American Century Investments®
Quarterly Portfolio Holdings
Equity Growth Fund
March 31, 2024
| Equity Growth Fund - Schedule of Investments | ||
| MARCH 31, 2024 (UNAUDITED) | ||
| Shares | Value ($) | |||||||
| COMMON STOCKS — 99.4% | ||||||||
| Aerospace and Defense — 1.5% | ||||||||
Axon Enterprise, Inc.(1) | 17,088 | 5,346,493 | ||||||
| General Dynamics Corp. | 8,717 | 2,462,465 | ||||||
| Lockheed Martin Corp. | 29,501 | 13,419,120 | ||||||
| Textron, Inc. | 41,189 | 3,951,261 | ||||||
| 25,179,339 | ||||||||
| Air Freight and Logistics — 0.7% | ||||||||
| FedEx Corp. | 25,503 | 7,389,239 | ||||||
| United Parcel Service, Inc., Class B | 24,211 | 3,598,481 | ||||||
| 10,987,720 | ||||||||
| Automobiles — 0.5% | ||||||||
Tesla, Inc.(1) | 45,625 | 8,020,419 | ||||||
| Banks — 3.1% | ||||||||
| Bank of America Corp. | 144,712 | 5,487,479 | ||||||
| JPMorgan Chase & Co. | 138,989 | 27,839,497 | ||||||
| Truist Financial Corp. | 50,672 | 1,975,194 | ||||||
| U.S. Bancorp | 180,607 | 8,073,133 | ||||||
| Wells Fargo & Co. | 151,030 | 8,753,699 | ||||||
| 52,129,002 | ||||||||
| Beverages — 1.7% | ||||||||
| Coca-Cola Co. | 351,179 | 21,485,131 | ||||||
| PepsiCo, Inc. | 36,689 | 6,420,942 | ||||||
| 27,906,073 | ||||||||
| Biotechnology — 3.8% | ||||||||
| AbbVie, Inc. | 89,001 | 16,207,082 | ||||||
Alkermes PLC(1) | 31,298 | 847,237 | ||||||
| Amgen, Inc. | 21,189 | 6,024,457 | ||||||
| Gilead Sciences, Inc. | 46,929 | 3,437,549 | ||||||
Neurocrine Biosciences, Inc.(1) | 15,361 | 2,118,589 | ||||||
Regeneron Pharmaceuticals, Inc.(1) | 14,580 | 14,033,104 | ||||||
Vertex Pharmaceuticals, Inc.(1) | 51,609 | 21,573,078 | ||||||
| 64,241,096 | ||||||||
| Broadline Retail — 3.4% | ||||||||
Amazon.com, Inc.(1) | 308,029 | 55,562,271 | ||||||
Coupang, Inc.(1) | 92,770 | 1,650,378 | ||||||
| 57,212,649 | ||||||||
| Building Products — 0.7% | ||||||||
Builders FirstSource, Inc.(1) | 4,961 | 1,034,616 | ||||||
| Masco Corp. | 21,106 | 1,664,841 | ||||||
| Owens Corning | 45,917 | 7,658,956 | ||||||
| Simpson Manufacturing Co., Inc. | 6,583 | 1,350,700 | ||||||
| 11,709,113 | ||||||||
| Capital Markets — 0.8% | ||||||||
| Bank of New York Mellon Corp. | 31,253 | 1,800,798 | ||||||
| Cboe Global Markets, Inc. | 25,970 | 4,771,468 | ||||||
| Franklin Resources, Inc. | 58,325 | 1,639,516 | ||||||
| Morgan Stanley | 32,596 | 3,069,239 | ||||||
| MSCI, Inc. | 3,412 | 1,912,256 | ||||||
| 13,193,277 | ||||||||
| Chemicals — 0.8% | ||||||||
| Dow, Inc. | 28,380 | 1,644,053 | ||||||
| LyondellBasell Industries NV, Class A | 53,639 | 5,486,197 | ||||||
| PPG Industries, Inc. | 49,070 | 7,110,243 | ||||||
| 14,240,493 | ||||||||
| Commercial Services and Supplies — 0.4% | ||||||||
| Republic Services, Inc. | 25,102 | 4,805,527 | ||||||
| Veralto Corp. | 21,995 | 1,950,077 | ||||||
