American Century Investments®
Quarterly Portfolio Holdings
Small Cap Value Fund
December 31, 2022
| Small Cap Value - Schedule of Investments | ||
DECEMBER 31, 2022 (UNAUDITED) | ||
| Shares | Value | |||||||
| COMMON STOCKS — 99.9% | ||||||||
| Aerospace and Defense — 0.2% | ||||||||
Leonardo DRS, Inc.(1) | 955,000 | $ | 12,204,900 | |||||
| Banks — 23.0% | ||||||||
| Ameris Bancorp | 1,290,000 | 60,810,600 | ||||||
| BankUnited, Inc. | 1,645,000 | 55,880,650 | ||||||
| ConnectOne Bancorp, Inc. | 1,060,000 | 25,662,600 | ||||||
| F.N.B. Corp. | 8,040,000 | 104,922,000 | ||||||
| First BanCorp | 7,695,000 | 97,880,400 | ||||||
| First Interstate Bancsystem, Inc., Class A | 950,000 | 36,717,500 | ||||||
| First Merchants Corp. | 615,000 | 25,282,650 | ||||||
| First Mid Bancshares, Inc. | 290,000 | 9,303,200 | ||||||
| Home BancShares, Inc. | 3,775,000 | 86,032,250 | ||||||
| Independent Bank Group, Inc. | 890,000 | 53,471,200 | ||||||
| Old National Bancorp. | 6,640,000 | 119,387,200 | ||||||
| Origin Bancorp, Inc. | 699,269 | 25,663,172 | ||||||
| Pacific Premier Bancorp, Inc. | 2,235,000 | 70,536,600 | ||||||
| PacWest Bancorp | 810,000 | 18,589,500 | ||||||
| Premier Financial Corp. | 710,000 | 19,148,700 | ||||||
| QCR Holdings, Inc. | 410,000 | 20,352,400 | ||||||
| SouthState Corp. | 1,325,000 | 101,177,000 | ||||||
| Towne Bank | 825,000 | 25,443,000 | ||||||
| UMB Financial Corp. | 1,220,000 | 101,894,400 | ||||||
| Valley National Bancorp | 7,630,000 | 86,295,300 | ||||||
| Veritex Holdings, Inc. | 1,815,000 | 50,965,200 | ||||||
| 1,195,415,522 | ||||||||
| Building Products — 1.6% | ||||||||
DIRTT Environmental Solutions(1) | 3,909,691 | 2,072,136 | ||||||
Hayward Holdings, Inc.(1) | 2,945,542 | 27,688,095 | ||||||
| Tecnoglass, Inc. | 1,690,000 | 52,001,300 | ||||||
| 81,761,531 | ||||||||
| Capital Markets — 1.4% | ||||||||
Donnelley Financial Solutions, Inc.(1)(2) | 1,505,000 | 58,168,250 | ||||||
| Patria Investments Ltd., Class A | 1,165,000 | 16,228,450 | ||||||
| 74,396,700 | ||||||||
| Chemicals — 1.6% | ||||||||
| Element Solutions, Inc. | 1,275,000 | 23,192,250 | ||||||
| Minerals Technologies, Inc. | 980,000 | 59,505,600 | ||||||
| 82,697,850 | ||||||||
| Commercial Services and Supplies — 4.1% | ||||||||
| Brink's Co. | 1,700,000 | 91,307,000 | ||||||
CECO Environmental Corp.(1) | 975,000 | 11,388,000 | ||||||
Charah Solutions, Inc.(1)(2) | 170,578 | 921,118 | ||||||
Deluxe Corp.(2) | 2,280,000 | 38,714,400 | ||||||
KAR Auction Services, Inc.(1) | 2,930,000 | 38,236,500 | ||||||
| Loomis AB | 1,166,613 | 31,976,950 | ||||||
| 212,543,968 | ||||||||
| Construction and Engineering — 0.6% | ||||||||
Dycom Industries, Inc.(1) | 320,313 | 29,981,297 | ||||||
| Containers and Packaging — 3.2% | ||||||||
| Graphic Packaging Holding Co. | 5,290,000 | 117,702,500 | ||||||
| Pactiv Evergreen, Inc. | 4,408,326 | 50,078,583 | ||||||
| 167,781,083 | ||||||||
| Diversified Financial Services — 2.5% | ||||||||
