American Century Investments®
Quarterly Portfolio Holdings
Small Cap Growth Fund
July 31, 2023
| Small Cap Growth Fund - Schedule of Investments | ||
| JULY 31, 2023 (UNAUDITED) | ||
| Shares | Value ($) | |||||||
| COMMON STOCKS — 97.6% | ||||||||
| Aerospace and Defense — 1.5% | ||||||||
CAE, Inc.(1) | 995,285 | 22,741,392 | ||||||
Mercury Systems, Inc.(1) | 447,978 | 17,014,205 | ||||||
| 39,755,597 | ||||||||
| Air Freight and Logistics — 1.3% | ||||||||
Cargojet, Inc.(2) | 266,152 | 19,564,034 | ||||||
GXO Logistics, Inc.(1) | 245,223 | 16,447,107 | ||||||
| 36,011,141 | ||||||||
| Automobile Components — 1.4% | ||||||||
Fox Factory Holding Corp.(1) | 231,833 | 25,942,113 | ||||||
Gentherm, Inc.(1) | 210,691 | 12,593,001 | ||||||
| 38,535,114 | ||||||||
| Banks — 0.4% | ||||||||
| Commerce Bancshares, Inc. | 220,654 | 11,734,380 | ||||||
| Beverages — 1.9% | ||||||||
Duckhorn Portfolio, Inc.(1) | 1,489,460 | 18,737,407 | ||||||
| MGP Ingredients, Inc. | 278,887 | 31,795,907 | ||||||
| 50,533,314 | ||||||||
| Biotechnology — 8.0% | ||||||||
ADMA Biologics, Inc.(1) | 1,490,427 | 6,185,272 | ||||||
Alkermes PLC(1) | 573,904 | 16,803,909 | ||||||
Arcus Biosciences, Inc.(1) | 196,979 | 3,919,882 | ||||||
Arcutis Biotherapeutics, Inc.(1)(2) | 464,824 | 5,071,230 | ||||||
Biohaven Ltd.(1) | 380,310 | 7,560,563 | ||||||
Blueprint Medicines Corp.(1) | 219,296 | 14,473,536 | ||||||
Bridgebio Pharma, Inc.(1) | 220,282 | 7,712,073 | ||||||
Celldex Therapeutics, Inc.(1) | 146,095 | 5,165,919 | ||||||
Centessa Pharmaceuticals PLC, ADR(1)(2) | 638,508 | 5,044,213 | ||||||
Cerevel Therapeutics Holdings, Inc.(1)(2) | 282,656 | 8,646,447 | ||||||
Cytokinetics, Inc.(1) | 428,951 | 14,305,516 | ||||||
Halozyme Therapeutics, Inc.(1) | 531,812 | 22,846,644 | ||||||
ImmunoGen, Inc.(1) | 642,642 | 11,451,880 | ||||||
Insmed, Inc.(1) | 545,771 | 12,056,081 | ||||||
Karuna Therapeutics, Inc.(1) | 36,579 | 7,307,387 | ||||||
Keros Therapeutics, Inc.(1) | 196,422 | 8,226,153 | ||||||
Kymera Therapeutics, Inc.(1) | 209,705 | 4,588,345 | ||||||
Madrigal Pharmaceuticals, Inc.(1) | 44,718 | 9,180,605 | ||||||
Mineralys Therapeutics, Inc.(1) | 383,719 | 5,421,950 | ||||||
Natera, Inc.(1) | 480,053 | 21,707,997 | ||||||
Relay Therapeutics, Inc.(1) | 299,647 | 3,775,552 | ||||||
Vaxcyte, Inc.(1) | 332,744 | 15,991,677 | ||||||
| 217,442,831 | ||||||||
| Broadline Retail — 1.1% | ||||||||
Ollie's Bargain Outlet Holdings, Inc.(1) | 340,396 | 24,808,061 | ||||||
Savers Value Village, Inc.(1) | 163,101 | 3,942,151 | ||||||
| 28,750,212 | ||||||||
| Building Products — 4.1% | ||||||||
AZEK Co., Inc.(1) | 1,096,829 | 34,221,065 | ||||||
Hayward Holdings, Inc.(1) | 2,250,754 | 30,070,073 | ||||||
JELD-WEN Holding, Inc.(1) | 1,743,700 | 31,055,297 | ||||||
Trex Co., Inc.(1) | 208,557 | 14,419,631 | ||||||
| 109,766,066 | ||||||||
| Capital Markets — 1.3% | ||||||||
| Evercore, Inc., Class A | 81,816 | 11,050,069 | ||||||
