American Century Investments®
Quarterly Portfolio Holdings
VP Disciplined Core Value Fund
March 31, 2023
| | |
| VP Disciplined Core Value - Schedule of Investments |
| MARCH 31, 2023 (UNAUDITED) |
| | | | | | | | |
| Shares/
Principal Amount ($) | Value ($) |
| COMMON STOCKS — 99.2% | | |
| Aerospace and Defense — 3.5% | | |
| Lockheed Martin Corp. | 7,810 | | 3,692,021 | |
Parsons Corp.(1) | 63,337 | | 2,833,698 | |
| Textron, Inc. | 78,740 | | 5,561,406 | |
| | 12,087,125 | |
| Air Freight and Logistics — 1.1% | | |
| FedEx Corp. | 13,242 | | 3,025,664 | |
| United Parcel Service, Inc., Class B | 4,529 | | 878,581 | |
| | 3,904,245 | |
| Automobile Components — 0.7% | | |
| BorgWarner, Inc. | 46,329 | | 2,275,217 | |
| Banks — 5.4% | | |
| Bank of America Corp. | 108,811 | | 3,111,995 | |
| JPMorgan Chase & Co. | 67,036 | | 8,735,461 | |
| M&T Bank Corp. | 10,614 | | 1,269,116 | |
| PNC Financial Services Group, Inc. | 3,983 | | 506,239 | |
| Truist Financial Corp. | 71,111 | | 2,424,885 | |
| U.S. Bancorp | 19,632 | | 707,734 | |
| Wells Fargo & Co. | 51,576 | | 1,927,911 | |
| | 18,683,341 | |
| Beverages — 0.4% | | |
| PepsiCo, Inc. | 7,602 | | 1,385,845 | |
| Biotechnology — 8.3% | | |
| AbbVie, Inc. | 29,293 | | 4,668,425 | |
| Amgen, Inc. | 18,138 | | 4,384,862 | |
Exelixis, Inc.(1) | 146,096 | | 2,835,723 | |
| Gilead Sciences, Inc. | 68,598 | | 5,691,576 | |
Incyte Corp.(1) | 31,381 | | 2,267,905 | |
Regeneron Pharmaceuticals, Inc.(1) | 3,073 | | 2,524,992 | |
United Therapeutics Corp.(1) | 11,095 | | 2,484,836 | |
Vertex Pharmaceuticals, Inc.(1) | 13,313 | | 4,194,527 | |
| | 29,052,846 | |
| Broadline Retail — 0.5% | | |
| Dillard's, Inc., Class A | 4,288 | | 1,319,332 | |
| Kohl's Corp. | 20,115 | | 473,507 | |
| | 1,792,839 | |
| Building Products — 2.3% | | |
| Johnson Controls International PLC | 29,304 | | 1,764,687 | |
| Masco Corp. | 60,715 | | 3,018,750 | |
| Owens Corning | 33,890 | | 3,246,662 | |
| | 8,030,099 | |
| Capital Markets — 6.6% | | |
| Affiliated Managers Group, Inc. | 12,777 | | 1,819,700 | |
| Ameriprise Financial, Inc. | 4,927 | | 1,510,126 | |
| Cboe Global Markets, Inc. | 40,362 | | 5,418,195 | |
| Charles Schwab Corp. | 9,040 | | 473,515 | |
| Evercore, Inc., Class A | 10,395 | | 1,199,375 | |
| Interactive Brokers Group, Inc., Class A | 21,503 | | 1,775,288 | |
| LPL Financial Holdings, Inc. | 9,366 | | 1,895,678 | |
| | | | | | | | |
| Morgan Stanley | 32,242 | | 2,830,848 | |
| Raymond James Financial, Inc. | 18,596 | | 1,734,449 | |
| SEI Investments Co. | 69,270 | | 3,986,489 | |
| T. Rowe Price Group, Inc. | 4,726 | | 533,565 | |
| | 23,177,228 | |
| Chemicals — 4.3% | | |
| Albemarle Corp. | 3,968 | | 877,087 | |
| CF Industries Holdings, Inc. | 8,130 | | 589,344 | |
| Dow, Inc. | 77,843 | | 4,267,353 | |
| Huntsman Corp. | 56,732 | | 1,552,188 | |
| LyondellBasell Industries NV, Class A | 38,634 | | 3,627,346 | |
| Olin Corp. | 33,294 | | 1,847,817 | |
