American Century Investments®
Quarterly Portfolio Holdings
Heritage Fund
July 31, 2023
| Heritage Fund - Schedule of Investments | ||
| JULY 31, 2023 (UNAUDITED) | ||
Shares/ Principal Amount ($) | Value ($) | |||||||
| COMMON STOCKS — 97.8% | ||||||||
| Aerospace and Defense — 3.7% | ||||||||
CAE, Inc.(1) | 1,540,208 | 35,192,406 | ||||||
| Curtiss-Wright Corp. | 530,625 | 101,540,400 | ||||||
| HEICO Corp. | 413,962 | 72,849,033 | ||||||
| 209,581,839 | ||||||||
| Automobile Components — 2.5% | ||||||||
Aptiv PLC(1) | 913,134 | 99,979,042 | ||||||
Mobileye Global, Inc., Class A(1) | 1,088,459 | 41,557,364 | ||||||
| 141,536,406 | ||||||||
| Beverages — 2.3% | ||||||||
Celsius Holdings, Inc.(1) | 870,075 | 125,899,852 | ||||||
| Biotechnology — 5.3% | ||||||||
Amicus Therapeutics, Inc.(1) | 3,457,288 | 47,088,263 | ||||||
BioMarin Pharmaceutical, Inc.(1) | 446,165 | 39,231,288 | ||||||
Cytokinetics, Inc.(1) | 1,535,499 | 51,208,892 | ||||||
Neurocrine Biosciences, Inc.(1) | 841,516 | 85,742,065 | ||||||
Sarepta Therapeutics, Inc.(1) | 516,559 | 55,989,830 | ||||||
Viking Therapeutics, Inc.(1) | 1,194,918 | 17,326,311 | ||||||
| 296,586,649 | ||||||||
| Broadline Retail — 0.2% | ||||||||
Etsy, Inc.(1) | 128,209 | 13,032,445 | ||||||
| Building Products — 1.5% | ||||||||
| Trane Technologies PLC | 429,972 | 85,753,616 | ||||||
| Capital Markets — 5.6% | ||||||||
| Ares Management Corp., Class A | 944,152 | 93,678,761 | ||||||
| LPL Financial Holdings, Inc. | 436,102 | 100,024,355 | ||||||
| MSCI, Inc. | 223,572 | 122,535,342 | ||||||
| 316,238,458 | ||||||||
| Chemicals — 2.4% | ||||||||
| Avient Corp. | 1,540,294 | 62,428,116 | ||||||
| Element Solutions, Inc. | 3,549,329 | 74,393,936 | ||||||
| 136,822,052 | ||||||||
| Commercial Services and Supplies — 1.8% | ||||||||
| Republic Services, Inc. | 668,076 | 100,952,964 | ||||||
| Communications Equipment — 0.7% | ||||||||
Arista Networks, Inc.(1) | 266,967 | 41,403,912 | ||||||
| Containers and Packaging — 1.2% | ||||||||
| Avery Dennison Corp. | 372,626 | 68,566,910 | ||||||
| Electrical Equipment — 4.2% | ||||||||
| AMETEK, Inc. | 634,580 | 100,644,388 | ||||||
Plug Power, Inc.(1)(2) | 769,687 | 10,098,293 | ||||||
| Regal Rexnord Corp. | 583,454 | 91,123,846 | ||||||
| Vertiv Holdings Co., Class A | 1,371,930 | 35,683,899 | ||||||
| 237,550,426 | ||||||||
| Electronic Equipment, Instruments and Components — 2.7% | ||||||||
| Cognex Corp. | 1,295,862 | 70,779,983 | ||||||
Keysight Technologies, Inc.(1) | 497,355 | 80,113,943 | ||||||
| 150,893,926 | ||||||||
| Entertainment — 2.8% | ||||||||
Spotify Technology SA(1) | 619,275 | 92,525,878 | ||||||
Take-Two Interactive Software, Inc.(1) | 416,970 | 63,771,392 | ||||||
| 156,297,270 | ||||||||
| Financial Services — 0.9% | ||||||||
Adyen NV(1) | 28,099 | 52,152,156 | ||||||
| Food Products — 2.8% | ||||||||
| Hershey Co. | 678,195 | 156,873,285 | ||||||
| Ground Transportation — 1.3% | ||||||||
| Norfolk Southern Corp. | 317,869 | 74,251,020 | ||||||
| Health Care Equipment and Supplies — 4.6% | ||||||||
DexCom, Inc.(1) | 1,054,358 | 131,330,833 | ||||||
| GE HealthCare Technologies, Inc. | 505,303 | 39,413,634 | ||||||
Glaukos Corp.(1) | 603,759 | 46,573,969 | ||||||
Lantheus Holdings, Inc.(1) | 441,603 | 38,194,243 | ||||||
| 255,512,679 | ||||||||
