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DuPont de Nemours Inc 26614N102 2044.0000000000 NS USD 108597.7200000000 0.1776396970 Long EC CORP US N 1 N N N Edison International N/A Edison International 281020107 4075.0000000000 NS USD 221313.2500000000 0.3620151387 Long EC CORP US N 1 N N N Emerson Electric Co FGLT0EWZSUIRRITFOA30 Emerson Electric Co 291011104 15699.0000000000 NS USD 973808.9700000000 1.5929167790 Long EC CORP US N 1 N N N Enterprise Products Partners LP K4CDIF4M54DJZ6TB4Q48 Enterprise Products Partners LP 293792107 17792.0000000000 NS USD 323280.6400000000 0.5288092138 Long EC CORP US N 1 N N N General Mills Inc 2TGYMUGI08PO8X8L6150 General Mills Inc 370334104 -5739.0000000000 NS USD -353809.3500000000 -0.5787468256 Short EC CORP US N 1 N N N Evergy Inc N/A Evergy Inc 30034W106 9791.0000000000 NS USD 580508.3900000000 0.9495718188 Long EC CORP US N 1 N N N Eversource Energy SJ7XXD41SQU3ZNWUJ746 Eversource Energy 30040W108 6799.0000000000 NS USD 566152.7300000000 0.9260894188 Long EC CORP US N 1 N N N Exxon Mobil Corp J3WHBG0MTS7O8ZVMDC91 Exxon Mobil Corp 30231G102 -7008.0000000000 NS USD -313397.7600000000 -0.5126432039 Short EC CORP US N 1 N N N FactSet Research Systems Inc 549300ZSJE7NBK6K9P30 FactSet Research Systems Inc 303075105 -496.0000000000 NS USD -162921.1200000000 -0.2664996870 Short EC CORP US N 1 N N N General Motors Co 54930070NSV60J38I987 General Motors Co 37045V100 15689.0000000000 NS USD 396931.7000000000 0.6492845974 Long EC CORP US N 1 N N N GlaxoSmithKline PLC 5493000HZTVUYLO1D793 GlaxoSmithKline PLC 37733W105 3786.0000000000 NS USD 154430.9400000000 0.2526117987 Long EC CORP GB N 1 N N N FedEx Corp 549300E707U7WNPZN687 FedEx Corp 31428X106 -1791.0000000000 NS USD -251134.0200000000 -0.4107947314 Short EC CORP US N 1 N N N First Hawaiian Inc 5493002DJSH46F5OLV06 First Hawaiian Inc 32051X108 16657.0000000000 NS USD 287166.6800000000 0.4697354790 Long EC CORP US N 1 N N N HCA Healthcare Inc N/A HCA Healthcare Inc 40412C101 -2981.0000000000 NS USD -289335.8600000000 -0.4732837346 Short EC CORP US N 1 N N N Harley-Davidson Inc ZDNAWZWXIKMWI51R2A08 Harley-Davidson Inc 412822108 -9558.0000000000 NS USD -227193.6600000000 -0.3716340722 Short EC CORP US N 1 N N N Ford Motor Co 20S05OYHG0MQM4VUIC57 Ford Motor Co 345370860 -65609.0000000000 NS USD -398902.7200000000 -0.6525087111 Short EC CORP US N 1 N N N Fortune Brands Home & Security Inc 54930032LHW54PQUJD44 Fortune Brands Home & Security Inc 34964C106 -4697.0000000000 NS USD -300279.2100000000 -0.4911844178 Short EC CORP US N 1 N N N Fox Corp 549300DDU6FDRBIELS05 Fox Corp 35137L105 -87454.0000000000 NS USD -2345516.2800000000 -3.8366993454 Short EC CORP US N 1 N N N Fox Corp N/A Fox Corp 35137L204 96066.0000000000 NS USD 2578411.4400000000 4.2176596975 Long EC CORP US N 1 N N N HEICO Corp N/A HEICO Corp 422806109 -26567.0000000000 NS USD -2647401.5500000000 -4.3305108903 Short EC CORP US N 1 N N N HEICO Corp N/A HEICO Corp 422806208 32960.0000000000 NS USD 2677670.4000000000 4.3800234339 Long EC CORP US N 1 N N N Franklin Resources Inc RIFQSET379FOGTEFKS80 Franklin Resources Inc 354613101 -14699.0000000000 NS USD -308238.0300000000 -0.5042031292 Short EC CORP US N 1 N N N General Electric Co 3C7474T6CDKPR9K6YT90 General Electric Co 369604103 -64461.0000000000 NS USD -440268.6300000000 -0.7201733703 Short EC CORP US N 1 N N N Microchip Technology Inc 5493007PTFULNYZJ1R12 Microchip Technology Inc (conv) 1.63% 02/15/2027 595017AF1 1625000.0000000000 PA USD 2401013.8900000000 