American Century Investments®
Quarterly Portfolio Holdings
VP Disciplined Core Value Fund
September 30, 2020
| | | | | |
| VP Disciplined Core Value - Schedule of Investments | |
| SEPTEMBER 30, 2020 (UNAUDITED) | |
| | | | | | | | |
| Shares/
Principal Amount ($) | Value ($) |
| COMMON STOCKS — 96.8% | | |
| Aerospace and Defense — 0.6% | | |
| General Dynamics Corp. | 2,804 | | 388,158 | |
| Huntington Ingalls Industries, Inc. | 3,832 | | 539,354 | |
| Lockheed Martin Corp. | 3,197 | | 1,225,346 | |
| | 2,152,858 | |
| Air Freight and Logistics — 0.8% | | |
| United Parcel Service, Inc., Class B | 17,603 | | 2,933,188 | |
| Airlines — 0.1% | | |
| Delta Air Lines, Inc. | 11,167 | | 341,487 | |
| Auto Components — 0.3% | | |
| BorgWarner, Inc. | 31,258 | | 1,210,935 | |
| Banks — 6.7% | | |
| Bank of America Corp. | 192,375 | | 4,634,314 | |
| Citigroup, Inc. | 20,697 | | 892,248 | |
| Citizens Financial Group, Inc. | 42,265 | | 1,068,459 | |
| Comerica, Inc. | 46,593 | | 1,782,182 | |
| Fifth Third Bancorp | 57,953 | | 1,235,558 | |
| JPMorgan Chase & Co. | 68,623 | | 6,606,336 | |
| M&T Bank Corp. | 10,875 | | 1,001,479 | |
| PNC Financial Services Group, Inc. (The) | 4,939 | | 542,845 | |
| Prosperity Bancshares, Inc. | 34,564 | | 1,791,452 | |
| Regions Financial Corp. | 17,954 | | 207,010 | |
SVB Financial Group(1) | 4,425 | | 1,064,743 | |
| Truist Financial Corp. | 28,035 | | 1,066,732 | |
| U.S. Bancorp | 8,082 | | 289,740 | |
| Wells Fargo & Co. | 24,028 | | 564,898 | |
| Zions Bancorp N.A. | 40,407 | | 1,180,693 | |
| | 23,928,689 | |
| Beverages — 1.3% | | |
| Coca-Cola Co. (The) | 3,477 | | 171,659 | |
| Molson Coors Beverage Co., Class B | 56,150 | | 1,884,394 | |
Monster Beverage Corp.(1) | 65 | | 5,213 | |
| PepsiCo, Inc. | 19,591 | | 2,715,313 | |
| | 4,776,579 | |
| Biotechnology — 3.8% | | |
| AbbVie, Inc. | 44,376 | | 3,886,894 | |
Alexion Pharmaceuticals, Inc.(1) | 5,819 | | 665,868 | |
| Amgen, Inc. | 11,013 | | 2,799,064 | |
Biogen, Inc.(1) | 7,104 | | 2,015,263 | |
| Gilead Sciences, Inc. | 43,226 | | 2,731,451 | |
Incyte Corp.(1) | 4,704 | | 422,137 | |
Regeneron Pharmaceuticals, Inc.(1) | 1,832 | | 1,025,517 | |
| | 13,546,194 | |
| Building Products — 1.0% | | |
| Fortune Brands Home & Security, Inc. | 17,229 | | 1,490,653 | |
| Johnson Controls International plc | 6,051 | | 247,183 | |
| Masco Corp. | 34,645 | | 1,909,979 | |
| | 3,647,815 | |
| | |
| | | | | | | | |
| Capital Markets — 3.8% | | |
| Ameriprise Financial, Inc. | 7,152 | | 1,102,195 | |
| BlackRock, Inc. | 2,444 | | 1,377,316 | |
| Cboe Global Markets, Inc. | 14,873 | | 1,304,957 | |
| FactSet Research Systems, Inc. | 3,080 | | 1,031,431 | |
| Franklin Resources, Inc. | 28,521 | | 580,402 | |
