American Century Investments®
Quarterly Portfolio Holdings
VP Value Fund
September 30, 2022
| | |
| VP Value - Schedule of Investments |
SEPTEMBER 30, 2022 (UNAUDITED) |
| | | | | | | | |
| Shares/
Principal Amount ($) | Value ($) |
| COMMON STOCKS — 97.8% | | |
| Aerospace and Defense — 1.9% | | |
| BAE Systems PLC | 388,668 | | 3,415,001 | |
| Raytheon Technologies Corp. | 109,030 | | 8,925,196 | |
| Thales SA | 30,745 | | 3,387,912 | |
| | 15,728,109 | |
| Airlines — 0.7% | | |
Southwest Airlines Co.(1) | 196,447 | | 6,058,425 | |
| Auto Components — 1.4% | | |
| BorgWarner, Inc. | 262,419 | | 8,239,956 | |
| Cie Generale des Etablissements Michelin SCA | 127,570 | | 2,858,295 | |
| | 11,098,251 | |
| Automobiles — 0.8% | | |
| General Motors Co. | 210,554 | | 6,756,678 | |
| Banks — 11.5% | | |
| Bank of America Corp. | 549,640 | | 16,599,128 | |
| Comerica, Inc. | 53,092 | | 3,774,841 | |
| JPMorgan Chase & Co. | 222,309 | | 23,231,291 | |
| Prosperity Bancshares, Inc. | 55,729 | | 3,716,010 | |
| Truist Financial Corp. | 201,510 | | 8,773,745 | |
| U.S. Bancorp | 527,232 | | 21,257,994 | |
| Wells Fargo & Co. | 389,802 | | 15,677,836 | |
| | 93,030,845 | |
| Capital Markets — 4.6% | | |
| Bank of New York Mellon Corp. | 365,860 | | 14,092,927 | |
| BlackRock, Inc. | 7,550 | | 4,154,614 | |
| Invesco Ltd. | 420,386 | | 5,759,288 | |
| Northern Trust Corp. | 72,277 | | 6,184,020 | |
| State Street Corp. | 115,750 | | 7,038,758 | |
| | 37,229,607 | |
| Chemicals — 0.5% | | |
| Akzo Nobel NV | 70,890 | | 4,017,333 | |
| Communications Equipment — 3.5% | | |
| Cisco Systems, Inc. | 560,773 | | 22,430,920 | |
F5, Inc.(1) | 42,006 | | 6,079,528 | |
| | 28,510,448 | |
| Containers and Packaging — 0.6% | | |
| Packaging Corp. of America | 44,630 | | 5,011,503 | |
| Diversified Financial Services — 4.2% | | |
Berkshire Hathaway, Inc., Class A(1) | 50 | | 20,323,500 | |
Berkshire Hathaway, Inc., Class B(1) | 50,934 | | 13,600,397 | |
| | 33,923,897 | |
| Diversified Telecommunication Services — 4.0% | | |
| AT&T, Inc. | 930,908 | | 14,280,129 | |
| Verizon Communications, Inc. | 481,861 | | 18,296,262 | |
| | 32,576,391 | |
| Electric Utilities — 1.4% | | |
| Duke Energy Corp. | 13,200 | | 1,227,864 | |
| Edison International | 106,170 | | 6,007,099 | |
| | | | | | | | |
| Pinnacle West Capital Corp. | 63,220 | | 4,078,322 | |
| | 11,313,285 | |
| Electrical Equipment — 2.1% | | |
| Emerson Electric Co. | 91,629 | | 6,709,075 | |
| nVent Electric PLC | 206,488 | | 6,527,086 | |
| Signify NV | 162,970 | | 4,194,419 | |
| | 17,430,580 | |
| Electronic Equipment, Instruments and Components — 0.4% | | |
| Anritsu Corp. | 267,700 | | 2,910,202 | |
| Energy Equipment and Services — 2.4% | | |
| Baker Hughes Co. | 436,786 | | 9,155,034 | |
| Halliburton Co. | 171,038 | | 4,210,956 | |
