American Century Investments®
Quarterly Portfolio Holdings
International Bond Fund
January 31, 2022
| | |
| International Bond - Schedule of Investments |
| JANUARY 31, 2022 (UNAUDITED) |
| | | | | | | | | | | |
| | Shares/
Principal Amount ($) | Value ($) |
| SOVEREIGN GOVERNMENTS AND AGENCIES — 61.5% |
|
|
|
| Australia — 3.0% | | | |
| Australia Government Bond, 2.75%, 4/21/24 | AUD | 19,437,000 | | 14,311,544 | |
| Australia Government Bond, 1.50%, 6/21/31 | AUD | 6,500,000 | | 4,452,301 | |
| Australia Government Bond, 3.00%, 3/21/47 | AUD | 2,140,000 | | 1,664,330 | |
| New South Wales Treasury Corp., 3.00%, 3/20/28 | AUD | 4,748,000 | | 3,555,248 | |
| | | 23,983,423 | |
| Austria — 1.2% | | | |
Republic of Austria Government Bond, 3.40%, 11/22/22(1) | EUR | 2,598,000 | | 3,013,938 | |
Republic of Austria Government Bond, 0.75%, 10/20/26(1) | EUR | 2,352,000 | | 2,755,198 | |
Republic of Austria Government Bond, 4.15%, 3/15/37(1) | EUR | 2,220,000 | | 3,860,067 | |
| | | 9,629,203 | |
| Belgium — 0.7% | | | |
Kingdom of Belgium Government Bond, 4.25%, 3/28/41(1) | EUR | 576,000 | | 1,044,976 | |
Kingdom of Belgium Government Bond, 1.60%, 6/22/47(1) | EUR | 3,329,000 | | 4,265,511 | |
| | | 5,310,487 | |
| Canada — 3.8% | | | |
| Canadian Government Bond, 0.25%, 4/1/24 | CAD | 4,000,000 | | 3,073,563 | |
| Canadian Government Bond, 0.25%, 3/1/26 | CAD | 2,000,000 | | 1,490,147 | |
| Canadian Government Bond, 0.50%, 12/1/30 | CAD | 16,700,000 | | 11,811,852 | |
| Canadian Government Bond, 2.75%, 12/1/48 | CAD | 1,250,000 | | 1,130,447 | |
| Canadian Government Bond, 2.00%, 12/1/51 | CAD | 1,200,000 | | 932,217 | |
| Province of Ontario Canada, 2.85%, 6/2/23 | CAD | 549,000 | | 440,805 | |
| Province of Quebec Canada, 5.75%, 12/1/36 | CAD | 8,744,000 | | 9,355,719 | |
| Province of Quebec Canada, 5.00%, 12/1/41 | CAD | 800,000 | | 830,940 | |
| Province of Quebec Canada, 3.50%, 12/1/48 | CAD | 1,751,000 | | 1,537,064 | |
| | | 30,602,754 | |
| China — 14.9% | | | |
| China Development Bank, 3.50%, 8/13/26 | CNY | 128,500,000 | | 20,873,723 | |
| China Development Bank, 3.50%, 8/13/26 | CNY | 23,000,000 | | 3,736,637 | |
| China Government Bond, 2.57%, 5/20/23 | CNY | 98,000,000 | | 15,490,996 | |
| China Government Bond, 2.88%, 11/5/23 | CNY | 93,000,000 | | 14,804,265 | |
| China Government Bond, 1.99%, 4/9/25 | CNY | 53,000,000 | | 8,230,547 | |
| China Government Bond, 3.25%, 6/6/26 | CNY | 120,400,000 | | 19,552,339 | |
| China Government Bond, 3.12%, 12/5/26 | CNY | 38,700,000 | | 6,259,449 | |
| China Government Bond, 2.85%, 6/4/27 | CNY | 1,500,000 | | 239,551 | |
| China Government Bond, 3.01%, 5/13/28 | CNY | 16,000,000 | | 2,570,617 | |
| China Government Bond, 3.29%, 5/23/29 | CNY | 15,000,000 | | 2,449,131 | |
| China Government Bond, 2.68%, 5/21/30 | CNY | 78,200,000 | | 12,169,598 | |
| China Government Bond, 3.86%, 7/22/49 | CNY | 30,900,000 | | 5,286,090 | |
| China Government Bond, 3.39%, 3/16/50 | CNY | 24,800,000 | | 3,917,152 | |
| China Government Bond, 3.81%, 9/14/50 | CNY | 20,000,000 | | 3,405,425 | |
| | | 118,985,520 | |
| Czech Republic — 0.3% | | | |
| Czech Republic Government Bond, 4.70%, 9/12/22 | CZK | 58,020,000 | | 2,688,229 | |
| Denmark — 0.7% | | | |
| Denmark Government Bond, 4.50%, 11/15/39 | DKK | 12,620,000 | | 3,326,703 | |
Denmark Government Bond, 0.25%, 11/15/52(1) | DKK | 14,000,000 | | 2,049,416 | |
| | | 5,376,119 | |
| | | |
| | | | | | | | | | | |
| Dominican Republic — 0.2% | | | |
| Dominican Republic International Bond, 5.95%, 1/25/27 | | $ | 1,400,000 | | 1,536,514 | |
| Egypt — 0.6% | | | |
Egypt Government International Bond, 7.50%, 1/31/27(1) | | 4,900,000 | | 4,968,203 | |
| Finland — 0.8% | | | |
Finland Government Bond, 0.125%, 4/15/36(1) | EUR | 2,500,000 | | 2,666,432 | |
Finland Government Bond, 1.375%, 4/15/47(1) | EUR | 2,390,000 | | 3,219,009 | |
Finland Government Bond, 0.125%, 4/15/52(1) | EUR | 600,000 | | 583,898 | |
| | | 6,469,339 | |
| France — 2.4% | | | |
| French Republic Government Bond OAT, 1.75%, 11/25/24 | EUR | 234,680 | | 279,468 | |
| French Republic Government Bond OAT, 5.50%, 4/25/29 | EUR | 346,000 | | 540,914 | |
French Republic Government Bond OAT, 0.00%, 11/25/29(2) | EUR | 1,850,000 | | 2,049,512 | |
| French Republic Government Bond OAT, 2.50%, 5/25/30 | EUR | 3,535,000 | | 4,732,105 | |
| French Republic Government Bond OAT, 1.50%, 5/25/31 | EUR | 1,460,000 | | 1,821,929 | |
| French Republic Government Bond OAT, 5.75%, 10/25/32 | EUR | 1,060,000 | | 1,870,054 | |
| French Republic Government Bond OAT, 3.25%, 5/25/45 | EUR | 4,688,000 | | 7,934,115 | |
| | | 19,228,097 | |
| Germany — 0.6% | | | |
Bundesrepublik Deutschland Bundesanleihe, 0.00%, 8/15/50(2) | EUR | 4,150,000 | | 4,347,692 | |
| Ghana — 0.2% | | | |
| Ghana Government International Bond, 7.875%, 3/26/27 | | $ | 1,700,000 | | 1,419,139 | |
| Greece — 0.6% | | | |
Hellenic Republic Government Bond, 1.50%, 6/18/30(1) | EUR | 2,000,000 | | 2,227,411 | |
Hellenic Republic Government Bond, 0.75%, 6/18/31(1) | EUR | 2,600,000 | | 2,676,798 | |
| | | 4,904,209 | |
| Indonesia — 0.4% | | | |
| Indonesia Treasury Bond, 8.375%, 9/15/26 | IDR | 41,300,000,000 | | 3,222,620 | |
| Ireland — 1.4% | | | |
