NPORT-EX 2 acxv_avantisussmcapvaletf.htm PART F Document

American Century Investments®
Quarterly Portfolio Holdings
Avantis® U.S. Small Cap Value ETF (AVUV)
May 31, 2023


Avantis U.S. Small Cap Value ETF - Schedule of Investments
MAY 31, 2023 (UNAUDITED) 
Shares
Value ($)
COMMON STOCKS — 99.8%
Aerospace and Defense†
AAR Corp.(1)
24 1,203 
Air Freight and Logistics — 0.8%
Air Transport Services Group, Inc.(1)
873,291 14,583,960 
Hub Group, Inc., Class A(1)
344,826 25,365,400 
Radiant Logistics, Inc.(1)
116,564 728,525 
40,677,885 
Automobile Components — 1.9%
American Axle & Manufacturing Holdings, Inc.(1)
1,340,214 9,046,445 
Dana, Inc.
1,133,619 14,589,677 
Goodyear Tire & Rubber Co.(1)
3,218,023 44,183,456 
LCI Industries
205,721 22,226,097 
Modine Manufacturing Co.(1)
7,384 201,509 
Motorcar Parts of America, Inc.(1)
69,353 382,135 
Patrick Industries, Inc.
149,433 9,792,344 
100,421,663 
Automobiles — 1.3%
Harley-Davidson, Inc.
134,099 4,171,820 
Thor Industries, Inc.
561,798 43,971,929 
Winnebago Industries, Inc.(2)
354,750 19,738,290 
67,882,039 
Banks — 14.6%
1st Source Corp.
62,604 2,574,903 
ACNB Corp.
40,206 1,184,067 
Amalgamated Financial Corp.
168,568 2,397,037 
Amerant Bancorp, Inc.
221,857 3,915,776 
American National Bankshares, Inc.
21,281 611,403 
Ameris Bancorp
490,840 15,490,910 
Ames National Corp.
2,716 49,757 
Arrow Financial Corp.
110,801 2,021,010 
Associated Banc-Corp.
1,083,326 16,044,058 
Atlantic Union Bankshares Corp.
62,838 1,606,139 
Axos Financial, Inc.(1)
465,300 17,597,646 
Banc of California, Inc.
374,116 3,999,300 
BancFirst Corp.
3,261 275,783 
Bancorp, Inc.(1)
421,726 13,014,464 
Bank First Corp.(2)
9,817 747,270 
Bank of Hawaii Corp.(2)
297,104 11,631,622 
Bank of Marin Bancorp
92,411 1,494,286 
Bank OZK
369,622 12,781,529 
Bank7 Corp.
2,469 56,293 
BankFinancial Corp.
55,742 412,491 
BankUnited, Inc.
614,090 11,618,583 
Bankwell Financial Group, Inc.
35,439 809,781 
Banner Corp.
223,111 9,654,013 
Bar Harbor Bankshares
62,201 1,469,810 
Baycom Corp.
33,730 546,763 
BCB Bancorp, Inc.
129,486 1,373,846 
Berkshire Hills Bancorp, Inc.
284,297 5,813,874 
Bridgewater Bancshares, Inc.(1)
171,838 1,479,525 


Brookline Bancorp, Inc.
597,420 4,910,792 
Business First Bancshares, Inc.
133,795 1,949,393 
Byline Bancorp, Inc.
188,944 3,348,088 
Cadence Bank
753,782 13,537,925 
California BanCorp(1)
315 4,568 
Cambridge Bancorp
46,453 2,347,735 
Camden National Corp.
94,632 2,792,590 
Capital Bancorp, Inc.
1,515 25,740 
Capital City Bank Group, Inc.
16,119 484,698 
Capstar Financial Holdings, Inc.
108,092 1,302,509 
Carter Bankshares, Inc.(1)
158,825 2,239,432 
Cathay General Bancorp
563,722 16,483,231 
CB Financial Services, Inc.
19,821 383,140 
Central Pacific Financial Corp.
237,358 3,467,800 
Central Valley Community Bancorp
74,480 1,074,746 
Chemung Financial Corp.
4,985 176,469 
Citizens Financial Services, Inc.(2)
4,922 369,741 
City Holding Co.
50,402 4,344,148 
Civista Bancshares, Inc.
60,205 901,871 
CNB Financial Corp.
153,981 2,557,624 
Coastal Financial Corp.(1)
29,882 1,022,263 
Codorus Valley Bancorp, Inc.
42,388 753,659 
Colony Bankcorp, Inc.
26,333 244,897 
Columbia Banking System, Inc.
626,263 12,544,048 
Comerica, Inc.
41,200 1,487,320 
Community Trust Bancorp, Inc.
115,052 3,877,252 
ConnectOne Bancorp, Inc.
285,661 3,879,276 
CrossFirst Bankshares, Inc.(1)
278,367 2,683,458 
Customers Bancorp, Inc.(1)
272,908 6,282,342 
Dime Community Bancshares, Inc.
265,456 4,300,387 
Eagle Bancorp, Inc.
245,508 4,892,974 
Enterprise Bancorp, Inc.
20,685 549,807 
Enterprise Financial Services Corp.
248,005 10,073,963 
Equity Bancshares, Inc., Class A
105,624 2,359,640 
Esquire Financial Holdings, Inc.
45,625 1,931,306 
Evans Bancorp, Inc.
1,323 31,395 
Farmers National Banc Corp.
215,085 2,533,701 
FB Financial Corp.
93,354 2,488,818 
Fidelity D&D Bancorp, Inc.
1,144 43,237 
Financial Institutions, Inc.
129,825 2,039,551 
First BanCorp
680,185 7,590,865 
First Bancorp, Inc.
19,888 471,346 
First Bancorp/Southern Pines NC
60,057 1,807,716 
First Bancshares, Inc.
84,794 2,208,036 
First Bank
5,755 59,046 
First Busey Corp.
380,084 7,107,571 
First Business Financial Services, Inc.
59,957 1,605,049 
First Commonwealth Financial Corp.
578,130 7,313,344 
First Community Bankshares, Inc.
27,094 722,326 
First Financial Corp.
78,868 2,558,478 
First Foundation, Inc.
308,120 1,195,506 
First Guaranty Bancshares, Inc.
3,844 50,741 
First Internet Bancorp
67,288 826,297 
First Mid Bancshares, Inc.
132,428 3,176,948 
First of Long Island Corp.
174,018 1,776,724 


