American Century Investments®
Quarterly Portfolio Holdings
Inflation-Adjusted Bond Fund
June 30, 2024
| Inflation-Adjusted Bond - Schedule of Investments | ||
| JUNE 30, 2024 (UNAUDITED) | ||
Principal Amount ($)/Shares | Value ($) | ||||||||||
| U.S. TREASURY SECURITIES — 90.2% | |||||||||||
| U.S. Treasury Inflation-Indexed Bonds, 2.00%, 1/15/26 | 69,509,880 | 68,671,980 | |||||||||
| U.S. Treasury Inflation-Indexed Bonds, 2.375%, 1/15/27 | 80,577,510 | 80,553,783 | |||||||||
| U.S. Treasury Inflation-Indexed Bonds, 1.75%, 1/15/28 | 21,763,078 | 21,422,389 | |||||||||
| U.S. Treasury Inflation-Indexed Bonds, 3.625%, 4/15/28 | 50,860,847 | 53,466,702 | |||||||||
| U.S. Treasury Inflation-Indexed Bonds, 2.50%, 1/15/29 | 46,918,271 | 47,753,827 | |||||||||
| U.S. Treasury Inflation-Indexed Bonds, 3.875%, 4/15/29 | 43,581,805 | 47,089,076 | |||||||||
| U.S. Treasury Inflation-Indexed Bonds, 3.375%, 4/15/32 | 30,206,637 | 32,991,615 | |||||||||
| U.S. Treasury Inflation-Indexed Bonds, 0.75%, 2/15/42 | 78,782,126 | 61,611,290 | |||||||||
| U.S. Treasury Inflation-Indexed Bonds, 0.625%, 2/15/43 | 62,161,092 | 46,726,981 | |||||||||
| U.S. Treasury Inflation-Indexed Bonds, 1.375%, 2/15/44 | 74,627,119 | 64,022,905 | |||||||||
| U.S. Treasury Inflation-Indexed Bonds, 0.75%, 2/15/45 | 60,384,432 | 45,281,995 | |||||||||
| U.S. Treasury Inflation-Indexed Bonds, 1.00%, 2/15/46 | 6,418,005 | 5,013,517 | |||||||||
| U.S. Treasury Inflation-Indexed Bonds, 0.875%, 2/15/47 | 24,289,617 | 18,259,023 | |||||||||
| U.S. Treasury Inflation-Indexed Bonds, 1.00%, 2/15/48 | 26,574,350 | 20,368,921 | |||||||||
| U.S. Treasury Inflation-Indexed Bonds, 1.00%, 2/15/49 | 4,548,046 | 3,458,445 | |||||||||
| U.S. Treasury Inflation-Indexed Bonds, 0.25%, 2/15/50 | 50,222,304 | 30,702,267 | |||||||||
| U.S. Treasury Inflation-Indexed Bonds, 0.125%, 2/15/51 | 45,222,592 | 26,186,417 | |||||||||
| U.S. Treasury Inflation-Indexed Bonds, 0.125%, 2/15/52 | 49,598,822 | 28,203,692 | |||||||||
| U.S. Treasury Inflation-Indexed Notes, 0.125%, 7/15/24 | 43,840,600 | 43,812,553 | |||||||||
| U.S. Treasury Inflation-Indexed Notes, 0.375%, 7/15/25 | 53,442,920 | 52,105,614 | |||||||||
| U.S. Treasury Inflation-Indexed Notes, 0.125%, 10/15/25 | 86,402,030 | 83,570,242 | |||||||||
| U.S. Treasury Inflation-Indexed Notes, 0.625%, 1/15/26 | 124,625,094 | 120,586,000 | |||||||||
U.S. Treasury Inflation-Indexed Notes, 0.125%, 4/15/26(1) | 86,103,050 | 82,266,276 | |||||||||
| U.S. Treasury Inflation-Indexed Notes, 0.125%, 7/15/26 | 33,323,338 | 31,860,532 | |||||||||
U.S. Treasury Inflation-Indexed Notes, 0.125%, 10/15/26(1) | 16,408,392 | 15,620,738 | |||||||||
