American Century Investments®
Quarterly Portfolio Holdings
American Century® Emerging Markets Bond ETF (AEMB)
May 31, 2024
Emerging Markets Bond ETF - Schedule of Investments | ||
MAY 31, 2024 (UNAUDITED) |
Principal Amount ($)/Shares | Value ($) | |||||||
SOVEREIGN GOVERNMENTS AND AGENCIES — 70.7% | ||||||||
Angola — 1.6% | ||||||||
Angola Government International Bonds, 8.25%, 5/9/28(1) | 200,000 | 188,924 | ||||||
Angola Government International Bonds, 9.375%, 5/8/48(1) | 300,000 | 257,011 | ||||||
445,935 | ||||||||
Argentina — 2.2% | ||||||||
Argentina Republic Government International Bonds, 3.625%, 7/9/35 | 1,438,000 | 634,682 | ||||||
Bahrain — 1.0% | ||||||||
Bahrain Government International Bonds, 7.50%, 2/12/36(1) | 100,000 | 102,522 | ||||||
Bahrain Government International Bonds, 7.50%, 9/20/47 | 200,000 | 193,181 | ||||||
295,703 | ||||||||
Brazil — 1.0% | ||||||||
Brazil Government International Bonds, 4.75%, 1/14/50 | 200,000 | 145,030 | ||||||
Brazil Government International Bonds, 7.125%, 5/13/54 | 130,000 | 127,196 | ||||||
272,226 | ||||||||
Chile — 3.7% | ||||||||
Chile Government International Bonds, 4.85%, 1/22/29 | 71,000 | 69,832 | ||||||
Chile Government International Bonds, 2.55%, 1/27/32 | 676,000 | 563,236 | ||||||
Chile Government International Bonds, 2.55%, 7/27/33 | 200,000 | 161,007 | ||||||
Chile Government International Bonds, 3.50%, 1/31/34 | 100,000 | 86,305 | ||||||
Chile Government International Bonds, 5.33%, 1/5/54 | 200,000 | 187,487 | ||||||
1,067,867 | ||||||||
Colombia — 2.8% | ||||||||
Colombia Government International Bonds, 3.125%, 4/15/31 | 200,000 | 157,252 | ||||||
Colombia Government International Bonds, 8.00%, 11/14/35 | 200,000 | 204,408 | ||||||
Colombia Government International Bonds, 6.125%, 1/18/41 | 515,000 | 430,224 | ||||||
791,884 | ||||||||
Costa Rica — 0.7% | ||||||||
Costa Rica Government International Bonds, 7.30%, 11/13/54(1) | 200,000 | 207,669 | ||||||
Dominican Republic — 3.4% | ||||||||
Dominican Republic International Bonds, 4.50%, 1/30/30 | 350,000 | 319,329 | ||||||
Dominican Republic International Bonds, 4.875%, 9/23/32 | 600,000 | 538,733 | ||||||
Dominican Republic International Bonds, 5.30%, 1/21/41 | 145,000 | 123,100 | ||||||
981,162 | ||||||||
Ecuador — 2.0% | ||||||||
Ecuador Government International Bonds, 0.00%, 7/31/30(1)(2) | 300,000 | 153,170 | ||||||
Ecuador Government International Bonds, 6.00%, 7/31/30(1) | 100,000 | 67,393 | ||||||
Ecuador Government International Bonds, 3.50%, 7/31/35 | 690,000 | 355,511 | ||||||
576,074 | ||||||||
Egypt — 2.5% | ||||||||
Egypt Government International Bonds, 7.05%, 1/15/32 | 515,000 | 430,506 | ||||||
Egypt Government International Bonds, 7.30%, 9/30/33(1) | 100,000 | 82,459 | ||||||
Egypt Government International Bonds, 8.50%, 1/31/47(1) | 275,000 | 215,435 | ||||||
728,400 | ||||||||
El Salvador — 1.7% | ||||||||
