American Century Investments®
Quarterly Portfolio Holdings
Balanced Fund
July 31, 2021
Balanced - Schedule of Investments | ||
JULY 31, 2021 (UNAUDITED) |
Shares/ Principal Amount ($) | Value ($) | |||||||
COMMON STOCKS — 59.8% | ||||||||
Aerospace and Defense — 0.8% | ||||||||
Huntington Ingalls Industries, Inc. | 13,843 | 2,839,614 | ||||||
Northrop Grumman Corp. | 16,086 | 5,839,540 | ||||||
8,679,154 | ||||||||
Air Freight and Logistics — 0.7% | ||||||||
FedEx Corp. | 28,831 | 8,071,238 | ||||||
Auto Components — 0.3% | ||||||||
Magna International, Inc. | 44,923 | 3,765,895 | ||||||
Automobiles — 1.0% | ||||||||
Ford Motor Co.(1) | 428,314 | 5,974,981 | ||||||
Tesla, Inc.(1) | 7,776 | 5,343,667 | ||||||
11,318,648 | ||||||||
Banks — 1.0% | ||||||||
JPMorgan Chase & Co. | 25,175 | 3,821,061 | ||||||
Wells Fargo & Co. | 146,122 | 6,712,845 | ||||||
10,533,906 | ||||||||
Biotechnology — 2.8% | ||||||||
AbbVie, Inc. | 110,273 | 12,824,750 | ||||||
Exelixis, Inc.(1) | 149,034 | 2,511,223 | ||||||
Incyte Corp.(1) | 29,250 | 2,262,487 | ||||||
Moderna, Inc.(1) | 28,688 | 10,144,077 | ||||||
Regeneron Pharmaceuticals, Inc.(1) | 5,707 | 3,279,299 | ||||||
31,021,836 | ||||||||
Building Products — 1.0% | ||||||||
AO Smith Corp. | 37,426 | 2,632,171 | ||||||
Carrier Global Corp. | 80,067 | 4,423,702 | ||||||
Masco Corp. | 27,633 | 1,649,966 | ||||||
Owens Corning | 28,244 | 2,715,943 | ||||||
11,421,782 | ||||||||
Capital Markets — 1.6% | ||||||||
Cboe Global Markets, Inc. | 23,702 | 2,807,976 | ||||||
Goldman Sachs Group, Inc. (The) | 6,659 | 2,496,326 | ||||||
Morgan Stanley | 73,416 | 7,046,468 | ||||||
T. Rowe Price Group, Inc. | 25,376 | 5,180,764 | ||||||
17,531,534 | ||||||||
Chemicals — 0.9% | ||||||||
Chemours Co. (The) | 83,144 | 2,764,538 | ||||||
Eastman Chemical Co. | 32,819 | 3,699,357 | ||||||
Sherwin-Williams Co. (The) | 13,291 | 3,868,080 | ||||||
10,331,975 | ||||||||
Commercial Services and Supplies — 0.2% | ||||||||
ABM Industries, Inc. | 41,390 | 1,924,221 | ||||||
Communications Equipment — 0.8% | ||||||||
Arista Networks, Inc.(1) | 6,153 | 2,340,540 | ||||||
Motorola Solutions, Inc. | 6,137 | 1,374,197 | ||||||
Nokia Oyj(1) | 860,218 | 5,285,471 | ||||||
9,000,208 | ||||||||
Construction and Engineering — 0.4% | ||||||||
EMCOR Group, Inc. | 19,105 | 2,327,180 |
MasTec, Inc.(1) | 23,223 | 2,350,864 | ||||||
4,678,044 | ||||||||
Containers and Packaging — 0.3% | ||||||||
WestRock Co. | 56,845 | 2,797,342 | ||||||
Distributors — 0.2% | ||||||||
LKQ Corp.(1) | 40,177 | 2,038,983 | ||||||
Diversified Financial Services — 0.5% | ||||||||
Berkshire Hathaway, Inc., Class B(1) | 18,895 | 5,258,290 | ||||||
Diversified Telecommunication Services — 0.2% | ||||||||
Lumen Technologies, Inc. | 208,170 | 2,595,880 | ||||||
Electrical Equipment — 1.1% | ||||||||
Eaton Corp. plc | 38,707 | 6,117,641 | ||||||
nVent Electric plc | 84,422 | 2,668,579 | ||||||
Regal Beloit Corp. | 22,002 | 3,239,355 | ||||||
12,025,575 | ||||||||
Electronic Equipment, Instruments and Components — 0.2% | ||||||||
Cognex Corp. | 27,209 | 2,459,966 | ||||||
Entertainment — 0.7% | ||||||||
Electronic Arts, Inc. | 36,104 | 5,197,532 | ||||||
Take-Two Interactive Software, Inc.(1) | 14,728 | 2,554,130 | ||||||
7,751,662 | ||||||||
Equity Real Estate Investment Trusts (REITs) — 0.7% | ||||||||
Prologis, Inc. | 58,370 | 7,473,695 | ||||||
Food and Staples Retailing — 0.8% | ||||||||
Kroger Co. (The) | 126,882 | 5,164,098 | ||||||
Walmart, Inc. | 21,471 | 3,060,691 | ||||||
8,224,789 | ||||||||
Food Products — 0.7% | ||||||||
Tyson Foods, Inc., Class A | 108,102 | 7,724,969 | ||||||
Health Care Equipment and Supplies — 1.0% | ||||||||
Danaher Corp. | 35,641 | 10,602,841 | ||||||
Health Care Providers and Services — 3.1% | ||||||||
AMN Healthcare Services, Inc.(1) | 44,646 | 4,489,602 | ||||||
HCA Healthcare, Inc. | 35,264 | 8,752,525 | ||||||
Humana, Inc. | 8,165 | 3,477,147 | ||||||
McKesson Corp. | 28,163 | 5,740,464 | ||||||
Molina Healthcare, Inc.(1) | 15,771 | 4,305,641 | ||||||
UnitedHealth Group, Inc. | 17,625 | 7,265,377 | ||||||
34,030,756 | ||||||||
Health Care Technology — 0.2% | ||||||||
Cerner Corp. | 31,135 | 2,502,943 | ||||||
Hotels, Restaurants and Leisure — 0.8% | ||||||||
Starbucks Corp. | 49,043 | 5,955,292 | ||||||
Yum! Brands, Inc. | 20,101 | 2,641,070 | ||||||
8,596,362 | ||||||||
Household Durables — 0.5% | ||||||||
Mohawk Industries, Inc.(1) | 26,412 | 5,147,699 | ||||||
Household Products — 0.2% | ||||||||
Kimberly-Clark Corp. | 19,861 | 2,695,535 | ||||||
Interactive Media and Services — 4.5% | ||||||||
Alphabet, Inc., Class A(1) | 9,107 | 24,539,085 | ||||||
Alphabet, Inc., Class C(1) | 2,474 | 6,690,735 | ||||||
Facebook, Inc., Class A(1) | 52,598 | 18,740,667 | ||||||
49,970,487 | ||||||||
Internet and Direct Marketing Retail — 1.9% | ||||||||
Amazon.com, Inc.(1) | 6,217 | 20,687,627 | ||||||
IT Services — 3.7% | ||||||||
Accenture plc, Class A | 39,061 | 12,408,898 | ||||||
Akamai Technologies, Inc.(1) | 45,525 | 5,459,358 | ||||||
Amdocs Ltd. | 20,146 | 1,553,458 | ||||||
Gartner, Inc.(1) | 14,201 | 3,759,431 | ||||||
International Business Machines Corp. | 44,679 | 6,297,952 | ||||||
Mastercard, Inc., Class A | 8,734 | 3,370,800 | ||||||
PayPal Holdings, Inc.(1) | 28,936 | 7,972,736 | ||||||
40,822,633 | ||||||||
Leisure Products — 0.2% | ||||||||
Polaris, Inc. | 12,443 | 1,630,904 | ||||||
Life Sciences Tools and Services — 0.1% | ||||||||
Bruker Corp. | 17,876 | 1,470,301 | ||||||
Machinery — 0.5% | ||||||||
AGCO Corp. | 17,649 | 2,331,609 | ||||||
Timken Co. (The) | 42,619 | 3,388,211 | ||||||
5,719,820 | ||||||||
Media — 1.6% | ||||||||
Altice USA, Inc., Class A(1) | 175,499 | 5,393,084 | ||||||
Charter Communications, Inc., Class A(1) | 5,066 | 3,769,358 | ||||||
Comcast Corp., Class A | 152,047 | 8,944,925 | ||||||
18,107,367 | ||||||||
Multiline Retail — 0.9% | ||||||||
Target Corp. | 39,023 | 10,186,954 | ||||||
Paper and Forest Products — 0.1% | ||||||||
Louisiana-Pacific Corp. | 18,621 | 1,032,348 | ||||||
Personal Products — 0.4% | ||||||||
Edgewell Personal Care Co. | 40,562 | 1,666,287 | ||||||
Unilever plc | 55,580 | 3,198,716 | ||||||
4,865,003 | ||||||||
Pharmaceuticals — 1.3% | ||||||||
Bristol-Myers Squibb Co. | 129,425 | 8,784,075 | ||||||
Pfizer, Inc. | 129,671 | 5,551,215 | ||||||
14,335,290 | ||||||||
Professional Services — 0.5% | ||||||||
ManpowerGroup, Inc. | 32,707 | 3,878,396 | ||||||
Robert Half International, Inc. | 18,748 | 1,841,241 | ||||||
5,719,637 | ||||||||
Road and Rail — 0.7% | ||||||||
Landstar System, Inc. | 7,027 | 1,103,239 | ||||||
Ryder System, Inc. | 47,225 | 3,596,184 | ||||||
Werner Enterprises, Inc. | 72,417 | 3,310,181 | ||||||
8,009,604 | ||||||||
Semiconductors and Semiconductor Equipment — 4.0% | ||||||||
Advanced Micro Devices, Inc.(1) | 71,945 | 7,639,839 | ||||||
Applied Materials, Inc. | 49,045 | 6,862,867 | ||||||
Broadcom, Inc. | 13,830 | 6,713,082 | ||||||
NVIDIA Corp. | 17,536 | 3,419,345 | ||||||
NXP Semiconductors NV | 36,543 | 7,542,110 | ||||||
Qorvo, Inc.(1) | 8,789 | 1,666,306 | ||||||
QUALCOMM, Inc. | 49,782 | 7,457,344 | ||||||
STMicroelectronics NV, (New York) | 53,290 | 2,199,278 | ||||||
43,500,171 | ||||||||
Software — 8.4% | ||||||||
Adobe, Inc.(1) | 18,582 | 11,551,129 | ||||||
Autodesk, Inc.(1) | 28,663 | 9,204,549 | ||||||
Dropbox, Inc., Class A(1) | 116,033 | 3,653,879 | ||||||
Fortinet, Inc.(1) | 26,875 | 7,316,450 | ||||||
HubSpot, Inc.(1) | 4,443 | 2,648,117 | ||||||
Microsoft Corp. | 145,488 | 41,450,986 | ||||||
Oracle Corp. (New York) | 51,092 | 4,452,157 | ||||||
Palo Alto Networks, Inc.(1) | 11,898 | 4,747,897 | ||||||
salesforce.com, Inc.(1) | 30,924 | 7,481,443 | ||||||
92,506,607 | ||||||||
Specialty Retail — 4.1% | ||||||||
AutoNation, Inc.(1) | 47,190 | 5,725,563 | ||||||
AutoZone, Inc.(1) | 1,437 | 2,333,070 | ||||||
Best Buy Co., Inc. | 81,373 | 9,142,257 | ||||||
Home Depot, Inc. (The) | 28,178 | 9,247,738 | ||||||
L Brands, Inc. | 25,922 | 2,075,574 | ||||||
Lithia Motors, Inc. | 7,900 | 2,980,038 | ||||||
Lowe's Cos., Inc. | 31,845 | 6,136,213 | ||||||
O'Reilly Automotive, Inc.(1) | 1,624 | 980,636 | ||||||
RH(1) | 2,436 | 1,617,699 | ||||||
Ross Stores, Inc. | 26,551 | 3,257,542 | ||||||
Williams-Sonoma, Inc. | 7,643 | 1,159,443 | ||||||
44,655,773 | ||||||||
Technology Hardware, Storage and Peripherals — 4.0% | ||||||||
Apple, Inc. | 228,298 | 33,299,546 | ||||||
HP, Inc. | 99,703 | 2,878,426 | ||||||
NetApp, Inc. | 32,136 | 2,557,704 | ||||||
Seagate Technology Holdings plc | 60,454 | 5,313,907 | ||||||
44,049,583 | ||||||||
Textiles, Apparel and Luxury Goods — 0.2% | ||||||||
