American Century Investments®
Quarterly Portfolio Holdings
American Century® Multisector Income ETF (MUSI)
May 31, 2023
American Century Multisector Income ETF - Schedule of Investments | ||
MAY 31, 2023 (UNAUDITED) |
Principal Amount ($)/ Shares | Value ($) | ||||||||||
CORPORATE BONDS — 39.4% | |||||||||||
Aerospace and Defense — 0.9% | |||||||||||
Boeing Co., 2.80%, 3/1/24 | 865,000 | 848,221 | |||||||||
Bombardier, Inc., 7.50%, 2/1/29(1) | 225,000 | 218,734 | |||||||||
Spirit AeroSystems, Inc., 9.375%, 11/30/29(1) | 175,000 | 186,614 | |||||||||
TransDigm, Inc., 4.625%, 1/15/29 | 230,000 | 204,132 | |||||||||
1,457,701 | |||||||||||
Air Freight and Logistics — 0.3% | |||||||||||
Rand Parent LLC, 8.50%, 2/15/30(1)(2) | 625,000 | 540,237 | |||||||||
Automobiles — 0.7% | |||||||||||
Ford Motor Co., 6.10%, 8/19/32 | 320,000 | 301,085 | |||||||||
General Motors Financial Co., Inc., 3.80%, 4/7/25 | 485,000 | 468,886 | |||||||||
General Motors Financial Co., Inc., 4.30%, 7/13/25 | 261,000 | 254,345 | |||||||||
1,024,316 | |||||||||||
Banks — 5.4% | |||||||||||
Bank of America Corp., VRN, 1.73%, 7/22/27 | 540,000 | 481,803 | |||||||||
Bank of America Corp., VRN, 2.88%, 10/22/30 | 415,000 | 357,823 | |||||||||
Bank of America Corp., VRN, 2.57%, 10/20/32 | 115,000 | 93,451 | |||||||||
Bank of America Corp., VRN, 4.57%, 4/27/33 | 175,000 | 164,539 | |||||||||
Canadian Imperial Bank of Commerce, 5.00%, 4/28/28 | 475,000 | 470,184 | |||||||||
Citigroup, Inc., VRN, 2.01%, 1/25/26 | 420,000 | 395,333 | |||||||||
Discover Bank, 3.45%, 7/27/26 | 485,000 | 446,310 | |||||||||
Discover Bank, VRN, 4.68%, 8/9/28 | 1,185,000 | 1,091,434 | |||||||||
Fifth Third Bank NA, 3.85%, 3/15/26 | 200,000 | 181,497 | |||||||||
HSBC Holdings PLC, 4.25%, 3/14/24(2) | 980,000 | 964,635 | |||||||||
HSBC Holdings PLC, VRN, 2.80%, 5/24/32 | 399,000 | 324,035 | |||||||||
Mitsubishi UFJ Financial Group, Inc., VRN, 2.31%, 7/20/32 | 255,000 | 204,538 | |||||||||
Royal Bank of Canada, 6.00%, 11/1/27 | 231,000 | 239,480 | |||||||||
Santander UK Group Holdings PLC, VRN, 1.09%, 3/15/25 | 565,000 | 539,565 | |||||||||
Societe Generale SA, VRN, 6.69%, 1/10/34(1) | 416,000 | 426,858 | |||||||||
Societe Generale SA, VRN, 3.65%, 7/8/35(1) | 350,000 | 277,687 | |||||||||
Toronto-Dominion Bank, 2.45%, 1/12/32 | 200,000 | 163,740 | |||||||||
Toronto-Dominion Bank, 3.20%, 3/10/32 | 225,000 | 194,598 | |||||||||
Truist Bank, VRN, 2.64%, 9/17/29 | 731,000 | 676,286 | |||||||||
Wells Fargo & Co., VRN, 1.65%, 6/2/24 | 545,000 | 545,000 | |||||||||
Wells Fargo & Co., VRN, 5.39%, 4/24/34 | 286,000 | 286,547 | |||||||||
8,525,343 | |||||||||||
Beverages — 0.2% | |||||||||||
PepsiCo, Inc., 3.60%, 2/18/28 | 292,000 | 284,791 | |||||||||
Biotechnology — 0.7% | |||||||||||
Amgen, Inc., 5.25%, 3/2/25 | 313,000 | 314,000 | |||||||||
Amgen, Inc., 5.25%, 3/2/30 | 800,000 | 806,499 | |||||||||
1,120,499 | |||||||||||
Broadline Retail — 0.4% | |||||||||||
Macy's Retail Holdings LLC, 5.875%, 3/15/30(1)(2) | 100,000 | 86,799 | |||||||||
Macy's Retail Holdings LLC, 6.125%, 3/15/32(1)(2) | 625,000 | 530,390 | |||||||||
617,189 | |||||||||||
Building Products — 0.6% | |||||||||||
Builders FirstSource, Inc., 5.00%, 3/1/30(1) | 850,000 | 788,881 | |||||||||
Standard Industries, Inc., 4.375%, 7/15/30(1) | 235,000 | 198,669 | |||||||||
987,550 | |||||||||||
Capital Markets — 3.6% | |||||||||||
Charles Schwab Corp., 0.90%, 3/11/26 | 655,000 | 574,941 | |||||||||
Charles Schwab Corp., VRN, 5.85%, 5/19/34 | 198,000 | 200,856 | |||||||||
Deutsche Bank AG, 0.90%, 5/28/24 | 480,000 | 455,306 | |||||||||
Deutsche Bank AG, VRN, 1.45%, 4/1/25 | 405,000 | 381,637 | |||||||||
Deutsche Bank AG, Series E, 0.96%, 11/8/23 | 440,000 | 427,904 | |||||||||
Goldman Sachs Group, Inc., VRN, 1.43%, 3/9/27 | 775,000 | 696,587 | |||||||||
Goldman Sachs Group, Inc., VRN, 1.95%, 10/21/27 | 234,000 | 208,514 | |||||||||
Goldman Sachs Group, Inc., VRN, 3.81%, 4/23/29 | 64,000 | 59,712 | |||||||||
LPL Holdings, Inc., 4.625%, 11/15/27(1) | 414,000 | 384,439 | |||||||||
Morgan Stanley, VRN, 2.63%, 2/18/26 | 290,000 | 275,773 | |||||||||
Morgan Stanley, VRN, 0.99%, 12/10/26 | 435,000 | 388,954 | |||||||||
Morgan Stanley, VRN, 2.70%, 1/22/31 | 690,000 | 590,354 | |||||||||
Morgan Stanley, VRN, 6.34%, 10/18/33 | 285,000 | 305,467 | |||||||||
Owl Rock Capital Corp., 3.40%, 7/15/26 | 798,000 | 706,685 | |||||||||
5,657,129 | |||||||||||
Chemicals — 0.6% | |||||||||||
Celanese US Holdings LLC, 5.90%, 7/5/24 | 550,000 | 549,519 | |||||||||
Tronox, Inc., 4.625%, 3/15/29(1) | 495,000 | 402,366 | |||||||||
