American Century Investments®
Quarterly Portfolio Holdings
Mid Cap Value Fund
December 31, 2024
| | |
| Mid Cap Value - Schedule of Investments |
| DECEMBER 31, 2024 (UNAUDITED) |
| | | | | | | | |
| Shares | Value ($) |
| COMMON STOCKS — 98.5% | | |
| Aerospace and Defense — 1.1% | | |
| Huntington Ingalls Industries, Inc. | 60,298 | | 11,394,513 | |
| L3Harris Technologies, Inc. | 358,078 | | 75,296,642 | |
| | 86,691,155 | |
| Automobile Components — 1.0% | | |
Aptiv PLC(1) | 348,885 | | 21,100,565 | |
| BorgWarner, Inc. | 1,718,146 | | 54,619,861 | |
| | 75,720,426 | |
| Banks — 6.4% | | |
| Commerce Bancshares, Inc. | 1,692,748 | | 105,475,128 | |
| First Hawaiian, Inc. | 1,666,901 | | 43,256,081 | |
| PNC Financial Services Group, Inc. | 175,383 | | 33,822,612 | |
| Truist Financial Corp. | 3,143,055 | | 136,345,726 | |
| U.S. Bancorp | 2,904,257 | | 138,910,612 | |
| Westamerica BanCorp | 793,877 | | 41,646,787 | |
| | 499,456,946 | |
| Beverages — 1.9% | | |
| Heineken NV | 940,957 | | 67,061,179 | |
| Pernod Ricard SA | 704,558 | | 79,605,811 | |
| | 146,666,990 | |
| Capital Markets — 4.6% | | |
| AllianceBernstein Holding LP | 957,470 | | 35,512,562 | |
| Bank of New York Mellon Corp. | 1,372,760 | | 105,469,151 | |
| Northern Trust Corp. | 1,251,071 | | 128,234,777 | |
| T. Rowe Price Group, Inc. | 835,842 | | 94,525,372 | |
| | 363,741,862 | |
| Chemicals — 1.3% | | |
| Akzo Nobel NV | 989,313 | | 59,381,494 | |
| PPG Industries, Inc. | 372,796 | | 44,530,482 | |
| | | 103,911,976 | |
| Commercial Services and Supplies — 0.9% | | |
| ABM Industries, Inc. | 809,787 | | 41,444,899 | |
| Republic Services, Inc. | 155,596 | | 31,302,803 | |
| | | 72,747,702 | |
| Communications Equipment — 0.8% | | |
F5, Inc.(1) | 255,359 | | 64,215,128 | |
| Construction and Engineering — 1.1% | | |
| Vinci SA | 870,370 | | 89,610,271 | |
| Consumer Staples Distribution & Retail — 2.4% | | |
Dollar Tree, Inc.(1) | 972,375 | | 72,869,782 | |
| Koninklijke Ahold Delhaize NV | 3,601,086 | | 117,681,503 | |
| | | 190,551,285 | |
| Containers and Packaging — 1.6% | | |
| Graphic Packaging Holding Co. | 3,490,040 | | 94,789,486 | |
| Packaging Corp. of America | 131,304 | | 29,560,470 | |
| | | 124,349,956 | |
| Electric Utilities — 6.7% | | |
| Duke Energy Corp. | 422,015 | | 45,467,896 | |
| Edison International | 1,783,661 | | 142,407,494 | |
| Evergy, Inc. | 1,913,368 | | 117,767,801 | |
| | | | | | | | |
| Eversource Energy | 1,869,251 | | 107,351,085 | |
| Xcel Energy, Inc. | 1,637,358 | | 110,554,412 | |
| | | 523,548,688 | |
| Electrical Equipment — 1.0% | | |
| Emerson Electric Co. | 629,791 | | 78,049,999 | |
| Electronic Equipment, Instruments and Components — 0.8% | | |
| TE Connectivity PLC | 456,674 | | 65,290,682 | |
| Energy Equipment and Services — 1.0% | | |
| Baker Hughes Co. | 1,979,183 | | 81,186,087 | |
| Financial Services — 0.5% | | |
| Edenred SE | 1,205,103 | | 39,618,959 | |
| Food Products — 3.2% | | |
| Conagra Brands, Inc. | 5,453,832 | | 151,343,838 | |
| General Mills, Inc. | 1,547,187 | | 98,664,115 | |
| | | 250,007,953 | |
| Gas Utilities — 2.0% | | |
| ONE Gas, Inc. | 1,041,738 | | 72,140,357 | |
| Spire, Inc. | 1,302,699 | | 88,362,073 | |
| | | 160,502,430 | |
| Ground Transportation — 2.5% | | |
| CSX Corp. | 2,153,255 | | 69,485,539 | |
| Norfolk Southern Corp. | 546,738 | | 128,319,409 | |
| | | 197,804,948 | |
| Health Care Equipment and Supplies — 8.6% | | |
| Becton Dickinson & Co. | 541,566 | | 122,865,078 | |
| Dentsply Sirona, Inc. | 1,927,940 | | 36,592,301 | |
Envista Holdings Corp.(1) | 2,855,409 | | 55,080,840 | |
