American Century Investments®
Quarterly Portfolio Holdings
Balanced Fund
July 31, 2023
Balanced Fund - Schedule of Investments | ||
JULY 31, 2023 (UNAUDITED) |
Shares/ Principal Amount ($) | Value ($) | ||||||||||
COMMON STOCKS — 61.8% | |||||||||||
Aerospace and Defense — 0.6% | |||||||||||
Lockheed Martin Corp. | 12,676 | 5,658,186 | |||||||||
Air Freight and Logistics — 0.5% | |||||||||||
United Parcel Service, Inc., Class B | 25,475 | 4,767,137 | |||||||||
Automobile Components — 0.5% | |||||||||||
Aptiv PLC(1) | 43,113 | 4,720,442 | |||||||||
Automobiles — 0.8% | |||||||||||
Tesla, Inc.(1) | 26,217 | 7,011,212 | |||||||||
Banks — 2.0% | |||||||||||
Bank of America Corp. | 160,640 | 5,140,480 | |||||||||
JPMorgan Chase & Co. | 54,774 | 8,652,101 | |||||||||
Regions Financial Corp. | 183,759 | 3,743,171 | |||||||||
17,535,752 | |||||||||||
Beverages — 1.0% | |||||||||||
PepsiCo, Inc. | 45,405 | 8,511,621 | |||||||||
Biotechnology — 1.3% | |||||||||||
AbbVie, Inc. | 42,343 | 6,333,666 | |||||||||
Amgen, Inc. | 14,564 | 3,410,160 | |||||||||
Vertex Pharmaceuticals, Inc.(1) | 5,885 | 2,073,521 | |||||||||
11,817,347 | |||||||||||
Broadline Retail — 1.5% | |||||||||||
Amazon.com, Inc.(1) | 101,339 | 13,546,998 | |||||||||
Building Products — 1.0% | |||||||||||
Johnson Controls International PLC | 87,761 | 6,103,777 | |||||||||
Masco Corp. | 44,488 | 2,699,532 | |||||||||
8,803,309 | |||||||||||
Capital Markets — 2.7% | |||||||||||
Ameriprise Financial, Inc. | 10,051 | 3,502,271 | |||||||||
BlackRock, Inc. | 5,805 | 4,289,024 | |||||||||
Charles Schwab Corp. | 20,288 | 1,341,037 | |||||||||
Intercontinental Exchange, Inc. | 23,042 | 2,645,222 | |||||||||
Morgan Stanley | 95,350 | 8,730,246 | |||||||||
S&P Global, Inc. | 8,363 | 3,299,287 | |||||||||
23,807,087 | |||||||||||
Chemicals — 1.5% | |||||||||||
Air Products & Chemicals, Inc. | 10,120 | 3,089,940 | |||||||||
Ecolab, Inc. | 13,702 | 2,509,384 | |||||||||
Linde PLC | 18,779 | 7,336,392 | |||||||||
12,935,716 | |||||||||||
Communications Equipment — 0.7% | |||||||||||
Cisco Systems, Inc. | 125,318 | 6,521,549 | |||||||||
Consumer Finance — 0.3% | |||||||||||
American Express Co. | 18,057 | 3,049,466 | |||||||||
Consumer Staples Distribution & Retail — 1.9% | |||||||||||
Costco Wholesale Corp. | 6,208 | 3,480,639 | |||||||||
Kroger Co. | 73,453 | 3,572,754 | |||||||||
Sysco Corp. | 72,042 | 5,497,525 | |||||||||
Target Corp. | 28,481 | 3,886,802 | |||||||||
16,437,720 | |||||||||||
Containers and Packaging — 0.3% | |||||||||||
Ball Corp. | 46,822 | 2,747,983 | |||||||||
Distributors — 0.4% | |||||||||||
LKQ Corp. | 63,247 | 3,465,303 | |||||||||
Diversified Telecommunication Services — 0.6% | |||||||||||
Verizon Communications, Inc. | 168,093 | 5,728,609 | |||||||||
Electric Utilities — 1.1% | |||||||||||
NextEra Energy, Inc. | 128,393 | 9,411,207 | |||||||||
Electrical Equipment — 0.7% | |||||||||||
Eaton Corp. PLC | 25,307 | 5,196,033 | |||||||||
Generac Holdings, Inc.(1) | 5,482 | 842,584 | |||||||||
6,038,617 | |||||||||||
Electronic Equipment, Instruments and Components — 1.0% | |||||||||||
CDW Corp. | 25,345 | 4,741,289 | |||||||||
Keysight Technologies, Inc.(1) | 26,734 | 4,306,313 | |||||||||
9,047,602 | |||||||||||
Energy Equipment and Services — 0.9% | |||||||||||
Schlumberger NV | 137,435 | 8,017,958 | |||||||||
Entertainment — 0.6% | |||||||||||
Electronic Arts, Inc. | 15,329 | 2,090,109 | |||||||||
Liberty Media Corp.-Liberty Formula One, Class C(1) | 16,870 | 1,224,762 | |||||||||
Walt Disney Co.(1) | 26,705 | 2,373,808 | |||||||||
5,688,679 | |||||||||||
Financial Services — 1.8% | |||||||||||
Mastercard, Inc., Class A | 16,188 | 6,382,604 | |||||||||
Visa, Inc., Class A | 39,886 | 9,482,099 | |||||||||
15,864,703 | |||||||||||
Food Products — 0.5% | |||||||||||
Mondelez International, Inc., Class A | 59,067 | 4,378,637 | |||||||||
Ground Transportation — 0.7% | |||||||||||
Norfolk Southern Corp. | 11,956 | 2,792,802 | |||||||||
Uber Technologies, Inc.(1) | 32,414 | 1,603,196 | |||||||||
Union Pacific Corp. | 7,881 | 1,828,550 | |||||||||
6,224,548 | |||||||||||
Health Care Equipment and Supplies — 0.4% | |||||||||||
Intuitive Surgical, Inc.(1) | 6,701 | 2,173,804 | |||||||||
ResMed, Inc. | 4,637 | 1,031,037 | |||||||||
3,204,841 | |||||||||||
Health Care Providers and Services — 2.8% | |||||||||||
Cigna Group | 25,749 | 7,598,530 | |||||||||
CVS Health Corp. | 58,536 | 4,372,054 | |||||||||
Humana, Inc. | 5,083 | 2,322,067 | |||||||||
UnitedHealth Group, Inc. | 20,624 | 10,443,375 | |||||||||
24,736,026 | |||||||||||
Hotels, Restaurants and Leisure — 0.6% | |||||||||||
Airbnb, Inc., Class A(1) | 10,200 | 1,552,338 | |||||||||
Chipotle Mexican Grill, Inc.(1) | 643 | 1,261,746 | |||||||||
Starbucks Corp. | 28,101 | 2,854,219 | |||||||||
5,668,303 | |||||||||||
Household Products — 0.9% | |||||||||||
Colgate-Palmolive Co. | 28,821 | 2,197,890 | |||||||||
Procter & Gamble Co. | 33,948 | 5,306,072 | |||||||||
7,503,962 | |||||||||||
Industrial Conglomerates — 0.5% | |||||||||||
Honeywell International, Inc. | 22,572 | 4,381,902 | |||||||||
Industrial REITs — 1.1% | |||||||||||
Prologis, Inc. | 74,976 | 9,353,256 | |||||||||
Insurance — 1.4% | |||||||||||
Marsh & McLennan Cos., Inc. | 22,718 | 4,280,526 | |||||||||
Prudential Financial, Inc. | 34,521 | 3,330,931 | |||||||||
Travelers Cos., Inc. | 25,106 | 4,333,547 | |||||||||
11,945,004 | |||||||||||
Interactive Media and Services — 3.8% | |||||||||||
Alphabet, Inc., Class A(1) | 178,505 | 23,691,184 | |||||||||
Meta Platforms, Inc., Class A(1) | 31,477 | 10,028,572 | |||||||||
33,719,756 | |||||||||||
IT Services — 1.2% | |||||||||||
Accenture PLC, Class A | 18,574 | 5,875,885 | |||||||||
International Business Machines Corp. | 31,601 | 4,556,232 | |||||||||
10,432,117 | |||||||||||
Life Sciences Tools and Services — 1.6% | |||||||||||
Agilent Technologies, Inc. | 36,431 | 4,436,203 | |||||||||
Danaher Corp. | 18,542 | 4,729,323 | |||||||||
Thermo Fisher Scientific, Inc. | 9,378 | 5,145,333 | |||||||||
14,310,859 | |||||||||||
Machinery — 1.5% | |||||||||||
Cummins, Inc. | 17,421 | 4,543,397 | |||||||||
Deere & Co. | 7,144 | 3,069,062 | |||||||||
Parker-Hannifin Corp. | 7,252 | 2,973,393 | |||||||||
Xylem, Inc. | 22,103 | 2,492,113 | |||||||||
13,077,965 | |||||||||||
Oil, Gas and Consumable Fuels — 1.8% | |||||||||||
ConocoPhillips | 71,414 | 8,406,856 | |||||||||
EOG Resources, Inc. | 57,770 | 7,656,258 | |||||||||
16,063,114 | |||||||||||
Pharmaceuticals — 2.3% | |||||||||||
Bristol-Myers Squibb Co. | 91,743 | 5,705,497 | |||||||||
Eli Lilly & Co. | 5,348 | 2,430,933 | |||||||||
Merck & Co., Inc. | 46,189 | 4,926,057 | |||||||||
Novo Nordisk A/S, B Shares | 19,496 | 3,143,773 | |||||||||
Zoetis, Inc. | 24,369 | 4,583,565 | |||||||||
20,789,825 | |||||||||||
Semiconductors and Semiconductor Equipment — 4.6% | |||||||||||
Advanced Micro Devices, Inc.(1) | 39,379 | 4,504,958 | |||||||||
Analog Devices, Inc. | 28,489 | 5,684,410 | |||||||||
Applied Materials, Inc. | 47,491 | 7,199,161 | |||||||||
ASML Holding NV | 5,104 | 3,655,836 | |||||||||
GLOBALFOUNDRIES, Inc.(1) | 20,270 | 1,290,996 | |||||||||
NVIDIA Corp. | 40,390 | 18,873,843 | |||||||||
41,209,204 | |||||||||||
Software — 6.4% | |||||||||||
Adobe, Inc.(1) | 3,480 | 1,900,672 | |||||||||
Cadence Design Systems, Inc.(1) | 12,479 | 2,920,211 | |||||||||
Microsoft Corp. | 128,266 | 43,087,115 | |||||||||
Salesforce, Inc.(1) | 26,317 | 5,921,588 | |||||||||
ServiceNow, Inc.(1) | 2,340 | 1,364,220 | |||||||||
Workday, Inc., Class A(1) | 8,434 | 1,999,954 | |||||||||
57,193,760 | |||||||||||
Specialized REITs — 0.4% | |||||||||||
Equinix, Inc. | 4,113 | 3,331,201 | |||||||||
Specialty Retail — 2.1% | |||||||||||
CarMax, Inc.(1) | 16,242 | 1,341,752 | |||||||||
Home Depot, Inc. | 28,540 | 9,527,793 | |||||||||
TJX Cos., Inc. | 64,005 | 5,538,353 | |||||||||
Tractor Supply Co. | 9,174 | 2,054,884 | |||||||||
18,462,782 | |||||||||||
Technology Hardware, Storage and Peripherals — 3.2% | |||||||||||
Apple, Inc. | 145,580 | 28,599,191 | |||||||||
Textiles, Apparel and Luxury Goods — 0.3% | |||||||||||
