American Century Investments®
Quarterly Portfolio Holdings
American Century® Short Duration Strategic Income ETF(SDSI)
May 31, 2024
Short Duration Strategic Income ETF - Schedule of Investments | ||
MAY 31, 2024 (UNAUDITED) |
Principal Amount ($)/Shares | Value ($) | |||||||
CORPORATE BONDS — 47.1% | ||||||||
Aerospace and Defense — 0.9% | ||||||||
Boeing Co., 4.875%, 5/1/25 | 85,000 | 84,112 | ||||||
Boeing Co., 2.20%, 2/4/26 | 75,000 | 70,419 | ||||||
Boeing Co., 6.26%, 5/1/27(1) | 56,000 | 56,385 | ||||||
Howmet Aerospace, Inc., 5.90%, 2/1/27 | 80,000 | 80,912 | ||||||
291,828 | ||||||||
Air Freight and Logistics — 0.4% | ||||||||
GXO Logistics, Inc., 1.65%, 7/15/26 | 135,000 | 124,113 | ||||||
Automobiles — 0.7% | ||||||||
General Motors Financial Co., Inc., 5.40%, 4/6/26 | 140,000 | 139,586 | ||||||
Nissan Motor Acceptance Co. LLC, 6.95%, 9/15/26(1)(2) | 100,000 | 102,361 | ||||||
241,947 | ||||||||
Banks — 12.8% | ||||||||
Banco Santander SA, VRN, 5.55%, 3/14/28 | 200,000 | 199,114 | ||||||
Bank of America Corp., VRN, 5.93%, 9/15/27 | 140,000 | 141,379 | ||||||
Bank of America Corp., VRN, 5.82%, 9/15/29 | 70,000 | 71,207 | ||||||
Bank of Nova Scotia, 5.35%, 12/7/26 | 75,000 | 74,977 | ||||||
BNP Paribas SA, VRN, 5.18%, 1/9/30(1) | 200,000 | 198,437 | ||||||
BPCE SA, 5.15%, 7/21/24(1) | 200,000 | 199,626 | ||||||
BPCE SA, 5.28%, 5/30/29(1) | 250,000 | 249,070 | ||||||
Citigroup, Inc., VRN, 5.17%, 2/13/30 | 155,000 | 153,549 | ||||||
Citizens Bank NA, VRN, 5.28%, 1/26/26 | 250,000 | 248,249 | ||||||
Danske Bank AS, VRN, 6.26%, 9/22/26(1) | 200,000 | 201,374 | ||||||
Freedom Mortgage Corp., 12.00%, 10/1/28(1) | 65,000 | 70,295 | ||||||
Freedom Mortgage Holdings LLC, 9.25%, 2/1/29(1) | 16,000 | 16,174 | ||||||
Goldman Sachs Bank USA, VRN, 5.41%, 5/21/27 | 70,000 | 69,813 | ||||||
HSBC Holdings PLC, VRN, 5.89%, 8/14/27 | 245,000 | 246,722 | ||||||
HSBC Holdings PLC, VRN, 7.39%, 11/3/28 | 250,000 | 264,101 | ||||||
Huntington National Bank, VRN, 5.70%, 11/18/25 | 95,000 | 94,808 | ||||||
ING Groep NV, VRN, 5.34%, 3/19/30 | 200,000 | 198,518 | ||||||
Intesa Sanpaolo SpA, 5.02%, 6/26/24(1) | 215,000 | 214,726 | ||||||
JPMorgan Chase & Co., VRN, 4.01%, 4/23/29 | 45,000 | 42,932 | ||||||
KeyCorp, VRN, 6.61%, (SOFR plus 1.25%), 5/23/25 | 76,000 | 76,039 | ||||||
Lloyds Banking Group PLC, VRN, 5.87%, 3/6/29 | 200,000 | 202,298 | ||||||
M&T Bank Corp., VRN, 7.41%, 10/30/29 | 70,000 | 73,619 | ||||||
National Bank of Canada, 5.60%, 12/18/28 | 250,000 | 252,408 | ||||||
Nationstar Mortgage Holdings, Inc., 6.00%, 1/15/27(1) | 10,000 | 9,870 | ||||||
Nordea Bank Abp, 5.00%, 3/19/27(1) | 200,000 | 199,205 | ||||||
Societe Generale SA, VRN, 5.63%, 1/19/30(1) | 250,000 | 248,119 | ||||||
Wells Fargo & Co., VRN, 6.30%, 10/23/29 | 205,000 | 212,205 | ||||||
4,228,834 | ||||||||
Building Products — 0.3% | ||||||||
Standard Industries, Inc., 5.00%, 2/15/27(1)(2) | 120,000 | 116,442 | ||||||
Capital Markets — 5.9% | ||||||||
Ares Capital Corp., 5.95%, 7/15/29 | 40,000 | 39,497 | ||||||
Ares Strategic Income Fund, 6.35%, 8/15/29(1)(3) | 50,000 | 49,847 | ||||||
Banco BTG Pactual SA, 6.25%, 4/8/29(1) | 200,000 | 198,940 | ||||||
Blackstone Private Credit Fund, 7.30%, 11/27/28(1) | 94,000 | 98,035 | ||||||
Blue Owl Capital Corp., 3.40%, 7/15/26 | 57,000 | 53,685 |
