-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, CpLlxIZFNUCVn/kprrk/1Wsrjhdw8xEULyTkCVztdxX+L+CBi9l21bqs+qN5PfND MjdhPnJ3Hkyv8FiaFN50RQ== 0000100334-09-000058.txt : 20090929 0000100334-09-000058.hdr.sgml : 20090929 20090929111837 ACCESSION NUMBER: 0000100334-09-000058 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20090731 FILED AS OF DATE: 20090929 DATE AS OF CHANGE: 20090929 EFFECTIVENESS DATE: 20090929 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMERICAN CENTURY MUTUAL FUNDS, INC. CENTRAL INDEX KEY: 0000100334 IRS NUMBER: 446006315 STATE OF INCORPORATION: MO FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-00816 FILM NUMBER: 091091792 BUSINESS ADDRESS: STREET 1: 4500 MAIN STREET CITY: KANSAS CITY STATE: MO ZIP: 64111 BUSINESS PHONE: 816-531-5575 MAIL ADDRESS: STREET 1: 4500 MAIN STREET CITY: KANSAS CITY STATE: MO ZIP: 64111 FORMER COMPANY: FORMER CONFORMED NAME: AMERICAN CENTURY MUTUAL FUNDS INC DATE OF NAME CHANGE: 19970107 FORMER COMPANY: FORMER CONFORMED NAME: TWENTIETH CENTURY INVESTORS INC DATE OF NAME CHANGE: 19920703 0000100334 S000006192 BALANCED FUND C000017045 INVESTOR CLASS TWBIX C000017047 INSTITUTIONAL CLASS ABINX 0000100334 S000006193 NEW OPPORTUNITIES II C000017048 INSTITUTIONAL CLASS ANONX C000017049 INVESTOR CLASS ANOIX C000017050 A CLASS ANOAX C000017051 B CLASS ANOBX C000017052 C CLASS ANOCX C000055516 R CLASS ANORX 0000100334 S000006194 SELECT FUND C000017053 INVESTOR CLASS TWCIX C000017054 A CLASS TWCAX C000017055 INSTITUTIONAL CLASS TWSIX C000017057 B CLASS ABSLX C000017058 C CLASS ACSLX C000017059 R CLASS ASERX 0000100334 S000006195 ULTRA FUND C000017060 INVESTOR CLASS TWCUX C000017061 A CLASS TWUAX C000017062 INSTITUTIONAL CLASS TWUIX C000017063 C CLASS TWCCX C000017064 R CLASS AULRX C000055517 B CLASS AULBX 0000100334 S000006196 VEEDOT FUND C000017065 INVESTOR CLASS AMVIX C000017066 INSTITUTIONAL CLASS AVDIX 0000100334 S000006197 VISTA FUND C000017067 INVESTOR CLASS TWCVX C000017068 ADVISOR CLASS TWVAX C000017069 INSTITUTIONAL CLASS TWVIX C000017071 R CLASS AVTRX 0000100334 S000006200 CAPITAL GROWTH FUND C000017084 INVESTOR CLASS ACLIX C000017085 INSTITUTIONAL CLASS APLIX C000017086 A CLASS ACCGX C000017087 B CLASS ACGBX C000017088 C CLASS ACPGX C000017089 R CLASS APWRX 0000100334 S000006201 CAPITAL VALUE FUND C000017090 INVESTOR CLASS ACTIX C000017091 ADVISOR CLASS ACCVX C000017092 INSTITUTIONAL CLASS ACPIX 0000100334 S000006202 FOCUSED GROWTH FUND C000017093 INVESTOR CLASS AFSIX C000055518 INSTITUTIONAL CLASS AFGNX C000055519 A CLASS AFGAX C000055520 B CLASS AFGBX C000055521 C CLASS AFGCX C000055522 R CLASS AFGRX 0000100334 S000006203 FUNDAMENTAL EQUITY FUND C000017094 INVESTOR CLASS AFDIX C000017095 INSTITUTIONAL CLASS AFEIX C000017096 A CLASS AFDAX C000017097 B CLASS AFDBX C000017098 C CLASS AFDCX C000017099 R CLASS AFDRX 0000100334 S000006204 GIFTRUST FUND C000017100 INVESTOR CLASS TWGTX 0000100334 S000006205 GROWTH FUND C000017101 INVESTOR CLASS TWCGX C000017102 ADVISOR CLASS TCRAX C000017103 INSTITUTIONAL CLASS TWGIX C000017105 R CLASS AGWRX 0000100334 S000006206 HERITAGE FUND C000017106 INVESTOR CLASS TWHIX C000017107 A CLASS ATHAX C000017108 INSTITUTIONAL CLASS ATHIX C000017109 C CLASS AHGCX C000055523 B CLASS ATHBX C000055524 R CLASS ATHWX 0000100334 S000006207 NEW OPPORTUNITIES FUND C000017110 INVESTOR CLASS TWNOX 0000100334 S000010981 NT GROWTH FUND C000030355 INSTITUTIONAL CLASS ACLTX 0000100334 S000010982 NT VISTA FUND C000030356 INSTITUTIONAL CLASS ACLWX N-Q 1 n-q.htm FORM N-Q (3RD QUARTER) n-q.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM N-Q
 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY


Investment Company Act file number
                                          811-00816
   
   
   
AMERICAN CENTURY MUTUAL FUNDS, INC.
(Exact name of registrant as specified in charter)
   
   
4500 MAIN STREET, KANSAS CITY, MISSOURI
64111
(Address of principal executive offices)
(Zip Code)
   
   
CHARLES A. ETHERINGTON, 4500 MAIN STREET
KANSAS CITY, MISSOURI  64111
(Name and address of agent for service)
   
   
Registrant’s telephone number, including area code:
816-531-5575
   
   
Date of fiscal year end:
           10-31
   
   
Date of reporting period:
           07-31-2009
 
 
 
 


ITEM 1.  SCHEDULE OF INVESTMENTS.


 
 
 
 

 

 

 

 

 
 
American Century Investments®
 
Quarterly Portfolio Holdings
 
Ultra® Fund
 
July 31, 2009
 

 

 

 

 

 
 
 
 
 
 

 

 
 
 
 
 
Ultra – Schedule of Investments

JULY 31, 2009 (UNAUDITED)
                                                                                                                                           60;                                 Shares           Value

COMMON STOCKS  — 99.4%
  
   
AEROSPACE & DEFENSE ― 2.9%
  
 
General Dynamics Corp.
  
1,530,000
$ 84,746,700
 
Lockheed Martin Corp.
  
957,000
 71,545,320
       
 156,292,020
   
BEVERAGES ― 2.8%
  
 
Coca-Cola Co. (The)
  
2,577,000
 128,437,680
 
PepsiCo, Inc.
  
437,000
 24,799,750
       
 153,237,430
   
BIOTECHNOLOGY ― 4.5%
  
 
Alexion Pharmaceuticals, Inc.(1)
  
434,000
 19,117,700
 
Celgene Corp.(1)
  
1,054,000
 60,035,840
 
Genzyme Corp.(1)
  
1,022,000
 53,031,580
 
Gilead Sciences, Inc.(1)
  
2,343,000
 114,642,990
       
 246,828,110
   
CAPITAL MARKETS ― 3.3%
  
 
BlackRock, Inc.
  
223,000
 42,490,420
 
Charles Schwab Corp. (The)
  
4,051,000
 72,391,370
 
Goldman Sachs Group, Inc. (The)
  
410,000
 66,953,000
       
 181,834,790
   
CHEMICALS ― 3.5%
  
 
Monsanto Co.
  
1,338,000
 112,392,000
 
Mosaic Co. (The)
  
939,000
 48,968,850
 
Nalco Holding Co.
  
1,539,000
 27,224,910
       
 188,585,760
   
COMMUNICATIONS EQUIPMENT ― 5.1%
  
 
Cisco Systems, Inc.(1)
  
6,656,000
 146,498,560
 
QUALCOMM, Inc.
  
2,899,000
 133,962,790
       
 280,461,350
   
COMPUTERS & PERIPHERALS ― 7.1%
  
 
Apple, Inc.(1)
  
1,167,000
 190,676,130
 
EMC Corp.(1)
  
4,315,000
 64,983,900
 
Hewlett-Packard Co.
  
3,105,000
 134,446,500
       
 390,106,530
   
CONSTRUCTION & ENGINEERING ― 0.6%
  
 
Fluor Corp.
  
661,000
 34,900,800
         
   
DIVERSIFIED FINANCIAL SERVICES ― 2.4%
  
 
CME Group, Inc.
  
257,000
 71,659,310
 
JPMorgan Chase & Co.
  
1,561,000
 60,332,650
       
 131,991,960
ELECTRICAL EQUIPMENT ― 2.6%
  
 
ABB Ltd.(1)
  
1,085,000
 19,818,650
 
ABB Ltd. ADR(1)
  
2,130,000
 38,936,400
 
Emerson Electric Co.
  
2,266,000
 82,437,080
       
 141,192,130
   
ENERGY EQUIPMENT & SERVICES ― 1.3%
  
 
Schlumberger Ltd.
  
1,342,000
 71,797,000
         
FOOD & STAPLES RETAILING ― 4.1%
  
 
Costco Wholesale Corp.
  
1,347,000
 66,676,500
 
 
 
 
 
 
Ultra – Schedule of Investments

JULY 31, 2009 (UNAUDITED)
                                                                                                                                           60;                                 Shares           Value
 
 
Wal-Mart Stores, Inc.
  
3,154,000
$ 157,321,520
       
 223,998,020
   
FOOD PRODUCTS ― 2.4%
  
 
General Mills, Inc.
  
1,094,000
 64,447,540
 
Nestle SA
  
1,636,000
 67,329,135
       
 131,776,675
   
HEALTH CARE EQUIPMENT & SUPPLIES ― 2.6%
  
 
Baxter International, Inc.
  
1,356,000
 76,437,720
 
Gen-Probe, Inc.(1)
  
516,000
 19,153,920
 
Medtronic, Inc.
  
486,000
 17,214,120
 
Varian Medical Systems, Inc.(1)
  
780,000
 27,510,600
       
 140,316,360
   
HEALTH CARE PROVIDERS & SERVICES ― 4.1%
  
 
Express Scripts, Inc.(1)
  
1,759,000
 123,200,360
 
Medco Health Solutions, Inc.(1)
  
264,000
 13,955,040
 
UnitedHealth Group, Inc.
  
3,059,000
 85,835,540
       
 222,990,940
   
HOTELS, RESTAURANTS & LEISURE ― 2.5%
  
 
Intercontinental Hotels Group plc
  
1,256,000
 14,245,998
 
McDonald's Corp.
  
1,696,000
 93,381,760
 
Yum! Brands, Inc.
  
808,000
 28,651,680
       
 136,279,438
   
HOUSEHOLD PRODUCTS ― 1.7%
  
 
Colgate-Palmolive Co.
  
1,263,000
 91,491,720
         
   
INSURANCE ― 1.4%
  
 
MetLife, Inc.
  
2,256,000
 76,591,200
         
   
INTERNET & CATALOG RETAIL ― 1.4%
  
 
Amazon.com, Inc.(1)
  
905,000
 77,612,800
         
   
INTERNET SOFTWARE & SERVICES ― 5.0%
  
 
Baidu, Inc. ADR(1)
  
148,000
 51,524,720
 
Google, Inc., Class A(1)
  
428,000
 189,625,400
 
Tencent Holdings Ltd.
  
2,295,000
 30,974,897
       
 272,125,017
   
IT SERVICES ― 3.5%
  
 
International Business Machines Corp.
  
310,000
 36,558,300
 
MasterCard, Inc., Class A
  
471,000
 91,388,130
 
Visa, Inc., Class A
  
941,000
 61,597,860
       
 189,544,290
   
LEISURE EQUIPMENT & PRODUCTS ― 0.7%
  
 
Hasbro, Inc.
  
1,436,000
 38,054,000
         
   
LIFE SCIENCES TOOLS & SERVICES ― 0.6%
  
 
Thermo Fisher Scientific, Inc.(1)
  
770,000
 34,865,600
         
   
MACHINERY ― 2.1%
  
 
Cummins, Inc.
  
769,000
 33,074,690
 
Deere & Co.
  
910,000
 39,803,400
 
Parker-Hannifin Corp.
  
953,000
 42,198,840
       
 115,076,930
   
MEDIA ― 0.5%
  
 
Marvel Entertainment, Inc.(1)
  
689,000
 27,256,840
         
   
 
 
 
 

 
Ultra – Schedule of Investments

JULY 31, 2009 (UNAUDITED)
                                                                                                                                           60;                                 Shares           Value
 
METALS & MINING ― 2.2%
  
 
BHP Billiton Ltd. ADR
  
1,039,000
$ 65,415,440
 
Newmont Mining Corp.
  
413,000
 17,077,550
 
Nucor Corp.
  
831,000
 36,954,570
       
 119,447,560
   
MULTILINE RETAIL ― 1.3%
  
 
Kohl's Corp.(1)
  
1,446,000
 70,203,300
         
   
OIL, GAS & CONSUMABLE FUELS ― 3.4%
  
 
EOG Resources, Inc.
  
736,000
 54,486,080
 
Exxon Mobil Corp.
  
542,000
 38,151,380
 
Occidental Petroleum Corp.
  
800,000
 57,072,000
 
Southwestern Energy Co.(1)
  
813,000
 33,682,590
       
 183,392,050
   
PHARMACEUTICALS ― 3.6%
  
 
Abbott Laboratories
  
2,183,000
 98,213,170
 
Bristol-Myers Squibb Co.
  
724,000
 15,739,760
 
Teva Pharmaceutical Industries Ltd. ADR
  
1,526,000
 81,396,840
       
 195,349,770
   
ROAD & RAIL ― 0.5%
  
 
Union Pacific Corp.
  
470,000
 27,034,400
         
   
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT ― 4.6%
  
 
Altera Corp.
  
2,612,000
 48,818,280
 
Applied Materials, Inc.
  
4,048,000
 55,862,400
 
ASML Holding NV
  
2,093,000
 54,800,519
 
Linear Technology Corp.
  
1,722,000
 46,270,140
 
Microchip Technology, Inc.
  
1,695,000
 45,646,350
       
 251,397,689
   
SOFTWARE ― 8.0%
  
 
Adobe Systems, Inc.(1)
  
3,216,000
 104,262,720
 
Electronic Arts, Inc.(1)
  
1,593,000
 34,201,710
 
Microsoft Corp.
  
6,744,000
 158,618,880
 
Oracle Corp.
  
5,212,000
 115,341,560
 
VMware, Inc., Class A(1)
  
854,000
 27,524,420
       
 439,949,290
   
SPECIALTY RETAIL ― 3.4%
  
 
Lowe's Cos., Inc.
  
3,214,000
 72,186,440
 
Staples, Inc.
  
2,541,000
 53,411,820
 
TJX Cos., Inc. (The)
  
1,633,000
 59,163,590
       
 184,761,850
   
TEXTILES, APPAREL & LUXURY GOODS ― 1.0%
  
 
NIKE, Inc., Class B
  
1,010,000
 57,206,400
         
   
TOBACCO ― 2.1%
  
 
Philip Morris International, Inc.
  
2,503,000
 116,639,800
         
   
TRADING COMPANIES & DISTRIBUTORS ― 0.6%
  
 
W.W. Grainger, Inc.
  
375,000
 33,716,250
         
TOTAL COMMON STOCKS
    
 
(Cost $4,718,330,671)
    
 5,434,306,069
         
 
 
 
 
 
 
Ultra – Schedule of Investments

JULY 31, 2009 (UNAUDITED)
                                                                                                                                           60;                                 Shares           Value
 
TEMPORARY CASH INVESTMENTS — 0.3%
  
   
JPMorgan U.S. Treasury Plus Money Market Fund Agency Shares
  
102,125
$        102,125
       
Repurchase Agreement, Credit Suisse First Boston, Inc., (collateralized by various U.S. Treasury obligations, 0.41%, 6/10/10, valued at $17,227,938), in a joint trading account at 0.14%, dated 7/31/09, due 8/3/09 (Delivery value $16,800,196)
  
  16,800,000
TOTAL TEMPORARY CASH INVESTMENTS
  
 
(Cost $16,902,125)
    
 16,902,125
   
TOTAL INVESTMENT SECURITIES — 99.7%
    
 
(Cost $4,735,232,796)
    
 5,451,208,194
OTHER ASSETS AND LIABILITIES — 0.3%
  
 16,720,906
TOTAL NET ASSETS — 100.0%
  
$5,467,929,100
 

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS
 
Contracts to Sell
Settlement Date
Value
Unrealized Gain (Loss)
45,476,925
  
CHF for USD
8/31/09
$ 42,566,246
  
$   (786,802)
  
17,659,688
  
EUR for USD
8/31/09
 25,171,942
  
 (382,332)
  
4,003,500
  
GBP for USD
8/28/09
 6,687,326
  
 (128,272)
  
 
$ 74,425,514
  
$(1,297,406)
  
(Value on Settlement Date $73,128,108)
 
 

Notes to Schedule of Investments
 
ADR
-
American Depositary Receipt
 
CHF
-
Swiss Franc
 
EUR
-
Euro
 
GBP
-
British Pound
 
USD
-
United States Dollar
 

(1)
Non-income producing.
 
 
 

 

Ultra – Schedule of Investments

JULY 31, 2009 (UNAUDITED)
 
 
SUPPLEMENTARY NOTES TO SCHEDULE OF INVESTMENTS
 
1. Security Valuations
 
Securities traded primarily on a principal securities exchange are valued at the last reported sales price, or at the mean of the latest bid and asked prices where no last sales price is available. Depending on local convention or regulation, securities traded over-the-counter are valued at the mean of the latest bid and asked prices, the last sales price, or the official close price. Investments in open-end management investment companies are valued at the reported net asset value. Debt securities not traded on a principal securities exchange are valued through a commercial pricing service or at the mean of the most recent bid and asked prices. Discount notes may be valued through a commercial pricing service or at amortized cost, which approximates fair value. Securities traded on foreign securities exchanges and over-the-counter markets are normally completed before the close of business on days that the New York Stock Exchange (the Exchange) is open and may also take place on days when the Exchange is not open. If an event occurs after the value of a security was established but before the net asset value per share was determined that was likely to materially change the net asset value, that security would be valued as determined in accordance with procedures adopted by the Board of Directors. If the fund determines that the market price of a portfolio security is not readily available, or that the valuation methods mentioned above do not reflect the security’s fair value, such security is valued as determined by the Board of Directors or its designee, in accordance with procedures adopted by the Board of Directors, if such determination would materially impact a fund’s net asset value. Certain other circumstances may cause the fund to use alternative procedures to value a security such as: a security has been declared in default; trading in a security has been halted during the trading day; or there is a foreign market holiday and no trading will commence.
 
2. Fair Value Measurements
 
The fund’s securities valuation process is based on several considerations and may use multiple inputs to determine the fair value of the positions 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 as follows:
 
   •     Level 1 valuation inputs consist of actual quoted prices in an active market for identical securities;
   •     Level 2 valuation inputs consist of significant direct or indirect observable market data (including quoted prices for similar
         securities, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.); or
   •     Level 3 valuation inputs consist of significant unobservable inputs (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 an indication of the risks associated with investing in these securities or other financial instruments.
 
The following is a summary of the valuation inputs used to determine the fair value of the fund’s securities and other financial instruments as of July 31, 2009:
 
Level 1
Level 2
Level 3
  
Investment Securities
  
Domestic Common Stocks
$ 5,009,863,470
–
–
  
Foreign Common Stocks
237,273,400
$ 187,169,199
    
Temporary Cash Investments
102,125
16,800,000
–
  
Total Value of Investment Securities
$ 5,247,238,995
$ 203,969,199
–
  
Other Financial Instruments
  
Forward Foreign Currency Exchange Contracts
–
$   (1,297,406)
–
  
Total Unrealized Gain (Loss) on Other Financial Instruments
–
$   (1,297,406)
–
  
   
3. Federal Tax Information
 
As of July 31, 2009, the components of investments for federal income tax purposes were as follows:
 
Federal tax cost of investments
$ 4,822,991,700
    
Gross tax appreciation of investments
$    852,933,077
    
Gross tax depreciation of investments
 (224,716,583)
    
Net tax appreciation (depreciation) of investments
$    628,216,494
    
 
The difference between book-basis and tax-basis cost and unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales.
 

 
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.

 
 
 

 
 
 
 


 

 

 

 
 
 
 
American Century Investments®
 
Quarterly Portfolio Holdings
 
Growth Fund
 
July 31, 2009
 
 
 
 
 

 

 

 

 

 
 
 

GRAPHIC

 
 
 

Growth – Schedule of Investments

JULY 31, 2009 (UNAUDITED)
 
Shares
Value

COMMON STOCKS  — 99.1%
  
   
AEROSPACE & DEFENSE ― 2.7%
  
 
Honeywell International, Inc.
  
944,400
$   32,770,680
 
Raytheon Co.
  
1,084,800
 50,931,360
 
Rockwell Collins, Inc.
  
445,000
 18,779,000
       
 102,481,040
   
AIR FREIGHT & LOGISTICS ― 1.0%
  
 
United Parcel Service, Inc., Class B
  
671,700
 36,090,441
         
   
AUTO COMPONENTS ― 1.4%
  
 
BorgWarner, Inc.
  
1,555,200
 51,617,088
         
   
BEVERAGES ― 5.2%
  
 
Coca-Cola Co. (The)
  
2,363,400
 117,791,856
 
PepsiCo, Inc.
  
1,407,900
 79,898,325
       
 197,690,181
   
BIOTECHNOLOGY ― 4.8%
  
 
Alexion Pharmaceuticals, Inc.(1)
  
595,800
 26,244,990
 
Amgen, Inc.(1)
  
1,373,100
 85,557,861
 
Gilead Sciences, Inc.(1)
  
880,972
 43,105,960
 
Myriad Genetics, Inc.(1)
  
449,800
 12,333,516
 
Vertex Pharmaceuticals, Inc.(1)
  
421,900
 15,192,619
       
 182,434,946
   
CAPITAL MARKETS ― 1.0%
  
 
Goldman Sachs Group, Inc. (The)
  
224,400
 36,644,520
         
   
CHEMICALS ― 1.8%
  
 
Celanese Corp., Class A
  
1,779,300
 45,728,010
 
Monsanto Co.
  
267,300
 22,453,200
       
 68,181,210
   
COMMERCIAL BANKS ― 1.1%
  
 
Wells Fargo & Co.
  
1,782,000
 43,587,720
         
   
COMMUNICATIONS EQUIPMENT ― 6.6%
  
 
Arris Group, Inc.(1)
  
920,500
 11,211,690
 
Cisco Systems, Inc.(1)
  
3,968,200
 87,340,082
 
F5 Networks, Inc.(1)
  
736,200
 27,327,744
 
Juniper Networks, Inc.(1)
  
810,600
 21,180,978
 
QUALCOMM, Inc.
  
2,047,100
 94,596,491
 
Research In Motion Ltd.(1)
  
108,000
 8,208,000
       
 249,864,985
   
COMPUTERS & PERIPHERALS ― 6.2%
  
 
Apple, Inc.(1)
  
862,700
 140,956,553
 
EMC Corp.(1)
  
1,308,700
 19,709,022
 
Hewlett-Packard Co.
  
870,100
 37,675,330
 
NetApp, Inc.(1)
  
1,648,500
 37,025,310
       
 235,366,215
   
CONSUMER FINANCE ― 1.0%
  
 
American Express Co.
  
1,285,700
 36,423,881
         
   
DIVERSIFIED FINANCIAL SERVICES ― 1.6%
  
 
CME Group, Inc.
  
56,300
 15,698,129
 
IntercontinentalExchange, Inc.(1)
  
245,400
 23,082,324
 
 
 
 

 
Growth – Schedule of Investments

JULY 31, 2009 (UNAUDITED)
 
Shares
Value

 
Moody's Corp.
  
869,600
$   20,644,304
       
 59,424,757
   
ELECTRIC UTILITIES ― 0.6%
  
 
FPL Group, Inc.
  
396,600
 22,475,322
         
   
ENERGY EQUIPMENT & SERVICES ― 1.3%
  
 
Schlumberger Ltd.
  
703,000
 37,610,500
 
Transocean Ltd.(1)
  
147,300
 11,738,337
       
 49,348,837
   
FOOD & STAPLES RETAILING ― 3.6%
  
 
Walgreen Co.
  
1,995,500
 61,960,275
 
Wal-Mart Stores, Inc.
  
1,509,800
 75,308,824
       
 137,269,099
   
FOOD PRODUCTS ― 3.0%
  
 
General Mills, Inc.
  
739,300
 43,552,163
 
Kellogg Co.
  
901,400
 42,816,500
 
Nestle SA
  
690,100
 28,400,878
       
 114,769,541
   
HEALTH CARE EQUIPMENT & SUPPLIES ― 4.2%
  
 
Alcon, Inc.
  
72,200
 9,212,720
 
Baxter International, Inc.
  
1,159,700
 65,372,289
 
Becton, Dickinson & Co.
  
258,500
 16,841,275
 
Covidien plc
  
778,300
 29,427,523
 
Edwards Lifesciences Corp.(1)
  
300,600
 19,662,246
 
Gen-Probe, Inc.(1)
  
306,100
 11,362,432
 
Intuitive Surgical, Inc.(1)
  
35,400
 8,047,128
       
 159,925,613
   
HEALTH CARE PROVIDERS & SERVICES ― 1.9%
  
 
Express Scripts, Inc.(1)
  
840,700
 58,882,628
 
UnitedHealth Group, Inc.
  
491,400
 13,788,684
       
 72,671,312
   
HOTELS, RESTAURANTS & LEISURE ― 0.6%
  
 
Chipotle Mexican Grill, Inc., Class A(1)
  
242,800
 22,781,924
         
   
HOUSEHOLD DURABLES ― 1.7%
  
 
KB Home
  
1,267,200
 21,149,568
 
Mohawk Industries, Inc.(1)
  
235,100
 12,126,458
 
Whirlpool Corp.
  
528,300
 30,160,647
       
 63,436,673
   
HOUSEHOLD PRODUCTS ― 3.5%
  
 
Colgate-Palmolive Co.
  
379,500
 27,490,980
 
Procter & Gamble Co. (The)
  
1,860,100
 103,254,151
       
 130,745,131
   
INDUSTRIAL CONGLOMERATES ― 2.0%
  
 
3M Co.
  
1,063,500
 74,998,020
         
   
INSURANCE ― 0.8%
  
 
Aflac, Inc.
  
763,200
 28,894,752
         
   
INTERNET & CATALOG RETAIL ― 0.4%
  
 
Amazon.com, Inc.(1)
  
192,000
 16,465,920
         
   
INTERNET SOFTWARE & SERVICES ― 3.0%
  
 
Google, Inc., Class A(1)
  
260,400
 115,370,220
         
   
 
 
 
 

 
Growth – Schedule of Investments

JULY 31, 2009 (UNAUDITED)
 
Shares
Value
 
IT SERVICES ― 4.5%
  
 
International Business Machines Corp.
  
1,012,300
$   119,380,539
 
Visa, Inc., Class A
  
766,200
 50,155,452
       
 169,535,991
   
LIFE SCIENCES TOOLS & SERVICES ― 1.0%
  
 
Illumina, Inc.(1)
  
359,200
 12,981,488
 
QIAGEN NV(1)
  
473,400
 8,975,664
 
Thermo Fisher Scientific, Inc.(1)
  
390,100
 17,663,728
       
 39,620,880
   
MACHINERY ― 3.0%
  
 
Illinois Tool Works, Inc.
  
903,700
 36,645,035
 
Navistar International Corp.(1)
  
880,100
 34,799,154
 
PACCAR, Inc.
  
472,700
 16,379,055
 
Valmont Industries, Inc.
  
372,200
 26,731,404
       
 114,554,648
   
MEDIA ― 0.5%
  
 
Scripps Networks Interactive, Inc., Class A
  
638,700
 20,617,236
         
   
METALS & MINING ― 0.7%
  
 
Newmont Mining Corp.
  
599,300
 24,781,055
         
   
MULTILINE RETAIL ― 2.2%
  
 
Kohl's Corp.(1)
  
834,600
 40,519,830
 
Target Corp.
  
1,015,600
 44,300,472
       
 84,820,302
   
OIL, GAS & CONSUMABLE FUELS ― 3.0%
  
 
Apache Corp.
  
253,100
 21,247,745
 
Exxon Mobil Corp.
  
699,100
 49,209,649
 
Occidental Petroleum Corp.
  
352,000
 25,111,680
 
Quicksilver Resources, Inc.(1)
  
1,415,300
 16,219,338
       
 111,788,412
   
PERSONAL PRODUCTS ― 0.7%
  
 
Estee Lauder Cos., Inc. (The), Class A
  
337,800
 12,309,432
 
Mead Johnson Nutrition Co., Class A
  
365,400
 13,304,214
       
 25,613,646
   
PHARMACEUTICALS ― 5.0%
  
 
Abbott Laboratories
  
1,832,900
 82,462,171
 
Johnson & Johnson
  
1,325,000
 80,679,250
 
Novo Nordisk A/S B Shares
  
429,200
 25,260,589
       
 188,402,010
   
ROAD & RAIL ― 1.1%
  
 
Union Pacific Corp.
  
700,800
 40,310,016
         
   
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT ― 4.0%
  
 
Broadcom Corp., Class A(1)
  
1,396,300
 39,417,549
 
Intel Corp.
  
1,175,400
 22,626,450
 
Linear Technology Corp.
  
975,900
 26,222,433
 
Marvell Technology Group Ltd.(1)
  
2,094,800
 27,944,632
 
PMC - Sierra, Inc.(1)
  
1,795,600
 16,429,740
 
Xilinx, Inc.
  
897,400
 19,464,606
       
 152,105,410
   
SOFTWARE ― 6.7%
  
 
Microsoft Corp.
  
5,977,600
 140,593,152
 
 
 
 
 
 
Growth – Schedule of Investments

JULY 31, 2009 (UNAUDITED)
 
Shares
Value
 
Oracle Corp.
  
4,553,800
$  100,775,594
 
salesforce.com, inc.(1)
  
275,700
 11,948,838
       
 253,317,584
   
SPECIALTY RETAIL ― 4.1%
  
 
CarMax, Inc.(1)
  
1,104,300
 17,812,359
 
Chico's FAS, Inc.(1)
  
2,011,700
 23,074,199
 
J. Crew Group, Inc.(1)
  
1,017,800
 28,661,248
 
Lowe's Cos., Inc.
  
2,322,900
 52,172,334
 
O'Reilly Automotive, Inc.(1)
  
798,400
 32,462,944
       
 154,183,084
   
TEXTILES, APPAREL & LUXURY GOODS ― 0.4%
  
 
Polo Ralph Lauren Corp.
  
271,600
 17,124,380
         
   
WIRELESS TELECOMMUNICATION SERVICES ― 1.2%
  
 
American Tower Corp., Class A(1)
  
1,296,100
 44,184,049
         
TOTAL COMMON STOCKS
    
 
(Cost $3,500,349,977)
    
 3,749,918,051
TEMPORARY CASH INVESTMENTS — 1.0%
  
   
JPMorgan U.S. Treasury Plus Money Market Fund Agency Shares
  
50,458
 50,458
       
Repurchase Agreement, Credit Suisse First Boston, Inc., (collateralized by various U.S. Treasury obligations, 0.41%, 6/10/10, valued at $4,306,985), in a joint trading account at 0.14%, dated 7/31/09, due 8/3/09 (Delivery value $4,200,049)
  
 4,200,000
Repurchase Agreement, Deutsche Bank Securities, Inc., (collateralized by various U.S. Treasury obligations, 4.50%, 4/30/12, valued at $33,582,280), in a joint trading account at 0.17%, dated 7/31/09, due 8/3/09 (Delivery value $32,900,466)
  
 32,900,000
TOTAL TEMPORARY CASH INVESTMENTS
  
 
(Cost $37,150,458)
    
 37,150,458
   
TOTAL INVESTMENT SECURITIES — 100.1%
    
 
(Cost $3,537,500,435)
    
 3,787,068,509
OTHER ASSETS AND LIABILITIES — (0.1)%
  
 (5,604,072)
TOTAL NET ASSETS — 100.0%
  
$3,781,464,437
 

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS
 
Contracts to Sell
Settlement Date
Value
Unrealized Gain (Loss)
21,013,545
  
CHF for USD
8/31/09
$19,668,606
  
$(363,558)
  
84,670,430
  
DKK for USD
8/31/09
 16,195,755
  
 (218,627)
  
 
$35,864,361
  
$(582,185)
  
(Value on Settlement Date $35,282,176)
 
 

Notes to Schedule of Investments
 
CHF
-
Swiss Franc
 
DKK
-
Danish Krone
 
USD
-
United States Dollar
 

(1)
Non-income producing.
 

 

 

Growth – Schedule of Investments

JULY 31, 2009 (UNAUDITED)

SUPPLEMENTARY NOTES TO SCHEDULE OF INVESTMENTS
 
1. Security Valuations
 
Securities traded primarily on a principal securities exchange are valued at the last reported sales price, or at the mean of the latest bid and asked prices where no last sales price is available. Depending on local convention or regulation, securities traded over-the-counter are valued at the mean of the latest bid and asked prices, the last sales price, or the official close price. Investments in open-end management investment companies are valued at the reported net asset value. Debt securities not traded on a principal securities exchange are valued through a commercial pricing service or at the mean of the most recent bid and asked prices. Discount notes may be valued through a commercial pricing service or at amortized cost, which approximates fair value. Securities traded on foreign securities exchanges and over-the-counter markets are normally completed before the close of business on days that the New York Stock Exchange (the Exchange) is open and may also take place on days when the Exchange is not open. If an event occurs after the value of a security was established but before the net asset value per share was determined that was likely to materially change the net asset value, that security would be valued as determined in accordance with procedures adopted by the Board of Directors. If the fund determines that the market price of a portfolio security is not readily available, or that the valuation methods mentioned above do not reflect the security’s fair value, such security is valued as determined by the Board of Directors or its designee, in accordance with procedures adopted by the Board of Directors, if such determination would materially impact a fund’s net asset value. Certain other circumstances may cause the fund to use alternative procedures to value a security such as: a security has been declared in default; trading in a security has been halted during the trading day; or there is a foreign market holiday and no trading will commence.
 
2. Fair Value Measurements
 
The fund’s securities valuation process is based on several considerations and may use multiple inputs to determine the fair value of the positions 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 as follows:
 
   •     Level 1 valuation inputs consist of actual quoted prices in an active market for identical securities;
   •     Level 2 valuation inputs consist of significant direct or indirect observable market data (including quoted prices for similar
         securities, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.); or
   •     Level 3 valuation inputs consist of significant unobservable inputs (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 an indication of the risks associated with investing in these securities or other financial instruments.
 
The following is a summary of the valuation inputs used to determine the fair value of the fund’s securities and other financial instruments as of July 31, 2009:
 
 
Level 1
Level 2
Level 3
Investment Securities
Common Stocks
$3,696,256,584
$53,661,467
–
Temporary Cash Investments
50,458
37,100,000
–
Total Value of Investment Securities
$3,696,307,042
$90,761,467
–
Other Financial Instruments
Forward Foreign Currency Exchange Contracts
–
$(582,185)
–
Total Unrealized Gain (Loss) on Other Financial Instruments
–
$(582,185)
–

3. Federal Tax Information
 
As of July 31, 2009, the components of investments for federal income tax purposes were as follows:
 
Federal tax cost of investments
$3,566,370,725
    
Gross tax appreciation of investments
$380,704,807
    
Gross tax depreciation of investments
(160,007,023)
    
Net tax appreciation (depreciation) of investments
$220,697,784
    
 
The difference between book-basis and tax-basis cost and unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales.
 
 
 
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.
 
 
 
 
 
 
 
 
 
 
 
 


 

 

 

 
 
American Century Investments®
 
Quarterly Portfolio Holdings
 
VistaSM Fund
 
July 31, 2009
 
 
 
 
 
 

 

 

 

 
 
 

 
GRAPHIC

 
 
 
 
Vista – Schedule of Investments

JULY 31, 2009 (UNAUDITED)
 
                  Shares
Value
 
COMMON STOCKS  — 98.7%
  
   
AEROSPACE & DEFENSE ― 1.0%
  
 
BE Aerospace, Inc.(1)
  
740,000
$   11,958,400
 
Precision Castparts Corp.
  
139,000
 11,093,590
       
 23,051,990
   
AUTO COMPONENTS ― 1.8%
  
 
Autoliv, Inc.
  
682,000
 24,422,420
 
BorgWarner, Inc.
  
495,000
 16,429,050
       
 40,851,470
   
BIOTECHNOLOGY ― 1.1%
  
 
Alexion Pharmaceuticals, Inc.(1)
  
542,000
 23,875,100
         
   
CAPITAL MARKETS ― 9.7%
  
 
Janus Capital Group, Inc.
  
4,109,000
 56,128,940
 
Jefferies Group, Inc.(1)
  
2,083,000
 47,617,380
 
Lazard Ltd., Class A
  
851,000
 31,478,490
 
Legg Mason, Inc.
  
408,000
 11,481,120
 
Morgan Stanley
  
1,518,000
 43,263,000
 
TD Ameritrade Holding Corp.(1)
  
669,000
 12,403,260
 
Waddell & Reed Financial, Inc., Class A
  
651,000
 18,468,870
       
 220,841,060
   
CHEMICALS ― 2.9%
  
 
Celanese Corp., Class A
  
1,486,000
 38,190,200
 
CF Industries Holdings, Inc.
  
207,000
 16,340,580
 
Scotts Miracle-Gro Co. (The), Class A
  
289,000
 11,285,450
       
 65,816,230
   
COMMERCIAL SERVICES & SUPPLIES ― 0.7%
  
 
Tetra Tech, Inc.(1)
  
552,000
 16,626,240
         
   
COMMUNICATIONS EQUIPMENT ― 2.0%
  
 
Alcatel-Lucent(1)
  
711,349
 1,963,323
 
Brocade Communications Systems, Inc.(1)
  
1,634,000
 12,843,240
 
CommScope, Inc.(1)
  
796,674
 20,394,855
 
Tellabs, Inc.(1)
  
1,824,000
 10,579,200
       
 45,780,618
   
COMPUTERS & PERIPHERALS ― 2.2%
  
 
Seagate Technology
  
1,405,000
 16,916,200
 
STEC, Inc.(1)
  
160,000
 5,454,400
 
Western Digital Corp.(1)
  
939,000
 28,404,750
       
 50,775,350
   
CONSTRUCTION & ENGINEERING ― 5.3%
  
 
AECOM Technology Corp.(1)
  
1,337,000
 43,318,800
 
Quanta Services, Inc.(1)
  
1,852,000
 43,170,120
 
Shaw Group, Inc. (The)(1)
  
390,000
 11,481,600
 
URS Corp.(1)
  
446,000
 22,567,600
       
 120,538,120
   
CONTAINERS & PACKAGING ― 1.5%
  
 
Crown Holdings, Inc.(1)
  
1,379,000
 34,612,900
         
   
DIVERSIFIED FINANCIAL SERVICES ― 1.5%
  
 
CME Group, Inc.
  
37,000
 10,316,710
 
 
 

 
 
Vista – Schedule of Investments

JULY 31, 2009 (UNAUDITED)
 
                  Shares
Value
 
IntercontinentalExchange, Inc.(1)
  
242,000
$   22,762,520
       
 33,079,230
   
ELECTRICAL EQUIPMENT ― 1.7%
  
 
JA Solar Holdings Co. Ltd. ADR(1)
  
2,261,000
 10,875,410
 
Suntech Power Holdings Co. Ltd. ADR(1)
  
1,490,000
 27,401,100
       
 38,276,510
   
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS ― 2.9%
  
 
AU Optronics Corp. ADR(1)
  
921,000
 10,259,940
 
Corning, Inc.
  
