NPORT-EX 2 acmn_select.htm PART F Document

American Century Investments®
Quarterly Portfolio Holdings
Select Fund
July 31, 2022


Select - Schedule of Investments
JULY 31, 2022 (UNAUDITED)
Shares/
Principal Amount ($)		Value ($)
COMMON STOCKS — 99.0%


Automobiles — 4.6%
Tesla, Inc.(1)
212,800 189,700,560 
Beverages — 2.0%
Constellation Brands, Inc., Class A273,700 67,415,047 
Diageo PLC330,500 15,656,399 
83,071,446 
Biotechnology — 4.0%
Biogen, Inc.(1)
161,400 34,710,684 
Regeneron Pharmaceuticals, Inc.(1)
115,000 66,894,350 
Vertex Pharmaceuticals, Inc.(1)
222,200 62,307,102 
163,912,136 
Capital Markets — 2.2%
MSCI, Inc.94,100 45,294,094 
S&P Global, Inc.119,300 44,967,749 
90,261,843 
Containers and Packaging — 0.6%
Ball Corp.314,900 23,119,958 
Energy Equipment and Services — 0.6%
ChampionX Corp.1,146,800 23,956,652 
Entertainment — 1.3%
Electronic Arts, Inc.184,800 24,251,304 
Walt Disney Co.(1)
265,700 28,190,770 
52,442,074 
Equity Real Estate Investment Trusts (REITs) — 0.6%
Equinix, Inc.36,400 25,616,136 
Food and Staples Retailing — 1.7%
Costco Wholesale Corp.130,200 70,477,260 
Health Care Equipment and Supplies — 0.5%
Penumbra, Inc.(1)
144,100 20,084,658 
Health Care Providers and Services — 4.2%
UnitedHealth Group, Inc.316,300 171,542,142 
Hotels, Restaurants and Leisure — 1.3%
Airbnb, Inc., Class A(1)
475,400 52,759,892 
Interactive Media and Services — 10.1%
Alphabet, Inc., Class A(1)
1,692,000 196,813,440 
Alphabet, Inc., Class C(1)
1,600,000 186,624,000 
Meta Platforms, Inc., Class A(1)
185,400 29,497,140 
412,934,580 
Internet and Direct Marketing Retail — 7.0%
Amazon.com, Inc.(1)
2,126,000 286,903,700 
IT Services — 7.4%
Mastercard, Inc., Class A506,600 179,230,014 
PayPal Holdings, Inc.(1)
358,500 31,021,005 
Visa, Inc., Class A445,100 94,410,161 
304,661,180 
Life Sciences Tools and Services — 1.7%
Danaher Corp.243,000 70,827,210 
Machinery — 2.5%
FANUC Corp.153,200 26,420,943 