| 6,755,604 | ||||||||
| Communications Equipment — 0.7% | ||||||||
| Cisco Systems, Inc. | 224,612 | 11,210,385 | ||||||
| Consumer Finance — 1.2% | ||||||||
| American Express Co. | 53,052 | 12,079,410 | ||||||
| Capital One Financial Corp. | 3,369 | 501,610 | ||||||
| Discover Financial Services | 20,454 | 2,681,315 | ||||||
SoFi Technologies, Inc.(1) | 148,789 | 1,086,160 | ||||||
| Synchrony Financial | 101,682 | 4,384,528 | ||||||
| 20,733,023 | ||||||||
| Consumer Staples Distribution & Retail — 2.6% | ||||||||
| Sysco Corp. | 174,410 | 14,158,604 | ||||||
| Target Corp. | 100,972 | 17,893,248 | ||||||
U.S. Foods Holding Corp.(1) | 40,071 | 2,162,632 | ||||||
| Walmart, Inc. | 165,417 | 9,953,141 | ||||||
| 44,167,625 | ||||||||
| Distributors — 0.3% | ||||||||
| LKQ Corp. | 53,225 | 2,842,747 | ||||||
| Pool Corp. | 3,504 | 1,413,864 | ||||||
| 4,256,611 | ||||||||
| Electric Utilities — 0.4% | ||||||||
| Entergy Corp. | 25,964 | 2,743,876 | ||||||
| FirstEnergy Corp. | 87,244 | 3,369,363 | ||||||
| 6,113,239 | ||||||||
| Electrical Equipment — 0.2% | ||||||||
| Acuity Brands, Inc. | 6,009 | 1,614,799 | ||||||
| Atkore, Inc. | 9,592 | 1,825,933 | ||||||
| 3,440,732 | ||||||||
| Energy Equipment and Services — 0.9% | ||||||||
| ChampionX Corp. | 41,554 | 1,491,373 | ||||||
| Halliburton Co. | 50,943 | 2,008,173 | ||||||
| Schlumberger NV | 223,021 | 12,223,781 | ||||||
| 15,723,327 | ||||||||
| Entertainment — 1.0% | ||||||||
| Electronic Arts, Inc. | 55,251 | 7,330,150 | ||||||
Netflix, Inc.(1) | 10,197 | 6,192,944 | ||||||
| Walt Disney Co. | 29,761 | 3,641,556 | ||||||
| 17,164,650 | ||||||||
| Financial Services — 4.1% | ||||||||
Berkshire Hathaway, Inc., Class B(1) | 35,315 | 14,850,664 | ||||||
| Mastercard, Inc., Class A | 16,295 | 7,847,183 | ||||||
PayPal Holdings, Inc.(1) | 63,304 | 4,240,735 | ||||||
| Visa, Inc., Class A | 146,885 | 40,992,666 | ||||||
| 67,931,248 | ||||||||
| Food Products — 0.6% | ||||||||
| Conagra Brands, Inc. | 103,012 | 3,053,275 | ||||||
| Hershey Co. | 20,218 | 3,932,401 | ||||||
| Lamb Weston Holdings, Inc. | 23,994 | 2,556,081 | ||||||
| McCormick & Co., Inc. | 11,564 | 888,231 | ||||||
| 10,429,988 | ||||||||
| Gas Utilities — 0.2% | ||||||||
| Atmos Energy Corp. | 29,161 | 3,466,368 | ||||||
| Ground Transportation — 1.4% | ||||||||
| CSX Corp. | 41,535 | 1,539,702 | ||||||
Uber Technologies, Inc.(1) | 283,150 | 21,799,719 | ||||||
| 23,339,421 | ||||||||
| Health Care Equipment and Supplies — 2.3% | ||||||||
| Abbott Laboratories | 96,697 | 10,990,581 | ||||||
Align Technology, Inc.(1) | 18,314 | 6,005,527 | ||||||
Lantheus Holdings, Inc.(1) | 29,937 | 1,863,279 | ||||||
| Medtronic PLC | 128,392 | 11,189,363 | ||||||
| Zimmer Biomet Holdings, Inc. | 59,104 | 7,800,546 | ||||||
| 37,849,296 | ||||||||