951,885 | |||||||||||
Commercial Services and Supplies — 0.3% | |||||||||||
Clean Harbors, Inc., 6.375%, 2/1/31(1) | 540,000 | 541,539 | |||||||||
Consumer Finance — 1.1% | |||||||||||
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 1.75%, 10/29/24 | 665,000 | 624,379 | |||||||||
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.45%, 4/3/26 | 823,000 | 789,334 | |||||||||
Navient Corp., 6.125%, 3/25/24 | 355,000 | 348,315 | |||||||||
1,762,028 | |||||||||||
Consumer Staples Distribution & Retail — 0.3% | |||||||||||
United Natural Foods, Inc., 6.75%, 10/15/28(1) | 560,000 | 523,012 | |||||||||
Containers and Packaging — 1.1% | |||||||||||
Berry Global, Inc., 5.50%, 4/15/28(1) | 790,000 | 781,942 | |||||||||
Owens-Brockway Glass Container, Inc., 7.25%, 5/15/31(1) | 213,000 | 216,994 | |||||||||
Sealed Air Corp., 5.00%, 4/15/29(1) | 750,000 | 696,780 | |||||||||
Sealed Air Corp. / Sealed Air Corp. US, 6.125%, 2/1/28(1) | 30,000 | 29,756 | |||||||||
1,725,472 | |||||||||||
Distributors — 0.5% | |||||||||||
LKQ Corp., 6.25%, 6/15/33(1) | 700,000 | 705,089 | |||||||||
Diversified REITs — 1.0% | |||||||||||
Healthpeak OP LLC, 5.25%, 12/15/32 | 82,000 | 80,308 | |||||||||
MPT Operating Partnership LP / MPT Finance Corp., 5.00%, 10/15/27(2) | 815,000 | 670,254 | |||||||||
VICI Properties LP, 4.375%, 5/15/25 | 425,000 | 410,744 | |||||||||
VICI Properties LP / VICI Note Co., Inc., 4.125%, 8/15/30(1) | 430,000 | 377,342 | |||||||||
1,538,648 | |||||||||||
Diversified Telecommunication Services — 1.7% | |||||||||||
AT&T, Inc., 5.40%, 2/15/34(3) | 385,000 | 386,145 | |||||||||
AT&T, Inc., 4.50%, 5/15/35 | 340,000 | 313,509 | |||||||||
Level 3 Financing, Inc., 3.40%, 3/1/27(1) | 280,000 | 221,994 | |||||||||
Sprint Capital Corp., 6.875%, 11/15/28 | 1,105,000 | 1,182,312 | |||||||||
Sprint Capital Corp., 8.75%, 3/15/32 | 325,000 | 395,141 | |||||||||
Verizon Communications, Inc., 2.55%, 3/21/31 | 220,000 | 184,320 | |||||||||
2,683,421 | |||||||||||
Electric Utilities — 0.8% | |||||||||||
American Electric Power Co., Inc., VRN, 3.875%, 2/15/62 | 475,000 | 384,749 | |||||||||
Pacific Gas & Electric Co., 6.15%, 1/15/33 | 130,000 | 128,385 | |||||||||
System Energy Resources, Inc., 6.00%, 4/15/28 | 458,000 | 465,417 |
Tierra Mojada Luxembourg II Sarl, 5.75%, 12/1/40(1) | 309,523 | 266,536 | |||||||||
1,245,087 | |||||||||||
Electrical Equipment — 0.3% | |||||||||||
Regal Rexnord Corp., 6.40%, 4/15/33(1) | 420,000 | 415,817 | |||||||||
Entertainment — 0.1% | |||||||||||
Warnermedia Holdings, Inc., 3.76%, 3/15/27 | 170,000 | 159,371 | |||||||||
Financial Services — 0.4% | |||||||||||
Global Payments, Inc., 4.45%, 6/1/28 | 660,000 | 627,024 | |||||||||
Ground Transportation — 0.3% | |||||||||||
United Rentals North America, Inc., 6.00%, 12/15/29(1) | 465,000 | 465,599 | |||||||||
Health Care Equipment and Supplies — 0.6% | |||||||||||
Avantor Funding, Inc., 4.625%, 7/15/28(1) | 570,000 | 527,745 | |||||||||
Medline Borrower LP, 3.875%, 4/1/29(1)(2) | 435,000 | 375,640 | |||||||||
903,385 | |||||||||||
Health Care Providers and Services — 1.5% | |||||||||||
Centene Corp., 3.375%, 2/15/30 | 430,000 | 371,150 | |||||||||
IQVIA, Inc., 5.00%, 5/15/27(1) | 440,000 | 423,770 | |||||||||
IQVIA, Inc., 6.50%, 5/15/30(1) | 353,000 | 359,410 | |||||||||
Owens & Minor, Inc., 6.625%, 4/1/30(1)(2) | 670,000 | 604,675 | |||||||||
Tenet Healthcare Corp., 6.125%, 10/1/28(2) | 322,000 | 305,501 | |||||||||
Tenet Healthcare Corp., 4.25%, 6/1/29 | 265,000 | 238,262 | |||||||||
2,302,768 | |||||||||||
Hotels, Restaurants and Leisure — 1.8% | |||||||||||
Caesars Entertainment, Inc., 4.625%, 10/15/29(1)(2) | 485,000 | 418,732 | |||||||||
Caesars Entertainment, Inc., 7.00%, 2/15/30(1) | 185,000 | 186,015 | |||||||||
CDI Escrow Issuer, Inc., 5.75%, 4/1/30(1) | 455,000 | 426,920 | |||||||||
Royal Caribbean Cruises Ltd., 7.25%, 1/15/30(1) | 340,000 | 343,359 | |||||||||
Scientific Games International, Inc., 7.25%, 11/15/29(1) | 555,000 | 552,322 | |||||||||
Station Casinos LLC, 4.625%, 12/1/31(1)(2) | 575,000 | 478,601 | |||||||||
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 5.25%, 5/15/27(1) | 485,000 | 456,575 | |||||||||
2,862,524 | |||||||||||
Insurance — 0.6% | |||||||||||
Allstate Corp., 5.25%, 3/30/33 | 286,000 | 285,419 | |||||||||
Athene Global Funding, 2.51%, 3/8/24(1) | 620,000 | 598,276 | |||||||||
883,695 | |||||||||||
Life Sciences Tools and Services — 0.5% | |||||||||||
Illumina, Inc., 5.80%, 12/12/25 | 705,000 | 713,481 | |||||||||
Machinery — 0.3% | |||||||||||
