American Century Investments®
Quarterly Portfolio Holdings
International Bond Fund
July 31, 2022
| | |
| International Bond - Schedule of Investments |
| JULY 31, 2022 (UNAUDITED) |
| | | | | | | | | | | |
| | Shares/
Principal Amount ($) | Value ($) |
| SOVEREIGN GOVERNMENTS AND AGENCIES — 57.7% | | | |
| Australia — 3.6% | | | |
| Australia Government Bond, 2.75%, 4/21/24 | AUD | 19,437,000 | | 13,647,172 | |
| Australia Government Bond, 0.50%, 9/21/26 | AUD | 4,000,000 | | 2,546,883 | |
| Australia Government Bond, 1.50%, 6/21/31 | AUD | 6,500,000 | | 4,001,503 | |
| Australia Government Bond, 3.00%, 3/21/47 | AUD | 2,140,000 | | 1,386,748 | |
| New South Wales Treasury Corp., 3.00%, 3/20/28 | AUD | 4,748,000 | | 3,272,813 | |
| | | 24,855,119 | |
| Austria — 0.8% | | | |
Republic of Austria Government Bond, 0.75%, 10/20/26(1) | EUR | 2,352,000 | | 2,417,064 | |
Republic of Austria Government Bond, 4.15%, 3/15/37(1) | EUR | 2,220,000 | | 3,003,345 | |
| | | 5,420,409 | |
| Belgium — 0.6% | | | |
Kingdom of Belgium Government Bond, 4.25%, 3/28/41(1) | EUR | 576,000 | | 795,154 | |
Kingdom of Belgium Government Bond, 1.60%, 6/22/47(1) | EUR | 3,979,000 | | 3,716,254 | |
| | | 4,511,408 | |
| Canada — 3.9% | | | |
| Canadian Government Bond, 0.25%, 4/1/24 | CAD | 4,000,000 | | 2,988,685 | |
| Canadian Government Bond, 0.50%, 12/1/30 | CAD | 16,700,000 | | 10,990,532 | |
| Canadian Government Bond, 2.75%, 12/1/48 | CAD | 1,250,000 | | 969,942 | |
| Canadian Government Bond, 2.00%, 12/1/51 | CAD | 2,200,000 | | 1,451,651 | |
| Province of Ontario Canada, 2.85%, 6/2/23 | CAD | 549,000 | | 427,418 | |
| Province of Quebec Canada, 5.75%, 12/1/36 | CAD | 8,744,000 | | 8,413,639 | |
| Province of Quebec Canada, 5.00%, 12/1/41 | CAD | 800,000 | | 729,477 | |
| Province of Quebec Canada, 3.50%, 12/1/48 | CAD | 1,751,000 | | 1,309,769 | |
| | | 27,281,113 | |
| China — 7.3% | | | |
| China Development Bank, 3.50%, 8/13/26 | CNY | 35,260,000 | | 5,396,370 | |
| China Development Bank, 3.50%, 8/13/26 | CNY | 23,000,000 | | 3,520,147 | |
| China Government Bond, 3.25%, 6/6/26 | CNY | 120,400,000 | | 18,422,486 | |
| China Government Bond, 2.68%, 5/21/30 | CNY | 78,200,000 | | 11,509,758 | |
| China Government Bond, 3.86%, 7/22/49 | CNY | 30,900,000 | | 5,037,533 | |
| China Government Bond, 3.39%, 3/16/50 | CNY | 24,800,000 | | 3,726,640 | |
| China Government Bond, 3.81%, 9/14/50 | CNY | 20,000,000 | | 3,240,428 | |
| | | 50,853,362 | |
| Czech Republic — 0.3% | | | |
Czech Republic Government Bond, 4.70%, 9/12/22(1) | CZK | 58,020,000 | | 2,405,580 | |
| Denmark — 0.1% | | | |
| Denmark Government Bond, 0.25%, 11/15/52 | DKK | 8,000,000 | | 786,924 | |
| Finland — 0.7% | | | |
Finland Government Bond, 0.125%, 4/15/36(1) | EUR | 2,500,000 | | 2,105,173 | |
Finland Government Bond, 1.375%, 4/15/47(1) | EUR | 2,390,000 | | 2,317,473 | |
Finland Government Bond, 0.125%, 4/15/52(1) | EUR | 600,000 | | 399,693 | |
| | | 4,822,339 | |
| France — 5.5% | | | |
| French Republic Government Bond OAT, 1.75%, 11/25/24 | EUR | 234,680 | | 247,147 | |
| French Republic Government Bond OAT, 5.50%, 4/25/29 | EUR | 346,000 | | 458,215 | |
French Republic Government Bond OAT, 0.00%, 11/25/29(2) | EUR | 1,850,000 | | 1,754,370 | |
| French Republic Government Bond OAT, 2.50%, 5/25/30 | EUR | 3,535,000 | | 4,012,027 | |
| French Republic Government Bond OAT, 1.50%, 5/25/31 | EUR | 1,460,000 | | 1,535,160 | |
| | | | | | | | | | | |
French Republic Government Bond OAT, 0.00%, 5/25/32(2) | EUR | 24,750,000 | | 22,297,804 | |
| French Republic Government Bond OAT, 5.75%, 10/25/32 | EUR | 1,060,000 | | 1,542,253 | |
| French Republic Government Bond OAT, 3.25%, 5/25/45 | EUR | 4,688,000 | | 6,004,561 | |
| French Republic Government Bond OAT, 0.75%, 5/25/52 | EUR | 750,000 | | 562,469 | |
| | | 38,414,006 | |
| Germany — 3.0% | | | |
Bundesobligation, 0.00%, 4/16/27(2) | EUR | 13,500,000 | | 13,506,462 | |
Bundesrepublik Deutschland Bundesanleihe, 0.00%, 2/15/32(2) | EUR | 4,000,000 | | 3,803,619 | |
Bundesrepublik Deutschland Bundesanleihe, 0.00%, 8/15/50(2) | EUR | 4,150,000 | | 3,162,085 | |
| | | 20,472,166 | |
| Greece — 0.3% | | | |
Hellenic Republic Government Bond, 1.50%, 6/18/30(1) | EUR | 2,000,000 | | 1,836,916 | |
| Indonesia — 0.6% | | | |
| Indonesia Treasury Bond, 6.375%, 4/15/32 | IDR | 64,000,000,000 | | 4,131,829 | |
| Ireland — 1.4% | | | |
| Ireland Government Bond, 1.10%, 5/15/29 | EUR | 4,650,000 | | 4,775,119 | |
Ireland Government Bond, 0.00%, 10/18/31(2) | EUR | 750,000 | | 677,093 | |
| Ireland Government Bond, 0.40%, 5/15/35 | EUR | 4,500,000 | | 3,959,587 | |
| Ireland Government Bond, 1.50%, 5/15/50 | EUR | 60,000 | | 55,196 | |
| | | 9,466,995 | |
| Italy — 4.6% | | | |
| Italy Buoni Poliennali Del Tesoro, 1.50%, 6/1/25 | EUR | 8,152,000 | | 8,282,523 | |
| Italy Buoni Poliennali Del Tesoro, 2.00%, 12/1/25 | EUR | 5,382,000 | | 5,527,509 | |