Crocs, Inc.(1) | 12,793 | 1,737,417 | ||||||
TOTAL COMMON STOCKS (Cost $500,090,388) | 659,213,254 | |||||||
U.S. TREASURY SECURITIES — 15.6% | ||||||||
U.S. Treasury Bonds, 5.00%, 5/15/37 | 200,000 | 298,422 | ||||||
U.S. Treasury Bonds, 4.625%, 2/15/40 | 1,300,000 | 1,916,129 | ||||||
U.S. Treasury Bonds, 1.375%, 11/15/40 | 500,000 | 464,687 | ||||||
U.S. Treasury Bonds, 1.875%, 2/15/41 | 4,500,000 | 4,552,031 | ||||||
U.S. Treasury Bonds, 2.25%, 5/15/41 | 1,600,000 | 1,719,125 | ||||||
U.S. Treasury Bonds, 4.375%, 5/15/41 | 1,400,000 | 2,021,086 | ||||||
U.S. Treasury Bonds, 3.125%, 11/15/41 | 1,000,000 | 1,228,477 | ||||||
U.S. Treasury Bonds, 3.00%, 5/15/42 | 3,300,000 | 3,982,559 | ||||||
U.S. Treasury Bonds, 2.75%, 11/15/42 | 2,000,000 | 2,324,531 | ||||||
U.S. Treasury Bonds, 2.875%, 5/15/43 | 1,300,000 | 1,541,871 | ||||||
U.S. Treasury Bonds, 3.625%, 2/15/44 | 300,000 | 399,516 | ||||||
U.S. Treasury Bonds, 3.125%, 8/15/44 | 500,000 | 619,258 | ||||||
U.S. Treasury Bonds, 3.00%, 11/15/44 | 600,000 | 728,953 | ||||||
U.S. Treasury Bonds, 2.50%, 2/15/45(2) | 2,900,000 | 3,245,508 | ||||||
U.S. Treasury Bonds, 2.75%, 8/15/47 | 200,000 | 235,625 | ||||||
U.S. Treasury Bonds, 3.375%, 11/15/48(2) | 1,900,000 | 2,510,449 | ||||||
U.S. Treasury Bonds, 2.25%, 8/15/49 | 1,000,000 | 1,075,547 | ||||||
U.S. Treasury Bonds, 2.375%, 11/15/49 | 1,900,000 | 2,099,500 | ||||||
U.S. Treasury Bonds, 2.00%, 2/15/50 | 900,000 | 918,492 | ||||||
U.S. Treasury Bonds, 1.875%, 2/15/51 | 2,100,000 | 2,085,727 |
U.S. Treasury Bonds, 2.375%, 5/15/51 | 4,000,000 | 4,438,438 | ||||||
U.S. Treasury Inflation Indexed Notes, 0.125%, 10/15/25 | 3,113,370 | 3,433,013 | ||||||
U.S. Treasury Inflation Indexed Notes, 0.25%, 7/15/29 | 842,168 | 963,995 | ||||||
U.S. Treasury Inflation Indexed Notes, 0.125%, 7/15/30 | 1,050,250 | 1,194,089 | ||||||
U.S. Treasury Inflation Indexed Notes, 0.125%, 1/15/31 | 568,931 | 644,561 | ||||||
U.S. Treasury Notes, 0.125%, 5/31/22 | 300,000 | 300,130 | ||||||
U.S. Treasury Notes, 2.00%, 11/30/22 | 800,000 | 820,187 | ||||||
U.S. Treasury Notes, 0.50%, 3/15/23 | 7,600,000 | 7,645,422 | ||||||
U.S. Treasury Notes, 0.125%, 3/31/23 | 7,000,000 | 6,997,812 | ||||||
U.S. Treasury Notes, 0.25%, 4/15/23 | 400,000 | 400,719 | ||||||
U.S. Treasury Notes, 0.125%, 5/31/23 | 2,000,000 | 1,998,750 | ||||||
U.S. Treasury Notes, 0.25%, 6/15/23 | 500,000 | 500,820 | ||||||
U.S. Treasury Notes, 1.375%, 9/30/23 | 2,700,000 | 2,768,238 | ||||||
U.S. Treasury Notes, 0.25%, 11/15/23 | 5,500,000 | 5,504,082 | ||||||
U.S. Treasury Notes, 2.875%, 11/30/23 | 6,600,000 | 7,005,281 | ||||||
U.S. Treasury Notes, 0.125%, 12/15/23 | 3,000,000 | 2,992,266 | ||||||
U.S. Treasury Notes, 2.375%, 2/29/24 | 1,500,000 | 1,580,977 | ||||||
U.S. Treasury Notes, 0.25%, 3/15/24 | 16,000,000 | 15,989,063 | ||||||
U.S. Treasury Notes, 0.375%, 4/15/24 | 8,500,000 | 8,517,930 | ||||||
U.S. Treasury Notes, 0.375%, 7/15/24 | 1,500,000 | 1,501,465 | ||||||
U.S. Treasury Notes, 1.125%, 2/28/25 | 8,700,000 | 8,903,566 | ||||||
U.S. Treasury Notes, 0.25%, 5/31/25 | 1,000,000 | 989,961 | ||||||
U.S. Treasury Notes, 0.25%, 8/31/25 | 7,800,000 | 7,701,586 | ||||||
U.S. Treasury Notes, 2.625%, 12/31/25 | 2,200,000 | 2,393,617 | ||||||
U.S. Treasury Notes, 0.50%, 2/28/26 | 4,200,000 | 4,173,750 | ||||||
U.S. Treasury Notes, 0.875%, 6/30/26 | 1,700,000 | 1,715,539 | ||||||
U.S. Treasury Notes, 1.375%, 8/31/26 | 1,400,000 | 1,446,484 | ||||||
U.S. Treasury Notes, 1.625%, 10/31/26 | 100,000 | 104,586 | ||||||
U.S. Treasury Notes, 1.75%, 12/31/26 | 700,000 | 736,969 | ||||||
U.S. Treasury Notes, 1.50%, 1/31/27 | 2,000,000 | 2,078,672 | ||||||
U.S. Treasury Notes, 1.125%, 2/28/27 | 2,700,000 | 2,750,625 | ||||||
U.S. Treasury Notes, 0.625%, 3/31/27 | 10,000,000 | 9,907,812 | ||||||
U.S. Treasury Notes, 0.50%, 6/30/27 | 500,000 | 490,254 | ||||||
U.S. Treasury Notes, 0.50%, 8/31/27 | 1,600,000 | 1,564,937 | ||||||
U.S. Treasury Notes, 0.625%, 12/31/27 | 3,500,000 | 3,434,922 | ||||||
U.S. Treasury Notes, 1.125%, 2/29/28 | 2,000,000 | 2,023,594 | ||||||
U.S. Treasury Notes, 1.25%, 3/31/28 | 900,000 | 916,875 | ||||||
U.S. Treasury Notes, 1.25%, 4/30/28 | 5,050,000 | 5,143,997 | ||||||
U.S. Treasury Notes, 1.25%, 6/30/28 | 1,900,000 | 1,932,656 | ||||||
U.S. Treasury Notes, 1.125%, 2/15/31 | 500,000 | 495,742 | ||||||
U.S. Treasury Notes, 1.625%, 5/15/31 | 4,300,000 | 4,458,227 | ||||||
TOTAL U.S. TREASURY SECURITIES (Cost $166,874,496) | 172,529,102 | |||||||
CORPORATE BONDS — 10.6% | ||||||||
Aerospace and Defense — 0.2% | ||||||||
Boeing Co. (The), 2.20%, 2/4/26 | 420,000 | 423,894 | ||||||
Boeing Co. (The), 3.625%, 2/1/31 | 380,000 | 414,906 | ||||||
Boeing Co. (The), 5.81%, 5/1/50 | 230,000 | 314,251 | ||||||
Lockheed Martin Corp., 3.80%, 3/1/45 | 80,000 | 95,286 | ||||||
Raytheon Technologies Corp., 4.125%, 11/16/28 | 570,000 | 661,822 | ||||||
Teledyne Technologies, Inc., 2.25%, 4/1/28 | 290,000 | 300,279 | ||||||
2,210,438 | ||||||||
Air Freight and Logistics† | ||||||||
GXO Logistics, Inc., 2.65%, 7/15/31(3) | 335,000 | 337,295 | ||||||
Airlines — 0.1% | ||||||||
British Airways 2021-1 Class A Pass Through Trust, 2.90%, 9/15/36(3) | 220,000 | 223,300 | ||||||
Delta Air Lines, Inc. / SkyMiles IP Ltd., 4.50%, 10/20/25(3) | 590,000 | 634,588 | ||||||
Southwest Airlines Co., 5.125%, 6/15/27 | 168,000 | 198,896 | ||||||
1,056,784 | ||||||||
Automobiles — 0.3% | ||||||||
Ford Motor Credit Co. LLC, 2.98%, 8/3/22 | 400,000 | 406,012 | ||||||
Ford Motor Credit Co. LLC, 3.35%, 11/1/22 | 310,000 | 317,766 | ||||||
General Motors Co., 5.15%, 4/1/38 | 260,000 | 319,733 | ||||||
General Motors Financial Co., Inc., 2.75%, 6/20/25 | 780,000 | 824,926 | ||||||
General Motors Financial Co., Inc., 2.70%, 8/20/27 | 440,000 | 461,668 | ||||||
General Motors Financial Co., Inc., 2.70%, 6/10/31 | 416,000 | 426,542 | ||||||
Toyota Motor Credit Corp., MTN, 1.90%, 4/6/28 | 420,000 | 434,573 | ||||||
3,191,220 | ||||||||
Banks — 1.5% | ||||||||
Banco Santander SA, 2.96%, 3/25/31 | 600,000 | 628,265 | ||||||
Bank of America Corp., MTN, 4.18%, 11/25/27 | 265,000 | 298,805 | ||||||
Bank of America Corp., MTN, VRN, 0.81%, 10/24/24 | 1,325,000 | 1,330,323 | ||||||
Bank of America Corp., MTN, VRN, 2.09%, 6/14/29 | 645,000 | 657,258 | ||||||
Bank of America Corp., MTN, VRN, 2.68%, 6/19/41 | 1,110,000 | 1,097,464 | ||||||
Bank of America Corp., VRN, 3.42%, 12/20/28 | 720,000 | 791,656 | ||||||
Barclays plc, 5.20%, 5/12/26 | 370,000 | 426,788 | ||||||
BNP Paribas SA, VRN, 4.375%, 3/1/33(3) | 575,000 | 641,582 | ||||||
BPCE SA, 4.50%, 3/15/25(3) | 200,000 | 222,087 | ||||||
Citigroup, Inc., VRN, 0.78%, 10/30/24 | 1,325,000 | 1,330,836 | ||||||
Citigroup, Inc., VRN, 1.46%, 6/9/27 | 600,000 | 601,084 | ||||||
Citigroup, Inc., VRN, 3.52%, 10/27/28 | 1,013,000 | 1,117,166 | ||||||
Commonwealth Bank of Australia, 2.69%, 3/11/31(3) | 515,000 | 523,710 | ||||||
FNB Corp., 2.20%, 2/24/23 | 460,000 | 467,881 | ||||||
HSBC Holdings plc, VRN, 2.80%, 5/24/32 | 280,000 | 290,712 | ||||||
JPMorgan Chase & Co., VRN, 1.58%, 4/22/27 | 315,000 | 318,882 | ||||||
JPMorgan Chase & Co., VRN, 2.18%, 6/1/28 | 500,000 | 516,936 | ||||||
JPMorgan Chase & Co., VRN, 2.07%, 6/1/29 | 1,205,000 | 1,228,252 | ||||||
JPMorgan Chase & Co., VRN, 3.16%, 4/22/42 | 695,000 | 741,195 | ||||||
National Australia Bank Ltd., 2.99%, 5/21/31(3) | 500,000 | 515,232 | ||||||
Societe Generale SA, VRN, 1.79%, 6/9/27(3) | 500,000 | 502,336 | ||||||
SVB Financial Group, 2.10%, 5/15/28 | 510,000 | 524,070 | ||||||
Truist Bank, VRN, 2.64%, 9/17/29 | 275,000 | 288,593 | ||||||
Truist Financial Corp., MTN, VRN, 1.89%, 6/7/29 | 200,000 | 203,446 | ||||||
Wells Fargo & Co., MTN, VRN, 2.39%, 6/2/28 | 415,000 | 434,654 | ||||||
Wells Fargo & Co., VRN, 3.07%, 4/30/41 | 605,000 | 635,351 | ||||||
16,334,564 | ||||||||
Beverages — 0.1% | ||||||||
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc., 4.90%, 2/1/46 | 500,000 | 642,217 | ||||||
Anheuser-Busch InBev Worldwide, Inc., 4.75%, 1/23/29 | 630,000 | 758,497 | ||||||
1,400,714 | ||||||||
Biotechnology — 0.2% | ||||||||
AbbVie, Inc., 3.20%, 11/21/29 | 440,000 | 483,546 | ||||||
AbbVie, Inc., 4.55%, 3/15/35 | 110,000 | 135,185 | ||||||
AbbVie, Inc., 4.40%, 11/6/42 | 240,000 | 296,245 | ||||||
Gilead Sciences, Inc., 3.65%, 3/1/26 | 840,000 | 931,770 | ||||||
Gilead Sciences, Inc., 1.20%, 10/1/27 | 113,000 | 111,715 | ||||||
1,958,461 | ||||||||
Building Products† | ||||||||
Lennox International, Inc., 1.70%, 8/1/27 | 140,000 | 141,337 | ||||||
Capital Markets — 1.1% | ||||||||
Bain Capital Specialty Finance, Inc., 2.95%, 3/10/26 | 565,000 | 583,353 | ||||||
