American Century Investments®
Quarterly Portfolio Holdings
Balanced Fund
January 31, 2022
| Balanced - Schedule of Investments | ||
JANUARY 31, 2022 (UNAUDITED) | ||
| Shares/ Principal Amount ($) | Value ($) | |||||||
| COMMON STOCKS — 60.0% | ||||||||
| Aerospace and Defense — 0.6% | ||||||||
| Lockheed Martin Corp. | 15,669 | 6,097,278 | ||||||
| Air Freight and Logistics — 0.6% | ||||||||
| United Parcel Service, Inc., Class B | 31,116 | 6,291,966 | ||||||
| Auto Components — 0.5% | ||||||||
Aptiv plc(1) | 43,221 | 5,903,124 | ||||||
| Automobiles — 1.2% | ||||||||
Rivian Automotive, Inc., Class A(1) | 19,974 | 1,313,091 | ||||||
Tesla, Inc.(1) | 12,765 | 11,957,231 | ||||||
| 13,270,322 | ||||||||
| Banks — 2.8% | ||||||||
| Bank of America Corp. | 225,947 | 10,425,194 | ||||||
| JPMorgan Chase & Co. | 74,062 | 11,005,613 | ||||||
| Regions Financial Corp. | 366,005 | 8,396,155 | ||||||
| 29,826,962 | ||||||||
| Beverages — 0.9% | ||||||||
| PepsiCo, Inc. | 56,554 | 9,813,250 | ||||||
| Biotechnology — 0.4% | ||||||||
| Amgen, Inc. | 12,510 | 2,841,521 | ||||||
Vertex Pharmaceuticals, Inc.(1) | 6,094 | 1,481,147 | ||||||
| 4,322,668 | ||||||||
| Building Products — 1.0% | ||||||||
| Johnson Controls International plc | 107,633 | 7,821,690 | ||||||
| Masco Corp. | 49,448 | 3,131,542 | ||||||
| 10,953,232 | ||||||||
| Capital Markets — 2.8% | ||||||||
| Ameriprise Financial, Inc. | 13,962 | 4,248,776 | ||||||
| BlackRock, Inc. | 6,823 | 5,614,920 | ||||||
| Intercontinental Exchange, Inc. | 22,748 | 2,881,262 | ||||||
| Morgan Stanley | 107,826 | 11,056,478 | ||||||
| S&P Global, Inc. | 15,133 | 6,283,524 | ||||||
| 30,084,960 | ||||||||
| Chemicals — 1.5% | ||||||||
| Air Products and Chemicals, Inc. | 9,832 | 2,773,804 | ||||||
| Ecolab, Inc. | 14,006 | 2,653,437 | ||||||
| Linde plc | 24,622 | 7,846,539 | ||||||
| Sherwin-Williams Co. (The) | 10,561 | 3,025,832 | ||||||
| 16,299,612 | ||||||||
| Communications Equipment — 0.7% | ||||||||
| Cisco Systems, Inc. | 128,753 | 7,167,680 | ||||||
| Consumer Finance — 0.6% | ||||||||
| American Express Co. | 33,861 | 6,088,885 | ||||||
| Containers and Packaging — 0.4% | ||||||||
| Ball Corp. | 43,086 | 4,183,651 | ||||||
| Diversified Telecommunication Services — 0.1% | ||||||||
| Verizon Communications, Inc. | 25,505 | 1,357,631 | ||||||
| Electric Utilities — 1.1% | ||||||||
| NextEra Energy, Inc. | 145,775 | 11,387,943 | ||||||
| Electrical Equipment — 0.8% | ||||||||
| Eaton Corp. plc | 28,571 | 4,526,503 | ||||||
Generac Holdings, Inc.(1) | 2,055 | 580,291 | ||||||
| Rockwell Automation, Inc. | 12,671 | 3,664,707 | ||||||
| 8,771,501 | ||||||||
| Electronic Equipment, Instruments and Components — 1.2% | ||||||||
| CDW Corp. | 27,680 | 5,232,904 | ||||||
| Cognex Corp. | 36,973 | 2,457,226 | ||||||
Keysight Technologies, Inc.(1) | 33,304 | 5,622,381 | ||||||
| 13,312,511 | ||||||||
| Energy Equipment and Services — 0.8% | ||||||||
| Schlumberger NV | 209,217 | 8,174,108 | ||||||
| Entertainment — 0.9% | ||||||||
| Electronic Arts, Inc. | 18,741 | 2,486,181 | ||||||
Walt Disney Co. (The)(1) | 51,812 | 7,407,562 | ||||||
| 9,893,743 | ||||||||
| Equity Real Estate Investment Trusts (REITs) — 1.4% | ||||||||
| Prologis, Inc. | 95,762 | 15,017,397 | ||||||
| Food and Staples Retailing — 1.0% | ||||||||
| Costco Wholesale Corp. | 7,568 | 3,822,824 | ||||||
| Sysco Corp. | 83,680 | 6,539,592 | ||||||
| 10,362,416 | ||||||||
| Food Products — 0.5% | ||||||||
| Mondelez International, Inc., Class A | 72,006 | 4,826,562 | ||||||
Vital Farms, Inc.(1) | 25,270 | 417,713 | ||||||
| 5,244,275 | ||||||||
| Health Care Equipment and Supplies — 1.1% | ||||||||
Edwards Lifesciences Corp.(1) | 55,258 | 6,034,174 | ||||||
| Medtronic plc | 40,386 | 4,179,547 | ||||||
| ResMed, Inc. | 5,679 | 1,298,219 | ||||||
| 11,511,940 | ||||||||
| Health Care Providers and Services — 2.5% | ||||||||
| Cigna Corp. | 31,390 | 7,234,139 | ||||||
| CVS Health Corp. | 67,307 | 7,168,869 | ||||||
| Humana, Inc. | 6,257 | 2,455,873 | ||||||
| UnitedHealth Group, Inc. | 20,551 | 9,711,786 | ||||||
| 26,570,667 | ||||||||
| Hotels, Restaurants and Leisure — 1.2% | ||||||||
Booking Holdings, Inc.(1) | 1,991 | 4,890,155 | ||||||
Chipotle Mexican Grill, Inc.(1) | 1,765 | 2,622,049 | ||||||
Expedia Group, Inc.(1) | 29,669 | 5,438,031 | ||||||
| 12,950,235 | ||||||||
| Household Products — 1.0% | ||||||||
| Colgate-Palmolive Co. | 33,592 | 2,769,661 | ||||||
| Procter & Gamble Co. (The) | 46,885 | 7,522,698 | ||||||
| 10,292,359 | ||||||||
| Industrial Conglomerates — 0.7% | ||||||||
| Honeywell International, Inc. | 35,513 | 7,261,698 | ||||||
| Insurance — 1.0% | ||||||||
| Marsh & McLennan Cos., Inc. | 24,725 | 3,798,749 | ||||||
| Prudential Financial, Inc. | 28,200 | 3,146,274 | ||||||
| Travelers Cos., Inc. (The) | 23,597 | 3,921,349 | ||||||
| 10,866,372 | ||||||||
| Interactive Media and Services — 3.7% | ||||||||
Alphabet, Inc., Class A(1) | 10,013 | 27,095,879 | ||||||
Alphabet, Inc., Class C(1) | 1,696 | 4,602,893 | ||||||
Meta Platforms, Inc., Class A(1) | 25,742 | 8,063,939 | ||||||
| 39,762,711 | ||||||||
| Internet and Direct Marketing Retail — 2.0% | ||||||||
Amazon.com, Inc.(1) | 7,276 | 21,765,936 | ||||||
| IT Services — 3.1% | ||||||||
| Accenture plc, Class A | 22,762 | 8,048,188 | ||||||
| Mastercard, Inc., Class A | 23,276 | 8,993,381 | ||||||
PayPal Holdings, Inc.(1) | 38,079 | 6,547,303 | ||||||
| Visa, Inc., Class A | 40,940 | 9,259,400 | ||||||
| 32,848,272 | ||||||||
| Life Sciences Tools and Services — 1.2% | ||||||||
| Agilent Technologies, Inc. | 44,652 | 6,220,917 | ||||||
| Thermo Fisher Scientific, Inc. | 11,284 | 6,559,389 | ||||||
| 12,780,306 | ||||||||
| Machinery — 1.4% | ||||||||
| Cummins, Inc. | 20,947 | 4,626,773 | ||||||
| Deere & Co. | 6,110 | 2,299,804 | ||||||
| Parker-Hannifin Corp. | 18,653 | 5,782,617 | ||||||
| Xylem, Inc. | 27,522 | 2,890,360 | ||||||
| 15,599,554 | ||||||||
| Media — 0.3% | ||||||||
| Comcast Corp., Class A | 67,363 | 3,367,476 | ||||||
| Multiline Retail — 0.3% | ||||||||
| Target Corp. | 13,362 | 2,945,386 | ||||||
| Oil, Gas and Consumable Fuels — 0.9% | ||||||||
| ConocoPhillips | 114,291 | 10,128,468 | ||||||
| Personal Products — 0.3% | ||||||||
| Estee Lauder Cos., Inc. (The), Class A | 9,331 | 2,909,313 | ||||||
| Pharmaceuticals — 2.0% | ||||||||
| Bristol-Myers Squibb Co. | 102,483 | 6,650,122 | ||||||
| Merck & Co., Inc. | 64,545 | 5,259,126 | ||||||
| Novo Nordisk A/S, B Shares | 33,860 | 3,367,995 | ||||||
| Zoetis, Inc. | 29,200 | 5,833,868 | ||||||
| 21,111,111 | ||||||||
| Professional Services — 0.1% | ||||||||
| IHS Markit Ltd. | 5,979 | 698,287 | ||||||
| Road and Rail — 0.7% | ||||||||
| Norfolk Southern Corp. | 14,361 | 3,906,049 | ||||||
| Union Pacific Corp. | 13,257 | 3,241,999 | ||||||
| 7,148,048 | ||||||||
| Semiconductors and Semiconductor Equipment — 3.3% | ||||||||
Advanced Micro Devices, Inc.(1) | 33,769 | 3,858,108 | ||||||
| Applied Materials, Inc. | 43,285 | 5,981,121 | ||||||
| ASML Holding NV | 8,442 | 5,717,720 | ||||||
| NVIDIA Corp. | 56,375 | 13,803,983 | ||||||
| Texas Instruments, Inc. | 36,017 | 6,464,691 | ||||||
| 35,825,623 | ||||||||
| Software — 6.1% | ||||||||
Adobe, Inc.(1) | 10,308 | 5,507,564 | ||||||
| Microsoft Corp. | 166,566 | 51,798,695 | ||||||
salesforce.com, Inc.(1) | 16,993 | 3,953,081 | ||||||
ServiceNow, Inc.(1) | 3,437 | 2,013,326 | ||||||
Workday, Inc., Class A(1) | 6,793 | 1,718,697 | ||||||
| 64,991,363 | ||||||||
| Specialty Retail — 1.8% | ||||||||
| Home Depot, Inc. (The) | 33,015 | 12,115,845 | ||||||
| TJX Cos., Inc. (The) | 67,578 | 4,863,589 | ||||||
| Tractor Supply Co. | 10,147 | 2,215,191 | ||||||
| 19,194,625 | ||||||||
| Technology Hardware, Storage and Peripherals — 2.8% | ||||||||
| Apple, Inc. | 173,699 | 30,359,111 | ||||||
| Textiles, Apparel and Luxury Goods — 0.7% | ||||||||
Deckers Outdoor Corp.(1) | 6,184 | 1,980,302 | ||||||
| NIKE, Inc., Class B | 41,114 | 6,087,750 | ||||||
| 8,068,052 | ||||||||
TOTAL COMMON STOCKS (Cost $524,162,615) | 642,782,028 | |||||||
| U.S. TREASURY SECURITIES — 15.1% | ||||||||
| U.S. Treasury Bonds, 5.00%, 5/15/37 | 200,000 | 282,047 | ||||||
| U.S. Treasury Bonds, 4.625%, 2/15/40 | 1,300,000 | 1,802,938 | ||||||
| U.S. Treasury Bonds, 1.375%, 11/15/40 | 500,000 | 438,535 | ||||||
