American Century Investments®
Quarterly Portfolio Holdings
Avantis® U.S. Large Cap Value ETF (AVLV)
May 31, 2023
Avantis U.S. Large Cap Value ETF - Schedule of Investments | ||
MAY 31, 2023 (UNAUDITED) |
Shares | Value ($) | |||||||
COMMON STOCKS — 99.7% | ||||||||
Aerospace and Defense — 0.2% | ||||||||
Woodward, Inc. | 18,400 | 1,939,544 | ||||||
Air Freight and Logistics — 2.8% | ||||||||
Expeditors International of Washington, Inc. | 47,986 | 5,293,336 | ||||||
FedEx Corp. | 44,533 | 9,707,303 | ||||||
United Parcel Service, Inc., Class B | 94,556 | 15,790,852 | ||||||
30,791,491 | ||||||||
Automobile Components — 0.5% | ||||||||
Autoliv, Inc. | 14,729 | 1,200,414 | ||||||
BorgWarner, Inc. | 61,089 | 2,708,075 | ||||||
Gentex Corp. | 15 | 394 | ||||||
Lear Corp. | 16,074 | 1,971,637 | ||||||
5,880,520 | ||||||||
Automobiles — 1.6% | ||||||||
Ford Motor Co. | 766,971 | 9,203,652 | ||||||
General Motors Co. | 241,991 | 7,842,928 | ||||||
17,046,580 | ||||||||
Banks — 4.2% | ||||||||
Citigroup, Inc. | 100,278 | 4,444,321 | ||||||
Comerica, Inc. | 25,288 | 912,897 | ||||||
East West Bancorp, Inc. | 36,807 | 1,761,215 | ||||||
Fifth Third Bancorp | 41,726 | 1,012,690 | ||||||
First Citizens BancShares, Inc., Class A | 340 | 424,048 | ||||||
Hancock Whitney Corp. | 15,614 | 570,379 | ||||||
JPMorgan Chase & Co. | 213,825 | 29,018,191 | ||||||
KeyCorp | 232,215 | 2,168,888 | ||||||
PNC Financial Services Group, Inc. | 13,359 | 1,547,373 | ||||||
Popular, Inc. | 22,664 | 1,295,927 | ||||||
Synovus Financial Corp. | 52,358 | 1,418,378 | ||||||
Western Alliance Bancorp | 27,923 | 946,590 | ||||||
45,520,897 | ||||||||
Beverages — 0.1% | ||||||||
Coca-Cola Consolidated, Inc. | 1,337 | 884,746 | ||||||
National Beverage Corp.(1) | 1,628 | 80,456 | ||||||
965,202 | ||||||||
Biotechnology — 2.9% | ||||||||
Gilead Sciences, Inc. | 209,977 | 16,155,630 | ||||||
Moderna, Inc.(1) | 63,805 | 8,148,537 | ||||||
Regeneron Pharmaceuticals, Inc.(1) | 3,312 | 2,436,175 | ||||||
Vertex Pharmaceuticals, Inc.(1) | 15,539 | 5,027,954 | ||||||
31,768,296 | ||||||||
Broadline Retail — 0.5% | ||||||||
Amazon.com, Inc.(1) | 13,255 | 1,598,288 | ||||||
Macy's, Inc. | 134,526 | 1,828,208 | ||||||
MercadoLibre, Inc.(1) | 1,154 | 1,429,806 | ||||||
4,856,302 | ||||||||
Building Products — 1.4% | ||||||||
Advanced Drainage Systems, Inc. | 5,913 | 572,201 | ||||||
Builders FirstSource, Inc.(1) | 57,368 | 6,651,819 | ||||||
Owens Corning | 42,121 | 4,478,726 |
Trex Co., Inc.(1) | 27,511 | 1,412,690 | ||||||
UFP Industries, Inc. | 26,880 | 2,099,328 | ||||||
15,214,764 | ||||||||
Capital Markets — 3.4% | ||||||||
Ameriprise Financial, Inc. | 28,869 | 8,616,530 | ||||||
Carlyle Group, Inc. | 97,478 | 2,671,872 | ||||||
Goldman Sachs Group, Inc. | 23,823 | 7,716,270 | ||||||
