fees (fees paid directly from your investment) 0 0 0 0.0575 0 0 0 0 0 0 0 0 0 0.0100 0 0 0 0 25 0 0 0 0 0 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0097 0.0077 0.0062 0.0097 0.0097 0.0097 0.0077 0.0062 0.0062 0 0 0 0.0025 0.0100 0.0050 0 0 0 0.0001 0.0001 0.0001 0.0001 0.0001 0.0001 0.0001 0.0001 0.0001 0.0098 0.0078 0.0063 0.0123 0.0198 0.0148 0.0078 0.0063 0.0063 0 0 0 0 0 0 0 0 -0.0062 0.0098 0.0078 0.0063 0.0123 0.0198 0.0148 0.0078 0.0063 0.0001 <span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Purchases of $1 million or more may be subject to a contingent deferred sales charge of 1.00% if the shares are redeemed within one year of the date of the purchase.</span> Example The example below is intended to help you compare the costs of investing in the fund with the costs of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods and that you earn a 5% return each year. The example also assumes that the fund’s operating expenses remain the same, except that it reflects the rate and duration of any fee waivers noted in the table above. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 100 313 542 1201 80 250 434 966 65 202 352 787 693 943 1212 1978 201 622 1068 2110 151 469 809 1767 80 250 434 966 65 202 352 787 1 3 6 13 Portfolio Turnover <div style="margin-bottom:3pt;margin-top:3pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 62% of the average value of its portfolio.</span></div> 0.62 Principal Investment Strategies <div style="margin-bottom:3pt;margin-top:3pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Under normal market conditions, the portfolio managers will invest at least 80% of the fund’s net assets in medium size value companies. The portfolio managers consider medium size companies to include those whose market capitalizations at the time of purchase are within the capitalization range of the Russell 3000</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> Index, excluding the largest 100 such companies. The portfolio managers intend to manage the fund so that its weighted capitalization falls within the capitalization range of the members of the Russell Midcap</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> Index. Though market capitalization may change from time to time, as of June 30, 2026, the capitalization ranges of the Russell 3000</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> Index, excluding the largest 100 companies, and the Russell Midcap</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> Index were $45.20 million to $120.55 billion and $2.26 billion to $92.65 billion, respectively. The portfolio managers consider a company to be a value company if it meets any of the following criteria:</span></div><div style="margin-bottom:3pt;margin-top:3pt;padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">it is included in an appropriate third-party value-oriented index;</span></div><div style="margin-bottom:3pt;margin-top:3pt;padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">its price-to-book ratio, price-to-cash flow ratio, price-to-earnings ratio, or enterprise value to EBITDA ratio is less than the median of a broad-based securities market index;</span></div><div style="margin-bottom:3pt;margin-top:3pt;padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">its book-to-market ratio is greater than the median of a broad-based securities market index; or</span></div><div style="margin-bottom:3pt;margin-top:3pt;padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">it pays a dividend.</span></div><div style="margin-bottom:3pt;margin-top:3pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">In selecting stocks for the fund, the portfolio managers look for companies whose stock price may not reflect the company’s value. The managers attempt to purchase the stocks of these undervalued companies and hold each stock until the price has increased to, or is higher than, a level the managers believe more accurately reflects the fair value of the company. The portfolio managers use a variety of analytical research tools and techniques to help them make decisions about buying or holding securities of companies that meet their investment criteria and selling the securities of companies that do not. </span></div><div style="margin-bottom:3pt;margin-top:3pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The fund may invest in equity securities issued by real estate investment trusts (REITs) and, depending on the appropriateness to the fund's strategy and availability in the marketplace, purchase securities of companies in initial public offerings (IPOs) or shortly thereafter. The fund may invest a portion of its assets in foreign securities when these securities meet the portfolio managers’ standards of selection.</span></div><div style="margin-bottom:3pt;margin-top:3pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The portfolio managers may sell stocks from the fund’s portfolio if they believe a stock no longer meets their valuation criteria, a stock’s risk parameters outweigh its return opportunity, more attractive alternatives are identified or specific events alter a stock’s prospects.</span></div> Under normal market conditions, the portfolio managers will invest at least 80% of the fund’s net assets in medium size value companies. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Mid Cap Stocks Risk</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> — The mid-sized companies in which the fund invests may present greater opportunities for capital growth than larger companies, but also may be more volatile and present greater risks.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Style Risk</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> — If the market does not consider the individual stocks purchased by the fund to be undervalued, the value of the fund’s shares may decline, even if stock prices generally are rising.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Foreign Securities Risk</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> — The fund may invest in foreign securities, which can be riskier than investing in U.S. securities. Securities of foreign issuers may be less liquid, more volatile and harder to value than U.S. stocks.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">REITs Risk</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> — REITs are susceptible to the risks associated with direct ownership of real estate. Investments in REITs are subject to credit risk and interest rate risk with respect to the loans made by the REITs in which the fund invests. Credit risk is the risk that the borrower will not be able to make interest and principal payments on the loan to the REIT when they are due. Interest rate risk is the risk that a change in the prevailing interest rate will cause the value of the loan portfolio held by the REIT to rise or fall. Additionally, the fund’s shareholders will indirectly bear a proportionate share of the operating expenses of a REIT in which the fund invests.