First United Corp.
35,023 455,999 
First Western Financial, Inc.(1)
3,274 55,723 
Five Star Bancorp
38,058 727,669 
Flushing Financial Corp.
207,715 2,419,880 
FNB Corp.
720,586 7,919,240 
Franklin Financial Services Corp.
19,728 511,942 
FS Bancorp, Inc.
52,998 1,505,143 
Fulton Financial Corp.
1,224,058 13,660,487 
FVCBankcorp, Inc.(1)
34,686 354,491 
Great Southern Bancorp, Inc.
87,041 4,232,804 
Greene County Bancorp, Inc.
4,485 119,974 
Guaranty Bancshares, Inc.
19,018 459,095 
Hancock Whitney Corp.
629,436 22,993,297 
Hanmi Financial Corp.
273,484 3,938,170 
HarborOne Bancorp, Inc.
272,599 2,235,312 
Hawthorn Bancshares, Inc.
30,084 541,512 
HBT Financial, Inc.
65,108 1,145,901 
Heartland Financial USA, Inc.
266,811 7,361,315 
Heritage Commerce Corp.
187,898 1,367,897 
Hilltop Holdings, Inc.
327,339 9,663,047 
Hingham Institution For Savings(2)
7,382 1,423,397 
Home Bancorp, Inc.
33,441 1,029,648 
HomeStreet, Inc.
163,945 859,072 
HomeTrust Bancshares, Inc.
97,164 1,903,443 
Hope Bancorp, Inc.
868,322 6,963,942 
Horizon Bancorp, Inc.
256,439 2,279,743 
Independent Bank Corp. (Michigan)
181,182 2,962,326 
International Bancshares Corp.
440,262 18,807,993 
Investar Holding Corp.
4,803 52,833 
Kearny Financial Corp.
288,797 1,972,484 
Lakeland Bancorp, Inc.
469,236 6,104,760 
Lakeland Financial Corp.
74,166 3,725,358 
Live Oak Bancshares, Inc.
229,968 4,976,508 
Luther Burbank Corp.
75,200 646,720 
Macatawa Bank Corp.
204,144 1,780,136 
Malvern Bancorp, Inc.(1)
5,099 77,250 
Mercantile Bank Corp.
123,958 3,226,627 
Meridian Corp.
442 4,261 
Metrocity Bankshares, Inc.
81,679 1,341,986 
Metropolitan Bank Holding Corp.(1)(2)
67,934 1,922,532 
Mid Penn Bancorp, Inc.
62,740 1,391,573 
Midland States Bancorp, Inc.
185,332 3,584,321 
MidWestOne Financial Group, Inc.
86,842 1,639,577 
MVB Financial Corp.
73,741 1,309,640 
National Bank Holdings Corp., Class A
6,989 209,181 
National Bankshares, Inc.
260 7,064 
NBT Bancorp, Inc.
285,316 9,572,352 
New York Community Bancorp, Inc.(2)
2,831,752 29,110,411 
Nicolet Bankshares, Inc.
5,973 370,744 
Northeast Bank
59,077 2,117,320 
Northfield Bancorp, Inc.
294,637 3,014,137 
Northrim BanCorp, Inc.
47,645 1,806,222 
Northwest Bancshares, Inc.
24,010 252,345 
Norwood Financial Corp.
9,569 230,804 
Oak Valley Bancorp
13,104 302,571 


OceanFirst Financial Corp.
371,849 5,280,256 
OFG Bancorp
406,568 9,863,340 
Old National Bancorp
234,385 2,911,062 
Old Second Bancorp, Inc.
331,808 3,928,607 
OP Bancorp
70,049 549,184 
Origin Bancorp, Inc.
159,816 4,546,765 
Orrstown Financial Services, Inc.
58,827 1,064,769 
Pacific Premier Bancorp, Inc.
653,810 12,311,242 
Park National Corp.
37,082 3,661,847 
Parke Bancorp, Inc.
57,231 919,130 
Pathward Financial, Inc.
221,389 9,727,833 
PCB Bancorp
86,249 1,215,248 
Peapack-Gladstone Financial Corp.
131,887 3,480,498 
Peoples Bancorp, Inc.(2)
197,253 5,063,485 
Plumas Bancorp
801 26,377 
Popular, Inc.
246,150 14,074,857 
Preferred Bank
69,714 3,215,210 
Premier Financial Corp.
219,892 3,065,294 
Primis Financial Corp.
94,344 695,315 
Provident Financial Services, Inc.
529,324 8,405,665 
QCR Holdings, Inc.
128,522 4,937,815 
RBB Bancorp
118,760 1,239,854 
Red River Bancshares, Inc.
2,518 123,684 
Republic Bancorp, Inc., Class A
70,563 2,973,525 
Riverview Bancorp, Inc.
120,365 563,308 
S&T Bancorp, Inc.
93,858 2,517,272 
Sandy Spring Bancorp, Inc.
317,453 6,647,466 
ServisFirst Bancshares, Inc.
58,344 2,351,263 
Shore Bancshares, Inc.
102,534 1,154,533 
Sierra Bancorp
97,810 1,563,982 
Simmons First National Corp., Class A
228,956 3,725,114 
SmartFinancial, Inc.
102,365 2,159,901 
South Plains Financial, Inc.
66,156 1,466,017 
Southern First Bancshares, Inc.(1)
58,888 1,352,657 
Southern Missouri Bancorp, Inc.
62,275 2,313,516 
Southside Bancshares, Inc.
85,458 2,264,637 
SouthState Corp.
13,627 851,960 
Sterling Bancorp, Inc.(1)
26,387 131,671 
Summit Financial Group, Inc.
64,619 1,231,638 
Synovus Financial Corp.
447,406 12,120,229 
Territorial Bancorp, Inc.
38,378 412,180 
Texas Capital Bancshares, Inc.(1)
287,428 13,595,344 
Third Coast Bancshares, Inc.(1)
26,632 431,172 
Timberland Bancorp, Inc.
13,499 318,036 
Tompkins Financial Corp.
77,107 4,032,696 
Towne Bank
444,944 10,340,499 
TriCo Bancshares
72,042 2,345,688 
Triumph Financial, Inc.(1)
170,744 8,865,028 
TrustCo Bank Corp. NY
156,328 4,319,343 
Trustmark Corp.
217,265 4,536,493 
UMB Financial Corp.
299,946 16,988,941 
United Community Banks, Inc.
153,445 3,469,391 
United Security Bancshares
83,790 523,688 
Unity Bancorp, Inc.
45,771 1,041,290 
Univest Financial Corp.
194,875 3,455,134 


