NPORT-EX 2 acca_equityincome.htm PART F Document

American Century Investments®
Quarterly Portfolio Holdings
Equity Income Fund
June 30, 2020








Equity Income - Schedule of Investments
JUNE 30, 2020 (UNAUDITED)
Shares/
Principal Amount ($)
Value ($)
COMMON STOCKS — 76.8%
Aerospace and Defense — 0.6%
Raytheon Technologies Corp.998,505 61,527,878 
Air Freight and Logistics — 0.8%
United Parcel Service, Inc., Class B824,818 91,703,265 
Banks — 1.4%
Commerce Bancshares, Inc.530,014 31,519,932 
JPMorgan Chase & Co.178,497 16,789,428 
PNC Financial Services Group, Inc. (The)762,618 80,235,040 
Wells Fargo & Co.798,500 20,441,600 
148,986,000 
Capital Markets — 4.8%
Ameriprise Financial, Inc.598,905 89,859,706 
Bank of New York Mellon Corp. (The)3,998,800 154,553,620 
BlackRock, Inc.198,864 108,199,914 
Janus Henderson Group plc806,921 17,074,448 
Northern Trust Corp.1,299,787 103,125,101 
T. Rowe Price Group, Inc.490,000 60,515,000 
533,327,789 
Chemicals — 0.8%
Akzo Nobel NV952,400 85,206,068 
Commercial Services and Supplies — 0.7%
Republic Services, Inc.884,161 72,545,410 
Communications Equipment — 1.9%
Cisco Systems, Inc.4,395,991 205,029,020 
Construction Materials — 0.3%
Martin Marietta Materials, Inc.164,500 33,980,765 
Containers and Packaging — 0.5%
Packaging Corp. of America597,700 59,650,460 
Diversified Telecommunication Services — 3.0%
Verizon Communications, Inc.6,099,037 336,239,910 
Electric Utilities — 2.4%
Duke Energy Corp.696,000 55,603,440 
Evergy, Inc.2,197,900 130,313,491 
Eversource Energy998,332 83,131,106 
269,048,037 
Electrical Equipment — 5.6%
ABB Ltd.1,999,500 44,943,877 
Emerson Electric Co.5,964,436 369,973,965 
Hubbell, Inc.1,599,258 200,482,983 
615,400,825 
Food and Staples Retailing — 3.5%
Koninklijke Ahold Delhaize NV5,395,042 146,913,985 
Walmart, Inc.1,999,429 239,491,606 
386,405,591 
Food Products — 3.1%
Hershey Co. (The)1,098,400 142,374,608 
Nestle SA1,797,300 198,557,060 
340,931,668 