| Ireland Government Bond, 1.10%, 5/15/29 | EUR | 4,650,000 | | 5,578,189 | |
Ireland Government Bond, 0.00%, 10/18/31(2) | EUR | 750,000 | | 810,830 | |
| Ireland Government Bond, 0.40%, 5/15/35 | EUR | 4,500,000 | | 4,914,702 | |
| Ireland Government Bond, 1.50%, 5/15/50 | EUR | 60,000 | | 75,832 | |
| | | 11,379,553 | |
| Italy — 5.9% | | | |
| Italy Buoni Poliennali Del Tesoro, 1.50%, 6/1/25 | EUR | 8,152,000 | | 9,554,784 | |
| Italy Buoni Poliennali Del Tesoro, 2.00%, 12/1/25 | EUR | 9,382,000 | | 11,223,765 | |
Italy Buoni Poliennali Del Tesoro, 0.00%, 4/1/26(2) | EUR | 8,850,000 | | 9,770,703 | |
| Italy Buoni Poliennali Del Tesoro, 0.25%, 3/15/28 | EUR | 5,400,000 | | 5,882,976 | |
| Italy Buoni Poliennali Del Tesoro, 1.35%, 4/1/30 | EUR | 1,450,000 | | 1,667,560 | |
Italy Buoni Poliennali Del Tesoro, 4.75%, 9/1/44(1) | EUR | 5,194,000 | | 8,881,006 | |
| | | 46,980,794 | |
| Japan — 9.1% | | | |
| Japan Government Thirty Year Bond, 2.40%, 3/20/37 | JPY | 1,922,200,000 | | 21,594,380 | |
| Japan Government Thirty Year Bond, 2.00%, 9/20/41 | JPY | 2,303,950,000 | | 25,367,853 | |
| Japan Government Thirty Year Bond, 1.40%, 12/20/45 | JPY | 96,350,000 | | 975,724 | |
| Japan Government Thirty Year Bond, 0.70%, 9/20/51 | JPY | 1,435,000,000 | | 12,237,340 | |
| Japan Government Twenty Year Bond, 0.30%, 12/20/39 | JPY | 427,200,000 | | 3,583,119 | |
| Japanese Government CPI Linked Bond, 0.10%, 3/10/28 | JPY | 813,158,892 | | 7,335,247 | |
| Japanese Government CPI Linked Bond, 0.10%, 3/10/29 | JPY | 162,376,550 | | 1,468,980 | |
| | | 72,562,643 | |
| Jordan — 0.2% | | | |
Jordan Government International Bond, 7.375%, 10/10/47(1) | | $ | 1,700,000 | | 1,676,736 | |
| Malaysia — 0.6% | | | |
| Malaysia Government Bond, 3.96%, 9/15/25 | MYR | 20,675,000 | | 5,089,626 | |
| | | |
| | | | | | | | | | | |
| Mexico — 0.7% | | | |
| Mexican Bonos, 7.75%, 5/29/31 | MXN | 44,200,000 | | 2,152,297 | |
| Nacional Financiera SNC, MTN, 0.78%, 3/29/22 | JPY | 400,000,000 | | 3,476,151 | |
| | | 5,628,448 | |
| Netherlands — 1.5% | | | |
Netherlands Government Bond, 0.50%, 7/15/26(1) | EUR | 7,639,000 | | 8,870,622 | |
Netherlands Government Bond, 2.75%, 1/15/47(1) | EUR | 913,000 | | 1,629,545 | |
Netherlands Government Bond, 0.01%, 1/15/52(1) | EUR | 1,000,000 | | 996,820 | |
| | | 11,496,987 | |
| New Zealand — 1.2% | | | |
| New Zealand Government Bond, 0.50%, 5/15/24 | NZD | 13,403,000 | | 8,500,861 | |
| New Zealand Government Bond, 1.50%, 5/15/31 | NZD | 2,180,000 | | 1,305,536 | |
| | | 9,806,397 | |
| Norway — 0.1% | | | |
Norway Government Bond, 1.75%, 9/6/29(1) | NOK | 8,270,000 | | 917,021 | |
| Poland — 0.4% | | | |
| Republic of Poland Government Bond, 4.00%, 10/25/23 | PLN | 12,035,000 | | 2,970,170 | |
| Portugal — 0.2% | | | |
Portugal Obrigacoes do Tesouro OT, 4.10%, 2/15/45(1) | EUR | 950,000 | | 1,681,626 | |
| Singapore — 0.4% | | | |
| Singapore Government Bond, 2.875%, 7/1/29 | SGD | 3,760,000 | | 3,004,176 | |
| Spain — 3.4% | | | |
Spain Government Bond, 4.40%, 10/31/23(1) | EUR | 2,275,000 | | 2,771,154 | |
Spain Government Bond, 1.60%, 4/30/25(1) | EUR | 4,823,000 | | 5,729,732 | |
Spain Government Bond, 0.00%, 1/31/28(2) | EUR | 2,000,000 | | 2,205,179 | |
Spain Government Bond, 5.15%, 10/31/28(1) | EUR | 3,933,000 | | 5,828,287 | |
Spain Government Bond, 0.10%, 4/30/31(1) | EUR | 3,750,000 | | 3,998,069 | |
Spain Government Bond, 1.85%, 7/30/35(1) | EUR | 800,000 | | 993,694 | |
Spain Government Bond, 5.15%, 10/31/44(1) | EUR | 380,000 | | 750,784 | |
Spain Government Bond, 2.70%, 10/31/48(1) | EUR | 3,210,000 | | 4,611,155 | |
| | | 26,888,054 | |
| Sweden — 0.2% | | | |
| Sweden Government Bond, 3.50%, 3/30/39 | SEK | 9,400,000 | | 1,487,322 | |
| Switzerland — 0.5% | | | |
| Swiss Confederation Government Bond, 0.50%, 5/27/30 | CHF | 1,233,000 | | 1,386,577 | |
| Swiss Confederation Government Bond, 2.50%, 3/8/36 | CHF | 1,995,000 | | 2,863,190 | |
| | | 4,249,767 | |
| Thailand — 0.9% | | | |
| Thailand Government Bond, 3.85%, 12/12/25 | THB | 210,450,000 | | 6,967,314 | |
| Tunisia — 0.2% | | | |
| Tunisian Republic, 5.75%, 1/30/25 | | $ | 1,600,000 | | 1,244,800 | |
| Turkey — 0.3% | | | |
| Turkey Government International Bond, 6.875%, 3/17/36 | | 2,200,000 | | 1,998,649 | |
| United Kingdom — 3.9% | | | |
| United Kingdom Gilt, 0.125%, 1/30/26 | GBP | 5,000,000 | | 6,481,472 | |
| United Kingdom Gilt, 4.75%, 12/7/30 | GBP | 2,520,000 | | 4,384,692 | |
| United Kingdom Gilt, 4.50%, 12/7/42 | GBP | 4,128,000 | | 8,530,854 | |
| United Kingdom Gilt, 4.25%, 12/7/49 | GBP | 2,016,000 | | 4,427,825 | |
| United Kingdom Gilt, 4.25%, 12/7/55 | GBP | 2,990,000 | | 7,086,801 | |
| | | 30,911,644 | |
TOTAL SOVEREIGN GOVERNMENTS AND AGENCIES (Cost $475,015,794) |
| | 489,613,275 | |
| CORPORATE BONDS — 21.2% |
|
|
|
| Belgium — 0.1% | | | |
| Anheuser-Busch InBev SA, MTN, 1.65%, 3/28/31 | EUR | 1,000,000 | | 1,184,383 | |
| | | |
| | | | | | | | | | | |
| Bermuda — 0.1% | | | |
Aircastle Ltd., 5.25%, 8/11/25(1) | | $ | 413,000 | | 447,012 | |
Viking Ocean Cruises Ship VII Ltd., 5.625%, 2/15/29(1) | | 640,000 | | 626,573 | |
| | | 1,073,585 | |
| Canada — 0.1% | | | |
| Cenovus Energy, Inc., 2.65%, 1/15/32 | | 270,000 | | 256,870 | |
| TransCanada PipeLines Ltd., 2.50%, 10/12/31 | | 330,000 | | 314,083 | |