| GE HealthCare Technologies, Inc. | 986,159 | | 77,097,911 | |
Hologic, Inc.(1) | 850,389 | | 61,304,543 | |
| Medtronic PLC | 896,005 | | 71,572,879 | |
| Teleflex, Inc. | 88,049 | | 15,670,961 | |
| Zimmer Biomet Holdings, Inc. | 2,218,605 | | 234,351,246 | |
| | | 674,535,759 | |
| Health Care Providers and Services — 8.2% | | |
| Cardinal Health, Inc. | 731,527 | | 86,517,698 | |
| Cencora, Inc. | 261,638 | | 58,784,826 | |
Centene Corp.(1) | 1,062,183 | | 64,347,046 | |
Henry Schein, Inc.(1) | 2,257,548 | | 156,222,321 | |
| Labcorp Holdings, Inc. | 530,424 | | 121,636,832 | |
| Quest Diagnostics, Inc. | 697,851 | | 105,277,802 | |
| Universal Health Services, Inc., Class B | 290,347 | | 52,094,059 | |
| | | 644,880,584 | |
| Health Care REITs — 1.6% | | |
| Healthpeak Properties, Inc. | 2,840,226 | | 57,571,381 | |
| Ventas, Inc. | 1,193,735 | | 70,299,054 | |
| | | 127,870,435 | |
| Household Durables — 0.7% | | |
Mohawk Industries, Inc.(1) | 488,510 | | 58,196,196 | |
| Household Products — 2.8% | | |
| Henkel AG & Co. KGaA, Preference Shares | 662,896 | | 58,176,382 | |
| Kimberly-Clark Corp. | 891,542 | | 116,827,664 | |
| Reckitt Benckiser Group PLC | 738,777 | | 44,718,730 | |
| | | 219,722,776 | |
| Insurance — 4.5% | | |
| Allstate Corp. | 550,919 | | 106,211,674 | |
| | | | | | | | |
| Hanover Insurance Group, Inc. | 523,095 | | 80,901,873 | |
| Reinsurance Group of America, Inc. | 155,181 | | 33,151,317 | |
| Willis Towers Watson PLC | 429,070 | | 134,401,887 | |
| | | 354,666,751 | |
| IT Services — 2.0% | | |
| Amdocs Ltd. | 1,172,151 | | 99,796,936 | |
| Cognizant Technology Solutions Corp., Class A | 739,109 | | 56,837,482 | |
| | | 156,634,418 | |
| Life Sciences Tools and Services — 0.9% | | |
ICON PLC(1) | 174,874 | | 36,672,827 | |
IQVIA Holdings, Inc.(1) | 177,473 | | 34,875,219 | |
| | | 71,548,046 | |
| Machinery — 3.0% | | |
| Cummins, Inc. | 62,184 | | 21,677,342 | |
| Dover Corp. | 167,086 | | 31,345,334 | |
| Oshkosh Corp. | 1,072,863 | | 101,997,085 | |
| Timken Co. | 573,025 | | 40,896,794 | |
| Weir Group PLC | 1,493,645 | | 40,687,869 | |
| | | 236,604,424 | |
| Media — 1.9% | | |
| Fox Corp., Class B | 582,107 | | 26,625,574 | |
| Interpublic Group of Cos., Inc. | 2,788,225 | | 78,126,065 | |
| Omnicom Group, Inc. | 505,753 | | 43,514,988 | |
| | | 148,266,627 | |
| Metals and Mining — 0.5% | | |
| Reliance, Inc. | 146,001 | | 39,312,229 | |
| Multi-Utilities — 2.4% | | |
| Northwestern Energy Group, Inc. | 2,229,660 | | 119,197,623 | |
| WEC Energy Group, Inc. | 720,295 | | 67,736,542 | |
| | | 186,934,165 | |
| Oil, Gas and Consumable Fuels — 4.6% | | |
| Coterra Energy, Inc. | 2,582,360 | | 65,953,474 | |
| Enterprise Products Partners LP | 5,017,155 | | 157,337,981 | |
| EQT Corp. | 1,335,998 | | 61,602,868 | |
| Occidental Petroleum Corp. | 1,620,198 | | 80,053,983 | |
| | | 364,948,306 | |
| Passenger Airlines — 1.2% | | |
| Southwest Airlines Co. | 2,898,771 | | 97,456,681 | |
| Personal Care Products — 1.8% | | |
| Estee Lauder Cos., Inc., Class A | 781,749 | | 58,615,540 | |
| Kenvue, Inc. | 3,865,614 | | 82,530,859 | |
| | | 141,146,399 | |
| Residential REITs — 1.8% | | |
| Equity Residential | 1,334,039 | | 95,730,639 | |
| Essex Property Trust, Inc. | 161,778 | | 46,177,912 | |
| | | 141,908,551 | |
| Retail REITs — 3.1% | | |
| Agree Realty Corp. | 883,827 | | 62,265,612 | |
| Realty Income Corp. | 2,270,646 | | 121,275,203 | |
| Regency Centers Corp. | 814,208 | | 60,194,398 | |
| | | 243,735,213 | |
| Semiconductors and Semiconductor Equipment — 0.8% | | |
ON Semiconductor Corp.(1) | 943,585 | | 59,493,034 | |
| Specialized REITs — 2.5% | | |
