American Century Investments®
Quarterly Portfolio Holdings
VP Income & Growth Fund
March 31, 2020
|
| |
| VP Income & Growth - Schedule of Investments | |
MARCH 31, 2020 (UNAUDITED) | |
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| | | | | |
| | Shares/
Principal Amount ($) | Value ($) |
| COMMON STOCKS — 96.0% | | |
| Aerospace and Defense — 0.1% | | |
| Lockheed Martin Corp. | 1,152 |
| 390,470 |
|
| Air Freight and Logistics — 1.4% | | |
| CH Robinson Worldwide, Inc. | 6,868 |
| 454,662 |
|
| United Parcel Service, Inc., Class B | 38,834 |
| 3,627,872 |
|
| | | 4,082,534 |
|
| Airlines — 0.1% | | |
| Delta Air Lines, Inc. | 11,167 |
| 318,595 |
|
| Banks — 4.6% | | |
| Bank of America Corp. | 32,949 |
| 699,507 |
|
| Comerica, Inc. | 5,683 |
| 166,739 |
|
| Fifth Third Bancorp | 10,347 |
| 153,653 |
|
| JPMorgan Chase & Co. | 26,335 |
| 2,370,940 |
|
| KeyCorp | 173,536 |
| 1,799,568 |
|
| PNC Financial Services Group, Inc. (The) | 22,598 |
| 2,163,081 |
|
| Regions Financial Corp. | 117,987 |
| 1,058,343 |
|
| Truist Financial Corp. | 70,391 |
| 2,170,859 |
|
| U.S. Bancorp | 70,312 |
| 2,422,249 |
|
| Wells Fargo & Co. | 15,410 |
| 442,267 |
|
| | | 13,447,206 |
|
| Beverages — 2.3% | | |
| Coca-Cola Co. (The) | 3,477 |
| 153,857 |
|
| Molson Coors Beverage Co., Class B | 55,670 |
| 2,171,687 |
|
Monster Beverage Corp.(1) | 7,713 |
| 433,934 |
|
| PepsiCo, Inc. | 31,461 |
| 3,778,466 |
|
| | | 6,537,944 |
|
| Biotechnology — 4.7% | | |
| AbbVie, Inc. | 61,431 |
| 4,680,428 |
|
| Amgen, Inc. | 16,933 |
| 3,432,827 |
|
Biogen, Inc.(1) | 3,637 |
| 1,150,674 |
|
| Gilead Sciences, Inc. | 51,390 |
| 3,841,917 |
|
Regeneron Pharmaceuticals, Inc.(1) | 1,076 |
| 525,400 |
|
| | | 13,631,246 |
|
| Building Products — 0.6% | | |
| Fortune Brands Home & Security, Inc. | 16,699 |
| 722,232 |
|
| Johnson Controls International plc | 6,051 |
| 163,135 |
|
| Masco Corp. | 24,724 |
| 854,708 |
|
| | | 1,740,075 |
|
| Capital Markets — 1.1% | | |
| Ameriprise Financial, Inc. | 4,257 |
| 436,257 |
|
| Cohen & Steers, Inc. | 2,600 |
| 118,170 |
|
| Janus Henderson Group plc | 24,431 |
| 374,283 |
|
| Moody's Corp. | 2,099 |
| 443,939 |
|
| Northern Trust Corp. | 20,726 |
| 1,563,984 |
|
|
| | | | | |
| T. Rowe Price Group, Inc. | 4,162 |
| 406,419 |
|
| | | 3,343,052 |
|
| Chemicals — 0.5% | | |
| Eastman Chemical Co. | 2,978 |
| 138,715 |
|
| LyondellBasell Industries NV, Class A | 28,769 |
| 1,427,806 |
|
| | | 1,566,521 |
|
| Commercial Services and Supplies — 0.1% | | |
| Republic Services, Inc. | 1,836 |
| 137,810 |
|
| Waste Management, Inc. | 2,168 |
| 200,670 |
|
| | | 338,480 |
|
| Communications Equipment — 0.4% | | |
| Cisco Systems, Inc. | 10,991 |
| 432,056 |
|
| Motorola Solutions, Inc. | 5,460 |
| 725,743 |
|
| | | 1,157,799 |
|
| Consumer Finance — 0.2% | | |
| Discover Financial Services | 4,484 |
| 159,945 |
|
| Synchrony Financial | 19,491 |
| 313,610 |
|
| | | 473,555 |
|
| Containers and Packaging — 1.9% | | |
Amcor plc(1) | 305,433 |
| 2,480,116 |
|
| International Paper Co. | 94,021 |
| 2,926,874 |
|
| | | 5,406,990 |
|
| Diversified Financial Services — 0.9% | | |
Berkshire Hathaway, Inc., Class B(1) | 14,820 |
