American Century Investments®
Quarterly Portfolio Holdings
AC Alternatives® Income Fund
July 31, 2020
AC Alternatives Income - Schedule of Investments | |||||
JULY 31, 2020 (UNAUDITED) |
Shares/ Principal Amount ($) | Value ($) | ||||||||||
CORPORATE BONDS — 30.2% | |||||||||||
Aerospace and Defense — 0.3% | |||||||||||
Spirit AeroSystems, Inc., 7.50%, 4/15/25(1)(2) | 300,000 | 295,530 | |||||||||
Airlines — 0.7% | |||||||||||
American Airlines, Inc., 11.75%, 7/15/25(1)(2) | 250,000 | 218,002 | |||||||||
Azul Investments LLP, 5.875%, 10/26/24 | 225,000 | 117,820 | |||||||||
Delta Air Lines, Inc., 3.40%, 4/19/21(2) | 500,000 | 498,398 | |||||||||
834,220 | |||||||||||
Auto Components — 0.9% | |||||||||||
Cooper-Standard Automotive, Inc., 5.625%, 11/15/26(1)(2) | 1,000,000 | 553,560 | |||||||||
Dana, Inc., 5.625%, 6/15/28 | 333,000 | 350,194 | |||||||||
Tenneco, Inc., 5.00%, 7/15/26(2) | 250,000 | 168,289 | |||||||||
1,072,043 | |||||||||||
Automobiles — 0.6% | |||||||||||
Ford Motor Credit Co. LLC, 5.125%, 6/16/25(2) | 416,000 | 444,113 | |||||||||
Ford Motor Credit Co. LLC, VRN, 1.63%, (3-month LIBOR plus 1.24%), 2/15/23 | 250,000 | 232,604 | |||||||||
676,717 | |||||||||||
Banks — 0.4% | |||||||||||
CIT Group, Inc., VRN, 3.93%, 6/19/24(2) | 500,000 | 500,625 | |||||||||
Beverages — 0.4% | |||||||||||
Ajecorp BV, 6.50%, 5/14/22 | 500,000 | 496,758 | |||||||||
Capital Markets — 0.8% | |||||||||||
Donnelley Financial Solutions, Inc., 8.25%, 10/15/24(2) | 500,000 | 506,822 | |||||||||
Owl Rock Capital Corp., 4.25%, 1/15/26 | 400,000 | 401,087 | |||||||||
907,909 | |||||||||||
Chemicals — 2.3% | |||||||||||
Braskem Idesa SAPI, 7.45%, 11/15/29 | 600,000 | 530,250 | |||||||||
FXI Holdings, Inc., 7.875%, 11/1/24(1)(2) | 688,000 | 599,843 | |||||||||
INEOS Finance plc, 2.125%, 11/15/25 | EUR | 300,000 | 342,499 | ||||||||
Neon Holdings, Inc., 10.125%, 4/1/26(1)(2) | $ | 500,000 | 510,000 | ||||||||
Sasol Financing International Ltd., 4.50%, 11/14/22 | 600,000 | 572,622 | |||||||||
2,555,214 | |||||||||||
Commercial Services and Supplies — 0.9% | |||||||||||
Cimpress plc, 7.00%, 6/15/26(1)(2) | 250,000 | 254,140 | |||||||||
LSC Communications, Inc., 8.75%, 10/15/23(1)(2)(3)(4) | 2,000,000 | 350,000 | |||||||||
Matthews International Corp., 5.25%, 12/1/25(1)(2) | 400,000 | 368,458 | |||||||||
972,598 | |||||||||||
Communications Equipment — 0.7% | |||||||||||
CommScope Technologies LLC, 6.00%, 6/15/25(1)(2) | 500,000 | 511,575 | |||||||||
ViaSat, Inc., 6.50%, 7/15/28(1)(2) | 250,000 | 257,211 | |||||||||
768,786 | |||||||||||
Construction and Engineering — 0.6% | |||||||||||
Assemblin Financing AB, VRN, 5.00%, (3-month EURIBOR plus 5.00%), 5/15/25(2) | EUR | 330,000 | 376,090 | ||||||||
IHS Netherlands Holdco BV, 8.00%, 9/18/27(2) | $ | 300,000 | 307,571 | ||||||||
683,661 | |||||||||||
Diversified Financial Services — 0.4% | |||||||||||
Fairstone Financial, Inc., 7.875%, 7/15/24(1)(2) | 500,000 | 506,510 | |||||||||
Diversified Telecommunication Services — 1.5% | |||||||||||
Altice France Holding SA, 4.00%, 2/15/28(2) | EUR | 500,000 | 545,049 | ||||||||
AT&T, Inc., 3.10%, 2/1/43(5) | $ | 500,000 | 514,216 |
Oi SA, 10.00% Cash or 8.00% Cash plus 4.00% PIK, 7/27/25 (Acquired 7/31/19 - 8/22/19, Cost $555,370)(2)(6)(7) | 600,000 | 580,500 | |||||||||
1,639,765 | |||||||||||
Electric Utilities — 0.5% | |||||||||||
PG&E Corp., 5.00%, 7/1/28 | 250,000 | 257,569 | |||||||||
PG&E Corp., 5.25%, 7/1/30 | 250,000 | 260,312 | |||||||||
517,881 | |||||||||||
Equity Real Estate Investment Trusts (REITs) — 0.3% | |||||||||||
Emirates Reit Sukuk Ltd., 5.125%, 12/12/22 | 560,000 | 344,401 | |||||||||
Food Products — 1.4% | |||||||||||
Cooke Omega Investments, Inc. / Alpha VesselCo Holdings, Inc., 8.50%, 12/15/22(1)(2) | 500,000 | 501,757 | |||||||||
MARB BondCo plc, 6.875%, 1/19/25 | 300,000 | 314,063 | |||||||||