| American Tower Corp. | 283,442 | | 51,986,097 | |
| | | | | | | | |
| Public Storage | 255,260 | | 76,435,055 | |
| VICI Properties, Inc. | 2,211,905 | | 64,609,745 | |
| | | 193,030,897 | |
| Technology Hardware, Storage and Peripherals — 1.2% | | |
| HP, Inc. | 2,906,154 | | 94,827,805 | |
| Trading Companies and Distributors — 3.6% | | |
Beacon Roofing Supply, Inc.(1) | 989,026 | | 100,465,261 | |
| Bunzl PLC | 1,786,256 | | 73,549,338 | |
| MSC Industrial Direct Co., Inc., Class A | 1,399,990 | | 104,565,253 | |
| | | 278,579,852 | |
TOTAL COMMON STOCKS (Cost $7,012,765,824) | | 7,747,972,591 | |
| SHORT-TERM INVESTMENTS — 1.2% | | |
| Money Market Funds — 0.0% | | |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 294,153 | | 294,153 | |
| Repurchase Agreements — 1.2% | | |
| BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 3.375%, 9/15/27, valued at $14,058,293), in a joint trading account at 4.40%, dated 12/31/24, due 1/2/25 (Delivery value $13,781,870) | | 13,778,502 | |
| Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 0.50% - 3.50%, 1/15/28 - 1/31/28 , valued at $82,606,869), at 4.45%, dated 12/31/24, due 1/2/25 (Delivery value $81,007,022) | | 80,987,000 | |
| | | 94,765,502 | |
TOTAL SHORT-TERM INVESTMENTS (Cost $95,059,655) | | 95,059,655 | |
TOTAL INVESTMENT SECURITIES — 99.7% (Cost $7,107,825,479) | | 7,843,032,246 | |
| OTHER ASSETS AND LIABILITIES — 0.3% | | 23,637,677 | |
| TOTAL NET ASSETS — 100.0% | | $ | 7,866,669,923 | |
| | | | | | | | | | | | | | | | | | | | |
| FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS |
| Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation
(Depreciation) |
| USD | 109,414,103 | | EUR | 103,764,047 | | Bank of America N.A. | 3/28/25 | $ | 1,522,996 | |
| USD | 109,330,988 | | EUR | 103,764,046 | | Goldman Sachs & Co. | 3/28/25 | 1,439,881 | |
| USD | 109,283,723 | | EUR | 103,764,046 | | JPMorgan Chase Bank N.A. | 3/28/25 | 1,392,616 | |
| USD | 109,341,364 | | EUR | 103,764,046 | | UBS AG | 3/28/25 | 1,450,257 | |
| GBP | 3,025,516 | | USD | 3,841,921 | | Bank of America N.A. | 3/28/25 | (56,696) | |
| USD | 68,110,479 | | GBP | 53,807,610 | | Bank of America N.A. | 3/28/25 | 791,742 | |
| USD | 3,684,103 | | GBP | 2,899,180 | | Bank of America N.A. | 3/28/25 | 56,938 | |
| USD | 68,094,337 | | GBP | 53,807,610 | | Goldman Sachs & Co. | 3/28/25 | 775,600 | |
| | | | | | $ | 7,373,334 | |
| | | | | | | | |
| NOTES TO SCHEDULE OF INVESTMENTS |
| EUR | – | Euro |
| GBP | – | British Pound |
| USD | – | United States Dollar |
(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. 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 | | | |
| Beverages | — | | $ | 146,666,990 | | — | |
| Chemicals | $ | 44,530,482 | | 59,381,494 | | — | |
| Construction and Engineering | — | | 89,610,271 | | — | |
| Consumer Staples Distribution & Retail | 72,869,782 | | 117,681,503 | | — | |
| Financial Services | — | | 39,618,959 | | — | |
| Household Products | 116,827,664 | | 102,895,112 | | — | |
| Machinery | 195,916,555 | | 40,687,869 | | — | |
| Trading Companies and Distributors | 205,030,514 | | 73,549,338 | | — | |
| Other Industries | 6,442,706,058 | | — | | — | |
| Short-Term Investments | 294,153 | | 94,765,502 | | — | |
| $ | 7,078,175,208 | | $ | 764,857,038 | | — | |
| Other Financial Instruments | | | |
| Forward Foreign Currency Exchange Contracts | — | | $ | 7,430,030 | | — | |
| | | |
| Liabilities | | | |
| Other Financial Instruments | | | |
| Forward Foreign Currency Exchange Contracts | — | | $ | 56,696 | | — | |
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.
