American Century Investments®
Quarterly Portfolio Holdings
VP International Fund
March 31, 2023
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| VP International - Schedule of Investments |
| MARCH 31, 2023 (UNAUDITED) |
| | | | | | | | |
| Shares | Value ($) |
| COMMON STOCKS — 99.4% | | |
| Australia — 3.0% | | |
| CSL Ltd. | 20,760 | | 4,020,598 | |
NEXTDC Ltd.(1) | 166,490 | | 1,178,213 | |
| | 5,198,811 | |
| Belgium — 1.0% | | |
| KBC Group NV | 26,390 | | 1,813,277 | |
| Brazil — 0.4% | | |
| Sendas Distribuidora SA | 253,000 | | 774,706 | |
| Canada — 4.6% | | |
Aritzia, Inc.(1) | 27,730 | | 889,863 | |
Canadian Pacific Railway Ltd.(2) | 36,220 | | 2,789,061 | |
Element Fleet Management Corp.(2) | 102,710 | | 1,348,947 | |
| First Quantum Minerals Ltd. | 51,280 | | 1,178,890 | |
| GFL Environmental, Inc. | 50,802 | | 1,749,621 | |
| | 7,956,382 | |
| China — 2.1% | | |
H World Group Ltd., ADR(1) | 24,260 | | 1,188,255 | |
| Li Ning Co. Ltd. | 199,500 | | 1,568,849 | |
| Tencent Holdings Ltd. | 17,500 | | 855,213 | |
| | 3,612,317 | |
| Denmark — 4.9% | | |
| Novo Nordisk A/S, B Shares | 50,176 | | 7,969,015 | |
| Vestas Wind Systems A/S | 17,330 | | 505,073 | |
| | 8,474,088 | |
| Finland — 0.2% | | |
| Neste Oyj | 6,820 | | 336,934 | |
| France — 20.5% | | |
| Air Liquide SA | 20,269 | | 3,392,799 | |
| Airbus SE | 19,900 | | 2,657,993 | |
| Arkema SA | 7,780 | | 768,172 | |
| Bureau Veritas SA | 46,836 | | 1,345,714 | |
| Capgemini SE | 8,050 | | 1,495,975 | |
| Edenred | 39,167 | | 2,318,087 | |
| EssilorLuxottica SA | 7,550 | | 1,361,437 | |
| Hermes International | 660 | | 1,336,669 | |
| L'Oreal SA | 5,250 | | 2,345,924 | |
| LVMH Moet Hennessy Louis Vuitton SE | 7,620 | | 6,994,461 | |
| Pernod Ricard SA | 10,830 | | 2,452,246 | |
| Safran SA | 12,760 | | 1,888,947 | |
| Sartorius Stedim Biotech | 2,273 | | 697,345 | |
| Schneider Electric SE | 22,810 | | 3,812,093 | |
| Thales SA | 7,680 | | 1,135,463 | |
| Valeo SA | 68,590 | | 1,407,451 | |
| | 35,410,776 | |
| Germany — 6.5% | | |
| Brenntag SE | 13,590 | | 1,022,731 | |
| HUGO BOSS AG | 18,220 | | 1,310,209 | |
| Infineon Technologies AG | 72,493 | | 2,976,937 | |
| Mercedes-Benz Group AG | 23,060 | | 1,773,378 | |
| Puma SE | 34,010 | | 2,108,362 | |
| | | | | | | | |
| Symrise AG | 8,980 | | 977,239 | |
Zalando SE(1) | 23,880 | | 1,000,823 | |
| | 11,169,679 | |
| Hong Kong — 3.4% | | |
| AIA Group Ltd. | 369,400 | | 3,874,029 | |
| Hong Kong Exchanges & Clearing Ltd. | 20,400 | | 904,224 | |
| Techtronic Industries Co. Ltd. | 101,500 | | 1,099,763 | |
| | 5,878,016 | |
| India — 0.7% | | |
| HDFC Bank Ltd. | 60,860 | | 1,197,045 | |
| Indonesia — 0.7% | | |
| Bank Central Asia Tbk PT | 2,173,900 | | 1,271,827 | |
| Ireland — 3.8% | | |
| Bank of Ireland Group PLC | 89,570 | | 906,296 | |
| CRH PLC | 32,090 | | 1,621,196 | |
ICON PLC(1) | 7,780 | | 1,661,730 | |
| Kerry Group PLC, A Shares | 24,590 | | 2,452,244 | |
| | 6,641,466 | |
| Italy — 3.3% | | |
| Ferrari NV | 14,040 | | 3,804,610 | |
| Prysmian SpA | 45,110 | | 1,894,201 | |
| | 5,698,811 | |
| Japan — 11.1% | | |
| BayCurrent Consulting, Inc. | 63,100 | | 2,619,792 | |
| Fast Retailing Co. Ltd. | 9,400 | | 2,057,777 | |
| Hoya Corp. | 17,900 | | 1,978,169 | |
| JMDC, Inc. | 26,700 | | 925,893 | |
| Keyence Corp. | 8,200 | | 4,018,888 | |
| Kobe Bussan Co. Ltd. | 6,100 | | 170,325 | |
| Lasertec Corp. | 9,500 | | 1,687,954 | |
| MonotaRO Co. Ltd. | 128,300 | | 1,616,018 | |
| Murata Manufacturing Co. Ltd. | 25,200 | | 1,535,820 | |
| Obic Co. Ltd. | 10,600 | | 1,678,971 | |
| Seven & i Holdings Co. Ltd. | 20,300 | | 917,034 | |
| | 19,206,641 | |
