NPORT-EX 2 acla_acalternativesmarketn.htm PART F Document



American Century Investments® 
Quarterly Portfolio Holdings
AC Alternatives® Market Neutral Value Fund
December 31, 2019








AC Alternatives Market Neutral Value - Schedule of Investments
 
DECEMBER 31, 2019 (UNAUDITED)                       
 
 
Shares/
Principal Amount ($)
Value ($)
COMMON STOCKS — 66.0%
 
 
Aerospace and Defense — 5.5%
 
 
HEICO Corp., Class A(1) 
40,033

3,584,154

Raytheon Co.
3,020

663,615

 
 
4,247,769

Air Freight and Logistics — 0.4%
 
 
United Parcel Service, Inc., Class B
2,920

341,815

Airlines — 0.4%
 
 
Alaska Air Group, Inc.(1) 
1,690

114,498

Southwest Airlines Co.
3,979

214,786

 
 
329,284

Auto Components — 0.4%
 
 
Continental AG
2,490

323,348

Automobiles — 1.2%
 
 
Honda Motor Co. Ltd. ADR
16,765

474,617

Thor Industries, Inc.
5,860

435,339

 
 
909,956

Banks — 6.3%
 
 
Comerica, Inc.
14,739

1,057,523

First Hawaiian, Inc.(1) 
29,840

860,884

PNC Financial Services Group, Inc. (The)(1) 
7,880

1,257,885

Toronto-Dominion Bank (The)
7,720

432,981

Wells Fargo & Co.(1) 
23,140

1,244,932

 
 
4,854,205

Beverages — 2.1%
 
 
PepsiCo, Inc.(1) 
12,004

1,640,587

Biotechnology — 0.6%
 
 
Gilead Sciences, Inc.
7,155

464,932

Building Products — 1.2%
 
 
Johnson Controls International plc
8,240

335,451

Masco Corp.
11,670

560,043

 
 
895,494

Capital Markets — 1.4%
 
 
Bank of New York Mellon Corp. (The)
10,310

518,902

Janus Henderson Group plc
23,560

576,042

 
 
1,094,944

Chemicals — 2.4%
 
 
Akzo Nobel NV
4,920

501,635

Axalta Coating Systems Ltd.(2) 
7,510

228,304

Dow, Inc.
10,100

552,773

DuPont de Nemours, Inc.
8,696

558,283

 
 
1,840,995

Commercial Services and Supplies — 1.6%
 
 
Republic Services, Inc.(1) 
13,840

1,240,479

 
 
 


Communications Equipment — 0.1%
 
 
Cisco Systems, Inc.
2,350

112,706

Containers and Packaging — 0.4%
 
 
WestRock Co.
7,860

337,273

Diversified Financial Services — 0.7%
 
 
AXA Equitable Holdings, Inc.
23,319

577,845

Diversified Telecommunication Services — 0.9%
 
 
Verizon Communications, Inc.
11,390

699,346

Electric Utilities — 3.3%
 
 
Duke Energy Corp.
6,450

588,305

Edison International
7,440

561,050

Pinnacle West Capital Corp.(1) 
6,510

585,444

Xcel Energy, Inc.(1) 
13,310

845,052

 
 
2,579,851

Electrical Equipment — 0.8%
 
 
Emerson Electric Co.
8,095

617,325

Energy Equipment and Services — 2.7%
 
 
Schlumberger Ltd.
51,492

2,069,978

Equity Real Estate Investment Trusts (REITs) — 1.8%
 
 
American Tower Corp.(1) 
4,050

930,771

Welltower, Inc.
5,510

450,608

 
 
1,381,379

Food and Staples Retailing — 1.3%
 
 
Koninklijke Ahold Delhaize NV
13,545

339,463

Walmart, Inc.(1) 
5,570

661,939

 
 