| Hamilton Lane, Inc., Class A | 276,845 | 24,481,403 | ||||||
| 35,531,472 | ||||||||
| Chemicals — 0.4% | ||||||||
Perimeter Solutions SA(1) | 2,057,339 | 11,438,805 | ||||||
| Commercial Services and Supplies — 3.1% | ||||||||
Clean Harbors, Inc.(1) | 157,309 | 26,154,194 | ||||||
Driven Brands Holdings, Inc.(1) | 1,292,178 | 33,428,645 | ||||||
| Healthcare Services Group, Inc. | 1,841,430 | 23,220,432 | ||||||
| 82,803,271 | ||||||||
| Communications Equipment — 0.6% | ||||||||
Ciena Corp.(1) | 355,211 | 14,989,904 | ||||||
| Construction and Engineering — 0.8% | ||||||||
Construction Partners, Inc., Class A(1) | 712,107 | 20,935,946 | ||||||
| Construction Materials — 1.4% | ||||||||
| Eagle Materials, Inc. | 114,775 | 21,161,067 | ||||||
Summit Materials, Inc., Class A(1) | 444,471 | 16,080,961 | ||||||
| 37,242,028 | ||||||||
| Consumer Staples Distribution & Retail — 1.2% | ||||||||
BJ's Wholesale Club Holdings, Inc.(1) | 192,367 | 12,755,856 | ||||||
Grocery Outlet Holding Corp.(1) | 609,769 | 20,396,773 | ||||||
| 33,152,629 | ||||||||
| Containers and Packaging — 1.2% | ||||||||
| AptarGroup, Inc. | 138,529 | 16,825,732 | ||||||
O-I Glass, Inc.(1) | 723,900 | 16,620,744 | ||||||
| 33,446,476 | ||||||||
| Diversified Consumer Services — 0.8% | ||||||||
European Wax Center, Inc., Class A(1) | 1,063,321 | 20,596,528 | ||||||
| Electric Utilities — 0.7% | ||||||||
| IDACORP, Inc. | 180,147 | 18,522,715 | ||||||
| Electrical Equipment — 0.7% | ||||||||
| Sensata Technologies Holding PLC | 479,279 | 20,249,538 | ||||||
| Electronic Equipment, Instruments and Components — 2.8% | ||||||||
Fabrinet(1) | 86,000 | 10,633,040 | ||||||
| Littelfuse, Inc. | 90,007 | 27,416,132 | ||||||
Mirion Technologies, Inc., Class A(1) | 1,262,224 | 9,529,791 | ||||||
| National Instruments Corp. | 477,638 | 28,180,642 | ||||||
| 75,759,605 | ||||||||
| Energy Equipment and Services — 4.0% | ||||||||
Expro Group Holdings NV(1) | 1,529,506 | 33,939,738 | ||||||
Transocean Ltd.(1) | 2,403,793 | 21,153,378 | ||||||
Weatherford International PLC(1) | 648,255 | 53,869,991 | ||||||
| 108,963,107 | ||||||||
| Financial Services — 1.6% | ||||||||
AvidXchange Holdings, Inc.(1) | 1,063,310 | 13,195,677 | ||||||
Euronet Worldwide, Inc.(1) | 121,296 | 10,658,280 | ||||||
Shift4 Payments, Inc., Class A(1) | 271,598 | 18,737,546 | ||||||
| 42,591,503 | ||||||||
| Food Products — 1.0% | ||||||||
Sovos Brands, Inc.(1) | 661,845 | 11,780,841 | ||||||
SunOpta, Inc.(1) | 2,350,866 | 15,586,242 | ||||||
| 27,367,083 | ||||||||
| Ground Transportation — 1.5% | ||||||||
Saia, Inc.(1) | 28,870 | 12,216,052 | ||||||
XPO, Inc.(1) | 413,108 | 28,603,598 | ||||||
| 40,819,650 | ||||||||
| Health Care Equipment and Supplies — 5.8% | ||||||||
Alphatec Holdings, Inc.(1) | 1,375,791 | 24,310,227 | ||||||
Establishment Labs Holdings, Inc.(1) | 260,203 | 18,737,218 | ||||||
