American Century Investments®
Quarterly Portfolio Holdings
Balanced Fund
July 31, 2024
| Balanced Fund - Schedule of Investments | ||
| JULY 31, 2024 (UNAUDITED) | ||
Shares/Principal Amount ($) | Value ($) | |||||||
| COMMON STOCKS — 60.6% | ||||||||
| Aerospace and Defense — 0.2% | ||||||||
| Lockheed Martin Corp. | 3,893 | 2,109,695 | ||||||
| Air Freight and Logistics — 0.6% | ||||||||
| FedEx Corp. | 8,517 | 2,574,263 | ||||||
| United Parcel Service, Inc., Class B | 20,131 | 2,624,479 | ||||||
| 5,198,742 | ||||||||
| Automobile Components — 0.3% | ||||||||
Aptiv PLC(1) | 37,641 | 2,611,909 | ||||||
| Automobiles — 0.5% | ||||||||
Tesla, Inc.(1) | 21,921 | 5,087,206 | ||||||
| Banks — 2.1% | ||||||||
| Bank of America Corp. | 131,846 | 5,314,712 | ||||||
| JPMorgan Chase & Co. | 45,858 | 9,758,582 | ||||||
| Regions Financial Corp. | 209,645 | 4,689,759 | ||||||
| 19,763,053 | ||||||||
| Beverages — 0.7% | ||||||||
| PepsiCo, Inc. | 37,745 | 6,517,429 | ||||||
| Biotechnology — 1.4% | ||||||||
| AbbVie, Inc. | 41,928 | 7,770,097 | ||||||
| Amgen, Inc. | 9,086 | 3,020,822 | ||||||
Vertex Pharmaceuticals, Inc.(1) | 5,123 | 2,539,574 | ||||||
| 13,330,493 | ||||||||
| Broadline Retail — 2.1% | ||||||||
Amazon.com, Inc.(1) | 104,758 | 19,587,651 | ||||||
| Building Products — 0.6% | ||||||||
| Johnson Controls International PLC | 79,156 | 5,662,820 | ||||||
| Capital Markets — 2.6% | ||||||||
| Ameriprise Financial, Inc. | 7,798 | 3,353,686 | ||||||
| BlackRock, Inc. | 4,891 | 4,286,962 | ||||||
| Intercontinental Exchange, Inc. | 17,561 | 2,661,545 | ||||||
| Morgan Stanley | 72,250 | 7,456,922 | ||||||
| S&P Global, Inc. | 12,754 | 6,182,246 | ||||||
| 23,941,361 | ||||||||
| Chemicals — 1.1% | ||||||||
| Ecolab, Inc. | 16,477 | 3,801,079 | ||||||
| Linde PLC | 13,570 | 6,153,995 | ||||||
| 9,955,074 | ||||||||
| Communications Equipment — 0.7% | ||||||||
| Cisco Systems, Inc. | 87,869 | 4,257,253 | ||||||
| Motorola Solutions, Inc. | 5,849 | 2,333,283 | ||||||
| 6,590,536 | ||||||||
| Consumer Finance — 0.4% | ||||||||
| American Express Co. | 15,142 | 3,831,532 | ||||||
| Consumer Staples Distribution & Retail — 1.4% | ||||||||
| Costco Wholesale Corp. | 5,321 | 4,373,862 | ||||||
| Sysco Corp. | 59,595 | 4,567,957 | ||||||
| Target Corp. | 30,460 | 4,581,488 | ||||||
| 13,523,307 | ||||||||
| Containers and Packaging — 0.3% | ||||||||
| Ball Corp. | 43,212 | 2,758,222 | ||||||
| Distributors — 0.3% | ||||||||
| LKQ Corp. | 63,752 | 2,645,708 | ||||||
| Diversified Telecommunication Services — 0.6% | ||||||||
| Verizon Communications, Inc. | 140,523 | 5,693,992 | ||||||
| Electric Utilities — 1.0% | ||||||||
| NextEra Energy, Inc. | 116,350 | 8,887,977 | ||||||
| Electrical Equipment — 0.5% | ||||||||
| Eaton Corp. PLC | 16,490 | 5,025,987 | ||||||
| Electronic Equipment, Instruments and Components — 0.3% | ||||||||
| CDW Corp. | 14,242 | 3,106,323 | ||||||
| Energy Equipment and Services — 0.7% | ||||||||
| Schlumberger NV | 130,233 | 6,288,952 | ||||||
| Entertainment — 0.3% | ||||||||
Liberty Media Corp.-Liberty Formula One, Class C(1) | 11,003 | 889,812 | ||||||
| Walt Disney Co. | 23,388 | 2,191,222 | ||||||
| 3,081,034 | ||||||||
| Financial Services — 1.6% | ||||||||
Block, Inc.(1) | 17,645 | 1,091,873 | ||||||
| Mastercard, Inc., Class A | 10,074 | 4,671,414 | ||||||
| Visa, Inc., Class A | 33,658 | 8,941,921 | ||||||
| 14,705,208 | ||||||||
| Food Products — 0.4% | ||||||||
| Mondelez International, Inc., Class A | 52,087 | 3,560,146 | ||||||
| Ground Transportation — 0.9% | ||||||||
Saia, Inc.(1) | 2,085 | 871,217 | ||||||
Uber Technologies, Inc.(1) | 47,147 | 3,039,567 | ||||||
| Union Pacific Corp. | 19,923 | 4,915,602 | ||||||
| 8,826,386 | ||||||||
| Health Care Equipment and Supplies — 0.7% | ||||||||
Dexcom, Inc.(1) | 20,065 | 1,360,809 | ||||||
IDEXX Laboratories, Inc.(1) | 2,735 | 1,302,188 | ||||||
Intuitive Surgical, Inc.(1) | 8,082 | 3,593,338 | ||||||
| 6,256,335 | ||||||||
| Health Care Providers and Services — 1.8% | ||||||||
| Cigna Group | 15,151 | 5,282,699 | ||||||
| UnitedHealth Group, Inc. | 19,713 | 11,357,842 | ||||||
| 16,640,541 | ||||||||
| Hotels, Restaurants and Leisure — 0.3% | ||||||||
Airbnb, Inc., Class A(1) | 8,646 | 1,206,636 | ||||||
Chipotle Mexican Grill, Inc.(1) | 37,506 | 2,037,326 | ||||||
| 3,243,962 | ||||||||
| Household Products — 0.7% | ||||||||
| Colgate-Palmolive Co. | 17,055 | 1,691,685 | ||||||
| Procter & Gamble Co. | 28,792 | 4,628,602 | ||||||
| 6,320,287 | ||||||||
| Industrial Conglomerates — 0.4% | ||||||||
| Honeywell International, Inc. | 18,804 | 3,850,119 | ||||||
| Industrial REITs — 0.9% | ||||||||
| Prologis, Inc. | 66,715 | 8,409,426 | ||||||
| Insurance — 1.4% | ||||||||
| Marsh & McLennan Cos., Inc. | 16,136 | 3,591,390 | ||||||
| MetLife, Inc. | 38,891 | 2,988,773 | ||||||
| Progressive Corp. | 17,245 | 3,692,499 | ||||||
| Prudential Financial, Inc. | 24,163 | 3,028,107 | ||||||
| 13,300,769 | ||||||||
| Interactive Media and Services — 3.9% | ||||||||
| Alphabet, Inc., Class A | 139,919 | 24,001,705 | ||||||
| Meta Platforms, Inc., Class A | 26,192 | 12,436,748 | ||||||
| 36,438,453 | ||||||||
| IT Services — 1.2% | ||||||||
| Accenture PLC, Class A | 21,353 | 7,059,729 | ||||||
| International Business Machines Corp. | 21,674 | 4,164,442 | ||||||
| 11,224,171 | ||||||||
| Leisure Products — 0.2% | ||||||||
YETI Holdings, Inc.(1) | 34,325 | 1,419,339 | ||||||
| Life Sciences Tools and Services — 1.9% | ||||||||
| Agilent Technologies, Inc. | 38,748 | 5,478,967 | ||||||
| Danaher Corp. | 27,014 | 7,485,039 | ||||||
| Thermo Fisher Scientific, Inc. | 8,360 | 5,127,523 | ||||||
| 18,091,529 | ||||||||
| Machinery — 1.5% | ||||||||
| Cummins, Inc. | 14,516 | 4,235,769 | ||||||
| Deere & Co. | 5,870 | 2,183,522 | ||||||
| Parker-Hannifin Corp. | 7,237 | 4,061,115 | ||||||
| Xylem, Inc. | 25,268 | 3,373,278 | ||||||
| 13,853,684 | ||||||||
| Oil, Gas and Consumable Fuels — 1.4% | ||||||||
| ConocoPhillips | 59,900 | 6,660,880 | ||||||
| EOG Resources, Inc. | 48,350 | 6,130,780 | ||||||
| 12,791,660 | ||||||||
| Pharmaceuticals — 2.1% | ||||||||
| Bristol-Myers Squibb Co. | 24,777 | 1,178,394 | ||||||
| Eli Lilly & Co. | 6,701 | 5,389,413 | ||||||
| Merck & Co., Inc. | 44,198 | 5,000,120 | ||||||
| Novo Nordisk AS, Class B | 30,072 | 3,984,326 | ||||||
| Zoetis, Inc. | 24,334 | 4,381,094 | ||||||
| 19,933,347 | ||||||||
| Semiconductors and Semiconductor Equipment — 6.8% | ||||||||
Advanced Micro Devices, Inc.(1) | 45,638 | 6,593,778 | ||||||
| Analog Devices, Inc. | 26,081 | 6,034,622 | ||||||
| Applied Materials, Inc. | 25,301 | 5,368,872 | ||||||
| ASML Holding NV | 2,438 | 2,270,196 | ||||||
| Broadcom, Inc. | 34,354 | 5,520,001 | ||||||
| NVIDIA Corp. | 320,213 | 37,471,325 | ||||||
| 63,258,794 | ||||||||
| Software — 6.7% | ||||||||
Adobe, Inc.(1) | 2,863 | 1,579,374 | ||||||
Cadence Design Systems, Inc.(1) | 17,793 | 4,762,474 | ||||||
Crowdstrike Holdings, Inc., Class A(1) | 6,122 | 1,420,059 | ||||||
Dynatrace, Inc.(1) | 18,135 | 796,489 | ||||||
| Microsoft Corp. | 109,442 | 45,785,061 | ||||||
| Salesforce, Inc. | 12,038 | 3,115,434 | ||||||
ServiceNow, Inc.(1) | 1,972 | 1,605,977 | ||||||
