American Century Investments®
Quarterly Portfolio Holdings
Avantis® U.S. Small Cap Value Fund
May 31, 2026


Avantis U.S. Small Cap Value Fund - Schedule of Investments
MAY 31, 2026 (UNAUDITED)
Shares
Value ($)
COMMON STOCKS — 99.2%
Aerospace and Defense — 0.2%
 
 
AerSale Corp.(1)
18,384 121,150 
Astronics Corp.(1)
31,568 2,746,416 
Ducommun, Inc.(1)
2,058 313,269 
Innovative Solutions & Support, Inc.(1)
24,232 417,760 
 
 
3,598,595 
Automobile Components — 3.0%
 
 
Dana, Inc.
264,524 9,366,795 
Dauch Corp.(1)
168,659 1,119,896 
Fox Factory Holding Corp.(1)
720 12,989 
Gentex Corp.
299,987 7,247,686 
Gentherm, Inc.(1)
33,817 1,173,112 
Goodyear Tire & Rubber Co.(1)
644,843 3,933,542 
LCI Industries
25,184 2,745,560 
Lear Corp.
98,219 14,057,103 
Motorcar Parts of America, Inc.(1)
27,082 299,527 
Phinia, Inc.
73,100 5,647,706 
Stoneridge, Inc.(1)
12,530 93,599 
Strattec Security Corp.(1)
6,119 489,275 
Visteon Corp.
48,805 5,773,143 
 
 
51,959,933 
Automobiles — 0.4%
 
 
Harley-Davidson, Inc.
244,606 5,914,573 
Thor Industries, Inc.
23,621 1,867,949 
 
 
7,782,522 
Banks — 12.8%
 
 
1st Source Corp.
23,254 1,716,610 
ACNB Corp.
10,415 565,430 
Amalgamated Financial Corp.
28,349 1,175,916 
Amerant Bancorp, Inc.
49,366 1,121,595 
Ameris Bancorp
33,118 2,792,179 
Ames National Corp.
2,940 84,496 
Arrow Financial Corp.
15,091 553,840 
Associated Banc-Corp.
210,827 5,863,099 
Avidbank Holdings, Inc.(1)
2,814 86,615 
Axos Financial, Inc.(1)
92,532 8,041,956 
Banc of California, Inc.
202,113 3,884,612 
BancFirst Corp.
619 68,269 
Bancorp, Inc.(1)
66,837 3,686,729 
Bank of Hawaii Corp.(2)
48,548 3,718,777 
Bank of NT Butterfield & Son Ltd.
79,669 4,498,112 
Bank OZK
165,321 7,999,883 
Bank7 Corp.
1,206 53,378 
BankUnited, Inc.
107,823 5,001,909 
Bankwell Financial Group, Inc.
4,043 211,530 
Banner Corp.
39,605 2,574,325 
Bar Harbor Bankshares
2,729 95,351 
BayCom Corp.
2,322 71,518 
BCB Bancorp, Inc.
3,352 34,995 
Beacon Financial Corp.
18,111 526,849 


Bridgewater Bancshares, Inc.(1)
17,901 337,613 
Burke & Herbert Financial Services Corp.
22,757 1,447,345 
Business First Bancshares, Inc.(2)
35,712 1,017,078 
Byline Bancorp, Inc.
36,398 1,204,410 
C&F Financial Corp.
1,032 76,110 
California BanCorp
27,498 521,912 
Camden National Corp.
17,761 888,583 
Capital Bancorp, Inc.
7,528 240,294 
Capital City Bank Group, Inc.
16,459 751,189 
Capitol Federal Financial, Inc.
114,276 887,924 
Carter Bankshares, Inc.
33,179 905,787 
Cathay General Bancorp
76,485 4,410,125 
CB Financial Services, Inc.
235 8,422 
Central Pacific Financial Corp.
33,124 1,138,141 
CF Bankshares, Inc.
537 15,315 
Chemung Financial Corp.
170 11,676 
ChoiceOne Financial Services, Inc.
1,268 39,815 
Citizens Financial Services, Inc.
1,191 77,451 
City Holding Co.
8,242 1,024,563 
Civista Bancshares, Inc.
472 12,225 
CNB Financial Corp.
37,767 1,158,314 
Colony Bankcorp, Inc.
7,128 141,134 
Columbia Banking System, Inc.
294,803 8,737,961 
Community Trust Bancorp, Inc.
22,804 1,524,675 
Community West Bancshares
14,703 353,019 
ConnectOne Bancorp, Inc.
68,890 2,071,522 
Customers Bancorp, Inc.(1)
56,126 4,217,308 
Dime Community Bancshares, Inc.
50,919 1,905,389 
Eagle Bancorp Montana, Inc.
3,158 70,076 
Enterprise Financial Services Corp.
54,524 3,304,700 
Equity Bancshares, Inc., Class A
3,874 178,591 
Esquire Financial Holdings, Inc.
10,934 1,201,537 
Farmers National Banc Corp.
3,353 47,545 
Financial Institutions, Inc.
22,765 824,776 
First BanCorp
239,963 5,754,313 
First Bancorp, Inc.
553 16,098 
First Bancorp/Southern Pines NC
233 13,707 
First Bank
16,122 252,148 
First Busey Corp.
118,785 3,251,145 
First Business Financial Services, Inc.
7,904 454,638 
First Commonwealth Financial Corp.
46,730 885,066 
First Community Corp.
913 27,445 
First Financial Bancorp
11,959 367,859 
First Financial Corp.
14,414 997,160 
First Internet Bancorp
162 3,914 
First Merchants Corp.
23,417 943,705 
First Mid Bancshares, Inc.
19,161 844,042 
First National Corp.(2)
2,295 63,789 
First United Corp.
1,471 58,163 
First Western Financial, Inc.(1)
900 26,253 
Firstsun Capital Bancorp(1)
12,797 453,654 
Five Star Bancorp
16,322 689,278 
Flushing Financial Corp.
5,520 88,154 
Franklin Financial Services Corp.
646 37,552 