Deckers Outdoor Corp.(1) | 5,106 | 2,776,081 | |||||||||
TOTAL COMMON STOCKS (Cost $405,383,849) | 548,496,537 | ||||||||||
U.S. TREASURY SECURITIES — 11.9% | |||||||||||
U.S. Treasury Bonds, 5.00%, 5/15/37 | 200,000 | 223,355 | |||||||||
U.S. Treasury Bonds, 1.375%, 11/15/40 | 200,000 | 130,984 | |||||||||
U.S. Treasury Bonds, 4.375%, 5/15/41 | 1,400,000 | 1,446,648 | |||||||||
U.S. Treasury Bonds, 3.25%, 5/15/42 | 2,100,000 | 1,837,541 | |||||||||
U.S. Treasury Bonds, 3.375%, 8/15/42 | 1,800,000 | 1,601,719 | |||||||||
U.S. Treasury Bonds, 2.75%, 11/15/42 | 1,400,000 | 1,128,805 | |||||||||
U.S. Treasury Bonds, 4.00%, 11/15/42 | 2,800,000 | 2,727,813 | |||||||||
U.S. Treasury Bonds, 3.875%, 2/15/43 | 3,300,000 | 3,153,563 | |||||||||
U.S. Treasury Bonds, 2.875%, 5/15/43 | 1,300,000 | 1,064,451 | |||||||||
U.S. Treasury Bonds, 3.875%, 5/15/43 | 3,100,000 | 2,963,891 | |||||||||
U.S. Treasury Bonds, 3.75%, 11/15/43 | 600,000 | 561,059 | |||||||||
U.S. Treasury Bonds, 3.00%, 11/15/44 | 600,000 | 496,570 | |||||||||
U.S. Treasury Bonds, 2.50%, 2/15/45 | 1,500,000 | 1,135,166 | |||||||||
U.S. Treasury Bonds, 2.875%, 5/15/49 | 500,000 | 402,090 | |||||||||
U.S. Treasury Bonds, 2.25%, 8/15/49 | 700,000 | 494,484 | |||||||||
U.S. Treasury Bonds, 2.375%, 11/15/49 | 2,400,000 | 1,742,531 | |||||||||
U.S. Treasury Bonds, 3.00%, 8/15/52 | 600,000 | 495,996 | |||||||||
U.S. Treasury Bonds, 4.00%, 11/15/52 | 5,900,000 | 5,896,312 | |||||||||
U.S. Treasury Bonds, 3.625%, 2/15/53 | 400,000 | 373,188 | |||||||||
U.S. Treasury Notes, 1.50%, 2/15/25(2) | 1,500,000 | 1,419,785 | |||||||||
U.S. Treasury Notes, 3.875%, 4/30/25 | 2,000,000 | 1,961,875 | |||||||||
U.S. Treasury Notes, 2.875%, 6/15/25(2) | 500,000 | 481,445 | |||||||||
U.S. Treasury Notes, 2.625%, 12/31/25 | 200,000 | 190,637 | |||||||||
U.S. Treasury Notes, 4.625%, 3/15/26 | 9,500,000 | 9,501,855 | |||||||||
U.S. Treasury Notes, 3.625%, 5/15/26 | 5,900,000 | 5,756,188 | |||||||||
U.S. Treasury Notes, 4.125%, 6/15/26 | 13,000,000 | 12,861,875 | |||||||||
U.S. Treasury Notes, 0.875%, 6/30/26 | 200,000 | 180,512 | |||||||||
U.S. Treasury Notes, 4.50%, 7/15/26 | 1,200,000 | 1,199,766 | |||||||||
U.S. Treasury Notes, 1.625%, 10/31/26 | 100,000 | 91,559 | |||||||||
U.S. Treasury Notes, 1.75%, 12/31/26 | 700,000 | 641,867 | |||||||||
U.S. Treasury Notes, 1.125%, 2/29/28 | 1,000,000 | 871,875 | |||||||||
U.S. Treasury Notes, 4.00%, 2/29/28 | 13,500,000 | 13,380,820 | |||||||||
U.S. Treasury Notes, 1.25%, 4/30/28 | 3,600,000 | 3,145,219 | |||||||||
U.S. Treasury Notes, 3.625%, 5/31/28 | 9,100,000 | 8,883,520 | |||||||||
U.S. Treasury Notes, 4.00%, 6/30/28 | 1,500,000 | 1,488,047 | |||||||||
U.S. Treasury Notes, 3.125%, 11/15/28 | 2,900,000 | 2,757,492 | |||||||||
U.S. Treasury Notes, 1.875%, 2/28/29 | 1,500,000 | 1,331,279 | |||||||||
U.S. Treasury Notes, 2.875%, 4/30/29 | 700,000 | 654,459 | |||||||||
U.S. Treasury Notes, 3.875%, 11/30/29 | 700,000 | 690,361 | |||||||||
U.S. Treasury Notes, 3.875%, 12/31/29 | 1,000,000 | 986,230 | |||||||||
U.S. Treasury Notes, 3.50%, 1/31/30 | 2,600,000 | 2,510,168 | |||||||||
U.S. Treasury Notes, 3.625%, 3/31/30 | 4,000,000 | 3,890,469 |
U.S. Treasury Notes, 3.75%, 5/31/30 | 2,700,000 | 2,646,422 | |||||||||
U.S. Treasury Notes, 3.375%, 5/15/33 | 200,000 | 190,797 | |||||||||
TOTAL U.S. TREASURY SECURITIES (Cost $109,785,358) | 105,590,688 | ||||||||||
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 9.6% | |||||||||||
Adjustable-Rate U.S. Government Agency Mortgage-Backed Securities — 0.1% | |||||||||||
FHLMC, VRN, 4.49%, (1-year H15T1Y plus 2.25%), 9/1/35 | 53,825 | 54,620 | |||||||||
FHLMC, VRN, 4.76%, (12-month LIBOR plus 1.87%), 7/1/36 | 13,902 | 14,054 | |||||||||
FHLMC, VRN, 4.20%, (1-year H15T1Y plus 2.14%), 10/1/36 | 50,910 | 51,889 | |||||||||
FHLMC, VRN, 4.59%, (1-year H15T1Y plus 2.26%), 4/1/37 | 56,216 | 56,962 | |||||||||
FHLMC, VRN, 4.69%, (12-month LIBOR plus 1.89%), 7/1/41 | 24,321 | 24,018 | |||||||||
FHLMC, VRN, 3.15%, (12-month LIBOR plus 1.63%), 1/1/44 | 57,404 | 57,722 | |||||||||
FHLMC, VRN, 5.51%, (12-month LIBOR plus 1.60%), 6/1/45 | 27,274 | 27,388 | |||||||||
FHLMC, VRN, 5.32%, (12-month LIBOR plus 1.63%), 8/1/46 | 73,414 | 73,862 | |||||||||
FHLMC, VRN, 3.07%, (12-month LIBOR plus 1.64%), 9/1/47 | 126,919 | 124,273 | |||||||||
FNMA, VRN, 6.94%, (6-month LIBOR plus 1.57%), 6/1/35 | 22,910 | 23,257 | |||||||||
FNMA, VRN, 6.94%, (6-month LIBOR plus 1.57%), 6/1/35 | 22,053 | 22,399 | |||||||||
FNMA, VRN, 4.28%, (1-year H15T1Y plus 2.15%), 3/1/38 | 55,270 | 56,316 | |||||||||
FNMA, VRN, 3.18%, (12-month LIBOR plus 1.61%), 3/1/47 | 99,430 | 93,963 | |||||||||
FNMA, VRN, 3.12%, (12-month LIBOR plus 1.61%), 4/1/47 | 53,711 | 50,727 | |||||||||
FNMA, VRN, 3.20%, (12-month LIBOR plus 1.62%), 5/1/47 | 82,299 | 81,906 | |||||||||
813,356 | |||||||||||
Fixed-Rate U.S. Government Agency Mortgage-Backed Securities — 9.5% | |||||||||||
FHLMC, 3.00%, 1/1/50 | 1,697,472 | 1,488,996 | |||||||||
FHLMC, 3.50%, 5/1/50 | 298,020 | 272,796 | |||||||||
FHLMC, 2.50%, 5/1/51 | 1,999,158 | 1,694,977 | |||||||||
FHLMC, 3.50%, 5/1/51 | 985,484 | 902,678 | |||||||||
FHLMC, 3.00%, 7/1/51 | 762,795 | 671,787 | |||||||||
FHLMC, 2.00%, 8/1/51 | 1,650,808 | 1,341,078 | |||||||||
FHLMC, 2.50%, 8/1/51 | 1,817,024 | 1,536,528 | |||||||||
FHLMC, 2.50%, 10/1/51 | 949,972 | 812,456 | |||||||||
FHLMC, 3.00%, 12/1/51 | 1,171,207 | 1,027,225 | |||||||||
FHLMC, 3.00%, 2/1/52 | 595,936 | 524,216 | |||||||||
FHLMC, 3.50%, 5/1/52 | 1,285,308 | 1,177,225 | |||||||||
FHLMC, 4.00%, 5/1/52 | 1,543,858 | 1,442,725 | |||||||||
FHLMC, 4.00%, 5/1/52 | 1,135,225 | 1,069,529 | |||||||||
FHLMC, 4.00%, 6/1/52 | 3,374,269 | 3,179,037 | |||||||||
FHLMC, 5.00%, 7/1/52 | 702,609 | 692,171 | |||||||||
FHLMC, 4.50%, 10/1/52 | 2,378,323 | 2,278,366 | |||||||||
FHLMC, 4.50%, 10/1/52 | 1,751,886 | 1,678,308 | |||||||||
FHLMC, 6.00%, 11/1/52 | 3,077,815 | 3,112,230 | |||||||||
FHLMC, 5.50%, 12/1/52 | 495,642 | 493,846 | |||||||||
FNMA, 2.00%, 5/1/36 | 857,278 | 762,073 | |||||||||
FNMA, 2.00%, 1/1/37 | 1,147,528 | 1,015,668 | |||||||||
FNMA, 4.50%, 9/1/41 | 134,988 | 132,472 | |||||||||
FNMA, 3.50%, 5/1/42 | 649,855 | 605,362 | |||||||||
FNMA, 3.50%, 6/1/42 | 217,582 | 202,684 | |||||||||
FNMA, 3.00%, 2/1/50 | 257,231 | 227,228 | |||||||||
FNMA, 2.50%, 6/1/50 | 974,406 | 829,530 | |||||||||
FNMA, 2.50%, 12/1/50 | 947,364 | 800,942 | |||||||||
FNMA, 2.50%, 2/1/51 | 2,502,557 | 2,126,367 | |||||||||
FNMA, 3.00%, 6/1/51 | 134,118 | 119,512 | |||||||||
FNMA, 2.50%, 12/1/51 | 1,094,793 | 924,878 | |||||||||
FNMA, 2.50%, 2/1/52 | 601,222 | 510,138 | |||||||||
FNMA, 3.00%, 2/1/52 | 1,128,766 | 992,908 |
FNMA, 2.00%, 3/1/52 | 2,963,578 | 2,413,049 | |||||||||
FNMA, 2.50%, 3/1/52 | 1,371,888 | 1,168,678 | |||||||||
FNMA, 3.00%, 3/1/52 | 2,059,907 | 1,825,360 | |||||||||
FNMA, 3.00%, 4/1/52 | 464,027 | 408,198 | |||||||||
FNMA, 3.50%, 4/1/52 | 747,143 | 678,085 | |||||||||
FNMA, 4.00%, 4/1/52 | 1,465,473 | 1,375,796 | |||||||||
FNMA, 4.00%, 4/1/52 | 654,878 | 617,183 | |||||||||
FNMA, 4.00%, 4/1/52 | 480,590 | 449,707 | |||||||||
FNMA, 2.50%, 5/1/52 | 18,400 | 15,568 | |||||||||
FNMA, 3.00%, 5/1/52 | 1,179,574 | 1,047,340 | |||||||||
FNMA, 3.50%, 5/1/52 | 2,076,843 | 1,887,934 | |||||||||
FNMA, 3.50%, 5/1/52 | 1,833,321 | 1,663,320 | |||||||||
FNMA, 3.50%, 5/1/52 | 1,767,751 | 1,624,865 | |||||||||
FNMA, 4.00%, 5/1/52 | 1,976,830 | 1,849,119 | |||||||||
FNMA, 3.00%, 6/1/52 | 517,632 | 459,658 | |||||||||
FNMA, 4.50%, 7/1/52 | 1,532,706 | 1,468,289 | |||||||||
FNMA, 5.00%, 8/1/52 | 3,379,836 | 3,306,137 | |||||||||
FNMA, 4.50%, 9/1/52 | 827,178 | 803,157 | |||||||||
FNMA, 5.00%, 9/1/52 | 1,011,476 | 996,450 | |||||||||
FNMA, 5.50%, 10/1/52 | 1,652,517 | 1,642,498 | |||||||||
FNMA, 5.50%, 1/1/53 | 2,765,914 | 2,758,250 | |||||||||
FNMA, 6.50%, 1/1/53 | 2,803,939 | 2,861,134 | |||||||||
GNMA, 5.50%, TBA | 2,978,000 | 2,959,620 | |||||||||
GNMA, 7.00%, 4/20/26 | 6,232 | 6,245 | |||||||||
GNMA, 7.50%, 8/15/26 | 4,522 | 4,541 | |||||||||
GNMA, 7.00%, 5/15/31 | 14,546 | 14,962 | |||||||||
GNMA, 5.50%, 11/15/32 | 35,128 | 35,464 | |||||||||