Workday, Inc., Class A(1) | 13,430 | 3,050,222 | ||||||
| 62,115,090 | ||||||||
| Specialized REITs — 0.4% | ||||||||
| Equinix, Inc. | 4,421 | 3,493,651 | ||||||
| Specialty Retail — 2.1% | ||||||||
CarMax, Inc.(1) | 22,538 | 1,903,109 | ||||||
| Home Depot, Inc. | 24,201 | 8,909,840 | ||||||
| TJX Cos., Inc. | 53,807 | 6,081,267 | ||||||
| Tractor Supply Co. | 10,899 | 2,869,925 | ||||||
| 19,764,141 | ||||||||
| Technology Hardware, Storage and Peripherals — 4.1% | ||||||||
| Apple, Inc. | 170,953 | 37,965,242 | ||||||
| Textiles, Apparel and Luxury Goods — 0.2% | ||||||||
Deckers Outdoor Corp.(1) | 1,864 | 1,719,782 | ||||||
| Trading Companies and Distributors — 0.3% | ||||||||
| Ferguson PLC | 12,261 | 2,729,912 | ||||||
TOTAL COMMON STOCKS (Cost $344,402,574) | 565,110,977 | |||||||
| U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 12.6% | ||||||||
| Adjustable-Rate U.S. Government Agency Mortgage-Backed Securities — 0.0% | ||||||||
| FNMA, VRN, 3.19%, (1-year RFUCC plus 1.61%), 3/1/47 | 83,361 | 79,993 | ||||||
| FNMA, VRN, 3.11%, (1-year RFUCC plus 1.61%), 4/1/47 | 48,725 | 46,725 | ||||||
| 126,718 | ||||||||
| Fixed-Rate U.S. Government Agency Mortgage-Backed Securities — 12.6% | ||||||||
| FHLMC, 2.00%, 6/1/36 | 1,624,928 | 1,468,275 | ||||||
| FHLMC, 3.50%, 2/1/49 | 1,733,178 | 1,600,102 | ||||||
| FHLMC, 3.00%, 1/1/50 | 1,596,601 | 1,396,789 | ||||||
| FHLMC, 3.50%, 5/1/50 | 281,681 | 258,876 | ||||||
| FHLMC, 2.50%, 5/1/51 | 1,840,641 | 1,560,042 | ||||||
| FHLMC, 3.50%, 5/1/51 | 904,507 | 832,773 | ||||||
| FHLMC, 3.00%, 7/1/51 | 705,588 | 622,061 | ||||||
| FHLMC, 2.00%, 8/1/51 | 1,548,965 | 1,259,555 | ||||||
| FHLMC, 2.50%, 8/1/51 | 1,689,658 | 1,432,321 | ||||||
| FHLMC, 2.50%, 10/1/51 | 862,831 | 738,539 | ||||||
| FHLMC, 3.00%, 12/1/51 | 1,095,108 | 960,504 | ||||||
| FHLMC, 3.00%, 2/1/52 | 955,223 | 841,229 | ||||||
| FHLMC, 3.50%, 5/1/52 | 1,173,302 | 1,075,138 | ||||||
| FHLMC, 4.00%, 5/1/52 | 1,452,739 | 1,364,149 | ||||||
| FHLMC, 4.00%, 5/1/52 | 1,007,528 | 953,835 | ||||||
| FHLMC, 4.00%, 6/1/52 | 3,163,703 | 2,994,163 | ||||||
| FHLMC, 5.00%, 7/1/52 | 608,602 | 605,526 | ||||||
| FHLMC, 4.50%, 10/1/52 | 2,218,241 | 2,137,941 | ||||||
| FHLMC, 4.50%, 10/1/52 | 1,641,870 | 1,583,964 | ||||||
| FHLMC, 6.00%, 11/1/52 | 2,845,448 | 2,899,289 | ||||||
| FHLMC, 5.50%, 12/1/52 | 461,149 | 463,242 | ||||||
| FHLMC, 6.00%, 1/1/53 | 1,545,095 | 1,570,605 | ||||||
| FHLMC, 6.50%, 11/1/53 | 1,604,253 | 1,649,521 | ||||||
| FHLMC, 5.50%, 4/1/54 | 1,473,462 | 1,480,431 | ||||||
| FNMA, 2.00%, 5/1/36 | 727,066 | 658,326 | ||||||
| FNMA, 2.00%, 11/1/36 | 2,570,633 | 2,320,235 | ||||||
| FNMA, 2.50%, 12/1/36 | 1,753,418 | 1,622,112 | ||||||
| FNMA, 2.00%, 1/1/37 | 1,019,666 | 920,376 | ||||||
| FNMA, 4.50%, 9/1/41 | 128,132 | 127,052 | ||||||
| FNMA, 3.50%, 5/1/42 | 544,781 | 510,227 | ||||||
| FNMA, 3.50%, 6/1/42 | 197,492 | 184,966 | ||||||
| FNMA, 3.00%, 2/1/50 | 237,200 | 210,966 | ||||||
| FNMA, 2.50%, 6/1/50 | 906,796 | 770,795 | ||||||
| FNMA, 2.50%, 10/1/50 | 1,904,492 | 1,611,253 | ||||||
| FNMA, 2.50%, 12/1/50 | 1,304,449 | 1,102,895 | ||||||
| FNMA, 2.50%, 2/1/51 | 2,354,781 | 2,000,840 | ||||||
| FNMA, 3.00%, 6/1/51 | 118,541 | 105,719 | ||||||
| FNMA, 2.50%, 12/1/51 | 1,011,939 | 863,687 | ||||||
| FNMA, 2.50%, 2/1/52 | 556,559 | 472,468 | ||||||
| FNMA, 3.00%, 2/1/52 | 1,827,326 | 1,606,297 | ||||||
| FNMA, 3.00%, 2/1/52 | 1,031,981 | 907,080 | ||||||
| FNMA, 2.00%, 3/1/52 | 2,721,510 | 2,219,147 | ||||||
| FNMA, 2.50%, 3/1/52 | 1,270,171 | 1,081,177 | ||||||
| FNMA, 3.00%, 3/1/52 | 1,840,200 | 1,630,645 | ||||||
| FNMA, 3.00%, 4/1/52 | 425,731 | 374,237 | ||||||
| FNMA, 3.50%, 4/1/52 | 705,230 | 640,223 | ||||||
| FNMA, 4.00%, 4/1/52 | 1,317,035 | 1,241,993 | ||||||
| FNMA, 4.00%, 4/1/52 | 597,389 | 565,559 | ||||||
| FNMA, 4.00%, 4/1/52 | 413,956 | 389,516 | ||||||
| FNMA, 3.00%, 5/1/52 | 1,090,238 | 968,714 | ||||||
| FNMA, 3.50%, 5/1/52 | 1,916,930 | 1,748,329 | ||||||
| FNMA, 3.50%, 5/1/52 | 1,729,792 | 1,572,310 | ||||||
| FNMA, 3.50%, 5/1/52 | 1,616,095 | 1,489,311 | ||||||
| FNMA, 4.00%, 5/1/52 | 1,870,265 | 1,756,172 | ||||||
| FNMA, 3.00%, 6/1/52 | 483,860 | 429,925 | ||||||
| FNMA, 3.50%, 6/1/52 | 1,566,779 | 1,443,217 | ||||||
| FNMA, 4.50%, 7/1/52 | 1,410,311 | 1,360,604 | ||||||
| FNMA, 5.00%, 8/1/52 | 3,193,020 | 3,152,249 | ||||||
| FNMA, 4.50%, 9/1/52 | 716,382 | 700,473 | ||||||
| FNMA, 5.00%, 9/1/52 | 938,353 | 933,949 | ||||||
| FNMA, 5.00%, 10/1/52 | 2,772,595 | 2,736,549 | ||||||
| FNMA, 5.50%, 10/1/52 | 1,497,146 | 1,502,886 | ||||||
| FNMA, 5.00%, 1/1/53 | 2,330,233 | 2,299,630 | ||||||
| FNMA, 5.50%, 1/1/53 | 2,572,055 | 2,585,629 | ||||||
| FNMA, 6.50%, 1/1/53 | 2,565,947 | 2,641,680 | ||||||
| FNMA, 5.50%, 3/1/53 | 431,841 | 433,867 | ||||||
| FNMA, 4.00%, 4/1/53 | 481,593 | 455,195 | ||||||
| FNMA, 6.00%, 9/1/53 | 2,215,429 | 2,252,759 | ||||||
| FNMA, 6.00%, 9/1/53 | 1,453,539 | 1,479,598 | ||||||
| GNMA, 6.00%, TBA | 1,733,000 | 1,753,583 | ||||||
| GNMA, 7.00%, 4/20/26 | 2,932 | 2,994 | ||||||
| GNMA, 7.50%, 8/15/26 | 2,619 | 2,629 | ||||||
| GNMA, 7.00%, 5/15/31 | 11,163 | 11,558 | ||||||
| GNMA, 4.50%, 6/15/41 | 127,622 | 126,145 | ||||||
| GNMA, 3.50%, 6/20/42 | 227,061 | 213,581 | ||||||
| GNMA, 3.00%, 5/20/50 | 498,437 | 446,707 | ||||||
| GNMA, 3.00%, 7/20/50 | 1,317,531 | 1,176,179 | ||||||
| GNMA, 2.00%, 10/20/50 | 4,125,824 | 3,424,916 | ||||||
| GNMA, 2.50%, 11/20/50 | 1,754,252 | 1,484,298 | ||||||
| GNMA, 2.50%, 2/20/51 | 1,266,399 | 1,092,612 | ||||||
| GNMA, 3.50%, 6/20/51 | 866,234 | 800,853 | ||||||
| GNMA, 3.00%, 7/20/51 | 1,240,180 | 1,108,414 | ||||||
| GNMA, 2.50%, 9/20/51 | 1,085,684 | 934,677 | ||||||
| GNMA, 2.50%, 12/20/51 | 1,667,873 | 1,436,809 | ||||||
| GNMA, 4.00%, 9/20/52 | 3,374,750 | 3,187,852 | ||||||
| GNMA, 4.50%, 9/20/52 | 3,222,308 | 3,126,813 | ||||||
| GNMA, 4.50%, 10/20/52 | 2,626,193 | 2,553,103 | ||||||
| GNMA, 5.00%, 4/20/53 | 1,514,660 | 1,497,871 | ||||||
| GNMA, 5.50%, 4/20/53 | 1,860,347 | 1,866,962 | ||||||
| UMBS, 4.00%, TBA | 3,741,000 | 3,506,221 | ||||||
| 117,584,484 | ||||||||
TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Cost $120,016,258) | 117,711,202 | |||||||
| U.S. TREASURY SECURITIES — 9.4% | ||||||||
| U.S. Treasury Bonds, 4.375%, 11/15/39 | 600,000 | 611,367 | ||||||
| U.S. Treasury Bonds, 4.625%, 2/15/40 | 300,000 | 314,168 | ||||||
| U.S. Treasury Bonds, 1.375%, 11/15/40 | 200,000 | 131,144 | ||||||
| U.S. Treasury Bonds, 4.375%, 5/15/41 | 1,400,000 | 1,417,910 | ||||||
| U.S. Treasury Bonds, 3.75%, 8/15/41 | 700,000 | 652,805 | ||||||
| U.S. Treasury Bonds, 2.375%, 2/15/42 | 1,900,000 | 1,431,939 | ||||||
| U.S. Treasury Bonds, 3.375%, 8/15/42 | 300,000 | 261,727 | ||||||
| U.S. Treasury Bonds, 2.75%, 11/15/42 | 750,000 | 593,496 | ||||||
| U.S. Treasury Bonds, 4.00%, 11/15/42 | 500,000 | 475,537 | ||||||
| U.S. Treasury Bonds, 4.375%, 8/15/43 | 1,400,000 | 1,393,602 | ||||||
| U.S. Treasury Bonds, 4.75%, 11/15/43 | 5,300,000 | 5,536,844 | ||||||
| U.S. Treasury Bonds, 4.50%, 2/15/44 | 3,140,000 | 3,172,381 | ||||||
| U.S. Treasury Bonds, 4.625%, 5/15/44 | 4,000,000 | 4,108,437 | ||||||