FS Bancorp, Inc.
2,284 92,982 
Fulton Financial Corp.
296,307 6,426,899 
FVCBankcorp, Inc.
737 11,630 
Glacier Bancorp, Inc.
342 16,262 
Great Southern Bancorp, Inc.
10,907 782,577 
Greene County Bancorp, Inc.
120 3,149 
Hancock Whitney Corp.
94,624 6,445,787 
Hanmi Financial Corp.
42,405 1,277,239 
Hawthorn Bancshares, Inc.
617 22,638 
HBT Financial, Inc.
12,759 365,290 
Hilltop Holdings, Inc.
32,379 1,221,336 
Hingham Institution For Savings
2,173 628,844 
Home Bancorp, Inc.
9,354 602,210 
HomeTrust Bancshares, Inc.
19,340 898,730 
Hope Bancorp, Inc.
150,363 1,885,552 
Horizon Bancorp, Inc.
743 13,783 
Independent Bank Corp. (Michigan)
24,469 839,776 
International Bancshares Corp.
83,042 5,992,311 
Investar Holding Corp.
2,860 80,824 
Kearny Financial Corp.
17,555 144,653 
Lakeland Financial Corp.
15,810 958,560 
Landmark Bancorp, Inc.
235 6,679 
LCNB Corp.
1,307 22,271 
Live Oak Bancshares, Inc.
46,992 1,787,106 
Mechanics Bancorp
1,028 15,132 
Mercantile Bank Corp.
22,192 1,175,954 
Meridian Corp.
4,960 89,181 
Metrocity Bankshares, Inc.
26,942 879,926 
Metropolitan Bank Holding Corp.
13,657 1,222,575 
Mid Penn Bancorp, Inc.
9,134 298,225 
Midland States Bancorp, Inc.
13,122 364,792 
MVB Financial Corp.
2,840 75,970 
National Bank Holdings Corp., Class A
11,640 486,901 
NB Bancorp, Inc.
11,169 223,715 
NBT Bancorp, Inc.
13,511 624,749 
Nicolet Bankshares, Inc.
4,425 620,695 
Northeast Bank
13,281 1,669,953 
Northfield Bancorp, Inc.
17,511 248,306 
Northpointe Bancshares, Inc.
24,086 411,389 
Northrim BanCorp, Inc.
29,612 731,712 
Northwest Bancshares, Inc.
65,371 925,000 
Oak Valley Bancorp
1,938 63,780 
OceanFirst Financial Corp.
50,153 942,375 
OFG Bancorp
68,773 3,133,298 
Old Second Bancorp, Inc.
74,272 1,583,479 
OP Bancorp
1,343 18,883 
Orange County Bancorp, Inc.
9,870 336,764 
Origin Bancorp, Inc.
29,484 1,405,207 
Orrstown Financial Services, Inc.
29,273 1,086,906 
Parke Bancorp, Inc.
7,554 232,134 
Pathward Financial, Inc.
30,829 2,535,377 
PCB Bancorp
3,694 90,762 
Peapack-Gladstone Financial Corp.
8,435 364,814 
Peoples Bancorp of North Carolina, Inc.
588 24,755 


Peoples Bancorp, Inc.
37,882 1,317,536 
Peoples Financial Services Corp.
10,204 606,220 
Pinnacle Financial Partners, Inc.
49,900 4,877,226 
Plumas Bancorp
4,234 222,835 
Ponce Financial Group, Inc.(1)
8,696 164,180 
Popular, Inc.
35,223 5,231,672 
Preferred Bank
17,733 1,699,176 
Provident Financial Services, Inc.
190,266 4,222,002 
QCR Holdings, Inc.
16,626 1,532,086 
RBB Bancorp
8,883 212,481 
Red River Bancshares, Inc.
4,537 412,504 
Republic Bancorp, Inc., Class A
19,605 1,587,025 
Riverview Bancorp, Inc.
2,994 16,796 
S&T Bancorp, Inc.
36,810 1,659,763 
SB Financial Group, Inc.
134 2,894 
ServisFirst Bancshares, Inc.
8,358 651,840 
Shore Bancshares, Inc.
36,496 754,007 
Sierra Bancorp
10,292 390,890 
SmartFinancial, Inc.
9,148 381,472 
South Plains Financial, Inc.
14,518 589,286 
Southern First Bancshares, Inc.(1)
2,595 149,913 
Southern Missouri Bancorp, Inc.
13,532 934,520 
Southside Bancshares, Inc.
16,249 532,317 
Stellar Bancorp, Inc.
20,721 773,722 
Texas Capital Bancshares, Inc.(1)
69,125 6,877,246 
Third Coast Bancshares, Inc.(1)
14,521 555,573 
Timberland Bancorp, Inc.
3,338 135,456 
Tompkins Financial Corp.
21,239 1,829,740 
TriCo Bancshares
22,503 1,143,152 
TrustCo Bank Corp.
20,581 1,066,302 
Trustmark Corp.
85,266 3,765,347 
Union Bankshares, Inc.(2)
156 3,604 
United Community Banks, Inc.
276 9,094 
Unity Bancorp, Inc.
8,224 459,393 
Univest Financial Corp.
27,245 1,074,543 
USCB Financial Holdings, Inc.
2,189 40,584 
Valley National Bancorp
291,484 4,013,735 
WaFd, Inc.
99,359 3,533,206 
Washington Trust Bancorp, Inc.
16,256 529,458 
West BanCorp, Inc.
10,327 247,228 
Westamerica Bancorporation
37,053 2,056,071 
Wintrust Financial Corp.
5,185 778,943 
WSFS Financial Corp.
21,628 1,545,321 
Zions Bancorp NA
28,824 1,800,059 
 
 
223,204,796 
Beverages — 0.2%
 
 
Boston Beer Co., Inc., Class A(1)
21,410 3,795,565 
Coca-Cola Consolidated, Inc.
104 18,019 
MGP Ingredients, Inc.
16,702 294,790 
 
 
4,108,374 
Biotechnology — 1.2%
 
 
Alkermes PLC(1)
233,472 9,850,184 
Anika Therapeutics, Inc.(1)
2,971 43,169 
Catalyst Pharmaceuticals, Inc.(1)
128,172 4,002,811 
Emergent BioSolutions, Inc.(1)
133,507 1,217,584 


Kura Oncology, Inc.(1)
110,679 1,128,926 
Monte Rosa Therapeutics, Inc.(1)
203,697 4,014,868 
Puma Biotechnology, Inc.(1)
59,317 425,303 
Rigel Pharmaceuticals, Inc.(1)
36,778 1,121,361 
Seres Therapeutics, Inc.(1)
1,176 8,608 
XBiotech, Inc.(1)
282 682 
 