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">IPO Risk</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> — The fund’s performance may be affected by investments in initial public offerings. The purchase of securities in an IPO may involve higher transaction costs than those associated with the purchase of securities already traded on exchanges or other established markets. In addition to the risks associated with equity securities generally, IPO securities may be subject to </span><div style="margin-bottom:3pt;margin-top:3pt;padding-left:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">additional risk due to factors such as the absence of a prior public market, unseasoned trading and speculation, a potentially small number of securities available for trading, limited information about the issuer and other factors. These factors may cause IPO shares to be volatile in price.</span></div> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Market Risk</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> — The value of the fund’s shares will go up and down based on the performance of the companies whose securities it owns and other factors generally affecting the securities market. Market risks, including political, regulatory, economic and social developments, can affect the value of the fund’s investments. Natural disasters, public health emergencies, war, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.15pt">Price Volatility Risk</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> — The value of the fund’s shares may fluctuate significantly in the short term.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Redemption Risk</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">— The fund may need to sell securities at times it would not otherwise do so in order to meet shareholder redemption requests. Selling securities to meet such redemptions may cause the fund to experience a loss, increase the fund’s transaction costs and/or have adverse tax consequences. Redemption activity can occur for many reasons, including shareholder reactions to market events or product changes. To the extent that a large shareholder (including the advisor, another account advised by the advisor, a fund of funds or 529 college savings plan) invests in the fund, the fund may experience relatively large redemptions as such shareholder reallocates its assets.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Principal Loss Risk</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> — At any given time your shares may be worth less than the price you paid for them. In other words, it is possible to lose money by investing in the fund.</span> <div style="margin-bottom:3pt;margin-top:3pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">An investment in the fund is not a bank deposit, and it is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency.</span></div> Fund Performance <div style="margin-bottom:3pt;margin-top:3pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The following bar chart and table provide some indication of the risks of investing in the fund. The bar chart shows changes in the fund’s performance from year to year for Investor Class shares. The table shows how the fund’s average annual returns for the periods shown compared with those of a broad measure of market performance. The table also shows returns for the Russell Midcap</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> Value Index, which the advisor considers to be more representative of the fund’s investment strategy. The fund’s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. For current performance information, please visit americancentury.com.</span></div>Sales charges and account fees, if applicable, are not reflected in the bar chart. If those charges were included, returns would be less than those shown. The following bar chart and table provide some indication of the risks of investing in the fund. The bar chart shows changes in the fund’s performance from year to year for Investor Class shares. The table shows how the fund’s average annual returns for the periods shown compared with those of a broad measure of market performance. The table also shows returns for the Russell Midcap® Value Index, which the advisor considers to be more representative of the fund’s investment strategy. The fund’s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. americancentury.com Sales charges and account fees, if applicable, are not reflected in the bar chart. If those charges were included, returns would be less than those shown. Calendar Year Total Returns <div style="margin-bottom:3pt;margin-top:3pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Highest Performance Quarter (4Q 2020): 16.72% Lowest Performance Quarter (1Q 2020): -27.55% </span></div><div style="margin-bottom:3pt;margin-top:3pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">As of June 30, 2026, the most recent calendar quarter end, the fund’s Investor Class year-to-date return was 11.61%.</span></div> Highest Performance Quarter 2020-12-31 0.1672 Lowest Performance Quarter 2020-03-31 -0.2755 2026-06-30 Investor Class year-to-date return 0.1161 Average Annual Total ReturnsFor the calendar year ended December 31, 2025 Investor Class Return Before Taxes 0.0889 0.0877 0.0904 2004-03-31 Return After Taxes on Distributions 0.0533 0.0580 0.0682 2004-03-31 Return After Taxes on Distributions and Sale of Fund Shares 0.0736 0.0644 0.0690 2004-03-31 I Class Return Before Taxes 0.0909 0.0898 0.0926 2004-08-02 Y Class1 Return Before Taxes 0.0925 0.0915 0.0942 2017-04-10 A Class Return Before Taxes 0.0239 0.0721 0.0813 2005-01-13 C Class2 Return Before Taxes 0.0784 0.0768 0.0812 2010-03-01 R Class Return Before Taxes 0.0834 0.0822 0.0850 2005-07-29 R5 Class3 Return Before Taxes 0.0909 0.0898 0.0926 2017-04-10 R6 Class Return Before Taxes 0.0934 0.0915 0.0943 2013-07-26 G Class Return Before Taxes 0.0993 0.0707 2022-03-15 Russell 3000® Index     (reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) 0.1715 0.1315 0.1429 Russell Midcap® Value Index   (reflects no deduction for fees, expenses or taxes) 0.1105 0.0983 0.0978 <div style="margin-bottom:3pt;margin-top:10pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The after-tax returns are shown only for Investor Class shares. After-tax returns for other share classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as 401(k) plans or IRAs.</span></div> The after-tax returns are shown only for Investor Class shares. After-tax returns for other share classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as 401(k) plans or IRAs. Small Cap Dividend Fund Investment Objective The fund seeks long-term capital growth. Income is a secondary objective. Fees and Expenses <div style="margin-bottom:3pt;margin-top:3pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in American Century Investments funds. More information about these and other discounts is available from your financial professional and in </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Calculation of Sales Charges</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> on page 13 of the fund’s prospectus, </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Appendix A</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> of the fund’s prospectus and </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Sales Charges</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> in </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Appendix B</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> of the statement of additional information.