A-Mark Precious Metals, Inc.(2) | 1,270,000 | 44,107,100 | ||||||
Compass Diversified Holdings(2)(3) | 4,751,777 | 86,624,895 | ||||||
| 130,731,995 | ||||||||
| Electric Utilities — 0.6% | ||||||||
| ALLETE, Inc. | 350,000 | 22,578,500 | ||||||
| PNM Resources, Inc. | 215,000 | 10,489,850 | ||||||
| 33,068,350 | ||||||||
| Electronic Equipment, Instruments and Components — 6.6% | ||||||||
| Advanced Energy Industries, Inc. | 180,000 | 15,440,400 | ||||||
| Avnet, Inc. | 2,475,000 | 102,910,500 | ||||||
| Belden, Inc. | 425,000 | 30,557,500 | ||||||
Coherent Corp.(1) | 3,815,000 | 133,906,500 | ||||||
| Vontier Corp. | 3,070,000 | 59,343,100 | ||||||
| 342,158,000 | ||||||||
| Energy Equipment and Services — 1.5% | ||||||||
| ChampionX Corp. | 2,635,000 | 76,388,650 | ||||||
NCS Multistage Holdings, Inc.(1) | 45,173 | 1,129,325 | ||||||
| 77,517,975 | ||||||||
| Equity Real Estate Investment Trusts (REITs) — 5.6% | ||||||||
| CareTrust REIT, Inc. | 1,455,000 | 27,033,900 | ||||||
| Easterly Government Properties, Inc. | 1,305,000 | 18,622,350 | ||||||
| Four Corners Property Trust, Inc. | 1,750,000 | 45,377,500 | ||||||
| Getty Realty Corp. | 440,000 | 14,894,000 | ||||||
| Highwoods Properties, Inc. | 1,325,000 | 37,073,500 | ||||||
| Kite Realty Group Trust | 1,850,000 | 38,942,500 | ||||||
| National Health Investors, Inc. | 580,000 | 30,287,600 | ||||||
NETSTREIT Corp.(3) | 725,000 | 13,289,250 | ||||||
| Physicians Realty Trust | 2,285,000 | 33,063,950 | ||||||
| Summit Hotel Properties, Inc. | 2,900,000 | 20,938,000 | ||||||
| UMH Properties, Inc. | 815,844 | 13,135,088 | ||||||
| 292,657,638 | ||||||||
| Gas Utilities — 0.9% | ||||||||
| Northwest Natural Holding Co. | 235,000 | 11,183,650 | ||||||
Southwest Gas Holdings, Inc.(1) | 540,000 | 33,415,200 | ||||||
| 44,598,850 | ||||||||
| Health Care Equipment and Supplies — 1.9% | ||||||||
| Embecta Corp. | 1,300,000 | 32,877,000 | ||||||
Enovis Corp.(1) | 1,075,000 | 57,534,000 | ||||||
Zimvie, Inc.(1) | 925,000 | 8,639,500 | ||||||
| 99,050,500 | ||||||||
| Health Care Providers and Services — 1.4% | ||||||||
AMN Healthcare Services, Inc.(1) | 90,000 | 9,253,800 | ||||||
| Patterson Cos., Inc. | 2,283,905 | 64,017,857 | ||||||
| 73,271,657 | ||||||||
| Hotels, Restaurants and Leisure — 2.7% | ||||||||
Accel Entertainment, Inc.(1) | 3,995,000 | 30,761,500 | ||||||
| Boyd Gaming Corp. | 445,000 | 24,265,850 | ||||||
Dave & Buster's Entertainment, Inc.(1) | 1,550,000 | 54,932,000 | ||||||
Penn Entertainment, Inc.(1) | 730,000 | 21,681,000 | ||||||
Red Robin Gourmet Burgers, Inc.(1)(2)(3) | 1,533,309 | 8,555,864 | ||||||
| 140,196,214 | ||||||||
| Household Durables — 2.9% | ||||||||
Mohawk Industries, Inc.(1) | 310,000 | 31,688,200 | ||||||
Skyline Champion Corp.(1) | 2,095,000 | 107,913,450 | ||||||
Vizio Holding Corp., Class A(1) | 1,580,000 | 11,707,800 | ||||||
| 151,309,450 | ||||||||
| Household Products — 2.3% | ||||||||