Blue Owl Credit Income Corp., 7.75%, 1/15/29 | 155,000 | 161,174 | ||||||
Charles Schwab Corp., VRN, 5.64%, 5/19/29 | 80,000 | 80,790 | ||||||
Charles Schwab Corp., VRN, 6.20%, 11/17/29 | 16,000 | 16,542 | ||||||
CI Financial Corp., 7.50%, 5/30/29(1) | 50,000 | 49,846 | ||||||
Deutsche Bank AG, 5.41%, 5/10/29 | 300,000 | 299,557 | ||||||
Goldman Sachs Group, Inc., VRN, 5.73%, 4/25/30 | 130,000 | 131,766 | ||||||
Golub Capital BDC, Inc., 7.05%, 12/5/28 | 66,000 | 67,515 | ||||||
Main Street Capital Corp., 6.50%, 6/4/27(3) | 65,000 | 65,040 | ||||||
Morgan Stanley, VRN, 5.16%, 4/20/29 | 43,000 | 42,722 | ||||||
Morgan Stanley, VRN, 6.41%, 11/1/29 | 205,000 | 213,421 | ||||||
Northern Trust Corp., VRN, 3.375%, 5/8/32 | 58,000 | 54,510 | ||||||
Nuveen LLC, 5.55%, 1/15/30(1) | 57,000 | 57,164 | ||||||
UBS Group AG, VRN, 6.44%, 8/11/28(1) | 250,000 | 256,262 | ||||||
1,936,313 | ||||||||
Consumer Finance — 2.2% | ||||||||
Avolon Holdings Funding Ltd., 3.95%, 7/1/24(1) | 109,000 | 108,822 | ||||||
Avolon Holdings Funding Ltd., 2.875%, 2/15/25(1) | 130,000 | 127,041 | ||||||
Avolon Holdings Funding Ltd., 6.375%, 5/4/28(1) | 140,000 | 142,019 | ||||||
Bread Financial Holdings, Inc., 9.75%, 3/15/29(1) | 80,000 | 83,862 | ||||||
Navient Corp., 5.875%, 10/25/24 | 35,000 | 34,958 | ||||||
OneMain Finance Corp., 3.50%, 1/15/27 | 100,000 | 92,556 | ||||||
Synchrony Financial, 4.25%, 8/15/24 | 149,000 | 148,483 | ||||||
737,741 | ||||||||
Containers and Packaging — 1.0% | ||||||||
Amcor Flexibles North America, Inc., 4.00%, 5/17/25 | 135,000 | 132,789 | ||||||
Berry Global, Inc., 4.50%, 2/15/26(1)(2) | 142,000 | 138,437 | ||||||
Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 2/1/26 | 33,000 | 32,417 | ||||||
Sealed Air Corp., 1.57%, 10/15/26 | 25,000 | 22,804 | ||||||
326,447 | ||||||||
Distributors — 0.1% | ||||||||
Gates Corp., 6.875%, 7/1/29(1)(3) | 45,000 | 45,488 | ||||||
Diversified REITs — 2.9% | ||||||||
Agree LP, 2.00%, 6/15/28 | 85,000 | 74,483 | ||||||
Brandywine Operating Partnership LP, 8.875%, 4/12/29 | 170,000 | 176,109 | ||||||
Brixmor Operating Partnership LP, 3.90%, 3/15/27 | 210,000 | 200,818 | ||||||
GLP Capital LP/GLP Financing II, Inc., 5.375%, 4/15/26 | 65,000 | 64,434 | ||||||
Highwoods Realty LP, 4.20%, 4/15/29 | 70,000 | 63,978 | ||||||
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co.-Issuer, 7.00%, 2/1/30(1) | 57,000 | 57,407 | ||||||
Store Capital LLC, 4.50%, 3/15/28 | 33,000 | 31,251 | ||||||
Store Capital LLC, 4.625%, 3/15/29 | 78,000 | 73,456 | ||||||
VICI Properties LP, 4.375%, 5/15/25 | 75,000 | 74,012 | ||||||
VICI Properties LP/VICI Note Co., Inc., 3.50%, 2/15/25(1) | 135,000 | 132,752 | ||||||
948,700 | ||||||||
Diversified Telecommunication Services — 0.4% | ||||||||
AT&T, Inc., 7.30%, 8/15/26 | 45,000 | 46,209 | ||||||
Sprint Capital Corp., 6.875%, 11/15/28 | 70,000 | 73,976 | ||||||
120,185 | ||||||||
Electric Utilities — 1.1% | ||||||||
Jersey Central Power & Light Co., 4.30%, 1/15/26(1) | 125,000 | 122,499 | ||||||
Tierra Mojada Luxembourg II SARL, 5.75%, 12/1/40(1) | 63,327 | 58,323 | ||||||
Vistra Operations Co. LLC, 5.125%, 5/13/25(1) | 145,000 | 144,392 | ||||||
Vistra Operations Co. LLC, 5.125%, 5/13/25 | 25,000 | 24,895 | ||||||
350,109 | ||||||||
Electrical Equipment — 0.4% | ||||||||