Italy Buoni Poliennali Del Tesoro, 0.00%, 4/1/26(2) | EUR | 5,350,000 | | 5,089,294 | |
| Italy Buoni Poliennali Del Tesoro, 0.25%, 3/15/28 | EUR | 5,400,000 | | 4,892,610 | |
| Italy Buoni Poliennali Del Tesoro, 1.35%, 4/1/30 | EUR | 1,450,000 | | 1,341,452 | |
Italy Buoni Poliennali Del Tesoro, 4.75%, 9/1/44(1) | EUR | 5,194,000 | | 6,482,296 | |
| | | 31,615,684 | |
| Japan — 7.8% | | | |
| Japan Government Thirty Year Bond, 2.40%, 3/20/37 | JPY | 1,377,400,000 | | 13,050,706 | |
| Japan Government Thirty Year Bond, 2.00%, 9/20/41 | JPY | 2,137,950,000 | | 19,422,700 | |
| Japan Government Thirty Year Bond, 1.40%, 12/20/45 | JPY | 96,350,000 | | 785,308 | |
| Japan Government Thirty Year Bond, 0.70%, 9/20/51 | JPY | 1,435,000,000 | | 9,523,377 | |
| Japan Government Thirty Year Bond, 0.70%, 12/20/51 | JPY | 690,000,000 | | 4,580,761 | |
| Japan Government Thirty Year Bond, 1.00%, 3/20/52 | JPY | 221,000,000 | | 1,585,429 | |
| Japan Government Twenty Year Bond, 0.30%, 12/20/39 | JPY | 427,200,000 | | 2,987,256 | |
| Japan Government Twenty Year Bond, 0.50%, 12/20/41 | JPY | 316,000,000 | | 2,236,924 | |
| | | 54,172,461 | |
| Jordan — 0.1% | | | |
Jordan Government International Bond, 7.75%, 1/15/28(1) | | $ | 900,000 | | 879,188 | |
| Malaysia — 0.7% | | | |
| Malaysia Government Bond, 3.96%, 9/15/25 | MYR | 20,675,000 | | 4,698,156 | |
| Mexico — 0.3% | | | |
| Mexican Bonos, 7.75%, 5/29/31 | MXN | 44,200,000 | | 2,047,731 | |
| Netherlands — 1.6% | | | |
Netherlands Government Bond, 0.50%, 7/15/26(1) | EUR | 7,639,000 | | 7,783,927 | |
Netherlands Government Bond, 0.00%, 7/15/31(1)(2) | EUR | 1,700,000 | | 1,590,582 | |
Netherlands Government Bond, 2.75%, 1/15/47(1) | EUR | 913,000 | | 1,206,182 | |
Netherlands Government Bond, 0.00%, 1/15/52(1)(2) | EUR | 1,000,000 | | 684,555 | |
| | | 11,265,246 | |
| New Zealand — 3.5% | | | |
| New Zealand Government Bond, 0.50%, 5/15/24 | NZD | 38,803,000 | | 23,237,078 | |
| New Zealand Government Bond, 1.50%, 5/15/31 | NZD | 2,180,000 | | 1,175,446 | |
| | | 24,412,524 | |
| | | |
| | | | | | | | | | | |
| Norway — 0.1% | | | |
Norway Government Bond, 1.75%, 9/6/29(1) | NOK | 8,270,000 | | 801,973 | |
| Poland — 0.4% | | | |
| Republic of Poland Government Bond, 4.00%, 10/25/23 | PLN | 12,035,000 | | 2,518,391 | |
| Portugal — 0.2% | | | |
Portugal Obrigacoes do Tesouro OT, 4.10%, 2/15/45(1) | EUR | 950,000 | | 1,278,892 | |
| Singapore — 0.4% | | | |
| Singapore Government Bond, 2.875%, 7/1/29 | SGD | 3,760,000 | | 2,766,937 | |
| Spain — 3.3% | | | |
Spain Government Bond, 4.40%, 10/31/23(1) | EUR | 2,275,000 | | 2,434,704 | |
Spain Government Bond, 1.60%, 4/30/25(1) | EUR | 4,823,000 | | 5,053,265 | |
Spain Government Bond, 0.00%, 1/31/28(2) | EUR | 2,000,000 | | 1,915,910 | |
Spain Government Bond, 5.15%, 10/31/28(1) | EUR | 3,933,000 | | 4,951,287 | |
Spain Government Bond, 0.10%, 4/30/31(1) | EUR | 3,750,000 | | 3,345,860 | |
Spain Government Bond, 1.85%, 7/30/35(1) | EUR | 800,000 | | 797,038 | |
Spain Government Bond, 5.15%, 10/31/44(1) | EUR | 380,000 | | 578,333 | |
Spain Government Bond, 2.70%, 10/31/48(1) | EUR | 3,210,000 | | 3,458,370 | |
| | | 22,534,767 | |
| Sweden — 0.2% | | | |
| Sweden Government Bond, 3.50%, 3/30/39 | SEK | 9,400,000 | | 1,216,927 | |
| Switzerland — 0.8% | | | |
| Swiss Confederation Government Bond, 0.50%, 5/27/30 | CHF | 1,233,000 | | 1,318,798 | |
| Swiss Confederation Government Bond, 2.50%, 3/8/36 | CHF | 2,995,000 | | 3,925,986 | |
| | | 5,244,784 | |
| Thailand — 0.9% | | | |
| Thailand Government Bond, 3.85%, 12/12/25 | THB | 210,450,000 | | 6,047,590 | |
| United Kingdom — 4.7% | | | |
| United Kingdom Gilt, 0.125%, 1/30/26 | GBP | 5,000,000 | | 5,784,996 | |
| United Kingdom Gilt, 4.75%, 12/7/30 | GBP | 2,520,000 | | 3,797,133 | |
| United Kingdom Gilt, 0.25%, 7/31/31 | GBP | 3,900,000 | | 4,118,714 | |
| United Kingdom Gilt, 1.00%, 1/31/32 | GBP | 3,500,000 | | 3,921,892 | |
| United Kingdom Gilt, 4.50%, 12/7/42 | GBP | 4,128,000 | | 6,654,785 | |
| United Kingdom Gilt, 4.25%, 12/7/49 | GBP | 2,016,000 | | 3,324,214 | |
| United Kingdom Gilt, 4.25%, 12/7/55 | GBP | 2,990,000 | | 5,218,424 | |
| | | 32,820,158 | |
TOTAL SOVEREIGN GOVERNMENTS AND AGENCIES (Cost $444,050,199) |
| | 399,579,575 | |
| CORPORATE BONDS — 18.9% |
|
|
|
| Belgium — 0.1% | | | |
| Anheuser-Busch InBev SA, 1.65%, 3/28/31 | EUR | 1,000,000 | | 987,509 | |
Bermuda† | | | |
Aircastle Ltd., 5.25%, 8/11/25(1) | | $ | 243,000 | | 238,070 | |
| Canada — 0.3% | | | |
| Cenovus Energy, Inc., 2.65%, 1/15/32 | | 270,000 | | 232,577 | |
| Royal Bank of Canada, 0.625%, 9/10/25 | EUR | 1,500,000 | | 1,503,627 | |
| Toronto-Dominion Bank, 4.46%, 6/8/32 | | $ | 354,000 | | 361,232 | |
| Waste Connections, Inc., 3.20%, 6/1/32 | | 165,000 | | 153,683 | |
| | | 2,251,119 | |
Cayman Islands† | | | |
Avolon Holdings Funding Ltd., 4.375%, 5/1/26(1) | | 125,000 | | 116,781 | |