</span></div> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in American Century Investments funds. 50000 Shareholder Fees (fees paid directly from your investment) 0 0 0.0575 0 0 0 0 0 0 0 0 0 25 0 0 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0109 0.0089 0.0109 0.0109 0.0074 0.0074 0 0 0.0025 0.0050 0 0 0.0001 0.0001 0.0001 0.0001 0.0001 0.0001 0.0110 0.0090 0.0135 0.0160 0.0075 0.0075 0 0 0 0 0 -0.0074 0.0110 0.0090 0.0135 0.0160 0.0075 0.0001 Purchases of $1 million or more may be subject to a contingent deferred sales charge of 1.00% if the shares are redeemed within one year of the date of the purchase. Example The example below is intended to help you compare the costs of investing in the fund with the costs of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods and that you earn a 5% return each year. The example also assumes that the fund’s operating expenses remain the same, except that it reflects the rate and duration of any fee waivers noted in the table above. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 112 350 607 1340 92 287 499 1108 705 979 1273 2105 163 506 872 1899 77 240 417 931 1 3 6 13 Portfolio Turnover <div style="margin-bottom:3pt;margin-top:3pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 69% of the average value of its portfolio.</span></div> 0.69 Principal Investment Strategies <div style="margin-bottom:3pt;margin-top:3pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Under normal market conditions, the portfolio managers will invest at least 80% of the fund’s net assets in small cap companies that pay a dividend. The portfolio managers consider small cap companies to include those with market capitalizations no larger than that of the largest company in the S&amp;P Small Cap 600</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> Index or the Russell 2000</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> Index. Though market capitalization will change from time to time, as of June 30, 2026, the market capitalizations of the largest companies in the S&amp;P Small Cap 600</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> Index and the Russell 2000</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> Index were $13.47 billion and $13.78 billion, respectively.</span></div><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">In selecting stocks for the fund, the portfolio managers look for equity securities of smaller companies whose stock price may not reflect the company’s value, with a focus on companies with a favorable income-paying history that have prospects for income payments to continue or increase. The portfolio managers consider a company to have a favorable income-paying history if, since the company began paying dividends, it has shown a track record of consistent dividend payments in normal market environments. To determine whether a company has prospects for income payments to continue or increase, the investment team analyzes the projected earnings power of the company relative to the income payout ratio. The investment team conducts bottom up, fundamental research to analyze the fair value of a company’s business based on financial quality, business quality, and management quality using a proprietary scorecard and a price target system for the stock. The team arrives at price targets using estimated revenue, profit, and multiple assumptions for the periods one and three years in the future to determine if the stock is currently undervalued, fairly valued, or overvalued. The managers attempt to purchase the stocks of these undervalued companies and hold each stock until the price has increased to, or is higher than, a level the managers believe more accurately reflects the fair value of the company.</span></div><div style="margin-bottom:3pt;margin-top:3pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The fund may invest in equity securities issued by real estate investment trusts (REITs) and, depending on the appropriateness to the fund's strategy and availability in the marketplace, purchase securities of companies in initial public offerings (IPOs) or shortly thereafter.</span></div><div style="margin-bottom:3pt;margin-top:3pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The portfolio managers may sell stocks from the fund’s portfolio if they believe a stock no longer meets their valuation criteria, a stock’s risk parameters outweigh its return opportunity, more attractive alternatives are identified or specific events alter a stock’s prospects.</span></div><div style="margin-bottom:3pt;margin-top:3pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The fund may engage in active and frequent trading of portfolio securities to achieve its principal investment strategies. This may cause higher transaction costs and may affect performance. It may also result in the realization and distribution of capital gains.</span></div> Under normal market conditions, the portfolio managers will invest at least 80% of the fund’s net assets in small cap companies that pay a dividend. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Small Cap Stocks</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Risks </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">— The smaller companies in which the fund invests may be more volatile and subject to greater risk than larger companies. Smaller companies may have limited financial resources, product lines and markets, and their securities may trade less frequently and in more limited volumes than the securities of larger companies, which could lead to higher transaction costs.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Discontinuance of Dividend Payments Risk</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> – If the stocks purchased by the fund do not continue dividend payments, the value of the fund’s shares may decline, even if stock prices generally are rising.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Style Risk</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> — If the market does not consider the individual stocks purchased by the fund to be undervalued, the value of the fund’s shares may decline, even if stock prices generally are rising.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">IPO Risk</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> — The fund’s performance may be affected by investments in initial public offerings. The purchase of securities in an IPO may involve higher transaction costs than those associated with the purchase of securities already traded on exchanges or other established markets. In addition to the risks associated with equity securities generally, IPO securities may be subject to additional risk due to factors such as the absence of a prior public market, unseasoned trading and speculation, a potentially small number of securities available for trading, limited information about the issuer and other factors. These factors may cause IPO shares to be volatile in price.