Regal Rexnord Corp., 6.05%, 2/15/26 | 125,000 | 125,392 | ||||||
Entertainment — 0.4% | ||||||||
Warnermedia Holdings, Inc., 3.64%, 3/15/25 | 27,000 | 26,546 | ||||||
Warnermedia Holdings, Inc., 3.79%, 3/15/25 | 15,000 | 14,756 | ||||||
Warnermedia Holdings, Inc., 6.41%, 3/15/26 | 80,000 | 80,002 | ||||||
121,304 | ||||||||
Financial Services — 0.4% | ||||||||
Corebridge Global Funding, 5.75%, 7/2/26(1) | 70,000 | 70,057 | ||||||
NMI Holdings, Inc., 6.00%, 8/15/29 | 75,000 | 74,253 | ||||||
144,310 | ||||||||
Ground Transportation — 1.0% | ||||||||
Ashtead Capital, Inc., 4.375%, 8/15/27(1) | 200,000 | 191,603 | ||||||
Penske Truck Leasing Co. LP/PTL Finance Corp., 5.35%, 1/12/27(1) | 35,000 | 34,935 | ||||||
Triton Container International Ltd., 1.15%, 6/7/24(1) | 100,000 | 99,929 | ||||||
326,467 | ||||||||
Health Care Equipment and Supplies — 0.5% | ||||||||
Medline Borrower LP/Medline Co.-Issuer, Inc., 6.25%, 4/1/29(1) | 90,000 | 90,131 | ||||||
Solventum Corp., 5.45%, 2/25/27(1) | 70,000 | 69,909 | ||||||
160,040 | ||||||||
Health Care Providers and Services — 1.7% | ||||||||
HCA, Inc., 5.20%, 6/1/28 | 85,000 | 84,361 | ||||||
Icon Investments Six DAC, 5.81%, 5/8/27 | 200,000 | 201,572 | ||||||
IQVIA, Inc., 6.25%, 2/1/29 | 91,000 | 93,242 | ||||||
Tenet Healthcare Corp., 6.25%, 2/1/27 | 100,000 | 100,230 | ||||||
Universal Health Services, Inc., 1.65%, 9/1/26 | 95,000 | 86,691 | ||||||
566,096 | ||||||||
Hotels, Restaurants and Leisure — 0.8% | ||||||||
Hyatt Hotels Corp., 1.80%, 10/1/24 | 70,000 | 69,054 | ||||||
Hyatt Hotels Corp., 5.75%, 1/30/27 | 36,000 | 36,330 | ||||||
Las Vegas Sands Corp., 5.90%, 6/1/27 | 160,000 | 160,555 | ||||||
265,939 | ||||||||
Household Durables — 0.5% | ||||||||
Meritage Homes Corp., 6.00%, 6/1/25 | 76,000 | 76,489 | ||||||
Taylor Morrison Communities, Inc., 5.75%, 1/15/28(1) | 84,000 | 82,769 | ||||||
159,258 | ||||||||
Industrial REITs — 0.2% | ||||||||
LXP Industrial Trust, 6.75%, 11/15/28 | 75,000 | 77,542 | ||||||
Insurance — 1.5% | ||||||||
Athene Global Funding, 1.45%, 1/8/26(1) | 75,000 | 70,141 | ||||||
Athene Global Funding, 5.62%, 5/8/26(1) | 150,000 | 149,829 | ||||||
CNO Global Funding, 5.875%, 6/4/27(1)(3) | 80,000 | 80,229 | ||||||
GA Global Funding Trust, 2.25%, 1/6/27(1)(2) | 150,000 | 137,643 | ||||||
Global Atlantic Fin Co., 4.40%, 10/15/29(1) | 70,000 | 64,910 | ||||||
502,752 | ||||||||
IT Services — 1.0% | ||||||||
Black Knight InfoServ LLC, 3.625%, 9/1/28(1) | 175,000 | 163,920 | ||||||
Genpact Luxembourg SARL/Genpact USA, Inc., 6.00%, 6/4/29(3) | 42,000 | 42,221 | ||||||
Kyndryl Holdings, Inc., 2.70%, 10/15/28 | 122,000 | 108,172 | ||||||
314,313 | ||||||||
Leisure Products — 0.4% | ||||||||
Mattel, Inc., 5.875%, 12/15/27(1) | 145,000 | 144,591 | ||||||
Life Sciences Tools and Services — 0.4% | ||||||||
Illumina, Inc., 5.80%, 12/12/25 | 145,000 | 145,103 | ||||||
Machinery — 0.3% | ||||||||
AGCO Corp., 5.45%, 3/21/27 | 85,000 | 84,930 | ||||||
Media — 1.3% | ||||||||
Charter Communications Operating LLC/Charter Communications Operating Capital, 6.15%, 11/10/26 | 42,000 | 42,335 | ||||||
Paramount Global, 3.70%, 6/1/28 | 82,000 | 73,993 | ||||||
Sirius XM Radio, Inc., 3.125%, 9/1/26(1) | 145,000 | 135,788 | ||||||
TEGNA, Inc., 4.75%, 3/15/26(1) | 110,000 | 106,541 | ||||||