| | | 570,953 | |
| Cayman Islands — 0.2% | | | |
Avolon Holdings Funding Ltd., 4.25%, 4/15/26(1) | | 264,000 | | 274,176 | |
Avolon Holdings Funding Ltd., 2.53%, 11/18/27(1) | | 158,000 | | 149,999 | |
Avolon Holdings Funding Ltd., 2.75%, 2/21/28(1) | | 700,000 | | 670,181 | |
| Seagate HDD Cayman, 4.875%, 3/1/24 | | 318,000 | | 329,448 | |
| | | 1,423,804 | |
| France — 0.6% | | | |
| BNP Paribas SA, MTN, VRN, 2.00%, 5/24/31 | GBP | 1,000,000 | | 1,296,837 | |
| BPCE SA, MTN, 2.875%, 4/22/26 | EUR | 100,000 | | 121,000 | |
| Credit Agricole Assurances SA, VRN, 2.625%, 1/29/48 | EUR | 1,000,000 | | 1,162,883 | |
| Orange SA, MTN, 5.25%, 12/5/25 | GBP | 150,000 | | 227,904 | |
| Societe Generale SA, MTN, 1.25%, 12/7/27 | GBP | 1,700,000 | | 2,128,881 | |
| | | 4,937,505 | |
| Germany — 1.7% | | | |
| Bayer AG, VRN, 2.375%, 11/12/79 | EUR | 1,000,000 | | 1,109,868 | |
| Commerzbank AG, MTN, VRN, 4.00%, 12/5/30 | EUR | 1,100,000 | | 1,325,099 | |
| Daimler AG, MTN, 1.00%, 11/15/27 | EUR | 1,000,000 | | 1,155,432 | |
| Deutsche Bank AG, MTN, 2.625%, 12/16/24 | GBP | 1,500,000 | | 2,031,541 | |
| Deutsche Bank AG, VRN, 2.31%, 11/16/27 | | $ | 621,000 | | 603,687 | |
| Deutsche Bank AG, VRN, 4.30%, 5/24/28 | | 1,331,000 | | 1,352,717 | |
| Deutsche Bank AG, VRN, 4.875%, 12/1/32 | | 955,000 | | 999,731 | |
| Deutsche Telekom AG, MTN, 1.375%, 7/5/34 | EUR | 700,000 | | 808,187 | |
| Kreditanstalt fuer Wiederaufbau, 4.625%, 1/4/23 | EUR | 2,585,000 | | 3,045,069 | |
| Kreditanstalt fuer Wiederaufbau, MTN, 0.01%, 5/5/27 | EUR | 1,000,000 | | 1,122,461 | |
| | | 13,553,792 | |
| Ireland — 0.3% | | | |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.00%, 10/29/28 | | $ | 322,000 | | 315,857 | |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.40%, 10/29/33 | | 340,000 | | 330,316 | |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.85%, 10/29/41 | | 153,000 | | 149,809 | |
Castlelake Aviation Finance DAC, 5.00%, 4/15/27(1) | | 965,000 | | 942,564 | |
| GE Capital International Funding Co. Unlimited Co., 4.42%, 11/15/35 | | 770,000 | | 879,161 | |
| | | 2,617,707 | |
| Italy — 0.9% | | | |
| Intesa Sanpaolo SpA, MTN, 3.93%, 9/15/26 | EUR | 1,600,000 | | 1,957,986 | |
Intesa Sanpaolo SpA, VRN, 4.20%, 6/1/32(1) | | $ | 1,645,000 | | 1,577,260 | |
| Telecom Italia SpA, MTN, 4.00%, 4/11/24 | EUR | 500,000 | | 586,378 | |
| UniCredit SpA, MTN, VRN, 2.00%, 9/23/29 | EUR | 600,000 | | 674,016 | |
UniCredit SpA, VRN, 3.13%, 6/3/32(1) | | $ | 950,000 | | 898,033 | |
UniCredit SpA, VRN, 5.86%, 6/19/32(1) | | 1,200,000 | | 1,280,916 | |
| | | 6,974,589 | |
| Luxembourg — 1.3% | | | |
| European Financial Stability Facility, MTN, 0.40%, 5/31/26 | EUR | 3,370,000 | | 3,857,694 | |
| European Financial Stability Facility, MTN, 2.75%, 12/3/29 | EUR | 2,000,000 | | 2,690,603 | |
| European Financial Stability Facility, MTN, 2.35%, 7/29/44 | EUR | 1,531,000 | | 2,342,050 | |
| Telecom Italia Capital SA, 6.375%, 11/15/33 | | $ | 1,155,000 | | 1,187,629 | |
| | | 10,077,976 | |
| | | |
| | | | | | | | | | | |
| Mexico — 0.1% | | | |
Minera Mexico SA de CV, 4.50%, 1/26/50(1) | | 800,000 | | 831,572 | |
| Multinational — 0.6% | | | |
American Airlines, Inc. / AAdvantage Loyalty IP Ltd., 5.50%, 4/20/26(1) | | 1,899,000 | | 1,947,263 | |
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance plc, 4.00%, 9/1/29(1) | | 836,000 | | 797,749 | |
Ardagh Packaging Finance plc / Ardagh Holdings USA, Inc., 5.25%, 8/15/27(1) | | 2,025,000 | | 1,989,492 | |
| | | 4,734,504 | |
| Netherlands — 0.5% | | | |
| Deutsche Telekom International Finance BV, MTN, 1.25%, 10/6/23 | GBP | 1,150,000 | | 1,540,878 | |
| ING Groep NV, MTN, 2.125%, 1/10/26 | EUR | 1,500,000 | | 1,786,646 | |
| Siemens Financieringsmaatschappij NV, MTN, 1.00%, 2/20/25 | GBP | 800,000 | | 1,057,432 | |
| | | 4,384,956 | |
| Norway — 0.3% | | | |
| Equinor ASA, MTN, 0.875%, 2/17/23 | EUR | 1,950,000 | | 2,210,697 | |
| Portugal — 0.2% | | | |
| EDP - Energias de Portugal SA, VRN, 1.70%, 7/20/80 | EUR | 1,500,000 | | 1,653,895 | |
| Spain — 0.4% | | | |
| Banco Santander SA, VRN, 1.72%, 9/14/27 | | $ | 200,000 | | 191,892 | |
| CaixaBank SA, MTN, VRN, 2.75%, 7/14/28 | EUR | 900,000 | | 1,040,247 | |
| CaixaBank SA, MTN, VRN, 2.25%, 4/17/30 | EUR | 1,400,000 | | 1,613,970 | |
| | | 2,846,109 | |
| United Kingdom — 1.6% | | | |
| Barclays plc, MTN, VRN, 2.00%, 2/7/28 | EUR | 1,000,000 | | 1,140,112 | |
British Telecommunications plc, 3.25%, 11/8/29(1) | | $ | 105,000 | | 104,630 | |
International Game Technology plc, 5.25%, 1/15/29(1) | | 780,000 | | 798,018 | |
| Lloyds Banking Group plc, VRN, 1.875%, 1/15/26 | GBP | 770,000 | | 1,027,940 | |
| Lloyds Banking Group plc, VRN, 1.99%, 12/15/31 | GBP | 1,000,000 | | 1,296,120 | |
| Marks & Spencer plc, 4.50%, 7/10/27 | GBP | 600,000 | | 821,210 | |
| Nationwide Building Society, MTN, VRN, 2.00%, 7/25/29 | EUR | 700,000 | | 809,011 | |
Nationwide Building Society, VRN, 4.125%, 10/18/32(1) | | $ | 650,000 | | 678,391 | |
| NatWest Group plc, MTN, VRN, 2.11%, 11/28/31 | GBP | 900,000 | | 1,164,490 | |
| Tesco plc, MTN, 5.00%, 3/24/23 | GBP | 1,150,000 | | 1,604,953 | |
| Vodafone Group plc, VRN, 4.20%, 10/3/78 | EUR | 1,400,000 | | 1,683,235 | |