| Health Care Providers and Services — 2.7% | ||||||||
| Cardinal Health, Inc. | 47,022 | 5,261,762 | ||||||
Centene Corp.(1) | 132,234 | 10,377,724 | ||||||
| Cigna Group | 20,139 | 7,314,283 | ||||||
DaVita, Inc.(1) | 8,000 | 1,104,400 | ||||||
| Elevance Health, Inc. | 16,968 | 8,798,587 | ||||||
Henry Schein, Inc.(1) | 27,567 | 2,081,860 | ||||||
| McKesson Corp. | 15,106 | 8,109,656 | ||||||
| UnitedHealth Group, Inc. | 3,483 | 1,723,040 | ||||||
| 44,771,312 | ||||||||
| Health Care Technology — 0.7% | ||||||||
Veeva Systems, Inc., Class A(1) | 51,413 | 11,911,878 | ||||||
| Hotel & Resort REITs — 0.1% | ||||||||
| Host Hotels & Resorts, Inc. | 86,558 | 1,790,019 | ||||||
| Hotels, Restaurants and Leisure — 1.8% | ||||||||
| Booking Holdings, Inc. | 3,987 | 14,464,357 | ||||||
| Darden Restaurants, Inc. | 12,020 | 2,009,143 | ||||||
Expedia Group, Inc.(1) | 20,709 | 2,852,665 | ||||||
| Las Vegas Sands Corp. | 38,803 | 2,006,115 | ||||||
| Starbucks Corp. | 76,990 | 7,036,116 | ||||||
| Yum! Brands, Inc. | 9,623 | 1,334,229 | ||||||
| 29,702,625 | ||||||||
| Household Durables — 0.5% | ||||||||
| DR Horton, Inc. | 12,247 | 2,015,244 | ||||||
| Lennar Corp., Class A | 27,740 | 4,770,725 | ||||||
| PulteGroup, Inc. | 8,573 | 1,034,075 | ||||||
| 7,820,044 | ||||||||
| Household Products — 1.9% | ||||||||
| Colgate-Palmolive Co. | 162,466 | 14,630,064 | ||||||
| Kimberly-Clark Corp. | 42,480 | 5,494,788 | ||||||
| Procter & Gamble Co. | 69,533 | 11,281,729 | ||||||
| 31,406,581 | ||||||||
| Industrial REITs — 0.1% | ||||||||
| Prologis, Inc. | 12,455 | 1,621,890 | ||||||
| Insurance — 1.6% | ||||||||
Arch Capital Group Ltd.(1) | 22,294 | 2,060,857 | ||||||
| Everest Group Ltd. | 10,830 | 4,304,925 | ||||||
| Marsh & McLennan Cos., Inc. | 15,329 | 3,157,467 | ||||||
| MetLife, Inc. | 24,350 | 1,804,579 | ||||||
| Travelers Cos., Inc. | 40,552 | 9,332,637 | ||||||
| W R Berkley Corp. | 60,777 | 5,375,118 | ||||||
| 26,035,583 | ||||||||
| Interactive Media and Services — 6.5% | ||||||||
Alphabet, Inc., Class A(1) | 222,264 | 33,546,306 | ||||||
Alphabet, Inc., Class C(1) | 209,959 | 31,968,357 | ||||||
| Meta Platforms, Inc., Class A | 90,357 | 43,875,552 | ||||||
| 109,390,215 | ||||||||
| IT Services — 2.0% | ||||||||
| Accenture PLC, Class A | 43,096 | 14,937,505 | ||||||
| Cognizant Technology Solutions Corp., Class A | 48,322 | 3,541,519 | ||||||
| International Business Machines Corp. | 79,865 | 15,251,020 | ||||||
| 33,730,044 | ||||||||
| Life Sciences Tools and Services — 0.9% | ||||||||
| Agilent Technologies, Inc. | 57,207 | 8,324,191 | ||||||
IQVIA Holdings, Inc.(1) | 12,496 | 3,160,113 | ||||||
Medpace Holdings, Inc.(1) | 3,929 | 1,587,905 | ||||||
Mettler-Toledo International, Inc.(1) | 1,637 | 2,179,322 | ||||||
| 15,251,531 | ||||||||