| U.S. Treasury Bonds, 1.875%, 2/15/41 | 3,000,000 | 2,860,664 | ||||||
| U.S. Treasury Bonds, 2.25%, 5/15/41 | 300,000 | 303,563 | ||||||
| U.S. Treasury Bonds, 4.375%, 5/15/41 | 1,400,000 | 1,900,828 | ||||||
| U.S. Treasury Bonds, 2.00%, 11/15/41 | 1,400,000 | 1,361,281 | ||||||
| U.S. Treasury Bonds, 3.125%, 11/15/41 | 1,000,000 | 1,157,188 | ||||||
| U.S. Treasury Bonds, 3.00%, 5/15/42 | 1,400,000 | 1,594,961 | ||||||
| U.S. Treasury Bonds, 2.75%, 11/15/42 | 2,000,000 | 2,192,188 | ||||||
| U.S. Treasury Bonds, 2.875%, 5/15/43 | 1,300,000 | 1,453,309 | ||||||
| U.S. Treasury Bonds, 3.125%, 8/15/44 | 500,000 | 583,750 | ||||||
| U.S. Treasury Bonds, 3.00%, 11/15/44 | 600,000 | 687,211 | ||||||
U.S. Treasury Bonds, 2.50%, 2/15/45(2) | 1,500,000 | 1,582,910 | ||||||
| U.S. Treasury Bonds, 2.75%, 8/15/47 | 200,000 | 223,383 | ||||||
U.S. Treasury Bonds, 3.375%, 11/15/48(2) | 1,460,000 | 1,834,296 | ||||||
| U.S. Treasury Bonds, 2.25%, 8/15/49 | 1,300,000 | 1,334,633 | ||||||
| U.S. Treasury Bonds, 2.375%, 11/15/49 | 2,400,000 | 2,531,813 | ||||||
| U.S. Treasury Bonds, 2.00%, 2/15/50 | 900,000 | 877,535 | ||||||
| U.S. Treasury Bonds, 1.875%, 2/15/51 | 1,700,000 | 1,610,617 | ||||||
| U.S. Treasury Bonds, 2.375%, 5/15/51 | 3,600,000 | 3,812,062 | ||||||
| U.S. Treasury Bonds, 2.00%, 8/15/51 | 10,800,000 | 10,538,437 | ||||||
| U.S. Treasury Bonds, 1.875%, 11/15/51 | 600,000 | 569,063 | ||||||
| U.S. Treasury Inflation Indexed Notes, 0.125%, 10/15/25 | 2,142,420 | 2,273,317 | ||||||
| U.S. Treasury Notes, 0.25%, 4/15/23 | 400,000 | 397,031 | ||||||
| U.S. Treasury Notes, 0.25%, 6/15/23 | 500,000 | 495,234 | ||||||
| U.S. Treasury Notes, 0.125%, 8/31/23 | 2,000,000 | 1,971,016 | ||||||
| U.S. Treasury Notes, 2.875%, 11/30/23 | 6,600,000 | 6,808,570 | ||||||
| U.S. Treasury Notes, 0.75%, 12/31/23 | 4,500,000 | 4,465,195 | ||||||
| U.S. Treasury Notes, 0.125%, 1/15/24 | 2,200,000 | 2,155,780 | ||||||
| U.S. Treasury Notes, 0.875%, 1/31/24 | 3,000,000 | 2,982,070 | ||||||
| U.S. Treasury Notes, 2.375%, 2/29/24 | 1,500,000 | 1,536,445 | ||||||
| U.S. Treasury Notes, 0.25%, 3/15/24 | 8,500,000 | 8,327,676 | ||||||
| U.S. Treasury Notes, 0.375%, 4/15/24 | 8,500,000 | 8,344,609 | ||||||
| U.S. Treasury Notes, 0.75%, 11/15/24 | 5,500,000 | 5,409,980 | ||||||
| U.S. Treasury Notes, 1.00%, 12/15/24 | 18,000,000 | 17,818,594 | ||||||
| U.S. Treasury Notes, 1.125%, 2/28/25 | 3,300,000 | 3,273,059 | ||||||
| U.S. Treasury Notes, 0.25%, 5/31/25 | 1,000,000 | 961,367 | ||||||
| U.S. Treasury Notes, 0.25%, 8/31/25 | 4,000,000 | 3,827,656 | ||||||
| U.S. Treasury Notes, 2.625%, 12/31/25 | 200,000 | 208,445 | ||||||
| U.S. Treasury Notes, 0.50%, 2/28/26 | 1,000,000 | 958,398 | ||||||
| U.S. Treasury Notes, 1.375%, 8/31/26 | 1,400,000 | 1,386,984 | ||||||
| U.S. Treasury Notes, 1.625%, 10/31/26 | 100,000 | 100,168 | ||||||
| U.S. Treasury Notes, 1.25%, 11/30/26 | 1,400,000 | 1,377,141 | ||||||
| U.S. Treasury Notes, 1.75%, 12/31/26 | 700,000 | 705,195 | ||||||
| U.S. Treasury Notes, 1.50%, 1/31/27 | 8,000,000 | 7,958,750 | ||||||
| U.S. Treasury Notes, 1.125%, 2/28/27 | 2,700,000 | 2,635,453 | ||||||
| U.S. Treasury Notes, 0.625%, 3/31/27 | 7,000,000 | 6,656,289 | ||||||
| U.S. Treasury Notes, 0.50%, 6/30/27 | 500,000 | 470,391 | ||||||
| U.S. Treasury Notes, 0.50%, 8/31/27 | 1,600,000 | 1,500,625 | ||||||
| U.S. Treasury Notes, 0.625%, 12/31/27 | 3,500,000 | 3,288,223 | ||||||
| U.S. Treasury Notes, 1.125%, 2/29/28 | 1,000,000 | 966,563 | ||||||
| U.S. Treasury Notes, 1.25%, 3/31/28 | 1,700,000 | 1,653,449 | ||||||
| U.S. Treasury Notes, 1.25%, 4/30/28 | 5,050,000 | 4,907,771 | ||||||
| U.S. Treasury Notes, 1.375%, 10/31/28 | 3,000,000 | 2,929,688 | ||||||
| U.S. Treasury Notes, 1.50%, 11/30/28 | 4,500,000 | 4,429,336 | ||||||
| U.S. Treasury Notes, 1.75%, 1/31/29 | 3,000,000 | 3,001,641 | ||||||
| U.S. Treasury Notes, 1.25%, 8/15/31 | 3,500,000 | 3,340,586 | ||||||
| U.S. Treasury Notes, 1.375%, 11/15/31 | 1,000,000 | 963,700 | ||||||
TOTAL U.S. TREASURY SECURITIES (Cost $162,323,842) | 162,019,607 | |||||||
| CORPORATE BONDS — 10.6% | ||||||||
| Aerospace and Defense — 0.2% | ||||||||
| Boeing Co. (The), 5.15%, 5/1/30 | 340,000 | 383,208 | ||||||
| Boeing Co. (The), 3.625%, 2/1/31 | 640,000 | 658,292 | ||||||
| Boeing Co. (The), 5.81%, 5/1/50 | 230,000 | 289,763 | ||||||
| Raytheon Technologies Corp., 4.125%, 11/16/28 | 570,000 | 622,620 | ||||||
| 1,953,883 | ||||||||
Air Freight and Logistics† | ||||||||
GXO Logistics, Inc., 2.65%, 7/15/31(3) | 335,000 | 318,325 | ||||||
| Airlines — 0.1% | ||||||||
| American Airlines Pass Through Trust, Series 2021-1, Class A, 2.875%, 1/11/36 | 181,000 | 175,739 | ||||||
British Airways Pass Through Trust, Series 2021-1, Class A, 2.90%, 9/15/36(3) | 390,962 | 388,794 | ||||||
Delta Air Lines, Inc. / SkyMiles IP Ltd., 4.75%, 10/20/28(3) | 568,000 | 606,951 | ||||||
| 1,171,484 | ||||||||
Auto Components† | ||||||||
| Aptiv plc, 3.10%, 12/1/51 | 290,000 | 255,690 | ||||||
| Automobiles — 0.3% | ||||||||
| Ford Motor Credit Co. LLC, 3.10%, 5/4/23 | 700,000 | 707,210 | ||||||
| General Motors Co., 5.15%, 4/1/38 | 370,000 | 421,139 | ||||||
| General Motors Financial Co., Inc., 2.75%, 6/20/25 | 780,000 | 790,810 | ||||||
| General Motors Financial Co., Inc., 2.40%, 10/15/28 | 315,000 | 304,079 | ||||||
| General Motors Financial Co., Inc., 3.10%, 1/12/32 | 310,000 | 303,826 | ||||||
| Toyota Motor Credit Corp., MTN, 1.90%, 4/6/28 | 420,000 | 410,466 | ||||||
| 2,937,530 | ||||||||
| Banks — 1.3% | ||||||||
| Banco Santander SA, 5.18%, 11/19/25 | 400,000 | 435,571 | ||||||
| Banco Santander SA, VRN, 1.72%, 9/14/27 | 200,000 | 191,891 | ||||||
| Bank of America Corp., MTN, VRN, 2.68%, 6/19/41 | 713,000 | 651,329 | ||||||
| Bank of America Corp., VRN, 3.42%, 12/20/28 | 1,082,000 | 1,124,686 | ||||||
| Bank of America Corp., VRN, 2.57%, 10/20/32 | 435,000 | 421,891 | ||||||
| Bank of America Corp., VRN, 2.48%, 9/21/36 | 290,000 | 269,468 | ||||||
Bank of Ireland Group plc, VRN, 2.03%, 9/30/27(3) | 329,000 | 315,582 | ||||||
| Barclays plc, 4.84%, 5/9/28 | 375,000 | 404,069 | ||||||
BNP Paribas SA, VRN, 4.375%, 3/1/33(3) | 368,000 | 387,621 | ||||||
BPCE SA, VRN, 3.65%, 1/14/37(3) | 500,000 | 494,521 | ||||||
| Citigroup, Inc., VRN, 0.78%, 10/30/24 | 89,000 | 87,713 | ||||||
| Citigroup, Inc., VRN, 2.01%, 1/25/26 | 684,000 | 683,349 | ||||||
| Citigroup, Inc., VRN, 3.52%, 10/27/28 | 1,176,000 | 1,230,497 | ||||||
Commonwealth Bank of Australia, VRN, 3.61%, 9/12/34(3) | 440,000 | 448,571 | ||||||
| FNB Corp., 2.20%, 2/24/23 | 460,000 | 463,486 | ||||||
| HSBC Holdings plc, VRN, 2.80%, 5/24/32 | 280,000 | 271,097 | ||||||
| JPMorgan Chase & Co., VRN, 1.58%, 4/22/27 | 315,000 | 304,939 | ||||||
| JPMorgan Chase & Co., VRN, 2.07%, 6/1/29 | 1,661,000 | 1,597,467 | ||||||
| JPMorgan Chase & Co., VRN, 3.16%, 4/22/42 | 420,000 | 412,051 | ||||||
National Australia Bank Ltd., 2.33%, 8/21/30(3) | 278,000 | 259,109 | ||||||
National Australia Bank Ltd., 2.99%, 5/21/31(3) | 204,000 | 198,320 | ||||||
Societe Generale SA, 5.00%, 1/17/24(3) | 990,000 | 1,040,332 | ||||||
Societe Generale SA, VRN, 1.79%, 6/9/27(3) | 300,000 | 286,716 | ||||||
| Truist Bank, VRN, 2.64%, 9/17/29 | 275,000 | 279,737 | ||||||
| US Bancorp, VRN, 2.49%, 11/3/36 | 415,000 | 398,819 | ||||||
| Wells Fargo & Co., VRN, 3.07%, 4/30/41 | 605,000 | 584,753 | ||||||
| Westpac Banking Corp., VRN, 2.89%, 2/4/30 | 205,000 | 205,772 | ||||||
| Westpac Banking Corp., VRN, 3.02%, 11/18/36 | 225,000 | 215,503 | ||||||
| 13,664,860 | ||||||||
| Beverages — 0.1% | ||||||||
| Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc., 4.90%, 2/1/46 | 500,000 | 592,706 | ||||||
| Anheuser-Busch InBev Worldwide, Inc., 4.75%, 1/23/29 | 630,000 | 714,324 | ||||||
| 1,307,030 | ||||||||
| Biotechnology — 0.1% | ||||||||
| AbbVie, Inc., 3.20%, 11/21/29 | 440,000 | 453,684 | ||||||
| AbbVie, Inc., 4.40%, 11/6/42 | 240,000 | 269,870 | ||||||
| Amgen, Inc., 1.65%, 8/15/28 | 540,000 | 514,240 | ||||||
| 1,237,794 | ||||||||
Building Products† | ||||||||
| Lennox International, Inc., 1.70%, 8/1/27 | 140,000 | 134,476 | ||||||
| Capital Markets — 1.2% | ||||||||
| Bain Capital Specialty Finance, Inc., 2.95%, 3/10/26 | 324,000 | 318,162 | ||||||
| Bain Capital Specialty Finance, Inc., 2.55%, 10/13/26 | 956,000 | 914,026 | ||||||