Houlihan Lokey, Inc. | 1,378 | 120,313 | ||||||
Morgan Stanley | 95,823 | 7,834,489 | ||||||
Northern Trust Corp. | 45,242 | 3,253,805 | ||||||
Stifel Financial Corp. | 32,362 | 1,798,356 | ||||||
T. Rowe Price Group, Inc. | 48,221 | 5,167,362 | ||||||
37,178,997 | ||||||||
Chemicals — 2.7% | ||||||||
CF Industries Holdings, Inc. | 63,635 | 3,914,189 | ||||||
Chemours Co. | 41,572 | 1,101,242 | ||||||
Dow, Inc. | 161,020 | 7,854,556 | ||||||
Huntsman Corp. | 64,615 | 1,534,606 | ||||||
LyondellBasell Industries NV, Class A | 72,283 | 6,183,088 | ||||||
Mosaic Co. | 125,141 | 3,999,506 | ||||||
Olin Corp. | 68,809 | 3,255,354 | ||||||
Westlake Corp. | 17,086 | 1,776,090 | ||||||
29,618,631 | ||||||||
Construction and Engineering — 0.1% | ||||||||
Comfort Systems USA, Inc. | 7,082 | 1,047,994 | ||||||
EMCOR Group, Inc. | 90 | 14,836 | ||||||
1,062,830 | ||||||||
Construction Materials — 0.2% | ||||||||
Eagle Materials, Inc. | 12,914 | 2,104,078 | ||||||
Consumer Finance — 2.5% | ||||||||
Ally Financial, Inc. | 116,512 | 3,107,375 | ||||||
Capital One Financial Corp. | 80,307 | 8,368,793 | ||||||
Credit Acceptance Corp.(1) | 3,071 | 1,368,683 | ||||||
Discover Financial Services | 77,296 | 7,941,391 | ||||||
OneMain Holdings, Inc. | 38,636 | 1,462,759 | ||||||
Synchrony Financial | 161,296 | 4,993,724 | ||||||
27,242,725 | ||||||||
Consumer Staples Distribution & Retail — 3.3% | ||||||||
Casey's General Stores, Inc. | 14,100 | 3,181,665 | ||||||
Costco Wholesale Corp. | 27,973 | 14,309,868 | ||||||
Kroger Co. | 182,632 | 8,278,708 | ||||||
Walmart, Inc. | 69,047 | 10,140,933 | ||||||
35,911,174 | ||||||||
Containers and Packaging — 0.6% | ||||||||
International Paper Co. | 32,075 | 944,288 | ||||||
Packaging Corp. of America | 32,636 | 4,047,843 | ||||||
WestRock Co. | 44,962 | 1,259,386 | ||||||
6,251,517 | ||||||||
Diversified Telecommunication Services — 2.1% | ||||||||
AT&T, Inc. | 338,619 | 5,326,477 | ||||||
Frontier Communications Parent, Inc.(1) | 70,533 | 1,049,531 | ||||||
Verizon Communications, Inc. | 473,741 | 16,879,392 | ||||||
23,255,400 | ||||||||
Electrical Equipment — 0.2% | ||||||||
Atkore, Inc.(1) | 16,069 | 1,876,377 | ||||||
Electronic Equipment, Instruments and Components — 1.1% | ||||||||
Corning, Inc. | 203,308 | 6,263,919 | ||||||
Flex Ltd.(1) | 1,694 | 43,011 | ||||||
Jabil, Inc. | 65,007 | 5,819,427 | ||||||
12,126,357 | ||||||||
Energy Equipment and Services — 0.1% | ||||||||
ChampionX Corp. | 35,582 | 898,801 | ||||||
Entertainment — 0.2% | ||||||||
World Wrestling Entertainment, Inc., Class A | 18,284 | 1,852,535 | ||||||
Food Products — 0.2% | ||||||||
Bunge Ltd. | 14,281 | 1,322,992 | ||||||
Pilgrim's Pride Corp.(1) | 42,596 | 945,631 | ||||||
2,268,623 | ||||||||
Ground Transportation — 5.6% | ||||||||