Minerva Luxembourg SA, 5.875%, 1/19/28(2) | 300,000 | 313,500 | |||||||||
Pilgrim's Pride Corp., 5.75%, 3/15/25(1)(2) | 450,000 | 461,812 | |||||||||
1,591,132 | |||||||||||
Hotels, Restaurants and Leisure — 3.1% | |||||||||||
Carnival Corp., 11.50%, 4/1/23(1)(2) | 360,000 | 392,301 | |||||||||
Carnival Corp., 10.125%, 2/1/26 | EUR | 300,000 | 355,903 | ||||||||
Carnival Corp., 10.50%, 2/1/26(1)(2) | $ | 300,000 | 311,313 | ||||||||
Colt Merger Sub, Inc., 6.25%, 7/1/25(1)(2) | 500,000 | 524,177 | |||||||||
Downstream Development Authority of the Quapaw Tribe of Oklahoma, 10.50%, 2/15/23(1)(2) | 350,000 | 279,526 | |||||||||
NCL Corp. Ltd., 10.25%, 2/1/26(1)(2) | 500,000 | 500,000 | |||||||||
Royal Caribbean Cruises Ltd., 10.875%, 6/1/23(1)(2) | 300,000 | 316,381 | |||||||||
Sabre GLBL, Inc., 5.375%, 4/15/23(1)(2) | 500,000 | 491,928 | |||||||||
Safari Verwaltungs GmbH, 5.375%, 11/30/22(2) | EUR | 350,000 | 360,158 | ||||||||
3,531,687 | |||||||||||
Household Durables — 0.7% | |||||||||||
Brookfield Residential Properties, Inc. / Brookfield Residential US Corp., 4.875%, 2/15/30(1)(2) | $ | 500,000 | 454,220 | ||||||||
Mohawk Industries, Inc., 2.00%, 1/14/22 | EUR | 250,000 | 282,694 | ||||||||
736,914 | |||||||||||
IT Services — 0.5% | |||||||||||
Tempo Acquisition LLC / Tempo Acquisition Finance Corp., 5.75%, 6/1/25(1)(2) | $ | 500,000 | 528,438 | ||||||||
Machinery — 0.8% | |||||||||||
Navistar International Corp., 9.50%, 5/1/25(1)(2) | 483,000 | 552,733 | |||||||||
Wabash National Corp., 5.50%, 10/1/25(1)(2) | 333,000 | 325,056 | |||||||||
877,789 | |||||||||||
Media — 1.3% | |||||||||||
CCO Holdings LLC / CCO Holdings Capital Corp., 4.25%, 2/1/31(1)(2) | 300,000 | 313,422 | |||||||||
Cumulus Media New Holdings, Inc., 6.75%, 7/1/26(1)(2) | 500,000 | 454,607 | |||||||||
Diamond Sports Group LLC / Diamond Sports Finance Co., 5.375%, 8/15/26(1)(2) | 500,000 | 386,243 | |||||||||
Diamond Sports Group LLC / Diamond Sports Finance Co., 6.625%, 8/15/27(1)(2) | 580,000 | 318,275 | |||||||||
1,472,547 | |||||||||||
Metals and Mining — 1.3% | |||||||||||
Alcoa Nederland Holding BV, 5.50%, 12/15/27(1)(2) | 300,000 | 323,715 | |||||||||
Cleveland-Cliffs, Inc., 9.875%, 10/17/25(1) | 100,000 | 109,375 | |||||||||
Cleveland-Cliffs, Inc., 6.75%, 3/15/26(1) | 100,000 | 100,625 | |||||||||
First Quantum Minerals Ltd., 7.25%, 4/1/23(1)(2) | 300,000 | 301,792 | |||||||||
Kaiser Aluminum Corp., 4.625%, 3/1/28(1)(2) | 500,000 | 498,595 | |||||||||
Petra Diamonds US Treasury plc, 7.25%, 5/1/22(2)(3)(4) | 400,000 | 148,720 | |||||||||
1,482,822 | |||||||||||
Multiline Retail — 0.3% | |||||||||||
Macy's, Inc., 8.375%, 6/15/25(1) | 300,000 | 314,538 | |||||||||
Neiman Marcus Group Ltd. LLC / Neiman Marcus Group LLC / Mariposa Borrower / NMG, 8.75%, 10/25/24(1)(2)(3)(4) | 1,000,000 | 75,000 | |||||||||
389,538 | |||||||||||
Oil, Gas and Consumable Fuels — 3.4% | |||||||||||
Continental Resources, Inc., 5.00%, 9/15/22(2) | 450,000 | 450,450 | |||||||||
Energy Ventures Gom LLC / EnVen Finance Corp., 11.00%, 2/15/23(1)(2) | 600,000 | 506,187 | |||||||||
EnLink Midstream Partners LP, 4.40%, 4/1/24 | 400,000 | 344,814 | |||||||||
Genesis Energy LP / Genesis Energy Finance Corp., 6.50%, 10/1/25(2) | 500,000 | 464,682 | |||||||||
Neptune Energy Bondco plc, 6.625%, 5/15/25(1)(2) | 400,000 | 351,246 | |||||||||
Occidental Petroleum Corp., 2.60%, 8/13/21(2) | 426,000 | 423,519 | |||||||||
Peru LNG Srl, 5.375%, 3/22/30 | 500,000 | 387,405 | |||||||||
SunCoke Energy Partners LP / SunCoke Energy Partners Finance Corp., 7.50%, 6/15/25(1)(2) | 500,000 | 461,558 | |||||||||
Tullow Oil plc, 6.25%, 4/15/22(2) | 600,000 | 421,689 | |||||||||
3,811,550 | |||||||||||
Paper and Forest Products — 0.3% | |||||||||||
Mercer International, Inc., 6.50%, 2/1/24 | 300,000 | 296,657 | |||||||||
Pharmaceuticals — 0.5% | |||||||||||
AdaptHealth LLC, 6.125%, 8/1/28(1) | 200,000 | 208,930 | |||||||||