| U.S. Treasury Inflation-Indexed Notes, 0.375%, 1/15/27 | 56,788,375 | 53,989,235 | |||||||||
| U.S. Treasury Inflation-Indexed Notes, 0.125%, 4/15/27 | 138,258,495 | 130,113,686 | |||||||||
| U.S. Treasury Inflation-Indexed Notes, 0.375%, 7/15/27 | 48,707,640 | 46,231,931 | |||||||||
| U.S. Treasury Inflation-Indexed Notes, 1.625%, 10/15/27 | 10,584,700 | 10,414,453 | |||||||||
| U.S. Treasury Inflation-Indexed Notes, 0.50%, 1/15/28 | 110,526,493 | 104,173,651 | |||||||||
| U.S. Treasury Inflation-Indexed Notes, 1.25%, 4/15/28 | 74,219,140 | 71,699,396 | |||||||||
| U.S. Treasury Inflation-Indexed Notes, 0.75%, 7/15/28 | 27,293,054 | 25,942,298 | |||||||||
| U.S. Treasury Inflation-Indexed Notes, 2.375%, 10/15/28 | 15,355,200 | 15,560,089 | |||||||||
| U.S. Treasury Inflation-Indexed Notes, 0.875%, 1/15/29 | 56,500,080 | 53,540,904 | |||||||||
| U.S. Treasury Inflation-Indexed Notes, 2.125%, 4/15/29 | 8,616,535 | 8,629,211 | |||||||||
| U.S. Treasury Inflation-Indexed Notes, 0.25%, 7/15/29 | 64,476,028 | 59,224,124 | |||||||||
| U.S. Treasury Inflation-Indexed Notes, 0.125%, 1/15/30 | 62,701,601 | 56,452,427 | |||||||||
| U.S. Treasury Inflation-Indexed Notes, 0.125%, 1/15/31 | 99,370,425 | 87,749,192 | |||||||||
| U.S. Treasury Inflation-Indexed Notes, 0.125%, 7/15/31 | 94,758,660 | 83,245,045 | |||||||||
| U.S. Treasury Inflation-Indexed Notes, 0.125%, 1/15/32 | 85,625,027 | 74,164,690 | |||||||||
| U.S. Treasury Inflation-Indexed Notes, 0.625%, 7/15/32 | 113,581,590 | 101,894,201 | |||||||||
| U.S. Treasury Inflation-Indexed Notes, 1.125%, 1/15/33 | 84,735,105 | 78,434,456 | |||||||||
| U.S. Treasury Inflation-Indexed Notes, 1.375%, 7/15/33 | 118,726,000 | 112,162,214 | |||||||||
| U.S. Treasury Inflation-Indexed Notes, 1.75%, 1/15/34 | 28,560,840 | 27,727,820 | |||||||||
TOTAL U.S. TREASURY SECURITIES (Cost $2,588,479,317) | 2,332,955,803 | ||||||||||
| CORPORATE BONDS — 2.9% | |||||||||||
| Banks — 0.8% | |||||||||||
| Citigroup, Inc., VRN, 3.67%, 7/24/28 | 1,125,000 | 1,072,706 | |||||||||
| Citigroup, Inc., VRN, 6.27%, 11/17/33 | 390,000 | 408,646 | |||||||||
| Citigroup, Inc., VRN, 5.83%, 2/13/35 | 385,000 | 381,153 | |||||||||
| Fifth Third Bancorp, 8.25%, 3/1/38 | 3,220,000 | 3,810,440 | |||||||||
| JPMorgan Chase & Co., VRN, 4.01%, 4/23/29 | 2,554,000 | 2,442,706 | |||||||||
National Bank of Canada, VRN, 5.60%, 7/2/27(2) | 3,883,000 | 3,883,013 | |||||||||
| Truist Financial Corp., VRN, 5.71%, 1/24/35 | 9,473,000 | 9,435,908 | |||||||||
| 21,434,572 | |||||||||||
| Biotechnology — 0.2% | |||||||||||
| Amgen, Inc., 5.25%, 3/2/33 | 5,415,000 | 5,401,880 | |||||||||
| Consumer Finance — 0.2% | |||||||||||
Encore Capital Group, Inc., 9.25%, 4/1/29(3) | 4,420,000 | 4,611,479 | |||||||||
