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


Avantis U.S. Large Cap Value Fund - Schedule of Investments
MAY 31, 2026 (UNAUDITED)
 Shares
Value ($)
COMMON STOCKS — 99.6%
  
Aerospace and Defense — 0.5%
  
ATI, Inc.(1)
24,370 4,268,649 
Air Freight and Logistics — 1.2%
  
Expeditors International of Washington, Inc.
15,566 2,459,272 
United Parcel Service, Inc., Class B
68,103 7,265,909 
  9,725,181 
Automobile Components — 1.1%
  
Aptiv PLC(1)
27,461 1,865,700 
Autoliv, Inc.
12,958 1,647,221 
BorgWarner, Inc.
41,314 2,967,172 
Lear Corp.
10,775 1,542,118 
Versigent PLC(1)
8,729 385,123 
  8,407,334 
Automobiles — 1.1%
  
General Motors Co.
98,661 8,212,542 
Banks — 2.1%
  
East West Bancorp, Inc.
17,660 2,164,056 
First Citizens BancShares, Inc., Class A
462 919,616 
JPMorgan Chase & Co.
38,233 11,443,519 
Wintrust Financial Corp.
3,876 582,292 
Zions Bancorp NA
18,787 1,173,248 
  16,282,731 
Beverages — 0.3%
  
Constellation Brands, Inc., Class A
13,333 1,850,887 
Molson Coors Beverage Co., Class B(2)
11,564 457,125 
  2,308,012 
Biotechnology — 1.5%
  
Exelixis, Inc.(1)
37,378 1,886,841 
Gilead Sciences, Inc.
70,209 9,438,196 
  11,325,037 
Broadline Retail — 2.7%
  
Amazon.com, Inc.(1)
76,004 20,569,722 
Dillard's, Inc., Class A(2)
532 313,992 
Macy's, Inc.
18,401 400,406 
  21,284,120 
Building Products — 0.8%
  
A.O. Smith Corp.
14,664 831,742 
Advanced Drainage Systems, Inc.
13,014 1,811,028 
Armstrong World Industries, Inc.
7,655 1,208,725 
Owens Corning
17,625 2,217,577 
  6,069,072 
Capital Markets — 4.6%
  
Ameriprise Financial, Inc.
9,456 4,214,634 
Charles Schwab Corp.
70,515 6,159,485 
Evercore, Inc., Class A
4,975 1,695,778 
FactSet Research Systems, Inc.
195 47,867 
Galaxy Digital, Inc., Class A(1)(2)
42,820 1,266,616 
LPL Financial Holdings, Inc.
8,958 2,452,432 
Morgan Stanley
52,830 10,988,640 
Northern Trust Corp.
29,767 4,924,950 


StoneX Group, Inc.(1)
2,026 229,647 
T. Rowe Price Group, Inc.
32,723 3,420,535 
Virtu Financial, Inc., Class A
3,076 154,261 
  35,554,845 
Chemicals — 1.4%
  
Cabot Corp.
4,495 393,357 
CF Industries Holdings, Inc.
32,378 3,637,668 
LyondellBasell Industries NV, Class A
54,800 3,652,420 
NewMarket Corp.
1,441 1,114,729 
Solstice Advanced Materials, Inc.
24,360 2,051,843 
  10,850,017 
Communications Equipment — 0.1%
  
Viasat, Inc.(1)
10,303 830,628 
Construction and Engineering — 1.2%
  
Argan, Inc.
3,270 2,181,155 
EMCOR Group, Inc.
4,005 3,311,414 
IES Holdings, Inc.(1)
1,550 1,051,442 
Primoris Services Corp.
9,134 1,148,875 
Valmont Industries, Inc.
2,744 1,426,359 
  9,119,245 
Construction Materials — 0.1%
  
Eagle Materials, Inc.
3,125 691,188 
Consumer Finance — 2.0%
  
Ally Financial, Inc.
47,721 2,042,936 
American Express Co.
25,856 8,182,648 
OneMain Holdings, Inc.
21,853 1,208,689 
SLM Corp.
24,588 543,887 
Synchrony Financial
54,541 3,896,409 
  15,874,569 
Consumer Staples Distribution & Retail — 4.7%
  