| 2,709,541 |
|
| Diversified Telecommunication Services — 3.9% | | |
| AT&T, Inc. | 173,573 |
| 5,059,653 |
|
| CenturyLink, Inc. | 86,978 |
| 822,812 |
|
| Verizon Communications, Inc. | 102,907 |
| 5,529,193 |
|
| | | 11,411,658 |
|
| Electric Utilities — 1.0% | | |
| Evergy, Inc. | 18,410 |
| 1,013,470 |
|
| IDACORP, Inc. | 1,860 |
| 163,289 |
|
| NextEra Energy, Inc. | 3,172 |
| 763,247 |
|
| OGE Energy Corp. | 8,035 |
| 246,916 |
|
| PPL Corp. | 24,490 |
| 604,413 |
|
| | | 2,791,335 |
|
| Electrical Equipment — 0.5% | | |
| Eaton Corp. plc | 10,913 |
| 847,831 |
|
| Emerson Electric Co. | 13,700 |
| 652,805 |
|
| | | 1,500,636 |
|
| Electronic Equipment, Instruments and Components — 0.2% | | |
| National Instruments Corp. | 14,836 |
| 490,775 |
|
| Entertainment — 1.2% | | |
| Activision Blizzard, Inc. | 17,781 |
| 1,057,614 |
|
Electronic Arts, Inc.(1) | 13,725 |
| 1,374,833 |
|
Take-Two Interactive Software, Inc.(1) | 5,308 |
| 629,582 |
|
| Walt Disney Co. (The) | 5,654 |
| 546,176 |
|
| | | 3,608,205 |
|
| Equity Real Estate Investment Trusts (REITs) — 4.4% | | |
| Brandywine Realty Trust | 39,911 |
| 419,864 |
|
|
| | | | | |
| Digital Realty Trust, Inc. | 7,591 |
| 1,054,466 |
|
| Extra Space Storage, Inc. | 14,169 |
| 1,356,823 |
|
| Gaming and Leisure Properties, Inc. | 24,039 |
| 666,121 |
|
| Healthcare Trust of America, Inc., Class A | 12,547 |
| 304,641 |
|
| Industrial Logistics Properties Trust | 9,674 |
| 169,682 |
|
| Life Storage, Inc. | 5,245 |
| 495,915 |
|
| Mid-America Apartment Communities, Inc. | 5,133 |
| 528,853 |
|
| Realty Income Corp. | 40,701 |
| 2,029,352 |
|
| STORE Capital Corp. | 27,188 |
| 492,647 |
|
| Ventas, Inc. | 29,923 |
| 801,936 |
|
| VICI Properties, Inc. | 102,766 |
| 1,710,026 |
|
| WP Carey, Inc. | 46,188 |
| 2,682,599 |
|
| | | 12,712,925 |
|
| Food and Staples Retailing — 0.3% | | |
| Walgreens Boots Alliance, Inc. | 18,864 |
| 863,028 |
|
| Food Products — 3.9% | | |
| Campbell Soup Co. | 70,026 |
| 3,232,400 |
|
| General Mills, Inc. | 70,130 |
| 3,700,760 |
|
| Hershey Co. (The) | 11,016 |
| 1,459,620 |
|
| Kellogg Co. | 48,845 |
| 2,930,212 |
|
| | | 11,322,992 |
|
| Health Care Equipment and Supplies — 1.0% | | |
| Abbott Laboratories | 16,594 |
| 1,309,433 |
|
| Baxter International, Inc. | 11,128 |
| 903,482 |
|
Edwards Lifesciences Corp.(1) | 2,666 |
| 502,861 |
|
| Stryker Corp. | 834 |
| 138,853 |
|
| | | 2,854,629 |
|
| Health Care Providers and Services — 1.6% | | |
| Cardinal Health, Inc. | 51,069 |
| 2,448,248 |
|
| Chemed Corp. | 1,072 |
| 464,390 |
|
| CVS Health Corp. | 12,058 |
| 715,401 |
|
| Humana, Inc. | 2,038 |
| 639,973 |
|
| UnitedHealth Group, Inc. | 1,602 |
| 399,507 |
|
| | | 4,667,519 |
|
| Health Care Technology — 0.3% | | |
| Cerner Corp. | 14,264 |
| 898,489 |
|
| Hotels, Restaurants and Leisure — 2.4% | | |
| Darden Restaurants, Inc. | 14,967 |
| 815,103 |
|
| Las Vegas Sands Corp. | 46,633 |
| 1,980,503 |
|
| McDonald's Corp. | 8,939 |
| 1,478,064 |
|
| Starbucks Corp. | 13,222 |
| 869,214 |
|
| Vail Resorts, Inc. | 11,631 |
| 1,718,015 |
|
| | | 6,860,899 |
|
| Household Products — 2.5% | | |
| Clorox Co. (The) | 7,923 |