Chart Industries, Inc., 9.50%, 1/1/31(1)(2) | 439,000 | 459,563 | |||||||||
Media — 2.8% | |||||||||||
CCO Holdings LLC / CCO Holdings Capital Corp., 7.375%, 3/1/31(1) | 1,010,000 | 967,356 | |||||||||
CCO Holdings LLC / CCO Holdings Capital Corp., 4.25%, 1/15/34(1) | 675,000 | 499,992 | |||||||||
Comcast Corp., 6.50%, 11/15/35 | 140,000 | 156,159 | |||||||||
Directv Financing LLC / Directv Financing Co-Obligor, Inc., 5.875%, 8/15/27(1) | 795,000 | 701,145 | |||||||||
Gray Escrow II, Inc., 5.375%, 11/15/31(1) | 690,000 | 439,712 | |||||||||
Gray Television, Inc., 4.75%, 10/15/30(1)(2) | 410,000 | 266,137 | |||||||||
iHeartCommunications, Inc., 8.375%, 5/1/27 | 265,000 | 149,834 | |||||||||
Paramount Global, VRN, 6.25%, 2/28/57 | 730,000 | 541,391 | |||||||||
Paramount Global, VRN, 6.375%, 3/30/62 | 460,000 | 369,005 | |||||||||
Warner Media LLC, 3.80%, 2/15/27 | 334,000 | 303,933 | |||||||||
4,394,664 | |||||||||||
Metals and Mining — 0.8% | |||||||||||
ATI, Inc., 4.875%, 10/1/29 | 385,000 | 342,105 | |||||||||
Cleveland-Cliffs, Inc., 4.625%, 3/1/29(1)(2) | 585,000 | 520,651 |
South32 Treasury Ltd., 4.35%, 4/14/32(1) | 520,000 | 457,405 | |||||||||
1,320,161 | |||||||||||
Mortgage Real Estate Investment Trusts (REITs) — 0.6% | |||||||||||
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 5.25%, 10/1/25(1) | 804,000 | 753,948 | |||||||||
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 4.25%, 2/1/27(1) | 166,000 | 140,831 | |||||||||
894,779 | |||||||||||
Multi-Utilities — 0.3% | |||||||||||
Sempra Energy, VRN, 4.125%, 4/1/52 | 595,000 | 483,282 | |||||||||
Oil, Gas and Consumable Fuels — 4.4% | |||||||||||
Antero Resources Corp., 5.375%, 3/1/30(1) | 630,000 | 579,839 | |||||||||
Blue Racer Midstream LLC / Blue Racer Finance Corp., 7.625%, 12/15/25(1) | 505,000 | 511,189 | |||||||||
CrownRock LP / CrownRock Finance, Inc., 5.00%, 5/1/29(1) | 685,000 | 643,044 | |||||||||
Ecopetrol SA, 5.875%, 9/18/23 | 590,000 | 589,177 | |||||||||
Ecopetrol SA, 8.875%, 1/13/33 | 88,000 | 86,120 | |||||||||
EnLink Midstream LLC, 6.50%, 9/1/30(1) | 447,000 | 444,708 | |||||||||
EQM Midstream Partners LP, 7.50%, 6/1/27(1) | 475,000 | 478,467 | |||||||||
Geopark Ltd., 5.50%, 1/17/27(1) | 800,000 | 653,545 | |||||||||
MEG Energy Corp., 5.875%, 2/1/29(1) | 760,000 | 718,838 | |||||||||
Occidental Petroleum Corp., 6.375%, 9/1/28 | 625,000 | 643,706 | |||||||||
Occidental Petroleum Corp., 6.125%, 1/1/31 | 474,000 | 482,181 | |||||||||
Petroleos Mexicanos, 5.95%, 1/28/31 | 500,000 | 359,242 | |||||||||
Petroleos Mexicanos, 6.70%, 2/16/32 | 115,000 | 86,273 | |||||||||
Southwestern Energy Co., 5.375%, 3/15/30 | 775,000 | 713,171 | |||||||||
6,989,500 | |||||||||||
Passenger Airlines — 0.3% | |||||||||||
American Airlines, Inc., 7.25%, 2/15/28(1) | 315,000 | 308,632 | |||||||||
American Airlines, Inc. / AAdvantage Loyalty IP Ltd., 5.50%, 4/20/26(1) | 235,000 | 230,843 | |||||||||
539,475 | |||||||||||
Pharmaceuticals — 0.4% | |||||||||||
Organon & Co. / Organon Foreign Debt Co-Issuer BV, 4.125%, 4/30/28(1) | 615,000 | 548,184 | |||||||||
Retail REITs — 0.6% | |||||||||||
NNN REIT, Inc., 4.30%, 10/15/28 | 1,052,000 | 987,009 | |||||||||
Semiconductors and Semiconductor Equipment — 0.5% | |||||||||||
Intel Corp., 5.125%, 2/10/30 | 535,000 | 541,515 | |||||||||
NXP BV / NXP Funding LLC / NXP USA, Inc., 2.50%, 5/11/31 | 385,000 | 314,182 | |||||||||
855,697 | |||||||||||
Specialized REITs — 0.9% | |||||||||||
American Tower Corp., 5.25%, 7/15/28 | 220,000 | 219,801 | |||||||||
Equinix, Inc., 2.90%, 11/18/26 | 180,000 | 166,067 | |||||||||
Equinix, Inc., 1.80%, 7/15/27 | 107,000 | 92,897 | |||||||||
Iron Mountain, Inc., 5.625%, 7/15/32(1) | 1,065,000 | 950,154 | |||||||||
1,428,919 | |||||||||||
Specialty Retail — 0.1% | |||||||||||
Advance Auto Parts, Inc., 5.90%, 3/9/26 | 85,000 | 86,169 | |||||||||
Technology Hardware, Storage and Peripherals — 0.1% | |||||||||||
Seagate HDD Cayman, 8.25%, 12/15/29(1)(2) | 98,000 | 100,306 | |||||||||
Trading Companies and Distributors — 0.6% | |||||||||||
Air Lease Corp., 0.80%, 8/18/24 | 346,000 | 324,938 | |||||||||
Air Lease Corp., 5.30%, 2/1/28 | 700,000 | 692,266 | |||||||||
1,017,204 | |||||||||||
Wireless Telecommunication Services — 0.4% | |||||||||||
Kenbourne Invest SA, 4.70%, 1/22/28(1) | 173,000 | 118,505 | |||||||||
T-Mobile USA, Inc., 3.375%, 4/15/29 | 615,000 | 557,223 | |||||||||
675,728 | |||||||||||
TOTAL CORPORATE BONDS (Cost $64,050,007) | 62,005,240 | ||||||||||
U.S. TREASURY SECURITIES — 29.1% | |||||||||||