2,664,000
 45,288,000
 
LG Display Co., Ltd.
  
371,000
 10,708,313
       
 66,256,253
   
ENERGY EQUIPMENT & SERVICES ― 3.1%
  
 
Atwood Oceanics, Inc.(1)
  
845,000
 24,369,800
 
Cameron International Corp.(1)
  
757,000
 23,641,110
 
Oceaneering International, Inc.(1)
  
327,000
 16,650,840
 
Weatherford International Ltd.(1)
  
326,000
 6,115,760
       
 70,777,510
   
FOOD PRODUCTS ― 0.6%
  
 
Green Mountain Coffee Roasters, Inc.(1)
  
182,000
 12,820,080
         
   
HEALTH CARE EQUIPMENT & SUPPLIES ― 0.5%
  
 
Edwards Lifesciences Corp.(1)
  
171,000
 11,185,110
         
   
HEALTH CARE PROVIDERS & SERVICES ― 3.5%
  
 
Express Scripts, Inc.(1)
  
606,000
 42,444,240
 
Health Management Associates, Inc., Class A(1)
  
947,000
 5,710,410
 
Medco Health Solutions, Inc.(1)
  
465,000
 24,579,900
 
Tenet Healthcare Corp.(1)
  
1,407,000
 5,557,650
       
 78,292,200
   
HEALTH CARE TECHNOLOGY ― 0.8%
  
 
Allscripts-Misys Healthcare Solutions, Inc.
  
983,000
 16,937,090
         
   
HOTELS, RESTAURANTS & LEISURE ― 5.1%
  
 
Boyd Gaming Corp.(1)
  
478,000
 4,392,820
 
Brinker International, Inc.
  
356,000
 5,923,840
 
Cheesecake Factory, Inc. (The)(1)
  
604,000
 11,699,480
 
Ctrip.com International Ltd. ADR(1)
  
389,000
 19,936,250
 
International Game Technology
  
627,000
 12,383,250
 
Las Vegas Sands Corp.(1)
  
1,088,000
 10,172,800
 
Penn National Gaming, Inc.(1)
  
530,000
 16,806,300
 
PF Chang's China Bistro, Inc.(1)
  
339,000
 11,495,490
 
Pinnacle Entertainment, Inc.(1)
  
556,000
 5,576,680
 
WMS Industries, Inc.(1)
  
335,000
 12,113,600
 
Wynn Resorts Ltd.(1)
  
112,000
 5,731,040
       
 116,231,550
   
HOUSEHOLD DURABLES ― 1.8%
  
 
KB Home
  
1,404,000
 23,432,760
 
NVR, Inc.(1)
  
28,000
 16,832,200
       
 40,264,960
   
INDUSTRIAL CONGLOMERATES ― 1.0%
  
 
McDermott International, Inc.(1)
  
1,210,000
 23,643,400
         
   
INTERNET & CATALOG RETAIL ― 0.5%
  
 
Netflix, Inc.(1)
  
272,000
 11,951,680
         
   
 
 
 
 
 
 
Vista – Schedule of Investments

JULY 31, 2009 (UNAUDITED)
 
                  Shares
Value
 
INTERNET SOFTWARE & SERVICES ― 2.3%
  
 
Digital River, Inc.(1)
  
279,000
$    9,862,650
 
Equinix, Inc.(1)
  
216,000
 17,653,680
 
NetEase.com, Inc. ADR(1)
  
558,000
 24,585,480
       
 52,101,810
   
LIFE SCIENCES TOOLS & SERVICES ― 2.5%
  
 
Covance, Inc.(1)
  
434,000
 23,935,100
 
Life Technologies Corp.(1)
  
738,000
 33,601,140
       
 57,536,240
   
MACHINERY ― 2.9%
  
 
Bucyrus International, Inc.
  
584,000
 17,216,320
 
Flowserve Corp.
  
156,000
 12,600,120
 
Ingersoll-Rand plc
  
614,000
 17,732,320
 
Joy Global, Inc.
  
477,000
 17,734,860
       
 65,283,620
   
METALS & MINING ― 5.0%
  
 
Agnico-Eagle Mines Ltd.
  
189,000
 11,065,950
 
AK Steel Holding Corp.
  
978,000
 19,237,260
 
Cia Siderurgica Nacional SA ADR
  
702,000
 17,971,200
 
Freeport-McMoRan Copper & Gold, Inc.
  
374,000
 22,552,200
 
Thompson Creek Metals Co., Inc.(1)
  
868,000
 12,629,400
 
Walter Energy, Inc.
  
630,000
 31,096,800
       
 114,552,810
   
MULTILINE RETAIL ― 3.1%
  
 
Dollar Tree, Inc.(1)
  
799,000
 36,849,880
 
Family Dollar Stores, Inc.
  
1,066,000
 33,493,720
       
 70,343,600
   
OIL, GAS & CONSUMABLE FUELS ― 3.9%
  
 
Continental Resources, Inc.(1)
  
402,000
 13,599,660
 
Petrohawk Energy Corp.(1)
  
1,728,000
 41,955,840
 
Southwestern Energy Co.(1)
  
499,000
 20,673,570
 
Whiting Petroleum Corp.(1)
  
271,000
 12,455,160
       
 88,684,230
   
PERSONAL PRODUCTS ― 0.5%
  
 
Avon Products, Inc.
  
348,000
 11,268,240
         
   
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT ― 10.8%
  
 
Altera Corp.
  
603,000
 11,270,070
 
ASML Holding NV New York Shares
  
1,152,000
 29,963,520
 
Atheros Communications, Inc.(1)
  
699,000
 17,475,000
 
Broadcom Corp., Class A(1)
  
1,157,000
 32,662,110
 
Cypress Semiconductor Corp.(1)
  
1,053,000
 11,182,860
 
Marvell Technology Group Ltd.(1)
  
1,708,000
 22,784,720
 
Microsemi Corp.(1)
  
1,257,477
 17,164,561
 
PMC - Sierra, Inc.(1)
  
3,322,000
 30,396,300
 
Semtech Corp.(1)
  
1,322,000
 24,324,800
 
Silicon Laboratories, Inc.(1)
  
598,000
 25,612,340
 
Teradyne, Inc.(1)
  
2,716,000
 21,402,080
       
 244,238,361
   
SOFTWARE ― 4.9%
  
 
Cerner Corp.(1)
  
347,000
 22,582,760
 
McAfee, Inc.(1)
  
749,000
 33,390,420
 
 
 
 

 
Vista – Schedule of Investments

JULY 31, 2009 (UNAUDITED)
 
                  Shares
Value

 
Rovi Corp.(1)
  
1,304,000
$   34,112,640
 
Shanda Interactive Entertainment Ltd. ADR(1)
  
442,000
 21,914,360
       
 112,000,180
   
SPECIALTY RETAIL ― 7.3%
  
 
Advance Auto Parts, Inc.
  
509,000
 23,531,070
 
Aeropostale, Inc.(1)
  
728,000
 26,499,200
 
Bed Bath & Beyond, Inc.(1)
  
495,000
 17,201,250
 
Chico's FAS, Inc.(1)
  
2,162,000
 24,798,140
 
O'Reilly Automotive, Inc.(1)
  
713,000
 28,990,580
 
Ross Stores, Inc.
  
767,000
 33,817,030
 
TJX Cos., Inc. (The)
  
311,000
 11,267,530
       
 166,104,800
   
TEXTILES, APPAREL & LUXURY GOODS ― 0.8%
  
 
Coach, Inc.
  
580,000
 17,162,200
         
   
WIRELESS TELECOMMUNICATION SERVICES ― 3.5%
  
 
American Tower Corp., Class A(1)
  
692,000
 23,590,280
 
SBA Communications Corp., Class A(1)
  
2,168,000
 56,563,120
       
 80,153,400
TOTAL COMMON STOCKS
    
 
(Cost $1,862,443,459)
    
 2,241,914,142
TEMPORARY CASH INVESTMENTS — 3.0%
  
   
JPMorgan U.S. Treasury Plus Money Market Fund Agency Shares
  
83,818
 83,818
       
Repurchase Agreement, Bank of America Securities, LLC, (collateralized by various U.S. Treasury obligations, 2.63%, 6/30/14, valued at $70,334,757), in a joint trading account at 0.14%, dated 7/31/09, due 8/3/09 (Delivery value $68,600,800)
  
 68,600,000
TOTAL TEMPORARY CASH INVESTMENTS
  
 
(Cost $68,683,818)
    
 68,683,818
   
TOTAL INVESTMENT SECURITIES — 101.7%
    
 
(Cost $1,931,127,277)
    
 2,310,597,960
OTHER ASSETS AND LIABILITIES — (1.7)%
  
 (39,369,411)
TOTAL NET ASSETS — 100.0%
  
$2,271,228,549
 

Geographic Diversification
(as a % of net assets)
United States
84.7%
People's Republic of China
4.6%
Bermuda
2.4%
Netherlands
1.3%
Sweden
1.1%
Canada
1.0%
Brazil
0.8%
Ireland
0.8%
Cayman Islands
0.7%
South Korea
0.5%
Taiwan (Republic of China)
0.4%
Switzerland
0.3%
France
0.1%
Cash and Equivalents*
1.3%
* Includes temporary cash investments and other assets and liabilities.
  
   
 
 

 
 
 
 
Vista – Schedule of Investments

JULY 31, 2009 (UNAUDITED)
 
Notes to Schedule of Investments
 
ADR
-
American Depositary Receipt
 

(1)
Non-income producing.
 

 

 
 
Vista – Schedule of Investments

JULY 31, 2009 (UNAUDITED)

SUPPLEMENTARY NOTES TO SCHEDULE OF INVESTMENTS
 
1. Security Valuations
 
Securities traded primarily on a principal securities exchange are valued at the last reported sales price, or at the mean of the latest bid and asked prices where no last sales price is available. Depending on local convention or regulation, securities traded over-the-counter are valued at the mean of the latest bid and asked prices, the last sales price, or the official close price. Investments in open-end management investment companies are valued at the reported net asset value. Debt securities not traded on a principal securities exchange are valued through a commercial pricing service or at the mean of the most recent bid and asked prices. Discount notes may be valued through a commercial pricing service or at amortized cost, which approximates fair value. Securities traded on foreign securities exchanges and over-the-counter markets are normally completed before the close of business on days that the New York Stock Exchange (the Exchange) is open and may also take place on days when the Exchange is not open. If an event occurs after the value of a security was established but before the net asset value per share was determined that was likely to materially change the net asset value, that security would be valued as determined in accordance with procedures adopted by the Board of Directors. If the fund determines that the market price of a portfolio security is not readily available, or that the valuation methods mentioned above do not reflect the security’s fair value, such security is valued as determined by the Board of Directors or its designee, in accordance with procedures adopted by the Board of Directors, if such determination would materially impact a fund’s net asset value. Certain other circumstances may cause the fund to use alternative procedures to value a security such as: a security has been declared in default; trading in a security has been halted during the trading day; or there is a foreign market holiday and no trading will commence.
 
2. Fair Value Measurements
 
The fund’s securities valuation process is based on several considerations and may use multiple inputs to determine the fair value of the positions 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 as follows:
 
   •     Level 1 valuation inputs consist of actual quoted prices in an active market for identical securities;
   •     Level 2 valuation inputs consist of significant direct or indirect observable market data (including quoted prices for similar
         securities, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.); or
   •     Level 3 valuation inputs consist of significant unobservable inputs (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 an indication of the risks associated with investing in these securities or other financial instruments.
 
The following is a summary of the valuation inputs used to determine the fair value of the fund’s securities as of July 31, 2009:
 
 
Level 1
Level 2
Level 3
Investment Securities
Domestic Common Stocks
$1,923,189,986
–
–
Foreign Common Stocks
308,015,843
$10,708,313
–
Temporary Cash Investments
83,818
68,600,000
–
Total Value of Investment Securities
$2,231,289,647
$79,308,313
–
 
 
3. Federal Tax Information
 
As of July 31, 2009, the components of investments for federal income tax purposes were as follows:
 
Federal tax cost of investments
$1,955,468,279
    
Gross tax appreciation of investments
$   361,812,683
    
Gross tax depreciation of investments
(6,683,002)
    
Net tax appreciation (depreciation) of investments
$   355,129,681
    
 
The difference between book-basis and tax-basis cost and unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales.
 
 
 
 
 
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.
 
 
 

 
 
 
 
 
 

 
 

 

 

 
 
 
American Century Investments®
 
Quarterly Portfolio Holdings
 
Giftrust® Fund
 
July 31, 2009
 

 

 

 

 
 
 
 
 
 
 

 

GRAPHIC
 
 
 
 
 
Giftrust – Schedule of Investments

JULY 31, 2009 (UNAUDITED)
 
                  Shares
Value

COMMON STOCKS  — 99.9%
  
   
AEROSPACE & DEFENSE ― 1.5%
  
 
Honeywell International, Inc.
  
119,238
$    4,137,559
 
Lockheed Martin Corp.
  
104,400
 7,804,944
       
 11,942,503
   
AIR FREIGHT & LOGISTICS ― 1.1%
  
 
United Parcel Service, Inc., Class B
  
173,873
 9,342,196
         
   
AUTO COMPONENTS ― 1.0%
  
 
Autoliv, Inc.
  
119,894
 4,293,404
 
BorgWarner, Inc.
  
121,508
 4,032,851
       
 8,326,255
   
BEVERAGES ― 1.2%
  
 
Coca-Cola Co. (The)
  
115,305
 5,746,801
 
PepsiCo, Inc.
  
72,137
 4,093,775
       
 9,840,576
   
BIOTECHNOLOGY ― 4.0%
  
 
Amgen, Inc.(1)
  
59,119
 3,683,705
 
Celgene Corp.(1)
  
168,847
 9,617,525
 
CSL Ltd.
  
119,091
 3,042,834
 
Gilead Sciences, Inc.(1)
  
279,424
 13,672,216
 
Grifols SA
  
140,558
 2,559,309
       
 32,575,589
   
CAPITAL MARKETS ― 2.3%
  
 
Affiliated Managers Group, Inc.(1)
  
55,768
 3,681,803
 
Goldman Sachs Group, Inc. (The)
  
63,199
 10,320,397
 
Morgan Stanley
  
183,003
 5,215,586
       
 19,217,786
   
CHEMICALS ― 1.5%
  
 
Monsanto Co.
  
118,798
 9,979,032
 
Potash Corp. of Saskatchewan, Inc.
  
21,401
 1,990,507
       
 11,969,539
   
COMMERCIAL BANKS ― 0.7%
  
 
Wells Fargo & Co.
  
225,294
 5,510,691
         
   
COMMUNICATIONS EQUIPMENT ― 5.9%
  
 
ADTRAN, Inc.
  
84,748
 2,047,512
 
Cisco Systems, Inc.(1)
  
920,508
 20,260,381
 
Juniper Networks, Inc.(1)
  
146,204
 3,820,310
 
QUALCOMM, Inc.
  
385,552
 17,816,358
 
Starent Networks Corp.(1)
  
173,190
 4,153,096
       
 48,097,657
   
COMPUTERS & PERIPHERALS ― 7.4%
  
 
Apple, Inc.(1)
  
237,499
 38,804,962
 
Hewlett-Packard Co.
  
273,145
 11,827,178
 
Seagate Technology
  
416,904
 5,019,524
 
STEC, Inc.(1)
  
132,864
 4,529,334
       
 60,180,998
   
CONSTRUCTION & ENGINEERING ― 0.4%
  
 
Quanta Services, Inc.(1)
  
141,169
 3,290,649
         
   
   
 
 
 
 
 
 
Giftrust – Schedule of Investments

JULY 31, 2009 (UNAUDITED)
 
                  Shares
Value
CONSUMER FINANCE ― 0.5%
  
 
Discover Financial Services
  
316,474
$    3,759,711
         
   
CONTAINERS & PACKAGING ― 0.4%
  
 
Crown Holdings, Inc.(1)
  
126,361
 3,171,661
         
   
DIVERSIFIED CONSUMER SERVICES ― 1.0%
  
 
Career Education Corp.(1)
  
220,642
 5,057,115
 
Corinthian Colleges, Inc.(1)
  
180,299
 2,783,816
       
 7,840,931
   
DIVERSIFIED FINANCIAL SERVICES ― 1.7%
  
 
Bank of America Corp.
  
480,085
 7,100,457
 
CME Group, Inc.
  
8,204
 2,287,522
 
JPMorgan Chase & Co.
  
117,514
 4,541,916
       
 13,929,895
   
ELECTRICAL EQUIPMENT ― 2.0%
  
 
Cooper Industries Ltd., Class A
  
151,258
 4,983,951
 
Emerson Electric Co.
  
59,895
 2,178,980
 
JA Solar Holdings Co. Ltd. ADR(1)
  
404,993
 1,948,016
 
Suntech Power Holdings Co. Ltd. ADR(1)
  
276,483
 5,084,523
 
Vestas Wind Systems A/S(1)
  
29,706
 2,092,332
       
 16,287,802
   
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS ― 1.2%
  
 
Corning, Inc.
  
582,259
 9,898,403
         
   
ENERGY EQUIPMENT & SERVICES ― 0.5%
  
 
Weatherford International Ltd.(1)
  
216,872
 4,068,519
         
   
FOOD & STAPLES RETAILING ― 5.8%
  
 
Costco Wholesale Corp.
  
134,171
 6,641,464
 
CVS Caremark Corp.
  
143,492
 4,804,112
 
Walgreen Co.
  
201,355
 6,252,073
 
Wal-Mart Stores, Inc.
  
390,579
 19,482,081
 
Whole Foods Market, Inc.(1)
  
414,799
 10,033,988
       
 47,213,718
   
FOOD PRODUCTS ― 0.4%
  
 
Green Mountain Coffee Roasters, Inc.(1)
  
24,478
 1,724,230
 
Kellogg Co.
  
32,624
 1,549,640
       
 3,273,870
   
HEALTH CARE EQUIPMENT & SUPPLIES ― 2.9%
  
 
Baxter International, Inc.
  
180,302
 10,163,623
 
Beckman Coulter, Inc.
  
55,926
 3,522,779
 
C.R. Bard, Inc.
  
45,421
 3,341,623
 
Covidien plc
  
155,210
 5,868,490
 
ev3, Inc.(1)
  
60,703
 744,826
       
 23,641,341
   
HEALTH CARE PROVIDERS & SERVICES ― 4.5%
  
 
Express Scripts, Inc.(1)
  
166,149
 11,637,076
 
Health Management Associates, Inc., Class A(1)
  
204,930
 1,235,728
 
Medco Health Solutions, Inc.(1)
  
285,504
 15,091,742
 
Tenet Healthcare Corp.(1)
  
1,363,839
 5,387,164
 
WellPoint, Inc.(1)
  
68,955
 3,629,791
       
 36,981,501
   
   
 
 
 
 
 
 
Giftrust – Schedule of Investments

JULY 31, 2009 (UNAUDITED)
 
                  Shares
Value
HEALTH CARE TECHNOLOGY ― 0.2%
  
 
athenahealth, Inc.(1)
  
43,948
 $    1,623,439
         
   
HOTELS, RESTAURANTS & LEISURE ― 3.0%
  
 
Cheesecake Factory, Inc. (The)(1)
  
119,573
2,316,129
 
Chipotle Mexican Grill, Inc., Class B(1)
  
30,268
 2,474,409
 
Ctrip.com International Ltd. ADR(1)
  
76,190
 3,904,738
 
Las Vegas Sands Corp.(1)
  
318,078
 2,974,029
 
Penn National Gaming, Inc.(1)
  
165,165
 5,237,382
 
Starbucks Corp.(1)
  
410,355
 7,263,283
       
 24,169,970
   
HOUSEHOLD PRODUCTS ― 1.0%
  
 
Colgate-Palmolive Co.
  
39,459
 2,858,410
 
Procter & Gamble Co. (The)
  
96,739
 5,369,982
       
 8,228,392
   
INSURANCE ― 0.3%
  
 
Aflac, Inc.
  
77,351
 2,928,509
         
   
INTERNET & CATALOG RETAIL ― 0.3%
  
 
priceline.com, Inc.(1)
  
19,396
 2,514,110
         
   
INTERNET SOFTWARE & SERVICES ― 4.3%
  
 
Digital River, Inc.(1)
  
100,468
 3,551,544
 
Equinix, Inc.(1)
  
27,577
 2,253,868
 
Google, Inc., Class A(1)
  
56,317
 24,951,247
 
Tencent Holdings Ltd.
  
306,600
 4,138,084
       
 34,894,743
   
IT SERVICES ― 4.1%
  
 
International Business Machines Corp.
  
142,624
 16,819,648
 
MasterCard, Inc., Class A
  
26,931
 5,225,422
 
Visa, Inc., Class A
  
175,147
 11,465,123
       
 33,510,193
   
LIFE SCIENCES TOOLS & SERVICES ― 1.6%
  
 
Illumina, Inc.(1)
  
110,441
 3,991,338
 
Life Technologies Corp.(1)
  
195,878
 8,918,325
       
 12,909,663
   
MACHINERY ― 2.8%
  
 
Cummins, Inc.
  
98,498
 4,236,399
 
Flowserve Corp.
  
41,089
 3,318,758
 
Illinois Tool Works, Inc.
  
30,680
 1,244,074
 
Ingersoll-Rand plc
  
272,786
 7,878,060
 
Navistar International Corp.(1)
  
164,901
 6,520,186
       
 23,197,477
   
MARINE ― 0.6%
  
 
Diana Shipping, Inc.
  
225,353
 3,209,027
 
Genco Shipping & Trading Ltd.
  
83,039
 1,985,462
       
 5,194,489
   
MEDIA ― 1.0%
  
 
DIRECTV Group, Inc. (The)(1)
  
308,315
 7,985,358
         
   
METALS & MINING ― 2.6%
  
 
AK Steel Holding Corp.
  
246,452
 4,847,711
 
Cliffs Natural Resources, Inc.
  
157,928
 4,325,648
 
Vale SA ADR
  
206,592
 4,076,060
 
 
 
 
 
 
Giftrust – Schedule of Investments

JULY 31, 2009 (UNAUDITED)
 
                  Shares
Value
 
Walter Energy, Inc.
  
161,036
 $    7,948,737
       
 21,198,156
   
MULTILINE RETAIL ― 2.6%
  
 
J.C. Penney Co., Inc.
  
265,176
7,995,057
 
Kohl's Corp.(1)
  
268,264
 13,024,217
       
 21,019,274
   
OIL, GAS & CONSUMABLE FUELS ― 3.2%
  
 
Exxon Mobil Corp.
  
67,644
 4,761,461
 
Peabody Energy Corp.
  
188,459
 6,239,877
 
Petrohawk Energy Corp.(1)
  
152,874
 3,711,781
 
Petroleo Brasileiro SA-Petrobras ADR
  
166,069
 6,848,686
 
Quicksilver Resources, Inc.(1)
  
400,978
 4,595,208
       
 26,157,013
   
PHARMACEUTICALS ― 3.0%
  
 
Abbott Laboratories
  
348,569
 15,682,119
 
Bristol-Myers Squibb Co.
  
164,161
 3,568,860
 
Johnson & Johnson
  
82,386
 5,016,484
       
 24,267,463
   
PROFESSIONAL SERVICES ― 0.3%
  
 
Manpower, Inc.
  
45,610
 2,186,999
         
   
ROAD & RAIL ― 1.7%
  
 
J.B. Hunt Transport Services, Inc.
  
144,316
 4,033,632
 
Union Pacific Corp.
  
169,851
 9,769,830
       
 13,803,462
   
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT ― 5.7%
  
 
Analog Devices, Inc.
  
111,607
 3,054,684
 
Broadcom Corp., Class A(1)
  
270,519
 7,636,751
 
Intel Corp.
  
412,718
 7,944,821
 
Marvell Technology Group Ltd.(1)
  
238,117
 3,176,481
 
MEMC Electronic Materials, Inc.(1)
  
173,776
 3,061,933
 
Micron Technology, Inc.(1)
  
335,402
 2,143,219
 
NVIDIA Corp.(1)
  
565,479
 7,311,643
 
Teradyne, Inc.(1)
  
276,986
 2,182,650
 
Texas Instruments, Inc.
  
251,210
 6,041,601
 
Varian Semiconductor Equipment Associates, Inc.(1)
  
120,033
 3,845,857
       
 46,399,640
   
SOFTWARE ― 6.7%
  
 
Adobe Systems, Inc.(1)
  
76,081
 2,466,546
 
Citrix Systems, Inc.(1)
  
86,383
 3,075,235
 
McAfee, Inc.(1)
  
65,077
 2,901,133
 
Microsoft Corp.
  
1,125,684
 26,476,088
 
Oracle Corp.
  
732,097
 16,201,306
 
Perfect World Co. Ltd., Class B ADR(1)
  
107,429
 3,843,809
       
 54,964,117
   
SPECIALTY RETAIL ― 2.1%
  
 
Best Buy Co., Inc.
  
81,808
 3,057,165
 
Chico's FAS, Inc.(1)
  
476,120
 5,461,096
 
Dick's Sporting Goods, Inc.(1)
  
162,707
 3,229,734
 
O'Reilly Automotive, Inc.(1)
  
135,134
 5,494,549
       
 17,242,544
   
   
 
 
 

 
 
Giftrust – Schedule of Investments

JULY 31, 2009 (UNAUDITED)
 
                  Shares
Value
TEXTILES, APPAREL & LUXURY GOODS ― 0.4%
  
 
Warnaco Group, Inc. (The)(1)
  
81,629
 $    2,965,582
         
   
TOBACCO ― 3.5%
  
 
Altria Group, Inc.
  
455,936
7,992,558
 
Lorillard, Inc.
  
73,352
 5,407,509
 
Philip Morris International, Inc.
  
329,848
 15,370,917
       
 28,770,984
   
WIRELESS TELECOMMUNICATION SERVICES ― 1.0%
  
 
Millicom International Cellular SA(1)
  
28,580
 2,119,207
 
SBA Communications Corp., Class A(1)
  
248,367
 6,479,895
       
 8,599,102
TOTAL COMMON STOCKS
    
 
(Cost $633,618,346)
    
 815,092,470
TEMPORARY CASH INVESTMENTS — 0.2%
  
   
JPMorgan U.S. Treasury Plus Money Market Fund Agency Shares
  
9,681
 9,681
     
Repurchase Agreement, Deutsche Bank Securities, Inc., (collateralized by various U.S. Treasury obligations, 4.50%, 4/30/12, valued at $1,531,107), in a joint trading account at 0.17%, dated 7/31/09, due 8/3/09 (Delivery value $1,500,021)
  
 1,500,000
TOTAL TEMPORARY CASH INVESTMENTS
  
 
(Cost $1,509,681)
    
 1,509,681
   
TOTAL INVESTMENT SECURITIES — 100.1%
    
 
(Cost $635,128,027)
    
 816,602,151
OTHER ASSETS AND LIABILITIES — (0.1)%
  
 (527,735)
TOTAL NET ASSETS — 100.0%
  
$816,074,416
 
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS
 
Contracts to Sell
Settlement Date
Value
Unrealized Gain (Loss)
2,177,222
  
AUD for USD
8/31/09
$1,817,000
  
$(34,402)
  
6,505,614
  
DKK for USD
8/31/09
 1,244,393
  
 (15,963)
  
1,004,849
  
EUR for USD
8/31/09
 1,432,302
  
 (21,755)
  
 
$4,493,695
  
$(72,120)
  
(Value on Settlement Date $4,421,575)
 
 

Notes to Schedule of Investments
 
ADR
-
American Depositary Receipt
 
AUD
-
Australian Dollar
 
DKK
-
Danish Krone
 
EUR
-
Euro
 
USD
-
United States Dollar
 


(1)
Non-income producing.

 
 
 
 
 
Giftrust – Schedule of Investments

JULY 31, 2009 (UNAUDITED)

SUPPLEMENTARY NOTES TO SCHEDULE OF INVESTMENTS
 
1. Security Valuations
 
Securities traded primarily on a principal securities exchange are valued at the last reported sales price, or at the mean of the latest bid and asked prices where no last sales price is available. Depending on local convention or regulation, securities traded over-the-counter are valued at the mean of the latest bid and asked prices, the last sales price, or the official close price. Investments in open-end management investment companies are valued at the reported net asset value. Debt securities not traded on a principal securities exchange are valued through a commercial pricing service or at the mean of the most recent bid and asked prices. Securities traded on foreign securities exchanges and over-the-counter markets are normally completed before the close of business on days that the New York Stock Exchange (the Exchange) is open and may also take place on days when the Exchange is not open. If an event occurs after the value of a security was established but before the net asset value per share was determined that was likely to materially change the net asset value, that security would be valued as determined in accordance with procedures adopted by the Board of Directors. If the fund determines that the market price of a portfolio security is not readily available, or that the valuation methods mentioned above do not reflect the security’s fair value, such security is valued as determined by the Board of Directors or its designee, in accordance with procedures adopted by the Board of Directors, if such determination would materially impact a fund’s net asset value. Certain other circumstances may cause the fund to use alternative procedures to value a security such as: a security has been declared in default; trading in a security has been halted during the trading day; or there is a foreign market holiday and no trading will commence.
 
2. Fair Value Measurements
 
The fund’s securities valuation process is based on several considerations and may use multiple inputs to determine the fair value of the positions 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 as follows:
 
   •     Level 1 valuation inputs consist of actual quoted prices in an active market for identical securities;
   •     Level 2 valuation inputs consist of significant direct or indirect observable market data (including quoted prices for similar
         securities, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.); or
   •     Level 3 valuation inputs consist of significant unobservable inputs (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 an indication of the risks associated with investing in these securities or other financial instruments.
 
The following is a summary of the valuation inputs used to determine the fair value of the fund’s securities and other financial instruments as of July 31, 2009:
 
 
Level 1
Level 2
Level 3
Investment Securities
Domestic Common Stocks
$743,999,380
–
–
Foreign Common Stocks
59,260,531
$11,832,559
–
Temporary Cash Investments
9,681
1,500,000
–
Total Value of Investment Securities
$803,269,592
$13,332,559
–
Other Financial Instruments
Forward Foreign Currency Exchange Contracts
–
$(72,120)
–
Total Unrealized Gain (Loss) on Other Financial Instruments
–
$(72,120)
–
 
 
3. Federal Tax Information
 
As of July 31, 2009, the components of investments for federal income tax purposes were as follows:
 
Federal tax cost of investments
$644,215,644
    
Gross tax appreciation of investments
$178,425,548
    
Gross tax depreciation of investments
  (6,039,041)
    
Net tax appreciation (depreciation) of investments
$172,386,507
    

 
The difference between book-basis and tax-basis cost and unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales.
 
 
 
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.

 
 
 


 
 
 
 
 
 
 
 
 
 
 
 

 

 
American Century Investments®
 
Quarterly Portfolio Holdings
 
Select Fund
 
July 31, 2009
 
 
 
 
 
 
 

 

 

 

 

 

GRAPHIC
 
 
 
 
 
Select – Schedule of Investments
 
JULY 31, 2009 (UNAUDITED)
 
Shares
Value
 
COMMON STOCKS  — 99.5%
  
   
AEROSPACE & DEFENSE ― 2.9%
  
 
General Dynamics Corp.
  
493,548
 $    27,337,624
 
Rockwell Collins, Inc.
  
431,104
 18,192,589
       
 45,530,213
   
BEVERAGES ― 4.3%
  
 
Coca-Cola Co. (The)
  
861,270
 42,925,697
 
Diageo plc
  
1,556,791
 24,393,080
       
 67,318,777
   
BIOTECHNOLOGY ― 3.3%
  
 
Genzyme Corp.(1)
  
422,022
 21,898,722
 
Gilead Sciences, Inc.(1)
  
599,310
 29,324,238
       
 51,222,960
   
CAPITAL MARKETS ― 4.1%
  
 
Bank of New York Mellon Corp. (The)
  
1,157,176
 31,637,192
 
Franklin Resources, Inc.
  
378,919
 33,602,537
       
 65,239,729
   
CHEMICALS ― 3.3%
  
 
Monsanto Co.
  
399,240
 33,536,160
 
Potash Corp. of Saskatchewan, Inc.
  
194,053
 18,048,870
       
 51,585,030
   
COMMUNICATIONS EQUIPMENT ― 4.4%
  
 
Cisco Systems, Inc.(1)
  
1,627,456
 35,820,306
 
QUALCOMM, Inc.
  
742,490
 34,310,463
       
 70,130,769
   
COMPUTERS & PERIPHERALS ― 9.8%
  
 
Apple, Inc.(1)
  
352,000
 57,513,280
 
EMC Corp.(1)
  
2,285,226
 34,415,504
 
Hewlett-Packard Co.
  
940,625
 40,729,062
 
Teradata Corp.(1)
  
890,123
 21,870,322
       
 154,528,168
   
CONSTRUCTION & ENGINEERING ― 0.9%
  
 
Fluor Corp.
  
265,579
 14,022,571
         
   
DIVERSIFIED FINANCIAL SERVICES ― 2.8%
  
 
CME Group, Inc.
  
57,988
 16,168,794
 
Hong Kong Exchanges and Clearing Ltd.
  
537,000
 10,130,180
 
JPMorgan Chase & Co.
  
447,679
 17,302,793
       
 43,601,767
   
ELECTRICAL EQUIPMENT ― 3.9%
  
 
ABB Ltd. ADR(1)
  
1,438,092
 26,288,322
 
Emerson Electric Co.
  
784,098
 28,525,485
 
Vestas Wind Systems A/S(1)
  
95,830
 6,749,754
       
 61,563,561
   
ENERGY EQUIPMENT & SERVICES ― 2.4%
  
 
Schlumberger Ltd.
  
412,367
 22,061,635
 
Transocean Ltd.(1)
  
204,221
 16,274,371
       
 38,336,006
   
FOOD & STAPLES RETAILING ― 4.9%
  
 
Costco Wholesale Corp.
  
307,548
 15,223,626
 
 
 
 
 
 
Select – Schedule of Investments
 
JULY 31, 2009 (UNAUDITED)
 
Shares
Value
 
CVS Caremark Corp.
  
516,944
 $    17,307,285
 
Wal-Mart Stores, Inc.
  
892,536
 44,519,696
       
 77,050,607
   
HEALTH CARE EQUIPMENT & SUPPLIES ― 2.4%
  
 
Baxter International, Inc.
  
354,273
 19,970,369
 
Medtronic, Inc.
  
497,358
 17,616,420
       
 37,586,789
   
HEALTH CARE PROVIDERS & SERVICES ― 4.3%
  
 
Medco Health Solutions, Inc.(1)
  
700,115
 37,008,079
 
UnitedHealth Group, Inc.
  
1,124,374
 31,549,934
       
 68,558,013
   
HOTELS, RESTAURANTS & LEISURE ― 3.9%
  
 
International Game Technology
  
877,802
 17,336,590
 
McDonald's Corp.
  
475,655
 26,189,564
 
Yum! Brands, Inc.
  
521,132
 18,479,341
       
 62,005,495
   
HOUSEHOLD PRODUCTS ― 2.1%
  
 
Colgate-Palmolive Co.
  
456,017
 33,033,871
         
   
INTERNET SOFTWARE & SERVICES ― 4.7%
  
 
Baidu, Inc. ADR(1)
  
61,673
 21,470,838
 
Google, Inc., Class A(1)
  
118,338
 52,429,651
       
 73,900,489
   
IT SERVICES ― 2.2%
  
 
MasterCard, Inc., Class A
  
180,579
 35,037,743
         
   
LEISURE EQUIPMENT & PRODUCTS ― 1.1%
  
 
Hasbro, Inc.
  
654,453
 17,343,005
         
   
LIFE SCIENCES TOOLS & SERVICES ― 1.1%
  
 
Thermo Fisher Scientific, Inc.(1)
  
369,713
 16,740,605
         
   
MACHINERY ― 1.0%
  
 
Parker-Hannifin Corp.
  
337,637
 14,950,566
         
   
METALS & MINING ― 1.1%
  
 
Freeport-McMoRan Copper & Gold, Inc.
  
294,709
 17,770,953
         
   
MULTILINE RETAIL ― 1.1%
  
 
Kohl's Corp.(1)
  
350,221
 17,003,230
         
   
OIL, GAS & CONSUMABLE FUELS ― 2.5%
  
 
EOG Resources, Inc.
  
159,292
 11,792,387
 
Occidental Petroleum Corp.
  
397,008
 28,322,551
       
 40,114,938
   
PERSONAL PRODUCTS ― 0.7%
  
 
Mead Johnson Nutrition Co., Class A
  
311,388
 11,337,637
         
   
PHARMACEUTICALS ― 4.2%
  
 
Abbott Laboratories
  
398,243
 17,916,952
 
Allergan, Inc.
  
472,390
 25,239,798
 
Johnson & Johnson
  
389,680
 23,727,615
       
 66,884,365
   
PROFESSIONAL SERVICES ― 1.0%
  
 
Robert Half International, Inc.
  
660,959
 16,385,174
         
         
   
   
 
 
 

 
 
Select – Schedule of Investments
 
JULY 31, 2009 (UNAUDITED)
 
Shares
Value
ROAD & RAIL ― 0.6%
  
 
J.B. Hunt Transport Services, Inc.
  
361,376
 $    10,100,459
         
   
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT ― 3.3%
  
 
Applied Materials, Inc.
  
1,208,638
 16,679,204
 
Linear Technology Corp.
  
1,045,996
 28,105,913
 
MEMC Electronic Materials, Inc.(1)
  
423,504
 7,462,140
       
 52,247,257
   
SOFTWARE ― 8.1%
  
 
Adobe Systems, Inc.(1)
  
1,047,540
 33,961,247
 
Microsoft Corp.
  
1,699,930
 39,982,354
 
Nintendo Co. Ltd.
  
90,500
 24,474,452
 
Oracle Corp.
  
1,308,165
 28,949,691
       
 127,367,744
   
SPECIALTY RETAIL ― 4.1%
  
 
Lowe's Cos., Inc.
  
1,631,700
 36,647,982
 
TJX Cos., Inc. (The)
  
789,421
 28,600,723
       
 65,248,705
   
TOBACCO ― 1.8%
  
 
Philip Morris International, Inc.
  
617,174
 28,760,308
         
   
TRANSPORTATION INFRASTRUCTURE ― 0.7%
  
 
China Merchants Holdings International Co. Ltd.
  
1,539,973
 5,086,846
 
Hopewell Highway Infrastructure Ltd.
  
8,974,500
 5,488,884
       
 10,575,730
   
WIRELESS TELECOMMUNICATION SERVICES ― 0.5%
  
 
Rogers Communications, Inc., Class B
  
283,048
 7,864,123
         
TOTAL COMMON STOCKS
    
 
(Cost $1,559,342,927)
    
 1,570,947,357
TEMPORARY CASH INVESTMENTS — 0.4%
  
   
JPMorgan U.S. Treasury Plus Money Market Fund Agency Shares
  
71,503
 71,503
Repurchase Agreement, Credit Suisse First Boston, Inc., (collateralized by various U.S. Treasury obligations, 0.41%, 6/10/10, valued at $5,742,646), in a joint trading account at 0.14%, dated 7/31/09, due 8/3/09 (Delivery value $5,600,065)
  
 5,600,000
TOTAL TEMPORARY CASH INVESTMENTS
  
 
(Cost $5,671,503)
    
 5,671,503
   
TOTAL INVESTMENT SECURITIES — 99.9%
    
 
(Cost $1,565,014,430)
    
 1,576,618,860
OTHER ASSETS AND LIABILITIES — 0.1%
  
 2,136,982
TOTAL NET ASSETS — 100.0%
  
$1,578,755,842
 




 
 
Select – Schedule of Investments
 
JULY 31, 2009 (UNAUDITED)

Geographic Diversification
(as a % of net assets)
United States
89.0%
Switzerland
2.7%
Canada
1.6%
Japan
1.6%
United Kingdom
1.5%
People's Republic of China
1.4%
Hong Kong
1.3%
Denmark
0.4%
Cash and Equivalents*
0.5%
* Includes temporary cash investments and other assets and liabilities.
 