Gas Utilities — 5.5%
Atmos Energy Corp.2,199,747 219,050,806 
ONE Gas, Inc.(1)
2,899,420 223,400,311 
Spire, Inc.2,499,679 164,253,907 
606,705,024 
Health Care Equipment and Supplies — 4.6%
Becton Dickinson and Co.699,526 167,375,586 
Medtronic plc3,698,079 339,113,844 
506,489,430 
Health Care Providers and Services — 0.5%
Quest Diagnostics, Inc.477,758 54,445,302 
Health Care Technology — 0.4%
Cerner Corp.694,200 47,587,410 
Household Products — 5.4%
Colgate-Palmolive Co.1,696,300 124,270,938 
Kimberly-Clark Corp.2,346,580 331,689,083 
Procter & Gamble Co. (The)1,149,638 137,462,216 
593,422,237 
Insurance — 4.5%
Aflac, Inc.1,896,398 68,327,220 
Chubb Ltd.1,554,928 196,884,983 
Marsh & McLennan Cos., Inc.2,189,705 235,108,626 
500,320,829 
IT Services — 1.3%
Automatic Data Processing, Inc.995,092 148,159,248 
Machinery — 0.3%
PACCAR, Inc.399,400 29,895,090 
Oil, Gas and Consumable Fuels — 4.3%
Chevron Corp.1,497,816 133,650,122 
Enterprise Products Partners LP8,998,418 163,501,255 
Shell Midstream Partners LP2,498,136 30,652,129 
TOTAL SA3,996,758 152,234,887 
480,038,393 
Personal Products — 1.0%
Unilever NV (New York)2,099,300 111,337,105 
Pharmaceuticals — 8.9%
GlaxoSmithKline plc, ADR1,596,800 65,133,472 
Johnson & Johnson3,697,172 519,933,299 
Pfizer, Inc.2,998,799 98,060,727 
Roche Holding AG878,200 304,060,547 
987,188,045 
Road and Rail — 1.9%
Norfolk Southern Corp.1,198,341 210,392,729 
Semiconductors and Semiconductor Equipment — 5.2%
Applied Materials, Inc.557,839 33,721,368 
Intel Corp.940,657 56,279,508 
Maxim Integrated Products, Inc.2,876,900 174,368,909 
Texas Instruments, Inc.2,398,486 304,535,767 
568,905,552 
Software — 2.7%
Microsoft Corp.1,479,736 301,141,073 
Thrifts and Mortgage Finance — 0.9%
Capitol Federal Financial, Inc.(1)
9,199,479 101,286,264 
TOTAL COMMON STOCKS
(Cost $7,244,241,031)
8,487,296,417 



PREFERRED STOCKS — 8.8%
Banks — 6.1%
Bank of America Corp., 4.30%83,849,000 74,965,198 
Bank of America Corp., 5.875%103,305,000 105,736,121 
Citigroup, Inc., 5.95%79,950,000 79,447,520 
JPMorgan Chase & Co., 4.23%41,879,000 38,203,652 
JPMorgan Chase & Co., 4.60%89,974,000 80,333,286 
JPMorgan Chase & Co., 5.00%160,963,000 154,955,378 
U.S. Bancorp, 5.30%138,862,000 140,335,686 
673,976,841 
Capital Markets — 0.7%
Bank of New York Mellon Corp. (The), 3.73%28,923,000 27,441,835 
Bank of New York Mellon Corp. (The), 4.70%9,978,000 10,402,065 
Charles Schwab Corp. (The), 5.00%6,753,000 6,657,810 
Charles Schwab Corp. (The), 5.375%34,680,000 37,136,038 
81,637,748 
Electric Utilities — 1.0%
Duke Energy Corp., 4.875%103,962,000 103,984,496 
Insurance — 0.1%
Progressive Corp. (The), 5.375%15,332,000 15,247,827 
Multi-Utilities — 0.6%
Dominion Energy, Inc., 4.65%69,985,000 68,591,052 
Oil, Gas and Consumable Fuels — 0.3%
Plains All American Pipeline LP, 6.125%49,649,000 35,488,141 
TOTAL PREFERRED STOCKS
(Cost $1,023,788,801)
978,926,105 
CONVERTIBLE BONDS — 5.3%
Aerospace and Defense — 0.1%
Goldman Sachs International, (convertible into Raytheon Co.), 2.40%, 8/31/20(2)(3)
99,900 14,555,930 
Airlines — 0.4%
Southwest Airlines Co., 1.25%, 5/1/2535,919,000 43,319,427 
Capital Markets — 0.3%
UBS AG, (convertible into Charles Schwab Corp. (The)), 18.30%, 10/20/20(2)(3)
999,000 35,329,635 
Construction Materials — 0.8%
Citigroup Global Markets Holdings, Inc., (convertible into Martin Marietta Materials, Inc.), 3.45%, 9/1/20(2)(3)
74,944 15,291,948 
Credit Suisse AG, (convertible into Martin Marietta Materials, Inc.), 18.85%, 10/8/20(2)(3)
99,900 20,481,698 
Morgan Stanley B.V., (convertible into Martin Marietta Materials, Inc.), 6.81%, 9/14/20(2)(3)
99,900 19,955,524 
Morgan Stanley B.V., (convertible into Martin Marietta Materials, Inc.), 17.46%, 11/10/20(2)(3)
99,900 19,053,428 
Royal Bank of Canada, (convertible into Martin Marietta Materials, Inc.), 3.65%, 8/21/20(2)(3)
59,900 12,486,155 
87,268,753 
Diversified Financial Services — 0.9%
Merrill Lynch International & Co. C.V., (convertible into Berkshire Hathaway, Inc., Class B), 1.85%, 8/21/20(2)(3)
264,000 46,590,720 
Wells Fargo Bank N.A., (convertible into Berkshire Hathaway, Inc., Class B), 1.01%, 7/9/20(2)(3)
169,900 30,588,796 
Wells Fargo Bank N.A., (convertible into Berkshire Hathaway, Inc., Class B), 1.69%, 7/30/20(2)(3)
149,900 27,022,473 
104,201,989 
Electrical Equipment — 0.3%
Credit Suisse AG, (convertible into Emerson Electric Co.), 17.50%, 11/2/20(2)(3)
532,100 30,439,047 
Health Care Equipment and Supplies — 0.7%
Envista Holdings Corp., 2.375%, 6/1/25(3)
27,874,000 33,997,826 
Morgan Stanley B.V., (convertible into Hologic, Inc.), 0.81%, 7/16/20(2)(3)
229,000 12,583,550 
Royal Bank of Canada, (convertible into Hologic, Inc.), 1.55%, 8/4/20(2)(3)
319,900 17,479,336 
Royal Bank of Canada, (convertible into Hologic, Inc.), 10.75%, 9/16/20(2)(3)
295,700 13,395,210 
77,455,922 