CSX Corp. | 388,451 | 11,913,792 | ||||||
Hertz Global Holdings, Inc.(1) | 40,460 | 634,413 | ||||||
JB Hunt Transport Services, Inc. | 28,961 | 4,835,618 | ||||||
Knight-Swift Transportation Holdings, Inc. | 35,645 | 1,960,119 | ||||||
Landstar System, Inc. | 14,018 | 2,458,477 | ||||||
Norfolk Southern Corp. | 42,610 | 8,870,550 | ||||||
Old Dominion Freight Line, Inc. | 24,900 | 7,729,956 | ||||||
Ryder System, Inc. | 6,035 | 475,739 | ||||||
Saia, Inc.(1) | 12,221 | 3,472,719 | ||||||
U-Haul Holding Co.(2) | 3,872 | 204,326 | ||||||
U-Haul Holding Co., Non-Voting Shares | 20,776 | 961,721 | ||||||
Union Pacific Corp. | 90,310 | 17,386,481 | ||||||
60,903,911 | ||||||||
Health Care Providers and Services — 1.0% | ||||||||
Humana, Inc. | 20,165 | 10,120,209 | ||||||
Molina Healthcare, Inc.(1) | 1,468 | 402,085 | ||||||
10,522,294 | ||||||||
Hotels, Restaurants and Leisure — 1.1% | ||||||||
Boyd Gaming Corp. | 39,296 | 2,504,334 | ||||||
Chipotle Mexican Grill, Inc.(1) | 851 | 1,767,093 | ||||||
Darden Restaurants, Inc. | 24,369 | 3,862,974 | ||||||
Hilton Grand Vacations, Inc.(1) | 9,746 | 416,642 | ||||||
Texas Roadhouse, Inc. | 30,265 | 3,265,593 | ||||||
11,816,636 | ||||||||
Household Durables — 1.2% | ||||||||
D.R. Horton, Inc. | 33,947 | 3,626,897 | ||||||
Lennar Corp., B Shares | 2,291 | 216,614 | ||||||
Lennar Corp., Class A | 36,608 | 3,921,449 | ||||||
NVR, Inc.(1) | 530 | 2,943,737 | ||||||
PulteGroup, Inc. | 21,939 | 1,449,729 | ||||||
Taylor Morrison Home Corp.(1) | 30,937 | 1,312,657 | ||||||
13,471,083 | ||||||||
Independent Power and Renewable Electricity Producers — 0.3% | ||||||||
AES Corp. | 179,465 | 3,542,639 | ||||||
Insurance — 4.5% | ||||||||
Aflac, Inc. | 52,039 | 3,341,424 | ||||||
American Financial Group, Inc. | 22,985 | 2,580,526 | ||||||
American International Group, Inc. | 135,555 | 7,161,371 | ||||||
Axis Capital Holdings Ltd. | 22,511 | 1,168,321 | ||||||
F&G Annuities & Life, Inc. | 25 | 517 | ||||||
Fidelity National Financial, Inc. | 156 | 5,326 |
Globe Life, Inc. | 12,681 | 1,308,426 | ||||||
Hartford Financial Services Group, Inc. | 106,023 | 7,264,696 | ||||||
Old Republic International Corp. | 79,741 | 1,952,857 | ||||||
Primerica, Inc. | 20,866 | 3,798,029 | ||||||
Principal Financial Group, Inc. | 22,144 | 1,449,546 | ||||||
Progressive Corp. | 6,190 | 791,763 | ||||||
Prudential Financial, Inc. | 58,224 | 4,581,647 | ||||||
Reinsurance Group of America, Inc. | 8,131 | 1,138,340 | ||||||
RenaissanceRe Holdings Ltd. | 60 | 11,302 | ||||||
Travelers Cos., Inc. | 60,481 | 10,235,804 | ||||||
Unum Group | 58,933 | 2,560,639 | ||||||
49,350,534 | ||||||||
Interactive Media and Services — 6.3% | ||||||||
Alphabet, Inc., Class A(1) | 127,676 | 15,687,550 | ||||||