| Goldman Sachs Group, Inc. (The) | 7,925 | | 1,592,687 | |
| Moody's Corp. | 5,140 | | 1,489,829 | |
| Morgan Stanley | 27,661 | | 1,337,410 | |
| State Street Corp. | 19,488 | | 1,156,223 | |
| T. Rowe Price Group, Inc. | 19,606 | | 2,513,881 | |
| | 13,486,331 | |
| Chemicals — 1.9% | | |
| Dow, Inc. | 33,859 | | 1,593,066 | |
| Eastman Chemical Co. | 27,859 | | 2,176,345 | |
| LyondellBasell Industries NV, Class A | 42,692 | | 3,009,359 | |
| | 6,778,770 | |
| Commercial Services and Supplies — 0.3% | | |
| Republic Services, Inc. | 9,429 | | 880,197 | |
| Waste Management, Inc. | 2,168 | | 245,353 | |
| | 1,125,550 | |
| Communications Equipment — 0.9% | | |
| Cisco Systems, Inc. | 65,550 | | 2,582,015 | |
| Juniper Networks, Inc. | 19,542 | | 420,153 | |
| Motorola Solutions, Inc. | 2,199 | | 344,825 | |
| | 3,346,993 | |
| Construction and Engineering — 0.2% | | |
| Quanta Services, Inc. | 13,842 | | 731,688 | |
| Consumer Finance — 1.0% | | |
| Capital One Financial Corp. | 16,322 | | 1,172,899 | |
| Discover Financial Services | 4,484 | | 259,085 | |
| Synchrony Financial | 75,662 | | 1,980,075 | |
| | 3,412,059 | |
| Containers and Packaging — 2.3% | | |
| Amcor plc | 236,241 | | 2,610,463 | |
| International Paper Co. | 86,114 | | 3,491,062 | |
| Packaging Corp. of America | 12,959 | | 1,413,179 | |
| WestRock Co. | 19,975 | | 693,931 | |
| | 8,208,635 | |
| Distributors — 0.3% | | |
| Genuine Parts Co. | 4,624 | | 440,066 | |
LKQ Corp.(1) | 17,585 | | 487,632 | |
| | 927,698 | |
| Diversified Consumer Services — 0.1% | | |
| H&R Block, Inc. | 18,829 | | 306,724 | |
| Diversified Financial Services — 1.5% | | |
Berkshire Hathaway, Inc., Class B(1) | 25,899 | | 5,514,933 | |
| Diversified Telecommunication Services — 2.3% | | |
| AT&T, Inc. | 58,803 | | 1,676,474 | |
| CenturyLink, Inc. | 37,504 | | 378,415 | |
| Verizon Communications, Inc. | 103,781 | | 6,173,932 | |
| | 8,228,821 | |
| Electric Utilities — 1.9% | | |
| Duke Energy Corp. | 5,921 | | 524,364 | |
| Evergy, Inc. | 15,568 | | 791,166 | |
| | | | | | | | |
| Exelon Corp. | 32,001 | | 1,144,356 | |
| IDACORP, Inc. | 1,860 | | 148,614 | |
| NextEra Energy, Inc. | 6,030 | | 1,673,687 | |
| NRG Energy, Inc. | 58,686 | | 1,804,007 | |
| OGE Energy Corp. | 4,669 | | 140,023 | |
| PPL Corp. | 308 | | 8,381 | |
| Southern Co. (The) | 10,677 | | 578,907 | |
| | 6,813,505 | |
| Electrical Equipment — 0.9% | | |
| Eaton Corp. plc | 10,913 | | 1,113,454 | |
| Emerson Electric Co. | 32,776 | | 2,149,122 | |
| | 3,262,576 | |
| Electronic Equipment, Instruments and Components — 0.3% | | |
| Jabil, Inc. | 16,853 | | 577,384 | |
Zebra Technologies Corp., Class A(1) | 1,503 | | 379,447 | |
| | 956,831 | |
| Energy Equipment and Services — 0.3% | | |