| Vodafone Group plc, VRN, 2.625%, 8/27/80 | EUR | 500,000 | | 559,612 | |
| Wm Morrison Supermarkets plc, MTN, 3.50%, 7/27/26 | GBP | 700,000 | | 936,770 | |
| | | 12,624,492 | |
| United States — 12.2% | | | |
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 4.875%, 2/15/30(1) | | $ | 1,318,000 | | 1,344,591 | |
| Ally Financial, Inc., 5.75%, 11/20/25 | | 1,360,000 | | 1,498,168 | |
| AMC Networks, Inc., 4.25%, 2/15/29 | | 1,490,000 | | 1,435,481 | |
| American Airlines Pass Through Trust, Series 2021-1, Class A, 2.875%, 1/11/36 | | 760,000 | | 737,909 | |
American Finance Trust, Inc. / American Finance Operating Partner LP, 4.50%, 9/30/28(1) | | 2,020,000 | | 1,962,460 | |
| AT&T, Inc., 1.80%, 9/14/39 | EUR | 700,000 | | 759,622 | |
| AT&T, Inc., 3.55%, 9/15/55 | | $ | 396,000 | | 374,712 | |
Avantor Funding, Inc., 3.875%, 11/1/29(1) | | 1,360,000 | | 1,308,007 | |
| Bank of America Corp., MTN, 2.30%, 7/25/25 | GBP | 900,000 | | 1,226,617 | |
Blue Owl Finance LLC, 3.125%, 6/10/31(1) | | $ | 132,000 | | 123,681 | |
| Boeing Co. (The), 5.15%, 5/1/30 | | 370,000 | | 417,021 | |
| Bristol-Myers Squibb Co., 2.55%, 11/13/50 | | 590,000 | | 521,096 | |
Builders FirstSource, Inc., 5.00%, 3/1/30(1) | | 553,000 | | 568,514 | |
Builders FirstSource, Inc., 4.25%, 2/1/32(1) | | 399,000 | | 391,263 | |
Catalent Pharma Solutions, Inc., 5.00%, 7/15/27(1) | | 830,000 | | 846,393 | |
CCO Holdings LLC / CCO Holdings Capital Corp., 4.25%, 2/1/31(1) | | 1,670,000 | | 1,596,086 | |
| Centene Corp., 4.625%, 12/15/29 | | 320,000 | | 333,261 | |
| Centene Corp., 3.375%, 2/15/30 | | 884,000 | | 868,853 | |
| | | | | | | | | | | |
| CF Industries, Inc., 5.15%, 3/15/34 | | 340,000 | | 392,893 | |
| Charter Communications Operating LLC / Charter Communications Operating Capital, 3.50%, 6/1/41 | | 295,000 | | 264,747 | |
Cleveland-Cliffs, Inc., 4.625%, 3/1/29(1) | | 750,000 | | 732,930 | |
Coinbase Global, Inc., 3.375%, 10/1/28(1) | | 1,691,000 | | 1,519,440 | |
| Comcast Corp., 3.75%, 4/1/40 | | 120,000 | | 127,338 | |
CSC Holdings LLC, 7.50%, 4/1/28(1) | | 615,000 | | 636,906 | |
CSC Holdings LLC, 4.50%, 11/15/31(1) | | 490,000 | | 457,351 | |
DAE Funding LLC, 1.55%, 8/1/24(1) | | 433,000 | | 422,105 | |
DAE Funding LLC, 3.375%, 3/20/28(1) | | 429,000 | | 424,635 | |
| Dell International LLC / EMC Corp., 4.90%, 10/1/26 | | 455,000 | | 499,734 | |
Directv Financing LLC / Directv Financing Co-Obligor, Inc., 5.875%, 8/15/27(1) | | 785,000 | | 789,789 | |
DISH DBS Corp., 5.25%, 12/1/26(1) | | 765,000 | | 743,484 | |
| Dollar Tree, Inc., 2.65%, 12/1/31 | | 485,000 | | 468,760 | |
| EPR Properties, 4.95%, 4/15/28 | | 3,274,000 | | 3,448,211 | |
| EPR Properties, 3.60%, 11/15/31 | | 369,000 | | 353,484 | |
EQM Midstream Partners LP, 4.50%, 1/15/29(1) | | 590,000 | | 564,444 | |
| Ford Motor Credit Co. LLC, 2.90%, 2/10/29 | | 1,100,000 | | 1,044,093 | |
| Freeport-McMoRan, Inc., 4.625%, 8/1/30 | | 1,210,000 | | 1,260,844 | |
| General Motors Financial Co., Inc., 1.55%, 7/30/27 | GBP | 1,000,000 | | 1,281,598 | |
| General Motors Financial Co., Inc., 2.40%, 10/15/28 | | $ | 345,000 | | 333,039 | |
| General Motors Financial Co., Inc., 3.10%, 1/12/32 | | 320,000 | | 313,627 | |
Glencore Funding LLC, 2.625%, 9/23/31(1) | | 450,000 | | 421,418 | |
Global Atlantic Fin Co., 3.125%, 6/15/31(1) | | 235,000 | | 224,683 | |
| Goldman Sachs Group, Inc. (The), MTN, 4.25%, 1/29/26 | GBP | 900,000 | | 1,305,985 | |
Gray Escrow II, Inc., 5.375%, 11/15/31(1) | | $ | 1,147,000 | | 1,133,007 | |
Hill City Funding Trust, 4.05%, 8/15/41(1) | | 715,000 | | 656,659 | |
| HP, Inc., 2.65%, 6/17/31 | | 570,000 | | 544,863 | |
| IIP Operating Partnership LP, 5.50%, 5/25/26 | | 1,020,000 | | 1,050,706 | |
| International Business Machines Corp., 1.75%, 3/7/28 | EUR | 1,100,000 | | 1,315,686 | |
Iron Mountain, Inc., 4.875%, 9/15/29(1) | | $ | 1,620,000 | | 1,601,508 | |
Jane Street Group / JSG Finance, Inc., 4.50%, 11/15/29(1) | | 1,275,000 | | 1,251,993 | |
| JPMorgan Chase & Co., VRN, 2.07%, 6/1/29 | | 350,000 | | 336,613 | |
| KB Home, 4.80%, 11/15/29 | | 1,557,000 | | 1,627,127 | |
| Kraft Heinz Foods Co., 5.00%, 6/4/42 | | 339,000 | | 386,764 | |
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 4.75%, 6/15/29(1) | | 1,720,000 | | 1,685,910 | |
Level 3 Financing, Inc., 4.625%, 9/15/27(1) | | 923,000 | | 920,568 | |
LFS Topco LLC, 5.875%, 10/15/26(1) | | 598,000 | | 613,303 | |
LPL Holdings, Inc., 4.375%, 5/15/31(1) | | 936,000 | | 918,815 | |
| Microchip Technology, Inc., 4.25%, 9/1/25 | | 2,055,000 | | 2,117,639 | |
| Mondelez International, Inc., 1.375%, 3/17/41 | EUR | 2,000,000 | | 2,102,024 | |
Mozart Debt Merger Sub, Inc., 3.875%, 4/1/29(1) | | $ | 645,000 | | 622,531 | |
| MPT Operating Partnership LP / MPT Finance Corp., 5.00%, 10/15/27 | | 1,955,000 | | 2,010,199 | |
| National Health Investors, Inc., 3.00%, 2/1/31 | | 748,000 | | 701,868 | |
NCR Corp., 5.125%, 4/15/29(1) | | 975,000 | | 974,542 | |
Netflix, Inc., 3.625%, 6/15/25(1) | | 178,000 | | 184,581 | |
| Netflix, Inc., 4.875%, 4/15/28 | | 1,163,000 | | 1,281,742 | |
| Netflix, Inc., 5.875%, 11/15/28 | | 365,000 | | 423,462 | |
Novelis Corp., 4.75%, 1/30/30(1) | | 462,000 | | 460,362 | |
Novelis Corp., 3.875%, 8/15/31(1) | | 486,000 | | 458,485 | |
| Oracle Corp., 3.60%, 4/1/40 | | 550,000 | | 509,816 | |