| Netherlands — 7.1% | | |
Adyen NV(1) | 1,408 | | 2,243,546 | |
| ASML Holding NV | 8,220 | | 5,601,502 | |
| Koninklijke DSM NV | 13,545 | | 1,602,974 | |
| Universal Music Group NV | 109,720 | | 2,778,631 | |
| | 12,226,653 | |
| Singapore — 0.5% | | |
Sea Ltd., ADR(1) | 10,420 | | 901,851 | |
| Spain — 3.2% | | |
| Cellnex Telecom SA | 64,156 | | 2,494,875 | |
| Iberdrola SA | 251,041 | | 3,127,418 | |
| | 5,622,293 | |
| Sweden — 1.5% | | |
| Epiroc AB, A Shares | 61,480 | | 1,220,379 | |
| Hexagon AB, B Shares | 118,410 | | 1,362,829 | |
| | 2,583,208 | |
| Switzerland — 6.8% | | |
| Alcon, Inc. | 27,352 | | 1,941,650 | |
| Julius Baer Group Ltd. | 14,230 | | 972,029 | |
| Lonza Group AG | 5,130 | | 3,088,257 | |
| | | | | | | | |
On Holding AG, Class A(1) | 35,700 | | 1,107,771 | |
| Sika AG | 8,451 | | 2,370,467 | |
| Zurich Insurance Group AG | 4,670 | | 2,237,857 | |
| | 11,718,031 | |
| Taiwan — 0.6% | | |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 57,000 | | 998,903 | |
| Thailand — 0.6% | | |
| Kasikornbank PCL | 251,800 | | 977,001 | |
| United Kingdom — 12.9% | | |
| Ashtead Group PLC | 20,310 | | 1,247,132 | |
| AstraZeneca PLC | 41,770 | | 5,787,412 | |
| Compass Group PLC | 66,900 | | 1,681,300 | |
| Halma PLC | 38,910 | | 1,074,168 | |
HSBC Holdings PLC(2) | 424,800 | | 2,881,127 | |
| London Stock Exchange Group PLC | 29,625 | | 2,877,466 | |
| NatWest Group PLC | 488,958 | | 1,595,482 | |
| Reckitt Benckiser Group PLC | 34,171 | | 2,599,643 | |
| Segro PLC | 135,580 | | 1,291,507 | |
| Whitbread PLC | 35,536 | | 1,312,745 | |
| | 22,347,982 | |
TOTAL COMMON STOCKS (Cost $132,750,313) | | 172,016,698 | |
| SHORT-TERM INVESTMENTS — 1.3% | | |
| Money Market Funds — 0.8% | | |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 1,088 | | 1,088 | |
State Street Navigator Securities Lending Government Money Market Portfolio(3) | 1,386,299 | | 1,386,299 | |
| | 1,387,387 | |
| Repurchase Agreements — 0.5% | | |
| BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 1.125% - 4.375%, 8/15/40 - 5/15/49, valued at $211,088), in a joint trading account at 4.67%, dated 3/31/23, due 4/3/23 (Delivery value $203,680) | | 203,601 | |
| Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 3.625%, 3/31/28, valued at $599,826), at 4.81%, dated 3/31/23, due 4/3/23 (Delivery value $588,236) | | 588,000 | |
| | 791,601 | |
TOTAL SHORT-TERM INVESTMENTS (Cost $2,178,988) | | 2,178,988 | |
TOTAL INVESTMENT SECURITIES — 100.7% (Cost $134,929,301) | | 174,195,686 | |
| OTHER ASSETS AND LIABILITIES — (0.7)% | | (1,239,718) | |
| TOTAL NET ASSETS — 100.0% | | $ | 172,955,968 | |
| | | | | |
| MARKET SECTOR DIVERSIFICATION | |
| (as a % of net assets) | |
| Consumer Discretionary | 17.1% |
| Health Care | 17.0% |
| Information Technology | 16.4% |
| Industrials | 15.3% |
| Financials | 13.3% |
| Materials | 6.9% |
| Consumer Staples | 6.7% |
| Communication Services | 4.0% |
| Utilities | 1.8% |
| Real Estate | 0.7% |
| Energy | 0.2% |
| Short-Term Investments | 1.3% |
| Other Assets and Liabilities | (0.7)% |
| | | | | | | | |
| NOTES TO SCHEDULE OF INVESTMENTS |
| ADR | – | American Depositary Receipt |
(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 $3,925,523. 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 $4,129,115, which includes securities collateral of $2,742,816.
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.
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 | $ | 6,609,228 | | $ | 165,407,470 | | — | |
| Short-Term Investments | 1,387,387 | | 791,601 | | — | |
| $ | 7,996,615 | | $ | 166,199,071 | | — | |
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.