Health Care Technology — 0.5%
Citigroup Global Markets Holdings, Inc., (convertible into Cerner Corp.), 8.50%, 12/18/20(2)(3)
450,400 30,823,124 
Merrill Lynch International & Co. C.V., (convertible into Cerner Corp.), 6.70%, 12/3/20(2)(3)
309,800 21,543,492 
52,366,616 
Oil, Gas and Consumable Fuels — 0.3%
Pioneer Natural Resources Co., 0.25%, 5/15/25(3)
25,814,000 30,584,088 
Semiconductors and Semiconductor Equipment — 1.0%
Microchip Technology, Inc., 1.625%, 2/15/2777,697,000 114,800,970 
TOTAL CONVERTIBLE BONDS
(Cost $576,679,739)
590,322,377 
EXCHANGE-TRADED FUNDS — 3.9%
iShares Russell 1000 Value ETF
(Cost $405,943,798)
3,797,042 427,622,870 
CONVERTIBLE PREFERRED STOCKS — 2.7%
Auto Components — 0.2%
Aptiv plc, 5.50%, 6/15/23199,605 20,515,402 
Banks — 0.4%
Bank of America Corp., 7.25%8,824 11,843,573 
Wells Fargo & Co., 7.50%29,957 38,854,229 
50,697,802 
Health Care Equipment and Supplies — 0.8%
Becton Dickinson and Co., 6.00%, 6/1/231,599,424 85,089,356 
Machinery — 1.3%
Stanley Black & Decker, Inc., 5.00%124,938 142,305,594 
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $274,003,855)
298,608,154 
CORPORATE BONDS — 0.2%
Electric Utilities — 0.2%
NextEra Energy Capital Holdings, Inc., VRN, 5.65%, 5/1/79
(Cost $20,019,029)
19,991,000 21,843,913 
TEMPORARY CASH INVESTMENTS — 1.5%
Federal Home Loan Bank Discount Notes, 0.00%, 7/1/20(4)
72,500,000 72,500,000 
Repurchase Agreement, BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations,
2.125% - 3.125%, 12/31/22 - 2/15/43, valued at $41,015,415), in a joint trading account at 0.02%, dated 6/30/20, due 7/1/20 (Delivery value $40,227,689)
40,227,667 
Repurchase Agreement, Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations,
0.125% - 3.375%, 1/15/30 - 11/15/48, valued at $53,437,022), at 0.05%, dated 6/30/20, due 7/1/20 (Delivery value $52,389,073)
52,389,000 
State Street Institutional U.S. Government Money Market Fund, Premier Class616,539 616,539 
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $165,733,206)
165,733,206 
TOTAL INVESTMENT SECURITIES — 99.2%
(Cost $9,710,409,459)
10,970,353,042 
OTHER ASSETS AND LIABILITIES — 0.8%84,634,954 
TOTAL NET ASSETS — 100.0%$11,054,987,996 