Blackstone Private Credit Fund, 2.625%, 12/15/26(3) | 426,000 | 404,562 | ||||||
Blackstone Private Credit Fund, 3.25%, 3/15/27(3) | 436,000 | 426,148 | ||||||
Blackstone Secured Lending Fund, 2.85%, 9/30/28(3) | 285,000 | 268,254 | ||||||
Blue Owl Finance LLC, 3.125%, 6/10/31(3) | 151,000 | 141,483 | ||||||
Blue Owl Finance LLC, 4.125%, 10/7/51(3) | 425,000 | 402,322 | ||||||
Coinbase Global, Inc., 3.375%, 10/1/28(3) | 112,000 | 100,637 | ||||||
| Deutsche Bank AG, VRN, 3.96%, 11/26/25 | 625,000 | 651,206 | ||||||
| Deutsche Bank AG, VRN, 2.31%, 11/16/27 | 264,000 | 256,640 | ||||||
| Deutsche Bank AG, VRN, 4.30%, 5/24/28 | 200,000 | 203,263 | ||||||
| FS KKR Capital Corp., 3.125%, 10/12/28 | 595,000 | 573,781 | ||||||
| Goldman Sachs Group, Inc. (The), VRN, 1.76%, 1/24/25 | 1,000,000 | 996,866 | ||||||
| Goldman Sachs Group, Inc. (The), VRN, 1.95%, 10/21/27 | 924,000 | 899,963 | ||||||
| Goldman Sachs Group, Inc. (The), VRN, 3.10%, 2/24/33 | 1,236,000 | 1,244,076 | ||||||
| Golub Capital BDC, Inc., 2.50%, 8/24/26 | 168,000 | 162,010 | ||||||
| Hercules Capital, Inc., 2.625%, 9/16/26 | 303,000 | 291,727 | ||||||
| Hercules Capital, Inc., 3.375%, 1/20/27 | 308,000 | 304,951 | ||||||
| Main Street Capital Corp., 3.00%, 7/14/26 | 286,000 | 280,435 | ||||||
| Morgan Stanley, MTN, VRN, 2.24%, 7/21/32 | 198,000 | 186,869 | ||||||
| Morgan Stanley, VRN, 1.59%, 5/4/27 | 1,163,000 | 1,123,643 | ||||||
| Morgan Stanley, VRN, 2.48%, 9/16/36 | 525,000 | 488,327 | ||||||
| Owl Rock Capital Corp., 2.625%, 1/15/27 | 219,000 | 209,988 | ||||||
Owl Rock Core Income Corp., 3.125%, 9/23/26(3) | 620,000 | 589,771 | ||||||
Owl Rock Technology Finance Corp., 6.75%, 6/30/25(3) | 334,000 | 369,005 | ||||||
| Owl Rock Technology Finance Corp., 2.50%, 1/15/27 | 426,000 | 408,013 | ||||||
| Prospect Capital Corp., 3.71%, 1/22/26 | 420,000 | 419,574 | ||||||
| Prospect Capital Corp., 3.44%, 10/15/28 | 385,000 | 361,810 | ||||||
UBS Group AG, VRN, 1.49%, 8/10/27(3) | 425,000 | 405,373 | ||||||
| 13,402,885 | ||||||||
| Chemicals — 0.1% | ||||||||
| CF Industries, Inc., 5.15%, 3/15/34 | 330,000 | 381,337 | ||||||
International Flavors & Fragrances, Inc., 1.83%, 10/15/27(3) | 177,000 | 169,330 | ||||||
| 550,667 | ||||||||
| Commercial Services and Supplies — 0.1% | ||||||||
| Republic Services, Inc., 2.30%, 3/1/30 | 358,000 | 348,703 | ||||||
| Waste Connections, Inc., 2.60%, 2/1/30 | 120,000 | 118,055 | ||||||
| Waste Connections, Inc., 2.95%, 1/15/52 | 231,000 | 211,420 | ||||||
| Waste Management, Inc., 2.50%, 11/15/50 | 150,000 | 132,505 | ||||||
| 810,683 | ||||||||
Construction and Engineering† | ||||||||
| Quanta Services, Inc., 2.35%, 1/15/32 | 465,000 | 431,990 | ||||||
Construction Materials† | ||||||||
| Eagle Materials, Inc., 2.50%, 7/1/31 | 310,000 | 296,774 | ||||||
| Consumer Finance — 0.2% | ||||||||
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.00%, 10/29/28 | 308,000 | 302,125 | ||||||
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.40%, 10/29/33 | 176,000 | 170,987 | ||||||
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.85%, 10/29/41 | 154,000 | 150,788 | ||||||
Avolon Holdings Funding Ltd., 4.25%, 4/15/26(3) | 258,000 | 267,945 | ||||||
Avolon Holdings Funding Ltd., 4.375%, 5/1/26(3) | 14,000 | 14,584 | ||||||
Avolon Holdings Funding Ltd., 2.53%, 11/18/27(3) | 100,000 | 94,936 | ||||||
Avolon Holdings Funding Ltd., 2.75%, 2/21/28(3) | 445,000 | 426,044 | ||||||
| SLM Corp., 3.125%, 11/2/26 | 442,000 | 426,355 | ||||||
| 1,853,764 | ||||||||
| Containers and Packaging — 0.1% | ||||||||
| Sonoco Products Co., 2.25%, 2/1/27 | 447,000 | 444,318 | ||||||
| WRKCo, Inc., 3.00%, 9/15/24 | 201,000 | 206,802 | ||||||
| 651,120 | ||||||||
| Diversified Consumer Services — 0.1% | ||||||||
| Novant Health, Inc., 3.17%, 11/1/51 | 245,000 | 242,916 | ||||||
| Pepperdine University, 3.30%, 12/1/59 | 355,000 | 360,206 | ||||||
| 603,122 | ||||||||
| Diversified Financial Services — 0.2% | ||||||||
Antares Holdings LP, 2.75%, 1/15/27(3) | 256,000 | 245,093 | ||||||
| Block Financial LLC, 3.875%, 8/15/30 | 240,000 | 248,246 | ||||||
| GE Capital International Funding Co. Unlimited Co., 4.42%, 11/15/35 | 600,000 | 685,061 | ||||||
| PG&E Energy Recovery Funding LLC, 2.82%, 7/15/48 | 775,000 | 748,912 | ||||||
Societe Generale SA, 4.03%, 1/21/43(3) | 415,000 | 399,953 | ||||||
| 2,327,265 | ||||||||
| Diversified Telecommunication Services — 0.5% | ||||||||
| AT&T, Inc., 4.35%, 3/1/29 | 875,000 | 962,061 | ||||||
| AT&T, Inc., 5.15%, 3/15/42 | 460,000 | 547,105 | ||||||
| AT&T, Inc., 4.55%, 3/9/49 | 410,000 | 457,305 | ||||||
| AT&T, Inc., 3.55%, 9/15/55 | 634,000 | 599,917 | ||||||
British Telecommunications plc, 3.25%, 11/8/29(3) | 225,000 | 224,207 | ||||||
Ooredoo International Finance Ltd., 2.625%, 4/8/31(3) | 550,000 | 543,998 | ||||||
| Telefonica Emisiones SA, 4.90%, 3/6/48 | 700,000 | 786,802 | ||||||
| Verizon Communications, Inc., 4.33%, 9/21/28 | 333,000 | 367,108 | ||||||
| Verizon Communications, Inc., 1.75%, 1/20/31 | 445,000 | 406,123 | ||||||
| Verizon Communications, Inc., 4.40%, 11/1/34 | 149,000 | 167,175 | ||||||
| Verizon Communications, Inc., 4.27%, 1/15/36 | 167,000 | 187,526 | ||||||
| Verizon Communications, Inc., 4.86%, 8/21/46 | 297,000 | 363,989 | ||||||
| Verizon Communications, Inc., 2.99%, 10/30/56 | 215,000 | 188,701 | ||||||
| 5,802,017 | ||||||||
| Electric Utilities — 0.6% | ||||||||
| AEP Texas, Inc., 2.10%, 7/1/30 | 370,000 | 346,406 | ||||||
Alfa Desarrollo SpA, 4.55%, 9/27/51(3) | 200,000 | 183,482 | ||||||
| Baltimore Gas and Electric Co., 2.25%, 6/15/31 | 237,000 | 230,933 | ||||||
Comision Federal de Electricidad, 4.68%, 2/9/51(3) | 550,000 | 489,992 | ||||||
| Commonwealth Edison Co., 3.20%, 11/15/49 | 355,000 | 349,870 | ||||||
| Duke Energy Carolinas LLC, 2.55%, 4/15/31 | 154,000 | 153,590 | ||||||
| Duke Energy Corp., 2.55%, 6/15/31 | 180,000 | 174,222 | ||||||
| Duke Energy Florida LLC, 1.75%, 6/15/30 | 370,000 | 344,596 | ||||||
| Duke Energy Florida LLC, 3.85%, 11/15/42 | 220,000 | 230,967 | ||||||
| Duke Energy Progress LLC, 2.00%, 8/15/31 | 440,000 | 416,749 | ||||||
| Duke Energy Progress LLC, 4.15%, 12/1/44 | 335,000 | 368,815 | ||||||
| Entergy Arkansas LLC, 2.65%, 6/15/51 | 180,000 | 159,503 | ||||||
| Exelon Corp., 4.45%, 4/15/46 | 150,000 | 172,216 | ||||||
| Florida Power & Light Co., 2.45%, 2/3/32 | 231,000 | 228,905 | ||||||
| Florida Power & Light Co., 4.125%, 2/1/42 | 169,000 | 190,718 | ||||||
| Indiana Michigan Power Co., 3.25%, 5/1/51 | 157,000 | 152,056 | ||||||
| MidAmerican Energy Co., 4.40%, 10/15/44 | 290,000 | 338,966 | ||||||
| Northern States Power Co., 3.20%, 4/1/52 | 240,000 | 243,261 | ||||||
| Pacific Gas and Electric Co., 4.20%, 6/1/41 | 155,000 | 147,381 | ||||||
| PacifiCorp, 3.30%, 3/15/51 | 310,000 | 305,981 | ||||||
| Public Service Co. of Colorado, 1.875%, 6/15/31 | 312,000 | 293,964 | ||||||
| Southern Co. Gas Capital Corp., 1.75%, 1/15/31 | 360,000 | 325,847 | ||||||
| Southern Co. Gas Capital Corp., 3.95%, 10/1/46 | 90,000 | 93,406 | ||||||
| Xcel Energy, Inc., 3.40%, 6/1/30 | 330,000 | 346,883 | ||||||
| 6,288,709 | ||||||||
Energy Equipment and Services† | ||||||||
| Halliburton Co., 2.92%, 3/1/30 | 300,000 | 301,148 | ||||||
| Entertainment — 0.1% | ||||||||
Netflix, Inc., 3.625%, 6/15/25(3) | 83,000 | 86,069 | ||||||
| Netflix, Inc., 4.875%, 4/15/28 | 803,000 | 884,986 | ||||||
| Netflix, Inc., 5.875%, 11/15/28 | 175,000 | 203,030 | ||||||
| 1,174,085 | ||||||||
| Equity Real Estate Investment Trusts (REITs) — 0.7% | ||||||||
| Broadstone Net Lease LLC, 2.60%, 9/15/31 | 235,000 | 223,080 | ||||||
| Corporate Office Properties LP, 2.00%, 1/15/29 | 480,000 | 451,815 | ||||||
| Crown Castle International Corp., 3.30%, 7/1/30 | 335,000 | 340,364 | ||||||
| EPR Properties, 4.75%, 12/15/26 | 276,000 | 289,442 | ||||||
| EPR Properties, 4.95%, 4/15/28 | 735,000 | 774,110 | ||||||
| EPR Properties, 3.60%, 11/15/31 | 171,000 | 163,810 | ||||||
| GLP Capital LP / GLP Financing II, Inc., 5.375%, 4/15/26 | 370,000 | 400,185 | ||||||
| LXP Industrial Trust, 2.375%, 10/1/31 | 590,000 | 548,984 | ||||||
| National Health Investors, Inc., 3.00%, 2/1/31 | 795,000 | 745,969 | ||||||
| Office Properties Income Trust, 2.40%, 2/1/27 | 354,000 | 334,857 | ||||||