| Health Care Providers and Services — 0.5% | ||||||||
R1 RCM, Inc.(1) | 1,543,828 | 26,677,348 | ||||||
| Hotels, Restaurants and Leisure — 6.0% | ||||||||
Airbnb, Inc., Class A(1) | 929,629 | 141,480,237 | ||||||
Chipotle Mexican Grill, Inc.(1) | 20,349 | 39,930,436 | ||||||
| Hilton Worldwide Holdings, Inc. | 985,194 | 153,187,815 | ||||||
| 334,598,488 | ||||||||
| Insurance — 1.1% | ||||||||
Ryan Specialty Holdings, Inc., Class A(1) | 1,447,962 | 62,754,673 | ||||||
| Interactive Media and Services — 1.0% | ||||||||
Match Group, Inc.(1) | 1,170,244 | 54,428,048 | ||||||
| IT Services — 1.3% | ||||||||
Cloudflare, Inc., Class A(1) | 1,066,610 | 73,350,770 | ||||||
| Life Sciences Tools and Services — 8.3% | ||||||||
| Agilent Technologies, Inc. | 790,053 | 96,204,754 | ||||||
Avantor, Inc.(1) | 1,405,093 | 28,902,763 | ||||||
| Bio-Techne Corp. | 1,032,880 | 86,142,192 | ||||||
IQVIA Holdings, Inc.(1) | 568,520 | 127,212,035 | ||||||
Mettler-Toledo International, Inc.(1) | 103,059 | 129,593,601 | ||||||
| 468,055,345 | ||||||||
| Machinery — 2.0% | ||||||||
| Graco, Inc. | 581,922 | 46,163,872 | ||||||
| Parker-Hannifin Corp. | 166,552 | 68,287,986 | ||||||
| 114,451,858 | ||||||||
| Media — 2.2% | ||||||||
Trade Desk, Inc., Class A(1) | 1,327,645 | 121,160,883 | ||||||
| Metals and Mining — 0.3% | ||||||||
Capstone Copper Corp.(1) | 3,133,774 | 16,374,097 | ||||||
| Oil, Gas and Consumable Fuels — 3.6% | ||||||||
| Excelerate Energy, Inc., Class A | 910,314 | 19,316,863 | ||||||
| Hess Corp. | 1,197,801 | 181,742,346 | ||||||
| 201,059,209 | ||||||||
| Professional Services — 3.8% | ||||||||
| Jacobs Solutions, Inc. | 733,077 | 91,935,187 | ||||||
| Paycom Software, Inc. | 161,286 | 59,475,825 | ||||||
| Verisk Analytics, Inc. | 278,354 | 63,726,365 | ||||||
| 215,137,377 | ||||||||
| Semiconductors and Semiconductor Equipment — 5.7% | ||||||||
Enphase Energy, Inc.(1) | 463,779 | 70,415,566 | ||||||
| Marvell Technology, Inc. | 823,285 | 53,620,552 | ||||||
| Monolithic Power Systems, Inc. | 143,291 | 80,169,882 | ||||||
| Teradyne, Inc. | 1,005,643 | 113,577,320 | ||||||
| 317,783,320 | ||||||||
| Software — 11.4% | ||||||||
Cadence Design Systems, Inc.(1) | 407,721 | 95,410,791 | ||||||
Datadog, Inc., Class A(1) | 815,067 | 95,134,620 | ||||||
DocuSign, Inc.(1) | 1,085,716 | 58,433,235 | ||||||
HubSpot, Inc.(1) | 232,639 | 135,058,572 | ||||||
Manhattan Associates, Inc.(1) | 494,186 | 94,201,735 | ||||||
Palantir Technologies, Inc., Class A(1) | 3,846,295 | 76,310,493 | ||||||
Palo Alto Networks, Inc.(1) | 341,337 | 85,320,597 | ||||||
| 639,870,043 | ||||||||
| Specialty Retail — 2.3% | ||||||||
Burlington Stores, Inc.(1) | 401,837 | 71,374,288 | ||||||
Chewy, Inc., Class A(1) | 769,770 | 26,095,203 | ||||||
Five Below, Inc.(1) | 160,607 | 33,460,862 | ||||||
| 130,930,353 | ||||||||
| Textiles, Apparel and Luxury Goods — 1.8% | ||||||||
lululemon athletica, Inc.(1) | 83,904 | 31,760,181 | ||||||
On Holding AG, Class A(1) | 1,859,293 | 66,934,548 | ||||||
| 98,694,729 | ||||||||
TOTAL COMMON STOCKS (Cost $4,338,223,637) | 5,495,232,406 | |||||||
| SHORT-TERM INVESTMENTS — 2.3% | ||||||||
Discount Notes(3) — 0.5% | ||||||||
| Federal Home Loan Bank Discount Notes, 5.34%, 8/1/23 | 31,471,000 | 31,471,000 | ||||||
Money Market Funds† | ||||||||