| Baker Hughes Co. | 69,503 | | 923,695 | |
| Entertainment — 1.0% | | |
| Activision Blizzard, Inc. | 20,292 | | 1,642,638 | |
Electronic Arts, Inc.(1) | 13,725 | | 1,789,877 | |
| | 3,432,515 | |
| Equity Real Estate Investment Trusts (REITs) — 4.4% | | |
| AvalonBay Communities, Inc. | 4,406 | | 657,992 | |
| CubeSmart | 32,586 | | 1,052,854 | |
| Digital Realty Trust, Inc. | 2,796 | | 410,341 | |
| Extra Space Storage, Inc. | 14,169 | | 1,515,941 | |
| Gaming and Leisure Properties, Inc. | 25,541 | | 943,229 | |
| Healthcare Trust of America, Inc., Class A | 12,547 | | 326,222 | |
| Industrial Logistics Properties Trust | 9,674 | | 211,570 | |
| Life Storage, Inc. | 13,776 | | 1,450,200 | |
| Medical Properties Trust, Inc. | 72,927 | | 1,285,703 | |
| National Retail Properties, Inc. | 5,518 | | 190,426 | |
| Prologis, Inc. | 4,216 | | 424,214 | |
| Public Storage | 7,201 | | 1,603,807 | |
| Realty Income Corp. | 29,090 | | 1,767,217 | |
| Regency Centers Corp. | 128 | | 4,867 | |
| Simon Property Group, Inc. | 4,085 | | 264,218 | |
| VICI Properties, Inc. | 73,052 | | 1,707,225 | |
| WP Carey, Inc. | 30,039 | | 1,957,341 | |
| | 15,773,367 | |
| Food and Staples Retailing — 0.6% | | |
| Kroger Co. (The) | 16,246 | | 550,902 | |
| Sysco Corp. | 11,164 | | 694,624 | |
| Walgreens Boots Alliance, Inc. | 6,787 | | 243,789 | |
| Walmart, Inc. | 4,734 | | 662,334 | |
| | 2,151,649 | |
| Food Products — 3.2% | | |
| Campbell Soup Co. | 11,826 | | 572,024 | |
| General Mills, Inc. | 70,130 | | 4,325,618 | |
| Hershey Co. (The) | 11,016 | | 1,579,033 | |
| Hormel Foods Corp. | 25,503 | | 1,246,842 | |
| Kellogg Co. | 34,051 | | 2,199,354 | |
| Kraft Heinz Co. (The) | 53,331 | | 1,597,264 | |
| | 11,520,135 | |
| | |
| | | | | | | | |
| Health Care Equipment and Supplies — 2.0% | | |
| Abbott Laboratories | 24,686 | | 2,686,577 | |
ABIOMED, Inc.(1) | 2,165 | | 599,835 | |
| Baxter International, Inc. | 21,337 | | 1,715,922 | |
| Danaher Corp. | 2,188 | | 471,142 | |
DexCom, Inc.(1) | 375 | | 154,586 | |
| Medtronic plc | 9,129 | | 948,686 | |
| Zimmer Biomet Holdings, Inc. | 4,116 | | 560,352 | |
| | 7,137,100 | |
| Health Care Providers and Services — 3.3% | | |
| Anthem, Inc. | 6,560 | | 1,761,950 | |
| Cardinal Health, Inc. | 51,937 | | 2,438,442 | |
| Cigna Corp. | 2,439 | | 413,191 | |
| CVS Health Corp. | 41,486 | | 2,422,783 | |
| Humana, Inc. | 3,427 | | 1,418,401 | |
| McKesson Corp. | 7,463 | | 1,111,465 | |
| UnitedHealth Group, Inc. | 7,378 | | 2,300,239 | |
| | 11,866,471 | |
| Health Care Technology — 0.4% | | |
| Cerner Corp. | 20,480 | | 1,480,499 | |
| Hotels, Restaurants and Leisure — 0.7% | | |
| Darden Restaurants, Inc. | 4,165 | | 419,582 | |