| Phillips Edison Grocery Center Operating Partnership I LP, 2.625%, 11/15/31 | 223,000 | 213,669 | ||||||
| Piedmont Operating Partnership LP, 2.75%, 4/1/32 | 378,000 | 361,860 | ||||||
| Rexford Industrial Realty LP, 2.15%, 9/1/31 | 454,000 | 419,267 | ||||||
| Sabra Health Care LP, 3.20%, 12/1/31 | 774,000 | 735,505 | ||||||
| STORE Capital Corp., 4.625%, 3/15/29 | 163,000 | 178,150 | ||||||
| STORE Capital Corp., 2.70%, 12/1/31 | 207,000 | 194,652 | ||||||
| Tanger Properties LP, 2.75%, 9/1/31 | 866,000 | 810,737 | ||||||
| 7,186,456 | ||||||||
| Food and Staples Retailing — 0.1% | ||||||||
| Sysco Corp., 5.95%, 4/1/30 | 464,000 | 563,872 | ||||||
| Food Products — 0.1% | ||||||||
JDE Peet's NV, 2.25%, 9/24/31(3) | 475,000 | 441,678 | ||||||
| Kraft Heinz Foods Co., 5.00%, 6/4/42 | 379,000 | 432,399 | ||||||
| Mondelez International, Inc., 2.75%, 4/13/30 | 452,000 | 453,628 | ||||||
| 1,327,705 | ||||||||
| Health Care Equipment and Supplies — 0.2% | ||||||||
Baxter International, Inc., 1.92%, 2/1/27(3) | 510,000 | 500,598 | ||||||
Baxter International, Inc., 2.54%, 2/1/32(3) | 720,000 | 698,258 | ||||||
| Zimmer Biomet Holdings, Inc., 1.45%, 11/22/24 | 900,000 | 887,525 | ||||||
| 2,086,381 | ||||||||
| Health Care Providers and Services — 0.5% | ||||||||
| Centene Corp., 2.45%, 7/15/28 | 560,000 | 533,540 | ||||||
| Centene Corp., 4.625%, 12/15/29 | 244,000 | 254,111 | ||||||
| Centene Corp., 3.375%, 2/15/30 | 399,000 | 392,163 | ||||||
| CVS Health Corp., 1.75%, 8/21/30 | 310,000 | 284,728 | ||||||
| CVS Health Corp., 4.78%, 3/25/38 | 160,000 | 184,901 | ||||||
| Duke University Health System, Inc., 3.92%, 6/1/47 | 160,000 | 182,605 | ||||||
| HCA, Inc., 3.50%, 9/1/30 | 325,000 | 324,048 | ||||||
| HCA, Inc., 2.375%, 7/15/31 | 235,000 | 219,529 | ||||||
| HCA, Inc., 3.50%, 7/15/51 | 330,000 | 305,976 | ||||||
| Humana, Inc., 2.15%, 2/3/32 | 1,144,000 | 1,065,018 | ||||||
| Kaiser Foundation Hospitals, 3.00%, 6/1/51 | 260,000 | 252,128 | ||||||
Roche Holdings, Inc., 2.61%, 12/13/51(3) | 440,000 | 404,257 | ||||||
Universal Health Services, Inc., 1.65%, 9/1/26(3) | 427,000 | 411,956 | ||||||
Universal Health Services, Inc., 2.65%, 10/15/30(3) | 330,000 | 315,924 | ||||||
| 5,130,884 | ||||||||
Hotels, Restaurants and Leisure† | ||||||||
| Marriott International, Inc., 3.50%, 10/15/32 | 372,000 | 375,720 | ||||||
| Household Durables — 0.1% | ||||||||
| D.R. Horton, Inc., 2.50%, 10/15/24 | 310,000 | 314,491 | ||||||
| Safehold Operating Partnership LP, 2.85%, 1/15/32 | 457,000 | 435,882 | ||||||
| 750,373 | ||||||||
| Insurance — 0.4% | ||||||||
| Assured Guaranty US Holdings, Inc., 3.60%, 9/15/51 | 270,000 | 262,863 | ||||||
Athene Global Funding, 1.99%, 8/19/28(3) | 757,000 | 718,805 | ||||||
Brighthouse Financial Global Funding, 2.00%, 6/28/28(3) | 221,000 | 211,754 | ||||||
Equitable Financial Life Global Funding, 1.80%, 3/8/28(3) | 290,000 | 277,319 | ||||||
GA Global Funding Trust, 2.90%, 1/6/32(3) | 315,000 | 302,629 | ||||||
Global Atlantic Fin Co., 3.125%, 6/15/31(3) | 238,000 | 227,551 | ||||||
Guardian Life Global Funding, 1.625%, 9/16/28(3) | 472,000 | 446,911 | ||||||
Hill City Funding Trust, 4.05%, 8/15/41(3) | 760,000 | 697,987 | ||||||
RGA Global Funding, 2.70%, 1/18/29(3) | 304,000 | 303,726 | ||||||
SBL Holdings, Inc., 5.125%, 11/13/26(3) | 330,000 | 354,212 | ||||||
| Stewart Information Services Corp., 3.60%, 11/15/31 | 490,000 | 482,954 | ||||||
| 4,286,711 | ||||||||
IT Services† | ||||||||
| Fiserv, Inc., 2.65%, 6/1/30 | 380,000 | 372,490 | ||||||
| Life Sciences Tools and Services — 0.1% | ||||||||
| Danaher Corp., 2.80%, 12/10/51 | 320,000 | 290,483 | ||||||
| Illumina, Inc., 2.55%, 3/23/31 | 527,000 | 511,691 | ||||||
| 802,174 | ||||||||
Machinery† | ||||||||
| Cummins, Inc., 2.60%, 9/1/50 | 260,000 | 229,188 | ||||||
| Media — 0.3% | ||||||||
| Charter Communications Operating LLC / Charter Communications Operating Capital, 3.50%, 6/1/41 | 385,000 | 345,517 | ||||||
| Charter Communications Operating LLC / Charter Communications Operating Capital, 5.125%, 7/1/49 | 645,000 | 688,057 | ||||||
| Comcast Corp., 3.75%, 4/1/40 | 440,000 | 466,907 | ||||||
Directv Financing LLC / Directv Financing Co-Obligor, Inc., 5.875%, 8/15/27(3) | 230,000 | 231,403 | ||||||
| Discovery Communications LLC, 4.65%, 5/15/50 | 245,000 | 265,908 | ||||||
| Grupo Televisa SAB, 5.00%, 5/13/45 | 550,000 | 621,369 | ||||||
| Time Warner Cable LLC, 4.50%, 9/15/42 | 675,000 | 684,391 | ||||||
| ViacomCBS, Inc., 4.20%, 6/1/29 | 280,000 | 302,146 | ||||||
| ViacomCBS, Inc., 4.375%, 3/15/43 | 265,000 | 281,584 | ||||||
| 3,887,282 | ||||||||
| Metals and Mining — 0.1% | ||||||||
Glencore Funding LLC, 2.625%, 9/23/31(3) | 440,000 | 412,053 | ||||||
| Steel Dynamics, Inc., 3.45%, 4/15/30 | 215,000 | 223,662 | ||||||
| Teck Resources Ltd., 6.25%, 7/15/41 | 390,000 | 491,026 | ||||||
| 1,126,741 | ||||||||
| Multi-Utilities — 0.3% | ||||||||
| Ameren Corp., 1.95%, 3/15/27 | 190,000 | 186,954 | ||||||
| Ameren Corp., 3.50%, 1/15/31 | 430,000 | 451,035 | ||||||
| CenterPoint Energy, Inc., 4.25%, 11/1/28 | 369,000 | 402,311 | ||||||
| CenterPoint Energy, Inc., 2.65%, 6/1/31 | 285,000 | 278,882 | ||||||
| Dominion Energy, Inc., 2.25%, 8/15/31 | 210,000 | 200,048 | ||||||
| Dominion Energy, Inc., 4.90%, 8/1/41 | 270,000 | 317,201 | ||||||
| NiSource, Inc., 5.65%, 2/1/45 | 290,000 | 370,666 | ||||||
| Sempra Energy, 3.25%, 6/15/27 | 180,000 | 186,366 | ||||||
| WEC Energy Group, Inc., 1.375%, 10/15/27 | 490,000 | 463,353 | ||||||
| 2,856,816 | ||||||||
| Multiline Retail — 0.1% | ||||||||
| Dollar Tree, Inc., 2.65%, 12/1/31 | 480,000 | 463,928 | ||||||
| Target Corp., 2.95%, 1/15/52 | 327,000 | 320,329 | ||||||
| 784,257 | ||||||||
| Oil, Gas and Consumable Fuels — 0.7% | ||||||||
Aker BP ASA, 3.75%, 1/15/30(3) | 440,000 | 452,937 | ||||||
Aker BP ASA, 4.00%, 1/15/31(3) | 160,000 | 167,584 | ||||||
| BP Capital Markets America, Inc., 3.06%, 6/17/41 | 250,000 | 237,079 | ||||||
| Cenovus Energy, Inc., 2.65%, 1/15/32 | 280,000 | 266,384 | ||||||
Continental Resources, Inc., 2.27%, 11/15/26(3) | 310,000 | 300,313 | ||||||
Continental Resources, Inc., 2.875%, 4/1/32(3) | 217,000 | 204,627 | ||||||
| Diamondback Energy, Inc., 3.50%, 12/1/29 | 300,000 | 309,073 | ||||||
| Enbridge, Inc., 3.40%, 8/1/51 | 310,000 | 295,395 | ||||||
| Energy Transfer LP, 3.60%, 2/1/23 | 160,000 | 162,586 | ||||||
| Energy Transfer LP, 4.25%, 3/15/23 | 370,000 | 378,720 | ||||||
| Energy Transfer LP, 3.75%, 5/15/30 | 400,000 | 411,207 | ||||||
| Energy Transfer LP, 4.90%, 3/15/35 | 270,000 | 292,280 | ||||||
| Enterprise Products Operating LLC, 4.85%, 3/15/44 | 460,000 | 522,452 | ||||||
| Enterprise Products Operating LLC, 3.30%, 2/15/53 | 220,000 | 203,606 | ||||||
| Equinor ASA, 3.25%, 11/18/49 | 230,000 | 229,827 | ||||||
Galaxy Pipeline Assets Bidco Ltd., 2.94%, 9/30/40(3) | 900,000 | 858,329 | ||||||
| Kinder Morgan Energy Partners LP, 6.50%, 9/1/39 | 250,000 | 315,255 | ||||||
| Petroleos Mexicanos, 3.50%, 1/30/23 | 300,000 | 303,119 | ||||||
| Petroleos Mexicanos, 6.625%, 6/15/35 | 50,000 | 46,699 | ||||||
SA Global Sukuk Ltd., 2.69%, 6/17/31(3) | 1,000,000 | 990,450 | ||||||
| Sabine Pass Liquefaction LLC, 5.625%, 3/1/25 | 640,000 | 699,613 | ||||||
| TransCanada PipeLines Ltd., 2.50%, 10/12/31 | 310,000 | 295,048 | ||||||
| Transcontinental Gas Pipe Line Co. LLC, 3.25%, 5/15/30 | 250,000 | 257,051 | ||||||
| 8,199,634 | ||||||||
Paper and Forest Products† | ||||||||
Georgia-Pacific LLC, 2.10%, 4/30/27(3) | 370,000 | 366,557 | ||||||
| Pharmaceuticals — 0.2% | ||||||||
| Bristol-Myers Squibb Co., 2.55%, 11/13/50 | 337,000 | 297,643 | ||||||
| Merck & Co., Inc., 1.70%, 6/10/27 | 330,000 | 323,916 | ||||||
| Merck & Co., Inc., 2.15%, 12/10/31 | 345,000 | 333,525 | ||||||
| Royalty Pharma plc, 2.20%, 9/2/30 | 235,000 | 217,826 | ||||||
| Utah Acquisition Sub, Inc., 3.95%, 6/15/26 | 840,000 | 887,455 | ||||||
| Viatris, Inc., 4.00%, 6/22/50 | 139,000 | 137,619 | ||||||
| 2,197,984 | ||||||||
| Real Estate Management and Development — 0.1% | ||||||||
| Essential Properties LP, 2.95%, 7/15/31 | 460,000 | 439,182 | ||||||
Ontario Teachers' Cadillac Fairview Properties Trust, 2.50%, 10/15/31(3) | 201,000 | 195,559 | ||||||
| 634,741 | ||||||||
| Road and Rail — 0.2% | ||||||||
| Burlington Northern Santa Fe LLC, 4.15%, 4/1/45 | 300,000 | 339,853 | ||||||