| Machinery — 4.1% | ||||||||
| Caterpillar, Inc. | 93,660 | 34,319,834 | ||||||
| Cummins, Inc. | 35,638 | 10,500,737 | ||||||
| Donaldson Co., Inc. | 21,786 | 1,626,978 | ||||||
| Dover Corp. | 9,143 | 1,620,048 | ||||||
| Otis Worldwide Corp. | 39,124 | 3,883,839 | ||||||
| PACCAR, Inc. | 50,559 | 6,263,754 | ||||||
| Parker-Hannifin Corp. | 16,945 | 9,417,862 | ||||||
| Snap-on, Inc. | 6,035 | 1,787,688 | ||||||
| 69,420,740 | ||||||||
| Media — 1.3% | ||||||||
| Comcast Corp., Class A | 395,397 | 17,140,460 | ||||||
Trade Desk, Inc., Class A(1) | 46,367 | 4,053,403 | ||||||
| 21,193,863 | ||||||||
| Multi-Utilities — 0.2% | ||||||||
| Consolidated Edison, Inc. | 43,766 | 3,974,390 | ||||||
| Oil, Gas and Consumable Fuels — 3.5% | ||||||||
| Cheniere Energy, Inc. | 24,233 | 3,908,298 | ||||||
| Chevron Corp. | 15,997 | 2,523,367 | ||||||
| ConocoPhillips | 199,773 | 25,427,108 | ||||||
| Coterra Energy, Inc. | 91,446 | 2,549,515 | ||||||
| EOG Resources, Inc. | 60,091 | 7,682,033 | ||||||
| Exxon Mobil Corp. | 92,606 | 10,764,521 | ||||||
| Marathon Petroleum Corp. | 15,378 | 3,098,667 | ||||||
| Valero Energy Corp. | 13,887 | 2,370,372 | ||||||
| 58,323,881 | ||||||||
| Personal Care Products — 0.3% | ||||||||
| Kenvue, Inc. | 213,604 | 4,583,942 | ||||||
| Pharmaceuticals — 3.6% | ||||||||
| Bristol-Myers Squibb Co. | 41,310 | 2,240,241 | ||||||
| Eli Lilly & Co. | 30,660 | 23,852,254 | ||||||
Jazz Pharmaceuticals PLC(1) | 9,147 | 1,101,482 | ||||||
| Johnson & Johnson | 32,528 | 5,145,604 | ||||||
| Merck & Co., Inc. | 213,796 | 28,210,382 | ||||||
| 60,549,963 | ||||||||
| Professional Services — 0.4% | ||||||||
| Jacobs Solutions, Inc. | 16,625 | 2,555,762 | ||||||
| Leidos Holdings, Inc. | 17,112 | 2,243,212 | ||||||
| Paychex, Inc. | 12,979 | 1,593,821 | ||||||
| 6,392,795 | ||||||||
| Retail REITs — 0.5% | ||||||||
| Simon Property Group, Inc. | 56,428 | 8,830,418 | ||||||
| Semiconductors and Semiconductor Equipment — 11.3% | ||||||||
| Applied Materials, Inc. | 34,715 | 7,159,274 | ||||||
| Broadcom, Inc. | 15,348 | 20,342,393 | ||||||
| KLA Corp. | 21,977 | 15,352,473 | ||||||
| Microchip Technology, Inc. | 125,490 | 11,257,708 | ||||||
| NVIDIA Corp. | 111,320 | 100,584,299 | ||||||
| NXP Semiconductors NV | 66,887 | 16,572,592 | ||||||
| QUALCOMM, Inc. | 100,426 | 17,002,122 | ||||||
| 188,270,861 | ||||||||
| Software — 11.6% | ||||||||
Adobe, Inc.(1) | 25,790 | 13,013,634 | ||||||
Autodesk, Inc.(1) | 32,563 | 8,480,056 | ||||||
Crowdstrike Holdings, Inc., Class A(1) | 20,569 | 6,594,216 | ||||||
| Intuit, Inc. | 19,320 | 12,558,000 | ||||||
| Microsoft Corp. | 275,283 | 115,817,064 | ||||||
Palantir Technologies, Inc., Class A(1) | 254,700 | 5,860,647 | ||||||
| Salesforce, Inc. | 38,042 | 11,457,490 | ||||||
ServiceNow, Inc.(1) | 22,579 | 17,214,230 | ||||||