El Salvador Government International Bonds, 6.375%, 1/18/27 | 300,000 | 264,204 | ||||||
El Salvador Government International Bonds, 8.625%, 2/28/29 | 50,000 | 43,651 | ||||||
El Salvador Government International Bonds, 0.25%, 4/17/30(1) | 150,000 | 4,833 | ||||||
El Salvador Government International Bonds, 9.25%, 4/17/30(1) | 150,000 | 131,649 | ||||||
El Salvador Government International Bonds, 7.65%, 6/15/35 | 75,000 | 53,705 | ||||||
498,042 | ||||||||
Ghana — 1.2% | ||||||||
Ghana Government International Bonds, 8.125%, 3/26/32(3)(4) | 400,000 | 207,048 | ||||||
Ghana Government International Bonds, 8.95%, 3/26/51(1)(3)(4) | 250,000 | 129,092 | ||||||
336,140 | ||||||||
Guatemala — 2.4% | ||||||||
Guatemala Government Bonds, 4.50%, 5/3/26(1) | 200,000 | 193,750 | ||||||
Guatemala Government Bonds, 5.25%, 8/10/29(1) | 200,000 | 191,250 | ||||||
Guatemala Government Bonds, 7.05%, 10/4/32 | 200,000 | 208,225 | ||||||
Guatemala Government Bonds, 6.125%, 6/1/50 | 100,000 | 90,313 | ||||||
683,538 | ||||||||
Hungary — 2.0% | ||||||||
Hungary Government International Bonds, 2.125%, 9/22/31(1) | 350,000 | 275,114 | ||||||
Hungary Government International Bonds, 6.25%, 9/22/32(1) | 300,000 | 307,443 | ||||||
582,557 | ||||||||
Indonesia — 2.0% | ||||||||
Indonesia Government International Bonds, 4.10%, 4/24/28 | 200,000 | 192,150 | ||||||
Indonesia Government International Bonds, 8.50%, 10/12/35 | 155,000 | 195,940 | ||||||
Indonesia Government International Bonds, 4.75%, 7/18/47 | 75,000 | 68,133 | ||||||
Perusahaan Penerbit SBSN Indonesia III, 5.60%, 11/15/33(1) | 100,000 | 102,592 | ||||||
558,815 | ||||||||
Ivory Coast — 1.4% | ||||||||
Ivory Coast Government International Bonds, 8.25%, 1/30/37(1) | 400,000 | 390,588 | ||||||
Jamaica — 0.7% | ||||||||
Jamaica Government International Bonds, 6.75%, 4/28/28 | 200,000 | 204,310 | ||||||
Jordan — 0.6% | ||||||||
Jordan Government International Bonds, 4.95%, 7/7/25(1) | 100,000 | 98,198 | ||||||
Jordan Government International Bonds, 7.375%, 10/10/47(1) | 100,000 | 87,344 | ||||||
185,542 | ||||||||
Kenya — 1.6% | ||||||||
Republic of Kenya Government International Bonds, 6.875%, 6/24/24(1) | 260,000 | 259,512 | ||||||
Republic of Kenya Government International Bonds, 9.75%, 2/16/31(1) | 110,000 | 110,088 | ||||||
Republic of Kenya Government International Bonds, 8.25%, 2/28/48(1) | 100,000 | 83,807 | ||||||
453,407 | ||||||||
Mexico — 3.7% | ||||||||
Mexico Government International Bonds, 5.00%, 5/7/29 | 160,000 | 156,225 | ||||||
Mexico Government International Bonds, 4.75%, 4/27/32 | 435,000 | 404,550 | ||||||
Mexico Government International Bonds, 3.50%, 2/12/34 | 441,000 | 361,033 | ||||||
Mexico Government International Bonds, 6.00%, 5/7/36 | 150,000 | 147,566 | ||||||
1,069,374 | ||||||||
Morocco — 0.4% | ||||||||
Morocco Government International Bonds, 3.00%, 12/15/32(1) | 150,000 | 119,925 | ||||||