| Electric Utilities — 0.6% | |||||||||||
| Duke Energy Florida LLC, 1.75%, 6/15/30 | 2,940,000 | 2,440,916 | |||||||||
| Duke Energy Florida LLC, 5.875%, 11/15/33 | 2,990,000 | 3,111,132 | |||||||||
| Duke Energy Progress LLC, 2.00%, 8/15/31 | 5,000,000 | 4,086,746 | |||||||||
| PPL Electric Utilities Corp., 4.85%, 2/15/34 | 5,500,000 | 5,356,978 | |||||||||
| 14,995,772 | |||||||||||
| Insurance — 0.3% | |||||||||||
| Chubb INA Holdings LLC, 5.00%, 3/15/34 | 7,005,000 | 6,938,611 | |||||||||
| Media — 0.0% | |||||||||||
| Charter Communications Operating LLC/Charter Communications Operating Capital, 6.38%, 10/23/35 | 1,000,000 | 975,625 | |||||||||
| Pharmaceuticals — 0.1% | |||||||||||
| Bristol-Myers Squibb Co., 5.20%, 2/22/34 | 1,283,000 | 1,280,864 | |||||||||
| Software — 0.3% | |||||||||||
Open Text Holdings, Inc., 4.125%, 12/1/31(3) | 5,000,000 | 4,404,770 | |||||||||
| Oracle Corp., 3.60%, 4/1/40 | 1,315,000 | 1,011,467 | |||||||||
SS&C Technologies, Inc., 6.50%, 6/1/32(3) | 3,000,000 | 3,028,295 | |||||||||
| 8,444,532 | |||||||||||
| Specialized REITs — 0.3% | |||||||||||
Iron Mountain, Inc., 5.625%, 7/15/32(3) | 7,000,000 | 6,653,110 | |||||||||
| Specialty Retail — 0.1% | |||||||||||
| Lowe's Cos., Inc., 5.15%, 7/1/33 | 3,800,000 | 3,783,344 | |||||||||
TOTAL CORPORATE BONDS (Cost $75,946,905) | 74,519,789 | ||||||||||
| ASSET-BACKED SECURITIES — 1.2% | |||||||||||
Blackbird Capital II Aircraft Lease Ltd., Series 2021-1A, Class A, SEQ, 2.44%, 7/15/46(3) | 5,186,021 | 4,647,379 | |||||||||
Cologix Canadian Issuer LP, Series 2022-1CAN, Class A2, SEQ, 4.94%, 1/25/52(3) | CAD | 12,600,000 | 8,609,962 | ||||||||
Goodgreen Trust, Series 2020-1A, Class A, SEQ, 2.63%, 4/15/55(3) | $ | 4,299,366 | 3,584,506 | ||||||||
Goodgreen Trust, Series 2021-1A, Class A, SEQ, 2.66%, 10/15/56(3) | 1,618,258 | 1,334,303 | |||||||||
Subway Funding LLC, Series 2024-1A, Class A2II, 6.27%, 7/30/54(3) | 3,483,000 | 3,540,345 | |||||||||
Switch ABS Issuer LLC, Series 2024-2A, Class A2, SEQ, 5.44%, 6/25/54(3) | 3,925,000 | 3,777,423 | |||||||||
Towd Point Mortgage Trust, Series 2024-CES3, Class A1, VRN, 6.29%, 5/25/64(3) | 4,396,542 | 4,415,498 | |||||||||
TOTAL ASSET-BACKED SECURITIES (Cost $32,700,878) | 29,909,416 | ||||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS — 1.0% | |||||||||||
| Private Sponsor Collateralized Mortgage Obligations — 0.7% | |||||||||||
| ABN AMRO Mortgage Corp., Series 2003-4, Class A4, 5.50%, 3/25/33 | 50,261 | 48,053 | |||||||||
Arroyo Mortgage Trust, Series 2021-1R, Class A2, VRN, 1.48%, 10/25/48(3) | 1,983,272 | 1,717,431 | |||||||||
Arroyo Mortgage Trust, Series 2021-1R, Class A3, VRN, 1.64%, 10/25/48(3) | 1,580,420 | 1,367,396 | |||||||||