| Las Vegas Sands Corp. | 105 | | 4,899 | |
| McDonald's Corp. | 7,016 | | 1,539,942 | |
| Starbucks Corp. | 57 | | 4,898 | |
| Vail Resorts, Inc. | 2,588 | | 553,754 | |
| | 2,523,075 | |
| Household Durables — 0.4% | | |
| Leggett & Platt, Inc. | 14,875 | | 612,404 | |
Mohawk Industries, Inc.(1) | 4,302 | | 419,832 | |
| PulteGroup, Inc. | 8,779 | | 406,380 | |
| | 1,438,616 | |
| Household Products — 2.1% | | |
| Clorox Co. (The) | 4,983 | | 1,047,277 | |
| Colgate-Palmolive Co. | 4,883 | | 376,723 | |
| Kimberly-Clark Corp. | 24,506 | | 3,618,556 | |
| Procter & Gamble Co. (The) | 18,837 | | 2,618,155 | |
| | 7,660,711 | |
| Industrial Conglomerates — 2.0% | | |
| 3M Co. | 35,662 | | 5,712,339 | |
| Carlisle Cos., Inc. | 1,931 | | 236,297 | |
| Honeywell International, Inc. | 6,556 | | 1,079,183 | |
| | 7,027,819 | |
| Insurance — 4.1% | | |
| Aflac, Inc. | 30,685 | | 1,115,400 | |
| Allstate Corp. (The) | 22,017 | | 2,072,680 | |
| Aon plc, Class A | 2,789 | | 575,371 | |
| Assurant, Inc. | 5,738 | | 696,077 | |
| Brown & Brown, Inc. | 13,150 | | 595,300 | |
| First American Financial Corp. | 25,973 | | 1,322,285 | |
| Marsh & McLennan Cos., Inc. | 15,289 | | 1,753,648 | |
| MetLife, Inc. | 72,941 | | 2,711,217 | |
| Old Republic International Corp. | 15,697 | | 231,374 | |
| Principal Financial Group, Inc. | 23,997 | | 966,359 | |
| | | | | | | | |
| Prudential Financial, Inc. | 33,046 | | 2,099,082 | |
| Travelers Cos., Inc. (The) | 4,235 | | 458,185 | |
| | 14,596,978 | |
| Interactive Media and Services — 2.4% | | |
Alphabet, Inc., Class A(1) | 4,611 | | 6,757,882 | |
Facebook, Inc., Class A(1) | 6,846 | | 1,792,967 | |
| | 8,550,849 | |
| Internet and Direct Marketing Retail — 2.2% | | |
Amazon.com, Inc.(1) | 1,938 | | 6,102,239 | |
Booking Holdings, Inc.(1) | 325 | | 555,971 | |
| eBay, Inc. | 22,035 | | 1,148,023 | |
| | 7,806,233 | |
| IT Services — 3.6% | | |
Akamai Technologies, Inc.(1) | 3,307 | | 365,556 | |
| Automatic Data Processing, Inc. | 10,777 | | 1,503,284 | |
| Cognizant Technology Solutions Corp., Class A | 6,494 | | 450,813 | |
| International Business Machines Corp. | 41,489 | | 5,047,967 | |
| MasterCard, Inc., Class A | 1,453 | | 491,361 | |
| Paychex, Inc. | 25,273 | | 2,016,027 | |
| Visa, Inc., Class A | 5,258 | | 1,051,442 | |
| Western Union Co. (The) | 87,198 | | 1,868,653 | |
| | 12,795,103 | |
| Leisure Products — 0.1% | | |
| Polaris, Inc. | 5,392 | | 508,681 | |
| Life Sciences Tools and Services — 0.5% | | |
| Agilent Technologies, Inc. | 19,321 | | 1,950,262 | |
| Machinery — 2.3% | | |
| AGCO Corp. | 18,255 | | 1,355,799 | |
| Caterpillar, Inc. | 14,701 | | 2,192,654 | |
| Cummins, Inc. | 13,646 | | 2,881,490 | |
| Flowserve Corp. | 14,314 | | 390,629 | |