1,001,402

Food Products — 1.7%
 
 
Hormel Foods Corp.(1) 
5,290

238,632

Nestle SA ADR
9,770

1,057,700

 
 
1,296,332

Gas Utilities — 2.6%
 
 
Atmos Energy Corp.
7,910

884,813

Spire, Inc.
13,826

1,151,844

 
 
2,036,657

Health Care Equipment and Supplies — 2.2%
 
 
Medtronic plc
7,390

838,395

Zimmer Biomet Holdings, Inc.(1) 
5,847

875,179

 
 
1,713,574

Health Care Providers and Services — 1.6%
 
 
McKesson Corp.(1) 
3,050

421,876

Quest Diagnostics, Inc.
7,370

787,042

 
 
1,208,918

Health Care Technology — 0.5%
 
 
Cerner Corp.
4,870

357,409

Hotels, Restaurants and Leisure — 0.9%
 
 
Carnival Corp.
2,310

117,417

Sodexo SA
5,020

595,396

 
 
712,813

Household Durables — 0.7%
 
 
Electrolux AB, Series B
22,100

542,388

 
 
 


Household Products — 0.9%
 
 
Colgate-Palmolive Co.
1,240

85,362

Kimberly-Clark Corp.
4,317

593,803

 
 
679,165

Industrial Conglomerates — 0.8%
 
 
Siemens AG ADR
9,290

603,571

Insurance — 2.6%
 
 
Chubb Ltd.
9,385

1,460,869

MetLife, Inc.(1) 
10,620

541,301

 
 
2,002,170

Machinery — 2.6%
 
 
Atlas Copco AB, B Shares(1) 
40,620

1,409,324

Ingersoll-Rand plc
4,800

638,016

 
 
2,047,340

Multi-Utilities — 0.7%
 
 
CMS Energy Corp.
8,890

558,648

Oil, Gas and Consumable Fuels — 3.5%
 
 
Chevron Corp.(1) 
3,420

412,144

Enterprise Products Partners LP
51,560

1,451,930

Shell Midstream Partners LP
10,281

207,779

TOTAL SA ADR
11,010

608,853

 
 
2,680,706

Paper and Forest Products — 0.7%
 
 
Mondi plc
22,720

536,341

Pharmaceuticals — 2.8%
 
 
Johnson & Johnson(1) 
6,110

891,266

Novartis AG
1,800

170,536

Pfizer, Inc.(1) 
22,136

867,289

Roche Holding AG ADR
5,870

238,674

 
 
2,167,765

Road and Rail — 1.6%
 
 
Norfolk Southern Corp.
3,080

597,920

Union Pacific Corp.
3,520

636,381

 
 
1,234,301

Semiconductors and Semiconductor Equipment — 1.4%
 
 
Applied Materials, Inc.
10,450

637,868

Maxim Integrated Products, Inc.
3,210

197,447

Texas Instruments, Inc.
1,670

214,244

 
 
1,049,559

Software — 1.1%
 
 
Microsoft Corp.
5,516

869,873

Specialty Retail — 0.2%
 
 
Advance Auto Parts, Inc.
740

118,518

Textiles, Apparel and Luxury Goods — 1.4%
 
 
Ralph Lauren Corp.
2,000

234,440

Under Armour, Inc., Class C(1)(2) 
42,160

808,629

 
 
1,043,069

TOTAL COMMON STOCKS
(Cost $42,175,511)
 
51,020,030

 
 
 


CONVERTIBLE BONDS — 13.3%
 
 
Automobiles — 4.9%
 
 
Tesla, Inc., 2.00%, 5/15/24
2,525,000

3,823,663

Semiconductors and Semiconductor Equipment — 8.4%
 
 
Microchip Technology, Inc., 1.625%, 2/15/27
1,881,000

2,685,128

Teradyne, Inc., 1.25%, 12/15/23
1,728,000

3,794,054

 
 
6,479,182

TOTAL CONVERTIBLE BONDS
(Cost $7,696,165)
 