ICU Medical, Inc.(1) | 108,710 | 19,369,948 | ||||||
Inari Medical, Inc.(1) | 369,498 | 21,087,251 | ||||||
Lantheus Holdings, Inc.(1) | 359,062 | 31,055,272 | ||||||
PROCEPT BioRobotics Corp.(1) | 538,704 | 18,552,966 | ||||||
Silk Road Medical, Inc.(1) | 489,404 | 11,177,987 | ||||||
TransMedics Group, Inc.(1) | 120,403 | 11,219,152 | ||||||
| 155,510,021 | ||||||||
| Health Care Providers and Services — 5.8% | ||||||||
Acadia Healthcare Co., Inc.(1) | 320,752 | 25,349,030 | ||||||
| Ensign Group, Inc. | 256,178 | 24,815,963 | ||||||
HealthEquity, Inc.(1) | 440,197 | 29,906,984 | ||||||
Option Care Health, Inc.(1) | 762,147 | 25,745,326 | ||||||
R1 RCM, Inc.(1) | 1,931,144 | 33,370,168 | ||||||
Surgery Partners, Inc.(1) | 458,333 | 17,705,404 | ||||||
| 156,892,875 | ||||||||
| Health Care Technology — 1.3% | ||||||||
Evolent Health, Inc., Class A(1) | 745,960 | 22,669,725 | ||||||
Schrodinger, Inc.(1) | 220,398 | 11,529,019 | ||||||
| 34,198,744 | ||||||||
| Hotel & Resort REITs — 1.3% | ||||||||
| Ryman Hospitality Properties, Inc. | 367,764 | 35,044,232 | ||||||
| Hotels, Restaurants and Leisure — 2.4% | ||||||||
| Churchill Downs, Inc. | 130,421 | 15,109,273 | ||||||
Planet Fitness, Inc., Class A(1) | 488,737 | 33,009,297 | ||||||
| Wingstop, Inc. | 104,186 | 17,563,676 | ||||||
| 65,682,246 | ||||||||
| Household Durables — 0.7% | ||||||||
TopBuild Corp.(1) | 64,336 | 17,623,560 | ||||||
| Industrial REITs — 0.7% | ||||||||
| Terreno Realty Corp. | 313,142 | 18,581,846 | ||||||
| Insurance — 3.6% | ||||||||
Goosehead Insurance, Inc., Class A(1) | 251,147 | 16,794,200 | ||||||
| Kinsale Capital Group, Inc. | 87,295 | 32,528,736 | ||||||
Palomar Holdings, Inc.(1) | 241,702 | 14,637,473 | ||||||
| RLI Corp. | 172,685 | 23,037,906 | ||||||
Skyward Specialty Insurance Group, Inc.(1) | 488,277 | 11,567,282 | ||||||
| 98,565,597 | ||||||||
| Interactive Media and Services — 1.1% | ||||||||
Eventbrite, Inc., Class A(1) | 2,475,594 | 28,494,087 | ||||||
| IT Services — 0.3% | ||||||||
Perficient, Inc.(1) | 141,801 | 9,045,486 | ||||||
| Leisure Products — 1.6% | ||||||||
| Brunswick Corp. | 270,895 | 23,380,947 | ||||||
Topgolf Callaway Brands Corp.(1) | 1,044,666 | 20,861,980 | ||||||
| 44,242,927 | ||||||||
| Life Sciences Tools and Services — 0.2% | ||||||||
MaxCyte, Inc.(1) | 1,513,490 | 6,765,300 | ||||||
| Machinery — 1.2% | ||||||||
| Astec Industries, Inc. | 418,113 | 20,654,782 | ||||||
ATS Corp.(1) | 234,763 | 10,646,364 | ||||||
| 31,301,146 | ||||||||
| Oil, Gas and Consumable Fuels — 1.1% | ||||||||
Antero Resources Corp.(1) | 1,148,891 | 30,732,834 | ||||||
| Paper and Forest Products — 1.3% | ||||||||
| Louisiana-Pacific Corp. | 239,088 | 18,201,770 | ||||||
| Stella-Jones, Inc. | 339,207 | 17,224,662 | ||||||
| 35,426,432 | ||||||||
| Personal Care Products — 0.5% | ||||||||
Beauty Health Co.(1)(2) | 1,652,705 | 13,700,924 | ||||||
| Pharmaceuticals — 2.3% | ||||||||