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">REITs Risk</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> — REITs are susceptible to the risks associated with direct ownership of real estate. Investments in REITs are subject to credit risk and interest rate risk with respect to the loans made by the REITs in which the fund invests. Credit risk is the risk that the borrower will not be able to make interest and principal payments on the loan to the REIT when they are due. Interest rate risk is the risk that a change in the prevailing interest rate will cause the value of the loan portfolio held by the REIT to rise or fall. Additionally, the fund’s shareholders will indirectly bear a proportionate share of the operating expenses of a REIT in which the fund invests.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Market Risk</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> — The value of the fund’s shares will go up and down based on the performance of the companies whose securities it owns and other factors generally affecting the securities market. Market risks, including political, regulatory, economic and </span><div style="margin-bottom:3pt;margin-top:3pt;padding-left:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">social developments, can affect the value of the fund’s investments. Natural disasters, public health emergencies, war, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.</span></div> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Price Volatility Risk</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> — The value of the fund’s shares may fluctuate significantly in the short term.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Principal Loss Risk</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> — At any given time your shares may be worth less than the price you paid for them. In other words, it is possible to lose money by investing in the fund.</span> <div style="margin-bottom:3pt;margin-top:3pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">An investment in the fund is not a bank deposit, and it is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency.</span></div> Fund Performance <div style="margin-bottom:3pt;margin-top:3pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The following bar chart and table provide some indication of the risks of investing in the fund. The bar chart shows changes in the fund’s performance from year to year for Investor Class shares. The table shows how the fund’s average annual returns for the periods shown compared with those of a broad measure of market performance. The table also shows returns for the Russell 2000</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> Value Index, which the advisor considers to be more representative of the fund’s investment strategy. The fund’s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. For current performance information, please visit americancentury.com.</span></div><div style="margin-bottom:3pt;margin-top:3pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Sales charges and account fees, if applicable, are not reflected in the bar chart. If those charges were included, returns would be less than those shown.</span></div> The following bar chart and table provide some indication of the risks of investing in the fund. The bar chart shows changes in the fund’s performance from year to year for Investor Class shares. The table shows how the fund’s average annual returns for the periods shown compared with those of a broad measure of market performance. The table also shows returns for the Russell 2000® Value Index, which the advisor considers to be more representative of the fund’s investment strategy. The fund’s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. americancentury.com Sales charges and account fees, if applicable, are not reflected in the bar chart. If those charges were included, returns would be less than those shown. Calendar Year Total Returns <div style="margin-bottom:3pt;margin-top:3pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Highest Performance Quarter (4Q 2023): 12.37%          Lowest Performance Quarter (1Q 2025): -5.01%.</span></div><div style="margin-bottom:3pt;margin-top:3pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">As of June 30, 2026, the most recent calendar quarter end, the fund’s Investor Class year-to-date return was 24.85%.</span></div> Highest Performance Quarter 2023-12-31 0.1237 Lowest Performance Quarter 2025-03-31 -0.0501 2026-06-30 Investor Class year-to-date return 0.2485 Average Annual Total ReturnsFor the calendar year ended December 31, 2025 Investor Class Return Before Taxes -0.0441 0.0238 2022-04-05 Return After Taxes on Distributions -0.0509 0.0175 2022-04-05 Return After Taxes on Distributions and Sale of Fund Shares -0.0230 0.0172 2022-04-05 I Class Return Before Taxes -0.0413 0.0261 2022-04-05 A Class Return Before Taxes -0.1005 0.0053 2022-04-05 R Class Return Before Taxes -0.0490 0.0188 2022-04-05 R6 Class Return Before Taxes -0.0408 0.0274 2022-04-05 G Class Return Before Taxes -0.0336 0.0349 2022-04-05 Average Annual Total ReturnsFor the calendar year ended December 31, 2025 Russell 3000® Index   (reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) 0.1715 0.1265 Russell 2000® Value Index   (reflects no deduction for fees, expenses or taxes) 0.1259 0.0594 <div style="margin-bottom:3pt;margin-top:10pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The after-tax returns are shown only for Investor Class shares. After-tax returns for other share classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as 401(k) plans or IRAs.</span></div> The after-tax returns are shown only for Investor Class shares. After-tax returns for other share classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as 401(k) plans or IRAs. Small Cap Value Fund Investment Objective The fund seeks long-term capital growth. Income is a secondary objective. Fees and Expenses <div style="margin-bottom:3pt;margin-top:3pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in American Century Investments funds. More information about these and other discounts is available from your financial professional and in </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Calculation of Sales Charges</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> on page 14 of the fund’s prospectus, </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Appendix A</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> of the fund’s prospectus and </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Sales Charges</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> in </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Appendix B</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> of the statement of additional information.</span></div> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in American Century Investments funds. 