| France — 2.3% | | | |
| Arkea Home Loans SFH SA, 0.01%, 10/4/30 | EUR | 1,500,000 | | 1,341,857 | |
| Banque Federative du Credit Mutuel SA, 0.25%, 7/19/28 | EUR | 500,000 | | 449,702 | |
| Banque Federative du Credit Mutuel SA, 1.875%, 6/18/29 | EUR | 600,000 | | 568,331 | |
| BNP Paribas SA, VRN, 2.00%, 5/24/31 | GBP | 1,400,000 | | 1,545,372 | |
| | | | | | | | | | | |
| BPCE SA, 2.875%, 4/22/26 | EUR | 100,000 | | 103,798 | |
| BPCE SFH SA, 0.125%, 12/3/30 | EUR | 3,000,000 | | 2,700,664 | |
| Cie de Financement Foncier SA, 1.20%, 4/29/31 | EUR | 1,500,000 | | 1,472,533 | |
| Credit Agricole Assurances SA, VRN, 2.625%, 1/29/48 | EUR | 1,000,000 | | 953,999 | |
| Credit Agricole Public Sector SCF SA, 0.125%, 12/8/31 | EUR | 4,000,000 | | 3,524,187 | |
| Credit Mutuel Arkea SA, 1.125%, 5/23/29 | EUR | 400,000 | | 376,366 | |
| La Banque Postale SA, VRN, 0.75%, 8/2/32 | EUR | 800,000 | | 704,563 | |
| Orange SA, 5.25%, 12/5/25 | GBP | 150,000 | | 196,274 | |
| Societe Generale SA, 1.25%, 12/7/27 | GBP | 1,700,000 | | 1,806,194 | |
| Societe Generale SFH SA, 0.75%, 1/29/27 | EUR | 300,000 | | 298,653 | |
| | | 16,042,493 | |
| Germany — 1.2% | | | |
| Bayer AG, VRN, 2.375%, 11/12/79 | EUR | 1,500,000 | | 1,421,683 | |
| Commerzbank AG, VRN, 4.00%, 12/5/30 | EUR | 1,100,000 | | 1,101,921 | |
| Deutsche Bank AG, 2.625%, 12/16/24 | GBP | 1,500,000 | | 1,750,908 | |
| Deutsche Bank AG, VRN, 2.31%, 11/16/27 | | $ | 416,000 | | 361,682 | |
| Deutsche Bank AG, VRN, 4.30%, 5/24/28 | | 1,331,000 | | 1,244,667 | |
| Deutsche Telekom AG, 1.375%, 7/5/34 | EUR | 700,000 | | 669,962 | |
| Kreditanstalt fuer Wiederaufbau, 0.01%, 5/5/27 | EUR | 1,000,000 | | 973,350 | |
| Mercedes-Benz Group AG, 1.00%, 11/15/27 | EUR | 1,000,000 | | 991,594 | |
| | | 8,515,767 | |
| Ireland — 0.3% | | | |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.00%, 10/29/28 | | $ | 232,000 | | 203,713 | |
| Bank of Ireland Group PLC, VRN, 2.375%, 10/14/29 | EUR | 800,000 | | 780,156 | |
| GE Capital International Funding Co. Unlimited Co., 4.42%, 11/15/35 | | $ | 770,000 | | 761,270 | |
| | | 1,745,139 | |
| Italy — 0.6% | | | |
| Intesa Sanpaolo SpA, 3.93%, 9/15/26 | EUR | 1,600,000 | | 1,656,725 | |
| Telecom Italia SpA, 4.00%, 4/11/24 | EUR | 1,000,000 | | 1,020,807 | |
UniCredit SpA, VRN, 5.86%, 6/19/32(1) | | $ | 1,440,000 | | 1,289,323 | |
| | | 3,966,855 | |
| Luxembourg — 1.2% | | | |
| European Financial Stability Facility, 0.40%, 5/31/26 | EUR | 3,370,000 | | 3,364,663 | |
| European Financial Stability Facility, 2.75%, 12/3/29 | EUR | 2,000,000 | | 2,239,994 | |
| European Financial Stability Facility, 2.35%, 7/29/44 | EUR | 1,531,000 | | 1,699,965 | |
| Telecom Italia Capital SA, 6.375%, 11/15/33 | | $ | 1,155,000 | | 965,950 | |
| | | 8,270,572 | |
| Mexico — 0.1% | | | |
Minera Mexico SA de CV, 4.50%, 1/26/50(1) | | 800,000 | | 633,708 | |
| Multinational — 0.2% | | | |
American Airlines, Inc. / AAdvantage Loyalty IP Ltd., 5.50%, 4/20/26(1) | | 1,199,769 | | 1,181,617 | |
| Netherlands — 0.5% | | | |
| Deutsche Telekom International Finance BV, 1.25%, 10/6/23 | GBP | 1,150,000 | | 1,374,999 | |
| ING Groep NV, 2.125%, 1/10/26 | EUR | 1,500,000 | | 1,544,363 | |
| Siemens Financieringsmaatschappij NV, 1.00%, 2/20/25 | GBP | 200,000 | | 233,176 | |
| | | 3,152,538 | |
| Norway — 0.3% | | | |
| Equinor ASA, 0.875%, 2/17/23 | EUR | 1,950,000 | | 1,995,953 | |
| Portugal — 0.3% | | | |
| Caixa Geral de Depositos SA, VRN, 0.375%, 9/21/27 | EUR | 1,000,000 | | 921,060 | |
| EDP - Energias de Portugal SA, VRN, 1.70%, 7/20/80 | EUR | 1,500,000 | | 1,385,493 | |
| | | 2,306,553 | |
| Spain — 0.4% | | | |
| Abanca Corp. Bancaria SA, 0.75%, 5/28/29 | EUR | 300,000 | | 286,679 | |
| Banco Santander SA, VRN, 1.72%, 9/14/27 | | $ | 200,000 | | 176,648 | |
| | | | | | | | | | | |
| CaixaBank SA, VRN, 2.75%, 7/14/28 | EUR | 900,000 | | 911,230 | |
| CaixaBank SA, VRN, 2.25%, 4/17/30 | EUR | 1,400,000 | | 1,358,891 | |
| | | 2,733,448 | |
| Supranational — 1.2% | | | |
European Union, 0.00%, 7/4/31(2) | EUR | 8,900,000 | | 8,003,670 | |
| Sweden — 0.4% | | | |
Skandinaviska Enskilda Banken AB, 3.70%, 6/9/25(1) | | $ | 1,160,000 | | 1,157,473 | |
Svenska Handelsbanken AB, 3.95%, 6/10/27(1) | | 1,800,000 | | 1,805,286 | |
| | | 2,962,759 | |
| United Kingdom — 1.8% | | | |
| Barclays PLC, 3.25%, 2/12/27 | GBP | 400,000 | | 471,079 | |
| Barclays PLC, VRN, 2.00%, 2/7/28 | EUR | 1,000,000 | | 1,009,469 | |
| HSBC Holdings PLC, VRN, 4.76%, 6/9/28 | | $ | 643,000 | | 639,201 | |
International Game Technology PLC, 5.25%, 1/15/29(1) | | 780,000 | | 754,330 | |
| Lloyds Banking Group PLC, VRN, 1.875%, 1/15/26 | GBP | 770,000 | | 894,981 | |
| Lloyds Banking Group PLC, VRN, 1.99%, 12/15/31 | GBP | 1,000,000 | | 1,083,808 | |
| Marks & Spencer PLC, 4.50%, 7/10/27 | GBP | 600,000 | | 642,572 | |
| Nationwide Building Society, VRN, 2.00%, 7/25/29 | EUR | 700,000 | | 694,418 | |