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 140,722 | 140,722 | ||||||
| Repurchase Agreements — 1.8% | ||||||||
| BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 1.875% - 4.50%, 8/15/39 - 2/15/51, valued at $18,393,707), in a joint trading account at 5.27%, dated 7/31/23, due 8/1/23 (Delivery value $18,003,626) | 18,000,991 | |||||||
| Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 2.75%, 8/15/32, valued at $83,501,355), at 5.28%, dated 7/31/23, due 8/1/23 (Delivery value $81,876,007) | 81,864,000 | |||||||
| 99,864,991 | ||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $131,476,713) | 131,476,713 | |||||||
TOTAL INVESTMENT SECURITIES — 100.1% (Cost $4,469,700,350) | 5,626,709,119 | |||||||
| OTHER ASSETS AND LIABILITIES — (0.1)% | (4,608,242) | |||||||
| TOTAL NET ASSETS — 100.0% | $ | 5,622,100,877 | ||||||
| FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS | ||||||||||||||||||||
| Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) | ||||||||||||||||
| CAD | 1,786,469 | USD | 1,347,135 | Goldman Sachs & Co. | 9/29/23 | $ | 8,695 | |||||||||||||
| USD | 40,807,696 | CAD | 53,654,571 | Goldman Sachs & Co. | 9/29/23 | 86,888 | ||||||||||||||
| USD | 1,041,614 | CAD | 1,381,011 | Goldman Sachs & Co. | 9/29/23 | (6,495) | ||||||||||||||
| USD | 1,274,442 | CAD | 1,685,953 | Goldman Sachs & Co. | 9/29/23 | (5,102) | ||||||||||||||
| USD | 1,444,298 | CAD | 1,902,782 | Goldman Sachs & Co. | 9/29/23 | 192 | ||||||||||||||
| USD | 1,279,000 | CAD | 1,689,837 | Goldman Sachs & Co. | 9/29/23 | (3,491) | ||||||||||||||
| USD | 1,022,166 | CAD | 1,347,547 | Goldman Sachs & Co. | 9/29/23 | (547) | ||||||||||||||
| EUR | 1,613,445 | USD | 1,777,258 | Bank of America N.A. | 9/29/23 | 1,754 | ||||||||||||||
| EUR | 1,714,601 | USD | 1,872,795 | JPMorgan Chase Bank N.A. | 9/29/23 | 17,754 | ||||||||||||||
| USD | 7,277,613 | EUR | 6,641,188 | Bank of America N.A. | 9/29/23 | (45,076) | ||||||||||||||
| USD | 8,994,233 | EUR | 8,197,614 | Bank of America N.A. | 9/29/23 | (44,597) | ||||||||||||||
| USD | 17,444,132 | EUR | 15,913,856 | JPMorgan Chase Bank N.A. | 9/29/23 | (102,760) | ||||||||||||||
| USD | 1,590,268 | EUR | 1,456,652 | JPMorgan Chase Bank N.A. | 9/29/23 | (15,862) | ||||||||||||||
| USD | 1,518,513 | EUR | 1,350,438 | JPMorgan Chase Bank N.A. | 9/29/23 | 29,497 | ||||||||||||||
| USD | 1,368,473 | EUR | 1,213,877 | JPMorgan Chase Bank N.A. | 9/29/23 | 30,031 | ||||||||||||||
| USD | 2,969,340 | EUR | 2,690,760 | JPMorgan Chase Bank N.A. | 9/29/23 | 2,461 | ||||||||||||||
| USD | 8,994,898 | EUR | 8,197,614 | Morgan Stanley | 9/29/23 | (43,933) | ||||||||||||||
| $ | (90,591) | |||||||||||||||||||
| NOTES TO SCHEDULE OF INVESTMENTS | ||||||||
| CAD | – | Canadian Dollar | ||||||
| EUR | – | Euro | ||||||
| USD | – | United States Dollar | ||||||
†Category is less than 0.05% of total net assets.
(1)Non-income producing.
(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $713,387. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers. At the period end, the aggregate value of the collateral held by the fund was $659,049, all of which is securities collateral.
(3)The rate indicated is the yield to maturity at purchase for non-interest bearing securities. For interest bearing securities, the stated coupon rate is shown.