| Schlumberger NV | 169,549 | | 6,086,809 | |
| | 19,452,799 | |
| Entertainment — 1.3% | | |
Walt Disney Co.(1) | 109,040 | | 10,285,743 | |
| Equity Real Estate Investment Trusts (REITs) — 2.8% | | |
| Agree Realty Corp. | 47,030 | | 3,178,287 | |
| Equinix, Inc. | 6,920 | | 3,936,373 | |
| Healthpeak Properties, Inc. | 262,360 | | 6,013,291 | |
| Realty Income Corp. | 71,050 | | 4,135,110 | |
| Regency Centers Corp. | 97,520 | | 5,251,452 | |
| | 22,514,513 | |
| Food and Staples Retailing — 1.3% | | |
| Koninklijke Ahold Delhaize NV | 423,270 | | 10,781,291 | |
| Food Products — 3.6% | | |
| Conagra Brands, Inc. | 316,270 | | 10,319,890 | |
| Danone SA | 141,990 | | 6,714,039 | |
| JDE Peet's NV | 78,647 | | 2,299,488 | |
| Mondelez International, Inc., Class A | 121,366 | | 6,654,498 | |
| Orkla ASA | 435,700 | | 3,167,237 | |
| | 29,155,152 | |
| Gas Utilities — 0.5% | | |
| Atmos Energy Corp. | 42,464 | | 4,324,958 | |
| Health Care Equipment and Supplies — 5.3% | | |
| Medtronic PLC | 290,357 | | 23,446,328 | |
| Zimmer Biomet Holdings, Inc. | 183,723 | | 19,208,239 | |
| | 42,654,567 | |
| Health Care Providers and Services — 4.5% | | |
| AmerisourceBergen Corp. | 15,286 | | 2,068,655 | |
| Cardinal Health, Inc. | 161,670 | | 10,780,156 | |
| CVS Health Corp. | 109,690 | | 10,461,135 | |
| McKesson Corp. | 8,330 | | 2,831,117 | |
| Quest Diagnostics, Inc. | 29,390 | | 3,605,859 | |
| Universal Health Services, Inc., Class B | 76,440 | | 6,740,479 | |
| | 36,487,401 | |
| Hotels, Restaurants and Leisure — 0.8% | | |
| Sodexo SA | 85,130 | | 6,393,290 | |
| Household Products — 1.2% | | |
| Henkel AG & Co. KGaA | 58,930 | | 3,339,752 | |
| Kimberly-Clark Corp. | 35,370 | | 3,980,540 | |
| Procter & Gamble Co. | 21,586 | | 2,725,232 | |
| | 10,045,524 | |
| Industrial Conglomerates — 3.4% | | |
| General Electric Co. | 303,668 | | 18,800,086 | |
| | | | | | | | |
| Siemens AG | 90,580 | | 8,853,547 | |
| | 27,653,633 | |
| Insurance — 2.0% | | |
| Allstate Corp. | 54,550 | | 6,793,111 | |
| Chubb Ltd. | 28,219 | | 5,132,472 | |
| Reinsurance Group of America, Inc. | 33,501 | | 4,214,761 | |
| | 16,140,344 | |
| Leisure Products — 0.5% | | |
Mattel, Inc.(1) | 217,053 | | 4,110,984 | |
| Machinery — 1.1% | | |
| IMI PLC | 410,446 | | 5,075,612 | |
| Oshkosh Corp. | 52,320 | | 3,677,573 | |
| | 8,753,185 | |
| Metals and Mining — 0.7% | | |
| BHP Group Ltd. | 223,690 | | 5,560,512 | |
| Multi-Utilities — 0.4% | | |
| Engie SA | 297,600 | | 3,425,343 | |
| Multiline Retail — 1.1% | | |
Dollar Tree, Inc.(1) | 66,680 | | 9,075,148 | |
| Oil, Gas and Consumable Fuels — 7.5% | | |
| Chevron Corp. | 85,937 | | 12,346,569 | |
| ConocoPhillips | 73,164 | | 7,487,604 | |
| Devon Energy Corp. | 88,007 | | 5,291,861 | |