Blackstone Holdings Finance Co. LLC, 1.625%, 8/5/28(3)(4) | 224,000 | 224,262 | ||||||
Blackstone Secured Lending Fund, 2.75%, 9/16/26 | 400,000 | 410,209 | ||||||
Blackstone Secured Lending Fund, 2.125%, 2/15/27(3) | 287,000 | 283,675 | ||||||
Blue Owl Finance LLC, 3.125%, 6/10/31(3) | 400,000 | 404,891 | ||||||
CI Financial Corp., 4.10%, 6/15/51 | 730,000 | 772,735 | ||||||
FS KKR Capital Corp., 4.125%, 2/1/25 | 297,000 | 316,077 | ||||||
FS KKR Capital Corp., 3.40%, 1/15/26 | 358,000 | 374,240 | ||||||
FS KKR Capital Corp., 2.625%, 1/15/27 | 273,000 | 272,404 | ||||||
Goldman Sachs Group, Inc. (The), MTN, VRN, 2.38%, 7/21/32 | 259,000 | 263,867 | ||||||
Goldman Sachs Group, Inc. (The), VRN, 2.91%, 6/5/23 | 1,315,000 | 1,342,781 | ||||||
Goldman Sachs Group, Inc. (The), VRN, 1.43%, 3/9/27 | 1,385,000 | 1,392,463 | ||||||
Goldman Sachs Group, Inc. (The), VRN, 3.21%, 4/22/42 | 240,000 | 254,526 | ||||||
Goldman Sachs Group, Inc. (The), VRN, 2.91%, 7/21/42 | 120,000 | 121,686 | ||||||
Golub Capital BDC, Inc., 2.50%, 8/24/26 | 415,000 | 423,691 | ||||||
Golub Capital BDC, Inc., 2.05%, 2/15/27(4) | 392,000 | 388,573 | ||||||
Macquarie Group Ltd., VRN, 1.63%, 9/23/27(3) | 172,000 | 173,086 | ||||||
Morgan Stanley, MTN, VRN, 0.53%, 1/25/24 | 1,335,000 | 1,335,687 | ||||||
Morgan Stanley, VRN, 1.59%, 5/4/27 | 1,163,000 | 1,180,974 | ||||||
Morgan Stanley, VRN, 3.22%, 4/22/42 | 181,000 | 195,149 | ||||||
Owl Rock Capital Corp., 3.40%, 7/15/26 | 320,000 | 336,592 | ||||||
Owl Rock Technology Finance Corp., 4.75%, 12/15/25(3) | 334,000 | 370,387 | ||||||
Owl Rock Technology Finance Corp., 3.75%, 6/17/26(3) | 175,000 | 186,525 | ||||||
Owl Rock Technology Finance Corp., 2.50%, 1/15/27 | 530,000 | 530,008 | ||||||
Prospect Capital Corp., 3.71%, 1/22/26 | 420,000 | 434,157 | ||||||
12,571,998 | ||||||||
Chemicals — 0.1% | ||||||||
Dow Chemical Co. (The), 3.60%, 11/15/50 | 300,000 | 334,753 | ||||||
International Flavors & Fragrances, Inc., 1.83%, 10/15/27(3) | 177,000 | 179,270 | ||||||
514,023 | ||||||||
Commercial Services and Supplies — 0.2% | ||||||||
Republic Services, Inc., 2.30%, 3/1/30 | 358,000 | 370,346 | ||||||
Sodexo, Inc., 2.72%, 4/16/31(3) | 910,000 | 944,098 | ||||||
Waste Connections, Inc., 2.60%, 2/1/30 | 270,000 | 284,780 | ||||||
Waste Management, Inc., 2.50%, 11/15/50 | 150,000 | 144,860 | ||||||
1,744,084 | ||||||||
Construction and Engineering† | ||||||||
Quanta Services, Inc., 2.90%, 10/1/30 | 112,000 | 117,862 | ||||||
Construction Materials† | ||||||||
Eagle Materials, Inc., 2.50%, 7/1/31 | 310,000 | 313,616 | ||||||
Consumer Finance† | ||||||||
Avolon Holdings Funding Ltd., 4.25%, 4/15/26(3) | 309,000 | 338,103 | ||||||
Avolon Holdings Funding Ltd., 4.375%, 5/1/26(3) | 70,000 | 77,069 | ||||||
415,172 | ||||||||
Containers and Packaging — 0.1% | ||||||||
Amcor Flexibles North America, Inc., 2.69%, 5/25/31 | 320,000 | 334,503 | ||||||
Berry Global, Inc., 1.57%, 1/15/26(3) | 460,000 | 463,694 | ||||||
WRKCo, Inc., 3.00%, 9/15/24 | 201,000 | 213,536 | ||||||
1,011,733 | ||||||||
Diversified Consumer Services — 0.1% | ||||||||
Novant Health, Inc., 3.17%, 11/1/51 | 245,000 | 268,359 | ||||||
Pepperdine University, 3.30%, 12/1/59 | 355,000 | 371,801 | ||||||
640,160 | ||||||||
Diversified Financial Services — 0.2% | ||||||||
Antares Holdings LP, 2.75%, 1/15/27(3) | 256,000 | 256,503 | ||||||
Block Financial LLC, 2.50%, 7/15/28 | 640,000 | 654,804 | ||||||
Deutsche Bank AG, VRN, 3.04%, 5/28/32 | 800,000 | 828,650 | ||||||
GE Capital Funding LLC, 4.40%, 5/15/30 | 300,000 | 353,295 | ||||||
GE Capital International Funding Co. Unlimited Co., 4.42%, 11/15/35 | 300,000 | 368,541 | ||||||
2,461,793 | ||||||||
Diversified Telecommunication Services — 0.5% | ||||||||
AT&T, Inc., 2.55%, 12/1/33(3) | 557,000 | 562,963 | ||||||
AT&T, Inc., 3.55%, 9/15/55(3) | 1,037,000 | 1,073,653 | ||||||
British Telecommunications plc, 3.25%, 11/8/29(3) | 645,000 | 685,368 | ||||||
Telefonica Emisiones SA, 4.90%, 3/6/48 | 700,000 | 856,230 | ||||||
Verizon Communications, Inc., 4.33%, 9/21/28 | 298,000 | 349,968 | ||||||
Verizon Communications, Inc., 1.75%, 1/20/31 | 680,000 | 661,056 | ||||||
Verizon Communications, Inc., 2.65%, 11/20/40 | 576,000 | 564,709 | ||||||
Verizon Communications, Inc., 2.99%, 10/30/56 | 215,000 | 209,508 | ||||||
4,963,455 | ||||||||
Electric Utilities — 0.7% | ||||||||
AEP Texas, Inc., 2.10%, 7/1/30 | 370,000 | 369,032 | ||||||
Baltimore Gas and Electric Co., 2.25%, 6/15/31 | 237,000 | 244,134 | ||||||
Berkshire Hathaway Energy Co., 3.50%, 2/1/25 | 180,000 | 195,377 | ||||||
Commonwealth Edison Co., 3.20%, 11/15/49 | 355,000 | 385,916 | ||||||
DTE Electric Co., 2.25%, 3/1/30 | 330,000 | 344,506 | ||||||
Duke Energy Carolinas LLC, 2.55%, 4/15/31 | 154,000 | 163,060 | ||||||
Duke Energy Corp., 2.55%, 6/15/31 | 430,000 | 445,153 | ||||||
Duke Energy Florida LLC, 1.75%, 6/15/30 | 370,000 | 368,219 | ||||||
Duke Energy Florida LLC, 3.85%, 11/15/42 | 220,000 | 262,540 | ||||||
Duke Energy Progress LLC, 4.15%, 12/1/44 | 335,000 | 414,168 | ||||||
Enel Finance International NV, 1.875%, 7/12/28(3) | 312,000 | 315,962 | ||||||
Entergy Arkansas LLC, 2.65%, 6/15/51 | 180,000 | 177,125 | ||||||
Exelon Corp., 4.45%, 4/15/46 | 150,000 | 186,981 | ||||||
Florida Power & Light Co., 4.125%, 2/1/42 | 169,000 | 211,444 | ||||||
Indiana Michigan Power Co., 3.25%, 5/1/51 | 157,000 | 170,974 | ||||||
MidAmerican Energy Co., 4.40%, 10/15/44 | 290,000 | 367,599 | ||||||
NextEra Energy Capital Holdings, Inc., 3.55%, 5/1/27 | 290,000 | 325,141 | ||||||
Northern States Power Co., 3.20%, 4/1/52 | 240,000 | 267,796 | ||||||
Pacific Gas and Electric Co., 4.20%, 6/1/41 | 155,000 | 151,933 | ||||||
PacifiCorp, 3.30%, 3/15/51 | 310,000 | 339,262 | ||||||
PacifiCorp, 2.90%, 6/15/52 | 190,000 | 194,280 | ||||||
Public Service Co. of Colorado, 1.875%, 6/15/31 | 312,000 | 314,944 | ||||||
Southern Co. Gas Capital Corp., 1.75%, 1/15/31 | 360,000 | 351,203 | ||||||
Southern Co. Gas Capital Corp., 3.95%, 10/1/46 | 90,000 | 103,354 | ||||||
Virginia Electric and Power Co., 2.45%, 12/15/50 | 407,000 | 385,183 | ||||||
Xcel Energy, Inc., 3.40%, 6/1/30 | 330,000 | 368,100 | ||||||
7,423,386 | ||||||||
Electronic Equipment, Instruments and Components† | ||||||||
Vontier Corp., 1.80%, 4/1/26(3) | 175,000 | 176,058 | ||||||
Energy Equipment and Services† | ||||||||
Halliburton Co., 2.92%, 3/1/30 | 300,000 | 315,394 | ||||||
Entertainment† | ||||||||
Netflix, Inc., 4.875%, 4/15/28 | 303,000 | 354,486 | ||||||
Equity Real Estate Investment Trusts (REITs) — 0.8% | ||||||||
Agree LP, 2.00%, 6/15/28 | 500,000 | 504,321 | ||||||
Crown Castle International Corp., 3.80%, 2/15/28 | 587,000 | 660,545 | ||||||
EPR Properties, 4.75%, 12/15/26 | 276,000 | 298,109 |
EPR Properties, 4.95%, 4/15/28 | 735,000 | 795,906 | ||||||
GLP Capital LP / GLP Financing II, Inc., 5.375%, 4/15/26 | 370,000 | 428,749 | ||||||
Host Hotels & Resorts LP, 4.00%, 6/15/25 | 430,000 | 469,244 | ||||||
Hudson Pacific Properties LP, 3.25%, 1/15/30 | 393,000 | 426,237 | ||||||
Lexington Realty Trust, 2.70%, 9/15/30 | 530,000 | 551,382 | ||||||
National Health Investors, Inc., 3.00%, 2/1/31 | 885,000 | 884,926 | ||||||
Omega Healthcare Investors, Inc., 3.375%, 2/1/31 | 735,000 | 765,830 | ||||||
Spirit Realty LP, 3.20%, 1/15/27 | 153,000 | 164,805 | ||||||
Spirit Realty LP, 4.00%, 7/15/29 | 752,000 | 848,444 | ||||||
STORE Capital Corp., 4.50%, 3/15/28 | 617,000 | 709,531 | ||||||
STORE Capital Corp., 4.625%, 3/15/29 | 163,000 | 189,345 | ||||||
Vornado Realty LP, 3.40%, 6/1/31 | 454,000 | 479,939 | ||||||
Welltower, Inc., 2.80%, 6/1/31 | 635,000 | 671,877 | ||||||
8,849,190 | ||||||||
Food and Staples Retailing — 0.1% | ||||||||
Kroger Co. (The), 3.875%, 10/15/46 | 350,000 | 394,617 | ||||||
Sysco Corp., 5.95%, 4/1/30 | 464,000 | 602,388 | ||||||
Walmart, Inc., 4.05%, 6/29/48 | 210,000 | 268,045 | ||||||
1,265,050 | ||||||||
Food Products — 0.1% | ||||||||
Mondelez International, Inc., 2.75%, 4/13/30 | 452,000 | 482,993 | ||||||
Health Care Equipment and Supplies† | ||||||||
Zimmer Biomet Holdings, Inc., 3.55%, 3/20/30 | 180,000 | 200,820 | ||||||
Health Care Providers and Services — 0.4% | ||||||||
Centene Corp., 2.45%, 7/15/28 | 560,000 | 568,445 | ||||||
Centene Corp., 3.375%, 2/15/30 | 399,000 | 416,861 | ||||||
CVS Health Corp., 4.30%, 3/25/28 | 350,000 | 405,582 | ||||||
CVS Health Corp., 1.75%, 8/21/30 | 310,000 | 304,050 | ||||||
CVS Health Corp., 4.78%, 3/25/38 | 160,000 | 201,163 | ||||||
DaVita, Inc., 4.625%, 6/1/30(3) | 410,000 | 424,350 | ||||||
Duke University Health System, Inc., 3.92%, 6/1/47 | 160,000 | 197,762 | ||||||
HCA, Inc., 2.375%, 7/15/31 | 710,000 | 718,597 | ||||||