| Westlake Corp. | 18,126 | | 2,102,253 | |
| | 14,863,388 | |
| Communications Equipment — 0.9% | | |
| Cisco Systems, Inc. | 11,112 | | 580,880 | |
| Juniper Networks, Inc. | 73,267 | | 2,521,850 | |
| | 3,102,730 | |
| Consumer Finance — 0.2% | | |
| American Express Co. | 5,178 | | 854,111 | |
| Consumer Staples Distribution & Retail — 2.7% | | |
| Costco Wholesale Corp. | 4,709 | | 2,339,761 | |
| Target Corp. | 1,115 | | 184,677 | |
US Foods Holding Corp.(1) | 41,444 | | 1,530,941 | |
| Walmart, Inc. | 36,017 | | 5,310,707 | |
| | 9,366,086 | |
| Containers and Packaging — 0.3% | | |
| Packaging Corp. of America | 7,523 | | 1,044,418 | |
| Distributors — 1.1% | | |
| LKQ Corp. | 69,385 | | 3,938,293 | |
| Diversified Consumer Services — 0.3% | | |
| H&R Block, Inc. | 30,600 | | 1,078,650 | |
| Electrical Equipment — 0.8% | | |
| Encore Wire Corp. | 3,969 | | 735,575 | |
| Hubbell, Inc. | 5,283 | | 1,285,407 | |
| nVent Electric PLC | 20,614 | | 885,165 | |
| | 2,906,147 | |
| Electronic Equipment, Instruments and Components — 0.8% | | |
Sanmina Corp.(1) | 17,998 | | 1,097,698 | |
| Vishay Intertechnology, Inc. | 81,244 | | 1,837,739 | |
| | 2,935,437 | |
| Entertainment — 1.2% | | |
| Electronic Arts, Inc. | 35,864 | | 4,319,819 | |
| Financial Services — 1.8% | | |
Berkshire Hathaway, Inc., Class B(1) | 12,577 | | 3,883,400 | |
Block, Inc.(1) | 21,095 | | 1,448,172 | |
Euronet Worldwide, Inc.(1) | 7,593 | | 849,657 | |
| | 6,181,229 | |
| Food Products — 2.4% | | |
| Archer-Daniels-Midland Co. | 63,012 | | 5,019,536 | |
| Cal-Maine Foods, Inc. | 23,762 | | 1,446,868 | |
| Conagra Brands, Inc. | 37,686 | | 1,415,486 | |
| Flowers Foods, Inc. | 21,866 | | 599,347 | |
| | 8,481,237 | |
| | |
| | | | | | | | |
| Gas Utilities — 1.2% | | |
| Atmos Energy Corp. | 19,802 | | 2,224,953 | |
| ONE Gas, Inc. | 6,598 | | 522,759 | |
| UGI Corp. | 37,766 | | 1,312,746 | |
| | 4,060,458 | |
| Ground Transportation — 1.1% | | |
| Knight-Swift Transportation Holdings, Inc. | 16,685 | | 944,037 | |
| Schneider National, Inc., Class B | 104,809 | | 2,803,641 | |
| | 3,747,678 | |
| Health Care Equipment and Supplies — 1.5% | | |
| DENTSPLY SIRONA, Inc. | 52,087 | | 2,045,977 | |
Hologic, Inc.(1) | 39,503 | | 3,187,892 | |
| | 5,233,869 | |
| Health Care Providers and Services — 4.7% | | |
| Cigna Group | 9,497 | | 2,426,768 | |
| CVS Health Corp. | 70,934 | | 5,271,106 | |
| Elevance Health, Inc. | 7,144 | | 3,284,883 | |
Henry Schein, Inc.(1) | 9,461 | | 771,450 | |
| McKesson Corp. | 13,383 | | 4,765,017 | |
| | 16,519,224 | |
| Hotel & Resort REITs — 0.6% | | |
| Host Hotels & Resorts, Inc. | 134,358 | | 2,215,563 | |
| Hotels, Restaurants and Leisure — 1.7% | | |
| Boyd Gaming Corp. | 50,401 | | 3,231,712 | |
Expedia Group, Inc.(1) | 27,095 | | 2,629,028 | |
| | 5,860,740 | |
| Household Products — 1.5% | | |
| Colgate-Palmolive Co. | 43,824 | | 3,293,374 | |