Graco, Inc.698,100 46,884,396 
Otis Worldwide Corp.396,400 30,986,588 
104,291,927 
Oil, Gas and Consumable Fuels — 0.4%
Sitio Royalties Corp.572,900 16,906,279 
Personal Products — 0.7%
Estee Lauder Cos., Inc., Class A102,500 27,992,750 
Pharmaceuticals — 1.5%
Bristol-Myers Squibb Co.859,100 63,384,398 
Professional Services — 0.4%
Verisk Analytics, Inc.90,800 17,274,700 
Road and Rail — 0.4%
Canadian Pacific Railway Ltd.232,000 18,292,952 
Semiconductors and Semiconductor Equipment — 9.2%
Advanced Micro Devices, Inc.(1)
352,000 33,253,440 
Analog Devices, Inc.569,100 97,862,436 
KLA Corp.162,100 62,171,834 
NVIDIA Corp.540,800 98,225,504 
Texas Instruments, Inc.469,900 84,060,411 
375,573,625 
Software — 11.9%
Adobe, Inc.(1)
148,400 60,861,808 
Atlassian Corp. PLC, Class A(1)
231,600 48,478,512 
Crowdstrike Holdings, Inc., Class A(1)
137,100 25,171,560 
Microsoft Corp.1,070,000 300,391,800 
Roper Technologies, Inc.26,000 11,353,420 
Salesforce, Inc.(1)
118,300 21,769,566 
Zscaler, Inc.(1)
129,200 20,033,752 
488,060,418 
Specialty Retail — 5.2%
Home Depot, Inc.236,500 71,172,310 
Lowe's Cos., Inc.427,700 81,917,381 
Tractor Supply Co.324,700 62,173,556 
215,263,247 
Technology Hardware, Storage and Peripherals — 15.6%
Apple, Inc.3,930,900 638,810,559 
Textiles, Apparel and Luxury Goods — 1.4%
NIKE, Inc., Class B498,200 57,253,144 
TOTAL COMMON STOCKS
(Cost $1,657,192,505)
4,065,375,426 
CONVERTIBLE BONDS — 0.4%
Biotechnology — 0.2%
Ascendis Pharma A/S, 2.25%, 4/1/28(2)
10,437,000 9,106,283 
IT Services — 0.2%
Block, Inc., 0.50%, 5/15/23(3)
5,601,000 6,705,400 
TOTAL CONVERTIBLE BONDS
(Cost $15,912,549)
15,811,683 
SHORT-TERM INVESTMENTS — 0.6%
Money Market Funds — 0.1%
State Street Institutional U.S. Government Money Market Fund, Premier Class25,801 25,801 
State Street Navigator Securities Lending Government Money Market Portfolio(4)
2,559,560 2,559,560 
2,585,361 
Repurchase Agreements — 0.5%
BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 1.625% - 3.00%, 5/31/23 - 2/15/48, valued at $2,976,350), in a joint trading account at 2.18%, dated 7/29/22, due 8/1/22 (Delivery value $2,919,191)2,918,661 


Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 3.125%, 11/15/41, valued at $20,853,983), at 2.23%, dated 7/29/22, due 8/1/22 (Delivery value $20,448,799)20,445,000 
23,363,661 
TOTAL SHORT-TERM INVESTMENTS
(Cost $25,949,022)
25,949,022 
TOTAL INVESTMENT SECURITIES — 100.0%
(Cost $1,699,054,076)
4,107,136,131 
OTHER ASSETS AND LIABILITIES†
(1,795,618)
TOTAL NET ASSETS — 100.0%
$4,105,340,513 

WRITTEN OPTIONS CONTRACTS
Reference EntityContractsTypeExercise
Price		Expiration
Date		Underlying
Notional Amount		Premiums
Received		Value
Apple, Inc.625Call$170.008/19/22$10,156,875 $(63,262)$(56,250)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS
Currency PurchasedCurrency SoldCounterpartySettlement
Date
Unrealized Appreciation
(Depreciation)
USD11,245,438 CAD14,580,272 Goldman Sachs & Co.9/29/22$(138,110)
USD458,138 CAD594,384 Goldman Sachs & Co.9/29/22(5,927)
USD365,435 CAD470,960 Goldman Sachs & Co.9/29/22(2,266)
USD405,893 CAD519,680 Goldman Sachs & Co.9/29/22152 
$(146,151)

NOTES TO SCHEDULE OF INVESTMENTS
CAD-Canadian Dollar
USD-United States Dollar
†Category is less than 0.05% of total net assets.
(1)Non-income producing.
(2)Security was purchased pursuant to Rule 144A or Section 4(2) under the Securities Act of 1933 and may be sold in transactions exempt from registration, normally to qualified institutional investors. The aggregate value of these securities at the period end was $9,106,283, which represented 0.2% of total net assets.
(3)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $2,511,682. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(4)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $2,559,560.


SUPPLEMENTARY NOTES TO SCHEDULE OF INVESTMENTS

1. Investment Valuations

The fund determines the fair value of its investments and computes its net asset value (NAV) per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. The Board of Directors has adopted valuation policies and procedures to guide the investment advisor in the fund’s investment valuation process and to provide methodologies for the oversight of the fund’s pricing function.