HCA, Inc., 3.50%, 7/15/51 | 330,000 | 341,453 | ||||||
Humana, Inc., 2.15%, 2/3/32(4) | 304,000 | 305,754 | ||||||
Kaiser Foundation Hospitals, 3.00%, 6/1/51 | 260,000 | 276,009 | ||||||
Universal Health Services, Inc., 2.65%, 10/15/30(3) | 330,000 | 336,285 | ||||||
4,496,311 | ||||||||
Hotels, Restaurants and Leisure — 0.1% | ||||||||
Marriott International, Inc., 3.50%, 10/15/32 | 522,000 | 564,188 | ||||||
Household Durables† | ||||||||
D.R. Horton, Inc., 2.50%, 10/15/24 | 310,000 | 325,201 | ||||||
Industrial Conglomerates† | ||||||||
General Electric Co., 4.35%, 5/1/50 | 250,000 | 308,636 | ||||||
Insurance — 0.5% | ||||||||
American International Group, Inc., 6.25%, 5/1/36 | 310,000 | 439,859 | ||||||
American International Group, Inc., 4.50%, 7/16/44 | 355,000 | 444,948 | ||||||
Athene Global Funding, 2.67%, 6/7/31(3) | 800,000 | 829,627 | ||||||
Athene Holding Ltd., 3.95%, 5/25/51 | 392,000 | 448,690 | ||||||
Brighthouse Financial Global Funding, 2.00%, 6/28/28(3) | 631,000 | 639,332 | ||||||
Equitable Financial Life Global Funding, 1.80%, 3/8/28(3) | 290,000 | 293,003 | ||||||
Global Atlantic Fin Co., 3.125%, 6/15/31(3) | 238,000 | 243,303 | ||||||
Nippon Life Insurance Co., VRN, 2.75%, 1/21/51(3) | 600,000 | 594,750 | ||||||
Sammons Financial Group, Inc., 3.35%, 4/16/31(3) | 584,000 | 612,851 | ||||||
SBL Holdings, Inc., 5.00%, 2/18/31(3) | 300,000 | 323,638 | ||||||
Security Benefit Global Funding, 1.25%, 5/17/24(3) | 540,000 | 542,051 | ||||||
5,412,052 | ||||||||
Internet and Direct Marketing Retail — 0.1% | ||||||||
Amazon.com, Inc., 2.875%, 5/12/41 | 820,000 | 864,685 | ||||||
IT Services† | ||||||||
International Business Machines Corp., 2.85%, 5/15/40 | 331,000 | 343,266 | ||||||
Life Sciences Tools and Services — 0.1% | ||||||||
Agilent Technologies, Inc., 2.30%, 3/12/31 | 712,000 | 727,790 | ||||||
Illumina, Inc., 2.55%, 3/23/31 | 527,000 | 546,147 | ||||||
1,273,937 | ||||||||
Machinery† | ||||||||
Cummins, Inc., 2.60%, 9/1/50 | 260,000 | 256,909 | ||||||
Media — 0.4% | ||||||||
Charter Communications Operating LLC / Charter Communications Operating Capital, 4.91%, 7/23/25 | 368,000 | 417,917 | ||||||
Charter Communications Operating LLC / Charter Communications Operating Capital, 3.50%, 6/1/41 | 385,000 | 393,637 | ||||||
Charter Communications Operating LLC / Charter Communications Operating Capital, 5.125%, 7/1/49 | 610,000 | 741,912 | ||||||
Comcast Corp., 3.40%, 4/1/30 | 754,000 | 842,567 | ||||||
Comcast Corp., 3.75%, 4/1/40 | 100,000 | 116,201 | ||||||
Cox Communications, Inc., 2.60%, 6/15/31(3) | 273,000 | 281,747 | ||||||
Omnicom Group, Inc., 2.60%, 8/1/31 | 410,000 | 424,709 | ||||||
Time Warner Cable LLC, 4.50%, 9/15/42 | 615,000 | 700,595 | ||||||
ViacomCBS, Inc., 4.375%, 3/15/43 | 265,000 | 314,068 | ||||||
4,233,353 | ||||||||
Metals and Mining — 0.1% | ||||||||
Steel Dynamics, Inc., 3.45%, 4/15/30 | 215,000 | 237,966 | ||||||
Teck Resources Ltd., 6.25%, 7/15/41 | 390,000 | 526,550 | ||||||
764,516 | ||||||||
Multi-Utilities — 0.2% | ||||||||
Ameren Corp., 3.50%, 1/15/31 | 430,000 | 481,221 | ||||||
CenterPoint Energy, Inc., 4.25%, 11/1/28 | 369,000 | 428,545 | ||||||
CenterPoint Energy, Inc., 2.65%, 6/1/31 | 175,000 | 182,425 | ||||||
Dominion Energy, Inc., 4.90%, 8/1/41 | 270,000 | 354,137 | ||||||
NiSource, Inc., 5.65%, 2/1/45 | 290,000 | 408,138 | ||||||
Sempra Energy, 3.25%, 6/15/27 | 180,000 | 196,208 | ||||||
WEC Energy Group, Inc., 1.375%, 10/15/27 | 490,000 | 487,343 | ||||||
2,538,017 | ||||||||
Oil, Gas and Consumable Fuels — 0.7% | ||||||||
Aker BP ASA, 3.75%, 1/15/30(3) | 440,000 | 478,790 | ||||||
Aker BP ASA, 4.00%, 1/15/31(3) | 160,000 | 178,181 | ||||||
BP Capital Markets America, Inc., 3.06%, 6/17/41 | 250,000 | 258,122 | ||||||
Chevron Corp., 2.00%, 5/11/27 | 240,000 | 250,860 | ||||||
Diamondback Energy, Inc., 3.50%, 12/1/29 | 300,000 | 325,711 | ||||||
Energy Transfer LP, 3.60%, 2/1/23 | 160,000 | 165,741 | ||||||
Energy Transfer LP, 4.25%, 3/15/23 | 370,000 | 387,548 | ||||||
Energy Transfer LP, 3.75%, 5/15/30 | 400,000 | 436,768 | ||||||
Energy Transfer LP, 4.90%, 3/15/35 | 270,000 | 315,345 | ||||||
Enterprise Products Operating LLC, 4.85%, 3/15/44 | 460,000 | 577,259 | ||||||
Equinor ASA, 3.25%, 11/18/49 | 230,000 | 249,427 | ||||||
Exxon Mobil Corp., 1.57%, 4/15/23 | 390,000 | 398,458 | ||||||
Flex Intermediate Holdco LLC, 3.36%, 6/30/31(3) | 430,000 | 442,959 | ||||||
Kinder Morgan Energy Partners LP, 6.50%, 9/1/39 | 250,000 | 356,206 | ||||||
Lundin Energy Finance BV, 3.10%, 7/15/31(3) | 220,000 | 225,227 | ||||||
Petroleos Mexicanos, 3.50%, 1/30/23 | 300,000 | 305,805 | ||||||
Petroleos Mexicanos, 6.625%, 6/15/35 | 50,000 | 48,395 | ||||||
Petroleos Mexicanos, 5.50%, 6/27/44 | 230,000 | 189,239 | ||||||
Plains All American Pipeline LP / PAA Finance Corp., 3.80%, 9/15/30 | 350,000 | 380,192 | ||||||
Sabine Pass Liquefaction LLC, 5.625%, 3/1/25 | 640,000 | 733,415 |
Suncor Energy, Inc., 3.75%, 3/4/51 | 170,000 | 188,965 | ||||||
Transcontinental Gas Pipe Line Co. LLC, 3.25%, 5/15/30 | 250,000 | 273,013 | ||||||
7,165,626 | ||||||||
Paper and Forest Products† | ||||||||
Georgia-Pacific LLC, 2.10%, 4/30/27(3) | 370,000 | 386,566 | ||||||
Pharmaceuticals — 0.1% | ||||||||
Astrazeneca Finance LLC, 1.75%, 5/28/28 | 256,000 | 260,718 | ||||||
Bristol-Myers Squibb Co., 2.55%, 11/13/50 | 337,000 | 329,107 | ||||||
Royalty Pharma plc, 2.20%, 9/2/30(3) | 235,000 | 234,260 | ||||||
Viatris, Inc., 2.70%, 6/22/30(3) | 342,000 | 351,567 | ||||||
Viatris, Inc., 4.00%, 6/22/50(3) | 139,000 | 150,913 | ||||||
1,326,565 | ||||||||
Real Estate Management and Development — 0.1% | ||||||||
Essential Properties LP, 2.95%, 7/15/31 | 460,000 | 466,663 | ||||||
Road and Rail — 0.3% | ||||||||
Ashtead Capital, Inc., 4.125%, 8/15/25(3) | 400,000 | 409,000 | ||||||
Burlington Northern Santa Fe LLC, 4.15%, 4/1/45 | 300,000 | 370,747 | ||||||
Burlington Northern Santa Fe LLC, 3.30%, 9/15/51 | 200,000 | 222,879 | ||||||
CSX Corp., 3.25%, 6/1/27 | 390,000 | 429,554 | ||||||
DAE Funding LLC, 1.55%, 8/1/24(3) | 200,000 | 200,253 | ||||||
DAE Funding LLC, 3.375%, 3/20/28(3) | 642,000 | 662,733 | ||||||
Norfolk Southern Corp., 2.30%, 5/15/31 | 153,000 | 158,111 | ||||||
Union Pacific Corp., 2.40%, 2/5/30 | 270,000 | 282,961 | ||||||
Union Pacific Corp., MTN, 3.55%, 8/15/39 | 450,000 | 513,851 | ||||||
3,250,089 | ||||||||
Semiconductors and Semiconductor Equipment — 0.1% | ||||||||
Broadcom Corp. / Broadcom Cayman Finance Ltd., 3.875%, 1/15/27 | 385,000 | 427,198 | ||||||
Microchip Technology, Inc., 4.25%, 9/1/25 | 791,000 | 833,404 | ||||||
1,260,602 | ||||||||
Software — 0.1% | ||||||||
Oracle Corp., 3.60%, 4/1/40 | 645,000 | 691,748 | ||||||
salesforce.com, Inc., 1.50%, 7/15/28 | 416,000 | 421,876 | ||||||
salesforce.com, Inc., 2.70%, 7/15/41 | 315,000 | 322,569 | ||||||
1,436,193 | ||||||||
Specialty Retail — 0.2% | ||||||||
AutoNation, Inc., 1.95%, 8/1/28 | 307,000 | 308,157 | ||||||
Home Depot, Inc. (The), 3.90%, 6/15/47 | 50,000 | 60,727 | ||||||
Home Depot, Inc. (The), 2.375%, 3/15/51 | 720,000 | 683,344 | ||||||
Lowe's Cos., Inc., 1.30%, 4/15/28 | 391,000 | 386,194 | ||||||
Lowe's Cos., Inc., 2.625%, 4/1/31 | 400,000 | 421,122 | ||||||
1,859,544 | ||||||||
Technology Hardware, Storage and Peripherals — 0.4% | ||||||||
Apple, Inc., 2.65%, 2/8/51 | 880,000 | 878,889 | ||||||
Dell International LLC / EMC Corp., 4.90%, 10/1/26 | 535,000 | 624,465 | ||||||
EMC Corp., 3.375%, 6/1/23 | 860,000 | 890,685 | ||||||
HP, Inc., 2.65%, 6/17/31(3) | 580,000 | 587,211 | ||||||
Western Digital Corp., 4.75%, 2/15/26 | 753,000 | 836,771 | ||||||
3,818,021 | ||||||||
Thrifts and Mortgage Finance — 0.1% | ||||||||
Nationwide Building Society, VRN, 3.77%, 3/8/24(3) | 309,000 | 323,980 | ||||||
Nationwide Building Society, VRN, 4.125%, 10/18/32(3) | 595,000 | 655,433 | ||||||
979,413 | ||||||||
Trading Companies and Distributors† | ||||||||
Aircastle Ltd., 5.25%, 8/11/25(3) | 371,000 | 418,400 | ||||||
Water Utilities† | ||||||||
Essential Utilities, Inc., 2.70%, 4/15/30 | 380,000 | 402,803 | ||||||
Wireless Telecommunication Services — 0.2% | ||||||||
T-Mobile USA, Inc., 4.75%, 2/1/28 | 534,000 | 568,336 | ||||||
T-Mobile USA, Inc., 3.50%, 4/15/31 | 395,000 | 414,838 | ||||||
Vodafone Group plc, VRN, 4.125%, 6/4/81 | 900,000 | 909,000 | ||||||
1,892,174 | ||||||||
TOTAL CORPORATE BONDS (Cost $111,901,354) | 116,495,816 | |||||||
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 6.7% | ||||||||
Adjustable-Rate U.S. Government Agency Mortgage-Backed Securities — 0.2% | ||||||||
FHLMC, VRN, 2.40%, (1-year H15T1Y plus 2.25%), 9/1/35 | 90,081 | 96,123 | ||||||