Valley National Bancorp
794,989 5,867,019 
Veritex Holdings, Inc.
216,868 3,745,310 
Washington Federal, Inc.
519,200 13,504,392 
Washington Trust Bancorp, Inc.
127,337 3,242,000 
West BanCorp, Inc.
95,953 1,612,010 
Westamerica BanCorp
19,348 731,935 
Western Alliance Bancorp
36,846 1,249,079 
Western New England Bancorp, Inc.
3,560 20,150 
Wintrust Financial Corp.
210,859 13,404,307 
WSFS Financial Corp.
169,693 5,674,534 
Zions Bancorp NA
160,420 4,377,862 
778,311,192 
Beverages — 0.3%
Coca-Cola Consolidated, Inc.
27,198 17,998,004 
Biotechnology — 1.3%
Alector, Inc.(1)
109,959 818,095 
Arcus Biosciences, Inc.(1)
86,243 1,771,431 
Catalyst Pharmaceuticals, Inc.(1)
578,392 6,680,428 
Cullinan Oncology, Inc.(1)
299,420 3,078,038 
Eagle Pharmaceuticals, Inc.(1)
74,343 1,542,617 
Emergent BioSolutions, Inc.(1)
311,888 2,660,405 
Entrada Therapeutics, Inc.(1)
3,436 39,377 
Ironwood Pharmaceuticals, Inc.(1)
753,052 8,193,206 
iTeos Therapeutics, Inc.(1)
81,753 1,330,939 
Organogenesis Holdings, Inc.(1)
310,732 1,127,957 
Point Biopharma Global, Inc.(1)
152,593 1,414,537 
REGENXBIO, Inc.(1)
269,718 4,647,241 
Vanda Pharmaceuticals, Inc.(1)
12,669 75,380 
Vir Biotechnology, Inc.(1)
1,263,858 33,707,093 
Voyager Therapeutics, Inc.(1)
7,170 81,666 
XOMA Corp.(1)
19,080 324,360 
67,492,770 
Broadline Retail — 1.1%
Dillard's, Inc., Class A(2)
26,665 7,341,141 
Kohl's Corp.
1,047,712 19,194,084 
Macy's, Inc.
2,116,051 28,757,133 
Nordstrom, Inc.
292,747 4,479,029 
59,771,387 
Building Products — 0.8%
Apogee Enterprises, Inc.
84,915 3,134,213 
Insteel Industries, Inc.
114,081 3,414,444 
JELD-WEN Holding, Inc.(1)
20,336 266,198 
Masonite International Corp.(1)
249,220 21,948,805 
Quanex Building Products Corp.
311,882 6,552,641 
UFP Industries, Inc.
87,267 6,815,553 
42,131,854 
Capital Markets — 1.6%
Artisan Partners Asset Management, Inc., Class A
84,320 2,698,240 
Diamond Hill Investment Group, Inc.
22,665 3,598,522 
Evercore, Inc., Class A
208,755 22,535,102 
Janus Henderson Group PLC
340,648 8,952,229 
Moelis & Co., Class A
32,173 1,218,392 
Open Lending Corp., Class A(1)
279,643 2,835,580 
Oppenheimer Holdings, Inc., Class A
53,261 2,088,364 
Piper Sandler Cos.
109,127 13,899,506 


Stifel Financial Corp.
97,153 5,398,792 
StoneX Group, Inc.(1)
146,427 11,756,624 
Virtus Investment Partners, Inc.
47,622 9,085,325 
84,066,676 
Chemicals — 2.7%
AdvanSix, Inc.
342,419 11,265,585 
American Vanguard Corp.
249,091 4,249,493 
Cabot Corp.
361,580 24,760,998 
Chemours Co.
1,195,709 31,674,331 
Core Molding Technologies, Inc.(1)
37,705 693,395 
FutureFuel Corp.
236,980 2,011,960 
Hawkins, Inc.
48,675 2,284,805 
Intrepid Potash, Inc.(1)
100,375 1,764,593 
Kronos Worldwide, Inc.
205,969 1,699,244 
Livent Corp.(1)(2)
765,626 17,647,679 
LSB Industries, Inc.(1)
590,310 5,489,883 
Orion Engineered Carbons SA
453,575 10,518,404 
PureCycle Technologies, Inc.(1)
17,506 120,616 
Rayonier Advanced Materials, Inc.(1)
581,637 1,977,566 
Stepan Co.
114,050 10,486,898 
Tronox Holdings PLC, Class A
1,455,893 15,490,702 
Valhi, Inc.
12,610 156,742 
142,292,894 
Commercial Services and Supplies — 0.3%
Civeo Corp.(1)
98,058 1,960,180 
Ennis, Inc.
144,692 2,802,684 
Heritage-Crystal Clean, Inc.(1)
164,627 5,459,031 
Interface, Inc.
390,100 2,703,393 
Kimball International, Inc., Class B
63,647 782,858 
Quad/Graphics, Inc.(1)
274,541 897,749 
14,605,895 
Communications Equipment — 0.7%
KVH Industries, Inc.(1)
2,195 19,623 
ViaSat, Inc.(1)
814,811 36,348,719 
36,368,342 
Construction and Engineering — 0.8%
Ameresco, Inc., Class A(1)(2)
143,293 6,173,062 
Granite Construction, Inc.
17,605 637,125 
Great Lakes Dredge & Dock Corp.(1)
232,036 1,471,108 
Limbach Holdings, Inc.(1)
48,896 1,018,504 
MYR Group, Inc.(1)
181,320 23,118,300 
Northwest Pipe Co.(1)
60,814 1,615,220 
Sterling Infrastructure, Inc.(1)
187,481 8,637,250 
Tutor Perini Corp.(1)
418,646 2,260,688 
44,931,257 
Construction Materials — 0.2%
Eagle Materials, Inc.
40,456 6,591,496 
US Lime & Minerals, Inc.
7,968 1,445,555 
8,037,051 
Consumer Finance — 2.4%
Atlanticus Holdings Corp.(1)
25,263 883,194 
Bread Financial Holdings, Inc.
432,383 12,184,553 
Consumer Portfolio Services, Inc.(1)
62,332 723,675 
Encore Capital Group, Inc.(1)(2)
169,215 7,288,090 
Green Dot Corp., Class A(1)
339,370 6,186,715 