| U.S. Treasury Bonds, 3.00%, 11/15/44 | 600,000 | 483,867 | ||||||
| U.S. Treasury Bonds, 2.50%, 2/15/45 | 1,700,000 | 1,254,713 | ||||||
| U.S. Treasury Bonds, 3.00%, 5/15/45 | 1,000,000 | 803,555 | ||||||
| U.S. Treasury Bonds, 3.625%, 2/15/53 | 200,000 | 175,715 | ||||||
| U.S. Treasury Bonds, 4.125%, 8/15/53 | 1,000,000 | 961,992 | ||||||
| U.S. Treasury Bonds, 4.75%, 11/15/53 | 800,000 | 854,125 | ||||||
| U.S. Treasury Bonds, 4.625%, 5/15/54 | 385,000 | 403,227 | ||||||
U.S. Treasury Notes, 1.50%, 2/15/25(2) | 1,000,000 | 981,200 | ||||||
U.S. Treasury Notes, 2.875%, 6/15/25(2) | 500,000 | 491,760 | ||||||
U.S. Treasury Notes, 4.625%, 9/15/26(2) | 10,000,000 | 10,077,539 | ||||||
| U.S. Treasury Notes, 4.625%, 11/15/26 | 1,800,000 | 1,816,769 | ||||||
| U.S. Treasury Notes, 4.125%, 2/15/27 | 7,500,000 | 7,496,191 | ||||||
| U.S. Treasury Notes, 4.25%, 3/15/27 | 2,500,000 | 2,508,350 | ||||||
| U.S. Treasury Notes, 4.50%, 5/15/27 | 4,000,000 | 4,041,719 | ||||||
| U.S. Treasury Notes, 4.625%, 6/15/27 | 4,000,000 | 4,060,469 | ||||||
| U.S. Treasury Notes, 1.125%, 2/29/28 | 1,000,000 | 904,668 | ||||||
| U.S. Treasury Notes, 4.375%, 11/30/28 | 1,300,000 | 1,321,760 | ||||||
| U.S. Treasury Notes, 4.25%, 2/28/29 | 4,000,000 | 4,053,203 | ||||||
| U.S. Treasury Notes, 4.625%, 4/30/29 | 6,000,000 | 6,177,305 | ||||||
| U.S. Treasury Notes, 4.50%, 5/31/29 | 1,000,000 | 1,025,039 | ||||||
| U.S. Treasury Notes, 4.00%, 10/31/29 | 1,200,000 | 1,203,094 | ||||||
| U.S. Treasury Notes, 3.875%, 11/30/29 | 700,000 | 697,758 | ||||||
| U.S. Treasury Notes, 3.875%, 12/31/29 | 1,000,000 | 996,250 | ||||||
| U.S. Treasury Notes, 4.875%, 10/31/30 | 6,600,000 | 6,931,547 | ||||||
| U.S. Treasury Notes, 4.375%, 11/30/30 | 1,200,000 | 1,227,586 | ||||||
| U.S. Treasury Notes, 3.75%, 12/31/30 | 2,500,000 | 2,470,410 | ||||||
| U.S. Treasury Notes, 4.125%, 3/31/31 | 500,000 | 504,785 | ||||||
| U.S. Treasury Notes, 4.625%, 4/30/31 | 2,000,000 | 2,077,930 | ||||||
| U.S. Treasury Notes, 4.625%, 5/31/31 | 900,000 | 935,227 | ||||||
| U.S. Treasury Notes, 4.50%, 11/15/33 | 500,000 | 517,305 | ||||||
TOTAL U.S. TREASURY SECURITIES (Cost $86,618,121) | 87,556,415 | |||||||
| CORPORATE BONDS — 8.9% | ||||||||
| Aerospace and Defense — 0.2% | ||||||||
| Boeing Co., 5.81%, 5/1/50 | 406,000 | 378,607 | ||||||
L3Harris Technologies, Inc., 5.50%, 8/15/54(3) | 226,000 | 224,799 | ||||||
| Northrop Grumman Corp., 4.90%, 6/1/34 | 218,000 | 217,453 | ||||||
| Northrop Grumman Corp., 5.15%, 5/1/40 | 195,000 | 190,905 | ||||||
| RTX Corp., 6.40%, 3/15/54 | 475,000 | 534,158 | ||||||
| 1,545,922 | ||||||||
| Air Freight and Logistics — 0.1% | ||||||||
| GXO Logistics, Inc., 6.25%, 5/6/29 | 450,000 | 466,896 | ||||||
| GXO Logistics, Inc., 6.50%, 5/6/34 | 210,000 | 218,675 | ||||||
| United Parcel Service, Inc., 5.50%, 5/22/54 | 190,000 | 192,184 | ||||||
| 877,755 | ||||||||
| Automobiles — 0.3% | ||||||||
| Ford Motor Credit Co. LLC, 5.85%, 5/17/27 | 390,000 | 394,200 | ||||||
| Ford Motor Credit Co. LLC, 6.80%, 11/7/28 | 200,000 | 209,754 | ||||||
| Ford Motor Credit Co. LLC, 7.20%, 6/10/30 | 260,000 | 278,029 | ||||||
| Ford Motor Credit Co. LLC, 6.125%, 3/8/34 | 380,000 | 380,678 | ||||||
| General Motors Financial Co., Inc., 5.60%, 6/18/31 | 298,000 | 301,636 | ||||||
| General Motors Financial Co., Inc., 5.95%, 4/4/34 | 597,000 | 608,716 | ||||||
Hyundai Capital America, 6.50%, 1/16/29(4) | 117,000 | 123,788 | ||||||
Hyundai Capital America, 6.20%, 9/21/30(4) | 233,000 | 247,168 | ||||||
| Toyota Motor Credit Corp., 5.55%, 11/20/30 | 410,000 | 430,495 | ||||||
| 2,974,464 | ||||||||
| Banks — 1.3% | ||||||||
| Bank of America Corp., VRN, 5.29%, 4/25/34 | 1,030,000 | 1,040,086 | ||||||
| Bank of America Corp., VRN, 5.47%, 1/23/35 | 760,000 | 777,412 | ||||||
BNP Paribas SA, VRN, 5.34%, 6/12/29(4) | 295,000 | 299,742 | ||||||
BNP Paribas SA, VRN, 5.50%, 5/20/30(4) | 530,000 | 537,679 | ||||||
BPCE SA, VRN, 7.00%, 10/19/34(4) | 260,000 | 285,000 | ||||||
| Canadian Imperial Bank of Commerce, 6.09%, 10/3/33 | 365,000 | 387,947 | ||||||
| Citigroup, Inc., VRN, 4.41%, 3/31/31 | 120,000 | 116,670 | ||||||
| Citigroup, Inc., VRN, 6.27%, 11/17/33 | 370,000 | 396,465 | ||||||
| Citigroup, Inc., VRN, 5.83%, 2/13/35 | 655,000 | 664,172 | ||||||
Danske Bank AS, VRN, 1.55%, 9/10/27(4) | 385,000 | 358,546 | ||||||
Danske Bank AS, VRN, 5.71%, 3/1/30(4) | 215,000 | 219,981 | ||||||
| Fifth Third Bancorp, 8.25%, 3/1/38 | 600,000 | 737,316 | ||||||
Intesa Sanpaolo SpA, VRN, 8.25%, 11/21/33(4) | 485,000 | 548,634 | ||||||
| JPMorgan Chase & Co., VRN, 4.01%, 4/23/29 | 347,000 | 337,556 | ||||||
| JPMorgan Chase & Co., VRN, 5.30%, 7/24/29 | 468,000 | 476,436 | ||||||
| JPMorgan Chase & Co., VRN, 6.09%, 10/23/29 | 789,000 | 827,782 | ||||||
| JPMorgan Chase & Co., VRN, 6.25%, 10/23/34 | 260,000 | 281,560 | ||||||
| JPMorgan Chase & Co., VRN, 5.34%, 1/23/35 | 215,000 | 218,483 | ||||||
| JPMorgan Chase & Co., VRN, 5.77%, 4/22/35 | 279,000 | 292,521 | ||||||
| JPMorgan Chase & Co., VRN, 5.29%, 7/22/35 | 310,000 | 314,472 | ||||||
| Lloyds Banking Group PLC, VRN, 5.72%, 6/5/30 | 525,000 | 540,232 | ||||||
| Morgan Stanley Bank NA, VRN, 4.97%, 7/14/28 | 400,000 | 401,970 | ||||||
| PNC Financial Services Group, Inc., VRN, 5.94%, 8/18/34 | 205,000 | 215,473 | ||||||
| Wells Fargo & Co., VRN, 6.30%, 10/23/29 | 505,000 | 531,840 | ||||||
| Wells Fargo & Co., VRN, 5.39%, 4/24/34 | 461,000 | 466,552 | ||||||
| Wells Fargo & Co., VRN, 5.56%, 7/25/34 | 372,000 | 380,491 | ||||||
| Wells Fargo & Co., VRN, 5.01%, 4/4/51 | 345,000 | 325,142 | ||||||
| 11,980,160 | ||||||||
| Beverages — 0.2% | ||||||||
| Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.70%, 2/1/36 | 745,000 | 728,258 | ||||||
| Keurig Dr. Pepper, Inc., 5.20%, 3/15/31 | 700,000 | 713,677 | ||||||
| 1,441,935 | ||||||||
| Biotechnology — 0.1% | ||||||||
| AbbVie, Inc., 5.35%, 3/15/44 | 275,000 | 279,668 | ||||||
| AbbVie, Inc., 5.40%, 3/15/54 | 159,000 | 161,195 | ||||||
| Amgen, Inc., 4.05%, 8/18/29 | 390,000 | 379,539 | ||||||
| Amgen, Inc., 5.65%, 3/2/53 | 465,000 | 468,876 | ||||||
| 1,289,278 | ||||||||
| Building Products — 0.0% | ||||||||
| Carrier Global Corp., 6.20%, 3/15/54 | 95,000 | 105,836 | ||||||
| Capital Markets — 0.9% | ||||||||
Blackstone Private Credit Fund, 7.30%, 11/27/28(4) | 105,000 | 110,573 | ||||||
Blackstone Private Credit Fund, 5.95%, 7/16/29(4) | 90,000 | 90,013 | ||||||
| Blue Owl Capital Corp., 3.40%, 7/15/26 | 273,000 | 261,133 | ||||||
Blue Owl Credit Income Corp., 6.60%, 9/15/29(4) | 530,000 | 534,751 | ||||||
| Charles Schwab Corp., VRN, 6.20%, 11/17/29 | 196,000 | 205,524 | ||||||
| Charles Schwab Corp., VRN, 6.14%, 8/24/34 | 180,000 | 190,726 | ||||||
| Goldman Sachs Group, Inc., VRN, 6.48%, 10/24/29 | 1,280,000 | 1,354,839 | ||||||
| Goldman Sachs Group, Inc., VRN, 5.85%, 4/25/35 | 670,000 | 700,396 | ||||||
| Golub Capital BDC, Inc., 7.05%, 12/5/28 | 293,000 | 304,111 | ||||||
Intercontinental Exchange, Inc., 3.625%, 9/1/28(4) | 780,000 | 747,297 | ||||||
| Morgan Stanley, VRN, 5.16%, 4/20/29 | 311,000 | 314,198 | ||||||
| Morgan Stanley, VRN, 6.41%, 11/1/29 | 170,000 | 179,861 | ||||||
| Morgan Stanley, VRN, 6.34%, 10/18/33 | 490,000 | 530,629 | ||||||