| NatWest Group PLC, VRN, 5.52%, 9/30/28 | | $ | 1,130,000 | | 1,159,021 | |
| NatWest Group PLC, VRN, 2.11%, 11/28/31 | GBP | 900,000 | | 977,762 | |
| Tesco PLC, 5.00%, 3/24/23 | GBP | 1,150,000 | | 1,412,871 | |
| Vodafone Group PLC, VRN, 4.20%, 10/3/78 | EUR | 800,000 | | 771,190 | |
| Vodafone Group PLC, VRN, 2.625%, 8/27/80 | EUR | 500,000 | | 472,639 | |
| Vodafone Group PLC, VRN, 3.00%, 8/27/80 | EUR | 600,000 | | 509,211 | |
| Wm Morrison Supermarkets Ltd., 3.50%, 7/27/26 | GBP | 700,000 | | 823,790 | |
| | | 12,316,342 | |
| United States — 7.7% | | | |
| Albemarle Corp., 4.65%, 6/1/27 | | $ | 400,000 | | 402,067 | |
| AT&T, Inc., 4.35%, 3/1/29 | | 915,000 | | 923,825 | |
| AT&T, Inc., 4.50%, 5/15/35 | | 433,000 | | 430,295 | |
| AT&T, Inc., 1.80%, 9/14/39 | EUR | 700,000 | | 594,419 | |
| AT&T, Inc., 3.55%, 9/15/55 | | $ | 393,000 | | 306,848 | |
| Baltimore Gas and Electric Co., 4.55%, 6/1/52 | | 334,000 | | 341,021 | |
| Bank of America Corp., 2.30%, 7/25/25 | GBP | 900,000 | | 1,070,141 | |
| Boeing Co., 5.15%, 5/1/30 | | $ | 250,000 | | 252,631 | |
| Bristol-Myers Squibb Co., 2.55%, 11/13/50 | | 590,000 | | 440,474 | |
Builders FirstSource, Inc., 5.00%, 3/1/30(1) | | 553,000 | | 513,042 | |
| Centene Corp., 4.625%, 12/15/29 | | 320,000 | | 316,133 | |
| Centene Corp., 3.375%, 2/15/30 | | 884,000 | | 804,535 | |
| CF Industries, Inc., 5.15%, 3/15/34 | | 340,000 | | 341,321 | |
| Citigroup, Inc., VRN, 3.67%, 7/24/28 | | 1,585,000 | | 1,535,969 | |
| Comcast Corp., 3.75%, 4/1/40 | | 120,000 | | 110,609 | |
| CSX Corp., 4.10%, 11/15/32 | | 250,000 | | 253,575 | |
DAE Funding LLC, 1.55%, 8/1/24(1) | | 433,000 | | 405,655 | |
| Dell International LLC / EMC Corp., 6.02%, 6/15/26 | | 425,000 | | 451,838 | |
DISH DBS Corp., 5.25%, 12/1/26(1) | | 375,000 | | 325,078 | |
| Dollar Tree, Inc., 2.65%, 12/1/31 | | 485,000 | | 420,090 | |
| EPR Properties, 4.95%, 4/15/28 | | 2,404,000 | | 2,245,998 | |
| Ford Motor Credit Co. LLC, 2.90%, 2/10/29 | | 1,100,000 | | 926,162 | |
| Freeport-McMoRan, Inc., 4.625%, 8/1/30 | | 970,000 | | 931,845 | |
| General Motors Financial Co., Inc., 1.55%, 7/30/27 | GBP | 1,000,000 | | 1,059,060 | |
| General Motors Financial Co., Inc., 2.40%, 10/15/28 | | $ | 345,000 | | 295,657 | |
Glencore Funding LLC, 2.625%, 9/23/31(1) | | 450,000 | | 370,019 | |
| Goldman Sachs Group, Inc., 4.25%, 1/29/26 | GBP | 900,000 | | 1,116,723 | |
Gray Escrow II, Inc., 5.375%, 11/15/31(1) | | $ | 1,147,000 | | 1,014,986 | |
| | | | | | | | | | | |
Hill City Funding Trust, 4.05%, 8/15/41(1) | | 391,000 | | 291,477 | |
| International Business Machines Corp., 1.75%, 3/7/28 | EUR | 1,100,000 | | 1,126,357 | |
| John Deere Capital Corp., 3.90%, 6/7/32 | | $ | 292,000 | | 301,213 | |
| JPMorgan Chase & Co., VRN, 2.95%, 2/24/28 | | 157,000 | | 148,523 | |
| JPMorgan Chase & Co., VRN, 2.07%, 6/1/29 | | 135,000 | | 119,324 | |
| KB Home, 4.80%, 11/15/29 | | 867,000 | | 781,210 | |
| KeyBank NA, 4.39%, 12/14/27 | | 566,000 | | 575,496 | |
| Kraft Heinz Foods Co., 5.00%, 6/4/42 | | 339,000 | | 329,124 | |
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 4.75%, 6/15/29(1) | | 987,000 | | 843,905 | |
Level 3 Financing, Inc., 4.625%, 9/15/27(1) | | 679,000 | | 622,300 | |
| Lowe's Cos., Inc., 3.35%, 4/1/27 | | 1,378,000 | | 1,368,917 | |
Magallanes, Inc., 3.53%, 3/15/24(1) | | 1,590,000 | | 1,563,178 | |
Magallanes, Inc., 3.76%, 3/15/27(1) | | 253,000 | | 243,327 | |
| Microchip Technology, Inc., 4.25%, 9/1/25 | | 1,370,000 | | 1,365,448 | |
| Mondelez International, Inc., 1.375%, 3/17/41 | EUR | 2,000,000 | | 1,541,759 | |
| Moody's Corp., 2.55%, 8/18/60 | | $ | 269,000 | | 177,418 | |
| MPLX LP, 2.65%, 8/15/30 | | 400,000 | | 346,633 | |
NCR Corp., 5.125%, 4/15/29(1) | | 541,000 | | 520,588 | |
| Netflix, Inc., 4.875%, 4/15/28 | | 533,000 | | 530,212 | |
| Netflix, Inc., 5.875%, 11/15/28 | | 365,000 | | 379,564 | |
| NextEra Energy Capital Holdings, Inc., 5.00%, 7/15/32 | | 720,000 | | 770,084 | |
| Norfolk Southern Corp., 4.55%, 6/1/53 | | 420,000 | | 418,171 | |
| Nucor Corp., 3.125%, 4/1/32 | | 190,000 | | 172,072 | |
| O'Reilly Automotive, Inc., 4.70%, 6/15/32 | | 540,000 | | 556,475 | |
| Oracle Corp., 3.60%, 4/1/40 | | 335,000 | | 260,345 | |
| Owl Rock Capital Corp., 3.40%, 7/15/26 | | 157,000 | | 141,534 | |
Owl Rock Technology Finance Corp., 6.75%, 6/30/25(1) | | 334,000 | | 331,678 | |
Owl Rock Technology Finance Corp., 4.75%, 12/15/25(1) | | 71,000 | | 66,733 | |
| Owl Rock Technology Finance Corp., 2.50%, 1/15/27 | | 311,000 | | 266,743 | |
| Paramount Global, 4.375%, 3/15/43 | | 60,000 | | 47,909 | |
| Parker-Hannifin Corp., 4.25%, 9/15/27 | | 1,530,000 | | 1,564,696 | |
Penn National Gaming, Inc., 4.125%, 7/1/29(1) | | 658,000 | | 548,417 | |
| PNC Financial Services Group, Inc., VRN, 4.63%, 6/6/33 | | 310,000 | | 307,862 | |
| Prospect Capital Corp., 3.71%, 1/22/26 | | 294,000 | | 265,088 | |