LendingClub Corp.(1)
463,061 3,797,100 
Medallion Financial Corp.(2)
12,150 77,031 
Navient Corp.
861,233 13,047,680 
Nelnet, Inc., Class A
108,053 9,994,903 
OneMain Holdings, Inc.
595,550 22,547,523 
Oportun Financial Corp.(1)
108,658 622,610 
PRA Group, Inc.(1)
159,502 2,982,687 
PROG Holdings, Inc.(1)
383,592 12,516,607 
Regional Management Corp.
66,879 1,748,886 
SLM Corp.
2,043,010 31,176,333 
125,777,587 
Consumer Staples Distribution & Retail — 1.5%
Andersons, Inc.
115,513 4,506,162 
Ingles Markets, Inc., Class A
188,845 15,158,588 
Natural Grocers by Vitamin Cottage, Inc.
111,486 1,231,920 
PriceSmart, Inc.
173,018 12,540,345 
Sprouts Farmers Market, Inc.(1)
785,308 27,140,244 
United Natural Foods, Inc.(1)
329,160 8,791,864 
Village Super Market, Inc., Class A
75,091 1,558,514 
Weis Markets, Inc.
182,100 10,842,234 
81,769,871 
Diversified Consumer Services — 0.8%
Adtalem Global Education, Inc.(1)
154,876 6,427,354 
American Public Education, Inc.(1)
128,507 643,820 
Grand Canyon Education, Inc.(1)
141,676 14,841,978 
Lincoln Educational Services Corp.(1)
34,967 223,439 
Perdoceo Education Corp.(1)
806,928 9,513,681 
Stride, Inc.(1)
205,616 8,308,943 
Universal Technical Institute, Inc.(1)
345,737 2,223,089 
42,182,304 
Diversified Telecommunication Services — 0.3%
ATN International, Inc.
126,216 4,736,887 
EchoStar Corp., Class A(1)
361,748 5,704,766 
Frontier Communications Parent, Inc.(1)
209,540 3,117,955 
Iridium Communications, Inc.
2,856 171,474 
13,731,082 
Electrical Equipment — 1.4%
Atkore, Inc.(1)
283,454 33,098,924 
Broadwind, Inc.(1)
9,576 35,910 
Encore Wire Corp.
253,532 41,495,582 
GrafTech International Ltd.
23,240 99,700 
LSI Industries, Inc.
14,334 166,704 
Powell Industries, Inc.
28,040 1,612,300 
Preformed Line Products Co.
229 35,200 
76,544,320 
Electronic Equipment, Instruments and Components — 2.0%
Bel Fuse, Inc., Class B
110,885 5,454,433 
Climb Global Solutions, Inc.
2,119 99,487 
CTS Corp.
24,775 1,131,474 
Daktronics, Inc.(1)
9,595 60,353 
Insight Enterprises, Inc.(1)
69,999 9,465,265 
Methode Electronics, Inc.
34,730 1,495,127 
PC Connection, Inc.
3,094 139,137 
Sanmina Corp.(1)
743,425 39,431,262 
Tingo Group, Inc.(1)(2)
203,249 577,227 


TTM Technologies, Inc.(1)
393,213 5,387,018 
Vishay Intertechnology, Inc.
1,586,153 40,891,024 
Vishay Precision Group, Inc.(1)
96,477 3,368,977 
107,500,784 
Energy Equipment and Services — 3.8%
Archrock, Inc.
1,726,403 15,537,627 
Bristow Group, Inc.(1)
219,279 5,361,372 
ChampionX Corp.
349,775 8,835,316 
Diamond Offshore Drilling, Inc.(1)
279,326 3,058,620 
Dril-Quip, Inc.(1)
264,759 5,917,364 
Helix Energy Solutions Group, Inc.(1)
1,340,764 8,419,998 
Helmerich & Payne, Inc.
202,131 6,241,805 
Liberty Energy, Inc., Class A
1,737,980 20,403,885 
Nabors Industries Ltd.(1)
88,733 7,426,952 
Natural Gas Services Group, Inc.(1)
16,426 165,903 
Newpark Resources, Inc.(1)
206,826 715,618 
NexTier Oilfield Solutions, Inc.(1)
1,677,104 12,645,364 
Oceaneering International, Inc.(1)
974,339 14,917,130 
Oil States International, Inc.(1)
188,272 1,197,410 
Patterson-UTI Energy, Inc.
1,437,766 14,003,841 
ProPetro Holding Corp.(1)
1,047,542 6,987,105 
Ranger Energy Services, Inc.(1)
13,508 150,344 
RPC, Inc.
339,838 2,259,923 
Solaris Oilfield Infrastructure, Inc., Class A
36,647 268,622 
TechnipFMC PLC(1)
1,604,109 21,077,992 
Transocean Ltd.(1)
4,624,453 26,451,871 
US Silica Holdings, Inc.(1)
764,635 8,663,315 
Weatherford International PLC(1)
201,713 11,384,682 
202,092,059 
Entertainment — 0.2%
Gaia, Inc.(1)
771 1,927 
Madison Square Garden Entertainment Corp.(1)
104,621 3,671,151 
Marcus Corp.(2)
217,849 3,328,733 
Sphere Entertainment Co.(1)(2)
146,488 3,496,669 
10,498,480 
Financial Services — 4.2%
Alerus Financial Corp.
94,501 1,575,332 
A-Mark Precious Metals, Inc.
32,434 1,098,540 
Cass Information Systems, Inc.
94,633 3,654,726 
Enact Holdings, Inc.
212,889 5,181,718 
Essent Group Ltd.
847,466 37,432,573 
Federal Agricultural Mortgage Corp., Class C
49,653 6,644,068 
International Money Express, Inc.(1)
13,311 310,146 
Jackson Financial, Inc., Class A
719,769 19,937,601 
Merchants Bancorp
145,029 3,315,363 
MGIC Investment Corp.
2,586,879 39,113,610 
Mr. Cooper Group, Inc.(1)
456,365 21,111,445 
NMI Holdings, Inc., Class A(1)
722,177 18,162,752 
Ocwen Financial Corp.(1)
37,738 990,623 
PennyMac Financial Services, Inc.
232,059 14,164,881 
Radian Group, Inc.
1,397,509 35,692,380 
Walker & Dunlop, Inc.
196,943 14,414,258 
Waterstone Financial, Inc.
136,438 1,844,642 
224,644,658 