 
21,813,496 
Broadline Retail — 0.9%
 
 
Dillard's, Inc., Class A(2)
2,962 1,748,202 
Kohl's Corp.
262,820 3,774,095 
Macy's, Inc.
492,588 10,718,715 
 
 
16,241,012 
Building Products — 0.3%
 
 
Apogee Enterprises, Inc.
37,048 1,423,014 
Quanex Building Products Corp.
81,350 1,513,923 
Tecnoglass, Inc.
38,680 1,666,721 
 
 
4,603,658 
Capital Markets — 1.3%
 
 
Oppenheimer Holdings, Inc., Class A
18,314 1,678,844 
StoneX Group, Inc.(1)
112,695 12,773,978 
Victory Capital Holdings, Inc., Class A
46,461 3,928,278 
Virtus Investment Partners, Inc.
8,922 1,276,114 
Webull Corp.(1)
172,540 1,104,256 
WisdomTree, Inc.
123,169 2,346,369 
 
 
23,107,839 
Chemicals — 2.6%
 
 
AdvanSix, Inc.
45,756 1,026,765 
American Vanguard Corp.(1)
5,366 13,844 
Ascent Industries Co.(1)
2,200 29,810 
Aspen Aerogels, Inc.(1)
126,817 811,629 
Cabot Corp.
103,981 9,099,377 
Chemours Co.
206,097 4,567,110 
Core Molding Technologies, Inc.(1)
7,002 165,877 
Ecovyst, Inc.(1)
110,469 1,457,086 
FMC Corp.
327,215 4,469,757 
Huntsman Corp.
474,724 7,287,013 
Intrepid Potash, Inc.(1)
14,378 561,749 
Koppers Holdings, Inc.
26,506 1,081,445 
Kronos Worldwide, Inc.
1,953 14,042 
LSB Industries, Inc.(1)
123,765 1,552,013 
Mativ Holdings, Inc.
108,922 967,227 
NewMarket Corp.
8,585 6,641,184 
Orion SA
73,325 560,203 
Rayonier Advanced Materials, Inc.(1)
121,472 1,111,469 
Stepan Co.
33,889 1,791,034 
Tronox Holdings PLC, Class A
240,321 1,910,552 
Valhi, Inc.
749 10,778 
 
 
45,129,964 
Commercial Services and Supplies — 0.5%
 
 
ACCO Brands Corp.
129,281 511,953 
Civeo Corp.(1)
17,829 608,860 
Ennis, Inc.
38,164 780,835 
Healthcare Services Group, Inc.(1)
154,816 3,189,210 
HNI Corp.
6,066 189,199 
Interface, Inc.
114,293 3,383,073 


Virco Mfg. Corp.(2)
25,345 152,830 
 
 
8,815,960 
Communications Equipment — 1.4%
 
 
Aviat Networks, Inc.(1)
3,477 61,787 
BK Technologies Corp.(1)
991 81,807 
Harmonic, Inc.(1)
93,447 1,411,984 
Viasat, Inc.(1)
287,976 23,216,625 
 
 
24,772,203 
Construction and Engineering — 3.0%
 
 
Ameresco, Inc., Class A(1)
61,413 2,209,640 
Everus Construction Group, Inc.(1)
39,092 5,815,717 
Fluor Corp.(1)
162,554 7,438,471 
Granite Construction, Inc.
44,860 6,138,642 
IES Holdings, Inc.(1)
9,389 6,369,028 
Matrix Service Co.(1)
41,103 539,682 
MYR Group, Inc.(1)
17,108 7,956,246 
NWPX Infrastructure, Inc.(1)
20,437 2,410,749 
Primoris Services Corp.
56,188 7,067,327 
Tutor Perini Corp.
79,457 5,680,381 
 
 
51,625,883 
Construction Materials — 0.2%
 
 
Eagle Materials, Inc.
18,422 4,074,578 
Titan America SA(1)
4,931 80,227 
 
 
4,154,805 
Consumer Finance — 2.6%
 
 
Atlanticus Holdings Corp.(1)
7,071 609,662 
Bread Financial Holdings, Inc.
71,608 6,378,124 
Consumer Portfolio Services, Inc.(1)
6,386 62,966 
Credit Acceptance Corp.(1)(2)
7,198 4,129,061 
Encore Capital Group, Inc.(1)
45,062 3,601,806 
Green Dot Corp., Class A(1)
112,292 1,445,198 
Jefferson Capital, Inc.
31,333 532,348 
LendingClub Corp.(1)
193,338 3,451,083 
Medallion Financial Corp.
1,917 18,652 
Navient Corp.
88,171 754,744 
Nelnet, Inc., Class A
19,093 2,492,973 
NerdWallet, Inc., Class A(1)
31,081 267,297 
OneMain Holdings, Inc.
193,545 10,704,974 
Oportun Financial Corp.(1)
43,360 235,011 
PRA Group, Inc.(1)
66,507 1,014,897 
PROG Holdings, Inc.
64,937 2,387,733 
Regional Management Corp.
8,978 330,031 
SLM Corp.
254,988 5,640,335 
World Acceptance Corp.(1)
4,001 660,525 
 
 
44,717,420 
Consumer Staples Distribution & Retail — 1.7%
 
 
Andersons, Inc.
84,878 5,991,538 
HF Foods Group, Inc.(1)
1,687 3,290 
Ingles Markets, Inc., Class A
34,740 3,073,100 
Natural Grocers by Vitamin Cottage, Inc.
21,172 621,610 
PriceSmart, Inc.
51,092 8,685,129 
United Natural Foods, Inc.(1)
164,877 8,466,434 
Village Super Market, Inc., Class A
18,320 851,147 
Weis Markets, Inc.
32,273 2,354,961 
 
 
30,047,209 


Containers and Packaging — 0.5%
 
 
Greif, Inc., Class A
24,291 1,538,349 
Greif, Inc., Class B
738 59,261 
Sonoco Products Co.
101,053 4,919,260 
TriMas Corp.
53,622 2,194,749 
 
 
8,711,619 
Distributors — 0.2%
 
 
GigaCloud Technology, Inc., Class A(1)
59,430 2,141,857 
Gold.com, Inc.
50,965 2,156,329 
Weyco Group, Inc.
419 14,787 
 