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS
 
Contracts to Sell
Settlement Date
Value
Unrealized Gain (Loss)
9,100,024
  
CAD for USD
8/31/09
$  8,448,164
  
$  (77,858)
  
26,233,463
  
DKK for USD
8/31/09
 5,017,936
  
 (64,370)
  
10,566,719
  
GBP for USD
8/28/09
 17,650,330
  
 (338,558)
  
1,205,007,500
  
JPY for USD
8/31/09
 12,737,792
  
 (63,775)
  
 
$43,854,222
  
$(544,561)
  
(Value on Settlement Date $43,309,661)
 

Notes to Schedule of Investments
 
ADR
-
American Depositary Receipt
 
CAD
-
Canadian Dollar
 
DKK
-
Danish Krone
 
GBP
-
British Pound
 
JPY
-
Japanese Yen
 
USD
-
United States Dollar
 

(1)
Non-income producing.
 
 
 
 
 
 
Select – Schedule of Investments
 
JULY 31, 2009 (UNAUDITED)
SUPPLEMENTARY NOTES TO SCHEDULE OF INVESTMENTS
 
1. Security Valuations
 
Securities traded primarily on a principal securities exchange are valued at the last reported sales price, or at the mean of the latest bid and asked prices where no last sales price is available. Depending on local convention or regulation, securities traded over-the-counter are valued at the mean of the latest bid and asked prices, the last sales price, or the official close price. Investments in open-end management investment companies are valued at the reported net asset value. Debt securities not traded on a principal securities exchange are valued through a commercial pricing service or at the mean of the most recent bid and asked prices. Discount notes may be valued through a commercial pricing service or at amortized cost, which approximates fair value. Securities traded on foreign securities exchanges and over-the-counter markets are normally completed before the close of business on days that the New York Stock Exchange (the Exchange) is open and may also take place on days when the Exchange is not open. If an event occurs after the value of a security was established but before the net asset value per share was determined that was likely to materially change the net asset value, that security would be valued as determined in accordance with procedures adopted by the Board of Directors. If the fund determines that the market price of a portfolio security is not readily available, or that the valuation methods mentioned above do not reflect the security’s fair value, such security is valued as determined by the Board of Directors or its designee, in accordance with procedures adopted by the Board of Directors, if such determination would materially impact a fund’s net asset value. Certain other circumstances may cause the fund to use alternative procedures to value a security such as: a security has been declared in default; trading in a security has been halted during the trading day; or there is a foreign market holiday and no trading will commence.
 
2. Fair Value Measurements
 
The fund’s securities valuation process is based on several considerations and may use multiple inputs to determine the fair value of the positions 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 as follows:
 
   •     Level 1 valuation inputs consist of actual quoted prices in an active market for identical securities;
   •     Level 2 valuation inputs consist of significant direct or indirect observable market data (including quoted prices for similar
         securities, interest rates, prepayment speeds, credit risk, etc.); or
   •     Level 3 valuation inputs consist of significant unobservable inputs (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 an indication of the risks associated with investing in these securities or other financial instruments.
 
The following is a summary of the valuation inputs used to determine the fair value of the fund’s securities and other financial instruments as of July 31, 2009:

 
Level 1
Level 2
Level 3
Investment Securities
Domestic Common Stocks
$1,404,677,637
–
–
Foreign Common Stocks
82,082,401
$84,187,319
–
Temporary Cash Investments
71,503
5,600,000
–
Total Value of Investment Securities
$1,486,831,541
$89,787,319
–
Other Financial Instruments
Forward Foreign Currency Exchange Contracts
–
$(544,561)
–
Total Unrealized Gain (Loss) on Other Financial Instruments
–
$(544,561)
–

3. Federal Tax Information
 
As of July 31, 2009, the components of investments for federal income tax purposes were as follows:
 
Federal tax cost of investments
$1,570,559,874
    
Gross tax appreciation of investments
$   145,380,089
    
Gross tax depreciation of investments
(139,321,105)
    
Net tax appreciation (depreciation) of investments
$       6,058,984
    
 
The difference between book-basis and tax-basis cost and unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales.
 
 
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.

 
 
 

 
 
 
 

 

 

 
 
 
 

 

 
American Century Investments®
 
Quarterly Portfolio Holdings
 
Capital Growth Fund
 
July 31, 2009
 

 
 
 
 
 
 
 

 

 

 

 

GRAPHIC
 
 
 
 
 
Capital Growth – Schedule of Investments

JULY 31, 2009 (UNAUDITED)
 
Shares
Value

COMMON STOCKS  — 98.4%
  
   
AEROSPACE & DEFENSE ― 2.7%
  
 
Honeywell International, Inc.
  
7,400
$    256,780
 
Raytheon Co.
  
8,500
 399,075
 
Rockwell Collins, Inc.
  
3,537
 149,261
       
 805,116
   
AIR FREIGHT & LOGISTICS ― 0.9%
  
 
United Parcel Service, Inc., Class B
  
5,300
 284,769
         
   
AUTO COMPONENTS ― 1.3%
  
 
BorgWarner, Inc.
  
12,200
 404,918
         
   
BEVERAGES ― 5.2%
  
 
Coca-Cola Co. (The)
  
18,800
 936,992
 
PepsiCo, Inc.
  
11,200
 635,600
       
 1,572,592
   
BIOTECHNOLOGY ― 4.7%
  
 
Alexion Pharmaceuticals, Inc.(1)
  
4,666
 205,538
 
Amgen, Inc.(1)
  
10,933
 681,235
 
Gilead Sciences, Inc.(1)
  
6,900
 337,617
 
Myriad Genetics, Inc.(1)
  
3,500
 95,970
 
Vertex Pharmaceuticals, Inc.(1)
  
3,100
 111,631
       
 1,431,991
   
CAPITAL MARKETS ― 1.0%
  
 
Goldman Sachs Group, Inc. (The)
  
1,800
 293,940
         
   
CHEMICALS ― 1.8%
  
 
Celanese Corp., Class A
  
13,910
 357,487
 
Monsanto Co.
  
2,100
 176,400
       
 533,887
   
COMMERCIAL BANKS ― 1.1%
  
 
Wells Fargo & Co.
  
13,996
 342,342
         
   
COMMUNICATIONS EQUIPMENT ― 6.5%
  
 
Arris Group, Inc.(1)
  
7,300
 88,914
 
Cisco Systems, Inc.(1)
  
31,600
 695,516
 
F5 Networks, Inc.(1)
  
5,800
 215,296
 
Juniper Networks, Inc.(1)
  
6,300
 164,619
 
QUALCOMM, Inc.
  
16,300
 753,223
 
Research In Motion Ltd.(1)
  
744
 56,544
       
 1,974,112
   
COMPUTERS & PERIPHERALS ― 6.2%
  
 
Apple, Inc.(1)
  
6,900
 1,127,391
 
EMC Corp.(1)
  
10,200
 153,612
 
Hewlett-Packard Co.
  
6,841
 296,215
 
NetApp, Inc.(1)
  
12,925
 290,296
       
 1,867,514
   
CONSUMER FINANCE ― 0.9%
  
 
American Express Co.
  
10,000
 283,300
         
   
DIVERSIFIED ― 1.1%
  
 
iShares Russell 1000 Growth Index Fund
  
7,600
 332,348
 
 
 
 

 
Capital Growth – Schedule of Investments

JULY 31, 2009 (UNAUDITED)
 
Shares
Value
DIVERSIFIED FINANCIAL SERVICES ― 1.5%
  
 
CME Group, Inc.
  
400
$     111,532
 
IntercontinentalExchange, Inc.(1)
  
1,900
 178,714
 
Moody's Corp.
  
6,900
 163,806
       
 454,052
   
ELECTRIC UTILITIES ― 0.6%
  
 
FPL Group, Inc.
  
3,200
 181,344
         
   
ENERGY EQUIPMENT & SERVICES ― 1.3%
  
 
Schlumberger Ltd.
  
5,500
 294,250
 
Transocean Ltd.(1)
  
1,100
 87,659
       
 381,909
   
FOOD & STAPLES RETAILING ― 3.6%
  
 
Walgreen Co.
  
15,600
 484,380
 
Wal-Mart Stores, Inc.
  
12,000
 598,560
       
 1,082,940
   
FOOD PRODUCTS ― 3.0%
  
 
General Mills, Inc.
  
5,900
 347,569
 
Kellogg Co.
  
7,121
 338,247
 
Nestle SA
  
5,500
 226,351
       
 912,167
   
HEALTH CARE EQUIPMENT & SUPPLIES ― 4.1%
  
 
Alcon, Inc.
  
500
 63,800
 
Baxter International, Inc.
  
9,148
 515,673
 
Becton, Dickinson & Co.
  
2,100
 136,815
 
Covidien plc
  
6,100
 230,641
 
Edwards Lifesciences Corp.(1)
  
2,268
 148,350
 
Gen-Probe, Inc.(1)
  
2,419
 89,793
 
Intuitive Surgical, Inc.(1)
  
261
 59,330
       
 1,244,402
   
HEALTH CARE PROVIDERS & SERVICES ― 1.9%
  
 
Express Scripts, Inc.(1)
  
6,700
 469,268
 
UnitedHealth Group, Inc.
  
3,745
 105,085
       
 574,353
   
HOTELS, RESTAURANTS & LEISURE ― 0.6%
  
 
Chipotle Mexican Grill, Inc., Class A(1)
  
1,900
 178,277
         
   
HOUSEHOLD DURABLES ― 1.6%
  
 
KB Home
  
9,895
 165,148
 
Mohawk Industries, Inc.(1)
  
1,816
 93,669
 
Whirlpool Corp.
  
4,200
 239,778
       
 498,595
   
HOUSEHOLD PRODUCTS ― 3.4%
  
 
Colgate-Palmolive Co.
  
3,000
 217,320
 
Procter & Gamble Co. (The)
  
14,792
 821,104
       
 1,038,424
   
INDUSTRIAL CONGLOMERATES ― 2.0%
  
 
3M Co.
  
8,500
 599,420
         
   
INSURANCE ― 0.8%
  
 
Aflac, Inc.
  
6,000
 227,160
         
   
INTERNET & CATALOG RETAIL ― 0.4%
  
 
Amazon.com, Inc.(1)
  
1,467
 125,810
         
   
 
 
 
 
 
 
Capital Growth – Schedule of Investments

JULY 31, 2009 (UNAUDITED)
 
Shares
Value
INTERNET SOFTWARE & SERVICES ― 3.1%
  
 
Google, Inc., Class A(1)
  
2,100
$    930,405
         
   
IT SERVICES ― 4.4%
  
 
International Business Machines Corp.
  
8,000
 943,440
 
Visa, Inc., Class A
  
6,130
 401,270
       
 1,344,710
   
LIFE SCIENCES TOOLS & SERVICES ― 1.0%
  
 
Illumina, Inc.(1)
  
2,600
 93,964
 
QIAGEN NV(1)
  
3,445
 65,317
 
Thermo Fisher Scientific, Inc.(1)
  
3,100
 140,368
       
 299,649
   
MACHINERY ― 3.0%
  
 
Illinois Tool Works, Inc.
  
7,148
 289,852
 
Navistar International Corp.(1)
  
6,930
 274,012
 
PACCAR, Inc.
  
3,697
 128,101
 
Valmont Industries, Inc.
  
2,900
 208,278
       
 900,243
   
MEDIA ― 0.5%
  
 
Scripps Networks Interactive, Inc., Class A
  
4,973
 160,528
         
   
METALS & MINING ― 0.6%
  
 
Newmont Mining Corp.
  
4,662
 192,774
         
   
MULTILINE RETAIL ― 2.2%
  
 
Kohl's Corp.(1)
  
6,500
 315,575
 
Target Corp.
  
8,000
 348,960
       
 664,535
   
OIL, GAS & CONSUMABLE FUELS ― 2.9%
  
 
Apache Corp.
  
2,045
 171,678
 
Exxon Mobil Corp.
  
5,514
 388,130
 
Occidental Petroleum Corp.
  
2,837
 202,392
 
Quicksilver Resources, Inc.(1)
  
11,129
 127,538
       
 889,738
   
PERSONAL PRODUCTS ― 0.6%
  
 
Estee Lauder Cos., Inc. (The), Class A
  
2,400
 87,456
 
Mead Johnson Nutrition Co., Class A
  
2,701
 98,343
       
 185,799
   
PHARMACEUTICALS ― 4.9%
  
 
Abbott Laboratories
  
14,400
 647,856
 
Johnson & Johnson
  
10,400
 633,256
 
Novo Nordisk A/S B Shares
  
3,400
 200,107
       
 1,481,219
   
ROAD & RAIL ― 1.0%
  
 
Union Pacific Corp.
  
5,494
 316,015
         
   
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT ― 3.9%
  
 
Broadcom Corp., Class A(1)
  
11,000
 310,530
 
Intel Corp.
  
8,907
 171,460
 
Linear Technology Corp.
  
7,719
 207,409
 
Marvell Technology Group Ltd.(1)
  
16,731
 223,192
 
PMC - Sierra, Inc.(1)
  
14,100
 129,015
 
Xilinx, Inc.
  
7,177
 155,669
       
 1,197,275
 
 
 
 

 
Capital Growth – Schedule of Investments

JULY 31, 2009 (UNAUDITED)
 
Shares
Value
SOFTWARE ― 6.6%
  
 
Microsoft Corp.
  
47,600
$  1,119,552
 
Oracle Corp.
  
36,300
 803,319
 
salesforce.com, inc.(1)
  
2,000
 86,680
       
 2,009,551
   
SPECIALTY RETAIL ― 4.0%
  
 
CarMax, Inc.(1)
  
8,303
 133,927
 
Chico's FAS, Inc.(1)
  
15,800
 181,226
 
J. Crew Group, Inc.(1)
  
8,127
 228,856
 
Lowe's Cos., Inc.
  
18,227
 409,379
 
O'Reilly Automotive, Inc.(1)
  
6,309
 256,524
       
 1,209,912
   
TEXTILES, APPAREL & LUXURY GOODS ― 0.4%
  
 
Polo Ralph Lauren Corp.
  
2,112
 133,162
         
   
WIRELESS TELECOMMUNICATION SERVICES ― 1.1%
  
 
American Tower Corp., Class A(1)
  
10,100
 344,309
         
TOTAL COMMON STOCKS
    
 
(Cost $26,029,181)
    
 29,885,506
TEMPORARY CASH INVESTMENTS — 1.0%
  
   
JPMorgan U.S. Treasury Plus Money Market Fund Agency Shares
  
87,653
 87,653
Repurchase Agreement, Deutsche Bank Securities, Inc., (collateralized by various U.S. Treasury obligations, 4.50%, 4/30/12, valued at $204,148), in a joint trading account at 0.17%, dated 7/31/09, due 8/3/09 (Delivery value $200,003)
  
 200,000
TOTAL TEMPORARY CASH INVESTMENTS
  
 
(Cost $287,653)
    
 287,653
   
TOTAL INVESTMENT SECURITIES — 99.4%
    
 
(Cost $26,316,834)
    
 30,173,159
OTHER ASSETS AND LIABILITIES — 0.6%
  
 194,733
TOTAL NET ASSETS — 100.0%
  
$30,367,892
 

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS
 
Contracts to Sell
Settlement Date
Value
Unrealized Gain (Loss)
167,475
  
CHF for USD
8/31/09
$156,756
  
$(2,897)
  
670,735
  
DKK for USD
8/31/09
 128,298
  
 (1,732)
  
 
$285,054
  
$(4,629)
  
(Value on Settlement Date $280,425)
 
 

Notes to Schedule of Investments
 
CHF
-
Swiss Franc
 
DKK
-
Danish Krone
 
USD
-
United States Dollar
 

(1)
Non-income producing.





 
Capital Growth – Schedule of Investments

JULY 31, 2009 (UNAUDITED)

SUPPLEMENTARY NOTES TO SCHEDULE OF INVESTMENTS
 
1. Security Valuations
 
Securities traded primarily on a principal securities exchange are valued at the last reported sales price, or at the mean of the latest bid and asked prices where no last sales price is available. Depending on local convention or regulation, securities traded over-the-counter are valued at the mean of the latest bid and asked prices, the last sales price, or the official close price. Investments in open-end management investment companies are valued at the reported net asset value. Debt securities not traded on a principal securities exchange are valued through a commercial pricing service or at the mean of the most recent bid and asked prices. Discount notes may be valued through a commercial pricing service or at amortized cost, which approximates fair value. Securities traded on foreign securities exchanges and over-the-counter markets are normally completed before the close of business on days that the New York Stock Exchange (the Exchange) is open and may also take place on days when the Exchange is not open. If an event occurs after the value of a security was established but before the net asset value per share was determined that was likely to materially change the net asset value, that security would be valued as determined in accordance with procedures adopted by the Board of Directors. If the fund determines that the market price of a portfolio security is not readily available, or that the valuation methods mentioned above do not reflect the security’s fair value, such security is valued as determined by the Board of Directors or its designee, in accordance with procedures adopted by the Board of Directors, if such determination would materially impact a fund’s net asset value. Certain other circumstances may cause the fund to use alternative procedures to value a security such as: a security has been declared in default; trading in a security has been halted during the trading day; or there is a foreign market holiday and no trading will commence.
 
2. Fair Value Measurements
 
The fund’s securities valuation process is based on several considerations and may use multiple inputs to determine the fair value of the positions 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 as follows:
 
   •     Level 1 valuation inputs consist of actual quoted prices in an active market for identical securities;
   •     Level 2 valuation inputs consist of significant direct or indirect observable market data (including quoted prices for similar
         securities, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.); or
   •     Level 3 valuation inputs consist of significant unobservable inputs (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 an indication of the risks associated with investing in these securities or other financial instruments.
 
The following is a summary of the valuation inputs used to determine the fair value of the fund’s securities and other financial instruments as of July 31, 2009:
 
 
Level 1
Level 2
Level 3
Investment Securities
Common Stocks
$29,459,048
$426,458
–
Temporary Cash Investments
87,653
200,000
–
Total Value of Investment Securities
$29,546,701
$626,458
–
Other Financial Instruments
Forward Foreign Currency Exchange Contracts
–
$(4,629)
–
Total Unrealized Gain (Loss) on Other Financial Instruments
–
$(4,629)
–
 
3. Federal Tax Information
 
As of  July 31, 2009, the components of investments for federal income tax purposes were as follows:
 
Federal tax cost of investments
$27,593,363
    
Gross tax appreciation of investments
$  2,715,396
    
Gross tax depreciation of investments
  (135,600)
    
Net tax appreciation (depreciation) of investments
$  2,579,796
    
 
The difference between book-basis and tax-basis cost and unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales.
 

 
 
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.
 
 
 
 

 
 
 
 

 

 

 
 
 
 

 
 
 
American Century Investments®
 
Quarterly Portfolio Holdings
 
Focused Growth Fund
 
July 31, 2009
 

 

 

 
 
 
 

 
 
 
 

 

GRAPHIC
 
 
 
 
 
Focused Growth – Schedule of Investments

JULY 31, 2009 (UNAUDITED)
 
Shares
Value

COMMON STOCKS  — 97.8%
  
   
AEROSPACE & DEFENSE ― 3.7%
  
 
Honeywell International, Inc.
  
2,646
$      91,816
 
Raytheon Co.
  
7,715
 362,219
       
 454,035
   
AIR FREIGHT & LOGISTICS ― 0.8%
  
 
United Parcel Service, Inc., Class B
  
1,780
 95,639
         
   
AUTO COMPONENTS ― 1.3%
  
 
BorgWarner, Inc.
  
4,795
 159,146
         
   
BEVERAGES ― 4.4%
  
 
Coca-Cola Co. (The)
  
10,766
 536,577
         
   
BIOTECHNOLOGY ― 2.4%
  
 
Alexion Pharmaceuticals, Inc.(1)
  
339
 14,933
 
Amgen, Inc.(1)
  
2,894
 180,325
 
Gilead Sciences, Inc.(1)
  
799
 39,095
 
Myriad Genetics, Inc.(1)
  
2,053
 56,293
       
 290,646
   
CAPITAL MARKETS ― 1.4%
  
 
Goldman Sachs Group, Inc. (The)
  
1,093
 178,487
         
   
CHEMICALS ― 1.6%
  
 
Celanese Corp., Class A
  
7,881
 202,542
         
   
COMMERCIAL BANKS ― 1.2%
  
 
Wells Fargo & Co.
  
6,081
 148,741
         
   
COMMUNICATIONS EQUIPMENT ― 4.3%
  
 
F5 Networks, Inc.(1)
  
902
 33,482
 
QUALCOMM, Inc.
  
10,818
 499,900
       
 533,382
   
COMPUTERS & PERIPHERALS ― 7.8%
  
 
Apple, Inc.(1)
  
3,061
 500,137
 
EMC Corp.(1)
  
16,354
 246,291
 
Hewlett-Packard Co.
  
2,020
 87,466
 
NetApp, Inc.(1)
  
5,744
 129,010
       
 962,904
   
CONSUMER FINANCE ― 0.9%
  
 
American Express Co.
  
3,951
 111,932
         
   
DIVERSIFIED ― 3.9%
  
 
iShares Russell 1000 Growth Index Fund
  
10,870
 475,345
         
   
DIVERSIFIED FINANCIAL SERVICES ― 0.8%
  
 
CME Group, Inc.
  
33
 9,201
 
IntercontinentalExchange, Inc.(1)
  
924
 86,912
       
 96,113
   
ELECTRIC UTILITIES ― 2.6%
  
 
FPL Group, Inc.
  
5,588
 316,672
         
   
ENERGY EQUIPMENT & SERVICES ― 0.7%
  
 
Schlumberger Ltd.
  
573
 30,656
 
Transocean Ltd.(1)
  
699
 55,703
       
 86,359
   
 
 
 

 
 
Focused Growth – Schedule of Investments

JULY 31, 2009 (UNAUDITED)
 
Shares
Value
FOOD & STAPLES RETAILING ― 0.4%
  
 
Walgreen Co.
  
1,660
$      51,543
         
   
FOOD PRODUCTS ― 5.6%
  
 
General Mills, Inc.
  
3,817
 224,859
 
Kellogg Co.
  
6,728
 319,580
 
Nestle SA
  
3,545
 145,894
       
 690,333
   
HEALTH CARE EQUIPMENT & SUPPLIES ― 3.7%
  
 
Alcon, Inc.
  
171
 21,820
 
Baxter International, Inc.
  
1,630
 91,883
 
Becton, Dickinson & Co.
  
4,592
 299,169
 
Gen-Probe, Inc.(1)
  
980
 36,377
       
 449,249
   
HEALTH CARE PROVIDERS & SERVICES ― 3.0%
  
 
Express Scripts, Inc.(1)
  
5,174
 362,387
 
UnitedHealth Group, Inc.
  
257
 7,211
       
 369,598
   
HOUSEHOLD DURABLES ― 0.6%
  
 
KB Home
  
4,261
 71,116
         
   
HOUSEHOLD PRODUCTS ― 1.0%
  
 
Procter & Gamble Co. (The)
  
2,238
 124,231
         
   
INSURANCE ― 0.9%
  
 
Aflac, Inc.
  
3,099
 117,328
         
   
INTERNET SOFTWARE & SERVICES ― 1.9%
  
 
Google, Inc., Class A(1)
  
525
 232,601
         
IT SERVICES ― 5.4%
  
 
International Business Machines Corp.
  
5,346
 630,454
 
Visa, Inc., Class A
  
454
 29,719
       
 660,173
   
MACHINERY ― 3.9%
  
 
Illinois Tool Works, Inc.
  
4,818
 195,370
 
Navistar International Corp.(1)
  
4,007
 158,437
 
Valmont Industries, Inc.
  
1,721
 123,602
       
 477,409
   
MEDIA ― 1.6%
  
 
Scripps Networks Interactive, Inc., Class A
  
6,291
 203,074
         
   
MULTILINE RETAIL ― 4.4%
  
 
Kohl's Corp.(1)
  
6,452
 313,245
 
Target Corp.
  
5,231
 228,176
       
 541,421
   
OIL, GAS & CONSUMABLE FUELS ― 1.7%
  
 
Apache Corp.
  
2,425
 203,579
         
   
PHARMACEUTICALS ― 6.2%
  
 
Abbott Laboratories
  
10,306
 463,667
 
Novo Nordisk A/S B Shares
  
5,136
 302,280
       
 765,947
   
ROAD & RAIL ― 3.1%
  
 
Union Pacific Corp.
  
6,529
 375,548
   
 
 
 
 
 
 
Focused Growth – Schedule of Investments

JULY 31, 2009 (UNAUDITED)
 
Shares
Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT ― 4.8%
  
 
Broadcom Corp., Class A(1)
  
2,192
$      61,880
 
Linear Technology Corp.
  
2,181
 58,603
 
Marvell Technology Group Ltd.(1)
  
27,661
 368,998
 
Xilinx, Inc.
  
4,372
 94,829
       
 584,310
   
SOFTWARE ― 6.2%
  
 
Microsoft Corp.
  
12,673
 298,069
 
Oracle Corp.
  
16,868
 373,289
 
salesforce.com, inc.(1)
  
2,058
 89,194
       
 760,552
   
SPECIALTY RETAIL ― 3.5%
  
 
Chico's FAS, Inc.(1)
  
8,809
 101,039
 
Lowe's Cos., Inc.
  
14,489
 325,423
       
 426,462
   
WIRELESS TELECOMMUNICATION SERVICES ― 2.1%
  
 
American Tower Corp., Class A(1)
  
7,452
 254,039
         
TOTAL COMMON STOCKS
    
 
(Cost $11,175,592)
    
 12,007,033
TEMPORARY CASH INVESTMENTS — 2.8%
  
   
JPMorgan U.S. Treasury Plus Money Market Fund Agency Shares
  
37,325
 37,325
     
Repurchase Agreement, Deutsche Bank Securities, Inc., (collateralized by various U.S. Treasury obligations, 4.50%, 4/30/12, valued at $306,221), in a joint trading account at 0.17%, dated 7/31/09, due 8/3/09 (Delivery value $300,004)
  
 300,000
TOTAL TEMPORARY CASH INVESTMENTS
  
 
(Cost $337,325)
    
 337,325
   
TOTAL INVESTMENT SECURITIES — 100.6%
    
 
(Cost $11,512,917)
    
 12,344,358
OTHER ASSETS AND LIABILITIES — (0.6)%
  
 (72,868)
TOTAL NET ASSETS — 100.0%
  
$12,271,490
 

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS
 
Contracts to Sell
Settlement Date
Value
Unrealized Gain (Loss)
107,945
  
CHF for USD
8/31/09
$  101,037
  
$  (1,868)
  
1,013,204
  
DKK for USD
8/31/09
 193,805
  
 (2,616)
  
 
$  294,842
  
$  (4,484)
  
(Value on Settlement Date $290,358)
 
 

Notes to Schedule of Investments
 
CHF
-
Swiss Franc
 
DKK
-
Danish Krone
 
USD
-
United States Dollar
 

(1)
Non-income producing.


 

 
 
Focused Growth – Schedule of Investments

JULY 31, 2009 (UNAUDITED)

SUPPLEMENTARY NOTES TO SCHEDULE OF INVESTMENTS
 
1. Security Valuations
 
Securities traded primarily on a principal securities exchange are valued at the last reported sales price, or at the mean of the latest bid and asked prices where no last sales price is available. Depending on local convention or regulation, securities traded over-the-counter are valued at the mean of the latest bid and asked prices, the last sales price, or the official close price. Investments in open-end management investment companies are valued at the reported net asset value. Debt securities not traded on a principal securities exchange are valued through a commercial pricing service or at the mean of the most recent bid and asked prices. Discount notes may be valued through a commercial pricing service or at amortized cost, which approximates fair value. Securities traded on foreign securities exchanges and over-the-counter markets are normally completed before the close of business on days that the New York Stock Exchange (the Exchange) is open and may also take place on days when the Exchange is not open. If an event occurs after the value of a security was established but before the net asset value per share was determined that was likely to materially change the net asset value, that security would be valued as determined in accordance with procedures adopted by the Board of Directors. If the fund determines that the market price of a portfolio security is not readily available, or that the valuation methods mentioned above do not reflect the security’s fair value, such security is valued as determined by the Board of Directors or its designee, in accordance with procedures adopted by the Board of Directors, if such determination would materially impact a fund’s net asset value. Certain other circumstances may cause the fund to use alternative procedures to value a security such as: a security has been declared in default; trading in a security has been halted during the trading day; or there is a foreign market holiday and no trading will commence.
 
2. Fair Value Measurements
 
The fund’s securities valuation process is based on several considerations and may use multiple inputs to determine the fair value of the positions 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 as follows:
 
   •     Level 1 valuation inputs consist of actual quoted prices in an active market for identical securities;
   •     Level 2 valuation inputs consist of significant direct or indirect observable market data (including quoted prices for similar
         securities, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.); or
   •     Level 3 valuation inputs consist of significant unobservable inputs (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 an indication of the risks associated with investing in these securities or other financial instruments.
 
The following is a summary of the valuation inputs used to determine the fair value of the fund’s securities and other financial instruments as of July 31, 2009:
       
 
Level 1
Level 2
Level 3
Investment Securities
Domestic Common Stocks
$ 11,112,338
–
–
Foreign Common Stocks
446,521
$      448,174
  
Temporary Cash Investments
37,325
300,000
–
Total Value of Investment Securities
$ 11,596,184
$      748,174
–
Other Financial Instruments
Forward Foreign Currency Exchange Contracts
–
$       (4,484)
–
Total Unrealized Gain (Loss) on Other Financial Instruments
–
$       (4,484)
–
 
3. Federal Tax Information
 
As of July 31, 2009, the components of investments for federal income tax purposes were as follows:
 
Federal tax cost of investments
$    11,651,817
    
Gross tax appreciation of investments
$      1,048,925
    
Gross tax depreciation of investments
  (356,384)
    
Net tax appreciation (depreciation) of investments
$         692,541
    
 
The difference between book-basis and tax-basis cost and unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales.
 

 
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.
 
 
 
 
 
 
 
 

 

 

 

 

 
 
 

 
American Century Investments®
 
Quarterly Portfolio Holdings
 
Fundamental Equity Fund
 
July 31, 2009
 
 
 
 

 

 

 

 

 
 
 

 
GRAPHIC
 
 
 
 
Fundamental Equity – Schedule of Investments

JULY 31, 2009 (UNAUDITED)
 
Shares
Value
 
COMMON STOCKS  — 96.2%
  
   
AEROSPACE & DEFENSE ― 3.3%
  
 
General Dynamics Corp.
  
39,200
$  2,171,288
 
Honeywell International, Inc.
  
122,900
 4,264,630
 
United Technologies Corp.
  
21,700
 1,181,999
       
 7,617,917
   
AIR FREIGHT & LOGISTICS ― 0.1%
  
 
United Parcel Service, Inc., Class B
  
2,700
 145,071
         
   
AIRLINES ― 0.4%
  
 
Airtran Holdings, Inc.(1)
  
72,600
 525,624
 
Allegiant Travel Co.(1)
  
8,000
 346,480
       
 872,104
   
AUTOMOBILES ― 0.3%
  
 
Ford Motor Co.(1)
  
81,000
 648,000
         
   
BEVERAGES ― 0.5%
  
 
Coca-Cola Enterprises, Inc.
  
55,600
 1,044,724
         
   
BIOTECHNOLOGY ― 2.6%
  
 
Amgen, Inc.(1)
  
91,500
 5,701,365
 
Gilead Sciences, Inc.(1)
  
6,500
 318,045
       
 6,019,410
   
CAPITAL MARKETS ― 3.4%
  
 
BlackRock, Inc.
  
7,200
 1,371,888
 
Charles Schwab Corp. (The)
  
92,700
 1,656,549
 
Goldman Sachs Group, Inc. (The)
  
10,700
 1,747,310
 
Knight Capital Group, Inc., Class A(1)
  
29,800
 553,386
 
TD Ameritrade Holding Corp.(1)
  
128,900
 2,389,806
       
 7,718,939
   
CHEMICALS ― 0.9%
  
 
International Flavors & Fragrances, Inc.
  
34,700
 1,223,522
 
Mosaic Co. (The)
  
9,700
 505,855
 
Terra Industries, Inc.
  
10,900
 317,844
       
 2,047,221
   
COMMERCIAL BANKS ― 2.4%
  
 
Bank of Hawaii Corp.
  
19,100
 732,867
 
BB&T Corp.
  
43,000
 983,840
 
U.S. Bancorp.
  
75,300
 1,536,873
 
Wells Fargo & Co.
  
88,300
 2,159,818
       
 5,413,398
   
COMMERCIAL SERVICES & SUPPLIES ― 0.2%
  
 
Knoll, Inc.
  
35,900
 351,461
         
   
COMMUNICATIONS EQUIPMENT ― 3.3%
  
 
Cisco Systems, Inc.(1)(2)
  
293,400
 6,457,734
 
QUALCOMM, Inc.
  
21,900
 1,011,999
       
 7,469,733
   
COMPUTERS & PERIPHERALS ― 4.1%
  
 
Apple, Inc.(1)
  
27,800
 4,542,242
 
EMC Corp.(1)
  
211,200
 3,180,672
 
Hewlett-Packard Co.
  
39,600
  1,714,680
       
 9,437,594
   
 
 
 
 
 
 
Fundamental Equity – Schedule of Investments

JULY 31, 2009 (UNAUDITED)
 
Shares
Value
CONSTRUCTION & ENGINEERING ― 0.8%
  
 
EMCOR Group, Inc.(1)
  
15,200
$    366,624
 
Fluor Corp.
  
25,000
 1,320,000
 
Foster Wheeler AG(1)
  
3,000
 69,300
       
 1,755,924
   
CONTAINERS & PACKAGING ― 0.6%
  
 
Pactiv Corp.(1)
  
37,100
 934,178
 
Sealed Air Corp.
  
20,000
 367,800
       
 1,301,978
   
DIVERSIFIED FINANCIAL SERVICES ― 3.0%
  
 
Bank of America Corp.
  
184,700
 2,731,713
 
JPMorgan Chase & Co.
  
106,000
 4,096,900
 
NYSE Euronext
  
4,700
 126,665
       
 6,955,278
   
DIVERSIFIED TELECOMMUNICATION SERVICES ― 2.2%
  
 
AT&T, Inc.
  
70,400
 1,846,592
 
Qwest Communications International, Inc.
  
325,300
 1,255,658
 
Verizon Communications, Inc.
  
63,100
 2,023,617
       
 5,125,867
   
ELECTRIC UTILITIES ― 1.1%
  
 
FirstEnergy Corp.
  
58,900
 2,426,680
 
Pepco Holdings, Inc.
  
12,300
 176,874
       
 2,603,554
   
ELECTRICAL EQUIPMENT ― 1.2%
  
 
Belden, Inc.
  
18,600
 326,244
 
Emerson Electric Co.
  
59,800
 2,175,524
 
GrafTech International Ltd.(1)
  
17,200
 236,156
       
 2,737,924
   
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS ― 0.2%
  
 
Avnet, Inc.(1)
  
23,400
 570,960
         
   
ENERGY EQUIPMENT & SERVICES ― 2.2%
  
 
ENSCO International, Inc.
  
8,100
 306,909
 
Nabors Industries Ltd.(1)
  
66,900
 1,138,638
 
National Oilwell Varco, Inc.(1)
  
5,100
 183,294
 
Noble Corp.
  
59,300
 2,007,898
 
Patterson-UTI Energy, Inc.
  
67,300
 929,413
 
Rowan Cos., Inc.
  
24,900
 531,117
       
 5,097,269
   
FOOD & STAPLES RETAILING ― 1.8%
  
 
CVS Caremark Corp.
  
6,700
 224,316
 
Safeway, Inc.
  
20,300
 384,279
 
SUPERVALU, INC.
  
19,300
 286,219
 
SYSCO Corp.
  
15,000
 356,400
 
Wal-Mart Stores, Inc.
  
59,800
 2,982,824
       
 4,234,038
   
FOOD PRODUCTS ― 4.0%
  
 
Archer-Daniels-Midland Co.
  
119,100
 3,587,292
 
H.J. Heinz Co.
  
99,000
 3,807,540
 
Kraft Foods, Inc., Class A
  
60,500
  1,714,570
       
 9,109,402
         
   
 
 
 
 

 
Fundamental Equity – Schedule of Investments

JULY 31, 2009 (UNAUDITED)
 
Shares
Value
HEALTH CARE EQUIPMENT & SUPPLIES ― 1.2%
  
 
Baxter International, Inc.(2)
  
22,500
$  1,268,325
 
STERIS Corp.
  
54,700
 1,535,976
       
 2,804,301
   
HEALTH CARE PROVIDERS & SERVICES ― 1.7%
  
 
Aetna, Inc.(2)
  
54,000
 1,456,380
 
Medco Health Solutions, Inc.(1)
  
10,100
 533,886
 
UnitedHealth Group, Inc.
  
66,900
 1,877,214
       
 3,867,480
   
HOTELS, RESTAURANTS & LEISURE ― 1.5%
  
 
Bally Technologies, Inc.(1)
  
7,200
 260,712
 
WMS Industries, Inc.(1)
  
36,200
 1,308,992
 
Yum! Brands, Inc.
  
51,400
 1,822,644
       
 3,392,348
   
HOUSEHOLD DURABLES ― 0.2%
  
 
D.R. Horton, Inc.
  
37,100
 429,989
         
   
HOUSEHOLD PRODUCTS ― 2.4%
  
 
Procter & Gamble Co. (The)
  
97,700
 5,423,327
         
   
INDUSTRIAL CONGLOMERATES ― 1.4%
  
 
General Electric Co.
  
240,500
 3,222,700
         
   
INSURANCE ― 2.8%
  
 
ACE Ltd.
  
19,200
 941,952
 
Aflac, Inc.
  
32,600
 1,234,236
 
American Financial Group, Inc.
  
9,900
 241,461
 
Assurant, Inc.
  
19,400
 495,088
 
Chubb Corp.
  
11,500
 531,070
 
Lincoln National Corp.
  
9,600
 203,424
 
Prudential Financial, Inc.
  
15,200
 672,904
 
Unum Group
  
113,100
 2,122,887
       
 6,443,022
   
INTERNET & CATALOG RETAIL ― 0.5%
  
 
Amazon.com, Inc.(1)
  
13,700
 1,174,912
         
   
INTERNET SOFTWARE & SERVICES ― 0.6%
  
 
eBay, Inc.(1)
  
11,900
 252,875
 
Google, Inc., Class A(1)
  
2,400
 1,063,320
       
 1,316,195
   
IT SERVICES ― 4.5%
  
 
Accenture Ltd., Class A
  
33,000
 1,157,310
 
Affiliated Computer Services, Inc., Class A(1)
  
38,200
 1,811,062
 
International Business Machines Corp.
  
42,200
 4,976,646
 
Western Union Co. (The)
  
134,000
 2,342,320
       
 10,287,338
   
LEISURE EQUIPMENT & PRODUCTS ― 0.4%
  
 
Hasbro, Inc.
  
34,400
 911,600
         
   
LIFE SCIENCES TOOLS & SERVICES ― 0.1%
  
 
Thermo Fisher Scientific, Inc.(1)
  
5,100
 230,928
         
   
MACHINERY ― 1.6%
  
 
Dover Corp.
  
93,800
  3,190,138
 
Wabtec Corp.
  
13,900
   467,735
       
 3,657,873
   
 
 
 
 
 
 
Fundamental Equity – Schedule of Investments

JULY 31, 2009 (UNAUDITED)
 
Shares
Value
MEDIA ― 2.8%
  
 
Comcast Corp., Class A
  
170,800
$   2,538,088
 
Omnicom Group, Inc.
  
16,900
 574,600
 
Time Warner Cable, Inc.
  