| EQT Corp. | 72,051 | | 2,936,078 | |
| Exxon Mobil Corp. | 209,510 | | 18,292,318 | |
| Shell PLC | 312,230 | | 7,745,780 | |
| TotalEnergies SE | 147,889 | | 6,938,145 | |
| | 61,038,355 | |
| Paper and Forest Products — 0.7% | | |
| Mondi PLC | 376,810 | | 5,788,716 | |
| Personal Products — 1.2% | | |
| Unilever PLC | 216,620 | | 9,534,817 | |
| Pharmaceuticals — 9.2% | | |
| Bristol-Myers Squibb Co. | 121,440 | | 8,633,170 | |
| Johnson & Johnson | 151,669 | | 24,776,648 | |
| Merck & Co., Inc. | 157,192 | | 13,537,375 | |
| Pfizer, Inc. | 308,329 | | 13,492,477 | |
| Roche Holding AG | 19,950 | | 6,494,375 | |
| Sanofi | 41,860 | | 3,187,492 | |
Teva Pharmaceutical Industries Ltd., ADR(1) | 542,336 | | 4,376,651 | |
| | 74,498,188 | |
| Road and Rail — 1.1% | | |
| Heartland Express, Inc. | 614,849 | | 8,798,489 | |
| Semiconductors and Semiconductor Equipment — 2.2% | | |
| Intel Corp. | 464,505 | | 11,970,294 | |
| QUALCOMM, Inc. | 54,710 | | 6,181,136 | |
| | 18,151,430 | |
| Software — 1.6% | | |
| Open Text Corp. | 193,460 | | 5,115,082 | |
| Oracle Corp. (New York) | 134,963 | | 8,242,191 | |
| | 13,357,273 | |
| Specialty Retail — 1.0% | | |
| Advance Auto Parts, Inc. | 54,011 | | 8,444,080 | |
| Technology Hardware, Storage and Peripherals — 0.4% | | |
| HP, Inc. | 136,317 | | 3,397,020 | |
| | |
| | | | | | | | |
| Textiles, Apparel and Luxury Goods — 1.3% | | |
| Ralph Lauren Corp. | 59,360 | | 5,041,445 | |
| Tapestry, Inc. | 203,664 | | 5,790,167 | |
| | 10,831,612 | |
| Trading Companies and Distributors — 1.1% | | |
| MSC Industrial Direct Co., Inc., Class A | 116,772 | | 8,502,169 | |
TOTAL COMMON STOCKS (Cost $730,706,322) | | 794,752,090 | |
| SHORT-TERM INVESTMENTS — 2.2% | | |
Money Market Funds† | | |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 119,749 | | 119,749 | |
| Repurchase Agreements — 2.2% | | |
| BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 0.625% - 4.625%, 1/15/25 - 5/15/47, valued at $3,019,249), in a joint trading account at 2.86%, dated 9/30/22, due 10/3/22 (Delivery value $2,968,635) | | 2,967,928 | |
| Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 1.00%, 7/31/28, valued at $15,146,056), at 2.95%, dated 9/30/22, due 10/3/22 (Delivery value $14,852,650) | | 14,849,000 | |
| | 17,816,928 | |
TOTAL SHORT-TERM INVESTMENTS (Cost $17,936,677) | | 17,936,677 | |
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $748,642,999) | | 812,688,767 | |
OTHER ASSETS AND LIABILITIES† | | (43,926) | |
| TOTAL NET ASSETS — 100.0% | | $ | 812,644,841 | |
| | | | | | | | | | | | | | | | | | | | |
| FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS |
| Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) |
| AUD | 295,271 | | USD | 191,685 | | Bank of America N.A. | 12/30/22 | $ | (2,510) | |