| Kimberly-Clark Corp. | 13,282 | | 1,782,710 | |
| | 5,076,084 | |
| Independent Power and Renewable Electricity Producers — 0.8% | | |
| AES Corp. | 30,023 | | 722,954 | |
| Vistra Corp. | 83,304 | | 1,999,296 | |
| | 2,722,250 | |
| Insurance — 3.4% | | |
| Allstate Corp. | 19,811 | | 2,195,257 | |
| Everest Re Group Ltd. | 7,773 | | 2,782,889 | |
| Fidelity National Financial, Inc. | 45,605 | | 1,592,983 | |
| Marsh & McLennan Cos., Inc. | 16,447 | | 2,739,248 | |
| Progressive Corp. | 18,270 | | 2,613,706 | |
| | 11,924,083 | |
| Interactive Media and Services — 1.3% | | |
Alphabet, Inc., Class A(1) | 9,011 | | 934,711 | |
Meta Platforms, Inc., Class A(1) | 16,532 | | 3,503,792 | |
| | 4,438,503 | |
| IT Services — 1.9% | | |
| Amdocs Ltd. | 24,737 | | 2,375,494 | |
| Cognizant Technology Solutions Corp., Class A | 50,222 | | 3,060,026 | |
| International Business Machines Corp. | 4,942 | | 647,847 | |
Twilio, Inc., Class A(1) | 8,371 | | 557,760 | |
| | 6,641,127 | |
| Life Sciences Tools and Services — 1.3% | | |
Bio-Rad Laboratories, Inc., Class A(1) | 6,098 | | 2,921,064 | |
| Danaher Corp. | 3,460 | | 872,058 | |
Waters Corp.(1) | 2,836 | | 878,111 | |
| | 4,671,233 | |
| | |
| | | | | | | | |
| Machinery — 3.8% | | |
| AGCO Corp. | 18,239 | | 2,465,913 | |
| Cummins, Inc. | 16,375 | | 3,911,660 | |
| Oshkosh Corp. | 25,044 | | 2,083,160 | |
| Parker-Hannifin Corp. | 4,794 | | 1,611,311 | |
| Snap-on, Inc. | 13,096 | | 3,233,271 | |
| | 13,305,315 | |
| Media — 2.3% | | |
| Comcast Corp., Class A | 87,106 | | 3,302,188 | |
| Fox Corp., Class A | 46,427 | | 1,580,839 | |
| Interpublic Group of Cos., Inc. | 19,066 | | 710,018 | |
| News Corp., Class A | 80,939 | | 1,397,817 | |
| TEGNA, Inc. | 52,200 | | 882,702 | |
| | 7,873,564 | |
| Metals and Mining — 1.6% | | |
| Nucor Corp. | 35,991 | | 5,559,530 | |
| Oil, Gas and Consumable Fuels — 7.6% | | |
| APA Corp. | 46,871 | | 1,690,168 | |
| Cheniere Energy, Inc. | 21,776 | | 3,431,898 | |
| Chord Energy Corp. | 4,030 | | 542,438 | |
CNX Resources Corp.(1) | 30,471 | | 488,145 | |
| Exxon Mobil Corp. | 110,772 | | 12,147,258 | |
| Marathon Petroleum Corp. | 36,937 | | 4,980,216 | |
| Phillips 66 | 26,064 | | 2,642,368 | |
| Valero Energy Corp. | 3,800 | | 530,480 | |
| | 26,452,971 | |
| Personal Care Products — 0.2% | | |
Coty, Inc., Class A(1) | 53,818 | | 649,045 | |
| Pharmaceuticals — 2.7% | | |
| Bristol-Myers Squibb Co. | 83,961 | | 5,819,337 | |
| Johnson & Johnson | 13,182 | | 2,043,210 | |
| Merck & Co., Inc. | 13,128 | | 1,396,688 | |
| Viatris, Inc. | 33,721 | | 324,396 | |
| | 9,583,631 | |
| Professional Services — 2.8% | | |
CACI International, Inc., Class A(1) | 17,319 | | 5,131,273 | |
| Concentrix Corp. | 794 | | 96,511 | |
| Leidos Holdings, Inc. | 30,452 | | 2,803,411 | |
| ManpowerGroup, Inc. | 22,280 | | 1,838,769 | |
| | 9,869,964 | |
| Real Estate Management and Development — 1.8% | | |