Arvinas, Inc.(1) | 239,649 | 5,924,123 | ||||||
Edgewise Therapeutics, Inc.(1) | 453,680 | 3,307,327 | ||||||
Harmony Biosciences Holdings, Inc.(1) | 164,632 | 5,823,034 | ||||||
Intra-Cellular Therapies, Inc.(1) | 391,403 | 24,204,361 | ||||||
Reata Pharmaceuticals, Inc., Class A(1) | 49,190 | 8,144,880 | ||||||
Ventyx Biosciences, Inc.(1) | 227,291 | 8,421,132 | ||||||
Verona Pharma PLC, ADR(1) | 257,473 | 5,687,579 | ||||||
| 61,512,436 | ||||||||
| Professional Services — 2.6% | ||||||||
CACI International, Inc., Class A(1) | 76,595 | 26,841,952 | ||||||
First Advantage Corp.(1) | 680,935 | 10,214,025 | ||||||
| Korn Ferry | 300,864 | 15,849,515 | ||||||
Paycor HCM, Inc.(1) | 638,106 | 17,139,527 | ||||||
| 70,045,019 | ||||||||
| Real Estate Management and Development — 1.0% | ||||||||
| FirstService Corp. (Toronto) | 166,418 | 26,063,508 | ||||||
| Semiconductors and Semiconductor Equipment — 5.9% | ||||||||
Credo Technology Group Holding Ltd.(1) | 1,113,797 | 18,901,135 | ||||||
Lattice Semiconductor Corp.(1) | 253,919 | 23,091,394 | ||||||
MACOM Technology Solutions Holdings, Inc.(1) | 334,080 | 23,358,874 | ||||||
Onto Innovation, Inc.(1) | 263,392 | 32,744,893 | ||||||
| Power Integrations, Inc. | 396,269 | 38,493,571 | ||||||
Silicon Laboratories, Inc.(1) | 144,294 | 21,520,007 | ||||||
| 158,109,874 | ||||||||
| Software — 9.1% | ||||||||
Blackbaud, Inc.(1) | 240,179 | 18,121,505 | ||||||
Box, Inc., Class A(1) | 800,644 | 25,020,125 | ||||||
DoubleVerify Holdings, Inc.(1) | 332,988 | 14,018,795 | ||||||
Five9, Inc.(1) | 156,303 | 13,715,588 | ||||||
Guidewire Software, Inc.(1) | 242,181 | 20,541,792 | ||||||
JFrog Ltd.(1) | 368,597 | 11,341,730 | ||||||
Manhattan Associates, Inc.(1) | 145,350 | 27,706,617 | ||||||
nCino, Inc.(1) | 557,386 | 18,031,437 | ||||||
New Relic, Inc.(1) | 148,021 | 12,430,804 | ||||||
SPS Commerce, Inc.(1) | 219,739 | 39,638,718 | ||||||
Tenable Holdings, Inc.(1) | 940,480 | 45,763,757 | ||||||
| 246,330,868 | ||||||||
| Specialty Retail — 0.6% | ||||||||
| Murphy USA, Inc. | 51,448 | 15,796,079 | ||||||
| Technology Hardware, Storage and Peripherals — 0.5% | ||||||||
Pure Storage, Inc., Class A(1) | 387,089 | 14,318,422 | ||||||
| Textiles, Apparel and Luxury Goods — 0.7% | ||||||||
Crocs, Inc.(1) | 169,847 | 18,402,922 | ||||||
| Trading Companies and Distributors — 2.2% | ||||||||
| H&E Equipment Services, Inc. | 420,529 | 20,429,299 | ||||||
MRC Global, Inc.(1) | 1,492,091 | 16,845,707 | ||||||
NOW, Inc.(1) | 2,001,981 | 22,802,564 | ||||||
| 60,077,570 | ||||||||
| Water Utilities — 1.0% | ||||||||
| SJW Group | 385,272 | 27,146,265 | ||||||
TOTAL COMMON STOCKS (Cost $2,336,993,503) | 2,636,550,135 | |||||||
| SHORT-TERM INVESTMENTS — 2.6% | ||||||||
| Money Market Funds — 0.5% | ||||||||
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 81,674 | 81,674 | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio(3) | 12,385,472 | 12,385,472 | ||||||