Food Products — 0.6%
Cal-Maine Foods, Inc.
411,199 19,552,512 
Flowers Foods, Inc.
32,277 806,280 
Fresh Del Monte Produce, Inc.
167,913 4,426,187 
John B Sanfilippo & Son, Inc.
33,400 3,882,082 
Pilgrim's Pride Corp.(1)
104,711 2,324,584 
Seaboard Corp.
708 2,689,996 
33,681,641 
Ground Transportation — 2.9%
ArcBest Corp.
289,695 24,270,647 
Covenant Logistics Group, Inc.
110,207 4,206,601 
Heartland Express, Inc.
196,410 3,063,996 
Landstar System, Inc.
3,201 561,392 
Marten Transport Ltd.
686,261 14,514,420 
PAM Transportation Services, Inc.(1)
61,496 1,608,735 
Ryder System, Inc.
623,292 49,134,108 
Saia, Inc.(1)
56,480 16,049,357 
Schneider National, Inc., Class B
394,238 10,218,649 
Universal Logistics Holdings, Inc.
73,039 1,939,186 
US Xpress Enterprises, Inc., Class A(1)
111,674 678,978 
Werner Enterprises, Inc.
662,462 29,095,331 
155,341,400 
Health Care Equipment and Supplies — 0.5%
Bioventus, Inc., Class A(1)
17,703 47,887 
Co-Diagnostics, Inc.(1)
173,856 189,503 
Enovis Corp.(1)
167,083 8,810,286 
FONAR Corp.(1)
29,690 508,293 
QuidelOrtho Corp.(1)
174,026 14,816,574 
Retractable Technologies, Inc.(1)
416 449 
Sensus Healthcare, Inc.(1)
19,768 53,176 
Tactile Systems Technology, Inc.(1)
65,477 1,376,326 
Zimvie, Inc.(1)
86,865 866,913 
26,669,407 
Health Care Providers and Services — 0.3%
Brookdale Senior Living, Inc.(1)
56,512 194,967 
Cross Country Healthcare, Inc.(1)
166,456 4,244,628 
Fulgent Genetics, Inc.(1)
241,195 9,592,325 
14,031,920 
Hotels, Restaurants and Leisure — 1.3%
BJ's Restaurants, Inc.(1)
185,909 5,536,370 
Canterbury Park Holding Corp.
249 5,707 
Carrols Restaurant Group, Inc.(1)
93,698 515,339 
Century Casinos, Inc.(1)
26,455 179,629 
Cheesecake Factory, Inc.(2)
393,009 12,312,972 
Chuy's Holdings, Inc.(1)
169,442 6,242,243 
Cracker Barrel Old Country Store, Inc.(2)
136,907 13,419,624 
Full House Resorts, Inc.(1)
217,733 1,545,904 
Golden Entertainment, Inc.(1)
8,507 358,485 
Hilton Grand Vacations, Inc.(1)
87,484 3,739,941 
Monarch Casino & Resort, Inc.
152,426 9,890,923 
ONE Group Hospitality, Inc.(1)
147,099 1,038,519 
Playa Hotels & Resorts NV(1)
1,350,228 12,003,527 
RCI Hospitality Holdings, Inc.
24,925 1,800,333 
Red Robin Gourmet Burgers, Inc.(1)
101,035 1,280,114 


Target Hospitality Corp.(1)
7,176 101,397 
69,971,027 
Household Durables — 5.7%
Bassett Furniture Industries, Inc.
62,525 844,713 
Beazer Homes USA, Inc.(1)
186,741 3,785,240 
Cavco Industries, Inc.(1)
70,666 17,594,421 
Century Communities, Inc.
202,995 12,916,572 
Cricut, Inc., Class A
8,094 76,326 
Dream Finders Homes, Inc., Class A(1)
12,177 225,762 
Ethan Allen Interiors, Inc.
291,052 7,285,032 
GoPro, Inc., Class A(1)
792,961 3,330,436 
Green Brick Partners, Inc.(1)
262,124 12,547,876 
Hamilton Beach Brands Holding Co., Class A
692 6,442 
Hooker Furnishings Corp.
48,354 718,057 
Hovnanian Enterprises, Inc., Class A(1)
53,805 4,517,468 
KB Home
733,796 31,795,381 
La-Z-Boy, Inc.
337,796 9,025,909 
Legacy Housing Corp.(1)
89,434 1,702,823 
M/I Homes, Inc.(1)
275,612 19,477,500 
MDC Holdings, Inc.
503,465 20,279,570 
Meritage Homes Corp.
321,810 37,114,347 
Skyline Champion Corp.(1)
467,130 27,154,267 
Taylor Morrison Home Corp.(1)
1,380,457 58,572,790 
Tri Pointe Homes, Inc.(1)
1,162,980 33,970,646 
Universal Electronics, Inc.(1)
100,326 809,631 
VOXX International Corp.(1)
336 3,252 
303,754,461 
Household Products†
Oil-Dri Corp. of America
9,526 361,702 
Insurance — 3.8%
Ambac Financial Group, Inc.(1)
255,368 3,557,276 
American Equity Investment Life Holding Co.
318,653 12,570,861 
AMERISAFE, Inc.
30,741 1,569,635 
Argo Group International Holdings Ltd.
227,083 6,655,803 
Assured Guaranty Ltd.
395,304 20,456,982 
Axis Capital Holdings Ltd.
377,368 19,585,399 
Brighthouse Financial, Inc.(1)
465,305 18,733,179 
CNO Financial Group, Inc.
1,040,462 22,588,430 
Crawford & Co., Class A
29,709 293,525 
Crawford & Co., Class B
2,419 21,384 
Donegal Group, Inc., Class A
11,946 171,784 
Employers Holdings, Inc.
195,463 7,067,942 
Enstar Group Ltd.(1)
12,574 2,959,668 
Genworth Financial, Inc., Class A(1)
3,997,186 21,384,945 
Greenlight Capital Re Ltd., A Shares(1)
16,386 157,469 
Hanover Insurance Group, Inc.
15,180 1,691,963 
Horace Mann Educators Corp.
99,335 2,985,017 
Investors Title Co.
1,422 188,486 
James River Group Holdings Ltd.
29,406 562,831 
National Western Life Group, Inc., Class A
13,094 4,884,586 
Oscar Health, Inc., Class A(1)
645,203 4,735,790 
Primerica, Inc.
14,754 2,685,523 
ProAssurance Corp.
225,885 2,744,503 
Safety Insurance Group, Inc.
74,923 5,455,893 
Selective Insurance Group, Inc.
190,643 18,440,897 