| Owl Rock Capital Corp., 2.625%, 1/15/27 | | 710,000 | | 680,782 | |
Owl Rock Technology Finance Corp., 6.75%, 6/30/25(1) | | 717,000 | | 792,145 | |
| Owl Rock Technology Finance Corp., 2.50%, 1/15/27 | | 418,000 | | 400,351 | |
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer, 4.875%, 5/15/29(1) | | 201,000 | | 198,973 | |
Penn National Gaming, Inc., 4.125%, 7/1/29(1) | | 658,000 | | 619,517 | |
| | | | | | | | | | | |
| Prospect Capital Corp., 3.71%, 1/22/26 | | 445,000 | | 444,548 | |
| Qorvo, Inc., 4.375%, 10/15/29 | | 964,000 | | 997,918 | |
Qorvo, Inc., 3.375%, 4/1/31(1) | | 675,000 | | 658,625 | |
| RHP Hotel Properties LP / RHP Finance Corp., 4.75%, 10/15/27 | | 1,309,000 | | 1,291,613 | |
RHP Hotel Properties LP / RHP Finance Corp., 4.50%, 2/15/29(1) | | 615,000 | | 595,932 | |
Rocket Mortgage LLC / Rocket Mortgage Co-Issuer, Inc., 2.875%, 10/15/26(1) | | 4,399,000 | | 4,193,831 | |
| Sabra Health Care LP, 3.20%, 12/1/31 | | 684,000 | | 649,982 | |
SBL Holdings, Inc., VRN, 6.50%(1)(3) | | 871,000 | | 829,628 | |
Scientific Games International, Inc., 7.25%, 11/15/29(1) | | 900,000 | | 976,302 | |
Sinclair Television Group, Inc., 4.125%, 12/1/30(1) | | 1,835,000 | | 1,691,209 | |
| SLM Corp., 3.125%, 11/2/26 | | 865,000 | | 834,383 | |
| Sprint Corp., 7.625%, 2/15/25 | | 1,200,000 | | 1,336,956 | |
| Steel Dynamics, Inc., 3.25%, 1/15/31 | | 750,000 | | 763,652 | |
| Sysco Corp., 5.95%, 4/1/30 | | 584,000 | | 709,701 | |
| T-Mobile USA, Inc., 4.75%, 2/1/28 | | 1,225,000 | | 1,267,606 | |
| T-Mobile USA, Inc., 3.50%, 4/15/31 | | 523,000 | | 511,128 | |
T-Mobile USA, Inc., 3.50%, 4/15/31(1) | | 970,000 | | 947,981 | |
Tempur Sealy International, Inc., 3.875%, 10/15/31(1) | | 753,000 | | 703,607 | |
| Tenet Healthcare Corp., 6.75%, 6/15/23 | | 700,000 | | 734,041 | |
Tenet Healthcare Corp., 6.125%, 10/1/28(1) | | 445,000 | | 447,225 | |
| Time Warner Cable LLC, 4.50%, 9/15/42 | | 570,000 | | 577,930 | |
| TransDigm, Inc., 4.625%, 1/15/29 | | 1,650,000 | | 1,569,876 | |
Tronox, Inc., 4.625%, 3/15/29(1) | | 760,000 | | 732,014 | |
| United Airlines Pass Through Trust, Series 2020-1, Class B, 4.875%, 7/15/27 | | 483,840 | | 501,127 | |
United Airlines, Inc., 4.625%, 4/15/29(1) | | 343,000 | | 339,976 | |
United Natural Foods, Inc., 6.75%, 10/15/28(1) | | 795,000 | | 844,692 | |
US Foods, Inc., 4.75%, 2/15/29(1) | | 1,055,000 | | 1,037,302 | |
Venture Global Calcasieu Pass LLC, 3.875%, 11/1/33(1) | | 623,000 | | 617,558 | |
| Verizon Communications, Inc., 4.33%, 9/21/28 | | 330,000 | | 363,801 | |
| ViacomCBS, Inc., 4.375%, 3/15/43 | | 105,000 | | 111,571 | |
| Viatris, Inc., 4.00%, 6/22/50 | | 393,000 | | 389,097 | |
Victoria's Secret & Co., 4.625%, 7/15/29(1) | | 590,000 | | 569,456 | |
| Walmart, Inc., 0.18%, 7/15/22 | JPY | 450,000,000 | | 3,909,746 | |
| Wells Fargo & Co., VRN, 3.07%, 4/30/41 | | $ | 805,000 | | 778,060 | |
| Westinghouse Air Brake Technologies Corp., 4.95%, 9/15/28 | | 880,000 | | 980,396 | |
| | | 96,836,284 | |
TOTAL CORPORATE BONDS (Cost $173,341,346) |
| | 168,536,803 | |
| PREFERRED STOCKS — 5.4% |
|
|
|
| Bermuda — 0.2% | | | |
Aircastle Ltd., 5.25%(1) | | 1,875,000 | | 1,875,000 | |
| France — 1.8% | | | |
| Accor SA, 2.625% | | 1,300,000 | | 1,393,046 | |
| AXA SA, MTN, 6.69% | | 1,270,000 | | 1,997,797 | |
| BNP Paribas Cardif SA, 4.03% | | 1,400,000 | | 1,728,840 | |
| BNP Paribas SA, 4.625% | | 1,670,000 | | 1,645,785 | |
| Credit Agricole Assurances SA, 4.25% | | 1,900,000 | | 2,305,679 | |
| Electricite de France SA, 3.375% | | 1,600,000 | | 1,752,142 | |
| Orange SA, MTN, 2.375% | | 500,000 | | 579,514 | |
| TotalEnergies SE, MTN, 2.625% | | 2,900,000 | | 3,351,009 | |
| | | 14,753,812 | |
| Germany — 0.4% | | | |
| Allianz SE, 2.625% | | 800,000 | | 856,501 | |
Allianz SE, 3.20%(1) | | 2,305,000 | | 2,135,006 | |
| | | 2,991,507 | |
| | | |
| | | | | | | | | | | |
| Italy — 1.1% | | | |
| Assicurazioni Generali SpA, MTN, 4.60% | | 2,200,000 | | 2,679,567 | |
| Enel SpA, 2.25% | | 600,000 | | 680,761 | |
| Eni SpA, 3.375% | | 2,700,000 | | 3,086,399 | |
| Intesa Sanpaolo SpA, 3.75% | | 900,000 | | 972,279 | |
| Intesa Sanpaolo Vita SpA, 4.75% | | 1,000,000 | | 1,197,598 | |
| | | 8,616,604 | |
| Netherlands — 1.2% | | | |
| ING Groep NV, 3.875% | | 1,400,000 | | 1,284,500 | |
| Naturgy Finance BV, 2.37% | | 300,000 | | 333,746 | |
| Telefonica Europe BV, 2.875% | | 1,200,000 | | 1,329,533 | |
| Telefonica Europe BV, 2.38% | | 1,200,000 | | 1,254,656 | |
| Volkswagen International Finance NV, 3.875% | | 3,500,000 | | 4,101,074 | |
| Wintershall Dea Finance 2 BV, 3.00% | | 600,000 | | 627,640 | |
| Wintershall Dea Finance 2 BV, 2.50% | | 700,000 | | 742,286 | |
| | | 9,673,435 | |
| Spain — 0.2% | | | |
| Banco Santander SA, 4.75% | | 1,350,000 | | 1,300,725 | |
| Switzerland — 0.1% | | | |
UBS Group AG, 4.875%(1) | | 403,000 | | 403,443 | |
| United Kingdom — 0.1% | | | |
| SSE plc, 3.125% | | 1,000,000 | | 1,182,464 | |
| United States — 0.3% | | | |
| Air Lease Corp., 4.125% | | 1,485,000 | | 1,449,731 | |
| PNC Financial Services Group, Inc. (The), 3.40% | | 200,000 | | 188,998 | |
| SVB Financial Group, 4.25% | | 482,000 | | 475,373 | |
| | | 2,114,102 | |
TOTAL PREFERRED STOCKS (Cost $44,681,920) |