Endo Dac / Endo Finance LLC / Endo Finco, Inc., 5.875%, 10/15/24(1)(2) | 400,000 | 399,458 | |||||||||
608,388 | |||||||||||
Real Estate Management and Development — 0.3% | |||||||||||
Five Point Operating Co. LP / Five Point Capital Corp., 7.875%, 11/15/25(1)(2) | 400,000 | 387,754 | |||||||||
Road and Rail — 0.6% | |||||||||||
Algeco Global Finance plc, 8.00%, 2/15/23(1)(2) | 350,000 | 349,340 | |||||||||
XPO CNW, Inc., 6.70%, 5/1/34(2) | 357,000 | 370,040 | |||||||||
719,380 | |||||||||||
Semiconductors and Semiconductor Equipment — 0.5% | |||||||||||
ams AG, 7.00%, 7/31/25(1)(2) | 500,000 | 516,250 | |||||||||
Specialty Retail — 1.4% | |||||||||||
eG Global Finance plc, 6.75%, 2/7/25(1)(2) | 375,000 | 392,543 | |||||||||
Guitar Center, Inc., 9.50%, 10/15/21(1)(2) | 800,000 | 565,012 | |||||||||
Superior Plus LP / Superior General Partner, Inc., 7.00%, 7/15/26(1)(2) | 590,000 | 626,025 | |||||||||
1,583,580 | |||||||||||
Thrifts and Mortgage Finance — 0.6% | |||||||||||
Freedom Mortgage Corp., 10.75%, 4/1/24(1)(2) | 100,000 | 103,406 | |||||||||
Freedom Mortgage Corp., 8.125%, 11/15/24(1)(2) | 600,000 | 593,187 | |||||||||
696,593 | |||||||||||
Transportation Infrastructure — 1.3% | |||||||||||
Global Liman Isletmeleri AS, 8.125%, 11/14/21(2) | 700,000 | 505,785 | |||||||||
JSL Europe SA, 7.75%, 7/26/24(2) | 1,000,000 | 1,005,000 | |||||||||
1,510,785 | |||||||||||
Wireless Telecommunication Services — 0.6% | |||||||||||
Digicel International Finance Ltd. / Digicel Holdings Bermuda Ltd., 8.75%, 5/25/24(1)(2) | 650,000 | 657,312 | |||||||||
TOTAL CORPORATE BONDS (Cost $36,847,181) | 34,171,734 | ||||||||||
ASSET-BACKED SECURITIES — 18.0% | |||||||||||
AmeriCredit Automobile Receivables, Series 2015-4, Class D, 3.72%, 12/8/21 | 55,929 | 55,965 | |||||||||
CarMax Auto Owner Trust, Series 2018-2, Class D, 3.99%, 4/15/25 | 750,000 | 771,063 | |||||||||
CarMax Auto Owner Trust, Series 2018-4, Class D, 4.15%, 4/15/25 | 1,000,000 | 1,027,153 | |||||||||
CFG Investments Ltd., Series 2019-1, Class A SEQ, 5.56%, 8/15/29(1) | 636,364 | 632,185 | |||||||||
CFG Investments Ltd., Series 2019-1, Class B, 7.62%, 8/15/29(1) | 1,000,000 | 958,891 | |||||||||
Chesapeake Funding II LLC, Series 2018-1A, Class D, 3.92%, 4/15/30(1) | 800,000 | 811,966 | |||||||||
CLI Funding V LLC, Series 2013-2A, SEQ, 3.22%, 6/18/28(1) | 155,884 | 155,545 | |||||||||
CLI Funding V LLC, Series 2014-2A, Class A SEQ, 3.38%, 10/18/29(1) | 233,620 | 232,251 | |||||||||
Coinstar Funding LLC, Series 2017-1A, Class A2 SEQ, 5.22%, 4/25/47(1) | 483,750 | 459,735 | |||||||||
Conn's Receivables Funding LLC, Series 2018-A, Class A SEQ, 3.25%, 1/15/23(1) | 27,835 | 27,715 | |||||||||
Conn's Receivables Funding LLC, Series 2018-A, Class B, 4.65%, 1/15/23(1) | 84,650 | 83,886 |
Conn's Receivables Funding LLC, Series 2019-A, Class A SEQ, 3.40%, 10/16/23(1) | 142,031 | 142,092 | |||||||||
CPS Auto Receivables Trust, Series 2015-C, Class D SEQ, 4.63%, 8/16/21(1) | 63,651 | 63,929 | |||||||||
Credit Suisse ABS Trust, Series 2018-LD1, Class C, 5.17%, 7/25/24(1) | 579,584 | 573,987 | |||||||||
Cronos Containers Program I Ltd., Series 2013-1A, Class A SEQ, 3.08%, 4/18/28(1) | 347,875 | 346,730 | |||||||||
Exeter Automobile Receivables Trust, Series 2016-3A, Class D, 6.40%, 7/17/23(1) | 350,000 | 360,616 | |||||||||
Freed Abs Trust, Series 2018-2, Class A SEQ, 3.99%, 10/20/25(1) | 93,740 | 93,757 | |||||||||
Global SC Finance II SRL, Series 2013-1A, Class A SEQ, 2.98%, 4/17/28(1) | 96,250 | 96,133 | |||||||||
Global SC Finance II SRL, Series 2014-1A, Class A2 SEQ, 3.09%, 7/17/29(1) | 558,000 | 556,198 | |||||||||
HERO Funding Trust, Series 2016-4A, Class A2 SEQ, 4.29%, 9/20/47(1) | 399,140 | 428,650 | |||||||||
HERO Funding Trust, Series 2017-2A, Class A2 SEQ, 4.07%, 9/20/48(1) | 260,100 | 275,074 | |||||||||