 
4,312,973 
Diversified Consumer Services — 0.8%
 
 
American Public Education, Inc.(1)
27,063 1,338,807 
Grand Canyon Education, Inc.(1)
30 4,495 
Laureate Education, Inc., Class A(1)
132 4,223 
Lincoln Educational Services Corp.(1)
57,864 2,680,260 
Perdoceo Education Corp.
134,115 4,342,644 
Phoenix Education Partners, Inc.
2,765 83,614 
Stride, Inc.(1)
18,593 1,717,621 
Universal Technical Institute, Inc.(1)
89,898 3,363,084 
 
 
13,534,748 
Diversified Telecommunication Services — 1.6%
 
 
ATN International, Inc.
21,231 597,865 
Globalstar, Inc.(1)
42,821 3,605,956 
IDT Corp., Class B
24,192 1,334,431 
Iridium Communications, Inc.
241,651 12,512,689 
Liberty Capital Corp., Class A(1)
8,308 185,351 
Liberty Capital Corp., Class C(1)
85,285 1,907,825 
Liberty Global Ltd., Class A(1)
250,723 3,136,545 
Liberty Global Ltd., Class C(1)
224,338 2,727,950 
Shenandoah Telecommunications Co.
76,148 1,214,561 
 
 
27,223,173 
Electrical Equipment — 1.3%
 
 
Atkore, Inc.
83,561 6,919,687 
EnerSys
24,391 5,560,416 
Powell Industries, Inc.
20,979 5,966,847 
Preformed Line Products Co.
851 314,717 
Shoals Technologies Group, Inc., Class A(1)
245,612 3,057,869 
 
 
21,819,536 
Electronic Equipment, Instruments and Components — 3.5%
 
 
Arrow Electronics, Inc.(1)
69,408 14,897,039 
Avnet, Inc.
114,810 9,980,433 
Benchmark Electronics, Inc.
75,963 6,415,835 
Daktronics, Inc.(1)
65,969 1,364,239 
ePlus, Inc.
44,706 3,669,915 
Ingram Micro Holding Corp.
3,879 109,582 
Kimball Electronics, Inc.(1)
57,289 1,485,504 
Methode Electronics, Inc.
33,901 391,217 
Plexus Corp.(1)
34,385 9,227,559 
Sanmina Corp.(1)
18,931 4,916,949 
ScanSource, Inc.(1)
8,555 395,840 
Vishay Intertechnology, Inc.
140,980 7,338,009 
Vishay Precision Group, Inc.(1)
2,949 369,539 
 
 
60,561,660 


Energy Equipment and Services — 6.5%
 
 
Archrock, Inc.
197,376 6,610,122 
Bristow Group, Inc.
40,052 1,667,765 
Core Laboratories, Inc.
9,250 126,447 
Energy Services of America Corp.
2,036 30,397 
Expro Group Holdings NV(1)
133,814 1,976,433 
Forum Energy Technologies, Inc.(1)
12,616 633,575 
Helix Energy Solutions Group, Inc.(1)
215,420 2,014,177 
Helmerich & Payne, Inc.
146,911 5,604,655 
Innovex International, Inc.(1)
20,355 543,682 
Kodiak Gas Services, Inc.
93,622 6,258,631 
Liberty Energy, Inc., Class A
273,453 8,001,235 
Nabors Industries Ltd.(1)
28,217 2,613,741 
Natural Gas Services Group, Inc.
16,617 653,048 
Noble Corp. PLC
193,069 8,973,847 
NOV, Inc.
427,656 8,536,014 
Oceaneering International, Inc.(1)
129,577 4,953,729 
Oil States International, Inc.(1)
76,679 651,771 
Patterson-UTI Energy, Inc.
626,822 7,026,675 
ProFrac Holding Corp., Class A(1)
34,444 210,453 
ProPetro Holding Corp.(1)
218,747 3,338,079 
Ranger Energy Services, Inc.
23,514 363,526 
RPC, Inc.
189,612 1,255,231 
Seadrill Ltd.(1)
88,464 4,172,847 
Select Water Solutions, Inc., Class A
186,392 3,342,009 
TETRA Technologies, Inc.(1)
203,914 2,086,040 
Tidewater, Inc.(1)
65,046 4,780,231 
Transocean Ltd.(1)
1,272,603 7,877,413 
Valaris Ltd.(1)
90,071 8,343,277 
Weatherford International PLC
107,006 11,090,102 
 
 
113,735,152 
Entertainment — 0.1%
 
 
IMAX Corp.(1)
14,411 571,829 
Marcus Corp.
44,700 845,277 
Starz Entertainment Corp.(1)
161 3,764 
 
 
1,420,870 
Financial Services — 3.1%
 
 
Acacia Research Corp.(1)
6,117 28,444 
Alerus Financial Corp.
18,787 536,932 
Cass Information Systems, Inc.
54 2,486 
Enact Holdings, Inc.
32,672 1,365,363 
Essent Group Ltd.
136,127 7,880,392 
Federal Agricultural Mortgage Corp., Class C
13,967 2,483,193 
Finance of America Cos., Inc., Class A(1)
8,131 161,969 
International Money Express, Inc.(1)
33,403 500,043 
Jackson Financial, Inc., Class A
72,454 7,470,732 
Merchants Bancorp
33,928 1,599,366 
MGIC Investment Corp.
331,011 8,348,097 
NMI Holdings, Inc., Class A(1)
130,624 4,689,402 
Onity Group, Inc.(1)
7,447 257,219 
Payoneer Global, Inc.(1)
344,518 1,791,494 
PennyMac Financial Services, Inc.
23,818 1,997,616 
Radian Group, Inc.
203,217 6,939,861 
Velocity Financial, Inc.(1)
11,271 197,242 
Voya Financial, Inc.
103,593 8,413,823 


Waterstone Financial, Inc.
5,837 108,043 
 
 
54,771,717 
Food Products — 1.7%
 
 
Cal-Maine Foods, Inc.
102,123 7,630,631 
Dole PLC
122,687 1,716,391 
Fresh Del Monte Produce, Inc.
97,664 3,138,921 
Ingredion, Inc.
69,717 7,072,093 
J&J Snack Foods Corp.
30,062 2,288,319 
John B Sanfilippo & Son, Inc.
16,388 1,227,625 
Lamb Weston Holdings, Inc.
13,426 579,735 
Mission Produce, Inc.(1)
79,102 881,196 
Pilgrim's Pride Corp.
23,574 667,380 
Seaboard Corp.
414 2,103,919 
Seneca Foods Corp., Class A(1)
15,343 2,206,170 
 