GNMA, 4.50%, 6/15/41 | 138,830 | 136,772 | |||||||||
GNMA, 3.50%, 6/20/42 | 250,719 | 235,039 | |||||||||
GNMA, 3.00%, 4/20/50 | 536,873 | 482,176 | |||||||||
GNMA, 3.00%, 5/20/50 | 548,829 | 492,628 | |||||||||
GNMA, 3.00%, 6/20/50 | 822,003 | 739,011 | |||||||||
GNMA, 3.00%, 7/20/50 | 1,452,316 | 1,302,856 | |||||||||
GNMA, 2.00%, 10/20/50 | 4,486,574 | 3,776,008 | |||||||||
GNMA, 2.50%, 11/20/50 | 1,937,867 | 1,638,312 | |||||||||
GNMA, 2.50%, 2/20/51 | 1,386,879 | 1,201,739 | |||||||||
GNMA, 3.50%, 6/20/51 | 954,462 | 883,834 | |||||||||
GNMA, 2.50%, 9/20/51 | 1,185,990 | 1,024,225 | |||||||||
GNMA, 2.50%, 12/20/51 | 1,813,825 | 1,565,319 | |||||||||
GNMA, 5.00%, 4/20/53 | 1,609,622 | 1,578,725 | |||||||||
84,043,187 | |||||||||||
TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Cost $88,779,155) | 84,856,543 | ||||||||||
CORPORATE BONDS — 9.0% | |||||||||||
Aerospace and Defense — 0.2% | |||||||||||
Boeing Co., 5.81%, 5/1/50 | 318,000 | 320,162 | |||||||||
Northrop Grumman Corp., 5.15%, 5/1/40 | 195,000 | 190,803 | |||||||||
RTX Corp., 4.125%, 11/16/28 | 520,000 | 499,651 | |||||||||
RTX Corp., 3.125%, 7/1/50 | 165,000 | 116,449 | |||||||||
RTX Corp., 5.375%, 2/27/53 | 250,000 | 251,352 | |||||||||
1,378,417 | |||||||||||
Air Freight and Logistics† | |||||||||||
GXO Logistics, Inc., 2.65%, 7/15/31 | 300,000 | 235,083 | |||||||||
Automobiles — 0.2% | |||||||||||
American Honda Finance Corp., 5.00%, 5/23/25 | 280,000 | 278,633 |
General Motors Financial Co., Inc., 2.75%, 6/20/25 | 700,000 | 663,967 | |||||||||
Mercedes-Benz Finance North America LLC, 5.05%, 8/3/33(3)(4) | 290,000 | 288,718 | |||||||||
Toyota Motor Corp., 5.12%, 7/13/33 | 199,000 | 203,797 | |||||||||
Toyota Motor Credit Corp., 4.55%, 5/17/30 | 490,000 | 480,152 | |||||||||
1,915,267 | |||||||||||
Banks — 1.5% | |||||||||||
Banco Santander SA, VRN, 1.72%, 9/14/27 | 400,000 | 351,433 | |||||||||
Bank of America Corp., VRN, 2.09%, 6/14/29 | 545,000 | 467,994 | |||||||||
Bank of America Corp., VRN, 2.88%, 10/22/30 | 1,421,000 | 1,231,087 | |||||||||
Bank of America Corp., VRN, 2.57%, 10/20/32 | 225,000 | 182,719 | |||||||||
Bank of America Corp., VRN, 4.57%, 4/27/33 | 375,000 | 352,689 | |||||||||
Barclays PLC, VRN, 2.28%, 11/24/27 | 267,000 | 237,717 | |||||||||
BNP Paribas SA, VRN, 2.22%, 6/9/26(3) | 330,000 | 308,539 | |||||||||
BNP Paribas SA, VRN, 5.34%, 6/12/29(3) | 295,000 | 292,701 | |||||||||
Canadian Imperial Bank of Commerce, 5.00%, 4/28/28 | 350,000 | 345,209 | |||||||||
Citigroup, Inc., VRN, 3.07%, 2/24/28 | 376,000 | 346,885 | |||||||||
Citigroup, Inc., VRN, 3.52%, 10/27/28 | 178,000 | 165,307 | |||||||||
Citigroup, Inc., VRN, 3.98%, 3/20/30 | 273,000 | 253,315 | |||||||||
Citigroup, Inc., VRN, 4.41%, 3/31/31 | 120,000 | 112,880 | |||||||||
Citigroup, Inc., VRN, 3.06%, 1/25/33 | 560,000 | 467,878 | |||||||||
Cooperatieve Rabobank UA, 5.50%, 7/18/25 | 495,000 | 496,153 | |||||||||
Credit Agricole SA, VRN, 4.00%, 1/10/33(3) | 370,000 | 333,894 | |||||||||
Danske Bank A/S, VRN, 1.55%, 9/10/27(3) | 385,000 | 337,562 | |||||||||
HSBC Holdings PLC, VRN, 0.73%, 8/17/24 | 320,000 | 319,121 | |||||||||
HSBC Holdings PLC, VRN, 2.80%, 5/24/32 | 415,000 | 337,209 | |||||||||
Intesa Sanpaolo SpA, 6.625%, 6/20/33(3) | 230,000 | 231,125 | |||||||||
JPMorgan Chase & Co., 5.35%, 6/1/34 | 112,000 | 112,848 | |||||||||
JPMorgan Chase & Co., VRN, 1.58%, 4/22/27 | 347,000 | 312,573 | |||||||||
JPMorgan Chase & Co., VRN, 2.07%, 6/1/29 | 862,000 | 743,698 | |||||||||
JPMorgan Chase & Co., VRN, 2.52%, 4/22/31 | 550,000 | 465,679 | |||||||||
JPMorgan Chase & Co., VRN, 2.58%, 4/22/32 | 375,000 | 311,261 | |||||||||
Lloyds Banking Group PLC, 5.99%, 8/7/27(4) | 314,000 | 314,000 | |||||||||
Mitsubishi UFJ Financial Group, Inc., VRN, 2.31%, 7/20/32 | 315,000 | 251,279 | |||||||||
PNC Financial Services Group, Inc., VRN, 5.58%, 6/12/29 | 144,000 | 144,354 | |||||||||
Royal Bank of Canada, 6.00%, 11/1/27 | 465,000 | 478,733 | |||||||||
Societe Generale SA, VRN, 6.69%, 1/10/34(3) | 286,000 | 294,477 | |||||||||
Toronto-Dominion Bank, 2.45%, 1/12/32 | 290,000 | 237,454 | |||||||||
Truist Bank, 3.625%, 9/16/25 | 250,000 | 236,607 | |||||||||
Truist Bank, 3.30%, 5/15/26 | 460,000 | 428,314 | |||||||||
Truist Bank, VRN, 2.64%, 9/17/29 | 270,000 | 250,399 | |||||||||
U.S. Bancorp, VRN, 5.78%, 6/12/29 | 521,000 | 523,164 | |||||||||
Wells Fargo & Co., VRN, 3.20%, 6/17/27 | 220,000 | 205,903 | |||||||||
Wells Fargo & Co., VRN, 5.39%, 4/24/34 | 841,000 | 834,767 | |||||||||
Wells Fargo & Co., VRN, 5.56%, 7/25/34 | 172,000 | 172,744 | |||||||||
13,489,671 | |||||||||||
Beverages — 0.2% | |||||||||||
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc., 4.70%, 2/1/36 | 840,000 | 815,154 | |||||||||
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc., 4.90%, 2/1/46 | 410,000 | 388,966 | |||||||||
Keurig Dr Pepper, Inc., 4.05%, 4/15/32 | 145,000 | 134,700 | |||||||||
PepsiCo, Inc., 1.625%, 5/1/30 | 200,000 | 165,951 | |||||||||
1,504,771 | |||||||||||
Biotechnology — 0.3% | |||||||||||
AbbVie, Inc., 4.40%, 11/6/42 | 515,000 | 457,717 | |||||||||
Amgen, Inc., 4.05%, 8/18/29 | 740,000 | 703,522 | |||||||||
Amgen, Inc., 5.25%, 3/2/33 | 633,000 | 631,988 |
Amgen, Inc., 5.65%, 3/2/53 | 615,000 | 617,294 | |||||||||
2,410,521 | |||||||||||
Building Products† | |||||||||||
Trane Technologies Financing Ltd., 5.25%, 3/3/33 | 147,000 | 148,298 | |||||||||
Capital Markets — 0.8% | |||||||||||
Ameriprise Financial, Inc., 5.15%, 5/15/33 | 395,000 | 392,261 | |||||||||
Bank of New York Mellon Corp., VRN, 4.95%, 4/26/27 | 375,000 | 370,822 | |||||||||
Blue Owl Capital Corp., 3.40%, 7/15/26 | 72,000 | 65,027 | |||||||||
Blue Owl Credit Income Corp., 3.125%, 9/23/26 | 183,000 | 159,864 | |||||||||
Charles Schwab Corp., VRN, 5.85%, 5/19/34 | 298,000 | 307,304 | |||||||||
Goldman Sachs Group, Inc., VRN, 1.76%, 1/24/25 | 199,000 | 194,577 | |||||||||
Goldman Sachs Group, Inc., VRN, 1.43%, 3/9/27 | 478,000 | 428,841 | |||||||||
Goldman Sachs Group, Inc., VRN, 1.95%, 10/21/27 | 714,000 | 637,231 | |||||||||
Goldman Sachs Group, Inc., VRN, 3.81%, 4/23/29 | 484,000 | 450,886 | |||||||||
Goldman Sachs Group, Inc., VRN, 1.99%, 1/27/32 | 225,000 | 177,332 | |||||||||
Goldman Sachs Group, Inc., VRN, 3.10%, 2/24/33 | 220,000 | 185,453 | |||||||||
Golub Capital BDC, Inc., 2.50%, 8/24/26 | 168,000 | 147,671 | |||||||||
Macquarie Group Ltd., VRN, 5.89%, 6/15/34(3) | 147,000 | 144,438 | |||||||||
Morgan Stanley, VRN, 1.16%, 10/21/25 | 544,000 | 511,452 | |||||||||
Morgan Stanley, VRN, 2.63%, 2/18/26 | 434,000 | 413,465 | |||||||||
Morgan Stanley, VRN, 3.59%, (3-month LIBOR plus 1.34%), 7/22/28 | 65,000 | 60,571 | |||||||||
Morgan Stanley, VRN, 5.12%, 2/1/29 | 118,000 | 116,851 | |||||||||
Morgan Stanley, VRN, 5.16%, 4/20/29 | 311,000 | 307,841 | |||||||||
Morgan Stanley, VRN, 2.70%, 1/22/31 | 540,000 | 461,108 | |||||||||
Morgan Stanley, VRN, 2.51%, 10/20/32 | 460,000 | 371,129 | |||||||||
Morgan Stanley, VRN, 5.42%, 7/21/34 | 172,000 | 171,930 | |||||||||
Nasdaq, Inc., 5.55%, 2/15/34 | 261,000 | 263,459 | |||||||||
Nasdaq, Inc., 5.95%, 8/15/53 | 116,000 | 118,451 | |||||||||
UBS Group AG, VRN, 1.49%, 8/10/27(3) | 319,000 | 279,838 | |||||||||
6,737,802 | |||||||||||
Chemicals† | |||||||||||
CF Industries, Inc., 4.95%, 6/1/43 | 195,000 | 169,113 | |||||||||
Commercial Services and Supplies — 0.1% | |||||||||||
Republic Services, Inc., 2.30%, 3/1/30 | 358,000 | 305,828 | |||||||||
Republic Services, Inc., 5.00%, 4/1/34 | 90,000 | 89,501 | |||||||||
Waste Connections, Inc., 3.20%, 6/1/32 | 335,000 | 291,130 | |||||||||
Waste Management, Inc., 4.625%, 2/15/33 | 170,000 | 166,429 | |||||||||
852,888 | |||||||||||
Construction and Engineering† | |||||||||||
Quanta Services, Inc., 2.35%, 1/15/32 | 410,000 | 325,051 | |||||||||
Containers and Packaging — 0.1% | |||||||||||
Sonoco Products Co., 2.25%, 2/1/27 | 316,000 | 282,608 | |||||||||
WRKCo, Inc., 3.00%, 9/15/24 | 201,000 | 194,517 | |||||||||
477,125 | |||||||||||
Diversified Consumer Services† | |||||||||||
Novant Health, Inc., 3.17%, 11/1/51 | 245,000 | 174,442 | |||||||||
Pepperdine University, 3.30%, 12/1/59 | 355,000 | 243,829 | |||||||||