Hertz Vehicle Financing II LP, Series 2017-2A, Class B, 4.20%, 10/25/23(1) | 725,000 | 728,862 | |||||||||
Invitation Homes Trust, Series 2018-SFR2, Class D, VRN, 1.625%, (1-month LIBOR plus 1.45%), 6/17/37(1) | 1,000,000 | 990,258 | |||||||||
Invitation Homes Trust, Series 2018-SFR3, Class B, VRN, 1.33%, (1-month LIBOR plus 1.15%), 7/17/37(1) | 185,000 | 183,557 | |||||||||
Kabbage Funding LLC, Series 2019-1, Class A SEQ, 3.83%, 3/15/24(1) | 781,087 | 777,896 | |||||||||
Kabbage Funding LLC, Series 2019-1, Class C, 4.61%, 3/15/24(1) | 635,571 | 477,377 | |||||||||
Marlette Funding Trust, Series 2017-3A, Class D, 5.03%, 12/15/24(1) | 1,000,000 | 983,339 | |||||||||
MVW Owner Trust, Series 2014-1A, Class A SEQ, 2.25%, 9/22/31(1) | 469,739 | 470,261 | |||||||||
New Residential Mortgage LLC, Series 2018-FNT1, Class E, 4.89%, 5/25/23(1) | 638,298 | 617,747 | |||||||||
OneMain Direct Auto Receivables Trust, Series 2018-1A, Class D, 4.40%, 1/14/28(1) | 1,000,000 | 1,009,271 | |||||||||
OneMain Financial Issuance Trust, Series 2017-1A, Class D, 4.52%, 9/14/32(1) | 2,500,000 | 2,358,703 | |||||||||
Progress Residential Trust, Series 2018-SFR3, Class E, 4.87%, 10/17/35(1) | 1,700,000 | 1,766,438 | |||||||||
Sofi Consumer Loan Program Trust, Series 2018-2, Class B, 3.79%, 4/26/27(1) | 650,000 | 669,390 | |||||||||
TAL Advantage V LLC, Series 2014-1A, Class A SEQ, 3.51%, 2/22/39(1) | 281,292 | 281,736 | |||||||||
TAL Advantage V LLC, Series 2014-3A, Class A SEQ, 3.27%, 11/21/39(1) | 130,000 | 130,033 | |||||||||
Triton Container Finance IV LLC, Series 2017-2A, Class A SEQ, 3.62%, 8/20/42(1) | 728,351 | 731,280 | |||||||||
TOTAL ASSET-BACKED SECURITIES (Cost $20,629,483) | 20,329,669 | ||||||||||
COMMON STOCKS — 10.8% | |||||||||||
Equity Real Estate Investment Trusts (REITs) — 8.4% | |||||||||||
Agree Realty Corp. | 7,413 | 496,449 | |||||||||
Brixmor Property Group, Inc. | 32,513 | 374,225 | |||||||||
Community Healthcare Trust, Inc. | 13,380 | 611,867 | |||||||||
Crown Castle International Corp. | 3,962 | 660,455 | |||||||||
Healthpeak Properties, Inc. | 16,587 | 452,659 | |||||||||
Mapletree Industrial Trust | 440,400 | 1,053,476 | |||||||||
MGM Growth Properties LLC, Class A | 34,806 | 951,596 | |||||||||
Mid-America Apartment Communities, Inc. | 2,143 | 255,424 | |||||||||
Omega Healthcare Investors, Inc. | 26,153 | 846,834 | |||||||||
Rayonier, Inc. | 23,496 | 652,719 | |||||||||
Realty Income Corp. | 10,073 | 604,884 | |||||||||
Stockland | 239,533 | 545,347 | |||||||||
STORE Capital Corp. | 24,504 | 580,500 | |||||||||
VEREIT, Inc. | 103,638 | 674,683 | |||||||||
VICI Properties, Inc. | 14,808 | 321,482 | |||||||||
WP Carey, Inc. | 6,386 | 455,769 | |||||||||
9,538,369 | |||||||||||
Media† | |||||||||||
Pacifico, Inc.(4) | 883 | 728 | |||||||||
Mortgage Real Estate Investment Trusts (REITs) — 1.8% | |||||||||||
AGNC Investment Corp. | 69,585 | 946,356 | |||||||||
Blackstone Mortgage Trust, Inc., Class A | 13,821 | 332,671 | |||||||||
PennyMac Mortgage Investment Trust | 36,415 | 686,423 | |||||||||
1,965,450 | |||||||||||
Real Estate Management and Development — 0.6% | |||||||||||
Corp. Inmobiliaria Vesta SAB de CV | 441,948 | 664,660 | |||||||||
TOTAL COMMON STOCKS (Cost $11,111,728) | 12,169,207 | ||||||||||
COMMERCIAL MORTGAGE-BACKED SECURITIES — 9.5% | |||||||||||
BX Commercial Mortgage Trust, Series 2019-IMC, Class E, VRN, 2.32%, (1-month LIBOR plus 2.15%), 4/15/34(1) | 990,000 | 891,994 | |||||||||
BX Trust, Series 2017-SLCT, Class F, VRN, 4.42%, (1-month LIBOR plus 4.25%), 7/15/34(1) | 850,000 | 775,297 | |||||||||
BX Trust, Series 2018-BILT, Class E, VRN, 2.59%, (1-month LIBOR plus 2.42%), 5/15/30(1) | 1,000,000 | 820,178 | |||||||||
CHT Mortgage Trust, Series 2017-CSMO, Class F, VRN, 3.92%, (1-month LIBOR plus 3.74%), 11/15/36(1) | 1,000,000 | 909,824 | |||||||||
GS Mortgage Securities Corp. II, Series 2012-TMSQ, Class D, VRN, 3.46%, 12/10/30(1) | 1,422,000 | 1,247,274 | |||||||||