| Cendant Mortgage Corp., Series 2003-6, Class A3, 5.25%, 7/25/33 | 415,955 | 391,425 | |||||||||
Chase Home Lending Mortgage Trust, Series 2024-2, Class A4A, SEQ, VRN, 6.00%, 2/25/55(3) | 3,521,812 | 3,516,549 | |||||||||
Credit Suisse Mortgage Trust, Series 2015-WIN1, Class A10, VRN, 3.50%, 12/25/44(3) | 915,780 | 824,757 | |||||||||
JP Morgan Mortgage Trust, Series 2024-5, Class A6, SEQ, VRN, 6.00%, 11/25/54(3) | 8,075,000 | 8,016,585 | |||||||||
RCKT Mortgage Trust, Series 2024-CES3, Class A1A, VRN, 6.59%, 5/25/44(3) | 3,021,624 | 3,051,873 | |||||||||
| 18,934,069 | |||||||||||
| U.S. Government Agency Collateralized Mortgage Obligations — 0.3% | |||||||||||
FHLMC, Series 2021-DNA7, Class M1, VRN, 6.19%, (30-day average SOFR plus 0.85%), 11/25/41(3) | 7,257,726 | 7,258,222 | |||||||||
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $26,780,920) | 26,192,291 | ||||||||||
| COLLATERALIZED LOAN OBLIGATIONS — 1.0% | |||||||||||
Dryden 43 Senior Loan Fund, Series 2016-43A, Class B2R2, 3.09%, 4/20/34(3) | 5,000,000 | 4,354,461 | |||||||||
Dryden 72 CLO Ltd., Series 2019-72A, Class CR, VRN, 7.43%, (3-month SOFR plus 2.11%), 5/15/32(3) | 7,700,000 | 7,715,190 | |||||||||
Elmwood CLO IV Ltd., Series 2020-1A, Class BR, VRN, 7.17%, (3-month SOFR plus 1.85%), 4/18/37(3) | 9,500,000 | 9,520,731 | |||||||||
THL Credit Wind River CLO Ltd., Series 2019-3A, Class CR, VRN, 7.79%, (3-month SOFR plus 2.46%), 7/15/31(3) | 3,800,000 | 3,805,585 | |||||||||
TOTAL COLLATERALIZED LOAN OBLIGATIONS (Cost $25,994,281) | 25,395,967 | ||||||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.9% | |||||||||||
| Bank5, Series 2024-5YR7, Class A3, SEQ, 5.77%, 6/15/57 | 9,556,000 | 9,699,515 | |||||||||
| Bank5 Trust, Series 2024-5YR6, Class A3, SEQ, 6.23%, 5/15/57 | 5,153,000 | 5,329,449 | |||||||||
BBCMS Mortgage Trust, Series 2024-5C27, Class A3, SEQ, 6.01%, 7/15/57(2) | 2,520,000 | 2,593,113 | |||||||||
BX Commercial Mortgage Trust, Series 2020-VIV2, Class C, VRN, 3.66%, 3/9/44(3) | 7,950,000 | 6,929,809 | |||||||||
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $25,805,986) | 24,551,886 | ||||||||||
| PREFERRED STOCKS — 0.8% | |||||||||||
| Banks — 0.5% | |||||||||||
| Commerzbank AG, 7.00% | 5,200,000 | 5,167,650 | |||||||||
| Lloyds Banking Group PLC, 7.50% | 2,600,000 | 2,605,560 | |||||||||
| NatWest Group PLC, 6.00% | 2,600,000 | 2,549,916 | |||||||||
Societe Generale SA, 8.00%(3) | 2,600,000 | 2,598,622 | |||||||||
| 12,921,748 | |||||||||||
| Capital Markets — 0.3% | |||||||||||
| Charles Schwab Corp., 5.375% | 6,660,000 | 6,601,891 | |||||||||
TOTAL PREFERRED STOCKS (Cost $19,527,363) | 19,523,639 | ||||||||||