418,271 | |||||||||||
Diversified REITs — 0.1% | |||||||||||
Essex Portfolio LP, 3.00%, 1/15/30 | 247,000 | 212,154 | |||||||||
Extra Space Storage LP, 5.50%, 7/1/30 | 136,000 | 135,978 | |||||||||
Extra Space Storage LP, 2.20%, 10/15/30 | 120,000 | 96,519 | |||||||||
Federal Realty OP LP, 3.50%, 6/1/30 | 298,000 | 261,211 | |||||||||
GLP Capital LP / GLP Financing II, Inc., 5.375%, 4/15/26 | 200,000 | 196,452 | |||||||||
Invitation Homes Operating Partnership LP, 5.45%, 8/15/30(4) | 86,000 | 85,025 |
Invitation Homes Operating Partnership LP, 5.50%, 8/15/33(4) | 140,000 | 138,099 | |||||||||
1,125,438 | |||||||||||
Diversified Telecommunication Services — 0.3% | |||||||||||
AT&T, Inc., 5.40%, 2/15/34 | 320,000 | 314,941 | |||||||||
AT&T, Inc., 4.50%, 5/15/35 | 357,000 | 322,277 | |||||||||
AT&T, Inc., 4.90%, 8/15/37 | 286,000 | 262,899 | |||||||||
AT&T, Inc., 4.85%, 3/1/39 | 200,000 | 180,818 | |||||||||
Ooredoo International Finance Ltd., 2.625%, 4/8/31(3) | 550,000 | 476,544 | |||||||||
Sprint Capital Corp., 6.875%, 11/15/28 | 389,000 | 412,709 | |||||||||
Sprint Capital Corp., 8.75%, 3/15/32 | 270,000 | 325,561 | |||||||||
Telefonica Emisiones SA, 4.90%, 3/6/48 | 285,000 | 236,079 | |||||||||
Verizon Communications, Inc., 4.27%, 1/15/36 | 365,000 | 326,193 | |||||||||
Verizon Communications, Inc., 4.81%, 3/15/39 | 145,000 | 133,185 | |||||||||
2,991,206 | |||||||||||
Electric Utilities — 0.9% | |||||||||||
AEP Texas, Inc., 5.40%, 6/1/33 | 150,000 | 150,407 | |||||||||
Baltimore Gas & Electric Co., 2.25%, 6/15/31 | 207,000 | 170,987 | |||||||||
Baltimore Gas & Electric Co., 5.40%, 6/1/53 | 150,000 | 152,876 | |||||||||
CenterPoint Energy Houston Electric LLC, 4.45%, 10/1/32 | 340,000 | 326,709 | |||||||||
CenterPoint Energy Houston Electric LLC, 4.95%, 4/1/33 | 153,000 | 152,697 | |||||||||
Commonwealth Edison Co., 5.30%, 2/1/53 | 264,000 | 266,904 | |||||||||
Duke Energy Carolinas LLC, 2.55%, 4/15/31 | 154,000 | 131,148 | |||||||||
Duke Energy Corp., 2.55%, 6/15/31 | 230,000 | 190,160 | |||||||||
Duke Energy Corp., 5.00%, 8/15/52 | 230,000 | 209,297 | |||||||||
Duke Energy Florida LLC, 1.75%, 6/15/30 | 370,000 | 301,398 | |||||||||
Duke Energy Florida LLC, 3.85%, 11/15/42 | 220,000 | 178,047 | |||||||||
Duke Energy Indiana LLC, 5.40%, 4/1/53 | 60,000 | 60,380 | |||||||||
Duke Energy Progress LLC, 2.00%, 8/15/31 | 440,000 | 354,116 | |||||||||
Duke Energy Progress LLC, 4.15%, 12/1/44 | 335,000 | 280,400 | |||||||||
Duke Energy Progress LLC, 5.35%, 3/15/53 | 120,000 | 120,355 | |||||||||
Exelon Corp., 5.15%, 3/15/28 | 203,000 | 203,364 | |||||||||
Florida Power & Light Co., 2.45%, 2/3/32 | 391,000 | 328,282 | |||||||||
Florida Power & Light Co., 4.125%, 2/1/42 | 169,000 | 146,991 | |||||||||
Georgia Power Co., 4.95%, 5/17/33 | 150,000 | 147,917 | |||||||||
MidAmerican Energy Co., 4.40%, 10/15/44 | 265,000 | 231,289 | |||||||||
MidAmerican Energy Co., 3.15%, 4/15/50 | 200,000 | 139,190 | |||||||||
NextEra Energy Capital Holdings, Inc., 4.90%, 2/28/28 | 280,000 | 277,596 | |||||||||
NextEra Energy Capital Holdings, Inc., 5.05%, 2/28/33 | 170,000 | 167,058 | |||||||||
NextEra Energy Capital Holdings, Inc., 5.25%, 2/28/53 | 150,000 | 143,679 | |||||||||
Northern States Power Co., 3.20%, 4/1/52 | 240,000 | 169,478 | |||||||||
Northern States Power Co., 5.10%, 5/15/53 | 260,000 | 254,691 | |||||||||
Oncor Electric Delivery Co. LLC, 4.95%, 9/15/52(3) | 150,000 | 143,704 | |||||||||
Pacific Gas & Electric Co., 6.40%, 6/15/33 | 80,000 | 80,445 | |||||||||
Pacific Gas & Electric Co., 4.20%, 6/1/41 | 155,000 | 115,337 | |||||||||
PECO Energy Co., 4.375%, 8/15/52 | 340,000 | 299,259 | |||||||||
Public Service Co. of Colorado, 1.875%, 6/15/31 | 312,000 | 247,815 | |||||||||
Public Service Electric & Gas Co., 3.10%, 3/15/32 | 228,000 | 199,481 | |||||||||
Public Service Electric & Gas Co., 4.65%, 3/15/33 | 216,000 | 211,572 | |||||||||
Southern Co., 5.20%, 6/15/33 | 182,000 | 180,610 | |||||||||
Southern Co. Gas Capital Corp., 1.75%, 1/15/31 | 330,000 | 260,093 | |||||||||
Union Electric Co., 3.90%, 4/1/52 | 238,000 | 193,501 | |||||||||
Union Electric Co., 5.45%, 3/15/53 | 240,000 | 243,725 | |||||||||
Xcel Energy, Inc., 3.40%, 6/1/30 | 330,000 | 294,478 | |||||||||
Xcel Energy, Inc., 4.60%, 6/1/32 | 136,000 | 128,774 | |||||||||
7,854,210 |
Energy Equipment and Services† | |||||||||||
Schlumberger Investment SA, 4.85%, 5/15/33 | 150,000 | 148,849 | |||||||||
Entertainment† | |||||||||||
Warnermedia Holdings, Inc., 3.76%, 3/15/27 | 178,000 | 166,690 | |||||||||
Warnermedia Holdings, Inc., 5.14%, 3/15/52 | 165,000 | 134,207 | |||||||||
300,897 | |||||||||||
Financial Services — 0.1% | |||||||||||
Antares Holdings LP, 2.75%, 1/15/27(3) | 256,000 | 213,704 | |||||||||
Deutsche Bank AG, VRN, 1.45%, 4/1/25 | 315,000 | 303,018 | |||||||||
GE Capital Funding LLC, 4.55%, 5/15/32 | 360,000 | 347,708 | |||||||||
864,430 | |||||||||||
Food Products — 0.3% | |||||||||||
JDE Peet's NV, 2.25%, 9/24/31(3) | 325,000 | 251,642 | |||||||||
Kraft Heinz Foods Co., 5.00%, 6/4/42 | 985,000 | 922,816 | |||||||||
Mars, Inc., 4.75%, 4/20/33(3) | 490,000 | 484,281 | |||||||||
Mondelez International, Inc., 2.625%, 3/17/27 | 310,000 | 285,966 | |||||||||
Nestle Holdings, Inc., 4.85%, 3/14/33(3) | 310,000 | 315,420 | |||||||||
2,260,125 | |||||||||||
Ground Transportation — 0.3% | |||||||||||
Ashtead Capital, Inc., 5.50%, 8/11/32(3) | 304,000 | 294,806 | |||||||||
Ashtead Capital, Inc., 5.95%, 10/15/33(3) | 400,000 | 399,339 | |||||||||
Burlington Northern Santa Fe LLC, 4.15%, 4/1/45 | 300,000 | 260,560 | |||||||||
Burlington Northern Santa Fe LLC, 3.30%, 9/15/51 | 175,000 | 129,622 | |||||||||
Burlington Northern Santa Fe LLC, 5.20%, 4/15/54 | 162,000 | 162,915 | |||||||||
CSX Corp., 4.25%, 3/15/29 | 280,000 | 273,120 | |||||||||
DAE Funding LLC, 1.55%, 8/1/24(3) | 195,000 | 185,955 | |||||||||
Norfolk Southern Corp., 5.35%, 8/1/54(4) | 90,000 | 89,474 | |||||||||
Union Pacific Corp., 3.55%, 8/15/39 | 480,000 | 398,739 | |||||||||
United Rentals North America, Inc., 6.00%, 12/15/29(3) | 170,000 | 169,971 | |||||||||
2,364,501 | |||||||||||
Health Care Equipment and Supplies — 0.2% | |||||||||||
Baxter International, Inc., 1.92%, 2/1/27 | 220,000 | 196,537 | |||||||||
GE HealthCare Technologies, Inc., 5.65%, 11/15/27 | 735,000 | 749,681 | |||||||||
Zimmer Biomet Holdings, Inc., 1.45%, 11/22/24 | 750,000 | 710,687 | |||||||||
1,656,905 | |||||||||||
Health Care Providers and Services — 0.6% | |||||||||||
Centene Corp., 2.45%, 7/15/28 | 560,000 | 482,891 | |||||||||
Centene Corp., 4.625%, 12/15/29 | 214,000 | 199,155 | |||||||||
Centene Corp., 3.375%, 2/15/30 | 349,000 | 300,649 | |||||||||
CVS Health Corp., 4.78%, 3/25/38 | 160,000 | 147,751 | |||||||||
CVS Health Corp., 5.05%, 3/25/48 | 400,000 | 365,187 | |||||||||
CVS Health Corp., 5.625%, 2/21/53 | 505,000 | 496,564 | |||||||||
Duke University Health System, Inc., 3.92%, 6/1/47 | 160,000 | 133,419 | |||||||||
HCA, Inc., 2.375%, 7/15/31 | 250,000 | 199,836 | |||||||||
HCA, Inc., 5.50%, 6/1/33 | 307,000 | 305,791 | |||||||||
HCA, Inc., 5.90%, 6/1/53 | 335,000 | 329,491 | |||||||||
Kaiser Foundation Hospitals, 3.00%, 6/1/51 | 220,000 | 152,637 | |||||||||
Roche Holdings, Inc., 2.61%, 12/13/51(3) | 440,000 | 293,902 | |||||||||
UnitedHealth Group, Inc., 4.50%, 4/15/33 | 650,000 | 633,496 | |||||||||
UnitedHealth Group, Inc., 5.05%, 4/15/53 | 540,000 | 531,539 | |||||||||
Universal Health Services, Inc., 1.65%, 9/1/26 | 377,000 | 333,479 | |||||||||
4,905,787 | |||||||||||
Hotels, Restaurants and Leisure — 0.1% | |||||||||||
Marriott International, Inc., 3.50%, 10/15/32 | 212,000 | 183,638 |
Starbucks Corp., 4.75%, 2/15/26 | 405,000 | 402,204 | |||||||||
585,842 | |||||||||||
Household Durables† | |||||||||||
DR Horton, Inc., 2.50%, 10/15/24 | 310,000 | 298,817 | |||||||||
Household Products — 0.1% | |||||||||||
Clorox Co., 1.80%, 5/15/30 | 385,000 | 314,596 | |||||||||
Clorox Co., 4.60%, 5/1/32 | 373,000 | 364,578 | |||||||||
679,174 | |||||||||||
Industrial Conglomerates† | |||||||||||
Honeywell International, Inc., 4.50%, 1/15/34 | 305,000 | 297,873 | |||||||||