3.9274800600 Long DBT CORP US N 2 2027-02-15 Fixed 1.625000000000000 N N N N N N State Street Institutional US Government Money Market Fund 549300BZ5TGIFZUZDZ37 State Street Institutional US Government Money Market Fund 857492706 44888.5900000000 NS USD 44888.5900000000 0.0734269147 Long STIV RF US N 1 N N N Teradyne Inc C3X4YJ278QNZHRJULN75 Teradyne Inc (conv) 1.25% 12/15/2023 880770AG7 1130000.0000000000 PA USD 3034560.4200000000 4.9638094932 Long DBT CORP US N 2 2023-12-15 Fixed 1.250000000000000 N N N N N N Tesla Inc 54930043XZGB27CTOV49 Tesla Inc (conv) 2% 5/15/2024 88160RAG6 942000.0000000000 PA USD 3307518.1200000000 5.4103025053 Long DBT CORP US N 2 2024-05-15 Fixed 2.000000000000000 N N N N N N Ingersoll Rand Inc N/A Ingersoll Rand Inc 45687V106 3617.0000000000 NS USD 101710.0400000000 0.1663731125 Long EC CORP US N 1 N N N Ingersoll Rand Inc N/A Ingersoll Rand Inc 45687V106 -3617.0000000000 NS USD -101710.0400000000 -0.1663731125 Short EC CORP US N 1 N N N State Street Bank and Trust Co 0.05 07/01/2020 571474TGEMMWANRLN572 State Street Bank and Trust Co 0.05 07/01/2020 RPE81B488 3468000.0000000000 PA USD 3468000.0000000000 5.6728121835 Long RA CORP US N 2 2020-07-01 Fixed 0.05 N N N Repurchase N 0.05 2020-07-01 2389300 USD 3537377 USD UST N N N Bank of Montreal/Chicago IL 0.02 07/01/2020 NQQ6HPCNCCU6TUTQYE16 Bank of Montreal/Chicago IL 0.02 07/01/2020 RPE31B2S7 2664556.7500000000 PA USD 2664556.7500000000 4.3585726630 Long RA CORP US N 2 2020-07-01 Fixed 0.02 N N N Repurchase N 0.02 2020-07-01 2337215.95 USD 2716734.761 USD UST N N N International Paper Co 824LMFJDH41EY779Q875 International Paper Co 460146103 -12114.0000000000 NS USD -426533.9400000000 -0.6977067277 Short EC CORP US N 1 N N N iShares Russell 1000 Value ETF 549300KLSYN5NN4YNM90 iShares Russell 1000 Value ETF 464287598 27072.0000000000 NS USD 3048848.6400000000 4.9871815775 Long EC RF US N 1 N N N iShares Russell 1000 Growth ETF 549300H1KWQVEKI25E14 iShares Russell 1000 Growth ETF 464287614 -15103.0000000000 NS USD -2899020.8500000000 -4.7420994228 Short EC RF US N 1 N N N iShares U.S. Real Estate ETF N/A iShares U.S. Real Estate ETF 464287739 2189.0000000000 NS USD 172515.0900000000 0.2821931097 Long EC RF US N 1 N N N Johnson & Johnson 549300G0CFPGEF6X2043 Johnson & Johnson 478160104 2898.0000000000 NS USD 407545.7400000000 0.6666466088 Long EC CORP US N 1 N N N Juniper Networks Inc AUHIXNGG7U2U7JEHM527 Juniper Networks Inc 48203R104 -7118.0000000000 NS USD -162717.4800000000 -0.2661665810 Short EC CORP US N 1 N N N KB Home 549300LGUCWQURMWLG09 KB Home 48666K109 -4384.0000000000 NS USD -134501.1200000000 -0.2200114164 Short EC CORP US N 1 N N N Kimberly-Clark Corp MP3J6QPYPGN75NVW2S34 Kimberly-Clark Corp 494368103 3254.0000000000 NS USD 459952.9000000000 0.7523720920 Long EC CORP US N 1 N N N Kroger Co/The 6CPEOKI6OYJ13Q6O7870 Kroger Co/The 501044101 -4272.0000000000 NS USD -144607.2000000000 -0.2365425277 Short EC CORP US N 1 N N N UPM-Kymmene Oyj 213800EC6PW5VU4J9U64 UPM-Kymmene OYJ N/A -10547.0000000000 NS -304365.3800000000 -0.4978684071 Short EC CORP FI N 2 N N N Laboratory Corp of America Holdings OZ7UA8IXAIFILY2VZH07 Laboratory Corp of America Holdings 50540R409 -2193.0000000000 NS USD -364279.2300000000 -0.5958730260 Short EC CORP US N 1 N N N M&T Bank Corp N/A M&T Bank Corp 55261F104 -4112.0000000000 NS USD -427524.6400000000 -0.6993272741 Short EC CORP US N 1 N N N MGM Growth Properties LLC 549300E2UGIBHWE12262 MGM Growth Properties LLC 55303A105 7264.0000000000 NS USD 