| | 42,911,092 | |
| COLLATERALIZED LOAN OBLIGATIONS — 2.8% |
|
|
|
Aimco CLO Ltd., Series 2019-10A, Class CR, VRN, 2.16%, (3-month LIBOR plus 1.90%), 7/22/32(1) | | 2,200,000 | | 2,200,005 | |
Aimco CLO Ltd., Series 2019-10A, Class DR, VRN, 3.16%, (3-month LIBOR plus 2.90%), 7/22/32(1) | | 750,000 | | 749,135 | |
Anchorage Capital CLO Ltd., Series 2021-19A, Class B1, VRN, 2.01%, (3-month LIBOR plus 1.85%), 10/15/34(1) | | 1,750,000 | | 1,752,452 | |
Ares XXXIX CLO Ltd., Series 2016-39A, Class CR2, VRN, 2.29%, (3-month LIBOR plus 2.05%), 4/18/31(1) | | 2,000,000 | | 2,001,998 | |
CarVal CLO III Ltd., Series 2019-2A, Class DR, VRN, 3.20%, (3-month LIBOR plus 2.95%), 7/20/32(1) | | 1,400,000 | | 1,403,831 | |
CBAM Ltd., Series 2018-7A, Class B1, VRN, 1.85%, (3-month LIBOR plus 1.60%), 7/20/31(1) | | 2,300,000 | | 2,292,010 | |
CIFC Funding Ltd., Series 2021-4A, Class C, VRN, 2.09%, (3-month LIBOR plus 1.85%), 7/15/33(1) | | 3,800,000 | | 3,775,672 | |
Elmwood CLO VIII Ltd., Series 2021-1A, Class C1, VRN, 2.20%, (3-month LIBOR plus 1.95%), 1/20/34(1) | | 1,775,000 | | 1,760,465 | |
Elmwood CLO VIII Ltd., Series 2021-1A, Class D1, VRN, 3.25%, (3-month LIBOR plus 3.00%), 1/20/34(1) | | 1,000,000 | | 1,005,206 | |
Magnetite VIII Ltd., Series 2014-8A, Class BR2, VRN, 1.74%, (3-month LIBOR plus 1.50%), 4/15/31(1) | | 2,050,000 | | 2,044,106 | |
Marathon Clo Ltd., Series 2021-17A, Class B1, VRN, 2.89%, (3-month LIBOR plus 2.68%), 1/20/35(1) | | 1,800,000 | | 1,801,724 | |
Symphony CLO XXII Ltd., Series 2020-22A, Class B, VRN, 1.94%, (3-month LIBOR plus 1.70%), 4/18/33(1) | | 1,500,000 | | 1,500,909 | |
TOTAL COLLATERALIZED LOAN OBLIGATIONS (Cost $22,269,965) |
| | 22,287,513 | |
| EXCHANGE-TRADED FUNDS — 2.5% |
|
|
|
| iShares JP Morgan USD Emerging Markets Bond ETF | | 76,000 | | 8,008,880 | |
| VanEck J. P. Morgan EM Local Currency Bond ETF | | 422,000 | | 12,111,400 | |
TOTAL EXCHANGE-TRADED FUNDS (Cost $21,347,331) |
| | 20,120,280 | |
| ASSET-BACKED SECURITIES — 1.6% |
|
|
|
Blackbird Capital Aircraft, Series 2021-1A, Class A SEQ, 2.44%, 7/15/46(1) | | 1,743,750 | | 1,701,146 | |
FirstKey Homes Trust, Series 2020-SFR2, Class E, 2.67%, 10/19/37(1) | | 5,800,000 | | 5,704,168 | |
Goodgreen Trust, Series 2018-1A, Class A, VRN, 3.93%, 10/15/53(1) | | 841,237 | | 863,957 | |
Goodgreen Trust, Series 2020-1A, Class A SEQ, 2.63%, 4/15/55(1) | | 1,651,355 | | 1,628,766 | |
Goodgreen Trust, Series 2021-1A, Class A SEQ, 2.66%, 10/15/56(1) | | 1,084,382 | | 1,060,502 | |
| | | | | | | | | | | |
Progress Residential Trust, Series 2020-SFR2, Class C, 3.08%, 6/17/37(1) | | 750,000 | | 752,931 | |
Sierra Timeshare Receivables Funding LLC, Series 2019-3A, Class D, 4.18%, 8/20/36(1) | | 771,271 | | 768,909 | |
Sierra Timeshare Receivables Funding LLC, Series 2021-1A, Class D, 3.17%, 11/20/37(1) | | 610,024 | | 605,778 | |
TOTAL ASSET-BACKED SECURITIES (Cost $13,241,140) |
| | 13,086,157 | |
BANK LOAN OBLIGATIONS(4) — 0.2% |
|
|
|
DirecTV Financing, LLC, Term Loan, 8/2/27(5) (Cost $1,533,825) |
| 1,530,000 | | 1,534,070 | |
| SHORT-TERM INVESTMENTS — 4.7% |
|
|
|
Commercial Paper(6) — 1.6% | | | |
Credit Agricole Corporate and Investment Bank, 0.06%, 2/1/22(1) | | 12,688,000 | | 12,687,977 | |
Money Market Funds† | | | |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | | 212,586 | | 212,586 | |
| Repurchase Agreements — 1.9% | | | |
| BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 2.25% - 6.00%, 4/30/24 - 2/15/49, valued at $ 3,491,612) in a joint trading account at 0.02%, dated 1/31/22, due 2/1/22 (Delivery value $ 3,430,943) | | | 3,430,941 | |
| Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 2.25%, 05/15/41, valued at $ 11,665,792) at 0.02%, dated 1/31/22, due 2/1/22 (Delivery value $ 11,437,006) | | | 11,437,000 | |
| | | 14,867,941 | |
| Treasury Bills — 1.2% | | | |
U.S. Treasury Bills, 0.04%, 3/10/22(6)(7) | | 10,000,000 | | 9,999,715 | |
TOTAL SHORT-TERM INVESTMENTS (Cost $37,768,074) | | | 37,768,219 | |
TOTAL INVESTMENT SECURITIES — 99.9% (Cost $789,199,395) |
|
| 795,857,409 | |
| OTHER ASSETS AND LIABILITIES — 0.1% |
|
| 723,569 | |
| TOTAL NET ASSETS — 100.0% |
|
| $ | 796,580,978 | |
| | | | | | | | | | | | | | | | | | | | |
| FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS | |
| Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) |
| AUD | 6,196,165 | | USD | 4,465,204 | | Bank of America N.A. | 3/16/22 | $ | (83,380) | |
| USD | 5,454,358 | | AUD | 7,604,224 | | Bank of America N.A. | 3/16/22 | 76,778 | |
| USD | 3,794,303 | | AUD | 5,326,982 | | UBS AG | 3/16/22 | 27,150 | |
| BRL | 4,522,047 | | USD | 794,415 | | Goldman Sachs & Co. | 3/16/22 | 48,020 | |
| CAD | 11,957,993 | | USD | 9,402,934 | | Bank of America N.A. | 3/16/22 | 3,739 | |
| USD | 575,207 | | CAD | 735,192 | | Bank of America N.A. | 3/16/22 | (3,127) | |
| CHF | 2,491,939 | | USD | 2,708,983 | | Morgan Stanley | 3/16/22 | (16,669) | |
| CLP | 542,940,613 | | USD | 640,593 | | Goldman Sachs & Co. | 3/16/22 | 33,666 | |
| CNY | 7,193,419 | | USD | 1,131,583 | | Morgan Stanley | 3/16/22 | (5,842) | |
| USD | 13,345,248 | | CNY | 85,216,084 | | Morgan Stanley | 3/16/22 | 9,277 | |
| COP | 36,430,977,321 | | USD | 9,236,712 | | Goldman Sachs & Co. | 3/16/22 | (55,201) | |