FHLMC, VRN, 2.25%, (12-month LIBOR plus 1.87%), 7/1/36 | 22,588 | 23,942 | ||||||
FHLMC, VRN, 2.34%, (1-year H15T1Y plus 2.14%), 10/1/36 | 85,577 | 91,595 | ||||||
FHLMC, VRN, 2.42%, (1-year H15T1Y plus 2.26%), 4/1/37 | 90,924 | 96,907 | ||||||
FHLMC, VRN, 2.17%, (12-month LIBOR plus 1.78%), 2/1/38 | 33,330 | 35,402 | ||||||
FHLMC, VRN, 2.23%, (12-month LIBOR plus 1.87%), 6/1/38 | 20,630 | 21,545 | ||||||
FHLMC, VRN, 2.30%, (12-month LIBOR plus 1.77%), 9/1/40 | 14,419 | 15,012 | ||||||
FHLMC, VRN, 2.15%, (12-month LIBOR plus 1.88%), 5/1/41 | 10,212 | 10,657 | ||||||
FHLMC, VRN, 2.45%, (12-month LIBOR plus 1.86%), 7/1/41 | 73,867 | 78,546 | ||||||
FHLMC, VRN, 2.02%, (12-month LIBOR plus 1.64%), 2/1/43 | 10,577 | 10,854 | ||||||
FHLMC, VRN, 1.87%, (12-month LIBOR plus 1.62%), 6/1/43 | 286 | 287 | ||||||
FHLMC, VRN, 1.90%, (12-month LIBOR plus 1.65%), 6/1/43 | 8,091 | 8,119 | ||||||
FHLMC, VRN, 2.86%, (12-month LIBOR plus 1.63%), 1/1/44 | 95,449 | 99,740 | ||||||
FHLMC, VRN, 2.60%, (12-month LIBOR plus 1.60%), 6/1/45 | 65,055 | 68,042 | ||||||
FHLMC, VRN, 1.96%, (12-month LIBOR plus 1.63%), 8/1/46 | 167,707 | 174,673 | ||||||
FHLMC, VRN, 3.05%, (12-month LIBOR plus 1.64%), 9/1/47 | 268,224 | 280,158 | ||||||
FNMA, VRN, 1.82%, (6-month LIBOR plus 1.57%), 6/1/35 | 53,684 | 55,999 | ||||||
FNMA, VRN, 1.82%, (6-month LIBOR plus 1.57%), 6/1/35 | 55,113 | 57,478 | ||||||
FNMA, VRN, 2.31%, (1-year H15T1Y plus 2.16%), 3/1/38 | 70,404 | 75,070 | ||||||
FNMA, VRN, 2.07%, (12-month LIBOR plus 1.69%), 1/1/40 | 7,179 | 7,473 | ||||||
FNMA, VRN, 2.29%, (12-month LIBOR plus 1.86%), 3/1/40 | 10,181 | 10,819 | ||||||
FNMA, VRN, 2.32%, (12-month LIBOR plus 1.77%), 10/1/40 | 23,569 | 24,916 | ||||||
FNMA, VRN, 1.98%, (12-month LIBOR plus 1.57%), 3/1/43 | 33,099 | 33,969 | ||||||
FNMA, VRN, 3.19%, (12-month LIBOR plus 1.61%), 3/1/47 | 163,177 | 171,492 | ||||||
FNMA, VRN, 3.09%, (12-month LIBOR plus 1.61%), 4/1/47 | 115,314 | 121,364 | ||||||
FNMA, VRN, 3.25%, (12-month LIBOR plus 1.62%), 5/1/47 | 205,304 | 215,412 | ||||||
1,885,594 | ||||||||
Fixed-Rate U.S. Government Agency Mortgage-Backed Securities — 6.5% | ||||||||
FHLMC, 6.50%, 1/1/28 | 5,787 | 6,516 | ||||||
FHLMC, 5.50%, 12/1/33 | 54,776 | 62,450 | ||||||
FHLMC, 5.50%, 1/1/38 | 41,203 | 47,971 | ||||||
FHLMC, 6.00%, 8/1/38 | 21,791 | 24,815 | ||||||
FHLMC, 3.50%, 12/1/47 | 296,480 | 316,530 | ||||||
FNMA, 6.50%, 1/1/29 | 9,482 | 10,782 | ||||||
FNMA, 7.50%, 7/1/29 | 11,954 | 12,087 | ||||||
FNMA, 7.50%, 9/1/30 | 6,088 | 7,061 | ||||||
FNMA, 6.625%, 11/15/30 | 600,000 | 878,118 | ||||||
FNMA, 6.50%, 9/1/31 | 9,600 | 10,801 | ||||||
FNMA, 7.00%, 9/1/31 | 3,092 | 3,263 | ||||||
FNMA, 6.50%, 1/1/32 | 8,468 | 9,533 | ||||||
FNMA, 6.50%, 8/1/32 | 10,601 | 12,065 | ||||||
FNMA, 5.50%, 6/1/33 | 32,355 | 37,378 | ||||||
FNMA, 5.50%, 7/1/33 | 48,380 | 55,863 | ||||||
FNMA, 5.50%, 8/1/33 | 112,223 | 129,814 |
FNMA, 5.50%, 9/1/33 | 56,448 | 64,793 | ||||||
FNMA, 3.50%, 3/1/34 | 181,913 | 195,925 | ||||||
FNMA, 5.50%, 4/1/36 | 50,735 | 58,907 | ||||||
FNMA, 5.50%, 5/1/36 | 99,049 | 114,968 | ||||||
FNMA, 5.50%, 2/1/37 | 26,709 | 31,061 | ||||||
FNMA, 6.00%, 7/1/37 | 195,740 | 231,991 | ||||||
FNMA, 6.50%, 8/1/37 | 20,812 | 23,939 | ||||||
FNMA, 5.50%, 7/1/39 | 169,949 | 197,346 | ||||||
FNMA, 4.50%, 8/1/40 | 422,052 | 469,333 | ||||||
FNMA, 4.50%, 9/1/40 | 967,674 | 1,081,602 | ||||||
FNMA, 3.50%, 1/1/41 | 493,991 | 538,740 | ||||||
FNMA, 4.00%, 1/1/41 | 490,353 | 546,656 | ||||||
FNMA, 4.00%, 5/1/41 | 444,380 | 486,838 | ||||||
FNMA, 4.50%, 9/1/41 | 827,921 | 925,334 | ||||||
FNMA, 4.50%, 9/1/41 | 183,232 | 204,151 | ||||||
FNMA, 4.00%, 1/1/42 | 370,962 | 407,352 | ||||||
FNMA, 3.50%, 5/1/42 | 886,266 | 966,817 | ||||||
FNMA, 3.50%, 6/1/42 | 282,912 | 309,441 | ||||||
FNMA, 6.50%, 8/1/47 | 6,438 | 6,994 | ||||||
FNMA, 6.50%, 9/1/47 | 15,409 | 16,691 | ||||||
FNMA, 6.50%, 9/1/47 | 741 | 804 | ||||||
FNMA, 6.50%, 9/1/47 | 8,148 | 8,824 | ||||||
FNMA, 3.50%, 3/1/48 | 569,937 | 606,628 | ||||||
FNMA, 4.00%, 6/1/48 | 1,555,246 | 1,666,574 | ||||||
FNMA, 4.50%, 7/1/48 | 457,940 | 493,620 | ||||||
FNMA, 4.00%, 8/1/48 | 1,333,099 | 1,427,112 | ||||||
FNMA, 3.50%, 4/1/49 | 383,552 | 406,414 | ||||||
FNMA, 4.00%, 6/1/49 | 3,033,643 | 3,240,904 | ||||||
FNMA, 3.50%, 9/1/49 | 946,286 | 1,002,701 | ||||||
FNMA, 3.00%, 12/1/49 | 837,885 | 878,794 | ||||||
FNMA, 3.00%, 3/1/50 | 862,748 | 906,440 | ||||||
FNMA, 3.00%, 3/1/50 | 2,394,266 | 2,531,549 | ||||||
FNMA, 3.00%, 6/1/50 | 5,500,370 | 5,770,656 | ||||||
FNMA, 3.00%, 6/1/50 | 533,628 | 559,758 | ||||||
FNMA, 3.00%, 6/1/50 | 518,720 | 544,446 | ||||||
FNMA, 3.00%, 6/1/50 | 571,204 | 606,791 | ||||||
FNMA, 3.00%, 8/1/50 | 1,950,204 | 2,045,697 | ||||||
FNMA, 2.50%, 10/1/50 | 2,221,379 | 2,320,373 | ||||||
FNMA, 2.50%, 6/1/51 | 1,996,441 | 2,083,874 | ||||||
FNMA, 3.00%, 6/1/51 | 199,375 | 212,586 | ||||||
FNMA, 3.50%, 7/1/51 | 3,934,992 | 4,215,928 | ||||||
GNMA, 2.50%, TBA | 5,200,000 | 5,406,578 | ||||||
GNMA, 3.00%, TBA | 2,900,000 | 3,034,918 | ||||||
GNMA, 7.00%, 4/20/26 | 15,037 | 16,573 | ||||||
GNMA, 7.50%, 8/15/26 | 9,420 | 10,471 | ||||||
GNMA, 7.00%, 2/15/28 | 2,306 | 2,315 | ||||||
GNMA, 7.00%, 5/15/31 | 22,460 | 26,397 | ||||||
GNMA, 5.50%, 11/15/32 | 57,576 | 66,374 | ||||||
GNMA, 4.50%, 5/20/41 | 171,882 | 191,284 | ||||||
GNMA, 4.50%, 6/15/41 | 211,481 | 242,530 | ||||||
GNMA, 3.50%, 6/20/42 | 370,451 | 399,053 | ||||||
GNMA, 4.50%, 11/20/43 | 232,402 | 258,776 | ||||||
GNMA, 3.50%, 3/15/46 | 1,473,091 | 1,574,822 | ||||||
GNMA, 2.50%, 7/20/46 | 425,709 | 444,827 | ||||||
GNMA, 3.00%, 4/20/50 | 2,984,730 | 3,125,562 |
GNMA, 3.50%, 6/20/51 | 843,084 | 894,940 | ||||||
UMBS, 2.50%, TBA | 6,800,000 | 7,069,280 | ||||||
UMBS, 3.00%, TBA | 8,700,000 | 9,101,356 | ||||||
71,900,455 | ||||||||
TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Cost $72,641,038) | 73,786,049 | |||||||
COLLATERALIZED MORTGAGE OBLIGATIONS — 2.6% | ||||||||
Private Sponsor Collateralized Mortgage Obligations — 1.5% | ||||||||
ABN Amro Mortgage Corp., Series 2003-4, Class A4, 5.50%, 3/25/33 | 4,352 | 4,461 | ||||||
Adjustable Rate Mortgage Trust, Series 2004-4, Class 4A1, VRN, 2.63%, 3/25/35 | 109,742 | 111,608 | ||||||
Banc of America Mortgage Trust, Series 2004-E, Class 2A6 SEQ, VRN, 2.83%, 6/25/34 | 73,053 | 74,697 | ||||||
Bellemeade Re Ltd., Series 2018-2A, Class B1, VRN, 2.74%, (1-month LIBOR plus 2.65%), 8/25/28(3) | 452,504 | 452,523 | ||||||
Bellemeade Re Ltd., Series 2019-3A, Class B1, VRN, 2.59%, (1-month LIBOR plus 2.50%), 7/25/29(3) | 400,000 | 400,714 | ||||||
Bellemeade Re Ltd., Series 2019-3A, Class M1C, VRN, 2.04%, (1-month LIBOR plus 1.95%), 7/25/29(3) | 360,000 | 360,577 | ||||||
Bellemeade Re Ltd., Series 2020-2A, Class M1C, VRN, 4.09%, (1-month LIBOR plus 4.00%), 8/26/30(3) | 480,000 | 491,318 | ||||||
Chase Mortgage Finance Corp., Series 2021-CL1, Class M1, VRN, 1.25%, (SOFR plus 1.20%), 2/25/50(3) | 550,000 | 550,000 | ||||||
Citigroup Mortgage Loan Trust, Inc., Series 2004-UST1, Class A5, VRN, 2.01%, 8/25/34 | 235,721 | 241,402 | ||||||
COLT Funding LLC, Series 2021-3R, Class A2 SEQ, VRN, 1.26%, 12/25/64(3) | 1,241,355 | 1,242,463 | ||||||
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005-17, Class 1A11, 5.50%, 9/25/35 | 1,579 | 1,538 | ||||||
Credit Suisse Mortgage Trust, Series 2020-NQM1, Class A2 SEQ, 1.41%, 5/25/65(3) | 686,347 | 691,016 | ||||||
Credit Suisse Mortgage Trust, Series 2021-NQM2, Class A2 SEQ, VRN, 1.38%, 2/25/66(3) | 540,795 | 541,513 | ||||||
Credit Suisse Mortgage Trust, Series 2021-NQM3, Class A3 SEQ, VRN, 1.63%, 4/25/66(3) | 402,512 | 403,797 | ||||||
Credit Suisse Mortgage Trust, Series 2021-NQM4, Class A3, SEQ, VRN, 1.56%, 5/25/66(3) | 373,161 | 373,644 | ||||||
Credit Suisse Mortgage Trust, Series 2021-RPL3, Class A1 SEQ, VRN, 2.00%, 1/25/60(3) | 536,424 | 547,793 | ||||||
First Horizon Alternative Mortgage Securities Trust, Series 2004-AA4, Class A1, VRN, 2.37%, 10/25/34 | 122,447 | 126,745 | ||||||
GCAT Trust, Series 2021-NQM1, Class A3 SEQ, VRN, 1.15%, 1/25/66(3) | 545,638 | 544,193 | ||||||
GSR Mortgage Loan Trust, Series 2004-7, Class 3A1, VRN, 2.34%, 6/25/34 | 33,298 | 33,358 | ||||||
GSR Mortgage Loan Trust, Series 2004-AR5, Class 3A3, VRN, 2.60%, 5/25/34 | 50,353 | 49,482 | ||||||
GSR Mortgage Loan Trust, Series 2005-AR1, Class 3A1, VRN, 2.89%, 1/25/35 | 76,795 | 78,358 | ||||||
Home RE Ltd., Series 2020-1, Class M1B, VRN, 3.34%, (1-month LIBOR plus 3.25%), 10/25/30(3) | 950,000 | 964,596 | ||||||
Home RE Ltd., Series 2021-1 Class M1B, VRN, 1.64%, (1-month LIBOR plus 1.55%), 7/25/33(3) | 360,000 | 359,260 | ||||||
JP Morgan Mortgage Trust, Series 2013-1, Class 2A2 SEQ, VRN, 2.50%, 3/25/43(3) | 25,893 | 26,214 | ||||||
