NPORT-EX 2 accm_realestate.htm PART F Document

American Century Investments®
Quarterly Portfolio Holdings
Real Estate Fund
July 31, 2022


Real Estate - Schedule of Investments
JULY 31, 2022 (UNAUDITED)
Shares/
Principal Amount ($)		Value ($)
COMMON STOCKS — 100.5%


Commercial Financing — 0.7%
KKR Real Estate Finance Trust, Inc.284,196 5,539,063 
Data Centers — 7.8%
Digital Realty Trust, Inc.218,017 28,876,394 
Equinix, Inc.59,036 41,546,036 
70,422,430 
Health Care — 8.3%
Sabra Health Care REIT, Inc.517,797 7,968,923 
Ventas, Inc.387,959 20,864,463 
Welltower, Inc.536,480 46,319,711 
75,153,097 
Home Financing — 1.0%
AGNC Investment Corp.649,687 8,192,636 
Industrial — 15.5%
Americold Realty Trust, Inc.519,286 17,006,637 
Duke Realty Corp.292,606 18,305,452 
Prologis, Inc.673,271 89,248,825 
Rexford Industrial Realty, Inc.255,684 16,724,311 
141,285,225 
Infrastructure REITs — 18.6%
American Tower Corp.384,626 104,168,287 
Crown Castle International Corp.171,623 31,005,439 
SBA Communications Corp.100,119 33,618,987 
168,792,713 
Lodging/Resorts — 2.8%
Host Hotels & Resorts, Inc.1,095,777 19,515,830 
Ryman Hospitality Properties, Inc.(1)
64,074 5,673,154 
25,188,984 
Office — 4.1%
Alexandria Real Estate Equities, Inc.136,395 22,611,605 
Corporate Office Properties Trust492,317 13,858,765 
36,470,370 
Residential — 15.8%
American Homes 4 Rent, Class A327,527 12,406,737 
AvalonBay Communities, Inc.96,093 20,558,150 
Camden Property Trust243,662 34,380,722 
Equity LifeStyle Properties, Inc.292,886 21,532,993 
Invitation Homes, Inc.517,202 20,186,408 
UDR, Inc.722,349 34,961,705 
144,026,715 
Retail — 16.7%
Agree Realty Corp.414,615 32,999,220 
Brixmor Property Group, Inc.446,208 10,343,113 
Essential Properties Realty Trust, Inc.528,305 12,742,729 
Kimco Realty Corp.1,029,981 22,772,892 
Kite Realty Group Trust1,071,422 21,310,595 
NETSTREIT Corp.813,124 16,669,054 
Realty Income Corp.466,927 34,547,941 
151,385,544 


Self Storage — 7.2%
Life Storage, Inc.111,290 14,010,340 
Public Storage157,221 51,318,548 
65,328,888 
Specialty — 2.0%
Iron Mountain, Inc.367,578 17,823,941 
TOTAL COMMON STOCKS
(Cost $786,759,496)
909,609,606 
SHORT-TERM INVESTMENTS — 0.9%


Money Market Funds†
State Street Institutional U.S. Government Money Market Fund, Premier Class
9,093 9,093 
Repurchase Agreements
BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 1.625% - 3.00%, 5/31/23 - 2/15/48, valued at $1,049,002), in a joint trading account at 2.18%, dated 7/29/22, due 8/1/22 (Delivery value $1,028,857)1,028,670 
Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 2.875%, 5/15/49, valued at $7,351,158), at 2.23%, dated 7/29/22, due 8/1/22 (Delivery value $7,208,339)7,207,000 
TOTAL REPURCHASE AGREEMENTS
8,235,670 
TOTAL SHORT-TERM INVESTMENTS
(Cost $8,244,763)
8,244,763 
TOTAL INVESTMENT SECURITIES — 100.5%
(Cost $795,003,259)

917,853,369 
OTHER ASSETS AND LIABILITIES — (0.5)%

(4,792,709)
TOTAL NET ASSETS — 100.0%

$913,060,660 

NOTES TO SCHEDULE OF INVESTMENTS
†Category is less than 0.05% of total net assets.
(1)Non-income producing.


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. 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.

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 Stocks909,609,606 — — 
Short-Term Investments9,093 8,235,670 — 
909,618,699 8,235,670 — 
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.