| Snap-on, Inc. | 8,371 | | 1,231,625 | |
| | 8,052,197 | |
| Media — 1.2% | | |
| Comcast Corp., Class A | 27,365 | | 1,265,905 | |
Discovery, Inc., Class C(1) | 9,786 | | 191,805 | |
DISH Network Corp., Class A(1) | 15,342 | | 445,378 | |
| Interpublic Group of Cos., Inc. (The) | 135,813 | | 2,264,003 | |
| | 4,167,091 | |
| Metals and Mining — 0.7% | | |
| Nucor Corp. | 12,488 | | 560,212 | |
| Reliance Steel & Aluminum Co. | 12,636 | | 1,289,377 | |
| Steel Dynamics, Inc. | 27,411 | | 784,777 | |
| | 2,634,366 | |
| Multi-Utilities — 0.3% | | |
| Dominion Energy, Inc. | 12,365 | | 975,969 | |
| Multiline Retail — 0.8% | | |
| Target Corp. | 19,197 | | 3,021,992 | |
| Oil, Gas and Consumable Fuels — 1.4% | | |
| Chevron Corp. | 8,361 | | 601,992 | |
| ConocoPhillips | 4,296 | | 141,081 | |
| EOG Resources, Inc. | 9,058 | | 325,544 | |
| Exxon Mobil Corp. | 31,175 | | 1,070,238 | |
| HollyFrontier Corp. | 280 | | 5,519 | |
| Kinder Morgan, Inc. | 56,301 | | 694,191 | |
| | | | | | | | |
| Phillips 66 | 6,200 | | 321,408 | |
| Valero Energy Corp. | 128 | | 5,545 | |
| Williams Cos., Inc. (The) | 86,454 | | 1,698,821 | |
| | 4,864,339 | |
| Personal Products — 0.6% | | |
| Estee Lauder Cos., Inc. (The), Class A | 9,125 | | 1,991,531 | |
| Pharmaceuticals — 6.6% | | |
| Bristol-Myers Squibb Co. | 91,331 | | 5,506,346 | |
| Eli Lilly & Co. | 3,048 | | 451,165 | |
Jazz Pharmaceuticals plc(1) | 7,834 | | 1,117,050 | |
| Johnson & Johnson | 40,965 | | 6,098,869 | |
| Merck & Co., Inc. | 53,831 | | 4,465,281 | |
Mylan NV(1) | 63,761 | | 945,576 | |
| Pfizer, Inc. | 133,275 | | 4,891,193 | |
| | 23,475,480 | |
| Professional Services — 0.5% | | |
| Robert Half International, Inc. | 31,408 | | 1,662,739 | |
| Road and Rail — 0.8% | | |
| CSX Corp. | 18,327 | | 1,423,458 | |
| Kansas City Southern | 6,332 | | 1,145,016 | |
| Union Pacific Corp. | 1,047 | | 206,123 | |
| | 2,774,597 | |
| Semiconductors and Semiconductor Equipment — 3.5% | | |
| Broadcom, Inc. | 12,115 | | 4,413,737 | |
| Intel Corp. | 53,894 | | 2,790,631 | |
| KLA Corp. | 2,727 | | 528,329 | |
| Lam Research Corp. | 1,890 | | 627,007 | |
| Maxim Integrated Products, Inc. | 7,192 | | 486,251 | |
| QUALCOMM, Inc. | 129 | | 15,181 | |
| Texas Instruments, Inc. | 24,369 | | 3,479,650 | |
| | 12,340,786 | |
| Software — 5.3% | | |
Adobe, Inc.(1) | 3,837 | | 1,881,780 | |
Autodesk, Inc.(1) | 1,386 | | 320,180 | |
Cadence Design Systems, Inc.(1) | 13,786 | | 1,470,001 | |
DocuSign, Inc.(1) | 27 | | 5,811 | |
| Intuit, Inc. | 1,926 | | 628,280 | |
| Microsoft Corp. | 31,399 | | 6,604,152 | |
| NortonLifeLock, Inc. | 107,730 | | 2,245,093 | |
| Oracle Corp. (New York) | 20,695 | | 1,235,492 | |
salesforce.com, Inc.(1) | 9,319 | | 2,342,051 | |