Nigeria — 1.5% | ||||||||
Nigeria Government International Bonds, 7.375%, 9/28/33(1) | 350,000 | 292,528 | ||||||
Nigeria Government International Bonds, 7.625%, 11/28/47(1) | 200,000 | 150,451 | ||||||
442,979 | ||||||||
Oman — 1.6% | ||||||||
Oman Government International Bonds, 5.625%, 1/17/28(1) | 200,000 | 199,479 | ||||||
Oman Government International Bonds, 6.75%, 1/17/48 | 250,000 | 252,477 | ||||||
451,956 | ||||||||
Pakistan — 1.7% | ||||||||
Pakistan Government International Bonds, 8.25%, 9/30/25 | 200,000 | 190,741 | ||||||
Pakistan Government International Bonds, 8.25%, 9/30/25(1) | 75,000 | 71,528 | ||||||
Pakistan Government International Bonds, 6.00%, 4/8/26(1) | 75,000 | 68,213 | ||||||
Pakistan Government International Bonds, 6.875%, 12/5/27(1) | 60,000 | 52,659 |
Pakistan Government International Bonds, 8.875%, 4/8/51(1) | 150,000 | 118,140 | ||||||
501,281 | ||||||||
Panama — 3.8% | ||||||||
Panama Government International Bonds, 3.16%, 1/23/30 | 200,000 | 167,249 | ||||||
Panama Government International Bonds, 6.40%, 2/14/35 | 50,000 | 47,163 | ||||||
Panama Government International Bonds, 6.875%, 1/31/36 | 491,000 | 474,950 | ||||||
Panama Government International Bonds, 8.00%, 3/1/38 | 178,000 | 186,570 | ||||||
Panama Government International Bonds, 4.50%, 4/16/50 | 325,000 | 215,773 | ||||||
1,091,705 | ||||||||
Paraguay — 0.6% | ||||||||
Paraguay Government International Bonds, 3.85%, 6/28/33(1) | 200,000 | 173,008 | ||||||
Peru — 2.3% | ||||||||
Peru Government International Bonds, 2.78%, 1/23/31 | 300,000 | 253,023 | ||||||
Peru Government International Bonds, 8.75%, 11/21/33 | 200,000 | 240,365 | ||||||
Peru Government International Bonds, 3.00%, 1/15/34 | 220,000 | 176,462 | ||||||
669,850 | ||||||||
Philippines — 2.1% | ||||||||
Philippines Government International Bonds, 6.375%, 1/15/32 | 200,000 | 213,531 | ||||||
ROP Sukuk Trust, 5.05%, 6/6/29(1) | 400,000 | 395,200 | ||||||
608,731 | ||||||||
Poland — 1.7% | ||||||||
Bank Gospodarstwa Krajowego, 5.375%, 5/22/33(1) | 400,000 | 393,127 | ||||||
Republic of Poland Government International Bonds, 5.75%, 11/16/32 | 100,000 | 103,192 | ||||||
496,319 | ||||||||
Romania — 2.2% | ||||||||
Romania Government International Bonds, 6.625%, 2/17/28(1) | 200,000 | 204,648 | ||||||
Romania Government International Bonds, 6.00%, 5/25/34(1) | 300,000 | 293,583 | ||||||
Romania Government International Bonds, 7.625%, 1/17/53(1) | 112,000 | 121,779 | ||||||
620,010 | ||||||||
Saudi Arabia — 2.4% | ||||||||
Saudi Government International Bonds, 4.75%, 1/18/28(1) | 81,000 | 80,071 | ||||||
Saudi Government International Bonds, 4.625%, 10/4/47(1) | 200,000 | 169,429 | ||||||
Saudi Government International Bonds, 5.75%, 1/16/54(1) | 450,000 | 435,749 | ||||||
685,249 | ||||||||
Senegal — 0.4% | ||||||||
Senegal Government International Bonds, 6.25%, 5/23/33(1) | 150,000 | 127,029 | ||||||