U.S. Treasury Notes, 4.50%, 11/30/24(4) | 6,572,000 | 6,545,558 | |||||||||
U.S. Treasury Notes, 1.00%, 12/15/24(4) | 1,300,000 | 1,228,551 | |||||||||
U.S. Treasury Notes, 3.875%, 3/31/25 | 2,000,000 | 1,977,738 | |||||||||
U.S. Treasury Notes, 3.875%, 4/30/25 | 4,682,000 | 4,631,339 | |||||||||
U.S. Treasury Notes, 3.875%, 1/15/26 | 500,000 | 496,553 | |||||||||
U.S. Treasury Notes, 4.625%, 3/15/26 | 12,012,000 | 12,183,734 | |||||||||
U.S. Treasury Notes, 3.75%, 4/15/26 | 4,757,000 | 4,715,748 | |||||||||
U.S. Treasury Notes, 3.625%, 5/15/26 | 2,450,000 | 2,421,672 | |||||||||
U.S. Treasury Notes, 2.00%, 11/15/26 | 700,000 | 655,799 | |||||||||
U.S. Treasury Notes, 4.00%, 2/29/28 | 4,817,000 | 4,860,184 | |||||||||
U.S. Treasury Notes, 3.625%, 3/31/28 | 850,000 | 843,592 | |||||||||
U.S. Treasury Notes, 3.50%, 4/30/28 | 1,700,000 | 1,678,484 | |||||||||
U.S. Treasury Notes, 2.875%, 4/30/29 | 855,000 | 814,788 | |||||||||
U.S. Treasury Notes, 3.875%, 11/30/29 | 960,000 | 967,238 | |||||||||
U.S. Treasury Notes, 0.625%, 5/15/30 | 1,760,000 | 1,431,237 | |||||||||
U.S. Treasury Notes, 4.125%, 11/15/32 | 360,000 | 373,416 | |||||||||
TOTAL U.S. TREASURY SECURITIES (Cost $45,939,878) | 45,825,631 | ||||||||||
ASSET-BACKED SECURITIES — 8.0% | |||||||||||
Aaset Trust, Series 2021-2A, Class B, 3.54%, 1/15/47(1) | 438,462 | 332,335 | |||||||||
Aligned Data Centers Issuer LLC, Series 2021-1A, Class B, 2.48%, 8/15/46(1) | 400,000 | 344,233 | |||||||||
Aligned Data Centers Issuer LLC, Series 2022-1A, Class A2, SEQ, 6.35%, 10/15/47(1) | 350,000 | 352,313 | |||||||||
Blackbird Capital Aircraft, Series 2021-1A, Class B, 3.45%, 7/15/46(1) | 469,291 | 392,833 | |||||||||
CARS-DB4 LP, Series 2020-1A, Class A4, 3.19%, 2/15/50(1) | 495,104 | 463,522 | |||||||||
CARS-DB4 LP, Series 2020-1A, Class B1, 4.17%, 2/15/50(1) | 100,000 | 93,478 | |||||||||
CARS-DB4 LP, Series 2020-1A, Class B2, 4.52%, 2/15/50(1) | 100,000 | 89,137 | |||||||||
Castlelake Aircraft Securitization Trust, Series 2018-1, Class A, SEQ, 4.125%, 6/15/43(1) | 243,941 | 220,614 | |||||||||
Castlelake Aircraft Structured Trust, Series 2021-1A, Class A, SEQ, 3.47%, 1/15/46(1) | 358,186 | 329,104 | |||||||||
Clsec Holdings 22t LLC, Series 2021-1, Class C, 6.17%, 5/11/37(1) | 518,284 | 413,843 | |||||||||
Cologix Canadian Issuer LP, Series 2022-1CAN, Class A2, SEQ, 4.94%, 1/25/52(1) | CAD | 450,000 | 302,698 | ||||||||
Cologix Canadian Issuer LP, Series 2022-1CAN, Class C, 7.74%, 1/25/52(1) | CAD | 350,000 | 233,385 | ||||||||
Cologix Data Centers US Issuer LLC, Series 2021-1A, Class A2, SEQ, 3.30%, 12/26/51(1) | 550,000 | 494,212 | |||||||||
Credit Acceptance Auto Loan Trust, Series 2022-3A, Class A, SEQ, 6.57%, 10/15/32(1) | 250,000 | 252,393 | |||||||||
Diamond Issuer, Series 2021-1A, Class A, SEQ, 2.31%, 11/20/51(1) | 691,000 | 598,290 | |||||||||
Diamond Issuer, Series 2021-1A, Class C, 3.79%, 11/20/51(1) | 575,000 | 465,518 | |||||||||
Domino's Pizza Master Issuer LLC, Series 2015-1A, Class A2II, SEQ, 4.47%, 10/25/45(1) | 187,000 | 179,979 | |||||||||
Edgeconnex Data Centers Issuer LLC, Series 2022-1, Class A2, SEQ, 4.25%, 3/25/52(1) | 290,631 | 269,125 | |||||||||
FirstKey Homes Trust, Series 2021-SFR1, Class E1, 2.39%, 8/17/38(1) | 250,000 | 213,593 | |||||||||
Flexential Issuer, Series 2021-1A, Class A2, SEQ, 3.25%, 11/27/51(1) | 525,000 | 466,136 | |||||||||
Hilton Grand Vacations Trust, Series 2017-AA, Class B, 2.96%, 12/26/28(1) | 408,204 | 400,521 | |||||||||
Lunar Aircarft Ltd., Series 2020-1A, Class A, SEQ, 3.38%, 2/15/45(1) | 273,118 | 238,393 | |||||||||
Lunar Structured Aircraft Portfolio Notes, Series 2021-1, Class B, 3.43%, 10/15/46(1) | 341,542 | 291,668 | |||||||||
MACH 1 Cayman Ltd., Series 2019-1, Class A, SEQ, 3.47%, 10/15/39(1) | 286,008 | 243,707 | |||||||||
MAPS Ltd., Series 2018-1A, Class A, SEQ, 4.21%, 5/15/43(1) | 281,925 | 253,821 | |||||||||
MAPS Trust, Series 2021-1A, Class A, SEQ, 2.52%, 6/15/46(1) | 350,912 | 306,859 | |||||||||
Navigator Aircraft ABS Ltd., Series 2021-1, Class B, SEQ, 3.57%, 11/15/46(1) | 270,313 | 222,310 | |||||||||
NP SPE II LLC, Series 2019-1A, Class A1, SEQ, 2.57%, 9/20/49(1) | 338,259 | 315,819 | |||||||||
Pioneer Aircraft Finance Ltd., Series 2019-1, Class A, SEQ, 3.97%, 6/15/44(1) | 390,434 | 339,902 | |||||||||
Progress Residential Trust, Series 2021-SFR1, Class D, 1.81%, 4/17/38(1) | 750,000 | 653,320 | |||||||||
Sapphire Aviation Finance II Ltd., Series 2020-1A, Class A, SEQ, 3.23%, 3/15/40(1) | 177,507 | 149,741 | |||||||||
ServiceMaster Funding LLC, Series 2020-1, Class A2I, SEQ, 2.84%, 1/30/51(1) | 190,592 | 160,639 | |||||||||