| USD | 7,880,804 | | COP | 31,442,437,523 | | Goldman Sachs & Co. | 3/16/22 | (43,471) | |
| USD | 1,061,989 | | CZK | 24,024,150 | | UBS AG | 3/16/22 | (42,122) | |
| DKK | 11,630,065 | | USD | 1,766,615 | | UBS AG | 3/16/22 | (8,966) | |
| DKK | 17,438,750 | | USD | 2,665,775 | | UBS AG | 3/16/22 | (30,260) | |
| DKK | 12,723,685 | | USD | 1,959,141 | | UBS AG | 3/16/22 | (36,213) | |
| USD | 8,532,053 | | DKK | 55,912,081 | | UBS AG | 3/16/22 | 82,071 | |
| EUR | 93,810,039 | | USD | 106,171,106 | | JPMorgan Chase Bank N.A. | 3/16/22 | (682,529) | |
| EUR | 15,000 | | USD | 17,000 | | JPMorgan Chase Bank N.A. | 3/16/22 | (132) | |
| EUR | 1,754,548 | | USD | 2,015,649 | | JPMorgan Chase Bank N.A. | 3/16/22 | (42,675) | |
| EUR | 55,000 | | USD | 62,499 | | JPMorgan Chase Bank N.A. | 3/16/22 | (652) | |
| EUR | 29,412 | | USD | 33,195 | | JPMorgan Chase Bank N.A. | 3/16/22 | (121) | |
| EUR | 12,843 | | USD | 14,504 | | JPMorgan Chase Bank N.A. | 3/16/22 | (62) | |
| USD | 2,330,389 | | EUR | 2,063,277 | | JPMorgan Chase Bank N.A. | 3/16/22 | 10,252 | |
| USD | 6,507,789 | | EUR | 5,725,966 | | JPMorgan Chase Bank N.A. | 3/16/22 | 68,990 | |
| | | | | | | | | | | | | | | | | | | | |
| USD | 1,057,471 | | EUR | 934,520 | | JPMorgan Chase Bank N.A. | 3/16/22 | 6,611 | |
| USD | 548,379 | | EUR | 491,201 | | JPMorgan Chase Bank N.A. | 3/16/22 | (3,973) | |
| USD | 439,952 | | EUR | 391,881 | | JPMorgan Chase Bank N.A. | 3/16/22 | (715) | |
| GBP | 11,948,429 | | USD | 15,800,722 | | Bank of America N.A. | 3/16/22 | 264,634 | |
| HUF | 1,672,322,464 | | USD | 5,133,209 | | UBS AG | 3/16/22 | 129,249 | |
| USD | 4,218,751 | | HUF | 1,350,358,931 | | UBS AG | 3/16/22 | (30,554) | |
| IDR | 32,365,902,064 | | USD | 2,235,986 | | Goldman Sachs & Co. | 3/16/22 | 15,528 | |
| ILS | 6,310,895 | | USD | 2,040,083 | | UBS AG | 3/16/22 | (44,687) | |
| JPY | 11,872,033,802 | | USD | 104,562,567 | | Bank of America N.A. | 3/16/22 | (1,357,818) | |
| JPY | 147,504,803 | | USD | 1,297,527 | | Bank of America N.A. | 3/16/22 | (15,253) | |
| USD | 670,330 | | JPY | 75,983,886 | | Bank of America N.A. | 3/16/22 | 9,794 | |
| USD | 2,245,787 | | JPY | 256,027,661 | | Bank of America N.A. | 3/16/22 | 20,113 | |
| USD | 1,426,423 | | JPY | 163,473,086 | | Bank of America N.A. | 3/16/22 | 5,335 | |
| KRW | 18,126,452,165 | | USD | 15,438,593 | | Goldman Sachs & Co. | 3/16/22 | (419,957) | |
| MXN | 169,131,976 | | USD | 7,940,916 | | JPMorgan Chase Bank N.A. | 3/16/22 | 199,923 | |
| MXN | 68,052,147 | | USD | 3,224,212 | | JPMorgan Chase Bank N.A. | 3/16/22 | 51,346 | |
| USD | 4,237,116 | | MXN | 87,619,324 | | JPMorgan Chase Bank N.A. | 3/16/22 | 19,730 | |
| USD | 3,994,629 | | MXN | 82,781,899 | | JPMorgan Chase Bank N.A. | 3/16/22 | 10,083 | |
| USD | 2,183,295 | | MXN | 44,866,502 | | JPMorgan Chase Bank N.A. | 3/16/22 | 23,734 | |
| USD | 892,290 | | MYR | 3,769,032 | | Goldman Sachs & Co. | 3/16/22 | (9,078) | |
| NOK | 4,276,925 | | USD | 475,649 | | UBS AG | 3/16/22 | 4,873 | |
| NZD | 1,518,730 | | USD | 1,029,434 | | Bank of America N.A. | 3/16/22 | (30,811) | |
| NZD | 11,943,068 | | USD | 8,129,885 | | JPMorgan Chase Bank N.A. | 3/16/22 | (276,866) | |
| USD | 3,704,357 | | NZD | 5,383,701 | | JPMorgan Chase Bank N.A. | 3/16/22 | 164,371 | |
| USD | 4,048,247 | | NZD | 5,940,655 | | JPMorgan Chase Bank N.A. | 3/16/22 | 142,042 | |
| USD | 2,525,678 | | NZD | 3,785,749 | | JPMorgan Chase Bank N.A. | 3/16/22 | 36,404 | |
| USD | 2,528,740 | | NZD | 3,785,749 | | JPMorgan Chase Bank N.A. | 3/16/22 | 39,467 | |
| USD | 3,913,707 | | NZD | 5,867,961 | | JPMorgan Chase Bank N.A. | 3/16/22 | 55,301 | |
| PEN | 2,680,939 | | USD | 654,638 | | Goldman Sachs & Co. | 3/16/22 | 39,626 | |
| PLN | 14,206,769 | | USD | 3,467,671 | | UBS AG | 3/16/22 | 3,323 | |
| USD | 4,148,376 | | PLN | 16,836,600 | | UBS AG | 3/16/22 | 34,863 | |
| RON | 4,028,313 | | USD | 913,243 | | Goldman Sachs & Co. | 3/16/22 | (891) | |
| RUB | 487,914,261 | | USD | 6,383,806 | | Goldman Sachs & Co. | 3/16/22 | (148,015) | |
| RUB | 153,420,710 | | USD | 2,040,788 | | Goldman Sachs & Co. | 3/16/22 | (79,994) | |
| USD | 6,140,507 | | RUB | 480,003,469 | | Goldman Sachs & Co. | 3/16/22 | 5,821 | |
| SEK | 37,901,266 | | USD | 4,203,113 | | UBS AG | 3/16/22 | (136,813) | |
| USD | 342,640 | | SGD | 468,037 | | Bank of America N.A. | 3/16/22 | (3,755) | |
| USD | 3,092,478 | | THB | 103,613,472 | | Goldman Sachs & Co. | 3/16/22 | (19,074) | |
| | | | | | $ | (1,987,562) | |
| | | | | | | | | | | | | | |
| FUTURES CONTRACTS PURCHASED |
| Reference Entity | Contracts | Expiration
Date | Notional
Amount | Unrealized
Appreciation
(Depreciation)^ |
| Euro-Bobl 5-Year Bonds | 546 | | March 2022 | $ | 81,116,530 | | $ | (1,098,882) | |
| Euro-OAT 10-Year Bonds | 162 | | March 2022 | 29,303,652 | | (819,259) | |
| Japanese 10-Year Government Bonds | 56 | | March 2022 | 73,343,065 | | (603,893) | |
| Korean Treasury 10-Year Bonds | 155 | | March 2022 | 15,524,430 | | (549,283) | |
| U.K. Gilt 10-Year Bonds | 214 | | March 2022 | 35,101,123 | | (952,601) | |
| U.S. Treasury 2-Year Notes | 92 | | March 2022 | 19,932,375 | | (161,320) | |
| | | $ | 254,321,175 | | $ | (4,185,238) | |
^Amount represents value and unrealized appreciation (depreciation).