Insurance — 0.2% | |||||||||||
Allstate Corp., 5.25%, 3/30/33 | 556,000 | 552,136 | |||||||||
Belrose Funding Trust, 2.33%, 8/15/30(3) | 358,000 | 275,106 | |||||||||
Five Corners Funding Trust III, 5.79%, 2/15/33(3) | 184,000 | 187,793 | |||||||||
MetLife, Inc., 5.375%, 7/15/33 | 199,000 | 201,223 | |||||||||
Progressive Corp., 4.95%, 6/15/33 | 270,000 | 267,715 | |||||||||
1,483,973 | |||||||||||
Life Sciences Tools and Services† | |||||||||||
Danaher Corp., 2.80%, 12/10/51 | 275,000 | 186,900 | |||||||||
Machinery — 0.1% | |||||||||||
John Deere Capital Corp., 4.75%, 1/20/28 | 419,000 | 418,193 | |||||||||
John Deere Capital Corp., 4.95%, 7/14/28 | 430,000 | 433,298 | |||||||||
John Deere Capital Corp., 4.85%, 10/11/29 | 150,000 | 150,835 | |||||||||
John Deere Capital Corp., 4.70%, 6/10/30 | 283,000 | 281,649 | |||||||||
1,283,975 | |||||||||||
Media — 0.2% | |||||||||||
Charter Communications Operating LLC / Charter Communications Operating Capital, 6.48%, 10/23/45 | 290,000 | 270,867 | |||||||||
Charter Communications Operating LLC / Charter Communications Operating Capital, 5.125%, 7/1/49 | 235,000 | 184,436 | |||||||||
Comcast Corp., 3.20%, 7/15/36 | 320,000 | 263,326 | |||||||||
Comcast Corp., 3.75%, 4/1/40 | 440,000 | 368,465 | |||||||||
Comcast Corp., 2.94%, 11/1/56 | 285,000 | 183,747 | |||||||||
Cox Communications, Inc., 3.15%, 8/15/24(3) | 96,000 | 93,222 | |||||||||
Cox Communications, Inc., 3.85%, 2/1/25(3) | 172,000 | 166,789 | |||||||||
Cox Communications, Inc., 5.70%, 6/15/33(3) | 260,000 | 261,353 | |||||||||
Paramount Global, 4.00%, 1/15/26 | 495,000 | 475,065 | |||||||||
Paramount Global, 4.95%, 1/15/31 | 120,000 | 107,501 | |||||||||
WPP Finance 2010, 3.75%, 9/19/24 | 86,000 | 83,586 | |||||||||
2,458,357 | |||||||||||
Metals and Mining — 0.1% | |||||||||||
Glencore Funding LLC, 2.625%, 9/23/31(3) | 440,000 | 353,384 | |||||||||
South32 Treasury Ltd., 4.35%, 4/14/32(3) | 285,000 | 249,438 | |||||||||
602,822 | |||||||||||
Multi-Utilities — 0.2% | |||||||||||
Ameren Corp., 3.50%, 1/15/31 | 430,000 | 384,311 | |||||||||
Ameren Illinois Co., 4.95%, 6/1/33 | 170,000 | 168,830 | |||||||||
CenterPoint Energy, Inc., 2.65%, 6/1/31 | 255,000 | 212,275 | |||||||||
Dominion Energy, Inc., 4.90%, 8/1/41 | 270,000 | 243,882 | |||||||||
DTE Energy Co., 4.875%, 6/1/28 | 200,000 | 197,682 | |||||||||
Sempra, 3.25%, 6/15/27 | 180,000 | 166,902 | |||||||||
Sempra, 5.50%, 8/1/33 | 400,000 | 400,305 | |||||||||
WEC Energy Group, Inc., 1.375%, 10/15/27 | 240,000 | 207,379 | |||||||||
1,981,566 | |||||||||||
Office REITs† | |||||||||||
Alexandria Real Estate Equities, Inc., 4.50%, 7/30/29 | 40,000 | 38,010 | |||||||||
Oil, Gas and Consumable Fuels — 0.7% |
Aker BP ASA, 6.00%, 6/13/33(3) | 480,000 | 482,740 | |||||||||
BP Capital Markets America, Inc., 3.06%, 6/17/41 | 250,000 | 188,239 | |||||||||
Cenovus Energy, Inc., 2.65%, 1/15/32 | 255,000 | 206,511 | |||||||||
Diamondback Energy, Inc., 6.25%, 3/15/33 | 320,000 | 334,457 | |||||||||
Enbridge, Inc., 5.70%, 3/8/33 | 323,000 | 327,592 | |||||||||
Energy Transfer LP, 5.75%, 2/15/33 | 312,000 | 316,166 | |||||||||
Energy Transfer LP, 4.90%, 3/15/35 | 270,000 | 249,764 | |||||||||
Energy Transfer LP, 6.125%, 12/15/45 | 140,000 | 134,118 | |||||||||
Enterprise Products Operating LLC, 4.85%, 3/15/44 | 237,000 | 216,640 | |||||||||
Equinor ASA, 3.25%, 11/18/49 | 230,000 | 169,747 | |||||||||
Galaxy Pipeline Assets Bidco Ltd., 2.94%, 9/30/40(3) | 854,865 | 692,056 | |||||||||
Kinder Morgan Energy Partners LP, 6.50%, 9/1/39 | 173,000 | 176,880 | |||||||||
Occidental Petroleum Corp., 6.625%, 9/1/30 | 527,000 | 553,176 | |||||||||
Petroleos Mexicanos, 6.625%, 6/15/35 | 50,000 | 35,676 | |||||||||
SA Global Sukuk Ltd., 2.69%, 6/17/31(3) | 1,000,000 | 864,467 | |||||||||
Sabine Pass Liquefaction LLC, 5.00%, 3/15/27 | 460,000 | 455,904 | |||||||||
Shell International Finance BV, 2.375%, 11/7/29 | 290,000 | 254,479 | |||||||||
Shell International Finance BV, 4.375%, 5/11/45 | 180,000 | 161,903 | |||||||||
Western Midstream Operating LP, 6.15%, 4/1/33 | 195,000 | 197,950 | |||||||||
6,018,465 | |||||||||||
Personal Care Products — 0.1% | |||||||||||
Kenvue, Inc., 5.10%, 3/22/43(3) | 735,000 | 737,921 | |||||||||
Pharmaceuticals — 0.3% | |||||||||||
Bristol-Myers Squibb Co., 2.55%, 11/13/50 | 267,000 | 169,801 | |||||||||
Eli Lilly & Co., 4.875%, 2/27/53 | 255,000 | 258,185 | |||||||||
Merck & Co., Inc., 5.00%, 5/17/53 | 90,000 | 90,358 | |||||||||
Pfizer Investment Enterprises Pte. Ltd., 4.75%, 5/19/33 | 420,000 | 417,385 | |||||||||
Pfizer Investment Enterprises Pte. Ltd., 5.11%, 5/19/43 | 525,000 | 521,378 | |||||||||
Pfizer Investment Enterprises Pte. Ltd., 5.30%, 5/19/53 | 335,000 | 344,483 | |||||||||
Utah Acquisition Sub, Inc., 3.95%, 6/15/26 | 675,000 | 640,835 | |||||||||
Viatris, Inc., 4.00%, 6/22/50 | 91,000 | 61,560 | |||||||||
2,503,985 | |||||||||||
Retail REITs — 0.1% | |||||||||||
Kimco Realty OP LLC, 4.60%, 2/1/33 | 520,000 | 484,265 | |||||||||
NNN REIT, Inc., 4.80%, 10/15/48 | 270,000 | 225,215 | |||||||||
709,480 | |||||||||||
Semiconductors and Semiconductor Equipment — 0.1% | |||||||||||
Broadcom, Inc., 3.42%, 4/15/33(3) | 195,000 | 163,213 | |||||||||
Intel Corp., 5.20%, 2/10/33 | 420,000 | 425,055 | |||||||||
Intel Corp., 5.70%, 2/10/53 | 166,000 | 169,383 | |||||||||
NXP BV / NXP Funding LLC / NXP USA, Inc., 2.50%, 5/11/31 | 495,000 | 404,656 | |||||||||
1,162,307 | |||||||||||
Software — 0.1% | |||||||||||
Oracle Corp., 3.85%, 7/15/36 | 153,000 | 128,559 | |||||||||
Oracle Corp., 3.60%, 4/1/40 | 422,000 | 325,403 | |||||||||
453,962 | |||||||||||
Specialized REITs — 0.1% | |||||||||||
American Tower Corp., 5.55%, 7/15/33 | 457,000 | 457,498 | |||||||||
Crown Castle, Inc., 4.15%, 7/1/50 | 221,000 | 172,356 | |||||||||
Equinix, Inc., 2.90%, 11/18/26 | 320,000 | 295,189 | |||||||||
Equinix, Inc., 1.80%, 7/15/27 | 215,000 | 188,213 | |||||||||
Public Storage, 5.10%, 8/1/33 | 73,000 | 73,097 | |||||||||
1,186,353 | |||||||||||
Specialty Retail — 0.2% |
AutoZone, Inc., 4.00%, 4/15/30 | 280,000 | 260,139 | |||||||||
Lowe's Cos., Inc., 2.625%, 4/1/31 | 605,000 | 511,576 | |||||||||
Lowe's Cos., Inc., 5.625%, 4/15/53 | 420,000 | 417,763 | |||||||||
O'Reilly Automotive, Inc., 4.70%, 6/15/32 | 228,000 | 219,259 | |||||||||
1,408,737 | |||||||||||
Technology Hardware, Storage and Peripherals — 0.1% | |||||||||||
Apple, Inc., 3.95%, 8/8/52 | 545,000 | 478,139 | |||||||||
Dell International LLC / EMC Corp., 8.10%, 7/15/36 | 111,000 | 129,308 | |||||||||
607,447 | |||||||||||
Trading Companies and Distributors† | |||||||||||
Aircastle Ltd., 5.25%, 8/11/25(3) | 196,000 | 190,803 | |||||||||
Water Utilities† | |||||||||||
Essential Utilities, Inc., 2.70%, 4/15/30 | 380,000 | 322,721 | |||||||||
Wireless Telecommunication Services† | |||||||||||
Vodafone Group PLC, 4.375%, 2/19/43 | 152,000 | 126,905 | |||||||||
Vodafone Group PLC, 4.875%, 6/19/49 | 189,000 | 166,180 | |||||||||
293,085 | |||||||||||
TOTAL CORPORATE BONDS (Cost $85,021,671) | 80,027,201 | ||||||||||
COLLATERALIZED LOAN OBLIGATIONS — 2.0% | |||||||||||
ABPCI Direct Lending Fund CLO IV Ltd., Series 2017-2A, Class BR, VRN, 7.52%, (3-month SOFR plus 2.16%), 10/27/33(3) | 600,000 | 572,077 | |||||||||
ACREC LLC, Series 2023-FL2, Class A, VRN, 7.48%, (1-month SOFR plus 2.23%), 2/19/38(3) | 474,000 | 473,688 | |||||||||
AIMCO CLO Ltd., Series 2019-10A, Class BR, VRN, 7.21%, (3-month SOFR plus 1.86%), 7/22/32(3) | 640,000 | 631,692 | |||||||||
Arbor Realty Commercial Real Estate Notes Ltd., Series 2021-FL2, Class A, VRN, 6.44%, (1-month SOFR plus 1.21%), 5/15/36(3) | 545,000 | 537,942 | |||||||||
Ares XL CLO Ltd., Series 2016-40A, Class BRR, VRN, 7.37%, (3-month SOFR plus 2.06%), 1/15/29(3) | 500,000 | 493,164 | |||||||||
Barings Private Credit Corp. CLO Ltd., Series 2023-1A, Class A1, VRN, 7.81%, (3-month SOFR plus 2.40%), 7/15/31(3)(4) | 500,000 | 500,000 | |||||||||
BDS Ltd., Series 2021-FL7, Class C, VRN, 7.04%, (1-month SOFR plus 1.81%), 6/16/36(3) | 525,000 | 499,044 | |||||||||
BDS Ltd., Series 2021-FL8, Class A, VRN, 6.26%, (1-month SOFR plus 1.03%), 1/18/36(3) | 523,122 | 517,942 | |||||||||