| Public Service Electric and Gas Co., 3.10%, 3/15/32 | | 288,000 | | 277,068 | |
| Qorvo, Inc., 4.375%, 10/15/29 | | 814,000 | | 762,059 | |
SBL Holdings, Inc., VRN, 6.50%,(1)(3) | | 871,000 | | 640,185 | |
Scientific Games International, Inc., 7.25%, 11/15/29(1) | | 900,000 | | 917,001 | |
| Southern Co. Gas Capital Corp., 1.75%, 1/15/31 | | 450,000 | | 370,560 | |
| Sprint Corp., 7.625%, 2/15/25 | | 1,200,000 | | 1,282,410 | |
| Sysco Corp., 5.95%, 4/1/30 | | 584,000 | | 643,624 | |
| T-Mobile USA, Inc., 4.75%, 2/1/28 | | 1,225,000 | | 1,224,841 | |
| T-Mobile USA, Inc., 3.50%, 4/15/31 | | 523,000 | | 484,384 | |
Tempur Sealy International, Inc., 3.875%, 10/15/31(1) | | 753,000 | | 611,813 | |
| Time Warner Cable LLC, 4.50%, 9/15/42 | | 570,000 | | 459,174 | |
| TransDigm, Inc., 4.625%, 1/15/29 | | 690,000 | | 621,807 | |
Tronox, Inc., 4.625%, 3/15/29(1) | | 760,000 | | 656,456 | |
| Truist Financial Corp., VRN, 4.12%, 6/6/28 | | 480,000 | | 483,015 | |
| Union Electric Co., 3.90%, 4/1/52 | | 224,000 | | 208,576 | |
| United Airlines Pass Through Trust, Series 2020-1, Class B, 4.875%, 7/15/27 | | 445,760 | | 423,828 | |
United Natural Foods, Inc., 6.75%, 10/15/28(1) | | 795,000 | | 800,764 | |
US Foods, Inc., 4.75%, 2/15/29(1) | | 1,055,000 | | 987,032 | |
Venture Global Calcasieu Pass LLC, 3.875%, 11/1/33(1) | | 623,000 | | 542,194 | |
| Verizon Communications, Inc., 4.33%, 9/21/28 | | 330,000 | | 338,743 | |
| Viatris, Inc., 4.00%, 6/22/50 | | 257,000 | | 178,458 | |
| | | | | | | | | | | |
Victoria's Secret & Co., 4.625%, 7/15/29(1) | | 590,000 | | 489,331 | |
| WEC Energy Group, Inc., 1.375%, 10/15/27 | | 1,520,000 | | 1,347,236 | |
| Wells Fargo & Co., VRN, 3.07%, 4/30/41 | | 805,000 | | 653,518 | |
| Westinghouse Air Brake Technologies Corp., 4.95%, 9/15/28 | | 880,000 | | 874,669 | |
| | | 53,372,542 | |
TOTAL CORPORATE BONDS (Cost $145,865,011) | | | 130,793,435 | |
| PREFERRED STOCKS — 4.8% | | | |
| Bermuda — 0.2% | | | |
Aircastle Ltd., 5.25%(1) | | 1,875,000 | | 1,504,193 | |
| France — 1.6% | | | |
| Accor SA, 2.625% | | 1,500,000 | | 1,306,012 | |
| AXA SA, 6.69% | | 1,270,000 | | 1,617,602 | |
| BNP Paribas Cardif SA, 4.03% | | 1,400,000 | | 1,439,601 | |
| Credit Agricole Assurances SA, 4.25% | | 1,900,000 | | 1,986,884 | |
| Electricite de France SA, 3.375% | | 1,600,000 | | 1,311,360 | |
| Orange SA, 2.375% | | 500,000 | | 496,608 | |
| TotalEnergies SE, 2.625% | | 2,900,000 | | 2,873,307 | |
| | | 11,031,374 | |
| Germany — 0.5% | | | |
| Allianz SE, 2.625% | | 1,200,000 | | 971,969 | |
Allianz SE, 3.20%(1) | | 2,705,000 | | 2,068,448 | |
| Commerzbank AG, 4.25% | | 400,000 | | 328,980 | |
| | | 3,369,397 | |
| Italy — 1.1% | | | |
| Assicurazioni Generali SpA, 4.60% | | 2,200,000 | | 2,280,652 | |
| Enel SpA, 2.25% | | 1,000,000 | | 878,701 | |
| Eni SpA, 3.375% | | 2,700,000 | | 2,321,310 | |
| Intesa Sanpaolo SpA, 3.75% | | 900,000 | | 790,202 | |
| Intesa Sanpaolo Vita SpA, 4.75% | | 1,000,000 | | 1,029,611 | |
| UniCredit SpA, 3.875% | | 600,000 | | 473,061 | |
| | | 7,773,537 | |
| Netherlands — 1.1% | | | |
| ING Groep NV, 3.875% | | 1,400,000 | | 1,083,171 | |
| Naturgy Finance BV, 2.37% | | 1,300,000 | | 1,052,966 | |
| Telefonica Europe BV, 2.875% | | 1,200,000 | | 1,064,432 | |
| Telefonica Europe BV, 2.38% | | 1,200,000 | | 974,345 | |
| Volkswagen International Finance NV, 3.875% | | 3,500,000 | | 3,183,311 | |
| | | 7,358,225 | |
| United Kingdom — 0.1% | | | |
| SSE PLC, 3.125% | | 1,000,000 | | 917,059 | |
| United States — 0.2% | | | |
| Air Lease Corp., 4.125% | | 1,485,000 | | 1,110,274 | |
| PNC Financial Services Group, Inc., 3.40% | | 200,000 | | 164,500 | |
| | | 1,274,774 | |
TOTAL PREFERRED STOCKS (Cost $42,215,922) | | | 33,228,559 | |
| U.S. TREASURY SECURITIES — 2.6% | | | |
U.S. Treasury Notes, 1.50%, 2/29/24(4) | | 2,100,000 | | 2,053,324 | |
| U.S. Treasury Notes, 1.875%, 2/28/27 | | 9,000,000 | | 8,678,848 | |
U.S. Treasury Notes, 1.875%, 2/28/29(4) | | 8,000,000 | | 7,606,562 | |
TOTAL U.S. TREASURY SECURITIES (Cost $18,705,209) | | | 18,338,734 | |
| ASSET-BACKED SECURITIES — 1.7% | | | |
Blackbird Capital Aircraft, Series 2021-1A, Class A SEQ, 2.44%, 7/15/46(1) | | 1,612,627 | | 1,398,688 | |
| | | | | | | | | | | |
Cologix Canadian Issuer LP, Series 2022-1CAN, Class A2 SEQ, 4.94%, 1/25/52(1) | CAD | 3,450,000 | | 2,592,828 | |
FirstKey Homes Trust, Series 2020-SFR2, Class E, 2.67%, 10/19/37(1) | | $ | 3,000,000 | | 2,769,516 | |
Goodgreen Trust, Series 2018-1A, Class A, VRN, 3.93%, 10/15/53(1) | | 754,555 | | 717,995 | |
Goodgreen Trust, Series 2020-1A, Class A SEQ, 2.63%, 4/15/55(1) | | 1,498,285 | | 1,366,681 | |
Goodgreen Trust, Series 2021-1A, Class A SEQ, 2.66%, 10/15/56(1) | | 1,007,232 | | 927,342 | |
Progress Residential Trust, Series 2020-SFR2, Class C, 3.08%, 6/17/37(1) | | 750,000 | | 730,399 | |
Sierra Timeshare Receivables Funding LLC, Series 2019-3A, Class D, 4.18%, 8/20/36(1) | | 602,312 | | 578,075 | |