| Morgan Stanley, VRN, 6.63%, 11/1/34 | 320,000 | 352,958 | ||||||
| Morgan Stanley, VRN, 5.83%, 4/19/35 | 152,000 | 158,881 | ||||||
| Northern Trust Corp., VRN, 3.375%, 5/8/32 | 754,000 | 722,585 | ||||||
UBS Group AG, 4.125%, 9/24/25(4) | 212,000 | 209,294 | ||||||
UBS Group AG, VRN, 6.44%, 8/11/28(4) | 515,000 | 534,490 | ||||||
UBS Group AG, VRN, 9.02%, 11/15/33(4) | 403,000 | 497,027 | ||||||
| 7,999,286 | ||||||||
| Chemicals — 0.0% | ||||||||
| Dow Chemical Co., 4.375%, 11/15/42 | 130,000 | 111,097 | ||||||
| LYB International Finance III LLC, 5.50%, 3/1/34 | 290,000 | 294,113 | ||||||
| 405,210 | ||||||||
| Commercial Services and Supplies — 0.1% | ||||||||
| Republic Services, Inc., 2.30%, 3/1/30 | 358,000 | 317,318 | ||||||
Veralto Corp., 5.45%, 9/18/33(4) | 510,000 | 522,102 | ||||||
| Waste Connections, Inc., 3.20%, 6/1/32 | 335,000 | 299,835 | ||||||
| 1,139,255 | ||||||||
| Construction Materials — 0.0% | ||||||||
| CRH America Finance, Inc., 5.40%, 5/21/34 | 278,000 | 282,782 | ||||||
| Consumer Finance — 0.2% | ||||||||
| American Express Co., VRN, 5.28%, 7/26/35 | 219,000 | 221,769 | ||||||
Avolon Holdings Funding Ltd., 6.375%, 5/4/28(4) | 510,000 | 527,551 | ||||||
Avolon Holdings Funding Ltd., 5.75%, 3/1/29(4) | 270,000 | 274,963 | ||||||
Encore Capital Group, Inc., 8.50%, 5/15/30(4) | 530,000 | 550,279 | ||||||
| OneMain Finance Corp., 7.50%, 5/15/31 | 179,000 | 184,173 | ||||||
| Synchrony Financial, 4.25%, 8/15/24 | 358,000 | 357,761 | ||||||
| 2,116,496 | ||||||||
| Consumer Staples Distribution & Retail — 0.1% | ||||||||
Cencosud SA, 5.95%, 5/28/31(4) | 200,000 | 203,120 | ||||||
| Sysco Corp., 6.00%, 1/17/34 | 515,000 | 552,997 | ||||||
| 756,117 | ||||||||
| Containers and Packaging — 0.0% | ||||||||
| WRKCo, Inc., 3.00%, 9/15/24 | 201,000 | 200,229 | ||||||
| Diversified Consumer Services — 0.0% | ||||||||
| Novant Health, Inc., 3.17%, 11/1/51 | 245,000 | 170,962 | ||||||
| Pepperdine University, 3.30%, 12/1/59 | 355,000 | 234,823 | ||||||
| 405,785 | ||||||||
| Diversified REITs — 0.2% | ||||||||
| Brixmor Operating Partnership LP, 5.50%, 2/15/34 | 203,000 | 203,981 | ||||||
| GLP Capital LP/GLP Financing II, Inc., 5.375%, 4/15/26 | 200,000 | 199,792 | ||||||
| Store Capital LLC, 2.75%, 11/18/30 | 584,000 | 498,410 | ||||||
| Store Capital LLC, 2.70%, 12/1/31 | 234,000 | 192,722 | ||||||
| WP Carey, Inc., 5.375%, 6/30/34 | 355,000 | 354,475 | ||||||
| 1,449,380 | ||||||||
| Diversified Telecommunication Services — 0.4% | ||||||||
| AT&T, Inc., 4.50%, 5/15/35 | 357,000 | 336,762 | ||||||
| AT&T, Inc., 4.90%, 8/15/37 | 286,000 | 274,239 | ||||||
| AT&T, Inc., 4.85%, 3/1/39 | 685,000 | 647,286 | ||||||
| Sprint Capital Corp., 6.875%, 11/15/28 | 291,000 | 312,223 | ||||||
| Sprint Capital Corp., 8.75%, 3/15/32 | 580,000 | 705,825 | ||||||
| Verizon Communications, Inc., 7.75%, 12/1/30 | 510,000 | 593,579 | ||||||
| Verizon Communications, Inc., 4.27%, 1/15/36 | 390,000 | 363,493 | ||||||
| Verizon Communications, Inc., 2.99%, 10/30/56 | 565,000 | 356,598 | ||||||
| 3,590,005 | ||||||||
| Electric Utilities — 0.7% | ||||||||
| AEP Transmission Co. LLC, 5.40%, 3/15/53 | 395,000 | 390,986 | ||||||
| Arizona Public Service Co., 5.70%, 8/15/34 | 292,000 | 300,118 | ||||||
| Baltimore Gas & Electric Co., 5.65%, 6/1/54 | 430,000 | 440,661 | ||||||
| Black Hills Corp., 6.00%, 1/15/35 | 204,000 | 210,440 | ||||||
| Commonwealth Edison Co., 5.30%, 2/1/53 | 144,000 | 140,432 | ||||||
| Duke Energy Corp., 5.00%, 8/15/52 | 230,000 | 206,514 | ||||||
| Duke Energy Corp., 5.80%, 6/15/54 | 405,000 | 405,582 | ||||||
| Duke Energy Florida LLC, 1.75%, 6/15/30 | 370,000 | 315,236 | ||||||
| Duke Energy Progress LLC, 4.15%, 12/1/44 | 540,000 | 448,320 | ||||||
| Duke Energy Progress LLC, 5.35%, 3/15/53 | 120,000 | 117,138 | ||||||
| Florida Power & Light Co., 4.125%, 2/1/42 | 654,000 | 570,609 | ||||||
Indianapolis Power & Light Co., 5.70%, 4/1/54(4) | 150,000 | 151,684 | ||||||
| MidAmerican Energy Co., 5.85%, 9/15/54 | 790,000 | 832,910 | ||||||
| Northern States Power Co., 3.20%, 4/1/52 | 240,000 | 166,452 | ||||||
| Northern States Power Co., 5.10%, 5/15/53 | 260,000 | 246,872 | ||||||
| Oncor Electric Delivery Co. LLC, 3.70%, 5/15/50 | 650,000 | 493,874 | ||||||
| Pacific Gas & Electric Co., 4.20%, 6/1/41 | 155,000 | 124,473 | ||||||
| PECO Energy Co., 4.375%, 8/15/52 | 340,000 | 288,324 | ||||||
| Union Electric Co., 5.45%, 3/15/53 | 240,000 | 236,811 | ||||||
| Union Electric Co., 5.25%, 1/15/54 | 160,000 | 154,232 | ||||||
Vistra Operations Co. LLC, 6.00%, 4/15/34(4) | 146,000 | 149,520 | ||||||
| 6,391,188 | ||||||||
| Entertainment — 0.1% | ||||||||
| Take-Two Interactive Software, Inc., 5.60%, 6/12/34 | 340,000 | 346,663 | ||||||
| Warnermedia Holdings, Inc., 3.64%, 3/15/25 | 111,000 | 109,456 | ||||||
| Warnermedia Holdings, Inc., 3.79%, 3/15/25 | 93,000 | 91,844 | ||||||
| Warnermedia Holdings, Inc., 4.28%, 3/15/32 | 401,000 | 348,034 | ||||||
| 895,997 | ||||||||
| Financial Services — 0.2% | ||||||||
Antares Holdings LP, 2.75%, 1/15/27(4) | 256,000 | 235,242 | ||||||
| Corebridge Financial, Inc., 5.75%, 1/15/34 | 170,000 | 175,133 | ||||||
| GE Capital Funding LLC, 4.55%, 5/15/32 | 360,000 | 351,644 | ||||||
Nationwide Building Society, 5.13%, 7/29/29(4) | 720,000 | 728,320 | ||||||
| 1,490,339 | ||||||||
| Food Products — 0.1% | ||||||||
JDE Peet's NV, 2.25%, 9/24/31(4) | 475,000 | 389,220 | ||||||
| Kraft Heinz Foods Co., 5.00%, 6/4/42 | 295,000 | 274,324 | ||||||
Mars, Inc., 3.875%, 4/1/39(4) | 109,000 | 96,011 | ||||||
| 759,555 | ||||||||
| Ground Transportation — 0.2% | ||||||||
Ashtead Capital, Inc., 5.95%, 10/15/33(4) | 600,000 | 616,636 | ||||||
| Burlington Northern Santa Fe LLC, 5.20%, 4/15/54 | 162,000 | 159,126 | ||||||
| Burlington Northern Santa Fe LLC, 5.50%, 3/15/55 | 485,000 | 498,394 | ||||||
| Union Pacific Corp., 3.55%, 8/15/39 | 480,000 | 405,300 | ||||||
United Rentals North America, Inc., 6.00%, 12/15/29(4) | 170,000 | 172,625 | ||||||
| 1,852,081 | ||||||||
| Health Care Equipment and Supplies — 0.1% | ||||||||
Medline Borrower LP/Medline Co-Issuer, Inc., 6.25%, 4/1/29(4) | 428,000 | 437,240 | ||||||
Solventum Corp., 5.60%, 3/23/34(4) | 530,000 | 533,418 | ||||||
| 970,658 | ||||||||
| Health Care Providers and Services — 0.7% | ||||||||
| Centene Corp., 2.45%, 7/15/28 | 560,000 | 504,908 | ||||||
| Centene Corp., 4.625%, 12/15/29 | 214,000 | 206,131 | ||||||
| Centene Corp., 3.375%, 2/15/30 | 349,000 | 314,817 | ||||||
| CVS Health Corp., 5.70%, 6/1/34 | 381,000 | 388,905 | ||||||
| CVS Health Corp., 6.00%, 6/1/44 | 410,000 | 412,358 | ||||||
| CVS Health Corp., 5.625%, 2/21/53 | 120,000 | 114,531 | ||||||
| Duke University Health System, Inc., 3.92%, 6/1/47 | 160,000 | 135,087 | ||||||
| HCA, Inc., 5.45%, 4/1/31 | 210,000 | 214,221 | ||||||
| HCA, Inc., 5.90%, 6/1/53 | 320,000 | 318,698 | ||||||
| Humana, Inc., 5.75%, 4/15/54 | 221,000 | 217,821 | ||||||
| Icon Investments Six DAC, 6.00%, 5/8/34 | 301,000 | 314,220 | ||||||
| IQVIA, Inc., 6.25%, 2/1/29 | 442,000 | 462,120 | ||||||
| Kaiser Foundation Hospitals, 3.00%, 6/1/51 | 220,000 | 152,828 | ||||||
Select Medical Corp., 6.25%, 8/15/26(4) | 390,000 | 393,316 | ||||||