 
29,512,380 
Ground Transportation — 2.2%
 
 
ArcBest Corp.
46,023 6,290,884 
Covenant Logistics Group, Inc.
27,608 1,096,038 
Heartland Express, Inc.
84,388 1,264,976 
Lyft, Inc., Class A(1)
587,346 8,287,452 
Marten Transport Ltd.
103,627 1,786,529 
PAMT Corp.(1)
17 230 
Ryder System, Inc.
43,886 11,008,803 
Schneider National, Inc., Class B
70,860 2,504,192 
Universal Logistics Holdings, Inc.(2)
9,525 151,543 
Werner Enterprises, Inc.
144,212 5,986,240 
 
 
38,376,887 
Health Care Equipment and Supplies — 1.4%
 
 
Acme United Corp.
1,973 83,261 
Bioventus, Inc., Class A(1)
32,507 276,635 
FONAR Corp.(1)
475 9,072 
Kewaunee Scientific Corp.(1)
3,650 148,080 
Lantheus Holdings, Inc.(1)
126,059 12,517,659 
LivaNova PLC(1)
87,137 6,430,711 
Novocure Ltd.(1)
88,397 1,506,285 
Pro-Dex, Inc.(1)(2)
100 6,477 
QuidelOrtho Corp.(1)
157,469 2,050,246 
Tactile Systems Technology, Inc.(1)
38,232 940,889 
Utah Medical Products, Inc.
197 13,091 
Varex Imaging Corp.(1)
40,715 416,514 
 
 
24,398,920 
Health Care Providers and Services — 0.7%
 
 
Acadia Healthcare Co., Inc.(1)
145,780 3,382,096 
Brookdale Senior Living, Inc.(1)
321,102 4,132,583 
Cross Country Healthcare, Inc.(1)
30,885 404,285 
InfuSystem Holdings, Inc.(1)
4,885 44,307 
National HealthCare Corp.
1,184 218,353 
Nutex Health, Inc.(1)(2)
12,252 1,581,856 
PACS Group, Inc.(1)
66,816 2,448,806 
 
 
12,212,286 
Health Care Technology — 0.1%
 
 
CareCloud, Inc.(1)
6,610 15,534 
Teladoc Health, Inc.(1)
189,107 1,439,104 
 
 
1,454,638 


Hotels, Restaurants and Leisure — 1.8%
 
 
Accel Entertainment, Inc.(1)
87,063 1,035,179 
BJ's Restaurants, Inc.(1)
44,946 2,114,709 
Bloomin' Brands, Inc.
158,033 1,333,798 
Boyd Gaming Corp.
88,322 7,302,463 
Cheesecake Factory, Inc.
85,495 5,646,090 
Cracker Barrel Old Country Store, Inc.(2)
46,684 1,578,853 
Life Time Group Holdings, Inc.(1)
114,354 3,782,830 
Monarch Casino & Resort, Inc.
25,637 3,083,106 
ONE Group Hospitality, Inc.(1)
4,532 9,087 
Pursuit Attractions & Hospitality, Inc.(1)
39,266 1,757,939 
RCI Hospitality Holdings, Inc.(2)
10,689 271,180 
Super Group SGHC Ltd.
196,863 2,450,944 
Target Hospitality Corp.(1)
51,014 885,603 
 
 
31,251,781 
Household Durables — 2.0%
 
 
Bassett Furniture Industries, Inc.
2,036 30,459 
Century Communities, Inc.
43,011 2,271,841 
Cricut, Inc., Class A
77,653 322,260 
Ethan Allen Interiors, Inc.
34,281 706,874 
Flexsteel Industries, Inc.
2,695 155,286 
Hamilton Beach Brands Holding Co., Class A
2,217 45,005 
Helen of Troy Ltd.(1)
42,171 1,144,521 
Hovnanian Enterprises, Inc., Class A(1)
8,739 964,436 
KB Home
51,120 2,497,723 
La-Z-Boy, Inc.
88,943 3,342,478 
Legacy Housing Corp.(1)
3,900 93,639 
Leggett & Platt, Inc.
25,045 257,212 
Lifetime Brands, Inc.
1,029 8,798 
Lovesac Co.(1)
12,822 197,202 
M/I Homes, Inc.(1)
28,728 3,781,179 
Mohawk Industries, Inc.(1)
97,393 10,461,956 
Taylor Morrison Home Corp.(1)
157,700 9,225,450 
Universal Electronics, Inc.(1)
3,515 14,623 
 
 
35,520,942 
Household Products — 0.7%
 
 
Central Garden & Pet Co.(1)
20,874 803,231 
Central Garden & Pet Co., Class A(1)
128,223 4,376,251 
Oil-Dri Corp. of America
21,010 1,610,627 
Spectrum Brands Holdings, Inc.
73,810 5,808,109 
 
 
12,598,218 
Independent Power and Renewable Electricity Producers — 0.2%
 
 
Hallador Energy Co.(1)
71,411 1,375,376 
Montauk Renewables, Inc.(1)
44,200 76,908 
XPLR Infrastructure LP(1)
147,909 1,845,904 
 
 
3,298,188 
Insurance — 5.7%
 
 
American Coastal Insurance Corp., Class C
17,574 183,648 
American Integrity Insurance Group, Inc.
7,563 123,731 
Assured Guaranty Ltd.
51,924 3,853,280 
Axis Capital Holdings Ltd.
49,411 4,690,586 
Brighthouse Financial, Inc.(1)
124,427 7,782,909 
CNO Financial Group, Inc.
148,255 6,815,282 
Donegal Group, Inc., Class A
19,555 331,848 
Employers Holdings, Inc.
29,743 1,293,821 