23,000
 760,380
 
Time Warner, Inc.(2)
  
91,700
 2,444,722
       
 6,317,790
   
METALS & MINING ― 0.5%
  
 
Cliffs Natural Resources, Inc.
  
33,800
 925,782
 
Reliance Steel & Aluminum Co.
  
7,600
 256,196
       
 1,181,978
   
MULTILINE RETAIL ― 0.9%
  
 
Big Lots, Inc.(1)(2)
  
54,100
 1,246,464
 
Kohl's Corp.(1)
  
18,300
 888,465
       
 2,134,929
   
MULTI-UTILITIES ― 2.2%
  
 
CenterPoint Energy, Inc.(2)
  
106,500
 1,283,325
 
NSTAR
  
55,300
 1,775,130
 
Xcel Energy, Inc.
  
99,500
 1,984,030
       
 5,042,485
   
OIL, GAS & CONSUMABLE FUELS ― 10.4%
  
 
Alpha Natural Resources, Inc.(1)
  
27,700
 922,687
 
Anadarko Petroleum Corp.
  
5,000
 241,000
 
Chevron Corp.
  
55,400
 3,848,638
 
ConocoPhillips
  
56,100
 2,452,131
 
Exxon Mobil Corp.
  
139,900
 9,847,561
 
Murphy Oil Corp.
  
16,000
 931,200
 
Occidental Petroleum Corp.
  
37,100
 2,646,714
 
Peabody Energy Corp.
  
18,800
 622,468
 
Sunoco, Inc.
  
35,100
 866,619
 
Tesoro Corp.
  
19,100
 250,019
 
Valero Energy Corp.
  
26,500
 477,000
 
W&T Offshore, Inc.
  
33,800
 361,322
 
Williams Cos., Inc. (The)
  
13,700
 228,653
       
 23,696,012
   
PAPER & FOREST PRODUCTS ― 0.4%
  
 
International Paper Co.
  
50,600
 951,786
         
   
PHARMACEUTICALS ― 8.9%
  
 
Abbott Laboratories
  
99,800
 4,490,002
 
Bristol-Myers Squibb Co.
  
81,700
 1,776,158
 
Eli Lilly & Co.
  
53,800
 1,877,082
 
Johnson & Johnson
  
77,100
 4,694,619
 
Pfizer, Inc.
  
365,300
 5,819,229
 
Schering-Plough Corp.
  
66,800
 1,770,868
       
 20,427,958
   
REAL ESTATE INVESTMENT TRUSTS (REITs) ― 0.4%
  
 
Public Storage
  
11,300
 820,041
         
   
ROAD & RAIL ― 1.1%
  
 
Norfolk Southern Corp.
  
11,400
  493,050
 
Ryder System, Inc.
  
30,900
 1,085,517
 
Union Pacific Corp.
  
17,100
  983,592
       
 2,562,159
   
 
 
 
 
 
 
Fundamental Equity – Schedule of Investments

JULY 31, 2009 (UNAUDITED)
 
Shares
Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT ― 3.2%
  
 
Altera Corp.
  
78,200
$   1,461,558
 
Atmel Corp.(1)
  
109,000
 454,530
 
Intel Corp.
  
33,000
 635,250
 
Marvell Technology Group Ltd.(1)
  
187,500
 2,501,250
 
National Semiconductor Corp.
  
80,100
 1,206,306
 
Xilinx, Inc.
  
54,000
 1,171,260
       
 7,430,154
   
SOFTWARE ― 2.7%
  
 
Microsoft Corp.
  
64,900
 1,526,448
 
Oracle Corp.
  
138,300
 3,060,579
 
Red Hat, Inc.(1)
  
21,200
 483,996
 
Symantec Corp.(1)
  
70,800
 1,057,044
       
 6,128,067
   
SPECIALTY RETAIL ― 2.5%
  
 
Gap, Inc. (The)
  
132,700
 2,165,664
 
Genesco, Inc.(1)
  
13,900
 301,908
 
Home Depot, Inc. (The)
  
35,200
 913,088
 
Lowe's Cos., Inc.
  
102,100
 2,293,166
       
 5,673,826
   
TEXTILES, APPAREL & LUXURY GOODS ― 0.2%
  
 
Coach, Inc.
  
14,300
 423,137
         
   
THRIFTS & MORTGAGE FINANCE ― 0.3%
  
 
Hudson City Bancorp., Inc.
  
53,600
 753,616
         
   
TOBACCO ― 0.9%
  
 
Altria Group, Inc.(2)
  
87,200
 1,528,616
 
Philip Morris International, Inc.
  
9,500
 442,700
       
 1,971,316
   
TRADING COMPANIES & DISTRIBUTORS ― 0.3%
  
 
United Rentals, Inc.(1)
  
94,500
 705,915
         
   
WIRELESS TELECOMMUNICATION SERVICES ― 1.0%
  
 
American Tower Corp., Class A(1)
  
65,300
 2,226,077
         
TOTAL COMMON STOCKS
    
 
(Cost $220,780,390)
    
 219,887,025
TEMPORARY CASH INVESTMENTS ― 1.6%
  
 
JPMorgan U.S. Treasury Plus Money Market Fund Agency Shares
  
88,035
 88,035
         
 
Repurchase Agreement, Deutsche Bank Securities, Inc., (collateralized by various U.S. Treasury
obligations, 4.50%, 4/30/12, valued at $3,659,346), in a joint trading account at 0.17%, dated
7/31/09, due 8/3/09 (Delivery value $3,585,051)
 3,585,000
TOTAL TEMPORARY CASH INVESTMENTS
    
 
(Cost $3,673,035)
  
 3,673,035
       
 
 
 
 
 
 
Fundamental Equity – Schedule of Investments

JULY 31, 2009 (UNAUDITED)
 
 
Value
TEMPORARY CASH INVESTMENTS - SEGREGATED FOR FUTURES CONTRACTS — 2.4%
  
   
Repurchase Agreement, Deutsche Bank Securities, Inc., (collateralized by various U.S. Treasury obligations, 4.50%, 4/30/12, valued at $5,527,296), in a joint trading account at 0.17%, dated 7/31/09, due 8/3/09 (Delivery value $5,415,077)
    
 
(Cost $5,415,000)
    
$    5,415,000

   
TOTAL INVESTMENT SECURITIES — 100.2%
    
 
(Cost $229,868,425)
    
$228,975,060
OTHER ASSETS AND LIABILITIES — (0.2)%
  
 (519,786)
TOTAL NET ASSETS — 100.0%
  
$228,455,274
 

FUTURES CONTRACTS
 
Contracts Purchased
Expiration
Date
Underlying Face
Amount at Value
Unrealized
Gain (Loss)
110
S&P 500 E-Mini Futures
September 2009
$5,414,200
$601,219
     
 

Notes to Schedule of Investments
 

(1)
Non-income producing.
(2)
Security, or a portion thereof, has been segregated for futures contracts. At the period end, the aggregate value of securities pledged was $5,415,000.

 
 
 
 
 
Fundamental Equity – Schedule of Investments

JULY 31, 2009 (UNAUDITED)
 
SUPPLEMENTARY NOTES TO SCHEDULE OF INVESTMENTS
 
1. Security Valuations
 
Securities traded primarily on a principal securities exchange are valued at the last reported sales price, or at the mean of the latest bid and asked prices where no last sales price is available. Depending on local convention or regulation, securities traded over-the-counter are valued at the mean of the latest bid and asked prices, the last sales price, or the official close price. Investments in open-end management investment companies are valued at the reported net asset value. Debt securities not traded on a principal securities exchange are valued through a commercial pricing service or at the mean of the most recent bid and asked prices. Discount notes may be valued through a commercial pricing service or at amortized cost, which approximates fair value. Securities traded on foreign securities exchanges and over-the-counter markets are normally completed before the close of business on days that the New York Stock Exchange (the Exchange) is open and may also take place on days when the Exchange is not open. If an event occurs after the value of a security was established but before the net asset value per share was determined that was likely to materially change the net asset value, that security would be valued as determined in accordance with procedures adopted by the Board of Directors. If the fund determines that the market price of a portfolio security is not readily available, or that the valuation methods mentioned above do not reflect the security’s fair value, such security is valued as determined by the Board of Directors or its designee, in accordance with procedures adopted by the Board of Directors, if such determination would materially impact a fund’s net asset value. Certain other circumstances may cause the fund to use alternative procedures to value a security such as: a security has been declared in default; trading in a security has been halted during the trading day; or there is a foreign market holiday and no trading will commence.
 
2. Fair Value Measurements
 
The fund’s securities valuation process is based on several considerations and may use multiple inputs to determine the fair value of the positions 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 as follows:
 
   •     Level 1 valuation inputs consist of actual quoted prices in an active market for identical securities;
   •     Level 2 valuation inputs consist of significant direct or indirect observable market data (including quoted prices for similar
         securities, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.); or
   •     Level 3 valuation inputs consist of significant unobservable inputs (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 an indication of the risks associated with investing in these securities or other financial instruments.
 
The following is a summary of the valuation inputs used to determine the fair value of the fund’s securities and other financial instruments as of July 31, 2009:

 
Level 1
Level 2
Level 3
Investment Securities
Common Stocks
$ 219,887,025
–
–
Temporary Cash Investments
88,035
$ 9,000,000
–
Total Value of Investment Securities
$ 219,975,060
$ 9,000,000
–
Other Financial Instruments
Futures Contracts
$ 601,219
–
–
Total Unrealized Gain (Loss) on Other Financial Instruments
$ 601,219
–
–
 
 
 
 
 
 
Fundamental Equity – Schedule of Investments

JULY 31, 2009 (UNAUDITED)

3. Federal Tax Information
 
As of July 31, 2009, the components of investments for federal income tax purposes were as follows:
 
Federal tax cost of investments
$  233,602,023
    
Gross tax appreciation of investments
         $    21,327,197
    
Gross tax depreciation of investments
(25,954,160)
    
Net tax appreciation (depreciation) of investments
 $    (4,626,963)
    
 
The difference between book-basis and tax-basis cost and unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales.
 

 
 
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.

 
 
 
 
 
 
 

 

 

 

 

 
 
 

 
American Century Investments®
 
Quarterly Portfolio Holdings
 
Heritage Fund
 
July 31, 2009
 

 

 

 

 

 
 
 
 
 
 
 
 
GRAPHIC
 
 
 
 
 
Heritage – Schedule of Investments
 
JULY 31, 2009 (UNAUDITED)
 
                  Shares
Value

COMMON STOCKS  — 99.2%
  
   
AEROSPACE & DEFENSE ― 0.8%
  
 
Lockheed Martin Corp.
  
25,800
$       1,928,808
 
Precision Castparts Corp.
  
179,800
 14,349,838
       
 16,278,646
   
AIR FREIGHT & LOGISTICS ― 0.8%
  
 
C.H. Robinson Worldwide, Inc.
  
273,700
 14,924,861
         
   
AUTO COMPONENTS ― 1.2%
  
 
Autoliv, Inc.
  
303,400
 10,864,754
 
BorgWarner, Inc.
  
363,800
 12,074,522
       
 22,939,276
   
BEVERAGES ― 1.0%
  
 
Dr. Pepper Snapple Group, Inc.(1)
  
415,600
 10,227,916
 
Hansen Natural Corp.(1)
  
285,800
 8,862,658
       
 19,090,574
   
BIOTECHNOLOGY ― 4.4%
  
 
Alexion Pharmaceuticals, Inc.(1)
  
234,600
 10,334,130
 
Celgene Corp.(1)
  
220,600
 12,565,376
 
CSL Ltd.
  
631,891
 16,145,126
 
Gilead Sciences, Inc.(1)
  
248,200
 12,144,426
 
Grifols SA
  
1,359,800
 24,759,521
 
United Therapeutics Corp.(1)
  
105,900
 9,808,458
       
 85,757,037
   
CAPITAL MARKETS ― 4.3%
  
 
Affiliated Managers Group, Inc.(1)
  
188,700
 12,457,974
 
Invesco Ltd.
  
340,700
 6,728,825
 
Jefferies Group, Inc.(1)
  
852,800
 19,495,008
 
Lazard Ltd., Class A
  
364,197
 13,471,647
 
Morgan Stanley
  
699,100
 19,924,350
 
Waddell & Reed Financial, Inc., Class A
  
403,900
 11,458,643
       
 83,536,447
   
CHEMICALS ― 2.0%
  
 
Celanese Corp., Class A
  
578,900
 14,877,730
 
Monsanto Co.
  
99,830
 8,385,720
 
Potash Corp. of Saskatchewan, Inc.
  
79,800
 7,422,198
 
Scotts Miracle-Gro Co. (The), Class A
  
233,445
 9,116,027
       
 39,801,675
   
COMMUNICATIONS EQUIPMENT ― 1.8%
  
 
ADTRAN, Inc.
  
358,600
 8,663,776
 
Juniper Networks, Inc.(1)
  
200,000
 5,226,000
 
QUALCOMM, Inc.
  
186,300
 8,608,923
 
Starent Networks Corp.(1)
  
527,000
 12,637,460
       
 35,136,159
   
COMPUTERS & PERIPHERALS ― 3.7%
  
 
Apple, Inc.(1)
  
225,227
 36,799,840
 
Seagate Technology
  
1,681,400
 20,244,056
 
STEC, Inc.(1)
  
316,700
 10,796,303
 
Synaptics, Inc.(1)
  
153,500
 3,679,395
       
 71,519,594
   
 
 
 
 
 
 
Heritage – Schedule of Investments
 
JULY 31, 2009 (UNAUDITED)
 
                  Shares
Value
CONSTRUCTION & ENGINEERING ― 1.4%
  
 
Foster Wheeler AG(1)
  
393,700
$       9,094,470
 
Quanta Services, Inc.(1)
  
815,800
 19,016,298
       
 28,110,768
   
CONSUMER FINANCE ― 0.7%
  
 
Discover Financial Services
  
1,171,004
 13,911,528
         
   
CONTAINERS & PACKAGING ― 1.5%
  
 
Crown Holdings, Inc.(1)
  
1,145,500
 28,752,050
         
   
DIVERSIFIED CONSUMER SERVICES ― 1.7%
  
 
Career Education Corp.(1)
  
657,000
 15,058,440
 
Corinthian Colleges, Inc.(1)
  
581,400
 8,976,816
 
Strayer Education, Inc.
  
41,300
 8,771,294
       
 32,806,550
   
DIVERSIFIED FINANCIAL SERVICES ― 0.5%
  
 
IntercontinentalExchange, Inc.(1)
  
107,100
 10,073,826
         
   
ELECTRICAL EQUIPMENT ― 3.0%
  
 
Cooper Industries Ltd., Class A
  
518,400
 17,081,280
 
JA Solar Holdings Co. Ltd. ADR(1)
  
2,073,700
 9,974,497
 
Suntech Power Holdings Co. Ltd. ADR(1)
  
761,900
 14,011,341
 
Trina Solar Ltd. ADR(1)
  
451,100
 12,748,086
 
Vestas Wind Systems A/S(1)
  
71,854
 5,061,012
       
 58,876,216
   
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS ― 1.6%
  
 
Amphenol Corp., Class A
  
522,200
 17,415,370
 
Corning, Inc.
  
301,900
 5,132,300
 
Dolby Laboratories, Inc., Class A(1)
  
221,476
 9,220,046
       
 31,767,716
   
ENERGY EQUIPMENT & SERVICES ― 0.7%
  
 
Cameron International Corp.(1)
  
144,000
 4,497,120
 
Weatherford International Ltd.(1)
  
517,000
 9,698,920
       
 14,196,040
   
FOOD & STAPLES RETAILING ― 1.8%
  
 
Costco Wholesale Corp.
  
195,200
 9,662,400
 
Whole Foods Market, Inc.(1)
  
1,048,000
 25,351,120
       
 35,013,520
   
FOOD PRODUCTS ― 0.6%
  
 
Green Mountain Coffee Roasters, Inc.(1)
  
153,700
 10,826,628
         
   
HEALTH CARE EQUIPMENT & SUPPLIES ― 3.1%
  
 
American Medical Systems Holdings, Inc.(1)
  
399,700
 6,111,413
 
Beckman Coulter, Inc.
  
199,300
 12,553,907
 
C.R. Bard, Inc.
  
205,900
 15,148,063
 
Covidien plc
  
237,500
 8,979,875
 
Edwards Lifesciences Corp.(1)
  
173,200
 11,329,012
 
ev3, Inc.(1)
  
144,670
 1,775,101
 
Intuitive Surgical, Inc.(1)
  
23,400
 5,319,288
       
 61,216,659
   
HEALTH CARE PROVIDERS & SERVICES ― 4.6%
  
 
Express Scripts, Inc.(1)
  
419,300
 29,367,772
 
Health Management Associates, Inc., Class A(1)
  
488,700
 2,946,861
 
Medco Health Solutions, Inc.(1)
  
539,900
 28,539,114
 
 
 
 

 
Heritage – Schedule of Investments
 
JULY 31, 2009 (UNAUDITED)
 
                  Shares
Value
 
Tenet Healthcare Corp.(1)
  
4,259,400
$     16,824,630
 
WellPoint, Inc.(1)
  
211,100
 11,112,304
       
 88,790,681
   
HEALTH CARE TECHNOLOGY ― 0.2%
  
 
athenahealth, Inc.(1)
  
104,800
 3,871,312
         
   
HOTELS, RESTAURANTS & LEISURE ― 4.8%
  
 
Brinker International, Inc.
  
632,700
 10,528,128
 
Cheesecake Factory, Inc. (The)(1)
  
542,200
 10,502,414
 
Chipotle Mexican Grill, Inc., Class A(1)
  
60,700
 5,695,481
 
Chipotle Mexican Grill, Inc., Class B(1)
  
76,400
 6,245,700
 
Ctrip.com International Ltd. ADR(1)
  
285,800
 14,647,250
 
Las Vegas Sands Corp.(1)
  
1,046,600
 9,785,710
 
Penn National Gaming, Inc.(1)
  
468,561
 14,858,069
 
Pinnacle Entertainment, Inc.(1)
  
483,700
 4,851,511
 
Starbucks Corp.(1)
  
912,300
 16,147,710
       
 93,261,973
   
INTERNET & CATALOG RETAIL ― 1.4%
  
 
Netflix, Inc.(1)
  
224,200
 9,851,348
 
priceline.com, Inc.(1)
  
135,541
 17,568,824
       
 27,420,172
   
INTERNET SOFTWARE & SERVICES ― 2.9%
  
 
Digital River, Inc.(1)
  
375,600
 13,277,460
 
Equinix, Inc.(1)
  
174,700
 14,278,231
 
NetEase.com, Inc. ADR(1)
  
252,100
 11,107,526
 
Opera Software ASA
  
1,089,362
 5,776,092
 
Tencent Holdings Ltd.
  
921,400
 12,435,847
       
 56,875,156
   
IT SERVICES ― 2.8%
  
 
Cognizant Technology Solutions Corp., Class A(1)
  
689,400
 20,399,346
 
Global Payments, Inc.
  
266,500
 11,272,950
 
MasterCard, Inc., Class A
  
114,300
 22,177,629
       
 53,849,925
   
LIFE SCIENCES TOOLS & SERVICES ― 2.2%
  
 
Illumina, Inc.(1)
  
391,100
 14,134,354
 
Life Technologies Corp.(1)
  
619,000
 28,183,070
       
 42,317,424
   
MACHINERY ― 3.4%
  
 
Cummins, Inc.
  
354,500
 15,247,045
 
Flowserve Corp.
  
179,687
 14,513,319
 
Ingersoll-Rand plc
  
648,600
 18,731,568
 
Navistar International Corp.(1)
  
430,003
 17,002,319
       
 65,494,251
   
MARINE ― 0.8%
  
 
Diana Shipping, Inc.
  
685,200
 9,757,248
 
Genco Shipping & Trading Ltd.
  
233,200
 5,575,812
       
 15,333,060
   
MEDIA ― 0.9%
  
 
DIRECTV Group, Inc. (The)(1)
  
706,700
 18,303,530
         
   
METALS & MINING ― 3.0%
  
 
AK Steel Holding Corp.
  
656,300
 12,909,421
 
Cliffs Natural Resources, Inc.
  
382,900
 10,487,631
 
 
 

 
 
Heritage – Schedule of Investments
 
JULY 31, 2009 (UNAUDITED)
 
                  Shares
Value
 
Steel Dynamics, Inc.
  
615,806
$     10,074,586
 
Walter Energy, Inc.
  
493,200
 24,344,352
       
 57,815,990
   
MULTI-INDUSTRY ― 1.2%
  
 
Financial Select Sector SPDR Fund
  
1,857,500
 24,166,075
         
   
MULTILINE RETAIL ― 2.3%
  
 
Family Dollar Stores, Inc.
  
302,700
 9,510,834
 
J.C. Penney Co., Inc.
  
582,500
 17,562,375
 
Kohl's Corp.(1)
  
357,200
 17,342,060
       
 44,415,269
   
OIL, GAS & CONSUMABLE FUELS ― 4.7%
  
 
Arena Resources, Inc.(1)
  
215,411
 7,028,861
 
Continental Resources, Inc.(1)
  
271,200
 9,174,696
 
Denbury Resources, Inc.(1)
  
598,400
 9,933,440
 
Peabody Energy Corp.
  
345,700
 11,446,127
 
Petrohawk Energy Corp.(1)
  
894,758
 21,724,724
 
Quicksilver Resources, Inc.(1)
  
1,777,100
 20,365,566
 
Range Resources Corp.
  
265,600
 12,326,496
       
 91,999,910
   
PROFESSIONAL SERVICES ― 0.3%
  
 
Manpower, Inc.
  
107,100
 5,135,445
         
   
REAL ESTATE MANAGEMENT & DEVELOPMENT ― 0.6%
  
 
CB Richard Ellis Group, Inc., Class A(1)
  
1,045,400
 11,394,860
         
   
ROAD & RAIL ― 1.8%
  
 
J.B. Hunt Transport Services, Inc.
  
607,800
 16,988,010
 
Union Pacific Corp.
  
325,000
 18,694,000
       
 35,682,010
   
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT ― 7.9%
  
 
Altera Corp.
  
207,400
 3,876,306
 
Analog Devices, Inc.
  
678,900
 18,581,493
 
Atheros Communications, Inc.(1)
  
233,300
 5,832,500
 
Broadcom Corp., Class A(1)
  
712,531
 20,114,750
 
Marvell Technology Group Ltd.(1)
  
1,381,700
 18,431,878
 
MEMC Electronic Materials, Inc.(1)
  
517,800
 9,123,636
 
Micron Technology, Inc.(1)
  
1,710,000
 10,926,900
 
NVIDIA Corp.(1)
  
2,858,100
 36,955,233
 
Silicon Laboratories, Inc.(1)
  
266,600
 11,418,478
 
Teradyne, Inc.(1)
  
641,300
 5,053,444
 
Varian Semiconductor Equipment Associates, Inc.(1)
  
428,300
 13,722,732
       
 154,037,350
   
SOFTWARE ― 3.9%
  
 
Adobe Systems, Inc.(1)
  
90,700
 2,940,494
 
Citrix Systems, Inc.(1)
  
412,700
 14,692,120
 
McAfee, Inc.(1)
  
563,522
 25,121,811
 
Perfect World Co. Ltd., Class B ADR(1)
  
293,900
 10,515,742
 
Rovi Corp.(1)
  
464,900
 12,161,784
 
Shanda Interactive Entertainment Ltd. ADR(1)
  
54,700
 2,712,026
 
Sybase, Inc.(1)
  
218,700
 7,829,460
       
 75,973,437
   
SPECIALTY RETAIL ― 4.9%
  
 
Advance Auto Parts, Inc.
  
230,000
 10,632,900
 
 
 
 
 
 
Heritage – Schedule of Investments
 
JULY 31, 2009 (UNAUDITED)
 
                  Shares
Value
 
Aeropostale, Inc.(1)
  
338,800
$     12,332,320
 
Chico's FAS, Inc.(1)
  
1,605,600
 18,416,232
 
Dick's Sporting Goods, Inc.(1)
  
432,600
 8,587,110
 
O'Reilly Automotive, Inc.(1)
  
804,800
 32,723,168
 
Ross Stores, Inc.
  
226,300
 9,977,567
 
TJX Cos., Inc. (The)
  
82,300
 2,981,729
       
 95,651,026
   
TEXTILES, APPAREL & LUXURY GOODS ― 1.2%
  
 
Carter's, Inc.(1)
  
473,100
 13,407,654
 
Warnaco Group, Inc. (The)(1)
  
290,300
 10,546,599
       
 23,954,253
   
THRIFTS & MORTGAGE FINANCE ― 0.6%
  
 
Hudson City Bancorp., Inc.
  
873,500
 12,281,410
         
   
TOBACCO ― 3.0%
  
 
Altria Group, Inc.
  
806,200
 14,132,686
 
Lorillard, Inc.
  
610,700
 45,020,804
       
 59,153,490
   
TRADING COMPANIES & DISTRIBUTORS ― 1.0%
  
 
Fastenal Co.
  
268,900
 9,564,773
 
MSC Industrial Direct Co., Class A
  
259,300
 10,174,932
       
 19,739,705
   
WIRELESS TELECOMMUNICATION SERVICES ― 2.2%
  
 
Millicom International Cellular SA(1)
  
81,900
 6,072,885
 
SBA Communications Corp., Class A(1)
  
1,105,632
 28,845,939
 
Sprint Nextel Corp.(1)
  
1,735,800
 6,943,200
       
 41,862,024
TOTAL COMMON STOCKS
    
 
(Cost $1,583,677,428)
    
 1,933,315,508
TEMPORARY CASH INVESTMENTS — 0.5%
  
   
JPMorgan U.S. Treasury Plus Money Market Fund Agency Shares
  
2,534
 2,534
     
Repurchase Agreement, Credit Suisse First Boston, Inc., (collateralized by various U.S. Treasury obligations, 0.41%, 6/10/10, valued at $10,562,367), in a joint trading account at 0.14%, dated 7/31/09, due 8/3/09 (Delivery value $10,300,120)
  
 10,300,000
TOTAL TEMPORARY CASH INVESTMENTS
  
 
(Cost $10,302,534)
    
 10,302,534
   
TOTAL INVESTMENT SECURITIES — 99.7%
    
 
(Cost $1,593,979,962)
    
 1,943,618,042
OTHER ASSETS AND LIABILITIES — 0.3%
  
 6,496,392
TOTAL NET ASSETS — 100.0%
  
$1,950,114,434
 
 
 
 
 
 
 
Heritage – Schedule of Investments
 
JULY 31, 2009 (UNAUDITED)

Geographic Diversification
(as a % of net assets)
United States
85.6%
People's Republic of China
4.5%
Bermuda
1.6%
Ireland
1.4%
Spain
1.3%
Cayman Islands
1.0%
Australia
0.9%
Sweden
0.6%
Greece
0.5%
Switzerland
0.5%
Canada
0.4%
Luxembourg
0.3%
Norway
0.3%
Denmark
0.3%
Cash and Equivalents*
0.8%
* Includes temporary cash investments and other assets and liabilities.
 

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS
 
Contracts to Sell
Settlement Date
Value
Unrealized Gain (Loss)
11,552,231
  
AUD for USD
8/31/09
$  9,640,915
  
$(182,535)
  
15,736,026
  
DKK for USD
8/31/09
 3,009,986
  
 (38,612)
  
9,721,210
  
EUR for USD
8/31/09
 13,856,516
  
 (210,464)
  
21,569,368
  
NOK for USD
8/31/09
 3,516,443
  
 (50,861)
  
 
$30,023,860
  
$(482,472)
  
(Value on Settlement Date $29,541,388)
 
 

Notes to Schedule of Investments
 
ADR
-
American Depositary Receipt
 
AUD
-
Australian Dollar
 
DKK
-
Danish Krone
 
EUR
-
Euro
 
NOK
-
Norwegian Krona
 
SPDR
-
Standard & Poor's Depositary Receipts
 
USD
-
United States Dollar
 

 

(1)
Non-income producing.



 
 
 
Heritage – Schedule of Investments
 
JULY 31, 2009 (UNAUDITED)

SUPPLEMENTARY NOTES TO SCHEDULE OF INVESTMENTS
 
1. Security Valuations
 
Securities traded primarily on a principal securities exchange are valued at the last reported sales price, or at the mean of the latest bid and asked prices where no last sales price is available. Depending on local convention or regulation, securities traded over-the-counter are valued at the mean of the latest bid and asked prices, the last sales price, or the official close price. Investments in open-end management investment companies are valued at the reported net asset value. Debt securities not traded on a principal securities exchange are valued through a commercial pricing service or at the mean of the most recent bid and asked prices. Securities traded on foreign securities exchanges and over-the-counter markets are normally completed before the close of business on days that the New York Stock Exchange (the Exchange) is open and may also take place on days when the Exchange is not open. If an event occurs after the value of a security was established but before the net asset value per share was determined that was likely to materially change the net asset value, that security would be valued as determined in accordance with procedures adopted by the Board of Directors. If the fund determines that the market price of a portfolio security is not readily available, or that the valuation methods mentioned above do not reflect the security’s fair value, such security is valued as determined by the Board of Directors or its designee, in accordance with procedures adopted by the Board of Directors, if such determination would materially impact a fund’s net asset value. Certain other circumstances may cause the fund to use alternative procedures to value a security such as: a security has been declared in default; trading in a security has been halted during the trading day; or there is a foreign market holiday and no trading will commence.
 
2. Fair Value Measurements
 
The fund’s securities valuation process is based on several considerations and may use multiple inputs to determine the fair value of the positions 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 as follows:
 
   •     Level 1 valuation inputs consist of actual quoted prices in an active market for identical securities;
   •     Level 2 valuation inputs consist of significant direct or indirect observable market data (including quoted prices for similar
         securities, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.); or
   •     Level 3 valuation inputs consist of significant unobservable inputs (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 an indication of the risks associated with investing in these securities or other financial instruments.
 
The following is a summary of the valuation inputs used to determine the fair value of the fund’s securities and other financial instruments as of July 31, 2009:
 
 
Level 1
Level 2
Level 3
Investment Securities
Domestic Common Stocks
$1,669,746,413
–
–
Foreign Common Stocks
199,391,497
$64,177,598
–
Temporary Cash Investments
2,534
10,300,000
–
Total Value of Investment Securities
$1,869,140,444
$74,477,598
–
Other Financial Instruments
Forward Foreign Currency Exchange Contracts
–
$(482,472)
–
Total Unrealized Gain (Loss) on Other Financial Instruments
–
$(482,472)
–
 
3. Federal Tax Information
 
As of July 31, 2009, the components of investments for federal income tax purposes were as follows:
 
Federal tax cost of investments
$1,615,876,033
    
Gross tax appreciation of investments
$   360,277,224
    
Gross tax depreciation of investments
  (32,535,215)
    
Net tax appreciation (depreciation) of investments
$   327,742,009
    
 
The difference between book-basis and tax-basis cost and unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales.
 
 
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.
 
 
 
 
 
 
 
 


 

 

 
 
 
 
 
 
 
 
American Century Investments®
 
Quarterly Portfolio Holdings
 
New Opportunities II Fund
 
July 31, 2009
 

 

 

 

 
 
 
 

 
 
 
 

GRAPHIC
 
 
 
 
 
New Opportunities II – Schedule of Investments
 
JULY 31, 2009 (UNAUDITED)
 
                  Shares
Value

COMMON STOCKS  — 99.9%
  
   
AEROSPACE & DEFENSE ― 0.2%
  
 
DigitalGlobe, Inc.(1)
  
33,944
$       617,781
         
   
AIRLINES ― 1.3%
  
 
Airtran Holdings, Inc.(1)
  
357,959
 2,591,623
 
Hawaiian Holdings, Inc.(1)
  
418,158
 2,672,030
       
 5,263,653
   
AUTO COMPONENTS ― 2.8%
  
 
Cooper Tire & Rubber Co.
  
208,480
 3,077,165
 
Tenneco, Inc.(1)
  
183,602
 2,968,844
 
TRW Automotive Holdings Corp.(1)
  
326,541
 5,495,685
       
 11,541,694
   
BEVERAGES ― 1.1%
  
 
Central European Distribution Corp.(1)
  
77,736
 2,231,801
 
Cott Corp.(1)
  
400,119
 2,216,659
       
 4,448,460
   
BIOTECHNOLOGY ― 4.7%
  
 
Acorda Therapeutics, Inc.(1)
  
43,259
 1,092,722
 
Alkermes, Inc.(1)
  
108,049
 1,115,066
 
Alnylam Pharmaceuticals, Inc.(1)
  
42,818
 996,375
 
Cubist Pharmaceuticals, Inc.(1)
  
64,687
 1,285,331
 
Human Genome Sciences, Inc.(1)
  
151,421
 2,165,320
 
InterMune, Inc.(1)
  
48,021
 733,761
 
Isis Pharmaceuticals, Inc.(1)
  
103,415
 1,890,426
 
Medarex, Inc.(1)
  
74,553
 1,183,156
 
Medivation, Inc.(1)
  
33,717
 834,496
 
Myriad Pharmaceuticals, Inc.(1)
  
51,578
 251,185
 
Onyx Pharmaceuticals, Inc.(1)
  
61,447
 2,207,176
 
PDL BioPharma, Inc.
  
137,383
 1,130,662
 
Regeneron Pharmaceuticals, Inc.(1)
  
71,481
 1,532,553
 
Savient Pharmaceuticals, Inc.(1)
  
68,816
 1,072,841
 
Seattle Genetics, Inc.(1)
  
88,332
 1,064,400
 
Theravance, Inc.(1)
  
62,366
 941,727
       
 19,497,197
   
BUILDING PRODUCTS ― 0.8%
  
 
American Woodmark Corp.
  
146,266
 3,428,475
         
   
CAPITAL MARKETS ― 4.5%
  
 
Cohen & Steers, Inc.
  
267,358
 4,884,631
 
HFF, Inc., Class A(1)
  
153,132
 709,001
 
KBW, Inc.(1)
  
85,419
 2,493,381
 
Piper Jaffray Cos.(1)
  
112,574
 5,162,644
 
SPDR KBW Capital Markets ETF
  
46,199
 1,648,842
 
Stifel Financial Corp.(1)
  
35,086
 1,751,844
 
Westwood Holdings Group, Inc.
  
51,032
 1,992,289
       
 18,642,632
   
CHEMICALS ― 1.3%
  
 
A. Schulman, Inc.
  
105,374
 2,245,520
 
Solutia, Inc.(1)
  
351,686
 3,144,073
       
 5,389,593
   
 
 
 
 
 
 
New Opportunities II – Schedule of Investments
 
JULY 31, 2009 (UNAUDITED)
 
                  Shares
Value
COMMERCIAL BANKS ― 2.0%
  
 
PrivateBancorp, Inc.
  
143,785
$     3,570,182
 
Southside Bancshares, Inc.
  
67,624
 1,531,007
 
Western Alliance Bancorp.(1)
  
458,175
 3,175,153
       
 8,276,342
   
COMMERCIAL SERVICES & SUPPLIES ― 0.4%
  
 
Cenveo, Inc.(1)
  
317,136
 1,531,767
         
   
COMMUNICATIONS EQUIPMENT ― 2.7%
  
 
Acme Packet, Inc.(1)
  
57,624
 578,545
 
Arris Group, Inc.(1)
  
59,957
 730,276
 
Aruba Networks, Inc.(1)
  
218,425
 1,939,614
 
Blue Coat Systems, Inc.(1)
  
78,007
 1,457,951
 
Palm, Inc.(1)
  
86,271
 1,357,043
 
Riverbed Technology, Inc.(1)
  
52,562
 1,051,766
 
Tekelec(1)
  
233,206
 4,288,658
       
 11,403,853
   
COMPUTERS & PERIPHERALS ― 2.3%
  
 
Novatel Wireless, Inc.(1)
  
459,288
 4,354,050
 
STEC, Inc.(1)
  
122,970
 4,192,047
 
Synaptics, Inc.(1)
  
45,482
 1,090,204
       
 9,636,301
   
CONSTRUCTION & ENGINEERING ― 0.7%
  
 
Michael Baker Corp.(1)
  
69,049
 2,944,940
         
   
CONTAINERS & PACKAGING ― 0.7%
  
 
Temple-Inland, Inc.
  
171,927
 2,692,377
         
   
DIVERSIFIED ― 2.0%
  
 
iShares Russell Microcap Index Fund
  
231,508
 8,341,233
         
   
DIVERSIFIED CONSUMER SERVICES ― 0.2%
  
 
CPI Corp.
  
55,203
 1,012,423
         
   
DIVERSIFIED TELECOMMUNICATION SERVICES ― 0.7%
  
 
Neutral Tandem, Inc.(1)
  
92,801
 2,876,831
         
   
ELECTRICAL EQUIPMENT ― 5.2%
  
 
Advanced Battery Technologies, Inc.(1)
  
705,506
 3,026,621
 
American Superconductor Corp.(1)
  
147,855
 4,756,495
 
AZZ, Inc.(1)
  
113,528
 4,399,210
 
Ener1, Inc.(1)
  
185,329
 1,182,399
 
JA Solar Holdings Co. Ltd. ADR(1)
  
661,918
 3,183,826
 
Jinpan International Ltd.
  
36,142
 1,311,955
 
Trina Solar Ltd. ADR(1)
  
138,990
 3,927,857
       
 21,788,363
   
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS ― 1.1%
  
 
Maxwell Technologies, Inc.(1)
  
309,572
 4,383,539
         
   
ENERGY EQUIPMENT & SERVICES ― 0.8%
  
 
Dril-Quip, Inc.(1)
  
45,550
 1,926,309
 
Willbros Group, Inc.(1)
  
112,807
 1,555,609
       
 3,481,918
   
FOOD PRODUCTS ― 0.5%
  
 
Darling International, Inc.(1)
  
273,908
 1,933,790
         
   
   
 
 
 
 
 
 
New Opportunities II – Schedule of Investments
 
JULY 31, 2009 (UNAUDITED)
 
                  Shares
Value
HEALTH CARE EQUIPMENT & SUPPLIES ― 3.9%
  
 
Abaxis, Inc.(1)
  
30,310
$        811,399
 
Align Technology, Inc.(1)
  
80,027
 873,095
 
American Medical Systems Holdings, Inc.(1)
  
101,159
 1,546,721
 
Haemonetics Corp.(1)
  
28,572
 1,686,034
 
ICU Medical, Inc.(1)
  
15,501
 603,454
 
Immucor, Inc.(1)
  
73,720
 1,228,175
 
Masimo Corp.(1)
  
57,089
 1,395,826
 
Meridian Bioscience, Inc.
  
48,406
 1,065,900
 
NuVasive, Inc.(1)
  
41,436
 1,715,036
 
STERIS Corp.
  
65,357
 1,835,224
 
Thoratec Corp.(1)
  
62,585
 1,573,387
 
Volcano Corp.(1)
  
46,012
 698,922
 
West Pharmaceutical Services, Inc.
  
36,336
 1,326,264
       
 16,359,437
   
HEALTH CARE PROVIDERS & SERVICES ― 4.0%
  
 
Amedisys, Inc.(1)
  
29,959
 1,339,467
 
AMERIGROUP Corp.(1)
  
58,742
 1,449,753
 
Animal Health International, Inc.(1)
  
203,537
 333,801
 
CardioNet, Inc.(1)
  
24,457
 173,645
 
Catalyst Health Solutions, Inc.(1)
  
59,629
 1,537,236
 
Chemed Corp.
  
25,560
 1,127,196
 
Chindex International, Inc.(1)
  
69,864
 910,328
 
Emergency Medical Services Corp., Class A(1)
  
14,382
 562,911
 
Genoptix, Inc.(1)
  
23,737
 743,205
 
HealthSouth Corp.(1)
  
98,240
 1,414,656
 
HMS Holdings Corp.(1)
  
30,128
 1,156,915
 
IPC The Hospitalist Co., Inc.(1)
  
29,341
 817,147
 
Owens & Minor, Inc.
  