10,302,845

EXCHANGE-TRADED FUNDS — 7.3%
 
 
iShares Russell 1000 Value ETF
31,899

4,353,575

iShares TIPS Bond ETF
4,750

553,707

iShares U.S. Real Estate ETF
3,760

349,981

SPDR S&P Insurance ETF
10,620

376,267

TOTAL EXCHANGE-TRADED FUNDS
(Cost $4,928,547)
 
5,633,530

CONVERTIBLE PREFERRED STOCKS — 0.9%
 
 
Electric Utilities — 0.9%
 
 
NextEra Energy, Inc., 4.87%, 9/1/22
(Cost $656,857)
13,474

690,947

TEMPORARY CASH INVESTMENTS — 9.6%
 
 
Repurchase Agreement, BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 2.75% - 3.75%, 9/15/21 - 11/15/43, valued at $6,198,402), in a joint trading account at 1.35%, dated 12/31/19, due 1/2/20 (Delivery value $6,068,137)
 
6,067,682

Repurchase Agreement, Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 1.625%, 12/15/22, valued at $1,377,036), at 0.65%, dated 12/31/19, due 1/2/20 (Delivery value $1,350,049)
 
1,350,000

State Street Institutional U.S. Government Money Market Fund, Premier Class
6,782

6,782

TOTAL TEMPORARY CASH INVESTMENTS
(Cost $7,424,464)
 
7,424,464

TOTAL INVESTMENT SECURITIES BEFORE SECURITIES SOLD SHORT — 97.1%
(Cost $62,881,544)
 
75,071,816

COMMON STOCKS SOLD SHORT — (74.2)%
 
 
Aerospace and Defense — (5.5)%
 
 
HEICO Corp.
(31,491
)
(3,594,698
)
United Technologies Corp.
(4,460
)
(667,929
)
 
 
(4,262,627
)
Air Freight and Logistics — (0.5)%
 
 
FedEx Corp.
(2,290
)
(346,271
)
Airlines — (0.4)%
 
 
American Airlines Group, Inc.
(11,650
)
(334,122
)
Auto Components — (0.4)%
 
 
BorgWarner, Inc.
(7,290
)
(316,240
)
Automobiles — (5.4)%
 
 
Tesla, Inc.
(8,890
)
(3,718,954
)
Toyota Motor Corp. ADR
(3,380
)
(475,025
)
 
 
(4,193,979
)
Banks — (6.3)%
 
 
Bank of America Corp.
(35,430
)
(1,247,845
)
Bank of Hawaii Corp.
(8,990
)
(855,488
)
M&T Bank Corp.
(6,190
)
(1,050,753
)
National Bank of Canada
(7,790
)
(432,408
)


US Bancorp
(21,260
)
(1,260,505
)
 
 
(4,846,999
)
Beverages — (2.1)%
 
 
Coca-Cola Co. (The)
(29,870
)
(1,653,305
)
Biotechnology — (0.2)%
 
 
Amgen, Inc.
(720
)
(173,570
)
Building Products — (1.2)%
 
 
Daikin Industries Ltd.
(2,400
)
(337,514
)
Fortune Brands Home & Security, Inc.
(8,560
)
(559,310
)
 
 
(896,824
)
Capital Markets — (1.9)%
 
 
FactSet Research Systems, Inc.
(1,500
)
(402,450
)
Franklin Resources, Inc.
(22,230
)
(577,535
)
State Street Corp.
(6,610
)
(522,851
)
 
 
(1,502,836
)
Chemicals — (1.8)%
 
 
Chemours Co. (The)
(5,380
)
(97,325
)
LyondellBasell Industries NV, Class A
(5,890
)
(556,487
)
PPG Industries, Inc.
(5,380
)
(718,176
)
 