Serbia — 0.5% | ||||||||
Serbia International Bonds, 6.50%, 9/26/33(1) | 140,000 | 140,927 | ||||||
South Africa — 1.0% | ||||||||
Republic of South Africa Government International Bonds, 5.75%, 9/30/49 | 400,000 | 288,816 | ||||||
Sri Lanka — 1.4% | ||||||||
Sri Lanka Government International Bonds, 6.75%, 4/18/28(1)(3)(4) | 200,000 | 117,756 | ||||||
Sri Lanka Government International Bonds, 7.85%, 3/14/29(3)(4) | 500,000 | 294,679 | ||||||
412,435 | ||||||||
Trinidad and Tobago — 0.6% | ||||||||
Trinidad & Tobago Government International Bonds, 5.95%, 1/14/31(1) | 175,000 | 173,259 | ||||||
Turkey — 4.3% | ||||||||
Turkiye Government International Bonds, 6.00%, 3/25/27 | 200,000 | 197,393 | ||||||
Turkiye Government International Bonds, 9.875%, 1/15/28 | 250,000 | 274,569 | ||||||
Turkiye Government International Bonds, 9.125%, 7/13/30 | 225,000 | 245,081 | ||||||
Turkiye Government International Bonds, 7.625%, 5/15/34 | 100,000 | 100,572 | ||||||
Turkiye Government International Bonds, 6.625%, 2/17/45 | 200,000 | 172,387 | ||||||
Turkiye Government International Bonds, 5.75%, 5/11/47 | 300,000 | 230,063 | ||||||
1,220,065 | ||||||||
Ukraine — 1.0% | ||||||||
Ukraine Government International Bonds, 7.25%, 3/15/35(3)(4) | 1,050,000 | 284,760 | ||||||
United Arab Emirates — 1.2% | ||||||||
Abu Dhabi Government International Bonds, 2.50%, 9/30/29(1) | 400,000 | 354,866 | ||||||
Uruguay — 0.7% | ||||||||
Uruguay Government International Bonds, 5.75%, 10/28/34 | 180,000 | 186,041 | ||||||
Uzbekistan — 0.7% | ||||||||
Republic of Uzbekistan International Bonds, 6.90%, 2/28/32(1) | 200,000 | 195,866 | ||||||
Venezuela — 0.4% | ||||||||
Venezuela Government International Bonds, 8.25%, 10/13/24(3)(4) | 600,000 | 100,164 | ||||||
TOTAL SOVEREIGN GOVERNMENTS AND AGENCIES (Cost $20,129,680) | 20,309,156 | |||||||
CORPORATE BONDS — 19.5% | ||||||||
Brazil — 3.9% | ||||||||
3R Lux SARL, 9.75%, 2/5/31(1) | 350,000 | 370,816 | ||||||
Acu Petroleo Luxembourg SARL, 7.50%, 7/13/35 | 237,577 | 227,027 | ||||||
Banco BTG Pactual SA, 6.25%, 4/8/29(1) | 200,000 | 198,940 | ||||||
CSN Resources SA, 4.625%, 6/10/31(1) | 200,000 | 158,488 | ||||||
Guara Norte SARL, 5.20%, 6/15/34(1) | 171,358 | 156,160 | ||||||
1,111,431 | ||||||||
Chile — 0.7% | ||||||||
AES Andes SA, 6.30%, 3/15/29(1) | 200,000 | 199,499 | ||||||
Colombia — 1.8% | ||||||||
Ecopetrol SA, 4.625%, 11/2/31 | 200,000 | 163,070 | ||||||
EnfraGen Energia Sur SA/EnfraGen Spain SA/Prime Energia SpA, 5.375%, 12/30/30(1) | 417,000 | 348,519 | ||||||
511,589 | ||||||||
Indonesia — 0.5% | ||||||||
Medco Bell Pte. Ltd., 6.375%, 1/30/27 | 135,000 | 132,268 | ||||||
Luxembourg — 1.2% | ||||||||
EIG Pearl Holdings SARL, 4.39%, 11/30/46(1) | 461,000 | 357,173 | ||||||
Malaysia — 0.7% | ||||||||
Petronas Capital Ltd., 4.55%, 4/21/50 | 225,000 | 193,016 | ||||||