Warner Media LLC, 3.80%, 2/15/27 | 86,000 | 80,410 | ||||||
439,067 | ||||||||
Metals and Mining — 0.9% | ||||||||
CSN Inova Ventures, 6.75%, 1/28/28(1) | 200,000 | 192,750 | ||||||
Steel Dynamics, Inc., 2.80%, 12/15/24 | 100,000 | 98,473 | ||||||
291,223 | ||||||||
Mortgage Real Estate Investment Trusts (REITs) — 0.4% | ||||||||
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 4.25%, 2/1/27(1) | 146,000 | 137,007 | ||||||
Oil, Gas and Consumable Fuels — 1.7% | ||||||||
Blue Racer Midstream LLC/Blue Racer Finance Corp., 7.00%, 7/15/29(1) | 130,000 | 131,460 | ||||||
Columbia Pipelines Holding Co. LLC, 6.04%, 8/15/28(1) | 145,000 | 147,692 | ||||||
Ecopetrol SA, 5.375%, 6/26/26 | 65,000 | 63,729 | ||||||
Energy Transfer LP, 5.625%, 5/1/27(1) | 80,000 | 79,802 | ||||||
Petroleos Mexicanos, 6.49%, 1/23/27 | 40,000 | 38,050 | ||||||
Petroleos Mexicanos, 6.50%, 3/13/27 | 40,000 | 37,868 | ||||||
SierraCol Energy Andina LLC, 6.00%, 6/15/28(1) | 60,000 | 53,852 | ||||||
552,453 | ||||||||
Passenger Airlines — 1.1% | ||||||||
American Airlines Group, Inc., 3.75%, 3/1/25(1) | 105,000 | 102,737 | ||||||
American Airlines Pass-Through Trust, Series 2017-2, Class B, 3.70%, 4/15/27 | 74,739 | 72,595 | ||||||
Delta Air Lines, Inc./SkyMiles IP Ltd., 4.50%, 10/20/25(1) | 51,750 | 51,182 | ||||||
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., 5.75%, 1/20/26(1) | 90,000 | 83,070 | ||||||
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.50%, 6/20/27(1) | 68,250 | 68,358 | ||||||
377,942 | ||||||||
Real Estate Management and Development — 0.2% | ||||||||
Newmark Group, Inc., 7.50%, 1/12/29(1) | 54,000 | 55,193 | ||||||
Retail REITs — 0.6% | ||||||||
SITE Centers Corp., 3.625%, 2/1/25 | 127,000 | 125,391 | ||||||
SITE Centers Corp., 4.70%, 6/1/27 | 85,000 | 84,333 | ||||||
209,724 | ||||||||
Software — 0.8% | ||||||||
Open Text Corp., 6.90%, 12/1/27(1) | 111,000 | 113,971 | ||||||
Oracle Corp., 2.65%, 7/15/26 | 70,000 | 66,117 | ||||||
SS&C Technologies, Inc., 5.50%, 9/30/27(1) | 75,000 | 73,507 | ||||||
253,595 | ||||||||
Specialized REITs — 0.5% | ||||||||
American Tower Corp., 5.25%, 7/15/28 | 100,000 | 99,671 | ||||||
EPR Properties, 4.50%, 6/1/27 | 80,000 | 76,215 | ||||||
175,886 | ||||||||
Textiles, Apparel and Luxury Goods — 0.3% | ||||||||
Tapestry, Inc., 7.35%, 11/27/28 | 85,000 | 88,068 | ||||||
Trading Companies and Distributors — 0.9% | ||||||||
AerCap Holdings NV, VRN, 5.875%, 10/10/79 | 150,000 | 149,085 | ||||||
Aircastle Ltd., 6.50%, 7/18/28(1) | 100,000 | 101,841 | ||||||
Aircastle Ltd., 5.95%, 2/15/29(1) | 40,000 | 39,956 | ||||||
290,882 | ||||||||
Transportation Infrastructure — 0.2% | ||||||||
Rumo Luxembourg SARL, 5.25%, 1/10/28 | 65,000 | 62,345 | ||||||
TOTAL CORPORATE BONDS (Cost $15,472,062) | 15,539,569 | |||||||
U.S. TREASURY SECURITIES — 30.2% | ||||||||
U.S. Treasury Notes, 1.00%, 12/15/24(4) | 500,000 | 488,807 | ||||||
U.S. Treasury Notes, 4.50%, 3/31/26 | 900,000 | 893,549 | ||||||
U.S. Treasury Notes, 4.875%, 4/30/26 | 3,100,000 | 3,099,152 | ||||||
U.S. Treasury Notes, 4.875%, 5/31/26 | 900,000 | 900,158 | ||||||
U.S. Treasury Notes, 4.625%, 9/15/26 | 925,000 | 921,495 | ||||||
U.S. Treasury Notes, 2.00%, 11/15/26 | 395,000 | 370,096 | ||||||
U.S. Treasury Notes, 4.625%, 11/15/26 | 1,800,000 | 1,794,480 | ||||||