| 1,372,660 |
|
| Colgate-Palmolive Co. | 4,883 |
| 324,036 |
|
| Kimberly-Clark Corp. | 19,268 |
| 2,463,799 |
|
| Procter & Gamble Co. (The) | 28,623 |
| 3,148,530 |
|
| | | 7,309,025 |
|
| | | |
|
| | | | | |
| Industrial Conglomerates — 0.7% | | |
| 3M Co. | 9,612 |
| 1,312,134 |
|
| Carlisle Cos., Inc. | 6,737 |
| 844,012 |
|
| | | 2,156,146 |
|
| Insurance — 0.8% | | |
| Fidelity National Financial, Inc. | 34,845 |
| 866,944 |
|
| First American Financial Corp. | 3,612 |
| 153,185 |
|
| Marsh & McLennan Cos., Inc. | 4,625 |
| 399,877 |
|
| MetLife, Inc. | 12,943 |
| 395,667 |
|
| Prudential Financial, Inc. | 7,177 |
| 374,209 |
|
| | | 2,189,882 |
|
| Interactive Media and Services — 4.8% | | |
Alphabet, Inc., Class A(1) | 7,819 |
| 9,085,287 |
|
Facebook, Inc., Class A(1) | 28,706 |
| 4,788,161 |
|
| | | 13,873,448 |
|
| Internet and Direct Marketing Retail — 3.4% | | |
Amazon.com, Inc.(1) | 4,616 |
| 8,999,907 |
|
Booking Holdings, Inc.(1) | 456 |
| 613,466 |
|
| eBay, Inc. | 5,262 |
| 158,176 |
|
| | | 9,771,549 |
|
| IT Services — 4.9% | | |
Akamai Technologies, Inc.(1) | 16,178 |
| 1,480,125 |
|
| Amdocs Ltd. | 10,347 |
| 568,775 |
|
| International Business Machines Corp. | 41,489 |
| 4,602,375 |
|
| Mastercard, Inc., Class A | 1,453 |
| 350,987 |
|
| MAXIMUS, Inc. | 7,115 |
| 414,093 |
|
| Paychex, Inc. | 31,636 |
| 1,990,537 |
|
PayPal Holdings, Inc.(1) | 4,576 |
| 438,106 |
|
| Visa, Inc., Class A | 10,974 |
| 1,768,131 |
|
| Western Union Co. (The) | 140,911 |
| 2,554,716 |
|
| | | 14,167,845 |
|
| Life Sciences Tools and Services — 0.5% | | |
| Agilent Technologies, Inc. | 21,157 |
| 1,515,264 |
|
| Machinery — 1.7% | | |
| Cummins, Inc. | 26,635 |
| 3,604,248 |
|
| Snap-on, Inc. | 13,576 |
| 1,477,341 |
|
| | | 5,081,589 |
|
| Media — 2.0% | | |
Discovery, Inc., Class A(1) | 26,663 |
| 518,329 |
|
Discovery, Inc., Class C(1) | 33,484 |
| 587,309 |
|
| Interpublic Group of Cos., Inc. (The) | 135,813 |
| 2,198,812 |
|
| Omnicom Group, Inc. | 43,723 |
| 2,400,393 |
|
| | | 5,704,843 |
|
| Metals and Mining — 0.2% | | |
| Steel Dynamics, Inc. | 27,411 |
| 617,844 |
|
| Multiline Retail — 0.7% | | |
| Target Corp. | 21,920 |
| 2,037,902 |
|
| Oil, Gas and Consumable Fuels — 3.4% | | |
| Chevron Corp. | 51,420 |
| 3,725,893 |
|
| Exxon Mobil Corp. | 35,062 |
| 1,331,304 |
|
|
| | | | | |
| HollyFrontier Corp. | 20,941 |
| 513,264 |
|
| Kinder Morgan, Inc. | 195,143 |
| 2,716,391 |
|
| Phillips 66 | 11,719 |
| 628,724 |
|
| Valero Energy Corp. | 21,734 |
| 985,854 |
|
| | | 9,901,430 |
|
| Personal Products — 0.3% | | |
| Estee Lauder Cos., Inc. (The), Class A | 5,624 |
| 896,128 |
|
| Pharmaceuticals — 5.7% | | |
| Bristol-Myers Squibb Co. | 91,331 |
| 5,090,790 |
|
| Eli Lilly & Co. | 3,048 |
| 422,819 |
|
Jazz Pharmaceuticals plc(1) | 7,834 |
| 781,363 |
|
| Johnson & Johnson | 41,763 |
| 5,476,382 |
|
| Merck & Co., Inc. | 56,438 |
| 4,342,340 |
|
| Pfizer, Inc. | 14,179 |
| 462,802 |
|
| | | 16,576,496 |
|
| Road and Rail — 0.2% | | |
| Kansas City Southern | 4,621 |
| 587,699 |
|
| Semiconductors and Semiconductor Equipment — 4.4% | | |
| Applied Materials, Inc. | 29,465 |
| 1,350,086 |
|