50000 Shareholder Fees (fees paid directly from your investment) 0 0 0 0.0575 0 0 0 0 0 0 0 0 0 0.0100 0 0 0 0 25 0 0 0 0 0 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0110 0.0090 0.0075 0.0110 0.0110 0.0110 0.0090 0.0075 0.0075 0 0 0 0.0025 0.0100 0.0050 0 0 0 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0110 0.0090 0.0075 0.0135 0.0210 0.0160 0.0090 0.0075 0.0075 0 0 0 0 0 0 0 0 -0.0075 0.0110 0.0090 0.0075 0.0135 0.0210 0.0160 0.0090 0.0075 0.0000 Purchases of $1 million or more may be subject to a contingent deferred sales charge of 1.00% if the shares are redeemed within one year of the date of the purchase. Example The example below is intended to help you compare the costs of investing in the fund with the costs of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods and that you earn a 5% return each year. The example also assumes that the fund’s operating expenses remain the same, except that it reflects the rate and duration of any fee waivers noted in the table above. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 112 350 607 1340 92 287 499 1108 77 240 417 931 705 979 1273 2105 214 659 1130 2237 163 506 872 1899 92 287 499 1108 77 240 417 931 0 0 0 0 Portfolio Turnover <div style="margin-bottom:3pt;margin-top:3pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 42% of the average value of its portfolio.</span></div> 0.42 Principal Investment Strategies <div style="margin-bottom:3pt;margin-top:3pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Under normal market conditions, the portfolio managers will invest at least 80% of the fund’s net assets in small cap value companies. The portfolio managers consider small cap companies to include those with market capitalizations no larger than that of the largest company in the S&amp;P Small Cap 600</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> Index or the Russell 2000</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> Index. Though market capitalization will change from time to time, as of June 30, 2026, the market capitalizations of the largest companies in the S&amp;P Small Cap 600</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> Index and the Russell 2000</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> Index were $13.47 billion and $13.78 billion, respectively. The portfolio managers consider a company to be a value company if it meets any of the following criteria:</span></div><div style="margin-bottom:3pt;margin-top:3pt;padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">it is included in an appropriate third-party value-oriented index;</span></div><div style="margin-bottom:3pt;margin-top:3pt;padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">its price-to-book ratio, price-to-cash flow ratio, price-to-earnings ratio, or enterprise value to EBITDA ratio is less than the median of a broad-based securities market index;</span></div><div style="margin-bottom:3pt;margin-top:3pt;padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">its book-to-market ratio is greater than the median of a broad-based securities market index; or</span></div><div style="margin-bottom:3pt;margin-top:3pt;padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">it pays a dividend.</span></div><div style="margin-bottom:3pt;margin-top:3pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">In selecting stocks for the fund, the portfolio managers look for equity securities of smaller companies whose stock price may not reflect the company’s value. The managers attempt to purchase the stocks of these undervalued companies and hold each stock until the price has increased to, or is higher than, a level the managers believe more accurately reflects the fair value of the company.</span></div><div style="margin-bottom:3pt;margin-top:3pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The fund may invest in equity securities issued by real estate investment trusts (REITs).</span></div><div style="margin-bottom:3pt;margin-top:3pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The portfolio managers may sell stocks from the fund’s portfolio if they believe a stock no longer meets their valuation criteria, a stock’s risk parameters outweigh its return opportunity, more attractive alternatives are identified or specific events alter a stock’s prospects.</span></div><div style="margin-bottom:3pt;margin-top:3pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The fund may engage in active and frequent trading of portfolio securities to achieve its principal investment strategies. This may cause higher transaction costs and may affect performance. It may also result in the realization and distribution of capital gains.</span></div> Under normal market conditions, the portfolio managers will invest at least 80% of the fund’s net assets in small cap value companies. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Small Cap Stocks</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Risks </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">— The smaller companies in which the fund invests may be more volatile and subject to greater risk than larger companies. Smaller companies may have limited financial resources, product lines and markets, and their securities may trade less frequently and in more limited volumes than the securities of larger companies, which could lead to higher transaction costs.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Style Risk</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> — If the market does not consider the individual stocks purchased by the fund to be undervalued, the value of the fund’s shares may decline, even if stock prices generally are rising.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">REITs Risk</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> — Investments in REITs are subject to credit risk and interest rate risk with respect to the loans made by the REITs in which the fund invests. Credit risk is the risk that the borrower will not be able to make interest and principal payments on the loan to the REIT when they are due. Interest rate risk is the risk that a change in the prevailing interest rate will cause the value of the loan portfolio held by the REIT to rise or fall.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Redemption Risk</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">— The fund may need to sell securities at times it would not otherwise do so in order to meet shareholder redemption requests. Selling securities to meet such redemptions may cause the fund to experience a loss, increase the fund’s transaction costs and/or have adverse tax consequences. Redemption activity can occur for many reasons, including shareholder reactions to market events or product changes. To the extent that a large shareholder (including the advisor, another account advised by the advisor, a fund of funds or 529 college savings plan) invests in the fund, the fund may experience relatively large redemptions as such shareholder reallocates its assets.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Market Risk</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> — The value of the fund’s shares will go up and down based on the performance of the companies whose securities it owns 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 </span><div style="margin-bottom:3pt;margin-top:3pt;padding-left:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.