| Tenet Healthcare Corp., 6.25%, 2/1/27 | 325,000 | 325,897 | ||||||
| Tenet Healthcare Corp., 5.125%, 11/1/27 | 269,000 | 264,403 | ||||||
| UnitedHealth Group, Inc., 5.50%, 7/15/44 | 481,000 | 486,778 | ||||||
| UnitedHealth Group, Inc., 5.05%, 4/15/53 | 540,000 | 511,341 | ||||||
| Universal Health Services, Inc., 1.65%, 9/1/26 | 377,000 | 351,412 | ||||||
| 6,089,792 | ||||||||
| Hotels, Restaurants and Leisure — 0.1% | ||||||||
Carnival Corp., 4.00%, 8/1/28(4) | 285,000 | 269,833 | ||||||
| Marriott International, Inc., 3.50%, 10/15/32 | 212,000 | 189,047 | ||||||
| Marriott International, Inc., 5.30%, 5/15/34 | 210,000 | 211,757 | ||||||
Royal Caribbean Cruises Ltd., 6.00%, 2/1/33(3)(4) | 268,000 | 270,091 | ||||||
| Starbucks Corp., 2.55%, 11/15/30 | 475,000 | 419,696 | ||||||
| 1,360,424 | ||||||||
| Industrial Conglomerates — 0.0% | ||||||||
| Honeywell International, Inc., 5.25%, 3/1/54 | 300,000 | 297,774 | ||||||
| Industrial REITs — 0.0% | ||||||||
| LXP Industrial Trust, 6.75%, 11/15/28 | 172,000 | 180,937 | ||||||
| Insurance — 0.2% | ||||||||
Athene Global Funding, 5.53%, 7/11/31(4) | 297,000 | 301,342 | ||||||
| Athene Holding Ltd., 6.25%, 4/1/54 | 252,000 | 257,288 | ||||||
| CNO Financial Group, Inc., 6.45%, 6/15/34 | 283,000 | 289,906 | ||||||
| MetLife, Inc., 6.40%, 12/15/66 | 200,000 | 204,314 | ||||||
Pine Street Trust III, 6.22%, 5/15/54(4) | 440,000 | 452,728 | ||||||
| 1,505,578 | ||||||||
| IT Services — 0.1% | ||||||||
| Kyndryl Holdings, Inc., 3.15%, 10/15/31 | 330,000 | 283,540 | ||||||
| Kyndryl Holdings, Inc., 4.10%, 10/15/41 | 201,000 | 157,723 | ||||||
| 441,263 | ||||||||
| Leisure Products — 0.0% | ||||||||
Mattel, Inc., 3.75%, 4/1/29(4) | 195,000 | 183,308 | ||||||
| Machinery — 0.1% | ||||||||
| AGCO Corp., 5.80%, 3/21/34 | 293,000 | 298,552 | ||||||
| Ingersoll Rand, Inc., 5.70%, 8/14/33 | 197,000 | 206,624 | ||||||
| Ingersoll Rand, Inc., 5.45%, 6/15/34 | 96,000 | 99,046 | ||||||
| Ingersoll Rand, Inc., 5.70%, 6/15/54 | 64,000 | 66,095 | ||||||
| Westinghouse Air Brake Technologies Corp., 5.61%, 3/11/34 | 201,000 | 206,875 | ||||||
| 877,192 | ||||||||
| Media — 0.2% | ||||||||
| Charter Communications Operating LLC/Charter Communications Operating Capital, 6.10%, 6/1/29 | 170,000 | 173,831 | ||||||
| Charter Communications Operating LLC/Charter Communications Operating Capital, 5.375%, 4/1/38 | 500,000 | 451,738 | ||||||
| Comcast Corp., 2.94%, 11/1/56 | 725,000 | 451,414 | ||||||
Cox Communications, Inc., 3.15%, 8/15/24(4) | 96,000 | 95,899 | ||||||
| Fox Corp., 6.50%, 10/13/33 | 121,000 | 129,920 | ||||||
| Fox Corp., 5.48%, 1/25/39 | 192,000 | 189,305 | ||||||
| Time Warner Cable LLC, 6.55%, 5/1/37 | 390,000 | 382,466 | ||||||
| WPP Finance 2010, 3.75%, 9/19/24 | 316,000 | 315,046 | ||||||
| 2,189,619 | ||||||||
| Metals and Mining — 0.1% | ||||||||
Glencore Funding LLC, 6.50%, 10/6/33(4) | 175,000 | 187,256 | ||||||
Glencore Funding LLC, 5.63%, 4/4/34(4) | 145,000 | 146,153 | ||||||
Glencore Funding LLC, 5.89%, 4/4/54(4) | 95,000 | 93,074 | ||||||
Newmont Corp./Newcrest Finance Pty. Ltd., 5.35%, 3/15/34(4) | 395,000 | 404,545 | ||||||
| 831,028 | ||||||||
| Mortgage Real Estate Investment Trusts (REITs) — 0.1% | ||||||||
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 4.75%, 6/15/29(4) | 600,000 | 570,718 | ||||||
| Multi-Utilities — 0.2% | ||||||||
| Dominion Energy, Inc., 4.90%, 8/1/41 | 270,000 | 245,162 | ||||||
| DTE Energy Co., 5.85%, 6/1/34 | 294,000 | 306,212 | ||||||
Engie SA, 5.625%, 4/10/34(4) | 218,000 | 222,443 | ||||||
Engie SA, 5.875%, 4/10/54(4) | 210,000 | 209,808 | ||||||
| Public Service Enterprise Group, Inc., 6.125%, 10/15/33 | 480,000 | 511,301 | ||||||
| Sempra, 3.25%, 6/15/27 | 180,000 | 172,398 | ||||||
| 1,667,324 | ||||||||
| Oil, Gas and Consumable Fuels — 0.7% | ||||||||
| BP Capital Markets America, Inc., 3.06%, 6/17/41 | 250,000 | 188,196 | ||||||
| Cheniere Energy, Inc., 4.625%, 10/15/28 | 420,000 | 412,199 | ||||||
Columbia Pipelines Operating Co. LLC, 6.04%, 11/15/33(4) | 370,000 | 387,245 | ||||||
| Diamondback Energy, Inc., 6.25%, 3/15/33 | 320,000 | 341,974 | ||||||
| Diamondback Energy, Inc., 5.40%, 4/18/34 | 292,000 | 295,719 | ||||||
| Diamondback Energy, Inc., 5.75%, 4/18/54 | 160,000 | 158,505 | ||||||
| Energy Transfer LP, 6.55%, 12/1/33 | 156,000 | 168,541 | ||||||
| Energy Transfer LP, 5.55%, 5/15/34 | 454,000 | 458,414 | ||||||
| Energy Transfer LP, 6.125%, 12/15/45 | 340,000 | 344,306 | ||||||
EQT Corp., 3.625%, 5/15/31(4) | 240,000 | 215,814 | ||||||
| Equinor ASA, 3.25%, 11/18/49 | 230,000 | 165,497 | ||||||
Greensaif Pipelines Bidco SARL, 5.85%, 2/23/36(4) | 786,000 | 790,352 | ||||||
| Marathon Oil Corp., 5.70%, 4/1/34 | 340,000 | 354,278 | ||||||
Northern Natural Gas Co., 5.625%, 2/1/54(4) | 155,000 | 155,599 | ||||||
| Occidental Petroleum Corp., 6.625%, 9/1/30 | 267,000 | 285,133 | ||||||
| Occidental Petroleum Corp., 5.375%, 1/1/32 | 298,000 | 301,084 | ||||||
| Occidental Petroleum Corp., 6.45%, 9/15/36 | 150,000 | 160,340 | ||||||
| Ovintiv, Inc., 6.25%, 7/15/33 | 160,000 | 167,435 | ||||||
| Petroleos Mexicanos, 5.95%, 1/28/31 | 645,000 | 532,574 | ||||||
| Petroleos Mexicanos, 6.625%, 6/15/35 | 50,000 | 38,859 | ||||||
| Sabine Pass Liquefaction LLC, 5.00%, 3/15/27 | 460,000 | 461,477 | ||||||
| Shell International Finance BV, 2.375%, 11/7/29 | 290,000 | 261,675 | ||||||
| Shell International Finance BV, 4.375%, 5/11/45 | 180,000 | 158,760 | ||||||
| SM Energy Co., 6.75%, 9/15/26 | 141,000 | 141,255 | ||||||
| 6,945,231 | ||||||||
| Paper and Forest Products — 0.0% | ||||||||
| Suzano Austria GmbH, 3.75%, 1/15/31 | 185,000 | 164,243 | ||||||
| Suzano Austria GmbH, 3.125%, 1/15/32 | 215,000 | 178,251 | ||||||
| 342,494 | ||||||||
| Passenger Airlines — 0.1% | ||||||||
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.50%, 6/20/27(4) | 612,000 | 617,943 | ||||||
| Personal Care Products — 0.0% | ||||||||
| Kenvue, Inc., 4.90%, 3/22/33 | 365,000 | 368,611 | ||||||
| Pharmaceuticals — 0.1% | ||||||||
| Bristol-Myers Squibb Co., 5.50%, 2/22/44 | 155,000 | 157,847 | ||||||
| Bristol-Myers Squibb Co., 5.55%, 2/22/54 | 410,000 | 415,679 | ||||||
| Eli Lilly & Co., 5.00%, 2/9/54 | 217,000 | 211,688 | ||||||
| Utah Acquisition Sub, Inc., 3.95%, 6/15/26 | 565,000 | 554,252 | ||||||
| 1,339,466 | ||||||||
| Real Estate Management and Development — 0.0% | ||||||||
| Essential Properties LP, 2.95%, 7/15/31 | 330,000 | 279,390 | ||||||
| Retail REITs — 0.0% | ||||||||
| Kite Realty Group Trust, 4.75%, 9/15/30 | 208,000 | 204,039 | ||||||
| Semiconductors and Semiconductor Equipment — 0.0% | ||||||||
Broadcom, Inc., 3.47%, 4/15/34(4) | 360,000 | 314,573 | ||||||
| Software — 0.2% | ||||||||
| Microsoft Corp., 2.50%, 9/15/50 | 300,000 | 193,475 | ||||||
Open Text Corp., 6.90%, 12/1/27(4) | 827,000 | 858,802 | ||||||
| Oracle Corp., 3.60%, 4/1/40 | 457,000 | 361,887 | ||||||
| 1,414,164 | ||||||||
| Specialized REITs — 0.1% | ||||||||
| EPR Properties, 4.95%, 4/15/28 | 530,000 | 518,999 | ||||||
| EPR Properties, 3.75%, 8/15/29 | 110,000 | 100,719 | ||||||
| VICI Properties LP, 5.75%, 4/1/34 | 305,000 | 309,840 | ||||||
| VICI Properties LP, 6.125%, 4/1/54 | 120,000 | 118,674 | ||||||