Exzeo Group, Inc.(1)
18,645 258,233 
F&G Annuities & Life, Inc.
27,284 756,313 
First American Financial Corp.
78,555 5,202,698 
Genworth Financial, Inc., Class A(1)
468,042 4,006,440 
Greenlight Capital Re Ltd., Class A(1)
26,296 412,058 
Hanover Insurance Group, Inc.
52,137 9,707,909 
HCI Group, Inc.
17,715 2,729,350 
Heritage Insurance Holdings, Inc.(1)
45,914 995,416 
Horace Mann Educators Corp.
64,911 2,968,380 
Investors Title Co.
628 147,423 
James River Group Holdings, Inc.
17,240 67,408 
Kemper Corp.
15,869 391,488 
Kingstone Cos., Inc.
9,960 148,105 
Mercury General Corp.
41,281 4,046,777 
NI Holdings, Inc.(1)
1,243 17,377 
Oscar Health, Inc., Class A(1)
416,395 9,256,461 
Palomar Holdings, Inc.(1)
36,860 3,945,494 
Pelagos Insurance Capital Ltd.
89,599 1,933,547 
Primerica, Inc.
1,586 428,172 
ProAssurance Corp.(1)
30,735 737,333 
Safety Insurance Group, Inc.
10,208 716,295 
Selective Insurance Group, Inc.
94,695 8,194,905 
SiriusPoint Ltd.(1)
211,799 4,521,909 
Skyward Specialty Insurance Group, Inc.(1)
59,055 2,605,507 
Slide Insurance Holdings, Inc.(1)
134,470 2,424,494 
Tiptree, Inc.
26,050 475,152 
United Fire Group, Inc.
33,245 1,473,751 
Universal Insurance Holdings, Inc.
43,465 1,609,074 
White Mountains Insurance Group Ltd.
2,450 5,058,809 
 
 
100,311,383 
Interactive Media and Services — 0.4%
 
 
Cargurus, Inc.(1)
29,491 880,601 
Cars.com, Inc.(1)
101,866 1,047,183 
EverQuote, Inc., Class A(1)
19,864 382,183 
Yelp, Inc.(1)
103,759 2,365,705 
Ziff Davis, Inc.(1)
40,312 1,816,862 
 
 
6,492,534 
IT Services — 0.2%
 
 
DXC Technology Co.(1)
408,010 4,043,379 
Leisure Products — 1.7%
 
 
American Outdoor Brands, Inc.(1)
786 7,966 
Brunswick Corp.
122,829 10,288,157 
Callaway Golf Co.(1)
299,569 4,613,363 
Clarus Corp.
15,909 48,761 
Escalade, Inc.
413 7,752 
Funko, Inc., Class A(1)
5,273 29,951 
JAKKS Pacific, Inc.
6,972 154,012 
Johnson Outdoors, Inc., Class A
903 40,418 
Latham Group, Inc.(1)
2,328 12,292 
Malibu Boats, Inc., Class A(1)
23,856 655,086 
MasterCraft Boat Holdings, Inc.(1)
15,391 358,456 
Polaris, Inc.
97,562 6,884,950 
Smith & Wesson Brands, Inc.
8,419 128,137 


Sturm Ruger & Co., Inc.
18,866 737,472 
YETI Holdings, Inc.(1)
125,369 6,013,951 
 
 
29,980,724 
Life Sciences Tools and Services — 0.0%
 
 
OmniAb, Inc.(1)
2,677 107 
OmniAb, Inc.(1)
2,677 61 
 
 
168 
Machinery — 2.5%
 
 
Alamo Group, Inc.
14,563 2,194,790 
Albany International Corp., Class A
43,826 2,835,104 
Astec Industries, Inc.
29,684 1,494,886 
Blue Bird Corp.(1)
59,150 4,008,595 
Douglas Dynamics, Inc.
8,221 366,245 
Greenbrier Cos., Inc.
76,996 3,627,282 
Hyster-Yale, Inc.
14,543 528,202 
Kennametal, Inc.
136,852 4,488,746 
L.B. Foster Co., Class A(1)
3,466 142,591 
Lindsay Corp.
15,995 1,748,093 
Luxfer Holdings PLC
41,690 709,981 
Mayville Engineering Co., Inc.(1)
5,295 142,171 
Microvast Holdings, Inc.(1)(2)
278,596 431,824 
Miller Industries, Inc.
8,188 392,287 
Mueller Water Products, Inc., Class A
182,896 4,610,808 
Park-Ohio Holdings Corp.
10,456 340,447 
Taylor Devices, Inc.(1)
921 46,971 
Tennant Co.(2)
32,344 2,785,142 
Terex Corp.
97,412 5,667,430 
Titan International, Inc.(1)
42,030 303,457 
Trinity Industries, Inc.
159,026 5,158,803 
Wabash National Corp.
37,171 294,766 
Worthington Enterprises, Inc.
16,528 938,295 
 
 
43,256,916 
Marine Transportation — 1.4%
 
 
Costamare Bulkers Holdings Ltd.(1)
1,294 20,885 
Costamare, Inc.
80,360 1,235,937 
Genco Shipping & Trading Ltd.
70,257 1,690,383 
Kirby Corp.(1)
72,532 10,197,274 
Matson, Inc.
64,835 11,754,586 
Safe Bulkers, Inc.
59,963 374,769 
 
 
25,273,834 
Media — 1.0%
 
 
AMC Global Media, Inc., Class A(1)
51,176 497,431 
Cable One, Inc.(1)
7,887 414,462 
Entravision Communications Corp., Class A
24,136 219,155 
Gambling.com Group Ltd.(1)(2)
16,027 38,144 
Ibotta, Inc., Class A(1)(2)
9,375 321,094 
PubMatic, Inc., Class A(1)
45,352 529,711 
Scholastic Corp.
34,285 1,388,542 
Versant Media Group, Inc.
318,908 13,757,691 
 
 
17,166,230 
Metals and Mining — 2.3%
 
 
Alpha Metallurgical Resources, Inc.(1)
17,724 3,526,544 
Caledonia Mining Corp. PLC
26,106 620,279 
Century Aluminum Co.(1)
39,991 2,638,206 


Commercial Metals Co.
93,615 7,119,421 
Compass Minerals International, Inc.(1)
93,282 2,977,561 
Ferroglobe PLC
136,010 588,923 
Kaiser Aluminum Corp.
27,853 5,070,360 
Materion Corp.
24,564 5,405,063 
Metallus, Inc.(1)
60,781 1,194,347 
Ramaco Resources, Inc., Class B(1)
1,601 18,428 
Ryerson Holding Corp.
74,552 2,132,187 
SunCoke Energy, Inc.
169,758 1,529,520 
Warrior Met Coal, Inc.
57,019 5,390,576 
Worthington Steel, Inc.
26,312 1,110,103 
 