ServiceMaster Funding LLC, Series 2020-1, Class A2II, SEQ, 3.34%, 1/30/51(1) | 397,361 | 317,119 | |||||||||
Slam Ltd., Series 2021-1A, Class B, 3.42%, 6/15/46(1) | 440,100 | 372,903 | |||||||||
Stack Infrastructure Issuer LLC, Series 2019-1A, Class A2, SEQ, 4.54%, 2/25/44(1) | 632,110 | 620,914 |
Stack Infrastructure Issuer LLC, Series 2021-1A, Class A2, SEQ, 1.88%, 3/26/46(1) | 167,000 | 148,522 | |||||||||
Trinity Rail Leasing LP, Series 2009-1A, Class A, SEQ, 6.66%, 11/16/39(1) | 165,641 | 165,868 | |||||||||
Vantage Data Centers LLC, Series 2020-1A, Class A2, SEQ, 1.65%, 9/15/45(1) | 568,000 | 511,187 | |||||||||
VB-S1 Issuer LLC, Series 2022-1A, Class D, 4.29%, 2/15/52(1) | 425,000 | 386,023 | |||||||||
TOTAL ASSET-BACKED SECURITIES (Cost $13,786,534) | 12,605,977 | ||||||||||
COLLATERALIZED LOAN OBLIGATIONS — 7.7% | |||||||||||
ACRES Commercial Realty Ltd., Series 2021-FL1, Class A, VRN, 6.31%, (1-month LIBOR plus 1.20%), 6/15/36(1) | 460,121 | 454,248 | |||||||||
AIMCO CLO, Series 2018-AA, Class B, VRN, 6.66%, (3-month LIBOR plus 1.40%), 4/17/31(1) | 750,000 | 733,556 | |||||||||
AMMC CLO XI Ltd., Series 2012-11A, Class BR2, VRN, 6.90%, (3-month LIBOR plus 1.60%), 4/30/31(1) | 500,000 | 489,615 | |||||||||
AMMC CLO XIV Ltd., Series 2014-14A, Class BL1R, VRN, 8.86%, (3-month LIBOR plus 3.60%), 7/25/29(1) | 500,000 | 486,432 | |||||||||
Arbor Realty Collateralized Loan Obligation Ltd., Series 2020-FL1, Class AS, VRN, 6.69%, (1-month SOFR plus 1.63%), 2/15/35(1) | 180,348 | 180,553 | |||||||||
Arbor Realty Commercial Real Estate Notes Ltd., Series 2019-FL2, Class AS, VRN, 6.62%, (1-month SOFR plus 1.56%), 9/15/34(1) | 163,086 | 162,728 | |||||||||
Arbor Realty Commercial Real Estate Notes Ltd., Series 2021-FL1, Class A, VRN, 6.08%, (1-month LIBOR plus 0.97%), 12/15/35(1) | 500,000 | 489,910 | |||||||||
Arbor Realty Commercial Real Estate Notes Ltd., Series 2021-FL4, Class A, VRN, 6.46%, (1-month LIBOR plus 1.35%), 11/15/36(1) | 262,500 | 257,445 | |||||||||
ARES XLVII CLO Ltd., Series 2018-47A, Class C, VRN, 7.01%, (3-month LIBOR plus 1.75%), 4/15/30(1) | 500,000 | 475,179 | |||||||||
Cerberus Loan Funding XXVIII LP, Series 2020-1A, Class A, VRN, 7.11%, (3-month LIBOR plus 1.85%), 10/15/31(1) | 210,795 | 209,739 | |||||||||
Cerberus Loan Funding XXXI LP, Series 2021-1A, Class A, VRN, 6.76%, (3-month LIBOR plus 1.50%), 4/15/32(1) | 359,335 | 356,926 | |||||||||
CIFC Funding Ltd., Series 2016-1A, Class D2RR, VRN, 9.51%, (3-month LIBOR plus 4.25%), 10/21/31(1) | 600,000 | 560,134 | |||||||||
CIFC Funding Ltd., Series 2017-3A, Class C, VRN, 8.90%, (3-month LIBOR plus 3.65%), 7/20/30(1) | 500,000 | 467,572 | |||||||||
CIFC Funding Ltd., Series 2017-5A, Class B, VRN, 7.11%, (3-month LIBOR plus 1.85%), 11/16/30(1) | 200,000 | 192,928 | |||||||||
Dryden 30 Senior Loan Fund, Series 2013-30A, Class CR, VRN, 7.02%, (3-month LIBOR plus 1.70%), 11/15/28(1) | 300,000 | 290,643 | |||||||||
Dryden 72 CLO Ltd., Series 2019-72A, Class CR, VRN, 7.17%, (3-month LIBOR plus 1.85%), 5/15/32(1) | 500,000 | 476,204 | |||||||||
Greystone CRE Notes Ltd., Series 2019-FL2, Class D, VRN, 7.51%, (1-month LIBOR plus 2.40%), 9/15/37(1) | 197,000 | 191,700 | |||||||||
HGI CRE CLO Ltd., Series 2021-FL1, Class AS, VRN, 6.51%, (1-month LIBOR plus 1.40%), 6/16/36(1) | 603,000 | 581,946 | |||||||||
KKR Static CLO I Ltd., Series 2022-1A, Class B, VRN, 7.65%, (3-month SOFR plus 2.60%), 7/20/31(1) | 430,000 | 426,565 | |||||||||
KVK CLO Ltd., Series 2013-1A, Class DR, VRN, 8.20%, (3-month LIBOR plus 2.95%), 1/14/28(1) | 250,000 | 244,744 | |||||||||
LoanCore Issuer Ltd., Series 2019-CRE2, Class B, VRN, 6.81%, (1-month LIBOR plus 1.70%), 5/15/36(1) | 260,000 | 251,683 | |||||||||
Madison Park Funding XIX Ltd., Series 2015-19A, Class DR, VRN, 9.62%, (3-month LIBOR plus 4.35%), 1/22/28(1) | 475,000 | 445,129 | |||||||||
MF1 Ltd., Series 2020-FL4, Class D, VRN, 9.28%, (1-month SOFR plus 4.21%), 11/15/35(1) | 585,000 | 566,060 | |||||||||
MF1 Multifamily Housing Mortgage Loan Trust, Series 2021-FL5, Class D, VRN, 7.68%, (1-month SOFR plus 2.61%), 7/15/36(1) | 400,000 | 374,574 | |||||||||
Octagon Investment Partners XV Ltd., Series 2013-1A, Class CRR, VRN, 7.27%, (3-month LIBOR plus 2.00%), 7/19/30(1) | 300,000 | 285,876 | |||||||||
Palmer Square Loan Funding Ltd., Series 2020-1A, Class B, VRN, 7.28%, (3-month LIBOR plus 1.90%), 2/20/28(1) | 185,000 | 182,480 | |||||||||
Ready Capital Mortgage Financing LLC, Series 2021-FL5, Class C, VRN, 7.39%, (1-month LIBOR plus 2.25%), 4/25/38(1) | 400,000 | 383,593 | |||||||||