| 1,048,232 | ||||||||
| Specialty Retail — 0.2% | ||||||||
| AutoZone, Inc., 5.10%, 7/15/29 | 180,000 | 182,212 | ||||||
| AutoZone, Inc., 4.00%, 4/15/30 | 246,000 | 236,210 | ||||||
| AutoZone, Inc., 6.55%, 11/1/33 | 203,000 | 222,363 | ||||||
| Home Depot, Inc., 4.95%, 6/25/34 | 316,000 | 319,224 | ||||||
| Home Depot, Inc., 5.30%, 6/25/54 | 252,000 | 250,951 | ||||||
| Lowe's Cos., Inc., 5.625%, 4/15/53 | 330,000 | 327,225 | ||||||
| O'Reilly Automotive, Inc., 5.75%, 11/20/26 | 318,000 | 324,309 | ||||||
| 1,862,494 | ||||||||
| Technology Hardware, Storage and Peripherals — 0.0% | ||||||||
| Apple, Inc., 3.95%, 8/8/52 | 25,000 | 21,037 | ||||||
| Textiles, Apparel and Luxury Goods — 0.1% | ||||||||
| Tapestry, Inc., 7.35%, 11/27/28 | 490,000 | 514,544 | ||||||
| Tapestry, Inc., 7.85%, 11/27/33 | 189,000 | 201,649 | ||||||
| 716,193 | ||||||||
| Trading Companies and Distributors — 0.1% | ||||||||
| Air Lease Corp., 5.20%, 7/15/31 | 201,000 | 200,994 | ||||||
Aircastle Ltd., 5.95%, 2/15/29(4) | 195,000 | 198,746 | ||||||
Aircastle Ltd./Aircastle Ireland DAC, 5.75%, 10/1/31(4) | 158,000 | 159,062 | ||||||
| 558,802 | ||||||||
| Wireless Telecommunication Services — 0.0% | ||||||||
| U.S. Cellular Corp., 6.70%, 12/15/33 | 336,000 | 360,178 | ||||||
TOTAL CORPORATE BONDS (Cost $83,265,052) | 83,507,517 | |||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS — 2.2% | ||||||||
| Private Sponsor Collateralized Mortgage Obligations — 2.1% | ||||||||
| ABN AMRO Mortgage Corp., Series 2003-4, Class A4, 5.50%, 3/25/33 | 1,853 | 1,817 | ||||||
BRAVO Residential Funding Trust, Series 2024-CES1, Class A1A, 6.38%, 4/25/54(4) | 599,525 | 604,948 | ||||||
BRAVO Residential Funding Trust, Series 2024-NQM2, Class A1, 6.29%, 2/25/64(4) | 1,176,332 | 1,188,957 | ||||||
BRAVO Residential Funding Trust, Series 2024-RPL1, Class A1, SEQ, VRN, 3.25%, 10/25/63(4) | 1,061,613 | 974,060 | ||||||
Chase Home Lending Mortgage Trust, Series 2024-2, Class A4A, SEQ, VRN, 6.00%, 2/25/55(4) | 480,160 | 484,608 | ||||||
Chase Home Lending Mortgage Trust, Series 2024-6, Class A4, VRN, 6.00%, 5/25/55(4) | 899,170 | 905,858 | ||||||
| CHL Mortgage Pass-Through Trust, Series 2005-17, Class 1A11, 5.50%, 9/25/35 | 771 | 744 | ||||||
Credit Suisse Mortgage Trust, Series 2021-NQM2, Class A2, SEQ, VRN, 1.38%, 2/25/66(4) | 237,973 | 209,569 | ||||||
Credit Suisse Mortgage Trust, Series 2021-NQM6, Class A1, SEQ, VRN, 1.17%, 7/25/66(4) | 209,339 | 175,747 | ||||||
Eagle RE Ltd., Series 2021-1, Class M1C, VRN, 8.05%, (30-day average SOFR plus 2.70%), 10/25/33(4) | 113,018 | 113,142 | ||||||
FS Commercial Mortgage Trust, Series 2023-4SZN, Class A, SEQ, 7.07%, 11/10/39(4) | 760,000 | 794,280 | ||||||
GCAT Trust, Series 2021-CM2, Class A1, SEQ, VRN, 2.35%, 8/25/66(4) | 811,036 | 754,557 | ||||||
GCAT Trust, Series 2021-NQM1, Class A3, SEQ, VRN, 1.15%, 1/25/66(4) | 176,076 | 150,787 | ||||||
GCAT Trust, Series 2024-INV2, Class A6, SEQ, VRN, 6.00%, 6/25/54(4) | 676,388 | 681,959 | ||||||
Home RE Ltd., Series 2022-1, Class M1A, VRN, 8.20%, (30-day average SOFR plus 2.85%), 10/25/34(4) | 145,743 | 146,572 | ||||||
JP Morgan Mortgage Trust, Series 2020-3, Class A15, VRN, 3.50%, 8/25/50(4) | 162,685 | 143,910 | ||||||
JP Morgan Mortgage Trust, Series 2024-5, Class A6, SEQ, VRN, 6.00%, 11/25/54(4) | 1,258,801 | 1,263,468 | ||||||
JP Morgan Mortgage Trust, Series 2024-CES1, Class A1A, VRN, 5.92%, 6/25/54(4) | 788,042 | 793,293 | ||||||
MFA Trust, Series 2021-INV2, Class A3, SEQ, VRN, 2.26%, 11/25/56(4) | 612,410 | 534,886 | ||||||
MFA Trust, Series 2024-NQM1, Class A1, SEQ, 6.58%, 3/25/69(4) | 842,807 | 856,699 | ||||||
OBX Trust, Series 2024-HYB1, Class A1, SEQ, VRN, 3.58%, 3/25/53(4) | 253,337 | 247,291 | ||||||
OBX Trust, Series 2024-HYB2, Class A1, SEQ, VRN, 3.62%, 4/25/53(4) | 416,824 | 408,671 | ||||||
OBX Trust, Series 2024-NQM7, Class A1, 6.24%, 3/25/64(4) | 415,679 | 420,447 | ||||||
Rate Mortgage Trust, Series 2024-J1, Class A7, SEQ, VRN, 6.00%, 7/25/54(4) | 721,401 | 724,107 | ||||||
RCKT Mortgage Trust, Series 2024-CES2, Class A1A, VRN, 6.14%, 4/25/44(4) | 495,931 | 499,043 | ||||||
RCKT Mortgage Trust, Series 2024-CES3, Class A1A, VRN, 6.59%, 5/25/44(4) | 1,066,944 | 1,082,864 | ||||||
RCKT Mortgage Trust, Series 2024-CES4, Class A1A, 6.15%, 6/25/44(4) | 961,113 | 972,440 | ||||||
Saluda Grade Alternative Mortgage Trust, Series 2024-CES1, Class A1, SEQ, VRN, 6.31%, 3/25/54(4) | 1,018,727 | 1,029,267 | ||||||
Sequoia Mortgage Trust, Series 2024-6, Class A11, VRN, 6.00%, 7/27/54(4) | 1,292,651 | 1,297,602 | ||||||
SoFi Mortgage Trust, Series 2016-1A, Class 1A4, SEQ, VRN, 3.00%, 11/25/46(4) | 35,261 | 31,029 | ||||||
Towd Point Mortgage Trust, Series 2024-1, Class A1, SEQ, VRN, 4.41%, 3/25/64(4) | 1,252,491 | 1,264,627 | ||||||
Verus Securitization Trust, Series 2021-R2, Class A2, VRN, 1.12%, 2/25/64(4) | 174,625 | 159,011 | ||||||
Verus Securitization Trust, Series 2021-R2, Class A3, VRN, 1.23%, 2/25/64(4) | 199,690 | 181,878 | ||||||
| 19,098,138 | ||||||||
| U.S. Government Agency Collateralized Mortgage Obligations — 0.1% | ||||||||
FHLMC, Series 2023-HQA2, Class M1A, VRN, 7.35%, (30-day average SOFR plus 2.00%), 6/25/43(4) | 181,937 | 183,398 | ||||||
| FNMA, Series 2017-C03, Class 1M2C, VRN, 8.46%, (30-day average SOFR plus 3.11%), 10/25/29 | 110,000 | 113,186 | ||||||
| FNMA, Series 2023-39, Class AI, IO, 2.00%, 7/25/52 | 8,102,075 | 1,025,348 | ||||||
| 1,321,932 | ||||||||
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $20,390,682) | 20,420,070 | |||||||
| COLLATERALIZED LOAN OBLIGATIONS — 1.6% | ||||||||
ACREC LLC, Series 2023-FL2, Class A, VRN, 7.56%, (1-month SOFR plus 2.23%), 2/19/38(4) | 473,704 | 475,523 | ||||||
Arbor Realty Commercial Real Estate Notes Ltd., Series 2021-FL1, Class A, VRN, 6.41%, (1-month SOFR plus 1.08%), 12/15/35(4) | 192,531 | 191,995 | ||||||
ARES XL CLO Ltd., Series 2016-40A, Class BRR, VRN, 7.36%, (3-month SOFR plus 2.06%), 1/15/29(4) | 500,000 | 501,091 | ||||||
Barings Private Credit Corp. CLO Ltd., Series 2023-1A, Class A1, VRN, 7.70%, (3-month SOFR plus 2.40%), 7/15/31(4) | 259,654 | 260,069 | ||||||
BDS Ltd., Series 2021-FL8, Class A, VRN, 6.37%, (1-month SOFR plus 1.03%), 1/18/36(4) | 101,897 | 101,971 | ||||||
Buttermilk Park CLO Ltd., Series 2018-1A, Class A1R, VRN, 6.38%, (3-month SOFR plus 1.08%), 10/15/31(4) | 743,462 | 743,819 | ||||||
BXMT Ltd., Series 2020-FL2, Class C, VRN, 7.10%, (1-month SOFR plus 1.76%), 2/15/38(4) | 1,090,000 | 987,754 | ||||||
Canyon Capital CLO Ltd., Series 2017-1A, Class BR, VRN, 7.16%, (3-month SOFR plus 1.86%), 7/15/30(4) | 350,000 | 350,860 | ||||||
Carlyle Global Market Strategies CLO Ltd., Series 2013-1A, Class BRR, VRN, 7.78%, (3-month SOFR plus 2.46%), 8/14/30(4) | 450,000 | 450,628 | ||||||
Cerberus Loan Funding XXXI LP, Series 2021-1A, Class A, VRN, 7.06%, (3-month SOFR plus 1.76%), 4/15/32(4) | 100,614 | 101,171 | ||||||
Cerberus Loan Funding XXXIX LP, Series 2022-3A, Class A, VRN, 7.70%, (3-month SOFR plus 2.40%), 1/20/33(4) | 444,074 | 448,147 | ||||||
Dryden 40 Senior Loan Fund, Series 2015-40A, Class AR2, VRN, 6.47%, (3-month SOFR plus 1.15%), 8/15/31(4) | 864,155 | 864,526 | ||||||