| | | | | | | | | | | | | | |
| FUTURES CONTRACTS SOLD |
| Reference Entity | Contracts | Expiration
Date | Notional
Amount | Unrealized
Appreciation
(Depreciation)^ |
| Euro-Bund 10-Year Bonds | 71 | | March 2022 | $ | 13,489,055 | | $ | 374,780 | |
| Euro-Buxl 30-Year Bonds | 15 | | March 2022 | 3,425,962 | | 218,711 | |
| U.S. Treasury 5-Year Notes | 329 | | March 2022 | 39,217,828 | | 424,527 | |
| U.S. Treasury 10-Year Notes | 454 | | March 2022 | 58,097,813 | | (24,977) | |
| U.S. Treasury 10-Year Ultra Notes | 451 | | March 2022 | 64,415,484 | | 555,824 | |
| U.S. Treasury Long Bonds | 152 | | March 2022 | 23,655,000 | | 416,446 | |
| U.S. Treasury Ultra Bonds | 13 | | March 2022 | 2,456,187 | | 54,738 | |
| | | $ | 204,757,329 | | $ | 2,020,049 | |
^Amount represents value and unrealized appreciation (depreciation).
| | | | | | | | | | | | | | | | | | | | | | | |
CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS§ |
| Reference Entity | Type | Fixed Rate Received (Paid) Quarterly | Termination Date | Notional Amount | Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | Value^ |
| Markit CDX North America High Yield Index Series 35 | Buy | (5.00)% | 12/20/25 | $ | 42,300,000 | | $ | (2,984,475) | | $ | (76,782) | | $ | (3,061,257) | |
| Markit CDX North America High Yield Index Series 36 | Buy | (5.00)% | 6/20/26 | $ | 12,000,000 | | (1,027,603) | | 137,303 | | (890,300) | |
| | | | | $ | (4,012,078) | | $ | 60,521 | | $ | (3,951,557) | |
§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.
| | | | | | | | | | | | | | | | | | | | | | | |
| INTEREST RATE SWAP AGREEMENTS |
| Counterparty | Floating
Rate Index | Pay/Receive
Floating Rate
Index
Monthly | Fixed Rate | Termination
Date | Notional
Amount | Value* |
| Goldman Sachs & Co. | BZDIOVRA | Pay | 7.31% | 1/2/24 | BRL | 59,213,018 | | $ | (763,574) | |
*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 | 1.78% | 8/5/24 | $ | 3,250,000 | | $ | (526) | | $ | 280,340 | | $ | 279,814 | |
| CPURNSA | Receive | 2.30% | 2/24/26 | $ | 8,000,000 | | 548 | | 604,699 | | 605,247 | |
| CPURNSA | Receive | 2.29% | 2/24/26 | $ | 8,000,000 | | 549 | | 609,351 | | 609,900 | |
| | | | | $ | 571 | | $ | 1,494,390 | | $ | 1,494,961 | |
| | | | | | | | |
| NOTES TO SCHEDULE OF INVESTMENTS |
| AUD | - | Australian Dollar |
| BRL | - | Brazilian Real |
| BZDIOVRA | - | Brazil Interbank Deposit Rate |
| CAD | - | Canadian Dollar |
| CDX | - | Credit Derivatives Indexes |
| CHF | - | Swiss Franc |
| CLP | - | Chilean Peso |
| CNY | - | Chinese Yuan |
| COP | - | Colombian Peso |
| CPI | - | Consumer Price Index |
| CPURNSA | - | U.S. Consumer Price Index Urban Consumers Not Seasonally Adjusted Index |
| CZK | - | Czech Koruna |
| DKK | - | Danish Krone |
| EUR | - | Euro |
| GBP | - | British Pound |
| HUF | - | Hungarian Forint |
| IDR | - | Indonesian Rupiah |
| ILS | - | Israeli Shekel |
| JPY | - | Japanese Yen |
| KRW | - | South Korean Won |
| LIBOR | - | London Interbank Offered Rate |
| MTN | - | Medium Term Note |
| MXN | - | Mexican Peso |
| MYR | - | Malaysian Ringgit |
| NOK | - | Norwegian Krone |
| NZD | - | New Zealand Dollar |
| PEN | - | Peruvian Sol |
| PLN | - | Polish Zloty |
| RON | - | New Romanian Leu |
| RUB | - | Russian Ruble |
| SEK | - | Swedish Krona |
| SEQ | - | Sequential Payer |
| SGD | - | Singapore Dollar |
| THB | - | Thai Baht |
| 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. |
†Category is less than 0.05% of total net assets.
(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 $192,512,450, which represented 24.2% 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)Perpetual maturity with no stated maturity date.
(4)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.
(5)The interest rate will be determined upon settlement of the bank loan obligation after period end.
(6)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.
(7)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 $8,697,575.
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 Board of Trustees has adopted valuation policies and procedures to guide the investment advisor in the fund’s investment valuation process and to provide methodologies for the oversight of the fund’s pricing function.
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. 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. 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. Equity 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.
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. Hybrid 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.
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. Investments 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.
If the fund determines that the market price for an investment is not readily available or the valuation methods mentioned above do not reflect an investment’s fair value, such investment is valued as determined in good faith by the Board of Trustees or its delegate, in accordance with policies and procedures adopted by the Board of Trustees. In its determination of fair value, the fund may review several factors including, but not limited to, market information regarding the specific investment or comparable investments and correlation with other investment types, futures indices or general market indicators. Circumstances that may cause the fund to use these procedures to value an investment include, but are not limited to: an investment has been declared in default or is distressed; trading in a security has been suspended during the trading day or a security is not actively trading on its principal exchange; prices received from a regular pricing source are deemed unreliable; or there is a foreign market holiday and no trading occurred.
The fund 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; 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 fund also monitors for significant fluctuations between domestic and foreign markets, as evidenced by the U.S. market or such other indicators that the Board of Trustees, or its delegate, deems appropriate. The fund 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 | — | | 489,613,275 | | — | |
| Corporate Bonds | — | | 168,536,803 | | — | |
| Preferred Stocks | — | | 42,911,092 | | — | |
| Collateralized Loan Obligations | — | | 22,287,513 | | — | |
| Exchange-Traded Funds | 20,120,280 | | — | | — | |
| Asset-Backed Securities | — | | 13,086,157 | | — | |
| Bank Loan Obligations | — | | 1,534,070 | | — | |
| Short-Term Investments | 212,586 | | 37,555,633 | | — | |
| 20,332,866 | | 775,524,543 | | — | |
| Other Financial Instruments | | | |
| Futures Contracts | 1,451,535 | | 593,491 | | — | |
| Swap Agreements | — | | 1,494,961 | | — | |
| Forward Foreign Currency Exchange Contracts | — | | 1,642,114 | | — | |
| 1,451,535 | | 3,730,566 | | — | |
| Liabilities | | | |
| Other Financial Instruments | | | |
| Futures Contracts | 186,297 | | 4,023,918 | | — | |
| Swap Agreements | — | | 4,715,131 | | — | |
| Forward Foreign Currency Exchange Contracts | — | | 3,629,676 | | — | |
| 186,297 | | 12,368,725 | | — | |
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.