Mexico — 4.0% | ||||||||
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand, VRN, 7.53%, 10/1/28 | 200,000 | 207,657 | ||||||
Minera Mexico SA de CV, 4.50%, 1/26/50(1) | 140,000 | 107,893 | ||||||
Petroleos Mexicanos, 6.49%, 1/23/27 | 164,000 | 156,007 | ||||||
Petroleos Mexicanos, 5.95%, 1/28/31 | 250,000 | 203,043 | ||||||
Petroleos Mexicanos, 6.50%, 6/2/41 | 250,000 | 172,623 | ||||||
Tierra Mojada Luxembourg II SARL, 5.75%, 12/1/40(1) | 151,985 | 139,974 | ||||||
Trust Fibra Uno, 7.375%, 2/13/34(1) | 150,000 | 149,060 | ||||||
1,136,257 | ||||||||
Morocco — 0.7% | ||||||||
OCP SA, 6.75%, 5/2/34(1) | 200,000 | 201,964 | ||||||
Netherlands — 0.3% | ||||||||
Yinson Boronia Production BV, 8.95%, 7/31/42(1)(5) | 75,000 | 75,750 | ||||||
Paraguay — 0.4% | ||||||||
Bioceanico Sovereign Certificate Ltd., 0.00%, 6/5/34(2) | 173,548 | 129,467 | ||||||
Qatar — 0.1% | ||||||||
Ooredoo International Finance Ltd., 4.50%, 1/31/43(1) | 50,000 | 45,080 | ||||||
Saudi Arabia — 0.6% | ||||||||
Saudi Arabian Oil Co., 4.25%, 4/16/39 | 200,000 | 171,932 | ||||||
South Africa — 3.5% | ||||||||
Eskom Holdings SOC Ltd., 7.125%, 2/11/25(1) | 400,000 | 398,569 | ||||||
Eskom Holdings SOC Ltd., 6.35%, 8/10/28(1) | 465,000 | 445,817 |
Prosus NV, 4.19%, 1/19/32 | 200,000 | 172,620 | ||||||
1,017,006 | ||||||||
United Kingdom — 0.7% | ||||||||
Sisecam U.K. PLC, 8.25%, 5/2/29(1) | 200,000 | 204,474 | ||||||
United States — 0.4% | ||||||||
SierraCol Energy Andina LLC, 6.00%, 6/15/28(1)(6) | 115,000 | 103,215 | ||||||
TOTAL CORPORATE BONDS (Cost $5,711,912) | 5,590,121 | |||||||
U.S. TREASURY SECURITIES — 3.7% | ||||||||
U.S. Treasury Notes, 2.50%, 3/31/27(7) | 300,000 | 282,856 | ||||||
U.S. Treasury Notes, 1.375%, 11/15/31(7) | 400,000 | 321,719 | ||||||
U.S. Treasury Notes, 1.875%, 2/15/32(7) | 400,000 | 332,328 | ||||||
U.S. Treasury Notes, 3.375%, 5/15/33(7) | 131,000 | 120,251 | ||||||
TOTAL U.S. TREASURY SECURITIES (Cost $1,174,660) | 1,057,154 | |||||||
SHORT-TERM INVESTMENTS — 4.5% | ||||||||
Money Market Funds — 4.5% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 1,202,743 | 1,202,743 | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio(8) | 81,055 | 81,055 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $1,283,798) | 1,283,798 | |||||||
TOTAL INVESTMENT SECURITIES — 98.4% (Cost $28,300,050) | 28,240,229 | |||||||
OTHER ASSETS AND LIABILITIES — 1.6% | 462,267 | |||||||
TOTAL NET ASSETS — 100.0% | $ | 28,702,496 |
FUTURES CONTRACTS PURCHASED | ||||||||||||||
Reference Entity | Contracts | Expiration Date | Notional Amount | Unrealized Appreciation (Depreciation)^ | ||||||||||
U.S. Treasury 5-Year Notes | 15 | September 2024 | $ | 1,586,953 | $ | 1,232 | ||||||||
U.S. Treasury Ultra Bonds | 14 | September 2024 | 1,714,125 | (505) | ||||||||||
$ | 3,301,078 | $ | 727 |
^Amount represents value and unrealized appreciation (depreciation).