| Burlington Northern Santa Fe LLC, 3.30%, 9/15/51 | 200,000 | 202,782 | ||||||
| CSX Corp., 3.25%, 6/1/27 | 390,000 | 408,013 | ||||||
DAE Funding LLC, 1.55%, 8/1/24(3) | 395,000 | 385,061 | ||||||
DAE Funding LLC, 3.375%, 3/20/28(3) | 642,000 | 635,468 | ||||||
| Union Pacific Corp., MTN, 3.55%, 8/15/39 | 450,000 | 469,274 | ||||||
| 2,440,451 | ||||||||
| Semiconductors and Semiconductor Equipment — 0.3% | ||||||||
| Broadcom, Inc., 4.75%, 4/15/29 | 295,000 | 325,125 | ||||||
| Intel Corp., 2.80%, 8/12/41 | 580,000 | 543,502 | ||||||
| Microchip Technology, Inc., 4.25%, 9/1/25 | 1,036,000 | 1,067,579 | ||||||
NXP BV / NXP Funding LLC / NXP USA, Inc., 4.30%, 6/18/29(3) | 185,000 | 201,209 | ||||||
| Qorvo, Inc., 4.375%, 10/15/29 | 450,000 | 465,833 | ||||||
Qorvo, Inc., 3.375%, 4/1/31(3) | 317,000 | 309,310 | ||||||
| 2,912,558 | ||||||||
| Software — 0.1% | ||||||||
| Microsoft Corp., 2.53%, 6/1/50 | 270,000 | 244,944 | ||||||
| Oracle Corp., 3.60%, 4/1/40 | 645,000 | 597,875 | ||||||
| 842,819 | ||||||||
| Specialty Retail — 0.2% | ||||||||
| AutoNation, Inc., 1.95%, 8/1/28 | 307,000 | 292,876 | ||||||
| Dick's Sporting Goods, Inc., 3.15%, 1/15/32 | 495,000 | 484,841 | ||||||
| Home Depot, Inc. (The), 3.90%, 6/15/47 | 50,000 | 55,272 | ||||||
| Home Depot, Inc. (The), 2.375%, 3/15/51 | 397,000 | 338,695 | ||||||
| Lowe's Cos., Inc., 2.625%, 4/1/31 | 690,000 | 680,286 | ||||||
| 1,851,970 | ||||||||
| Technology Hardware, Storage and Peripherals — 0.2% | ||||||||
| Apple, Inc., 2.65%, 2/8/51 | 400,000 | 364,474 | ||||||
| Dell International LLC / EMC Corp., 4.90%, 10/1/26 | 315,000 | 345,970 | ||||||
| Dell International LLC / EMC Corp., 8.10%, 7/15/36 | 156,000 | 224,722 | ||||||
Dell International LLC / EMC Corp., 3.375%, 12/15/41(3) | 390,000 | 353,530 | ||||||
| Dell International LLC / EMC Corp., 8.35%, 7/15/46 | 70,000 | 110,718 | ||||||
| HP, Inc., 2.65%, 6/17/31 | 580,000 | 554,422 | ||||||
| 1,953,836 | ||||||||
| Thrifts and Mortgage Finance — 0.1% | ||||||||
Nationwide Building Society, VRN, 4.125%, 10/18/32(3) | 595,000 | 620,988 | ||||||
Trading Companies and Distributors† | ||||||||
Aircastle Ltd., 5.25%, 8/11/25(3) | 371,000 | 401,553 | ||||||
Water Utilities† | ||||||||
| Essential Utilities, Inc., 2.70%, 4/15/30 | 380,000 | 377,446 | ||||||
| Wireless Telecommunication Services — 0.2% | ||||||||
| T-Mobile USA, Inc., 4.75%, 2/1/28 | 814,000 | 842,311 | ||||||
| T-Mobile USA, Inc., 3.50%, 4/15/31 | 395,000 | 386,033 | ||||||
T-Mobile USA, Inc., 3.40%, 10/15/52(3) | 295,000 | 271,978 | ||||||
| Vodafone Group plc, VRN, 4.125%, 6/4/81 | 465,000 | 443,736 | ||||||
| 1,944,058 | ||||||||
TOTAL CORPORATE BONDS (Cost $116,942,068) | 113,986,946 | |||||||
| U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 4.3% | ||||||||
| Adjustable-Rate U.S. Government Agency Mortgage-Backed Securities — 0.1% | ||||||||
| FHLMC, VRN, 2.34%, (1-year H15T1Y plus 2.25%), 9/1/35 | 76,222 | 80,428 | ||||||
| FHLMC, VRN, 2.14%, (12-month LIBOR plus 1.87%), 7/1/36 | 19,389 | 20,351 | ||||||
| FHLMC, VRN, 2.20%, (1-year H15T1Y plus 2.14%), 10/1/36 | 66,449 | 70,445 | ||||||
| FHLMC, VRN, 2.35%, (1-year H15T1Y plus 2.26%), 4/1/37 | 80,564 | 84,902 | ||||||
| FHLMC, VRN, 2.11%, (12-month LIBOR plus 1.86%), 7/1/41 | 70,025 | 73,502 | ||||||
| FHLMC, VRN, 2.89%, (12-month LIBOR plus 1.63%), 1/1/44 | 87,877 | 90,323 | ||||||
| FHLMC, VRN, 2.63%, (12-month LIBOR plus 1.60%), 6/1/45 | 44,216 | 45,924 | ||||||
| FHLMC, VRN, 1.88%, (12-month LIBOR plus 1.63%), 8/1/46 | 136,858 | 141,653 | ||||||
| FHLMC, VRN, 3.08%, (12-month LIBOR plus 1.64%), 9/1/47 | 201,699 | 208,175 | ||||||
| FNMA, VRN, 1.73%, (6-month LIBOR plus 1.57%), 6/1/35 | 45,314 | 47,136 | ||||||
| FNMA, VRN, 1.77%, (6-month LIBOR plus 1.57%), 6/1/35 | 45,495 | 47,322 | ||||||
| FNMA, VRN, 2.22%, (1-year H15T1Y plus 2.16%), 3/1/38 | 65,776 | 69,615 | ||||||
| FNMA, VRN, 3.19%, (12-month LIBOR plus 1.61%), 3/1/47 | 135,499 | 138,680 | ||||||
| FNMA, VRN, 3.11%, (12-month LIBOR plus 1.61%), 4/1/47 | 83,520 | 85,550 | ||||||
| FNMA, VRN, 3.23%, (12-month LIBOR plus 1.62%), 5/1/47 | 124,316 | 128,639 | ||||||
| 1,332,645 | ||||||||
| Fixed-Rate U.S. Government Agency Mortgage-Backed Securities — 4.2% | ||||||||
| FHLMC, 2.50%, 8/1/51 | 2,081,705 | 2,081,986 | ||||||
| FHLMC, 2.50%, 9/1/51 | 3,743 | 3,749 | ||||||
| FHLMC, 2.50%, 9/1/51 | 11,235 | 11,229 | ||||||
| FHLMC, 2.50%, 10/1/51 | 10,191 | 10,211 | ||||||
| FHLMC, 2.00%, 12/1/51 | 9,790 | 9,559 | ||||||
| FHLMC, 2.50%, 12/1/51 | 1,084,085 | 1,084,636 | ||||||
| FHLMC, 2.50%, 1/1/52 | 1,843,408 | 1,842,517 | ||||||
| FNMA, 2.00%, 2/1/52 | 998,180 | 975,206 | ||||||
| FNMA, 3.50%, 3/1/34 | 138,635 | 145,342 | ||||||
| FNMA, 4.50%, 9/1/41 | 165,315 | 180,949 | ||||||
| FNMA, 3.50%, 5/1/42 | 780,623 | 830,116 | ||||||
| FNMA, 3.50%, 6/1/42 | 254,281 | 270,492 | ||||||
| FNMA, 3.00%, 6/1/51 | 183,547 | 189,186 | ||||||
| FNMA, 2.50%, 11/1/51 | 1,843,698 | 1,844,731 | ||||||
| FNMA, 2.50%, 12/1/51 | 3,924,649 | 3,926,849 | ||||||
| FNMA, 2.50%, 1/1/52 | 1,844,883 | 1,843,991 | ||||||
| FNMA, 2.00%, 2/1/52 | 1,197,869 | 1,170,818 | ||||||
| GNMA, 2.50%, TBA | 3,142,000 | 3,161,883 | ||||||
| GNMA, 3.00%, TBA | 1,070,000 | 1,095,329 | ||||||
| GNMA, 7.00%, 4/20/26 | 12,502 | 13,437 | ||||||
| GNMA, 7.50%, 8/15/26 | 7,752 | 8,400 | ||||||
| GNMA, 7.00%, 2/15/28 | 1,156 | 1,159 | ||||||
| GNMA, 7.00%, 5/15/31 | 20,445 | 23,178 | ||||||
| GNMA, 5.50%, 11/15/32 | 51,415 | 58,574 | ||||||
| GNMA, 4.50%, 6/15/41 | 179,402 | 204,001 | ||||||
| GNMA, 3.50%, 6/20/42 | 313,471 | 334,260 | ||||||
| GNMA, 3.50%, 3/15/46 | 1,411,435 | 1,495,193 | ||||||
| GNMA, 3.50%, 6/20/51 | 1,323,278 | 1,372,620 | ||||||
| GNMA, 3.00%, 7/20/51 | 491,377 | 503,734 | ||||||
| GNMA, 3.00%, 8/20/51 | 958,909 | 983,149 | ||||||
| GNMA, 2.50%, 9/20/51 | 1,377,659 | 1,388,520 | ||||||
| GNMA, 3.00%, 9/20/51 | 1,012,626 | 1,038,090 | ||||||
| GNMA, 3.00%, 10/20/51 | 978,471 | 1,003,496 | ||||||
| GNMA, 3.00%, 11/20/51 | 1,584,132 | 1,623,999 | ||||||
| GNMA, 3.50%, 12/20/51 | 2,990,517 | 3,107,857 | ||||||
| GNMA, 3.50%, 1/20/52 | 2,000,000 | 2,080,795 | ||||||
| UMBS, 3.00%, TBA | 8,800,000 | 8,990,438 | ||||||
| 44,909,679 | ||||||||
TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Cost $46,747,168) | 46,242,324 | |||||||
| ASSET-BACKED SECURITIES — 2.5% | ||||||||
Aaset Trust, Series 2021-2A, Class A SEQ, 2.80%, 1/15/47(3) | 1,567,770 | 1,538,763 | ||||||
Aligned Data Centers Issuer LLC, Series 2021-1A, Class B, 2.48%, 8/15/46(3) | 642,000 | 620,813 | ||||||
Blackbird Capital Aircraft, Series 2021-1A, Class A SEQ, 2.44%, 7/15/46(3) | 871,875 | 850,573 | ||||||
Castlelake Aircraft Structured Trust, Series 2017-1R, Class A SEQ, 2.74%, 8/15/41(3) | 711,360 | 692,491 | ||||||
| Clsec Holdings 22t LLC, Series 2021-1, Class B, 3.46%, 5/11/37 | 1,562,682 | 1,547,346 | ||||||
DI Issuer LLC, Series 2021-1A, Class A2 SEQ, 3.72%, 9/15/51(3) | 1,900,000 | 1,869,309 | ||||||
FirstKey Homes Trust, Series 2020-SFR2, Class D, 1.97%, 10/19/37(3) | 1,200,000 | 1,161,960 | ||||||
FirstKey Homes Trust, Series 2021-SFR1, Class D, 2.19%, 8/17/38(3) | 950,000 | 919,386 | ||||||
FirstKey Homes Trust, Series 2021-SFR1, Class E1, 2.39%, 8/17/38(3) | 1,100,000 | 1,054,761 | ||||||
Flexential Issuer, Series 2021-1A, Class A2 SEQ, 3.25%, 11/27/51(3) | 1,800,000 | 1,793,628 | ||||||
Global SC Finance SRL, Series 2021-2A, Class A SEQ, 1.95%, 8/17/41(3) | 1,288,710 | 1,258,464 | ||||||
Goodgreen Trust, Series 2018-1A, Class A, VRN, 3.93%, 10/15/53(3) | 408,935 | 419,979 | ||||||
Goodgreen Trust, Series 2020-1A, Class A SEQ, 2.63%, 4/15/55(3) | 786,359 | 775,603 | ||||||
Goodgreen Trust, Series 2021-1A, Class A SEQ, 2.66%, 10/15/56(3) | 542,191 | 530,251 | ||||||
J.G. Wentworth XL LLC, Series 2017-3A, Class B, 5.43%, 2/15/69(3) | 92,080 | 103,509 | ||||||
J.G. Wentworth XXXIX LLC, Series 2017-2A, Class B, 5.09%, 9/17/74(3) | 170,981 | 198,135 | ||||||
J.G. Wentworth XXXVIII LLC, Series 2017-1A, Class B, 5.43%, 8/15/62(3) | 207,663 | 245,316 | ||||||
JG Wentworth XLII LLC, Series 2018-2A, Class B, 4.70%, 10/15/77(3) | 550,000 | 589,291 | ||||||
Lunar Structured Aircraft Portfolio Notes, Series 2021-1, Class A SEQ, 2.64%, 10/15/46(3) | 1,247,644 | 1,228,032 | ||||||