197653.4400000000 0.3233133917 Long EC CORP US N 1 N N N Sanofi 549300E9PC51EN656011 Sanofi N/A -1505.0000000000 NS -153117.2200000000 -0.2504628694 Short EC CORP FR N 2 N N N Marsh & McLennan Cos Inc 549300XMP3KDCKJXIU47 Marsh & McLennan Cos Inc 571748102 6719.0000000000 NS USD 721419.0300000000 1.1800676652 Long EC CORP US N 1 N N N Martin Marietta Materials Inc N/A Martin Marietta Materials Inc 573284106 1971.0000000000 NS USD 407149.4700000000 0.6659984066 Long EC CORP US N 1 N N N Masco Corp 5GCSNMQXHEYA1JO8QN11 Masco Corp 574599106 5969.0000000000 NS USD 299703.4900000000 0.4902426786 Long EC CORP US N 1 N N N Mastercard Inc AR5L2ODV9HN37376R084 Mastercard Inc 57636Q104 -2966.0000000000 NS USD -877046.2000000000 -1.4346362079 Short EC CORP US N 1 N N N McKesson Corp 549300WZWOM80UCFSF54 McKesson Corp 58155Q103 3040.0000000000 NS USD 466396.8000000000 0.7629127593 Long EC CORP US N 1 N N N Merck & Co Inc 4YV9Y5M8S0BRK1RP0397 Merck & Co Inc 58933Y105 -7133.0000000000 NS USD -551594.8900000000 -0.9022763011 Short EC CORP US N 1 N N N MetLife Inc C4BXATY60WC6XEOZDX54 MetLife Inc 59156R108 7513.0000000000 NS USD 274374.7600000000 0.4488109808 Long EC CORP US N 1 N N N Microsoft Corp INR2EJN1ERAN0W5ZP974 Microsoft Corp 594918104 1961.0000000000 NS USD 399083.1100000000 0.6528037857 Long EC CORP US N 1 N N N Microchip Technology Inc 5493007PTFULNYZJ1R12 Microchip Technology Inc 595017104 -21899.0000000000 NS USD -2306183.6900000000 -3.7723607076 Short EC CORP US N 1 N N N Micron Technology Inc B3DXGBC8GAIYWI2Z0172 Micron Technology Inc 595112103 -7771.0000000000 NS USD -400361.9200000000 -0.6548956106 Short EC CORP US N 1 N N N Daikin Industries Ltd 549300Y7FWSTSHMW5Y57 Daikin Industries Ltd N/A -2200.0000000000 NS -353773.6100000000 -0.5786883636 Short EC CORP JP N 2 N N N National Bank of Canada BSGEFEIOM18Y80CKCV46 National Bank of Canada 633067103 -3384.0000000000 NS -153346.8500000000 -0.2508384888 Short EC CORP CA N 2 N N N Nestle SA KY37LUS27QQX7BB93L28 Nestle SA 641069406 3105.0000000000 NS USD 342916.2000000000 0.5609282576 Long EC CORP CH N 1 N N N Norfolk Southern Corp N/A Norfolk Southern Corp 655844108 1732.0000000000 NS USD 304087.2400000000 0.4974134371 Long EC CORP US N 1 N N N Occidental Petroleum Corp IM7X0T3ECJW4C1T7ON55 Occidental Petroleum Corp 674599105 -15486.0000000000 NS USD -283393.8000000000 -0.4635639566 Short EC CORP US N 1 N N N ONE Gas Inc 549300HXDWI0LATTX840 ONE Gas Inc 68235P108 5231.0000000000 NS USD 403048.5500000000 0.6592902898 Long EC CORP US N 1 N N N PG&E Corp 8YQ2GSDWYZXO2EDN3511 PG&E Corp (pfd) 5.5% 8-16-2023 69331C140 9486.0000000000 NS USD 910656.0000000000 1.4896137404 Long EP CORP US N 1 2023-08-16 Fixed 0.0000000000 N N N N N N PPG Industries Inc 549300BKPEP01R3V6C59 PPG Industries Inc 693506107 -794.0000000000 NS USD -84211.6400000000 -0.1377499473 Short EC CORP US N 1 N N N PACCAR Inc KDTEY8BWE486IKZ3CC07 PACCAR Inc 693718108 4219.0000000000 NS USD 315792.1500000000 0.5165598489 Long EC CORP US N 1 N N N Packaging Corp of America 549300XZP8MFZFY8TJ84 Packaging Corp of America 695156109 3279.0000000000 NS USD 327244.2000000000 0.5352926427 Long EC CORP US N 1 N N N Paychex Inc N/A Paychex Inc 704326107 -7622.0000000000 NS USD -577366.5000000000 -0.9444324439 Short EC CORP US N 1 N N N PepsiCo Inc FJSUNZKFNQ5YPJ5OT455 PepsiCo Inc 713448108 2122.0000000000 NS USD 280655.7200000000 0.4590851176 Long EC CORP US N 1 N N N Pfizer Inc 765LHXWGK1KXCLTFYQ30 Pfizer Inc 717081103 12481.0000000000 NS USD 408128.7000000000 0.6676001908 