Hawaii Hotel Trust, Series 2019-MAUI, Class F, VRN, 2.92%, (1-month LIBOR plus 2.75%), 5/15/38(1) | 1,700,000 | 1,439,629 | |||||||||
Hilton Orlando Trust, Series 2018-ORL, Class E, VRN, 2.82%, (1-month LIBOR plus 2.65%), 12/15/34(1) | 1,000,000 | 866,056 | |||||||||
J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2018-PHH, Class D, VRN, 3.21%, (1-month LIBOR plus 1.71%), 6/15/35(1) | 1,000,000 | 852,862 | |||||||||
Lone Star Portfolio Trust, Series 2015-LSP, Class E, VRN, 6.02%, (1-month LIBOR plus 5.85%), 9/15/28(1) | 798,772 | 784,658 | |||||||||
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C15, Class D, VRN, 4.91%, 4/15/47(1) | 1,250,000 | 1,023,918 | |||||||||
Morgan Stanley Capital I Trust, Series 2018-BOP, Class F, VRN, 2.67%, (1-month LIBOR plus 2.50%), 8/15/33(1) | 963,433 | 846,398 | |||||||||
Palisades Center Trust, Series 2016-PLSD, Class D, 4.74%, 4/13/33(1) | 1,575,000 | 349,330 | |||||||||
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $13,486,747) | 10,807,418 | ||||||||||
COLLATERALIZED LOAN OBLIGATIONS — 9.3% | |||||||||||
Bowman Park CLO Ltd., Series 2014-1A, Class AR, VRN, 1.54%, (3-month LIBOR plus 1.18%), 11/23/25(1) | 93,306 | 93,045 | |||||||||
Carlyle Global Market Strategies CLO Ltd., Series 2014-2RA, Class A1, VRN, 1.44%, (3-month LIBOR plus 1.05%), 5/15/31(1) | 985,636 | 966,335 | |||||||||
Carlyle Global Market Strategies CLO Ltd., Series 2014-2RA, Class A2, VRN, 1.72%, (3-month LIBOR plus 1.33%), 5/15/31(1) | 1,000,000 | 968,578 | |||||||||
CIFC Funding Ltd., Series 2013-1A, Class DR, VRN, 6.92%, (3-month LIBOR plus 6.65%), 7/16/30(1) | 1,000,000 | 868,825 | |||||||||
Cutwater Ltd., Series 2014-2A, Class CR, VRN, 4.03%, (3-month LIBOR plus 3.75%), 1/15/27(1) | 1,500,000 | 1,399,704 | |||||||||
Gallatin CLO VIII Ltd., Series 2017-1A, Class D, VRN, 3.53%, (3-month LIBOR plus 3.25%), 7/15/27(1) | 1,000,000 | 921,904 | |||||||||
Harbourview CLO VII Ltd., Series 2007-RA, Class D, VRN, 3.63%, (3-month LIBOR plus 3.36%), 7/18/31(1) | 2,000,000 | 1,476,703 | |||||||||
JMP Credit Advisors CLO IIIR Ltd., Series 2014-1RA, Class D, VRN, 2.87%, (3-month LIBOR plus 2.60%), 1/17/28(1) | 1,000,000 | 840,747 | |||||||||
TICP CLO I Ltd., Series 2015-1A, Class F, VRN, 6.97%, (3-month LIBOR plus 6.70%), 7/20/27(1) | 520,763 | 288,882 | |||||||||
Venture XVI CLO Ltd., Series 2014-16A, Class DRR, VRN, 2.79%, (3-month LIBOR plus 2.51%), 1/15/28(1) | 1,000,000 | 753,571 | |||||||||
Venture XVIII CLO Ltd., Series 2014-18A, Class DR, VRN, 3.375%, (3-month LIBOR plus 3.10%), 10/15/29(1) | 1,000,000 | 799,863 | |||||||||
Venture XXIV CLO Ltd., Series 2016-24A, Class E, VRN, 6.99%, (3-month LIBOR plus 6.72%), 10/20/28(1) | 1,000,000 | 791,635 | |||||||||
Voya CLO Ltd., Series 2014-1A, Class DR2, VRN, 6.27%, (3-month LIBOR plus 6.00%), 4/18/31(1) | 500,000 | 389,127 | |||||||||
TOTAL COLLATERALIZED LOAN OBLIGATIONS (Cost $12,495,710) | 10,558,919 | ||||||||||
EXCHANGE-TRADED FUNDS — 7.5% | |||||||||||
iShares JP Morgan USD Emerging Markets Bond ETF | 20,184 | 2,282,609 | |||||||||
SPDR Blackstone / GSO Senior Loan ETF | 62,300 | 2,752,414 | |||||||||
Vanguard High Dividend Yield ETF | 43,000 | 3,491,600 | |||||||||
TOTAL EXCHANGE-TRADED FUNDS (Cost $8,025,672) | 8,526,623 | ||||||||||
COLLATERALIZED MORTGAGE OBLIGATIONS — 2.0% | |||||||||||
Private Sponsor Collateralized Mortgage Obligations — 1.4% | |||||||||||
Bear Stearns Asset Backed Securities I Trust, Series 2004-AC6, Class A2, VRN, 0.57%, (1-month LIBOR plus 0.40%), 11/25/34 | 796,707 | 611,723 | |||||||||
COLT Mortgage Loan Trust, Series 2019-1, Class A2 SEQ, VRN, 3.91%, 3/25/49(1) | 521,196 | 530,013 | |||||||||
COLT Mortgage Loan Trust, Series 2019-2, Class A2 SEQ, VRN, 3.44%, 5/25/49(1) | 331,871 | 334,727 | |||||||||