| Spectrum Brands Holdings, Inc. | 1,995,000 | 121,535,400 | ||||||
| Insurance — 2.2% | ||||||||
| Axis Capital Holdings Ltd. | 1,503,262 | 81,431,702 | ||||||
| ProAssurance Corp. | 404,940 | 7,074,302 | ||||||
| Selective Insurance Group, Inc. | 310,000 | 27,469,100 | ||||||
| 115,975,104 | ||||||||
| IT Services — 2.8% | ||||||||
Euronet Worldwide, Inc.(1) | 335,000 | 31,617,300 | ||||||
EVERTEC, Inc.(2) | 3,443,887 | 111,513,061 | ||||||
| 143,130,361 | ||||||||
| Leisure Products — 3.2% | ||||||||
| Brunswick Corp. | 1,420,000 | 102,353,600 | ||||||
Malibu Boats, Inc., Class A(1) | 995,000 | 53,033,500 | ||||||
Solo Brands, Inc., Class A(1)(3) | 2,560,998 | 9,526,913 | ||||||
| 164,914,013 | ||||||||
| Machinery — 4.6% | ||||||||
| Esab Corp. | 720,000 | 33,782,400 | ||||||
Gates Industrial Corp. PLC(1) | 5,685,000 | 64,865,850 | ||||||
Graham Corp.(1) | 381,617 | 3,671,156 | ||||||
Hillman Solutions Corp.(1) | 4,447,338 | 32,065,307 | ||||||
| Luxfer Holdings PLC | 750,000 | 10,290,000 | ||||||
| Timken Co. | 1,340,000 | 94,697,800 | ||||||
| 239,372,513 | ||||||||
| Media — 1.6% | ||||||||
| Cable One, Inc. | 55,000 | 39,152,300 | ||||||
Entravision Communications Corp., Class A(2) | 7,736,758 | 37,136,438 | ||||||
Townsquare Media, Inc., Class A(1) | 716,904 | 5,197,554 | ||||||
| 81,486,292 | ||||||||
| Oil, Gas and Consumable Fuels — 1.3% | ||||||||
Earthstone Energy, Inc., Class A(1) | 1,260,000 | 17,929,800 | ||||||
Enviva, Inc.(3) | 890,000 | 47,143,300 | ||||||
| 65,073,100 | ||||||||
| Personal Products — 1.8% | ||||||||
| Edgewell Personal Care Co. | 2,375,000 | 91,532,500 | ||||||
| Professional Services — 2.1% | ||||||||
| Barrett Business Services, Inc. | 305,683 | 28,514,110 | ||||||
| Korn Ferry | 1,619,683 | 81,988,354 | ||||||
| 110,502,464 | ||||||||
| Semiconductors and Semiconductor Equipment — 2.9% | ||||||||
Cohu, Inc.(1) | 1,100,000 | 35,255,000 | ||||||
| Kulicke & Soffa Industries, Inc. | 2,030,000 | 89,847,800 | ||||||
| MKS Instruments, Inc. | 290,000 | 24,571,700 | ||||||
| 149,674,500 | ||||||||
| Software — 2.8% | ||||||||
Digital Turbine, Inc.(1) | 1,755,000 | 26,746,200 | ||||||
Teradata Corp.(1) | 3,505,000 | 117,978,300 | ||||||
| 144,724,500 | ||||||||
| Specialty Retail — 3.1% | ||||||||
MarineMax, Inc.(1)(2) | 1,575,000 | 49,171,500 | ||||||
OneWater Marine, Inc., Class A(1)(2) | 1,420,721 | 40,632,621 | ||||||
| Penske Automotive Group, Inc. | 450,000 | 51,718,500 | ||||||
RH(1) | 80,000 | 21,375,200 | ||||||
| 162,897,821 | ||||||||
| Textiles, Apparel and Luxury Goods — 2.0% | ||||||||
| Tapestry, Inc. | 2,785,000 | 106,052,800 | ||||||
| Thrifts and Mortgage Finance — 1.0% | ||||||||
Enact Holdings, Inc.(3) | 300,000 | 7,236,000 | ||||||
IBEX Holdings Ltd.(1) | 734,157 | 18,243,801 | ||||||
| Provident Financial Services, Inc. | 1,220,000 | 26,059,200 | ||||||
| 51,539,001 | ||||||||
| Trading Companies and Distributors — 3.9% | ||||||||