Alphabet, Inc., Class C(1) | 110,503 | 13,632,755 | ||||||
Meta Platforms, Inc., Class A(1) | 146,890 | 38,884,721 | ||||||
68,205,026 | ||||||||
Leisure Products — 0.3% | ||||||||
Brunswick Corp. | 18,308 | 1,382,254 | ||||||
Polaris, Inc. | 12,275 | 1,322,140 | ||||||
2,704,394 | ||||||||
Machinery — 2.9% | ||||||||
AGCO Corp. | 16,181 | 1,784,441 | ||||||
Caterpillar, Inc. | 46,771 | 9,623,133 | ||||||
Deere & Co. | 37,451 | 12,957,297 | ||||||
Donaldson Co., Inc. | 33,128 | 1,938,982 | ||||||
PACCAR, Inc. | 80,755 | 5,554,329 | ||||||
31,858,182 | ||||||||
Media — 0.8% | ||||||||
Comcast Corp., Class A | 136,663 | 5,377,689 | ||||||
Fox Corp., Class A | 60,788 | 1,896,586 | ||||||
Fox Corp., Class B | 30,373 | 887,195 | ||||||
8,161,470 | ||||||||
Metals and Mining — 3.7% | ||||||||
Alcoa Corp. | 46,444 | 1,473,204 | ||||||
ATI, Inc.(1) | 2,710 | 93,712 | ||||||
Cleveland-Cliffs, Inc.(1) | 195,144 | 2,708,599 | ||||||
Commercial Metals Co. | 40,288 | 1,722,312 | ||||||
Freeport-McMoRan, Inc. | 275,937 | 9,475,676 | ||||||
Newmont Corp. | 83,909 | 3,402,510 | ||||||
Nucor Corp. | 76,441 | 10,094,798 | ||||||
Reliance Steel & Aluminum Co. | 14,213 | 3,335,507 | ||||||
Steel Dynamics, Inc. | 54,043 | 4,966,552 | ||||||
United States Steel Corp. | 124,217 | 2,598,619 | ||||||
39,871,489 | ||||||||
Oil, Gas and Consumable Fuels — 15.5% | ||||||||
Antero Midstream Corp. | 34,631 | 353,583 | ||||||
Antero Resources Corp.(1) | 63,483 | 1,295,688 | ||||||
APA Corp. | 37,171 | 1,181,295 | ||||||
Chesapeake Energy Corp. | 17,323 | 1,303,556 | ||||||
Chevron Corp. | 185,957 | 28,008,843 | ||||||
Civitas Resources, Inc. | 14,384 | 960,851 | ||||||
ConocoPhillips | 129,141 | 12,823,701 | ||||||
Coterra Energy, Inc. | 180,148 | 4,188,441 | ||||||
Devon Energy Corp. | 213,907 | 9,861,113 |
Diamondback Energy, Inc. | 53,194 | 6,763,617 | ||||||
EOG Resources, Inc. | 116,389 | 12,487,376 | ||||||
EQT Corp. | 68,227 | 2,372,253 | ||||||
Exxon Mobil Corp. | 233,474 | 23,856,373 | ||||||
Hess Corp. | 53,691 | 6,801,039 | ||||||
HF Sinclair Corp. | 19,589 | 811,768 | ||||||
Marathon Oil Corp. | 176,867 | 3,919,373 | ||||||
Marathon Petroleum Corp. | 84,585 | 8,873,812 | ||||||
Matador Resources Co. | 20,559 | 903,979 | ||||||
Murphy Oil Corp. | 68,540 | 2,385,192 | ||||||
Occidental Petroleum Corp. | 134,531 | 7,757,058 | ||||||
ONEOK, Inc. | 129,449 | 7,334,580 | ||||||
Ovintiv, Inc. | 46,703 | 1,544,468 | ||||||
PBF Energy, Inc., Class A | 18,455 | 679,329 | ||||||
PDC Energy, Inc. | 23,250 | 1,595,415 | ||||||
Phillips 66 | 73,238 | 6,709,333 | ||||||
Pioneer Natural Resources Co. | 11,339 | 2,261,450 | ||||||
Range Resources Corp. | 104,675 | 2,864,955 | ||||||
Southwestern Energy Co.(1) | 254,368 | 1,213,335 | ||||||
Targa Resources Corp. | 14,559 | 990,740 | ||||||