Sierra Timeshare Receivables Funding LLC, Series 2021-1A, Class D, 3.17%, 11/20/37(1) | | 473,652 | | 442,587 | |
TOTAL ASSET-BACKED SECURITIES (Cost $12,407,876) | | | 11,524,111 | |
| COLLATERALIZED LOAN OBLIGATIONS — 1.5% | | | |
AIMCO CLO Ltd., Series 2019-10A, Class CR, VRN, 4.66%, (3-month LIBOR plus 1.90%), 7/22/32(1) | | 1,100,000 | | 1,039,707 | |
Ares XXXIX CLO Ltd., Series 2016-39A, Class CR2, VRN, 4.79%, (3-month LIBOR plus 2.05%), 4/18/31(1) | | 2,000,000 | | 1,892,890 | |
CBAM Ltd., Series 2018-7A, Class B1, VRN, 4.31%, (3-month LIBOR plus 1.60%), 7/20/31(1) | | 2,300,000 | | 2,151,467 | |
Magnetite VIII Ltd., Series 2014-8A, Class BR2, VRN, 4.01%, (3-month LIBOR plus 1.50%), 4/15/31(1) | | 2,050,000 | | 1,972,007 | |
Marathon CLO Ltd., Series 2021-17A, Class B1, VRN, 5.39%, (3-month LIBOR plus 2.68%), 1/20/35(1) | | 1,800,000 | | 1,711,131 | |
Symphony CLO XXII Ltd., Series 2020-22A, Class B, VRN, 4.44%, (3-month LIBOR plus 1.70%), 4/18/33(1) | | 1,500,000 | | 1,435,766 | |
TOTAL COLLATERALIZED LOAN OBLIGATIONS (Cost $10,695,210) | | | 10,202,968 | |
| U.S. GOVERNMENT AGENCY SECURITIES — 0.2% | | | |
FHLMC, 6.25%, 7/15/32 (Cost $1,187,626) | | 890,000 | | 1,137,609 | |
BANK LOAN OBLIGATIONS(5) — 0.1% | | | |
Directv Financing, LLC, Term Loan, 7.37%, (1-month LIBOR plus 5.00%), 8/2/27 (Cost $1,059,334) | | 1,056,725 | | 1,001,522 | |
| SHORT-TERM INVESTMENTS — 12.1% | | | |
| Certificate of Deposit — 2.8% | | | |
Credit Agricole Corporate and Investment Bank, 2.31%, 8/1/22 (LOC: Credit Agricole SA)(1) | | 19,439,000 | | 19,439,000 | |
Money Market Funds† | | | |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | | 186,026 | | 186,026 | |
| Repurchase Agreements — 3.3% | | | |
| BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 1.625% - 3.00%, 5/31/23 - 2/15/48, valued at $2,886,905), in a joint trading account at 2.18%, dated 7/29/22, due 8/1/22 (Delivery value $2,831,463) | | | 2,830,949 | |
| Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 3.125%, 11/15/41, valued at $20,225,633), at 2.23%, dated 7/29/22, due 8/1/22 (Delivery value $19,832,685) | | | 19,829,000 | |
| | | 22,659,949 | |
Treasury Bills(6) — 6.0% | | | |
U.S. Treasury Bills, 1.93%, 4/20/23(4) | | 27,000,000 | | 26,450,782 | |
| U.S. Treasury Bills, 1.15%, 10/6/22 | | 15,500,000 | | 15,436,134 | |
| | | 41,886,916 | |
TOTAL SHORT-TERM INVESTMENTS (Cost $84,383,591) | | | 84,171,891 | |
TOTAL INVESTMENT SECURITIES — 99.6% (Cost $760,569,978) | | | 689,978,404 | |
| OTHER ASSETS AND LIABILITIES — 0.4% | | | 2,566,067 | |
| TOTAL NET ASSETS — 100.0% | | | $ | 692,544,471 | |
| | | | | | | | | | | | | | | | | | | | |
| FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS |
| Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) |
| USD | 5,829,564 | | AUD | 8,086,306 | | Credit Suisse AG | 9/14/22 | $ | 175,838 | |
| USD | 1,787,974 | | AUD | 2,632,273 | | Morgan Stanley | 9/14/22 | (52,440) | |
| CAD | 10,872,954 | | USD | 8,641,056 | | UBS AG | 9/14/22 | (151,195) | |
| CAD | 282,427 | | USD | 218,563 | | UBS AG | 9/14/22 | 1,963 | |
| USD | 1,962,945 | | CAD | 2,536,437 | | UBS AG | 9/14/22 | (17,565) | |
| USD | 1,769,842 | | CAD | 2,285,687 | | UBS AG | 9/14/22 | (14,877) | |
| CHF | 1,254,323 | | USD | 1,299,790 | | Morgan Stanley | 9/14/22 | 22,151 | |
| CLP | 3,396,201,103 | | USD | 4,072,672 | | Morgan Stanley | 9/14/22 | (332,661) | |
| CLP | 1,699,673,689 | | USD | 1,689,369 | | Morgan Stanley | 9/14/22 | 182,369 | |
| USD | 3,231,732 | | CLP | 2,902,741,237 | | Morgan Stanley | 9/14/22 | 35,135 | |
| USD | 1,612,884 | | CLP | 1,688,366,596 | | Morgan Stanley | 9/14/22 | (246,402) | |
| CNY | 338,952,500 | | USD | 50,794,620 | | Morgan Stanley | 9/14/22 | (549,030) | |
| CNY | 5,280,790 | | USD | 788,347 | | Morgan Stanley | 9/14/22 | (5,534) | |
| COP | 18,536,232,217 | | USD | 4,797,658 | | Bank of America N.A. | 9/14/22 | (506,749) | |
| COP | 4,442,424,658 | | USD | 1,060,878 | | Bank of America N.A. | 9/14/22 | (32,511) | |
| COP | 3,245,721,621 | | USD | 727,251 | | Bank of America N.A. | 9/14/22 | 24,093 | |
| USD | 4,534,938 | | COP | 18,536,232,217 | | Bank of America N.A. | 9/14/22 | 244,029 | |
| USD | 1,670,610 | | COP | 7,688,146,279 | | Bank of America N.A. | 9/14/22 | (109,101) | |
| USD | 1,091,307 | | CZK | 25,544,212 | | UBS AG | 9/14/22 | 36,597 | |
| DKK | 13,633,148 | | USD | 1,970,441 | | UBS AG | 9/14/22 | (92,933) | |
| EUR | 54,728,094 | | USD | 58,824,547 | | JPMorgan Chase Bank N.A. | 9/14/22 | (2,722,218) | |
| EUR | 1,814,660 | | USD | 1,952,846 | | JPMorgan Chase Bank N.A. | 9/14/22 | (92,620) | |
| EUR | 266,999 | | USD | 279,316 | | JPMorgan Chase Bank N.A. | 9/14/22 | (5,613) | |
| EUR | 352,862 | | USD | 360,308 | | JPMorgan Chase Bank N.A. | 9/14/22 | 1,414 | |
| EUR | 4,309,705 | | USD | 4,349,063 | | JPMorgan Chase Bank N.A. | 9/14/22 | 68,860 | |