Ready Capital Mortgage Financing LLC, Series 2021-FL6, Class C, VRN, 7.04%, (1-month LIBOR plus 1.90%), 7/25/36(1) | 350,000 | 333,317 | |||||||||
Shelter Growth CRE Issuer Ltd., Series 2022-FL4, Class A, VRN, 7.37%, (1-month SOFR plus 2.30%), 6/17/37(1) | 322,000 | 320,465 | |||||||||
Shelter Growth CRE Issuer Ltd., Series 2023-FL5, Class A, VRN, 7.75%, (1-month SOFR plus 2.75%), 5/19/38(1)(3) | 224,500 | 224,500 | |||||||||
Stewart Park CLO Ltd., Series 2015-1A, Class CR, VRN, 7.06%, (3-month LIBOR plus 1.80%), 1/15/30(1) | 300,000 | 284,853 | |||||||||
Stratus CLO Ltd., Series 2021-2A, Class C, VRN, 7.15%, (3-month LIBOR plus 1.90%), 12/28/29(1) | 350,000 | 334,537 | |||||||||
Vibrant CLO VII Ltd., Series 2017-7A, Class B, VRN, 7.65%, (3-month LIBOR plus 2.40%), 9/15/30(1) | 350,000 | 338,874 | |||||||||
TOTAL COLLATERALIZED LOAN OBLIGATIONS (Cost $12,203,150) | 12,054,708 | ||||||||||
COLLATERALIZED MORTGAGE OBLIGATIONS — 4.4% | |||||||||||
Private Sponsor Collateralized Mortgage Obligations — 3.4% | |||||||||||
Angel Oak Mortgage Trust, Series 2020-2, Class A2, VRN, 3.86%, 1/26/65(1) | 194,012 | 183,070 | |||||||||
Angel Oak Mortgage Trust, Series 2020-5, Class A2, SEQ,VRN, 1.58%, 5/25/65(1) | 535,116 | 493,545 | |||||||||
Angel Oak Mortgage Trust, Series 2021-3, Class M1, VRN, 2.48%, 5/25/66(1) | 600,000 | 384,949 |
Angel Oak Mortgage Trust, Series 2021-5, Class A1, VRN, 0.95%, 7/25/66(1) | 538,339 | 445,413 | |||||||||
Bellemeade RE Ltd., Series 2018-1A, Class M2, VRN, 8.04%, (1-month LIBOR plus 2.90%), 4/25/28(1) | 208,217 | 209,185 | |||||||||
Bellemeade RE Ltd., Series 2019-3A, Class M1C, VRN, 7.09%, (1-month LIBOR plus 1.95%), 7/25/29(1) | 247,679 | 248,051 | |||||||||
Bellemeade RE Ltd., Series 2020-2A, Class M2, VRN, 11.14%, (1-month LIBOR plus 6.00%), 8/26/30(1) | 144,934 | 147,824 | |||||||||
Deephaven Residential Mortgage Trust, Series 2021-3, Class A1, VRN, 1.19%, 8/25/66(1) | 310,184 | 264,836 | |||||||||
Ellington Financial Mortgage Trust, Series 2023-1, Class A2, 6.24%, 2/25/68(1) | 292,052 | 289,752 | |||||||||
Farm Mortgage Trust, Series 2021-1, Class B, VRN, 3.24%, 7/25/51(1) | 566,550 | 363,545 | |||||||||
GCAT Trust, Series 2021-CM2, Class A1, SEQ, VRN, 2.35%, 8/25/66(1) | 382,718 | 347,349 | |||||||||
Home RE Ltd., Series 2022-1, Class M1A, VRN, 7.82%, (30-day average SOFR plus 2.85%), 10/25/34(1) | 125,000 | 125,839 | |||||||||
MFA Trust, Series 2020-NQM2, Class A1, SEQ, VRN, 1.38%, 4/25/65(1) | 117,265 | 106,192 | |||||||||
Radnor RE Ltd., Series 2021-2, Class M1A, VRN, 6.82%, (30-day average SOFR plus 1.85%), 11/25/31(1) | 422,124 | 421,152 | |||||||||
Triangle Re Ltd., Series 2021-1, Class M2, VRN, 9.04%, (1-month LIBOR plus 3.90%), 8/25/33(1) | 421,868 | 424,595 | |||||||||
Triangle Re Ltd., Series 2021-3, Class M1A, VRN, 6.87%, (30-day average SOFR plus 1.90%), 2/25/34(1) | 153,433 | 153,348 | |||||||||
Visio Trust, Series 2020-1, Class A2, SEQ,VRN, 2.50%, 8/25/55(1) | 890,000 | 807,974 | |||||||||
5,416,619 | |||||||||||
U.S. Government Agency Collateralized Mortgage Obligations — 1.0% | |||||||||||
FHLMC, Series 2021-HQA3, Class M1, VRN, 5.82%, (30-day average SOFR plus 0.85%), 9/25/41(1) | 407,351 | 394,867 | |||||||||
FHLMC, Series 2022-DNA3, Class M1A, VRN, 6.97%, (30-day average SOFR plus 2.00%), 4/25/42(1) | 382,867 | 384,862 | |||||||||
FHLMC, Series 2022-DNA6, Class M1A, VRN, 7.12%, (30-day average SOFR plus 2.15%), 9/25/42(1) | 209,726 | 211,166 | |||||||||
FNMA, Series 2022-R03, Class 1M1, VRN, 7.07%, (30-day average SOFR plus 2.10%), 3/25/42(1) | 222,008 | 223,190 | |||||||||
FNMA, Series 2022-R09, Class 2M1, VRN, 7.48%, (30-day average SOFR plus 2.50%), 9/25/42(1) | 347,981 | 349,427 | |||||||||
1,563,512 | |||||||||||
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $7,239,784) | 6,980,131 | ||||||||||
COMMERCIAL MORTGAGE-BACKED SECURITIES — 4.3% | |||||||||||
BX Commercial Mortgage Trust, Series 2020-VIVA, Class D, VRN, 3.55%, 3/11/44(1) | 400,000 | 323,411 | |||||||||
BX Commercial Mortgage Trust, Series 2021-ACNT, Class D, VRN, 6.96%, (1-month LIBOR plus 1.85%), 11/15/38(1) | 501,205 | 477,240 | |||||||||
BX Commercial Mortgage Trust, Series 2021-VOLT, Class E, VRN, 7.11%, (1-month LIBOR plus 2.00%), 9/15/36(1) | 400,000 | 374,970 | |||||||||
BX Commercial Mortgage Trust, Series 2023-VLT2, Class B, VRN, 8.19%, (1-month SOFR plus 3.13%), 6/15/40(1)(3) | 386,000 | 384,070 | |||||||||
BX Trust, Series 2018-BILT, Class C, VRN, 6.58%, (1-month LIBOR plus 1.22%), 5/15/30(1) | 300,000 | 292,813 | |||||||||