Texas Pacific Land Corp. | 589 | 767,879 | ||||||
Valero Energy Corp. | 25,769 | 2,758,314 | ||||||
Williams Cos., Inc. | 93,994 | 2,693,868 | ||||||
168,322,577 | ||||||||
Paper and Forest Products — 0.1% | ||||||||
Louisiana-Pacific Corp. | 20,613 | 1,206,273 | ||||||
Passenger Airlines — 0.9% | ||||||||
Alaska Air Group, Inc.(1) | 48,097 | 2,160,998 | ||||||
Southwest Airlines Co. | 84,958 | 2,537,696 | ||||||
United Airlines Holdings, Inc.(1) | 98,090 | 4,655,842 | ||||||
9,354,536 | ||||||||
Pharmaceuticals — 6.1% | ||||||||
Bristol-Myers Squibb Co. | 189,320 | 12,199,781 | ||||||
Jazz Pharmaceuticals PLC(1) | 24,609 | 3,153,889 | ||||||
Merck & Co., Inc. | 242,265 | 26,748,479 | ||||||
Pfizer, Inc. | 544,777 | 20,712,422 | ||||||
Viatris, Inc. | 356,103 | 3,258,342 | ||||||
66,072,913 | ||||||||
Professional Services — 0.5% | ||||||||
Automatic Data Processing, Inc. | 872 | 182,239 | ||||||
Robert Half International, Inc. | 50,829 | 3,304,902 | ||||||
TriNet Group, Inc.(1) | 20,112 | 1,787,353 | ||||||
5,274,494 | ||||||||
Real Estate Management and Development — 0.3% | ||||||||
CBRE Group, Inc., Class A(1) | 3,777 | 282,973 | ||||||
Zillow Group, Inc., Class A(1) | 14,617 | 654,695 | ||||||
Zillow Group, Inc., Class C(1) | 56,578 | 2,580,523 | ||||||
3,518,191 | ||||||||
Semiconductors and Semiconductor Equipment — 7.3% | ||||||||
Amkor Technology, Inc. | 50,134 | 1,242,320 | ||||||
Applied Materials, Inc. | 118,830 | 15,840,039 | ||||||
Cirrus Logic, Inc.(1) | 3,927 | 305,049 | ||||||
GLOBALFOUNDRIES, Inc.(1)(2) | 17,535 | 1,022,817 | ||||||
Lam Research Corp. | 23,816 | 14,687,327 | ||||||
Micron Technology, Inc. | 117,887 | 8,039,893 |
ON Semiconductor Corp.(1) | 97,476 | 8,148,994 | ||||||
QUALCOMM, Inc. | 79,804 | 9,050,572 | ||||||
Teradyne, Inc. | 6,411 | 642,318 | ||||||
Texas Instruments, Inc. | 115,818 | 20,138,434 | ||||||
79,117,763 | ||||||||
Specialty Retail — 5.0% | ||||||||
Academy Sports & Outdoors, Inc. | 18,568 | 909,089 | ||||||
Advance Auto Parts, Inc. | 3,630 | 264,591 | ||||||
AutoNation, Inc.(1) | 26,608 | 3,483,519 | ||||||
Best Buy Co., Inc. | 67,204 | 4,883,715 | ||||||
Burlington Stores, Inc.(1) | 16,198 | 2,437,151 | ||||||
CarMax, Inc.(1) | 27,059 | 1,953,930 | ||||||
Dick's Sporting Goods, Inc. | 29,447 | 3,754,787 | ||||||
Lithia Motors, Inc. | 841 | 196,189 | ||||||
Murphy USA, Inc. | 7,051 | 1,949,037 | ||||||
RH(1) | 5,929 | 1,452,486 | ||||||
Ross Stores, Inc. | 28,560 | 2,959,387 | ||||||
TJX Cos., Inc. | 142,724 | 10,959,776 | ||||||
Tractor Supply Co. | 36,230 | 7,593,446 | ||||||
Ulta Beauty, Inc.(1) | 16,423 | 6,730,638 | ||||||
Valvoline, Inc. | 37,587 | 1,447,100 | ||||||
Williams-Sonoma, Inc. | 31,367 | 3,560,468 | ||||||
54,535,309 | ||||||||