| SHORT-TERM INVESTMENTS — 1.3% | |||||||||||
Commercial Paper(4) — 1.3% | |||||||||||
Landesbank Baden-Wuerttemberg, 5.46%, 7/1/24(3) | 33,450,000 | 33,435,136 | |||||||||
| Money Market Funds — 0.0% | |||||||||||
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 180,129 | 180,129 | |||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $33,630,129) | 33,615,265 | ||||||||||
TOTAL INVESTMENT SECURITIES — 99.3% (Cost $2,828,865,779) | 2,566,664,056 | ||||||||||
| OTHER ASSETS AND LIABILITIES — 0.7% | 18,857,330 | ||||||||||
| TOTAL NET ASSETS — 100.0% | $ | 2,585,521,386 | |||||||||
| FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS | ||||||||||||||||||||
| Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) | ||||||||||||||||
| USD | 8,579,135 | CAD | 11,782,582 | Citibank N.A. | 9/18/24 | $ | (49,307) | |||||||||||||
| FUTURES CONTRACTS PURCHASED | ||||||||||||||
| Reference Entity | Contracts | Expiration Date | Notional Amount | Unrealized Appreciation (Depreciation)^ | ||||||||||
| U.S. Treasury 5-Year Notes | 1,856 | September 2024 | $ | 197,809,000 | $ | 1,602,424 | ||||||||
| U.S. Treasury 10-Year Notes | 225 | September 2024 | 24,746,484 | 319,364 | ||||||||||
| U.S. Treasury 10-Year Ultra Notes | 572 | September 2024 | 64,939,875 | 964,901 | ||||||||||
| $ | 287,495,359 | $ | 2,886,689 | |||||||||||
^Amount represents value and unrealized appreciation (depreciation).
| CENTRALLY CLEARED TOTAL RETURN SWAP AGREEMENTS | |||||||||||||||||||||||
| Floating Rate Index | Pay/Receive Floating Rate Index at Termination | Fixed Rate | Termination Date | Notional Amount | Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | Value | ||||||||||||||||
| CPURNSA | Receive | 1.45% | 3/5/25 | $ | 39,000,000 | $ | (738) | $ | 5,794,764 | $ | 5,794,026 | ||||||||||||
| CPURNSA | Receive | 1.08% | 6/4/25 | $ | 4,000,000 | 524 | 706,439 | 706,963 | |||||||||||||||
| CPURNSA | Receive | 1.85% | 8/26/25 | $ | 14,000,000 | 586 | 2,063,685 | 2,064,271 | |||||||||||||||
| CPURNSA | Receive | 2.24% | 1/12/26 | $ | 50,000,000 | 805 | 5,932,830 | 5,933,635 | |||||||||||||||
| CPURNSA | Receive | 2.22% | 1/19/26 | $ | 50,000,000 | 806 | 5,968,101 | 5,968,907 | |||||||||||||||
| CPURNSA | Receive | 2.29% | 2/2/26 | $ | 25,000,000 | 402 | 2,899,438 | 2,899,840 | |||||||||||||||
| CPURNSA | Receive | 2.50% | 8/9/26 | $ | 8,000,000 | 370 | 57,577 | 57,947 | |||||||||||||||
| CPURNSA | Receive | 2.57% | 4/5/28 | $ | 8,500,000 | 428 | 51,139 | 51,567 | |||||||||||||||
| CPURNSA | Receive | 2.64% | 8/2/28 | $ | 22,000,000 | 555 | 35,472 | 36,027 | |||||||||||||||
| CPURNSA | Receive | 1.86% | 6/20/29 | $ | 25,000,000 | (775) | 3,835,833 | 3,835,058 | |||||||||||||||