Elmwood CLO IV Ltd., Series 2020-1A, Class AR, VRN, 6.78%, (3-month SOFR plus 1.46%), 4/18/37(4) | 1,100,000 | 1,105,479 | ||||||
FS Rialto Issuer LLC, Series 2022-FL6, Class A, SEQ, VRN, 7.92%, (1-month SOFR plus 2.58%), 8/17/37(4) | 566,000 | 569,271 | ||||||
KKR CLO 18 Ltd., Series 2018, Class BR, VRN, 7.14%, (3-month SOFR plus 1.86%), 7/18/30(4) | 575,000 | 575,890 | ||||||
KKR CLO 22 Ltd., Series 2022A, Class A, VRN, 6.69%, (3-month SOFR plus 1.41%), 7/20/31(4) | 347,446 | 348,089 | ||||||
Madison Park Funding XXIV Ltd., Series 2016-24A, Class AR2, VRN, 6.40%, (3-month SOFR plus 1.12%), 10/20/29(4) | 770,814 | 771,970 | ||||||
MF1 Ltd., Series 2021-FL7, Class AS, VRN, 6.90%, (1-month SOFR plus 1.56%), 10/16/36(4) | 1,075,000 | 1,065,821 | ||||||
Mountain View CLO LLC, Series 2017-2A, Class B, VRN, 7.25%, (3-month SOFR plus 1.96%), 1/16/31(4) | 375,000 | 376,293 | ||||||
Octagon Investment Partners XV Ltd., Series 2013-1A, Class BRR, VRN, 7.04%, (3-month SOFR plus 1.76%), 7/19/30(4) | 700,000 | 700,395 | ||||||
Palmer Square Loan Funding Ltd., Series 2024-3A, Class A1, VRN, 6.42%, (3-month SOFR plus 1.08%), 8/8/32(4) | 1,100,000 | 1,099,653 | ||||||
Ready Capital Mortgage Financing LLC, Series 2023-FL12, Class A, VRN, 7.68%, (1-month SOFR plus 2.34%), 5/25/38(4) | 398,548 | 399,561 | ||||||
Shackleton CLO Ltd., Series 2017-11A, Class BR1, VRN, 7.23%, (3-month SOFR plus 1.91%), 8/15/30(4) | 900,000 | 903,630 | ||||||
Shelter Growth CRE Issuer Ltd., Series 2023-FL5, Class A, VRN, 8.10%, (1-month SOFR plus 2.75%), 5/19/38(4) | 475,500 | 477,585 | ||||||
TCW CLO Ltd., Series 2018-1A, Class BR, VRN, 7.20%, (3-month SOFR plus 1.91%), 4/25/31(4) | 725,000 | 725,587 | ||||||
THL Credit Wind River CLO Ltd., Series 2013-2A, Class BR2, VRN, 7.11%, (3-month SOFR plus 1.83%), 10/18/30(4) | 525,000 | 525,787 | ||||||
Wind River CLO Ltd., Series 2013-1A, Class A1RR, VRN, 6.52%, (3-month SOFR plus 1.24%), 7/20/30(4) | 17,428 | 17,439 | ||||||
TOTAL COLLATERALIZED LOAN OBLIGATIONS (Cost $15,201,388) | 15,140,004 | |||||||
| ASSET-BACKED SECURITIES — 1.6% | ||||||||
Aligned Data Centers Issuer LLC, Series 2021-1A, Class B, 2.48%, 8/15/46(4) | 642,000 | 592,390 | ||||||
Blackbird Capital II Aircraft Lease Ltd., Series 2021-1A, Class A, SEQ, 2.44%, 7/15/46(4) | 652,401 | 585,395 | ||||||
Capital Automotive REIT, Series 2024-2A, Class A1, SEQ, 4.90%, 5/15/54(4) | 769,833 | 763,206 | ||||||
Castlelake Aircraft Structured Trust, Series 2017-1R, Class A, SEQ, 2.74%, 8/15/41(4) | 221,801 | 207,720 | ||||||
CyrusOne Data Centers Issuer I LLC, Series 2024-2A, Class A2, SEQ, 4.50%, 5/20/49(4) | 700,000 | 658,661 | ||||||
DI Issuer LLC, Series 2021-1A, Class A2, SEQ, 3.72%, 9/15/51(4) | 1,755,621 | 1,631,550 | ||||||
Edgeconnex Data Centers Issuer LLC, Series 2022-1, Class A2, SEQ, 4.25%, 3/25/52(4) | 917,190 | 870,025 | ||||||
Enterprise Fleet Financing LLC, Series 2024-1, Class A2, SEQ, 5.23%, 3/20/30(4) | 700,000 | 702,087 | ||||||
Flexential Issuer, Series 2021-1A, Class A2, SEQ, 3.25%, 11/27/51(4) | 1,000,000 | 934,280 | ||||||
Goodgreen Trust, Series 2018-1A, Class A, VRN, 3.93%, 10/15/53(4) | 281,343 | 260,697 | ||||||
Goodgreen Trust, Series 2020-1A, Class A, SEQ, 2.63%, 4/15/55(4) | 533,732 | 454,481 | ||||||
Hotwire Funding LLC, Series 2024-1A, Class A2, SEQ, 5.89%, 6/20/54(4) | 600,000 | 619,045 | ||||||
MAPS Trust, Series 2021-1A, Class A, SEQ, 2.52%, 6/15/46(4) | 606,702 | 551,633 | ||||||
New Economy Assets Phase 1 Sponsor LLC, Series 2021-1, Class B1, 2.41%, 10/20/61(4) | 1,440,000 | 1,262,078 | ||||||
PK Alift Loan Funding 3 LP, Series 2024-1, Class A1, SEQ, 5.84%, 9/15/39(4) | 700,000 | 703,958 | ||||||
RCKT Mortgage Trust, Series 2024-CES1, Class A1A, VRN, 6.03%, 2/25/44(4) | 813,248 | 816,576 | ||||||
SCF Equipment Leasing LLC, Series 2024-1A, Class B, 5.56%, 4/20/32(4) | 300,000 | 307,435 | ||||||
SCF Equipment Leasing LLC, Series 2024-1A, Class C, 5.82%, 9/20/32(4) | 150,000 | 153,414 | ||||||
Sierra Timeshare Receivables Funding LLC, Series 2021-1A, Class C, 1.79%, 11/20/37(4) | 107,326 | 102,768 | ||||||
Subway Funding LLC, Series 2024-1A, Class A2I, SEQ, 6.03%, 7/30/54(4) | 1,192,000 | 1,223,104 | ||||||
Switch ABS Issuer LLC, Series 2024-2A, Class A2, SEQ, 5.44%, 6/25/54(4) | 525,000 | 513,374 | ||||||
Towd Point Mortgage Trust, Series 2024-CES3, Class A1, VRN, 6.29%, 5/25/64(4) | 758,111 | 763,943 | ||||||
VSE VOI Mortgage LLC, Series 2018-A, Class B, 3.72%, 2/20/36(4) | 94,570 | 94,120 | ||||||
TOTAL ASSET-BACKED SECURITIES (Cost $15,289,574) | 14,771,940 | |||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.7% | ||||||||
ARZ Trust, Series 2024-BILT, Class A, SEQ, 5.77%, 6/11/29(4) | 505,000 | 516,863 | ||||||
| Bank5, Series 2024-5YR7, Class A3, SEQ, 5.77%, 6/15/57 | 1,267,000 | 1,307,067 | ||||||
| Bank5 Trust, Series 2024-5YR6, Class A3, SEQ, 6.23%, 5/15/57 | 692,000 | 726,990 | ||||||
| BBCMS Mortgage Trust, Series 2024-5C27, Class A3, SEQ, 6.01%, 7/15/57 | 338,000 | 353,350 | ||||||
BX Commercial Mortgage Trust, Series 2020-VIV2, Class C, VRN, 3.54%, 3/9/44(4) | 537,839 | 479,114 | ||||||
BX Trust, Series 2018-GW, Class A, VRN, 6.43%, (1-month SOFR plus 1.10%), 5/15/35(4) | 492,000 | 490,426 | ||||||
BX Trust, Series 2023-LIFE, Class A, SEQ, 5.05%, 2/15/28(4) | 1,064,000 | 1,045,751 | ||||||
DBSG Mortgage Trust, Series 2024-ALTA, Class A, SEQ, VRN, 5.95%, 6/10/37(4) | 557,000 | 563,240 | ||||||
MIRA Trust, Series 2023-MILE, Class A, SEQ, 6.75%, 6/10/38(4) | 765,000 | 799,455 | ||||||
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $6,285,706) | 6,282,256 | |||||||
| PREFERRED STOCKS — 0.6% | ||||||||
| Banks — 0.4% | ||||||||
| Banco Bilbao Vizcaya Argentaria SA, 6.50% | 600,000 | 599,177 | ||||||
| Barclays PLC, 6.125% | 545,000 | 538,709 | ||||||
| Citigroup, Inc., 7.00% | 216,000 | 219,652 | ||||||
| Commerzbank AG, 7.00% | 400,000 | 398,176 | ||||||
| Danske Bank AS, 7.00% | 360,000 | 360,923 | ||||||
Intesa Sanpaolo SpA, 7.70%(4) | 355,000 | 355,452 | ||||||
| Lloyds Banking Group PLC, 7.50% | 410,000 | 412,468 | ||||||
| NatWest Group PLC, 6.00% | 410,000 | 405,733 | ||||||
Societe Generale SA, 8.00%(4) | 355,000 | 356,695 | ||||||
| 3,646,985 | ||||||||
| Capital Markets — 0.1% | ||||||||
| Deutsche Bank AG, 7.50% | 400,000 | 396,594 | ||||||
| UBS Group AG, 6.875% | 355,000 | 354,334 | ||||||
| 750,928 | ||||||||
| Electric Utilities — 0.1% | ||||||||
| Duke Energy Corp., 4.875% | 646,000 | 643,249 | ||||||
| Multi-Utilities — 0.0% | ||||||||
| Sempra, 4.875% | 420,000 | 412,473 | ||||||
TOTAL PREFERRED STOCKS (Cost $5,418,652) | 5,453,635 | |||||||
| U.S. GOVERNMENT AGENCY SECURITIES — 0.5% | ||||||||
| FHLMC, 6.25%, 7/15/32 | 700,000 | 801,651 | ||||||
| FNMA, 0.75%, 10/8/27 | 2,000,000 | 1,802,730 | ||||||
| FNMA, 0.875%, 8/5/30 | 1,900,000 | 1,579,990 | ||||||
| FNMA, 6.625%, 11/15/30 | 400,000 | 455,754 | ||||||
| Tennessee Valley Authority, 1.50%, 9/15/31 | 300,000 | 251,748 | ||||||
TOTAL U.S. GOVERNMENT AGENCY SECURITIES (Cost $5,152,197) | 4,891,873 | |||||||
| EXCHANGE-TRADED FUNDS — 0.4% | ||||||||
iShares Core S&P 500 ETF (Cost $3,763,649) | 6,746 | 3,732,697 | ||||||
| MUNICIPAL SECURITIES — 0.3% | ||||||||