BJ's Wholesale Club Holdings, Inc.(1)
15,366 1,310,412 
Costco Wholesale Corp.
16,680 15,951,418 
Dollar General Corp.
32,757 3,623,252 
Dollar Tree, Inc.(1)
30,679 3,572,263 
Kroger Co.
66,239 4,116,754 
Sprouts Farmers Market, Inc.(1)
9,778 807,858 
Target Corp.
54,719 6,953,143 
  36,335,100 
Containers and Packaging — 0.6%
  
Packaging Corp. of America
11,799 2,582,919 
Smurfit Westrock PLC
56,035 2,305,840 
  4,888,759 
Diversified Telecommunication Services — 2.5%
  
Comcast Corp., Class A
216,235 5,377,764 
Globalstar, Inc.(1)
12,240 1,030,730 
Verizon Communications, Inc.
271,376 12,974,487 
  19,382,981 
Electrical Equipment — 0.4%
  
Nextpower, Inc., Class A(1)
20,737 3,243,267 
Electronic Equipment, Instruments and Components — 1.3%
  
Flex Ltd.(1)
56,759 8,558,122 
Sanmina Corp.(1)
6,335 1,645,390 
  10,203,512 
Energy Equipment and Services — 1.5%
  
Halliburton Co.
112,654 4,376,608 


Kodiak Gas Services, Inc.
17,604 1,176,827 
Noble Corp. PLC(2)
8,174 379,928 
NOV, Inc.
44,506 888,340 
TechnipFMC PLC
63,875 4,370,327 
Weatherford International PLC
6,817 706,514 
  11,898,544 
Entertainment — 1.5%
  
Netflix, Inc.(1)
139,495 11,999,360 
Financial Services — 1.7%
  
Corebridge Financial, Inc.
35,878 968,706 
Jack Henry & Associates, Inc.
3,552 484,209 
Jackson Financial, Inc., Class A
14,247 1,469,008 
MGIC Investment Corp.
18,747 472,799 
PayPal Holdings, Inc.
24,532 1,097,807 
Visa, Inc., Class A
27,779 9,065,955 
  13,558,484 
Food Products — 0.3%
  
Ingredion, Inc.
7,548 765,669 
Lamb Weston Holdings, Inc.
27,224 1,175,532 
Pilgrim's Pride Corp.
5,214 147,609 
  2,088,810 
Ground Transportation — 4.4%
  
CSX Corp.
201,263 9,109,163 
JB Hunt Transport Services, Inc.
11,846 3,274,590 
Norfolk Southern Corp.
14,696 4,481,692 
Old Dominion Freight Line, Inc.
15,137 3,408,096 
Ryder System, Inc.
7,904 1,982,718 
Union Pacific Corp.
46,481 12,207,770 
  34,464,029 
Health Care Equipment and Supplies — 0.3%
  
Dexcom, Inc.(1)
19,631 1,447,590 
Lantheus Holdings, Inc.(1)
5,759 571,869 
Masimo Corp.(1)
2,565 457,724 
  2,477,183 
Health Care Providers and Services — 0.5%
  
Centene Corp.(1)
44,670 2,662,332 
Universal Health Services, Inc., Class B
7,727 1,128,992 
  3,791,324 
Hotels, Restaurants and Leisure — 3.3%
  
Boyd Gaming Corp.
8,495 702,366 
Brinker International, Inc.(1)
3,024 430,557 
Carnival Corp. Ltd.
226,062 6,343,300 
Chipotle Mexican Grill, Inc.(1)
123,486 3,934,264 
Las Vegas Sands Corp.
39,734 2,009,348 
Norwegian Cruise Line Holdings Ltd.(1)
74,955 1,374,675 
Royal Caribbean Cruises Ltd.
23,583 6,712,429 
Super Group SGHC Ltd.
6,480 80,676 
Texas Roadhouse, Inc.
7,401 1,336,769 
Viking Holdings Ltd.(1)
27,118 2,497,839 
  25,422,223 
Household Durables — 0.6%
  
NVR, Inc.(1)
345 2,106,156 
PulteGroup, Inc.
20,393 2,410,045 
  4,516,201 


Independent Power and Renewable Electricity Producers — 0.6%
  
Ormat Technologies, Inc.
11,655 1,599,416 
Talen Energy Corp.(1)
8,444 3,266,139 
  4,865,555 
Insurance — 8.3%
  