 
39,321,518 
Oil, Gas and Consumable Fuels — 7.6%
 
 
Amplify Energy Corp.(1)
52,838 244,640 
Antero Midstream Corp.
102,879 2,156,344 
Ardmore Shipping Corp.
67,977 1,093,070 
BKV Corp.(1)
23,529 624,460 
California Resources Corp.
125,317 7,430,045 
Chord Energy Corp.
83,180 10,968,947 
CNX Resources Corp.(1)
172,268 5,803,709 
Comstock Resources, Inc.(1)
89,694 1,195,621 
Core Natural Resources, Inc.
34,968 3,092,570 
Crescent Energy Co., Class A
443,819 5,130,548 
DHT Holdings, Inc.
224,302 3,660,609 
Dorian LPG Ltd.
89,405 3,595,869 
Epsilon Energy Ltd.(2)
2,724 15,418 
Evolution Petroleum Corp.
14,420 61,141 
FutureFuel Corp.
29,967 124,063 
Gran Tierra Energy, Inc.(1)(2)
58,223 452,393 
Granite Ridge Resources, Inc.
110,787 538,425 
Gulfport Energy Corp.(1)
5,563 937,866 
HighPeak Energy, Inc.
41,225 292,697 
International Seaways, Inc.
82,392 6,359,838 
Kimbell Royalty Partners LP
151,938 2,280,589 
Kosmos Energy Ltd.(1)
1,067,318 2,988,490 
Magnolia Oil & Gas Corp., Class A
229,621 6,282,431 
Matador Resources Co.
187,646 10,057,826 
Murphy Oil Corp.
198,929 7,199,241 
NACCO Industries, Inc., Class A
2,354 119,112 
Navigator Holdings Ltd.
11,572 251,112 
Nordic American Tankers Ltd.
446,899 2,301,530 
Northern Oil & Gas, Inc.
177,093 3,855,315 
Par Pacific Holdings, Inc.(1)
64,831 3,640,909 
Peabody Energy Corp.
201,412 5,448,195 
PrimeEnergy Resources Corp.(1)
1,894 311,790 
REX American Resources Corp.(1)
12,946 605,355 
Riley Exploration Permian, Inc.
29,969 996,769 
SandRidge Energy, Inc.
44,285 649,661 
Scorpio Tankers, Inc.
81,953 6,106,318 
SFL Corp. Ltd.
242,412 2,676,228 
SM Energy Co.
362,071 11,119,200 
Talos Energy, Inc.(1)
245,978 3,608,497 
Teekay Corp. Ltd.
117,906 1,352,382 
Teekay Tankers Ltd., Class A
38,038 2,675,973 
VAALCO Energy, Inc.
184,385 962,490 


Vitesse Energy, Inc.(2)
50,568 873,815 
World Kinect Corp.
83,820 2,414,854 
 
 
132,556,355 
Paper and Forest Products — 0.4%
 
 
Louisiana-Pacific Corp.
67,049 5,121,202 
Sylvamo Corp.
65,151 2,558,480 
 
 
7,679,682 
Passenger Airlines — 1.4%
 
 
Alaska Air Group, Inc.(1)
233,787 10,758,877 
Allegiant Travel Co.(1)
64,385 5,898,310 
Frontier Group Holdings, Inc.(1)(2)
194,215 1,175,001 
Republic Airways Holdings, Inc.(1)
1,851 37,668 
SkyWest, Inc.(1)
77,043 6,598,733 
 
 
24,468,589 
Personal Care Products — 0.1%
 
 
Edgewell Personal Care Co.
41,265 722,963 
Honest Co., Inc.(1)
107,684 376,894 
Medifast, Inc.(1)
10,077 126,265 
Nature's Sunshine Products, Inc.(1)
27,862 592,903 
Nu Skin Enterprises, Inc., Class A
83,339 482,533 
USANA Health Sciences, Inc.(1)
552 10,101 
 
 
2,311,659 
Pharmaceuticals — 0.8%
 
 
Amphastar Pharmaceuticals, Inc.(1)
61,528 1,159,803 
ANI Pharmaceuticals, Inc.(1)
23,372 1,834,936 
Harmony Biosciences Holdings, Inc.(1)
130,075 4,109,069 
Innoviva, Inc.(1)
132,888 2,846,461 
Pacira BioSciences, Inc.(1)
89,817 2,085,551 
Perrigo Co. PLC
46,380 512,499 
Prestige Consumer Healthcare, Inc.(1)
30,286 1,439,493 
SIGA Technologies, Inc.
50,406 235,900 
 
 
14,223,712 
Professional Services — 0.5%
 
 
Barrett Business Services, Inc.
4,142 134,781 
Clarivate PLC(1)
452,880 1,145,786 
Conduent, Inc.(1)
194,120 335,828 
IBEX Holdings Ltd.(1)
17,260 546,106 
Kelly Services, Inc., Class A
33,433 388,492 
Kforce, Inc.
24,356 1,144,488 
Paycom Software, Inc.
30,179 4,215,101 
TrueBlue, Inc.(1)
14,314 88,890 
Upwork, Inc.(1)
124,006 1,093,733 
 
 
9,093,205 
Real Estate Management and Development — 0.6%
 
 
AMREP Corp.(1)
100 2,502 
Douglas Elliman, Inc.(1)
47,199 84,958 
Forestar Group, Inc.(1)
40,150 1,102,920 
Howard Hughes Holdings, Inc.(1)
58,754 3,722,066 
Opendoor Technologies, Inc.(1)
965,546 4,866,352 
 
 
9,778,798 
Semiconductors and Semiconductor Equipment — 1.6%
 
 
Amkor Technology, Inc.
122,877 8,547,324 
Penguin Solutions, Inc.(1)
22,404 1,250,815 
Photronics, Inc.(1)
153,877 4,977,921 
SkyWater Technology, Inc.(1)
90,833 3,540,671 


SolarEdge Technologies, Inc.(1)
135,789 10,367,490 
 
 
28,684,221 
Software — 0.4%
 
 
Alarm.com Holdings, Inc.(1)
38,936 1,756,403 
InterDigital, Inc.
11,170 2,815,845 
Pagaya Technologies Ltd., Class A(1)
117,497 1,776,555 
 