SiriusPoint Ltd.(1)
607,932 5,659,847 
Stewart Information Services Corp.
99,458 4,459,697 
United Fire Group, Inc.
138,937 2,984,367 
White Mountains Insurance Group Ltd.
5,243 7,100,018 
202,353,700 
Interactive Media and Services — 0.4%
Cargurus, Inc.(1)
345,442 6,490,855 
Cars.com, Inc.(1)
747,601 13,195,158 
19,686,013 
Leisure Products — 0.9%
American Outdoor Brands, Inc.(1)
18,295 132,822 
JAKKS Pacific, Inc.(1)
68,072 1,405,687 
Malibu Boats, Inc., Class A(1)
224,071 11,752,524 
MasterCraft Boat Holdings, Inc.(1)
189,950 5,033,675 
Smith & Wesson Brands, Inc.
491,243 5,762,280 
Sturm Ruger & Co., Inc.
192,551 9,927,929 
Vista Outdoor, Inc.(1)
619,773 16,504,555 
50,519,472 
Life Sciences Tools and Services — 0.2%
AbCellera Biologics, Inc.(1)(2)
1,153,223 8,037,964 
OmniAb, Inc.(1)
17,736 76,620 
OmniAb, Inc.(1)
21,075 55,427 
OmniAb, Inc.(1)
21,075 52,898 
8,222,909 
Machinery — 1.9%
Albany International Corp., Class A
103,615 8,798,986 
Commercial Vehicle Group, Inc.(1)
232,535 2,281,168 
Graham Corp.(1)
22,477 249,270 
Greenbrier Cos., Inc.
37,617 1,022,054 
Hurco Cos., Inc.
471 9,915 
Hyster-Yale Materials Handling, Inc.
8,703 406,952 
Kennametal, Inc.
793,759 19,780,474 
Manitowoc Co., Inc.(1)
41,931 601,710 
Mayville Engineering Co., Inc.(1)
84,261 978,270 
Miller Industries, Inc.
19,380 636,827 
Mueller Industries, Inc.
681,436 50,603,437 
REV Group, Inc.
168,798 1,711,612 
Terex Corp.
214,992 9,969,179 
Titan International, Inc.(1)
495,636 4,901,840 
Wabash National Corp.
86,469 2,027,698 
103,979,392 
Marine Transportation — 1.4%
Costamare, Inc.(2)
274,556 2,119,572 
Eagle Bulk Shipping, Inc.(2)
140,820 5,531,410 
Eneti, Inc.
34,838 329,568 
Genco Shipping & Trading Ltd.
539,869 6,699,774 
Kirby Corp.(1)
314,402 22,498,607 
Matson, Inc.
492,789 33,672,272 
Pangaea Logistics Solutions Ltd.
305,230 1,752,020 
Safe Bulkers, Inc.(2)
821,840 2,605,233 
75,208,456 
Media — 0.5%
AMC Networks, Inc., Class A(1)
169,596 1,918,131 
Cable One, Inc.
1,359 831,477 
Cumulus Media, Inc., Class A(1)
138,857 447,119 


DISH Network Corp., Class A(1)(2)
658,921 4,236,862 
Entravision Communications Corp., Class A
622,339 2,570,260 
Gambling.com Group Ltd.(1)
1,804 18,293 
PubMatic, Inc., Class A(1)
257,104 4,512,175 
Scholastic Corp.
296,024 12,575,099 
WideOpenWest, Inc.(1)
5,538 42,089 
27,151,505 
Metals and Mining — 2.7%
Alpha Metallurgical Resources, Inc.
194,856 26,299,714 
Arconic Corp.(1)
343,606 9,933,649 
Coeur Mining, Inc.(1)
416,573 1,249,719 
Commercial Metals Co.
576,599 24,649,607 
Compass Minerals International, Inc.
4,760 151,035 
Hecla Mining Co.
2,282,784 12,167,239 
Kaiser Aluminum Corp.
17,483 1,055,973 
Olympic Steel, Inc.
109,603 4,583,597 
Ramaco Resources, Inc.(2)
275,799 2,043,671 
Ryerson Holding Corp.
305,402 10,380,614 
Schnitzer Steel Industries, Inc., Class A
291,369 8,015,561 
SunCoke Energy, Inc.
1,191,502 8,090,299 
TimkenSteel Corp.(1)
570,001 9,707,117 
Tredegar Corp.
156,946 1,103,330 
United States Steel Corp.
5,394 112,843 
Warrior Met Coal, Inc.
742,296 24,332,463 
143,876,431 
Oil, Gas and Consumable Fuels — 12.5%
Adams Resources & Energy, Inc.
2,367 82,159 
Antero Midstream Corp.
1,530,409 15,625,476 
Arch Resources, Inc.
209,926 21,695,852 
Ardmore Shipping Corp.
65,215 763,668 
Berry Corp.
777,212 4,896,436 
California Resources Corp.
728,320 27,341,133 
Callon Petroleum Co.(1)
731,394 22,402,598 
Chord Energy Corp.
142,037 20,316,972 
Civitas Resources, Inc.
286,574 19,143,143 
CNX Resources Corp.(1)
1,711,408 26,441,254 
Comstock Resources, Inc.(2)
1,085,975 10,121,287 
CONSOL Energy, Inc.
332,426 17,937,707 
Crescent Energy Co., Class A(2)
270,599 2,546,337 
CVR Energy, Inc.(2)
288,380 6,750,976 
Delek US Holdings, Inc.
291,633 6,421,759 
Denbury, Inc.(1)
455,922 41,110,487 
DHT Holdings, Inc.
132,988 1,022,678 
Dorian LPG Ltd.
395,957 9,138,687 
Earthstone Energy, Inc., Class A(1)
741,095 8,900,551 
EnLink Midstream LLC(1)
1,099,599 10,732,086 
Epsilon Energy Ltd.
83,877 411,836 
Equitrans Midstream Corp.
2,850,085 24,311,225 
Evolution Petroleum Corp.
288,652 2,263,032 
Gran Tierra Energy, Inc.(1)
3,620 18,534 
Gulfport Energy Corp.(1)
22,192 2,153,068 
Hallador Energy Co.(1)
241,280 1,879,571 
HighPeak Energy, Inc.(2)
127,398 1,572,091 
International Seaways, Inc.
189,837 6,843,624 
Kimbell Royalty Partners LP
538,884 7,937,761 