FUTURES CONTRACTS SOLD | ||||||||||||||
Reference Entity | Contracts | Expiration Date | Notional Amount | Unrealized Appreciation (Depreciation)^ | ||||||||||
U.S. Treasury 10-Year Ultra Notes | 22 | September 2024 | $ | 2,464,687 | $ | (4,202) | ||||||||
U.S. Treasury Long Bonds | 5 | September 2024 | 580,313 | (986) | ||||||||||
$ | 3,045,000 | $ | (5,188) |
^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^ | ||||||||||||||||
Brazilian Government International Bond | Buy | (1.00)% | 6/20/29 | $ | 660,000 | $ | 11,232 | $ | 414 | $ | 11,646 | ||||||||||||
Chile Government International Bonds | Buy | (1.00)% | 6/20/29 | $ | 382,000 | (7,456) | (1,832) | (9,288) | |||||||||||||||
Colombia Government International Bond | Buy | (1.00)% | 6/20/29 | $ | 670,000 | 24,192 | 1,016 | 25,208 | |||||||||||||||
Markit CDX Emerging Markets Index Series 41 | Buy | (1.00)% | 6/20/29 | $ | 710,000 | 22,549 | (4,732) | 17,817 | |||||||||||||||
Markit CDX North America High Yield Index Series 41 | Buy | (5.00)% | 12/20/28 | $ | 633,600 | (40,949) | (8,969) | (49,918) | |||||||||||||||
Mexico Government International Bond | Buy | (1.00)% | 6/20/29 | $ | 995,000 | (2,534) | (1,874) | (4,408) | |||||||||||||||
Republic of South Africa Government International Bond | Buy | (1.00)% | 6/20/29 | $ | 861,000 | 55,514 | (6,134) | 49,380 | |||||||||||||||
$ | 62,548 | $ | (22,111) | $ | 40,437 |
§Credit default swap agreements enable the fund to buy/sell protection against a credit event of a specific issuer or index. As a seller of credit protection against a security or basket of securities, the fund receives an upfront and/or periodic payment to compensate against potential default events. The fund may attempt to enhance returns by selling protection.
^The value for credit default swap agreements serves as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability or profit at the period end. Increasing values in absolute terms when compared to the notional amount of the credit default swap agreement represent a deterioration of the referenced entity's credit soundness and an increased likelihood or risk of a credit event occurring as defined in the agreement.
NOTES TO SCHEDULE OF INVESTMENTS | ||||||||
CDX | – | Credit Derivatives Indexes | ||||||
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 $11,750,454, which represented 40.9% of total net assets.
(2)Security is a zero-coupon bond. Zero-coupon securities may be issued at a substantial discount from their value at maturity.
(3)Security is in default.
(4)Non-income producing.
(5)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.
(6)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $77,187. 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.
(7)Security, or a portion thereof, has been pledged at the custodian bank or with a broker for collateral requirements on futures contracts and/or swap agreements. At the period end, the aggregate value of securities pledged was $690,564.
(8)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $81,055.
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, 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.
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 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 | |||||||||||
Sovereign Governments and Agencies | — | $ | 20,309,156 | — | |||||||
Corporate Bonds | — | 5,590,121 | — | ||||||||
U.S. Treasury Securities | — | 1,057,154 | — | ||||||||
Short-Term Investments | $ | 1,283,798 | — | — | |||||||
$ | 1,283,798 | $ | 26,956,431 | — | |||||||
Other Financial Instruments | |||||||||||
Futures Contracts | $ | 1,232 | — | — | |||||||
Swap Agreements | — | $ | 104,051 | — | |||||||
$ | 1,232 | $ | 104,051 | — | |||||||
Liabilities | |||||||||||
Other Financial Instruments | |||||||||||
Futures Contracts | $ | 5,693 | — | — | |||||||
Swap Agreements | — | $ | 63,614 | — | |||||||
$ | 5,693 | $ | 63,614 | — |
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.