Allstate Corp.
30,222 6,228,452 
American Financial Group, Inc.
6,856 889,909 
American International Group, Inc.
47,187 3,502,691 
Arch Capital Group Ltd.(1)
35,763 3,195,066 
Assurant, Inc.
9,310 2,316,980 
Axis Capital Holdings Ltd.
10,823 1,027,427 
Chubb Ltd.
17,118 5,336,194 
Erie Indemnity Co., Class A
113 24,077 
Globe Life, Inc.
13,309 2,039,471 
Hanover Insurance Group, Inc.
2,960 551,152 
Hartford Insurance Group, Inc.
40,267 5,119,144 
Kinsale Capital Group, Inc.
612 186,519 
Lincoln National Corp.
29,841 1,053,089 
Markel Group, Inc.(1)
784 1,423,423 
MetLife, Inc.
47,879 3,959,114 
Oscar Health, Inc., Class A(1)
53,759 1,195,063 
Primerica, Inc.
4,629 1,249,691 
Principal Financial Group, Inc.
33,071 3,426,817 
Progressive Corp.
42,777 8,144,741 
Prudential Financial, Inc.
37,918 3,816,068 
RenaissanceRe Holdings Ltd.
8,361 2,344,006 
Travelers Cos., Inc.
26,837 7,833,452 
  64,862,546 
Interactive Media and Services — 2.0%
  
Meta Platforms, Inc., Class A
24,074 15,227,046 
IT Services — 0.1%
  
CoreWeave, Inc., Class A(1)
9,629 1,054,664 
Machinery — 3.9%
  
AGCO Corp.
9,955 1,117,748 
Caterpillar, Inc.
16,984 14,875,776 
Deere & Co.
20,624 11,181,920 
Mueller Industries, Inc.
14,055 1,807,473 
Toro Co.
18,874 1,696,395 
  30,679,312 
Media — 0.4%
  
Fox Corp., Class A
19,570 1,250,914 
Fox Corp., Class B
13,786 791,179 
Paramount Skydance Corp., Class B
110,812 1,175,715 
  3,217,808 
Metals and Mining — 0.4%
  
Freeport-McMoRan, Inc.
49,075 3,224,718 
Oil, Gas and Consumable Fuels — 11.8%
  
Antero Midstream Corp.
40,729 853,680 
Antero Resources Corp.(1)
43,681 1,561,596 
APA Corp.
71,882 2,618,661 
Cheniere Energy, Inc.
17,492 3,933,251 
Chord Energy Corp.
4,155 547,920 
Comstock Resources, Inc.(1)(2)
4,995 66,583 
ConocoPhillips99,612 11,353,776 
Devon Energy Corp.
165,477 7,362,072 


Diamondback Energy, Inc.
17,254 3,303,796 
EOG Resources, Inc.
42,478 5,665,716 
EQT Corp.
30,646 1,683,385 
Expand Energy Corp.
32,815 3,051,139 
Exxon Mobil Corp.
89,928 13,062,941 
Hess Midstream LP, Class A
16,733 627,487 
HF Sinclair Corp.
3,918 273,829 
Magnolia Oil & Gas Corp., Class A
11,204 306,541 
Marathon Petroleum Corp.
27,301 6,791,670 
Matador Resources Co.
12,970 695,192 
Murphy Oil Corp.
9,577 346,592 
Occidental Petroleum Corp.
77,344 4,379,991 
Ovintiv, Inc.
37,378 2,094,663 
Permian Resources Corp.
154,345 2,968,054 
Range Resources Corp.
31,868 1,241,258 
SM Energy Co.
50,337 1,545,849 
Targa Resources Corp.
27,357 6,977,950 
Valero Energy Corp.
6,267 1,534,287 
Williams Cos., Inc.
105,279 7,515,868 
  92,363,747 
Passenger Airlines — 1.9%
  
Alaska Air Group, Inc.(1)
12,478 574,238 
Delta Air Lines, Inc.
79,206 6,532,911 
Southwest Airlines Co.
68,245 2,931,123 
United Airlines Holdings, Inc.(1)
43,438 4,986,682 
  15,024,954 
Personal Care Products — 0.2%
  