MAPS Trust, Series 2021-1A, Class A SEQ, 2.52%, 6/15/46(3) | 1,643,727 | 1,607,625 | ||||||
Navigator Aircraft ABS Ltd., Series 2021-1, Class A SEQ, 2.77%, 11/15/46(3) | 1,187,500 | 1,164,878 | ||||||
New Economy Assets Phase 1 Sponsor LLC, Series 2021-1, Class A1 SEQ, 1.91%, 10/20/61(3) | 1,625,000 | 1,585,220 | ||||||
New Economy Assets Phase 1 Sponsor LLC, Series 2021-1, Class B1, 2.41%, 10/20/61(3) | 1,925,000 | 1,904,993 | ||||||
Progress Residential Trust, Series 2021-SFR3, Class C, 2.09%, 5/17/26(3) | 500,000 | 484,309 | ||||||
Progress Residential Trust, Series 2021-SFR8, Class E1, 2.38%, 10/17/38(3) | 450,000 | 433,725 | ||||||
Sierra Timeshare Receivables Funding LLC, Series 2021-1A, Class C, 1.79%, 11/20/37(3) | 366,015 | 363,086 | ||||||
Slam Ltd., Series 2021-1A, Class A SEQ, 2.43%, 6/15/46(3) | 634,947 | 616,117 | ||||||
Taco Bell Funding LLC, Series 2021-1A, Class A23 SEQ, 2.54%, 8/25/51(3) | 525,000 | 506,577 | ||||||
VSE VOI Mortgage LLC, Series 2016-A, Class A SEQ, 2.54%, 7/20/33(3) | 119,304 | 119,182 | ||||||
VSE VOI Mortgage LLC, Series 2018-A, Class B, 3.72%, 2/20/36(3) | 268,927 | 274,410 | ||||||
TOTAL ASSET-BACKED SECURITIES (Cost $27,005,968) | 26,457,732 | |||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS — 2.4% | ||||||||
| Private Sponsor Collateralized Mortgage Obligations — 1.8% | ||||||||
| ABN Amro Mortgage Corp., Series 2003-4, Class A4, 5.50%, 3/25/33 | 4,216 | 4,246 | ||||||
| Adjustable Rate Mortgage Trust, Series 2004-4, Class 4A1, VRN, 2.49%, 3/25/35 | 98,520 | 100,349 | ||||||
Angel Oak Mortgage Trust, Series 2021-7, Class A1, VRN, 1.98%, 10/25/66(3) | 635,997 | 628,722 | ||||||
| Banc of America Mortgage Trust, Series 2004-E, Class 2A6 SEQ, VRN, 2.80%, 6/25/34 | 67,106 | 68,631 | ||||||
Bellemeade Re Ltd., Series 2019-3A, Class B1, VRN, 2.61%, (1-month LIBOR plus 2.50%), 7/25/29(3) | 400,000 | 400,595 | ||||||
Bellemeade Re Ltd., Series 2019-3A, Class M1C, VRN, 2.06%, (1-month LIBOR plus 1.95%), 7/25/29(3) | 360,000 | 362,154 | ||||||
Bellemeade Re Ltd., Series 2020-2A, Class M1C, VRN, 4.11%, (1-month LIBOR plus 4.00%), 8/26/30(3) | 412,159 | 415,278 | ||||||
Chase Mortgage Finance Corp., Series 2021-CL1, Class M1, VRN, 1.25%, (30-day average SOFR plus 1.20%), 2/25/50(3) | 412,664 | 413,892 | ||||||
CHNGE Mortgage Trust, Series 2022-1 Class A, VRN, SEQ, 3.01%, 1/25/67(3) | 875,000 | 874,993 | ||||||
| Citigroup Mortgage Loan Trust, Inc., Series 2004-UST1, Class A5, VRN, 1.95%, 8/25/34 | 207,175 | 212,692 | ||||||
| Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005-17, Class 1A11, 5.50%, 9/25/35 | 1,494 | 1,445 | ||||||
Credit Suisse Mortgage Trust, Series 2021-NQM2, Class A2 SEQ, VRN, 1.38%, 2/25/66(3) | 424,751 | 417,884 | ||||||
Credit Suisse Mortgage Trust, Series 2021-RPL3, Class A1 SEQ, VRN, 2.00%, 1/25/60(3) | 463,193 | 462,541 | ||||||
Deephaven Residential Mortgage Trust, Series 2021-3, Class A3, VRN, 1.55%, 8/25/66(3) | 362,866 | 356,385 | ||||||
Eagle RE Ltd., Series 2021-1, Class M1C, VRN, 2.75%, (30-day average SOFR plus 2.70%), 10/25/33(3) | 525,000 | 531,614 | ||||||
| First Horizon Alternative Mortgage Securities Trust, Series 2004-AA4, Class A1, VRN, 2.31%, 10/25/34 | 99,873 | 103,640 | ||||||
GCAT Trust, Series 2021-CM2, Class A1 SEQ, VRN, 2.35%, 8/25/66(3) | 1,704,473 | 1,694,234 | ||||||
GCAT Trust, Series 2021-NQM1, Class A3 SEQ, VRN, 1.15%, 1/25/66(3) | 389,556 | 383,260 | ||||||
| GSR Mortgage Loan Trust, Series 2004-7, Class 3A1, VRN, 2.17%, 6/25/34 | 24,677 | 24,576 | ||||||
| GSR Mortgage Loan Trust, Series 2004-AR5, Class 3A3, VRN, 2.34%, 5/25/34 | 41,764 | 41,328 | ||||||
| GSR Mortgage Loan Trust, Series 2005-AR1, Class 3A1, VRN, 2.74%, 1/25/35 | 58,130 | 60,275 | ||||||
Home RE Ltd., Series 2020-1, Class M1B, VRN, 3.36%, (1-month LIBOR plus 3.25%), 10/25/30(3) | 530,289 | 531,600 | ||||||
Home RE Ltd., Series 2021-1 Class M1B, VRN, 1.66%, (1-month LIBOR plus 1.55%), 7/25/33(3) | 360,000 | 358,880 | ||||||
Imperial Fund Mortgage Trust, Series 2021-NQM4, Class A1, VRN, 2.09%, 1/25/57(3) | 546,410 | 540,582 | ||||||
JP Morgan Mortgage Trust, Series 2017-1, Class A2, VRN, 3.47%, 1/25/47(3) | 150,000 | 149,607 | ||||||
JP Morgan Mortgage Trust, Series 2020-3, Class A15, VRN, 3.50%, 8/25/50(3) | 233,952 | 234,594 | ||||||
JP Morgan Mortgage Trust, Series 2021-12, Class A4 SEQ, VRN, 2.50%, 2/25/52(3) | 1,076,020 | 1,072,779 | ||||||
JP Morgan Mortgage Trust, Series 2021-13, Class A3, VRN, 2.50%, 4/25/52(3) | 1,157,712 | 1,133,167 | ||||||
| MASTR Adjustable Rate Mortgages Trust, Series 2004-13, Class 3A7, VRN, 2.73%, 11/21/34 | 90,010 | 91,026 | ||||||
| Merrill Lynch Mortgage Investors Trust, Series 2005-3, Class 2A, VRN, 2.11%, 11/25/35 | 43,355 | 43,508 | ||||||
| Merrill Lynch Mortgage Investors Trust, Series 2005-A2, Class A1, VRN, 2.81%, 2/25/35 | 82,145 | 83,254 | ||||||
MFA Trust, Series 2021-INV2, Class A3 SEQ, VRN, 2.26%, 11/25/56(3) | 813,019 | 798,555 | ||||||
Newrez Warehouse Securitization Trust, Series 2021-1, Class A, VRN, 0.86%, (1-month LIBOR plus 0.75%), 5/25/55(3) | 750,000 | 748,293 | ||||||
Oceanview Mortgage Trust, Series 2021-5, Class A4 SEQ, VRN, 2.50%, 10/25/51(3) | 1,030,598 | 1,026,156 | ||||||
PRMI Securitization Trust, Series 2021-1, Class A5, VRN, 2.50%, 4/25/51(3) | 905,749 | 875,103 | ||||||
PSMC Trust, Series 2021-2, Class A3 SEQ, VRN, 2.50%, 5/25/51(3) | 365,268 | 364,387 | ||||||
PSMC Trust, Series 2021-3, Class A3 SEQ, VRN, 2.50%, 8/25/51(3) | 1,105,688 | 1,103,684 | ||||||
Sequoia Mortgage Trust, Series 2021-5, Class A4 SEQ, VRN, 2.50%, 7/25/51(3) | 453,426 | 451,472 | ||||||
Sofi Mortgage Trust, Series 2016-1A, Class 1A4 SEQ, VRN, 3.00%, 11/25/46(3) | 53,730 | 53,991 | ||||||
Starwood Mortgage Residential Trust, Series 2020-2, Class B1E, VRN, 3.00%, 4/25/60(3) | 446,000 | 447,676 | ||||||
| Structured Adjustable Rate Mortgage Loan Trust, Series 2004-8, Class 2A1, VRN, 2.36%, 7/25/34 | 33,607 | 34,539 | ||||||
Verus Securitization Trust, Series 2021-7, Class A1, VRN, 1.83%, 10/25/66(3) | 604,116 | 596,648 | ||||||
Verus Securitization Trust, Series 2021-R2, Class A2, VRN, 1.12%, 2/25/64(3) | 347,933 | 345,801 | ||||||
Verus Securitization Trust, Series 2021-R2, Class A3, VRN, 1.23%, 2/25/64(3) | 397,873 | 394,154 | ||||||
Wells Fargo Mortgage Backed Securities Trust, Series 2021-2, Class A3, VRN, 2.50%, 6/25/51(3) | 825,809 | 822,249 | ||||||
| 19,860,439 | ||||||||
| U.S. Government Agency Collateralized Mortgage Obligations — 0.6% | ||||||||
| FHLMC, Series 2014-DN3, Class M3, VRN, 4.11%, (1-month LIBOR plus 4.00%), 8/25/24 | 103,917 | 105,810 | ||||||
| FHLMC, Series 2015-HQ2, Class M3, VRN, 3.36%, (1-month LIBOR plus 3.25%), 5/25/25 | 58,166 | 58,925 | ||||||
| FHLMC, Series 2016-DNA2, Class M3, VRN, 4.76%, (1-month LIBOR plus 4.65%), 10/25/28 | 341,625 | 354,696 | ||||||
FHLMC, Series 2019-DNA2, Class M2, VRN, 2.56%, (1-month LIBOR plus 2.45%), 3/25/49(3) | 306,546 | 310,169 | ||||||
FHLMC, Series 2020-DNA3, Class M2, VRN, 3.11%, (1-month LIBOR plus 3.00%), 6/25/50(3) | 27,585 | 27,622 | ||||||
FHLMC, Series 2020-DNA5, Class M2, VRN, 2.85%, (30-day average SOFR plus 2.80%), 10/25/50(3) | 491,708 | 496,776 | ||||||
FHLMC, Series 2020-HQA3, Class M2, VRN, 3.71%, (1-month LIBOR plus 3.60%), 7/25/50(3) | 67,937 | 68,216 | ||||||
FHLMC, Series 2021-DNA6, Class M2, VRN, 1.55%, (30-day average SOFR plus 1.50%), 10/25/41(3) | 1,715,000 | 1,706,058 | ||||||
| FHLMC, Series 5123, Class HI, IO, 5.00%, 1/25/42 | 1,479,664 | 261,112 | ||||||
| FHLMC, Series 5146, Class DI, IO, 5.50%, 7/25/39 | 462,489 | 86,451 | ||||||
| FNMA, Series 2013-C01, Class M2, VRN, 5.36%, (1-month LIBOR plus 5.25%), 10/25/23 | 571,399 | 597,202 | ||||||
| FNMA, Series 2014-C02, Class 2M2, VRN, 2.71%, (1-month LIBOR plus 2.60%), 5/25/24 | 172,442 | 174,948 | ||||||
| FNMA, Series 2014-C04, Class 1M2, VRN, 5.01%, (1-month LIBOR plus 4.90%), 11/25/24 | 193,313 | 201,719 | ||||||
| FNMA, Series 2015-C04, Class 1M2, VRN, 5.81%, (1-month LIBOR plus 5.70%), 4/25/28 | 451,864 | 476,538 | ||||||
| FNMA, Series 2015-C04, Class 2M2, VRN, 5.66%, (1-month LIBOR plus 5.55%), 4/25/28 | 962,261 | 1,004,107 | ||||||
| FNMA, Series 2017-C03, Class 1M2C, VRN, 3.11%, (1-month LIBOR plus 3.00%), 10/25/29 | 110,000 | 113,258 | ||||||
| 6,043,607 | ||||||||
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $26,040,959) | 25,904,046 | |||||||