</span></div> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Price Volatility Risk</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> — The value of the fund’s shares may fluctuate significantly in the short term.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Principal Loss Risk</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> — At any given time your shares may be worth less than the price you paid for them. In other words, it is possible to lose money by investing in the fund.</span> <div style="margin-bottom:3pt;margin-top:3pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">An investment in the fund is not a bank deposit, and it is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency.</span></div> Fund Performance <div style="margin-bottom:3pt;margin-top:3pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The following bar chart and table provide some indication of the risks of investing in the fund. The bar chart shows changes in the fund’s performance from year to year for Investor Class shares. The table shows how the fund’s average annual returns for the periods shown compared with those of a broad measure of market performance. The table also shows returns for the Russell 2000</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> Value Index, which the advisor considers to be more representative of the fund’s investment strategy. The fund’s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. For current performance information, please visit americancentury.com.</span></div><div style="margin-bottom:3pt;margin-top:3pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Sales charges and account fees, if applicable, are not reflected in the bar chart. If those charges were included, returns would be less than those shown.</span></div> The following bar chart and table provide some indication of the risks of investing in the fund. The bar chart shows changes in the fund’s performance from year to year for Investor Class shares. The table shows how the fund’s average annual returns for the periods shown compared with those of a broad measure of market performance. The table also shows returns for the Russell 2000® Value Index, which the advisor considers to be more representative of the fund’s investment strategy. The fund’s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. americancentury.com Sales charges and account fees, if applicable, are not reflected in the bar chart. If those charges were included, returns would be less than those shown. Calendar Year Total Returns <div style="margin-bottom:3pt;margin-top:3pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Highest Performance Quarter (4Q 2020): 32.87% Lowest Performance Quarter (1Q 2020): -34.59% </span></div><div style="margin-bottom:3pt;margin-top:3pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">As of June 30, 2026, the most recent calendar quarter end, the fund’s Investor Class year-to-date return was 20.02%.</span></div> Highest Performance Quarter 2020-12-31 0.3287 Lowest Performance Quarter 2020-03-31 -0.3459 2026-06-30 Investor Class year-to-date return 0.2002 Average Annual Total ReturnsFor the calendar year ended December 31, 2025 Investor Class Return Before Taxes -0.0327 0.0704 0.0894 1998-07-31 Return After Taxes on Distributions -0.0609 0.0534 0.0692 1998-07-31 Return After Taxes on Distributions and Sale of Fund Shares 0.0013 0.0535 0.0669 1998-07-31 I Class Return Before Taxes -0.0314 0.0723 0.0916 1998-10-26 Y Class1 Return Before Taxes -0.0299 0.0740 0.0932 2017-04-10 A Class Return Before Taxes -0.0911 0.0552 0.0803 1999-12-31 C Class2 Return Before Taxes -0.0434 0.0595 0.0802 2010-03-01 R Class Return Before Taxes -0.0374 0.0649 0.0840 2010-03-01 R5 Class3 Return Before Taxes -0.0314 0.0722 0.0916 2017-04-10 R6 Class Return Before Taxes -0.0298 0.0741 0.0933 2013-07-26 Average Annual Total ReturnsFor the calendar year ended December 31, 2025 G Class Return Before Taxes -0.0226 0.0818 0.0979 2019-04-01 Russell 3000® Index   (reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) 0.1715 0.1315 0.1429 Russell 2000® Value Index   (reflects no deduction for fees, expenses or taxes) 0.1259 0.0888 0.0927 <div style="margin-bottom:3pt;margin-top:10pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The after-tax returns are shown only for Investor Class shares. After-tax returns for other share classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as 401(k) plans or IRAs.</span></div> The after-tax returns are shown only for Investor Class shares. After-tax returns for other share classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as 401(k) plans or IRAs. Value Fund Investment Objective The fund seeks long-term capital growth. Income is a secondary objective. Fees and Expenses <span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. You may qualify for A Class sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in American Century Investments funds. More information about these and other discounts is available from your financial professional and in </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Calculation of Sales Charges</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> on page 14 of the fund’s prospectus, </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Appendix A</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> of the fund’s prospectus and </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Sales Charges</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> in </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Appendix B</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> of the statement of additional information.</span> You may qualify for A Class sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in American Century Investments funds. 50000 Shareholder Fees (fees paid directly from your investment) 0 0 0 0.0575 0 0 0 0 0 0 0 0 0.0100 0 0 0 25 0 0 0 0 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0098 0.0078 0.0063 0.0098 0.0098 0.0098 0.0078 0.0063 0 0 0 0.0025 0.0100 0.0050 0 0 0.0001 0.0001 0.0001 0.0001 0.0001 0.0001 0.0001 0.0001 0.0099 0.0079 0.0064 0.0124 0.0199 0.0149 0.0079 0.0064 -0.0005 -0.0005 -0.0005 -0.0005 -0.0005 -0.0005 -0.0005 -0.0005 0.0094 0.0074 0.0059 0.0119 0.0194 0.0144 0.0074 0.0059 <span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Purchases of $1 million or more may be subject to a contingent deferred sales charge of 1.00% if the shares are redeemed within one year of the date of the purchase.</span> July 31, 2027 Example The example below is intended to help you compare the costs of investing in the fund with the costs of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods (unless otherwise indicated), that you earn a 5% return each year, and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 96 311 543 1208 76 248 434 974 60 200 352 794 690 942 1213 1984 197 621 1069 2117 147 467 809 1774 76 248 434 974 60 200 352 794 Portfolio Turnover <div style="margin-bottom:3pt;margin-top:3pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 55% of the average value of its portfolio.