Sequoia Mortgage Trust, Series 2018-CH4, Class A19, VRN, 4.50%, 10/25/48(1) | 135,066 | 139,488 | |||||||||
1,615,951 | |||||||||||
U.S. Government Agency Collateralized Mortgage Obligations — 0.6% | |||||||||||
GNMA, Series 2012-87, IO, VRN, 0.46%, 8/16/52 | 4,543,232 | 60,022 |
GNMA, Series 2012-99, IO, SEQ, VRN, 0.53%, 10/16/49 | 3,518,595 | 79,098 | |||||||||
GNMA, Series 2014-126, IO, SEQ, VRN, 0.72%, 2/16/55 | 3,783,906 | 154,269 | |||||||||
GNMA, Series 2014-126, IO, SEQ, VRN, 0.92%, 2/16/55 | 4,657,115 | 222,773 | |||||||||
GNMA, Series 2015-85, IO, VRN, 0.49%, 7/16/57 | 4,968,946 | 148,738 | |||||||||
664,900 | |||||||||||
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $3,196,036) | 2,280,851 | ||||||||||
BANK LOAN OBLIGATIONS(8) — 1.8% | |||||||||||
Consumer Finance — 0.5% | |||||||||||
LifeMiles Ltd., Term Loan B, 6.50%, (3-month LIBOR plus 5.50%), 8/18/22 | 584,307 | 506,401 | |||||||||
Diversified Telecommunication Services — 0.7% | |||||||||||
Windstream Services, LLC, Repriced Term Loan B6, 8.25%, (Prime plus 5.00%), 3/29/21(3) | 1,323,523 | 810,208 | |||||||||
Internet and Direct Marketing Retail — 0.3% | |||||||||||
Lands' End, Inc., Term Loan B, 4.25%, (1-month LIBOR plus 3.25%), 4/2/21 | 385,269 | 357,337 | |||||||||
Media† | |||||||||||
Checkout Holding Corp., First Out Term Loan, 8.50%, (1-month LIBOR plus 7.50%), 2/15/23 | 41,475 | 25,507 | |||||||||
Checkout Holding Corp., Last Out Term Loan, 2.00% - 9.50%, (1-month LIBOR plus 1.00% Cash plus 9.50% PIK), 8/15/23 | 62,105 | 13,818 | |||||||||
39,325 | |||||||||||
Multiline Retail — 0.1% | |||||||||||
Neiman Marcus Group Ltd LLC, 2020 DIP Term Loan, 14.00%, (1-month LIBOR plus 12.75%), 10/7/20(9) | 58,006 | 59,601 | |||||||||
Oil, Gas and Consumable Fuels — 0.2% | |||||||||||
Murray Energy Corporation, DIP Term Loan, 13.00%, (1-month LIBOR plus 11.00%), 8/31/20(3)(4) | 480,400 | 273,828 | |||||||||
TOTAL BANK LOAN OBLIGATIONS (Cost $2,885,093) | 2,046,700 | ||||||||||
CONVERTIBLE PREFERRED STOCKS — 0.7% | |||||||||||
Equity Real Estate Investment Trusts (REITs) — 0.7% | |||||||||||
QTS Realty Trust, Inc., 6.50% (Cost $661,981) | 5,116 | 822,192 | |||||||||
PREFERRED STOCKS — 0.3% | |||||||||||
Mortgage Real Estate Investment Trusts (REITs) — 0.3% | |||||||||||
Chimera Investment Corp., 8.00% (Cost $385,852) | 15,621 | 359,283 | |||||||||
CONVERTIBLE BONDS† | |||||||||||
Energy Equipment and Services† | |||||||||||
CHC Group LLC / CHC Finance Ltd., 0.00%, 10/1/20 (Acquired 3/13/17, Cost $111,899)(2)(7)(10) (Cost $111,899) | 114,377 | 22,875 | |||||||||
TEMPORARY CASH INVESTMENTS — 14.6% | |||||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class (Cost $16,579,475) | 16,579,475 | 16,579,475 | |||||||||
TOTAL INVESTMENT SECURITIES BEFORE SECURITIES SOLD SHORT — 104.7% (Cost $126,416,857) | 118,674,946 | ||||||||||
SECURITIES SOLD SHORT — (9.8)% | |||||||||||
EXCHANGE-TRADED FUNDS SOLD SHORT — (6.5)% | |||||||||||
iShares iBoxx High Yield Corporate Bond ETF | (38,900) | (3,321,671) | |||||||||
SPDR S&P 500 ETF Trust | (12,550) | (4,097,826) | |||||||||
TOTAL EXCHANGE-TRADED FUNDS SOLD SHORT (Proceeds $6,009,214) | (7,419,497) | ||||||||||
CORPORATE BONDS SOLD SHORT — (2.0)% | |||||||||||
Chemicals — (0.6)% | |||||||||||
LYB International Finance II BV, 3.50%, 3/2/27 | (650,000) | (730,191) | |||||||||
Distributors — (1.4)% | |||||||||||
Core & Main LP, 144A, 6.125%, 8/15/25 | (1,000,000) | (1,032,580) |
Performance Food Group, Inc., 144A, 5.50%, 10/15/27 | (500,000) | (517,165) | |||||||||
(1,549,745) | |||||||||||
TOTAL CORPORATE BONDS SOLD SHORT (Proceeds $2,193,439) | (2,279,936) | ||||||||||
CONVERTIBLE BONDS SOLD SHORT — (0.7)% | |||||||||||
Automobiles — (0.7)% | |||||||||||
Tesla, Inc., 1.25%, 3/1/21 (Proceeds $205,108) | (200,000) | (795,625) | |||||||||
COMMON STOCKS SOLD SHORT — (0.6)% | |||||||||||
Oil, Gas and Consumable Fuels — (0.2)% | |||||||||||