Synopsys, Inc.(1) | 4,995 | 2,854,642 | ||||||
| 193,849,979 | ||||||||
| Specialized REITs — 0.3% | ||||||||
| Public Storage | 14,762 | 4,281,866 | ||||||
| Specialty Retail — 3.6% | ||||||||
| Bath & Body Works, Inc. | 47,379 | 2,369,898 | ||||||
Burlington Stores, Inc.(1) | 8,159 | 1,894,438 | ||||||
| Gap, Inc. | 120,604 | 3,322,640 | ||||||
| Home Depot, Inc. | 19,924 | 7,642,846 | ||||||
| Lowe's Cos., Inc. | 40,173 | 10,233,268 | ||||||
O'Reilly Automotive, Inc.(1) | 9,971 | 11,256,063 | ||||||
| Ross Stores, Inc. | 57,750 | 8,475,390 | ||||||
| TJX Cos., Inc. | 50,807 | 5,152,846 | ||||||
Ulta Beauty, Inc.(1) | 11,413 | 5,967,630 | ||||||
| Williams-Sonoma, Inc. | 10,997 | 3,491,877 | ||||||
| 59,806,896 | ||||||||
| Technology Hardware, Storage and Peripherals — 5.4% | ||||||||
| Apple, Inc. | 525,419 | 90,098,850 | ||||||
| Textiles, Apparel and Luxury Goods — 0.4% | ||||||||
Lululemon Athletica, Inc.(1) | 17,321 | 6,766,449 | ||||||
| Trading Companies and Distributors — 0.8% | ||||||||
Beacon Roofing Supply, Inc.(1) | 73,261 | 7,181,043 | ||||||
| Ferguson PLC | 23,463 | 5,125,023 | ||||||
| MSC Industrial Direct Co., Inc., Class A | 14,566 | 1,413,485 | ||||||
| 13,719,551 | ||||||||
TOTAL COMMON STOCKS (Cost $1,048,946,017) | 1,660,896,864 | |||||||
| SHORT-TERM INVESTMENTS — 0.6% | ||||||||
| Money Market Funds — 0.0% | ||||||||
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 29,622 | 29,622 | ||||||
| Repurchase Agreements — 0.6% | ||||||||
| BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 4.625%, 9/15/26, valued at $477,139), in a joint trading account at 5.28%, dated 3/28/24, due 4/1/24 (Delivery value $467,947) | 467,673 | |||||||
| Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 2.50%, 3/31/27, valued at $8,700,638), at 5.30%, dated 3/28/24, due 4/1/24 (Delivery value $8,535,023) | 8,530,000 | |||||||
| TD Securities (USA) LLC, (collateralized by various U.S. Treasury obligations, 0.75% - 2.875%, 6/15/25 - 1/31/27, valued at $1,928,126), at 5.30%, dated 3/28/24, due 4/1/24 (Delivery value $1,891,113) | 1,890,000 | |||||||
| 10,887,673 | ||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $10,917,295) | 10,917,295 | |||||||
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $1,059,863,312) | 1,671,814,159 | |||||||
| OTHER ASSETS AND LIABILITIES — 0.0% | (398,458) | |||||||
| TOTAL NET ASSETS — 100.0% | $ | 1,671,415,701 | ||||||
| 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 (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.
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 | $ | 1,660,896,864 | — | — | |||||||
| Short-Term Investments | 29,622 | $ | 10,887,673 | — | |||||||
| $ | 1,660,926,486 | $ | 10,887,673 | — | |||||||
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.