BDS Ltd., Series 2021-FL8, Class C, VRN, 6.89%, (1-month SOFR plus 1.66%), 1/18/36(3) | 500,000 | 478,963 | |||||||||
BDS Ltd., Series 2021-FL8, Class D, VRN, 7.24%, (1-month SOFR plus 2.01%), 1/18/36(3) | 400,000 | 379,200 | |||||||||
Bean Creek CLO Ltd., Series 2015-1A, Class AR, VRN, 6.61%, (3-month SOFR plus 1.28%), 4/20/31(3) | 528,069 | 524,993 | |||||||||
BXMT Ltd., Series 2020-FL2, Class C, VRN, 6.99%, (1-month SOFR plus 1.76%), 2/15/38(3) | 1,090,000 | 958,415 | |||||||||
Canyon Capital CLO Ltd., Series 2017-1A, Class BR, VRN, 7.17%, (3-month SOFR plus 1.86%), 7/15/30(3) | 350,000 | 344,827 | |||||||||
Carlyle Global Market Strategies CLO Ltd., Series 2013-1A, Class BRR, VRN, 7.52%, (3-month LIBOR plus 2.20%), 8/14/30(3) | 450,000 | 449,628 | |||||||||
Cerberus Loan Funding XXXI LP, Series 2021-1A, Class A, VRN, 7.07%, (3-month SOFR plus 1.76%), 4/15/32(3) | 268,912 | 266,983 | |||||||||
Cerberus Loan Funding XXXIII LP, Series 2021-3A, Class A, VRN, 7.13%, (3-month SOFR plus 1.82%), 7/23/33(3) | 800,000 | 782,961 | |||||||||
Cerberus Loan Funding XXXIX LP, Series 2022-3A, Class A, VRN, 7.71%, (3-month SOFR plus 2.40%), 1/20/33(3) | 700,000 | 697,813 | |||||||||
Cerberus Loan Funding XXXVI LP, Series 2021-6A, Class A, VRN, 6.97%, (3-month SOFR plus 1.66%), 11/22/33(3) | 129,137 | 128,743 | |||||||||
FS Rialto Issuer LLC, Series 2022-FL6, Class A, SEQ, VRN, 7.83%, (1-month SOFR plus 2.58%), 8/17/37(3) | 566,000 | 567,062 | |||||||||
Goldentree Loan Opportunities XI Ltd., Series 2015-11A, Class BR2, VRN, 6.92%, (3-month SOFR plus 1.61%), 1/18/31(3) | 200,000 | 198,502 | |||||||||
KKR CLO Ltd., Series 2018, Class BR, VRN, 7.17%, (3-month SOFR plus 1.86%), 7/18/30(3) | 575,000 | 565,275 | |||||||||
KKR CLO Ltd., Series 2022A, Class A, VRN, 6.74%, (3-month SOFR plus 1.41%), 7/20/31(3) | 450,000 | 448,667 | |||||||||
KREF Ltd., Series 2021-FL2, Class B, VRN, 6.99%, (1-month SOFR plus 1.76%), 2/15/39(3) | 800,000 | 749,052 | |||||||||
MF1 Ltd., Series 2021-FL7, Class AS, VRN, 6.79%, (1-month SOFR plus 1.56%), 10/16/36(3) | 1,075,000 | 1,040,261 | |||||||||
Octagon Investment Partners XV Ltd., Series 2013-1A, Class BRR, VRN, 7.08%, (3-month SOFR plus 1.76%), 7/19/30(3) | 700,000 | 685,448 | |||||||||
Palmer Square Loan Funding Ltd., Series 2021-3A, Class A2, VRN, 6.99%, (3-month SOFR plus 1.66%), 7/20/29(3) | 200,000 | 197,408 |
Palmer Square Loan Funding Ltd., Series 2022-2A, Class A2, VRN, 7.21%, (3-month SOFR plus 1.90%), 10/15/30(3) | 550,000 | 549,182 | |||||||||
PFP Ltd., Series 2021-8, Class C, VRN, 7.12%, (1-month SOFR plus 1.91%), 8/9/37(3) | 807,000 | 766,324 | |||||||||
Shelter Growth CRE Issuer Ltd., Series 2023-FL5, Class A, VRN, 8.00%, (1-month SOFR plus 2.75%), 5/19/38(3) | 475,500 | 473,802 | |||||||||
Sound Point CLO XXII Ltd., Series 2019-1A, Class BR, VRN, 7.29%, (3-month SOFR plus 1.96%), 1/20/32(3) | 650,000 | 629,457 | |||||||||
TCW CLO Ltd., Series 2018-1A, Class BR, VRN, 7.26%, (3-month LIBOR plus 1.65%), 4/25/31(3) | 725,000 | 710,193 | |||||||||
THL Credit Wind River CLO Ltd., Series 2013-2A, Class BR2, VRN, 7.14%, (3-month SOFR plus 1.83%), 10/18/30(3) | 525,000 | 516,514 | |||||||||
TSTAT Ltd., Series 2022-1A, Class B, VRN, 8.60%, (3-month SOFR plus 3.27%), 7/20/31(3) | 500,000 | 500,590 | |||||||||
Wind River CLO Ltd., Series 2013-1A, Class A1RR, VRN, 6.57%, (3-month SOFR plus 1.24%), 7/20/30(3) | 276,582 | 275,442 | |||||||||
TOTAL COLLATERALIZED LOAN OBLIGATIONS (Cost $18,544,489) | 18,111,254 | ||||||||||
ASSET-BACKED SECURITIES — 1.8% | |||||||||||
Aaset Trust, Series 2021-2A, Class A, SEQ, 2.80%, 1/15/47(3) | 710,866 | 608,793 | |||||||||
Aligned Data Centers Issuer LLC, Series 2021-1A, Class B, 2.48%, 8/15/46(3) | 642,000 | 553,249 | |||||||||
Applebee's Funding LLC / IHOP Funding LLC, Series 2019-1A, Class A2II, SEQ, 4.72%, 6/5/49(3) | 878,130 | 814,090 | |||||||||
Blackbird Capital Aircraft, Series 2021-1A, Class A, SEQ, 2.44%, 7/15/46(3) | 714,233 | 617,333 | |||||||||
Castlelake Aircraft Structured Trust, Series 2017-1R, Class A, SEQ, 2.74%, 8/15/41(3) | 409,609 | 373,031 | |||||||||
Clsec Holdings 22t LLC, Series 2021-1, Class B, 3.46%, 5/11/37(3) | 1,448,561 | 1,189,191 | |||||||||
DI Issuer LLC, Series 2021-1A, Class A2, SEQ, 3.72%, 9/15/51(3) | 1,828,070 | 1,617,045 | |||||||||
Edgeconnex Data Centers Issuer LLC, Series 2022-1, Class A2, SEQ, 4.25%, 3/25/52(3) | 934,373 | 852,581 | |||||||||
FirstKey Homes Trust, Series 2021-SFR1, Class D, 2.19%, 8/17/38(3) | 950,000 | 823,211 | |||||||||
FirstKey Homes Trust, Series 2021-SFR1, Class E1, 2.39%, 8/17/38(3) | 500,000 | 429,379 | |||||||||
Flexential Issuer, Series 2021-1A, Class A2, SEQ, 3.25%, 11/27/51(3) | 1,150,000 | 1,009,089 | |||||||||
Goodgreen Trust, Series 2018-1A, Class A, VRN, 3.93%, 10/15/53(3) | 318,104 | 283,948 | |||||||||
Goodgreen Trust, Series 2020-1A, Class A, SEQ, 2.63%, 4/15/55(3) | 605,763 | 503,406 | |||||||||
Goodgreen Trust, Series 2021-1A, Class A, SEQ, 2.66%, 10/15/56(3) | 422,099 | 348,736 | |||||||||
J.G. Wentworth XL LLC, Series 2017-3A, Class B, 5.43%, 2/15/69(3) | 83,866 | 75,297 | |||||||||
J.G. Wentworth XLII LLC, Series 2018-2A, Class B, 4.70%, 10/15/77(3) | 519,574 | 445,837 | |||||||||
J.G. Wentworth XXXIX LLC, Series 2017-2A, Class B, 5.09%, 9/17/74(3) | 155,719 | 134,156 | |||||||||
J.G. Wentworth XXXVIII LLC, Series 2017-1A, Class B, 5.43%, 8/15/62(3) | 189,807 | 168,920 | |||||||||
MAPS Trust, Series 2021-1A, Class A, SEQ, 2.52%, 6/15/46(3) | 1,187,477 | 1,029,376 | |||||||||
New Economy Assets Phase 1 Sponsor LLC, Series 2021-1, Class B1, 2.41%, 10/20/61(3) | 1,310,000 | 1,092,630 | |||||||||
Progress Residential Trust, Series 2021-SFR3, Class C, 2.09%, 5/17/26(3) | 500,000 | 443,333 | |||||||||
Sierra Timeshare Receivables Funding LLC, Series 2021-1A, Class C, 1.79%, 11/20/37(3) | 171,674 | 157,753 | |||||||||
Stack Infrastructure Issuer LLC, Series 2019-1A, Class A2, SEQ, 4.54%, 2/25/44(3) | 911,896 | 899,738 | |||||||||
Stack Infrastructure Issuer LLC, Series 2021-1A, Class A2, SEQ, 1.88%, 3/26/46(3) | 593,000 | 522,235 | |||||||||
Taco Bell Funding LLC, Series 2016-1A, Class A23, SEQ, 4.97%, 5/25/46(3) | 470,000 | 453,571 | |||||||||
VSE VOI Mortgage LLC, Series 2018-A, Class B, 3.72%, 2/20/36(3) | 147,814 | 142,293 | |||||||||
TOTAL ASSET-BACKED SECURITIES (Cost $17,774,084) | 15,588,221 | ||||||||||
COLLATERALIZED MORTGAGE OBLIGATIONS — 1.0% | |||||||||||
Private Sponsor Collateralized Mortgage Obligations — 0.9% | |||||||||||
ABN Amro Mortgage Corp., Series 2003-4, Class A4, 5.50%, 3/25/33 | 3,075 | 2,763 | |||||||||
Bellemeade Re Ltd., Series 2019-3A, Class B1, VRN, 7.91%, (1-month LIBOR plus 2.50%), 7/25/29(3) | 400,000 | 400,110 | |||||||||
Bellemeade RE Ltd., Series 2019-3A, Class M1C, VRN, 7.36%, (1-month LIBOR plus 1.95%), 7/25/29(3) | 251,429 | 252,017 | |||||||||
CHL Mortgage Pass-Through Trust, Series 2005-17, Class 1A11, 5.50%, 9/25/35 | 1,010 | 916 | |||||||||
CHNGE Mortgage Trust, Series 2022-1, Class A1, SEQ, VRN, 3.01%, 1/25/67(3) | 643,877 | 576,680 | |||||||||
Credit Suisse Mortgage Trust, Series 2021-NQM2, Class A2, SEQ, VRN, 1.38%, 2/25/66(3) | 268,134 | 222,897 | |||||||||
Credit Suisse Mortgage Trust, Series 2022-NQM4, Class A3, 4.82%, 6/25/67(3) | 480,033 | 457,394 | |||||||||
Deephaven Residential Mortgage Trust, Series 2020-2, Class M1, VRN, 4.11%, 5/25/65(3) | 525,000 | 481,917 | |||||||||
Eagle RE Ltd., Series 2021-1, Class M1C, VRN, 7.77%, (30-day average SOFR plus 2.70%), 10/25/33(3) | 431,481 | 432,362 | |||||||||
GCAT Trust, Series 2021-CM2, Class A1, SEQ, VRN, 2.35%, 8/25/66(3) | 962,807 | 870,145 | |||||||||
GCAT Trust, Series 2021-NQM1, Class A3, SEQ, VRN, 1.15%, 1/25/66(3) | 209,543 | 173,625 |
Home RE Ltd., Series 2021-1, Class M1B, VRN, 6.96%, (1-month LIBOR plus 1.55%), 7/25/33(3) | 58,083 | 58,059 | |||||||||
Home RE Ltd., Series 2022-1, Class M1A, VRN, 7.92%, (30-day average SOFR plus 2.85%), 10/25/34(3) | 425,000 | 428,215 | |||||||||
JP Morgan Mortgage Trust, Series 2017-1, Class A2, VRN, 3.45%, 1/25/47(3) | 119,690 | 106,203 | |||||||||