JP Morgan Mortgage Trust, Series 2017-1, Class A2, VRN, 3.49%, 1/25/47(3) | 212,495 | 215,959 | ||||||
JP Morgan Mortgage Trust, Series 2020-3, Class A15, VRN, 3.50%, 8/25/50(3) | 356,049 | 362,726 | ||||||
MASTR Adjustable Rate Mortgages Trust, Series 2004-13, Class 3A7, VRN, 2.79%, 11/21/34 | 100,833 | 101,915 | ||||||
Merrill Lynch Mortgage Investors Trust, Series 2005-3, Class 2A, VRN, 2.19%, 11/25/35 | 46,744 | 46,711 | ||||||
Merrill Lynch Mortgage Investors Trust, Series 2005-A2, Class A1, VRN, 2.82%, 2/25/35 | 91,647 | 92,564 | ||||||
Newrez Warehouse Securitization Trust, Series 2021-1, Class A, VRN, 0.84%, (1-month LIBOR plus 0.75%), 5/25/55(3) | 750,000 | 750,215 | ||||||
Oaktown Re V Ltd., Series 2020-2A, Class M1A, VRN, 2.49%, (1-month LIBOR plus 2.40%), 10/25/30(3) | 247,557 | 248,509 | ||||||
Oceanview Mortgage Trust, Series 2021-3, Class A1, VRN, 2.50%, 6/25/51(3) | 1,625,000 | 1,663,004 | ||||||
PRMI Securitization Trust, Series 2021-1, Class A5, VRN, 2.50%, 4/25/51(3) | 955,260 | 958,529 | ||||||
PSMC Trust, Series 2021-1, Class A11 SEQ, VRN, 2.50%, 3/25/51(3) | 720,430 | 743,455 | ||||||
PSMC Trust, Series 2021-2, Class A3 SEQ, VRN, 2.50%, 5/25/51(3) | 418,992 | 433,482 | ||||||
Sequoia Mortgage Trust, Series 2021-5, Class A4 SEQ, VRN, 2.50%, 7/25/51(3) | 496,320 | 510,879 | ||||||
Sofi Mortgage Trust, Series 2016-1A, Class 1A4 SEQ, VRN, 3.00%, 11/25/46(3) | 67,095 | 68,521 | ||||||
Starwood Mortgage Residential Trust, Series 2020-2, Class B1E, VRN, 3.00%, 4/25/60(3) | 446,000 | 445,408 | ||||||
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-8, Class 2A1, VRN, 2.45%, 7/25/34 | 41,422 | 42,560 | ||||||
Verus Securitization Trust, Series 2021-R2, Class A2, VRN, 1.12%, 2/25/64(3) | 503,154 | 505,781 | ||||||
Verus Securitization Trust, Series 2021-R2, Class A3, VRN, 1.23%, 2/25/64(3) | 575,373 | 578,372 | ||||||
Wells Fargo Mortgage-Backed Securities Trust, Series 2007-13, Class A1, 6.00%, 9/25/37 | 668 | 682 | ||||||
16,440,542 | ||||||||
U.S. Government Agency Collateralized Mortgage Obligations — 1.1% | ||||||||
FHLMC, Series 2014-DN3, Class M3, VRN, 4.09%, (1-month LIBOR plus 4.00%), 8/25/24 | 143,884 | 146,873 | ||||||
FHLMC, Series 2014-DN4, Class M3, VRN, 4.64%, (1-month LIBOR plus 4.55%), 10/25/24 | 72,325 | 73,419 | ||||||
FHLMC, Series 2014-HQ1, Class M3, VRN, 4.19%, (1-month LIBOR plus 4.10%), 8/25/24 | 205,076 | 206,510 |
FHLMC, Series 2014-HQ3, Class M3, VRN, 4.84%, (1-month LIBOR plus 4.75%), 10/25/24 | 1,016,788 | 1,020,996 | ||||||
FHLMC, Series 2015-DNA3, Class M3F, VRN, 3.79%, (1-month LIBOR plus 3.70%), 4/25/28 | 269,212 | 275,140 | ||||||
FHLMC, Series 2015-HQ2, Class M3, VRN, 3.34%, (1-month LIBOR plus 3.25%), 5/25/25 | 96,973 | 98,474 | ||||||
FHLMC, Series 2016-DNA1, Class M3, VRN, 5.64%, (1-month LIBOR plus 5.55%), 7/25/28 | 837,910 | 878,049 | ||||||
FHLMC, Series 2016-DNA2, Class M3, VRN, 4.74%, (1-month LIBOR plus 4.65%), 10/25/28 | 455,807 | 476,428 | ||||||
FHLMC, Series 2016-DNA3, Class M3, VRN, 5.09%, (1-month LIBOR plus 5.00%), 12/25/28 | 779,755 | 812,989 | ||||||
FHLMC, Series 2016-HQA4, Class M3, VRN, 3.99%, (1-month LIBOR plus 3.90%), 4/25/29 | 523,041 | 540,318 | ||||||
FHLMC, Series 2017-DNA1, Class M2, VRN, 3.34%, (1-month LIBOR plus 3.25%), 7/25/29 | 797,631 | 819,853 | ||||||
FHLMC, Series 2017-DNA2, Class M2, VRN, 3.54%, (1-month LIBOR plus 3.45%), 10/25/29 | 220,000 | 228,157 | ||||||
FHLMC, Series 2019-DNA2, Class M2, VRN, 2.54%, (1-month LIBOR plus 2.45%), 3/25/49(3) | 306,546 | 311,101 | ||||||
FHLMC, Series 2020-DNA3, Class M2, VRN, 3.09%, (1-month LIBOR plus 3.00%), 6/25/50(3) | 284,524 | 286,083 | ||||||
FHLMC, Series 2020-DNA5, Class M2, VRN, 2.85%, (SOFR plus 2.80%), 10/25/50(3) | 750,000 | 759,583 | ||||||
FHLMC, Series 2020-HQA3, Class M2, VRN, 3.69%, (1-month LIBOR plus 3.60%), 7/25/50(3) | 211,716 | 213,449 | ||||||
FHLMC, Series 5123, Class HI, IO, 5.00%, 1/25/42 | 1,721,974 | 304,018 | ||||||
FNMA, Series 2013-C01, Class M2, VRN, 5.34%, (1-month LIBOR plus 5.25%), 10/25/23 | 740,622 | 774,319 | ||||||
FNMA, Series 2014-C02, Class 2M2, VRN, 2.69%, (1-month LIBOR plus 2.60%), 5/25/24 | 245,954 | 248,535 | ||||||
FNMA, Series 2014-C03, Class 2M2, VRN, 2.99%, (1-month LIBOR plus 2.90%), 7/25/24 | 286,307 | 290,257 | ||||||
FNMA, Series 2014-C04, Class 1M2, VRN, 4.99%, (1-month LIBOR plus 4.90%), 11/25/24 | 246,884 | 255,398 | ||||||
FNMA, Series 2015-C03, Class 2M2, VRN, 5.09%, (1-month LIBOR plus 5.00%), 7/25/25 | 224,881 | 227,624 | ||||||
FNMA, Series 2015-C04, Class 1M2, VRN, 5.79%, (1-month LIBOR plus 5.70%), 4/25/28 | 479,469 | 507,992 | ||||||
FNMA, Series 2015-C04, Class 2M2, VRN, 5.64%, (1-month LIBOR plus 5.55%), 4/25/28 | 984,772 | 1,034,816 | ||||||
FNMA, Series 2016-C01, Class 2M2, VRN, 7.04%, (1-month LIBOR plus 6.95%), 8/25/28 | 605,833 | 638,733 | ||||||
FNMA, Series 2016-C04, Class 1M2, VRN, 4.34%, (1-month LIBOR plus 4.25%), 1/25/29 | 512,185 | 535,615 | ||||||
FNMA, Series 2016-C06, Class 1M2, VRN, 4.34%, (1-month LIBOR plus 4.25%), 4/25/29 | 254,308 | 264,584 | ||||||
FNMA, Series 2017-C03, Class 1M2C, VRN, 3.09%, (1-month LIBOR plus 3.00%), 10/25/29 | 110,000 | 113,779 | ||||||
12,343,092 | ||||||||
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $28,496,701) | 28,783,634 | |||||||
COLLATERALIZED LOAN OBLIGATIONS — 2.6% | ||||||||
Aimco CLO Ltd., Series 2019-10A, Class BR, VRN, 2.78%, (3-month LIBOR plus 1.60%), 7/22/32(3)(4) | 1,090,000 | 1,090,000 | ||||||
Anchorage Credit Opportunities CLO Ltd., Series 2019-1A, Class A1, VRN, 2.08%, (3-month LIBOR plus 1.95%), 1/20/32(3) | 800,000 | 801,958 | ||||||
Apidos CLO XXVI, Series 2017-26A, Class BR, VRN, 2.08%, (3-month LIBOR plus 1.95%), 7/18/29(3) | 775,000 | 775,006 | ||||||
ARES LII CLO Ltd., Series 2019-52A, Class BR, VRN, 1.78%, (3-month LIBOR plus 1.65%), 4/22/31(3) | 550,000 | 549,042 | ||||||
ARES LII CLO Ltd., Series 2019-52A, Class CR, VRN, 2.23%, (3-month LIBOR plus 2.10%), 4/22/31(3) | 575,000 | 573,229 | ||||||
Ares LV CLO Ltd., Series 2020-55A, Class BR, VRN, 1.83%, (3-month LIBOR plus 1.70%), 7/15/34(3) | 1,075,000 | 1,075,061 | ||||||
Bean Creek CLO Ltd., Series 2015-1A, Class AR, VRN, 1.15%, (3-month LIBOR plus 1.02%), 4/20/31(3) | 750,000 | 750,013 | ||||||
Carlyle Global Market Strategies CLO Ltd., Series 2013-1A, Class BRR, VRN, 2.31%, (3-month LIBOR plus 2.20%), 8/14/30(3) | 700,000 | 700,320 | ||||||
CBAM Ltd., Series 2017-3A, Class CR, VRN, 2.58%, (3-month LIBOR plus 2.45%), 7/17/34(3) | 800,000 | 796,694 | ||||||
Cerberus Loan Funding XXXIII LP, Series 2021-3A, Class A, VRN, 1.69%, (3-month LIBOR plus 1.56%), 7/23/33(3) | 800,000 | 800,007 | ||||||
Elmwood CLO II Ltd., Series 2019-2A, Class DR, VRN, 3.13%, (3-month LIBOR plus 3.00%), 4/20/34(3) | 500,000 | 503,355 | ||||||
Elmwood CLO V Ltd., Series 2020-2A, Class BR, VRN, 1.77%, (3-month LIBOR plus 1.65%), 10/20/34(3)(4) | 425,000 | 425,026 | ||||||
Elmwood CLO X Ltd., Series 2021-3A, Class B, VRN, 1.72%, (3-month LIBOR plus 1.60%), 10/20/34(3)(4) | 1,075,000 | 1,075,000 | ||||||
Elmwood CLO X Ltd., Series 2021-3A, Class C, VRN, 2.07%, (3-month LIBOR plus 1.95%), 10/20/34(3)(4) | 625,000 | 625,000 | ||||||
Goldentree Loan Management US CLO Ltd., Series 2017-1A, Class CR2, VRN, 1.93%, (3-month LIBOR plus 1.80%), 4/20/34(3) | 750,000 | 740,209 | ||||||
KKR CLO Ltd., Series 2022A, Class A, VRN, 1.28%, (3-month LIBOR plus 1.15%), 7/20/31(3) | 450,000 | 449,553 | ||||||
KREF, Series 2021-FL2, Class AS, VRN, 1.39%, (1-month LIBOR plus 1.30%), 2/15/39(3)(4) | 800,000 | 801,145 | ||||||
KREF, Series 2021-FL2, Class B, VRN, 1.74%, (1-month LIBOR plus 1.65%), 2/15/39(3)(4) | 800,000 | 800,800 | ||||||
Madison Park Funding XXII Ltd., Series 2016-22A, Class A1R, VRN, 1.39%, (3-month LIBOR plus 1.26%), 1/15/33(3) | 450,000 | 451,085 | ||||||
Madison Park Funding XXXVII Ltd., Series 2019-37A, Class BR, VRN, 1.79%, (3-month LIBOR plus 1.65%), 7/15/33(3) | 1,075,000 | 1,075,058 | ||||||
Magnetite CLO Ltd., Series 2021-31 A, Class B, VRN, 1.77%, (3-month LIBOR plus 1.65%), 7/15/34(3)(4) | 600,000 | 600,000 | ||||||
Oak Hill Credit Partners X-R Ltd., Series 2014-10RA, Class CR, VRN, 2.13%, (3-month LIBOR plus 2.00%), 4/20/34(3) | 925,000 | 927,293 | ||||||
Octagon Investment Partners Ltd., Series 2019-3A, Class BR, VRN, 1.78%, (3-month LIBOR plus 1.65%), 7/15/34(3) | 1,050,000 | 1,050,004 |
Octagon Investment Partners Ltd., Series 2021-1A, Class C, VRN, 2.08%, (3-month LIBOR plus 1.95%), 7/20/34(3) | 300,000 | 299,902 | ||||||
Octagon Investment Partners Ltd., Series 2021-1A, Class D, VRN, 3.18%, (3-month LIBOR plus 3.05%), 7/20/34(3) | 275,000 | 277,179 | ||||||