Beacon Roofing Supply, Inc.(1) | 1,940,000 | 102,412,600 | ||||||
DXP Enterprises, Inc.(1) | 920,000 | 25,346,000 | ||||||
GMS, Inc.(1) | 1,365,000 | 67,977,000 | ||||||
| Karat Packaging, Inc. | 373,624 | 5,368,977 | ||||||
| 201,104,577 | ||||||||
TOTAL COMMON STOCKS (Cost $4,928,798,268) | 5,190,858,426 | |||||||
| SHORT-TERM INVESTMENTS — 0.9% | ||||||||
| Money Market Funds — 0.5% | ||||||||
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 38,739 | 38,739 | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio(4) | 24,979,394 | 24,979,394 | ||||||
| 25,018,133 | ||||||||
| Repurchase Agreements — 0.4% | ||||||||
| BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 0.375% - 0.50%, 9/15/24 - 5/31/27, valued at $3,257,919), in a joint trading account at 4.20%, dated 12/30/22, due 1/3/23 (Delivery value $3,199,060) | 3,197,568 | |||||||
| Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 1.375%, 11/15/31, valued at $20,038,985), at 4.26%, dated 12/30/22, due 1/3/23 (Delivery value $19,655,299) | 19,646,000 | |||||||
| 22,843,568 | ||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $47,861,701) | 47,861,701 | |||||||
TOTAL INVESTMENT SECURITIES—100.8% (Cost $4,976,659,969) | 5,238,720,127 | |||||||
| OTHER ASSETS AND LIABILITIES — (0.8)% | (42,964,151) | |||||||
| TOTAL NET ASSETS — 100.0% | $ | 5,195,755,976 | ||||||
| FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS | ||||||||||||||||||||
| Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) | ||||||||||||||||
| SEK | 7,337,996 | USD | 707,900 | UBS AG | 3/31/23 | $ | (1,185) | |||||||||||||
| USD | 27,663,670 | SEK | 285,785,187 | UBS AG | 3/31/23 | 140,008 | ||||||||||||||
| USD | 841,897 | SEK | 8,726,265 | UBS AG | 3/31/23 | 1,480 | ||||||||||||||
| $ | 140,303 | |||||||||||||||||||
| NOTES TO SCHEDULE OF INVESTMENTS | ||||||||
| SEK | – | Swedish Krona | ||||||
| USD | – | United States Dollar | ||||||
(1)Non-income producing.
(2)Affiliated Company: the fund’s holding represents ownership of 5% or more of the voting securities of the company; therefore, the company is affiliated as defined in the Investment Company Act of 1940.
(3)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $24,559,944. 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.
(4)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $25,184,417, which includes securities collateral of $205,023.
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.
Fixed income securities are valued at the evaluated mean as provided by independent pricing services or at the mean of the most recent bid and asked prices as provided by investment dealers. U.S. Treasury and Government Agency securities are valued using market models that consider trade data, quotations from dealers and active market makers, relevant yield curve and spread data, creditworthiness, trade data or market information on comparable securities, and other relevant security specific information.