| Broadcom, Inc. | 17,144 |
| 4,064,842 |
|
| Intel Corp. | 14,316 |
| 774,782 |
|
| Lam Research Corp. | 1,890 |
| 453,600 |
|
| Maxim Integrated Products, Inc. | 49,128 |
| 2,388,112 |
|
| QUALCOMM, Inc. | 3,991 |
| 269,991 |
|
| Texas Instruments, Inc. | 35,464 |
| 3,543,918 |
|
| | | 12,845,331 |
|
| Software — 8.8% | | |
Adobe, Inc.(1) | 7,003 |
| 2,228,635 |
|
Autodesk, Inc.(1) | 5,009 |
| 781,905 |
|
Cadence Design Systems, Inc.(1) | 7,972 |
| 526,471 |
|
| Intuit, Inc. | 3,922 |
| 902,060 |
|
| Microsoft Corp. | 101,524 |
| 16,011,350 |
|
| NortonLifeLock, Inc. | 87,726 |
| 1,641,353 |
|
| Oracle Corp. (New York) | 10,444 |
| 504,758 |
|
salesforce.com, Inc.(1) | 7,407 |
| 1,066,460 |
|
ServiceNow, Inc.(1) | 2,908 |
| 833,375 |
|
Zoom Video Communications, Inc., Class A(1) | 6,269 |
| 916,026 |
|
| | | 25,412,393 |
|
| Specialty Retail — 2.0% | | |
AutoZone, Inc.(1) | 1,243 |
| 1,051,578 |
|
| Best Buy Co., Inc. | 12,140 |
| 691,980 |
|
| Home Depot, Inc. (The) | 21,789 |
| 4,068,224 |
|
| | | 5,811,782 |
|
| Technology Hardware, Storage and Peripherals — 7.1% | | |
| Apple, Inc. | 54,263 |
| 13,798,538 |
|
| HP, Inc. | 138,455 |
| 2,403,579 |
|
| NetApp, Inc. | 42,139 |
| 1,756,775 |
|
| Seagate Technology plc | 53,013 |
| 2,587,034 |
|
| | | 20,545,926 |
|
| | | |
|
| | | | | |
| Tobacco — 0.6% | | |
| Philip Morris International, Inc. | 21,979 |
| 1,603,588 |
|
| Trading Companies and Distributors — 1.7% | | |
| Fastenal Co. | 92,590 |
| 2,893,437 |
|
| W.W. Grainger, Inc. | 3,030 |
| 752,955 |
|
| Watsco, Inc. | 8,430 |
| 1,332,193 |
|
| | | 4,978,585 |
|
TOTAL COMMON STOCKS
(Cost $274,737,614) | | 278,711,793 |
|
| TEMPORARY CASH INVESTMENTS — 3.7% | | |
| Repurchase Agreement, BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 1.875% - 3.00%, 11/30/21 - 5/15/45, valued at $3,539,762), in a joint trading account at 0.01%, dated 3/31/20, due 4/1/20 (Delivery value $3,470,938) | | 3,470,937 |
|
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 7,249,885 |
| 7,249,885 |
|
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $10,720,822) | | 10,720,822 |
|
TOTAL INVESTMENT SECURITIES — 99.7%
(Cost $285,458,436) | | 289,432,615 |
|
| OTHER ASSETS AND LIABILITIES — 0.3% | | 735,456 |
|
| TOTAL NET ASSETS — 100.0% | | $ | 290,168,071 |
|
|
| | | | | | | | | | | | |
| FUTURES CONTRACTS PURCHASED |
| Reference Entity | Contracts | Expiration
Date | Notional
Amount | Underlying
Contract
Value | Unrealized
Appreciation
(Depreciation) |
| S&P 500 E-Mini | 44 |
| June 2020 | $ | 2,200 |
| $ | 5,653,340 |
| $ | (251,218 | ) |
|
| | |
| NOTES TO SCHEDULE OF INVESTMENTS |
SUPPLEMENTARY NOTES TO SCHEDULE OF INVESTMENTS
1. Investment Valuations
The fund determines the fair value of its investments and computes its net asset value per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. The Board of Directors has adopted valuation policies and procedures to guide the investment advisor in the fund’s investment valuation process and to provide methodologies for the oversight of the fund’s pricing function.