Long EC CORP US N 1 N N N Pinnacle West Capital Corp TWSEY0NEDUDCKS27AH81 Pinnacle West Capital Corp 723484101 3925.0000000000 NS USD 287663.2500000000 0.4705477478 Long EC CORP US N 1 N N N Procter & Gamble Co/The 2572IBTT8CCZW6AU4141 Procter & Gamble Co/The 742718109 -6819.0000000000 NS USD -815347.8300000000 -1.3337125444 Short EC CORP US N 1 N N N Prudential Financial Inc 5PRBRS5FEH7NREC8OR45 Prudential Financial Inc 744320102 -10079.0000000000 NS USD -613811.1000000000 -1.0040470261 Short EC CORP US N 1 N N N Quest Diagnostics Inc 8MCWUBXQ0WE04KMXBX50 Quest Diagnostics Inc 74834L100 3214.0000000000 NS USD 366267.4400000000 0.5991252584 Long EC CORP US N 1 N N N Raytheon Technologies Corp I07WOS4YJ0N7YRFE7309 Raytheon Technologies Corp 75513E101 7594.0000000000 NS USD 467942.2800000000 0.7654407921 Long EC CORP US N 1 N N N Raytheon Technologies Corp I07WOS4YJ0N7YRFE7309 Raytheon Technologies Corp 75513E101 -7594.0000000000 NS USD -467942.2800000000 -0.7654407921 Short EC CORP US N 1 N N N Regions Financial Corp CW05CS5KW59QTC0DG824 Regions Financial Corp 7591EP100 -14977.0000000000 NS USD -166544.2400000000 -0.2724262381 Short EC CORP US N 1 N N N Reinsurance Group of America Inc LORM1GNEU1DKEW527V90 Reinsurance Group of America Inc 759351604 4316.0000000000 NS USD 338547.0400000000 0.5537813648 Long EC CORP US N 1 N N N Republic Services Inc NKNQHM6BLECKVOQP7O46 Republic Services Inc 760759100 5633.0000000000 NS USD 462187.6500000000 0.7560276044 Long EC CORP US N 1 N N N Roche Holding AG 549300U41AUUVOAAOB37 Roche Holding AG 771195104 5245.0000000000 NS USD 227528.1000000000 0.3721811355 Long EC CORP CH N 1 N N N Heineken NV 724500K5PTPSST86UQ23 Heineken NV N/A -3187.0000000000 NS -293496.7400000000 -0.4800899315 Short EC CORP NL N 2 N N N Royal Dutch Shell PLC 21380068P1DRHMJ8KU70 Royal Dutch Shell PLC 780259107 87626.0000000000 NS USD 2668211.7000000000 4.3645512803 Long EC CORP NL N 1 N N N Royal Dutch Shell PLC 21380068P1DRHMJ8KU70 Royal Dutch Shell PLC 780259206 -82164.0000000000 NS USD -2685941.1600000000 -4.3935524039 Short EC CORP NL N 1 N N N SL Green Realty Corp N/A SL Green Realty Corp 78440X101 -3498.0000000000 NS USD -172416.4200000000 -0.2820317093 Short EC CORP US N 1 N N N SPDR S&P Insurance ETF 5493000JPXJASDQETJ56 SPDR S&P Insurance ETF 78464A789 7854.0000000000 NS USD 214806.9000000000 0.3513723182 Long EC RF US N 1 N N N Schlumberger Ltd 213800ZUA17OK3QLGM62 Schlumberger Ltd 806857108 29255.0000000000 NS USD 537999.4500000000 0.8800374379 Long EC CORP US N 1 N N N Consumer Discretionary Select Sector SPDR Fund 549300CD2I087Y919K79 Consumer Discretionary Select Sector SPDR Fund 81369Y407 8038.0000000000 NS USD 1026532.9800000000 1.6791605524 Long EC RF US N 1 N N N Utilities Select Sector SPDR Fund 549300ERQDM80PRYUH21 Utilities Select Sector SPDR Fund 81369Y886 -53924.0000000000 NS USD -3042931.3200000000 -4.9775022681 Short EC RF US N 1 N N N Sempra Energy PBBKGKLRK5S5C0Y4T545 Sempra Energy 816851109 -1932.0000000000 NS USD -226488.3600000000 -0.3704803714 Short EC CORP US N 1 N N N Siemens AG W38RGI023J3WT1HWRP32 Siemens AG 826197501 7400.0000000000 NS USD 436526.0000000000 0.7140513297 Long EC CORP DE N 1 N N N Southern Co/The 549300FC3G3YU2FBZD92 Southern Co/The 842587107 -5653.0000000000 NS USD -293108.0500000000 -0.4794541284 Short EC CORP US N 1 N N N Spire Inc 549300NXSY15DRY2R511 Spire Inc 84857L101 9507.0000000000 NS USD 624704.9700000000 1.0218667719 Long EC CORP US N 1 N N N State Street Corp 549300ZFEEJ2IP5VME73 State Street Corp 857477103 -8996.0000000000 NS USD -571695.8000000000 -0.9351565454 Short EC CORP US N 1 N N N 2020-08-21 American Century Capital Portfolios, Inc. Amy R. Bitter Amy R. Bitter Assistant Treasurer XXXX NPORT-EX 2 acla_acaltmarketneutralvalue.htm PART F Document