Peabody Energy Corp. | (50,000) | (156,000) | |||||||||
Specialty Retail — (0.4)% | |||||||||||
Camping World Holdings, Inc., Class A | (9,650) | (353,383) | |||||||||
Carvana Co. | (768) | (119,002) | |||||||||
(472,385) | |||||||||||
TOTAL COMMON STOCKS SOLD SHORT (Proceeds $541,505) | (628,385) | ||||||||||
TOTAL SECURITIES SOLD SHORT — (9.8)% (Proceeds $8,949,266) | (11,123,443) | ||||||||||
OTHER ASSETS AND LIABILITIES(11) — 5.1% | 5,762,765 | ||||||||||
TOTAL NET ASSETS — 100.0% | $ | 113,314,268 |
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS | ||||||||||||||||||||||||||||||||||||||
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||||||||||||||
EUR | 870,000 | USD | 984,353 | State Street Bank and Trust Co. | 8/3/20 | $ | 40,464 | |||||||||||||||||||||||||||||||
EUR | 1,020,000 | USD | 1,156,323 | State Street Bank and Trust Co. | 8/3/20 | 45,187 | ||||||||||||||||||||||||||||||||
EUR | 960,000 | USD | 1,078,949 | State Street Bank and Trust Co. | 8/3/20 | 51,884 | ||||||||||||||||||||||||||||||||
USD | 6,101,205 | EUR | 5,500,000 | State Street Bank and Trust Co. | 8/3/20 | (377,524) | ||||||||||||||||||||||||||||||||
USD | 260,321 | EUR | 230,000 | State Street Bank and Trust Co. | 8/3/20 | (10,608) | ||||||||||||||||||||||||||||||||
USD | 340,201 | EUR | 298,000 | State Street Bank and Trust Co. | 8/3/20 | (10,828) | ||||||||||||||||||||||||||||||||
USD | 330,477 | EUR | 289,000 | State Street Bank and Trust Co. | 8/3/20 | (9,950) | ||||||||||||||||||||||||||||||||
USD | 4,388,015 | EUR | 3,700,000 | State Street Bank and Trust Co. | 10/5/20 | 23,826 | ||||||||||||||||||||||||||||||||
$ | (247,549) |
FUTURES CONTRACTS PURCHASED | ||||||||||||||||||||||||||||||||
Reference Entity | Contracts | Expiration Date | Notional Amount | Underlying Contract Value | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||||||||
CBOE Volatility Index (VIX) | 55 | August 2020 | $ | 55,000 | $ | 1,475,375 | $ | (240,124) | ||||||||||||||||||||||||
E-Mini Financial Select Sector Index | 13 | September 2020 | $ | 3,250 | 959,400 | 41,579 | ||||||||||||||||||||||||||
E-Mini Health Care Select Sector Index | 12 | September 2020 | $ | 1,200 | 1,275,720 | 58,300 | ||||||||||||||||||||||||||
E-Mini Technology Select Sector Index | 38 | September 2020 | $ | 3,800 | 4,217,240 | 477,218 | ||||||||||||||||||||||||||
$ | 7,927,735 | $ | 336,973 |
FUTURES CONTRACTS SOLD | ||||||||||||||||||||||||||||||||
Reference Entity | Contracts | Expiration Date | Notional Amount | Underlying Contract Value | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||||||||
CBOE Volatility Index (VIX) | 52 | October 2020 | $ | 52,000 | $ | 1,670,500 | $ | 56,353 | ||||||||||||||||||||||||
E-Mini Real Estate Select Sector Index | 31 | September 2020 | $ | 7,750 | 1,356,250 | (76,401) | ||||||||||||||||||||||||||
Russell 2000 E-Mini Index | 64 | September 2020 | $ | 3,200 | 4,728,960 | (397,222) | ||||||||||||||||||||||||||
S&P 500 E-Mini | 30 | September 2020 | $ | 1,500 | 4,895,250 | (405,947) | ||||||||||||||||||||||||||
$ | 12,650,960 | $ | (823,217) |
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 31 | Buy | (5.00)% | 12/20/23 | $ | 5,280,000 | $ | (200,862) | $ | 1,183 | $ | (199,679) | |||||||||||||||||||||||||||||||||
Markit CDX North America Investment Grade Index Series 34 | Sell | 1.00% | 6/20/25 | $ | 16,000,000 | 124,474 | 127,079 | 251,553 | ||||||||||||||||||||||||||||||||||||
$ | (76,388) | $ | 128,262 | $ | 51,874 |
§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 maximum potential amount the fund could be required to deliver as a seller of credit protection if a credit event occurs as defined under the terms of the agreement is the notional amount. The maximum potential amount may be partially offset by any recovery values of the reference entities and upfront payments received upon entering into the agreement.