CBRE Group, Inc., Class A(1) | 54,199 | | 3,946,229 | |
Jones Lang LaSalle, Inc.(1) | 15,604 | | 2,270,226 | |
| | 6,216,455 | |
| Semiconductors and Semiconductor Equipment — 3.1% | | |
| Amkor Technology, Inc. | 62,011 | | 1,613,526 | |
| Broadcom, Inc. | 4,833 | | 3,100,563 | |
| KLA Corp. | 7,048 | | 2,813,350 | |
| Marvell Technology, Inc. | 21,211 | | 918,437 | |
| Micron Technology, Inc. | 3,606 | | 217,586 | |
| NXP Semiconductors NV | 8,135 | | 1,516,974 | |
| Texas Instruments, Inc. | 2,814 | | 523,432 | |
| | 10,703,868 | |
| | |
| | | | | | | | |
| Software — 2.7% | | |
Adobe, Inc.(1) | 3,974 | | 1,531,460 | |
Aspen Technology, Inc.(1) | 5,741 | | 1,313,943 | |
Dropbox, Inc., Class A(1) | 42,634 | | 921,747 | |
| Microsoft Corp. | 7,979 | | 2,300,346 | |
Synopsys, Inc.(1) | 4,926 | | 1,902,667 | |
Zoom Video Communications, Inc., Class A(1) | 18,720 | | 1,382,285 | |
| | 9,352,448 | |
| Specialty Retail — 2.3% | | |
Asbury Automotive Group, Inc.(1) | 6,189 | | 1,299,690 | |
AutoNation, Inc.(1) | 23,337 | | 3,135,559 | |
| Lithia Motors, Inc. | 3,969 | | 908,623 | |
| Penske Automotive Group, Inc. | 8,711 | | 1,235,307 | |
| Williams-Sonoma, Inc. | 12,313 | | 1,498,000 | |
| | 8,077,179 | |
| Technology Hardware, Storage and Peripherals — 0.8% | | |
| Hewlett Packard Enterprise Co. | 173,739 | | 2,767,662 | |
| Textiles, Apparel and Luxury Goods — 0.8% | | |
| PVH Corp. | 7,407 | | 660,408 | |
| Tapestry, Inc. | 46,900 | | 2,021,859 | |
| | 2,682,267 | |
| Wireless Telecommunication Services — 0.1% | | |
T-Mobile U.S., Inc.(1) | 3,124 | | 452,480 | |
TOTAL COMMON STOCKS (Cost $320,152,870) | | 346,117,521 | |
| SHORT-TERM INVESTMENTS — 1.0% | | |
Money Market Funds† | | |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 1,304 | | 1,304 | |
| Repurchase Agreements — 1.0% | | |
| BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 1.125% - 4.375%, 8/15/40 - 5/15/49, valued at $942,876), in a joint trading account at 4.67%, dated 3/31/23, due 4/3/23 (Delivery value $909,788) | | 909,434 | |
| Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 3.625%, 3/31/28, valued at $2,682,651), at 4.81%, dated 3/31/23, due 4/3/23 (Delivery value $2,631,054) | | 2,630,000 | |
| | 3,539,434 | |
TOTAL SHORT-TERM INVESTMENTS (Cost $3,540,738) | | 3,540,738 | |
TOTAL INVESTMENT SECURITIES — 100.2% (Cost $323,693,608) | | 349,658,259 | |
| OTHER ASSETS AND LIABILITIES — (0.2)% | | (589,413) | |
| TOTAL NET ASSETS — 100.0% | | $ | 349,068,846 | |
| | | | | | | | |
| NOTES TO SCHEDULE OF INVESTMENTS |
†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. Exchange-traded futures contracts are valued at the settlement price as provided by the appropriate exchange.
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 | $ | 346,117,521 | | — | | — | |
| Short-Term Investments | 1,304 | | $ | 3,539,434 | | — | |
| $ | 346,118,825 | | $ | 3,539,434 | | — | |
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.
