NPORT-EX 2 accm_realestate.htm PART F Document

American Century Investments®
Quarterly Portfolio Holdings
Real Estate Fund
January 31, 2021


Real Estate - Schedule of Investments
JANUARY 31, 2021 (UNAUDITED)
Shares/Principal Amount ($)Value ($)
COMMON STOCKS — 99.7%
Commercial Financing — 0.8%
Starwood Property Trust, Inc.358,901 6,732,983 
Data Centers — 10.7%
Digital Realty Trust, Inc.144,000 20,728,800 
Equinix, Inc.73,050 54,054,078 
QTS Realty Trust, Inc., Class A193,041 12,566,969 
87,349,847 
Diversified — 0.9%
JBG SMITH Properties243,439 7,269,089 
Health Care — 7.5%
Healthpeak Properties, Inc.394,207 11,688,237 
Omega Healthcare Investors, Inc.85,917 3,111,914 
Ventas, Inc.464,601 21,404,168 
Welltower, Inc.415,093 25,154,636 
61,358,955 
Home Financing — 1.1%
PennyMac Mortgage Investment Trust525,113 9,058,199 
Industrial — 13.4%
Innovative Industrial Properties, Inc.118,116 22,101,866 
Prologis, Inc.661,062 68,221,598 
Rexford Industrial Realty, Inc.228,416 11,178,679 
Terreno Realty Corp.143,537 8,121,324 
109,623,467 
Infrastructure REITs — 16.0%
American Tower Corp.236,630 53,800,197 
Crown Castle International Corp.329,027 52,400,840 
SBA Communications Corp.94,631 25,424,511 
131,625,548 
Lodging/Resorts — 3.4%
RLJ Lodging Trust1,067,048 13,775,590 
Ryman Hospitality Properties, Inc.147,192 9,545,401 
Xenia Hotels & Resorts, Inc.334,860 4,845,424 
28,166,415 
Office — 4.4%
Alexandria Real Estate Equities, Inc.121,474 20,299,520 
Cousins Properties, Inc.324,707 10,241,259 
Empire State Realty Trust, Inc., Class A594,650 5,863,249 
SL Green Realty Corp.(1)
195 13,179 
36,417,207 
Residential — 16.3%
American Homes 4 Rent, Class A357,590 10,809,946 
Equity Residential453,777 27,970,814 
Essex Property Trust, Inc.95,831 22,962,066 
Invitation Homes, Inc.844,895 24,907,505 
Sun Communities, Inc.150,739 21,575,273 
UDR, Inc.673,639 25,901,419 
134,127,023 
Retail — 11.6%
Brixmor Property Group, Inc.844,996 14,305,782 


Essential Properties Realty Trust, Inc.570,948 11,887,138 
Kimco Realty Corp.867,269 14,318,611 
National Retail Properties, Inc.378,671 14,768,169 
NETSTREIT Corp.239,979 4,134,838 
Simon Property Group, Inc.290,795 27,023,579 
Urban Edge Properties641,401 8,844,920 
95,283,037 
Self Storage — 5.4%
Extra Space Storage, Inc.185,839 21,146,620 
Life Storage, Inc.283,355 23,116,060 
44,262,680 
Specialty — 2.8%
VICI Properties, Inc.899,966 22,751,140 
Timber REITs — 5.4%
PotlatchDeltic Corp.493,827 23,585,177 
Weyerhaeuser Co.665,277 20,749,990 
44,335,167 
TOTAL COMMON STOCKS
(Cost $658,851,507)
818,360,757 
TEMPORARY CASH INVESTMENTS — 0.3%
Repurchase Agreement, BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations,
0.125% - 2.75%, 5/31/22 - 1/31/25, valued at $1,008,369), in a joint trading account at 0.03%, dated 1/29/21, due 2/1/21 (Delivery value $988,209)		988,206 
Repurchase Agreement, Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 2.875%, 11/15/46, valued at $1,680,044), at 0.03%, dated 1/29/21, due 2/1/21 (Delivery value $1,647,004)1,647,000 
State Street Institutional U.S. Government Money Market Fund, Premier Class 1,459 1,459 
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $2,636,665)
2,636,665 
TEMPORARY CASH INVESTMENTS - SECURITIES LENDING COLLATERAL(2)†
State Street Navigator Securities Lending Government Money Market Portfolio
(Cost $13,455)		13,455 13,455 
TOTAL INVESTMENT SECURITIES — 100.0%
(Cost $661,501,627)
821,010,877 
OTHER ASSETS AND LIABILITIES†
324,934 
TOTAL NET ASSETS — 100.0%$821,335,811 

NOTES TO SCHEDULE OF INVESTMENTS
†Category is less than 0.05% of total net assets.
(1)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $13,159. 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.
(2)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $13,455.


SUPPLEMENTARY NOTES TO SCHEDULE OF INVESTMENTS

1. Investment Valuations

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

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

Open-end management investment companies are valued at the reported NAV per share. Repurchase agreements are valued at cost, which approximates fair value.

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

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

2. Fair Value Measurements

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

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

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

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

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

The following is a summary of the level classifications as of period end. The Schedule of Investments provides additional information on the fund’s portfolio holdings.
Level 1 ($)Level 2 ($)Level 3 ($)
Assets
Investment Securities
Common Stocks818,360,757 — — 
Temporary Cash Investments1,459 2,635,206 — 
Temporary Cash Investments - Securities Lending Collateral13,455 — — 
818,375,671 2,635,206 — 
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.