 
(1,371,988
)
Commercial Services and Supplies — (1.6)%
 
 
Waste Management, Inc.
(10,990
)
(1,252,420
)
Containers and Packaging — (0.5)%
 
 
International Paper Co.
(7,463
)
(343,671
)
Diversified Telecommunication Services — (0.9)%
 
 
AT&T, Inc.
(17,980
)
(702,658
)
Electric Utilities — (1.9)%
 
 
American Electric Power Co., Inc.
(8,990
)
(849,645
)
Southern Co. (The)
(9,290
)
(591,773
)
 
 
(1,441,418
)
Energy Equipment and Services — (2.7)%
 
 
Baker Hughes Co.
(80,980
)
(2,075,517
)
Equity Real Estate Investment Trusts (REITs) — (2.2)%
 
 
CoreCivic, Inc.
(19,880
)
(345,514
)
Crown Castle International Corp.
(6,568
)
(933,641
)
Ventas, Inc.
(7,640
)
(441,134
)
 
 
(1,720,289
)
Food and Staples Retailing — (0.4)%
 
 
Kroger Co. (The)
(11,790
)
(341,792
)
Food Products — (1.7)%
 
 
General Mills, Inc.
(8,990
)
(481,504
)
JM Smucker Co. (The)
(790
)
(82,263
)
Kraft Heinz Co. (The)
(15,990
)
(513,759
)
Tyson Foods, Inc., Class A
(2,690
)
(244,897
)
 
 
(1,322,423
)
Health Care Equipment and Supplies — (2.4)%
 
 
Align Technology, Inc.
(395
)
(110,221
)
STERIS plc
(990
)
(150,896
)
Stryker Corp.
(7,490
)
(1,572,450
)
 
 
(1,833,567
)
 
 
 


Health Care Providers and Services — (1.6)%
 
 
Cardinal Health, Inc.
(8,290
)
(419,308
)
Laboratory Corp. of America Holdings
(4,710
)
(796,791
)
 
 
(1,216,099
)
Hotels, Restaurants and Leisure — (0.9)%
 
 
Compass Group plc
(23,950
)
(599,968
)
Royal Caribbean Cruises Ltd.
(890
)
(118,824
)
 
 
(718,792
)
Household Durables — (0.7)%
 
 
Whirlpool Corp.
(3,790
)
(559,139
)
Household Products — (0.9)%
 
 
Church & Dwight Co., Inc.
(8,490
)
(597,187
)
Clorox Co. (The)
(591
)
(90,742
)
 
 
(687,929
)
Industrial Conglomerates — (1.4)%
 
 
3M Co.
(2,597
)
(458,163
)
General Electric Co.
(55,220
)
(616,255
)
 
 
(1,074,418
)
Insurance — (3.8)%
 
 
Allstate Corp. (The)
(3,360
)
(377,832
)
Prudential Financial, Inc.
(5,790
)
(542,755
)
Travelers Cos., Inc. (The)
(9,550
)
(1,307,872
)
Unum Group
(19,880
)
(579,701
)
Zurich Insurance Group AG
(390
)
(159,955
)
 
 
(2,968,115
)
Internet and Direct Marketing Retail — (1.1)%
 
 
Amazon.com, Inc.
(470
)
(868,485
)
Leisure Products — (0.6)%
 
 
Polaris, Inc.
(4,350
)
(442,395
)
Machinery — (3.5)%
 
 
Atlas Copco AB, A Shares
(35,360
)
(1,409,541
)
Caterpillar, Inc.
(4,200
)
(620,256
)
Gardner Denver Holdings, Inc.
(17,310
)
(634,931
)
 