^The value for credit default swap agreements serves as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability or profit at the period end. Increasing values in absolute terms when compared to the notional amount of the credit default swap agreement represent a deterioration of the referenced entity's credit soundness and an increased likelihood or risk of a credit event occurring as defined in the agreement.
NOTES TO SCHEDULE OF INVESTMENTS | ||||||||||||||
CDX | - | Credit Derivatives Indexes | ||||||||||||
EUR | - | Euro | ||||||||||||
EURIBOR | - | Euro Interbank Offered Rate | ||||||||||||
GNMA | - | Government National Mortgage Association | ||||||||||||
IO | - | Interest Only | ||||||||||||
LIBOR | - | London Interbank Offered Rate | ||||||||||||
PIK | - | Payment in Kind. Security may pay a cash rate and/or an in kind rate. | ||||||||||||
SEQ | - | Sequential Payer | ||||||||||||
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 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 $60,224,919, which represented 53.1% of total net assets.
(2)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, securities sold short and/or swap agreements. At the period end, the aggregate value of securities pledged was $23,389,633.
(3)Security is in default.
(4)Non-income producing.
(5)When-issued security. The issue price and yield are fixed on the date of the commitment, but payment and delivery are scheduled for a future date.
(6)The security's rate was paid in cash at the last payment date.
(7)Restricted security that may not be offered for public sale without being registered with the Securities and Exchange Commission and/or may be subject to resale, redemption or transferability restrictions. The aggregate value of these securities at the period end was $603,375, which represented 0.5% of total net assets.
(8)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.
(9)Bank loan obligation includes unfunded delayed draw commitments. The principal amount and value of these unfunded commitments at the period end were $12,890 and $13,245, respectively.
(10)Security is a zero-coupon bond. Zero-coupon securities are issued at a substantial discount from their value at maturity.
(11)Amount relates primarily to receivable for investments sold, but not settled, at period end.
SUPPLEMENTARY NOTES TO SCHEDULE OF INVESTMENTS
1. Investment Valuations
The fund determines the fair value of its investments and computes its net asset value 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 Directors 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, convertible bonds and bank loan obligations 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. 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.
Open-end management investment companies are valued at the reported net asset value per share. Exchange-traded futures contracts are valued at the settlement price as provided by the appropriate exchange. Exchange-traded options contracts are valued at a mean as provided by independent pricing services. 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 Directors or its delegate, in accordance with policies and procedures adopted by the Board of Directors. 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 net asset value 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 Directors, 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 | ||||||||||||||||||||
Corporate Bonds | — | 34,171,734 | — | |||||||||||||||||
Asset-Backed Securities | — | 20,329,669 | — | |||||||||||||||||
Common Stocks | 9,905,724 | 2,263,483 | — | |||||||||||||||||
Commercial Mortgage-Backed Securities | — | 10,807,418 | — | |||||||||||||||||
Collateralized Loan Obligations | — | 10,558,919 | — | |||||||||||||||||
Exchange-Traded Funds | 8,526,623 | — | — | |||||||||||||||||
Collateralized Mortgage Obligations | — | 2,280,851 | — | |||||||||||||||||
Bank Loan Obligations | — | 2,046,700 | — | |||||||||||||||||
Convertible Preferred Stocks | 822,192 | — | — | |||||||||||||||||
Preferred Stocks | 359,283 | — | — | |||||||||||||||||
Convertible Bonds | — | 22,875 | — | |||||||||||||||||
Temporary Cash Investments | 16,579,475 | — | — | |||||||||||||||||
36,193,297 | 82,481,649 | — | ||||||||||||||||||
Other Financial Instruments | ||||||||||||||||||||
Futures Contracts | 633,450 | — | — | |||||||||||||||||
Swap Agreements | — | 251,553 | — | |||||||||||||||||
Forward Foreign Currency Exchange Contracts | — | 161,361 | — | |||||||||||||||||
633,450 | 412,914 | — | ||||||||||||||||||
Liabilities | ||||||||||||||||||||
Securities Sold Short | ||||||||||||||||||||
Exchange-Traded Funds | 7,419,497 | — | — | |||||||||||||||||
Corporate Bonds | — | 2,279,936 | — | |||||||||||||||||
Convertible Bonds | — | 795,625 | — | |||||||||||||||||
Common Stocks | 628,385 | — | — | |||||||||||||||||
8,047,882 | 3,075,561 | — | ||||||||||||||||||
Other Financial Instruments | ||||||||||||||||||||
Futures Contracts | 1,119,694 | — | — | |||||||||||||||||
Swap Agreements | — | 199,679 | — | |||||||||||||||||
Forward Foreign Currency Exchange Contracts | — | 408,910 | — | |||||||||||||||||
1,119,694 | 608,589 | — |
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.