| 12,467,146 | ||||||||
| Repurchase Agreements — 2.1% | ||||||||
| BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 1.875% - 4.50%, 8/15/39 - 2/15/51, valued at $10,688,887), in a joint trading account at 5.27%, dated 7/31/23, due 8/1/23 (Delivery value $10,462,204) | 10,460,673 | |||||||
| Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 3.00% - 3.75%, 11/15/41 - 11/15/43, valued at $48,524,508), at 5.28%, dated 7/31/23, due 8/1/23 (Delivery value $47,579,977) | 47,573,000 | |||||||
| 58,033,673 | ||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $70,500,819) | 70,500,819 | |||||||
TOTAL INVESTMENT SECURITIES — 100.2% (Cost $2,407,494,322) | 2,707,050,954 | |||||||
| OTHER ASSETS AND LIABILITIES — (0.2)% | (6,247,828) | |||||||
| TOTAL NET ASSETS — 100.0% | $ | 2,700,803,126 | ||||||
| FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS | ||||||||||||||||||||
| Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) | ||||||||||||||||
| CAD | 2,291,508 | USD | 1,731,098 | Goldman Sachs & Co. | 9/29/23 | $ | 8,028 | |||||||||||||
| USD | 70,315,839 | CAD | 92,452,320 | Goldman Sachs & Co. | 9/29/23 | 149,718 | ||||||||||||||
| USD | 2,040,609 | CAD | 2,687,792 | Goldman Sachs & Co. | 9/29/23 | 726 | ||||||||||||||
| USD | 2,045,619 | CAD | 2,706,139 | Goldman Sachs & Co. | 9/29/23 | (8,189) | ||||||||||||||
| USD | 1,696,897 | CAD | 2,241,969 | Goldman Sachs & Co. | 9/29/23 | (4,632) | ||||||||||||||
| USD | 3,773,472 | CAD | 4,969,138 | Goldman Sachs & Co. | 9/29/23 | 2,175 | ||||||||||||||
| USD | 3,468,003 | CAD | 4,581,232 | Goldman Sachs & Co. | 9/29/23 | (8,895) | ||||||||||||||
| USD | 2,725,846 | CAD | 3,587,295 | Goldman Sachs & Co. | 9/29/23 | 3,290 | ||||||||||||||
| USD | 2,610,326 | CAD | 3,450,538 | Goldman Sachs & Co. | 9/29/23 | (8,438) | ||||||||||||||
| $ | 133,783 | |||||||||||||||||||
| NOTES TO SCHEDULE OF INVESTMENTS | ||||||||
| ADR | – | American Depositary Receipt | ||||||
| CAD | – | Canadian Dollar | ||||||
| USD | – | United States Dollar | ||||||
(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 $18,278,333. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(3)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $19,012,824, which includes securities collateral of $6,627,352.
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.
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 | $ | 2,540,310,175 | $ | 96,239,960 | — | ||||||
| Short-Term Investments | 12,467,146 | 58,033,673 | — | ||||||||
| $ | 2,552,777,321 | $ | 154,273,633 | — | |||||||
| Other Financial Instruments | |||||||||||
| Forward Foreign Currency Exchange Contracts | — | $ | 163,937 | — | |||||||
| Liabilities | |||||||||||
| Other Financial Instruments | |||||||||||
| Forward Foreign Currency Exchange Contracts | — | $ | 30,154 | — | |||||||
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.