</span></div> 0.55 Principal Investment Strategies <div style="margin-bottom:3pt;margin-top:3pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">In selecting stocks for the fund, the portfolio managers look for companies of all sizes whose stock price may not reflect the company’s value. The managers attempt to purchase the stocks of these undervalued companies and hold each stock until the price has increased to, or is higher than, a level the managers believe more accurately reflects the fair value of the company. The portfolio managers use a variety of analytical research tools and techniques to help them make decisions about buying or holding securities of companies that meet their investment criteria and selling the securities of companies that do not. </span></div><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">Under normal market conditions, the portfolio managers will invest at least 80% of the fund’s net assets in securities of value companies. For purposes of this test, the portfolio managers consider a company to be a value company if it meets any of the following criteria:</span></div><div style="margin-bottom:3pt;margin-top:3pt;padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">it is included in an appropriate third-party value-oriented index;</span></div><div style="margin-bottom:3pt;margin-top:3pt;padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">its price-to-book ratio, price-to-cash flow ratio, price-to-earnings ratio, or enterprise value to EBITDA ratio is less than the median of a broad-based securities market index;</span></div><div style="margin-bottom:3pt;margin-top:3pt;padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">its book-to-market ratio is greater than the median of a broad-based securities market index; or</span></div><div style="margin-bottom:3pt;margin-top:3pt;padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">it pays a dividend.</span></div><div style="margin-bottom:3pt;margin-top:3pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The fund may invest a portion of its assets in foreign securities when these securities meet the portfolio managers’ standards of selection.</span></div><div style="margin-bottom:3pt;margin-top:3pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The portfolio managers may sell stocks from the fund’s portfolio if they believe a stock no longer meets their valuation criteria, a stock’s risk parameters outweigh its return opportunity, more attractive alternatives are identified or specific events alter a stock’s prospects.</span></div> Under normal market conditions, the portfolio managers will invest at least 80% of the fund’s net assets in securities of value companies. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Multi-Cap Investing</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Risk</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> — The fund is a multi-capitalization fund that invests in companies of all sizes. The small and medium-sized companies in which the fund invests may be more volatile and subject to greater risk than larger companies.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Style Risk</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> — If the market does not consider the individual stocks purchased by the fund to be undervalued, the value of the fund’s shares may decline, even if stock prices generally are rising.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Foreign Securities Risk</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> — The fund may invest in foreign securities, which can be riskier than investing in U.S. securities. Securities of foreign issuers may be less liquid, more volatile and harder to value than U.S. stocks.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Redemption Risk</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">— The fund may need to sell securities at times it would not otherwise do so in order to meet shareholder redemption requests. Selling securities to meet such redemptions may cause the fund to experience a loss, increase the fund’s transaction costs and/or have adverse tax consequences. Redemption activity can occur for many reasons, including shareholder reactions to market events or product changes. To the extent that a large shareholder (including the advisor, another account advised by the advisor, a fund of funds or 529 college savings plan) invests in the fund, the fund may experience relatively large redemptions as such shareholder reallocates its assets.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Market Risk</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> — The value of the fund’s shares will go up and down based on the performance of the companies whose securities it owns 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.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Price Volatility Risk</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> — The value of the fund’s shares may fluctuate significantly in the short term.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Principal Loss Risk</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> — At any given time your shares may be worth less than the price you paid for them. In other words, it is possible to lose money by investing in the fund.</span> <div style="margin-bottom:3pt;margin-top:3pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">An investment in the fund is not a bank deposit, and it is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency.</span></div> Fund Performance <div style="margin-bottom:3pt;margin-top:3pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The following bar chart and table provide some indication of the risks of investing in the fund. The bar chart shows changes in the fund’s performance from year to year for Investor Class shares. The table shows how the fund’s average annual returns for the periods shown compared with those of a broad measure of market performance. The table also shows returns for the Russell 1000</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> Value Index, which the advisor considers to be more representative of the fund’s investment strategy. The fund’s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. For current performance information, please visit americancentury.com.</span></div><div style="margin-bottom:3pt;margin-top:3pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Sales charges and account fees, if applicable, are not reflected in the bar chart. If those charges were included, returns would be less than those shown.