U.S. Treasury Notes, 4.00%, 1/15/27 | 500,000 | 491,143 | ||||||
U.S. Treasury Notes, 4.50%, 5/15/27 | 1,000,000 | 995,352 | ||||||
TOTAL U.S. TREASURY SECURITIES (Cost $9,976,592) | 9,954,232 | |||||||
COLLATERALIZED LOAN OBLIGATIONS — 6.5% | ||||||||
AIMCO CLO, Series 2018-AA, Class D, VRN, 8.13%, (3-month SOFR plus 2.81%), 4/17/31(1) | 75,000 | 74,925 | ||||||
AMMC CLO XI Ltd., Series 2012-11A, Class BR2, VRN, 7.19%, (3-month SOFR plus 1.86%), 4/30/31(1) | 100,000 | 100,237 | ||||||
Arbor Realty Commercial Real Estate Notes Ltd., Series 2021-FL1, Class A, VRN, 6.40%, (1-month SOFR plus 1.08%), 12/15/35(1) | 67,038 | 66,859 | ||||||
Arbor Realty Commercial Real Estate Notes Ltd., Series 2021-FL4, Class A, VRN, 6.78%, (1-month SOFR plus 1.46%), 11/15/36(1) | 100,000 | 99,572 | ||||||
Bain Capital Credit CLO Ltd., Series 2019-2A, Class CR, VRN, 7.68%, (3-month SOFR plus 2.36%), 10/17/32(1) | 150,000 | 150,177 | ||||||
Barings Private Credit Corp. CLO Ltd., Series 2023-1A, Class A1, VRN, 7.73%, (3-month SOFR plus 2.40%), 7/15/31(1) | 60,603 | 60,931 | ||||||
BSPRT Issuer Ltd., Series 2023-FL10, Class A, VRN, 7.58%, (1-month SOFR plus 2.26%), 9/15/35(1) | 100,000 | 100,448 | ||||||
BXMT Ltd., Series 2020-FL2, Class A, VRN, 6.34%, (1-month SOFR plus 1.01%), 2/15/38(1) | 50,544 | 48,522 | ||||||
BXMT Ltd., Series 2021-FL4, Class AS, VRN, 6.74%, (1-month SOFR plus 1.41%), 5/15/38(1) | 250,000 | 238,211 | ||||||
CBAM Ltd., Series 2017-1A, Class B, VRN, 7.39%, (3-month SOFR plus 2.06%), 7/20/30(1) | 100,000 | 100,274 | ||||||
CBAM Ltd., Series 2019-11RA, Class C, VRN, 7.84%, (3-month SOFR plus 2.51%), 1/20/35(1) | 100,000 | 100,043 | ||||||
Cerberus Loan Funding XXXI LP, Series 2021-1A, Class A, VRN, 7.09%, (3-month SOFR plus 1.76%), 4/15/32(1) | 30,972 | 31,002 | ||||||
CIFC Funding Ltd., Series 2017-5A, Class B, VRN, 7.43%, (3-month SOFR plus 2.11%), 11/16/30(1) | 100,000 | 100,229 | ||||||
Dryden 30 Senior Loan Fund, Series 2013-30A, Class CR, VRN, 7.28%, (3-month SOFR plus 1.96%), 11/15/28(1) | 75,000 | 75,111 | ||||||
Greystone CRE Notes Ltd., Series 2019-FL2, Class A, VRN, 6.61%, (1-month SOFR plus 1.29%), 9/15/37(1) | 14,146 | 14,138 | ||||||
HGI CRE CLO Ltd., Series 2021-FL1, Class AS, VRN, 6.83%, (1-month SOFR plus 1.51%), 6/16/36(1) | 125,000 | 122,233 | ||||||
KKR Static CLO I Ltd., Series 2022-1A, Class BR, VRN, 7.32%, (3-month SOFR plus 2.00%), 7/20/31(1) | 125,000 | 125,262 | ||||||
Palmer Square Loan Funding Ltd., Series 2022-4A, Class B, VRN, 8.07%, (3-month SOFR plus 2.75%), 7/24/31(1) | 100,000 | 100,255 | ||||||
PFP Ltd., Series 2022-9, Class A, VRN, 7.59%, (1-month SOFR plus 2.27%), 8/19/35(1) | 100,000 | 100,242 | ||||||
Ready Capital Mortgage Financing LLC, Series 2023-FL11, Class A, VRN, 7.70%, (1-month SOFR plus 2.37%), 10/25/39(1) | 83,316 | 83,632 | ||||||
Rockford Tower CLO Ltd., Series 2017-3A, Class A, VRN, 6.78%, (3-month SOFR plus 1.45%), 10/20/30(1) | 62,056 | 62,134 | ||||||
Stewart Park CLO Ltd., Series 2015-1A, Class CR, VRN, 7.39%, (3-month SOFR plus 2.06%), 1/15/30(1) | 75,000 | 75,173 | ||||||
TRTX Issuer Ltd., Series 2021-FL4, Class A, VRN, 6.64%, (1-month SOFR plus 1.31%), 3/15/38(1) | 102,596 | 102,019 | ||||||
TOTAL COLLATERALIZED LOAN OBLIGATIONS (Cost $2,091,994) | 2,131,629 | |||||||
ASSET-BACKED SECURITIES — 3.8% | ||||||||