36,916
 1,635,379
 
PharMerica Corp.(1)
  
36,518
 765,417
 
PSS World Medical, Inc.(1)
  
67,854
 1,371,329
 
Psychiatric Solutions, Inc.(1)
  
47,863
 1,293,258
       
 16,631,643
   
HEALTH CARE TECHNOLOGY ― 1.3%
  
 
athenahealth, Inc.(1)
  
37,569
 1,387,799
 
Eclipsys Corp.(1)
  
63,535
 1,156,337
 
MedAssets, Inc.(1)
  
46,127
 861,652
 
Phase Forward, Inc.(1)
  
53,357
 757,670
 
Quality Systems, Inc.
  
23,600
 1,295,404
       
 5,458,862
   
HOTELS, RESTAURANTS & LEISURE ― 4.4%
  
 
Ameristar Casinos, Inc.
  
116,232
 2,172,376
 
Bally Technologies, Inc.(1)
  
59,832
 2,166,517
 
Carrols Restaurant Group, Inc.(1)
  
263,528
 1,784,085
 
Home Inns & Hotels Management, Inc. ADR(1)
  
131,136
 2,098,176
 
Isle of Capri Casinos, Inc.(1)
  
319,391
 3,797,559
 
Life Time Fitness, Inc.(1)
  
142,981
 3,638,866
 
McCormick & Schmick's Seafood Restaurants, Inc.(1)
  
105,903
 819,689
 
Ruby Tuesday, Inc.(1)
  
253,943
 1,899,494
       
 18,376,762
   
HOUSEHOLD DURABLES ― 5.3%
  
 
American Greetings Corp., Class A
  
280,014
 4,415,821
 
 
 

 
 
New Opportunities II – Schedule of Investments
 
JULY 31, 2009 (UNAUDITED)
 
                  Shares
Value
 
KB Home
  
202,419
 $    3,378,373
 
La-Z-Boy, Inc.
  
404,507
2,738,512
 
Lennar Corp., Class A
  
314,999
 3,729,588
 
Sealy Corp.(1)
  
937,012
 2,380,011
 
Tempur-Pedic International, Inc.
  
353,581
 5,243,606
       
 21,885,911
   
HOUSEHOLD PRODUCTS ― 0.7%
  
 
Central Garden and Pet Co., Class A(1)
  
246,236
 2,780,004
         
   
INSURANCE ― 0.8%
  
 
National Financial Partners Corp.
  
209,887
 1,574,153
 
Phoenix Cos., Inc. (The)(1)
  
391,161
 860,554
 
Protective Life Corp.
  
61,715
 922,639
       
 3,357,346
   
INTERNET & CATALOG RETAIL ― 2.6%
  
 
Blue Nile, Inc.(1)
  
20,325
 939,625
 
priceline.com, Inc.(1)
  
52,773
 6,840,436
 
Shutterfly, Inc.(1)
  
191,078
 3,068,713
       
 10,848,774
   
INTERNET SOFTWARE & SERVICES ― 5.0%
  
 
Art Technology Group, Inc.(1)
  
893,726
 3,387,221
 
Digital River, Inc.(1)
  
11,332
 400,586
 
Internet Capital Group, Inc.(1)
  
313,487
 2,341,748
 
LogMeIn, Inc.(1)
  
108,970
 2,126,005
 
NetEase.com, Inc. ADR(1)
  
36,970
 1,628,898
 
NIC, Inc.
  
102,840
 780,555
 
Openwave Systems, Inc.(1)
  
882,093
 2,311,084
 
United Online, Inc.
  
312,172
 2,865,739
 
Valueclick, Inc.(1)
  
307,584
 3,537,216
 
VistaPrint Ltd.(1)
  
31,287
 1,290,589
       
 20,669,641
   
IT SERVICES ― 1.7%
  
 
Cybersource Corp.(1)
  
67,275
 1,166,548
 
Global Cash Access Holdings, Inc.(1)
  
520,224
 4,682,016
 
Online Resources Corp.(1)
  
197,170
 1,303,294
       
 7,151,858
   
LEISURE EQUIPMENT & PRODUCTS ― 0.8%
  
 
RC2 Corp.(1)
  
207,126
 3,162,814
         
   
LIFE SCIENCES TOOLS & SERVICES ― 1.2%
  
 
AMAG Pharmaceuticals, Inc.(1)
  
24,240
 1,100,738
 
Dionex Corp.(1)
  
19,718
 1,299,613
 
Luminex Corp.(1)
  
50,349
 889,667
 
PAREXEL International Corp.(1)
  
69,967
 1,082,390
 
Sequenom, Inc.(1)
  
77,815
 448,214
       
 4,820,622
   
MACHINERY ― 0.6%
  
 
Chart Industries, Inc.(1)
  
79,511
 1,531,382
 
Duoyuan Global Water, Inc. ADR(1)
  
15,463
 463,117
 
Trimas Corp.(1)
  
121,683
 528,104
       
 2,522,603
   
MARINE ― 1.0%
  
 
FreeSeas, Inc.
  
239,315
 440,340
 
 
 
 
 
 
New Opportunities II – Schedule of Investments
 
JULY 31, 2009 (UNAUDITED)
 
                  Shares
Value
 
Genco Shipping & Trading Ltd.
  
105,186
 $     2,514,997
 
Paragon Shipping, Inc., Class A
  
297,095
1,241,857
       
 4,197,194
   
MEDIA ― 0.8%
  
 
LodgeNet Interactive Corp.(1)
  
734,568
 3,423,087
         
   
METALS & MINING ― 2.3%
  
 
General Steel Holdings, Inc.(1)
  
349,336
 1,659,346
 
SPDR S&P Metals & Mining ETF
  
156,252
 6,193,829
 
Thompson Creek Metals Co., Inc.(1)
  
105,318
 1,532,377
       
 9,385,552
   
OIL, GAS & CONSUMABLE FUELS ― 4.2%
  
 
Approach Resources, Inc.(1)
  
2,103
 14,742
 
Arena Resources, Inc.(1)
  
62,010
 2,023,386
 
ATP Oil & Gas Corp.(1)
  
190,056
 1,472,934
 
Buckeye GP Holdings LP
  
48,756
 1,072,632
 
Carrizo Oil & Gas, Inc.(1)
  
98,515
 1,871,785
 
Clean Energy Fuels Corp.(1)
  
206,380
 1,906,951
 
Contango Oil & Gas Co.(1)
  
10,889
 505,141
 
DCP Midstream Partners LP
  
53,685
 1,337,830
 
EXCO Resources, Inc.(1)
  
45,681
 627,657
 
Gran Tierra Energy, Inc.(1)
  
370,091
 1,373,038
 
James River Coal Co.(1)
  
69,434
 1,289,389
 
NuStar Energy LP
  
47,385
 2,664,459
 
Ship Finance International Ltd.
  
111,310
 1,372,452
       
 17,532,396
   
PAPER & FOREST PRODUCTS ― 1.3%
  
 
Aracruz Celulose SA ADR(1)
  
134,723
 2,689,071
 
Schweitzer-Mauduit International, Inc.
  
85,075
 2,781,953
       
 5,471,024
   
PERSONAL PRODUCTS ― 0.5%
  
 
Medifast, Inc.(1)
  
128,003
 1,913,645
         
   
PHARMACEUTICALS ― 0.7%
  
 
Auxilium Pharmaceuticals, Inc.(1)
  
47,894
 1,481,361
 
Medicines Co. (The)(1)
  
54,472
 441,768
 
Medicis Pharmaceutical Corp., Class A
  
30,914
 529,248
 
Par Pharmaceutical Cos., Inc.(1)
  
34,871
 565,259
       
 3,017,636
   
REAL ESTATE INVESTMENT TRUSTS (REITs) ― 2.6%
  
 
Agree Realty Corp.
  
62,054
 1,211,294
 
Ashford Hospitality Trust, Inc.
  
909,528
 2,719,489
 
Ramco-Gershenson Properties Trust
  
191,064
 1,736,772
 
Sunstone Hotel Investors, Inc.
  
314,748
 1,749,999
 
U-Store-It Trust
  
720,450
 3,494,182
       
 10,911,736
   
ROAD & RAIL ― 1.0%
  
 
Dollar Thrifty Automotive Group, Inc.(1)
  
246,265
 4,075,686
         
   
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT ― 6.3%
  
 
Advanced Analogic Technologies, Inc.(1)
  
181,064
 872,728
 
Amkor Technology, Inc.(1)
  
657,662
 4,116,964
 
Atheros Communications, Inc.(1)
  
133,769
 3,344,225
 
Entegris, Inc.(1)
  
629,673
 2,348,680
 
 
 
 
 
 
New Opportunities II – Schedule of Investments
 
JULY 31, 2009 (UNAUDITED)
 
                  Shares
Value
 
Himax Technologies, Inc. ADR
  
729,074
 $     2,785,063
 
Microsemi Corp.(1)
  
125,047
1,706,892
 
Pericom Semiconductor Corp.(1)
  
361,096
 3,430,412
 
Semtech Corp.(1)
  
124,538
 2,291,499
 
Sigma Designs, Inc.(1)
  
113,081
 1,828,520
 
Skyworks Solutions, Inc.(1)
  
148,161
 1,789,785
 
Tessera Technologies, Inc.(1)
  
53,025
 1,489,472
       
 26,004,240
   
SOFTWARE ― 5.7%
  
 
Actuate Corp.(1)
  
368,808
 1,928,866
 
ArcSight, Inc.(1)
  
123,771
 2,347,936
 
Ariba, Inc.(1)
  
77,666
 816,270
 
AsiaInfo Holdings, Inc.(1)
  
74,559
 1,436,752
 
Concur Technologies, Inc.(1)
  
27,160
 936,748
 
Informatica Corp.(1)
  
56,650
 1,041,794
 
JDA Software Group, Inc.(1)
  
121,544
 2,505,022
 
Pegasystems, Inc.
  
89,239
 2,525,464
 
Smith Micro Software, Inc.(1)
  
421,436
 4,817,013
 
Sybase, Inc.(1)
  
33,905
 1,213,799
 
Taleo Corp., Class A(1)
  
91,527
 1,601,722
 
THQ, Inc.(1)
  
246,764
 1,655,786
 
Ultimate Software Group, Inc.(1)
  
36,574
 936,294
       
 23,763,466
   
SPECIALTY RETAIL ― 2.8%
  
 
Aeropostale, Inc.(1)
  
112,939
 4,110,980
 
Buckle, Inc. (The)
  
58,317
 1,804,328
 
Casual Male Retail Group, Inc.(1)
  
267,517
 569,811
 
Citi Trends, Inc.(1)
  
111,621
 3,259,333
 
Kirkland's, Inc.(1)
  
137,395
 1,897,425
       
 11,641,877
   
TEXTILES, APPAREL & LUXURY GOODS ― 0.9%
  
 
G-III Apparel Group Ltd.(1)
  
104,003
 1,257,396
 
Steven Madden Ltd.(1)
  
78,684
 2,522,609
       
 3,780,005
   
TRADING COMPANIES & DISTRIBUTORS ― 1.2%
  
 
Aircastle Ltd.
  
478,424
 3,473,358
 
Beacon Roofing Supply, Inc.(1)
  
97,629
 1,637,239
       
 5,110,597
   
WATER UTILITIES ― 0.3%
  
 
Consolidated Water Co., Inc.
  
78,203
 1,375,591
         
TOTAL COMMON STOCKS
    
 
(Cost $337,823,676)
    
 414,763,171
TEMPORARY CASH INVESTMENTS — 0.9%
  
   
JPMorgan U.S. Treasury Plus Money Market Fund Agency Shares
  
40,626
 40,626
     
Repurchase Agreement, Credit Suisse First Boston, Inc., (collateralized by various U.S. Treasury obligations, 0.41%, 6/10/10, valued at $3,589,154), in a joint trading account at 0.14%, dated 7/31/09, due 8/3/09 (Delivery value $3,500,041)
  
 3,500,000
TOTAL TEMPORARY CASH INVESTMENTS
  
 
(Cost $3,540,626)
    
 3,540,626
   
 
 
 
 
 
 
New Opportunities II – Schedule of Investments
 
JULY 31, 2009 (UNAUDITED)
 
                  
Value
TOTAL INVESTMENT SECURITIES — 100.8%
    
 
(Cost $341,364,302)
    
$418,303,797
OTHER ASSETS AND LIABILITIES — (0.8)%
  
 (3,152,252)
TOTAL NET ASSETS — 100.0%
  
$415,151,545
 


Notes to Schedule of Investments
 
ADR
-
American Depositary Receipt
 
ETF
-
Exchange Traded Fund
 
SPDR
-
Standard & Poor's Depositary Receipts
 

 

(1)
Non-income producing.

 
 
 
 
 
New Opportunities II – Schedule of Investments
 
JULY 31, 2009 (UNAUDITED)
 
SUPPLEMENTARY NOTES TO SCHEDULE OF INVESTMENTS
 
1. Security Valuations
 
Securities traded primarily on a principal securities exchange are valued at the last reported sales price, or at the mean of the latest bid and asked prices where no last sales price is available. Depending on local convention or regulation, securities traded over-the-counter are valued at the mean of the latest bid and asked prices, the last sales price, or the official close price. Investments in open-end management investment companies are valued at the reported net asset value. Debt securities not traded on a principal securities exchange are valued through a commercial pricing service or at the mean of the most recent bid and asked prices. Securities traded on foreign securities exchanges and over-the-counter markets are normally completed before the close of business on days that the New York Stock Exchange (the Exchange) is open and may also take place on days when the Exchange is not open. If an event occurs after the value of a security was established but before the net asset value per share was determined that was likely to materially change the net asset value, that security would be valued as determined in accordance with procedures adopted by the Board of Directors. If the fund determines that the market price of a portfolio security is not readily available, or that the valuation methods mentioned above do not reflect the security’s fair value, such security is valued as determined by the Board of Directors or its designee, in accordance with procedures adopted by the Board of Directors, if such determination would materially impact a fund’s net asset value. Certain other circumstances may cause the fund to use alternative procedures to value a security such as: a security has been declared in default; trading in a security has been halted during the trading day; or there is a foreign market holiday and no trading will commence.
 
2. Fair Value Measurements
 
The fund’s securities valuation process is based on several considerations and may use multiple inputs to determine the fair value of the positions 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 as follows:
 
   •     Level 1 valuation inputs consist of actual quoted prices in an active market for identical securities;
   •     Level 2 valuation inputs consist of significant direct or indirect observable market data (including quoted prices for similar
         securities, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.); or
   •     Level 3 valuation inputs consist of significant unobservable inputs (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 an indication of the risks associated with investing in these securities or other financial instruments.
 
The following is a summary of the valuation inputs used to determine the fair value of the fund’s securities as of July 31, 2009:

 
Level 1
Level 2
Level 3

Investment Securities
Domestic Common Stocks
$382,736,208
–
–
Foreign Common Stocks
32,026,963
–
–
Temporary Cash Investments
40,626
$3,500,000
–
Total Value of Investment Securities
$414,803,797
$3,500,000
–

3. Federal Tax Information
 
As of July 31, 2009, the components of investments for federal income tax purposes were as follows:
 
Federal tax cost of investments
$348,501,174
    
Gross tax appreciation of investments
$  76,254,210
    
Gross tax depreciation of investments
  (6,451,587)
    
Net tax appreciation (depreciation) of investments
$  69,802,623
    
 
The difference between book-basis and tax-basis cost and unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales.
 
 
 
 
 
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.

 
 
 
 
 
 
 
 
 
 


 

 

 
 
 
 

 
American Century Investments®
 
Quarterly Portfolio Holdings
 
New Opportunities Fund
 
July 31, 2009
 
 
 
 
 
 
 
 

 

 

 
 
 
 

GRAPHIC

 
 
 
 
 
New Opportunities – Schedule of Investments
 
JULY 31, 2009 (UNAUDITED)
 
Shares
Value

COMMON STOCKS  — 99.5%
  
   
AEROSPACE & DEFENSE ― 0.1%
  
 
DigitalGlobe, Inc.(1)
  
10,004
$       182,073
         
   
AIRLINES ― 1.3%
  
 
Airtran Holdings, Inc.(1)
  
107,710
 779,820
 
Hawaiian Holdings, Inc.(1)
  
124,089
 792,929
       
 1,572,749
   
AUTO COMPONENTS ― 2.8%
  
 
Cooper Tire & Rubber Co.
  
61,774
 911,784
 
Tenneco, Inc.(1)
  
54,408
 879,777
 
TRW Automotive Holdings Corp.(1)
  
96,766
 1,628,572
       
 3,420,133
   
BEVERAGES ― 1.1%
  
 
Central European Distribution Corp.(1)
  
23,034
 661,306
 
Cott Corp.(1)
  
118,736
 657,798
       
 1,319,104
   
BIOTECHNOLOGY ― 4.7%
  
 
Acorda Therapeutics, Inc.(1)
  
12,836
 324,237
 
Alkermes, Inc.(1)
  
32,060
 330,859
 
Alnylam Pharmaceuticals, Inc.(1)
  
12,705
 295,645
 
Cubist Pharmaceuticals, Inc.(1)
  
19,194
 381,385
 
Human Genome Sciences, Inc.(1)
  
44,911
 642,227
 
InterMune, Inc.(1)
  
14,249
 217,725
 
Isis Pharmaceuticals, Inc.(1)
  
29,946
 547,413
 
Medarex, Inc.(1)
  
22,124
 351,108
 
Medivation, Inc.(1)
  
9,903
 245,099
 
Myriad Pharmaceuticals, Inc.(1)
  
15,304
 74,531
 
Onyx Pharmaceuticals, Inc.(1)
  
18,047
 648,248
 
PDL BioPharma, Inc.
  
40,729
 335,200
 
Regeneron Pharmaceuticals, Inc.(1)
  
20,603
 441,728
 
Savient Pharmaceuticals, Inc.(1)
  
20,419
 318,332
 
Seattle Genetics, Inc.(1)
  
26,210
 315,831
 
Theravance, Inc.(1)
  
18,426
 278,233
       
 5,747,801
   
BUILDING PRODUCTS ― 0.8%
  
 
American Woodmark Corp.
  
42,903
 1,005,646
         
   
CAPITAL MARKETS ― 4.5%
  
 
Cohen & Steers, Inc.
  
79,330
 1,449,359
 
HFF, Inc., Class A(1)
  
45,083
 208,734
 
KBW, Inc.(1)
  
25,348
 739,908
 
Piper Jaffray Cos.(1)
  
33,408
 1,532,091
 
SPDR KBW Capital Markets ETF
  
13,990
 499,303
 
Stifel Financial Corp.(1)
  
10,412
 519,871
 
Westwood Holdings Group, Inc.
  
15,109
 589,856
       
 5,539,122
   
CHEMICALS ― 1.3%
  
 
A. Schulman, Inc.
  
31,271
 666,385
 
Solutia, Inc.(1)
  
104,363
 933,005
       
 1,599,390
   
 
 
 
 
 

New Opportunities – Schedule of Investments
 
JULY 31, 2009 (UNAUDITED)
 
Shares
Value
COMMERCIAL BANKS ― 2.0%
  
 
PrivateBancorp, Inc.
  
42,646
$     1,058,900
 
Southside Bancshares, Inc.
  
20,066
 454,294
 
Western Alliance Bancorp(1)
  
135,832
 941,316
       
 2,454,510
   
COMMERCIAL SERVICES & SUPPLIES ― 0.4%
  
 
Cenveo, Inc.(1)
  
94,026
 454,146
         
   
COMMUNICATIONS EQUIPMENT ― 2.8%
  
 
Acme Packet, Inc.(1)
  
18,159
 182,316
 
Arris Group, Inc.(1)
  
17,791
 216,695
 
Aruba Networks, Inc.(1)
  
66,203
 587,883
 
Blue Coat Systems, Inc.(1)
  
23,149
 432,655
 
Palm, Inc.(1)
  
25,599
 402,672
 
Riverbed Technology, Inc.(1)
  
15,598
 312,116
 
Tekelec(1)
  
69,321
 1,274,813
       
 3,409,150
   
COMPUTERS & PERIPHERALS ― 2.3%
  
 
Novatel Wireless, Inc.(1)
  
136,104
 1,290,266
 
STEC, Inc.(1)
  
36,481
 1,243,637
 
Synaptics, Inc.(1)
  
13,478
 323,068
       
 2,856,971
   
CONSTRUCTION & ENGINEERING ― 0.5%
  
 
Michael Baker Corp.(1)
  
13,567
 578,633
         
   
CONTAINERS & PACKAGING ― 0.6%
  
 
Temple-Inland, Inc.
  
51,014
 798,879
         
   
DIVERSIFIED ― 2.0%
  
 
iShares Russell Microcap Index Fund
  
68,741
 2,476,738
         
   
DIVERSIFIED CONSUMER SERVICES ― 0.2%
  
 
CPI Corp.
  
16,371
 300,244
         
   
DIVERSIFIED TELECOMMUNICATION SERVICES ― 0.7%
  
 
Neutral Tandem, Inc.(1)
  
27,258
 844,998
         
   
ELECTRICAL EQUIPMENT ― 5.2%
  
 
Advanced Battery Technologies, Inc.(1)
  
207,306
 889,343
 
American Superconductor Corp.(1)
  
43,876
 1,411,491
 
AZZ, Inc.(1)
  
33,313
 1,290,879
 
Ener1, Inc.(1)
  
54,943
 350,536
 
JA Solar Holdings Co. Ltd. ADR(1)
  
196,235
 943,890
 
Jinpan International Ltd.
  
10,725
 389,317
 
Trina Solar Ltd. ADR(1)
  
41,206
 1,164,482
       
 6,439,938
   
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS ― 1.0%
  
 
Maxwell Technologies, Inc.(1)
  
90,965
 1,288,064
         
   
ENERGY EQUIPMENT & SERVICES ― 0.8%
  
 
Dril-Quip, Inc.(1)
  
13,385
 566,052
 
Willbros Group, Inc.(1)
  
33,147
 457,097
       
 1,023,149
   
FOOD PRODUCTS ― 0.5%
  
 
Darling International, Inc.(1)
  
80,485
 568,224
         
   
   
 
 
 
 
 
 
New Opportunities – Schedule of Investments
 
JULY 31, 2009 (UNAUDITED)
 
Shares
Value
HEALTH CARE EQUIPMENT & SUPPLIES ― 3.9%
  
 
Abaxis, Inc.(1)
  
8,994
$        240,769
 
Align Technology, Inc.(1)
  
23,746
 259,069
 
American Medical Systems Holdings, Inc.(1)
  
30,019
 458,991
 
Haemonetics Corp.(1)
  
8,259
 487,364
 
ICU Medical, Inc.(1)
  
4,603
 179,195
 
Immucor, Inc.(1)
  
21,784
 362,921
 
Masimo Corp.(1)
  
16,940
 414,183
 
Meridian Bioscience, Inc.
  
14,363
 316,273
 
NuVasive, Inc.(1)
  
12,295
 508,890
 
STERIS Corp.
  
18,955
 532,256
 
Thoratec Corp.(1)
  
18,570
 466,850
 
Volcano Corp.(1)
  
13,594
 206,493
 
West Pharmaceutical Services, Inc.
  
10,672
 389,528
       
 4,822,782
   
HEALTH CARE PROVIDERS & SERVICES ― 4.0%
  
 
Amedisys, Inc.(1)
  
8,890
 397,472
 
AMERIGROUP Corp.(1)
  
17,430
 430,172
 
Animal Health International, Inc.(1)
  
58,251
 95,532
 
CardioNet, Inc.(1)
  
7,247
 51,454
 
Catalyst Health Solutions, Inc.(1)
  
17,678
 455,739
 
Chemed Corp.
  
7,507
 331,059
 
Chindex International, Inc.(1)
  
20,457
 266,555
 
Emergency Medical Services Corp., Class A(1)
  
4,271
 167,167
 
Genoptix, Inc.(1)
  
7,043
 220,516
 
HealthSouth Corp.(1)
  
29,125
 419,400
 
HMS Holdings Corp.(1)
  
8,940
 343,296
 
IPC The Hospitalist Co., Inc.(1)
  
8,707
 242,490
 
Owens & Minor, Inc.
  
10,944
 484,819
 
PharMerica Corp.(1)
  
10,836
 227,122
 
PSS World Medical, Inc.(1)
  
20,134
 406,908
 
Psychiatric Solutions, Inc.(1)
  
14,190
 383,414
       
 4,923,115
   
HEALTH CARE TECHNOLOGY ― 1.3%
  
 
athenahealth, Inc.(1)
  
11,138
 411,438
 
Eclipsys Corp.(1)
  
18,852
 343,106
 
MedAssets, Inc.(1)
  
13,675
 255,449
 
Phase Forward, Inc.(1)
  
15,832
 224,814
 
Quality Systems, Inc.
  
7,004
 384,450
       
 1,619,257
   
HOTELS, RESTAURANTS & LEISURE ― 4.4%
  
 
Ameristar Casinos, Inc.
  
34,049
 636,376
 
Bally Technologies, Inc.(1)
  
17,742
 642,438
 
Carrols Restaurant Group, Inc.(1)
  
78,127
 528,920
 
Home Inns & Hotels Management, Inc. ADR(1)
  
38,533
 616,528
 
Isle of Capri Casinos, Inc.(1)
  
93,734
 1,114,497
 
Life Time Fitness, Inc.(1)
  
41,977
 1,068,315
 
McCormick & Schmick's Seafood Restaurants, Inc.(1)
  
31,410
 243,113
 
Ruby Tuesday, Inc.(1)
  
75,358
 
 563,678
       
 5,413,865
   
HOUSEHOLD DURABLES ― 5.3%
  
 
American Greetings Corp., Class A
  
83,758
 1,320,864
 
 
 
 
 
 
New Opportunities – Schedule of Investments
 
JULY 31, 2009 (UNAUDITED)
 
Shares
Value
 
KB Home
  
60,010
$     1,001,567
 
La-Z-Boy, Inc.
  
119,930
811,926
 
Lennar Corp., Class A
  
93,386
 1,105,690
 
Sealy Corp.(1)
  
277,644
 705,216
 
Tempur-Pedic International, Inc.
  
104,894
 1,555,578
       
 6,500,841
   
HOUSEHOLD PRODUCTS ― 0.7%
  
 
Central Garden and Pet Co., Class A(1)
  
72,538
 818,954
         
   
INSURANCE ― 0.8%
  
 
National Financial Partners Corp.
  
62,284
 467,130
 
Phoenix Cos., Inc. (The)(1)
  
114,939
 252,866
 
Protective Life Corp.
  
18,134
 271,103
       
 991,099
   
INTERNET & CATALOG RETAIL ― 2.6%
  
 
Blue Nile, Inc.(1)
  
5,994
 277,103
 
priceline.com, Inc.(1)
  
15,537
 2,013,906
 
Shutterfly, Inc.(1)
  
56,703
 910,650
       
 3,201,659
   
INTERNET SOFTWARE & SERVICES ― 5.0%
  
 
Art Technology Group, Inc.(1)
  
265,215
 1,005,165
 
Digital River, Inc.(1)
  
3,363
 118,882
 
Internet Capital Group, Inc.(1)
  
92,966
 694,456
 
LogMeIn, Inc.(1)
  
32,194
 628,105
 
NetEase.com, Inc. ADR(1)
  
11,243
 495,367
 
NIC, Inc.
  
30,910
 234,607
 
Openwave Systems, Inc.(1)
  
261,773
 685,845
 
United Online, Inc.
  
93,964
 862,590
 
Valueclick, Inc.(1)
  
91,293
 1,049,869
 
VistaPrint Ltd.(1)
  
9,285
 383,006
       
 6,157,892
   
IT SERVICES ― 1.7%
  
 
Cybersource Corp.(1)
  
19,946
 345,864
 
Global Cash Access Holdings, Inc.(1)
  
155,057
 1,395,513
 
Online Resources Corp.(1)
  
60,725
 401,392
       
 2,142,769
   
LEISURE EQUIPMENT & PRODUCTS ― 0.8%
  
 
RC2 Corp.(1)
  
61,424
 937,945
         
   
LIFE SCIENCES TOOLS & SERVICES ― 1.2%
  
 
AMAG Pharmaceuticals, Inc.(1)
  
6,938
 315,054
 
Dionex Corp.(1)
  
5,846
 385,310
 
Luminex Corp.(1)
  
14,940
 263,990
 
PAREXEL International Corp.(1)
  
20,761
 321,173
 
Sequenom, Inc.(1)
  
22,854
 131,639
       
 1,417,166
   
MACHINERY ― 0.6%
  
 
Chart Industries, Inc.(1)
  
23,595
 454,440
 
Duoyuan Global Water, Inc. ADR(1)
  
4,537
 135,883
 
Trimas Corp.(1)
  
32,242
 139,930
       
 730,253
   
MARINE ― 1.0%
  
 
FreeSeas, Inc.
  
71,017
 130,671
 
 
 
 

 
New Opportunities – Schedule of Investments
 
JULY 31, 2009 (UNAUDITED)
 
Shares
Value
 
Genco Shipping & Trading Ltd.
  
30,851
$        737,647
 
Paragon Shipping, Inc., Class A
  
88,164
368,526
       
 1,236,844
   
MEDIA ― 0.8%
  
 
LodgeNet Interactive Corp.(1)
  
217,773
 1,014,822
         
   
METALS & MINING ― 2.3%
  
 
General Steel Holdings, Inc.(1)
  
109,007
 517,783
 
SPDR S&P Metals & Mining ETF
  
46,370
 1,838,107
 
Thompson Creek Metals Co., Inc.(1)
  
31,233
 454,440
       
 2,810,330
   
OIL, GAS & CONSUMABLE FUELS ― 4.2%
  
 
Approach Resources, Inc.(1)
  
624
 4,374
 
Arena Resources, Inc.(1)
  
18,401
 600,425
 
ATP Oil & Gas Corp.(1)
  
54,555
 422,801
 
Buckeye GP Holdings LP
  
14,320
 315,040
 
Carrizo Oil & Gas, Inc.(1)
  
28,887
 548,853
 
Clean Energy Fuels Corp.(1)
  
60,531
 559,306
 
Contango Oil & Gas Co.(1)
  
3,231
 149,886
 
DCP Midstream Partners LP
  
15,767
 392,914
 
EXCO Resources, Inc.(1)
  
13,417
 184,350
 
Gran Tierra Energy, Inc.(1)
  
109,752
 407,180
 
James River Coal Co.(1)
  
20,605
 382,635
 
NuStar Energy LP
  
14,062
 790,706
 
Ship Finance International Ltd.
  
32,707
 403,277
       
 5,161,747
   
PAPER & FOREST PRODUCTS ― 1.3%
  
 
Aracruz Celulose SA ADR(1)
  
39,987
 798,140
 
Schweitzer-Mauduit International, Inc.
  
25,067
 819,691
       
 1,617,831
   
PERSONAL PRODUCTS ― 0.5%
  
 
Medifast, Inc.(1)
  
37,750
 564,363
         
   
PHARMACEUTICALS ― 0.7%
  
 
Auxilium Pharmaceuticals, Inc.(1)
  
14,211
 439,546
 
Medicines Co. (The)(1)
  
16,053
 130,190
 
Medicis Pharmaceutical Corp., Class A
  
9,173
 157,042
 
Par Pharmaceutical Cos., Inc.(1)
  
10,347
 167,725
       
 894,503
   
REAL ESTATE INVESTMENT TRUSTS (REITs) ― 2.6%
  
 
Agree Realty Corp.
  
16,534
 322,744
 
Ashford Hospitality Trust, Inc.
  
269,642
 806,229
 
Ramco-Gershenson Properties Trust
  
56,699
 515,394
 
Sunstone Hotel Investors, Inc.
  
92,485
 514,217
 
U-Store-It Trust
  
211,052
 1,023,602
       
 3,182,186
   
ROAD & RAIL ― 1.0%
  
 
Dollar Thrifty Automotive Group, Inc.(1)
  
72,699
 1,203,168
         
   
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT ― 6.3%
  
 
Advanced Analogic Technologies, Inc.(1)
  
53,683
 258,752
 
Amkor Technology, Inc.(1)
  
195,033
 1,220,906
 
Atheros Communications, Inc.(1)
  
39,691
 992,275
 
Entegris, Inc.(1)
  
186,675
 696,298
 
 
 
 
 
 
New Opportunities – Schedule of Investments
 
JULY 31, 2009 (UNAUDITED)
 
Shares
Value
 
Himax Technologies, Inc. ADR
  
216,336
$        826,403
 
Microsemi Corp.(1)
  
36,632
500,027
 
Pericom Semiconductor Corp.(1)
  
106,104
 1,007,988
 
Semtech Corp.(1)
  
37,687
 693,441
 
Sigma Designs, Inc.(1)
  
33,840
 547,193
 
Skyworks Solutions, Inc.(1)
  
43,963
 531,073
 
Tessera Technologies, Inc.(1)
  
15,609
 438,457
       
 7,712,813
   
SOFTWARE ― 5.7%
  
 
Actuate Corp.(1)
  
109,338
 571,838
 
ArcSight, Inc.(1)
  
36,953
 700,998
 
Ariba, Inc.(1)
  
23,045
 242,203
 
AsiaInfo Holdings, Inc.(1)
  
22,126
 426,368
 
Concur Technologies, Inc.(1)
  
8,059
 277,955
 
Informatica Corp.(1)
  
16,795
 308,860
 
JDA Software Group, Inc.(1)
  
36,065
 743,300
 
Pegasystems, Inc.
  
26,445
 748,394
 
Smith Micro Software, Inc.(1)
  
125,717
 1,436,945
 
Sybase, Inc.(1)
  
10,061
 360,184
 
Taleo Corp., Class A(1)
  
27,135
 474,862
 
THQ, Inc.(1)
  
73,228
 491,360
 
Ultimate Software Group, Inc.(1)
  
10,852
 277,811
       
 7,061,078
   
SPECIALTY RETAIL ― 2.8%
  
 
Aeropostale, Inc.(1)
  
33,654
 1,225,005
 
Buckle, Inc. (The)
  
17,306
 535,448
 
Casual Male Retail Group, Inc.(1)
  
79,328
 168,969
 
Citi Trends, Inc.(1)
  
33,422
 975,922
 
Kirkland's, Inc.(1)
  
38,405
 530,373
       
 3,435,717
   
TEXTILES, APPAREL & LUXURY GOODS ― 0.9%
  
 
G-III Apparel Group Ltd.(1)
  
30,564
 369,519
 
Steven Madden Ltd.(1)
  
23,349
 748,569
       
 1,118,088
   
TRADING COMPANIES & DISTRIBUTORS ― 1.2%
  
 
Aircastle Ltd.
  
141,959
 1,030,622
 
Beacon Roofing Supply, Inc.(1)
  
28,944
 485,391
       
 1,516,013
   
WATER UTILITIES ― 0.3%
  
 
Consolidated Water Co., Inc.
  
23,063
 405,678
         
TOTAL COMMON STOCKS
    
 
(Cost $104,848,803)
    
 122,492,440
TEMPORARY CASH INVESTMENTS — 1.2%
  
   
JPMorgan U.S. Treasury Plus Money Market Fund Agency Shares
  
73,384
 73,384
     
Repurchase Agreement, Credit Suisse First Boston, Inc., (collateralized by various U.S. Treasury obligations, 0.41%, 6/10/10, valued at $1,435,662), in a joint trading account at 0.14%, dated 7/31/09, due 8/3/09 (Delivery value $1,400,016)
  
 1,400,000
TOTAL TEMPORARY CASH INVESTMENTS
  
 
(Cost $1,473,384)
    
 1,473,384
   
 
 
 

 
 
New Opportunities – Schedule of Investments
 
JULY 31, 2009 (UNAUDITED)
 
 
Value
TOTAL INVESTMENT SECURITIES — 100.7%
    
 
(Cost $106,322,187)
    
$123,965,824
OTHER ASSETS AND LIABILITIES — (0.7)%
  
 (863,924)
TOTAL NET ASSETS — 100.0%
  
$123,101,900
 

Notes to Schedule of Investments
 
ADR
-
American Depositary Receipt
 
ETF
-
Exchange Traded Fund
 
SPDR
-
Standard & Poor's Depositary Receipts
 

(1)
Non-income producing.



 
 
 
New Opportunities – Schedule of Investments
 
JULY 31, 2009 (UNAUDITED)

SUPPLEMENTARY NOTES TO SCHEDULE OF INVESTMENTS
 
1. Security Valuations
 
Securities traded primarily on a principal securities exchange are valued at the last reported sales price, or at the mean of the latest bid and asked prices where no last sales price is available. Depending on local convention or regulation, securities traded over-the-counter are valued at the mean of the latest bid and asked prices, the last sales price, or the official close price. Investments in open-end management investment companies are valued at the reported net asset value. Debt securities not traded on a principal securities exchange are valued through a commercial pricing service or at the mean of the most recent bid and asked prices. Discount notes may be valued through a commercial pricing service or at amortized cost, which approximates fair value. Securities traded on foreign securities exchanges and over-the-counter markets are normally completed before the close of business on days that the New York Stock Exchange (the Exchange) is open and may also take place on days when the Exchange is not open. If an event occurs after the value of a security was established but before the net asset value per share was determined that was likely to materially change the net asset value, that security would be valued as determined in accordance with procedures adopted by the Board of Directors. If the fund determines that the market price of a portfolio security is not readily available, or that the valuation methods mentioned above do not reflect the security’s fair value, such security is valued as determined by the Board of Directors or its designee, in accordance with procedures adopted by the Board of Directors, if such determination would materially impact a fund’s net asset value. Certain other circumstances may cause the fund to use alternative procedures to value a security such as: a security has been declared in default; trading in a security has been halted during the trading day; or there is a foreign market holiday and no trading will commence.
 
2. Fair Value Measurements
 
The fund’s securities valuation process is based on several considerations and may use multiple inputs to determine the fair value of the positions 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 as follows:
 
   •     Level 1 valuation inputs consist of actual quoted prices in an active market for identical securities;
   •     Level 2 valuation inputs consist of significant direct or indirect observable market data (including quoted prices for similar
         securities, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.); or
   •     Level 3 valuation inputs consist of significant unobservable inputs (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 an indication of the risks associated with investing in these securities or other financial instruments.
 
The following is a summary of the valuation inputs used to determine the fair value of the fund’s securities as of July 31, 2009:
 
 
Level 1
Level 2
Level 3
Investment Securities
Domestic Common Stocks
$  112,967,703
–
–
Foreign Common Stocks
9,524,737
–
–
Temporary Cash Investments
73,384
$    1,400,000
–
Total Value of Investment Securities
$  122,565,824
$    1,400,000
–
 
3. Federal Tax Information
 
As of July 31, 2009, the components of investments for federal income tax purposes were as follows:
 
Federal tax cost of investments
$     107,309,074
    
Gross tax appreciation of investments
$       20,030,977
    
Gross tax depreciation of investments
  (3,374,227)
    
Net tax appreciation (depreciation) of investments
$       16,656,750
    
 
The difference between book-basis and tax-basis cost and unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales.
 
 
 
 
 
 
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.
 
 
 
 
 
 
 
 



 

 

 

 
 
 

 
American Century Investments®
 
Quarterly Portfolio Holdings
 
Balanced Fund
 
July 31, 2009
 

 

 

 

 
 
 
 
 
 
 

 

GRAPHIC
 
 
 
 
 
Balanced – Schedule of Investments
 
JULY 31, 2009 (UNAUDITED)
 
Shares/Principal Amount
Value

COMMON STOCKS ― 59.5%
  
   
AEROSPACE & DEFENSE ― 1.9%
  
 
Alliant Techsystems, Inc.(1)
  
14,221
$  1,119,477
 
General Dynamics Corp.
  
31,624
 1,751,653
 
Goodrich Corp.
  
34,454
 1,769,558
 
L-3 Communications Holdings, Inc.
  
8,155
 615,703
 
Northrop Grumman Corp.
  