| COLLATERALIZED LOAN OBLIGATIONS — 2.4% | ||||||||
ABPCI Direct Lending Fund CLO IV Ltd., Series 2017-2A, Class BR, VRN, 2.17%, (3-month LIBOR plus 1.90%), 10/27/33(3) | 600,000 | 600,538 | ||||||
Aimco CLO Ltd., Series 2019-10A, Class BR, VRN, 1.86%, (3-month LIBOR plus 1.60%), 7/22/32(3) | 1,090,000 | 1,087,988 | ||||||
Anchorage Capital CLO Ltd., Series 2021-19A, Class B1, VRN, 2.01%, (3-month LIBOR plus 1.85%), 10/15/34(3) | 825,000 | 826,156 | ||||||
Anchorage Credit Opportunities CLO Ltd., Series 2019-1A, Class A1, VRN, 2.20%, (3-month LIBOR plus 1.95%), 1/20/32(3) | 800,000 | 801,468 | ||||||
ARES LII CLO Ltd., Series 2019-52A, Class BR, VRN, 1.91%, (3-month LIBOR plus 1.65%), 4/22/31(3) | 550,000 | 550,274 | ||||||
ARES LII CLO Ltd., Series 2019-52A, Class CR, VRN, 2.36%, (3-month LIBOR plus 2.10%), 4/22/31(3) | 575,000 | 575,743 | ||||||
Ares XL CLO Ltd., Series 2016-40A, Class BRR, VRN, 2.04%, (3-month LIBOR plus 1.80%), 1/15/29(3) | 1,000,000 | 998,094 | ||||||
Bain Capital Credit CLO Ltd., Series 2019-2A, Class BR, VRN, 1.84%, (3-month LIBOR plus 1.60%), 10/17/32(3) | 550,000 | 549,589 | ||||||
BDS Ltd., Series 2021-FL7, Class C, VRN, 1.80%, (1-month LIBOR plus 1.70%), 6/16/36(3) | 1,125,000 | 1,112,131 | ||||||
Bean Creek CLO Ltd., Series 2015-1A, Class AR, VRN, 1.27%, (3-month LIBOR plus 1.02%), 4/20/31(3) | 575,000 | 574,715 | ||||||
Canyon Capital CLO Ltd., Series 2017-1A, Class BR, VRN, 1.84%, (3-month LIBOR plus 1.60%), 7/15/30(3) | 725,000 | 724,840 | ||||||
Carlyle Global Market Strategies CLO Ltd., Series 2013-1A, Class BRR, VRN, 2.36%, (3-month LIBOR plus 2.20%), 8/14/30(3) | 700,000 | 700,210 | ||||||
CarVal CLO III Ltd., Series 2019-2A, Class BR, VRN, 1.85%, (3-month LIBOR plus 1.60%), 7/20/32(3) | 500,000 | 500,249 | ||||||
Cedar Funding Ltd., Series 2019-10A, Class BR, VRN, 1.85%, (3-month LIBOR plus 1.60%), 10/20/32(3) | 600,000 | 600,299 | ||||||
Cerberus Loan Funding XXXIII LP, Series 2021-3A, Class A, VRN, 1.80%, (3-month LIBOR plus 1.56%), 7/23/33(3) | 800,000 | 802,821 | ||||||
Cerberus Loan Funding XXXVI LP, Series 2021-6A, Class A, VRN, 1.64%, (3-month LIBOR plus 1.40%), 11/22/33(3) | 787,135 | 787,240 | ||||||
KKR CLO Ltd., Series 2018, Class BR, VRN, 1.84%, (3-month LIBOR plus 1.60%), 7/18/30(3) | 575,000 | 574,876 | ||||||
KKR CLO Ltd., Series 2022A, Class A, VRN, 1.40%, (3-month LIBOR plus 1.15%), 7/20/31(3) | 450,000 | 450,360 | ||||||
KKR CLO Ltd., Series 2030A, Class BR, VRN, 1.84%, (3-month LIBOR plus 1.60%), 10/17/31(3) | 1,025,000 | 1,023,425 | ||||||
KREF Ltd., Series 2021-FL2, Class AS, VRN, 1.40%, (1-month LIBOR plus 1.30%), 2/15/39(3) | 239,500 | 239,169 | ||||||
KREF Ltd., Series 2021-FL2, Class B, VRN, 1.75%, (1-month LIBOR plus 1.65%), 2/15/39(3) | 800,000 | 797,319 | ||||||
Madison Park Funding XXII Ltd., Series 2016-22A, Class A1R, VRN, 1.50%, (3-month LIBOR plus 1.26%), 1/15/33(3) | 450,000 | 449,692 | ||||||
Madison Park Funding XXXVII Ltd., Series 2019-37A, Class BR, VRN, 1.89%, (3-month LIBOR plus 1.65%), 7/15/33(3) | 1,075,000 | 1,073,105 | ||||||
MF1 Ltd., Series 2021-FL7, Class AS, VRN, 1.55%, (1-month LIBOR plus 1.45%), 10/16/36(3) | 1,075,000 | 1,073,184 | ||||||
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 | 794,042 | ||||||
Parallel Ltd., Series 2019-1A, Class BR, VRN, 2.05%, (3-month LIBOR plus 1.80%), 7/20/32(3) | 825,000 | 825,152 | ||||||
Park Avenue Institutional Advisers CLO Ltd., Series 2018-1A, Class BR, VRN, 2.35%, (3-month LIBOR plus 2.10%), 10/20/31(3) | 750,000 | 748,077 | ||||||
Sound Point CLO XXII Ltd., Series 2019-1A, Class BR, VRN, 1.95%, (3-month LIBOR plus 1.70%), 1/20/32(3) | 1,350,000 | 1,349,273 | ||||||
TCW CLO Ltd., Series 2018-1A, Class BR, VRN, 1.91%, (3-month LIBOR plus 1.65%), 4/25/31(3) | 1,050,000 | 1,050,526 | ||||||
THL Credit Wind River CLO Ltd., Series 2013-2A, Class BR2, VRN, 1.81%, (3-month LIBOR plus 1.57%), 10/18/30(3) | 1,150,000 | 1,148,212 | ||||||
THL Credit Wind River CLO Ltd., Series 2019-3A, Class BR, VRN, 1.89%, (3-month LIBOR plus 1.65%), 4/15/31(3) | 850,000 | 850,423 | ||||||
Voya CLO Ltd., Series 2016-4A, Class B2R, VRN, 1.80%, (3-month LIBOR plus 1.55%), 7/20/29(3) | 1,100,000 | 1,099,358 | ||||||
TOTAL COLLATERALIZED LOAN OBLIGATIONS (Cost $25,354,428) | 25,338,548 | |||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.9% | ||||||||
BDS Ltd., Series 2021-FL8, Class C, VRN, 1.65%, (1-month LIBOR plus 1.55%), 1/18/36(3) | 500,000 | 497,202 | ||||||
BDS Ltd., Series 2021-FL8, Class D, VRN, 2.00%, (1-month LIBOR plus 1.90%), 1/18/36(3) | 400,000 | 400,612 | ||||||
BX Commercial Mortgage Trust, Series 2020-VIV2, Class C, VRN, 3.54%, 3/9/44(3) | 975,000 | 970,637 | ||||||
BX Commercial Mortgage Trust, Series 2020-VIVA, Class D, VRN, 3.55%, 3/11/44(3) | 1,100,000 | 1,067,112 | ||||||
BX Commercial Mortgage Trust, Series 2021-VOLT, Class F, VRN, 2.51%, (1-month LIBOR plus 2.40%), 9/15/36(3) | 1,200,000 | 1,191,232 | ||||||
BXMT Ltd., Series 2020-FL2, Class C, VRN, 1.81%, (30-day average SOFR plus 1.76%), 2/15/38(3) | 1,090,000 | 1,082,906 | ||||||
ELP Commercial Mortgage Trust, Series 2021-ELP, Class E, VRN, 2.23%, (1-month LIBOR plus 2.12%), 11/15/38(3) | 1,497,000 | 1,491,363 | ||||||
OPG Trust, Series 2021-PORT, Class E, VRN, 1.64%, (1-month LIBOR plus 1.53%), 10/15/36(3) | 1,431,000 | 1,398,768 | ||||||
PFP Ltd., Series 2019-5, Class B, VRN, 1.76%, (1-month LIBOR plus 1.65%), 4/14/36(3) | 550,000 | 549,529 | ||||||
PFP Ltd., Series 2021-8, Class C, VRN, 1.91%, (1-month LIBOR plus 1.80%), 8/9/37(3) | 807,000 | 803,925 | ||||||
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $9,616,852) | 9,453,286 | |||||||
| MUNICIPAL SECURITIES — 0.6% | ||||||||
| Bay Area Toll Authority Rev., 6.92%, 4/1/40 | 295,000 | 432,059 | ||||||
| California State University Rev., 2.98%, 11/1/51 | 500,000 | 476,834 | ||||||
| Foothill-Eastern Transportation Corridor Agency Rev., 4.09%, 1/15/49 | 275,000 | 291,772 | ||||||
| Golden State Tobacco Securitization Corp. Rev., 2.75%, 6/1/34 | 660,000 | 643,835 | ||||||
| Houston GO, 3.96%, 3/1/47 | 120,000 | 137,923 | ||||||
| Metropolitan Transportation Authority Rev., 6.69%, 11/15/40 | 105,000 | 142,036 | ||||||
| Metropolitan Transportation Authority Rev., 6.81%, 11/15/40 | 60,000 | 83,937 | ||||||
| Metropolitan Water Reclamation District of Greater Chicago GO, 5.72%, 12/1/38 | 650,000 | 877,313 | ||||||
| Michigan Strategic Fund Rev., (Flint Water Advocacy Fund), 3.23%, 9/1/47 | 570,000 | 561,643 | ||||||
| Missouri Highway & Transportation Commission Rev., 5.45%, 5/1/33 | 130,000 | 159,079 | ||||||
| New Jersey Turnpike Authority Rev., 7.41%, 1/1/40 | 200,000 | 314,938 | ||||||
| New Jersey Turnpike Authority Rev., 7.10%, 1/1/41 | 95,000 | 145,978 | ||||||
| New York City GO, 6.27%, 12/1/37 | 95,000 | 130,796 | ||||||
| Ohio Turnpike & Infrastructure Commission Rev., 3.22%, 2/15/48 | 330,000 | 333,038 | ||||||
| Ohio Water Development Authority Water Pollution Control Loan Fund Rev., 4.88%, 12/1/34 | 110,000 | 127,534 | ||||||
| Port Authority of New York & New Jersey Rev., 4.93%, 10/1/51 | 50,000 | 65,644 | ||||||
| Regents of the University of California Medical Center Pooled Rev., 3.26%, 5/15/60 | 245,000 | 254,549 | ||||||
| Rutgers The State University of New Jersey Rev., 5.67%, 5/1/40 | 300,000 | 390,610 | ||||||
| Sacramento Municipal Utility District Rev., 6.16%, 5/15/36 | 210,000 | 285,072 | ||||||
| San Francisco Public Utilities Commission Water Rev., 6.00%, 11/1/40 | 105,000 | 140,514 | ||||||
| Santa Clara Valley Transportation Authority Rev., 5.88%, 4/1/32 | 120,000 | 143,140 | ||||||
| State of California GO, 4.60%, 4/1/38 | 355,000 | 402,767 | ||||||
| State of California GO, 7.55%, 4/1/39 | 100,000 | 160,373 | ||||||
| State of California GO, 7.30%, 10/1/39 | 160,000 | 242,778 | ||||||
| State of California GO, 7.60%, 11/1/40 | 80,000 | 132,096 | ||||||
| State of Washington GO, 5.14%, 8/1/40 | 20,000 | 26,009 | ||||||
TOTAL MUNICIPAL SECURITIES (Cost $6,259,316) | 7,102,267 | |||||||
| U.S. GOVERNMENT AGENCY SECURITIES — 0.3% | ||||||||
| FNMA, 0.75%, 10/8/27 | 2,000,000 | 1,895,213 | ||||||
| FNMA, 6.625%, 11/15/30 | 600,000 | 827,233 | ||||||
| Tennessee Valley Authority, 1.50%, 9/15/31 | 300,000 | 288,664 | ||||||
TOTAL U.S. GOVERNMENT AGENCY SECURITIES (Cost $3,014,385) | 3,011,110 | |||||||