American Century Investments®
Quarterly Portfolio Holdings
AC Alternatives® Market Neutral Value Fund
June 30, 2020





        


AC Alternatives Market Neutral Value - Schedule of Investments
JUNE 30, 2020 (UNAUDITED)
Shares/
Principal Amount ($)
Value ($)
COMMON STOCKS — 67.8%
Aerospace and Defense — 5.2%
HEICO Corp., Class A(1)
32,960 2,677,671 
Raytheon Technologies Corp.7,594 467,942 
3,145,613 
Air Freight and Logistics — 0.4%
United Parcel Service, Inc., Class B2,248 249,932 
Automobiles — 0.6%
General Motors Co.15,689 396,932 
Banks — 1.7%
Comerica, Inc.(1)
4,460 169,926 
First Hawaiian, Inc.(1)
16,657 287,167 
Toronto-Dominion Bank (The)3,431 153,126 
Truist Financial Corp.11,391 427,732 
1,037,951 
Beverages — 0.9%
Heineken Holding NV3,612 295,303 
PepsiCo, Inc.(1)
2,122 280,656 
575,959 
Building Products — 1.6%
Johnson Controls International plc19,244 656,990 
Masco Corp.5,969 299,704 
956,694 
Capital Markets — 1.4%
Bank of New York Mellon Corp. (The)14,863 574,455 
BlackRock, Inc.549 298,705 
873,160 
Chemicals — 0.3%
Akzo Nobel NV866 77,476 
DuPont de Nemours, Inc.2,044 108,598 
186,074 
Commercial Services and Supplies — 0.8%
Republic Services, Inc.(1)
5,633 462,188 
Communications Equipment — 0.3%
Cisco Systems, Inc.3,499 163,193 
Construction Materials — 0.7%
Martin Marietta Materials, Inc.1,971 407,150 
Consumer Finance — 1.2%
American Express Co.7,684 731,517 
Containers and Packaging — 0.7%
Packaging Corp. of America3,279 327,244 
WestRock Co.3,583 101,256 
428,500 
Diversified Telecommunication Services — 0.9%
Verizon Communications, Inc.(1)
9,943 548,158 
Electric Utilities — 3.9%
Duke Energy Corp.3,692 294,954 
Edison International4,075 221,313 
Evergy, Inc.9,791 580,508 



Eversource Energy6,799 566,153 
Pinnacle West Capital Corp.(1)
3,925 287,663 
Xcel Energy, Inc.(1)
7,011 438,188 
2,388,779 
Electrical Equipment — 1.6%
Emerson Electric Co.15,699 973,809 
Energy Equipment and Services — 0.9%
Schlumberger Ltd.29,255 537,999 
Equity Real Estate Investment Trusts (REITs) — 1.3%
American Tower Corp.876 226,481 
Camden Property Trust1,932 176,237 
MGM Growth Properties LLC, Class A7,264 197,653 
Welltower, Inc.4,018 207,932 
808,303 
Food and Staples Retailing — 1.8%
Koninklijke Ahold Delhaize NV5,564 151,515 
Sysco Corp.(1)
10,279 561,850 
Walmart, Inc.(1)
3,208 384,254 
1,097,619 
Food Products — 0.6%
Nestle SA, ADR3,105 342,916 
Gas Utilities — 2.7%
Atmos Energy Corp.(1)
6,391 636,416 
ONE Gas, Inc.5,231 403,048 
Spire, Inc.(1)
9,507 624,705 
1,664,169 
Health Care Equipment and Supplies — 2.0%
Becton Dickinson and Co.2,473 591,715 
Medtronic plc7,003 642,175 
1,233,890 
Health Care Providers and Services — 2.0%
Cigna Corp.795 149,182 
McKesson Corp.(1)
2,921 448,140 
Quest Diagnostics, Inc.3,214 366,267 
Universal Health Services, Inc., Class B3,036 282,014 
1,245,603 
Household Durables — 0.4%
Electrolux AB, Series B5,413 90,364 
Toll Brothers, Inc.4,153 135,346 
225,710 
Household Products — 0.8%
Kimberly-Clark Corp.(1)
3,254 459,953 
Industrial Conglomerates — 0.7%
Siemens AG, ADR7,400 436,526 
Insurance — 4.2%
Chubb Ltd.9,420 1,192,760 
Marsh & McLennan Cos., Inc.(1)
6,719 721,419 
MetLife, Inc.(1)
7,513 274,375 
Reinsurance Group of America, Inc.4,316 338,547 