Kosmos Energy Ltd.(1)
4,652,507 27,728,942 
Magnolia Oil & Gas Corp., Class A
1,256,787 24,293,693 
Matador Resources Co.
354,061 15,568,062 
Murphy Oil Corp.
556,506 19,366,409 
NACCO Industries, Inc., Class A
37,170 1,168,996 
Northern Oil & Gas, Inc.
654,544 19,577,411 
Overseas Shipholding Group, Inc., Class A(1)
625,967 2,278,520 
Par Pacific Holdings, Inc.(1)
528,569 11,269,091 
PBF Energy, Inc., Class A
781,422 28,764,144 
PDC Energy, Inc.
273,486 18,766,609 
Peabody Energy Corp.
1,471,480 26,722,077 
Permian Resources Corp.
1,094,552 10,212,170 
PHX Minerals, Inc.
52,594 149,893 
Plains GP Holdings LP, Class A(1)(2)
1,830,178 24,890,421 
PrimeEnergy Resources Corp.(1)
1,144 104,676 
Range Resources Corp.
352,557 9,649,485 
Ranger Oil Corp., Class A
202,750 7,451,062 
REX American Resources Corp.(1)
132,023 4,348,838 
Riley Exploration Permian, Inc.
37,287 1,247,996 
Ring Energy, Inc.(1)(2)
874,496 1,486,643 
SandRidge Energy, Inc.
369,699 4,979,845 
Scorpio Tankers, Inc.
180,845 8,277,276 
SFL Corp. Ltd.
1,204,013 10,330,431 
SilverBow Resources, Inc.(1)(2)
166,781 3,982,730 
Sitio Royalties Corp., Class A
109,894 2,800,099 
SM Energy Co.
1,202,245 31,607,021 
Talos Energy, Inc.(1)
972,617 11,972,915 
Teekay Corp.(1)
240,961 1,351,791 
Teekay Tankers Ltd., Class A
56,107 2,027,146 
VAALCO Energy, Inc.
817,624 3,156,029 
Vertex Energy, Inc.(1)(2)
198,430 1,283,842 
Vital Energy, Inc.(1)
183,130 7,598,064 
World Fuel Services Corp.
45,768 1,046,714 
666,241,029 
Paper and Forest Products — 1.2%
Clearwater Paper Corp.(1)
222,298 6,755,636 
Glatfelter Corp.
12,771 36,653 
Louisiana-Pacific Corp.
738,989 43,245,636 
Mercer International, Inc.
550,657 4,768,690 
Sylvamo Corp.
176,740 6,967,091 
61,773,706 
Passenger Airlines — 0.9%
Allegiant Travel Co.(1)
180,736 17,619,953 
JetBlue Airways Corp.(1)
2,250,826 15,373,141 
Mesa Air Group, Inc.(1)
22,584 37,038 
SkyWest, Inc.(1)
527,409 15,774,803 
Spirit Airlines, Inc.
100,737 1,532,210 
Sun Country Airlines Holdings, Inc.(1)
5,023 94,432 
50,431,577 
Personal Care Products — 0.4%
Lifevantage Corp.
58,899 274,469 
Medifast, Inc.
1,552 122,143 
Nature's Sunshine Products, Inc.(1)
16,567 185,219 
Nu Skin Enterprises, Inc., Class A
460,992 15,364,863 


USANA Health Sciences, Inc.(1)
110,555 6,707,372 
22,654,066 
Pharmaceuticals — 0.7%
Amphastar Pharmaceuticals, Inc.(1)
104,129 4,620,204 
Arvinas, Inc.(1)
247,989 5,413,600 
Assertio Holdings, Inc.(1)(2)
655,771 4,151,030 
Innoviva, Inc.(1)
776,238 10,471,451 
Ligand Pharmaceuticals, Inc.(1)
51,083 3,579,897 
Prestige Consumer Healthcare, Inc.(1)
89,391 5,115,847 
ProPhase Labs, Inc.(1)(2)
73,464 697,173 
SIGA Technologies, Inc.(2)
367,838 2,063,571 
36,112,773 
Professional Services — 0.8%
Barrett Business Services, Inc.
3,642 305,928 
Heidrick & Struggles International, Inc.
201,120 4,877,160 
IBEX Holdings Ltd.(1)
32,472 665,027 
Kelly Services, Inc., Class A
239,933 4,194,029 
Kforce, Inc.
66,851 3,849,949 
Korn Ferry
478,565 22,492,555 
Resources Connection, Inc.
1,544 23,592 
TrueBlue, Inc.(1)
358,012 5,921,518 
42,329,758 
Real Estate Management and Development — 1.0%
Douglas Elliman, Inc.
416,672 1,212,516 
Five Point Holdings LLC, Class A(1)
14,629 34,086 
Forestar Group, Inc.(1)
199,564 4,057,136 
Howard Hughes Corp.(1)
275,620 20,552,983 
Kennedy-Wilson Holdings, Inc.
950,319 14,663,422 
Marcus & Millichap, Inc.
247,870 7,274,984 
Newmark Group, Inc., Class A
248,078 1,419,006 
Opendoor Technologies, Inc.(1)(2)
607,620 1,604,117 
RE/MAX Holdings, Inc., Class A
204,239 3,817,227 
54,635,477 
Semiconductors and Semiconductor Equipment — 2.7%
Alpha & Omega Semiconductor Ltd.(1)
257,208 7,122,090 
Amkor Technology, Inc.
652,810 16,176,632 
Axcelis Technologies, Inc.(1)
98,801 15,566,098 
Cirrus Logic, Inc.(1)
17,853 1,386,821 
Diodes, Inc.(1)
482,031 43,305,665 
Kulicke & Soffa Industries, Inc.
659,873 34,894,084 
Photronics, Inc.(1)
749,445 15,910,717 
SMART Global Holdings, Inc.(1)
149,575 3,377,403 
Ultra Clean Holdings, Inc.(1)
236,283 8,099,781 
145,839,291 
Software — 0.5%
Adeia, Inc.
460,196 4,514,523 
CoreCard Corp.(1)(2)
21,101 507,690 
InterDigital, Inc.(2)
250,579 20,808,080 
Xperi, Inc.(1)
133,220 1,575,993 
27,406,286 
Specialty Retail — 4.6%
Aaron's Co., Inc.
355,208 4,347,746 
Academy Sports & Outdoors, Inc.
521,202 25,518,050 
American Eagle Outfitters, Inc.
1,347,024 13,699,234 
Asbury Automotive Group, Inc.(1)
17,887 3,740,351 