AASET Trust, Series 2021-2A, Class B, 3.54%, 1/15/47(1) | 197,452 | 173,031 | ||||||
Affirm Asset Securitization Trust, Series 2024-X1, Class A, SEQ, 6.27%, 5/15/29(1) | 100,000 | 100,033 | ||||||
Brazos Education Loan Authority, Inc., Series 2012-1, Class A1, VRN, 6.14%, (30-day average SOFR plus 0.81%), 12/26/35 | 17,390 | 17,373 | ||||||
Castlelake Aircraft Structured Trust, Series 2017-1R, Class A, SEQ, 2.74%, 8/15/41(1) | 32,335 | 30,219 | ||||||
Castlelake Aircraft Structured Trust, Series 2021-1A, Class A, SEQ, 3.47%, 1/15/46(1) | 82,888 | 78,028 | ||||||
Diamond Issuer LLC, Series 2021-1A, Class A, SEQ, 2.31%, 11/20/51(1) | 165,000 | 147,766 | ||||||
Flexential Issuer, Series 2021-1A, Class A2, SEQ, 3.25%, 11/27/51(1) | 100,000 | 91,819 | ||||||
Global SC Finance II SRL, Series 2014-1A, Class A2, SEQ, 3.09%, 7/17/29(1) | 13,061 | 13,016 | ||||||
Hilton Grand Vacations Trust, Series 2024-2A, Class D, 6.91%, 3/25/38(1) | 100,000 | 99,975 | ||||||
MetroNet Infrastructure Issuer LLC, Series 2024-1A, Class B, 7.59%, 4/20/54(1) | 25,000 | 25,266 | ||||||
MVW LLC, Series 2020-1A, Class C, 4.21%, 10/20/37(1) | 72,261 | 69,434 | ||||||
MVW Owner Trust, Series 2019-1A, Class C, 3.33%, 11/20/36(1) | 68,593 | 66,220 |
Nelnet Student Loan Trust, Series 2019-5, Class A, SEQ, 2.53%, 10/25/67(1) | 59,850 | 54,330 | ||||||
New Economy Assets Phase 1 Sponsor LLC, Series 2021-1, Class B1, 2.41%, 10/20/61(1) | 120,000 | 102,580 | ||||||
Santander Drive Auto Receivables Trust, Series 2024-1, Class A2, SEQ, 5.71%, 2/16/27 | 87,202 | 87,215 | ||||||
Sierra Timeshare Receivables Funding LLC, Series 2020-2A, Class C, 3.51%, 7/20/37(1) | 89,424 | 87,076 | ||||||
TOTAL ASSET-BACKED SECURITIES (Cost $1,176,559) | 1,243,381 | |||||||
COMMERCIAL MORTGAGE-BACKED SECURITIES — 3.0% | ||||||||
Bank, Series 2018-BN15, Class D, 3.00%, 11/15/61(1) | 23,000 | 17,323 | ||||||
Bank, Series 2019-BN17, Class D, 3.00%, 4/15/52(1) | 35,000 | 26,670 | ||||||
Benchmark Mortgage Trust, Series 2019-B13, Class D, 2.50%, 8/15/57(1) | 23,000 | 15,856 | ||||||
Benchmark Mortgage Trust, Series 2020-B16, Class D, 2.50%, 2/15/53(1) | 68,000 | 47,783 | ||||||
BX Commercial Mortgage Trust, Series 2023-VLT2, Class B, VRN, 8.45%, (1-month SOFR plus 3.13%), 6/15/40(1) | 100,000 | 99,949 | ||||||
Credit Suisse Mortgage Trust, Series 2021-BHAR, Class B, VRN, 6.93%, (1-month SOFR plus 1.61%), 11/15/38(1) | 100,000 | 99,450 | ||||||
Extended Stay America Trust, Series 2021-ESH, Class E, VRN, 8.28%, (1-month SOFR plus 2.96%), 7/15/38(1) | 91,300 | 91,538 | ||||||
Fontainebleau Miami Beach Trust, Series 2019-FBLU, Class A, SEQ, 3.14%, 12/10/36(1) | 100,000 | 98,017 | ||||||
Fontainebleau Miami Beach Trust, Series 2019-FBLU, Class F, VRN, 3.96%, 12/10/36(1) | 100,000 | 96,623 | ||||||
Life Mortgage Trust, Series 2021-BMR, Class D, VRN, 6.83%, (1-month SOFR plus 1.51%), 3/15/38(1) | 157,275 | 153,529 | ||||||
Morgan Stanley Capital I Trust, Series 2018-H3, Class D, 3.00%, 7/15/51(1) | 22,000 | 17,310 | ||||||
Morgan Stanley Capital I Trust, Series 2018-L1, Class D, 3.00%, 10/15/51(1) | 39,000 | 29,924 | ||||||
THPT Mortgage Trust, Series 2023-THL, Class B, VRN, 7.67%, 12/10/34(1) | 150,000 | 152,041 | ||||||
UBS Commercial Mortgage Trust, Series 2018-C15, Class D, VRN, 5.14%, 12/15/51(1) | 19,000 | 16,173 | ||||||