 
(2,664,728
)
Multi-Utilities — (0.7)%
 
 
DTE Energy Co.
(4,300
)
(558,441
)
Oil, Gas and Consumable Fuels — (1.3)%
 
 
Exxon Mobil Corp.
(14,620
)
(1,020,184
)
Paper and Forest Products — (0.7)%
 
 
UPM-Kymmene Oyj
(14,970
)
(518,822
)
Pharmaceuticals — (3.2)%
 
 
AstraZeneca plc ADR
(5,662
)
(282,307
)
Bristol-Myers Squibb Co.
(4,990
)
(320,308
)
GlaxoSmithKline plc ADR
(6,380
)
(299,796
)
Merck & Co., Inc.
(12,750
)
(1,159,613
)
Sanofi
(4,020
)
(403,758
)
 
 
(2,465,782
)
Road and Rail — (1.6)%
 
 
CSX Corp.
(17,144
)
(1,240,540
)
 
 
 


Semiconductors and Semiconductor Equipment — (9.8)%
 
 
Intel Corp.
(7,020
)
(420,147
)
Microchip Technology, Inc.
(25,390
)
(2,658,841
)
Micron Technology, Inc.
(11,860
)
(637,831
)
Teradyne, Inc.
(55,980
)
(3,817,276
)
 
 
(7,534,095
)
Specialty Retail — (1.0)%
 
 
O'Reilly Automotive, Inc.
(280
)
(122,713
)
Tractor Supply Co.
(7,290
)
(681,177
)
 
 
(803,890
)
Textiles, Apparel and Luxury Goods — (1.4)%
 
 
PVH Corp.
(2,290
)
(240,793
)
Under Armour, Inc., Class A
(37,760
)
(815,616
)
 
 
(1,056,409
)
TOTAL COMMON STOCKS SOLD SHORT
(Proceeds $46,922,161)
 
(57,330,779
)
EXCHANGE-TRADED FUNDS SOLD SHORT — (13.5)%
 
 
Alerian MLP ETF
(194,797
)
(1,655,775
)
Invesco QQQ Trust Series 1
(540
)
(114,809
)
iShares Preferred & Income Securities ETF
(14,950
)
(561,970
)
iShares Russell 1000 Growth ETF
(21,890
)
(3,850,889
)
iShares U.S. Healthcare ETF
(1,670
)
(360,252
)
Utilities Select Sector SPDR Fund
(59,990
)
(3,876,554
)
TOTAL EXCHANGE-TRADED FUNDS SOLD SHORT
(Proceeds $9,685,066)
 
(10,420,249
)
TOTAL SECURITIES SOLD SHORT
(Proceeds $56,607,227)
 
(67,751,028
)
OTHER ASSETS AND LIABILITIES(3) — 90.6%
 
69,974,383

TOTAL NET ASSETS — 100.0%
 
$
77,295,171



FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS
Currency Purchased
Currency Sold
Counterparty
Settlement Date
Unrealized Appreciation
(Depreciation)
CAD
3,334