Barnes & Noble Education, Inc.(1)
525 730 
Big 5 Sporting Goods Corp.
140,038 1,058,687 
Buckle, Inc.
345,767 10,618,505 
Build-A-Bear Workshop, Inc.
155,894 2,834,153 
Caleres, Inc.
92,040 1,588,610 
Cato Corp., Class A
107,382 865,499 
Chico's FAS, Inc.(1)
1,413,439 6,417,013 
Children's Place, Inc.(1)
85,318 1,282,330 
Citi Trends, Inc.(1)
40,587 593,382 
Conn's, Inc.(1)
121,390 492,843 
Container Store Group, Inc.(1)
299,860 737,656 
Designer Brands, Inc., Class A
618,783 3,879,769 
Destination XL Group, Inc.(1)
559,904 2,329,201 
Duluth Holdings, Inc., Class B(1)
65,352 352,901 
Foot Locker, Inc.
1,003,631 25,411,937 
Gap, Inc.
997,960 8,003,639 
Genesco, Inc.(1)
57,467 1,036,130 
Group 1 Automotive, Inc.
77,188 17,252,290 
Guess?, Inc.(2)
363,288 6,978,763 
Haverty Furniture Cos., Inc.
171,731 4,531,981 
Hibbett, Inc.
154,722 5,573,086 
MarineMax, Inc.(1)
84,745 2,404,216 
Murphy USA, Inc.
2,646 731,407 
ODP Corp.(1)
402,554 16,126,313 
Shoe Carnival, Inc.
142,232 2,783,480 
Signet Jewelers Ltd.
478,584 30,385,298 
Sonic Automotive, Inc., Class A
176,684 7,321,785 
Sportsman's Warehouse Holdings, Inc.(1)
224,840 1,018,525 
Tile Shop Holdings, Inc.(1)(2)
7,395 38,898 
Tilly's, Inc., Class A(1)
161,270 1,257,906 
Upbound Group, Inc.
487,496 14,581,005 
Urban Outfitters, Inc.(1)
661,509 20,387,707 
Zumiez, Inc.(1)
103,426 1,662,056 
247,843,082 
Technology Hardware, Storage and Peripherals†
Immersion Corp.
334,446 2,367,878 
Textiles, Apparel and Luxury Goods — 1.5%
Carter's, Inc.
9,285 577,248 
Culp, Inc.(1)
18,699 80,219 
G-III Apparel Group Ltd.(1)
114,678 1,844,022 
Lakeland Industries, Inc.
31,639 346,447 
Movado Group, Inc.
174,189 4,433,110 
Oxford Industries, Inc.
149,850 14,976,009 
PVH Corp.
284,983 24,514,238 
Rocky Brands, Inc.
10,419 199,107 
Steven Madden Ltd.
221,008 6,897,660 
Under Armour, Inc., Class A(1)
1,772,796 12,781,859 
Under Armour, Inc., Class C(1)
1,624,241 10,687,506 
Unifi, Inc.(1)
33,688 242,890 
Vera Bradley, Inc.(1)
77,133 366,382 
77,946,697 
Trading Companies and Distributors — 4.6%
Air Lease Corp.
1,269,432 48,263,805 
BlueLinx Holdings, Inc.(1)
122,723 10,090,285 
Boise Cascade Co.
519,023 37,276,232 


GATX Corp.
323,543 38,472,498 
Global Industrial Co.
11,074 275,521 
GMS, Inc.(1)
237,411 15,035,239 
H&E Equipment Services, Inc.
367,237 13,205,842 
Herc Holdings, Inc.
270,468 27,430,865 
Hudson Technologies, Inc.(1)
234,761 2,051,811 
McGrath RentCorp
208,634 18,528,785 
Rush Enterprises, Inc., Class A
552 28,853 
Rush Enterprises, Inc., Class B
72 4,190 
Textainer Group Holdings Ltd.
473,882 16,808,595 
Veritiv Corp.
157,616 16,642,673 
244,115,194 
Wireless Telecommunication Services — 0.3%
Shenandoah Telecommunications Co.
257,401 4,885,471 
Telephone & Data Systems, Inc.
1,220,701 8,154,282 
US Cellular Corp.(1)
164,879 2,357,770 
15,397,523 
TOTAL COMMON STOCKS
(Cost $5,804,626,194)
5,319,635,030 
SHORT-TERM INVESTMENTS — 0.7%
Money Market Funds — 0.7%
State Street Institutional U.S. Government Money Market Fund, Premier Class
1,981,746 1,981,746 
State Street Navigator Securities Lending Government Money Market Portfolio(3)
37,513,415 37,513,415 
TOTAL SHORT-TERM INVESTMENTS
(Cost $39,495,161)
39,495,161 
TOTAL INVESTMENT SECURITIES — 100.5%
(Cost $5,844,121,355)
5,359,130,191 
OTHER ASSETS AND LIABILITIES — (0.5)%
(28,042,867)
TOTAL NET ASSETS — 100.0%
$5,331,087,324 

NOTES TO SCHEDULE OF INVESTMENTS
†Category is less than 0.05% of total net assets.
(1)Non-income producing.
(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $98,984,779. 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.
(3)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $102,574,206, which includes securities collateral of $65,060,791.


SUPPLEMENTARY NOTES TO SCHEDULE OF INVESTMENTS 

1. Investment Valuations

The fund determines the fair value of its investments and computes its net asset value (NAV) per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. The value of investments of the fund is determined by American Century Investment Management, Inc. (ACIM) (the investment advisor), as the valuation designee, pursuant to its valuation policies and procedures. The Board of Trustees oversees the valuation designee and reviews its valuation policies and procedures at least annually. 

Equity securities that are listed or traded on a domestic securities exchange are valued at the last reported sales price or at the official closing price as provided by the exchange. Equity securities traded on foreign securities exchanges are generally valued at the closing price of such securities on the exchange where primarily traded or at the close of the NYSE, if that is earlier. If no last sales price is reported, or if local convention or regulation so provides, the mean of the latest bid and asked prices may be used. Securities traded over-the-counter are valued at the mean of the latest bid and asked prices, the last sales price, or the official closing price.

Open-end management investment companies are valued at the reported NAV per share.

If the valuation designee determines that the market price for a portfolio security is not readily available or is believed by the valuation designee to be unreliable, such security is valued at fair value as determined in good faith by the valuation designee, in accordance with its policies and procedures. Circumstances that may cause the fund to determine that market quotations are not available or reliable include, but are not limited to: when there is a significant event subsequent to the market quotation; trading in a security has been halted during the trading day; or trading in a security is insufficient or did not take place due to a closure or holiday.

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

2. Fair Value Measurements

The fund's investment 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.

As of period end, the fund's investment securities were classified as Level 1. The Schedule of Investments provides additional information on the fund's portfolio holdings.
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.