| CPURNSA | Receive | 1.80% | 10/21/29 | $ | 24,500,000 | (765) | 3,928,614 | 3,927,849 | |||||||||||||||
| CPURNSA | Receive | 1.88% | 11/21/29 | $ | 22,000,000 | (738) | 3,369,215 | 3,368,477 | |||||||||||||||
| CPURNSA | Receive | 1.87% | 11/25/29 | $ | 4,000,000 | (544) | 617,293 | 616,749 | |||||||||||||||
| CPURNSA | Receive | 1.29% | 5/19/30 | $ | 4,500,000 | 549 | 939,922 | 940,471 | |||||||||||||||
| CPURNSA | Receive | 2.66% | 8/2/30 | $ | 37,400,000 | 695 | (51,527) | (50,832) | |||||||||||||||
| CPURNSA | Receive | 2.62% | 3/2/33 | $ | 17,500,000 | 598 | 80,149 | 80,747 | |||||||||||||||
| CPURNSA | Receive | 2.65% | 8/2/33 | $ | 24,900,000 | 688 | (75,502) | (74,814) | |||||||||||||||
| $ | 3,446 | $ | 36,153,442 | $ | 36,156,888 | ||||||||||||||||||
| TOTAL RETURN SWAP AGREEMENTS | ||||||||||||||||||||
| Counterparty | Floating Rate Index | Pay/Receive Floating Rate Index at Termination | Fixed Rate | Termination Date | Notional Amount | Value* | ||||||||||||||
Bank of America N.A.(5) | CPURNSA | Receive | 2.53% | 8/19/24 | $ | 11,000,000 | $ | 396,144 | ||||||||||||
| Barclays Bank PLC | CPURNSA | Receive | 2.59% | 7/23/24 | $ | 16,300,000 | 481,210 | |||||||||||||
| Barclays Bank PLC | CPURNSA | Receive | 2.90% | 12/21/27 | $ | 19,200,000 | (2,278,909) | |||||||||||||
| Barclays Bank PLC | CPURNSA | Receive | 2.78% | 7/2/44 | $ | 15,000,000 | (733,797) | |||||||||||||
| $ | (2,135,352) | |||||||||||||||||||
*Amount represents value and unrealized appreciation (depreciation).
| NOTES TO SCHEDULE OF INVESTMENTS | ||||||||
| CAD | – | Canadian Dollar | ||||||
| CPURNSA | – | U.S. Consumer Price Index Urban Consumers Not Seasonally Adjusted Index | ||||||
| FHLMC | – | Federal Home Loan Mortgage Corp. | ||||||
| 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, or a portion thereof, has been pledged at the custodian bank or with a broker for collateral requirements on forward foreign currency exchange contracts, futures contracts and/or swap agreements. At the period end, the aggregate value of securities pledged was $18,762,989.
(2)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.
(3)Security was purchased pursuant to Rule 144A or Section 4(2) under the Securities Act of 1933 and may be sold in transactions exempt from registration, normally to qualified institutional investors. The aggregate value of these securities at the period end was $142,719,417, which represented 5.5% of total net assets.
(4)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.
(5)Collateral has been received at the custodian bank for collateral requirements on swap agreements. At the period end, the aggregate value of securities received was $251,715.