| EUR | 335,664 | | USD | 345,164 | | JPMorgan Chase Bank N.A. | 9/14/22 | (1,072) | |
| USD | 178,236 | | EUR | 168,675 | | Bank of America N.A. | 9/14/22 | 5,325 | |
| USD | 1,270,207 | | EUR | 1,181,447 | | JPMorgan Chase Bank N.A. | 9/14/22 | 59,093 | |
| USD | 712,000 | | EUR | 660,595 | | JPMorgan Chase Bank N.A. | 9/14/22 | 34,817 | |
| USD | 13,423,629 | | EUR | 12,632,220 | | JPMorgan Chase Bank N.A. | 9/14/22 | 474,211 | |
| USD | 1,234,098 | | EUR | 1,162,685 | | JPMorgan Chase Bank N.A. | 9/14/22 | 42,218 | |
| USD | 403,325 | | EUR | 382,479 | | JPMorgan Chase Bank N.A. | 9/14/22 | 11,241 | |
| USD | 2,461,014 | | EUR | 2,350,866 | | JPMorgan Chase Bank N.A. | 9/14/22 | 51,117 | |
| USD | 1,585,385 | | EUR | 1,513,262 | | JPMorgan Chase Bank N.A. | 9/14/22 | 34,125 | |
| USD | 2,740,938 | | EUR | 2,668,317 | | JPMorgan Chase Bank N.A. | 9/14/22 | 5,619 | |
| USD | 2,645,526 | | EUR | 2,579,583 | | JPMorgan Chase Bank N.A. | 9/14/22 | 1,169 | |
| USD | 3,466,131 | | EUR | 3,391,511 | | JPMorgan Chase Bank N.A. | 9/14/22 | (10,542) | |
| GBP | 2,463,969 | | USD | 3,091,369 | | Bank of America N.A. | 9/14/22 | (87,808) | |
| GBP | 191,828 | | USD | 230,780 | | Bank of America N.A. | 9/14/22 | 3,057 | |
| USD | 8,043 | | GBP | 6,735 | | Bank of America N.A. | 9/14/22 | (167) | |
| HUF | 294,201,976 | | USD | 800,850 | | UBS AG | 9/14/22 | (64,849) | |
| IDR | 80,408,422,266 | | USD | 5,558,058 | | Goldman Sachs & Co. | 9/14/22 | (140,972) | |
| USD | 4,408,740 | | IDR | 64,574,808,188 | | Goldman Sachs & Co. | 9/14/22 | 58,359 | |
| ILS | 5,740,059 | | USD | 1,736,389 | | UBS AG | 9/14/22 | (43,456) | |
| ILS | 6,013,431 | | USD | 1,754,466 | | UBS AG | 9/14/22 | 19,094 | |
| ILS | 5,869,182 | | USD | 1,698,013 | | UBS AG | 9/14/22 | 33,003 | |
| USD | 3,490,168 | | ILS | 11,753,490 | | UBS AG | 9/14/22 | 23,675 | |
| USD | 1,691,309 | | ILS | 5,869,182 | | UBS AG | 9/14/22 | (39,707) | |
| JPY | 11,727,120,584 | | USD | 89,309,922 | | Bank of America N.A. | 9/14/22 | (1,081,851) | |
| JPY | 268,643,476 | | USD | 2,011,086 | | Bank of America N.A. | 9/14/22 | 10,032 | |
| JPY | 544,534,087 | | USD | 4,072,927 | | Bank of America N.A. | 9/14/22 | 23,832 | |
| JPY | 372,017,794 | | USD | 2,776,542 | | Bank of America N.A. | 9/14/22 | 22,304 | |
| | | | | | | | | | | | | | | | | | | | |
| JPY | 450,000,000 | | USD | 3,253,421 | | Bank of America N.A. | 9/14/22 | 132,119 | |
| USD | 2,050,050 | | JPY | 274,561,122 | | Bank of America N.A. | 9/14/22 | (15,589) | |
| KRW | 18,126,452,165 | | USD | 14,470,484 | | Goldman Sachs & Co. | 9/14/22 | (557,294) | |
| USD | 480,252 | | KRW | 622,455,038 | | Goldman Sachs & Co. | 9/14/22 | 2,479 | |
| MXN | 20,573,487 | | USD | 1,029,787 | | Goldman Sachs & Co. | 9/14/22 | (28,495) | |
| MXN | 68,258,839 | | USD | 3,252,667 | | Goldman Sachs & Co. | 9/14/22 | 69,424 | |
| MXN | 44,374,415 | | USD | 2,120,185 | | Goldman Sachs & Co. | 9/14/22 | 39,474 | |
| MXN | 45,915,712 | | USD | 2,184,434 | | Goldman Sachs & Co. | 9/14/22 | 50,239 | |
| USD | 3,274,000 | | MXN | 65,874,510 | | Goldman Sachs & Co. | 9/14/22 | 67,952 | |
| USD | 3,297,109 | | MXN | 67,332,231 | | Goldman Sachs & Co. | 9/14/22 | 20,115 | |
| USD | 2,199,313 | | MXN | 45,915,712 | | Goldman Sachs & Co. | 9/14/22 | (35,360) | |
| USD | 857,612 | | MYR | 3,769,032 | | Goldman Sachs & Co. | 9/14/22 | 11,281 | |
| NOK | 39,563,688 | | USD | 4,202,376 | | UBS AG | 9/14/22 | (104,925) | |
| NOK | 17,076,460 | | USD | 1,735,982 | | UBS AG | 9/14/22 | 32,558 | |
| USD | 2,054,977 | | NOK | 19,543,536 | | UBS AG | 9/14/22 | 30,932 | |
| USD | 3,393,222 | | NOK | 33,842,300 | | UBS AG | 9/14/22 | (111,688) | |
| NZD | 2,565,514 | | USD | 1,588,079 | | Morgan Stanley | 9/14/22 | 25,105 | |
| USD | 22,912,526 | | NZD | 35,350,653 | | Credit Suisse AG | 9/14/22 | 684,187 | |
| USD | 1,810,121 | | NZD | 2,841,858 | | Credit Suisse AG | 9/14/22 | 23,173 | |
| PEN | 10,760,651 | | USD | 2,834,286 | | Goldman Sachs & Co. | 9/14/22 | (107,681) | |
| PEN | 10,543,983 | | USD | 2,675,730 | | Goldman Sachs & Co. | 9/14/22 | (4,026) | |
| USD | 2,849,824 | | PEN | 10,760,651 | | Goldman Sachs & Co. | 9/14/22 | 123,219 | |
| USD | 1,022,546 | | PEN | 3,972,795 | | Goldman Sachs & Co. | 9/14/22 | 15,893 | |
| USD | 1,686,866 | | PEN | 6,571,188 | | Goldman Sachs & Co. | 9/14/22 | 21,815 | |
| USD | 883,314 | | PLN | 3,840,853 | | UBS AG | 9/14/22 | 61,388 | |
| RON | 4,028,313 | | USD | 858,074 | | Goldman Sachs & Co. | 9/14/22 | (28,456) | |
| SEK | 37,901,266 | | USD | 3,882,373 | | UBS AG | 9/14/22 | (145,540) | |
| USD | 340,076 | | SGD | 468,037 | | Bank of America N.A. | 9/14/22 | 1,237 | |
| THB | 125,172,066 | | USD | 3,551,988 | | Goldman Sachs & Co. | 9/14/22 | (141,350) | |
| USD | 6,578,023 | | THB | 225,987,986 | | Goldman Sachs & Co. | 9/14/22 | 420,394 | |
| | | | | | $ | (4,144,553) | |
| | | | | | | | | | | | | | |