| California State University Rev., 2.98%, 11/1/51 | 500,000 | 359,323 | ||||||
| Foothill-Eastern Transportation Corridor Agency Rev., 4.09%, 1/15/49 | 275,000 | 234,572 | ||||||
| Golden State Tobacco Securitization Corp. Rev., 2.75%, 6/1/34 | 660,000 | 561,385 | ||||||
| Houston GO, 3.96%, 3/1/47 | 120,000 | 104,596 | ||||||
| Michigan Strategic Fund Rev., (Flint Water Advocacy Fund), 3.23%, 9/1/47 | 570,000 | 445,973 | ||||||
| Missouri Highway & Transportation Commission Rev., 5.45%, 5/1/33 | 130,000 | 133,005 | ||||||
| New Jersey Turnpike Authority Rev., 7.10%, 1/1/41 | 95,000 | 110,702 | ||||||
| New York City GO, 6.27%, 12/1/37 | 95,000 | 103,711 | ||||||
| Ohio Turnpike & Infrastructure Commission Rev., 3.22%, 2/15/48 | 330,000 | 257,589 | ||||||
| Port Authority of New York & New Jersey Rev., 4.93%, 10/1/51 | 50,000 | 48,928 | ||||||
| Regents of the University of California Medical Center Pooled Rev., 3.26%, 5/15/60 | 245,000 | 170,747 | ||||||
| State of California GO, 4.60%, 4/1/38 | 180,000 | 174,986 | ||||||
| State of California GO, 7.60%, 11/1/40 | 80,000 | 99,388 | ||||||
| Texas Natural Gas Securitization Finance Corp. Rev., SEQ, 5.17%, 4/1/41 | 185,000 | 189,876 | ||||||
| University of California Rev., 3.07%, 5/15/51 | 180,000 | 127,580 | ||||||
TOTAL MUNICIPAL SECURITIES (Cost $3,678,674) | 3,122,361 | |||||||
| SOVEREIGN GOVERNMENTS AND AGENCIES — 0.1% | ||||||||
| Chile — 0.0% | ||||||||
| Chile Government International Bonds, 5.33%, 1/5/54 | 170,000 | 163,888 | ||||||
| Mexico — 0.1% | ||||||||
| Mexico Government International Bonds, 4.15%, 3/28/27 | 600,000 | 588,853 | ||||||
TOTAL SOVEREIGN GOVERNMENTS AND AGENCIES (Cost $763,696) | 752,741 | |||||||
| SHORT-TERM INVESTMENTS — 0.8% | ||||||||
| Money Market Funds — 0.8% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class (Cost $6,920,588) | 6,920,588 | 6,920,588 | ||||||
TOTAL INVESTMENT SECURITIES — 100.3% (Cost $717,166,811) | 935,374,276 | |||||||
| OTHER ASSETS AND LIABILITIES — (0.3)% | (2,475,529) | |||||||
| TOTAL NET ASSETS — 100.0% | $ | 932,898,747 | ||||||
| FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS | ||||||||||||||||||||
| Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) | ||||||||||||||||
| EUR | 293,400 | USD | 321,165 | Bank of America N.A. | 9/27/24 | $ | (2,801) | |||||||||||||
| EUR | 252,382 | USD | 274,748 | JPMorgan Chase Bank N.A. | 9/27/24 | (892) | ||||||||||||||
| EUR | 77,856 | USD | 85,033 | UBS AG | 9/27/24 | (553) | ||||||||||||||
| EUR | 105,480 | USD | 114,911 | UBS AG | 9/27/24 | (456) | ||||||||||||||
| USD | 624,457 | EUR | 578,751 | Bank of America N.A. | 9/27/24 | (3,536) | ||||||||||||||
| USD | 624,173 | EUR | 578,750 | Citibank N.A. | 9/27/24 | (3,820) | ||||||||||||||
| USD | 624,830 | EUR | 578,750 | Morgan Stanley | 9/27/24 | (3,164) | ||||||||||||||
| USD | 46,969 | EUR | 43,311 | Morgan Stanley | 9/27/24 | (27) | ||||||||||||||
| USD | 624,454 | EUR | 578,751 | UBS AG | 9/27/24 | (3,539) | ||||||||||||||
| USD | 77,321 | EUR | 71,127 | UBS AG | 9/27/24 | 141 | ||||||||||||||
| $ | (18,647) | |||||||||||||||||||
| FUTURES CONTRACTS PURCHASED | ||||||||||||||
| Reference Entity | Contracts | Expiration Date | Notional Amount | Unrealized Appreciation (Depreciation)^ | ||||||||||
| U.S. Treasury 2-Year Notes | 41 | September 2024 | $ | 8,420,055 | $ | 1,304 | ||||||||
| U.S. Treasury 5-Year Notes | 235 | September 2024 | 25,354,297 | 183,870 | ||||||||||
| U.S. Treasury 10-Year Notes | 13 | September 2024 | 1,453,562 | (88) | ||||||||||
| U.S. Treasury 10-Year Ultra Notes | 13 | September 2024 | 1,502,516 | 17,303 | ||||||||||
| U.S. Treasury Long Bonds | 33 | September 2024 | 3,985,781 | 92,623 | ||||||||||
| U.S. Treasury Ultra Bonds | 55 | September 2024 | 7,038,281 | 198,997 | ||||||||||
| $ | 47,754,492 | $ | 494,009 | |||||||||||
^Amount represents value and unrealized appreciation (depreciation).
CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS§ | |||||||||||||||||||||||
| Reference Entity | Type‡ | Fixed Rate Received (Paid) Quarterly | Termination Date | Notional Amount | Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | Value^ | ||||||||||||||||
| Markit CDX North America High Yield Index Series 42 | Sell | 5.00% | 6/20/29 | $ | 4,850,000 | $ | 272,597 | $ | 85,522 | $ | 358,119 | ||||||||||||
§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 maximum potential amount the fund could be required to deliver as a seller of credit protection if a credit event occurs as defined under the terms of the agreement is the notional amount. The maximum potential amount may be partially offset by any recovery values of the reference entities and upfront payments received upon entering into the agreement.
^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.
| NOTES TO SCHEDULE OF INVESTMENTS | ||||||||
| CDX | – | Credit Derivatives Indexes | ||||||
| EUR | – | Euro | ||||||
| FHLMC | – | Federal Home Loan Mortgage Corp. | ||||||
| FNMA | – | Federal National Mortgage Association | ||||||
| GNMA | – | Government National Mortgage Association | ||||||
| GO | – | General Obligation | ||||||
| IO | – | Interest Only | ||||||
| RFUCC | – | FTSE USD IBOR Consumer Cash Fallbacks | ||||||
| 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. | ||||||
(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 $1,517,832.
(3)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.
(4)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 $72,228,479, which represented 7.7% of total net assets.
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.
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, 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 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 | $ | 558,856,455 | $ | 6,254,522 | — | ||||||
| U.S. Government Agency Mortgage-Backed Securities | — | 117,711,202 | — | ||||||||
| U.S. Treasury Securities | — | 87,556,415 | — | ||||||||
| Corporate Bonds | — | 83,507,517 | — | ||||||||
| Collateralized Mortgage Obligations | — | 20,420,070 | — | ||||||||
| Collateralized Loan Obligations | — | 15,140,004 | — | ||||||||
| Asset-Backed Securities | — | 14,771,940 | — | ||||||||
| Commercial Mortgage-Backed Securities | — | 6,282,256 | — | ||||||||
| Preferred Stocks | — | 5,453,635 | — | ||||||||
| U.S. Government Agency Securities | — | 4,891,873 | — | ||||||||
| Exchange-Traded Funds | 3,732,697 | — | — | ||||||||
| Municipal Securities | — | 3,122,361 | — | ||||||||
| Sovereign Governments and Agencies | — | 752,741 | — | ||||||||
| Short-Term Investments | 6,920,588 | — | — | ||||||||
| $ | 569,509,740 | $ | 365,864,536 | — | |||||||
| Other Financial Instruments | |||||||||||
| Futures Contracts | $ | 494,097 | — | — | |||||||
| Swap Agreements | — | $ | 358,119 | — | |||||||
| Forward Foreign Currency Exchange Contracts | — | 141 | — | ||||||||
| $ | 494,097 | $ | 358,260 | — | |||||||
| Liabilities | |||||||||||
| Other Financial Instruments | |||||||||||
| Futures Contracts | $ | 88 | — | — | |||||||
| Forward Foreign Currency Exchange Contracts | — | $ | 18,788 | — | |||||||
| $ | 88 | $ | 18,788 | — | |||||||
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.