BX Trust, Series 2021-ARIA, Class G, VRN, 8.25%, (1-month LIBOR plus 3.14%), 10/15/36(1) | 314,000 | 290,903 | |||||||||
BX Trust, Series 2021-RISE, Class D, VRN, 6.86%, (1-month LIBOR plus 1.75%), 11/15/36(1) | 210,000 | 201,174 | |||||||||
BXHPP Trust, Series 2021-FILM, Class D, VRN, 6.61%, (1-month LIBOR plus 1.50%), 8/15/36(1) | 300,000 | 268,105 | |||||||||
BXHPP Trust, Series 2021-FILM, Class E, VRN, 7.11%, (1-month LIBOR plus 2.00%), 8/15/36(1) | 250,000 | 215,333 | |||||||||
Credit Suisse Mortgage Capital Certificates, Series 2019-ICE4, Class E, VRN, 7.26%, (1-month LIBOR plus 2.15%), 5/15/36(1) | 476,814 | 467,183 | |||||||||
CSMC Trust, Series 2021-BHAR, Class B, VRN, 6.61%, (1-month LIBOR plus 1.50%), 11/15/38(1) | 232,000 | 224,730 | |||||||||
Extended Stay America Trust, Series 2021-ESH, Class E, VRN, 7.96%, (1-month LIBOR plus 2.85%), 7/15/38(1) | 313,554 | 304,113 | |||||||||
Great Wolf Trust, Series 2019-WOLF, Class C, VRN, 6.81%, (1-month SOFR plus 1.75%), 12/15/36(1) | 253,000 | 247,706 | |||||||||
GS Mortgage Securities Corp. Trust, Series 2018-HULA, Class C, VRN, 6.56%, (1-month LIBOR plus 1.45%), 7/15/25(1) | 233,267 | 228,570 | |||||||||
J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2018-AON, Class A, SEQ, 4.13%, 7/5/31(1) | 282,000 | 256,585 | |||||||||
Life Mortgage Trust, Series 2021-BMR, Class D, VRN, 6.57%, (1-month LIBOR plus 1.51%), 3/15/38(1) | 590,765 | 567,379 | |||||||||
Med Trust, Series 2021-MDLN, Class F, VRN, 9.11%, (1-month LIBOR plus 4.00%), 11/15/38(1) | 369,676 | 346,737 | |||||||||
MHP Trust, Series 2022-MHIL, Class D, VRN, 6.67%, (1-month SOFR plus 1.61%), 1/15/27(1) | 489,716 | 461,480 | |||||||||
One New York Plaza Trust, Series 2020-1NYP, Class B, VRN, 6.61%, (1-month LIBOR plus 1.50%), 1/15/36(1) | 229,000 | 209,560 | |||||||||
SMRT Commercial Mortgage Trust, Series 2022-MINI, Class F, VRN, 8.41%, (1-month SOFR plus 3.35%), 1/15/39(1) | 596,000 | 560,909 | |||||||||
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $6,981,184) | 6,702,971 | ||||||||||
BANK LOAN OBLIGATIONS(5) — 1.4% | |||||||||||
Entertainment — 0.2% | |||||||||||
Caesars Entertainment Corp., Term Loan B, 8.50%, (1-month SOFR plus 3.25%), 2/6/30 | 320,000 | 317,800 | |||||||||
Health Care Providers and Services — 0.4% | |||||||||||
Surgery Center Holdings, Inc., 2021 Term Loan, 8.86%, (3-month LIBOR plus 3.75%), 8/31/26 | 686,976 | 683,228 | |||||||||
Passenger Airlines — 0.3% | |||||||||||
American Airlines, Inc., 2023 Term Loan B, 8.15%, (6-month SOFR plus 2.75%), 2/15/28 | 485,000 | 467,991 | |||||||||
Pharmaceuticals — 0.5% | |||||||||||
Jazz Financing Lux Sarl, USD Term Loan, 8.65%, (1-month LIBOR plus 3.50%), 5/5/28 | 723,185 | 722,538 | |||||||||
TOTAL BANK LOAN OBLIGATIONS (Cost $2,198,710) | 2,191,557 | ||||||||||
SOVEREIGN GOVERNMENTS AND AGENCIES — 0.8% | |||||||||||
Mexico — 0.2% | |||||||||||
Mexico Government International Bond, 5.40%, 2/9/28 | 200,000 | 204,767 | |||||||||
Mexico Government International Bond, 4.875%, 5/19/33 | 120,000 | 114,846 | |||||||||
319,613 | |||||||||||
Romania — 0.3% | |||||||||||
Romanian Government International Bond, 6.625%, 2/17/28(1) | 376,000 | 386,272 | |||||||||
Saudi Arabia — 0.3% | |||||||||||
Saudi Government International Bond, 4.75%, 1/18/28(1) | 264,000 | 265,969 | |||||||||
Saudi Government International Bond, 5.50%, 10/25/32(1) | 210,000 | 222,158 | |||||||||
488,127 | |||||||||||
TOTAL SOVEREIGN GOVERNMENTS AND AGENCIES (Cost $1,160,634) | 1,194,012 | ||||||||||
PREFERRED STOCKS — 0.5% | |||||||||||
Banks — 0.1% | |||||||||||
BNP Paribas SA, 7.75%(1) | 210,000 | 201,208 | |||||||||
Industrial Conglomerates — 0.4% | |||||||||||
General Electric Co., Series D, 8.20% | 580,000 | 579,565 | |||||||||
TOTAL PREFERRED STOCKS (Cost $787,462) | 780,773 | ||||||||||
SHORT-TERM INVESTMENTS — 5.8% | |||||||||||
Money Market Funds — 4.9% | |||||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 3,878,103 | 3,878,103 | |||||||||
State Street Navigator Securities Lending Government Money Market Portfolio(6) | 3,831,415 | 3,831,415 | |||||||||
7,709,518 | |||||||||||
Treasury Bills(7) — 0.9% | |||||||||||
U.S. Treasury Bills, 4.70%, 4/18/24 | 1,525,000 | 1,457,601 | |||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $9,173,473) | 9,167,119 | ||||||||||
TOTAL INVESTMENT SECURITIES — 101.4% (Cost $163,520,816) | 159,508,119 | ||||||||||
OTHER ASSETS AND LIABILITIES — (1.4)% | (2,214,363) | ||||||||||
TOTAL NET ASSETS — 100.0% | $ | 157,293,756 |