</span></div> The following bar chart and table provide some indication of the risks of investing in the fund. The bar chart shows changes in the fund’s performance from year to year for Investor Class shares. The table shows how the fund’s average annual returns for the periods shown compared with those of a broad measure of market performance. The table also shows returns for the Russell 1000® Value Index, which the advisor considers to be more representative of the fund’s investment strategy. The fund’s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. americancentury.com Sales charges and account fees, if applicable, are not reflected in the bar chart. If those charges were included, returns would be less than those shown. Calendar Year Total Returns <div style="margin-bottom:3pt;margin-top:3pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Highest Performance Quarter (4Q 2020): 20.87% Lowest Performance Quarter (1Q 2020): -29.62% </span></div><div style="margin-bottom:3pt;margin-top:3pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">As of June 30, 2026, the most recent calendar quarter end, the fund’s Investor Class year-to-date return was 11.58%.</span></div> Highest Performance Quarter 2020-12-31 0.2087 Lowest Performance Quarter 2020-03-31 -0.2962 2026-06-30 Investor Class year-to-date return 0.1158 Average Annual Total ReturnsFor the calendar year ended December 31, 2025 Investor Class Return Before Taxes 0.1579 0.1132 0.0994 1993-09-01 Return After Taxes on Distributions 0.1321 0.0843 0.0766 1993-09-01 Return After Taxes on Distributions and Sale of Fund Shares 0.1114 0.0847 0.0757 1993-09-01 I Class Return Before Taxes 0.1596 0.1153 0.1015 1997-07-31 Y Class1 Return Before Taxes 0.1613 0.1170 0.1031 2017-04-10 A Class Return Before Taxes 0.0875 0.0972 0.0901 1996-10-02 C Class2 Return Before Taxes 0.1454 0.1021 0.0901 2001-06-04 R Class Return Before Taxes 0.1508 0.1074 0.0939 2005-07-29 R5 Class3 Return Before Taxes 0.1598 0.1154 0.1014 2017-04-10 R6 Class Return Before Taxes 0.1613 0.1170 0.1031 2013-07-26 Russell 1000® Index     (reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) 0.1737 0.1359 0.1459 Russell 1000® Value Index   (reflects no deduction for fees, expenses or taxes) 0.1591 0.1133 0.1053 <div style="margin-bottom:3pt;margin-top:10pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The after-tax returns are shown only for Investor Class shares. After-tax returns for other share classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as 401(k) plans or IRAs.</span></div> The after-tax returns are shown only for Investor Class shares. After-tax returns for other share classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as 401(k) plans or IRAs. Purchases of $1 million or more may be subject to a contingent deferred sales charge of 1.00% if the shares are redeemed within one year of the date of the purchase. The advisor has agreed to waive the G Class’s management fee in its entirety. The advisor expects this waiver to remain in effect permanently and cannot terminate it without the approval of the Board of Directors. Historical performance for the Y Class prior to its inception is based on the performance of R6 Class shares, which have the same expenses as the Y Class shares. Since inception performance for the Y Class is based on the R6 Class inception date. C Class shares automatically convert to A Class shares after approximately eight years. All returns for periods greater than eight years reflect this conversion. Historical performance for the R5 Class prior to its inception is based on the performance of I Class shares, which have the same expenses as the R5 Class shares. Purchases of $1 million or more may be subject to a contingent deferred sales charge of 1.00% if the shares are redeemed within one year of the date of the purchase. The advisor has agreed to waive the G Class’s management fee in its entirety. The advisor expects this waiver to remain in effect permanently and cannot terminate it without the approval of the Board of Directors. C Class shares automatically convert to A Class shares after approximately eight years. All returns for periods greater than eight years reflect this conversion. Historical performance for the R5 Class prior to its inception is based on the performance of I Class shares, which have the same expenses as the R5 Class shares. Purchases of $1 million or more may be subject to a contingent deferred sales charge of 1.00% if the shares are redeemed within one year of the date of the purchase. The advisor has agreed to waive the G Class’s management fee in its entirety. The advisor expects this waiver to remain in effect permanently and cannot terminate it without the approval of the Board of Directors. Historical performance for the Y Class prior to its inception is based on the performance of R6 Class shares, which have the same expenses as the Y Class shares. Since inception performance for the Y Class is based on the R6 Class inception date. C Class shares automatically convert to A Class shares after approximately eight years. All returns for periods greater than eight years reflect this conversion. Historical performance for the R5 Class prior to its inception is based on the performance of I Class shares, which have the same expenses as the R5 Class shares Purchases of $1 million or more may be subject to a contingent deferred sales charge of 1.00% if the shares are redeemed within one year of the date of the purchase. The advisor has agreed to waive the G Class’s management fee in its entirety. The advisor expects this waiver to remain in effect permanently and cannot terminate it without the approval of the Board of Directors. Purchases of $1 million or more may be subject to a contingent deferred sales charge of 1.00% if the shares are redeemed within one year of the date of the purchase. The advisor has agreed to waive the G Class’s management fee in its entirety. The advisor expects this waiver to remain in effect permanently and cannot terminate it without the approval of the Board of Directors. Historical performance for the Y Class prior to its inception is based on the performance of the R6 Class shares, which have the same expenses as the Y Class shares. Since inception performance for the Y Class is based on the R6 Class inception date. C Class shares automatically convert to A Class shares after approximately eight years. All returns for periods greater than eight years reflect this conversion.  Historical performance for the R5 Class prior to its inception is based on the performance of I Class shares, which have the same expenses as the R5 Class shares. Purchases of $1 million or more may be subject to a contingent deferred sales charge of 1.00% if the shares are redeemed within one year of the date of the purchase. The advisor has agreed to waive a portion of the fund’s management fee such that the management fee does not exceed 0.931% for Investor, A, C and R Classes, 0.731% for I and R5 Classes, and 0.581% for Y and R6 Classes. The advisor expects this waiver arrangement to continue until July 31, 2027 and cannot terminate it prior to such date without the approval of the Board of Directors. Historical performance for the Y Class prior to its inception is based on the performance of the R6 Class shares, which have the same expenses as the Y Class shares. Since inception performance for the Y Class is based on the R6 Class inception date. C Class shares automatically convert to A Class shares after approximately eight years. All returns for periods greater than eight years reflect this conversion. Historical performance for the R5 Class prior to its inception is based on the performance of I Class shares, which have the same expenses as the R5 Class shares.