34,557
 1,540,551
 
Raytheon Co.
  
42,878
 2,013,122
       
 8,810,064
   
AIR FREIGHT & LOGISTICS ― 0.6%
  
 
C.H. Robinson Worldwide, Inc.
  
5,982
 326,198
 
FedEx Corp.
  
9,261
 628,266
 
United Parcel Service, Inc., Class B
  
30,783
 1,653,971
       
 2,608,435
   
AIRLINES ― 0.1%
  
 
Copa Holdings SA, Class A
  
1,645
 66,688
 
Southwest Airlines Co.
  
24,782
 194,539
       
 261,227
   
AUTO COMPONENTS ― 0.6%
  
 
Gentex Corp.
  
49,440
 740,117
 
Magna International, Inc., Class A
  
7,746
 394,736
 
TRW Automotive Holdings Corp.(1)
  
59,203
 996,387
 
WABCO Holdings, Inc.
  
39,527
 751,408
       
 2,882,648
   
BEVERAGES ― 1.1%
  
 
Coca-Cola Co. (The)
  
58,165
 2,898,944
 
Coca-Cola Enterprises, Inc.
  
73,576
 1,382,493
 
PepsiCo, Inc.
  
8,938
 507,231
       
 4,788,668
   
BIOTECHNOLOGY ― 1.4%
  
 
Amgen, Inc.(1)
  
68,231
 4,251,474
 
Biogen Idec, Inc.(1)
  
6,484
 308,314
 
Gilead Sciences, Inc.(1)
  
35,466
 1,735,351
 
Isis Pharmaceuticals, Inc.(1)
  
11,304
 206,637
       
 6,501,776
   
CAPITAL MARKETS ― 1.8%
  
 
Bank of New York Mellon Corp. (The)
  
51,623
 1,411,373
 
BlackRock, Inc.
  
4,591
 874,769
 
Blackstone Group LP (The)
  
62,009
 698,221
 
Federated Investors, Inc., Class B
  
22,964
 595,457
 
Goldman Sachs Group, Inc. (The)
  
17,734
 2,895,962
 
Morgan Stanley
  
36,288
 1,034,208
 
TD Ameritrade Holding Corp.(1)
  
26,818
 497,206
       
 8,007,196
   
CHEMICALS ― 0.5%
  
 
CF Industries Holdings, Inc.
  
13,250
 1,045,955
 
OM Group, Inc.(1)
  
10,087
 339,529
 
Terra Industries, Inc.
  
30,157
 879,378
       
 2,264,862
   
 
 
 
 
 
 
Balanced – Schedule of Investments
 
JULY 31, 2009 (UNAUDITED)
 
Shares/Principal Amount
Value
COMMERCIAL BANKS ― 1.4%
  
 
Bank of Montreal
  
9,889
$   495,538
 
Canadian Imperial Bank of Commerce
  
5,907
 364,107
 
PNC Financial Services Group, Inc.
  
7,994
 293,060
 
Toronto-Dominion Bank (The)
  
30,302
 1,776,909
 
U.S. Bancorp.
  
15,261
 311,477
 
Valley National Bancorp.
  
5,225
 66,462
 
Wells Fargo & Co.
  
128,482
 3,142,670
       
 6,450,223
   
COMMERCIAL SERVICES & SUPPLIES ― 0.1%
  
 
Waste Management, Inc.
  
8,052
 226,342
         
   
COMMUNICATIONS EQUIPMENT ― 2.0%
  
 
Arris Group, Inc.(1)
  
7,715
 93,969
 
Cisco Systems, Inc.(1)
  
197,867
 4,355,053
 
Plantronics, Inc.
  
12,341
 292,111
 
Polycom, Inc.(1)
  
16,128
 383,040
 
QUALCOMM, Inc.
  
67,703
 3,128,556
 
Research In Motion Ltd.(1)
  
9,647
 733,172
 
Tellabs, Inc.(1)
  
34,467
 199,908
       
 9,185,809
   
COMPUTERS & PERIPHERALS ― 2.5%
  
 
Apple, Inc.(1)
  
29,639
 4,842,716
 
EMC Corp.(1)
  
113,884
 1,715,093
 
Hewlett-Packard Co.
  
60,103
 2,602,460
 
NCR Corp.(1)
  
35,201
 455,501
 
Seagate Technology
  
75,945
 914,378
 
Western Digital Corp.(1)
  
26,350
 797,087
       
 11,327,235
   
CONSTRUCTION & ENGINEERING ― 0.6%
  
 
EMCOR Group, Inc.(1)
  
32,121
 774,759
 
Fluor Corp.
  
23,359
 1,233,355
 
Foster Wheeler AG(1)
  
14,668
 338,831
 
Shaw Group, Inc. (The)(1)
  
6,244
 183,823
 
URS Corp.(1)
  
6,493
 328,546
       
 2,859,314
   
CONSUMER FINANCE(2)
  
 
Discover Financial Services
  
7,602
 90,312
         
   
CONTAINERS & PACKAGING ― 0.7%
  
 
Pactiv Corp.(1)
  
88,352
 2,224,703
 
Rock-Tenn Co., Class A
  
13,409
 602,869
 
Sonoco Products Co.
  
4,645
 123,000
       
 2,950,572
   
DIVERSIFIED CONSUMER SERVICES ― 0.3%
  
 
H&R Block, Inc.
  
72,857
 1,215,983
         
   
DIVERSIFIED FINANCIAL SERVICES ― 1.9%
  
 
Bank of America Corp.
  
184,201
 2,724,333
 
Citigroup, Inc.
  
134,708
 427,024
 
JPMorgan Chase & Co.
  
138,258
 5,343,672
       
 8,495,029
 
 
 
 

 
Balanced – Schedule of Investments
 
JULY 31, 2009 (UNAUDITED)
 
Shares/Principal Amount
Value
DIVERSIFIED TELECOMMUNICATION SERVICES ― 1.6%
  
 
AT&T, Inc.
  
193,265
$  5,069,341
 
CenturyTel, Inc.
  
8,144
 255,640
 
Verizon Communications, Inc.
  
62,284
 1,997,448
 
Windstream Corp.
  
4,246
 37,237
       
 7,359,666
   
ELECTRIC UTILITIES ― 0.7%
  
 
Entergy Corp.
  
18,035
 1,448,752
 
Exelon Corp.
  
7,039
 358,003
 
FPL Group, Inc.
  
25,596
 1,450,525
       
 3,257,280
   
ELECTRICAL EQUIPMENT ― 0.3%
  
 
Cooper Industries Ltd., Class A
  
17,179
 566,048
 
GrafTech International Ltd.(1)
  
53,368
 732,743
       
 1,298,791
   
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS ― 0.5%
  
 
Arrow Electronics, Inc.(1)
  
24,854
 640,488
 
Celestica, Inc.(1)
  
191,746
 1,528,216
 
Molex, Inc.
  
9,878
 175,433
 
Tech Data Corp.(1)
  
1,654
 57,774
       
 2,401,911
   
ENERGY EQUIPMENT & SERVICES ― 1.9%
  
 
Baker Hughes, Inc.
  
13,301
 538,690
 
BJ Services Co.
  
50,865
 721,266
 
Diamond Offshore Drilling, Inc.
  
10,266
 922,605
 
ENSCO International, Inc.
  
23,069
 874,084
 
Halliburton Co.
  
51,274
 1,132,643
 
National Oilwell Varco, Inc.(1)
  
35,175
 1,264,189
 
Noble Corp.
  
1,260
 42,664
 
Oil States International, Inc.(1)
  
14,824
 402,027
 
Schlumberger Ltd.
  
36,824
 1,970,084
 
Transocean Ltd.(1)
  
10,475
 834,753
       
 8,703,005
   
FOOD & STAPLES RETAILING ― 1.4%
  
 
Kroger Co. (The)
  
11,518
 246,255
 
SUPERVALU, INC.
  
26,776
 397,088
 
SYSCO Corp.
  
82,892
 1,969,514
 
Wal-Mart Stores, Inc.
  
75,589
 3,770,379
       
 6,383,236
   
FOOD PRODUCTS ― 1.3%
  
 
Archer-Daniels-Midland Co.
  
83,110
 2,503,273
 
ConAgra Foods, Inc.
  
64,473
 1,265,605
 
Dean Foods Co.(1)
  
12,206
 258,645
 
Hershey Co. (The)
  
1,494
 59,685
 
J.M. Smucker Co. (The)
  
12,590
 629,878
 
Kraft Foods, Inc., Class A
  
26,626
 754,581
 
Lancaster Colony Corp.
  
4,264
 194,183
       
 5,665,850
   
GAS UTILITIES ― 0.1%
  
 
New Jersey Resources Corp.
  
5,528
 213,381
 
 
 
 
 
 
Balanced – Schedule of Investments
 
JULY 31, 2009 (UNAUDITED)
 
Shares/Principal Amount
Value
 
UGI Corp.
  
7,238
$    191,373
       
 404,754
   
HEALTH CARE EQUIPMENT & SUPPLIES ― 1.6%
  
 
Becton, Dickinson & Co.
  
7,700
501,655
 
Boston Scientific Corp.(1)
  
113,167
 1,215,414
 
C.R. Bard, Inc.
  
25,797
 1,897,885
 
Gen-Probe, Inc.(1)
  
9,619
 357,057
 
Hospira, Inc.(1)
  
2,295
 88,197
 
Intuitive Surgical, Inc.(1)
  
5,513
 1,253,215
 
Medtronic, Inc.
  
16,175
 572,918
 
St. Jude Medical, Inc.(1)
  
17,197
 648,499
 
STERIS Corp.
  
20,949
 588,248
       
 7,123,088
   
HEALTH CARE PROVIDERS & SERVICES ― 0.8%
  
 
Coventry Health Care, Inc.(1)
  
6,860
 157,780
 
Express Scripts, Inc.(1)
  
7,404
 518,576
 
Henry Schein, Inc.(1)
  
789
 40,539
 
Humana, Inc.(1)
  
34,498
 1,133,259
 
Magellan Health Services, Inc.(1)
  
9,824
 317,905
 
Medco Health Solutions, Inc.(1)
  
9,961
 526,538
 
Quest Diagnostics, Inc.
  
7,710
 421,120
 
WellCare Health Plans, Inc.(1)
  
19,298
 429,574
       
 3,545,291
   
HOTELS, RESTAURANTS & LEISURE ― 0.4%
  
 
McDonald's Corp.
  
8,254
 454,465
 
Panera Bread Co., Class A(1)
  
16,194
 890,022
 
WMS Industries, Inc.(1)
  
16,580
 599,533
       
 1,944,020
   
HOUSEHOLD DURABLES ― 0.5%
  
 
Harman International Industries, Inc.
  
27,148
 670,012
 
NVR, Inc.(1)
  
2,731
 1,641,741
       
 2,311,753
   
HOUSEHOLD PRODUCTS ― 1.4%
  
 
Clorox Co.
  
6,425
 391,989
 
Colgate-Palmolive Co.
  
7,439
 538,881
 
Kimberly-Clark Corp.
  
9,494
 554,924
 
Procter & Gamble Co. (The)
  
84,621
 4,697,312
       
 6,183,106
   
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS ― 0.8%
  
 
Mirant Corp.(1)
  
82,836
 1,496,018
 
NRG Energy, Inc.(1)
  
82,005
 2,231,356
       
 3,727,374
   
INDUSTRIAL CONGLOMERATES ― 0.8%
  
 
3M Co.
  
22,375
 1,577,885
 
General Electric Co.
  
156,425
 2,096,095
       
 3,673,980
   
INSURANCE ― 2.1%
  
 
ACE Ltd.
  
18,216
 893,677
 
Allied World Assurance Co. Holdings Ltd.
  
4,012
 174,361
 
American Financial Group, Inc.
  
41,479
 1,011,673
 
 
 
 

 
Balanced – Schedule of Investments
 
JULY 31, 2009 (UNAUDITED)
 
Shares/Principal Amount
Value
 
Aspen Insurance Holdings Ltd.
  
36,239
$   901,264
 
Berkshire Hathaway, Inc., Class A(1)
  
13
 1,261,000
 
Chubb Corp.
  
17,013
785,660
 
CNA Financial Corp.
  
37,660
 642,103
 
Endurance Specialty Holdings Ltd.
  
20,297
 677,311
 
MetLife, Inc.
  
30,264
 1,027,463
 
Prudential Financial, Inc.
  
52,148
 2,308,592
       
 9,683,104
   
INTERNET & CATALOG RETAIL ― 0.3%
  
 
Amazon.com, Inc.(1)
  
8,045
 689,939
 
Netflix, Inc.(1)
  
14,437
 634,362
       
 1,324,301
   
INTERNET SOFTWARE & SERVICES ― 1.1%
  
 
Google, Inc., Class A(1)
  
7,995
 3,542,185
 
Sohu.com, Inc.(1)
  
14,337
 876,994
 
VeriSign, Inc.(1)
  
17,165
 350,853
       
 4,770,032
   
IT SERVICES ― 2.0%
  
 
Affiliated Computer Services, Inc., Class A(1)
  
8,497
 402,843
 
Alliance Data Systems Corp.(1)
  
2,770
 141,270
 
Broadridge Financial Solutions, Inc.
  
174
 3,005
 
International Business Machines Corp.
  
55,422
 6,535,916
 
SAIC, Inc.(1)
  
30,222
 546,716
 
Western Union Co. (The)
  
84,896
 1,483,982
       
 9,113,732
   
LEISURE EQUIPMENT & PRODUCTS ― 0.1%
  
 
Polaris Industries, Inc.
  
14,953
 566,270
         
   
LIFE SCIENCES TOOLS & SERVICES ― 0.4%
  
 
Bruker Corp.(1)
  
70,174
 705,950
 
Millipore Corp.(1)
  
17,953
 1,249,529
       
 1,955,479
   
MACHINERY ― 1.0%
  
 
AGCO Corp.(1)
  
25,288
 795,561
 
Cummins, Inc.
  
16,672
 717,063
 
Dover Corp.
  
7,129
 242,457
 
Flowserve Corp.
  
4,891
 395,046
 
Graco, Inc.
  
25,312
 626,219
 
Kennametal, Inc.
  
19,895
 424,161
 
Lincoln Electric Holdings, Inc.
  
11,779
 499,194
 
Navistar International Corp.(1)
  
8,858
 350,245
 
Timken Co.
  
23,898
 487,041
       
 4,536,987
   
MEDIA ― 1.4%
  
 
CBS Corp., Class B
  
3,051
 24,988
 
Comcast Corp., Class A
  
160,073
 2,378,685
 
Interpublic Group of Cos., Inc. (The)(1)
  
19,291
 100,506
 
Marvel Entertainment, Inc.(1)
  
15,595
 616,938
 
Scripps Networks Interactive, Inc., Class A
  
13,996
 451,791
 
Time Warner, Inc.
  
100,278
 2,673,411
       
 6,246,319
   
 
 
 
 

 
Balanced – Schedule of Investments
 
JULY 31, 2009 (UNAUDITED)
 
Shares/Principal Amount
Value
METALS & MINING ― 0.5%
  
 
Allegheny Technologies, Inc.
  
24,352
$   659,452
 
Cliffs Natural Resources, Inc.
  
12,127
332,159
 
Reliance Steel & Aluminum Co.
  
10,714
 361,169
 
Schnitzer Steel Industries, Inc., Class A
  
10,820
 581,791
 
Worthington Industries, Inc.
  
25,458
 336,555
       
 2,271,126
   
MULTILINE RETAIL ― 0.4%
  
 
Dollar Tree, Inc.(1)
  
25,335
 1,168,450
 
Family Dollar Stores, Inc.
  
15,147
 475,919
 
Sears Holdings Corp.(1)
  
1,365
 90,554
       
 1,734,923
MULTI-INDUSTRY ― 1.3%
  
 
Consumer Staples Select Sector SPDR Fund
  
79,163
 1,941,077
 
Financial Select Sector SPDR Fund
  
225,419
 2,932,701
 
Health Care Select Sector SPDR Fund
  
33,215
 925,702
       
 5,799,480
   
   
MULTI-UTILITIES ― 0.5%
  
 
DTE Energy Co.
  
1,444
 49,760
 
Public Service Enterprise Group, Inc.
  
73,310
 2,378,910
       
 2,428,670
   
OIL, GAS & CONSUMABLE FUELS ― 5.4%
  
 
Alpha Natural Resources, Inc.(1)
  
19,109
 636,521
 
Anadarko Petroleum Corp.
  
17,275
 832,655
 
Apache Corp.
  
15,368
 1,290,144
 
Chevron Corp.
  
48,241
 3,351,302
 
ConocoPhillips
  
45,443
 1,986,314
 
Devon Energy Corp.
  
8,361
 485,690
 
Exxon Mobil Corp.
  
152,581
 10,740,177
 
Frontier Oil Corp.
  
22,458
 312,166
 
McMoRan Exploration Co.(1)
  
43,597
 277,277
 
Murphy Oil Corp.
  
20,040
 1,166,328
 
Occidental Petroleum Corp.
  
30,661
 2,187,356
 
Peabody Energy Corp.
  
21,922
 725,837
 
Tesoro Corp.
  
9,606
 125,743
 
Valero Energy Corp.
  
7,913
 142,434
 
World Fuel Services Corp.
  
6,654
 291,844
       
 24,551,788
   
PERSONAL PRODUCTS ― 0.1%
  
 
Mead Johnson Nutrition Co., Class A
  
18,227
 663,645
         
   
PHARMACEUTICALS ― 4.0%
  
 
Abbott Laboratories
  
41,881
 1,884,226
 
Eli Lilly & Co.
  
85,664
 2,988,817
 
Endo Pharmaceuticals Holdings, Inc.(1)
  
18,837
 395,765
 
Forest Laboratories, Inc.(1)
  
29,699
 767,125
 
Johnson & Johnson
  
111,623
 6,796,725
 
King Pharmaceuticals, Inc.(1)
  
42,467
 385,176
 
Pfizer, Inc.
  
162,215
 2,584,085
 
Schering-Plough Corp.
  
38,025
 1,008,043
 
Sepracor, Inc.(1)
  
30,825
 534,814
 
 
 
 
 

Balanced – Schedule of Investments
 
JULY 31, 2009 (UNAUDITED)
 
Shares/Principal Amount
Value
 
Valeant Pharmaceuticals International(1)
  
23,973
$   618,503
 
Watson Pharmaceuticals, Inc.(1)
  
878
30,493
       
 17,993,772
   
PROFESSIONAL SERVICES ― 0.1%
  
 
Manpower, Inc.
  
8,988
 430,975
         
   
REAL ESTATE INVESTMENT TRUSTS (REITs) ― 0.1%
  
 
Host Hotels & Resorts, Inc.
  
17,078
 155,068
 
Public Storage
  
1,262
 91,583
 
Simon Property Group, Inc.
  
4,344
 242,048
       
 488,699
   
ROAD & RAIL ― 0.6%
  
 
Burlington Northern Santa Fe Corp.
  
8,258
 648,996
 
CSX Corp.
  
12,164
 488,020
 
Norfolk Southern Corp.
  
11,322
 489,676
 
Union Pacific Corp.
  
18,569
 1,068,089
       
 2,694,781
   
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT ― 2.1%
  
 
Applied Materials, Inc.
  
55,716
 768,881
 
Broadcom Corp., Class A(1)
  
22,230
 627,553
 
Intel Corp.
  
130,601
 2,514,069
 
Lam Research Corp.(1)
  
4,394
 132,084
 
Linear Technology Corp.
  
22,030
 591,946
 
LSI Corp.(1)
  
77,910
 403,574
 
Marvell Technology Group Ltd.(1)
  
20,530
 273,870
 
Skyworks Solutions, Inc.(1)
  
57,276
 691,894
 
Texas Instruments, Inc.
  
126,408
 3,040,112
 
Xilinx, Inc.
  
11,598
 251,561
       
 9,295,544
   
SOFTWARE ― 2.5%
  
 
Adobe Systems, Inc.(1)
  
14,874
 482,215
 
Autodesk, Inc.(1)
  
31,658
 690,461
 
Cerner Corp.(1)
  
4,935
 321,170
 
Microsoft Corp.
  
230,280
 5,416,186
 
Oracle Corp.
  
110,254
 2,439,921
 
Quest Software, Inc.(1)
  
10,576
 155,890
 
Sybase, Inc.(1)
  
33,951
 1,215,446
 
Symantec Corp.(1)
  
22,379
 334,118
 
Take-Two Interactive Software, Inc.(1)
  
18,323
 174,435
       
 11,229,842
   
SPECIALTY RETAIL ― 0.9%
  
 
AutoZone, Inc.(1)
  
1,273
 195,495
 
Gap, Inc. (The)
  
69,129
 1,128,185
 
RadioShack Corp.
  
11,142
 172,813
 
Ross Stores, Inc.
  
44,468
 1,960,594
 
Sherwin-Williams Co. (The)
  
8,932
 515,823
 
Tractor Supply Co.(1)
  
2,494
 119,637
       
 4,092,547
   
TEXTILES, APPAREL & LUXURY GOODS ― 0.2%
  
 
Liz Claiborne, Inc.
  
49,102
 155,162
 
 
 
 

 
Balanced – Schedule of Investments
 
JULY 31, 2009 (UNAUDITED)
 
Shares/Principal Amount
Value
 
Polo Ralph Lauren Corp.
  
12,178
$   767,823
       
 922,985
   
TOBACCO ― 0.8%
  
 
Altria Group, Inc.
  
15,146
265,510
 
Philip Morris International, Inc.
  
70,287
 3,275,374
       
 3,540,884
TOTAL COMMON STOCKS
    
 
(Cost $240,856,921)
    
 269,244,685
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES(3) ― 14.0%
  
 
FHLMC, 7.00%, 10/1/12(4)
  
$      57,319
 60,600
 
FHLMC, 4.50%, 1/1/19(4)
  
 1,682,800
 1,756,614
 
FHLMC, 6.50%, 1/1/28(4)
  
 103,812
 112,016
 
FHLMC, 5.50%, 12/1/33(4)
  
 870,493
 906,142
 
FHLMC, 5.50%, 1/1/38(4)
  
 2,678,774
 2,780,105
 
FHLMC, 6.00%, 8/1/38
  
 945,868
 992,383
 
FHLMC, 6.50%, 7/1/47(4)
  
 191,018
 203,010
 
FNMA, 6.50%, 5/1/11(4)
  
 7,901
 8,398
 
FNMA, 7.50%, 11/1/11(4)
  
 82,953
 87,329
 
FNMA, 6.50%, 5/1/13(4)
  
 3,182
 3,394
 
FNMA, 6.50%, 5/1/13(4)
  
 7,487
 7,987
 
FNMA, 6.50%, 6/1/13(4)
  
 1,232
 1,315
 
FNMA, 6.50%, 6/1/13(4)
  
 3,156
 3,355
 
FNMA, 6.50%, 6/1/13(4)
  
 9,959
 10,624
 
FNMA, 6.50%, 6/1/13(4)
  
 16,435
 17,532
 
FNMA, 6.50%, 6/1/13(4)
  
 18,945
 20,209
 
FNMA, 6.00%, 1/1/14(4)
  
 66,006
 70,356
 
FNMA, 6.00%, 4/1/14(4)
  
 236,939
 252,555
 
FNMA, 4.50%, 5/1/19(4)
  
 1,958,362
 2,041,815
 
FNMA, 5.00%, 9/1/20(4)
  
 2,711,646
 2,840,333
 
FNMA, 6.50%, 1/1/28(4)
  
 27,026
 29,279
 
FNMA, 7.00%, 1/1/28(4)
  
 123,347
 135,852
 
FNMA, 6.50%, 1/1/29(4)
  
 118,826
 128,657
 
FNMA, 7.50%, 7/1/29(4)
  
 186,937
 208,059
 
FNMA, 7.50%, 9/1/30(4)
  
 62,195
 69,220
 
FNMA, 6.50%, 9/1/31(4)
  
 101,294
 109,484
 
FNMA, 7.00%, 9/1/31(4)
  
 38,666
 42,510
 
FNMA, 6.50%, 1/1/32(4)
  
 188,471
 203,417
 
FNMA, 7.00%, 6/1/32(4)
  
 415,789
 456,678
 
FNMA, 6.50%, 8/1/32(4)
  
 186,935
 201,759
 
FNMA, 5.50%, 6/1/33(4)
  
 1,205,957
 1,255,721
 
FNMA, 5.50%, 7/1/33(4)
  
 1,552,813
 1,616,890
 
FNMA, 5.50%, 8/1/33(4)
  
 1,369,901
 1,426,431
 
FNMA, 5.50%, 9/1/33(4)
  
 840,560
 875,246
 
FNMA, 5.00%, 11/1/33(4)
  
 4,272,650
 4,394,692
 
FNMA, 5.50%, 1/1/34(4)
  
 6,353,492
 6,611,177
 
FNMA, 4.50%, 9/1/35(4)
  
 4,093,555
 4,134,367
 
FNMA, 5.00%, 2/1/36(4)
  
 4,662,366
 4,790,440
 
FNMA, 5.50%, 4/1/36(4)
  
 2,000,070
 2,080,103
 
FNMA, 5.50%, 5/1/36(4)
  
 3,979,596
 4,138,840
 
 
 
 
 
 
Balanced – Schedule of Investments
 
JULY 31, 2009 (UNAUDITED)
 
Shares/Principal Amount
Value
 
FNMA, 5.50%, 2/1/37(4)
  
$  1,467,336
$  1,523,759
 
FNMA, 6.00%, 7/1/37
  
 7,920,795
 8,316,954
 
FNMA, 6.50%, 8/1/37(4)
  
3,092,723
3,302,775
 
FNMA, 6.50%, 6/1/47(4)
  
 121,884
 129,892
 
FNMA, 6.50%, 8/1/47(4)
  
 326,823
 348,297
 
FNMA, 6.50%, 8/1/47(4)
  
 421,218
 448,894
 
FNMA, 6.50%, 9/1/47(4)
  
 356,180
 379,583
 
FNMA, 6.50%, 9/1/47(4)
  
 489,770
 521,950
 
FNMA, 6.50%, 9/1/47(4)
  
 1,244,024
 1,325,763
 
GNMA, 7.00%, 4/20/26(4)
  
 170,952
 187,037
 
GNMA, 7.50%, 8/15/26(4)
  
 91,021
 101,617
 
GNMA, 7.00%, 2/15/28(4)
  
 33,447
 36,744
 
GNMA, 7.50%, 2/15/28(4)
  
 72,571
 81,122
 
GNMA, 7.00%, 12/15/28(4)
  
 55,234
 60,679
 
GNMA, 7.00%, 5/15/31(4)
  
 197,492
 217,409
 
GNMA, 5.50%, 11/15/32(4)
  
 1,226,327
 1,284,695
TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES
    
 
(Cost $60,428,882)
    
 63,352,064
U.S. TREASURY SECURITIES ― 11.2%
  
 
U.S. Treasury Bonds, 6.25%, 5/15/30(4)
  
 310,000
 393,652
 
U.S. Treasury Bonds, 4.75%, 2/15/37(4)
  
 929,000
 997,660
 
U.S. Treasury Notes, 0.875%, 4/30/11(4)
  
 16,000,000
 15,975,568
 
U.S. Treasury Notes, 1.875%, 6/15/12(4)
  
 12,000,000
 12,111,516
 
U.S. Treasury Notes, 1.50%, 7/15/12(4)
  
 8,000,000
 7,980,664
 
U.S. Treasury Notes, 2.25%, 5/31/14(4)
  
 3,000,000
 2,970,009
 
U.S. Treasury Notes, 2.625%, 6/30/14(4)
  
 3,500,000
 3,522,690
 
U.S. Treasury Notes, 3.125%, 5/15/19(4)
  
 7,000,000
 6,797,651
TOTAL U.S. TREASURY SECURITIES
    
 
(Cost $50,240,024)
    
 50,749,410
CORPORATE BONDS ― 8.2%
  
   
AEROSPACE & DEFENSE ― 0.4%
  
 
BAE Systems Holdings, Inc., 6.375%, 6/1/19(4)(5)
  
 140,000
 151,341
 
Honeywell International, Inc., 5.30%, 3/15/17(4)
  
 262,000
 278,968
 
Honeywell International, Inc., 5.30%, 3/1/18(4)
  
 230,000
 246,253
 
Lockheed Martin Corp., 6.15%, 9/1/36(4)
  
 378,000
 413,785
 
United Technologies Corp., 6.05%, 6/1/36(4)
  
 454,000
 502,062
 
United Technologies Corp., 6.125%, 7/15/38(4)
  
 200,000
 225,079
       
 1,817,488
   
AUTOMOBILES ― 0.1%
  
 
DaimlerChrysler N.A. Holding Corp., 5.875%, 3/15/11(4)
  
 260,000
 268,198
   
BEVERAGES ― 0.2%
  
 
Anheuser-Busch InBev Worldwide, Inc., 6.875%, 11/15/19(5)
  
 250,000
 278,662
 
Dr Pepper Snapple Group, Inc., 6.82%, 5/1/18(4)
  
 230,000
 254,940
 
SABMiller plc, 6.20%, 7/1/11(4)(5)
  
 230,000
 244,376
       
 777,978
   
CAPITAL MARKETS ― 0.6%
  
 
Bank of New York Mellon Corp. (The), 4.30%, 5/15/14
  
 240,000
 249,331
 
Credit Suisse (New York), 5.00%, 5/15/13(4)
  
 340,000
 356,798
 
 
 
 

 
Balanced – Schedule of Investments
 
JULY 31, 2009 (UNAUDITED)
 
Shares/Principal Amount
Value
 
Credit Suisse (New York), 5.50%, 5/1/14(4)
  
$  200,000
$  213,110
 
Deutsche Bank AG (London), 4.875%, 5/20/13(4)
  
 330,000
 345,303
 
Goldman Sachs Group, Inc. (The), 6.00%, 5/1/14(4)
  
150,000
162,841
 
Goldman Sachs Group, Inc. (The), 7.50%, 2/15/19(4)
  
 510,000
 599,177
 
Merrill Lynch & Co., Inc., 4.79%, 8/4/10(4)
  
 209,000
 213,165
 
Morgan Stanley, 6.625%, 4/1/18(4)
  
 320,000
 341,583
 
Morgan Stanley, 7.30%, 5/13/19(4)
  
 390,000
 440,731
       
 2,922,039
   
CHEMICALS ― 0.1%
  
 
Dow Chemical Co. (The), 8.55%, 5/15/19(4)
  
 130,000
 143,055
 
Potash Corp of Saskatchewan, Inc., 6.50%, 5/15/19(4)
  
 100,000
 111,603
 
Rohm & Haas Co., 5.60%, 3/15/13(4)
  
 240,000
 243,790
       
 498,448
   
COMMERCIAL BANKS ― 0.3%
  
 
BB&T Corp., 5.70%, 4/30/14(4)
  
 150,000
 154,788
 
PNC Bank N.A., 6.00%, 12/7/17(4)
  
 290,000
 296,553
 
SunTrust Bank, 7.25%, 3/15/18(4)
  
 110,000
 110,301
 
Wachovia Bank N.A., 4.80%, 11/1/14(4)
  
 373,000
 367,299
 
Wachovia Bank N.A., 4.875%, 2/1/15(4)
  
 123,000
 120,346
 
Wells Fargo Bank N.A., 6.45%, 2/1/11(4)
  
 140,000
 146,943
       
 1,196,230
   
COMMERCIAL SERVICES & SUPPLIES ― 0.1%
  
 
Allied Waste North America, Inc., 6.375%, 4/15/11(4)
  
 180,000
 186,375
 
Waste Management, Inc., 7.375%, 3/11/19(4)
  
 190,000
 216,507
       
 402,882
   
CONSUMER FINANCE ― 0.3%
  
 
American Express Centurion Bank, 5.55%, 10/17/12(4)
  
 150,000
 153,369
 
American Express Co., 7.25%, 5/20/14(4)
  
 100,000
 108,297
 
Capital One Bank USA N.A., 8.80%, 7/15/19(4)
  
 250,000
 271,996
 
General Electric Capital Corp., 6.125%, 2/22/11(4)
  
 340,000
 357,892
 
General Electric Capital Corp., 5.625%, 9/15/17(4)
  
 450,000
 455,181
 
John Deere Capital Corp., 4.50%, 4/3/13(4)
  
 220,000
 231,268
       
 1,578,003
   
DIVERSIFIED FINANCIAL SERVICES ― 0.4%
  
 
Bank of America Corp., 7.375%, 5/15/14(4)
  
 120,000
 130,955
 
Bank of America Corp., 7.625%, 6/1/19(4)
  
 150,000
 163,206
 
Bank of America N.A., 5.30%, 3/15/17(4)
  
 420,000
 383,555
 
Bank of America N.A., 6.00%, 10/15/36(4)
  
 360,000
 311,198
 
Citigroup, Inc., 5.50%, 4/11/13(4)
  
 420,000
 415,677
 
Citigroup, Inc., 6.125%, 5/15/18(4)
  
 320,000
 293,863
 
Citigroup, Inc., 8.50%, 5/22/19(4)
  
 100,000
 106,793
 
JPMorgan Chase & Co., 4.65%, 6/1/14(4)
  
 200,000
 208,727
       
 2,013,974
   
DIVERSIFIED TELECOMMUNICATION SERVICES ― 0.6%
  
 
Alltel Corp., 7.875%, 7/1/32(4)
  
 100,000
 122,756
 
AT&T, Inc., 6.80%, 5/15/36(4)
  
 350,000
 395,745
 
AT&T, Inc., 6.55%, 2/15/39(4)
  
 470,000
 524,638
 
Embarq Corp., 7.08%, 6/1/16(4)
  
 219,000
 229,525
 
Qwest Corp., 7.875%, 9/1/11(4)
  
 120,000
 123,000
 
Qwest Corp., 7.50%, 10/1/14(4)
  
 200,000
 200,500
 
Telecom Italia Capital SA, 6.175%, 6/18/14(4)
  
 340,000
 365,941
 
 
 
 
 
 
Balanced – Schedule of Investments
 
JULY 31, 2009 (UNAUDITED)
 
Shares/Principal Amount
Value
 
Telefonica Emisiones SAU, 5.88%, 7/15/19(4)
  
$  220,000
$  242,120
 
Telefonica Emisiones SAU, 7.05%, 6/20/36(4)
  
 280,000
 336,781
 
Verizon Communications, Inc., 6.25%, 4/1/37(4)
  
216,000
229,941
 
Verizon Communications, Inc., 6.40%, 2/15/38(4)
  
 70,000
 76,560
       
 2,847,507
   
ELECTRIC UTILITIES ― 0.2%
  
 
Carolina Power & Light Co., 5.15%, 4/1/15(4)
  
 100,000
 105,738
 
Cleveland Electric Illuminating Co. (The), 5.70%, 4/1/17(4)
  
 81,000
 82,222
 
Florida Power Corp., 6.35%, 9/15/37(4)
  
 230,000
 265,860
 
Southern California Edison Co., 5.625%, 2/1/36(4)
  
 60,000
 63,386
 
Toledo Edison Co. (The), 6.15%, 5/15/37(4)
  
 190,000
 189,251
       
 706,457
   
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS ― 0.1%
  
 
Corning, Inc., 6.625%, 5/15/19(4)
  
 270,000
 293,663
   
ENERGY EQUIPMENT & SERVICES ― 0.1%
  
 
Pride International, Inc., 8.50%, 6/15/19(4)
  
 100,000
 107,500
 
Weatherford International Ltd., 9.625%, 3/1/19(4)
  
 240,000
 298,559
       
 406,059
   
FOOD & STAPLES RETAILING ― 0.4%
  
 
CVS Caremark Corp., 6.60%, 3/15/19(4)
  
 220,000
 246,499
 
SYSCO Corp., 4.20%, 2/12/13(4)
  
 100,000
 102,019
 
Wal-Mart Stores, Inc., 3.00%, 2/3/14(4)
  
 370,000
 369,571
 
Wal-Mart Stores, Inc., 5.875%, 4/5/27(4)
  
 468,000
 501,092
 
Wal-Mart Stores, Inc., 6.50%, 8/15/37(4)
  
 330,000
 385,580
 
Wal-Mart Stores, Inc., 6.20%, 4/15/38(4)
  
 220,000
 247,074
       
 1,851,835
   
FOOD PRODUCTS ― 0.1%
  
 
General Mills, Inc., 5.65%, 9/10/12(4)
  
 120,000
 130,516
 
Kellogg Co., 4.45%, 5/30/16(4)
  
 200,000
 205,461
 
Kraft Foods, Inc., 6.00%, 2/11/13(4)
  
 70,000
 75,881
       
 411,858
   
HEALTH CARE EQUIPMENT & SUPPLIES ― 0.1%
  
 
Baxter International, Inc., 5.90%, 9/1/16(4)
  
 130,000
 144,064
 
Baxter International, Inc., 5.375%, 6/1/18(4)
  
 220,000
 232,971
 
Baxter International, Inc., 6.25%, 12/1/37(4)
  
 230,000
 255,484
       
 632,519
   
HEALTH CARE PROVIDERS & SERVICES ― 0.1%
  
 
Medco Health Solutions, Inc., 7.25%, 8/15/13(4)
  
 270,000
 298,482
   
HOTELS, RESTAURANTS & LEISURE ― 0.2%
  
 
McDonald's Corp., 5.35%, 3/1/18(4)
  
 170,000
 181,987
 
McDonald's Corp., 6.30%, 10/15/37(4)
  
 230,000
 257,434
 
Yum! Brands, Inc., 6.875%, 11/15/37(4)
  
 230,000
 244,322
       
 683,743
   
HOUSEHOLD PRODUCTS ― 0.1%
  
 
Kimberly-Clark Corp., 6.125%, 8/1/17(4)
  
 230,000
 255,581
   
INDUSTRIAL CONGLOMERATES ― 0.1%
  
 
General Electric Co., 5.00%, 2/1/13(4)
  
 308,000
 324,359
 
General Electric Co., 5.25%, 12/6/17(4)
  
 230,000
 233,824
       
 558,183
   
   
 
 
 
 
 
 
Balanced – Schedule of Investments
 
JULY 31, 2009 (UNAUDITED)
 
Shares/Principal Amount
Value
INSURANCE ― 0.2%
  
 
Allstate Corp. (The), 7.45%, 5/16/19
  
$  150,000
$  170,038
 
MetLife Global Funding I, 5.125%, 4/10/13(4)(5)
  
 200,000
 204,217
 
MetLife, Inc., 6.75%, 6/1/16(4)
  
190,000
204,959
 
New York Life Global Funding, 4.65%, 5/9/13(4)(5)
  
 150,000
 154,173
 
Prudential Financial, Inc., 5.40%, 6/13/35(4)
  
 270,000
 203,786
 
Travelers Cos., Inc. (The), 5.90%, 6/2/19(4)
  
 100,000
 108,095
       
 1,045,268
   
MACHINERY ― 0.1%
  
 
Caterpillar Financial Services Corp., 4.85%, 12/7/12(4)
  
 230,000
 240,847
   
MEDIA ― 0.6%
  
 
British Sky Broadcasting Group plc, 9.50%, 11/15/18(4)(5)
  
 250,000
 313,457
 
Comcast Corp., 5.90%, 3/15/16(4)
  
 189,000
 202,803
 
Comcast Corp., 6.40%, 5/15/38(4)
  
 220,000
 236,434
 
Comcast Corp., 6.55%, 7/1/39(4)
  
 190,000
 207,837
 
Pearson Dollar Finance Two plc, 6.25%, 5/6/18(4)(5)
  
 320,000
 320,923
 
Rogers Cable, Inc., 6.25%, 6/15/13(4)
  
 180,000
 193,912
 
Time Warner Cable, Inc., 5.40%, 7/2/12(4)
  
 250,000
 267,160
 
Time Warner Cable, Inc., 6.75%, 7/1/18(4)
  
 240,000
 267,593
 
Time Warner Cable, Inc., 6.75%, 6/15/39(4)
  