ServiceNow, Inc.(1) | 2,992 | | 1,451,120 | |
VMware, Inc., Class A(1) | 3,776 | | 542,498 | |
| | 18,726,458 | |
| Specialty Retail — 2.0% | | |
AutoZone, Inc.(1) | 367 | | 432,194 | |
| Best Buy Co., Inc. | 6,212 | | 691,334 | |
| Home Depot, Inc. (The) | 15,368 | | 4,267,847 | |
| Lowe's Cos., Inc. | 7,126 | | 1,181,918 | |
Ulta Beauty, Inc.(1) | 2,539 | | 568,685 | |
| | 7,141,978 | |
| Technology Hardware, Storage and Peripherals — 3.3% | | |
| Apple, Inc. | 55,697 | | 6,450,269 | |
| HP, Inc. | 104,037 | | 1,975,663 | |
| | | | | | | | |
| NetApp, Inc. | 29,774 | | 1,305,292 | |
| Seagate Technology plc | 43,404 | | 2,138,515 | |
| | 11,869,739 | |
| Textiles, Apparel and Luxury Goods — 0.2% | | |
| Hanesbrands, Inc. | 41,560 | | 654,570 | |
| Trading Companies and Distributors — 1.7% | | |
| Fastenal Co. | 59,316 | | 2,674,558 | |
| W.W. Grainger, Inc. | 3,030 | | 1,081,013 | |
| Watsco, Inc. | 9,649 | | 2,247,156 | |
| | 6,002,727 | |
TOTAL COMMON STOCKS (Cost $295,978,188) | | 345,139,176 | |
| EXCHANGE-TRADED FUNDS — 0.5% | | |
iShares Russell 1000 Value ETF
(Cost $1,802,795) | 15,040 | | 1,776,675 | |
| TEMPORARY CASH INVESTMENTS — 2.5% | | |
| Repurchase Agreement, BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 2.125% - 2.875%, 12/15/21 - 8/15/47, valued at $3,586,666), in a joint trading account at 0.05%, dated 9/30/20, due 10/1/20 (Delivery value $3,517,002) | | 3,516,997 | |
| Repurchase Agreement, Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 0.125%, 9/30/22, valued at $5,425,412), at 0.05%, dated 9/30/20, due 10/1/20 (Delivery value $5,319,007) | | 5,319,000 | |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 123,045 | | 123,045 | |
TOTAL TEMPORARY CASH INVESTMENTS (Cost $8,959,042) | | 8,959,042 | |
TOTAL INVESTMENT SECURITIES — 99.8% (Cost $306,740,025) | | 355,874,893 | |
| OTHER ASSETS AND LIABILITIES — 0.2% | | 544,327 | |
| TOTAL NET ASSETS — 100.0% | | $ | 356,419,220 | |
| | | | | | | | | | | | | | |
| FUTURES CONTRACTS PURCHASED |
| Reference Entity | Contracts | Expiration
Date | Notional
Amount | Unrealized
Appreciation
(Depreciation)^ |
| S&P 500 E-Mini | 41 | | December 2020 | $ | 6,871,600 | | $ | 41,023 | |
^Amount represents value and unrealized appreciation (depreciation).
| | | | | | | | |
| NOTES TO SCHEDULE OF INVESTMENTS |
(1)Non-income producing.
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 | 345,139,176 | | — | | — | |
| Exchange-Traded Funds | 1,776,675 | | — | | — | |
| Temporary Cash Investments | 123,045 | | 8,835,997 | | — | |
| 347,038,896 | | 8,835,997 | | — | |
| | | |
| Other Financial Instruments |
| Futures Contracts | 41,023 | | — | | — | |
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.