JP Morgan Mortgage Trust, Series 2020-3, Class A15, VRN, 3.50%, 8/25/50(3) | 176,570 | 155,438 | |||||||||
MFA Trust, Series 2021-INV2, Class A3, SEQ, VRN, 2.26%, 11/25/56(3) | 694,565 | 585,783 | |||||||||
NewRez Warehouse Securitization Trust, Series 2021-1, Class A, VRN, 6.16%, (1-month LIBOR plus 0.75%), 5/25/55(3) | 650,000 | 646,731 | |||||||||
OBX Trust, Series 2023-NQM6, Class A1, 6.52%, 7/25/63(3) | 275,000 | 274,997 | |||||||||
PRMI Securitization Trust, Series 2021-1, Class A5, VRN, 2.50%, 4/25/51(3) | 827,035 | 644,934 | |||||||||
Sofi Mortgage Trust, Series 2016-1A, Class 1A4, SEQ, VRN, 3.00%, 11/25/46(3) | 37,898 | 33,665 | |||||||||
Starwood Mortgage Residential Trust, Series 2020-2, Class B1E, VRN, 3.00%, 4/25/60(3) | 446,000 | 397,701 | |||||||||
Verus Securitization Trust, Series 2021-R2, Class A2, VRN, 1.12%, 2/25/64(3) | 209,036 | 181,297 | |||||||||
Verus Securitization Trust, Series 2021-R2, Class A3, VRN, 1.23%, 2/25/64(3) | 239,039 | 207,413 | |||||||||
Verus Securitization Trust, Series 2023-INV2, Class A2, 6.93%, 8/25/68(3) | 496,000 | 495,997 | |||||||||
8,087,259 | |||||||||||
U.S. Government Agency Collateralized Mortgage Obligations — 0.1% | |||||||||||
FHLMC, Series 2020-DNA5, Class M2, VRN, 7.87%, (30-day average SOFR plus 2.80%), 10/25/50(3) | 235,505 | 238,960 | |||||||||
FHLMC, Series 2023-HQA2, Class M1A, VRN, 7.07%, (30-day average SOFR plus 2.00%), 6/25/43(3) | 236,804 | 238,587 | |||||||||
FNMA, Series 2013-C01, Class M2, VRN, 10.43%, (30-day average SOFR plus 5.36%), 10/25/23 | 409,084 | 413,073 | |||||||||
FNMA, Series 2014-C02, Class 2M2, VRN, 7.78%, (30-day average SOFR plus 2.71%), 5/25/24 | 105,126 | 105,934 | |||||||||
FNMA, Series 2017-C03, Class 1M2C, VRN, 8.18%, (30-day average SOFR plus 3.11%), 10/25/29 | 110,000 | 112,319 | |||||||||
1,108,873 | |||||||||||
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $9,914,317) | 9,196,132 | ||||||||||
MUNICIPAL SECURITIES — 0.5% | |||||||||||
Bay Area Toll Authority Rev., 6.92%, 4/1/40 | 295,000 | 341,472 | |||||||||
California State University Rev., 2.98%, 11/1/51 | 500,000 | 345,257 | |||||||||
Foothill-Eastern Transportation Corridor Agency Rev., 4.09%, 1/15/49 | 275,000 | 221,960 | |||||||||
Golden State Tobacco Securitization Corp. Rev., 2.75%, 6/1/34 | 660,000 | 535,951 | |||||||||
Houston GO, 3.96%, 3/1/47 | 120,000 | 104,300 | |||||||||
Michigan Strategic Fund Rev., (Flint Water Advocacy Fund), 3.23%, 9/1/47 | 570,000 | 428,140 | |||||||||
Missouri Highway & Transportation Commission Rev., 5.45%, 5/1/33 | 130,000 | 133,088 | |||||||||
New Jersey Turnpike Authority Rev., 7.41%, 1/1/40 | 200,000 | 247,121 | |||||||||
New Jersey Turnpike Authority Rev., 7.10%, 1/1/41 | 95,000 | 114,414 | |||||||||
New York City GO, 6.27%, 12/1/37 | 95,000 | 105,438 | |||||||||
Ohio Turnpike & Infrastructure Commission Rev., 3.22%, 2/15/48 | 330,000 | 236,398 | |||||||||
Port Authority of New York & New Jersey Rev., 4.93%, 10/1/51 | 50,000 | 49,659 | |||||||||
Regents of the University of California Medical Center Pooled Rev., 3.26%, 5/15/60 | 245,000 | 168,904 | |||||||||
Rutgers The State University of New Jersey Rev., 5.67%, 5/1/40 | 300,000 | 314,122 | |||||||||
Sacramento Municipal Utility District Rev., 6.16%, 5/15/36 | 210,000 | 227,886 | |||||||||
San Francisco Public Utilities Commission Water Rev., 6.00%, 11/1/40 | 105,000 | 111,096 | |||||||||
Santa Clara Valley Transportation Authority Rev., 5.88%, 4/1/32 | 115,000 | 118,700 | |||||||||
State of California GO, 4.60%, 4/1/38 | 180,000 | 170,346 | |||||||||
State of California GO, 7.55%, 4/1/39 | 100,000 | 124,608 | |||||||||
State of California GO, 7.30%, 10/1/39 | 160,000 | 191,258 | |||||||||
State of California GO, 7.60%, 11/1/40 | 80,000 | 100,462 | |||||||||
Texas Natural Gas Securitization Finance Corp. Rev., 5.17%, 4/1/41 | 185,000 | 187,685 | |||||||||
University of California Rev., 3.07%, 5/15/51 | 180,000 | 123,795 | |||||||||
TOTAL MUNICIPAL SECURITIES (Cost $5,300,271) | 4,702,060 | ||||||||||
U.S. GOVERNMENT AGENCY SECURITIES — 0.5% | |||||||||||
FHLMC, 6.25%, 7/15/32 | 700,000 | 810,138 | |||||||||
FNMA, 0.75%, 10/8/27 | 2,000,000 | 1,735,527 |
FNMA, 0.875%, 8/5/30 | 1,200,000 | 961,380 | |||||||||
FNMA, 6.625%, 11/15/30 | 400,000 | 460,357 | |||||||||
Tennessee Valley Authority, 1.50%, 9/15/31 | 300,000 | 241,214 | |||||||||
TOTAL U.S. GOVERNMENT AGENCY SECURITIES (Cost $4,561,841) | 4,208,616 | ||||||||||
EXCHANGE-TRADED FUNDS — 0.4% | |||||||||||
SPDR S&P 500 ETF Trust (Cost $3,237,188) | 7,205 | 3,298,377 | |||||||||
SOVEREIGN GOVERNMENTS AND AGENCIES — 0.3% | |||||||||||
Chile† | |||||||||||
Chile Government International Bond, 3.625%, 10/30/42 | 100,000 | 80,194 | |||||||||
Germany — 0.2% | |||||||||||
Bundesrepublik Deutschland Bundesanleihe, 0.00%, 5/15/35(5) | EUR | 1,700,000 | 1,391,893 | ||||||||
Mexico — 0.1% | |||||||||||
Mexico Government International Bond, 4.15%, 3/28/27 | $ | 600,000 | 587,496 | ||||||||
Peru† | |||||||||||
Peruvian Government International Bond, 5.625%, 11/18/50 | 170,000 | 173,737 | |||||||||
Philippines† | |||||||||||
Philippine Government International Bond, 6.375%, 10/23/34 | 150,000 | 167,061 | |||||||||
Uruguay† | |||||||||||
Uruguay Government International Bond, 4.125%, 11/20/45 | 120,000 | 108,985 | |||||||||
TOTAL SOVEREIGN GOVERNMENTS AND AGENCIES (Cost $2,555,847) | 2,509,366 | ||||||||||
COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.2% | |||||||||||
BX Commercial Mortgage Trust, Series 2020-VIV2, Class C, VRN, 3.54%, 3/9/44(3) | 537,839 | 441,715 | |||||||||
BX Commercial Mortgage Trust, Series 2020-VIVA, Class D, VRN, 3.55%, 3/11/44(3) | 355,000 | 283,049 | |||||||||
BX Commercial Mortgage Trust, Series 2021-VOLT, Class F, VRN, 7.74%, (1-month SOFR plus 2.51%), 9/15/36(3) | 600,000 | 564,139 | |||||||||
ELP Commercial Mortgage Trust, Series 2021-ELP, Class E, VRN, 7.45%, (1-month SOFR plus 2.23%), 11/15/38(3) | 577,000 | 556,641 | |||||||||
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $2,104,759) | 1,845,544 | ||||||||||
BANK LOAN OBLIGATIONS(6)† | |||||||||||
Pharmaceuticals† | |||||||||||
Horizon Therapeutics USA, Inc., 2021 Term Loan B2, 7.16%, (1-month SOFR plus 1.75%), 3/15/28 (Cost $342,941) | 343,043 | 342,970 | |||||||||
SHORT-TERM INVESTMENTS — 1.4% | |||||||||||
Money Market Funds — 0.8% | |||||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 7,294,842 | 7,294,842 | |||||||||
Treasury Bills(7) — 0.6% | |||||||||||
U.S. Treasury Bills, 5.31%, 7/11/24 | 5,000,000 | 4,755,617 | |||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $12,053,246) | 12,050,459 | ||||||||||
TOTAL INVESTMENT SECURITIES — 100.4% (Cost $765,359,016) | 890,823,968 | ||||||||||
OTHER ASSETS AND LIABILITIES — (0.4)% | (3,264,593) | ||||||||||
TOTAL NET ASSETS — 100.0% | $ | 887,559,375 |
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS | ||||||||||||||||||||
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) | ||||||||||||||||
EUR | 21,148 | USD | 23,296 | Morgan Stanley | 9/15/23 | $ | 6 | |||||||||||||
EUR | 129,888 | USD | 143,076 | Bank of America N.A. | 9/29/23 | 141 | ||||||||||||||
EUR | 91,739 | USD | 103,238 | Bank of America N.A. | 9/29/23 | (2,084) | ||||||||||||||
EUR | 202,553 | USD | 225,952 | Morgan Stanley | 9/29/23 | (2,614) | ||||||||||||||
EUR | 145,062 | USD | 160,782 | Morgan Stanley | 9/29/23 | (834) | ||||||||||||||
USD | 1,340,743 | EUR | 1,240,012 | Goldman Sachs & Co. | 9/15/23 | (25,555) | ||||||||||||||
USD | 41,614 | EUR | 36,998 | JPMorgan Chase Bank N.A. | 9/15/23 | 847 | ||||||||||||||
USD | 824,185 | EUR | 751,187 | Bank of America N.A. | 9/29/23 | (4,087) | ||||||||||||||
USD | 1,598,490 | EUR | 1,458,263 | JPMorgan Chase Bank N.A. | 9/29/23 | (9,416) | ||||||||||||||
USD | 118,796 | EUR | 105,364 | JPMorgan Chase Bank N.A. | 9/29/23 | 2,620 | ||||||||||||||
USD | 112,127 | EUR | 99,460 | JPMorgan Chase Bank N.A. | 9/29/23 | 2,461 | ||||||||||||||
USD | 824,246 | EUR | 751,187 | Morgan Stanley | 9/29/23 | (4,026) | ||||||||||||||
USD | 82,133 | EUR | 74,936 | Morgan Stanley | 9/29/23 | (492) | ||||||||||||||