 220,000
 239,235
 
Time Warner, Inc., 5.50%, 11/15/11(4)
  
 195,000
 206,753
 
Time Warner, Inc., 7.625%, 4/15/31(4)
  
 70,000
 76,247
 
Time Warner, Inc., 7.70%, 5/1/32(4)
  
 150,000
 166,815
       
 2,699,169
   
METALS & MINING ― 0.2%
  
 
ArcelorMittal, 6.125%, 6/1/18(4)
  
 350,000
 339,089
 
Barrick Gold Corp., 6.95%, 4/1/19
  
 120,000
 139,790
 
BHP Billiton Finance USA Ltd., 6.50%, 4/1/19(4)
  
 120,000
 137,018
 
Rio Tinto Finance USA Ltd., 5.875%, 7/15/13(4)
  
 290,000
 307,642
 
Xstrata Finance Canada Ltd., 5.80%, 11/15/16(4)(5)
  
 197,000
 189,136
       
 1,112,675
   
MULTILINE RETAIL(2)
  
 
Macy's Retail Holdings, Inc., 5.35%, 3/15/12(4)
  
 175,000
 171,765
   
MULTI-UTILITIES ― 0.5%
  
 
CenterPoint Energy Resources Corp., 6.125%, 11/1/17(4)
  
 230,000
 225,180
 
CenterPoint Energy Resources Corp., 6.25%, 2/1/37(4)
  
 330,000
 273,093
 
Dominion Resources, Inc., 4.75%, 12/15/10(4)
  
 258,000
 265,889
 
Dominion Resources, Inc., 6.40%, 6/15/18(4)
  
 230,000
 253,586
 
NSTAR Electric Co., 5.625%, 11/15/17(4)
  
 170,000
 183,022
 
Pacific Gas & Electric Co., 4.20%, 3/1/11(4)
  
 420,000
 434,557
 
Pacific Gas & Electric Co., 5.80%, 3/1/37(4)
  
 163,000
 172,797
 
Pacific Gas & Electric Co., 6.35%, 2/15/38(4)
  
 220,000
 249,220
 
Sempra Energy, 6.50%, 6/1/16(4)
  
 100,000
 110,057
       
 2,167,401
   
OIL, GAS & CONSUMABLE FUELS ― 0.9%
  
 
Anadarko Petroleum Corp., 8.70%, 3/15/19(4)
  
 280,000
 333,335
 
Canadian Natural Resources Ltd., 5.70%, 5/15/17(4)
  
 260,000
 274,070
 
ConocoPhillips, 6.50%, 2/1/39(4)
  
 370,000
 423,985
 
Enbridge Energy Partners LP, 6.50%, 4/15/18(4)
  
 95,000
 98,725
 
Enterprise Products Operating LLC, 6.30%, 9/15/17(4)
  
390,000
 420,611
 
 
 
 
 
 
Balanced – Schedule of Investments
 
JULY 31, 2009 (UNAUDITED)
 
Shares/Principal Amount
Value
 
EOG Resources, Inc., 5.625%, 6/1/19(4)
  
$   150,000
$   161,969
 
Kinder Morgan Energy Partners LP, 6.85%, 2/15/20(4)
  
 200,000
 222,123
 
Nexen, Inc., 5.65%, 5/15/17(4)
  
150,000
149,752
 
Nexen, Inc., 6.40%, 5/15/37(4)
  
 440,000
 416,581
 
Plains All American Pipeline LP, 8.75%, 5/1/19(4)
  
 190,000
 232,739
 
Shell International Finance BV, 4.00%, 3/21/14(4)
  
 430,000
 452,717
 
Shell International Finance BV, 6.375%, 12/15/38(4)
  
 200,000
 237,930
 
XTO Energy, Inc., 5.30%, 6/30/15(4)
  
 342,000
 357,865
 
XTO Energy, Inc., 6.50%, 12/15/18(4)
  
 150,000
 167,180
 
XTO Energy, Inc., 6.10%, 4/1/36(4)
  
 272,000
 281,286
       
 4,230,868
   
PAPER & FOREST PRODUCTS ― 0.1%
  
 
International Paper Co., 9.375%, 5/15/19(4)
  
 250,000
 293,327
   
PHARMACEUTICALS ― 0.4%
  
 
Abbott Laboratories, 5.875%, 5/15/16(4)
  
 100,000
 110,802
 
Abbott Laboratories, 5.60%, 11/30/17(4)
  
 210,000
 228,834
 
AstraZeneca plc, 5.40%, 9/15/12(4)
  
 295,000
 323,416
 
AstraZeneca plc, 5.90%, 9/15/17(4)
  
 360,000
 402,601
 
GlaxoSmithKline Capital, Inc., 4.85%, 5/15/13(4)
  
 180,000
 191,312
 
GlaxoSmithKline Capital, Inc., 6.375%, 5/15/38(4)
  
 70,000
 81,097
 
Wyeth, 5.95%, 4/1/37(4)
  
 272,000
 292,309
       
 1,630,371
   
REAL ESTATE INVESTMENT TRUSTS (REITs) ― 0.1%
  
 
ProLogis, 5.625%, 11/15/16(4)
  
 490,000
 418,105
 
Simon Property Group LP, 6.75%, 5/15/14(4)
  
 120,000
 124,355
       
 542,460
   
ROAD & RAIL ― 0.1%
  
 
CSX Corp., 7.375%, 2/1/19(4)
  
 150,000
 171,112
 
Norfolk Southern Corp., 5.90%, 6/15/19(4)
  
 100,000
 107,674
 
Union Pacific Corp., 5.75%, 11/15/17(4)
  
 340,000
 358,876
       
 637,662
   
SOFTWARE ― 0.1%
  
 
Intuit, Inc., 5.75%, 3/15/17(4)
  
 254,000
 244,705
 
Oracle Corp., 6.125%, 7/8/39(4)
  
 210,000
 232,963
       
 477,668
   
SPECIALTY RETAIL ― 0.1%
  
 
Home Depot, Inc. (The), 5.875%, 12/16/36(4)
  
 75,000
 69,710
 
Staples, Inc., 9.75%, 1/15/14(4)
  
 240,000
 281,631
       
 351,341
   
TOBACCO(2)
  
 
Altria Group, Inc., 9.25%, 8/6/19(4)
  
 150,000
 179,931
   
WIRELESS TELECOMMUNICATION SERVICES ― 0.2%
  
 
Rogers Communications, Inc., 6.80%, 8/15/18(4)
  
 120,000
 137,840
 
Verizon Wireless Capital LLC, 8.50%, 11/15/18(4)(5)
  
 420,000
 535,025
 
Vodafone Group plc, 5.45%, 6/10/19(4)
  
 140,000
 147,009
       
 819,874
TOTAL CORPORATE BONDS
    
 
(Cost $34,831,496)
    
 37,021,754
   
 
 
 
 

 
Balanced – Schedule of Investments
 
JULY 31, 2009 (UNAUDITED)
 
Shares/Principal Amount
Value
U.S. GOVERNMENT AGENCY SECURITIES AND EQUIVALENTS ― 1.6%
  
FIXED-RATE U.S. GOVERNMENT AGENCY SECURITIES ― 1.4%
  
 
FNMA, 2.75%, 3/13/14(4)
  
$  4,000,000
$  4,012,688
 
FNMA, 5.00%, 2/13/17(4)
  
2,200,000
2,421,201
       
 6,433,889
GOVERNMENT-BACKED CORPORATE BONDS(6) ― 0.2%
  
 
State Street Bank and Trust Co., 1.85%, 3/15/11(4)
  
1,000,000
 1,013,788
TOTAL U.S. GOVERNMENT AGENCY SECURITIES AND EQUIVALENTS
    
 
(Cost $7,230,120)
    
 7,447,677
MUNICIPAL SECURITIES ― 1.1%
  
 
California Infrastructure & Economic Development Bank Rev., Series 2003 A, (Bay Area Toll Bridges Seismic Retrofit 1st Lien), 5.00%, 1/1/28, Prerefunded at 100% of Par (Ambac)(4)(7)
  
 1,800,000
 2,049,426
 
Georgia GO, Series 2008 B, 5.00%, 7/1/18(4)
  
 1,580,000
 1,860,071
 
Illinois GO, (Taxable Pension), 5.10%, 6/1/33(4)
  
 800,000
 700,832
 
New Jersey State Turnpike Auth. Rev., Series 2009 F, (Building Bonds), 7.41%, 1/1/40(4)
  
 180,000
 211,456
TOTAL MUNICIPAL SECURITIES
    
 
(Cost $4,833,707)
    
 4,821,785
COMMERCIAL MORTGAGE-BACKED SECURITIES(3) ― 0.8%
  
 
Bear Stearns Commercial Mortgage Securities Trust, Series 2006 BBA7, Class A1, VRN, 0.40%, 8/15/09, resets monthly off the 1-month LIBOR plus 0.11% with no caps(4)(5)
  
 1,272,994
 1,085,809
 
Commercial Mortgage Pass-Through Certificates, Series 2005 F10A, Class A1, VRN, 0.39%, 8/15/09, resets monthly off the 1-month LIBOR plus 0.10% with no caps(4)(5)
  
 72,762
 71,478
 
Credit Suisse Mortgage Capital Certificates, Series 2007 TF2A, Class A1, VRN, 0.47%, 8/15/09, resets monthly off the 1-month LIBOR plus 0.18% with no caps(4)(5)
  
 1,192,564
 853,146
 
Greenwich Capital Commercial Funding Corp., Series 2006 FL4A, Class A1, VRN, 0.39%, 8/5/09, resets monthly off the 1-month LIBOR plus 0.09% with no caps(4)(5)
  
 168,951
 137,560
 
LB-UBS Commercial Mortgage Trust, Series 2005 C2, Class A2 SEQ, 4.82%, 4/15/30(4)
  
 1,238,096
 1,241,048
 
Merrill Lynch Floating Trust, Series 2006-1, Class A1, VRN, 0.36%, 8/15/09, resets monthly off the 1-month LIBOR plus 0.07% with no caps(4)(5)
  
 537,676
 402,681
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
    
 
(Cost $4,475,926)
    
 3,791,722
COLLATERALIZED MORTGAGE OBLIGATIONS(3) ― 0.7%
  
PRIVATE SPONSOR COLLATERALIZED MORTGAGE OBLIGATIONS ― 0.4%
  
 
Banc of America Alternative Loan Trust, Series 2007-2, Class 2A4, 5.75%, 6/25/37(4)
  
 806,788
 540,822
 
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2007-16, Class A1, 6.50%, 10/25/37(4)
  
 455,985
 337,844
 
Credit Suisse First Boston Mortgage Securities Corp., Series 2003 AR28, Class 2A1, VRN, 4.56%, 8/3/09(4)
  
 808,488
 742,682
 
MASTR Alternative Loans Trust, Series 2003-8, Class 4A1, 7.00%, 12/25/33(4)
  
 68,856
 64,719
       
 1,686,067
 
 
 
 
 
 
Balanced – Schedule of Investments
 
JULY 31, 2009 (UNAUDITED)
 
Shares/Principal Amount
Value
U.S. GOVERNMENT AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS ― 0.3%
  
 
FHLMC, Series 77, Class H, 8.50%, 9/15/20(4)
  
$   191,192
$   206,969
 
FHLMC, Series 2541, Class EA SEQ, 5.00%, 3/15/16(4)
  
 68,918
 69,169
 
FHLMC, Series 2926, Class EW SEQ, 5.00%, 1/15/25(4)
  
1,200,000
1,233,651
       
 1,509,789
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
    
 
(Cost $3,534,771)
    
 3,195,856
ASSET-BACKED SECURITIES(3) ― 0.2%
  
 
CNH Equipment Trust, Series 2007 C, Class A3A SEQ, 5.21%, 12/15/11(4)
  
 747,467
 755,137
 
SLM Student Loan Trust, Series 2006-5, Class A2, VRN, 0.49%, 10/26/09, resets quarterly off the 3-month LIBOR minus 0.01% with no caps(4)
  
 107,143
 106,845
 
SLM Student Loan Trust, Series 2006-10, Class A2, VRN, 0.51%, 10/26/09, resets quarterly off the 3-month LIBOR plus 0.01% with no caps(4)
  
 25,995
 25,995
TOTAL ASSET-BACKED SECURITIES
    
 
(Cost $880,588)
    
 887,977
SOVEREIGN GOVERNMENTS & AGENCIES ― 0.1%
  
 
Brazilian Government International Bond, 5.875%, 1/15/19(4)
  
 160,000
 164,640
 
Hydro Quebec, 8.40%, 1/15/22(4)
  
 145,000
 179,475
TOTAL SOVEREIGN GOVERNMENTS & AGENCIES
    
 
(Cost $329,758)
    
 344,115
TEMPORARY CASH INVESTMENTS ― 2.3%
  
 
JPMorgan U.S. Treasury Plus Money Market Fund Agency Shares(4)
      
 
(Cost $10,190,026)
  
 10,190,026
 10,190,026
     
TOTAL INVESTMENT SECURITIES — 99.7%
    
(Cost $417,832,219)
  
 451,047,071
OTHER ASSETS AND LIABILITIES — 0.3%
  
 1,407,854
TOTAL NET ASSETS — 100.0%
  
$452,454,925
 

 

SWAP AGREEMENTS
  
Notional Amount
Description of Agreement
Premiums Paid (Received)
Value
CREDIT DEFAULT - BUY PROTECTION
$2,650,000
Pay quarterly a fixed rate equal to 0.12% multiplied by the notional amount and receive from Barclays Bank plc upon each default event of Pfizer, Inc., par value of the proportional notional amount of Pfizer, Inc., 4.65%, 3/1/18. Expires March 2017.
–
$ 48,330
     
 
 
 

 
 
 
Balanced – Schedule of Investments
 
JULY 31, 2009 (UNAUDITED)

Notes to Schedule of Investments
 
Ambac
-
Ambac Assurance Corporation
 
Equivalent
-
Security whose principal payments are backed by the full faith and credit of the United States
 
FHLMC
-
Federal Home Loan Mortgage Corporation
 
FNMA
-
Federal National Mortgage Association
 
GNMA
-
Government National Mortgage Association
 
GO
-
General Obligation
 
LB-UBS
-
Lehman Brothers, Inc. — UBS AG
 
LIBOR
-
London Interbank Offered Rate
 
MASTR
-
Mortgage Asset Securitization Transactions, Inc.
 
resets
-
The frequency with which a security’s coupon changes, based on current market conditions or an underlying index. The more frequently a security resets, the less risk the investor is taking that the coupon will vary significantly from current market rates.
 
SEQ
-
Sequential Payer
 
SPDR
-
Standard & Poor's Depositary Receipts
 
VRN
-
Variable Rate Note. Interest reset date is indicated. Rate shown is effective at the period end.
 

(1)
Non-income producing.
(2)
Industry is less than 0.05% of total net assets.
(3)
Final maturity indicated, unless otherwise noted.
(4)
Security, or a portion thereof, has been segregated for swap agreements. At the period end, the aggregate value of securities pledged was $48,500.
(5)
Security was purchased under Rule 144A of the Securities Act of 1933 or is a private placement and, unless registered under the Act or exempted from registration, may only be sold to qualified institutional investors. The aggregate value of these securities at the period end was $4,941,984, which represented 1.1% of total net assets.
(6)
The debt is guaranteed under the Federal Deposit Insurance Corporation's (FDIC) Temporary Liquidity Guarantee Program and is backed by the full faith and credit of the United States. The expiration date of the FDIC's guarantee is the earlier of the maturity date of the debt or June 30, 2012.
(7)
Escrowed to maturity in U.S. government securities or state and local government securities.
 
 
 
 
 
 
Balanced – Schedule of Investments
 
JULY 31, 2009 (UNAUDITED)

SUPPLEMENTARY NOTES TO SCHEDULE OF INVESTMENTS
 
1. Security Valuations
 
Securities traded primarily on a principal securities exchange are valued at the last reported sales price, or at the mean of the latest bid and asked prices where no last sales price is available. Depending on local convention or regulation, securities traded over-the-counter are valued at the mean of the latest bid and asked prices, the last sales price, or the official close price. Investments in open-end management investment companies are valued at the reported net asset value. Debt securities not traded on a principal securities exchange are valued through a commercial pricing service or at the mean of the most recent bid and asked prices. Discount notes may be valued through a commercial pricing service or at amortized cost, which approximates fair value. Securities traded on foreign securities exchanges and over-the-counter markets are normally completed before the close of business on days that the New York Stock Exchange (the Exchange) is open and may also take place on days when the Exchange is not open. If an event occurs after the value of a security was established but before the net asset value per share was determined that was likely to materially change the net asset value, that security would be valued as determined in accordance with procedures adopted by the Board of Directors. If the fund determines that the market price of a portfolio security is not readily available, or that the valuation methods mentioned above do not reflect the security’s fair value, such security is valued as determined by the Board of Directors or its designee, in accordance with procedures adopted by the Board of Directors, if such determination would materially impact a fund’s net asset value. Certain other circumstances may cause the fund to use alternative procedures to value a security such as: a security has been declared in default; trading in a security has been halted during the trading day; or there is a foreign market holiday and no trading will commence.
 
2. Fair Value Measurements
 
The fund’s securities valuation process is based on several considerations and may use multiple inputs to determine the fair value of the positions 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 as follows:
 
   •     Level 1 valuation inputs consist of actual quoted prices in an active market for identical securities;
   •     Level 2 valuation inputs consist of significant direct or indirect observable market data (including quoted prices for similar
         securities, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.); or
   •     Level 3 valuation inputs consist of significant unobservable inputs (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 an indication of the risks associated with investing in these securities or other financial instruments.
 
The following is a summary of the valuation inputs used to determine the fair value of the fund’s securities and other financial instruments as of July 31, 2009:
 
 
Level 1
Level 2
Level 3
Investment Securities
Common Stocks
$ 269,244,685
–
–
U.S. Government Agency Mortgage-Backed Securities
–
$  63,352,064
–
U.S. Treasury Securities
–
 50,749,410
–
Corporate Bonds
–
37,021,754
–
U.S. Government Agency Securities and Equivalents
–
 7,447,677
–
Municipal Securities
–
 4,821,785
–
Commercial Mortgage-Backed Securities
–
 3,791,722
–
Collateralized Mortgage Obligations
–
 3,195,856
–
Asset-Backed Securities
–
 887,977
–
Sovereign Governments & Agencies
–
 344,115
–
Temporary Cash Investments
10,190,026
–
–
Total Value of Investment Securities
$ 279,434,711
$171,612,360
–
Other Financial Instruments
Swap Agreements
–
$ 48,330
–
Total Unrealized Gain (Loss) on Other Financial Instruments
–
$ 48,330
–
 
 
 
 
 

 
Balanced – Schedule of Investments
 
JULY 31, 2009 (UNAUDITED)

3. Federal Tax Information
 
As of July 31, 2009, the components of investments for federal income tax purposes were as follows:
 
Federal tax cost of investments
$ 429,265,625
    
Gross tax appreciation of investments
$   35,205,316
    
Gross tax depreciation of investments
  (13,423,870)
    
Net tax appreciation (depreciation) of investments
$   21,781,446
    
 
The difference between book-basis and tax-basis cost and unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales.
 
 
 
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.

 
 
 


 
 
 
 
 
 
 
 
 
 
 
 

 

 
American Century Investments®
 
Quarterly Portfolio Holdings
 
Veedot® Fund
 
July 31, 2009
 

 
 
 
 
 
 

 

 

 
 

 

GRAPHIC

 
 
 
 
 
Veedot – Schedule of Investments
 
JULY 31, 2009 (UNAUDITED)
 
Shares
Value

COMMON STOCKS  — 98.7%
  
   
AEROSPACE & DEFENSE ― 1.2%
  
 
Cubic Corp.
  
26,500
$1,037,740
         
   
AUTO COMPONENTS ― 1.2%
  
 
Cooper Tire & Rubber Co.
  
68,000
 1,003,680
         
   
BEVERAGES ― 1.2%
  
 
Coca-Cola Enterprises, Inc.
  
53,000
 995,870
         
   
BIOTECHNOLOGY ― 1.0%
  
 
Spectrum Pharmaceuticals, Inc.(1)
  
133,000
 891,100
         
   
BUILDING PRODUCTS ― 1.0%
  
 
Universal Forest Products, Inc.
  
19,500
 870,480
         
   
CAPITAL MARKETS ― 5.3%
  
 
Deutsche Bank AG
  
12,500
 811,250
 
Goldman Sachs Group, Inc. (The)
  
6,500
 1,061,450
 
Jefferies Group, Inc.(1)
  
39,500
 902,970
 
Och-Ziff Capital Management Group LLC, Class A
  
91,000
 948,220
 
Piper Jaffray Cos.(1)
  
17,000
 779,620
       
 4,503,510
   
CHEMICALS ― 3.4%
  
 
A. Schulman, Inc.
  
41,500
 884,365
 
Ashland, Inc.
  
31,500
 1,043,910
 
OM Group, Inc.(1)
  
29,500
 992,970
       
 2,921,245
   
COMMUNICATIONS EQUIPMENT ― 3.9%
  
 
Anaren, Inc.(1)
  
132,000
 2,373,360
 
Research In Motion Ltd.(1)
  
12,000
 912,000
       
 3,285,360
   
COMPUTERS & PERIPHERALS ― 4.4%
  
 
Novatel Wireless, Inc.(1)
  
72,500
 687,300
 
Seagate Technology
  
75,000
 903,000
 
STEC, Inc.(1)
  
33,000
 1,124,970
 
Western Digital Corp.(1)
  
34,000
 1,028,500
       
 3,743,770
   
CONSTRUCTION & ENGINEERING ― 2.8%
  
 
Dycom Industries, Inc.(1)
  
71,000
 903,830
 
Orion Marine Group, Inc.(1)
  
66,500
 1,486,940
       
 2,390,770
   
CONSUMER FINANCE ― 1.0%
  
 
Advance America Cash Advance Centers, Inc.
  
154,500
 852,840
         
   
CONTAINERS & PACKAGING ― 1.3%
  
 
Temple-Inland, Inc.
  
71,000
 1,111,860
         
   
DIVERSIFIED FINANCIAL SERVICES ― 2.0%
  
 
Encore Capital Group, Inc.(1)
  
63,500
 784,860
 
PHH Corp.(1)
  
49,000
 898,170
       
 1,683,030
   
DIVERSIFIED TELECOMMUNICATION SERVICES ― 0.9%
  
 
Telecom Argentina SA ADR(1)
  
58,000
 792,860
         
   
 
 
 
 

 
Veedot – Schedule of Investments
 
JULY 31, 2009 (UNAUDITED)
 
Shares
Value
ELECTRICAL EQUIPMENT ― 1.0%
  
 
Advanced Battery Technologies, Inc.(1)
  
190,000
$815,100
         
   
FOOD & STAPLES RETAILING ― 1.2%
  
 
Whole Foods Market, Inc.(1)
  
42,500
 1,028,075
         
   
FOOD PRODUCTS ― 2.0%
  
 
Del Monte Foods Co.
  
80,000
 772,800
 
Green Mountain Coffee Roasters, Inc.(1)
  
13,500
 950,940
       
 1,723,740
   
HEALTH CARE EQUIPMENT & SUPPLIES ― 1.0%
  
 
Quidel Corp.(1)
  
55,000
 821,150
         
   
HEALTH CARE PROVIDERS & SERVICES ― 6.1%
  
 
Air Methods Corp.(1)
  
28,500
 838,185
 
Health Management Associates, Inc., Class A(1)
  
165,000
 994,950
 
PSS World Medical, Inc.(1)
  
43,000
 869,030
 
RehabCare Group, Inc.(1)
  
33,500
 806,010
 
Tenet Healthcare Corp.(1)
  
235,000
 928,250
 
WellPoint, Inc.(1)
  
15,000
 789,600
       
 5,226,025
   
HOTELS, RESTAURANTS & LEISURE ― 10.9%
  
 
Ameristar Casinos, Inc.
  
71,000
 1,326,990
 
Brinker International, Inc.
  
48,500
 807,040
 
Cheesecake Factory, Inc. (The)(1)
  
43,500
 842,595
 
Chipotle Mexican Grill, Inc., Class A(1)
  
13,500
 1,266,705
 
Cracker Barrel Old Country Store, Inc.
  
32,000
 923,520
 
Ctrip.com International Ltd. ADR(1)
  
19,500
 999,375
 
O'Charleys, Inc.
  
87,500
 909,125
 
Ruby Tuesday, Inc.(1)
  
182,000
 1,361,360
 
Texas Roadhouse, Inc., Class A(1)
  
79,000
 879,270
       
 9,315,980
   
HOUSEHOLD PRODUCTS ― 1.1%
  
 
Central Garden and Pet Co.(1)
  
78,000
 956,280
         
   
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS ― 1.0%
  
 
NRG Energy, Inc.(1)
  
31,500
 857,115
         
   
INDUSTRIAL CONGLOMERATES ― 1.0%
  
 
3M Co.
  
12,000
 846,240
         
   
INSURANCE ― 1.0%
  
 
Assured Guaranty Ltd.
  
63,000
 880,110
         
   
INTERNET SOFTWARE & SERVICES ― 1.2%
  
 
Baidu, Inc. ADR(1)
  
3,000
 1,044,420
         
   
IT SERVICES ― 1.1%
  
 
Global Cash Access Holdings, Inc.(1)
  
106,000
 954,000
         
   
LEISURE EQUIPMENT & PRODUCTS ― 1.9%
  
 
Smith & Wesson Holding Corp.(1)
  
133,500
 809,010
 
Sturm, Ruger & Co., Inc.
  
62,500
 780,000
       
 1,589,010
   
METALS & MINING ― 1.2%
  
 
Freeport-McMoRan Copper & Gold, Inc.
  
17,000
 1,025,100
         
   
   
 
 
 
 

 
Veedot – Schedule of Investments
 
JULY 31, 2009 (UNAUDITED)
 
Shares
Value
MULTILINE RETAIL ― 1.0%
  
 
Nordstrom, Inc.
  
32,500
$859,300
         
   
OIL, GAS & CONSUMABLE FUELS ― 1.6%
  
 
DCP Midstream Partners LP
  
55,500
 1,383,060
         
   
PAPER & FOREST PRODUCTS ― 1.0%
  
 
Schweitzer-Mauduit International, Inc.
  
25,000
 817,500
         
   
REAL ESTATE MANAGEMENT & DEVELOPMENT ― 1.1%
  
 
E-House China Holdings Ltd. ADR(1)
  
53,000
 942,340
         
   
ROAD & RAIL ― 2.7%
  
 
Dollar Thrifty Automotive Group, Inc.(1)
  
138,000
 2,283,900
         
   
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT ― 7.5%
  
 
Himax Technologies, Inc. ADR
  
238,000
 909,160
 
NVE Corp.(1)
  
47,000
 2,525,310
 
RF Micro Devices, Inc.(1)
  
226,500
 1,177,800
 
Tessera Technologies, Inc.(1)
  
32,500
 912,925
 
Texas Instruments, Inc.
  
35,500
 853,775
       
 6,378,970
   
SOFTWARE ― 3.9%
  
 
i2 Technologies, Inc.(1)
  
62,500
 841,250
 
Interactive Intelligence, Inc.(1)
  
85,000
 1,373,600
 
Pegasystems, Inc.
  
38,000
 1,075,400
       
 3,290,250
   
SPECIALTY RETAIL ― 14.9%
  
 
Aeropostale, Inc.(1)
  
23,000
 837,200
 
Bed Bath & Beyond, Inc.(1)
  
25,000
 868,750
 
Big 5 Sporting Goods Corp.
  
59,500
 773,500
 
Buckle, Inc. (The)
  
22,000
 680,680
 
Cabela's, Inc.(1)
  
59,500
 964,495
 
Charlotte Russe Holding, Inc.(1)
  
66,000
 990,660
 
Chico's FAS, Inc.(1)
  
83,500
 957,745
 
Citi Trends, Inc.(1)
  
34,500
 1,007,400
 
J. Crew Group, Inc.(1)
  
28,500
 802,560
 
Kirkland's, Inc.(1)
  
88,500
 1,222,185
 
PEP Boys-Manny Moe & Jack
  
82,500
 819,225
 
RadioShack Corp.
  
56,000
 868,560
 
Sonic Automotive, Inc., Class A
  
78,500
 965,550
 
Stein Mart, Inc.(1)
  
88,000
 970,640
       
 12,729,150
   
TEXTILES, APPAREL & LUXURY GOODS ― 1.8%
  
 
Carter's, Inc.(1)
  
53,000
 1,502,020
         
   
TRADING COMPANIES & DISTRIBUTORS ― 0.9%
  
 
Babcock & Brown Air Ltd. ADR
  
97,000
 720,710
         
TOTAL COMMON STOCKS
    
 
(Cost $66,209,757)
    
 84,073,660
 
 
 
 

 
Veedot – Schedule of Investments
 
JULY 31, 2009 (UNAUDITED)
 
Shares
Value
TEMPORARY CASH INVESTMENTS — 1.4%
  
   
JPMorgan U.S. Treasury Plus Money Market Fund Agency Shares
  
82,489
$ 82,489
     
Repurchase Agreement, Bank of America Securities, LLC, (collateralized by various U.S. Treasury obligations, 2.625%, 6/30/14, valued at $1,127,817), in a joint trading account at 0.14%, dated 7/31/09, due 8/3/09 (Delivery value $1,100,013)
  
1,100,000
TOTAL TEMPORARY CASH INVESTMENTS
  
 
(Cost $1,182,489)
    
 1,182,489
   
TOTAL INVESTMENT SECURITIES — 100.1%
    
 
(Cost $67,392,246)
    
 85,256,149
OTHER ASSETS AND LIABILITIES — (0.1)%
  
 (54,939)
TOTAL NET ASSETS — 100.0%
  
$85,201,210
 

Geographic Diversification
  
(as a % of net assets)
  
United States
88.2%
  
People's Republic of China
2.4%
  
Cayman Islands
2.2%
  
Canada
1.1%
  
Taiwan (Republic of China)
1.1%
  
Bermuda
1.0%
  
Germany
1.0%
  
Argentina
0.9%
  
Ireland
0.8%
  
Cash and Equivalents*
1.3%
  
* Includes temporary cash investments and other assets and liabilities.
  
 
Notes to Schedule of Investments
 
ADR
-
American Depositary Receipt
 

(1)
Non-income producing.

 





 
Veedot – Schedule of Investments
 
JULY 31, 2009 (UNAUDITED)

SUPPLEMENTARY NOTES TO SCHEDULE OF INVESTMENTS
 
1. Security Valuations
 
Securities traded primarily on a principal securities exchange are valued at the last reported sales price, or at the mean of the latest bid and asked prices where no last sales price is available. Depending on local convention or regulation, securities traded over-the-counter are valued at the mean of the latest bid and asked prices, the last sales price, or the official close price. Investments in open-end management investment companies are valued at the reported net asset value. Debt securities not traded on a principal securities exchange are valued through a commercial pricing service or at the mean of the most recent bid and asked prices. Discount notes may be valued through a commercial pricing service or at amortized cost, which approximates fair value. Securities traded on foreign securities exchanges and over-the-counter markets are normally completed before the close of business on days that the New York Stock Exchange (the Exchange) is open and may also take place on days when the Exchange is not open. If an event occurs after the value of a security was established but before the net asset value per share was determined that was likely to materially change the net asset value, that security would be valued as determined in accordance with procedures adopted by the Board of Directors. If the fund determines that the market price of a portfolio security is not readily available, or that the valuation methods mentioned above do not reflect the security’s fair value, such security is valued as determined by the Board of Directors or its designee, in accordance with procedures adopted by the Board of Directors, if such determination would materially impact a fund’s net asset value. Certain other circumstances may cause the fund to use alternative procedures to value a security such as: a security has been declared in default; trading in a security has been halted during the trading day; or there is a foreign market holiday and no trading will commence.
 
2. Fair Value Measurements
 
The fund’s securities valuation process is based on several considerations and may use multiple inputs to determine the fair value of the positions 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 as follows:
 
   •     Level 1 valuation inputs consist of actual quoted prices in an active market for identical securities;
   •     Level 2 valuation inputs consist of significant direct or indirect observable market data (including quoted prices for similar
         securities, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.); or
   •     Level 3 valuation inputs consist of significant unobservable inputs (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 an indication of the risks associated with investing in these securities or other financial instruments.
 
The following is a summary of the valuation inputs used to determine the fair value of the fund’s securities as of July 31, 2009:
       
 
Level 1
Level 2
Level 3
Investment Securities
Domestic Common Stocks
$  75,158,435
–
–
Foreign Common Stocks
8,915,225
–
–
Temporary Cash Investments
82,489
$   1,100,000
–
Total Value of Investment Securities
$  84,156,149
$   1,100,000
–
 
 
3. Federal Tax Information
 
As of July 31, 2009, the components of investments for federal income tax purposes were as follows:
 
Federal tax cost of investments
$    67,399,159
    
Gross tax appreciation of investments
$    18,064,271
    
Gross tax depreciation of investments
  (207,281)
    
Net tax appreciation (depreciation) of investments
$    17,856,990
    
 
The difference between book-basis and tax-basis cost and unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales.
 
 
 
 
 
 
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.
 
 
 


 
 
 
 
 

 

 

 
 
 
 

 
American Century Investments®
 
Quarterly Portfolio Holdings
 
Capital Value Fund
 
July 31, 2009
 
 
 
 
 

 

 

 

 
 
 

 

GRAPHIC

 
 
 
 
 
Capital Value– Schedule of Investments
 
JULY 31, 2009 (UNAUDITED)
 
Shares
Value

COMMON STOCKS  — 99.0%
  
   
AEROSPACE & DEFENSE ― 1.2%
  
 
Northrop Grumman Corp.
  
44,800
$ 1,997,184
         
   
BEVERAGES ― 1.7%
  
 
Coca-Cola Co. (The)
  
49,800
 2,482,032
 
Pepsi Bottling Group, Inc.
  
12,600
 427,770
       
 2,909,802
   
BIOTECHNOLOGY ― 0.6%
  
 
Amgen, Inc.(1)
  
17,200
 1,071,732
         
   
CAPITAL MARKETS ― 4.1%
  
 
Ameriprise Financial, Inc.
  
51,900
 1,442,820
 
Bank of New York Mellon Corp. (The)
  
67,500
 1,845,450
 
Goldman Sachs Group, Inc. (The)
  
14,300
 2,335,190
 
Morgan Stanley
  
46,400
 1,322,400
       
 6,945,860
   
CHEMICALS ― 2.4%
  
 
E.I. du Pont de Nemours & Co.
  
71,000
 2,196,030
 
PPG Industries, Inc.
  
33,900
 1,864,500
       
 4,060,530
   
COMMERCIAL BANKS ― 4.0%
  
 
PNC Financial Services Group, Inc.
  
24,600
 901,836
 
U.S. Bancorp.
  
79,400
 1,620,554
 
Wells Fargo & Co.
  
172,977
 4,231,018
       
 6,753,408
   
COMMERCIAL SERVICES & SUPPLIES ― 1.7%
  
 
Avery Dennison Corp.
  
21,700
 580,041
 
Pitney Bowes, Inc.
  
30,100
 621,565
 
R.R. Donnelley & Sons Co.
  
45,800
 636,620
 
Waste Management, Inc.
  
34,300
 964,173
       
 2,802,399
   
COMMUNICATIONS EQUIPMENT ― 0.9%
  
 
Cisco Systems, Inc.(1)
  
65,200
 1,435,052
         
   
COMPUTERS & PERIPHERALS ― 1.2%
  
 
Hewlett-Packard Co.
  
45,800
 1,983,140
         
   
DIVERSIFIED CONSUMER SERVICES ― 0.5%
  
 
H&R Block, Inc.
  
49,000
 817,810
         
   
DIVERSIFIED FINANCIAL SERVICES ― 6.7%
  
 
Bank of America Corp.
  
331,100
 4,896,969
 
JPMorgan Chase & Co.
  
164,300
 6,350,195
       
 11,247,164
   
DIVERSIFIED TELECOMMUNICATION SERVICES ― 6.7%
  
 
AT&T, Inc.
  
255,900
 6,712,257
 
CenturyTel, Inc.
  
16,200
 508,518
 
Verizon Communications, Inc.
  
126,500
 4,056,855
       
 11,277,630
   
ELECTRIC UTILITIES ― 2.9%
  
 
Exelon Corp.
  
51,300
 2,609,118
 
 
 
 

 
Capital Value– Schedule of Investments
 
JULY 31, 2009 (UNAUDITED)
 
Shares
Value
 
PPL Corp.
  
66,700
$ 2,253,793
       
 4,862,911
   
ENERGY EQUIPMENT & SERVICES ― 1.1%
  
 
Diamond Offshore Drilling, Inc.
  
5,200
 467,324
 
National Oilwell Varco, Inc.(1)
  
36,200
 1,301,028
       
 1,768,352
   
FOOD & STAPLES RETAILING ― 3.3%
  
 
Kroger Co. (The)
  
59,600
 1,274,248
 
SYSCO Corp.
  
39,100
 929,016
 
Walgreen Co.
  
59,200
 1,838,160
 
Wal-Mart Stores, Inc.
  
31,100
 1,551,268
       
 5,592,692
   
FOOD PRODUCTS ― 1.0%
  
 
Unilever NV New York Shares
  
59,200
 1,610,240
         
   
HEALTH CARE EQUIPMENT & SUPPLIES ― 0.4%
  
 
Medtronic, Inc.
  
19,500
 690,690
         
   
HEALTH CARE PROVIDERS & SERVICES ― 1.3%
  
 
Aetna, Inc.
  
25,400
 685,038
 
Quest Diagnostics, Inc.
  
10,100
 551,662
 
WellPoint, Inc.(1)
  
16,600
 873,824
       
 2,110,524
   
HOTELS, RESTAURANTS & LEISURE ― 0.7%
  
 
Darden Restaurants, Inc.
  
10,000
 323,900
 
Starbucks Corp.(1)
  
44,500
 787,650
       
 1,111,550
   
HOUSEHOLD DURABLES ― 0.9%
  
 
Newell Rubbermaid, Inc.
  
112,800
 1,451,736
         
   
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS ― 0.4%
  
 
NRG Energy, Inc.(1)
  
21,600
 587,736
         
   
INDUSTRIAL CONGLOMERATES ― 3.7%
  
 
General Electric Co.
  
409,200
 5,483,280
 
Tyco International Ltd.
  
26,800
 809,896
       
 6,293,176
   
INSURANCE ― 4.2%
  
 
Allstate Corp. (The)
  
77,000
 2,072,070
 
Chubb Corp.
  
20,300
 937,454
 
Loews Corp.
  
28,400
 852,568
 
Torchmark Corp.
  
27,400
 1,070,244
 
Travelers Cos., Inc. (The)
  
43,800
 1,886,466
 
XL Capital Ltd., Class A
  
19,100
 268,928
       
 7,087,730
   
IT SERVICES ― 1.6%
  
 
Fiserv, Inc.(1)
  
14,500
 687,445
 
International Business Machines Corp.
  
16,900
 1,993,017
       
 2,680,462
   
MACHINERY ― 2.9%
  
 
Dover Corp.
  
42,300
 1,438,623
 
Ingersoll-Rand plc(1)
  
70,200
 2,027,376
 
Parker-Hannifin Corp.
  
31,000
 1,372,680
       
 4,838,679
   
 
 
 
 

 
Capital Value– Schedule of Investments
 
JULY 31, 2009 (UNAUDITED)
 
Shares
Value
MEDIA ― 4.0%
  
 
CBS Corp., Class B
  
131,500
$ 1,076,985
 
Comcast Corp., Class A
  
104,700
 1,555,842
 
Time Warner Cable, Inc.
  
21,252
 702,591
 
Time Warner, Inc.
  
76,600
 2,042,156
 
Viacom, Inc., Class B(1)
  
60,900
 1,410,444
       
 6,788,018
   
METALS & MINING ― 0.5%
  
 
Nucor Corp.
  