FUTURES CONTRACTS PURCHASED | ||||||||||||||
Reference Entity | Contracts | Expiration Date | Notional Amount | Unrealized Appreciation (Depreciation)^ | ||||||||||
U.S. Treasury 2-Year Notes | 177 | September 2023 | $ | 36,431,578 | $ | 25,740 | ||||||||
U.S. Treasury 10-Year Notes | 123 | September 2023 | 14,079,656 | 142,940 | ||||||||||
U.S. Treasury 10-Year Ultra Notes | 165 | September 2023 | 19,874,766 | 209,010 | ||||||||||
U.S. Treasury 5-Year Notes | 43 | September 2023 | 4,690,360 | 16,823 | ||||||||||
$ | 75,076,360 | $ | 394,513 |
^Amount represents value and unrealized appreciation (depreciation).
FUTURES CONTRACTS SOLD | ||||||||||||||
Reference Entity | Contracts | Expiration Date | Notional Amount | Unrealized Appreciation (Depreciation)^ | ||||||||||
U.S. Treasury Long Bonds | 7 | September 2023 | $ | 898,406 | $ | (14,597) | ||||||||
U.S. Treasury Ultra Bonds | 2 | September 2023 | 273,750 | (5,590) | ||||||||||
$ | 1,172,156 | $ | (20,187) |
^Amount represents value and unrealized appreciation (depreciation).
NOTES TO SCHEDULE OF INVESTMENTS | ||||||||
CAD | – | Canadian Dollar | ||||||
FHLMC | – | Federal Home Loan Mortgage Corporation | ||||||
FNMA | – | Federal National Mortgage Association | ||||||
LIBOR | – | London Interbank Offered Rate | ||||||
SEQ | – | Sequential Payer | ||||||
SOFR | – | Secured Overnight Financing Rate | ||||||
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)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 $65,948,502, which represented 41.9% of total net assets.
(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $3,701,891. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(3)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, or a portion thereof, has been pledged at the custodian bank or with a broker for collateral requirements on futures contract. At the period end, the aggregate value of securities pledged was $1,415,383.
(5)The interest rate on a bank loan obligation adjusts periodically based on a predetermined schedule. Rate or range of rates shown is effective at period end. The maturity date on a bank loan obligation may be less than indicated as a result of contractual or optional prepayments. These prepayments cannot be predicted with certainty.
(6)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $3,831,415.
(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 Trustees oversees the valuation designee and reviews its valuation policies and procedures at least annually.
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, bank loan obligations, 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.
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.
Hybrid securities are valued at the evaluated mean as provided by independent pricing services or at the mean of the most recent bid and asked prices as provided by investment dealers. Preferred stocks and convertible preferred stocks with perpetual maturities are valued using market models that consider trade data, quotations from dealers and active market makers, relevant yield curve and spread data, creditworthiness, trade data or market information on comparable securities, and other relevant security specific information.
Open-end management investment companies are valued at the reported NAV per share. Exchange-traded futures contracts are valued at the settlement price as provided by the appropriate exchange. Swap agreements are valued at an evaluated mean as provided by independent pricing services or independent brokers.
If the 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 investment 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 | |||||||||||
Corporate Bonds | — | $ | 62,005,240 | — | |||||||
U.S. Treasury Securities | — | 45,825,631 | — | ||||||||
Asset-Backed Securities | — | 12,605,977 | — | ||||||||
Collateralized Loan Obligations | — | 12,054,708 | — | ||||||||
Collateralized Mortgage Obligations | — | 6,980,131 | — | ||||||||
Commercial Mortgage-Backed Securities | — | 6,702,971 | — | ||||||||
Bank Loan Obligations | — | 2,191,557 | — | ||||||||
Sovereign Governments and Agencies | — | 1,194,012 | — | ||||||||
Preferred Stocks | — | 780,773 | — | ||||||||
Short-Term Investments | $ | 7,709,518 | 1,457,601 | — | |||||||
$ | 7,709,518 | $ | 151,798,601 | — | |||||||
Other Financial Instruments | |||||||||||
Futures Contracts | $ | 394,513 | — | — | |||||||
Liabilities | |||||||||||
Other Financial Instruments | |||||||||||
Futures Contracts | $ | 20,187 | — | — |
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.