 
6,348,803 
Specialty Retail — 5.5%
 
 
Abercrombie & Fitch Co., Class A(1)
82,822 6,395,515 
Academy Sports & Outdoors, Inc.
97,816 5,164,685 
Advance Auto Parts, Inc.(2)
109,847 6,617,183 
American Eagle Outfitters, Inc.
327,825 5,179,635 
Arhaus, Inc.
54,576 369,480 
Buckle, Inc.
56,573 2,595,004 
Build-A-Bear Workshop, Inc.(2)
22,469 836,072 
Caleres, Inc.
47,972 698,472 
CarMax, Inc.(1)
297,523 13,275,476 
Citi Trends, Inc.(1)
2,718 125,055 
Designer Brands, Inc., Class A(2)
64,581 498,565 
Duluth Holdings, Inc., Class B(1)
5,416 18,144 
Five Below, Inc.(1)
47,122 10,713,658 
Genesco, Inc.(1)
15,007 575,819 
Haverty Furniture Cos., Inc.
17,133 397,314 
Lands' End, Inc.(1)
14,187 166,697 
Lithia Motors, Inc.
40,924 11,904,382 
MarineMax, Inc.(1)
35,752 1,231,299 
Sally Beauty Holdings, Inc.(1)
180,165 2,392,591 
Shoe Carnival, Inc.
26,998 477,865 
Signet Jewelers Ltd.
72,573 6,342,154 
Sonic Automotive, Inc., Class A
22,763 1,880,679 
Tile Shop Holdings, Inc.(1)
2,232 6,584 
Upbound Group, Inc.
82,142 1,577,948 
Urban Outfitters, Inc.(1)
126,791 9,211,366 
Victoria's Secret & Co.(1)
130,461 7,175,355 
Zumiez, Inc.(1)
9,179 226,079 
 
 
96,053,076 
Technology Hardware, Storage and Peripherals — 0.2%
 
 
Diebold Nixdorf, Inc.(1)
40,004 3,245,925 
Textiles, Apparel and Luxury Goods — 2.1%
 
 
Carter's, Inc.
76,596 2,955,840 
Columbia Sportswear Co.
28,620 1,894,072 
Crocs, Inc.(1)
110,137 13,069,958 
Ermenegildo Zegna NV(2)
43,433 638,465 
Fossil Group, Inc.(1)
63,018 276,019 
G-III Apparel Group Ltd.
74,043 2,393,810 
Movado Group, Inc.
18,561 710,515 
Oxford Industries, Inc.
32,969 1,471,077 
PVH Corp.
75,096 7,004,955 
Rocky Brands, Inc.
8,769 339,009 
Superior Group of Cos., Inc.
14,433 184,598 
Unifi, Inc.(1)
4,426 17,571 
Vera Bradley, Inc.(1)
9,946 32,921 
VF Corp.
327,233 5,621,863 
 
 
36,610,673 


Trading Companies and Distributors — 1.5%
 
 
Boise Cascade Co.
4,394 306,350 
DNOW, Inc.(1)
121,038 1,548,076 
GATX Corp.
66,514 11,246,187 
Global Industrial Co.
32 973 
Hudson Technologies, Inc.(1)
71,176 378,656 
Karat Packaging, Inc.
6,112 165,757 
NPK International, Inc.(1)
147,274 2,138,418 
Rush Enterprises, Inc., Class A
119,537 8,287,500 
Rush Enterprises, Inc., Class B
11,545 749,271 
Titan Machinery, Inc.(1)
43,597 951,287 
 
 
25,772,475 
Wireless Telecommunication Services — 0.6%
 
 
Array Digital Infrastructure, Inc.
23,081 1,173,900 
Telephone & Data Systems, Inc.
247,473 9,678,669 
 
 
10,852,569 
TOTAL COMMON STOCKS
(Cost $1,356,595,325)
 
1,733,925,785 
RIGHTS — 0.0%
 
 
Software — 0.0%
 
 
Gen Digital, Inc.(1)
(Cost $46,543)
11,934 22,436 
SHORT-TERM INVESTMENTS — 1.2%
 
 
Money Market Funds — 1.2%
 
 
State Street Institutional U.S. Government Money Market Fund, Premier Class
11,314,824 11,314,824 
State Street Navigator Securities Lending Government Money Market Portfolio(3)
9,311,210 9,311,210 
TOTAL SHORT-TERM INVESTMENTS
(Cost $20,626,034)
 
20,626,034 
TOTAL INVESTMENT SECURITIES — 100.4%
(Cost $1,377,267,902)
 
1,754,574,255 
OTHER ASSETS AND LIABILITIES — (0.4)%
 
(7,074,731)
TOTAL NET ASSETS — 100.0%
 
$1,747,499,524 

FUTURES CONTRACTS PURCHASED
Reference EntityContractsExpiration
Date		Notional
Amount		Unrealized
Appreciation
(Depreciation)^
Russell 2000 E-Mini Index28June 2026$4,094,020 $129,958 
^Amount represents value and unrealized appreciation (depreciation).

NOTES TO SCHEDULE OF INVESTMENTS
(1)Non-income producing.
(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $9,548,613. 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.
(3)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $9,805,731, which includes securities collateral of $494,521.


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 value of investments of the fund is determined by American Century Investment Management, Inc. (ACIM) (the investment advisor), as the valuation designee, pursuant to its valuation policies and procedures. The Board of Trustees oversees the valuation designee and reviews its valuation policies and procedures at least annually.

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.  Exchange-traded futures contracts are valued at the settlement price as provided by the appropriate exchange.

If the valuation designee determines that the market price for a portfolio security is not readily available or is believed by the valuation designee to be unreliable, such security is valued at fair value as determined in good faith by the valuation designee, in accordance with its policies and procedures. Circumstances that may cause a fund to determine that market quotations are not available or reliable include, but are not limited to: when there is a significant event subsequent to the market quotation; trading in a security has been halted during the trading day; or trading in a security is insufficient or did not take place due to a closure or holiday.

The valuation designee monitors for significant events occurring after the close of an investment’s primary exchange but before the NAV per share is determined. Significant events may include, but are not limited to: corporate announcements and transactions; regulatory news, 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 valuation designee also monitors for significant fluctuations between domestic and foreign markets, as evidenced by the U.S. market or such other indicators that it deems appropriate. The valuation designee 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.

As of period end, the fund's investment securities and other financial instruments were classified as Level 1. The Schedule of Investments provides additional information on the fund's portfolio holdings.
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 financial statements.