USD | 178,018 | EUR | 160,955 | Morgan Stanley | 9/29/23 | 546 | ||||||||||||||
$ | (42,487) |
FUTURES CONTRACTS PURCHASED | ||||||||||||||
Reference Entity | Contracts | Expiration Date | Notional Amount | Unrealized Appreciation (Depreciation)^ | ||||||||||
U.S. Treasury 2-Year Notes | 81 | September 2023 | $ | 16,445,531 | $ | (25,391) | ||||||||
U.S. Treasury 5-Year Notes | 67 | September 2023 | 7,156,961 | (2,396) | ||||||||||
U.S. Treasury 10-Year Notes | 101 | September 2023 | 11,252,031 | (82,500) | ||||||||||
U.S. Treasury 10-Year Ultra Notes | 87 | September 2023 | 10,177,641 | (130,591) | ||||||||||
U.S. Treasury Long Bonds | 42 | September 2023 | 5,226,375 | (120,211) | ||||||||||
U.S. Treasury Ultra Bonds | 1 | September 2023 | 132,219 | (3,747) | ||||||||||
$ | 50,390,758 | $ | (364,836) |
^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 Investment Grade Index Series 40 | Buy | (1.00)% | 6/20/28 | $ | 16,600,000 | $ | (184,994) | $ | (101,376) | $ | (286,370) |
§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 | 2.90% | 10/11/23 | $ | 1,450,000 | $ | 97 | $ | 6,220 | $ | 6,317 | ||||||||||||
CPURNSA | Receive | 2.97% | 10/14/23 | $ | 2,150,000 | 102 | 8,739 | 8,841 | |||||||||||||||
CPURNSA | Receive | 2.97% | 10/14/23 | $ | 2,150,000 | 102 | 8,738 | 8,840 | |||||||||||||||
$ | 301 | $ | 23,697 | $ | 23,998 |
NOTES TO SCHEDULE OF INVESTMENTS | ||||||||
CDX | – | Credit Derivatives Indexes | ||||||
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 | ||||||
GNMA | – | Government National Mortgage Association | ||||||
GO | – | General Obligation | ||||||
H15T1Y | – | Constant Maturity U.S. Treasury Note Yield Curve Rate Index | ||||||
LIBOR | – | London Interbank Offered Rate | ||||||
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. | ||||||
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 $1,299,315.
(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 $54,564,991, which represented 6.1% 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)Security is a zero-coupon bond. Zero-coupon securities may be issued at a substantial discount from their value at maturity.
(6)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.
(7)The rate indicated is the yield to maturity at purchase for non-interest bearing securities. For interest bearing securities, the stated coupon rate is shown.
SUPPLEMENTARY NOTES TO SCHEDULE OF INVESTMENTS
1. Investment Valuations
The fund determines the fair value of its investments and computes its net asset value (NAV) per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. The value of investments of the fund is determined by American Century Investment Management, Inc. (ACIM) (the investment advisor), as the valuation designee, pursuant to its valuation policies and procedures. The Board of Directors oversees the valuation designee and reviews its valuation policies and procedures at least annually.
Equity securities that are listed or traded on a domestic securities exchange are valued at the last reported sales price or at the official closing price as provided by the exchange. Equity securities traded on foreign securities exchanges are generally valued at the closing price of such securities on the exchange where primarily traded or at the close of the NYSE, if that is earlier. If no last sales price is reported, or if local convention or regulation so provides, the mean of the latest bid and asked prices may be used. Securities traded over-the-counter are valued at the mean of the latest bid and asked prices, the last sales price, or the official closing price. 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. Fixed income securities initially expressed in local currencies are translated into U.S. dollars at the mean of the appropriate currency exchange rate at the close of the NYSE as provided by an independent pricing service.
Open-end management investment companies are valued at the reported NAV per share. 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 valuation designee determines that the market price for a portfolio security is not readily available or is believed by the valuation designee to be unreliable, such security is valued at fair value as determined in good faith by the valuation designee, in accordance with its policies and procedures. Circumstances that may cause the fund to determine that market quotations are not available or reliable include, but are not limited to: when there is a significant event subsequent to the market quotation; trading in a security has been halted during the trading day; or trading in a security is insufficient or did not take place due to a closure or holiday.
The valuation designee monitors for significant events occurring after the close of an investment’s primary exchange but before the fund’s NAV per share is determined. Significant events may include, but are not limited to: corporate announcements and transactions; regulatory news, governmental action and political unrest that could impact a specific investment or an investment sector; or armed conflicts, natural disasters and similar events that could affect investments in a specific country or region. The valuation designee also monitors for significant fluctuations between domestic and foreign markets, as evidenced by the U.S. market or such other indicators that it deems appropriate. The valuation designee may apply a model-derived factor to the closing price of equity securities traded on foreign securities exchanges. The factor is based on observable market data as provided by an independent pricing service.
2. Fair Value Measurements
The fund's investments valuation process is based on several considerations and may use multiple inputs to determine the fair value of the investments held by the fund. In conformity with accounting principles generally accepted in the United States of America, the inputs used to determine a valuation are classified into three broad levels.
•Level 1 valuation inputs consist of unadjusted quoted prices in an active market for identical investments.
•Level 2 valuation inputs consist of direct or indirect observable market data (including quoted prices for comparable investments, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.). These inputs also consist of quoted prices for identical investments initially expressed in local currencies that are adjusted through translation into U.S. dollars.
•Level 3 valuation inputs consist of unobservable data (including a fund’s own assumptions).
The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not necessarily an indication of the risks associated with investing in these securities or other financial instruments.
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 | $ | 541,696,928 | $ | 6,799,609 | — | ||||||
U.S. Treasury Securities | — | 105,590,688 | — | ||||||||
U.S. Government Agency Mortgage-Backed Securities | — | 84,856,543 | — | ||||||||
Corporate Bonds | — | 80,027,201 | — | ||||||||
Collateralized Loan Obligations | — | 18,111,254 | — | ||||||||
Asset-Backed Securities | — | 15,588,221 | — | ||||||||
Collateralized Mortgage Obligations | — | 9,196,132 | — | ||||||||
Municipal Securities | — | 4,702,060 | — | ||||||||
U.S. Government Agency Securities | — | 4,208,616 | — | ||||||||
Exchange-Traded Funds | 3,298,377 | — | — | ||||||||
Sovereign Governments and Agencies | — | 2,509,366 | — | ||||||||
Commercial Mortgage-Backed Securities | — | 1,845,544 | — | ||||||||
Bank Loan Obligations | — | 342,970 | — | ||||||||
Short-Term Investments | 7,294,842 | 4,755,617 | — | ||||||||
$ | 552,290,147 | $ | 338,533,821 | — | |||||||
Other Financial Instruments | |||||||||||
Swap Agreements | — | $ | 23,998 | — | |||||||
Forward Foreign Currency Exchange Contracts | — | 6,621 | — | ||||||||
— | $ | 30,619 | — | ||||||||
Liabilities | |||||||||||
Other Financial Instruments | |||||||||||
Futures Contracts | $ | 364,836 | — | — | |||||||
Swap Agreements | — | $ | 286,370 | — | |||||||
Forward Foreign Currency Exchange Contracts | — | 49,108 | — | ||||||||
$ | 364,836 | $ | 335,478 | — |
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.