Equity securities that are listed or traded on a domestic securities exchange are valued at the last reported sales price or at the official closing price as provided by the exchange. Equity securities traded on foreign securities exchanges are generally valued at the closing price of such securities on the exchange where primarily traded or at the close of the NYSE, if that is earlier. If no last sales price is reported, or if local convention or regulation so provides, the mean of the latest bid and asked prices may be used. Securities traded over-the-counter are valued at the mean of the latest bid and asked prices, the last sales price, or the official closing price.
Open-end management investment companies are valued at the reported net asset value per share. Repurchase agreements are valued at cost, which approximates fair value. Exchange-traded futures contracts are valued at the settlement price as provided by the appropriate exchange.
If the fund determines that the market price for an investment is not readily available or the valuation methods mentioned above do not reflect an investment’s fair value, such investment is valued as determined in good faith by the Board of Directors or its delegate, in accordance with policies and procedures adopted by the Board of Directors. In its determination of fair value, the fund may review several factors including, but not limited to, market information regarding the specific investment or comparable investments and correlation with other investment types, futures indices or general market indicators. Circumstances that may cause the fund to use these procedures to value an investment include, but are not limited to: an investment has been declared in default or is distressed; trading in a security has been suspended during the trading day or a security is not actively trading on its principal exchange; prices received from a regular pricing source are deemed unreliable; or there is a foreign market holiday and no trading occurred.
The fund monitors for significant events occurring after the close of an investment’s primary exchange but before the fund’s net asset value per share is determined. Significant events may include, but are not limited to: corporate announcements and transactions; governmental action and political unrest that could impact a specific investment or an investment sector; or armed conflicts, natural disasters and similar events that could affect investments in a specific country or region. The fund also monitors for significant fluctuations between domestic and foreign markets, as evidenced by the U.S. market or such other indicators that the Board of Directors, or its delegate, deems appropriate. The fund may apply a model-derived factor to the closing price of equity securities traded on foreign securities exchanges. The factor is based on observable market data as provided by an independent pricing service.
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 | 278,711,793 |
| — |
| — |
|
| Temporary Cash Investments | 7,249,885 |
| 3,470,937 |
| — |
|
| | 285,961,678 |
| 3,470,937 |
| — |
|
| Liabilities | | | |
| Other Financial Instruments |
| Futures Contracts | 251,218 |
| — |
| — |
|
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.