| SOVEREIGN GOVERNMENTS AND AGENCIES — 0.1% | ||||||||
Chile† | ||||||||
| Chile Government International Bond, 3.625%, 10/30/42 | 100,000 | 100,138 | ||||||
| Mexico — 0.1% | ||||||||
| Mexico Government International Bond, 4.15%, 3/28/27 | 600,000 | 650,703 | ||||||
Peru† | ||||||||
| Peruvian Government International Bond, 5.625%, 11/18/50 | 170,000 | 224,279 | ||||||
Philippines† | ||||||||
| Philippine Government International Bond, 6.375%, 10/23/34 | 150,000 | 200,882 | ||||||
Poland† | ||||||||
| Republic of Poland Government International Bond, 3.00%, 3/17/23 | 140,000 | 143,168 | ||||||
South Africa† | ||||||||
| Republic of South Africa Government International Bond, 4.67%, 1/17/24 | 110,000 | 114,916 | ||||||
Uruguay† | ||||||||
| Uruguay Government International Bond, 4.125%, 11/20/45 | 120,000 | 136,360 | ||||||
TOTAL SOVEREIGN GOVERNMENTS AND AGENCIES (Cost $1,417,205) | 1,570,446 | |||||||
BANK LOAN OBLIGATIONS(4) — 0.1% | ||||||||
| Media — 0.1% | ||||||||
DirecTV Financing, LLC, Term Loan, 8/2/27(5) | 595,000 | 596,583 | ||||||
Pharmaceuticals† | ||||||||
| Horizon Therapeutics USA Inc., 2021 Term Loan B2, 2.25%, (1-month LIBOR plus 1.75%), 3/15/28 | 500,220 | 497,406 | ||||||
TOTAL BANK LOAN OBLIGATIONS (Cost $1,097,244) | 1,093,989 | |||||||
PREFERRED STOCKS† | ||||||||
Banks† | ||||||||
SVB Financial Group, 4.25% (Cost $134,000) | 134,000 | 132,158 | ||||||
| SHORT-TERM INVESTMENTS — 1.7% | ||||||||
| Money Market Funds — 1.7% | ||||||||
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 17,951,209 | 17,951,209 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $17,951,209) | 17,951,209 | |||||||
TOTAL INVESTMENT SECURITIES — 101.0% (Cost $968,067,259) | 1,083,045,696 | |||||||
| OTHER ASSETS AND LIABILITIES — (1.0)% | (11,185,834) | |||||||
| TOTAL NET ASSETS — 100.0% | $ | 1,071,859,862 | ||||||
| FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS | ||||||||||||||||||||
| Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) | ||||||||||||||||
| EUR | 111,941 | USD | 126,388 | Credit Suisse AG | 3/31/22 | $ | (461) | |||||||||||||
| EUR | 185,851 | USD | 211,087 | Credit Suisse AG | 3/31/22 | (2,017) | ||||||||||||||
| EUR | 259,760 | USD | 295,489 | Credit Suisse AG | 3/31/22 | (3,276) | ||||||||||||||
| EUR | 147,819 | USD | 168,943 | Credit Suisse AG | 3/31/22 | (2,656) | ||||||||||||||
| EUR | 295,639 | USD | 334,442 | Credit Suisse AG | 3/31/22 | (1,868) | ||||||||||||||
| EUR | 114,811 | USD | 130,113 | Goldman Sachs & Co. | 3/31/22 | (958) | ||||||||||||||
| EUR | 163,606 | USD | 186,139 | UBS AG | 3/31/22 | (2,094) | ||||||||||||||
| EUR | 135,621 | USD | 152,338 | UBS AG | 3/31/22 | 226 | ||||||||||||||
| USD | 5,491,148 | EUR | 4,849,338 | Credit Suisse AG | 3/31/22 | 35,962 | ||||||||||||||
| USD | 193,781 | EUR | 170,782 | Credit Suisse AG | 3/31/22 | 1,663 | ||||||||||||||
| USD | 197,644 | EUR | 172,217 | Credit Suisse AG | 3/31/22 | 3,912 | ||||||||||||||
| USD | 188,845 | EUR | 166,476 | UBS AG | 3/31/22 | 1,570 | ||||||||||||||
| USD | 135,318 | EUR | 118,399 | UBS AG | 3/31/22 | 2,126 | ||||||||||||||
| $ | 32,129 | |||||||||||||||||||
| FUTURES CONTRACTS PURCHASED | ||||||||||||||
| Reference Entity | Contracts | Expiration Date | Notional Amount | Unrealized Appreciation (Depreciation)^ | ||||||||||
| U.S. Treasury 2-Year Notes | 1 | March 2022 | $ | 216,656 | $ | (400) | ||||||||
| U.S. Treasury 5-Year Notes | 6 | March 2022 | 715,219 | 316 | ||||||||||
| U.S. Treasury Long Bonds | 44 | March 2022 | 6,847,500 | (95,562) | ||||||||||
| U.S. Treasury Ultra Bonds | 5 | March 2022 | 944,687 | (3,752) | ||||||||||
| $ | 8,724,062 | $ | (99,398) | |||||||||||
^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 | 135 | March 2022 | $ | 17,275,781 | $ | (10,689) | ||||||||
^Amount represents value and unrealized appreciation (depreciation).
| 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) | $ | 301,866 | $ | 301,338 | ||||||||||||
| CPURNSA | Receive | 2.34% | 2/5/26 | $ | 2,300,000 | 301 | 171,157 | 171,458 | |||||||||||||||
| CPURNSA | Receive | 2.33% | 2/8/26 | $ | 4,000,000 | 524 | 298,307 | 298,831 | |||||||||||||||
| CPURNSA | Receive | 2.30% | 2/24/26 | $ | 4,000,000 | 524 | 302,100 | 302,624 | |||||||||||||||
| $ | 821 | $ | 1,073,430 | $ | 1,074,251 | ||||||||||||||||||
| NOTES TO SCHEDULE OF INVESTMENTS | ||||||||
| CPURNSA | - | U.S. Consumer Price Index Urban Consumers Not Seasonally Adjusted Index | ||||||
| EUR | - | Euro | ||||||
| FHLMC | - | Federal Home Loan Mortgage Corporation | ||||||
| FNMA | - | Federal National Mortgage Association | ||||||
| GA | - | Guaranty Agreement | ||||||
| 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 | ||||||
| USD | - | United States Dollar | ||||||
| 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, forward foreign currency exchange contracts, futures contracts and/or swap agreements. At the period end, the aggregate value of securities pledged was $719,679.
(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 $105,972,495, which represented 9.9% of total net assets.
(4)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.
(5)The interest rate will be determined upon settlement of the bank loan obligation after period end.
SUPPLEMENTARY NOTES TO SCHEDULE OF INVESTMENTS
1. Investment Valuations
The fund determines the fair value of its investments and computes its net asset value (NAV) per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. The Board of Directors has adopted valuation policies and procedures to guide the investment advisor in the fund’s investment valuation process and to provide methodologies for the oversight of the fund’s pricing function.
Equity securities that are listed or traded on a domestic securities exchange are valued at the last reported sales price or at the official closing price as provided by the exchange. Equity securities traded on foreign securities exchanges are generally valued at the closing price of such securities on the exchange where primarily traded or at the close of the NYSE, if that is earlier. If no last sales price is reported, or if local convention or regulation so provides, the mean of the latest bid and asked prices may be used. Securities traded over-the-counter are valued at the mean of the latest bid and asked prices, the last sales price, or the official closing price. Equity securities initially expressed in local currencies are translated into U.S. dollars at the mean of the appropriate currency exchange rate at the close of the NYSE as provided by an independent pricing service.
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. Forward foreign currency exchange contracts are valued at the mean of the appropriate forward exchange rate at the close of the NYSE as provided by an independent pricing service.
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 | 633,696,313 | 9,085,715 | — | ||||||||
| U.S. Treasury Securities | — | 162,019,607 | — | ||||||||
| Corporate Bonds | — | 113,986,946 | — | ||||||||
| U.S. Government Agency Mortgage-Backed Securities | — | 46,242,324 | — | ||||||||
| Asset-Backed Securities | — | 26,457,732 | — | ||||||||
| Collateralized Mortgage Obligations | — | 25,904,046 | — | ||||||||
| Collateralized Loan Obligations | — | 25,338,548 | — | ||||||||
| Commercial Mortgage-Backed Securities | — | 9,453,286 | — | ||||||||
| Municipal Securities | — | 7,102,267 | — | ||||||||
| U.S. Government Agency Securities | — | 3,011,110 | — | ||||||||
| Sovereign Governments and Agencies | — | 1,570,446 | — | ||||||||
| Bank Loan Obligations | — | 1,093,989 | — | ||||||||
| Preferred Stocks | — | 132,158 | — | ||||||||
| Short-Term Investments | 17,951,209 | — | — | ||||||||
| 651,647,522 | 431,398,174 | — | |||||||||
| Other Financial Instruments | |||||||||||
| Futures Contracts | 316 | — | — | ||||||||
| Swap Agreements | — | 1,074,251 | — | ||||||||
| Forward Foreign Currency Exchange Contracts | — | 45,459 | — | ||||||||
| 316 | 1,119,710 | — | |||||||||
| Liabilities | |||||||||||
| Other Financial Instruments | |||||||||||
| Futures Contracts | 110,403 | — | — | ||||||||
| Forward Foreign Currency Exchange Contracts | — | 13,330 | — | ||||||||
| 110,403 | 13,330 | — | |||||||||
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.