| FUTURES CONTRACTS PURCHASED |
| Reference Entity | Contracts | Expiration
Date | Notional
Amount | Unrealized
Appreciation
(Depreciation)^ |
| Euro-Bobl 5-Year Bonds | 200 | | September 2022 | $ | 26,137,899 | | $ | 535,258 | |
| Japanese 10-Year Government Bonds | 39 | | September 2022 | 44,018,673 | | 356,513 | |
| Korean Treasury 10-Year Bonds | 155 | | September 2022 | 13,804,557 | | 757,401 | |
| U.K. Gilt 10-Year Bonds | 127 | | September 2022 | 18,277,787 | | 18,381 | |
| U.S. Treasury 10-Year Notes | 92 | | September 2022 | 11,144,937 | | 13,817 | |
| U.S. Treasury 2-Year Notes | 104 | | September 2022 | 21,887,938 | | 125,735 | |
| | | $ | 135,271,791 | | $ | 1,807,105 | |
^Amount represents value and unrealized appreciation (depreciation).
| | | | | | | | | | | | | | |
| FUTURES CONTRACTS SOLD |
| Reference Entity | Contracts | Expiration
Date | Notional
Amount | Unrealized
Appreciation
(Depreciation)^ |
| U.S. Treasury Ultra Bonds | 21 | | September 2022 | $ | 3,324,563 | | $ | (118,478) | |
| U.S. Treasury 10-Year Ultra Notes | 293 | | September 2022 | 38,456,250 | | (544,077) | |
| U.S. Treasury Long Bonds | 66 | | September 2022 | 9,504,000 | | (211,659) | |
| U.S. Treasury 5-Year Notes | 95 | | September 2022 | 10,804,023 | | (23,663) | |
| | | $ | 62,088,836 | | $ | (897,877) | |
^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 38 | Buy | (5.00)% | 6/20/27 | $ | 30,608,820 | | $ | (782,246) | | $ | 250,577 | | $ | (531,669) | |
§Credit default swap agreements enable the fund to buy/sell protection against a credit event of a specific issuer or index. As a seller of credit protection against a security or basket of securities, the fund receives an upfront and/or periodic payment to compensate against potential default events. The fund may attempt to enhance returns by selling protection.
^The value for credit default swap agreements serves as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability or profit at the period end. Increasing values in absolute terms when compared to the notional amount of the credit default swap agreement represent a deterioration of the referenced entity's credit soundness and an increased likelihood or risk of a credit event occurring as defined in the agreement.
| | | | | | | | |
| NOTES TO SCHEDULE OF INVESTMENTS |
| AUD | - | Australian Dollar |
| CAD | - | Canadian Dollar |
| CDX | - | Credit Derivatives Indexes |
| CHF | - | Swiss Franc |
| CLP | - | Chilean Peso |
| CNY | - | Chinese Yuan |
| COP | - | Colombian Peso |
| CZK | - | Czech Koruna |
| DKK | - | Danish Krone |
| EUR | - | Euro |
| FHLMC | - | Federal Home Loan Mortgage Corporation |
| GBP | - | British Pound |
| HUF | - | Hungarian Forint |
| IDR | - | Indonesian Rupiah |
| ILS | - | Israeli Shekel |
| JPY | - | Japanese Yen |
| KRW | - | South Korean Won |
| LIBOR | - | London Interbank Offered Rate |
| LOC | - | Letter of Credit |
| MXN | - | Mexican Peso |
| MYR | - | Malaysian Ringgit |
| NOK | - | Norwegian Krone |
| NZD | - | New Zealand Dollar |
| PEN | - | Peruvian Sol |
| PLN | - | Polish Zloty |
| RON | - | New Romanian Leu |
| 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 $125,543,571, which represented 18.1% 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)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 $10,550,646.
(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 rate indicated is the yield to maturity at purchase for non-interest bearing securities. For interest bearing securities, the stated coupon rate is shown.
SUPPLEMENTARY NOTES TO SCHEDULE OF INVESTMENTS
1. Investment Valuations
The fund determines the fair value of its investments and computes its net asset value (NAV) per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. The 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 and certificates of deposit are 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 | — | | 399,579,575 | | — | |
| Corporate Bonds | — | | 130,793,435 | | — | |
| Preferred Stocks | — | | 33,228,559 | | — | |
| U.S. Treasury Securities | — | | 18,338,734 | | — | |
| Asset-Backed Securities | — | | 11,524,111 | | — | |
| Collateralized Loan Obligations | — | | 10,202,968 | | — | |
| U.S. Government Agency Securities | — | | 1,137,609 | | — | |
| Bank Loan Obligations | — | | 1,001,522 | | — | |
| Short-Term Investments | 186,026 | | 83,985,865 | | — | |
| 186,026 | | 689,792,378 | | — | |
| Other Financial Instruments | | | |
| Futures Contracts | 139,552 | | 1,667,553 | | — | |
| Forward Foreign Currency Exchange Contracts | — | | 3,537,724 | | — | |
| 139,552 | | 5,205,277 | | — | |
| Liabilities | | | |
| Other Financial Instruments | | | |
| Futures Contracts | 897,877 | | — | | — | |
| Swap Agreements | — | | 531,669 | | — | |
| Forward Foreign Currency Exchange Contracts | — | | 7,682,277 | | — | |
| 897,877 | | 8,213,946 | | — | |
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.