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 and U.S. Treasury and Government Agency securities 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. Commercial paper is valued using a curve-based approach that considers money market rates for specific instruments, programs, currencies and maturity points from a variety of active market makers.
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. Repurchase agreements are valued at cost, which approximates fair value. Exchange-traded futures contracts are valued at the settlement price as provided by the appropriate exchange. Swap agreements are valued at an evaluated mean as provided by independent pricing services or independent brokers. Forward foreign currency exchange contracts are valued at the mean of the appropriate forward exchange rate at the close of the NYSE as provided by an independent pricing service.
If the valuation designee determines that the market price for a portfolio security is not readily available or is believed by the valuation designee to be unreliable, such security is valued at fair value as determined in good faith by the valuation designee, in accordance with its policies and procedures. Circumstances that may cause the fund to determine that market quotations are not available or reliable include, but are not limited to: when there is a significant event subsequent to the market quotation; trading in a security has been halted during the trading day; or trading in a security is insufficient or did not take place due to a closure or holiday.
The valuation designee monitors for significant events occurring after the close of an investment’s primary exchange but before the fund’s NAV per share is determined. Significant events may include, but are not limited to: corporate announcements and transactions; regulatory news, governmental action and political unrest that could impact a specific investment or an investment sector; or armed conflicts, natural disasters and similar events that could affect investments in a specific country or region. The valuation designee also monitors for significant fluctuations between domestic and foreign markets, as evidenced by the U.S. market or such other indicators that it deems appropriate. The valuation designee may apply a model-derived factor to the closing price of equity securities traded on foreign securities exchanges. The factor is based on observable market data as provided by an independent pricing service.
2. Fair Value Measurements
The fund's investments valuation process is based on several considerations and may use multiple inputs to determine the fair value of the investments held by the fund. In conformity with accounting principles generally accepted in the United States of America, the inputs used to determine a valuation are classified into three broad levels.
•Level 1 valuation inputs consist of unadjusted quoted prices in an active market for identical investments.
•Level 2 valuation inputs consist of direct or indirect observable market data (including quoted prices for comparable investments, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.). These inputs also consist of quoted prices for identical investments initially expressed in local currencies that are adjusted through translation into U.S. dollars.
•Level 3 valuation inputs consist of unobservable data (including a fund’s own assumptions).
The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not necessarily an indication of the risks associated with investing in these securities or other financial instruments.
The following is a summary of the level classifications as of period end. The Schedule of Investments provides additional information on the fund's portfolio holdings.
| Level 1 | Level 2 | Level 3 | |||||||||
| Assets | |||||||||||
| Investment Securities | |||||||||||
| U.S. Treasury Securities | — | $ | 2,332,955,803 | — | |||||||
| Corporate Bonds | — | 74,519,789 | — | ||||||||
| Asset-Backed Securities | — | 29,909,416 | — | ||||||||
| Collateralized Mortgage Obligations | — | 26,192,291 | — | ||||||||
| Collateralized Loan Obligations | — | 25,395,967 | — | ||||||||
| Commercial Mortgage-Backed Securities | — | 24,551,886 | — | ||||||||
| Preferred Stocks | — | 19,523,639 | — | ||||||||
| Short-Term Investments | $ | 180,129 | 33,435,136 | — | |||||||
| $ | 180,129 | $ | 2,566,483,927 | — | |||||||
| Other Financial Instruments | |||||||||||
| Futures Contracts | $ | 2,886,689 | — | — | |||||||
| Swap Agreements | — | $ | 37,159,888 | — | |||||||
| $ | 2,886,689 | $ | 37,159,888 | — | |||||||
| Liabilities | |||||||||||
| Other Financial Instruments | |||||||||||
| Swap Agreements | — | $ | 3,138,352 | — | |||||||
| Forward Foreign Currency Exchange Contracts | — | 49,307 | — | ||||||||
| — | $ | 3,187,659 | — | ||||||||
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.