18,400
 818,248
         
   
MULTILINE RETAIL ― 0.6%
  
 
Kohl's Corp.(1)
  
21,300
 1,034,115
         
   
MULTI-UTILITIES ― 0.6%
  
 
PG&E Corp.
  
25,800
 1,041,546
         
   
OFFICE ELECTRONICS ― 0.5%
  
 
Xerox Corp.
  
111,200
 910,728
         
   
OIL, GAS & CONSUMABLE FUELS ― 16.8%
  
 
Apache Corp.
  
22,000
 1,846,900
 
Chevron Corp.
  
85,400
 5,932,738
 
ConocoPhillips
  
109,700
 4,794,987
 
Devon Energy Corp.
  
19,500
 1,132,755
 
Exxon Mobil Corp.
  
120,100
 8,453,839
 
Occidental Petroleum Corp.
  
20,400
 1,455,336
 
Royal Dutch Shell plc, Class A ADR
  
83,500
 4,395,440
 
Valero Energy Corp.
  
14,400
 259,200
       
 28,271,195
   
PAPER & FOREST PRODUCTS ― 0.5%
  
 
International Paper Co.
  
47,700
 897,237
         
   
PHARMACEUTICALS ― 11.6%
  
 
Abbott Laboratories
  
33,100
 1,489,169
 
Eli Lilly & Co.
  
45,600
 1,590,984
 
Johnson & Johnson
  
60,200
 3,665,578
 
Merck & Co., Inc.
  
102,300
 3,070,023
 
Pfizer, Inc.
  
401,200
 6,391,116
 
Wyeth
  
68,400
 3,184,020
       
 19,390,890
   
REAL ESTATE INVESTMENT TRUSTS (REITs) ― 0.6%
  
 
Host Hotels & Resorts, Inc.
  
24,300
 220,644
 
Simon Property Group, Inc.
  
13,417
 747,595
       
 968,239
   
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT ― 0.8%
  
 
Applied Materials, Inc.
  
32,300
 445,740
 
Intel Corp.
  
49,800
 958,650
       
 1,404,390
   
SOFTWARE ― 2.0%
  
 
Microsoft Corp.
  
81,300
 1,912,176
 
Oracle Corp.
  
62,200
 1,376,486
       
 3,288,662
   
SPECIALTY RETAIL ― 2.4%
  
 
Best Buy Co., Inc.
  
12,100
 452,177
 
Gap, Inc. (The)
  
51,600
 842,112
 
 
 
 

 
Capital Value– Schedule of Investments
 
JULY 31, 2009 (UNAUDITED)
 
Shares/Principal Amount
Value
 
Home Depot, Inc. (The)
  
65,500
$ 1,699,070
 
Staples, Inc.
  
49,600
 1,042,592
       
 4,035,951
   
TEXTILES, APPAREL & LUXURY GOODS ― 0.6%
  
 
VF Corp.
  
14,300
 925,067
         
TOBACCO ― 1.4%
  
 
Altria Group, Inc.
  
66,000
 1,156,980
 
Lorillard, Inc.
  
17,300
 1,275,356
       
 2,432,336
TOTAL COMMON STOCKS
    
 
(Cost $163,600,898)
    
 166,194,811
TEMPORARY CASH INVESTMENTS — 1.1%
  
   
 FHLB Discount Notes, 0.09%, 8/3/09(2)
  
$ 1,900,000
 1,900,000
       
 
JPMorgan U.S. Treasury Plus Money Market Fund Agency Shares
  
5,535
 5,535
TOTAL TEMPORARY CASH INVESTMENTS
  
 
(Cost $1,905,525)
    
 1,905,535
   
TOTAL INVESTMENT SECURITIES — 100.1%
    
 
(Cost $165,506,423)
    
 168,100,346
OTHER ASSETS AND LIABILITIES — (0.1)%
  
 (203,204)
TOTAL NET ASSETS — 100.0%
  
$167,897,142
 

Notes to Schedule of Investments
 
ADR
-
American Depositary Receipt
 
FHLB
-
Federal Home Loan Bank
 

(1)
Non-income producing.
(2)
The rate indicated is the yield to maturity at purchase.
 
 
 
 

 
Capital Value– Schedule of Investments
 
JULY 31, 2009 (UNAUDITED)

SUPPLEMENTARY NOTES TO SCHEDULE OF INVESTMENTS
 
1. Security Valuations
 
Securities traded primarily on a principal securities exchange are valued at the last reported sales price, or at the mean of the latest bid and asked prices where no last sales price is available. Depending on local convention or regulation, securities traded over-the-counter are valued at the mean of the latest bid and asked prices, the last sales price, or the official close price. Investments in open-end management investment companies are valued at the reported net asset value. Debt securities not traded on a principal securities exchange are valued through a commercial pricing service or at the mean of the most recent bid and asked prices. Discount notes may be valued through a commercial pricing service or at amortized cost, which approximates fair value. Securities traded on foreign securities exchanges and over-the-counter markets are normally completed before the close of business on days that the New York Stock Exchange (the Exchange) is open and may also take place on days when the Exchange is not open. If an event occurs after the value of a security was established but before the net asset value per share was determined that was likely to materially change the net asset value, that security would be valued as determined in accordance with procedures adopted by the Board of Directors. If the fund determines that the market price of a portfolio security is not readily available, or that the valuation methods mentioned above do not reflect the security’s fair value, such security is valued as determined by the Board of Directors or its designee, in accordance with procedures adopted by the Board of Directors, if such determination would materially impact a fund’s net asset value. Certain other circumstances may cause the fund to use alternative procedures to value a security such as: a security has been declared in default; trading in a security has been halted during the trading day; or there is a foreign market holiday and no trading will commence.
 
2. Fair Value Measurements
 
The fund’s securities valuation process is based on several considerations and may use multiple inputs to determine the fair value of the positions 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 as follows:
 
   •     Level 1 valuation inputs consist of actual quoted prices in an active market for identical securities;
   •     Level 2 valuation inputs consist of significant direct or indirect observable market data (including quoted prices for similar
         securities, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.); or
   •     Level 3 valuation inputs consist of significant unobservable inputs (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 an indication of the risks associated with investing in these securities or other financial instruments.
 
The following is a summary of the valuation inputs used to determine the fair value of the fund’s securities as of July 31, 2009:
 
 
Level 1
Level 2
Level 3
  
Investment Securities
  
Domestic Common Stocks
$ 157,082,931
–
–
  
Foreign Common Stocks
9,111,880
–
    
Temporary Cash Investments
5,535
$ 1,900,000
–
  
Total Value of Investment Securities
$ 166,200,346
$ 1,900,000
–
  
 
3. Federal Tax Information
 
As of July 31, 2009, the components of investments for federal income tax purposes were as follows:
 
Federal tax cost of investments
$ 166,193,227
    
Gross tax appreciation of investments
$   25,483,612
    
Gross tax depreciation of investments
  (23,576,493)
    
Net tax appreciation (depreciation) of investments
$     1,907,119
    
 
The difference between book-basis and tax-basis cost and unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales.
 
 
 
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
 
 
 
 
 
 
 
 
 

 




 

 

 

 
American Century Investments®
 
Quarterly Portfolio Holdings
 
NT Growth Fund
 
July 31, 2009
 

 
 
 
 

 

 

 
 
 
 

 
 
GRAPHIC

 
 
 
 
 
NT Growth – Schedule of Investments
 
JULY 31, 2009 (UNAUDITED)
 
Shares
Value

COMMON STOCKS  — 99.0%
  
   
AEROSPACE & DEFENSE ― 2.7%
  
 
Honeywell International, Inc.
  
44,000
$    1,526,800
 
Raytheon Co.
  
50,700
 2,380,365
 
Rockwell Collins, Inc.
  
20,700
 873,540
       
 4,780,705
   
AIR FREIGHT & LOGISTICS ― 0.9%
  
 
United Parcel Service, Inc., Class B
  
31,200
 1,676,376
         
   
AUTO COMPONENTS ― 1.4%
  
 
BorgWarner, Inc.
  
72,300
 2,399,637
         
   
BEVERAGES ― 5.2%
  
 
Coca-Cola Co. (The)
  
110,300
 5,497,352
 
PepsiCo, Inc.
  
65,300
 3,705,775
       
 9,203,127
   
BIOTECHNOLOGY ― 4.8%
  
 
Alexion Pharmaceuticals, Inc.(1)
  
27,700
 1,220,185
 
Amgen, Inc.(1)
  
63,900
 3,981,609
 
Gilead Sciences, Inc.(1)
  
40,900
 2,001,237
 
Myriad Genetics, Inc.(1)
  
20,400
 559,368
 
Vertex Pharmaceuticals, Inc.(1)
  
19,300
 694,993
       
 8,457,392
   
CAPITAL MARKETS ― 1.0%
  
 
Goldman Sachs Group, Inc. (The)
  
10,400
 1,698,320
         
   
CHEMICALS ― 1.8%
  
 
Celanese Corp., Class A
  
82,600
 2,122,820
 
Monsanto Co.
  
12,400
 1,041,600
       
 3,164,420
   
COMMERCIAL BANKS ― 1.1%
  
 
Wells Fargo & Co.
  
82,103
 2,008,239
         
   
COMMUNICATIONS EQUIPMENT ― 6.6%
  
 
Arris Group, Inc.(1)
  
43,000
 523,740
 
Cisco Systems, Inc.(1)
  
184,600
 4,063,046
 
F5 Networks, Inc.(1)
  
34,200
 1,269,504
 
Juniper Networks, Inc.(1)
  
37,000
 966,810
 
QUALCOMM, Inc.
  
95,100
 4,394,571
 
Research In Motion Ltd.(1)
  
5,000
 380,000
       
 11,597,671
   
COMPUTERS & PERIPHERALS ― 6.2%
  
 
Apple, Inc.(1)
  
40,300
 6,584,617
 
EMC Corp.(1)
  
60,900
 917,154
 
Hewlett-Packard Co.
  
40,500
 1,753,650
 
NetApp, Inc.(1)
  
76,600
 1,720,436
       
 10,975,857
   
CONSUMER FINANCE ― 1.0%
  
 
American Express Co.
  
59,800
 1,694,134
         
   
DIVERSIFIED ― 0.4%
  
 
iShares Russell 1000 Growth Index Fund
  
16,200
 708,426
 
 
 
 
 
 
NT Growth – Schedule of Investments
 
JULY 31, 2009 (UNAUDITED)
 
Shares
Value

DIVERSIFIED FINANCIAL SERVICES ― 1.6%
  
 
CME Group, Inc.
  
2,600
 $       724,958
 
IntercontinentalExchange, Inc.(1)
  
11,400
 1,072,284
 
Moody's Corp.
  
40,500
 961,470
       
 2,758,712
   
ELECTRIC UTILITIES ― 0.6%
  
 
FPL Group, Inc.
  
18,500
 1,048,395
         
   
ENERGY EQUIPMENT & SERVICES ― 1.3%
  
 
Schlumberger Ltd.
  
32,700
 1,749,450
 
Transocean Ltd.(1)
  
6,800
 541,892
       
 2,291,342
   
FOOD & STAPLES RETAILING ― 3.6%
  
 
Walgreen Co.
  
93,000
 2,887,650
 
Wal-Mart Stores, Inc.
  
70,200
 3,501,576
       
 6,389,226
   
FOOD PRODUCTS ― 3.0%
  
 
General Mills, Inc.
  
34,400
 2,026,504
 
Kellogg Co.
  
42,000
 1,995,000
 
Nestle SA
  
32,100
 1,321,067
       
 5,342,571
   
HEALTH CARE EQUIPMENT & SUPPLIES ― 4.2%
  
 
Alcon, Inc.
  
3,400
 433,840
 
Baxter International, Inc.
  
53,937
 3,040,429
 
Becton, Dickinson & Co.
  
11,996
 781,539
 
Covidien plc
  
36,200
 1,368,722
 
Edwards Lifesciences Corp.(1)
  
13,700
 896,117
 
Gen-Probe, Inc.(1)
  
14,300
 530,816
 
Intuitive Surgical, Inc.(1)
  
1,600
 363,712
       
 7,415,175
   
HEALTH CARE PROVIDERS & SERVICES ― 1.9%
  
 
Express Scripts, Inc.(1)
  
39,200
 2,745,568
 
UnitedHealth Group, Inc.
  
22,500
 631,350
       
 3,376,918
   
HOTELS, RESTAURANTS & LEISURE ― 0.6%
  
 
Chipotle Mexican Grill, Inc., Class A(1)
  
11,300
 1,060,279
         
   
HOUSEHOLD DURABLES ― 1.7%
  
 
KB Home
  
58,800
 981,372
 
Mohawk Industries, Inc.(1)
  
10,900
 562,222
 
Whirlpool Corp.
  
24,600
 1,404,414
       
 2,948,008
   
HOUSEHOLD PRODUCTS ― 3.4%
  
 
Colgate-Palmolive Co.
  
17,700
 1,282,188
 
Procter & Gamble Co. (The)
  
86,900
 4,823,819
       
 6,106,007
   
INDUSTRIAL CONGLOMERATES ― 2.0%
  
 
3M Co.
  
49,500
 3,490,740
         
   
INSURANCE ― 0.8%
  
 
Aflac, Inc.
  
35,400
 1,340,244
         
   
 
 
 
 
 
 
NT Growth – Schedule of Investments
 
JULY 31, 2009 (UNAUDITED)
 
Shares
Value

INTERNET & CATALOG RETAIL ― 0.4%
  
 
Amazon.com, Inc.(1)
  
8,800
     $      754,688
         
   
INTERNET SOFTWARE & SERVICES ― 3.0%
  
 
Google, Inc., Class A(1)
  
12,100
5,360,905
         
   
IT SERVICES ― 4.5%
  
 
International Business Machines Corp.
  
47,100
 5,554,503
 
Visa, Inc., Class A
  
35,700
 2,336,922
       
 7,891,425
   
LIFE SCIENCES TOOLS & SERVICES ― 1.0%
  
 
Illumina, Inc.(1)
  
16,700
 603,538
 
QIAGEN NV(1)
  
21,400
 405,744
 
Thermo Fisher Scientific, Inc.(1)
  
18,100
 819,568
       
 1,828,850
   
MACHINERY ― 3.0%
  
 
Illinois Tool Works, Inc.
  
42,100
 1,707,155
 
Navistar International Corp.(1)
  
40,907
 1,617,463
 
PACCAR, Inc.
  
22,000
 762,300
 
Valmont Industries, Inc.
  
17,257
 1,239,397
       
 5,326,315
   
MEDIA ― 0.5%
  
 
Scripps Networks Interactive, Inc., Class A
  
29,800
 961,944
         
   
METALS & MINING ― 0.6%
  
 
Newmont Mining Corp.
  
27,900
 1,153,665
         
   
MULTILINE RETAIL ― 2.2%
  
 
Kohl's Corp.(1)
  
38,800
 1,883,740
 
Target Corp.
  
47,200
 2,058,864
       
 3,942,604
   
OIL, GAS & CONSUMABLE FUELS ― 2.9%
  
 
Apache Corp.
  
11,800
 990,610
 
Exxon Mobil Corp.
  
32,600
 2,294,714
 
Occidental Petroleum Corp.
  
16,400
 1,169,976
 
Quicksilver Resources, Inc.(1)
  
65,800
 754,068
       
 5,209,368
   
PERSONAL PRODUCTS ― 0.7%
  
 
Estee Lauder Cos., Inc. (The), Class A
  
15,700
 572,108
 
Mead Johnson Nutrition Co., Class A
  
16,854
 613,654
       
 1,185,762
   
PHARMACEUTICALS ― 5.0%
  
 
Abbott Laboratories
  
85,200
 3,833,148
 
Johnson & Johnson
  
61,700
 3,756,913
 
Novo Nordisk A/S B Shares
  
19,900
 1,171,216
       
 8,761,277
   
ROAD & RAIL ― 1.1%
  
 
Union Pacific Corp.
  
32,600
 1,875,152
         
   
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT ― 4.0%
  
 
Broadcom Corp., Class A(1)
  
64,900
 1,832,127
 
Intel Corp.
  
54,700
 1,052,975
 
Linear Technology Corp.
  
45,400
 1,219,898
 
Marvell Technology Group Ltd.(1)
  
97,500
 1,300,650
 
 
 
 
 
 
NT Growth – Schedule of Investments
 
JULY 31, 2009 (UNAUDITED)
 
Shares
Value
 
PMC - Sierra, Inc.(1)
  
81,700
 $       747,555
 
Xilinx, Inc.
  
41,800
 906,642
       
 7,059,847
   
SOFTWARE ― 6.7%
  
 
Microsoft Corp.
  
277,900
6,536,208
 
Oracle Corp.
  
212,600
 4,704,838
 
salesforce.com, inc.(1)
  
12,500
 541,750
       
 11,782,796
   
SPECIALTY RETAIL ― 4.0%
  
 
CarMax, Inc.(1)
  
50,300
 811,339
 
Chico's FAS, Inc.(1)
  
93,600
 1,073,592
 
J. Crew Group, Inc.(1)
  
47,300
 1,331,968
 
Lowe's Cos., Inc.
  
108,500
 2,436,910
 
O'Reilly Automotive, Inc.(1)
  
37,247
 1,514,463
       
 7,168,272
   
TEXTILES, APPAREL & LUXURY GOODS ― 0.4%
  
 
Polo Ralph Lauren Corp.
  
12,300
 775,515
         
   
WIRELESS TELECOMMUNICATION SERVICES ― 1.2%
  
 
American Tower Corp., Class A(1)
  
60,500
 2,062,445
         
TOTAL COMMON STOCKS
    
 
(Cost $148,796,148)
    
 175,032,751
TEMPORARY CASH INVESTMENTS — 1.1%
  
   
JPMorgan U.S. Treasury Plus Money Market Fund Agency Shares
  
51,714
 51,714
     
Repurchase Agreement, Credit Suisse First Boston, Inc., (collateralized by various U.S. Treasury obligations, 0.41%, 6/10/10, valued at $2,050,945), in a joint trading account at 0.14%, dated 7/31/09, due 8/3/09 (Delivery value $2,000,023)
  
 2,000,000
TOTAL TEMPORARY CASH INVESTMENTS
  
 
(Cost $2,051,714)
    
 2,051,714
   
TOTAL INVESTMENT SECURITIES — 100.1%
    
 
(Cost $150,847,862)
    
 177,084,465
OTHER ASSETS AND LIABILITIES — (0.1)%
  
 (248,582)
TOTAL NET ASSETS — 100.0%
  
$176,835,883

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS
 
Contracts to Sell
Settlement Date
Value
Unrealized Gain (Loss)
977,445
  
CHF for USD
8/31/09
$   914,885
  
$(16,911)
  
3,925,773
  
DKK for USD
8/31/09
 750,922
  
 (10,137)
  
 
$1,665,807
  
$(27,048)
  
(Value on Settlement Date $1,638,759)
 
 

Notes to Schedule of Investments
 
CHF
-
Swiss Franc
 
DKK
-
Danish Krone
 
USD
-
United States Dollar
 

(1)
Non-income producing.



 
 
 
NT Growth – Schedule of Investments
 
JULY 31, 2009 (UNAUDITED)

SUPPLEMENTARY NOTES TO SCHEDULE OF INVESTMENTS
 
1. Security Valuations
 
Securities traded primarily on a principal securities exchange are valued at the last reported sales price, or at the mean of the latest bid and asked prices where no last sales price is available. Depending on local convention or regulation, securities traded over-the-counter are valued at the mean of the latest bid and asked prices, the last sales price, or the official close price. Investments in open-end management investment companies are valued at the reported net asset value. Debt securities not traded on a principal securities exchange are valued through a commercial pricing service or at the mean of the most recent bid and asked prices. Discount notes may be valued through a commercial pricing service or at amortized cost, which approximates fair value. Securities traded on foreign securities exchanges and over-the-counter markets are normally completed before the close of business on days that the New York Stock Exchange (the Exchange) is open and may also take place on days when the Exchange is not open. If an event occurs after the value of a security was established but before the net asset value per share was determined that was likely to materially change the net asset value, that security would be valued as determined in accordance with procedures adopted by the Board of Directors. If the fund determines that the market price of a portfolio security is not readily available, or that the valuation methods mentioned above do not reflect the security’s fair value, such security is valued as determined by the Board of Directors or its designee, in accordance with procedures adopted by the Board of Directors, if such determination would materially impact a fund’s net asset value. Certain other circumstances may cause the fund to use alternative procedures to value a security such as: a security has been declared in default; trading in a security has been halted during the trading day; or there is a foreign market holiday and no trading will commence.
 
2. Fair Value Measurements
 
The fund’s securities valuation process is based on several considerations and may use multiple inputs to determine the fair value of the positions 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 as follows:
 
   •     Level 1 valuation inputs consist of actual quoted prices in an active market for identical securities;
   •     Level 2 valuation inputs consist of significant direct or indirect observable market data (including quoted prices for similar
         securities, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.); or
   •     Level 3 valuation inputs consist of significant unobservable inputs (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 an indication of the risks associated with investing in these securities or other financial instruments.
 
The following is a summary of the valuation inputs used to determine the fair value of the fund’s securities and other financial instruments as of July 31, 2009:
 
 
Level 1
Level 2
Level 3
Investment Securities
Common Stocks
$172,540,468
$2,492,283
–
Temporary Cash Investments
51,714
2,000,000
–
Total Value of Investment Securities
$172,592,182
$4,492,283
–
Other Financial Instruments
Forward Foreign Currency Exchange Contracts
–
$  (27,048)
–
Total Unrealized Gain (Loss) on Other Financial Instruments
–
$  (27,048)
–
 
 
 
 
 
 
NT Growth – Schedule of Investments
 
JULY 31, 2009 (UNAUDITED)

3. Federal Tax Information
 
As of July 31, 2009, the components of investments for federal income tax purposes were as follows:
 
Federal tax cost of investments
$157,117,197
    
Gross tax appreciation of investments
$  20,516,141
    
Gross tax depreciation of investments
  (1,548,873)
    
Net tax appreciation (depreciation) of investments
$  18,967,268
    
 
The difference between book-basis and tax-basis cost and unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales.
 
 
 
 
 
 
 
 
 
 
 
 
 
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.
 
 
 


 

 
 
 
 
 
 
 
 
 
 
 

 

 
American Century Investments®
 
Quarterly Portfolio Holdings
 
NT VistaSM Fund
 
July 31, 2009
 

 
 
 
 
 
 

 

 

 
 

 

GRAPHIC

 
 
 
 
 
NT Vista – Schedule of Investments
 
JULY 31, 2009 (UNAUDITED)
 
Shares
Value

COMMON STOCKS  — 97.7%
  
   
AEROSPACE & DEFENSE ― 1.0%
  
 
BE Aerospace, Inc.(1)
  
25,600
$      413,696
 
Precision Castparts Corp.
  
4,800
 383,088
       
 796,784
   
AUTO COMPONENTS ― 1.8%
  
 
Autoliv, Inc.
  
23,700
 848,697
 
BorgWarner, Inc.
  
17,200
 570,868
       
 1,419,565
   
BIOTECHNOLOGY ― 1.0%
  
 
Alexion Pharmaceuticals, Inc.(1)
  
18,800
 828,140
         
   
CAPITAL MARKETS ― 9.6%
  
 
Janus Capital Group, Inc.
  
142,100
 1,941,086
 
Jefferies Group, Inc.(1)
  
72,000
 1,645,920
 
Lazard Ltd., Class A
  
29,600
 1,094,904
 
Legg Mason, Inc.
  
14,200
 399,588
 
Morgan Stanley
  
52,700
 1,501,950
 
TD Ameritrade Holding Corp.(1)
  
22,700
 420,858
 
Waddell & Reed Financial, Inc., Class A
  
22,500
 638,325
       
 7,642,631
   
CHEMICALS ― 2.8%
  
 
Celanese Corp., Class A
  
51,600
 1,326,120
 
CF Industries Holdings, Inc.
  
7,100
 560,474
 
Scotts Miracle-Gro Co. (The), Class A
  
9,600
 374,880
       
 2,261,474
   
COMMERCIAL SERVICES & SUPPLIES ― 0.7%
  
 
Tetra Tech, Inc.(1)
  
19,100
 575,292
         
   
COMMUNICATIONS EQUIPMENT ― 2.0%
  
 
Alcatel-Lucent(1)
  
24,795
 68,434
 
Brocade Communications Systems, Inc.(1)
  
56,800
 446,448
 
CommScope, Inc.(1)
  
27,713
 709,453
 
Tellabs, Inc.(1)
  
60,400
 350,320
       
 1,574,655
   
COMPUTERS & PERIPHERALS ― 2.2%
  
 
Seagate Technology
  
48,900
 588,756
 
STEC, Inc.(1)
  
5,500
 187,495
 
Western Digital Corp.(1)
  
32,600
 986,150
       
 1,762,401
   
CONSTRUCTION & ENGINEERING ― 5.3%
  
 
AECOM Technology Corp.(1)
  
46,024
 1,491,177
 
Quanta Services, Inc.(1)
  
64,306
 1,498,973
 
Shaw Group, Inc. (The)(1)
  
13,600
 400,384
 
URS Corp.(1)
  
15,500
 784,300
       
 4,174,834
   
CONTAINERS & PACKAGING ― 1.5%
  
 
Crown Holdings, Inc.(1)
  
47,863
 1,201,361
         
   
DIVERSIFIED FINANCIAL SERVICES ― 1.5%
  
 
CME Group, Inc.
  
1,300
 362,479
 
 
 
 

 
NT Vista – Schedule of Investments
 
JULY 31, 2009 (UNAUDITED)
 
Shares
Value
 
IntercontinentalExchange, Inc.(1)
  
8,400
$      790,104
       
 1,152,583
   
ELECTRICAL EQUIPMENT ― 1.7%
  
 
JA Solar Holdings Co. Ltd. ADR(1)
  
75,700
 364,117
 
Suntech Power Holdings Co. Ltd. ADR(1)
  
51,700
 950,763
       
 1,314,880
   
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS ― 2.9%
  
 
AU Optronics Corp. ADR(1)
  
31,900
 355,366
 
Corning, Inc.
  
92,500
 1,572,500
 
LG Display Co., Ltd.
  
12,800
 369,451
       
 2,297,317
   
ENERGY EQUIPMENT & SERVICES ― 3.0%
  
 
Atwood Oceanics, Inc.(1)
  
28,600
 824,824
 
Cameron International Corp.(1)
  
26,300
 821,349
 
Oceaneering International, Inc.(1)
  
11,000
 560,120
 
Weatherford International Ltd.(1)
  
11,318
 212,326
       
 2,418,619
   
FOOD PRODUCTS ― 0.5%
  
 
Green Mountain Coffee Roasters, Inc.(1)
  
6,100
 429,684
         
   
HEALTH CARE EQUIPMENT & SUPPLIES ― 0.5%
  
 
Edwards Lifesciences Corp.(1)
  
5,800
 379,378
         
   
HEALTH CARE PROVIDERS & SERVICES ― 3.4%
  
 
Express Scripts, Inc.(1)
  
21,000
 1,470,840
 
Health Management Associates, Inc., Class A(1)
  
32,900
 198,387
 
Medco Health Solutions, Inc.(1)
  
16,100
 851,046
 
Tenet Healthcare Corp.(1)
  
48,900
 193,155
       
 2,713,428
   
HEALTH CARE TECHNOLOGY ― 0.7%
  
 
Allscripts-Misys Healthcare Solutions, Inc.
  
33,900
 584,097
         
   
HOTELS, RESTAURANTS & LEISURE ― 5.0%
  
 
Boyd Gaming Corp.(1)
  
15,400
 141,526
 
Brinker International, Inc.
  
12,400
 206,336
 
Cheesecake Factory, Inc. (The)(1)
  
20,900
 404,833
 
Ctrip.com International Ltd. ADR(1)
  
13,500
 691,875
 
International Game Technology
  
21,600
 426,600
 
Las Vegas Sands Corp.(1)
  
37,600
 351,560
 
Penn National Gaming, Inc.(1)
  
18,400
 583,464
 
PF Chang's China Bistro, Inc.(1)
  
11,500
 389,965
 
Pinnacle Entertainment, Inc.(1)
  
19,300
 193,579
 
WMS Industries, Inc.(1)
  
11,300
 408,608
 
Wynn Resorts Ltd.(1)
  
3,600
 184,212
       
 3,982,558
   
HOUSEHOLD DURABLES ― 1.8%
  
 
KB Home
  
47,600
 794,444
 
NVR, Inc.(1)
  
1,000
 601,150
       
 1,395,594
   
INDUSTRIAL CONGLOMERATES ― 1.0%
  
 
McDermott International, Inc.(1)
  
42,100
 822,634
         
   
INTERNET & CATALOG RETAIL ― 0.5%
  
 
Netflix, Inc.(1)
  
9,500
 417,430
         
   
 
 
 
 

 
NT Vista – Schedule of Investments
 
JULY 31, 2009 (UNAUDITED)
 
Shares
Value
INTERNET SOFTWARE & SERVICES ― 2.3%
  
 
Digital River, Inc.(1)
  
9,700
$      342,895
 
Equinix, Inc.(1)
  
7,500
 612,975
 
NetEase.com, Inc. ADR(1)
  
19,300
 850,358
       
 1,806,228
   
LIFE SCIENCES TOOLS & SERVICES ― 2.5%
  
 
Covance, Inc.(1)
  
15,100
 832,765
 
Life Technologies Corp.(1)
  
25,600
 1,165,568
       
 1,998,333
   
MACHINERY ― 2.9%
  
 
Bucyrus International, Inc.
  
20,200
 595,496
 
Flowserve Corp.
  
5,400
 436,158
 
Ingersoll-Rand plc
  
21,300
 615,144
 
Joy Global, Inc.
  
16,600
 617,188
       
 2,263,986
   
METALS & MINING ― 5.0%
  
 
Agnico-Eagle Mines Ltd.
  
6,500
 380,575
 
AK Steel Holding Corp.
  
34,056
 669,882
 
Cia Siderurgica Nacional SA ADR
  
24,400
 624,640
 
Freeport-McMoRan Copper & Gold, Inc.
  
12,900
 777,870
 
Thompson Creek Metals Co., Inc.(1)
  
30,200
 439,410
 
Walter Energy, Inc.
  
21,900
 1,080,984
       
 3,973,361
   
MULTILINE RETAIL ― 3.1%
  
 
Dollar Tree, Inc.(1)
  
27,500
 1,268,300
 
Family Dollar Stores, Inc.
  
36,900
 1,159,398
       
 2,427,698
   
OIL, GAS & CONSUMABLE FUELS ― 3.9%
  
 
Continental Resources, Inc.(1)
  
14,000
 473,620
 
Petrohawk Energy Corp.(1)
  
59,989
 1,456,533
 
Southwestern Energy Co.(1)
  
16,900
 700,167
 
Whiting Petroleum Corp.(1)
  
9,400
 432,024
       
 3,062,344
   
PERSONAL PRODUCTS ― 0.5%
  
 
Avon Products, Inc.
  
12,100
 391,798
         
   
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT ― 10.7%
  
 
Altera Corp.
  
21,000
 392,490
 
ASML Holding NV New York Shares
  
40,100
 1,043,001
 
Atheros Communications, Inc.(1)
  
24,300
 607,500
 
Broadcom Corp., Class A(1)
  
40,000
 1,129,200
 
Cypress Semiconductor Corp.(1)
  
36,400
 386,568
 
Marvell Technology Group Ltd.(1)
  
59,300
 791,062
 
Microsemi Corp.(1)
  
43,693
 596,409
 
PMC - Sierra, Inc.(1)
  
114,900
 1,051,335
 
Semtech Corp.(1)
  
45,900
 844,560
 
Silicon Laboratories, Inc.(1)
  
20,700
 886,581
 
Teradyne, Inc.(1)
  
94,500
 744,660
       
 8,473,366
   
SOFTWARE ― 4.9%
  
 
Cerner Corp.(1)
  
12,000
 780,960
 
McAfee, Inc.(1)
  
26,070
 1,162,201
 
 
 
 
 
 
NT Vista – Schedule of Investments
 
JULY 31, 2009 (UNAUDITED)
 
Shares
Value
 
Rovi Corp.(1)
  
45,000
$  1,177,200
 
Shanda Interactive Entertainment Ltd. ADR(1)
  
15,300
 758,574
       
 3,878,935
   
SPECIALTY RETAIL ― 7.3%
  
 
Advance Auto Parts, Inc.
  
17,700
 818,271
 
Aeropostale, Inc.(1)
  
25,300
 920,920
 
Bed Bath & Beyond, Inc.(1)
  
17,100
 594,225
 
Chico's FAS, Inc.(1)
  
74,800
 857,956
 
O'Reilly Automotive, Inc.(1)
  
24,800
 1,008,368
 
Ross Stores, Inc.
  
26,709
 1,177,600
 
TJX Cos., Inc. (The)
  
10,800
 391,284
       
 5,768,624
   
TEXTILES, APPAREL & LUXURY GOODS ― 0.7%
  
 
Coach, Inc.
  
19,600
 579,964
         
   
WIRELESS TELECOMMUNICATION SERVICES ― 3.5%
  
 
American Tower Corp., Class A(1)
  
23,500
 801,115
 
SBA Communications Corp., Class A(1)
  
75,302
 1,964,629
       
 2,765,744
TOTAL COMMON STOCKS
    
 
(Cost $63,983,661)
    
 77,535,720
TEMPORARY CASH INVESTMENTS — 3.9%
  
   
JPMorgan U.S. Treasury Plus Money Market Fund Agency Shares
  
3,366
 3,366
Repurchase Agreement, Credit Suisse First Boston, Inc., (collateralized by various U.S. Treasury obligations, 0.41%, 6/10/10, valued at $3,178,965), in a joint trading account at 0.14%, dated 7/31/09, due 8/3/09 (Delivery value $3,100,036)
  
 3,100,000
TOTAL TEMPORARY CASH INVESTMENTS
  
 
(Cost $3,103,366)
    
 3,103,366
   
TOTAL INVESTMENT SECURITIES — 101.6%
    
 
(Cost $67,087,027)
    
 80,639,086
OTHER ASSETS AND LIABILITIES — (1.6)%
  
 (1,253,311)
TOTAL NET ASSETS — 100.0%
  
$79,385,775
 

Geographic Diversification
(as a % of net assets)
United States
83.8%
People's Republic of China
4.5%
Bermuda
2.4%
Netherlands
1.3%
Sweden
1.1%
Canada
1.0%
Brazil
0.8%
Ireland
0.8%
Cayman Islands
0.7%
South Korea
0.5%
Taiwan (Republic of China)
0.4%
Switzerland
0.3%
France
0.1%
Cash and Equivalents*
2.3%
 
* Includes temporary cash investments and other assets and liabilities.
 
 
 

 
 
NT Vista – Schedule of Investments
 
JULY 31, 2009 (UNAUDITED)
 
Notes to Schedule of Investments
 
ADR
-
American Depositary Receipt
 

(1)
Non-income producing.

 
 
 
 
 
NT Vista – Schedule of Investments
 
JULY 31, 2009 (UNAUDITED)

SUPPLEMENTARY NOTES TO SCHEDULE OF INVESTMENTS
 
1. Security Valuations
 
Securities traded primarily on a principal securities exchange are valued at the last reported sales price, or at the mean of the latest bid and asked prices where no last sales price is available. Depending on local convention or regulation, securities traded over-the-counter are valued at the mean of the latest bid and asked prices, the last sales price, or the official close price. Investments in open-end management investment companies are valued at the reported net asset value. Debt securities not traded on a principal securities exchange are valued through a commercial pricing service or at the mean of the most recent bid and asked prices. Discount notes may be valued through a commercial pricing service or at amortized cost, which approximates fair value. Securities traded on foreign securities exchanges and over-the-counter markets are normally completed before the close of business on days that the New York Stock Exchange (the Exchange) is open and may also take place on days when the Exchange is not open. If an event occurs after the value of a security was established but before the net asset value per share was determined that was likely to materially change the net asset value, that security would be valued as determined in accordance with procedures adopted by the Board of Directors. If the fund determines that the market price of a portfolio security is not readily available, or that the valuation methods mentioned above do not reflect the security’s fair value, such security is valued as determined by the Board of Directors or its designee, in accordance with procedures adopted by the Board of Directors, if such determination would materially impact a fund’s net asset value. Certain other circumstances may cause the fund to use alternative procedures to value a security such as: a security has been declared in default; trading in a security has been halted during the trading day; or there is a foreign market holiday and no trading will commence.
 
2. Fair Value Measurements
 
The fund’s securities valuation process is based on several considerations and may use multiple inputs to determine the fair value of the positions 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 as follows:
 
   •     Level 1 valuation inputs consist of actual quoted prices in an active market for identical securities;
   •     Level 2 valuation inputs consist of significant direct or indirect observable market data (including quoted prices for similar
         securities, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.); or
   •     Level 3 valuation inputs consist of significant unobservable inputs (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 an indication of the risks associated with investing in these securities or other financial instruments.
 
The following is a summary of the valuation inputs used to determine the fair value of the fund’s securities as of July 31, 2009:

 
Level 1
Level 2
Level 3
Investment Securities
Domestic Common Stocks
$66,488,267
–
–
Foreign Common Stocks
10,678,002
             $   369,451
–
Temporary Cash Investments
3,366
3,100,000
–
Total Value of Investment Securities
$77,169,635
$3,469,451
–
 
3. Federal Tax Information
 
As of July 31, 2009, the components of investments for federal income tax purposes were as follows:
 
Federal tax cost of investments
$68,194,808
    
Gross tax appreciation of investments
$12,530,861
    
Gross tax depreciation of investments
(86,583
)
  
Net tax appreciation (depreciation) of investments
$12,444,278
    
 
The difference between book-basis and tax-basis cost and unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales.
 
 
 

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.

 
 
 
 
ITEM 2.  CONTROLS AND PROCEDURES.

(a)  
The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are effective based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(b)  
There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
 
 

ITEM 3.  EXHIBITS.
 
Separate certifications by the registrant’s principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(a) under the Investment Company Act of 1940, are filed and attached hereto as Exhibit 99.CERT.

 
 
 
 
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


Registrant:
 AMERICAN CENTURY MUTUAL FUNDS, INC.  
       
       
By:
  /s/  Jonathan S. Thomas   
 
Name:
Jonathan S. Thomas
  
 
Title:
President
  
       
Date:
 September 29, 2009   
       


Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By:
  /s/  Jonathan S. Thomas   
 
Name:
Jonathan S. Thomas
  
 
Title:
President
  
   
(principal executive officer)
  
     
Date:
 September 29, 2009   



By:
  /s/  Robert J. Leach   
 
Name:
Robert J. Leach
  
 
Title:
Vice President, Treasurer, and
  
   
Chief Financial Officer
  
   
(principal financial officer)
  
     
Date:
 September 29, 2009   


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EX-99.CERT

CERTIFICATIONS

I, Jonathan S. Thomas, certify that:

1.
I have reviewed this report on Form N-Q of American Century Mutual Funds, Inc.;

2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.
Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4.
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 
(a)
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 
(b)
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 
(c)
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

 
(d)
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.
The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

 
(a)
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

 
(b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:
 September 29, 2009   
     
     
     
/s/  Jonathan S. Thomas   
Jonathan S. Thomas
  
President
  
(principal executive officer)
  
     
 
 
 
 

I, Robert J. Leach, certify that:

1.
I have reviewed this report on Form N-Q of American Century Mutual Funds, Inc.;

2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.
Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4.
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 
(a)
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 
(b)
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 
(c)
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

 
(d)
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.
The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

 
(a)
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
 
 
(b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.


Date:
 September 29, 2009   
     
     
     
/s/  Robert J. Leach   
Robert J. Leach
  
Vice President, Treasurer, and
  
Chief Financial Officer
  
(principal financial officer)
  


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