Octagon Investment Partners XV Ltd., Series 2013-1A, Class BRR, VRN, 1.63%, (3-month LIBOR plus 1.50%), 7/19/30(3) | 800,000 | 800,000 | ||||||
Parallel Ltd., Series 2019-1A, Class BR, VRN, 1.92%, (3-month LIBOR plus 1.80%), 7/20/32(3)(4) | 825,000 | 825,000 | ||||||
Park Avenue Institutional Advisers CLO Ltd., Series 2018-1A, Class BR, VRN, 2.23%, (3-month LIBOR plus 2.10%), 10/20/31(3) | 750,000 | 748,158 | ||||||
Rockford Tower CLO Ltd., Series 2021-2A, Class B, VRN, 1.87%, (3-month LIBOR plus 1.75%), 7/20/34(3)(4) | 1,175,000 | 1,175,000 | ||||||
Rockford Tower CLO Ltd., Series 2017-1A, Class CR2, VRN, 2.23%, (3-month LIBOR plus 2.10%), 4/20/34(3) | 875,000 | 879,745 | ||||||
Rockford Tower CLO Ltd., Series 2017-3A, Class A, VRN, 1.32%, (3-month LIBOR plus 1.19%), 10/20/30(3) | 650,000 | 650,890 | ||||||
Sound Point CLO Ltd., Series 2019-1A, Class BR, VRN, 1.82%, (3-month LIBOR plus 1.70%), 1/20/32(3)(4) | 1,350,000 | 1,350,000 | ||||||
Symphony CLO XXII Ltd., Series 2020-22A, Class A1A, VRN, 1.42%, (3-month LIBOR plus 1.29%), 4/18/33(3) | 500,000 | 500,582 | ||||||
Symphony CLO XXV Ltd., Series 2021-25A, Class C, VRN, 2.24%, (3-month LIBOR plus 2.05%), 4/19/34(3) | 875,000 | 872,057 | ||||||
THL Credit Wind River CLO Ltd., Series 2013-2A, Class BR2, VRN, 1.70%, (3-month LIBOR plus 1.57%), 10/18/30(3) | 1,150,000 | 1,148,419 | ||||||
Voya CLO Ltd., Series 2013-2A, Class A1R, VRN, 1.10%, (3-month LIBOR plus 0.97%), 4/25/31(3) | 700,000 | 696,673 | ||||||
Voya CLO Ltd., Series 2016-4A, Class B2R, VRN, 1.68%, (3-month LIBOR plus 1.55%), 7/20/29(3) | 1,093,600 | 1,092,401 | ||||||
TOTAL COLLATERALIZED LOAN OBLIGATIONS (Cost $28,740,980) | 28,750,864 | |||||||
ASSET-BACKED SECURITIES — 2.3% | ||||||||
BDS Ltd., Series 2021-FL7, Class C, VRN, 1.79%, 6/16/36(3) | 1,125,000 | 1,123,599 | ||||||
Blackbird Capital Aircraft, Series 2021-1A, Class A SEQ, 2.44%, 7/15/46(3) | 900,000 | 912,684 | ||||||
BRE Grand Islander Timeshare Issuer LLC, Series 2017-1A, Class A SEQ, 2.94%, 5/25/29(3) | 346,311 | 355,107 | ||||||
Capital Automotive REIT, Series 2021-1A, Class A4 SEQ, 2.76%, 8/15/51(3)(4) | 800,000 | 799,791 | ||||||
Castlelake Aircraft Structured Trust, Series 2017-1R, Class A SEQ, 2.74%, 8/15/41(3)(4) | 900,000 | 900,440 | ||||||
CLI Funding VI LLC, Series 2020-1A, Class A SEQ, 2.08%, 9/18/45(3) | 498,667 | 505,286 | ||||||
Diamond Resorts Owner Trust, Series 2021-1A, Class A SEQ, 1.51%, 11/21/33(3) | 984,514 | 993,189 | ||||||
FirstKey Homes Trust, Series 2020-SFR2, Class D, 1.97%, 10/19/37(3) | 1,200,000 | 1,207,570 | ||||||
FirstKey Homes Trust, Series 2021-SFR1, Class D, 2.19%, 8/17/38(3) | 950,000 | 960,904 | ||||||
FirstKey Homes Trust, Series 2021-SFR1, Class E1, 2.39%, 8/17/38(3) | 1,100,000 | 1,112,705 | ||||||
Global SC Finance SRL, Series 2021-2A, Class A SEQ, 1.95%, 8/17/41(3)(4) | 1,350,000 | 1,349,941 | ||||||
Goodgreen Trust, Series 2018-1A, Class A, VRN, 3.93%, 10/15/53(3) | 469,192 | 501,342 | ||||||
Goodgreen Trust, Series 2020-1A, Class A SEQ, 2.63%, 4/15/55(3) | 897,816 | 934,402 | ||||||
Goodgreen Trust, Series 2021-1A, Class A SEQ, 2.66%, 10/15/56(3) | 577,676 | 588,895 | ||||||
Hilton Grand Vacations Trust, Series 2018-AA, Class B, 3.70%, 2/25/32(3) | 822,084 | 861,892 | ||||||
MAPS Trust, Series 2021-1A, Class A SEQ, 2.52%, 6/15/46(3) | 1,709,986 | 1,737,743 | ||||||
Mosaic Solar Loan Trust, Series 2021-1A, Class B, 2.05%, 12/20/46(3) | 810,561 | 817,317 | ||||||
MVW Owner Trust, Series 2016-1A, Class A SEQ, 2.25%, 12/20/33(3) | 108,874 | 109,964 | ||||||
Progress Residential Trust, Series 2018-SFR3, Class A SEQ, 3.88%, 10/17/35(3) | 998,288 | 1,011,069 | ||||||
Progress Residential Trust, Series 2018-SFR3, Class B, 4.08%, 10/17/35(3) | 2,550,000 | 2,564,368 | ||||||
Progress Residential Trust, Series 2021-SFR2, Class D, 2.20%, 4/19/38(3) | 600,000 | 604,718 | ||||||
Progress Residential Trust, Series 2021-SFR3, Class B, 1.89%, 5/17/26(3) | 1,300,000 | 1,317,994 | ||||||
Progress Residential Trust, Series 2021-SFR3, Class C, 2.09%, 5/17/26(3) | 500,000 | 508,024 | ||||||
Sierra Timeshare Receivables Funding LLC, Series 2018-2A, Class A SEQ, 3.50%, 6/20/35(3) | 246,010 | 255,302 | ||||||
Sierra Timeshare Receivables Funding LLC, Series 2021-1A, Class C, 1.79%, 11/20/37(3) | 487,985 | 492,225 | ||||||
TAL Advantage VII LLC, Series 2020-1A, Class A SEQ, 2.05%, 9/20/45(3) | 501,875 | 509,976 | ||||||
Towd Point Mortgage Trust, Series 2018-2, Class A1, VRN, 3.25%, 3/25/58(3) | 745,448 | 772,688 | ||||||
VSE VOI Mortgage LLC, Series 2016-A, Class A SEQ, 2.54%, 7/20/33(3) | 159,331 | 159,459 | ||||||
VSE VOI Mortgage LLC, Series 2018-A, Class B, 3.72%, 2/20/36(3) | 337,811 | 353,999 | ||||||
Wendy's Funding LLC, Series 2021-1A, Class A2I SEQ, 2.37%, 6/15/51(3) | 800,000 | 817,242 | ||||||
TOTAL ASSET-BACKED SECURITIES (Cost $24,810,292) | 25,139,835 | |||||||
MUNICIPAL SECURITIES — 0.6% | ||||||||
Bay Area Toll Authority Rev., 6.92%, 4/1/40 | 295,000 | 452,597 | ||||||
California State University Rev., 2.98%, 11/1/51 | 500,000 | 533,194 |
Foothill-Eastern Transportation Corridor Agency Rev., 4.09%, 1/15/49 | 275,000 | 294,562 | ||||||
Grand Parkway Transportation Corp. Rev., 3.24%, 10/1/52 | 225,000 | 231,871 | ||||||
Houston GO, 3.96%, 3/1/47 | 120,000 | 144,161 | ||||||
Metropolitan Transportation Authority Rev., 6.69%, 11/15/40 | 105,000 | 153,137 | ||||||
Metropolitan Transportation Authority Rev., 6.81%, 11/15/40 | 60,000 | 88,276 | ||||||
Metropolitan Water Reclamation District of Greater Chicago GO, 5.72%, 12/1/38 | 650,000 | 935,420 | ||||||
Michigan Strategic Fund Rev., (Flint Water Advocacy Fund), 3.23%, 9/1/47 | 570,000 | 586,675 | ||||||
Missouri Highway & Transportation Commission Rev., 5.45%, 5/1/33 | 130,000 | 168,593 | ||||||
New Jersey Turnpike Authority Rev., 7.41%, 1/1/40 | 200,000 | 335,509 | ||||||
New Jersey Turnpike Authority Rev., 7.10%, 1/1/41 | 95,000 | 155,481 | ||||||
New York City GO, 6.27%, 12/1/37 | 95,000 | 142,001 | ||||||
Ohio Turnpike & Infrastructure Commission Rev., 3.22%, 2/15/48 | 330,000 | 343,948 | ||||||
Ohio Water Development Authority Water Pollution Control Loan Fund Rev., 4.88%, 12/1/34 | 110,000 | 133,102 | ||||||
Port Authority of New York & New Jersey Rev., 4.93%, 10/1/51 | 50,000 | 71,532 | ||||||
Regents of the University of California Medical Center Pooled Rev., 3.26%, 5/15/60 | 245,000 | 271,406 | ||||||
Rutgers The State University of New Jersey Rev., 5.67%, 5/1/40 | 300,000 | 418,214 | ||||||
Sacramento Municipal Utility District Rev., 6.16%, 5/15/36 | 210,000 | 298,516 | ||||||
San Francisco Public Utilities Commission Water Rev., 6.00%, 11/1/40 | 105,000 | 148,586 | ||||||
Santa Clara Valley Transportation Authority Rev., 5.88%, 4/1/32 | 120,000 | 152,259 | ||||||
State of California GO, 4.60%, 4/1/38 | 355,000 | 417,392 | ||||||
State of California GO, 7.55%, 4/1/39 | 100,000 | 173,738 | ||||||
State of California GO, 7.30%, 10/1/39 | 160,000 | 260,105 | ||||||
State of California GO, 7.60%, 11/1/40 | 80,000 | 142,486 | ||||||
State of Washington GO, 5.14%, 8/1/40 | 20,000 | 28,420 | ||||||
TOTAL MUNICIPAL SECURITIES (Cost $5,826,589) | 7,081,181 | |||||||
EXCHANGE-TRADED FUNDS — 0.4% | ||||||||
SPDR Bloomberg Barclays Short Term High Yield Bond ETF (Cost $3,885,193) | 143,100 | 3,928,095 | ||||||
COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.3% | ||||||||
BDS Ltd., Series 2021-FL8, Class C, VRN, 1.65%, (1-month LIBOR plus 1.55%), 1/18/36(3)(4) | 500,000 | 500,742 | ||||||
BDS Ltd., Series 2021-FL8, Class D, VRN, 2.00%, (1-month LIBOR plus 1.90%), 1/18/36(3)(4) | 400,000 | 400,625 | ||||||
BX Commercial Mortgage Trust, Series 2020-VIVA, Class D, VRN, 3.55%, 3/11/44(3) | 1,100,000 | 1,158,115 | ||||||
BXMT, Ltd., Series 2020-FL2, Class C, VRN, 1.81%, (SOFR plus 1.76%), 2/15/38(3) | 1,090,000 | 1,091,844 | ||||||
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $3,141,126) | 3,151,326 | |||||||
U.S. GOVERNMENT AGENCY SECURITIES — 0.2% | ||||||||
FNMA, 0.75%, 10/8/27 (Cost $1,997,464) | 2,000,000 | 1,979,476 | ||||||
SOVEREIGN GOVERNMENTS AND AGENCIES — 0.2% | ||||||||
Chile† | ||||||||
Chile Government International Bond, 3.25%, 9/14/21 | 100,000 | 100,055 | ||||||
Chile Government International Bond, 3.625%, 10/30/42 | 100,000 | 107,457 | ||||||
207,512 | ||||||||
Mexico — 0.1% | ||||||||
Mexico Government International Bond, 4.15%, 3/28/27 | 600,000 | 683,619 | ||||||
Peru — 0.1% | ||||||||
Peruvian Government International Bond, 5.625%, 11/18/50 | 170,000 | 230,787 | ||||||
Philippines† | ||||||||
Philippine Government International Bond, 6.375%, 10/23/34 | 150,000 | 212,042 | ||||||