Estee Lauder Cos., Inc., Class A
21,173 1,883,338 
Pharmaceuticals — 1.8%
  
Jazz Pharmaceuticals PLC(1)
9,830 2,324,697 
Merck & Co., Inc.
74,051 8,791,335 
Viatris, Inc.
197,074 3,204,423 
  14,320,455 
Professional Services — 0.1%
  
Automatic Data Processing, Inc.
3,714 823,914 
Paycom Software, Inc.
188 26,258 
  850,172 
Semiconductors and Semiconductor Equipment — 10.9%
  
Applied Materials, Inc.
30,773 13,849,696 
KLA Corp.
2,181 4,191,250 
Lam Research Corp.
60,707 19,315,753 
Micron Technology, Inc.
38,324 37,212,604 
ON Semiconductor Corp.(1)
43,358 5,229,842 
QUALCOMM, Inc.
18,502 4,644,372 
Skyworks Solutions, Inc.
3,282 255,504 
  84,699,021 
Software — 2.3%
  
Clear Secure, Inc., Class A
3,197 177,274 
InterDigital, Inc.
5,216 1,314,902 
Microsoft Corp.
35,114 15,809,727 
Pegasystems, Inc.
14,036 501,506 
Qualys, Inc.(1)
1,860 203,279 
  18,006,688 
Specialty Retail — 5.6%
  
Abercrombie & Fitch Co., Class A(1)
4,263 329,189 


AutoNation, Inc.(1)
7,705 1,446,383 
Best Buy Co., Inc.
33,711 2,627,772 
Burlington Stores, Inc.(1)
10,841 3,510,641 
CarMax, Inc.(1)
638 28,468 
Chewy, Inc., Class A(1)
1,251 28,198 
Five Below, Inc.(1)
8,036 1,827,065 
Gap, Inc.
45,984 972,562 
Lithia Motors, Inc.
2,463 716,462 
Murphy USA, Inc.
2,322 1,175,002 
Ross Stores, Inc.
38,235 8,860,197 
TJX Cos., Inc.
82,654 12,790,706 
Tractor Supply Co.
79,981 2,521,801 
Ulta Beauty, Inc.(1)
6,411 3,262,237 
Urban Outfitters, Inc.(1)
5,299 384,972 
Williams-Sonoma, Inc.
14,929 3,039,096 
  43,520,751 
Technology Hardware, Storage and Peripherals — 2.6%
  
Apple, Inc.
65,055 20,301,063 
Textiles, Apparel and Luxury Goods — 1.2%
  
Deckers Outdoor Corp.(1)
29,315 3,337,513 
Levi Strauss & Co., Class A
16,345 379,204 
Lululemon Athletica, Inc.(1)
18,082 2,371,997 
Ralph Lauren Corp.
4,720 1,717,608 
VF Corp.
77,984 1,339,765 
  9,146,087 
Trading Companies and Distributors — 0.8%
  
WW Grainger, Inc.
4,815 5,942,866 
Wireless Telecommunication Services — 0.4%
  
T-Mobile U.S., Inc.
15,621 2,929,406 
TOTAL COMMON STOCKS
(Cost $614,642,452)
 777,193,144 
SHORT-TERM INVESTMENTS — 0.6%
  
Money Market Funds — 0.6%
  
State Street Institutional U.S. Government Money Market Fund, Premier Class
4,376,112 4,376,112 
State Street Navigator Securities Lending Government Money Market Portfolio(3)
782,717 782,717 
TOTAL SHORT-TERM INVESTMENTS
(Cost $5,158,829)
 5,158,829 
TOTAL INVESTMENT SECURITIES — 100.2%
(Cost $619,801,281)
 782,351,973 
OTHER ASSETS AND LIABILITIES — (0.2)%
 (1,888,811)
TOTAL NET ASSETS — 100.0%
 $780,463,162 
FUTURES CONTRACTS PURCHASED
Reference Entity
Contracts
Expiration Date
Notional
Amount
Unrealized
Appreciation
(Depreciation)^
S&P 500 E-Mini
3
June 2026$1,139,363$136,435
^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 $2,366,975. 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 $2,446,942, which includes securities collateral of $1,664,225.


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.