Technology Hardware, Storage and Peripherals — 3.3% | ||||||||
Apple, Inc. | 202,924 | 35,968,279 | ||||||
Textiles, Apparel and Luxury Goods — 0.2% | ||||||||
Capri Holdings Ltd.(1) | 37,486 | 1,315,758 | ||||||
Tapestry, Inc. | 18,850 | 754,377 | ||||||
Under Armour, Inc., Class A(1) | 12,408 | 89,462 | ||||||
Under Armour, Inc., Class C(1) | 14,436 | 94,989 | ||||||
2,254,586 | ||||||||
Trading Companies and Distributors — 1.0% | ||||||||
Fastenal Co. | 31,430 | 1,692,506 | ||||||
MSC Industrial Direct Co., Inc., Class A | 4,538 | 408,057 | ||||||
United Rentals, Inc. | 2,899 | 967,657 | ||||||
WW Grainger, Inc. | 12,711 | 8,249,693 | ||||||
11,317,913 | ||||||||
Wireless Telecommunication Services — 0.9% | ||||||||
T-Mobile U.S., Inc.(1) | 73,480 | 10,085,130 | ||||||
TOTAL COMMON STOCKS (Cost $1,109,804,927) | 1,083,067,263 | |||||||
SHORT-TERM INVESTMENTS — 0.1% | ||||||||
Money Market Funds — 0.1% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 497,752 | 497,752 | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio(3) | 931,394 | 931,394 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $1,429,146) | 1,429,146 | |||||||
TOTAL INVESTMENT SECURITIES — 99.8% (Cost $1,111,234,073) | 1,084,496,409 | |||||||
OTHER ASSETS AND LIABILITIES — 0.2% | 1,764,302 | |||||||
TOTAL NET ASSETS — 100.0% | $ | 1,086,260,711 |
NOTES TO SCHEDULE OF INVESTMENTS |
(1)Non-income producing.
(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $912,604. 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 $931,394.
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 Trustees oversees the valuation designee and reviews its valuation policies and procedures at least annually.
Equity securities that are listed or traded on a domestic securities exchange are valued at the last reported sales price or at the official closing price as provided by the exchange. Equity securities traded on foreign securities exchanges are generally valued at the closing price of such securities on the exchange where primarily traded or at the close of the NYSE, if that is earlier. If no last sales price is reported, or if local convention or regulation so provides, the mean of the latest bid and asked prices may be used. Securities traded over-the-counter are valued at the mean of the latest bid and asked prices, the last sales price, or the official closing price.
Open-end management investment companies are valued at the reported NAV per share.
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 investment 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.
As of period end, the fund's investment securities were classified as Level 1. The Schedule of Investments provides additional information on the fund's portfolio holdings.
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.