Poland† | ||||||||
Republic of Poland Government International Bond, 3.00%, 3/17/23 | 140,000 | 146,143 | ||||||
South Africa† | ||||||||
Republic of South Africa Government International Bond, 4.67%, 1/17/24 | 110,000 | 118,458 | ||||||
Uruguay† | ||||||||
Uruguay Government International Bond, 4.125%, 11/20/45 | 120,000 | 141,820 | ||||||
TOTAL SOVEREIGN GOVERNMENTS AND AGENCIES (Cost $1,517,144) | 1,740,381 | |||||||
BANK LOAN OBLIGATIONS(5)† | ||||||||
Pharmaceuticals† | ||||||||
Horizon Therapeutics USA Inc., 2021 Term Loan B, 2.50%, (1-month LIBOR plus 2.00%), 3/15/28 (Cost $503,349) | 502,740 | 498,530 | ||||||
TEMPORARY CASH INVESTMENTS — 4.9% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class (Cost $54,360,151) | 54,360,151 | 54,360,151 | ||||||
TOTAL INVESTMENT SECURITIES — 106.8% (Cost $1,004,786,265) | 1,177,437,694 | |||||||
OTHER ASSETS AND LIABILITIES — (6.8)% | (75,353,717) | |||||||
TOTAL NET ASSETS — 100.0% | $ | 1,102,083,977 |
FUTURES CONTRACTS PURCHASED | ||||||||||||||
Reference Entity | Contracts | Expiration Date | Notional Amount | Unrealized Appreciation (Depreciation)^ | ||||||||||
S&P 500 E-Mini | 20 | September 2021 | $ | 4,389,500 | $ | (5,454) | ||||||||
U.S. Treasury 2-Year Notes | 63 | September 2021 | 13,901,344 | 11,496 | ||||||||||
U.S. Treasury 5-Year Notes | 89 | September 2021 | 11,075,633 | 17,809 | ||||||||||
U.S. Treasury Long Bonds | 36 | September 2021 | 5,929,875 | 218,957 | ||||||||||
U.S. Treasury Ultra Bonds | 10 | September 2021 | 1,995,312 | 9,699 | ||||||||||
$ | 37,291,664 | $ | 252,507 |
^Amount represents value and unrealized appreciation (depreciation).
FUTURES CONTRACTS SOLD | ||||||||||||||
Reference Entity | Contracts | Expiration Date | Notional Amount | Unrealized Appreciation (Depreciation)^ | ||||||||||
U.S. Treasury 10-Year Notes | 26 | September 2021 | $ | 3,495,781 | $ | (6,217) |
^Amount represents value and unrealized appreciation (depreciation).
CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS§ | |||||||||||||||||||||||
Reference Entity | Type | Fixed Rate Received (Paid) Quarterly | Termination Date | Notional Amount | Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | Value^ | ||||||||||||||||
Markit CDX North America High Yield Index Series 36 | Buy | 5.00% | 6/20/26 | $ | 9,500,000 | $ | (889,312) | $ | (43,128) | $ | (932,440) |
§Credit default swap agreements enable the fund to buy/sell protection against a credit event of a specific issuer or index. As a seller of credit protection against a security or basket of securities, the fund receives an upfront and/or periodic payment to compensate against potential default events. The fund may attempt to enhance returns by selling protection.
^The value for credit default swap agreements serves as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability or profit at the period end. Increasing values in absolute terms when compared to the notional amount of the credit default swap agreement represent a deterioration of the referenced entity's credit soundness and an increased likelihood or risk of a credit event occurring as defined in the agreement.
CENTRALLY CLEARED TOTAL RETURN SWAP AGREEMENTS | |||||||||||||||||||||||
Floating Rate Index | Pay/Receive Floating Rate Index at Termination | Fixed Rate | Termination Date | Notional Amount | Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | Value | ||||||||||||||||
CPURNSA | Receive | 1.78% | 8/5/24 | $ | 3,500,000 | $ | (528) | $ | 189,729 | $ | 189,201 | ||||||||||||
CPURNSA | Receive | 2.34% | 2/5/26 | $ | 4,000,000 | 524 | 159,497 | 160,021 | |||||||||||||||
CPURNSA | Receive | 2.33% | 2/8/26 | $ | 4,000,000 | 524 | 160,003 | 160,527 | |||||||||||||||
CPURNSA | Receive | 2.30% | 2/24/26 | $ | 4,000,000 | 525 | 163,352 | 163,877 | |||||||||||||||
CPURNSA | Receive | 2.40% | 2/9/31 | $ | 2,000,000 | 522 | 75,540 | 76,062 | |||||||||||||||
$ | 1,567 | $ | 748,121 | $ | 749,688 |
NOTES TO SCHEDULE OF INVESTMENTS | ||||||||
CDX | - | Credit Derivatives Indexes | ||||||
CPURNSA | - | U.S. Consumer Price Index Urban Consumers Not Seasonally Adjusted Index | ||||||
FHLMC | - | Federal Home Loan Mortgage Corporation | ||||||
FNMA | - | Federal National Mortgage Association | ||||||
GNMA | - | Government National Mortgage Association | ||||||
GO | - | General Obligation | ||||||
H15T1Y | - | Constant Maturity U.S. Treasury Note Yield Curve Rate Index | ||||||
IO | - | Interest Only | ||||||
LIBOR | - | London Interbank Offered Rate | ||||||
MTN | - | Medium Term Note | ||||||
SEQ | - | Sequential Payer | ||||||
SOFR | - | Secured Overnight Financing Rate | ||||||
TBA | - | To-Be-Announced. Security was purchased on a forward commitment basis with an approximate principal amount and maturity date. Actual principal amount and maturity date will be determined upon settlement. | ||||||
UMBS | - | Uniform Mortgage-Backed Securities | ||||||
VRN | - | Variable Rate Note. The rate adjusts periodically based upon the terms set forth in the security’s offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. The security's effective maturity date may be shorter than the final maturity date shown. |
†Category is less than 0.05% of total net assets.
(1)Non-income producing.
(2)Security, or a portion thereof, has been pledged at the custodian bank or with a broker for collateral requirements on forward commitments, futures contracts and/or swap agreements. At the period end, the aggregate value of securities pledged was $1,461,780.
(3)Security was purchased pursuant to Rule 144A or Section 4(2) under the Securities Act of 1933 and may be sold in transactions exempt from registration, normally to qualified institutional investors. The aggregate value of these securities at the period end was $95,188,809, which represented 8.6% of total net assets.
(4)When-issued security. The issue price and yield are fixed on the date of the commitment, but payment and delivery are scheduled for a future date.
(5)The interest rate on a bank loan obligation adjusts periodically based on a predetermined schedule. Rate or range of rates shown is effective at period end. The maturity date on a bank loan obligation may be less than indicated as a result of contractual or optional prepayments. These prepayments cannot be predicted with certainty.
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.
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 bonds, U.S. Treasury and Government Agency securities, convertible bonds, bank loan obligations, municipal securities, and sovereign governments and agencies 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. Mortgage-related and asset-backed securities are valued based on models that consider trade data, prepayment and default projections, benchmark yield and spread data and estimated cash flows of each tranche of the issuer. Collateralized loan obligations are valued based on discounted cash flow models that consider trade and economic data, prepayment assumptions and default projections.
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 NAV per share. Exchange-traded futures contracts are valued at the settlement price as provided by the appropriate exchange. Swap agreements are valued at an evaluated mean as provided by independent pricing services or independent brokers.
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 Stocks | 650,729,067 | 8,484,187 | — | ||||||||
U.S. Treasury Securities | — | 172,529,102 | — | ||||||||
Corporate Bonds | — | 116,495,816 | — | ||||||||
U.S. Government Agency Mortgage-Backed Securities | — | 73,786,049 | — | ||||||||
Collateralized Mortgage Obligations | — | 28,783,634 | — | ||||||||
Collateralized Loan Obligations | — | 28,750,864 | — | ||||||||
Asset-Backed Securities | — | 25,139,835 | — | ||||||||
Municipal Securities | — | 7,081,181 | — | ||||||||
Exchange-Traded Funds | 3,928,095 | — | — | ||||||||
Commercial Mortgage-Backed Securities | — | 3,151,326 | — | ||||||||
U.S. Government Agency Securities | — | 1,979,476 | — | ||||||||
Sovereign Governments and Agencies | — | 1,740,381 | — | ||||||||
Bank Loan Obligations | — | 498,530 | — | ||||||||
Temporary Cash Investments | 54,360,151 | — | — | ||||||||
709,017,313 | 468,420,381 | — | |||||||||
Other Financial Instruments | |||||||||||
Futures Contracts | 257,961 | — | — | ||||||||
Swap Agreements | — | 749,688 | — | ||||||||
257,961 | 749,688 | — | |||||||||
Liabilities | |||||||||||
Other Financial Instruments | |||||||||||
Futures Contracts | 11,671 | — | — | ||||||||
Swap Agreements | — | 932,440 | — | ||||||||
11,671 | 932,440 | — |
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.