2,527,101 
IT Services — 2.3%
Automatic Data Processing, Inc.3,736 556,253 
Visa, Inc., Class A(1)
4,515 872,163 
1,428,416 




Machinery — 6.7%
Atlas Copco AB, B Shares(1)
79,367 2,930,808 
Deere & Co.2,725 428,234 
Ingersoll Rand, Inc.(2)
3,617 101,710 
PACCAR, Inc.3,970 297,154 
Schindler Holding AG, Bearer Participation Certificate1,460 343,259 
4,101,165 
Media — 4.2%
Fox Corp., Class B
94,234 2,529,241 
Multi-Utilities — 1.5%
CMS Energy Corp.7,108 415,249 
WEC Energy Group, Inc.5,957 522,131 
937,380 
Oil, Gas and Consumable Fuels — 6.8%
Chevron Corp.2,394 213,616 
ConocoPhillips6,732 282,879 
Enterprise Products Partners LP16,394 297,879 
Royal Dutch Shell plc, Class B ADR87,626 2,668,212 
TOTAL SA, ADR17,279 664,550 
4,127,136 
Paper and Forest Products — 0.5%
Mondi plc16,264 303,906 
Personal Products — 0.6%
Unilever NV (New York)6,587 350,890 
Pharmaceuticals — 2.0%
GlaxoSmithKline plc, ADR3,786 154,431 
Johnson & Johnson(1)
2,898 407,546 
Pfizer, Inc.(1)
12,481 408,129 
Roche Holding AG, ADR5,245 227,528 
1,197,634 
Road and Rail — 1.2%
Norfolk Southern Corp.1,732 304,087 
Union Pacific Corp.2,503 423,182 
727,269 
Semiconductors and Semiconductor Equipment — 0.5%
Texas Instruments, Inc.2,353 298,760 
Software — 0.7%
Microsoft Corp.(1)
1,961 399,083 
Specialty Retail — 0.3%
TJX Cos., Inc. (The)3,815 192,886 
Thrifts and Mortgage Finance — 0.9%
Capitol Federal Financial, Inc.(1)
49,595 546,041 
TOTAL COMMON STOCKS
(Cost $34,488,672)
41,245,205 
CONVERTIBLE BONDS — 13.9%
Automobiles — 4.9%
Tesla, Inc., 2.00%, 5/15/24855,000 3,002,047 
Semiconductors and Semiconductor Equipment — 9.0%
Microchip Technology, Inc., 1.625%, 2/15/271,625,000 2,401,014 
Teradyne, Inc., 1.25%, 12/15/231,130,000 3,034,560 
5,435,574 
TOTAL CONVERTIBLE BONDS
(Cost $4,899,684)
8,437,621 



EXCHANGE-TRADED FUNDS — 7.3%
Consumer Discretionary Select Sector SPDR Fund8,038 1,026,533 
iShares Russell 1000 Value ETF27,072 3,048,848 
iShares U.S. Real Estate ETF2,189 172,515 
SPDR S&P Insurance ETF7,854 214,807 
TOTAL EXCHANGE-TRADED FUNDS
(Cost $4,086,719)
4,462,703 
CONVERTIBLE PREFERRED STOCKS — 2.0%
Auto Components — 0.5%
Aptiv plc, 5.50%, 6/15/232,990 307,312 
Electric Utilities — 1.5%
PG&E Corp., 5.50%, 8/16/239,486 910,656 
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $1,247,600)
1,217,968 
TEMPORARY CASH INVESTMENTS — 10.2%
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 $2,716,735), in a joint trading account at 0.02%, dated 6/30/20, due 7/1/20 (Delivery value $2,664,558)2,664,557 
Repurchase Agreement, Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 3.375%, 11/15/48, valued at $3,537,377), at 0.05%, dated 6/30/20, due 7/1/20 (Delivery value $3,468,005)3,468,000 
State Street Institutional U.S. Government Money Market Fund, Premier Class44,889 44,889 
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $6,177,446)
6,177,446 
TOTAL INVESTMENT SECURITIES BEFORE SECURITIES SOLD SHORT — 101.2%
(Cost $50,900,121)
61,540,943 
SECURITIES SOLD SHORT — (89.5)%
COMMON STOCKS SOLD SHORT — (79.3)%
Aerospace and Defense — (5.1)%
HEICO Corp.(26,567)(2,647,402)
Raytheon Technologies Corp.(7,594)(467,942)
(3,115,344)
Air Freight and Logistics — (0.4)%
FedEx Corp.(1,791)(251,134)
Auto Components — (0.5)%
BorgWarner, Inc.(8,981)(317,029)
Automobiles — (6.0)%
Ford Motor Co.(65,609)(398,903)
Harley-Davidson, Inc.(9,558)(227,194)
Tesla, Inc.(2,781)(3,002,951)
(3,629,048)
Banks — (2.6)%
Bank of Hawaii Corp.(4,515)(277,266)
Bank OZK(23,610)(554,127)
M&T Bank Corp.(4,112)(427,524)