Wells Fargo Commercial Mortgage Trust, Series 2017-C41, Class D, VRN, 2.60%, 11/15/50(1) | 20,000 | 15,637 | ||||||
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $954,329) | 977,823 | |||||||
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 2.8% | ||||||||
Fixed-Rate U.S. Government Agency Mortgage-Backed Securities — 2.8% | ||||||||
GNMA, 6.50%, TBA (Cost $906,250) | 897,000 | 910,642 | ||||||
COLLATERALIZED MORTGAGE OBLIGATIONS — 2.7% | ||||||||
Private Sponsor Collateralized Mortgage Obligations — 1.4% | ||||||||
Angel Oak Mortgage Trust, Series 2020-5, Class A2, SEQ, VRN, 1.58%, 5/25/65(1) | 67,486 | 62,747 | ||||||
Credit Suisse Mortgage Trust, Series 2022-NQM4, Class A1, SEQ, VRN, 4.82%, 6/25/67(1) | 173,461 | 169,687 | ||||||
Ellington Financial Mortgage Trust, Series 2020-1, Class A1, VRN, 2.01%, 5/25/65(1) | 55,336 | 53,829 | ||||||
Triangle Re Ltd., Series 2023-1, Class M1A, VRN, 8.72%, (30-day average SOFR plus 3.40%), 11/25/33(1) | 75,000 | 76,577 | ||||||
Verus Securitization Trust, Series 2021-R2, Class A3, VRN, 1.23%, 2/25/64(1) | 45,468 | 40,367 | ||||||
Vista Point Securitization Trust, Series 2020-2, Class A1, VRN, 1.48%, 4/25/65(1) | 72,497 | 66,200 | ||||||
469,407 | ||||||||
U.S. Government Agency Collateralized Mortgage Obligations — 1.3% | ||||||||
FHLMC, Series 2021-HQA3, Class M1, VRN, 6.17%, (30-day average SOFR plus 0.85%), 9/25/41(1) | 65,373 | 65,143 | ||||||
FHLMC, Series 2022-DNA3, Class M1A, VRN, 7.32%, (30-day average SOFR plus 2.00%), 4/25/42(1) | 72,742 | 73,864 | ||||||
FHLMC, Series 2022-DNA5, Class M1A, VRN, 8.28%, (30-day average SOFR plus 2.95%), 6/25/42(1) | 65,920 | 67,980 | ||||||
FHLMC, Series 2022-DNA6, Class M1A, VRN, 7.47%, (30-day average SOFR plus 2.15%), 9/25/42(1) | 59,538 | 60,299 | ||||||
FNMA, Series 2017-C02, Class 2ED3, VRN, 6.79%, (30-day average SOFR plus 1.46%), 9/25/29 | 32,036 | 32,096 | ||||||
FNMA, Series 2024-R01, Class 1M1, VRN, 6.37%, (30-day average SOFR plus 1.05%), 1/25/44(1) | 137,919 | 138,009 | ||||||
437,391 | ||||||||
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $885,152) | 906,798 | |||||||
PREFERRED STOCKS — 1.1% | ||||||||
Banks — 0.6% | ||||||||
Credit Agricole SA, 8.125%(1) | 200,000 | 204,370 | ||||||
Capital Markets — 0.1% | ||||||||
Goldman Sachs Group, Inc., 7.50% | 41,000 | 42,227 | ||||||
Electric Utilities — 0.3% | ||||||||
Duke Energy Corp., 4.875% | 96,000 | 94,879 | ||||||
Trading Companies and Distributors — 0.1% | ||||||||
Aircastle Ltd., 5.25%(1) | 39,000 | 37,246 | ||||||
TOTAL PREFERRED STOCKS (Cost $377,221) | 378,722 | |||||||
BANK LOAN OBLIGATIONS(5) — 1.1% | ||||||||
Health Care Providers and Services — 0.3% | ||||||||
Star Parent, Inc., Term Loan B, 9.31%, (3-month SOFR plus 4.00%), 9/27/30 | 90,000 | 90,186 | ||||||
Passenger Airlines — 0.4% | ||||||||
American Airlines, Inc., 2023 Term Loan B, 8.18%, (1-month SOFR plus 2.75%), 2/15/28 | 133,650 | 133,878 | ||||||
Pharmaceuticals — 0.4% | ||||||||
Elanco Animal Health, Inc., Term Loan B, 8/1/27(6) | 150,000 | 149,993 | ||||||
TOTAL BANK LOAN OBLIGATIONS (Cost $369,719) | 374,057 | |||||||
SOVEREIGN GOVERNMENTS AND AGENCIES — 0.2% | ||||||||
Panama — 0.2% | ||||||||
Panama Government International Bonds, 9.375%, 4/1/29 (Cost $56,412) | 50,000 | 55,657 | ||||||