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS
Currency PurchasedCurrency SoldCounterpartySettlement DateUnrealized Appreciation
(Depreciation)
USD507,680,391 CHF479,638,665 UBS AG9/30/20$82,203 
EUR9,332,073 USD10,513,234 Credit Suisse AG9/30/20(7,762)
USD412,554,825 EUR365,552,132 Credit Suisse AG9/30/201,038,826 
USD53,018,998 GBP42,486,576 JPMorgan Chase Bank N.A.9/30/20346,412 
$1,459,679 




NOTES TO SCHEDULE OF INVESTMENTS
ADR-American Depositary Receipt
CHF-Swiss Franc
EUR-Euro
GBP-British Pound
USD-United States Dollar
VRN-Variable Rate Note. The rate adjusts periodically based upon the terms set forth in the security’s offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. The security's effective maturity date may be shorter than the final maturity date shown.
(1)Affiliated Company: the fund’s holding represents ownership of 5% or more of the voting securities of the company; therefore, the company is affiliated as defined in the Investment Company Act of 1940.
(2)Equity-linked debt security. The aggregated value of these securities at the period end was $367,620,066, which represented 3.3% of total net assets.
(3)Security was purchased pursuant to Rule 144A 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 $432,201,980, which represented 3.9% of total net assets.
(4)The rate indicated is the yield to maturity at purchase.





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 bonds, U.S. Treasury and Government Agency securities 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. Exchange-traded options contracts are valued at a mean as provided by independent pricing services. 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
Chemicals— 85,206,068 — 
Electrical Equipment570,456,948 44,943,877 — 
Food and Staples Retailing239,491,606 146,913,985 — 
Food Products142,374,608 198,557,060 — 
Oil, Gas and Consumable Fuels327,803,506 152,234,887 — 
Personal Products— 111,337,105 — 
Pharmaceuticals683,127,498 304,060,547 — 
Other Industries5,480,788,722 — — 
Preferred Stocks— 978,926,105 — 
Convertible Bonds— 590,322,377 — 
Exchange-Traded Funds427,622,870 — — 
Convertible Preferred Stocks298,608,154 — — 
Corporate Bonds— 21,843,913 — 
Temporary Cash Investments616,539 165,116,667 — 
8,170,890,451 2,799,462,591 — 
Other Financial Instruments
Forward Foreign Currency Exchange Contracts— 1,467,441 — 
Liabilities
Other Financial Instruments
Forward Foreign Currency Exchange Contracts— 7,762 — 

3. Affiliated Company Transactions

If a fund's holding represents ownership of 5% or more of the voting securities of a company, the company is affiliated as defined in the 1940 Act. A summary of transactions for each company which is or was an affiliate at or during the period ended June 30, 2020 follows (amounts in thousands):
CompanyBeginning
Value
Purchase
Cost
Sales CostChange in Net
Unrealized
Appreciation
(Depreciation)
Ending
Value
Ending
Shares
Net Realized
Gain (Loss)
Income
Capitol Federal Financial, Inc.$106,806 — — $(5,520)$101,286 9,199 — $782 
ONE Gas, Inc.208,899 $30,363 — (15,861)223,401 2,899 — 1,403 
$315,705 $30,363 — $(21,381)$324,687 12,098 — $2,185 



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.