USD
2,535

Morgan Stanley
3/31/20
$
33

CAD
3,609

USD
2,753

Morgan Stanley
3/31/20
27

CAD
6,702

USD
5,098

Morgan Stanley
3/31/20
65

CAD
1,583

USD
1,204

Morgan Stanley
3/31/20
16

CAD
895

USD
681

Morgan Stanley
3/31/20
8

CAD
4,805

USD
3,678

Morgan Stanley
3/31/20
23

CAD
1,854

USD
1,427

Morgan Stanley
3/31/20
1

USD
1,229

CAD
1,616

Morgan Stanley
3/31/20
(15
)
USD
1,155

CAD
1,516

Morgan Stanley
3/31/20
(13
)
USD
6,787

CAD
8,919

Morgan Stanley
3/31/20
(83
)
USD
6,509

CAD
8,561

Morgan Stanley
3/31/20
(86
)
USD
3,013

CAD
3,935

Morgan Stanley
3/31/20
(19
)
CHF
29,315

USD
30,117

UBS AG
3/31/20
357

CHF
41,162

USD
42,251

UBS AG
3/31/20
538

CHF
34,250

USD
35,434

UBS AG
3/31/20
170

USD
1,164,694

CHF
1,133,265

UBS AG
3/31/20
(13,373
)
EUR
220,287

USD
247,394

Credit Suisse AG
3/31/20
1,067

USD
1,898,587

EUR
1,691,181

Credit Suisse AG
3/31/20
(8,888
)
GBP
779,219

USD
1,026,441

JPMorgan Chase Bank N.A.
3/31/20
8,201

USD
39,787

GBP
30,625

JPMorgan Chase Bank N.A.
3/31/20
(876
)
USD
32,283

GBP
24,554

JPMorgan Chase Bank N.A.
3/31/20
(320
)
JPY
31,385,597

USD
288,503

Bank of America N.A.
3/31/20
1,725

USD
19,356

JPY
2,105,156

Bank of America N.A.
3/31/20
(111
)
SEK
410,918

USD
44,118

Goldman Sachs & Co.
3/31/20
(60
)
SEK
205,005

USD
21,902

Goldman Sachs & Co.
3/31/20
78

USD
484,286

SEK
4,520,607

Goldman Sachs & Co.
3/31/20
(399
)
USD
21,465

SEK
200,960

Goldman Sachs & Co.
3/31/20
(82
)
 
 
 
 
 
 
$
(12,016
)

NOTES TO SCHEDULE OF INVESTMENTS
ADR
-
American Depositary Receipt
CAD
-
Canadian Dollar
CHF
-
Swiss Franc
EUR
-
Euro
GBP
-
British Pound
JPY
-
Japanese Yen
SEK
-
Swedish Krona
USD
-
United States Dollar
(1)
Security, or a portion thereof, has been pledged at the custodian bank or with a broker for collateral requirements on securities sold short. At the period end, the aggregate value of securities pledged was $15,418,369.
(2)
Non-income producing.
(3)
Amount relates primarily to deposits for securities sold short at period end.


SUPPLEMENTARY NOTES TO SCHEDULE OF INVESTMENTS
 
1. Investment Valuations

The fund determines the fair value of its investments and computes its net asset value 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. Corporate and 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.
 
Hybrid 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. Preferred stocks and convertible preferred stocks with perpetual maturities 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 net asset value per share. Repurchase agreements are valued at cost, which approximates fair value. Forward foreign currency exchange contracts are valued at the mean of the appropriate forward exchange rate at the close of the NYSE as provided by an independent pricing service.
 
If the 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 net asset value 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 Stocks
 
 
 
Auto Components
—

323,348

—

Banks
4,421,224

432,981

—

Chemicals
1,339,360

501,635

—

Food and Staples Retailing
661,939

339,463

—

Hotels, Restaurants and Leisure
117,417

595,396

—

Household Durables
—

542,388

—

Machinery
638,016

1,409,324

—

Paper and Forest Products
—

536,341

—

Pharmaceuticals
1,997,229

170,536

—

Other Industries
36,993,433

—

—

Convertible Bonds
—

10,302,845

—

Exchange-Traded Funds
5,633,530

—

—

Convertible Preferred Stocks
690,947

—

—

Temporary Cash Investments
6,782

7,417,682

—

 
52,499,877

22,571,939

—

Other Financial Instruments
Forward Foreign Currency Exchange Contracts
—

12,309

—

 
 
 
 
Liabilities
Securities Sold Short
Common Stocks
 
 
 
Banks
4,414,591

432,408

—

Building Products
559,310

337,514

—

Hotels, Restaurants and Leisure
118,824

599,968

—

Insurance
2,808,160

159,955

—

Machinery
1,255,187

1,409,541

—

Paper and Forest Products
—

518,822

—

Pharmaceuticals
2,062,024

403,758

—

Other Industries
42,250,717

—

—

Exchange-Traded Funds
10,420,249

—

—

 
63,889,062

3,861,966

—

Other Financial Instruments
Forward Foreign Currency Exchange Contracts
—

24,325

—


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.