TOTAL SOVEREIGN GOVERNMENTS AND AGENCIES (Cost $56,412) | 55,657 | |||||||
SHORT-TERM INVESTMENTS — 5.6% | ||||||||
Money Market Funds — 5.6% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 1,482,021 | 1,482,021 | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio(7) | 382,585 | 382,585 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $1,864,606) | 1,864,606 | |||||||
TOTAL INVESTMENT SECURITIES — 104.1% (Cost $34,130,896) | 34,337,116 | |||||||
OTHER ASSETS AND LIABILITIES — (4.1)% | (1,362,497) | |||||||
TOTAL NET ASSETS — 100.0% | $ | 32,974,619 |
FUTURES CONTRACTS PURCHASED | ||||||||||||||
Reference Entity | Contracts | Expiration Date | Notional Amount | Unrealized Appreciation (Depreciation)^ | ||||||||||
U.S. Treasury 2-Year Notes | 31 | September 2024 | $ | 6,314,797 | $ | 944 |
^Amount represents value and unrealized appreciation (depreciation).
FUTURES CONTRACTS SOLD | ||||||||||||||
Reference Entity | Contracts | Expiration Date | Notional Amount | Unrealized Appreciation (Depreciation)^ | ||||||||||
U.S. Treasury 5-Year Notes | 28 | September 2024 | $ | 2,962,313 | $ | (3,192) | ||||||||
U.S. Treasury 10-Year Ultra Notes | 4 | September 2024 | 448,125 | (764) | ||||||||||
$ | 3,410,438 | $ | (3,956) |
^Amount represents value and unrealized appreciation (depreciation).
NOTES TO SCHEDULE OF INVESTMENTS | ||||||||
FHLMC | – | Federal Home Loan Mortgage Corp. | ||||||
FNMA | – | Federal National Mortgage Association | ||||||
GNMA | – | Government National Mortgage Association | ||||||
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. | ||||||
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 $12,243,086, which represented 37.1% 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 $370,215. 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 forward commitments and/or futures contracts. At the period end, the aggregate value of securities pledged was $340,209.
(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)The interest rate will be determined upon settlement of the bank loan obligation after period end.
(7)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $382,585.
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.
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.
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 | |||||||||||
Corporate Bonds | — | $ | 15,539,569 | — | |||||||
U.S. Treasury Securities | — | 9,954,232 | — | ||||||||
Collateralized Loan Obligations | — | 2,131,629 | — | ||||||||
Asset-Backed Securities | — | 1,243,381 | — | ||||||||
Commercial Mortgage-Backed Securities | — | 977,823 | — | ||||||||
U.S. Government Agency Mortgage-Backed Securities | — | 910,642 | — | ||||||||
Collateralized Mortgage Obligations | — | 906,798 | — | ||||||||
Preferred Stocks | — | 378,722 | — | ||||||||
Bank Loan Obligations | — | 374,057 | — | ||||||||
Sovereign Governments and Agencies | — | 55,657 | — | ||||||||
Short-Term Investments | $ | 1,864,606 | — | — | |||||||
$ | 1,864,606 | $ | 32,472,510 | — | |||||||
Other Financial Instruments | |||||||||||
Futures Contracts | $ | 944 | — | — | |||||||
Liabilities | |||||||||||
Other Financial Instruments | |||||||||||
Futures Contracts | $ | 3,956 | — | — |
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.