National Bank of Canada(3,384)(153,347)
Regions Financial Corp.(14,977)(166,544)
(1,578,808)
Beverages — (1.0)%
Coca-Cola Co. (The)(6,390)(285,505)
Heineken NV(3,187)(293,497)
(579,002)
Building Products — (1.6)%
Carrier Global Corp.(14,295)(317,635)
Daikin Industries Ltd.(2,200)(353,774)




Fortune Brands Home & Security, Inc.(4,697)(300,279)
(971,688)
Capital Markets — (1.7)%
FactSet Research Systems, Inc.(496)(162,921)
Franklin Resources, Inc.(14,699)(308,238)
State Street Corp.(8,996)(571,696)
(1,042,855)
Chemicals — (0.1)%
PPG Industries, Inc.(794)(84,212)
Commercial Services and Supplies — (0.8)%
Waste Management, Inc.(4,466)(472,994)
Communications Equipment — (0.3)%
Juniper Networks, Inc.(7,118)(162,717)
Construction Materials — (0.7)%
Vulcan Materials Co.(3,468)(401,768)
Consumer Finance — (1.2)%
Discover Financial Services(14,796)(741,132)
Containers and Packaging — (0.7)%
International Paper Co.(12,114)(426,534)
Diversified Telecommunication Services — (0.9)%
AT&T, Inc.(18,275)(552,453)
Electric Utilities — (1.2)%
American Electric Power Co., Inc.(5,480)(436,427)
Southern Co. (The)(5,653)(293,108)
(729,535)
Energy Equipment and Services — (0.9)%
Baker Hughes Co.(36,408)(560,319)
Entertainment — (0.2)%
Walt Disney Co. (The)(1,199)(133,700)
Equity Real Estate Investment Trusts (REITs) — (1.6)%
Apartment Investment & Management Co., Class A(4,587)(172,655)
Brixmor Property Group, Inc.(14,911)(191,159)
Crown Castle International Corp.(1,322)(221,237)
SL Green Realty Corp.(3,498)(172,416)
Ventas, Inc.(5,537)(202,765)
(960,232)
Food and Staples Retailing — (1.2)%
Kroger Co. (The)(4,272)(144,607)
US Foods Holding Corp.(28,398)(560,009)
(704,616)
Food Products — (0.6)%
General Mills, Inc.(5,739)(353,809)
Health Care Equipment and Supplies — (2.0)%
Abbott Laboratories(6,442)(588,992)
Boston Scientific Corp.(9,869)(346,501)
Stryker Corp.(1,705)(307,224)
(1,242,717)
Health Care Providers and Services — (2.1)%
Cardinal Health, Inc.(8,698)(453,949)
HCA Healthcare, Inc.(2,981)(289,336)
Laboratory Corp. of America Holdings(2,193)(364,279)
UnitedHealth Group, Inc.(522)(153,964)
(1,261,528)



Household Durables — (0.4)%
KB Home(4,384)(134,501)
Whirlpool Corp.(756)(97,925)
(232,426)
Household Products — (1.3)%
Procter & Gamble Co. (The)(6,819)(815,348)
Industrial Conglomerates — (0.9)%
3M Co.(687)(107,165)
General Electric Co.(64,461)(440,269)
(547,434)
Insurance — (4.5)%
Allstate Corp. (The)(2,203)(213,669)
Aon plc, Class A(3,731)(718,590)
Cincinnati Financial Corp.(3,258)(208,610)
Prudential Financial, Inc.(10,079)(613,811)
Travelers Cos., Inc. (The)(8,714)(993,832)
(2,748,512)
Internet and Direct Marketing Retail — (0.6)%
Amazon.com, Inc.(143)(394,511)
IT Services — (2.4)%
MasterCard, Inc., Class A(2,966)(877,046)
Paychex, Inc.(7,622)(577,367)
(1,454,413)
Machinery — (8.3)%
AGCO Corp.(7,794)(432,255)
Atlas Copco AB, A Shares(69,358)(2,932,878)
Caterpillar, Inc.(7,678)(971,267)
Ingersoll Rand, Inc.(3,617)(101,710)
Kone Oyj, B Shares(4,944)(339,736)
Volvo AB, B Shares(18,845)(294,576)
(5,072,422)
Media — (4.2)%
Discovery, Inc., Class A(9,799)(206,759)
Fox Corp., Class A(86,558)(2,321,485)
(2,528,244)
Multi-Utilities — (1.9)%
Consolidated Edison, Inc.(7,218)(519,191)
DTE Energy Co.(3,796)(408,070)
Sempra Energy(1,932)(226,488)
(1,153,749)
Oil, Gas and Consumable Fuels — (6.4)%
BP plc, ADR(25,257)(588,993)
Exxon Mobil Corp.(7,008)(313,398)
Occidental Petroleum Corp.(15,486)(283,394)
Royal Dutch Shell plc, Class A ADR(82,064)(2,682,672)
(3,868,457)
Paper and Forest Products — (0.5)%