Equity securities that are listed or traded on a domestic securities exchange are valued at the last reported sales price or at the official closing price as provided by the exchange. Equity securities traded on foreign securities exchanges are generally valued at the closing price of such securities on the exchange where primarily traded or at the close of the NYSE, if that is earlier. If no last sales price is reported, or if local convention or regulation so provides, the mean of the latest bid and asked prices may be used. Securities traded over-the-counter are valued at the mean of the latest bid and asked prices, the last sales price, or the official closing price. Equity securities initially expressed in local currencies are translated into U.S. dollars at the mean of the appropriate currency exchange rate at the close of the NYSE as provided by an independent pricing service.

Fixed income securities are valued at the evaluated mean as provided by independent pricing services or at the mean of the most recent bid and asked prices as provided by investment dealers. Convertible bonds are valued using market models that consider trade data, quotations from dealers and active market makers, relevant yield curve and spread data, creditworthiness, trade data or market information on comparable securities, and other relevant security specific information.

Open-end management investment companies are valued at the reported NAV per share. Exchange-traded options contracts are valued at a mean as provided by independent pricing services. Repurchase agreements are valued at cost, which approximates fair value. Forward foreign currency exchange contracts are valued at the mean of the appropriate forward exchange rate at the close of the NYSE as provided by an independent pricing service.

If the fund determines that the market price for an investment is not readily available or the valuation methods mentioned above do not reflect an investment’s fair value, such investment is valued as determined in good faith by the Board of Directors or its delegate, in accordance with policies and procedures adopted by the Board of Directors. In its determination of fair value, the fund may review several factors including, but not limited to, market information regarding the specific investment or comparable investments and correlation with other investment types, futures indices or general market indicators. Circumstances that may cause the fund to use these procedures to value an investment include, but are not limited to: an investment has been declared in default or is distressed; trading in a security has been suspended during the trading day or a security is not actively trading on its principal exchange; prices received from a regular pricing source are deemed unreliable; or there is a foreign market holiday and no trading occurred.

The fund monitors for significant events occurring after the close of an investment’s primary exchange but before the fund’s NAV per share is determined. Significant events may include, but are not limited to: corporate announcements and transactions; governmental action and political unrest that could impact a specific investment or an investment sector; or armed conflicts, natural disasters and similar events that could affect investments in a specific country or region. The fund also monitors for significant fluctuations between domestic and foreign markets, as evidenced by the U.S. market or such other indicators that the Board of Directors, or its delegate, deems appropriate. The fund may apply a model-derived factor to the closing price of equity securities traded on foreign securities exchanges. The factor is based on observable market data as provided by an independent pricing service.

2. Fair Value Measurements

The fund’s investments valuation process is based on several considerations and may use multiple inputs to determine the fair value of the investments held by the fund. In conformity with accounting principles generally accepted in the United States of America, the inputs used to determine a valuation are classified into three broad levels.

•Level 1 valuation inputs consist of unadjusted quoted prices in an active market for identical investments.

•Level 2 valuation inputs consist of direct or indirect observable market data (including quoted prices for comparable investments, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.). These inputs also consist of quoted prices for identical investments initially expressed in local currencies that are adjusted through translation into U.S. dollars.

•Level 3 valuation inputs consist of unobservable data (including a fund’s own assumptions).

The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not necessarily an indication of the risks associated with investing in these securities or other financial instruments.



The following is a summary of the level classifications as of period end. The Schedule of Investments provides additional information on the fund’s portfolio holdings.
Level 1 ($)Level 2 ($)Level 3 ($)
Assets
Investment Securities
Common Stocks4,005,005,132 60,370,294 — 
Convertible Bonds— 15,811,683 — 
Short-Term Investments2,585,361 23,363,661 — 
4,007,590,493 99,545,638 — 
Other Financial Instruments
Forward Foreign Currency Exchange Contracts— 152 — 
Liabilities
Other Financial Instruments
Forward Foreign Currency Exchange Contracts— 146,303 — 
Written Options Contracts56,250 — — 
56,250 146,303 — 
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.