| USD | 4,236,296 | | AUD | 6,368,454 | | Bank of America N.A. | 12/30/22 | 156,150 | |
| USD | 107,698 | | AUD | 167,768 | | Bank of America N.A. | 12/30/22 | 212 | |
| USD | 4,832,822 | | CHF | 4,695,981 | | Morgan Stanley | 12/30/22 | 29,330 | |
| USD | 178,636 | | CHF | 173,565 | | Morgan Stanley | 12/30/22 | 1,098 | |
| EUR | 1,647,808 | | USD | 1,594,541 | | JPMorgan Chase Bank N.A. | 12/30/22 | 31,904 | |
| USD | 59,262,724 | | EUR | 60,318,601 | | JPMorgan Chase Bank N.A. | 12/30/22 | (273,869) | |
| GBP | 542,094 | | USD | 579,797 | | Bank of America N.A. | 12/30/22 | 26,325 | |
| USD | 17,305,195 | | GBP | 15,322,468 | | Bank of America N.A. | 12/30/22 | 172,980 | |
| USD | 2,309,070 | | JPY | 325,054,725 | | Bank of America N.A. | 12/30/22 | 39,941 | |
| NOK | 1,195,997 | | USD | 111,770 | | UBS AG | 12/30/22 | (1,684) | |
| USD | 2,565,621 | | NOK | 26,619,092 | | UBS AG | 12/30/22 | 115,448 | |
| | | | | | $ | 295,325 | |
| | | | | | | | |
| NOTES TO SCHEDULE OF INVESTMENTS |
| ADR | - | American Depositary Receipt |
| AUD | - | Australian Dollar |
| CHF | - | Swiss Franc |
| EUR | - | Euro |
| GBP | - | British Pound |
| JPY | - | Japanese Yen |
| NOK | - | Norwegian Krone |
| USD | - | United States Dollar |
†Category is less than 0.05% of total net assets.
(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 (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 | | | |
| Aerospace and Defense | 8,925,196 | | 6,802,913 | | — | |
| Auto Components | 8,239,956 | | 2,858,295 | | — | |
| Chemicals | — | | 4,017,333 | | — | |
| Electrical Equipment | 13,236,161 | | 4,194,419 | | — | |
| Electronic Equipment, Instruments and Components | — | | 2,910,202 | | — | |
| Food and Staples Retailing | — | | 10,781,291 | | — | |
| Food Products | 16,974,388 | | 12,180,764 | | — | |
| Hotels, Restaurants and Leisure | — | | 6,393,290 | | — | |
| Household Products | 6,705,772 | | 3,339,752 | | — | |
| Industrial Conglomerates | 18,800,086 | | 8,853,547 | | — | |
| Machinery | 3,677,573 | | 5,075,612 | | — | |
| Metals and Mining | — | | 5,560,512 | | — | |
| Multi-Utilities | — | | 3,425,343 | | — | |
| Oil, Gas and Consumable Fuels | 46,354,430 | | 14,683,925 | | — | |
| Paper and Forest Products | — | | 5,788,716 | | — | |
| Personal Products | — | | 9,534,817 | | — | |
| Pharmaceuticals | 64,816,321 | | 9,681,867 | | — | |
| Other Industries | 490,939,609 | | — | | — | |
| Short-Term Investments | 119,749 | | 17,816,928 | | — | |
| 678,789,241 | | 133,899,526 | | — | |
| Other Financial Instruments | | | |
| Forward Foreign Currency Exchange Contracts | — | | 573,388 | | — | |
| | | |
| Liabilities | | | |
| Other Financial Instruments | | | |
| Forward Foreign Currency Exchange Contracts | — | | 278,063 | | — | |
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.