SUPPLEMENTARY NOTES TO SCHEDULE OF INVESTMENTS
1. Investment Valuations
The fund determines the fair value of its investments and computes its net asset value (NAV) per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. The value of investments of the fund is determined by American Century Investment Management, Inc. (ACIM) (the investment advisor), as the valuation designee, pursuant to its valuation policies and procedures. The Board of Directors oversees the valuation designee and reviews its valuation policies and procedures at least annually.
Equity securities that are listed or traded on a domestic securities exchange are valued at the last reported sales price or at the official closing price as provided by the exchange. Equity securities traded on foreign securities exchanges are generally valued at the closing price of such securities on the exchange where primarily traded or at the close of the NYSE, if that is earlier. If no last sales price is reported, or if local convention or regulation so provides, the mean of the latest bid and asked prices may be used. Securities traded over-the-counter are valued at the mean of the latest bid and asked prices, the last sales price, or the official closing price. Equity securities initially expressed in local currencies are translated into U.S. dollars at the mean of the appropriate currency exchange rate at the close of the NYSE as provided by an independent pricing service.
Fixed income securities are valued at the evaluated mean as provided by independent pricing services or at the mean of the most recent bid and asked prices as provided by investment dealers. U.S. Treasury and Government Agency securities are valued using market models that consider trade data, quotations from dealers and active market makers, relevant yield curve and spread data, creditworthiness, trade data or market information on comparable securities, and other relevant security specific information.
Open-end management investment companies are valued at the reported NAV per share. Repurchase agreements are valued at cost, which approximates fair value. Forward foreign currency exchange contracts are valued at the mean of the appropriate forward exchange rate at the close of the NYSE as provided by an independent pricing service.
If the valuation designee determines that the market price for a portfolio security is not readily available or is believed by the valuation designee to be unreliable, such security is valued at fair value as determined in good faith by the valuation designee, in accordance with its policies and procedures. Circumstances that may cause the fund to determine that market quotations are not available or reliable include, but are not limited to: when there is a significant event subsequent to the market quotation; trading in a security has been halted during the trading day; or trading in a security is insufficient or did not take place due to a closure or holiday.
The valuation designee monitors for significant events occurring after the close of an investment’s primary exchange but before the fund’s NAV per share is determined. Significant events may include, but are not limited to: corporate announcements and transactions; regulatory news, governmental action and political unrest that could impact a specific investment or an investment sector; or armed conflicts, natural disasters and similar events that could affect investments in a specific country or region. The valuation designee also monitors for significant fluctuations between domestic and foreign markets, as evidenced by the U.S. market or such other indicators that it deems appropriate. The valuation designee may apply a model-derived factor to the closing price of equity securities traded on foreign securities exchanges. The factor is based on observable market data as provided by an independent pricing service.
2. Fair Value Measurements
The fund's investments valuation process is based on several considerations and may use multiple inputs to determine the fair value of the investments held by the fund. In conformity with accounting principles generally accepted in the United States of America, the inputs used to determine a valuation are classified into three broad levels.
•Level 1 valuation inputs consist of unadjusted quoted prices in an active market for identical investments.
•Level 2 valuation inputs consist of direct or indirect observable market data (including quoted prices for comparable investments, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.). These inputs also consist of quoted prices for identical investments initially expressed in local currencies that are adjusted through translation into U.S. dollars.
•Level 3 valuation inputs consist of unobservable data (including a fund’s own assumptions).
The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not necessarily an indication of the risks associated with investing in these securities or other financial instruments.
The following is a summary of the level classifications as of period end. The Schedule of Investments provides additional information on the fund's portfolio holdings.
| Level 1 | Level 2 | Level 3 | |||||||||
| Assets | |||||||||||
| Investment Securities | |||||||||||
| Common Stocks | $ | 5,391,513,747 | $ | 103,718,659 | — | ||||||
| Short-Term Investments | 140,722 | 131,335,991 | — | ||||||||
| $ | 5,391,654,469 | $ | 235,054,650 | — | |||||||
| Other Financial Instruments | |||||||||||
| Forward Foreign Currency Exchange Contracts | — | $ | 177,272 | — | |||||||
| Liabilities | |||||||||||
| Other Financial Instruments | |||||||||||
| Forward Foreign Currency Exchange Contracts | — | $ | 267,863 | — | |||||||
This schedule of investments provides information about the fund’s portfolio holdings as of the date on the schedule. It is unaudited, and American Century Investments assumes no obligation to update or supplement the schedule to reflect subsequent changes. More information is available in the fund’s most recent annual or semiannual shareholder report.