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 | $ | 5,158,881,476 | $ | 31,976,950 | — | ||||||
| Short-Term Investments | 25,018,133 | 22,843,568 | — | ||||||||
| $ | 5,183,899,609 | $ | 54,820,518 | — | |||||||
| Other Financial Instruments | |||||||||||
| Forward Foreign Currency Exchange Contracts | — | $ | 141,488 | — | |||||||
| Liabilities | |||||||||||
| Other Financial Instruments | |||||||||||
| Forward Foreign Currency Exchange Contracts | — | $ | 1,185 | — | |||||||
3. Affiliated Company Transactions
If a fund's holding represents ownership of 5% or more of the voting securities of a company, the company is affiliated as defined in the 1940 Act. A summary of transactions for each company which is or was an affiliate at or during the period ended December 31, 2022 follows (amounts in thousands):
| Company | Beginning Value | Purchase Cost | Sales Cost | Change in Net Unrealized Appreciation (Depreciation) | Ending Value | Ending Shares | Net Realized Gain (Loss) | Income | ||||||||||||||||||
| A-Mark Precious Metals, Inc. | $ | 34,179 | $ | 14,599 | $ | 2,142 | $ | (2,529) | $ | 44,107 | 1,270 | $ | 402 | $ | 1,524 | |||||||||||
Avaya Holdings Corp.(1) | 62,279 | 532 | 113,431 | 50,620 | — | — | (107,607) | — | ||||||||||||||||||
| Barrett Business Services, Inc. | 31,702 | — | 7,208 | 4,020 | (2) | (2) | 1,967 | 330 | ||||||||||||||||||
CECO Environmental Corp.(1) | 9,663 | — | 6,130 | 7,855 | (2) | (2) | 2,008 | — | ||||||||||||||||||
Charah Solutions, Inc.(1) | 9,610 | — | 2,430 | (6,259) | 921 | 171 | (2,325) | — | ||||||||||||||||||
Compass Diversified Holdings(3) | 116,958 | 2,667 | 8,575 | (24,425) | 86,625 | 4,752 | (1,235) | 3,527 | ||||||||||||||||||
| Deluxe Corp. | 69,178 | 995 | 2,218 | (29,241) | 38,714 | 2,280 | (801) | 2,040 | ||||||||||||||||||
Donnelley Financial Solutions, Inc.(1) | 59,853 | 1,744 | 7,117 | 3,688 | 58,168 | 1,505 | 6,207 | — | ||||||||||||||||||
DXP Enterprises, Inc.(1) | 31,921 | 3,974 | 11,383 | 834 | (2) | (2) | 1,507 | — | ||||||||||||||||||
| Edgewell Personal Care Co. | 96,182 | 8,472 | 18,815 | 5,694 | (2) | (2) | 212 | 1,115 | ||||||||||||||||||
| Entravision Communications Corp. | 50,343 | — | 810 | (12,397) | 37,136 | 7,737 | (145) | 580 | ||||||||||||||||||
| EVERTEC, Inc. | 121,279 | 36,200 | 25,508 | (20,458) | 111,513 | 3,444 | (4,351) | 454 | ||||||||||||||||||
Graham Corp.(1) | 5,632 | — | 6,327 | 4,366 | (2) | (2) | (2,761) | — | ||||||||||||||||||
Malibu Boats, Inc.(1) | 59,489 | 7,362 | 11,965 | (1,852) | (2) | (2) | (2,189) | — | ||||||||||||||||||
MarineMax, Inc.(1) | 63,120 | 7,046 | 9,657 | (11,337) | 49,172 | 1,575 | (2,064) | — | ||||||||||||||||||
OneWater Marine, Inc.(1) | 48,067 | 1,913 | 1,521 | (7,826) | 40,633 | 1,421 | (489) | — | ||||||||||||||||||
Red Robin Gourmet Burgers, Inc.(1)(3) | 25,852 | — | — | (17,296) | 8,556 | 1,533 | — | — | ||||||||||||||||||
| Spectrum Brands Holdings, Inc. | 165,342 | 21,049 | 23,711 | (41,145) | (2) | (2) | (5,489) | 2,461 | ||||||||||||||||||
| Tecnoglass, Inc. | 55,873 | 5,396 | 16,493 | 7,225 | (2) | (2) | 5,281 | 449 | ||||||||||||||||||
| $ | 1,116,522 | $ | 111,949 | $ | 275,441 | $ | (90,463) | $ | 475,545 | 25,688 | $ | (111,872) | $ | 12,480 | ||||||||||||
(1)Non-income producing.
(2)Company was not an affiliate at December 31, 2022.
(3)Security, or a portion thereof, is on loan.
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.