UPM-Kymmene Oyj(10,547)(304,365)
Pharmaceuticals — (2.0)%
Bristol-Myers Squibb Co.(8,827)(519,028)
Merck & Co., Inc.(7,133)(551,595)
Sanofi(1,505)(153,117)
(1,223,740)




Road and Rail — (1.5)%
Avis Budget Group, Inc.(8,291)(189,781)
CSX Corp.(10,578)(737,710)
(927,491)
Semiconductors and Semiconductor Equipment — (9.3)%
Microchip Technology, Inc.(21,899)(2,306,184)
Micron Technology, Inc.(5,803)(298,970)
Teradyne, Inc.(35,869)(3,031,289)
(5,636,443)
Specialty Retail — (1.7)%
Carvana Co.(2,248)(270,210)
Signet Jewelers Ltd.(18,882)(193,918)
Tractor Supply Co.(2,946)(388,253)
Williams-Sonoma, Inc.(2,318)(190,099)
(1,042,480)
TOTAL COMMON STOCKS SOLD SHORT
(Proceeds $38,630,404)
(48,223,209)
EXCHANGE-TRADED FUNDS SOLD SHORT — (10.2)%
Alerian MLP ETF(11,971)(295,444)
iShares Russell 1000 Growth ETF(15,103)(2,899,021)
Utilities Select Sector SPDR Fund(53,924)(3,042,932)
TOTAL EXCHANGE-TRADED FUNDS SOLD SHORT
(Proceeds $5,608,548)
(6,237,397)
TOTAL SECURITIES SOLD SHORT — (89.5)%
(Proceeds $44,238,952)
(54,460,606)
OTHER ASSETS AND LIABILITIES(3) — 88.3%
53,745,238 
TOTAL NET ASSETS — 100.0%$60,825,575 




FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS
Currency PurchasedCurrency SoldCounterpartySettlement DateUnrealized Appreciation
(Depreciation)
CAD3,906 USD2,886 Morgan Stanley9/30/20$(9)
CAD733 USD543 Morgan Stanley9/30/20(3)
CAD1,346 USD992 Morgan Stanley9/30/20(1)
CAD1,754 USD1,286 Morgan Stanley9/30/206 
CAD24 USD18 Morgan Stanley9/30/20 
USD3,889 CAD5,285 Morgan Stanley9/30/20(5)
USD1,301 CAD1,782 Morgan Stanley9/30/20(12)
USD840 CAD1,149 Morgan Stanley9/30/20(6)
CHF18,881 USD19,966 UBS AG9/30/2016 
USD799,396 CHF755,241 UBS AG9/30/20129 
EUR48,832 USD54,945 Credit Suisse AG9/30/2027 
USD1,018,896 EUR902,812 Credit Suisse AG9/30/202,566 
GBP284,352 USD354,774 JPMorgan Chase Bank N.A.9/30/20(2,249)
GBP14,501 USD17,947 JPMorgan Chase Bank N.A.9/30/2031 
USD15,269 GBP12,422 JPMorgan Chase Bank N.A.9/30/20(131)
JPY30,985,900 USD291,024 Bank of America N.A.9/30/20(3,692)
JPY1,131,350 USD10,552 Bank of America N.A.9/30/20(61)
SEK2,502,165 USD267,342 Goldman Sachs & Co.9/30/201,479 
SEK66,677 USD7,148 Goldman Sachs & Co.9/30/2015 
SEK47,890 USD5,138 Goldman Sachs & Co.9/30/207 
USD99,269 SEK921,273 Goldman Sachs & Co.9/30/20292 
USD8,258 SEK77,002 Goldman Sachs & Co.9/30/20(15)
USD6,877 SEK64,093 Goldman Sachs & Co.9/30/20(8)
USD9,176 SEK85,418 Goldman Sachs & Co.9/30/20(1)
$(1,625)

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 $12,163,339.
(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
Banks884,825 153,126  
Beverages280,656 295,303  
Chemicals108,598 77,476  
Food and Staples Retailing946,104 151,515  
Household Durables135,346 90,364  
Machinery827,098 3,274,067  
Paper and Forest Products 303,906  
Other Industries33,716,821   
Convertible Bonds 8,437,621  
Exchange-Traded Funds4,462,703   
Convertible Preferred Stocks1,217,968   
Temporary Cash Investments44,889 6,132,557  
42,625,008 18,915,935  
Other Financial Instruments
Forward Foreign Currency Exchange Contracts 4,568  
Liabilities
Securities Sold Short
Common Stocks
Banks1,425,461 153,347  
Beverages285,505 293,497  
Building Products617,914 353,774  
Machinery1,505,232 3,567,190  
Paper and Forest Products 304,365  
Pharmaceuticals1,070,623 153,117  
Other Industries38,493,184   
Exchange-Traded Funds6,237,397   
49,635,316 4,825,290  
Other Financial Instruments
Forward Foreign Currency Exchange Contracts 6,193  

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.